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Readers should note the following references throughout the Integrated Report:

Truworths International Ltd and its subsidiaries is referred to as ‘the Group’
Truworths International Ltd is referred to as ‘Truworths International’ or ‘the company’
Office Holdings Ltd is referred to as ‘Office’
The Group excluding Office is referred to as ‘Truworths’

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The Truworths International Integrated Report is supplemented by additional information which is relevant to shareholders and other stakeholder groups.

The documents below are available online at

Continued challenging economic environment in SA and UK

Comparable sale of merchandise declined 0.2% to R17.5 billion (relative to the comparable 52-week prior period)

Continued tight control over trading expenses, which declined by 2%

Truworths’ account portfolio improving along with an overall improvement in the SA credit market

Balance sheet strengthened with improved net debt to equity ratio as SA’s debt restructured

New Truworths e-commerce site launched in SA

Acquired homeware chain, Loads of Living, with 13 stores

Office London launched in SA with 13 stores

Favourable court ruling in credit affordability assessment regulation case

Review of 2018

Financial Performance

Gross margin stable at 52.4%

Operating margin down to 22.5%

Cash generated from operations up 3.3% to R3.1 billion

Comparable diluted headline earnings per share down 1.3%

Annual dividend per share down 7.1% to 420 cents

Net asset value per share up 10.0%

South Africa

Consumer spending to remain under pressure owing to low economic growth, high levels of unemployment, escalating cost of living and declining confidence

Improving account metrics a positive indicator for sales

Strategic plans to mitigate pressures in the external environment include new e-commerce site, introducing a lay-by facility, expanding Loads of Living chain and introducing a new store concept

Outlook for 2019

United Kingdom

Trading environment will continue to be negatively impacted by political uncertainty relating to the outcome of the Brexit negotiations

Stable inflation, better employment growth and wage inflation are expected to be positive for UK household disposable income

Primary focus on growing e-commerce business, recognising the importance of the omni-channel customer and the need to satisfy the customer’s store and digital experience, and arresting the margin decline through improved merchandise ranges and
product mix

Executive Reports

Chairman's Report

Low growth and deteriorating economic conditions continued to hamper retail sales growth in South Africa, despite a short-lived rise in consumer confidence early in the 2018 calendar year following Cyril Ramaphosa’s appointment as president. The buoyant sentiment was not supported by improving economic fundamentals and consumers soon faced the reality of rising living costs and declining disposable income.

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CEO Report

After marking the 100th anniversary of Truworths’ founding last year, the first year of our next century proved challenging as the retail environments in our two major markets were severely impacted by deteriorating economic conditions.

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CFO Report

Factors in the external environment continued to influence performance as challenging economic conditions and prospects in the South African and United Kingdom markets resulted in the Group’s retail sales being unchanged for the second successive year.

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Operational Reviews

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