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Introducing Our Integrated Report

As we emerge from the most challenging trading period in recent history, we reflect on the protracted impact of the COVID-19 pandemic, which has not only led to widespread loss and suffering but has brought about changes in consumer shopping behaviour and retail trading patterns.

As always, our actions in these adverse times have been guided by our Business Philosophy. This has allowed us to focus on the opportunities brought about by the COVID-19 pandemic and to modify our strategies in the context of the change in our operating environment, with trading limitations being experienced in both our major markets of South Africa and the United Kingdom. The trading restrictions in the UK have been particularly harsh, with our Office stores having to close for a combined 18 weeks over the second and third lockdown periods in the UK. Our business has always been one that focuses on the long term, with sustainable growth over an extended period. Our actions over this period have been guided by this long-term thinking in the context of our Business Philosophy.

Our 2021 Integrated Report aims to provide balanced insight on how the Group has managed these and other impacts on value creation, preservation and erosion in the business over the past year.


The report covers material information relating to the business model, strategy, material issues and risks, governance and performance of Truworths International and its subsidiaries (the Group) for the 52-week period from 29 June 2020 to 27 June 2021. The report is supplemented by the Group Audited Annual Financial Statements 2021 which are available on our website at www.truworthsinternational.com.

The financial reporting boundary has been set so that the report covers the results of the Truworths and Office operating segments. Truworths operates primarily in South Africa and has a retail presence in seven other African countries. Office operates primarily in the United Kingdom, with a presence in Germany and the Republic of Ireland.

The integrated reporting boundary has been determined so that the report covers risks, opportunities and outcomes relating to the Group’s operating environment, its retail businesses and stakeholder engagement with key groups that could influence the Group’s ability to create and sustain value, and also the extent to which the Group’s objectives have been achieved.

This year’s report is again targeted primarily at our shareholders, who are the principal providers of the Group’s financial capital, as well as the local and international investment community. We also recognise the essential role of our customers, employees, suppliers and regulators in the value-creation and preservation process.


We continue to apply the principle of materiality in determining the content and disclosure in our Integrated Report. This ensures that the report contains information which is relevant to investors’ understanding of the Group’s ability to create value. As we are a listed company with public shareholders, we believe the earnings of the Group are the most important metric to our shareholders, as they invest in the Group to earn dividends and for capital appreciation, both of which are impacted by our earnings. The determination of materiality is consistent with previous reporting periods.


Each year the directors together with management identify the issues that could have the most significant impact on the Group’s ability to create sustainable value for stakeholders. In determining these material issues, the directors consider internal and external factors, including the Group’s strategy, the needs, expectations and concerns of our main stakeholders and the economic and trading environment.

These material issues are reviewed annually during the course of the board’s strategic planning process. Following the 2021 review the board confirmed that the material issues remain aspirational fashion, supply chain, retail presence, account management (specific to the Truworths Africa segment) and the turnaround strategy for Office.

The risks relating to these material issues are disclosed together with opportunities to provide our shareholders with insight into the growth drivers of the Group’s businesses. See Material Issues, Risks and Opportunities.


The Integrated Reporting Framework of the Value Reporting Foundation has been applied in the preparation of this report. The Group acknowledges and welcomes the recent revisions to the Framework aimed at further improving the quality of information available to providers of financial capital.

All Group financial reporting complies with International Financial Reporting Standards and with the South African Companies Act and the JSE Listings Requirements.

The King lV Code on Corporate Governance (King lV) has been applied throughout the reporting period and the directors confirm that the Group has, in all material respects, applied the principles of the code. The application of King lV is detailed in the report on Corporate Governance and Application of King lV Principles 2021 on the Group’s website.

Integrated reporting process

The Group’s integrated reporting process is managed by a working group led by the Chief Financial Officer (CFO). The process commences each year with an evaluation of the previous year’s integrated report and detailed feedback from an independent integrated reporting expert to identify opportunities to enhance disclosure and continually align with best reporting practices. The individual reports included in the integrated report are drafted based on board and committee papers, internal presentations, written submissions and discussions with executives. Draft reports are initially reviewed by divisional executives, followed by a panel of executives, including the CFO, and finally by the Chief Executive Officer.

The board has delegated authority to an Integrated Reporting Sub-Committee, including members of the Audit Committee, which provides the final approval and sign-off of the report, which is then released to the market.

Commitment to integrated reporting

The Group acknowledges the importance of and is committed to continuously improving the quality of its reporting to stakeholders. The Group’s 2020 Integrated Report was ranked 7th in the Ernst & Young (EY) 2021 Excellence in Integrated Reporting Awards, and the Group is the only retailer ranked in the top 10. This is the 14th consecutive year that the Group has attained a top 10 ranking in the EY excellence in reporting awards and is the only company to have achieved this accolade, reflecting the consistently high quality of its financial and integrated reporting, and the accountable and transparent manner in which it reports to stakeholders.

Independent assurance

The Integrated Report has not been independently assured. Accredited service providers have measured and provided assurance on selected non-financial metrics included in the Integrated Report while management has verified the processes for measuring all non‑financial information.

The Group’s external auditor, Ernst & Young Inc. (EY), has provided assurance on the Group Audited Annual Financial Statements 2021 and expressed an unmodified audit opinion. EY has also reviewed the accuracy of the financial information extracted from the annual financial statements that appears in the Integrated Report.

Responsibility of directors

The board acknowledges its responsibility for ensuring the integrity of the Integrated Report. The directors confirm that the report fairly represents the Group’s performance for the period under review as well as the growth strategies, material issues, risks and opportunities, and prospects of the Group.

The directors believe that the Integrated Report has been prepared in accordance with the Integrated Reporting Framework.