NZX Governance Explorer

How The Warehouse Group Limited makes money

Where WHS’s revenue went in FY2022: operating costs, depreciation, interest and tax, and what was left as net profit. Built from the income statement in the filed annual report, and drawn only when the figures reconcile with each other. WHS company profile

How The Warehouse Group Limited makes money — FY2022

Revenue $3.3b · EBITDA $304.9m (9.3% of revenue) · Net profit $87.1m (2.6% of revenue) · Financial year ending July (from the issuer record)

The Warehouse Group Limited (WHS) FY2022: where revenue of $3.3b wentRevenue → EBITDA: $304.9mRevenue → Operating costs (net of other income): $3.0bEBITDA → EBIT: $158.8mEBITDA → Depreciation & amortisation: $146.1mEBIT → Net profit: $87.1mEBIT → Interest: $36.8mEBIT → Income tax: $34.9mRevenue: $3.3bRevenue$3.3bEBITDA: $304.9m (derived)EBITDA$304.9m · derivedOperating costs (net of other income): $3.0b (derived)Operating costs (net ofother income)$3.0b · derivedEBIT: $158.8mEBIT$158.8mDepreciation & amortisation: $146.1mDepreciation &amortisation$146.1mNet profit: $87.1mNet profit$87.1mInterest: $36.8mInterest$36.8mIncome tax: $34.9mIncome tax$34.9m

Band widths are proportional to NZD amounts. Dashed outlines mark derived figures; the hatched node is a balancing item (net profit less every line above it).

The Warehouse Group Limited FY2022 figures used in the chart
FY2022AmountStatusNote
Revenue$3.3bReported
Operating costs (net of other income)−$3.0bDerived *Reported operating expenses $867.2m do not reconcile; not used.
EBITDA$304.9mDerived *
Depreciation & amortisation−$146.1mReported
EBIT$158.8mReported
Interest (net finance costs)−$36.8mReported
Income tax−$34.9mReported
Other items (net gain)+$0Balancing item *Net profit less the lines above; covers fair-value movements, impairments, associates and anything else not itemised.
Net profit$87.1mReported
  • * ebitda: $304.9m = EBIT + depreciation & amortisation
  • * operating costs: $3.0b = Revenue − EBITDA
Checks run on these figures (6)
  • Passed: Revenue is within the scale of a column stored in thousands.
  • Passed: Revenue in the income statement ($3,294.3m) vs the summary table ($3,294.3m): agree within 2%.
  • Passed: EBITDA − D&A = $158.8m vs reported EBIT $158.8m: reconciles.
  • Not met: Reported operating expenses ($867.2m) leave $2,427.2m, not EBITDA of $304.9m (gap $2,122.3m); costs derived as revenue minus operating profit instead. No split is shown.
  • Passed: Balancing item $0m is 0.0% of revenue (limit 25%).
  • Not met: No operating segments recorded for this year.

Figures extracted automatically from the annual report; check against the report. NZD thousands as stored, shown in millions. Source: annual_report_pdf · method: claude_haiku_pdf · extracted 7 March 2026.

Annual report: Annual Report 2022 correction (PDF, NZX)

EBITDA bridge, FY2021 → FY2022

What moved EBITDA between the two years: the change in revenue, less the change in operating costs (revenue less EBITDA, net of other income; not a reported line). The costs are one net figure; no split by type is held, so none is shown.

WHS EBITDA bridge FY2021 to FY2022FY2021 EBITDA: $343.5m$343.5mFY2021 EBITDARevenue change: −$120.3m−$120.3mRevenue changeCost change (derived): +$81.7m+$81.7mCost change (derived)FY2022 EBITDA: $304.9m$304.9mFY2022 EBITDA
WHS EBITDA bridge FY2021 to FY2022: figures
StepFY2021FY2022Effect on EBITDAStatus
FY2021 EBITDA$343.5m$343.5mAs charted
Revenue$3,414.6m$3,294.3m−$120.3mReported
Operating costs (net, derived)$3,071.1m$2,989.4m+$81.7mDerived: revenue − EBITDA
FY2022 EBITDA$304.9m$304.9mAs charted

$343.5m −$120.3m +$81.7m = $304.9m, which equals FY2022 EBITDA of $304.9m. EBITDA is the figure stored from each statement; companies that headline an adjusted measure (EBITDAF, underlying EBITDA) can report a different number.

What changed from FY2021 to FY2022

MeasureFY2021FY2022ChangeChange %
Revenue$3.4b$3.3b−$120.3m−3.5%
EBITDA$343.5m$304.9m−$38.6m−11.2%
Net profit$116.2m$87.1m−$29.1m−25.1%
EBITDA margin10.1%9.3%−0.8 pts—
Net margin3.4%2.6%−0.8 pts—

Both years passed the same checks. Margins are shares of revenue; their change is in percentage points. n/m = not meaningful (prior-year figure at or below zero). Each year holds the figures from its own annual report; restated comparatives are not applied.

Margins over time

EBITDA, EBIT and net profit as a share of revenue for each year whose figures passed the checks (7 of 9 years from FY2017). The shaded line is the median of 13 other listed Consumer Discretionary operating companies, using each one’s same financial year where it passed the checks; the number of companies in each median is in the table. Gaps are years that were not charted.

EBITDA margin
WHS ebitda margin by financial year, with peer median-10%5%20%FY17FY18FY20FY22FY24FY25FY2017: WHS 5.6%; peer median 14.5% (4)FY2018: WHS 3.9%; peer median 12.0% (7)FY2019: not charted — EBITDA not recorded or derivable for this year (EBIT only)FY2020: not charted — not from annual reportFY2021: WHS 10.1%; peer median 16.6% (9)FY2022: WHS 9.3%; peer median 14.6% (6)FY2023: not charted — not from annual reportFY2024: not charted — EBITDA not recorded or derivable for this year (EBIT only)FY2025: WHS 6.4%; peer median 13.9% (7)
EBIT margin
WHS ebit margin by financial year, with peer median-10%5%20%FY17FY18FY20FY22FY24FY25FY2017: WHS 3.6%; peer median 12.0% (6)FY2018: WHS 1.9%; peer median 9.5% (7)FY2019: WHS 3.4%; peer median 14.3% (7)FY2020: not charted — not from annual reportFY2021: WHS 5.7%; peer median 9.8% (10)FY2022: WHS 4.8%; peer median 12.3% (9)FY2023: not charted — not from annual reportFY2024: WHS 1.9%; peer median 9.0% (7)FY2025: WHS 1.3%; peer median 7.3% (7)
Net margin
WHS net margin by financial year, with peer median-10%5%20%FY17FY18FY20FY22FY24FY25FY2017: WHS 0.7%; peer median 7.9% (6)FY2018: WHS 0.8%; peer median 7.1% (7)FY2019: WHS 2.1%; peer median 7.0% (7)FY2020: not charted — not from annual reportFY2021: WHS 3.4%; peer median 6.3% (10)FY2022: WHS 2.6%; peer median 6.4% (9)FY2023: not charted — not from annual reportFY2024: WHS -1.8%; peer median 5.0% (7)FY2025: WHS -0.1%; peer median 4.3% (7)

WHS   peer median   below the axis: year not charted (reason in the table). All panels share one scale.

WHS margins by year with peer medians
YearEBITDA margin: WHS · peer median (n)EBIT margin: WHS · peer median (n)Net margin: WHS · peer median (n)Note
FY20175.6%14.5% (4)3.6%12.0% (6)0.7%7.9% (6)
FY20183.9%12.0% (7)1.9%9.5% (7)0.8%7.1% (7)
FY2019—16.6% (5)3.4%14.3% (7)2.1%7.0% (7)EBITDA not recorded or derivable for this year (EBIT only)
FY2020—16.4% (8)—7.1% (8)—4.0% (8)Not charted: not from annual report
FY202110.1%16.6% (9)5.7%9.8% (10)3.4%6.3% (10)
FY20229.3%14.6% (6)4.8%12.3% (9)2.6%6.4% (9)
FY2023—13.8% (6)—12.2% (8)—7.9% (8)Not charted: not from annual report
FY2024—13.3% (6)1.9%9.0% (7)-1.8%5.0% (7)EBITDA not recorded or derivable for this year (EBIT only)
FY20256.4%13.9% (7)1.3%7.3% (7)-0.1%4.3% (7)

Peer medians use only peer-years that passed the same checks; a median of fewer than two companies is not shown. Years are grouped by financial-year label, and year-end months differ between companies.

Not yet available: where the cash goes (operating cash flow to capex, dividends and debt) and underlying versus reported earnings. The figures they need are not yet validated.

Years not charted

These years are on file but their figures did not pass the checks, so no chart is drawn for them.

  • FY2023: Figures were not read from a filed annual report (source: earnings_sync).
  • FY2020: Figures were not read from a filed annual report (source: earnings_sync).

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Data sourced from NZX company annual reports (income statements). Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz.

For informational purposes only. Not investment advice.

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