Investor Presentaiton
WHL
FINANCIAL OVERVIEW
COMMENTARY
SUMMARY OF THE
AUDITED GROUP RESULTS
DIRECTORATE &
STATUTORY INFORMATION
NOTES TO THE CONDENSED CONSOLIDATED RESULTS
(CONTINUED)
7. ISSUE AND PURCHASE OF SHARES
919 267 (2021: 2 976 552) ordinary shares totalling R54 million (2021: R122 million) were purchased from the market
by Woolworths Proprietary Limited for the purposes of share incentive schemes and are held as treasury shares
by the Group. 557 444 (2021: 1356 675) ordinary shares totalling R35 million (2021: R52 million) were sold to the market
in terms of the Group's Restricted Share Plan. 1355 370 (2021: 871 618) ordinary shares totalling R74 million (2021: R54 million)
previously purchased were allocated to employees in terms of the Group's Restricted Share Plan.
2 106 541 (2021: 1 400 582) ordinary shares totalling R124 million (2021: R52 million) were issued and allocated to employees
in terms of the Group's other share incentive schemes.
14 049 287 (2021: nil) ordinary shares totalling R759 million (2021: nil) were repurchased from the open market on the JSE
and cancelled. These ordinary shares were acquired at an average price of R54.03 per share.
8. CHANGE IN ACCOUNTING POLICIES
IFRIC AGENDA DECISION: CONFIGURATION OR CUSTOMISATION COSTS IN A CLOUD
COMPUTING ARRANGEMENT
In April 2021, the IFRS Interpretations Committee (IFRIC) published an Agenda Decision for configuration and customisation
costs incurred related to implementing Software as a Service (SaaS) arrangements. The IFRIC observed that, if an
intangible asset cannot be recognised for costs incurred as a result of customisation or configuration, the costs should
be expensed as services are received.
The Group has retrospectively changed its accounting policy relating to the accounting for configuration and customisation
costs incurred in a SaaS arrangement. The Group reviewed all existing and past arrangements to quantify the impact
of previously capitalised costs that should have been expensed, arising from the clarity detailed in the IFRIC Agenda
Decision. As a result, previously reported Intangible assets, Deferred tax assets, Trade and other receivables and Equity
attributable to shareholders of the parent at 27 June 2021 have been restated, as follows:
CONDENSED CONSOLIDATED GROUP STATEMENT OF FINANCIAL POSITION (EXTRACT)
9.
PRO FORMA FINANCIAL INFORMATION
This note sets out the illustrative impact on the financial information as follows:
〈コ
19/27
In note 9.1: for the 52 weeks to 26 Jun 2022, Turnover and concession sales have been reported against the prior
year reported 52 weeks to 27 June 2021. These are important for understanding underlying business performance
and are described as "Non-IFRS financial information".
In note 9.2: for the 52 weeks to 26 Jun 2022, adjustments, as detailed in supplementary notes 2 and 3, have been
made (respectively, the 'Non-IFRS financial information'). These are important for understanding underlying business
performance and are described as "Non-IFRS financial information".
In note 9.3.1: for the 52 weeks to 26 Jun 2022, Turnover and concession sales, Pro forma segmental contribution
before interest and tax, Gross profit and Expenses have been shown on a constant currency basis.
In note 9.3.2: for the 52 weeks to 26 Jun 2022, certain Group statement of financial position items have been
shown on a constant currency basis.
In note 9.4: for the 52 weeks to 26 Jun 2022, Free cash flow per share is presented.
The Non-IFRS financial information and constant currency information (collectively the 'pro forma financial information')
is presented in accordance with the JSE Limited Listings Requirements, which requires that pro forma financial information
be compiled in terms of the JSE Limited Listings Requirements and the SAICA Guide on Pro Forma Financial Information.
The pro forma financial information is the responsibility of the Group's directors and is based on the Group Annual
Financial Statements for the 52 weeks to 26 June 2022 and 52 weeks to 27 June 2021.
The pro forma financial information has been prepared for illustrative purposes only and, because of its nature, may
not fairly present the Group's financial position, results of operations or cash flows.
9.1 TURNOVER AND CONCESSION SALES
Intangible assets
Deferred tax assets
Trade and other receivables
Equity attributable to shareholders of the parent
Reported
Audited
Restated
Audited
At 27 Jun
2021
Rm
Increase/
(decrease)
Rm
At 27 Jun
2021
Rm
7 546
(411)
7 135
3 417
1 248
116
29
3 533
1277
9 571
(266)
9 305
The restatement has had no material impact on the Condensed Consolidated Group Statement of comprehensive income,
Condensed Consolidated Group Statement of cash flows, nor on Earnings per share and Headline earnings per share for
the 52 weeks to 27 June 2021 comparative period. The impact of this change in accounting policy on the financial results for
the 52-week period ended 28 June 2020 is not materially different from the information presented above.
WHL 18 / 2022
Turnover
Concession sales
Turnover and concession sales
Notes
Audited
52 weeks
to 26 Jun
Audited
52 weeks
to 27 Jun
2022
2021
(1)
Rm
(1)
Rm
%
change
80 067
78 763
1.7
6 953
7 094
87 020
85 857
(2.0)
1.4
1. The '52 weeks to 26 Jun 2022' and '52 weeks to 27 Jun 2021' turnover financial information has been extracted,
without adjustment, from the Condensed Consolidated Group Statement of comprehensive income for the
52 weeks to 26 Jun 2022 and 52 weeks to 27 Jun 2021, as presented in the Summary of the Audited Group Results
for the 52 weeks ended 26 June 2022. The Concession sales information has been extracted from the Group's
accounting records.
This illustrates the impact on financial information by including the turnover of concession operators of goods sold (concession
sales) within the Group's stores. Concession sales are the sale of goods by concession operators and are not included
in revenue, and have been extracted from the Group's accounting records.
WHL 19/2022
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