DFI Retail : Supplementary Financial Information

DFI Retail Group

2023 Full Year Results Presentation

08 March 2024

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Disclaimer

This document is for information purposes only and is not intended to form the basis of any investment decision. It is not and does not constitute part of any offer, inducement, solicitation or invitation for the sale, purchase, acquisition, disposal or subscription in respect of the Group or any company or interest comprised in or securities of the Group or the solicitation of any vote or approval in any jurisdiction and neither this document nor its contents shall form the basis of any contract. No shares are being offered to the public by means of this document. Furthermore, it should not be treated as giving investment, financial, legal, accounting, business, regulatory, taxation or other advice and has no regard to the specific investment or other objectives, financial situation or particular needs or any recipient. No statement in this document is intended as a profit forecast or estimate for any period.

This document does not purport to be comprehensive or to contain all the information that a recipient may need in order to evaluate the Group or its business or prospects. No representation or warranty, express or implied, is given with respect to and no reliance should be placed upon the accuracy, fairness, correctness or completeness of this document or its contents, nor as to reasonableness of any assumption contained herein. None of the Group, nor its directors, officers, employees, representatives , partners, agents or advisers shall have any liability whatsoever (in negligence or otherwise or in respect of any direct or indirect consequential loss or damage) in relation to the distribution or possession of this document in any jurisdiction, nor for any loss howsoever arising from any use of this material or otherwise arising in connection with this document. In furnishing this document, the Group undertakes no obligation to provide any additional information or to update or revise this document or any additional information or to correct any inaccuracies which may become apparent.

Forward-looking statements

This document (including information incorporated by reference in this document), oral statements made by or on behalf of the Group, and other information published by or on behalf of the

Group may contain statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements may be identified by the use of forward-looking

terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions.

By their nature, forward-looking statements involve risk and uncertainty. Neither the Group, nor any of the Group's directors, officers, employees, representatives, partners, agents or advisers

provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this document shall actually occur. Given these risks and uncertainties, potential investors should not place any reliance on forward-looking statements.

The forward-looking statements speak only at the date of this document. All subsequent oral or written forward-looking statements attributable to the Group or any of the Group's directors, officers, employees, representatives, partners, agents or advisers, are expressly qualified in their entirety by the cautionary statement above.

The Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this document or any other forward- looking statements they may make whether as a result of new information, future developments or otherwise.

Terminology

For the purposes of this disclaimer: (i) "Group" means DFI Retail Group, a group of entities consisting of DFI Retail Group Holdings Limited and its subsidiaries and affiliates; and (ii) "document"

means this document, any oral presentation, any question and answer session and any written or oral material discussed or distributed by the Group in connection with this document.

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Agenda

1. Key Highlights
2. Financial Results
3. Strategy & Business Updates
4. Business Outlook

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Performance Highlights

• Subsidiaries sales in line with last year and +5% excluding Malaysian divestment impact
• Underlying profit improved significantly
• Food impacted by evolving customer behaviours with trend improving in second half
• Health and Beauty profit more than doubled
• Strong profit growth across all Convenience markets
• Home Furnishings gained share but affected by reduced home furnishing demand

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Agenda

1. Key Highlights
2. Financial Results
3. Strategy & Business Updates
4. Business Outlook

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Revenue and Underlying Profit

(US$' m)	FY 2023	FY 2022	Change
Total Revenue1
Including Associates & JVs	26,471	27,597	-4%
Subsidiaries	9,170	9,174	-
Subsidiaries Underlying Operating Profit (pre-IFRS16)
212	133	+59%
Subsidiaries Underlying Profit
112	64	+75%
Share of Associates & JVs' Underlying Profit	43	(35)	n.m.
Underlying Profit Attributable to Shareholders
155	29	+437%
Net Non-Trading Items	(123)	(143)	-15%
Reported Profit Attributable to Shareholders	32	(115)	n.m.
Underlying EPS (US¢)
11.49	2.14	+437%
Total Dividend Per Share for The Year (US¢)
8.00	3.00	+167%

1. Total revenue includes other operating income that was separately classified apart from sales by format, primarily consisting of concession income and service income etc.

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Sales Summary

(US$' m)	FY 2023	FY 2022	Change	LFL1
Food	3,285	3,872	-15%2	-7%
Convenience	2,441	2,266	+8%	+5%
Health and Beauty			+21%	+21%
2,445	2,025
Home Furnishings	794	839	-5%	-7%

Key Associates3
Maxim's	3,109	2,524	+23%
Yonghui	10,697	12,697	-16%
RRHI			+9%
3,416	3,142

1. Like-for-likesales growth
2. Food sales reduced 5% excluding the divestment of Malaysia Grocery Retail business (FY23 sales 82m for two months, FY22 sales 512m)
3. Associates' sales include 100% of revenue from Maxim's, Yonghui (12 months ending 30 September 2023) and RRHI's (12 months ending 30 September 2023) annual sales revenue.

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Subsidiaries Operating Profit

	(US$' m)	FY 2023	FY 2022	Change	Change
	Food	45	91	-46	-50%
	Convenience	88	51	+37	+74%
	Health and Beauty	213	94	+119	+127%
	Home Furnishings
	19	46	-27	-59%
	SG&A	(152)	(147)	-5	+3%
	Operating Profit (pre-IFRS16)
	212	133	+79	+59%
	Operating Margin % (pre-IFRS16)
	2.3%	1.5%
	IFRS16 Adjustment	82	76	+6	+8%
	Operating Profit (post-IFRS16)
	294	209	+85	+40%

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Cash Flow Statement

	(US$' m)	FY 2023		FY 2022
	EBITDAR	1,121	1,070
	Principal Elements of Lease Payments	(625)	(661)
	Interest Elements of Lease Payments	(96)	(86)
	∆Working Capital	45	(7)
	Net Financing Costs	(49)	(35)
	Dividends Received	46	45
	Other Operating Cash Flow	(23)		(47)
	Operating Cash Flow	419	279
	Capex	(197)		(244)
	Free Cash Flow	222	35
	Investments	92	23
	Dividends Paid	(67)	(101)
	Others	0		22
	Net Cash Flow	247	(22)
	Net Cash / (Debt)	(618)	(866)

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Agenda

1. Key Highlights
2. Financial Results
3. Strategy & Business Updates
4. Business Outlook

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