The Warehouse Group 2020 Interim Results Presentation

FY20 Interim Results
March 2020

This presentation may contain forward looking statements and projections. There can be no certainty of the outcome and projectio ns involve known and unknown risks, uncertainties, assumptions and
other important factors that could cause the actual outcomes to be materially different from the events or results expressed or implied by such statements and projections.
While all reasonable care has been taken in the preparation of this presentation, The Warehouse Group Limited does not make any representation, assurance or guarantees as to the accuracy or
completeness of any information in this presentation. The forward-looking statements and projections in this report reflect views held at the date of this presentation.
Except as required by applicable law or any applicable Listing Rules, the Relevant Persons disclaim any obligation or undertaking to update any information in this presentation.
A number of non-GAAP financial measures are used in this presentation. You should not consider any of these in isolation from, or as a substitute for, the information provided in the audited
consolidated financial statements, which are available at www.thewarehousegroup.co.nz.
This presentation does not constitute investment advice, or an inducement, recommendation or offer to buy or sell any securitiesin The Warehouse Group Limited.
Disclaimer
2

Chair’s update5
Joan Withers
Group Update10
Nick Grayston
Group Financials19
Jonathan Oram
Divisional Performance25
Jonathan Oram
Outlook31
Nick Grayston
Contents
3

H1 FY20 Highlights
4
275
transformation initiatives
completed to date
46.2
39.6
H1 FY20H1 FY19
Adjusted NPAT ($m)
1
+16.7%
1,683
1,641
H1 FY20H1 FY19
Group Sales ($m)
+2.6%
69
153
H1 FY20H1 FY19
Net debt ($m)
2
-55.2%
1
Adjusted NPAT is a non-GAAP measure. A reconciliation to NPAT is located on slide 18.
2
Adjusted for the impact of the adoption of NZIFRS 16.

Chair’s Update
5

Performance
•The Group has continued to deliver on the momentum of H2 FY19, achieving both sales and profitability growth for the first half of FY20
•Sales growth of 2.6% for the half relative to last year and Gross Profit margin improvement from transformation initiatives offsets an
increase in the Cost of Doing Business to deliver 16.7% growth in adjusted Net Profit After Tax
•The Group has traded well over the crucial second-quarter that encompassed major trading events such as Black Friday,Christmasand
Boxing Day. The closer proximity of Black Friday to Christmas this year did lead to changes in customer behaviour over this period, but we
are impressed with how the Group responded and delivered a strong result
•While the Group result is pleasing, there are aspects of the businesses operations that are being reviewed and addressed, partic ularly
around fulfilment issues that resulted in online sales growth below expectations at 7% vs same time last year. These issues werelimited to
The Warehouse and Warehouse Stationery and the centralisation of fulfilment at our North Island Distribution Centre. Despite these issues
it was encouraging to see online sales growth of 39% in Noel Leeming and 32% in Torpedo7. Online sales are now 7.9% of total Group
sales
•This is the first result that reflects the Group’s adoption of NZIFRS 16 which impacts the way in which leases are accounted forin the
Group’s financial statements. As a result of adopting NZIFRS 16, continuing net profit after taxation attributable to shareholders was
adversely affected by $0.5m. For the purposes of comparability of profitability across financial periods, the impact of the adoption of
NZIFRS 16 has been adjusted for where appropriate
Chair’s Update
6

Transformation
•January 2020 marked the completion of our ‘Rise’ transformation programme which has resulted in 275 initiatives being implemented
across the Group. Undertaking this programme was essential and the disciplines that have been established in our people and processes
will continue to benefit the business
•Our commitment to developing a retail business that effectively delivers on customer expectations remains. As such, we are working
towards adopting agile ways of working across the Group by August 2020. We are excited about the changes ahead and while there will be
challenges as the organisation transitions between structures, we are confident in the Group’s leadership to support the planned
implementation without hindering Group performance
•In our result there is a significant investment in our transformation which is treated as an unusual item. The impact on our Reported Net
Profit After Tax is $14.9m
Bond refinancing
•The Group remains in a strong financial position with a net debt of $69m and gearing ratio pre NZIFRS 16 impact of 12.6%, providing
sufficient capacity to fund investment in growth and strategic initiatives
•The maturity date of the corporate bond (WHS020) is June 2020. The Group values access to diverse capital sources and is currently
assessing options regarding the issue of a new bond on the NZX
•If the timing of a reissuance is impacted by COVID-19 related measures the government has put in place, the Group has sufficientfacilities
to repay the bond
Chair’s Update
7

COVID-19
•On 26 February a trading update was provided on the impact of COVID-19 on the Group operations. We are actively monitoring the situation
and recognise that the impact of the COVID-19 global pandemic on the Group could manifest through three areas – people, supply chain and
demand
People
•The safety of our people and customers is paramount.In China, the working and manufacturing situation is progressing back to normality and
the focus is now on our New Zealand, India and Bangladesh-based employees.We currently have a number of travel restrictions, preventative
measures to keep people safe and operating protocols specific for this period
•In our stores we have put in place updated cleaning and sanitising plans to ensure additional cleaning of high frequency touchpoints
•We have alsoclearly articulated to our teamsand customers through signage and communications the action we are taking and reminding
them of hygiene practices to minimise the virus spread
Supply Chain
•The Group sources product from a diverse range of channels and markets which includes direct sourcing from China, India and Bangladesh,
as well as the purchase of branded products that are manufactured, or have components that are manufactured, in China and other impacted
countries
Chair’s Update
8

Supply Chain (cont.)
•Since our announcement on 26 February, we have had further visibility on the impact of directly sourced product out of Asia. Most of our
factories are now back in operation and given the timing of Chinese New Year this year, we had taken early delivery and completed
manufacturing of most of our product lines
•Regarding branded products that are sold across the Group, and make up most of Noel Leeming’s offering, we expect there will be a limited
number of brands that have availability issues for some of their products
Demand
•With a growing number of cases outside China, and five cases in New Zealand, the size and duration of the impact to the New Zealand
economy remains uncertain.How this impact translates into trading across the Group brands could negatively affect Group results in FY20.
This is an evolving risk
•The Group has business continuity plans in place which will be implemented, if required, as the situation develops
•The potential effect on the economy and our business of measures the government may implement to control and mitigate the spreadof
COVID-19 could materially impact demand
•On 26 February we stated that we did not expect there to be a material impact on the FY20 financial results.We continue to seepositive
momentum in our sales and operating performance, however this could change dramatically as a result of COVID-19 impacts
Chair’s Update
9

Group Update
10

Phase 1
Phase 2
Phase 3
Phase 4
Phase 5
Progressing Our Transformation
11
RISE – way of working
Systems and processes
Digital future / Customer experience
EDLP
Creation of COEs

12
Agile ways of working

Our Ecosystem
13
Enabled by: World-class team, partners and technology
For: Our communities, our investors, our planet
Leveraging: Our reach, our customer insights, our ability to serve

Key Metrics by Brand
14
+0.8%
Retail Sales
-3%
Online Sales Growth
19%
Mobile Web-based Sales
7.0%
Retail Operating Profit Margin
(250 basis point improvement)
+1.0%
Retail Sales
-10%
Online Sales Growth
6.4%
Retail Operating Profit Margin
(140 basis point improvement)
+24%
Click & Collect Fulfilment
+18%
The Warehouse App
Sales Growth
-4%
Click & Collect Fulfilment
29%
App Sales % of
The Warehouse Online Sales

The Warehouse / Warehouse Stationery Centralised Fulfilment
15
•In June 2019 we deployed a new Warehouse Management System (WMS) in our online Fulfilment Centre (“FC”) to
improve productivity, increase inventory accuracy, and to enable more flexibility and responsiveness to customer
needs
•Concurrently, we changed our fulfilment model from multiple locations to a single location to enable a better customer
experience by reducing the number of parcels per order and enabling faster shipping options
•Post-transition operational issues began to surface, impacting stock availability on The Warehouse and Warehouse
Stationery websites as well as availability of The Warehouse and Warehouse Stationery products on TheMarket.com
•These issues were exacerbated by TheWarehouse.co.nz being one of New Zealand’s biggest retail websites,
particularly in the lead up to the Christmas trading period over which online activity increases significantly
•Measures to mitigate impacts on customers were put in place but included reducing promotional activity on websites
to reduce online demand, redirecting sales into stores and bringing forward the cut-off for online delivery by Christmas
•A recovery team were deployed to address these challenges and early fixes have alleviated major issues
•By the end of March, we anticipate the majority of issues will have been addressed and we expect to return to online
sales growth in The Warehouse and Warehouse Stationery in H1 FY21

Key Metrics by Brand
16
-4.3%
Retail Operating Profit Margin
(230 basis point decline)
+5.2%
Retail Sales
+39%
Online Sales Growth
+23%
Tech Solutions Sales
+77%
Mobile Web-based Sales
+9.4%
Retail Sales
+32%
Online Sales Growth*
3
New stores opened
+61%
Mobile Web-based Sales*
4.2%
Retail Operating Profit Margin
(60 basis point improvement)
+57%
Click & Collect Fulfilment
+58%
Click & Collect Fulfilment*
* Excludes 1-day

17
Launched 1 August 2019
Growing customer base
Two million products
3,000 brands
TheMarket Club – free shipping

18

Group Financials

Group H1 FY20 Performance
20
•Retail Sales up 2.6% on last year with sales growth across all
our brands
•Particularly pleasing was the growth achieved in Retail Gross
Profit and Gross Margin, up 6.2% and 110 basis points,
respectively
•Cost of Doing Business up 5.4% and up 80 basis points as a
percentage of Retail Sales, reflects ongoing investment in
TheMarket.com eCommerce platform as well as additional
operating costs from the store expansion programme in
Torpedo7, living wage increases and investment in our digital
capabilities
•Overall, Retail Operating Profit increased 12.3% and
Adjusted NPAT from Continuing Operations increased 16.7%
•Operating loss of TheMarket.com was $7.6m ($2.3m H1
FY19). Backing out this investment would result in 20%
growth in Retail Operating Profit for the Group
•Operating cash flow in H1 FY20 includes the impact of
NZIFRS 16. Adjusting for NZIFRS 16 would bring operating
cash flow in line with FY19
$ million
H1 FY20H1 FY19Variance
Retail Sales
1,683.4 1,640.5
2.6%
Retail Gross Profit
566.1 533.2
6.2%
Gross Margin %33.6%32.5%110 bps
Retail CODB
1
498.2 472.7
5.4%
CODB %29.6%28.8%80 bps
Retail Operating Profit
1
67.9 60.5
12.3%
Operating Margin %4.0%3.7%30 bps
Continuing NPAT (Reported)
29.9 37.4
-20.0%
Continuing NPAT (Adjusted)
1
46.2 39.6
16.7%
NPAT (Reported)
29.2 35.8
-18.6%
Operating Cash Flow
101.0 60.0
68.4%
Ordinary Dividend
10.0 9.0
1.0 cps
For the half year ended 26 January 2020
1. Adjusted for unusual and non-operating items as presented on the following slide. Following the adoption of NZIFRS 16 (refer note 15 of the
Financial Statements for the period ended 26 January 2020) the non-cash impact relating to the new lease accounting standard aretreated as a
component of adjusted net profit.

Adjusted vs Reported Results
21
•Restructuring costs relating to the group transformation
were $22.0m versus the $18m -$20m guidance given at
FY19 year end. This primarily relates to an extension of
the engagement with our transformation partners
•The impact from the adoption of NZIFRS 16 is as follows:
•Retail Operating Profit +19.7m
•Removal of lease expenses -$66.8m
•Addition of deprecation on leased assets
+$47.1m
•NPAT attributable to shareholders -0.5m
•Impact on Retail Operating Profit +19.7m
•Addition of interest on lease liabilities -20.4m
•Tax impact of the above +0.2m
For the half year ended 26 January 2020
Retail Operating ProfitNPAT
$ million
H1 FY20H1 FY19H1 FY20H1 FY19
Adjusted Earnings
67.9 60.5 46.2 39.6
Gain on property disposal
0.1 -0.1 -
Restructuring costs
(22.0)(3.1)(15.9)
2
(2.2)
NZIFRS 16
1
19.7 -(0.5)-
Reported Earnings
65.7 57.4 29.9 37.4
Discontinued
(0.7)(1.6)
Attributable to Shareholders
29.2 35.8
To improve the understanding of underlying business performance, the Group adjusts profit for unusual and non-operating items. Unusual items include profits
from the sale of assets and losses associated with adjustments in carrying value of assets, M&A activity and restructuring costs.
1.Impact of NZIFRS 16 on the income statement is presented in Note 16 in the Notes to the Financial Statements for the period ended 26 January 2020.
2.Restructuring costs comprise $14.9m related to Rise (transformation) and $1m in redundancies.

Balance Sheet
22
•Inventory increased relative to last year primarily due to higher
store levels in The Warehouse, in part due to an early Chinese
New Year, and Torpedo7 store expansion
•Trade creditors were up significantly due to working capital
initiatives
•NZIFRS 16 has seen significant changes to the presentation
of the Group’s financial position. Adjustments to the financial
position included recognising lease liabilities of $969.6m and
the associated right-of-use assets of $814.0m, as well as a
reduction in retained earnings and an increase in deferred tax
assets
•Net debt continues to reduce, down relative to both H1 FY19
and FY19 positions, reflecting strong operating cash
generation against working capital initiatives and lower capital
expenditure
•Book gearing of 74.0% includes the addition of lease liabilities
to the balance sheet. Gearing, as measured internally and per
borrowing covenants is down to 12.6% from 24.5% last year
$ million
H1 FY20H1 FY19Variance
Inventory
581.3 542.8
38.5
Trade and Other Receivables
99.8 88.3
11.5
Trade and Other Payables
(440.6)(308.9)
(131.7)
Provisions
(72.2)(80.8)
8.6
Working Capital
168.3 241.4
(73.1)
Fixed Assets
271.2 267.1
4.1
Held for Sale
-3.4
(3.4)
Funds Employed
439.5 511.9
(72.4)
Tax Assets
86.6 45.2
41.4
Derivatives
(12.4)(5.6)
(6.8)
Goodwill and Brands
75.5 81.0
(5.5)
Right of Use Assets
814.0 -
814.0
Capital Employed
1,403.2 632.5
770.7
Shareholders Equity
364.5 478.6
(114.1)
Minority Interests
0.5 0.8
(0.3)
Net Debt
68.6 153.1
(84.5)
Lease Liabilities
969.6 -
969.6
Sources of Funds
1,403.2 632.5
770.7
Book gearing
74.0%24.2%
Gearing per borrowing covenants
12.6%24.5%
As at 26 January 2020

Cash Flow
23
•For consistency between periods, FY20 adjusted
operating cash flows are reduced by the principal
element of right-of-use lease payments ($47.1m), which
are classified as financing rather than operating cash
flows in the reported cash flow per NZIFRS 16
•Improvement in creditor payment terms that were
implemented as part of transformation initiatives were
offset by higher than expected inventory levels and
debtors versus year end, resulting in minimal movement
in working capital
•$11.8m of cash flow from divestments reflects the
deferred consideration from the sale of land adjacent to
the Auckland Support Office
•The higher dividend payment reflects the additional two
cents paid for the FY19 final dividend versus FY18
•Net debt reduced to $68.6m from $76.2m at year end
For the half year ended 26 January 2020
$ million
H1 FY20H1 FY19Variance
Adjusted Retail Operating Profit
67.9 60.5
7.4
Depreciation (excluding ROU Assets)
28.9 30.3
(1.4)
Discontinued and restructuring costs
(23.1)(5.3)
(17.8)
EBITDA
1
73.7 85.5
(11.8)
Taxes Paid
(14.8)(21.1)
6.3
Interest Paid (excluding ROU Leases)
(3.1)(5.0)
1.9
Working Capital
(2.3)(0.8)
(1.5)
Other items
0.5 1.4
(0.9)
Adjusted Operating Cash Flow
1
54.0 60.0
(6.0)
Capital Expenditure
(30.6)(28.2)
(2.4)
Divestments
11.8 (1.4)
13.2
Dividends Paid
(28.0)(21.0)
(7.0)
Other
0.4 (0.2)
0.6
Net Cash Flow
7.6 9.2
(1.6)
Opening Net Debt
(76.2)(162.3)
86.1
Closing Net Debt
(68.6)(153.1)
84.5
1. Adjusted for impacts of adopting NZIFRS 16

H1 FY20 Capex Spend
24
•Capital expenditure of $29.9m for the half was weighted
towards systems enhancements, including re-platforming
brand eCommerce sites onto a Group platform, continued
investment in a Warehouse Management System and
development of a Group loyalty platform
•We expected to have spent more on core systems but, with
the benefit of recent projects, are focusing on master data
management and middleware before doing so
•Investment in stores included the opening of Noel Leeming
and Torpedo7 stores at Westfield Newmarket as well new
Torpedo7 stores in Rotorua and Tauranga
•There has been significant investment in ways of working
with Rise and now the people operating model through
agile. The related costs are one off investments with future
benefits, but not treated as capital expenditure
•We expect capex for the full year to be in the range of
$70m - $90m, down from original guidance of $100m -
$120m at year end
33%
Stores,
Distribution Centres &
other property
55%
Information
Systems and Digital
Initiatives
12%
Logistics
H1 FY20 capex
$29.9m

Divisional Performance

$98.4m
5.8%
Torpedo7
Group
Divisional Summary
26
$938.8m
55.8%
The
Warehouse
$512.8m
30.5%
Noel
Leeming
$133.8m
7.9%
Warehouse
Stationery
$59.8m
The
Warehouse
$21.4m
Noel
Leeming
$9.3m
Warehouse
Stationery
-$4.2m
Torpedo7
Group
-$18.4m
Other*
$67.9m
Total Group
Retail Sales H1 FY20Retail Operating Profit H1 FY20
*Includes TheMarket and Other Group operations and eliminations.
$1,683.4m
-$0.4m
0.0%
Other*

For the half year ended 26 January 2020
•Overall, sales grew 1.0% for the period after a strong Q1 (with Same
Store Sales (“SSS”) growing at 3.1%) while Q2 SSS were up 0.8%
•The shift in timing of the Black Friday promotional event compressed
the Christmas peak trading period and this combined with cooler
weather and issues with our online fulfilment capability resulted in
lower Q2 sales growth
•Despite the timing of Black Friday this year, this event is now bigger
than Boxing Day and growing each year
•Gross Profit increased 5.4% while Gross Margin % grew 160bps as a
result of the work being undertaken to improve our terms of trade as
well as the benefits being delivered by greater pricing discipline in an
EDLP environment
•Gross Profit growth was seen across all major categories with
particularly strong results in Home, Intimates & Accessories, and
Grocery (includes Health & Beauty)
•Total Retail Operating Profit grew 28.4% to $59.8m with Operating
Margin % increasing 140bps to 6.4%
27
$ million
H1 FY20H1 FY19Variance
Retail Sales
938.8 929.5
1.0%
Same Store Sales Growth1.6%0.8%80 bps
Retail Gross Profit
364.1 345.4
5.4%
Gross Margin %38.8%37.2%160 bps
Retail CODB
304.3 298.8
1.9%
CODB %32.4%32.2%20 bps
Retail Operating Profit
59.8 46.6
28.4%
Operating Margin %6.4%5.0%140 bps
Stores
92 93
(1)

•Warehouse Stationery continued to build on the momentum
established in a record breaking FY19, delivering a strong H1
performance
•Retail Sales are up 0.8% on LY with a 250bps improvement in Gross
Margin
•Noting that ‘Back to School’ started later than LY with more
sales delayed into the early weeks of February
•Three integrations were implemented in H1 bringing the total to 13.
Current performance is positive with early learnings being used to
refine implementations for future integrations. We continue to
proactively assess opportunities to undertake this integration across
our portfolio of Red and Blue stores
•Retail Operating Profit increased 57.3% to $9.3m, with Operating
Margin improving 250 bps to 7.0%
•Print & Copy Centres were the standout category in Sales with all
other major categories holding relatively flat to LY. GP growth was
strong across all categories
28
* Includes 13 store-within-a-store integrations. Three integrations implemented in H1 FY19.
For the half year ended 26 January 2020
$ million
H1 FY20H1 FY19Variance
Retail Sales
133.8 132.8
0.8%
Same Store Sales Growth(1.2)%2.5%(370) bps
Retail Gross Profit
58.4 54.8
6.5%
Gross Margin %43.6%41.3%230 bps
Retail CODB
49.1 48.9
0.3%
CODB %36.6%36.8%(20) bps
Retail Operating Profit
9.3 5.9
57.3%
Operating Margin %7.0%4.5%250 bps
Stores*
7070
-

•Noel Leeming delivered an excellent result with H1 sales increasing
5.2% on LY and SSS +3.4%
•The brand performed well through the major trade events of H1 with its
best ever Black Friday and Boxing Day Sale Periods
•Gross Profit increased 8.1% on LY through higher sales volumes and
an improvement in GP% of 60 bps
•Operating Profit increased 22.1% on LY to $21.4m, which was a record
H1 result, though there is a continued focus on managing costs and
reaping the ongoing benefits of transformation initiatives
•Top performing categories with double digit sales growth included
Audio Visual, Small Appliances, Vacs & Personal Care and Whiteware.
The Services Division also delivered pleasing results in H1 with
Protection, Store Services and Tech Solutions all seeing revenue
growth of over 20%
•Store count reduced by one, reflecting the closure of the Takapuna
store during H1 FY20. In addition, the Broadway Newmarket store
relocated to Westfield Mall Newmarket
29
For the half year ended 26 January 2020
$ million
H1 FY20H1 FY19Variance
Retail Sales
512.8 487.3
5.2%
Same Store Sales Growth3.4%5.1%(170) bps
Retail Gross Profit
115.8 107.1
8.1%
Gross Margin %22.6%22.0%60 bps
Retail CODB
94.4 89.5
5.4%
CODB %18.4%18.4%0 bps
Retail Operating Profit
21.4 17.6
22.1%
Operating Margin %4.2%3.6%60 bps
Stores
76 77
(1)

•Torpedo7 Group is made up of Torpedo7 and 1-day
•Sales increased 9.4% and Gross Profit increased 9.7% on LY in
Torpedo7 Group
•Torpedo7 continues to undergo significant change in H1 with a new CEO,
store network expansion, and increased operational and store network
investment to support future profitability
•Torpedo7 experienced strong sales growth in Bike, Outdoor and Water
Sport categories as well as from additional stores
•Cost of Doing Business increased 19.2% and Operating Profit was a loss
of $4.2m. Higher operating costs were driven from our store expansion
programme and from early investment in a number of areas to support
future profitability
•The net movement of 2 stores compared to LY reflects new stores in
Tauranga, Rotorua and Westfield Mall Newmarket offset with the closure
of K-Road
•1-day’s sales have been behind expectation despite the Black Friday
promotion delivering the biggest ever sales week. Performance has been
hindered by logistical problems that impacted availability and fulfilment
times. The Group is focused on addressing these issues in H2
30
For the half year ended 26 January 2020
$ million
H1 FY20H1 FY19Variance
Retail Sales
98.4 89.9
9.4%
Same Store Sales Growth7.1%0.3%680 bps
Retail Gross Profit
24.1 21.9
9.7%
Gross Margin %24.4%24.4%0 bps
Retail CODB
28.3 23.7
19.2%
CODB %28.7%26.4%230 bps
Retail Operating Profit
(4.2)(1.8)
(135.3)%
Operating Margin %(4.3)%(2.0)%(230) bps
Stores
20 18
2

Outlook

•The Group has undertaken a significant amount of change which has been critical in establishing a ‘customer-first’
mindset and fixing the retail fundamentals of our business. This has translated into strong financial performance and a
balance sheet that provides flexibility to invest in growth initiatives and weather changes to economic conditions.
•We are excited about the changes the Group is continuing to make in order to better serve customers and their evolving
shopping behaviours. The focus of H2 will be the implementation of agile ways of working across our businesses. The
significance of making this adjustment cannot be overstated and we are confident in our ability to execute and continue
strong trading results over the remainder of the financial year
•The Group continues to assess the impact of the COVID-19 outbreak on financial performance, including stock availability
impacts to our supply chain offshore and our operations here in New Zealand. We currently do not expect there to be a
material impact on FY20
•At this point in time our FY20 adjusted Net Profit After Tax is expected to be in the range of $75m -$77m, subject to no
material changes in trading conditions. We are heavily caveating this expectation given the potential effect on the
economy and our business of necessary measures the government may implement to control and mitigate the spread of
COVID-19. This guidance represents an increase of 1% - 4% on FY19 adjusted Net Profit After Tax of $74.1m. This
includes an expected operating loss from TheMarket.com of $15m -$17m versus $6m in FY19
•The Directors are pleased to declare an interim dividend for H1 FY20 of 10.0 cents per share, fully imputed, payable on
17 April 2020.This is a one cent increase on the FY19 interim dividend and equates to a pay-out ratio of 75% on
adjusted Net Profit After Tax
FY20 Outlook and Dividend
32