Historical Financial Performance

Five-Year Financial Highlights

Profit and Loss Summary 2017 2018 2019 2020 2021 Sales 1,714.02 2,045.44 2,221.90 2,481.14 2,422.81 Gross Profit 410.73 461.54 548.51 558.93 598.89 Operating Profit 136.92 141.80 186.62 98.75 94.45 EBITDA 158.40 168.01 190.27 112.96 159.45 Profit after tax 101.91 109.59 112.76 34.56 69.61

Profitability Ratios

Revenue Growth 29.14% 19.34% 8.63% 11.67% -2.35%

Gross Margin 23.96% 22.56% 24.69% 22.53% 24.72%

EBITDA Margin 9.24% 8.21% 8.56% 4.55% 6.58%

Operating Margin 7.99% 6.93% 8.40% 3.98% 3.90% Profit Margin/ Net Margin 5.95% 5.36% 5.08% 1.39% 2.87% Efficiency Ratio 18.23% 17.38% 19.81% 21.31% 24.66%

Balance Sheet Summary 2017 2018 2019 2020 2021 Total Assets 1,214.25 1,474.44 1,648.92 1,742.48 2,289.26 Shareholders Equity 563.54 673.13 759.21 833.76 1,017.15 Total Liability 650.71 774.97 889.70 908.73 1,272.11 Borrowing 324.28 336.65 424.45 533.54 653.65 Current Assets 727.15 935.21 1,089.40 1,128.07 1,435.38 Current Liabilities 449.37 605.44 756.28 813.95 1,061.84

Return on Assets

Return on Equity Debt to Equity Current Ratio 8.39% 7.43% 6.84% 1.98% 3.04%

18.08% 16.28% 14.85% 4.14% 6.84%

115% 115% 117% 109% 125%

162% 154% 144% 139% 135%

ing of two new banking arrangements. Year-end foreign exchange losses were $8.4M less than prior year. This was done through the deliberate measures that have been implemented to reduce the gap in FX trading to support the importation of products.

CONSOLIDATED PROFIT AFTER TAX

Despite the challenges experienced during the year, the Group generated a profit of $69.6M. This is up from a profit after tax of $35M in the prior year.

STATEMENT OF FINANCIAL POSITION

Total Group assets grew by $546.8M or 32% from $1.74B to $2.29B when compared to year-ended March 31, 2020. This was due to increases in Property, Plant and Equipment ($208.6M), Intangibles ($32.3M), Inventories ($282.2M) and Cash and Cash Balances ($98.7M). Trade receivables fell by $72M when compared to prior year. Total Liabilities increased by $363.4M or 40% from $908.7M to $1.27B. This was due to increases in Borrowings ($120.11M), Trade and other payables ($187.7M) and Deferred tax ($19.3M). The increase in borrowings was used to facilitate growth and business expansion.

Shareholders’ Equity increased by $183.4M or 22% from $833.8M to $1,017.1M.

LOOKING AHEAD

Although there is still looming uncertainty with the global health crisis, we remain optimistic about the future and our priority remains centred on ensuring that our operations are financially agile to quickly adapt to an unpredictable market environment. With this, the financial management objectives will be focused on conserving cash, streamlining working capital utilisation and maximising value from existing business operations. We continue to keep a close eye on trade recovery, container shortages, and the management of foreign exchange fluctuations.