Metcash Limited
Annual Report 2024

ACCELERATING  
GROWTH MOMENTUM
ANNUAL REPORT 2024

$334.9m
2020 GROUP EBIT
TRANSFORMATION TO  
A MORE DIVERSIFIED,  
RESILIENT AND HIGH 
QUALITY BUSINESS

$496.3m
2024 GROUP EBIT
Extending through  
value chain for  
growth & resilience
Extending and  
strengthening core 
competitive advantages
Leveraging platform 
for M&A growth and 
enhancing performance 
Delivering unique 
differentiated value  
(‘Best Store in Their Town’)
FOUNDATIONS OF OUR TRANSFORMATION
~50% since FY20    CAGR: >10%
	
HA
RD
WA
RE 
40
%
	LIQ
UO
R 2
0%
	
FO
OD 
40
%
	
See more 
  Page 6 

WE ARE AUSTRALIA’S  
LEADING WHOLESALER
CONTENTS
ABOUT
About Us
04
FY24 Overview
06
Group Strategy
08
REPORTS
Chairman’s Report
10
Group CEO’s Report
14
Financial Overview
18
PILLARS
Recent Acquisitions
20
Hardware
22
Total Tools
24
Food
26
Liquor
28
SUSTAINABILITY
Sustainability Highlights
30
OUR PEOPLE
Our People and Our Board
32
DIRECTORS’ REPORT
Directors’ Report
34
FINANCIAL REPORT
Financial Report
68
ASX Information
120
ACKNOWLEDGEMENT OF COUNTRY 
Metcash acknowledges the Traditional Custodians of 
the lands on which we live and operate, and we pay our 
respects to Elders past, present and emerging.
Metcash Annual Report 2024
2

Andrew Blight
Warehouse Storeperson 
Metcash Distribution Centre 
Huntingwood, NSW
3
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ABOUT US
is Australia’s leading wholesale distribution  
company, with revenue (including charge-through) 
of ~$18.2bn in FY24
to create
in support of
CHAMPIONING  
SUCCESSFUL  
INDEPENDENTS
THRIVING LOCAL  
COMMUNITIES
SUSTAINABLE  
SHAREHOLDER  
VALUE
OUR PURPOSE
We service a strong and growing 
network of ~6,500 bannered 
independent retailers in Australia 
and New Zealand; across the 
food, liquor and hardware sectors. 
Our focus is on helping independent 
retailers be the ‘Best Store in Their 
Town’ by providing merchandising, 
operational and marketing support.
We service independent retailers in all corners 
of Australia, including Cape York and Cooktown 
in the North East, Dampier and Broome in 
the North West, Albany and Denmark in the 
South West and Tarwin Lower and Foster in 
the South East.
OUR VALUES
We believe: Independence 
is worth fighting for; in 
treating our  people, 
retailers and suppliers the 
way we like to be treated; 
and in giving back to the 
communities where we  
live and work.
~6,500
BANNERED RETAIL STORES 
ACROSS FOOD, HARDWARE 
AND LIQUOR
~95,000
NON-BANNERED 
STORES AND  
CUSTOMERS
WE REACH
~95%
OF AUSTRALIANS
Metcash Annual Report 2024
4

HIGH QUALITY GROUP
	
– Diversified and resilient portfolio
	
– Scaled, highly efficient logistics  
underpins competitive advantage
	
– Integrated wholesale, banner  
and retailer operator
	
– Balance of essential and  
discretionary businesses
STRONG MARKET POSITIONS
	
– Leading B2B wholesaler and  
marketplace ecosystem  
for independents
	
– Owner of leading independent  
brands across Hardware,  
Food and Liquor
	
– Stores sit at heart of local communities
POSITIONED FOR CONTINUED GROWTH
	
– Successful growth strategies  
replicable across current Group  
and future businesses
	
– Logistics scale and Group capabilities 
provide platform for sustained growth
	
– Continued expansion into retail offers 
large value creation opportunity
OUR FLYWHEEL 
HOW WE CREATE VALUE
SUPPLY
Provide a multi-channel 
B2B platform
Provide an effective and 
efficient route‑to‑market 
choice for suppliers 
through our scale  
and independent  
partner network
DEMAND
Generate and capture  
for our customers
Provide best possible  
range of products to 
independent customers 
to meet their shoppers’ 
needs, and support 
them with formats and 
tools to compete with 
national retailers
2
3
Our Core
Wholesale & 
Logistics
1
A
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a
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ti
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e
 
a
n
d
 
S
t
r
o
n
g
 
B
r
a
n
d
s 
a
n
d
 
F
o
r
m
a
t
s
V
al
u
e 
A
d
d 
S
er
vi
ce
s 
a
n
d 
S
u
p
p
o
rt
5
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UNDERLYING GROUP EBIT2
$496.3m
0.9% on FY23
GROUP FINANCIALS
FY24 OVERVIEW
OPERATING CASH FLOW 
~$483m
~30% on FY23
GROUP REVENUE1
$18.2bn 
0.7% on FY23 
Reported $15.9bn
UNDERLYING PROFIT AFTER TAX
$282.3m 
8.2% on FY23 
Reported $257.2m
UNDERLYING EARNINGS PER SHARE4
28.3cps 
11% on FY23 
Reported 25.8cps
CASH REALISATION RATIO3
102%
3-year average 90%
TOTAL DIVIDEND 
19.5cps
~70% UPAT
1.	 Includes charge-through sales, which represent direct sales from suppliers to retailers, invoiced through Metcash. 
2.	 Underlying EBIT excludes significant items: Project Horizon implementation costs $14.4m, put option valuation adjustments  
and business acquisition costs $8.7m and Mega DC transition costs of $2.0m.
3.	 Cash realisation ratio (CRR) = cash flow from operations/underlying NPATDA (depreciation and amortisation not tax effected). 
4.	 Includes impact of dividend reinvestment plan (DRP) and equity raise.
See more 
  Page 18
Metcash Annual Report 2024
6

SUSTAINABILITY
WASTE-TO-LANDFILL DIVERSION GOAL 
65.9%
Target of 80% by 2028
MEALS DONATED VIA FOODBANK, 
OZHARVEST AND FOOD4CHANGE 
>2.6m 
DOW JONES SUSTAINABILITY INDEX (DJSI) 
89th percentile
from 87th in FY23
TOTAL REPORTABLE INJURY  
FREQUENCY RATE (TRIFR)
14.3
21% improvement on PCP
ACHIEVED INTERIM 2030 
EMISSIONS TARGET FOR FY24 
5.2%
decrease from pcp
CASE STUDY 
METCASH BECOMES FIRST GROCERY RETAILER 
TO SUPPORT THE NATIONAL PLASTICS RECYCLING 
SCHEME (NPRS)
In February 2024, Metcash announced it would 
support the NPRS to help close the loop on soft 
plastic waste.
The NPRS is an industry-led scheme created to fill the  
gaps in Australia’s current soft plastic recycling capability and  
to establish a long-term circular economy for household soft 
plastics. Metcash was the first grocery retailer to officially sign  
on to support the NPRS by providing packaging data from its 
private label grocery products, as well as financial support and 
insights to shape and further promote the program. To-date the 
NPRS has focused on trialling kerbside collections of soft plastic 
household waste for recycling into food-grade plastic packaging  
as part of a new, onshore circular system.
Supporting the NPRS aligns with Metcash’s priorities of increasing 
the use of sustainable packaging in our products and reducing 
packaging waste in our supply chain. In addition to existing 
initiatives to reduce waste to landfill in our distribution centres 
and independent retail network, we will accelerate new packaging 
solutions and further help our shoppers recycle their soft plastic 
household waste as conveniently as possible.
City of Charles Sturt resident participating in 
the National Plastics Recycling Scheme kerbside 
collection trial.
See more 
  Page 30
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GROUP 
STRATEGY
PURPOSE
Championing Successful 
Independents in 
support of thriving 
local communities 
to create sustainable 
shareholder value
HOW TO WIN
FOR THE END USER
Deliver retail experiences 
and formats that deliver 
differentiated value
FOR THE INDEPENDENT BUSINESS OWNER
Provide business models, wholesale 
supply and support to ensure 
successful independent businesses
FOR THE SUPPLIER
Unmatched route‑to‑market 
partner for access to growing 
independent sector
FOUNDATION
Wholesale infrastructure
Scale and capabilities
Unique brands and formats
Purpose‑driven teams
A BALANCED PORTFOLIO OF BUSINESSES 
POSITIONED FOR CONTINUED GROWTH
	
– Unique and differentiated 
shopper value:
	
– Quality brands and 
range of store formats
	
– Network standards
	
– Price competitiveness
	
– Extended range  
through digital B2B 
marketplace “Sorted”
FOOD
Largest supplier  
to independent 
supermarkets in Australia 
and a nationally scaled 
foodservice business
	
– Unique and differentiated 
shopper value through  
best-in-class fit-outs and 
refresh projects 
	
– Owned and 
exclusive brands 
	
– Unique and price  
competitive offer
LIQUOR
Second-largest supplier 
of liquor in Australia 
	
– Highly efficient distribution 
with leading retailer and 
customer tools and services
	
– Significant consolidation 
opportunities in highly 
fragmented market
	
– Retail network 
expansion through joint 
venture and company 
owned stores
HARDWARE
A leader in Trade  
and a growing  
#2 position in DIY 
#1 position in 
Professional Tools
WHERE WE PLAY
GROWTH STRATEGIES
Metcash Annual Report 2024
8

	
– Network expansion: 
	
– Sustainable growth 
through new stores
	
– Joint venture and  
company owned  
store structures
  Page 26
$210.1m
15% since FY20
$182.7m
FY20
FY24
CAGR: 4%
	
– Extended aisle  
for all customers  
across all channels  
via B2B marketplace  
“ALM Connect”
	
– Platinum program:  
digital, data, standards  
& compliance across  
the network
$109.2m
50% since FY20
$72.8m
FY20
FY24
CAGR: 11%
  Page 28
	
– Store network growth:  
New site opportunities
	
– Strengthening competitive 
advantages: shared & scaled 
supply chains
$210.9m
150% since FY20
FY20
$84.2m
FY24
CAGR: 26%
SEE MORE
EBIT GROWTH
  Page 22
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CHAIRMAN’S REPORT
Welcome to the Metcash 
Annual Report for the 
2024 financial year. I am 
pleased to report that 
the Company has again 
delivered strong results 
underpinned by the 
success of our strategy  
and the disciplined 
execution of key initiatives. 
Operationally, all pillars performed well, in line with 
their strategic positioning, demonstrating resilience 
in softer market conditions. In Food, strong earnings 
growth was delivered in the most value-conscious 
shopping environment in recent memory, providing 
further evidence of its shift to a sustainable and 
resilient business model. Our Liquor pillar continued 
to outperform the market, win share and deliver 
strong earnings growth. In Hardware, the business 
endured a further weakening in external conditions 
but given our strong market position remains ideally 
positioned for an improvement in activity levels. 
GROUP FINANCIALS 
Total Group revenue increased 0.7% to $18.2bn  
(or $15.9bn excluding charge-through sales), while 
Group EBIT declined 0.9% to $496.3m, with growth 
in Food and Liquor earnings being offset by lower 
earnings in Hardware and increased corporate costs. 
Underlying profit after tax was 8.2% lower at 
$282.3m, largely reflecting the more challenging 
conditions in Hardware. Reported profit after tax  
was down 0.7% to $257.2m. 
The Company’s operating cash flow was a standout 
for the year, increasing 29.5% to $483m. This resulted 
in a cash realisation ratio of 102%, and a three-year 
average of ~90%. 
Total dividends for the year were 19.5 cents per share 
fully franked, in line with the target payout ratio of 
~70% of underlying profit after tax. This reflects the 
Company’s strong cash performance balanced with  
its desire to invest in future growth opportunities. 
Doug Jones will discuss the financial results and 
operating performance in more detail in his  
Group CEO’s report.
OPERATING CASH FLOW
 ~ 30% on FY23
FY24: ~$483m
GROUP REVENUE (INCLUDING CHARGE-THROUGH)
 0.7%
FY24: $18.2bn 
(Reported $15.9bn)
10
Metcash Annual Report 2024

STRATEGY 
Our strategy, which for many years has focused on 
strengthening the competitive position of our retail 
networks, has resulted in a diversified business 
portfolio and platform that continues to deliver 
strong results. This can be seen in the growth in 
Group earnings which has increased 56% since FY20, 
with a compound annual growth rate of 12%.
In February, we announced major strategic 
acquisitions in the Food and Hardware pillars.  
The acquisition of Superior Foods was completed  
in June and will further strengthen our current Food 
business. It also opens up new growth opportunities 
in the attractive and adjacent foodservices market. 
The Hardware acquisitions of Alpine Truss and Bianco 
Construction Supplies accelerate our Whole of 
House strategy and further strengthen the business’ 
market position. 
At our Investor Day held last March, we indicated that 
our strategic focus is on replicating successful growth 
strategies across the Metcash Group. We have the 
platform and capabilities to deliver this strategy and 
grow not only our current businesses, but also any 
future businesses we may acquire. 
LEADERSHIP CHANGES 
As I noted last year, Deepa Sita was appointed  
Group CFO replacing Alistair Bell, who had earlier 
advised of his intention to retire from the role.  
Deepa joined us in January this year and has also 
assumed responsibility for the Group Strategy 
function. I would like to thank Alistair who kindly 
agreed to stay on longer than planned to facilitate 
Deepa’s transition into the role. 
Unfortunately, Chris Baddock needed to retire  
from the CEO Liquor role in October last year 
for health reasons. John Barakat, the Liquor pillar’s 
General Manager of Merchandise and Operations, 
stepped up to lead the team well until the completion 
of an extensive search for a replacement and the 
subsequent commencement of Kylie Wallbridge  
as the new CEO of Liquor in March. Kylie has 
extensive Australian and international experience  
in the liquor industry. 
We also welcomed Richard Murray as our new CEO 
of Total Tools Holdings at the end of January this year 
following an earlier announcement that Paul Dumbrell 
had decided to step down after more than five years 
in the position. Richard is a highly experienced and 
respected executive with a proven track record in  
the Australian retail sector. 
In May, we announced that Annette Welsh will 
be transitioning from her current CEO role in 
IHG to a corporate strategy and governance role. 
Annette advised that after serving 15 years in senior 
management roles in IHG, including the last five as 
CEO, it was an appropriate time for her to step down 
and hand over to a successor. Geoff Harris, IHG’s 
current General Manager of Merchandise, will be 
interim CEO until the search process for Annette’s 
replacement is completed. 
REMUNERATION 
This year changes were made to our remuneration 
framework to bring it more in line with market 
practice. This included increasing the deferred  
portion of the Short-Term Incentive (STI) from  
33% to 40% for the Group CEO, and from 25%  
to 33% for the Group CFO. This portion will  
increase to 50% for the Group CEO and 40%  
for the Group CFO in FY25 and 50% in FY26.
We also refined the Balanced Scorecards for 
executives, with all executives now sharing Group 
financial and strategic objectives (weighted 70%)  
to ensure an increased collective focus and 
accountability on Group objectives. 
An ‘adjusted EBIT’ was introduced for the FY24 
performance measure for STI and the ROFE LTI 
hurdle. This results in Project Horizon and Mega 
Distribution Centre significant item costs being 
included in the awards calculation to reflect the 
importance of successfully delivering these projects.
Remuneration outcomes continuing executives for 
the year included STI awards ranging from 14.6% to 
38.1% of the maximum opportunity. While in relation 
to the LTI incentive, the FY22 grant was tested at the 
conclusion of three years and vested at 76.7%. 
Fixed remuneration was increased for the CEO  
of IHG, and the former CEO of the Liquor pillar,  
by 8.3% and 4.2% respectively. The adjustments  
were made to reflect each executive’s deep level of 
role experience relative to the market benchmarks. 
Adjustments were also made to Non-Executive 
Director fees, which increased to $167,595. Chair 
fees for the Audit, Risk and Compliance Committee 
and the People, Culture and Nomination Committee 
increased to $46,350, with member fees for these 
committees increasing to $22,660. There will be no 
increases to Director fees in FY25. 
The Board intends to conduct another review of 
the Company’s remuneration framework in FY25 
to ensure the executive remuneration mix and 
performance metrics align with the Company’s 
longer-term strategic objectives.
Further details on the Company’s remuneration 
framework and outcomes can be found in the 
Remuneration Report commencing on page 51. 
11
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CHAIRMAN’S REPORT CONTINUED
GOING FORWARD 
Current economic conditions remain challenging  
and continue to impact consumer confidence with  
a strong shift in consumer behaviour to more  
value-conscious choices, which is expected to 
continue into the FY25 financial year. 
Metcash’s platform of three diversified businesses  
is fundamentally strong, and we have the right plans, 
teams and capabilities in place to deliver future 
growth as we work through the current economic 
cycle. We continue to work closely with our suppliers 
and retailers to maintain a value offering with a wide 
range of products at competitive prices and we are 
encouraged by our retailers’ adaptability and ongoing 
ability to meet shoppers’ needs.
Metcash’s business remains sound. Our financial 
position is strong, our strategy continues to deliver 
and the addition of new channels through our recent 
acquisitions will help us to continue progressing our 
growth plans.
THANKS
To the Metcash team, our independent retailers, 
suppliers and shareholders, on behalf of the whole 
Board, I would like to sincerely thank you for your 
support and contribution throughout the year.
I would also like to thank my fellow Directors for  
their commitment and ongoing support in a 
challenging but once again successful year. 
Peter Birtles 
Chairman
ENVIRONMENT, SOCIAL AND  
GOVERNANCE (ESG)
I am pleased to report that we have continued to 
make good progress with our ESG plans, which cover 
the key areas of People, Planet and Community. 
Our overall ESG performance was placed in the 
89th percentile of our international sector in the 
Dow Jones Sustainability Index, which is a further 
improvement on the 87th percentile achieved in  
the prior year’s assessment. 
We achieved our reduction target for the year 
for Scope 1 and 2 emissions and remain on track 
for achieving an 80% reduction in these emissions 
between 2020 and 2030. We also made good 
progress in better understanding our Scope 3 
emissions, which is a significant area of focus and 
forms part of our readiness work associated with  
the new Sustainability Reporting Standard that we 
anticipate will become effective for Metcash in FY26.
We also achieved our waste diversion target for the 
year and are on track to achieve our longer-term 
target of diverting 80% of waste from landfill by 2028.
Ensuring the safety of our people remains the highest 
of priorities, and it was good to see the significant 
safety initiatives made in the year reflected in a 21% 
improvement in our key performance measure  
of Total Recordable Injury Frequency Rate (TRIFR).
We continued to focus on maintaining our excellent 
record of paying equitably across the Metcash Group. 
Our gender pay gap was maintained at ~1% and  
we were ranked 45th globally in the 2024 Equileap 
Top 100 companies for gender equality list.
Workplace engagement and culture continues to 
be a key focus for us, and we achieved a further 
improvement this year with an engagement survey 
score of 58%, up from 57% last year. This places us in 
the 70th percentile of internationally benchmarked 
companies for salaried employees.
Further sustainability information can be found on 
page 30 of the Annual Report, with this year’s full 
Sustainability Report available on our website in  
late August. 
Metcash’s business remains sound.  
Our financial position is strong,  
our strategy continues to deliver and 
the addition of new channels through 
our recent acquisitions will help us to 
continue progressing our growth plans.
Metcash Annual Report 2024
12

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GROUP CEO’S REPORT
I’m proud to be once 
again sharing a strong 
and pleasing set of results 
for FY24. Our portfolio 
of businesses is diverse, 
resilient, and performing 
well, and we have a solid 
platform for growth. Our 
purpose of Championing 
Successful Independents 
in upport of thriving local 
communities continues to 
guide our decisions and 
actions and remains at the 
core of both our strategy 
and our operating model.
Our strategy has been in place for some time now 
and has resulted in a portfolio and a platform that  
not only continues to deliver pleasing financial results, 
but also positions Metcash well for the future. 
While each business is subject to the market conditions 
of the sector in which it operates, each one has a clear 
strategy and a structure that underpins these sustained 
results; and these remain in place. 
This year the Food and Liquor pillars delivered 
another year of superb results and are now 
structurally positioned for enduring growth.  
They sell products which are essential for everyday 
living, and they could be described by some as the 
defensive elements of our portfolio; and they’re 
poised for continued structural growth. 
The Hardware pillar is proving resilient in a  
volatile economic climate and continuing to  
maintain its strong market position. The Hardware 
and Professional Tools businesses are more cyclical, 
being more dependent on market conditions. I am 
pleased that these businesses have held margins 
and protected profits in the current operating 
environment. They remain ideally positioned to 
benefit from an improvement in trading activity.
FOOD EBIT
 15% from FY20
CAGR 4%
LIQUOR EBIT
 50% from FY20
CAGR 11%
HARDWARE EBIT
 150% from FY20
CAGR 26%
14
Metcash Annual Report 2024

Logistics and wholesaling are at the core of the 
Metcash Flywheel and this strategy has proven to 
be an effective investment in our retailers and their 
businesses, their financial health, their overall margins, 
their operating capabilities, and the quality of their 
offer. We have continued to prioritise volume over 
margin expansion as this is what keeps our Flywheel 
spinning. This investment is paying off, evidenced  
by shoppers continuing to find our offer relevant in 
the face of the most value conscious environment  
in recent memory. Australian and New Zealand 
families and businesses are facing many challenges, 
evident in the sales of private label and in the 
trends towards promotions and discounts, and to 
less premium, better value choices. Customers are 
shopping promotions more, with smaller baskets  
and more frequent visits. 
In the case of our building trade customers,  
they have reduced their advanced ordering as  
the visibility to future projects becomes less clear. 
Both these customers and our Hardware suppliers  
tell us they are experiencing a slowdown in activity 
and of course retailers, members and franchisees  
are facing the same challenges. However, they remain 
positive about the anticipated increase in building 
projects in the medium to long term.
Within our business we are responding to the 
economic climate in which we operate. Costs have 
been well managed, and we’ve delivered savings to 
offset cost of doing business (CODB) inflation ahead 
of those committed. We have delivered excellent 
cash conversion, underpinned by strong working 
capital management.
In that context, I am proud of our FY24 results;  
while we do not control the external environment, 
our team has controlled what we can superbly.  
These results are an indication that our strategy  
is working and continues to deliver improved 
resilience and diversification in the portfolio.  
We have performed at or better than the  
market trends in the markets we compete in.  
The portfolio results are as planned and as we  
would expect in these conditions, if not better.
GROUP FINANCIALS 
Group reported revenue, which excludes  
charge-through sales, increased 0.7% to $15.9bn 
(FY23: $15.8bn). Including charge-through sales, 
Group revenue increased 0.7% to $18.2bn (FY23: 
$18.1bn) with growth in the Hardware and Liquor 
pillars more than offsetting a small decline in the 
Food pillar, driven by lower sales in tobacco. Group 
underlying EBIT decreased by 0.9% to $496.3m 
due to earnings growth in Food and Liquor being 
more than offset by lower earnings in Hardware and 
increased corporate costs. All pillars were supported 
by good operating discipline and the success of 
strategic initiatives, including acquisitions in Hardware. 
Superior Foods will be incorporated into Metcash’s 
FY25 results from 3 June 2024 and will be reported 
within the Food pillar.
Group underlying profit after tax decreased 8.2% to 
$282.3m, reflecting lower earnings in the Hardware 
pillar and increased finance costs. Statutory profit 
after tax decreased 0.7% to $257.2m and includes 
the impact of $25.1m (after tax) of significant items 
in relation to Project Horizon, put option valuation 
adjustments, business acquisition costs and mega 
distribution centre transition costs. 
The Group’s cash flow performance was again a 
standout with operating cashflow increasing $109.9m 
or 29.5% to $482.6m (FY23: $372.7m), with the cash 
realisation ratio ~102% for the year. This results in an 
average three-year cash realisation ratio of ~90%. 
A strong focus on working capital was a key driver of 
the result. Net debt at the end of the financial year 
was $251.9m (FY23: $349.6m), with average net debt 
$582m. The debt leverage ratio (DLR) at the end of 
FY24 was 0.45x (FY23: 0.62x) or 1.03x on average. 
After the end of the financial year the Company paid 
$390m for the purchase of Superior Foods (with 
a potential additional $22.3m earn-out due after 
the end of Superior Foods’ financial year). Metcash 
expects to be in the mid to upper end of its target 
DLR range (1.0x to 1.75x) for the next two years. 
The Board determined to pay a final dividend for 
FY24 of 8.5 cents per share, bringing total dividends 
for the year to 19.5 cents per share fully franked,  
in line with the target payout ratio of approximately 
70% of underlying profit after tax. This represents the 
Company’s strong cash performance balanced with  
its desire to invest in future growth opportunities.
PILLAR FINANCIALS
Food
Total Food sales (including charge-through and 
excluding tobacco) increased 4.6%, with strong 
growth in both Supermarkets and Campbells & 
Convenience. Including tobacco, total Food sales 
declined 0.5%. In Supermarkets, the business 
continued to perform well in an environment of 
increased value-conscious shopping. Wholesale  
sales excluding tobacco were up 4.7%, underpinned 
by further improvement in network competitiveness 
and inflation. 
The differentiated offer provided by the independent 
network continues to resonate with shoppers, who 
have retained IGA in their shopping repertoire even 
as they increasingly shop around in their search for 
value. Foot traffic into stores increased for the year, 
although items per basket declined. Sales of private 
label products increased 15.5%, and sales of items on 
promotion grew faster than those not on promotion. 
Sales volumes were positive for the year, with growth 
in the second half more than offsetting a small decline 
in the first half. Wholesale price inflation continued to 
moderate with inflation for the year at 4.8% (FY23: 
7.6%), and fourth quarter inflation down to 2.4%.  
The teamwork score ex-tobacco increased 1.6 
percentage points to 69.7% and was flat at ~74% 
including tobacco.
15
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GROUP CEO’S REPORT CONTINUED
The IGA retail network continued to invest in  
growth and remains healthy, strong and confident. 
There were a record 26 new store openings in the 
year, and 15 closures. Retail like-for-like sales growth 
in the IGA network was +2.2% ex-tobacco. Tobacco 
sales declined 13.9% in the year due to an acceleration 
in illicit trade and the shift to alternatives. 
In Campbells & Convenience, total sales excluding 
tobacco increased 4.0% reflecting stronger sales  
from major banner group customers. I am delighted 
to report that in late June Campbells & Convenience 
won a new supply agreement with Ampol Foodary 
for the provision of grocery products to their  
retail stores. This is a vote of confidence from an 
important new customer and bodes well for our 
business. Food EBIT increased 3.0% to $210.1m, 
reflecting the strong trading performance ex-tobacco, 
continued strong support from suppliers and the 
effective management of costs. The EBIT margin 
increased 7bps to 2.2%, largely reflecting the change 
in sales mix associated with the decline in tobacco 
sales, as well as good cost management.
The strong earnings performance and small margin 
expansion is pleasing under current conditions and 
is another year of evidence that this is a sustainable, 
robust business, operating within a healthy and 
successful independent network. 
Liquor
The Liquor pillar continued to outperform in a more 
challenging market with total sales (including charge-
through) increasing 1.7% to $5.2bn, with growth in 
sales to independent retail and contract customers 
more than offsetting a decline in on-premise sales. 
This really is an exceptional trading performance  
once again for the Liquor pillar, delivering stellar  
sales and EBIT results. This is a market-leading sales 
result in an economic climate characterised by  
de-premiumisation, downtrading to better value 
choices and categories, and increased competition.  
In the face of all of that independents took share. 
An increase in cost-of-living pressures continued  
to drive shopper focus on value, lower consumption 
and a decline in on-premise sales. Wholesale sales 
to retail and contract customers increased 2.2%, 
resulting in further market share gains. Sales growth 
was underpinned by continuation of the increased 
preference for localised offers, providing shoppers 
with conveniently located stores, tailored ranges, 
competitive prices and local friendly service.  
Sales to on-premise customers declined 1.9% in  
line with market trends, albeit some improvement  
was evident in the second half. The highest  
growth categories were again RTDs and beer,  
with cost-of-living pressures driving shopper 
preference for lower priced, better value choices.
Like Food, EBIT margins are underpinned by a strong  
trading result, good cost control, and excellent 
merchandising. Liquor EBIT increased 4.9% to $109.2m, 
reflecting the contribution from the business’ strong 
trading performance, strategic buying and good cost 
management. The EBIT margin increased 6bps to 2.1%. 
Hardware
The Hardware pillar delivered a pleasing result in 
the face of a rapid slowing in builder confidence 
and reduced market activity. Total Hardware sales 
(including charge-through) increased 2.7% to $3.5bn, 
with growth in Total Tools sales more than offsetting 
a decline in IHG sales. On a like-for-like basis, total 
Hardware sales declined 2.7%. Total sales in the 
combined IHG and Total Tools retail networks 
were flat at $4.5bn. The IHG business withstood 
the challenging conditions to outperform the softer 
addressable market through strong relationships with 
trade customers, the success of the Whole of House 
strategy and an improved DIY offer. Sales for the 
year were broadly flat at $2.8bn and declined 3.0% 
on a like-for-like basis. Scan sales for the IHG retail 
network increased 0.3% (LfL -2.6%) with DIY +2.7% 
and Trade -1.0%.
In the sector served by the Hardware pillar, building, 
DIY, and professional tools, the market has slowed 
significantly. Factors include higher for longer interest 
rates, lower consumer and home buyer confidence, 
builder capacity and viability, cost inflation, and quickly 
slowing product inflation, with some categories now 
in deflation.
In IHG, following a period of sustained exceptional 
sales and profit growth, the consolidation of these 
gains continues. I’m pleased by the second half cost 
out results that supported an EBIT improvement of 
2.7% in H2, compared to the H1 decline of 12.2%. 
Gross margins remained stable in wholesale and 
in retail, but lower volume and CODB pressure 
impacted on retail EBIT margins although these 
remained above pre-COVID levels. 
The IHG business, through excellent customer 
relationships as you would see from the traction 
of the Whole of House strategy, remains ideally 
positioned to capitalise on an improvement in market 
conditions. The strategic position and my confidence 
in our ability to take advantage of an improvement 
in market conditions are further reinforced by our 
recent acquisitions. 
I’m pleased to 
advise that we’ve 
now completed 
all three strategic 
acquisitions – 
Bianco Construction 
Supplies and Alpine 
Truss in March and 
Superior Foods in 
early June.
Metcash Annual Report 2024
16

In Total Tools, sales increased 16.4% to $679.1m, 
largely reflecting the contribution from new stores 
and additional majority-owned joint venture stores. 
On a like-for-like basis, sales declined 1.3%. Retail 
network sales for Total Tools increased 2.6% to 
$1,112.3m. On a like-for-like basis, sales declined 2.3%, 
reflecting more challenging market conditions and 
intense pricing pressure in the market, particularly 
in the fourth quarter. Foot traffic was down in both 
the first and second half, but customer conversions 
increased, driven by Total Tools’ competitiveness and 
leading market position. The pricing pressure had a 
short-term impact on Total Tools’ gross margin as  
the business responded to protect market share. 
Margins normalised towards the end of the fourth 
quarter following more precise and strategic 
responses by Total Tools. 
Hardware EBIT decreased 3.8% to $210.9m,  
with both IHG and Total Tools delivering lower 
earnings compared to FY23. The year included  
a significant increase in regulatory costs (primarily 
in Victoria), higher labour and occupancy costs, and 
other cost inflation. On a like-for-like basis, Hardware 
EBIT declined 11.0%. In IHG, EBIT decreased 4.9% to 
$129.0m, reflecting the impact of lower sales volumes 
and additional costs. An increase in cost savings 
initiatives in the second half enabled the business  
to offset most of the additional costs and helped 
return the business to EBIT growth for the half.
In Total Tools, EBIT was $81.9m, a decline of 1.9% or 
11.5% on a like-for-like basis, and includes the one-off 
adverse impact associated with its transition to the 
new Ravenhall, Victoria distribution centre in the 
first half, and the increase in competitive intensity 
experienced in the fourth quarter. Total Tools EBIT 
margins continue to trend towards retail levels as 
the proportion of earnings from owned retail stores 
increases. The Hardware EBIT margin was 6.1% with 
IHG 4.6% and Total Tools 12.1%.
STRATEGIC ACQUISITIONS
I’m pleased to advise that we’ve now completed  
all three strategic acquisitions – Bianco Construction 
Supplies and Alpine Truss in March and Superior 
Foods at the start of June. Superior further 
strengthens the Food offer and opens new growth 
opportunities in the adjacent food service market. 
The acquisitions of Bianco and Alpine support IHG’s 
Whole of House strategy and strengthen our market 
position. Superior is on track to earn a full earnout 
and is performing well.
LOOKING FORWARD
Looking ahead to FY25, our immediate priorities 
are integrating and extracting the synergies from 
our recent acquisitions, completing and moving into 
the new distribution centre in Truganina, Victoria, 
and progressing on our core technology programs, 
including Horizon where we’re making steady 
progress and costs remain well-managed.  
This does remain a large and complex program,  
and we continue to be focused on balancing cost, 
time, quality and risk to deliver the project. 
So, together with the team I’m pleased to share 
where we are, the position we are in, and I’m thrilled 
and excited by the opportunities before us. 
THANKS
The execution by each of the Pillars of their strategy 
has underpinned their performance and I would like 
to thank our team for their dedication and effort in 
navigating the challenging market conditions to deliver 
great results again this year. 
I would also like to recognise and thank our 
independent partners for their support. Across all  
pillars our alignment and relationships with our 
customers remain strong, even in these testing times.  
Our independent retailers really are a national 
treasure, and we are proud to support and  
continue to champion them all.
Doug Jones 
Group CEO
Metcash’s new distribution centre at Truganina, Victoria
17
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FINANCIAL  
OVERVIEW
SALES
($m)
EBIT (UNDERLYING)
($m)
PAT (UNDERLYING)
($m)
EPS (UNDERLYING)
(cents)
OPERATING CASH FLOW
($m)
FY24
FY23
FY22
FY21
FY20
15,912.4
15,803.4
15,164.8
14,315.3
13,025.4
FY24
FY23
FY22
FY21
FY20
496.3
500.8
472.3
401.4
334.9
FY24
FY23
FY22
FY21
FY20
282.3
307.5
299.6
252.7
198.8
FY24
FY23
FY22
FY21
FY20
28.3
31.8
30.5
24.7
21.8
FY24
FY23
FY22
FY21
FY20
482.6
372.7
432.3
475.5
117.5
Five year review
2024
2023
2022
2021
2020
Financial Performance
Reported sales revenue ($m)
15,912.4
15,803.4
15,164.8
 14,315.3 
 13,025.4 
Sales revenue (including charge-through sales) ($m)
 18,179.1 
 18,052.4 
 17,405.7 
 16,361.1 
 14,857.1 
Underlying EBIT ($m)
496.3
500.8
472.3
 401.4 
 334.9 
EBIT margin (%)
2.7
2.8
2.7
 2.4 
 2.2 
Net finance costs ($m)
(92.6)
(64.7)
(48.5)
(42.6)
(52.0)
Underlying profit after tax ($m)
282.3
307.5
299.6
252.7
198.8
Reported profit/(loss) after tax ($m)
257.2
259.0
245.4
239.0
(56.8)
Operating cash flows ($m)
482.6
372.7
432.3
475.5
117.5
Cash realisation ratio1 (%)
102%
77%
91%
114%
33%
Financial Position
Shareholders’ equity ($m)
1,528.4
1,085.1
1,090.4
 1,291.1 
 1,371.6 
Net cash/(debt) ($m)
(251.9)
(349.6)
(189.0)
124.6
86.7
Gearing ratio2 (%)
14.2%
24.4%
14.8%
(10.7%)
(6.7%)
Debt leverage ratio3
0.45x
0.62x
0.36x
(0.27x)
(0.22x)
Return on funds employed4 (%)
25.9%
29.6%
31.0%
28.7%
24.9%
Share Statistics
Fully paid ordinary shares
997.1
965.5
965.5
 1,022.4 
 1,016.4 
Weighted average ordinary shares
970.2
965.5
982.8
 1,021.9 
910.1
Underlying earnings per share (cents)
28.3
31.8
30.5
24.7
21.8
Reported earnings/(loss) per share (cents)
25.8
26.8
25.0
23.4
(6.2)
Dividends declared per share (cents)
19.5
22.5
21.5
17.5
12.5
Dividend payout ratio (%)
71%
70%
70%
71%
57%
Other Statistics
Number of employees5
10,045
9,174
8,702
8,327
7,159
1.	 Cash flows from operations/Underlying NPAT + Depreciation and Amortisation (depreciation and amortisation not tax effected).
2.	 Net Debt/(Shareholders’ Equity + Net Debt).
3.	 Net Debt/(EBITDA + depreciation of right-of-use-assets).
4.	 Underlying EBIT/Average funds employed.
5.	 FY20 to FY23 data has been amended from being previously disclosed on an FTE basis to an actual headcount basis.
Metcash Annual Report 2024
18

19
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RECENT  
ACQUISITIONS
In addition to increasing its ownership of Total Tools from  
85% to 100% in late November 2023, Metcash announced three 
strategically aligned acquisitions in the second half of FY24 
delivering the Company further diversification and resilience, 
and an even stronger growth trajectory.
FOODSERVICE MARKET
SUPERIOR FOODS
The acquisition of Superior 
Foods, a leading Australian 
foodservice distribution business, 
was announced to the market in 
February 2024 and completed in  
June 2024 – cementing Metcash’s 
position as the largest wholesaler 
and distributor of food to 
independent businesses in Australia.
Superior Foods services corporate and independent 
businesses across Australia in a diverse range of 
markets including quick service restaurants,  
corporate caterers, cafes, restaurants and hotels.  
A complementary business to our existing 
foodservice offering, the acquisition of Superior  
Foods is a logical extension of our Food strategy. 
The Superior Foods acquisition provides an exciting 
opportunity to further strengthen and diversify 
the Metcash Food offering by combining assets and 
supply chains. Superior Foods has 23 branches across 
Australia with total warehouse space of ~80,000 
sqm, as well as a fleet of ~290 vehicles performing 
~670,000 deliveries annually.
Beyond initial synergies to be realised, the acquisition 
brings many benefits for both Metcash and Superior 
Foods’ independent customers. Our customers will 
benefit from an expanded catalogue and being able 
to access more items more often, while suppliers will 
also benefit from access to a larger customer base.
The food service industry is a fast-growing market, 
underpinned by favourable long-term consumer 
trends towards convenience and out-of-home dining, 
which strategically positions Metcash to capitalise on 
new growth opportunities. 
INDUSTRY LEADER
Foodservice market  
expected to grow strongly
A WIDE RANGE OF PRODUCTS
Servicing a broad range of customers  
across the foodservice sector
FOODSERVICE PARTNERSHIPS
National distribution network
~$14m+
EXPECTED 
ANNUALISED 
SYNERGIES1
~20k
CUSTOMERS
~600
SUPPLIERS
1.	 At end of year 2 post acquisition.
Doug Jones, CEO Metcash Group with 
IGA and Superior Foods truck drivers
20
Metcash Annual Report 2024

HARDWARE
ALPINE TRUSS
Alpine Truss is renowned for its strong heritage 
and established relationships, coupled with a strong 
reputation for producing leading quality products. 
The largest frame and truss facility in the IHG 
network, Alpine Truss adds significant capacity to our 
operations and substantially enhances our offering in 
Victoria, southern New South Wales, and entry into 
the ACT market. Importantly, this strategic acquisition 
allows us to scale operations with minimal investment, 
further solidifying our market presence and offering.
~$2.7m
EXPECTED 
ANNUALISED 
SYNERGIES 
BIANCO CONSTRUCTION SUPPLIES
The acquisition of Bianco Construction Supplies,  
a construction and industrial supplies business  
serving the South Australia and Northern Territory 
trade markets, significantly boosts our share of the 
trade market in South Australia (>14%).
This strategic acquisition strengthens IHG’s  
‘Whole of House’ offering and enhances our  
customer proposition in those markets, particularly 
during the foundation stage of construction projects.  
The Bianco brand is to be retained, which will assist us 
to achieve substantial scale with minimal investment. 
~$2.4m
EXPECTED 
ANNUALISED 
SYNERGIES 
Both Hardware acquisitions announced in February 2024, 
completed in March 2024, are examples of consolidation in the 
fragmented hardware market and are highly complementary 
to our existing IHG business. These acquisitions support 
IHG’s ‘Whole of House’ strategy, to supply at least 50% 
of the house build through all stages of construction, 
as well as its network expansion strategy. 
21
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NATIONAL 
DISTRIBUTION 
NETWORK
	 Distribution centres
HARDWARE
ANNETTE WELSH
374
151
118
CEO, INDEPENDENT  
HARDWARE GROUP
BANNERED STORES
91
INDEPENDENT HARDWARE GROUP (IHG)
IHG is the leading wholesale 
partner to independent hardware 
stores and is the second-largest 
player in the Australian hardware 
market. Established in 1959 
as a buying group for a small  
cohort of hardware stores,  
IHG’s Mitre 10 brand celebrates  
its 65th anniversary in 2024. 
IHG remains dedicated to its rich heritage of 
building successful independents. Today, the 
IHG network comprises ~610 bannered stores, 
predominantly operating under the Mitre 10 and 
Home Hardware brands, generating network sales 
of ~$2.8 billion in FY24. IHG supports the largest 
network of independent hardware stores in Australia, 
including an additional ~950 unbannered stores and 
24 frame and truss facilities. 
With a diverse portfolio of entrepreneurial store 
owners and strategic initiatives helping Australians 
build great houses and turning houses into homes, 
growing both Trade and DIY customers, Hardware 
pillar (IHG and Total Tools) earnings have grown 
150% since 2020. The Company has outperformed 
in a softer construction market in FY24 and is well 
positioned to capitalise on improved activity levels. 
Network growth
IHG has a strong track record of successful 
acquisitions and continues to be a natural  
consolidator in a highly fragmented market,  
supported by the recent acquisitions of Bianco 
Construction Supplies and Alpine Truss. 
The strategic combination of independent,  
joint-venture (JV) and Company-owned retail  
stores is pivotal to IHG’s growth, protecting and 
enhancing the network while boosting wholesale 
sales and improving store profitability. This retail 
strategy not only benefits independent retailers but 
also supports Metcash, reinforcing the network and 
facilitating its expansion. The network now consists 
of ~150 JV and Company-owned sites, encompassing 
Bianco Construction Supplies and Alpine Truss sites.
The IHG network continues to grow with 42 new 
independent families joining the Group in the last 
three years. With a target of five new bannered 
store openings per year, this continued expansion 
will be facilitated through various ownership models, 
including JV and Company-owned stores. IHG has 
identified over 200 potential new site opportunities, 
leveraging a mix of strategies such as consolidation 
of existing sites, redevelopment of ‘brownfield’ 
locations, and development of new ‘greenfield’ sites. 
This varied approach will ensure the continuation 
of a sustainable growth trajectory for the network.
Growth through collaboration
Network growth is also driven through collaboration 
between Mitre 10 and Total Tools stores. By setting 
up side-by-side in one location, a combined Mitre 10 
and Total Tools site can deliver a strong regional offer 
and attract a broader customer base by appealing to 
both DIY enthusiasts and professional tradespeople. 
Joint locations also drive floor space productivity by 
optimising the use of retail space and enhancing the 
shopping experience. 
With 10 stores already operational and four additional 
sites in the pipeline – this partnership is well established 
and continues to expand. This collaborative offering 
not only provides a better experience for customers 
by providing a more comprehensive product range and 
expertise but also drives positive sales and EBIT results, 
ensuring strong financial returns for both entities.
Build Trade – helping Australians build 
great houses
In Trade, IHG continues to focus on servicing 
the small‑medium home builder market and has 
performed well in difficult conditions, well above  
the housing market. 
Currently, IHG supplies 46% of the house build,  
from foundations through to fit-out, with a target 
to supply at least 50% through its Whole of House 
strategy. Our growing network of frame and truss 
facilities are integral to this strategy, with the 
acquisition of Alpine Truss extending these services to 
customers in the Victorian, ACT, and southern NSW 
markets. While our network of 50 Sapphire-standard 
standalone trade centres has further strengthened 
our market presence.
22
Metcash Annual Report 2024

SALES REVENUE 
(INCLUDING CHARGE-THROUGH)
$3.5bn
68% since FY20 
(Reported $2.5bn)
2.7%
CASE STUDY 
GUBBINS PULBROOK MITRE 10 GROUP
Nick Gubbins and Steve Pulbrook have been serving trade 
customers in the Southern Highlands and South Coast region 
for over a decade, with Moss Vale Mitre 10 recently celebrating 
its 10-year anniversary. They’ve also recently opened a Total 
Tools store in Mittagong.
The pair came together to create the Gubbins Pulbrook Mitre 10 Group in 2018 
when IHG approached them with an opportunity to purchase additional sites in 
the area and Nick and Steve saw benefit in joining forces. Initially attracted to the 
strength of the Mitre 10 brand and model, Gubbins Pulbrook now operates five 
stores in the Southern Highlands and South Coast region, with their successful 
expansion spurred on by the Sapphire program.
Completing the Sapphire store upgrade program in their Milton and Moss Vale 
stores was a ‘no brainer’, as they knew with a tried and tested model their stores 
would be at a standard that would guarantee they were the ‘Best Store in Their Town’. 
Gubbins Pulbrook Mitre 10, Milton, NSW
Grow DIY – turning houses into 
family homes
We continue to increase our share of the DIY market, 
with sales growth well above market. We do this 
by offering a differentiated product range through 
exclusive and private brands, as well as providing 
DIY customers with a high-level of customer service 
across all channels – in home, in store and online. 
The Sapphire store strategy continues to deliver 
growth in DIY, helping our retailers be the ‘Best 
Store in Their Town’. There are now 222 stores in the 
network that have completed upgrades under the 
Sapphire program, with 32 stores upgraded in 2024. 
On average, stores have seen >24% sales lift over  
three years after completing the store upgrade. 
Design10 showrooms continue to provide a 
differentiated experience for both consumers 
and builders, setting new standards in customer 
engagement and service excellence.
Digital, data and insights 
Our digital enablement programs have not only 
improved the online experience for both DIY and 
trade customers but also boosted productivity  
across the network and supply chain.
Consumer led insights from our loyalty programs  
and e-commerce platforms have further enhanced 
the customer experience. We’ve increased the 
number of active members in our loyalty program  
by +9% to ~1.75 million in FY24. In addition,  
we’ve seen a lift in sales from loyalty members  
of +7% since last financial year. 
23
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HARDWARE CONTINUED
TOTAL NETWORK SALES
$1.1bn
Retail network sales 
~100% since 2019
2.6%
RICHARD MURRAY
CEO, TOTAL TOOLS
TOTAL TOOLS
Metcash increased its ownership 
in Total Tools Holdings, the 
largest professional tools retailer 
in Australia, from 85% to 100% 
in late November 2023. 
With a wide range supported by long-term 
supplier partnerships, Total Tools services a broad 
customer base across industries including housing, 
refurbishment, renovation, service, maintenance  
and infrastructure. 
Since Metcash acquired majority ownership in 
2020, the business has delivered remarkable growth 
with annual sales in the retail network doubling 
from $585m in FY20 to $1.1bn in FY24. Leveraging 
Metcash’s platform and capabilities has resulted in 
strong returns over the past three years.
Store network 
Consistent with the successful approach in 
IHG, Metcash’s growth strategy for Total Tools 
includes a diverse network structure with a mix of 
independently owned and joint venture retail stores. 
The Company maintains a strong focus on supporting 
its franchise and retail network, with joint ventures 
now comprising ~45% of its store network. 
A key driver of growth has been the expansion 
of the retail store network, with 8 new stores 
opened in FY24. Total Tools is on track to deliver 
its ambitious growth plans of 145 stores by FY26, 
with a longer‑term target of 170+ stores.
Retailer of choice for major tool 
distribution partners
With strong and entrenched relationships with most 
major tool distribution partners, Total Tools is the 
largest professional tool specialist retailer in ANZ 
for many of our distribution partners. Total Tools is 
positioned well to capitalise on opportunities in the 
expanding outdoor cordless and commercial markets, 
with a presence in all major tool categories. 
Digital platforms
Total Tools offers a strong omni-channel shopping 
experience through physical stores, online platforms 
and a mobile app. Data insights driven by a single ERP 
drive fast and effective decision making across the 
business, boosting efficiencies and productivity. 
‘Insiders rewards’, Total Tools’ market-leading  
loyalty program, drives high customer engagement 
(NPS 80%+) and accounts for over 90% of sales.
24
Metcash Annual Report 2024

Total Tools, Richmond. VIC
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FOOD NATIONAL 
DISTRIBUTION 
NETWORK
FOOD
391 
(Small format IGA)
	 Major distribution 
centres
	 Regional distribution 
centres
4
16
GRANT RAMAGE
CEO, METCASH FOOD
BANNERED STORES
886 
(Large and Medium format)
Metcash Food is the largest supplier 
to independent food businesses in 
Australia. We service a network of 
~1,280 IGA bannered independent 
supermarkets, including those that 
operate under the Foodland and 
Supa Valu brands. We provide them 
with marketing and operational 
support so they can be the ‘Best 
Store in Their Town’. We also 
supply many other independent 
supermarkets across the country, 
trading under various other brands. 
Through Campbells and our convenience business, 
we are a leading wholesale food distributor serving 
multiple non-supermarket channels such as service 
stations and convenience stores. The acquisition of 
Superior Foods extends our distribution to include 
foodservice and hospitality outlets nationwide. 
Post-acquisition of Superior Foods, our business has 
become more diverse, with a much broader base 
of sales across convenience and foodservice, as well 
as our supermarket business. We have transformed 
from a traditional food wholesaler to an integrated 
wholesaler, banner-operator and retailer, with 
stronger customer and supplier relationships. 
The business has continued to grow post-COVID 
with sales up 25% since 2020, supported by better 
stores and better value for shoppers. We continue  
to focus on growing market share and accelerating 
our growth by expanding the store network and 
improving store sales. We opened 26 stores during 
the year.
STRENGTHENING THE STORE NETWORK
In addition to expanding the network, we have 
continued to focus on improving the competitiveness 
of the store network by lifting our store standards 
and offering better value to shoppers, which has 
never been more important with the increase 
in value-conscious shoppers in the current 
cost‑of‑living crisis.
By working closely with suppliers we’ve been able  
to continue to deliver great value through our  
Low Price Every Day and Price Match programs, 
and we’re pleased that shoppers have responded by 
keeping IGA in their repertoire of stores and visiting us 
more often. We have also seen increased distribution 
for our private label Community Co and Black & Gold 
ranges, leading to sales growth of over 15% in FY24.
Our independent retailers continue to support our 
growth strategies by reinvesting in their stores, with an 
additional 120 stores completing the Diamond Store 
Accelerator store upgrade program during the year. 
We also saw continued increase in adoption of the IGA 
Rewards loyalty program, with 775 stores now live.
FURTHER GROWTH THROUGH 
DIGITAL PLATFORMS 
Sorted is both a digital B2B marketplace and a  
provider of value-added services, with the aim of 
becoming a ‘one stop shop’ for Metcash retailers. 
Customers using Sorted have access to a wide product 
range from not only our own warehouses but also to 
the extensive catalogues of direct-to-store suppliers 
who use our established Charge Through process, 
with over 80,000 lines now available on the platform.
We have seen an acceleration in the take‑up of Sorted 
over the last year with 98% of charge‑through orders 
now captured by the platform. Over 1,000 stores 
have integrated their back-office systems with Sorted, 
making it far more efficient to manage direct‑to-store 
products, track pricing and orders, process invoices 
and resolve claims. The two-way information also 
provides valuable insights including products that are 
performing well in other stores. 
A selected range of Superior Foods products are 
now available to IGA customers on the platform, and 
Sorted will become the digital platform for Campbells 
and ALM customers in 2025, taking the number of 
Metcash customers on the platform to ~50,000. 
INDEPENDENT MEDIA CENTRE
We continue to develop our independent retail 
media network, connecting suppliers to shoppers, 
to unlock significant revenue opportunities for 
independents. An independent retail media network 
will enable suppliers to advertise to thousands 
of local communities and small businesses across 
Australia. The Food business completed a successful 
pilot of in‑store screens in the second half of FY24, 
with positive results. 
26
Metcash Annual Report 2024

CASE STUDY 
GREG RICE — THE MARKET PLACE  
BALLAJURA IGA
Greg Rice is the owner of The Market Place 
Ballajura IGA in Perth, WA and is Chair of 
the IGA WA State Board.
“The Sorted platform has helped us connect with 
suppliers and products that we didn’t even know 
existed. It’s been really beneficial.
“Traditionally, we would talk to individual suppliers, 
ring them up, ask them what the price is, and what 
they’ve got in stock; but now we can find out all the 
list of products in one place. We can find out all their 
pricing straight away and we can make an order within 
a couple of minutes.
“The most valuable feature that I’ve found is being able 
to do orders on the floor with our ordering device 
and then being able to submit them on the fly.”
SALES REVENUE1 
(INCLUDING CHARGE-THROUGH)
$9.6bn
25% since FY20 (ex-tobacco)
0.5% (Reported $8.3bn)
Greg Rice
The Market Place IGA, Ballajura, WA
1.	 Excludes sales to 7-11 and Drakes supermarkets
27
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ALM  
DISTRIBUTION  
CENTRES 
LIQUOR
	 Distribution centres
511
264
473
30
131
KYLIE WALLBRIDGE
CEO, AUSTRALIAN  
LIQUOR MARKETERS
IBA TIER ONE 
STORES
Australian Liquor Marketers (ALM), 
the wholesale arm of the Liquor 
pillar, has a strong market position 
as the second-largest supplier 
of liquor in Australia, supplying 
~85% of independent liquor stores 
nationwide. In addition to supplying 
liquor stores, ALM’s on-premise 
liquor division supplies bars, pubs, 
restaurants and hotels. 
Operating under our Independent Banner Group 
(IBA) there is a strong group of national retail 
brands including Cellarbrations, Bottle-O, Porters 
and IGA Liquor. IBA is the largest network of 
bannered independent liquor stores in Australia 
and New Zealand, with >1,750 stores. We support 
IBA bannered retailers through a framework that 
offers national buying power, marketing support, 
shopper-focused promotional programs and network 
investment to provide ‘The Best Store in Their Town’. 
We support independent businesses with a 
competitively priced and extensive liquor range, 
delivered through our cost-effective and efficient 
supply chain. Our shared distribution network with 
the Food pillar provides wholesale scale for our 
competitive advantage – we are the only scaled 
national logistics network serving independents 
in liquor. 
Liquor has achieved significant growth and continued 
to gain market share in recent years with sales up 
40% since 2020. With large contract customers in 
both retail and on-premise, a diverse customer base 
means the business is well-positioned to adapt to 
changes in consumer demand and trends. 
DIFFERENTIATED SHOPPER VALUE
Our retail locations are convenient, with local 
ranging tailored to each local market, as well as local 
knowledgeable and friendly service. We continue to 
grow the IBA store network, with 14 Tier 1 bannered 
stores joining in the last 12 months.
Cost-of-living pressures have driven an increased 
focus on value in store, and our growing range of 
owned and exclusive (O&E) products help our 
retailers by providing improved margins and a point 
of difference to help them compete against the major 
chains by providing exceptional value to shoppers.
Our purpose of Championing Successful Independents 
extends to our suppliers – in the last three years alone 
we have onboarded ~420 new suppliers, including 
many small and independent businesses. Diversifying 
our supplier base supports a differentiated and tailored 
range in-store for shoppers.
PLATINUM PROGRAM 
We have continued to see strong collaboration and 
commitment between retailers, suppliers and IBA 
with the pilot of our Platinum program. This strategic 
initiative focuses on improving store standards, growing 
our loyalty programs and providing better quality data 
and insights. As a result, the program increases value 
for shoppers, improves sales and margins for retailers, 
provides better return-on-investment for suppliers  
and increases volumes for IBA.
As part of the Platinum Program, we continue to 
improve the store experience with the rollout of our 
best-in-class store fit-outs and coolroom upgrades, 
with stores experiencing an average sales uplift of 
13% after completing the program. 
Our eCommerce and loyalty programs have driven 
better quality data and insights. There are now  
231 stores participating in the IBA loyalty program, 
with more in the pipeline, and +41,000 loyalty 
members, with membership numbers continuing  
to grow. Our rollout of ALM R.O.S.S (Retailer One 
Stop Shop) is now complete, making it frictionless  
for our retailers to do business with us. 
Further growth opportunities are underpinned by an 
acceleration of our Network of the Future program 
and our ‘extended aisle’ offering through the launch 
of ALM Connect, our supplier portal, on Sorted, our 
B2B marketplace for Food and Liquor. Launching ALM 
Connect on Sorted significantly speeds up supplier 
onboarding and improves back-office processes for 
both our customers and suppliers.
28
Metcash Annual Report 2024

CASE STUDY 
CELLARBRATIONS, CROYDON, VIC
Earlier this year, Fiona Duan and her 
husband, Leon Wang, opened their first 
Cellarbrations store in Croydon, Victoria 
after spotting an opportunity in the local 
market for a high‑quality liquor store.
Locals to the area, they chose the Cellarbrations 
banner because of its alignment with the quality image 
they wanted for their store and for their community. 
Committed to supporting local producers, they have  
included offerings from Coldstream vineyards and  
plan to expand their local range, given their proximity  
to the Yarra Valley wine region.
The community response has been overwhelmingly 
positive, with shoppers appreciating the presence 
of a new, independently-owned liquor store in their 
area, that not only looks great but also supports the 
local economy. 
Encouraged by their initial success in Croydon, 
Fiona and her husband are already looking to expand 
their operations with a second store in Elsternwick 
set to open later this year.
SALES REVENUE 
(INCLUDING CHARGE-THROUGH)
$5.2bn
40% since FY20
1.7% (Reported $5.1bn)
Fiona Duan
Cellarbrations, Croydon, VIC
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OUR PEOPLE
SUSTAINABILITY 
HIGHLIGHTS
We remain committed to creating an 
inclusive and equitable workplace and are 
pleased to have maintained a neutral gender 
pay gap of ~1% across the organisation. 
We were recognised by Equileap in their Top 100 
companies globally for gender equality, ranking 
45th in 2024. 
We have also successfully achieved our 
gender diversity target of 40:40:20, 
with the following representation:
	
– Metcash Board: 50%
	
– Group Leadership Team (GLT): >50%
	
– Key Management Personnel (KMP),  
Executives, and General Managers (GM): 42%
Our key safety measure, the Total Recordable Injury 
Frequency Rate (TRIFR), has shown significant 
improvement, recording a 21% year-on-year 
decrease to 14.32. This reflects our continuous 
efforts to ensure a safe working environment for 
all employees, and reflects our revised Safety, 
Health and Environment (SHE) strategy.
Our engagement survey results have placed us in 
the 70th percentile of internationally benchmarked 
companies for TEC employees, with a score of 
58% up from 57% in FY23. This improvement in 
employee satisfaction highlights our continued 
efforts to ensure Metcash is considered a 
‘favourite place to work’. 
ENGAGEMENT SURVEY RESULTS
58%
70TH
ENGAGEMENT  
SCORE
PERCENTILE  
INTERNATIONALLY
GENDER PAY GAP
~1%
GENDER EQUALITY
2024 EQUILEAP  
TOP 100 COMPANIES
We have continued to make significant 
progress in FY24 towards our 
long‑term sustainability targets  
and in improving our ESG credentials. 
This progress was reflected in the 
Dow Jones Sustainability Index, 
which positioned Metcash in  
the 89th percentile, up from  
the 87th percentile in FY23.  
Our improvement in this broad 
metric demonstrates our ongoing 
efforts to create a sustainable future 
by implementing responsible business 
practices across the organisation.
In preparation for the anticipated requirement to  
report under the new Australian Sustainability Reporting 
Standards(ASRS 2 Climate‑related Financial Disclosures)  
we completed a review of the standards and its alignment  
to our existing reporting practices, which to date have been  
guided by the Global Reporting Initiative (GRI) and Task Force  
on Climate Financial Disclosures (TCFD). A cross functional 
working group has been established to address identified gaps 
in the core areas of governance, strategy, risk management and 
metrics and targets, to ensure we comply with ASRS requirements 
by FY26. This will also mean a shift in reporting of environmental 
performance data periods to align with the Metcash financial year 
and obtaining assurance in line with ASRS requirements.
For further detail, please refer to the full Sustainability Report 
published on our website (www.metcash.com/sustainability)  
in late August 2024.
Metcash Annual Report 2024
30

OUR PLANET
OUR COMMUNITY AND CUSTOMERS
We are committed to supporting the 
community to address issues such as 
food security.
Through our partnerships with Foodbank, 
OzHarvest and Food4Change, we have provided 
over 2.6 million meals to those in need in FY24. 
Our IGA stores also contributed over $2.7m to 
approximately 1,600 organisations this year as 
part of the IGA Community Chest program.
We were the first supermarket business to join 
the National Plastics Recycling Scheme in January 
2024, which supports a solution that facilitates 
maximum uptake on soft plastics recycling across 
the community and therefore the best chance 
for a closed loop on plastic. This initiative aligns 
with our broader sustainability goals and our 
support for national targets for increased material 
recovery and an improved circular economy.
Metcash remains focused on reviewing and 
addressing modern slavery risks in our operations 
and supply chain through continuous improvement in 
governance, policy and monitoring. Our progress in 
this area was recognised by the independent Modern 
Slavery Statement Disclosure Quality Assessment 
by Monash University, where we received an 
improved ‘B’ rating in its latest review. 
Our sustainability efforts in FY24 have continued to 
progress across the board, creating a positive impact 
on our people, the planet and the community. 
We have met our interim 2030 
emissions target for FY24, reducing 
our emissions to 69,695 tCO2e, which 
represents a 5.2% decrease from FY23.
This achievement underscores our efforts 
to reduce our carbon footprint and our 
longer‑term goal of 2040 net-zero emissions 
reduction target for Scope 1 and Scope 2. 
In Scope 3, we’ve continued to expand our 
data capture and methodologies across 
greenhouse gas (GHG) protocol categories, 
including end‑of‑life treatment of sold products.
We continue to work towards our 
waste‑to‑landfill diversion target of 80% by 2028, 
with an interim achievement of 65.9% in FY24. 
To assist in driving our waste avoidance and 
recycling goals, Metcash obtained a $500,000 grant 
from the NSW Environment Protection Authority 
under its Bin Trim Networks Program in late 
2023. Metcash was one of just 14 companies 
selected to participate in the three‑year program, 
which aims to divert 35,000 tonnes of waste 
from landfill each year by helping businesses 
implement circular economy solutions.
We have made considerable progress toward, 
and are on track to meet, our 2025 responsible 
sourcing commitments for palm oil, seafood, 
cocoa, paper‑based products, animal welfare, 
eggs and coffee. 
EMISSIONS TARGET
5.2%
decrease
SUPPORTING
NATIONAL PLASTICS 
RECYCLING SCHEME
WASTE-TO-LANDFILL 
DIVERSION RATIO
65.9%
IGA COMMUNITY 
CHEST DONATIONS
$2.7m
MODERN SLAVERY STATEMENT DISCLOSURE
‘B’ rating
NSW BIN TRIM GRANT
$500K
31
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BCom, CA(SA) GAICD
Doug is an experienced 
executive with extensive 
wholesale, retail and 
eCommerce experience  
in Canada, South Africa  
and Australia. 
He has held senior finance, 
supply chain and general 
management roles at Makro SA, 
Massmart Limited, Amalgamated 
Beverages Industries Limited and 
The South African Breweries, 
all in Johannesburg, Coca-Cola 
Enterprises in Canada, and 
Deloitte in both Canada and 
South Africa. 
He is a Chartered Accountant 
having qualified in South Africa, 
and registered in both South 
Africa and Australia and is a 
Graduate of the Australian 
Institute of Company Directors.
MBA, CA(SA)
Deepa joined Metcash in  
January 2024. She has  
extensive finance and  
industry experience spanning 
over 20 years. In addition to 
finance, Deepa has significant 
senior leadership experience 
across strategy, mergers and 
acquisitions, digital, information 
technology and integration.
Most recently, Deepa held the 
position of Chief Financial Officer 
of the largest FMCG company in 
Africa, Tiger Consumer Brands 
Limited. Prior to Tiger Consumer 
Brands, Deepa held senior 
leadership roles with Walmart’s 
South Africa-based subsidiary 
Massmart. These included Interim 
CEO of Masscash, Finance 
and Commercial Director of 
Masswarehouse, Chief Strategy 
and Integration Officer of 
Massmart Wholesale and CFO 
of Makro SA, all divisions of 
Massmart. She also held senior 
finance roles with Mondelēz 
International and Samsung 
Electronics South Africa.
Grant was promoted to CEO 
of Metcash Food in 2023 after 
four years as Executive General 
Manager, Merchandise, and 
a further four years as State 
General Manager, Supermarkets 
in WA. He has been a key 
contributor to the strong 
performance of both the Food 
pillar and the IGA network in 
recent years, working closely 
with leading retailers and 
suppliers to improve IGA’s 
competitive position and deliver 
sustainable growth.
Prior to joining Metcash in 
2015, Grant held several 
senior roles at Coles Liquor 
across merchandise, marketing, 
operational leadership,  
business development,  
critical projects and exclusive 
brands. His earlier career 
included 10 years with Oddbins, 
the UK’s then pre-eminent 
Wine Merchant, initially in  
retail stores and then in buying.
Annette is a highly regarded 
executive with over 30 years  
of global experience across 
retail, wholesale and logistics.
Annette was appointed CEO  
of Independent Hardware 
Group in 2020, and in the 
decade prior held several  
senior roles at Metcash in 
Hardware, including General 
Manager, Operations and 
General Manager, Merchandise.
Prior to joining Metcash in 
2010, Annette held senior 
management positions at  
Marks & Spencer in the UK 
and IBM.
Richard is a highly experienced 
and respected executive 
with a proven track record in 
the Australian retail sector. 
His career includes close to 
two decades with JB Hi-Fi, 
including seven years as CEO 
where he delivered significant 
growth, transformation and 
shareholder value.
Most recently, Richard was 
Premier Investments CEO 
Retail from 2021 to 2023 
where he achieved record sales 
and earnings in a challenging 
post‑COVID environment.
OUR PEOPLE
OUR BOARD
Doug Jones
CEO, Metcash Group
Deepa Sita 
CFO, Metcash Group
Grant Ramage 
CEO, Metcash Food
Annette Welsh 
CEO, Independent 
Hardware Group
Richard Murray 
CEO, Total Tools 
Peter Birtles
Non-executive Chairman
Doug Jones
Group CEO,  
Executive Director
Mark Johnson
Independent  
Non-executive Director
Margaret Haseltine
Independent  
Non-executive Director
Christine Holman
Independent  
Non-executive Director
BSc Hons, FCA, MAICD
Member of the Safety and 
Sustainability Committee 
and the Technology Advisory 
Working Group
BCom, Accounting, Tax,  
Auditing, Information Systems,  
CA (SA), GAICD
BA, FAICD
Chair of the People, Culture 
and Nomination Committee 
and member of the Technology 
Advisory Working Group
MBA, PG Dip Mgt, GAICD
Chair of the Safety and 
Sustainability Committee and 
member of the Audit, Risk  
and Compliance Committee
BCom, CPA, FCA, FAICD
Member of the Audit, Risk 
and Compliance Committee, 
and Chair of the Technology 
Advisory Working Group 
Metcash Annual Report 2024
32

BCom
Kylie has more than 25 years 
of commercial, brand and 
marketing experience in the 
Australian and global liquor 
industries. Prior to joining 
Metcash, Kylie was Managing 
Director at Diageo in the 
United Kingdom where she was 
responsible for the global Rare 
Spirits, Private Client, Wine 
and Scottish Tourism and Retail 
businesses. Kylie also previously 
held the position of Managing 
Director of Diageo in Japan.
In addition to Diageo, Kylie 
has worked for multinational 
liquor organisations and brands 
including Heineken for 13 
years and Lion for seven years, 
in several senior roles across 
Africa, Asia and Australia.
M.Sc. Engineering
Prior to joining Metcash in 
October 2022, Marij was  
the SVP and Global CIO of 
The Bountiful Company (now 
part of Nestle Health Science). 
Previously, she worked at 
Dairy Farmers of America, 
where she led a comprehensive 
program of simplification 
and optimisation to deliver 
expanded services and value 
to the ‘fiercely independent’ 
member network.
Marij’s professional career 
started in the early days of SAP 
in Germany, and she has held 
several IT leadership roles over 
the years covering IT strategy, 
applications modernisation, 
IT business operations 
improvement, shared service, 
agile transformation, cloud 
migration, data management, 
security/compliance, digital 
commerce, and analytics.
MBA (Mkt), BDes (Vis Comm)
In 2023 Danielle was promoted 
to Group Chief People & 
Culture Officer, from her 
previous roles as General 
Manager of Marketing and 
Executive General Manager  
of Retail, Metcash Food.
Prior to joining Metcash in  
2018, Danielle held positions 
with Woolworths, Goodman 
Fielder and L’Oreal UK.
Danielle has over 20 years 
of industry experience 
with suppliers, retailers and 
wholesalers. She’s held a variety 
of leadership roles spanning 
sales, commercial, marketing 
and operations, in both 
Australia and UK markets.
B Asian Studies (Viet), LLB, 
LLM, GAICD
Julie joined Metcash in  
2016 from law firm Baker  
& McKenzie, where she  
was a partner who  
specialised in mergers and 
acquisitions, private equity 
and corporate restructures.
Julie is a Graduate of the 
Australian Institute of Company 
Directors and was formerly 
a Non-executive Director of 
AVCAL, a national association 
which represents the private 
equity and venture capital 
industries in Australia.
Kylie Wallbridge 
CEO, Australian 
Liquor Marketers 
Marij Kouwenhoven 
Chief Technology Officer, 
Metcash Group
Danielle Jenkinson 
Group Chief People & Culture 
Officer, Metcash Group
Julie Hutton 
Chief Legal, Risk and Compliance 
Officer & Company Secretary, 
Metcash Group
Murray Jordan
Independent  
Non-executive Director
Helen Nash
Independent  
Non-executive Director
Julie Hutton
Company Secretary
MPA and MAICD
Member of the People,  
Culture and Nomination 
Committee and Safety and 
Sustainability Committee 
BA Hons, GAICD
Chair of the Audit, Risk and 
Compliance Committee and 
member of the People, Culture 
and Nomination Committee
B Asian Studies (Viet), LLB,  
LLM, GAICD
33
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Your Directors submit their report of Metcash Limited (the ‘Company’) and its controlled entities (together the ‘Group’ or ‘Metcash’) for 
ƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌĞŶĚĞĚϯϬƉƌŝůϮϬϮϰ(‘FY2ϰ’). 
KWZd/E'E&/EE/>Zs/t
ϭ͘ METCASH’S h^/E^^DK>
Metcash is Australia’s leading wholesaler and distributor, supplying and supporting ĂŶĞdžƚĞŶƐŝǀĞŶĞƚǁŽƌŬŽĨŝŶĚĞƉĞŶĚĞŶƚƌĞƚĂŝůĞƌƐǁŚŝĐŚ
ĨŽƌŵƉĂƌƚŽĨŽƵƌďĂŶŶĞƌĞĚŶĞƚǁŽƌŬĂŶĚƐĞǀĞƌĂůŽƚŚĞƌƵŶďĂŶŶĞƌĞĚďƵƐŝŶĞƐƐĞƐĂĐƌŽƐƐƚŚĞ&ŽŽĚ͕,ĂƌĚǁĂƌĞĂŶĚ>ŝƋƵŽƌpillars. Metcash’s 
retail customers operate some of Australia’s leading independent brands including: IGA, Foodland, Mitre 10, Home Hardware, ToƚĂů
dŽŽůƐ͕ĞůůĂƌďƌĂƚŝŽŶƐ͕/'>ŝƋƵŽƌĂŶĚƚŚĞŽƚƚůĞͲK͘We help them to be the ‘Best Store in ƚŚĞŝƌTown’ by providing meƌĐŚĂŶĚŝƐŝŶŐ͕
ŽƉĞƌĂƚŝŽŶĂůĂŶĚŵĂƌŬĞƚŝŶŐƐƵƉƉŽƌƚ͘
DĞƚĐĂƐŚŽƉĞƌĂƚĞƐĂůŽǁͲĐŽƐƚĚŝƐƚƌŝďƵƚŝŽŶŵŽĚĞůƚŚĂƚĞŶĂďůĞƐŝŶĚĞƉĞŶĚĞŶƚƌĞƚĂŝůĞƌƐƚŽĐŽŵƉĞƚĞĂŐĂŝŶƐƚƚŚĞǀĞƌƚŝĐĂůůLJŝŶƚĞŐƌĂƚĞĚƌĞƚĂŝů
chains and other competitors. The Group’s core competencies include: procurement, logistics, marketing, retail developmentĂŶĚƌĞƚĂŝů
ŽƉĞƌĂƚŝŽŶĂůƐƵƉƉŽƌƚ͘DĞƚĐĂƐŚŽƉĞƌĂƚĞƐŵĂũŽƌĚŝƐƚƌŝďƵƚŝŽŶĐĞŶƚƌĞƐŝŶĂůůƚŚĞŵĂŝŶůĂŶĚƐƚĂƚĞƐŽĨƵƐƚƌĂůŝĂǁŚŝĐŚĂƌĞĐŽŵƉůĞŵĞŶƚĞĚďLJĂ
ŶƵŵďĞƌŽĨƐŵĂůůĞƌǁĂƌĞŚŽƵƐĞƐĂŶĚĂƉŽƌƚĨŽůŝŽŽĨĐŽƌƉŽƌĂƚĞĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐƚŽƌĞƐ͘
dŚĞ'ƌŽƵƉĞŵƉůŽLJƐŽǀĞƌϵ͕ϬϬϬƉĞŽƉůĞĂŶĚŝŶĚŝƌĞĐƚůLJƐƵƉƉŽƌƚƐĞŵƉůŽLJŵĞŶƚŝŶƚŚĞŝŶĚĞƉĞŶĚĞŶƚƌĞƚĂŝůŶĞƚǁŽƌŬ͘
Ϯ͘ ^dZd'/K:d/s^
Metcash’s purpose is ‘ŚĂŵƉŝŽŶŝŶŐ^ƵĐĐĞƐƐĨƵů/ŶĚĞƉĞŶĚĞŶƚƐŝŶƐƵƉƉŽƌƚŽĨdŚƌŝǀŝŶŐ>ŽĐĂůŽŵŵƵŶŝƚŝĞƐ’ƚŽĐƌĞĂƚĞƐƵƐƚĂŝŶĂďůĞƐŚĂƌĞŚŽůĚĞƌ
ǀĂůƵĞ͘
Metcash’s vision includes:
− ƐƵƉƉŽƌƚŝŶŐŝŶĚĞƉĞŶĚĞŶƚƌĞƚĂŝůĞƌƐƚŽďĞƚŚĞďĞƐƚƐƚŽƌĞŝŶƚŚĞŝƌƚŽǁŶ͖
− ďĞŝŶŐƉĂƐƐŝŽŶĂƚĞĂďŽƵƚŝŶĚĞƉĞŶĚĞŶƚƐ͖
− ďĞŝŶŐĂĨĂǀŽƵƌŝƚĞƉůĂĐĞƚŽǁŽƌŬ͖
− ďĞŝŶŐĂďƵƐŝŶĞƐƐƉĂƌƚŶĞƌŽĨĐŚŽŝĐĞĨŽƌƐƵƉƉůŝĞƌƐĂŶĚŝŶĚĞƉĞŶĚĞŶƚƐ͖
− ƐƵƉƉŽƌƚŝŶŐƚŚƌŝǀŝŶŐĐŽŵŵƵŶŝƚŝĞƐ͖ĂŶĚ
− ĐƌĞĂƚŝŶŐĂƐƵƐƚĂŝŶĂďůĞĨƵƚƵƌĞ͘
At the core of Metcash’s strategy is to ĨƵƌƚŚĞƌŝŵƉƌŽǀĞƚŚĞĐŽŵƉĞƚŝƚŝǀĞŶĞƐƐŽĨŝŶĚĞƉĞŶĚĞŶƚƌĞƚĂŝůŶĞƚǁŽƌŬƐ͘dŚŝƐŝŶĐůƵĚĞƐĐŽŶƚŝŶƵŝŶŐƚŽ
ŝŵƉƌŽǀĞƚŚĞƋƵĂůŝƚLJĂŶĚǀĂůƵĞŽĨƚŚĞŽĨĨĞƌƚŽƐŚŽƉƉĞƌƐ͕ĂŶĚŝŶƐƚƌĞŶŐƚŚĞŶŝŶŐĂŶĚŐƌŽǁŝŶŐMetcash’s own͕ĂŶĚŝƚƐŶĞƚǁŽƌŬ’ƐĐĂƉĂďŝůŝƚŝĞƐ
ƚŽĚĞůŝǀĞƌǀĂůƵĞto Metcash’s retailerƐĂŶĚƐƵƉƉůŝĞƌƐ͘
DĞƚĐĂƐŚĂĐŚŝĞǀĞƐŝƚƐƐƚƌĂƚĞŐLJƚŚƌŽƵŐŚŝƚƐĨůLJǁŚĞĞů͕ǁŚŝĐŚĐĂƉƚƵƌĞƐƚŚĞŬĞLJĐŽŵƉĞƚŝƚŝǀĞĂĚǀĂŶƚĂŐĞƐƚŚĂƚƐĞƚŝƚĂƉĂƌƚ͕ĂƚŝƚƐŚĞĂƌƚŝƐ
ůŽŐŝƐƚŝĐƐƚŽƐƵƉƉŽƌƚƚŚĞĞŶĚͲƚŽͲĞŶĚƐƵƉƉůLJĐŚĂŝŶ͕ĨŽůůŽǁĞĚďLJMetcash’s strategy to nurture brands and formats that shoppers love to 
ƐŚŽƉŝŶ͕ĂŶĚŝŶĚĞƉĞŶĚĞŶƚĞŶƚƌĞƉƌĞŶĞƵƌƐǁĂŶƚƚŽŝŶǀĞƐƚŝŶĂŶĚƌƵŶ͖ĂŶĚĨŝŶĂůůLJDĞƚĐĂƐŚ’sƐƵƉƉŽƌƚĂŶĚƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚƚŽŚĞůƉ
ŝŶĚĞƉĞŶĚĞŶƚƐĐŽŵƉĞƚĞǁŝƚŚƚŚĞůĂƌŐĞƌĐŚĂŝŶƐƚŽƌĞƐ͘
DĞƚĐĂƐŚƌĞŵĂŝŶƐĐŽŵŵŝƚƚĞĚƚŽŝŶǀĞƐƚŝŶŐŝŶŐƌŽǁƚŚĂŶĚŚĂǀĞĂƐŝŐŶŝĨŝĐĂŶƚĂŶĚĞdžƉĂŶĚŝŶŐƉŝƉĞůŝŶĞŽĨŽƉƉŽƌƚƵŶŝƚŝĞƐĂĐƌŽƐƐƚŚĞ&ŽŽĚ͕
,ĂƌĚǁĂƌĞĂŶĚ>ŝƋƵŽƌƉŝůůĂƌƐ͘ůůĐĂƉŝƚĂůŝŶǀĞƐƚŵĞŶƚƐĂƌĞĂƐƐĞƐƐĞĚƚŚƌŽƵŐŚĂĚŝƐĐŝƉůŝŶĞĚƉƌŽĐĞƐƐƚŚĂƚŝŶĐůƵĚĞƐĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞ
investment’s strategic fit and ability to meet ĨŝŶĂŶĐŝĂůƌĞƚƵƌŶŚƵƌĚůĞƐ͘
ϯ͘ <zs>KWDEd^
ƵƐŝŶĞƐƐĐƋƵŝƐŝƚŝŽŶƐ
ŝĂŶĐŽŽŶƐƚƌƵĐƚŝŽŶ^ƵƉƉůŝĞƐ
/ŶDĂƌĐŚϮϬϮϰ͕DĞƚĐĂƐŚĂĐƋƵŝƌĞĚĂϭϬϬйŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚŝŶŝĂŶĐŽŽŶƐƚƌƵĐƚŝŽŶ^ƵƉƉůŝĞƐ͘ŝĂŶĐŽŝƐƚŚĞůĞĂĚŝŶŐŝŶĚĞƉĞŶĚĞŶƚďƵŝůĚŝŶŐ
ŵĂƚĞƌŝĂůƐƐƵƉƉůŝĞƌŝŶƚŚĞ^ŽƵƚŚƵƐƚƌĂůŝĂŶŵĂƌŬĞƚ͕ƐĞƌǀŝĐŝŶŐďƵŝůĚĞƌƐ͕ĐŽŶĐƌĞƚĞƌƐ͕ďƌŝĐŬůĂLJĞƌƐ͕ĂŶĚůĂŶĚƐĐĂƉĞƌƐĨƌŽŵϭϬƐŝƚĞƐ͘
The acquisition supports Metcash’s Independent Hardware Group (IHG)’s‘Whole of House’ growth strategy which focuses on increasing 
ƚŚĞƉƌŽƉŽƌƚŝŽŶŽĨŵĂƚĞƌŝĂůƐƵƉƉůŝĞĚďLJ/,'ŝŶƚŚĞďƵŝůĚŝŶŐŽĨĂŚŽƵƐĞ;ŝ͘Ğ͘ĂĐƌŽƐƐƚŚĞĨŽƵŶĚĂƚŝŽŶƐ͕ĨƌĂŵĞΘƚƌƵƐƐ͕ůŽĐŬƵƉ͕ĨŝdžĂŶĚĨŝƚŽƵƚ
steps). It broadens IHG’s offer and presence in South ƵƐƚƌĂůŝĂĂŶĚƚŚĞEŽƌƚŚĞƌŶdĞƌƌŝƚŽƌLJĂŶĚƉƌŽǀŝĚĞƐĂĐĐĞƐƐƚŽŬĞLJƚƌĂĚĞƐŶŽƚ
ĐƵƌƌĞŶƚůLJƐĞƌǀŝĐĞĚ͘/ƚŝƐĂůƐŽĐŽŵƉůĞŵĞŶtary to Metcash’s company owned K&B business in South Australia and otheƌŝŶĚĞƉĞŶĚĞŶƚƐŝŶ
^ŽƵƚŚƵƐƚƌĂůŝĂĂŶĚEŽƌƚŚĞƌŶdĞƌƌŝƚŽƌLJ͘
ůƉŝŶĞdƌƵƐƐ
/ŶDĂƌĐŚϮϬϮϰ͕DĞƚĐĂƐŚĂĐƋƵŝƌĞĚĂϭϬϬйŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚŝŶůƉŝŶĞdƌƵƐƐ͘ůƉŝŶĞdƌƵƐƐŝƐŽŶĞŽĨƚŚĞůĂƌŐĞƐƚ&ƌĂŵĞΘdƌƵƐƐŽƉĞƌĂƚŝŽŶƐ
ŝŶƵƐƚƌĂůŝĂĂŶĚŽƉĞƌĂƚĞƐĂůĂƌŐĞĨĂďƌŝĐĂƚŝŽŶƉůĂŶƚŝŶtĂŶŐĂƌĂƚƚĂ͕sŝĐƚŽƌŝĂ͘dŚĞďƵƐŝŶĞƐƐƐĞƌǀŝĐĞƐƐŵĂůůƚŽůĂƌŐĞǀŽůƵŵĞďƵŝůĚĞƌƐĂĐƌŽƐƐ
sŝĐƚŽƌŝĂĂŶĚ^ŽƵƚŚĞƌŶEĞǁ^ŽƵƚŚtĂůĞƐ͘
Frame & Truss is a key element of Metcash’s IHG ‘Whole of House’ growth strategy. The acquisition extends IHG’s network of FrĂŵĞΘ
dƌƵƐƐŽƉĞƌĂƚŝŽŶƐĂĐƌŽƐƐƵƐƚƌĂůŝĂƚŽϮϰ͕ŽĨǁŚŝĐŚϭϮĂƌĞǁŚŽůůLJŽǁŶĞĚďLJDĞƚĐĂƐŚŽƌƉĂƌƚůLJŽǁŶĞĚƵŶĚĞƌũŽŝŶƚǀĞŶƚƵƌĞ͘dŚĞĂĐƋƵŝƐŝƚŝŽŶ
ĞŶĂďůĞƐĂĐĐĞƐƐƚŽƚŚĞƉƌĞǀŝŽƵƐůLJƵŶĚĞƌͲƌĞƉƌĞƐĞŶƚĞĚsŝĐƚŽƌĂĂŶĚƵƐƚƌĂůŝĂŶĂƉŝƚĂůdĞƌƌŝƚŽƌLJ&ƌĂŵĞΘdƌƵƐƐŵĂƌŬĞƚƐ͘
DIRECTORS’ REPORT
Metcash Annual Report 2024
34


dŽƚĂůdŽŽůƐ
/ŶEŽǀĞŵďĞƌϮϬϮϯ͕DĞƚĐĂƐŚŝŶĐƌĞĂƐĞĚŝƚƐŽǁŶĞƌƐŚŝƉĨƌŽŵϴϱйƚŽϭϬϬйŝŶdŽƚĂůdŽŽůƐ,ŽůĚŝŶŐƐWƚLJ>ƚĚ;dd,Ϳ͕ǁŚŝĐŚŝƐƚŚĞƉĂƌĞŶƚĞŶƚŝƚLJ
ŝŶƚŚĞdŽƚĂůdŽŽůƐ'ƌŽƵƉ͕ĨŽůůŽǁŝŶŐƚŚĞĞdžĞƌĐŝƐĞŽĨĂƉƵƚŽƉƚŝŽŶďLJƚŚĞŚŽůĚĞƌƐŽĨƚŚĞŵŝŶŽƌŝƚLJϭϱйŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚ͘dŚĞƉƵƌĐŚĂƐĞ
ĐŽŶƐŝĚĞƌĂƚŝŽŶĨŽƌƚŚĞƌĞŵĂŝŶŝŶŐϭϱйŝŶƚĞƌĞƐƚŽĨΨϭϬϭ͘ϱŵŝůůŝŽŶǁĂƐƉĂŝĚŽŶϯϬEŽǀĞŵďĞƌϮϬϮϯĂŶĚǁĂƐĂĐĐŽƵŶƚĞĚĨŽƌĂƐĂƌĞĚƵĐƚŝŽŶŝŶ
ƚŚĞĂƐƐŽĐŝĂƚĞĚƉƵƚŽƉƚŝŽŶůŝĂďŝůŝƚLJƚŽŶŝů͘dŚĞdŽƚĂůdŽŽůƐďƵƐŝŶĞƐƐŝƐĂĐŽŵƉůĞŵĞŶƚĂƌLJďƵƐŝŶĞƐƐƚŽƚŚĞ,ĂƌĚǁĂƌĞƉŝůůĂƌĂŶĚĨŽƌŵƐƉĂƌƚŽĨ
ƚŚĞůĂƌŐĞƐƚƉƌŽĨĞƐƐŝŽŶĂůƚŽŽůƐƌĞƚĂŝůŶĞƚǁŽƌŬŝŶƵƐƚƌĂůŝĂ͘
/ŶĂĚĚŝƚŝŽŶ͕DĞƚĐĂƐŚŚĂƐƌĞƐĞƚŝƚƐƉƵƚŽƉƚŝŽŶĂƌƌĂŶŐĞŵĞŶƚƐǁŝƚŚĂŶƵŵďĞƌof its Total Tools joint venture (JV) stores.  This is to provide JV 
ƉĂƌƚŶĞƌƐǁŝƚŚĂďĂůĂŶĐĞďĞƚǁĞĞŶƌĞĐĞŝǀŝŶŐƐŽŵĞĐĂƉŝƚĂůƵƉĨƌŽŶƚĂŶĚƌĞŵĂŝŶŝŶŐďŽƚŚǀĞƐƚĞĚĂŶĚĞŶŐĂŐĞĚŝŶƚŚĞŽŶŐŽŝŶŐƐƵĐĐĞƐƐŽĨƚŚĞŝƌ
stores through continued equity interest. 
ƵƌŝŶŐ&zϮϰ͕DĞƚĐĂƐŚŚĂƐƌĞƐĞƚƉƵƚŽƉƚŝŽŶĂƌƌĂŶŐĞŵĞŶƚƐĨŽƌϭϭ:sƐƚŽƌĞƐďLJĂĐƋƵŝƌŝŶŐĂŶĂĚĚŝƚŝŽŶĂůŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚƵƉĨƌŽŶƚĂŶĚ
ĚĞĨĞƌƌŝŶŐƚŚĞƉƵƚŽƉƚŝŽŶŝŶƌĞůĂƚŝŽŶƚŽƚŚĞƌĞƐŝĚƵĂůŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚďLJĂĨƵƌƚŚĞƌƚŚƌĞĞLJĞĂƌƐ͘
/ŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞĂďŽǀĞ:sƌĞƐĞƚ͕DĞƚĐĂƐŚĂůƐŽƌĞĚƵĐĞĚŝƚƐŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚŝŶϲĐŽƌƉŽƌĂƚĞƐƚŽƌĞƐĨƌŽŵĂŶ&zϮϯŽǁŶĞƌƐŚŝƉ
ŝŶƚĞƌĞƐƚŽĨϭϬϬйƚŽĂŶŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚŽĨďĞƚǁĞĞŶϱϭйĂŶĚϳϬй͘DĞƚĐĂƐŚŚĂƐŝƐƐƵĞĚƉƵƚŽƉƚŝŽŶƐŝŶƌĞůĂƚŝŽŶƚŽƚŚĞƐĞƐƚŽƌĞƐŽǀĞƌƚŚĞ
ƌĞƐŝĚƵĂůŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚŽĨďĞƚǁĞĞŶϯϬйĂŶĚϰϵй͕ĞdžĞƌĐŝƐĂďůĞŝŶDĂLJϮϬϮϳ;ϰƐƚŽƌĞƐͿĂŶĚDĂLJϮϬϯϬ;ϮƐƚŽƌĞƐͿ͘
&ƵƌƚŚĞƌ͕ĚƵƌŝŶŐƚŚĞLJĞĂƌ͕Metcash’s Total Tools retail store ownership continued to expand with the acquisition of ownership interests of 
ϱϭйŝŶĨŝǀĞdŽƚĂůdŽŽůƐŝŶĚĞƉĞŶĚĞŶƚƌĞƚĂŝůƐƚŽƌĞƐ͕ƚŽŐĞƚŚĞƌǁŝƚŚƚŚĞĞƐƚĂďůŝƐŚŵĞŶƚŽĨƚǁŽŐƌĞĞŶĨŝĞůĚ:sƐƚŽƌĞƐ͘
ƚďĂůĂŶĐĞĚĂƚĞ͕DĞƚĐĂƐŚŚĂƐŽǁŶĞƌƐŚŝƉŽĨďĞƚǁĞĞŶϱϭйĂŶĚϵϱйŝŶϱϭdŽƚĂůdŽŽůƐ:sƐƚŽƌĞƐ͘WƵƚĂŶĚĐĂůůŽƉƚŝŽŶĂƌƌĂŶŐĞŵĞŶƚƐĞdžŝƐƚ
ǁŚŝĐŚĞŶĂďůĞDĞƚĐĂƐŚƚŽĂĐƋƵŝƌĞϭϬϬйŽĨĂůůϱϭdŽƚĂůdŽŽůƐ:sƐƚŽƌĞƐĂĐƌŽƐƐ&zϮϱƚŽ&zϯϭ͘&ƵƌƚŚĞƌĚĞƚĂŝůƐĂƌĞƐĞƚŽƵƚŝŶŶŽƚĞƐϱ͘ϯĂŶĚϲ͘ϭ
ŽĨƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ͘
WƌŽũĞĐƚ,ŽƌŝnjŽŶ
WƌŽũĞĐƚ,ŽƌŝnjŽŶŝƐĂĐƌŝƚŝĐĂůŐƌŽƵƉƚĞĐŚŶŝĐĂůŝŶĨƌĂƐƚƌƵĐƚƵƌĞĐŽŶƐŽůŝĚĂƚŝŽŶĂŶĚƌĞƉůĂĐĞŵĞŶƚƉƌŽŐƌĂŵĂŝŵĞĚĂƚƌĞƉŽƐŝƚŝŽŶŝŶŐDĞƚĐĂƐŚƚŽďĞ
ĂŵŽĚĞƌŶ͕ƚĞĐŚŶŽůŽŐLJͲůĞĚǁŚŽůĞƐĂůĞƌ͘dŚĞƉƌŽŐƌĂŵƉƌŽǀŝĚĞƐƚŚĞƉůĂƚĨŽƌŵƚŽĚƌŝǀĞƐŝŵƉůŝĨŝĐĂƚŝŽŶĂŶĚĞĨĨŝĐŝĞŶĐLJĂĐƌŽƐƐƚŚĞ&ŽŽĚĂŶĚ
>ŝƋƵŽƌďƵƐŝŶĞƐƐĞƐ͕ĂƐǁĞůůĂƐŵĂŬŝŶŐŝƚĞĂƐŝĞƌĨŽƌĐƵƐƚŽŵĞƌƐĂŶĚƐƵƉƉůŝĞƌƐƚŽĚŽďƵƐŝŶĞƐƐǁŝƚŚDĞƚĐĂƐŚ͘dŚĞƉƌŽŐƌĂŵĐŽŶƚŝŶƵĞƐƚŽŵĂŬĞ
ƐƚĞĂĚLJƉƌŽŐƌĞƐƐ͕ŵŽƐƚƌĞĐĞŶƚůLJĚĞůŝǀĞƌŝŶŐĂƐƚƌĞĂŵůŝŶĞĚĂůůͲŝŶͲŽŶĞƉĂLJĂďůĞƐƐŽůƵƚŝŽŶ͘dŚĞƉƌŽŐƌĂŵŝƐĞdžƉĞĐƚĞĚƚŽďĞĐŽŵƉůĞƚĞĚďLJƚŚĞ
ĞŶĚŽĨ&zϮϲ͘
/Ŷ&zϮϰ͕ƚŚĞ'ƌŽƵƉŝŶĐƵƌƌĞĚΨϮϬ͘ϲŵŝůůŝŽŶ;&zϮϯ͗Ψϯϰ͘ϲŵŝůůŝŽŶͿŽĨĞdžƉĞŶƐĞƐŽŶƚŚĞƉƌŽũĞĐƚ͘dŚĞƉƌŽũĞĐƚĞdžƉĞŶƐĞƐŝŶĐůƵĚĞĚƌĞƐŽƵƌĐĞĐŽƐƚƐ͕
ĂĐĐĞůĞƌĂƚĞĚĂŵŽƌƚŝƐĂƚŝŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚŽĨƌĞĚƵŶĚĂŶƚƐŽĨƚǁĂƌĞĂƐƐĞƚƐĂŶĚŝŶĐƌĞŵĞŶƚĂůƐŽĨƚǁĂƌĞůŝĐĞŶĐĞĂŶĚŵĂŝŶƚĞŶĂŶĐĞĐŽƐƚƐ͘dŚĞƐĞ
ĐŽƐƚƐĂƌĞƐĞƉĂƌĂƚĞůLJĚŝƐĐůŽƐĞĚǁŝƚŚŝŶƐŝŐŶŝĨŝĐĂŶƚŝƚĞŵƐŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞƚŽĞŶĂďůĞĂďĞƚƚĞƌƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨ
the Group’s results.
ŚĂŶŐĞƐŝŶŬĞLJŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞů;DŝŶDĂƌĐŚϮϬϮϰĨŽůůŽǁŝŶŐƚŚĞƌĞƚŝƌĞŵĞŶƚŽĨDƌŚƌŝƐĂĚĚŽĐŬĚƵĞƚŽŚĞĂůƚŚƌĞĂƐŽŶƐ͘
DƌZŝĐŚĂƌĚDƵƌƌĂLJǁĂƐĂƉƉŽŝŶƚĞĚĂƐKdŽƚĂůdŽŽůƐŝŶ:ĂŶƵĂƌLJϮϬϮϰƚŽƐƵĐĐĞĞĚDƌWĂƵůƵŵďƌĞůůǁŚŽŚĂĚĚĞĐŝĚĞĚƚŽƐƚĞƉĚŽǁŶĂĨƚĞƌ
ŵŽƌĞƚŚĂŶĨŝǀĞLJĞĂƌƐŝŶƚŚĞƌŽůĞ͘
ŝǀŝĚĞŶĚĚĞĐůĂƌĂƚŝŽŶ
dŚĞŽĂƌĚŚĂƐĚĞƚĞƌŵŝŶĞĚƚŽƉĂLJĂĨƵůůLJĨƌĂŶŬĞĚĨŝŶĂů&zϮϰĚŝǀŝĚĞŶĚŽĨϴ͘ϱĐĞŶƚƐƉĞƌƐŚĂƌĞ͕ǁŚŝĐŚďƌŝŶŐƐƚŽƚĂůĚŝǀŝĚĞŶĚƐĨŽƌƚŚĞLJĞĂƌƚŽ
ϭϵ͘ϱĐĞŶƚƐƉĞƌƐŚĂƌĞĨƵůůLJĨƌĂŶŬĞĚ͕ǁŚŝĐŚƌĞƉƌĞƐĞŶƚƐĂĚŝǀŝĚĞŶĚƉĂLJŽƵƚƌĂƚŝŽŽĨϳϭ͘ϬйŽĨƵŶĚĞƌůLJŝŶŐƉƌŽĨŝƚĂĨƚĞƌƚĂdž͘
ϰ͘ <z&/EE/>D^hZ^
tĂƌĞŚŽƵƐĞĞĂƌŶŝŶŐƐ
Metcash’s operations are designed to allow significant volumes to be distributed through its warehouse infrastructure at a reůĂƚŝǀĞůLJ
ĨŝdžĞĚĐŽƐƚďĂƐĞ͘dŚĞĂďŝůŝƚLJƚŽůĞǀĞƌĂŐĞǀŽůƵŵĞƐƚŚƌŽƵŐŚƚŚĞǁĂƌĞŚŽƵƐĞŝƐĂŬĞLJĚƌŝǀĞƌŽĨƉƌŽĨŝƚĂďŝůŝƚLJĨŽƌďŽƚŚDĞƚĐĂƐŚĂŶĚƚŚĞ
ŝŶĚĞƉĞŶĚĞŶƚƌĞƚĂŝůŶĞƚǁŽƌŬ͘
In addition to warehouse revenue, earnings are impacted by product category mix and the proportion of the Group’s products boƵŐŚƚďLJ
ƚŚĞŶĞƚǁŽƌŬ͘tĂƌĞŚŽƵƐĞƌĞǀĞŶƵĞĂŶĚƌĞůĂƚĞĚŵĂƌŐŝŶƐĂƌĞĚƌŝǀĞŶďLJĐŽŵƉĞƚŝƚŝǀĞƉƌŝĐŝŶŐ͕ƉƌŽŵŽƚŝŽŶĂůĂĐƚŝǀŝƚŝĞƐĂŶĚƚŚĞůĞǀĞůŽĨƐƵƉƉůŝĞƌ
ƐƵƉƉŽƌƚƚŚƌŽƵŐŚǀŽůƵŵĞƚƌŝĐĂŶĚŽƚŚĞƌƌĞďĂƚĞƐ͘
DĞƚĐĂƐŚĂůƐŽŽƉĞƌĂƚĞƐĂƉŽƌƚĨŽůŝŽŽĨĐŽƌƉŽƌĂƚĞĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƌĞƚĂŝůƐƚŽƌĞƐ͕ƉƌĞĚŽŵŝŶĂŶƚůLJŝŶƚŚĞ,ĂƌĚǁĂƌĞƉŝůůĂƌ͘
DĞƚĐĂƐŚŚĂƐĂŶƵŵďĞƌŽĨŬĞLJƉƌŽŐƌĂŵƐŝŶƉůĂĐĞƚŽĚƌŝǀĞƐĂůĞƐĂŶĚŵĂƌŐŝŶƐ͕ŝŶĐůƵĚŝŶŐƚŚƌŽƵŐŚƉƌŝĐŝŶŐĂŶĚƉƌŽŵŽƚŝŽŶ͕ƉƌŽĚƵĐƚƌĂŶŐĞ͕
ƌĞƚĂŝůŽƉĞƌĂƚŝŽŶĂůƐƚĂŶĚĂƌĚƐĂŶĚĐŽŶƐƵŵĞƌĂůŝŐŶŵĞŶƚ͘
ŽƐƚŽĨĚŽŝŶŐďƵƐŝŶĞƐƐ
The Group’s profitability depends on the efficiency and effectiveness of its operating model. This is achieved by optimising the Group’s 
cost of doing business (‘CODB’) which comprises the various costs of operating the distribution centres͕ƌĞƚĂŝůƐƚŽƌĞƐĂŶĚƚŚĞ
ĂĚŵŝŶŝƐƚƌĂƚŝǀĞƐƵƉƉŽƌƚĨƵŶĐƚŝŽŶƐ͘
dŚĞ'ƌŽƵƉĐŽŶƚŝŶƵĞƐƚŽŚĂǀĞĂƐƚƌŽŶŐĨŽĐƵƐŽŶďŽƚŚƌĞǀĞŶƵĞŐƌŽǁƚŚĂŶĚŵĂŝŶƚĂŝŶŝŶŐĂƐƵƐƚĂŝŶĂďůĞĐŽƐƚďĂƐĞ͘
35
About
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Directors’ Report


&ƵŶĚƐĞŵƉůŽLJĞĚĂŶĚƌĞƚƵƌŶŽŶĐĂƉŝƚĂů
The Group’s funds employed is primarily influenced by the seasonal working capital cycle. The Group has longer term capital iŶǀĞƐƚŵĞŶƚƐ
ƉƌĞĚŽŵŝŶĂŶƚůLJŝŶƌĞůĂƚŝŽŶƚŽŝƚƐƐƵƉƉůLJĐŚĂŝŶĐĂƉĂďŝůŝƚŝĞƐ͕ŝŶĐůƵĚŝŶŐǁĂƌĞŚŽƵƐĞĂƵƚŽŵĂƚŝŽŶƚĞĐŚŶŽůŽŐŝĞƐĂŶĚƐŽĨƚǁĂƌĞĚĞǀĞůŽƉŵĞŶƚ͘/Ŷ
,ĂƌĚǁĂƌĞ͕ƚŚĞ'ƌŽƵƉŚĂƐĂĐƋƵŝƌĞĚĂŶĞƚǁŽƌŬŽĨĐŽƌƉŽƌĂƚĞĂŶĚ:sƌĞƚĂŝůƐƚŽƌĞƐ͘dŚĞ'ƌŽƵƉĂůƐŽŝŶǀĞƐƚƐĂůŽŶŐƐŝĚĞƚŚĞŝŶĚĞƉĞŶĚĞŶƚƌĞƚĂŝů
ŶĞƚǁŽƌŬ͕ŵĂŝŶůLJŝŶƚŚĞĨŽƌŵŽĨĞƋƵŝƚLJƉĂƌƚŝĐŝƉĂƚŝŽŶŽƌƐŚŽƌƚͲƚĞƌŵůŽĂŶƐ͘
The Board’s intention is to continue to invest in the business for future growth while maintaining a strong financial positioŶĂŶĚ
ŽƚŚĞƌǁŝƐĞƚŽĂƐƐĞƐƐƌĞƚƵƌŶŝŶŐƐƵƌƉůƵƐĐĂƉŝƚĂůƚŽƐŚĂƌĞŚŽůĚĞƌƐ͘
ůŝŵĂƚĞĐŚĂŶŐĞĂŶĚƐƵƐƚĂŝŶĂďŝůŝƚLJĚŝƐĐůŽƐƵƌĞ
/Ŷ:ƵŶĞϮϬϮϯ͕ƚŚĞ/ŶƚĞƌŶĂƚŝŽŶĂů^ƵƐƚĂŝŶĂďŝůŝƚLJ^ƚĂŶĚĂƌĚƐŽĂƌĚ;/^^ͿƉƵďůŝƐŚĞĚƚŚĞĨŝƌƐƚƚǁŽ/&Z^^ƵƐƚĂŝŶĂďŝůŝƚLJŝƐĐůŽƐƵƌĞ^ƚĂŶĚĂƌĚƐ͘/Ŷ
KĐƚŽďĞƌϮϬϮϯ͕ƚŚĞƵƐƚƌĂůŝĂŶĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐŽĂƌĚƉƵďůŝƐŚĞĚŝƚƐdžƉŽƐƵƌĞƌĂĨƚŽŶƚŚĞƵƐƚƌĂůŝĂŶͲƐƉĞĐŝĨŝĐĐůŝŵĂƚĞͲƌĞůĂƚĞĚ
ĨŝŶĂŶĐŝĂůĚŝƐĐůŽƐƵƌĞƐƚĂŶĚĂƌĚ͕ďĂƐĞĚŽŶ/&Z^^ϮůŝŵĂƚĞͲƌĞůĂƚĞĚŝƐĐůŽƐƵƌĞƐ͘/ŶDĂƌĐŚϮϬϮϰ͕ƚŚĞdƌĞĂƐƵƌĞƌŝŶƚƌŽĚƵĐĞĚŝŶƚŽWĂƌůŝĂŵĞŶƚƚŚĞ
dƌĞĂƐƵƌLJ>ĂǁƐŵĞŶĚŵĞŶƚ;&ŝŶĂŶĐŝĂůDĂƌŬĞƚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚKƚŚĞƌDĞĂƐƵƌĞƐͿŝůůϮϬϮϰ͘ƐĚĞƐĐƌŝďĞĚŝŶŚĂƉƚĞƌϰŽĨƚŚĞdžƉůĂŶĂƚŽƌLJ
DĞŵŽƌĂŶĚƵŵ͕ƚŚŝƐŝůůĐŽŶƚĂŝŶƐĂŵĞŶĚŵĞŶƚƐƚŚĂƚƐĞƚŽƵƚŶĞǁĐůŝŵĂƚĞͲƌĞůĂƚĞĚĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌĞŶƚŝƚŝĞƐƚŚĂƚĂƌĞ
ƌĞƋƵŝƌĞĚƚŽůŽĚŐĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚƐƵŶĚĞƌŚĂƉƚĞƌϮDŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭ͘dŚĞŝŶƚƌŽĚƵĐƚŝŽŶŽĨƚŚĞŝůůĨŽůůŽǁƐƚŚĞƌĞůĞĂƐĞŽĨ
ĞdžƉŽƐƵƌĞĚƌĂĨƚůĞŐŝƐůĂƚŝŽŶŽŶĐůŝŵĂƚĞͲƌĞůĂƚĞĚĨŝŶĂŶĐŝĂůĚŝƐĐůŽƐƵƌĞƐĞĂƌůŝĞƌŝŶƚŚĞLJĞĂƌ͘
ĂƐĞĚŽŶƚŚĞĞdžƉŽƐƵƌĞĚƌĂĨƚůĞŐŝƐůĂƚŝŽŶ͕DĞƚĐĂƐŚǁŝůůďĞĐŽŶƐŝĚĞƌĞĚĂ'ƌŽƵƉϭĞŶƚŝƚLJĂŶĚƌĞƋƵŝƌĞĚƚŽƉƌĞƉĂƌĞŝƚƐĨŝƌƐƚƐƵƐƚĂŝŶĂďŝůŝƚLJƌĞƉŽƌƚ
ŝŶ&zϮϲ͘ƚƚŚĞƚŝŵĞŽĨǁƌŝƚŝŶŐ͕ƚŚĞĚƌĂĨƚƚŝŵĞƚĂďůĞĨŽƌůĞǀĞůƐĂŶĚƐĐŽƉĞŽĨĂƐƐƵƌĂŶĐĞŝƐLJĞƚƚŽďĞĨŝŶĂůŝƐĞĚƚŚƌŽƵŐŚƚŚĞůĞŐŝƐůĂƚŝŽŶ͘
DĞƚĐĂƐŚĂůƌĞĂĚLJĚŝƐĐůŽƐĞƐŝŶĨŽƌŵĂƚŝŽŶƌĞůĂƚĞĚƚŽŐƌĞĞŶŚŽƵƐĞŐĂƐĞŵŝƐƐŝŽŶƐĂŶĚƚĂƌŐĞƚƐ͕ƚƌĂŶƐŝƚŝŽŶƌŝƐŬƐ͕ƉŚLJƐŝĐĂůƌŝƐŬƐ͕ĐůŝŵĂƚĞͲƌĞůĂƚĞĚ
ŽƉƉŽƌƚƵŶŝƚŝĞƐĂŶĚĐůŝŵĂƚĞŵĞƚƌŝĐƐŝŶůŝŶĞǁŝƚŚdĂƐŬ&ŽƌĐĞĨŽƌůŝŵĂƚĞͲZĞůĂƚĞĚ&ŝŶĂŶĐŝĂůŝƐĐůŽƐƵƌĞƐ͘ƵƌƌĞŶƚŝŶĨŽƌŵĂƚŝŽŶŽŶŽƵƌĐůŝŵĂƚĞ
ƌĞƐƉŽŶƐĞĂŶĚĂƐƐŽĐŝĂƚĞĚŵĞƚƌŝĐƐĂŶĚƚĂƌŐĞƚƐĐĂŶďĞƐŽƵƌĐĞĚin Metcash’s Sustainability Report. The management of climateͲƌĞůĂƚĞĚƌŝƐŬƐ
ĂŶĚŽƉƉŽƌƚƵŶŝƚŝĞƐĂƚDĞƚĐĂƐŚŝƐŽǀĞƌƐĞĞŶďLJŝƚƐ^'ŽƵŶĐŝůƚŚƌŽƵŐŚƚŚĞůŝŵĂƚĞŚĂŶŐĞZŝƐŬZĞŐŝƐƚĞƌ͘dŚĞƐĞǀĂƌŝŽƵƐƌŝƐŬƐĂƌĞĐŽŵďŝŶĞĚ
ĂŶĚƌĞƉƌĞƐĞŶƚĞĚŝŶĂŶŽǀĞƌĂůůůŝŵĂƚĞZŝƐŬĐĂƚĞŐŽƌLJŝŶƚŚĞ'ƌŽƵƉZŝƐŬWƌŽĨŝůĞ͘
EŽŶͲ/&Z^/ŶĨŽƌŵĂƚŝŽŶ
dŚĞŝƌĞĐƚŽƌƐ’ZĞƉŽƌƚĐŽŶƚĂŝŶƐ/&Z^ĂŶĚŶŽŶͲ/&Z^ĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶ͘/&Z^ĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶŝƐĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶƚŚĂƚŝƐ
ƉƌĞƐĞŶƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂůůƌĞůĞǀĂŶƚĂĐĐŽƵŶƚŝŶŐƐƚĂŶĚĂƌĚƐ͘EŽŶͲ/&Z^ĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶŝƐĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶƚŚĂƚŝƐŶŽƚ
ĚĞĨŝŶĞĚŽƌƐƉecified under any relevant accounting standards and may not be directly comparable with other companies’ information. 
EŽŶͲ/&Z^ŵĞĂƐƵƌĞƐĂƌĞƵƐĞĚďLJŵĂŶĂŐĞŵĞŶƚƚŽĂƐƐĞƐƐĂŶĚŵŽŶŝƚŽƌďƵƐŝŶĞƐƐƉĞƌĨŽƌŵĂŶĐĞĂƚƚŚĞ'ƌŽƵƉĂŶĚƐĞŐŵĞŶƚůĞǀĞůĂŶĚƐŚŽƵůĚ
ďĞĐŽŶƐŝĚĞƌĞĚŝŶĂĚĚŝƚŝŽŶƚŽ͕ĂŶĚŶŽƚĂƐĂƐƵďƐƚŝƚƵƚĞĨŽƌ͕/&Z^ŝŶĨŽƌŵĂƚŝŽŶ͘EŽŶͲ/&Z^ŝŶĨŽƌŵĂƚŝŽŶŝƐŶŽƚƐƵďũĞĐƚƚŽĂƵĚŝƚŽƌƌĞǀŝĞǁ͘
ϱ͘ Zs/tK&&/EE/>Z^h>d^
'ƌŽƵƉŽǀĞƌǀŝĞǁ

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Ψŵ
&zϮϯ
Ψŵ
^ĂůĞƐƌĞǀĞŶƵĞ
ϭϱ͕ϵϭϮ͘ϰ
ϭϱ͕ϴϬϯ͘ϰ
&ŽŽĚ
ϮϭϬ͘ϭ
ϮϬϰ͘Ϭ
,ĂƌĚǁĂƌĞ
ϮϭϬ͘ϵ
Ϯϭϵ͘Ϯ
>ŝƋƵŽƌ
ϭϬϵ͘Ϯ
ϭϬϰ͘ϭ
ŽƌƉŽƌĂƚĞ
;ϯϯ͘ϵͿ
;Ϯϲ͘ϱͿ
Underlying earnings before interest and tax (‘EBIT’)
ϰϵϲ͘ϯ
ϱϬϬ͘ϴ
EĞƚĨŝŶĂŶĐĞĐŽƐƚƐ
;ϵϮ͘ϲͿ
;ϲϰ͘ϳͿ
hŶĚĞƌůLJŝŶŐƉƌŽĨŝƚďĞĨŽƌĞƚĂdž
ϰϬϯ͘ϳ
ϰϯϲ͘ϭ
dĂdžĞdžƉĞŶƐĞŽŶƵŶĚĞƌůLJŝŶŐƉƌŽĨŝƚ
;ϭϮϬ͘ϱͿ
;ϭϮϳ͘ϯͿ
EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ
;Ϭ͘ϵͿ
;ϭ͘ϯͿ
Underlying profit after tax (‘UPAT’) (a)
ϮϴϮ͘ϯ
ϯϬϳ͘ϱ
^ŝŐŶŝĨŝĐĂŶƚŝƚĞŵƐ
;ϯϭ͘ϵͿ
;ϱϵ͘ϲͿ
dĂdžďĞŶĞĨŝƚĂƚƚƌŝďƵƚĂďůĞƚŽƐŝŐŶŝĨŝĐĂŶƚŝƚĞŵƐ
ϲ͘ϴ
ϭϭ͘ϭ
EĞƚƉƌŽĨŝƚĨŽƌƚŚĞLJĞĂƌĂƚƚƌŝďƵƚĂďůĞƚŽŵĞŵďĞƌƐ
Ϯϱϳ͘Ϯ
Ϯϱϵ͘Ϭ


hŶĚĞƌůLJŝŶŐĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ;ĐĞŶƚƐͿ;ďͿ
Ϯϴ͘ϯ
ϯϭ͘ϴ
ZĞƉŽƌƚĞĚĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ;ĐĞŶƚƐͿ
Ϯϱ͘ϴ
Ϯϲ͘ϴ
;ĂͿ 
/dĂŶĚhWdĞdžĐůƵĚĞƐƐŝŐŶŝĨŝĐĂŶƚŝƚĞŵƐĂƐŝĚĞŶƚŝĨŝĞĚŝŶŶŽƚĞϯ͘ϯŽĨƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ͘
;ďͿ 
hŶĚĞƌůLJŝŶŐĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ;hW^ͿŝƐĐĂůĐƵůĂƚĞĚďLJĚŝǀŝĚŝŶŐhWdďLJƚŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨŽƌĚŝŶĂƌLJƐŚĂƌĞƐŽƵƚƐƚĂŶĚŝŶŐĚƵƌŝŶŐƚŚĞLJĞĂƌ͘



DIRECTORS’ REPORT CONTINUED
Metcash Annual Report 2024
36


'ƌŽƵƉƌĞƉŽƌƚĞĚƌĞǀĞŶƵĞ͕ǁŚŝĐŚĞdžĐůƵĚĞƐĐŚĂƌŐĞͲƚŚƌŽƵŐŚƐĂůĞƐϭ͕ŝŶĐƌĞĂƐĞĚϬ͘ϳйƚŽΨϭϱ͘ϵďŝůůŝŽŶ;&zϮϯ͗Ψϭϱ͘ϴďŝůůŝŽŶͿ͘/ŶĐůƵĚŝŶŐĐŚĂƌŐĞͲ
ƚŚƌŽƵŐŚƐĂůĞƐϭ͕'ƌŽƵƉƌĞǀĞŶƵĞŝŶĐƌĞĂƐĞĚϬ͘ϳйƚŽΨϭϴ͘ϮďŝůůŝŽŶ;&zϮϯ͗Ψϭϴ͘ϭďŝůůŝŽŶͿǁŝƚŚŐƌŽǁƚŚŝŶƚŚĞ,ĂƌĚǁĂƌĞĂŶĚ>ŝƋƵŽƌƉŝůůĂƌƐŵŽƌĞ
ƚŚĂŶŽĨĨƐĞƚƚŝŶŐĂƐŵĂůůĚĞĐůŝŶĞŝŶƚŚĞ&ŽŽĚƉŝůůĂƌ͕ĚƌŝǀĞŶďLJůŽǁĞƌƐĂůĞƐŝŶƚŽďĂĐĐŽ͘
'ƌŽƵƉƵŶĚĞƌůLJŝŶŐ/dĚĞĐƌĞĂƐĞĚďLJϬ͘ϵйƚŽΨϰϵϲ͘ϯŵŝůůŝŽŶĚƵĞƚŽĞĂƌŶŝŶŐƐŐƌŽǁƚŚŝŶ&ŽŽĚĂŶĚ>ŝƋƵŽƌďĞŝŶŐŵŽƌĞƚŚĂŶŽĨĨƐĞƚďLJůŽǁĞƌ
ĞĂƌŶŝŶŐƐŝŶ,ĂƌĚǁĂƌĞĂŶĚŝŶĐƌĞĂƐĞĚĐŽƌƉŽƌĂƚĞĐŽƐƚƐ͘ůůƉŝůůĂƌƐǁĞƌĞƐƵƉƉŽƌƚĞĚďLJŐŽŽĚŽƉĞƌĂƚŝŶŐĚŝƐĐŝƉůŝŶĞĂŶĚƚŚĞƐƵĐĐĞƐƐŽĨƐƚƌĂƚĞŐŝĐ
ŝŶŝƚŝĂƚŝǀĞƐ͕ŝŶĐůƵĚŝŶŐĂĐƋƵŝƐŝƚŝŽŶƐŝŶ,ĂƌĚǁare. Superior Foods will be incorporated in Metcash’s FY25 results from 3 June 2024.
dŚĞ&ŽŽĚƉŝůůĂƌĐŽŶƚŝŶƵĞĚƚŽƉĞƌĨŽƌŵǁĞůůŝŶĂŶĞŶǀŝƌŽŶŵĞŶƚŽĨŝŶĐƌĞĂƐĞĚǀĂůƵĞͲĐŽŶƐĐŝŽƵƐƐŚŽƉƉŝŶŐ͕ƉƌŽǀŝĚŝŶŐĨƵƌƚŚĞƌĞǀŝĚĞŶĐĞŽĨŝƚƐ
ƐŚŝĨƚƚŽĂƐƵƐƚĂŝŶĂďůĞĂŶĚƌĞƐŝůŝĞŶƚďƵƐŝŶĞƐƐŵŽĚĞů͘ĂƌŶŝŶŐƐŝŶĐƌĞĂƐĞĚϯйƚŽΨϮϭϬ͘ϭŵŝůůŝŽŶ͕ƌĞĨůĞĐƚŝŶŐŝƚƐƐƚƌŽŶŐƚƌĂĚŝŶŐƉĞƌĨŽƌŵĂŶĐĞ͘
dŚĞ>ŝƋƵŽƌƉŝůůĂƌĐŽŶƚŝŶƵĞĚƚŽƉĞƌĨŽƌŵƐƚƌŽŶŐůLJƵŶĚĞƌƉŝŶŶĞĚďLJŝƚƐĚŝǀĞƌƐŝĨŝĞĚĐƵƐƚŽŵĞƌƐƚƌĂƚĞŐLJĂŶĚƚŚĞŽŶŐŽŝŶŐƉƌĞĨĞƌĞŶĐĞĨŽƌ
ůŽĐĂůŝƐĞĚůŝƋƵŽƌŽĨĨĞƌƐ͘ĂƌŶŝŶŐƐŝŶĐƌĞĂƐĞĚϰ͘ϵйƚŽΨϭϬϵ͘ϮŵŝůůŝŽŶ͕ƌĞĨůĞĐƚŝŶŐƚŚĞƐƚƌŽŶŐƚƌĂĚŝŶŐƉĞƌĨŽƌŵĂŶĐĞ͕ƐƚƌĂƚĞŐŝĐďƵLJŝŶŐĂŶĚŐŽŽĚ
ĐŽƐƚŵĂŶĂŐĞŵĞŶƚ͘
dŚĞ,ĂƌĚǁĂƌĞƉŝůůĂƌĚĞůŝǀĞƌĞĚƉůĞĂƐŝŶŐƌĞƐƵůƚƐŝŶĂŵĂƌŬĞƚŽĨƌĂƉŝĚůLJƐůŽǁŝŶŐďƵŝůĚĞƌĐŽŶĨŝĚĞŶĐĞĂŶĚƌĞĚƵĐĞĚŵĂƌŬĞƚĂĐƚŝǀŝƚLJ͘/,'
ĐŽŶƚŝŶƵĞĚƚŽŽƵƚƉĞƌĨŽƌŵŵĂƌŬĞƚƚƌĞŶĚƐ͕ǁŚŝůĞdŽƚĂůdŽŽůƐĨĂĐĞĚƐŝŐŶŝĨŝĐĂŶƚůLJŝŶĐƌĞĂƐĞĚĐŽŵƉĞƚŝƚŝŽŶŝŶƚŚĞƐĞĐŽŶĚŚĂůĨ͘ĂƌŶŝŶŐƐ
ĚĞĐƌĞĂƐĞĚϯ͘ϴйƚŽΨϮϭϬ͘ϵŵŝůůŝŽŶ͕ƌĞĨůĞĐƚŝŶŐƚŚĞŵŽƌĞĐŚĂůůĞŶŐŝŶŐĐŽŶĚŝƚŝŽŶƐĂŶĚŝŶĐƌĞĂƐĞĚĐŽƐƚƉƌĞƐƐƵƌĞƐ͘WůĞĂƐŝŶŐůLJ͕/,'ŵĂƌŐŝŶƐ
ƌĞŵĂŝŶĂďŽǀĞŝƚƐŚŝƐƚŽƌŝĐĂůƚƌĞŶĚ;ƉƌĞKs/Ϳ͘
'ƌŽƵƉƵŶĚĞƌůLJŝŶŐƉƌŽĨŝƚĂĨƚĞƌƚĂdžϮĚĞĐƌĞĂƐĞĚϴ͘ϮйƚŽΨϮϴϮ͘ϯŵŝůůŝŽŶ͕ƌĞĨůĞĐƚŝŶŐůŽǁĞƌĞĂƌŶŝŶŐƐŝŶƚŚĞ,ĂƌĚǁĂƌĞƉŝůůĂƌĂŶĚŝŶĐƌĞĂƐĞĚ
ĨŝŶĂŶĐĞĐŽƐƚƐ͘^ƚĂƚƵƚŽƌLJƉƌŽĨŝƚĂĨƚĞƌƚĂdžĚĞĐƌĞĂƐĞĚϬ͘ϳйƚŽΨϮϱϳ͘ϮŵŝůůŝŽŶĂŶĚŝŶĐůƵĚĞƐƚŚĞŝŵƉĂĐƚŽĨΨϮϱ͘ϭŵŝůůŝŽŶ;ĂĨƚĞƌƚĂdžͿŽĨƐŝŐŶŝĨŝĐĂŶƚ
ŝƚĞŵƐŝŶƌĞůĂƚŝŽŶƚŽWƌŽũĞĐƚ,ŽƌŝnjŽŶ͕ƉƵƚŽƉƚŝŽŶǀĂůƵĂƚŝŽŶĂĚũƵƐƚŵĞŶƚƐ͕ďƵƐŝŶĞƐƐĂĐƋƵŝƐŝƚŝŽŶĐŽƐƚƐĂŶĚŵĞŐĂĚŝƐƚƌŝďƵƚŝŽŶĐĞŶƚƌĞƚƌĂŶƐŝƚŝŽŶ
ĐŽƐƚƐ͘
^ĞŐŵĞŶƚƌĞƐƵůƚƐ

^ĞŐŵĞŶƚƌĞǀĞŶƵĞ;ĂͿ

^ĞŐŵĞŶƚƵŶĚĞƌůLJŝŶŐ/d
&zϮϰ
Ψŵ
&zϮϯ
Ψŵ

&zϮϰ
Ψŵ
&zϮϯ
Ψŵ
&ŽŽĚ
ϴ͕ϯϬϳ͘ϴ
ϴ͕ϰϭϬ͘ϭ

ϮϭϬ͘ϭ
ϮϬϰ͘Ϭ
>ŝƋƵŽƌ
ϱ͕ϭϯϯ͘ϲ
ϱ͕Ϭϰϵ͘Ϯ

ϭϬϵ͘Ϯ
ϭϬϰ͘ϭ
,ĂƌĚǁĂƌĞ
Ϯ͕ϰϳϭ͘Ϭ
Ϯ͕ϯϰϰ͘ϭ

ϮϭϬ͘ϵ
Ϯϭϵ͘Ϯ
ŽƌƉŽƌĂƚĞ
—
—

;ϯϯ͘ϵͿ
;Ϯϲ͘ϱͿ
DĞƚĐĂƐŚ'ƌŽƵƉ
ϭϱ͕ϵϭϮ͘ϰ
ϭϱ͕ϴϬϯ͘ϰ

ϰϵϲ͘ϯ
ϱϬϬ͘ϴ
;ĂͿ 
^ĞŐŵĞŶƚƌĞǀĞŶƵĞĞdžĐůƵĚĞƐŐƌŽƐƐĐŚĂƌŐĞͲƚŚƌŽƵŐŚƐĂůĞƐƚŽĐƵƐƚŽŵĞƌƐŽĨΨϮ͘ϮϲϳďŝůůŝŽŶ;&zϮϯ͗ΨϮ͘ϮϰϵďŝůůŝŽŶͿ͘ZĞĨĞƌŶŽƚĞϯ͘Ϯ͘
&ŽŽĚ
dŽƚĂů&ŽŽĚƐĂůĞƐ;ŝŶĐůƵĚŝŶŐĐŚĂƌŐĞͲƚŚƌŽƵŐŚϭĂŶĚĞdžĐůƵĚŝŶŐƚŽďĂĐĐŽͿŝŶĐƌĞĂƐĞĚϰ͘ϲй͕ǁŝƚŚƐƚƌŽŶŐŐƌŽǁƚŚŝŶďŽƚŚ^ƵƉĞƌŵĂƌŬĞƚƐĂŶĚ
ĂŵƉďĞůůƐĂŶĚŽŶǀĞŶŝĞŶĐĞ͘/ŶĐůƵĚŝŶŐƚŽďĂĐĐŽ͕ƚŽƚĂů&ŽŽĚƐĂůĞƐĚĞĐůŝŶĞĚϬ͘ϱй͘
/Ŷ^ƵƉĞƌŵĂƌŬĞƚƐ͕ƚŚĞďƵƐŝŶĞƐƐĐŽŶƚŝŶƵĞĚƚŽƉĞƌĨŽƌŵǁĞůůŝŶĂŶĞŶǀŝƌŽŶŵĞŶƚŽĨŝŶĐƌĞĂƐĞĚǀĂůƵĞͲĐŽŶƐĐŝŽƵƐƐŚŽƉƉŝŶŐ͘tŚŽůĞƐĂůĞƐĂůĞƐ
ĞdžĐůƵĚŝŶŐƚŽďĂĐĐŽǁĞƌĞƵƉϰ͘ϳй͕ƵŶĚĞƌƉŝŶŶĞĚďLJĨƵƌƚŚĞƌŝŵƉƌŽǀĞŵĞŶƚŝŶŶĞƚǁŽƌŬĐŽŵƉĞƚŝƚŝǀĞŶĞƐƐĂŶĚŝŶĨůĂƚŝŽŶ͘dŚĞŝŶĚĞƉĞŶĚĞŶƚ
ŶĞƚǁŽƌŬŽĨĨĞƌĐŽŶƚŝŶƵĞƐƚŽƌĞƐŽŶĂƚĞ͕ǁŝƚŚƐŚŽƉƉĞƌƐƌĞƚĂŝŶŝŶŐ/'ŝŶƚŚĞŝƌƐŚŽƉƉŝŶŐƌĞƉĞƌƚŽŝƌĞĞǀĞŶĂƐƚŚĞLJŝŶĐƌĞĂƐŝŶŐůLJƐŚŽƉĂƌŽƵŶĚŝŶ
ƚŚĞŝƌƐĞĂƌĐŚĨŽƌǀĂůƵĞ͘&ŽŽƚƚƌĂĨĨŝĐŝŶƚŽƐƚŽƌĞƐŝŶĐƌĞĂƐĞĚĨŽƌƚŚĞLJĞĂƌ͕ĂůďĞŝƚŝƚĞŵƐƉĞƌďĂƐŬĞƚĚĞĐůŝŶĞĚƌĞĨůĞĐƚŝŶŐĐŽƐƚŽĨůŝǀŝŶŐƉƌĞƐƐƵƌĞƐŽŶ
ŚŽƵƐĞŚŽůĚŐƌŽĐĞƌLJďƵĚŐĞƚƐ͘^ĂůĞƐŽĨƉƌŝǀĂƚĞůĂďĞůƉƌŽĚƵĐƚƐŝŶĐƌĞĂƐĞĚϭϱ͘ϱй͕ĂŶĚƐĂůĞƐŽĨŝƚĞŵƐŽŶƉƌŽŵŽƚŝŽŶŐƌĞǁĨĂƐƚĞƌƚŚĂŶƚŚŽƐĞŶŽƚ
ŽŶƉƌŽŵŽƚŝŽŶ͘
^ĂůĞƐǀŽůƵŵĞƐϯǁĞƌĞƉŽƐŝƚŝǀĞĨŽƌƚŚĞLJĞĂƌ͕ǁŝƚŚŐƌŽǁƚŚŝŶƚŚĞƐĞĐŽŶĚŚĂůĨŵŽƌĞƚŚĂŶŽĨĨƐĞƚƚŝŶŐĂƐŵĂůůĚĞĐůŝŶĞŝŶƚŚĞĨŝƌƐƚŚĂůĨ͘tŚŽůĞƐĂůĞ
ƉƌŝĐĞŝŶĨůĂƚŝŽŶĐŽŶƚŝŶƵĞĚƚŽŵŽĚĞƌĂƚĞǁŝƚŚŝŶĨůĂƚŝŽŶϯĨŽƌƚŚĞLJĞĂƌĂƚϰ͘ϴй;&zϮϯ͗ϳ͘ϲйͿ͕ĂŶĚĨŽƵƌƚŚƋƵĂƌƚĞƌŝŶĨůĂƚŝŽŶĚŽǁŶƚŽϮ͘ϰй͘dŚĞ
ƚĞĂŵǁŽƌŬƐĐŽƌĞĞdžͲƚŽďĂĐĐŽŝŶĐƌĞĂƐĞĚϭ͘ϲƉĞƌĐĞŶƚĂŐĞƉŽŝŶƚƐƚŽϲϵ͘ϳй͕ĂŶĚǁĂƐĨůĂƚĂƚΕϳϰйŝŶĐůƵĚŝŶŐƚŽďĂĐĐŽ͘
dŚĞ/'ƌĞƚĂŝůŶĞƚǁŽƌŬĐŽŶƚŝŶƵĞĚƚŽŝŶǀĞƐƚŝŶŐƌŽǁƚŚĂŶĚƌĞŵĂŝŶƐŚĞĂůƚŚLJ͕ƐƚƌŽŶŐĂŶĚĐŽŶĨŝĚĞŶƚ͘dŚĞƌĞǁĞƌĞĂƌĞĐŽƌĚϮϲŶĞǁƐƚŽƌĞ
ŽƉĞŶŝŶŐƐŝŶƚŚĞLJĞĂƌ͕ĂŶĚϭϱĐůŽƐƵƌĞƐ͘ZĞƚĂŝůůŝŬĞĨŽƌůŝŬĞϰƐĂůĞƐŐƌŽǁƚŚŝŶƚŚĞ/'ŶĞƚǁŽƌŬǁĂƐнϮ͘ϮйĞdžͲƚŽďĂĐĐŽ͘
dŽďĂĐĐŽƐĂůĞƐĚĞĐůŝŶĞĚϭϯ͘ϵйŝŶƚŚĞLJĞĂƌĚƵĞƚŽĂŶĂĐĐĞůĞƌĂƚŝŽŶŝŶŝůůŝĐŝƚƚƌĂĚĞĂŶĚƚŚĞƐŚŝĨƚƚŽĂůƚĞƌŶĂƚŝǀĞƐ͘
/ŶĂŵƉďĞůůƐĂŶĚŽŶǀĞŶŝĞŶĐĞ͕ƚŽƚĂůƐĂůĞƐĞdžĐůƵĚŝŶŐƚŽďĂĐĐŽŝŶĐƌĞĂƐĞĚϰ͘ϬйƌĞĨůĞĐƚŝŶŐƐƚƌŽŶŐĞƌƐĂůĞƐĨƌŽŵŝƚƐŵĂũŽƌďĂŶŶĞƌŐƌŽƵƉ
ĐƵƐƚŽŵĞƌƐ͘
&ŽŽĚ/dŝŶĐƌĞĂƐĞĚϯ͘ϬйƚŽΨϮϭϬ͘ϭŵŝůůŝŽŶ͕ƌĞĨůĞĐƚŝŶŐƚŚĞƐƚƌŽŶŐƚƌĂĚŝŶŐƉĞƌĨŽƌŵĂŶĐĞĞdžͲƚŽďĂĐĐŽ͕ĐŽŶƚŝŶƵĞĚƐƚƌŽŶŐƐƵƉƉŽƌƚĨƌŽŵ
ƐƵƉƉůŝĞƌƐĂŶĚƚŚĞĞĨĨĞĐƚŝǀĞŵĂŶĂŐĞŵĞŶƚŽĨĐŽƐƚƐ͘dŚĞ/dŵĂƌŐŝŶϱŝŶĐƌĞĂƐĞĚϳďĂƐŝƐƉŽŝŶƚƐƚŽϮ͘Ϯй͕ůĂƌŐĞůLJƌĞĨůĞĐƚŝŶŐƚŚĞĐŚĂŶŐĞŝŶƐĂůĞƐ
ŵŝdžĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞĚĞĐůŝŶĞŝŶƚŽďĂĐĐŽƐĂůĞƐ͕ĂƐǁĞůůĂƐŐŽŽĚĐŽƐƚŵĂŶĂŐĞŵĞŶƚ͘
>ŝƋƵŽƌ
dŚĞ>ŝƋƵŽƌƉŝůůĂƌĐŽŶƚŝŶƵĞĚƚŽŽƵƚƉĞƌĨŽƌŵŝŶĂŵŽƌĞĐŚĂůůĞŶŐŝŶŐŵĂƌŬĞƚǁŝƚŚƚŽƚĂůƐĂůĞƐ;ŝŶĐůƵĚŝŶŐĐŚĂƌŐĞͲƚŚƌŽƵŐŚϭͿŝŶĐƌĞĂƐŝŶŐϭ͘ϳйƚŽ
Ψϱ͘ϮďŝůůŝŽŶ͕ǁŝƚŚŐƌŽǁƚŚŝŶƐĂůĞƐƚŽŝŶĚĞƉĞŶĚĞŶƚƌĞƚĂŝůĂŶĚĐŽŶƚƌĂĐƚĐƵƐƚŽŵĞƌƐŵŽƌĞƚŚĂŶŽĨĨƐĞƚƚŝŶŐĂĚĞĐůŝŶĞŝŶŽŶͲƉƌĞŵŝƐĞƐĂůĞƐ͘
ŶŝŶĐƌĞĂƐĞŝŶĐŽƐƚŽĨůŝǀŝŶŐƉƌĞƐƐƵƌĞƐĐŽŶƚŝŶƵĞĚƚŽĚƌŝǀĞƐŚŽƉƉĞƌĨŽĐƵƐŽŶǀĂůƵĞ͕ůŽǁĞƌĐŽŶƐƵŵƉƚŝŽŶĂŶĚĂĚĞĐůŝŶĞŝŶŽŶͲƉƌĞŵŝƐĞƐĂůĞƐ͘
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tŚŽůĞƐĂůĞƐĂůĞƐƚŽƌĞƚĂŝůĂŶĚĐŽŶƚƌĂĐƚĐƵƐƚŽŵĞƌƐŝŶĐƌĞĂƐĞĚϮ͘Ϯй͕ƌĞƐƵůƚŝŶŐŝŶĨƵƌƚŚĞƌŵĂƌŬĞƚƐŚĂƌĞŐĂŝŶƐ͘^ĂůĞƐŐƌŽǁƚŚǁĂƐƵŶĚĞƌƉŝŶŶĞĚ
ďLJĐŽŶƚŝŶƵĂƚŝŽŶŽĨƚŚĞŝŶĐƌĞĂƐĞĚƉƌĞĨĞƌĞŶĐĞĨŽƌůŽĐĂůŝƐĞĚŽĨĨĞƌƐ͕ŝŶĐůƵĚŝŶŐĐŽŶǀĞŶŝĞŶĐĞ͕ƚĂŝůŽƌĞĚƌĂŶŐĞƐ͕ĐŽŵƉĞƚŝƚŝǀĞƉƌŝĐĞƐĂŶĚůŽĐĂů
ĨƌŝĞŶĚůLJƐĞƌǀŝĐĞ͘^ĂůĞƐƚŽŽŶͲƉƌĞŵŝƐĞĐƵƐƚŽŵĞƌƐĚĞĐůŝŶĞĚϭ͘ϵйŝŶůŝŶĞǁŝƚŚŵĂƌŬĞƚƚƌĞŶĚƐ͕ĂůďĞŝƚƐŽŵĞŝŵƉƌŽǀĞŵĞŶƚǁĂƐĞǀŝĚĞŶƚŝŶƚŚĞ
ƐĞĐŽŶĚŚĂůĨ͘
dŚĞŚŝŐŚĞƐƚŐƌŽǁƚŚĐĂƚĞŐŽƌŝĞƐǁĞƌĞĂŐĂŝŶZdƐĂŶĚďĞĞƌ͕ǁŝƚŚĐŽƐƚŽĨůŝǀŝŶŐƉƌĞƐƐƵƌĞƐĚƌŝǀŝŶŐƐŚŽƉƉĞƌƉƌĞĨĞƌĞŶĐĞĨŽƌůŽǁĞƌƉƌŝĐĞĚǀĂůƵĞ
ĐŚŽŝĐĞƐ͘
>ŝƋƵŽƌ/dŝŶĐƌĞĂƐĞĚϰ͘ϵйƚŽΨϭϬϵ͘ϮŵŝůůŝŽŶ, reflecting the contribution from the business’ strong trading performance, strategic buying 
ĂŶĚŐŽŽĚĐŽƐƚŵĂŶĂŐĞŵĞŶƚ͘dŚĞ/dŵĂƌŐŝŶϱŝŶĐƌĞĂƐĞĚϲďĂƐŝƐƉŽŝŶƚƐƚŽϮ͘ϭй͘
,ĂƌĚǁĂƌĞ
dŚĞ,ĂƌĚǁĂƌĞƉŝůůĂƌĚĞůŝǀĞƌĞĚĂƉůĞĂƐŝŶŐƌĞƐƵůƚŝŶƚŚĞĨĂĐĞŽĨĂƌĂƉŝĚƐůŽǁŝŶŐŝŶďƵŝůĚĞƌĐŽŶĨŝĚĞŶĐĞĂŶĚƌĞĚƵĐĞĚŵĂƌŬĞƚĂĐƚŝǀŝƚLJ͘dŽƚĂů
,ĂƌĚǁĂƌĞƐĂůĞƐ;ŝŶĐůƵĚŝŶŐĐŚĂƌŐĞͲƚŚƌŽƵŐŚϭͿŝŶĐƌĞĂƐĞĚϮ͘ϳйƚŽΨϯ͘ϱďŝůůŝŽŶ͕ǁŝƚŚŐƌŽǁƚŚŝŶdŽƚĂůdŽŽůƐƐĂůĞƐŵŽƌĞƚŚĂŶŽĨĨƐĞƚƚŝŶŐĂĚĞĐůŝŶĞ
ŝŶ/,'ƐĂůĞƐ͘KŶĂůŝŬĞĨŽƌůŝŬĞďĂƐŝƐϲ͕ƚŽƚĂů,ĂƌĚǁĂƌĞƐĂůĞƐĚĞĐůŝŶĞĚϮ͘ϳй͘dŽƚĂůƐĂůĞƐŝŶƚŚĞĐŽŵďŝŶĞĚ/,'ĂŶĚdŽƚĂůdŽŽůƐƌĞƚĂŝůŶĞƚǁŽƌŬƐ
ǁĞƌĞĨůĂƚĂƚΨϰ͘ϱďŝůůŝŽŶ͘
dŚĞ/,'ďƵƐŝŶĞƐƐĐĂƉŝƚĂůŝƐĞĚŽŶƚŚĞĐŚĂůůĞŶŐŝŶŐĐŽŶĚŝƚŝŽŶƐƚŽŽƵƚƉĞƌĨŽƌŵƚŚĞƐŽĨƚĞƌĂĚĚƌĞƐƐĂďůĞŵĂƌŬĞƚƚŚƌŽƵŐŚƐƚƌŽŶŐƌĞůĂƚŝŽŶƐŚŝƉƐ
ǁŝƚŚƚƌĂĚĞĐƵƐƚŽŵĞƌƐ͕ƚŚĞƐƵĐĐĞƐƐŽĨƚŚĞtŚŽůĞŽĨ,ŽƵƐĞƐƚƌĂƚĞŐLJĂŶĚĂŶŝŵƉƌŽǀĞĚ/zŽĨĨĞƌ͘^ĂůĞƐĨŽƌƚŚĞLJĞĂƌǁĞƌĞďƌŽĂĚůLJĨůĂƚĂƚΨϮ͘ϴ
ďŝůůŝŽŶĂŶĚĚĞĐůŝŶĞĚϯ͘ϬйŽŶĂůŝŬĞĨŽƌůŝŬĞďĂƐŝƐ͘^ĐĂŶƐĂůĞƐĨŽƌƚŚĞ/,'ƌĞƚĂŝůŶĞƚǁŽƌŬϳŝŶĐƌĞĂƐĞĚϬ͘ϯй;>Ĩ>ͲϮ͘ϲйͿǁŝƚŚ/zнϮ͘ϳйĂŶĚ
dƌĂĚĞͲϭ͘Ϭй͘
/ŶdŽƚĂůdŽŽůƐ͕ƐĂůĞƐŝŶĐƌĞĂƐĞĚϭϲ͘ϰйƚŽΨϲϳϵ͘ϭŵŝůůŝŽŶ͕ůĂƌŐĞůLJƌĞĨůĞĐƚŝŶŐƚŚĞŝŵƉĂĐƚŽĨŶĞǁƐƚŽƌĞƐĂŶĚĂĚĚŝƚŝŽŶĂůŵĂũŽƌŝƚLJͲŽǁŶĞĚũŽŝŶƚ
ǀĞŶƚƵƌĞƐƚŽƌĞƐ͘KŶĂůŝŬĞĨŽƌůŝŬĞďĂƐŝƐ͕ƐĂůĞƐĚĞĐůŝŶĞĚϭ͘ϯй͘
ZĞƚĂŝůŶĞƚǁŽƌŬƐĂůĞƐϴĨŽƌdŽƚĂůdŽŽůƐŝŶĐƌĞĂƐĞĚϮ͘ϲйƚŽΨϭ͕ϭϭϮ͘ϯŵŝůůŝŽŶ͘KŶĂůŝŬĞĨŽƌůŝŬĞďĂƐŝƐ͕ƐĂůĞƐĚĞĐůŝŶĞĚϮ͘ϯйƌĞĨůĞĐƚŝŶŐŵŽƌĞ
ĐŚĂůůĞŶŐŝŶŐŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐĂŶĚŝŶƚĞŶƐĞƉƌŝĐŝŶŐƉƌĞƐƐƵƌĞŝŶƚŚĞŵĂƌŬĞƚ͕ƉĂƌƚŝĐƵůĂƌůLJŝŶƚŚĞĨŽƵƌƚŚƋƵĂƌƚĞƌ͘&ŽŽƚƚƌĂĨĨŝĐǁĂƐĚŽǁŶŝŶ
ďŽƚŚƚŚĞĨŝƌƐƚĂŶĚƐĞĐŽŶĚŚĂůĨ͕ďƵƚĐƵƐƚŽŵĞƌĐŽŶǀĞƌƐŝŽŶƐincreased, driven by Total Tools’ competitiveness and leading market position. 
dŚĞƉƌŝĐŝŶŐƉƌĞƐƐƵƌĞŚĂĚĂƐŚŽƌƚͲterm impact on Total Tools’ gross margin as the business responded to protect market share. Margins 
ŶŽƌŵĂůŝƐĞĚƚŽǁĂƌĚƐƚŚĞĞŶĚŽĨƚŚĞĨŽƵƌƚŚƋƵĂƌƚĞƌĨŽůůŽǁŝŶŐŵŽƌĞƉƌĞĐŝƐĞĂŶĚƐƚƌĂƚĞŐŝĐƌĞƐƉŽŶƐĞƐďLJdŽƚĂůdŽŽůƐ͘
,ĂƌĚǁĂƌĞ/dĚĞĐƌĞĂƐĞĚϯ͘ϴйƚŽΨϮϭϬ͘ϵŵŝůůŝŽŶ͕ǁŝƚŚďŽƚŚ/,'ĂŶĚdŽƚĂůdŽŽůƐĚĞůŝǀĞƌŝŶŐůŽǁĞƌĞĂƌŶŝŶŐƐĐŽŵƉĂƌĞĚƚŽ&zϮϯ͘dŚĞLJĞĂƌ
ŝŶĐůƵĚĞĚĂƐŝŐŶŝĨŝĐĂŶƚŝŶĐƌĞĂƐĞŝŶƌĞŐƵůĂƚŽƌLJĐŽƐƚƐ;ƉƌŝŵĂƌŝůLJŝŶsŝĐƚŽƌŝĂͿ͕ŚŝŐŚĞƌůĂďŽƵƌĂŶĚŽĐĐƵƉĂŶĐLJĐŽƐƚƐ͕ĂŶĚŽƚŚĞƌĐŽƐƚŝŶĨůĂƚŝŽŶ͘KŶĂ
ůŝŬĞĨŽƌůŝŬĞďĂƐŝƐ͕,ĂƌĚǁĂƌĞ/dĚĞĐůŝŶĞĚϭϭ͘Ϭй͘
/Ŷ/,'͕/dĚĞĐƌĞĂƐĞĚϰ͘ϵйƚŽΨϭϮϵ͘ϬŵŝůůŝŽŶ͕ƌĞĨůĞĐƚŝŶŐƚŚĞŝŵƉĂĐƚŽĨůŽǁĞƌƐĂůĞƐǀŽůƵŵĞƐĂŶĚĂĚĚŝƚŝŽŶĂůĐŽƐƚƐ͘ŶŝŶĐƌĞĂƐĞŝŶĐŽƐƚ
ƐĂǀŝŶŐƐŝŶŝƚŝĂƚŝǀĞƐŝŶƚŚĞƐĞĐŽŶĚŚĂůĨĞŶĂďůĞĚƚŚĞďƵƐŝŶĞƐƐƚŽŽĨĨƐĞƚŵŽƐƚŽĨƚŚĞĂĚĚŝƚŝŽŶĂůĐŽƐƚƐĂŶĚŚĞůƉĞĚƌĞƚƵƌŶƚŚĞďƵƐŝŶĞƐƐƚŽ/d
ŐƌŽǁƚŚĨŽƌƚŚĞŚĂůĨ͘
/ŶdŽƚĂůdŽŽůƐ͕/dǁĂƐΨϴϭ͘ϵŵŝůůŝŽŶ͕ĂĚĞĐůŝŶĞŽĨϭ͘ϵйŽƌϭϭ͘ϱйŽŶĂůŝŬĞĨŽƌůŝŬĞďĂƐŝƐ͕ĂŶĚŝŶĐůƵĚĞƐƚŚĞŽŶĞͲŽĨĨĂĚǀĞƌƐĞŝŵƉĂĐƚ
ĂƐƐŽĐŝĂƚĞĚǁŝƚŚŝƚƐƚƌĂŶƐŝƚŝŽŶƚŽƚŚĞŶĞǁZĂǀĞŶŚĂůů͕sŝĐƚŽƌŝĂĚŝƐƚƌŝďƵƚŝŽŶĐĞŶƚƌĞŝŶƚŚĞĨŝƌƐƚŚĂůĨ͕ĂŶĚƚŚĞŝŶĐƌĞĂƐĞŝŶĐŽŵƉĞƚŝƚŝǀĞŝŶƚĞŶƐŝƚLJ
ĞdžƉĞƌŝĞŶĐĞĚŝŶƚŚĞĨŽƵƌƚŚƋƵĂƌƚĞƌ͘dŽƚĂůdŽŽůƐ/dŵĂƌŐŝŶƐĐŽŶƚŝŶƵĞƚŽƚƌĞŶĚƚŽǁĂƌĚƐƌĞƚĂŝůůĞǀĞůƐĂƐƚŚĞƉƌŽƉŽƌƚŝŽŶŽĨĞĂƌŶŝŶŐƐĨƌŽŵ
ŽǁŶĞĚƌĞƚĂŝůƐƚŽƌĞƐŝŶĐƌĞĂƐĞƐ͘
dŚĞ,ĂƌĚǁĂƌĞ/dŵĂƌŐŝŶϱǁĂƐϲ͘ϭйǁŝƚŚ/,'ϰ͘ϲйĂŶĚdŽƚĂůdŽŽůƐϭϮ͘ϭй͘
&ŝŶĂŶĐĞĐŽƐƚƐĂŶĚƚĂdž
EĞƚĨŝŶĂŶĐĞĐŽƐƚƐŝŶĐƌĞĂƐĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌĚƌŝǀĞŶďLJŚŝŐŚĞƌŝŶƚĞƌĞƐƚƌĂƚĞƐĂŶĚƚŚĞŚŝŐŚĞƌůĞǀĞůƐŽĨĚĞďƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚĐĂƉŝƚĂů
ŝŶǀĞƐƚŵĞŶƚ͘dĂdžĞdžƉĞŶƐĞŽĨΨϭϮϬ͘ϱŵŝůůŝŽŶŽŶƵŶĚĞƌůLJŝŶŐƉƌŽĨŝƚƌĞƉƌĞƐĞŶƚƐĂŶĞĨĨĞĐƚŝǀĞƚĂdžƌĂƚĞŽĨϮϵ͘ϴй;&zϮϯ͗Ϯϵ͘ϮйͿ͘
^ŝŐŶŝĨŝĐĂŶƚŝƚĞŵƐ
^ŝŐŶŝĨŝĐĂŶƚŝƚĞŵƐĐĂƚĞŐŽƌŝĞƐǁĞƌĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŚĂůĨͲLJĞĂƌĂŶĚŝŶĐůƵĚĞĚWƌŽũĞĐƚ,ŽƌŝnjŽŶŝŵƉůĞŵĞŶƚĂƚŝŽŶĐŽƐƚƐŽĨΨϮϬ͘ϲŵŝůůŝŽŶ;&zϮϯ͗
Ψϯϰ͘ϲŵŝůůŝŽŶͿ͕ƉƵƚŽƉƚŝŽŶǀĂůƵĂƚŝŽŶĂŶĚďƵƐŝŶĞƐƐĂĐƋƵŝƐŝƚŝŽŶĐŽƐƚƐ;ŶĞƚͿŽĨΨϴ͘ϳŵŝůůŝŽŶ;&zϮϯ͗ΨϯϬ͘ϬŵŝůůŝŽŶͿ͕DĞŐĂŝƐƚƌŝďƵƚŝŽŶĞŶƚƌĞ
ƚƌĂŶƐŝƚŝŽŶĐŽƐƚƐŽĨΨϮ͘ϲŵŝůůŝŽŶ;&zϮϯ͗Ψϰ͘ϯŵŝůůŝŽŶͿĂŶĚŝŵƉĂŝƌŵĞŶƚƌĞǀĞƌƐĂůƐŽĨŶŝů;&zϮϯ͗ŝŵƉĂŝƌŵĞŶƚƌĞǀĞƌƐĂůƐŽĨΨϵ͘ϯŵŝůůŝŽŶͿ͘
ZĞĨĞƌŶŽƚĞϯ͘ϯŽĨƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚĨŽƌĨƵƌƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶ͘
ĂƐŚĨůŽǁƐ
&zϮϰ
Ψŵ
&zϮϯ
Ψŵ
KƉĞƌĂƚŝŶŐĐĂƐŚĨůŽǁƐ
ϰϴϮ͘ϲ
ϯϳϮ͘ϳ
/ŶǀĞƐƚŝŶŐĐĂƐŚĨůŽǁƐ͕ĞdžĐůƵĚŝŶŐƐƵďůĞĂƐĞƌĞĐĞŝƉƚƐ
;ϯϮϴ͘ϰͿ
;ϭϵϵ͘ϲͿ
WĂLJŵĞŶƚĨŽƌĂĐƋƵŝƐŝƚŝŽŶŽĨŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ
;ϭϯϵ͘ϴͿ
;ϭϮ͘ϴͿ
WĂLJŵĞŶƚƐĨŽƌůĞĂƐĞůŝĂďŝůŝƚŝĞƐ͕ŶĞƚĂŶĚŽƚŚĞƌĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ
;ϭϮϭ͘ϯͿ
;ϭϬϯ͘ϳͿ
;ϭϬϲ͘ϵͿ
ϱϲ͘ϲ
WƌŽĐĞĞĚƐĨƌŽŵĞƋƵŝƚLJƌĂŝƐĞ͕ŶĞƚŽĨƐŚĂƌĞŝƐƐƵĞĐŽƐƚƐ
ϯϱϭ͘ϵ
—
ŝǀŝĚĞŶĚƐƉĂŝĚƚŽƚŚĞŽǁŶĞƌƐŽĨƚŚĞƉĂƌĞŶƚ
;ϭϰϳ͘ϯͿ
;Ϯϭϳ͘ϮͿ
ĞĐƌĞĂƐĞͬ;/ŶĐƌĞĂƐĞͿŝŶŶĞƚĚĞďƚ
ϵϳ͘ϳ
;ϭϲϬ͘ϲͿ
DIRECTORS’ REPORT CONTINUED
Metcash Annual Report 2024
38


'ƌŽƵƉŽƉĞƌĂƚŝŶŐĐĂƐŚĨůŽǁƐǁĞƌĞΨϰϴϮ͘ϲŵŝůůŝŽŶ;&zϮϯ͗ΨϯϳϮ͘ϳŵŝůůŝŽŶͿ͕ƌĞƐƵůƚŝŶŐŝŶĂƐƚƌŽŶŐĐĂƐŚƌĞĂůŝƐĂƚŝŽŶƌĂƚŝŽŽĨϭϬϮй;&zϮϯ͗ϳϳйͿ
ĂŶĚƌĞĨůĞĐƚŝŶŐĂƌĞĚƵĐƚŝŽŶŝŶǁŽƌŬŝŶŐĐĂƉŝƚĂů͘
dŚĞ'ƌŽƵƉŚĂĚŶĞƚŝŶǀĞƐƚŝŶŐŽƵƚĨůŽǁƐ;ĞdžĐůƵĚŝŶŐƐƵďůĞĂƐĞƌĞĐĞŝƉƚƐͿŽĨΨϯϮϴ͘ϰŵŝůůŝŽŶ͕ŝŶĐůƵĚŝŶŐĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞŽĨΨϭϯϱ͘ϵŵŝůůŝŽŶĂŶĚ
ĂĐƋƵŝƐŝƚŝŽŶƐŽĨďƵƐŝŶĞƐƐĞƐŽĨΨϮϬϱ͘ϲŵŝůůŝŽŶ͘dŚĞĂĐƋƵŝƐŝƚŝŽŶƐŽĨďƵƐŝŶĞƐƐĞƐǁĞƌĞƉƌĞĚŽŵŝŶĂŶƚůLJŝŶƚŚĞ,ĂƌĚǁĂƌĞƉŝůůĂƌĂŶĚŝŶĐůƵĚĞĚƚŚĞ
ĂĐƋƵŝƐŝƚŝŽŶŽĨŝĂŶĐŽŽŶƐƚƌƵĐƚŝŽŶ^ƵƉƉůŝĞƐ͕ůƉŝŶĞdƌƵƐƐĂŶĚĂŶĂĚĚŝƚŝŽŶĂůĨŝǀĞTotal Tools ‘JV Stores’͘
dŚĞ'ƌŽƵƉĂůƐŽŝŶĐƌĞĂƐĞĚŝƚƐŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚŝŶdŽƚĂůdŽŽůƐ,ŽůĚŝŶŐƐWƚLJ>ƚĚĨƌŽŵϴϱйƚŽϭϬϬйĂŶĚƌĞƐĞƚƉƵƚŽƉƚŝŽŶĂƌƌĂŶŐĞŵĞŶƚƐĨŽƌ
ϭϭ:sƐƚŽƌĞƐďLJĂĐƋƵŝƌŝŶŐĂĚĚŝƚŝŽŶĂůŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚƐ͘
dŚĞ'ƌŽƵƉƌĂŝƐĞĚΨϯϱϭ͘ϵŵŝůůŝŽŶŽĨĞƋƵŝƚLJ;ŶĞƚŽĨƚƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐͿĚƵƌŝŶŐƚŚĞLJĞĂƌƚŽĨƵŶĚƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽĨŝĂŶĐŽŽŶƐƚƌƵĐƚŝŽŶ
^ƵƉƉůŝĞƐĂŶĚůƉŝŶĞdƌƵƐƐ͕ďŽƚŚĐŽŵƉůĞƚĞĚŝŶDĂƌĐŚϮϬϮϰ;ƌĞĨĞƌEŽƚĞϲ͘ϭͿĂŶĚƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽĨ^ƵƉĞƌŝŽƌ&ŽŽĚƐǁŚŝĐŚǁĂƐƐƵďƐĞƋƵĞŶƚůLJ
ĐŽŵƉůĞƚĞĚŽŶϯ:ƵŶĞϮϬϮϰ͘
dŚĞ'ƌŽƵƉƉĂŝĚΨϭϰϳ͘ϯŵŝůůŝŽŶ;&zϮϯ͗ΨϮϭϳ͘ϮŵŝůůŝŽŶͿŝŶĚŝǀŝĚĞŶĚƐĚƵƌŝŶŐƚŚĞĐƵƌƌĞŶƚĨŝŶĂŶĐŝĂůLJĞĂƌ͕ŶĞƚŽĨΨϲϲ͘ϰŵŝůůŝŽŶ;&zϮϯ͗EŝůͿ
ƌĞŝŶǀĞƐƚĞĚŝŶƐŚĂƌĞƐƉŽƐƚĂĐƚŝǀĂƚŝŽŶŽĨƚŚĞŝǀŝĚĞŶĚZĞŝŶǀĞƐƚŵĞŶƚWůĂŶǁŝƚŚĞĨĨĞĐƚĨƌŽŵƚŚĞ&zϮϯĨŝŶĂůĚŝǀŝĚĞŶĚ͘dŽƚĂůĚŝǀŝĚĞŶĚƐƉĂŝĚŝŶ
&zϮϰǁĂƐϮϮ͘ϬĐĞŶƚƐƉĞƌƐŚĂƌĞ;&zϮϯ͗ϮϮ͘ϱĐĞŶƚƐƉĞƌƐŚĂƌĞͿ͘
&ŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ
&zϮϰ
Ψŵ
&zϮϯ
Ψŵ

dƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ
ϭ͕ϵϬϲ͘Ϯ
ϭ͕ϳϲϰ͘ϳ
/ŶǀĞŶƚŽƌŝĞƐ
ϭ͕ϭϵϲ͘ϵ
ϭ͕ϭϴϯ͘ϰ
dƌĂĚĞƉĂLJĂďůĞƐĂŶĚƉƌŽǀŝƐŝŽŶƐ
;Ϯ͕ϲϯϱ͘ϬͿ
;Ϯ͕ϰϲϬ͘ϭͿ
EĞƚǁŽƌŬŝŶŐĐĂƉŝƚĂů
ϰϲϴ͘ϭ
ϰϴϴ͘Ϭ
/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐ
ϭ͕Ϭϲϭ͘ϱ
ϴϵϱ͘ϭ
WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ
ϯϰϬ͘ϭ
Ϯϳϯ͘ϲ
ƋƵŝƚLJͲĂĐĐŽƵŶƚĞĚŝŶǀĞƐƚŵĞŶƚƐ
ϭϯϱ͘ϲ
ϭϮϯ͘ϲ
ƵƐƚŽŵĞƌůŽĂŶƐĂŶĚĂƐƐĞƚƐŚĞůĚĨŽƌƐĂůĞ
ϮϮ͘ϵ
ϮϬ͘ϲ
dŽƚĂůĨƵŶĚƐĞŵƉůŽLJĞĚ
Ϯ͕ϬϮϴ͘Ϯ
ϭ͕ϴϬϬ͘ϵ
>ĞĂƐĞďĂůĂŶĐĞƐ;ŶĞƚͿ
;ϮϮϱ͘ϯͿ
;Ϯϭϰ͘ϴͿ
WƵƚŽƉƚŝŽŶůŝĂďŝůŝƚŝĞƐ
;ϭϳϱ͘ϰͿ
;ϮϴϮ͘ϮͿ
dĂdž͕ĚĞƌŝǀĂƚŝǀĞƐĂŶĚŽƚŚĞƌĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ
ϭϱϮ͘ϴ
ϭϯϬ͘ϴ
EĞƚĚĞďƚ
;Ϯϱϭ͘ϵͿ
;ϯϰϵ͘ϲͿ
EĞƚĂƐƐĞƚƐͬĞƋƵŝƚLJ
ϭ͕ϱϮϴ͘ϰ
ϭ͕Ϭϴϱ͘ϭ
EĞƚǁŽƌŬŝŶŐĐĂƉŝƚĂůĚĞĐƌĞĂƐĞĚďLJΨϭϵ͘ϵŵŝůůŝŽŶƚŽΨϰϲϴ͘ϭŵŝůůŝŽŶƌĞĨůĞĐƚŝŶŐƚŚĞ'ƌŽƵƉ’s ĐŽŶƚŝŶƵĞĚƐƚƌŽŶŐĨŽĐƵƐŽŶǁŽƌŬŝŶŐĐĂƉŝƚĂů
ŵĂŶĂŐĞŵĞŶƚ͘&ĂǀŽƵƌĂďůĞŵĂŶĂŐĞŵĞŶƚŽĨŝŶǀĞŶƚŽƌLJůĞǀĞůƐĂŶĚĐƵƐƚŽŵĞƌĐŽůůĞĐƚŝŽŶƐŽǀĞƌƚŚĞĨŽƵƌƚŚƋƵĂƌƚĞƌŚĞůƉĞĚŽĨĨƐĞƚƚŚĞŐƌŽǁƚŚ
ĨƌŽŵƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽĨďƵƐŝŶĞƐƐĞƐĂŶĚƚŚĞŝŶĐƌĞĂƐĞŝŶƐĂůĞƐ͘
WƵƚŽƉƚŝŽŶůŝĂďŝůŝƚŝĞƐŽĨΨϭϳϱ͘ϰŵŝůůŝŽŶƉƌĞĚŽŵŝŶĂŶƚůLJƌĞůĂƚĞƚŽƚŚĞdŽƚĂůdŽŽůƐ'ƌŽƵƉ;ƌĞĨĞƌŶŽƚĞϱ͘ϯŽĨƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚͿ͘
dŚĞ'ƌŽƵƉǁĂƐŝŶĂŶĞƚĚĞďƚƉŽƐŝƚŝŽŶĂƐĂƚϯϬƉƌŝůϮϬϮϰŽĨΨϮϱϭ͘ϵŵŝůůŝŽŶ;&zϮϯ͗Ψϯϰϵ͘ϲŵŝůůŝŽŶͿŽĨǁŚŝĐŚΨϭϱϬ͘ϬŵŝůůŝŽŶǁĂƐŚĞĚŐĞĚǀŝĂ
ŝŶƚĞƌĞƐƚƌĂƚĞƐǁĂƉƐ͕ǁŝƚŚĂǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞŚĞĚŐĞŵĂƚƵƌŝƚLJŽĨϭ͘ϯLJĞĂƌƐĂŶĚĂǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞŝŶƚĞƌĞƐƚƌĂƚĞŽĨϯ͘ϳй͘dŚĞĚĞĐƌĞĂƐĞŝŶ
the Group’s net debt positionůĂƌŐĞůLJƌĞĨůĞĐƚƐƚŚĞĐŽŶƚƌŝďƵƚŝŽŶĨƌŽŵƚŚĞĞƋƵŝƚLJƌĂŝƐĞ͘DĞƚĐĂƐŚŚĂĚΨϴϰϱ͘ϱŵŝůůŝŽŶŝŶƵŶƵƐĞĚĚĞďƚĨĂĐŝůŝƚŝĞƐ
ĂŶĚΨϵϳ͘ϯŵŝůůŝŽŶŽĨĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĂǀĂŝůĂďůĞĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞĨŽƌŝŵŵĞĚŝĂƚĞƵƐĞ͘
ŽŵŵŝƚŵĞŶƚƐ͕ĐŽŶƚŝŶŐĞŶĐŝĞƐĂŶĚŽƚŚĞƌĨŝŶĂŶĐŝĂůĞdžƉŽƐƵƌĞƐ
WƵƚŽƉƚŝŽŶƐ͕ŝŶĐůƵĚŝŶŐŝŶƌĞůĂƚŝŽŶƚŽZŝƚĐŚŝĞƐ^ƚŽƌĞƐWƚLJ>ƚĚ͕ĂƌĞĚĞƚĂŝůĞĚĂůŽŶŐǁŝƚŚŽƚŚĞƌĐŽŶƚŝŶŐĞŶƚůŝĂďŝůŝƚŝĞƐŝŶŶŽƚĞϱ͘ϯĂŶĚŶŽƚĞϳ͘ϯŽĨ
ƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
DĞƚĐĂƐŚŚĂƐĂŵŽĚĞƌĂƚĞĞdžƉŽƐƵƌĞƚŽŝŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬĂŶĚŵŝŶŝŵĂůĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞĞdžƉŽƐƵƌĞƐ͘&ƵƌƚŚĞƌĚĞƚĂŝůƐĂƌĞƐĞƚŽƵƚŝŶŶŽƚĞϱ͘ϲŽĨ
ƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
ϲ͘ Khd>KK<
dŽƚĂů'ƌŽƵƉƐĂůĞƐĨŽƌƚŚĞĨŝƌƐƚƐĞǀĞŶǁĞĞŬƐŽĨ&zϮϱŝŶĐƌĞĂƐĞĚϮ͘Ϯй͕ĂŶĚǁĞƌĞĨůĂƚĞdžĐůƵĚŝŶŐ^ƵƉĞƌŝŽƌ&ŽŽĚƐǁŚŝĐŚŚĂǀĞďĞĞŶŝŶĐůƵĚĞĚŝŶ
DĞƚĐĂƐŚƐĂůĞƐĨƌŽŵƚŚĞĚĂƚĞŽĨĂĐƋƵŝƐŝƚŝŽŶ;ϯ:ƵŶĞϮϬϮϰͿ͘
&ŽŽĚ;ĞdžͲƚŽďĂĐĐŽͿĂŶĚ>ŝƋƵŽƌŚĂǀĞĐŽŶƚŝŶƵĞĚƚŽƉĞƌĨŽƌŵƐƚƌŽŶŐůLJƵŶĚĞƌƉŝŶŶĞĚďLJƚŚĞŝƌƌĞƐŝůŝĞŶĐĞĂŶĚƚŚĞĐŽŶƚŝŶƵĞĚƐƵĐĐĞƐƐĨƵů
ĞdžĞĐƵƚŝŽŶŽĨƐƚƌĂƚĞŐŝĐŝŶŝƚŝĂƚŝǀĞƐ͘
^ƵƉĞƌŝŽƌ&ŽŽĚƐŝƐĂůƐŽƉĞƌĨŽƌŵŝŶŐƐƚƌŽŶŐůLJĂŶĚǁŝŶŶŝŶŐŶĞǁĐƵƐƚŽŵĞƌƐĂƐĞdžƉĞĐƚĞĚ͘
39
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dŚĞ,ĂƌĚǁĂƌĞďƵƐŝŶĞƐƐŝƐĐŽŶƚŝŶƵŝŶŐƚŽƉĞƌĨŽƌŵďĞƚƚĞƌƚŚĂŶŝƚƐƐŽĨƚĞƌĂĚĚƌĞƐƐĂďůĞŵĂƌŬĞƚ͕ĂůƐŽĚĞŵŽŶƐƚƌĂƚŝŶŐŝƚƐƌĞƐŝůŝĞŶĐĞĂŶĚƚŚĞ
ƐƵĐĐĞƐƐĨƵůĞdžĞĐƵƚŝŽŶŽĨŝŶŝƚŝĂƚŝǀĞƐ͘/ŶƉƌŽĨĞƐƐŝŽŶĂůƚŽŽůƐ͕ƚŚĞƌĞĂƌĞƐŝŐŶƐŽĨƐŽŵĞĂďĂƚĞŵĞŶƚƚŽƚŚĞŝŶƚĞŶƐĞƉƌŝĐŝŶŐƉƌĞƐƐƵƌĞƐĞĞŶŝŶƌĞĐĞŶƚ
ŵŽŶƚŚƐ͘
dŚĞŽŵƉĂŶLJĐŽŶƚŝŶƵĞƐƚŽŚĂǀĞĂƐƚƌŽŶŐĨŽĐƵƐŽŶĐŽƐƚƐĂŶĚǁŽƌŬŝŶŐĐĂƉŝƚĂůŵĂŶĂŐĞŵĞŶƚĂŶĚĞdžƉĞĐƚƐƚŽĚĞůŝǀĞƌĂŶĂĚĚŝƚŝŽŶĂůΨϭϱ
ŵŝůůŝŽŶŽĨĂŶŶƵĂůŝƐĞĚĐŽƐƚƐĂǀŝŶŐƐŝŶ&zϮϱ͘
DĞƚĐĂƐŚŝƐǁĞůůƉŽƐŝƚŝŽŶĞĚǁŝƚŚƚŚĞƉůĂŶƐ͕ƉůĂƚĨŽƌŵ͕ĐĂƉĂďŝůŝƚŝĞƐĂŶĚĚŝǀĞƌƐĞďƵƐŝŶĞƐƐƉŽƌƚĨŽůŝŽĨŽƌĨƵƚƵƌĞŐƌŽǁƚŚĂŶĚƐƚƌŽŶŐƌĞƚƵƌŶƐ
ƚŚƌŽƵŐŚƚŚĞĐLJĐůĞ͘
ϳ͘ DdZ/>h^/E^^Z/^<^
dŚĞĨŽůůŽǁŝŶŐƐĞĐƚŝŽŶŽƵƚůŝŶĞƐƚŚĞŵĂƚĞƌŝĂůďƵƐŝŶĞƐƐƌŝƐŬƐƚŚĂƚŵĂLJŝŵƉĂĐƚŽŶƚŚĞ'ƌŽƵƉĂĐŚŝĞǀŝŶŐŝƚƐƐƚƌĂƚĞŐŝĐŽďũĞĐƚŝǀĞƐĂŶĚďƵƐŝŶĞƐƐ
ŽƉĞƌĂƚŝŽŶƐ͕ŝŶĐůƵĚŝŶŐƚŚĞŵŝƚŝŐĂƚŝŶŐĨĂĐƚŽƌƐƉƵƚŝŶƉůĂĐĞƚŽĂĚĚƌĞƐƐƚŚŽƐĞƌŝƐŬƐ͘dŚĞŵĂƚĞƌŝĂůƌŝƐŬƐĂƌĞŶŽƚƐĞƚŽƵƚŝŶĂŶLJƉĂƌƚŝĐƵůĂƌŽƌĚĞƌ
ĂŶĚĞdžĐůƵĚĞŵĂŶLJŐĞŶĞƌĂůƌŝƐŬƐƚŚĂƚĐŽƵůĚŚĂǀĞĂŵĂƚĞƌŝĂůĞĨĨĞĐƚŽŶŵŽƐƚďƵƐŝŶĞƐƐĞƐŝŶƵƐƚƌĂůŝĂƵŶĚĞƌŶŽƌŵĂůŽƉĞƌĂƚŝŶŐĐŽŶĚŝƚŝŽŶƐ͘
^ƚƌĂƚĞŐLJĂŶĚĚŝƐƌƵƉƚŝŽŶƌŝƐŬƐ
ŽŶƐƵŵĞƌďĞŚĂǀŝŽƵƌĂŶĚƉƌĞĨĞƌĞŶĐĞƐĐŽŶƚŝŶƵĞƚŽĐŚĂŶŐĞĂŶĚĂƌĞŝŶĨůƵĞŶĐĞĚďLJĨĂĐƚŽƌƐƐƵĐŚĂƐĞĐŽŶŽŵŝĐĐŽŶĚŝƚŝŽŶƐ͕ĚŝŐŝƚĂůĂŶĚ
ƚĞĐŚŶŽůŽŐŝĐĂůĚĞǀĞůŽƉŵĞŶƚĂŶĚĚŝƐƌƵƉƚŝŽŶ͕ŚĞĂůƚŚLJůŝǀŝŶŐƚƌĞŶĚƐ͕ƐƵƐƚĂŝŶĂďŝůŝƚLJƉƌĞĨĞƌĞŶĐĞƐĂŶĚŝŶĐƌĞĂƐŝŶŐĐŚŽŝĐĞƐŝŶďŽƚŚŽŶůŝŶĞĂŶĚŝŶͲ
ƐƚŽƌĞƌĞƚĂŝůŽƉƚŝŽŶƐ͘
While Metcash’s business operations and strategic priorities are frequently reviewed and developed, and management regularly ƌĞǀŝĞǁƐ
DĞƚĐĂƐŚ’sƉůĂŶƐĂŐĂŝŶƐƚŵĂƌŬĞƚĐŚĂŶŐĞƐĂŶĚŵŽĚŝĨŝĞƐŝƚƐĂƉƉƌŽĂĐŚ;ǁŚĞƌĞŶĞĐĞƐƐĂƌLJͿ͕ƐƵĐŚƌĞǀŝĞǁƐĂŶĚŵŽĚŝĨŝĐĂƚŝŽŶƐŵĂLJďĞŝŶĞĨĨĞĐƚŝǀĞ
ŝŶůŝŐŚƚŽĨƐŝŐŶŝĨŝĐĂŶƚůLJĐŚĂŶŐĞĚĐŽŶĚŝƚŝŽŶƐ͘&ŽƌĞdžĂŵƉůĞ͕ƚŽďĂĐĐŽƐĂůĞƐ͕ǁŚŝĐŚƌĞƉƌĞƐĞŶƚĂƐŝŐŶŝĨŝĐĂŶƚƉƌŽƉŽƌƚŝŽŶŽĨƚŚĞƉƌŽĚƵĐƚƐDĞƚĐĂƐŚ
ƐƵƉƉůŝĞƐƚŽŝƚƐŝŶĚĞƉĞŶĚĞŶƚƌĞƚĂŝůĞƌƐ͕ŚĂǀĞďĞĞŶĂŶĚŵĂLJĐŽŶƚŝŶƵĞƚŽďĞĂĚǀĞƌƐĞůLJŝŵƉĂĐƚĞĚďLJŚĞĂůƚŚLJůŝǀŝŶŐƚƌĞŶĚƐ͕ĐŽƐƚŽĨůŝǀŝŶŐ
ƉƌĞƐƐƵƌĞƐĂŶĚƚŚĞƉƌĞǀĂůĞŶĐĞĂŶĚƐƵƉƉůLJŽĨŝůůŝĐŝƚƚŽďĂĐĐŽ͘
DĞƚĐĂƐŚŝƐĐŽŶƚŝŶƵŝŶŐƚŽŝŶǀĞƐƚŝŶĚŝŐŝƚĂů͕ĞdžƉĂŶĚŝŶŐŽƵƌĐĂƉĂďŝůŝƚLJĂŶĚŝŵƉƌŽǀŝŶŐŽƵƌĚĞůŝǀĞƌLJŽĨĚŝŐŝƚĂůƐŽůƵƚŝŽŶƐƚŽŽƵƌƌĞƚĂŝůĞƌƐĂŶĚ
ƐŚŽƉƉĞƌƐ͘dŚŝƐŝƐďĞŝŶŐĂĐŚŝĞǀĞĚƚŚƌŽƵŐŚŝŶǀĞƐƚŵĞŶƚŝŶŽƵƌŽŶůŝŶĞƐƚŽƌĞƐ͕the expansion of the ‘Sorted’ platform, and improvements in 
ůŽLJĂůƚLJŽĨĨĞƌŝŶŐƐŝŶ>ŝƋƵŽƌ͘
&ƵƌƚŚĞƌ͕ǁŚŝůĞDĞƚĐĂƐŚŝƐĂĐĐĞůĞƌĂƚŝŶŐŝƚƐŝŶǀĞƐƚŵĞŶƚŝŶĚŝŐŝƚĂůƐŽůƵƚŝŽŶƐ͕ĞdžƉĂŶĚŝŶŐŝƚƐĐĂƉĂďŝůŝƚLJĂŶĚŝŵƉƌŽǀŝŶŐƚŚĞĚĞůŝǀĞƌLJŽĨĚŝŐŝƚĂů
ƐŽůƵƚŝŽŶƐƚŽŝƚƐƌĞƚĂŝůĞƌƐĂŶĚƐŚŽƉƉĞƌƐ͕ƚŚĞƌĞŝƐĂƌŝƐŬƚŚĂƚDĞƚĐĂƐŚŵĂLJĞdžƉĞƌŝĞŶĐĞƉƌŽũĞĐƚĞdžĞĐƵƚŝŽŶŝƐƐƵĞƐŽƌŵĂLJŶŽƚƌĞĂůŝƐĞƚŚĞĨƵůů
ďĞŶĞĨŝƚƐŽĨƚŚĞƐĞƉƌŽũĞĐƚƐ͘dŚĞƌĞŝƐĂůƐŽĂƌŝƐŬƚŚĂƚƉƌŽũĞĐƚƐŵĂLJĞdžƉĞƌŝĞŶĐĞƐĐŽƉĞǀĂƌŝĂƚŝŽŶƐ͕ĚĞůĂLJƐŽƌĐŽƐƚŽǀĞƌƌƵŶƐ͘
ĐĐŽƌĚŝŶŐůLJ͕ŝĨƚŚĞ'ƌŽƵƉĨĂŝůƐƚŽĂĚũƵƐƚŽƌĞdžĞĐƵƚĞŝƚƐƐƚƌĂƚĞŐŝĞƐƚŽƌĞƐƉŽŶĚƚŽĐŚĂŶŐĞƐŝŶĐŽŶƐƵŵĞƌďĞŚĂǀŝŽƵƌĂŶĚƉƌĞĨĞƌĞŶĐĞƐ͕ƚŚŝƐŵĂLJ
have a material adverse impact on the Group’s financial performance and profitability.tĞƐĞĞŬƚŽŵĂŶĂŐĞƚŚĞƐĞƌŝƐŬƐƚŚƌŽƵŐŚŽƵƌ
WƌŽŐƌĂŵDĂŶĂŐĞŵĞŶƚKĨĨŝĐĞĂŶĚĂƉƉƌŽĂĐŚƚŽƉƌŽũĞĐƚŐŽǀĞƌŶĂŶĐĞ͕ŝŶĐůƵĚŝŶŐŽǀĞƌƐŝŐŚƚďLJƚŚĞ'ƌŽƵƉ>ĞĂĚĞƌƐŚŝƉdĞĂŵĂŶĚƚŚĞŽĂƌĚ͘
Ks/ͲϭϵĂŶĚƉĂŶĚĞŵŝĐƌŝƐŬƐ
ůƚŚŽƵŐŚƚŚĞtŽƌůĚ,ĞĂůƚŚKƌŐĂŶŝƐĂƚŝŽŶŚĂƐĚĞĐůĂƌĞĚĂŶĞŶĚƚŽƚŚĞKs/ͲϭϵƉƵďůŝĐŚĞĂůƚŚĞŵĞƌŐĞŶĐLJŽĨŝŶƚĞƌŶĂƚŝŽŶĂůĐŽŶĐĞƌŶ͕
DĞƚĐĂƐŚŚĂƐĐŽŶƚŝŶƵĞĚƚŽĞdžƉĞƌŝĞŶĐĞƐŽŵĞĐŚĂůůĞŶŐĞƐŝŶĨůƵĞŶĐĞĚďLJKs/Ͳϭϵ͕ŝŶĐůƵĚŝŶŐĞŵƉůŽLJĞĞĂďƐĞŶƚĞĞŝƐŵ͕ůŽǁƚŽŵŽĚĞƌĂƚĞ
ůĞǀĞůƐof supply chain disruption, and workforce labour shortages. The Group’s operations and those of our customers and suppliers 
ĐŽƵůĚďĞŝŵƉĂĐƚĞĚďLJKs/ͲϭϵƚŚƌŽƵŐŚĂŶLJƌĞŝŶƚƌŽĚƵĐƚŝŽŶŽĨƌĞƐƚƌŝĐƚŝŽŶƐƐƵĐŚĂƐƐŽĐŝĂůĚŝƐƚĂŶĐŝŶŐ͕ƋƵĂƌĂŶƚŝŶĞƐ͕ƚƌĂǀĞůŽƌŵŝŐƌĂƚŝŽŶ
ƌĞƐƚƌŝĐƚŝŽŶƐ͕ǁŽƌŬƐƚŽƉƉĂŐĞƐ͕ŚĞĂůƚŚĂƵƚŚŽƌŝƚLJĂĐƚŝŽŶƐ͕ůŽĐŬĚŽǁŶƐŽƌŽƚŚĞƌƌĞůĂƚĞĚŵĞĂƐƵƌĞƐ͘ŶLJŽĨƚŚĞƐĞĨĂĐƚŽƌƐŵĂLJĂĚǀĞƌƐĞůLJŝŵƉĂĐƚ
the Group’s operational and financial performance.
ŽŵƉĞƚŝƚŝŽŶƌŝƐŬƐ
ŶLJŝŶĐƌĞĂƐĞŝŶĐŽŵƉĞƚŝƚŝǀĞĂĐƚŝǀŝƚLJĨƌŽŵŶĞǁŽƌĞdžŝƐƚŝŶŐĐŽŵƉĞƚŝƚŽƌƐ;ŝŶĐůƵĚŝŶŐŝŶƚŚĞĨŽƌŵŽĨĂĐƋƵŝƐŝƚŝŽŶƐďLJĐŽŵƉĞƚŝƚŽƌƐŽĨ
ŝŶĚĞƉĞŶĚĞŶƚƐƚŽƌĞƐŝŶŽƵƌŶĞƚǁŽƌŬ͕ĐŽŵƉĞƚŝƚŽƌƐƐŽůŝĐŝƚŝŶŐĐƵƐƚŽŵĞƌƐƚŽŽƉĞƌĂƚĞƵŶĚĞƌŶŽŶͲDĞƚĐĂƐŚďĂŶŶĞƌƐ͕ĐŽŵƉĞƚŝƚŽƌƐĞŶŐĂŐŝŶŐŝŶ
ƉƌŝĐĞǁĂƌƐŽƌĐŽŵƉĞƚŝƚŝǀĞĚŝƐĐŽƵŶƚƉƌŽŵŽƚŝŽŶƐ͕ĂŶĞǁŵĂƌŬĞƚĞŶƚƌĂŶƚǁŝƚŚĂǁŚŽůĞƐĂůĞƌŵŽĚĞů͕ǁŚĞƌĞƐƵƉƉůŝĞƌƐƐĞůůĚŝƌĞĐƚůLJƚŽƚŚĞ
Group’s customers, where customers form their own buying ŐƌŽƵƉƐƚŽĐŽůůĞĐƚŝǀĞůLJŶĞŐŽƚŝĂƚĞĂŶĚƉƵƌĐŚĂƐĞĚŝƌĞĐƚůLJĨƌŽŵƐƵƉƉůŝĞƌƐŽƌ
ǁŚĞƌĞŝŶĚŝƌĞĐƚĐŽŵƉĞƚŝƚŽƌƐĐŚĂŶŐĞƚŚĞŝƌďƵƐŝŶĞƐƐŵŽĚĞůƐƚŽĐŽŵƉĞƚĞĚŝƌĞĐƚůLJǁŝƚŚƚŚĞ'ƌŽƵƉͿŵĂLJŚĂǀĞĂĚĞƚƌŝŵĞŶƚĂůĞĨĨĞĐƚŽŶƚŚĞ
Group’s operations, particularly if Metcash fails to respond effectively to that competitive activity or its response is dĞůĂLJĞĚ;ĨŽƌĞdžĂŵƉůĞ͕
as a result of the time required to engage with the Group’s independent retail network in order to implement an initiative). /ŶĐƌĞĂƐĞĚ
competition may also adversely impact Metcash’s longͲƚĞƌŵƉĞƌĨŽƌŵĂŶĐĞĂŶĚƉƌŽĨŝƚĂďŝůŝƚLJ͘tĞƐĞĞŬƚŽŵĂŶĂŐĞƚŚŝƐƌŝƐŬƚŚƌŽƵŐŚƚŚĞ
ĚĞůŝǀĞƌLJŽĨŽƵƌƐƚƌĂƚĞŐŝĐƉůĂŶĂŶĚĞdžĞĐƵƚŝŽŶŽĨŝŶŝƚŝĂƚŝǀĞƐ͘
<ĞLJďƌĂŶĚƐƌŝƐŬ
Metcash’s success in generating profits and increasing its market share is based on the success of the key brands it owns or ůŝĐĞŶĐĞƐ͘
ZĞůŝĂŶĐĞŽŶŬĞLJďƌĂŶĚƐŵĂŬĞƐDĞƚĐĂƐŚǀƵůŶĞƌĂďůĞƚŽďƌĂŶĚĚĂŵĂŐĞĨƌŽŵŶĞŐĂƚŝǀĞƉƵďůŝĐŝƚLJ͕ƉƌŽĚƵĐƚƚĂŵƉĞƌŝŶŐŽƌƌĞĐĂůůƐ͕ƵŶĂƵƚŚŽƌŝƐĞĚ
ƵƐĞŽĨŝƚƐďƌĂŶĚƐŽƌŝŶĞĨĨĞĐƚŝǀĞďƌĂŶĚŵĂŶĂŐĞŵĞŶƚďLJDĞƚĐĂƐŚŽƌŝƚƐůŝĐĞŶƐĞĞƐ͕ŝŶĐƌĞĂƐŝŶŐƚŚĞƌŝƐŬŽĨĂƐƐĞƚǁƌŝƚĞĚŽǁŶƐ͘tĞƐĞĞŬƚŽ
ŵĂŶĂŐĞƚŚŝƐƌŝƐŬƚŚƌŽƵŐŚĐŽŶƚƌĂĐƚƵĂůĂƌƌĂŶŐĞŵĞŶƚƐǁŝƚŚůŝĐĞŶƐĞĞƐ͕ƚƌĂĚĞŵĂƌŬŵŽŶŝƚŽƌŝŶŐ͕ĂŶĚŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨĐŽŶƚƌŽůƐƚŽŵĂŶĂŐĞ
ƉƌŝǀĂƚĞůĂďĞůƉƌŽĚƵĐƚƋƵĂůŝƚLJĂŶĚƐĂĨĞƚLJ͘
/ŶĂĚĚŝƚŝŽŶ͕DĞƚĐĂƐŚĚŽĞƐŶŽƚŽǁŶƚŚĞ/'ďƌĂŶĚ͕ďƵƚƌĂƚŚĞƌůŝĐĞŶĐĞƐŝƚĨƌŽŵ/'͕/ŶĐ͘tŚŝůĞ/'͕/ŶĐ͘ŵĂLJŽŶůLJƚĞƌŵŝŶĂƚĞƚŚĞůŝĐĞŶĐĞ
ĂŐƌĞĞŵĞŶƚŝŶůŝŵŝƚĞĚĐŝƌĐƵŵƐƚĂŶĐĞƐ;ŝŶĐůƵĚŝŶŐĨŽƌŝŶƐŽůǀĞŶĐLJĂŶĚŵĂƚĞƌŝĂůďƌĞĂĐŚŽĨƚŚĞĂŐƌĞĞŵĞŶƚͿ͕ƚŚĞƌĞŝƐŶŽŐƵĂƌĂŶƚĞĞƚŚĂƚDĞƚĐĂƐŚ
ǁŝůůĐŽŶƚŝŶƵĞƚŽŚĂǀĞƚŚĞƌŝŐŚƚƚŽƵƐĞƚŚĞ/'ďƌĂŶĚŝŶƉĞƌƉĞƚƵŝƚLJ͘
DIRECTORS’ REPORT CONTINUED
Metcash Annual Report 2024
40


DĂĐƌŽĞĐŽŶŽŵŝĐĂŶĚŐĞŽƉŽůŝƚŝĐĂůƌŝƐŬ
'ĞŶĞƌĂůŵĂĐƌŽĞĐŽŶŽŵŝĐĐŽŶĚŝƚŝŽŶƐĂŶĚĨĂĐƚŽƌƐŝŶĐůƵĚŝŶŐŝŶĨůĂƚŝŽŶ͕ůŽǁůĞǀĞůƐŽĨƵŶĞŵƉůŽLJŵĞŶƚ͕ŵŽŶĞƚĂƌLJƉŽůŝĐLJĂŶĚǀĂƌŝĂďŝůŝƚLJŝŶ
ŝŶƚĞƌĞƐƚƌĂƚĞƐ͕ĐŚĂŶŐĞƐŝŶŐŽǀĞƌŶŵĞŶƚƐĂŶĚƚŚĞŝƌĂƉƉƌŽĂĐŚƚŽĨŝƐĐĂůƉŽůŝĐLJŝŶĐůƵĚŝŶŐŝŶĐƌĞĂƐŝŶŐƚĂdžĞƐ͕ůĞǀŝĞƐĂŶĚŽƚŚĞƌŝŵƉŽƐƚƐ͕ǀĂƌŝĂďŝůŝƚLJ
ŝŶĞŶĞƌŐLJĂŶĚŝŶƉƵƚĐŽƐƚƐ͕ĐLJĐůŝĐĂůŝƚLJŝŶďƵŝůĚŝŶŐĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶŵĂƌŬĞƚƐ͕ĂŶĚĐŚĂŶŐĞƐŝŶĐŽŶƐƵŵĞƌƉƵƌĐŚĂƐŝŶŐďĞŚĂǀŝŽƵƌŵĂLJĂĚǀĞƌƐĞůLJ
impact our customers as well as Metcash’s earnings, cost of doing business and profitability.  &ŽƌĞdžĂŵƉůĞ͕ƚŚĞŝŶĐƌĞĂƐŝŶŐĐŽƐƚŽĨůŝǀŝŶŐ
ƉƌĞƐƐƵƌĞƐŵĂLJƌĞƐƵůƚŝŶĐŽƐƚĐŽŶƐĐŝŽƵƐĐŽŶƐƵŵĞƌƐƌĞĚƵĐŝŶŐƉƵƌĐŚĂƐĞƐŵĂĚĞĂƚŝŶĚĞƉĞŶĚĞŶƚƌĞƚĂŝůĞƌƐŽƌƐƵďƐƚŝƚƵƚŝŶŐƐƵĐŚŐŽŽĚƐǁŝƚŚ
ƉƵƌĐŚĂƐĞƐŵĂĚĞĂƚŽƚŚĞƌƉĞƌĐĞŝǀĞĚůŽǁĞƌƉƌŝĐĞƌĞƚĂŝůĞƌƐ͘^ĞƉĂƌĂƚĞůLJ͕ƚŚĞĐŽƐƚŽĨŚŽƵƐŝŶŐĂŶĚŚŽƵƐŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶŝƐƐƵďũĞĐƚƚŽǀĂƌŝĂƚŝŽŶƐ
ŝŶďƵŝůĚŝŶŐĐŽƐƚƐ͕ŵĂƚĞƌŝĂůƐĂŶĚŚŽŵĞͲďƵŝůĚŝŶŐĐĂƉĂĐŝƚLJ͘ĨĨŽƌĚĂďŝůŝƚLJŽĨŚŽƵƐŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶŝƐŝŵƉĂĐƚĞĚŝŶĂĚĚŝƚŝŽŶďLJŝŶƚĞƌĞƐƚƌĂƚĞƐ͘
ĐŽŶŽŵŝĐĐŽŶĚŝƚŝŽŶƐŵĂLJĂůƐŽŝŵƉĂĐƚƚŚĞǀŝĂďŝůŝƚLJŽĨƐŽŵĞďƵŝůĚŝŶŐĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶĐƵƐƚŽŵĞƌƐ͘dŚĞƐĞĨĂĐƚŽƌƐŵĂLJŚĂǀĞĂŶŝŵƉĂĐƚŽŶ
the hardware and tools parts of Metcash’s business.
tĞƐĞĞŬƚŽŵĂŶĂŐĞƚŚĞƐĞƌŝƐŬƐƚŚƌŽƵŐŚŵĂŝŶƚĂŝŶŝŶŐǀŝŐŝůĂŶĐĞŽǀĞƌŽƵƌĐŽƐƚƐƚƌƵĐƚƵƌĞĂŶĚĚĞůŝǀĞƌŝŶŐŽŶŽƵƌƐƚƌĂƚĞŐLJƚŽŐƌŽǁĞĂƌŶŝŶŐƐĂŶĚ
ƉƌŽĨŝƚĂďŝůŝƚLJ͘
&ƵƌƚŚĞƌ͕ŐĞŽƉŽůŝƚŝĐĂůƚĞŶƐŝŽŶƐĂŶĚĂĐƚŝŽŶƐŽĨŶĂƚŝŽŶƐƚĂƚĞƐ͕ŝŶĐůƵĚŝŶŐƚƌĂĚĞǁĂƌƐ͕ƚĞƌƌŝƚŽƌŝĂůĚŝƐƉƵƚĞƐ͕ŝŶĐƵƌƐŝŽŶƐ͕ĂŶĚǁĂƌŵĂLJĂĚǀĞƌƐĞůLJ
impact Metcash’s operations and supply chain, resulting inĚĞůŝǀĞƌLJĚĞůĂLJƐŽƌƚŚĞƵŶĂǀĂŝůĂďŝůŝƚLJŽĨĐĞƌƚĂŝŶƉƌŽĚƵĐƚƐŽƌŝŶƉƵƚƐ͕ŝŶĐƌĞĂƐĞĚ
ĐŽƐƚŽĨĚŽŝŶŐďƵƐŝŶĞƐƐĂŶĚƐƵďƐĞƋƵĞŶƚŝŵƉĂĐƚŽŶƉƌŽĨŝƚĂďŝůŝƚLJ͘tĞƐĞĞŬƚŽŵĂŶĂŐĞƚŚĞƐĞƌŝƐŬƐƚŚƌŽƵŐŚĨŽƌĞĐĂƐƚŝŶŐĂŶĚƉůĂŶŶŝŶŐƚŽ
ŵĂŝŶƚĂŝŶĂĚĞƋƵĂƚĞůĞǀĞůƐŽĨƐƵƉƉůLJ͕ĂƐǁĞůůĂƐƵŶĚĞƌƐƚĂŶĚŝŶŐĂůƚĞƌŶĂƚŝǀĞĂǀĞŶƵĞƐŽĨƐƵƉƉůLJ͘
KƉĞƌĂƚŝŽŶĂůƌŝƐŬƐ
ƐĂǁŚŽůĞƐĂůĞƌ͕DĞƚĐĂƐŚŝƐƌĞůŝĂŶƚƵƉŽŶƚŚĞƐƵĐĐĞƐƐŽĨŝƚƐƐƵƉƉůŝĞƌƐĂŶĚƌĞƚĂŝůĞƌƐ͘DĞƚĐĂƐŚĐŽŶƚŝŶƵĞƐƚŽŝŶǀĞƐƚŝŶƉƌŽŐƌĂŵƐƚŽŝŵƉƌŽǀĞ
the health of the independent retail network and improving Metcash’s infrastructure to make it simpler to do business. TheseƉƌŽŐƌĂŵƐ
ĂŝŵƚŽƐƚƌĞŶŐƚŚĞŶDĞƚĐĂƐŚĂƐƚŚĞďƵƐŝŶĞƐƐƉĂƌƚŶĞƌŽĨĐŚŽŝĐĞĨŽƌďŽƚŚŝƚƐƐƵƉƉůŝĞƌƐĂŶĚƌĞƚĂŝůĞƌƐ͘ƐǁŝƚŚĂŶLJƐŝŐŶŝĨŝĐĂŶƚĐŚĂŶŐĞ͕ƚŚĞƌĞŝƐĂ
ƌŝƐŬƚŚĂƚƚŚĞƐĞƚƌĂŶƐĨŽƌŵĂƚŝŽŶƉƌŽŐƌĂŵƐĨĂŝůƚŽĚĞůŝǀĞƌƚŚĞĞdžƉĞĐƚĞĚďĞŶĞĨŝƚƐ͕ĞdžƉĞƌŝĞŶĐĞĚĞůĂLJƐ͕ƐĐŽƉĞǀĂƌŝĂƚŝŽŶƐŽƌĐŽƐƚŽǀĞƌƌƵŶƐ͘
DĞƚĐĂƐŚŚĂƐƐƚƌĞŶŐƚŚĞŶĞĚŝƚƐŐŽǀĞƌŶĂŶĐĞĨƌĂŵĞǁŽƌŬƐƚŽŵĂŶĂŐĞƚŚĞƐĞĐŚĂŶŐĞƉƌŽŐƌĂŵƐƚŚƌŽƵŐŚƚŚĞĞƐƚĂďůŝƐŚŵĞŶƚŽĨĚĞĚŝĐĂƚĞĚ
ƉƌŽũĞĐƚƚĞĂŵƐƚŽĞŶƐƵƌĞƉƌŽũĞĐƚƐĂƌĞĚĞůŝǀĞƌĞĚĂŶĚƌŝƐŬƐĂƌĞĂĚĚƌĞƐƐĞĚŝŶĂƚŝŵĞůLJŵĂŶŶĞƌ͘
Disruption to, or inefficiency or failure within Metcash’s supply chain, product sourcing ability, or of key support systems ĐŽƵůĚŝŵƉĂĐƚ
the Group’s ability to deliver on its objectives, its operational capability and financial performance. We seek to manĂŐĞƚŚŝƐƌŝƐŬƚŚƌŽƵŐŚ
ƚŚĞŽŶŐŽŝŶŐŵŽŶŝƚŽƌŝŶŐŽĨŽƵƌŽƉĞƌĂƚŝŽŶƐƚŽĞŶƐƵƌĞŽƵƌƐƵƉƉůLJĐŚĂŝŶĂŶĚƐƵƉƉŽƌƚƐLJƐƚĞŵƐĂƌĞĂďůĞƚŽƐĐĂůĞĂƉƉƌŽƉƌŝĂƚĞůLJƚŽƌĞƐƉŽŶĚƚŽ
ďƵƐŝŶĞƐƐŶĞĞĚƐ͘
ŽŵƉůŝĂŶĐĞƌŝƐŬƐ
Metcash’s operations require compliance with various regulatory requirements including work health and safety, food and produĐƚ
ƐĂĨĞƚLJ͕ĞŶǀŝƌŽŶŵĞŶƚĂů͕ǁŽƌŬƉůĂĐĞŝŶĚƵƐƚƌŝĂůƌĞůĂƚŝŽŶƐ͕ƉƵďůŝĐĂŶĚƉƌŽĚƵĐƚůŝĂďŝůŝƚLJ͕ŵŽĚĞƌŶƐůĂǀĞƌLJ͕ƉƌŝǀĂĐLJĂŶĚƐĞĐƵƌŝƚLJ͕ĨŝŶĂŶĐŝĂů͕ĂŶƚŝͲ
ŵŽŶĞLJůĂƵŶĚĞƌŝŶŐ͕ĐƌŝƚŝĐĂůŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚŝŶĚƵƐƚƌLJĐŽĚĞƐŽĨĐŽŶĚƵĐƚ͘ŶLJƌĞŐƵůĂƚŽƌLJďƌĞĂĐŚĐŽƵůĚŚĂǀĞĂŵĂƚĞƌŝĂůŶĞŐĂƚŝǀĞŝŵƉĂĐƚŽŶ
ƚŚĞŽƉĞƌĂƚŝŽŶĂůƉĞƌĨŽƌŵĂŶĐĞ͕ƌĞƉƵƚĂƚŝŽŶŽƌĨŝŶĂŶĐŝĂůƌĞƐƵůƚƐŽĨDĞƚĐĂƐŚŽƌŝƚƐƐƚĂŬĞŚŽůĚĞƌƐ͘EŽŶͲĐŽŵƉůŝĂŶĐĞǁŝƚŚĂƉƉůŝĐĂďůĞůĂǁƐĂŶĚ
ƌĞŐƵůĂƚŝŽŶƐĐŽƵůĚĞdžƉŽƐĞDĞƚĐĂƐŚƚŽĨŝŶĞƐ͕ƉĞŶĂůƚŝĞƐ͕ŝŶǀĞƐƚŝŐĂƚŝŽŶƐ͕ůŝĂďŝůŝƚŝĞƐĂŶĚƌĞƉƵƚĂƚŝŽŶŝŵƉĂĐƚƐ͘
dŚĞ'ƌŽƵƉŚĂƐŝŵƉůĞŵĞŶƚĞĚŝŶƚĞƌŶĂůƉƌŽĐĞƐƐĞƐĂŶĚĐŽŶƚƌŽůƐƚŽŵĂŶĂŐĞĂŶĚŵŽŶŝƚŽƌĐŽŵƉůŝĂŶĐĞĂĐƌŽƐƐĂƌĞĂƐŝŶĐůƵĚŝŶŐƐĂĨĞƚLJ͕ƐĞĐƵƌŝƚLJ͕
ƐƵƐƚĂŝŶĂďŝůŝƚLJ͕ĐŚĂŝŶŽĨƌĞƐƉŽŶƐŝďŝůŝƚLJ͕ĨŽŽĚƐĂĨĞƚLJĂŶĚĂŶƚŝͲŵŽŶĞLJůĂƵŶĚĞƌŝŶŐ͘,ŽǁĞǀĞƌ͕ƚŚĞƌĞŝƐĂƌŝƐŬƚŚĂƚƐƵĐŚŝŶƚĞƌŶĂůƉƌŽĐĞƐƐĞƐŵĂLJ
ŶŽƚďĞĐŽŵƉůŝĞĚǁŝƚŚ͘&ƵƌƚŚĞƌ͕DĞƚĐĂƐŚŚĂƐĂƐƚƌĂƚĞŐLJŽĨĚƌŝǀŝŶŐŐƌŽǁƚŚďLJĞdžƉĂŶĚŝŶŐƚŚƌŽƵŐŚĂĐƋƵŝƌŝŶŐƉƌŝǀĂƚĞůLJŚĞůĚƌĞƚĂŝůƐƚŽƌĞƐĂƐ
ũŽŝŶƚǀĞŶƚƵƌĞƐ͘tŚŝůĞDĞƚĐĂƐŚǁŝůůŝŵƉůĞŵĞŶƚŝŶƚĞƌŶĂůƉƌŽĐĞƐƐĞƐ͕ĂƐƉĂƌƚŽĨƚŚĞŽƉĞƌĂƚŝŽŶŽĨŝƚƐũŽŝŶƚǀĞŶƚƵƌĞƐ͕ƚŽĂůůŽǁDĞƚĐĂƐŚƚŽ
ŵŽŶŝƚŽƌƚŚĞƐĞũŽŝŶƚǀĞŶƚƵƌĞƐƚŽƌĞƐ͕DĞƚĐĂƐŚŚĂƐůĞƐƐŽǀĞƌƐŝŐŚƚŽǀĞƌƚŚĞƐĞƐƚŽƌĞƐĐŽŵƉĂƌĞĚƚŽŝƚƐĐŽƌƉŽƌĂƚĞŽǁŶĞĚƐƚŽƌĞƐ͘ĐĐŽƌĚŝŶŐůLJ͕
compliance with Metcash’s processes by joint venture stores and minority joint venture partners may be outside of Metcash’s direct 
ĐŽŶƚƌŽůĂŶĚĂŶLJƐƵĐŚŶŽŶͲcompliance may adversely affect Metcash’s operational performance, reputation or financial results.  
DĞƚĐĂƐŚƌĞŐƵůĂƌůLJĂƐƐĞƐƐĞƐŵŽĚĞƌŶƐůĂǀĞƌLJƌŝƐŬƐŝŶŝƚƐƐƵƉƉůLJĐŚĂŝŶĂƐƉĂƌƚŽĨŵŽĚĞƌŶƐůĂǀĞƌLJƌĞƉŽƌƚŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐ͘ŶLJŝĚĞŶƚŝĨŝĐĂƚŝŽŶ
of such modern slavery risks could not only negatively impact Metcash’s supply chain operations, but cause material repƵƚĂƚŝŽŶĂůŚĂƌŵ͘
&ƵƌƚŚĞƌ͕ƚŚĞďƵƐŝŶĞƐƐĞƐŽĨDĞƚĐĂƐŚĂƌĞŚŝŐŚůLJƌĞŐƵůĂƚĞĚŝŶŵĂŶLJŵĂƌŬĞƚƐŝŶǁŚŝĐŚƚŚĞLJƐĞůůƚŚĞŝƌƉƌŽĚƵĐƚƐ͘dŚĞƐĞƌĞŐƵůĂƚŝŽŶƐŐŽǀĞƌŶ
many parts of Metcash’s operations, including the import, manufacturing, marketing, advertising, distribution and sales of iƚƐƉƌŽĚƵĐƚƐ͘
džĂŵƉůĞƐŽĨƐƵĐŚƌĞŐƵůĂƚŝŽŶŝŶĐůƵĚĞŝŶĚƵƐƚƌLJĐŽĚĞƐŽĨĐŽŶĚƵĐƚ͕ĐŽƵŶƚƌLJŽĨŽƌŝŐŝŶůĂďĞůůŝŶŐůĂǁƐ͕ĐŽŶƚĂŝŶĞƌĚĞƉŽƐŝƚƐĐŚĞŵĞƐĂŶĚƚŽďĂĐĐŽ
ĂŶĚůŝƋƵŽƌůŝĐĞŶƐŝŶŐ͕ƉĂĐŬĂŐŝŶŐĂŶĚĂĚǀĞƌƚŝƐŝŶŐůĂǁƐ͘dŚĞƉƌŽĚƵĐƚƐŝŶĂƉĂƌƚŝĐƵůĂƌŵĂƌŬĞƚĐŽƵůĚďĞƐƵďũĞĐƚĞĚƚŽĐŚĂŶŐĞƐŽƌĂĚĚŝƚŝŽŶƐƚŽ
ĞdžŝƐƚŝŶŐƌĞŐƵůĂƚŝŽŶƐ͕ǁŚŝĐŚĐŽƵůĚŝŶĐƌĞĂƐĞƚŚĞĐŽƐƚŽĨŐŽŽĚƐŽƌƌĞƐƚƌŝĐƚDĞƚĐĂƐŚΖƐĂďŝůŝƚLJƚŽƐĞůůŽƌŵĂƌŬĞƚƉƌŽĚƵĐƚƐ͘
dŚĞŝŶƚƌŽĚƵĐƚŝŽŶŽĨŶĞǁůĂǁƐĂŶĚƌĞŐƵůĂƚŝŽŶƐ͕ŽƌƌĞĨŽƌŵƚŽĞdžŝƐƚŝŶŐƐƚƌƵĐƚƵƌĞƐ͕ŽƌŝŶĐƌĞĂƐĞƐŝŶůĞǀŝĞƐƚŽĨƵŶĚŐŽǀĞƌŶŵĞŶƚƐĐŚĞŵĞƐĂŶĚ
regulations, could materially impact Metcash’s operational and financial performance, through increased expenditure on compliĂŶĐĞ
ĂŶĚĐŽŶƚƌŽůƐĂŶĚĂŶLJƌĞƋƵŝƌĞĚĂĚũƵƐƚŵĞŶƚƐƚŽŚŽǁǁĞĐŽŶĚƵĐƚďƵƐŝŶĞƐƐ͘
WƌŽƉĞƌƚLJĂŶĚĨĂĐŝůŝƚŝĞƐƌŝƐŬ
DĞƚĐĂƐŚůĞĂƐĞƐĨĂĐŝůŝƚŝĞƐĨŽƌƚŚĞǁŚŽůĞƐĂůĞĚŝƐƚƌŝďƵƚŝŽŶŽĨŐƌŽĐĞƌLJ͕ĨƌĞƐŚƉƌŽĚƵĐĞ͕ůŝƋƵŽƌ͕ŚĂƌĚǁĂƌĞĂŶĚŽƚŚĞƌĨĂƐƚͲŵŽǀŝŶŐĐŽŶƐƵŵĞƌ
ŐŽŽĚƐ͘ĂŵĂŐĞƚŽŽƌĚĞƐƚƌƵĐƚŝŽŶŽĨƚŚĞƐĞĨĂĐŝůŝƚŝĞƐĐŽƵůĚƌĞƐƵůƚŝŶƚŚĞůŽƐƐŽƌƌĞĚƵĐƚŝŽŶŽĨĚŝƐƚƌŝďƵƚŝŽŶĐĂƉĂďŝůŝƚLJĂŶĚŚĞŶĐĞĂĚǀĞƌƐĞůLJ
impact Metcash’s financial results. While Metcash has in place insurances that it considers are sufficient for a business of ŝƚƐƚLJƉĞĂŶĚ
ƐŝnjĞ͕DĞƚĐĂƐŚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƉĂLJĨŽƌƚŚĞůŽƐƐŽŶĂŶLJĞǀĞŶƚƵƉƚŽƚŚĞĚĞĚƵĐƚŝďůĞĂŶĚƐĞůĨͲŝŶƐƵƌĂŶĐĞƌĞƚĞŶƚŝŽŶ͘
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&ŝŶĂŶĐŝĂůƌŝƐŬƐ
ŽŵƉĞƚŝƚŝǀĞƚƌĂĚŝŶŐĐŽŶĚŝƚŝŽŶƐĂŶĚďƌŽĂĚĞƌĂĚǀĞƌƐĞĞĐŽŶŽŵŝĐĐŽŶĚŝƚŝŽŶƐĐĂŶŝŶĐƌĞĂƐĞƚŚĞĐƌĞĚŝƚƌŝƐŬĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞ'ƌŽƵƉ’s 
ĂĐƚŝǀŝƚŝĞƐ͕ŝŶĐůƵĚŝŶŐƚŚĞƉƌŽǀŝƐŝŽŶŽĨĐƌĞĚŝƚĂŶĚƚƌĂĚŝŶŐƚĞƌŵƐƚŽŝƚƐŝŶĚĞƉĞŶĚĞŶƚƌĞƚĂŝůĞƌƐ͘
&ƵŶĚŝŶŐĂŶĚůŝƋƵŝĚŝƚLJƌŝƐŬĐŽŶƚŝŶƵĞƚŽďĞƌĞůĞǀĂŶƚƚŽƚŚĞ'ƌŽƵƉĚƵĞƚŽƚŚĞŶĞĞĚƚŽĂĚĞƋƵĂƚĞůLJĨƵŶĚďƵƐŝŶĞƐƐŽƉĞƌĂƚŝŽŶƐ͕ŐƌŽǁƚŚ
initiatives and absorb potential loss events that may arise. Inability to adequately fund the Group’s business operations andŐƌŽǁƚŚƉůĂŶƐ
may lead to difficulty in executing the Group’s strategy. Metcash maintains a prudent approach towards capital management, whŝĐŚ
ŝŶĐůƵĚĞƐŽƉƚŝŵŝƐŝŶŐǁŽƌŬŝŶŐĐĂƉŝƚĂů͕ĚŝƐĐŝƉůŝŶĞĚĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞ͕ĐĂƉŝƚĂůƌĞĐLJĐůŝŶŐĂŶĚĐĂƌĞĨƵůĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨŝƚƐĚŝǀŝĚĞŶĚƉŽůŝĐLJ͘
/ŶĂŶĞĐŽŶŽŵŝĐĞŶǀŝƌŽŶŵĞŶƚŽĨŚŝŐŚŝŶĨůĂƚŝŽŶĂŶĚŚŝŐŚĞƌŝŶƚĞƌĞƐƚƌĂƚĞƐ͕DĞƚĐĂƐŚŵĂLJďĞŝŵƉĂĐƚĞĚďLJŝŶĐƌĞĂƐĞƐŝŶƚŚĞĐŽƐƚŽĨĚĞďƚĂŶĚ
ƉŽƚĞŶƚŝĂůŝŶƐƚĂďŝůŝƚLJŝŶŝŶƚĞƌŶĂƚŝŽŶĂůďĂŶŬŝŶŐŵĂƌŬĞƚƐ͘dŚŝƐĐŽƵůĚůĞĂĚƚŽĂƌŝƐŬƚŚĂƚƚŚĞ'ƌŽƵƉŵĂLJďĞƵŶĂďůĞƚŽƌĞĨŝŶĂŶĐĞŽƌƌĞŶĞǁŝƚƐ
ďĂŶŬŝŶŐĂŶĚĚĞďƚĨĂĐŝůŝƚŝĞƐĨŽůůŽǁŝŶŐĞdžƉŝƌLJŽƌǁŝůůŽŶůLJďĞĂďůĞƚŽƌĞĨŝŶĂŶĐĞŽƌƌĞŶĞǁƚŚŽƐĞĨĂĐŝůŝƚŝĞƐŽŶƚĞƌŵƐƚŚĂƚĂƌĞůĞƐƐĨĂǀŽƵƌĂďůĞƚŽ
ƚŚĞ'ƌŽƵƉƚŚĂŶĞdžŝƐƚŝŶŐƚĞƌŵƐ͘&ƵƌƚŚĞƌ͕ŝĨDĞƚĐĂƐŚĨĂŝůĞĚƚŽŵĞĞƚĂŶLJŽĨƚŚĞĐŽǀĞŶĂŶƚƐŽŶŝƚƐĚĞďƚĨĂĐŝůŝƚŝĞƐƚŚĞƌĞŝƐĂƌŝƐŬƚŚĂƚƚŚĞ'ƌŽƵƉ
ŵĂLJďĞƌĞƋƵŝƌĞĚƚŽƌĞƉĂLJŽƵƚƐƚĂŶĚŝŶŐĚĞďƚŽŶŶŽƚŝĐĞŽƌƚĂŬĞŽƚŚĞƌĂĐƚŝŽŶƐƚŽƌĞŵĞĚLJƚŚĞďƌĞĂĐŚ͘
ŶLJƌĞƋƵŝƌĞŵĞŶƚƚŽƌĞƉĂLJŽƵƚƐƚĂŶĚŝŶŐĚĞďƚŽŶŶŽƚŝĐĞ͕ŽƌŝŶĂďŝůŝƚLJƚŽƌĞĨŝŶĂŶĐĞďĂŶŬŝŶŐĨĂĐŝůŝƚŝĞƐŽƌŽďƚĂŝŶĐĂƉŝƚĂůŽƌĨŝŶĂŶĐŝŶŐŐĞŶĞƌĂůůLJ͕
on favourable terms or at all, may have a material adverse effect on the Group’s financial performance and position.
tĞƐĞĞŬƚŽŵĂŶĂŐĞƚŚĞƐĞƌŝƐŬƐƚŚƌŽƵŐŚŵĂŝŶƚĂŝŶŝŶŐĚŝǀĞƌƐŝƚLJŝŶŽƵƌďĂŶŬŝŶŐƉĂƌƚŶĞƌƐ͕ƚŚĞǀĂůƵĞĂŶĚƚĞŶŽƌŽĨĚĞďƚĨĂĐŝůŝƚŝĞƐǁĞŚŽůĚ͕
ŝŶĐůƵĚŝŶŐŵĂŝŶƚĂŝŶŝŶŐƐƵĨĨŝĐŝĞŶƚŚĞĂĚƌŽŽŵ͕ĂŶĚŵĂŶĂŐŝŶŐŽƵƌĨŝŶĂŶĐŝĂůĂŶĚŽƉĞƌĂƚŝŽŶĂůƉĞƌĨŽƌŵĂŶĐĞƚŽĞŶƐƵƌĞŽŶŐŽŝŶŐĐŽŵƉůŝĂŶĐĞǁŝƚŚ
ĚĞďƚĐŽǀĞŶĂŶƚƐ͘
The Group’s financial risk management framework is discussed in further detail in ŶŽƚĞϱ͘ϲŽĨƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
dƌĂĚŝŶŐĂŶĚĐƵƐƚŽŵĞƌƌŝƐŬƐ
Metcash’s ability to operate efficiently is critical to support independent retailers in remaining competitive.  A disruptionƚŽƚŚĞďƵƐŝŶĞƐƐ
could result in an increased cost to serve retailers and inability to meet customers’ requirements. 
/ŶŽƵƌ&ŽŽĚƉŝůůĂƌ͕DĞƚĐĂƐŚƐĞƌǀŝĐĞƐĂŶƵŵďĞƌŽĨůĂƌŐĞĐƵƐƚŽŵĞƌƐŬŶŽǁŶĂƐDƵůƚŝƉůĞ^ƚŽƌĞKǁŶĞƌƐ;D^KƐͿ͘dŚĞƐĞĐƵƐƚŽŵĞƌƐŽǁŶĂŶĚͬŽƌ
ŽƉĞƌĂƚĞŵŽƌĞƚŚĂŶŽŶĞŝŶĚĞƉĞŶĚĞŶƚƌĞƚĂŝůƐƚŽƌĞ͕ĂŶĚŝŶƐŽŵĞĐĂƐĞƐĐĂŶŽǁŶĂŶĚͬŽƌŽƉĞƌĂƚĞĂƐŝnjĞĂďůĞŶƵŵďĞƌŽĨƐƚŽƌĞƐ;ĞdžĂŵƉůĞƐŽĨ
ůĂƌŐĞƌD^KƐŝŶĐůƵĚĞZŝƚĐŚŝĞƐ^ƚŽƌĞƐWƚLJ>ƚĚ;ZŝƚĐŚŝĞƐͿ͕ZŽŵĞŽZĞƚĂŝů'ƌŽƵƉĂŶĚƌĂŬĞƐ^ƵƉĞƌŵĂƌŬĞƚƐͿ͘/ŶĂĚĚŝƚŝŽŶ͕DĞƚĐĂƐŚ&ŽŽĚŝƐĂ
ƐƵƉƉůŝĞƌƚŽĂŶƵŵďĞƌŽĨĐŽŶƚƌĂĐƚĐƵƐƚŽŵĞƌƐ͕ŽŶĞŽĨǁŚŝĐŚŝƐƵƐƚƌĂůŝĂŶhŶŝƚĞĚZĞƚĂŝůĞƌƐ;‘hZs’Ϳ͕ǁŚŝĐŚŽƉĞƌĂƚĞƐƚŚĞ&ŽŽĚǁŽƌŬƐ
ďĂŶŶĞƌĞĚŶĞƚǁŽƌŬ͘/ŶϮϬϮϮ͕DĞƚĐĂƐŚĞŶƚĞƌĞĚŝŶƚŽĂŶĂŐƌĞĞŵĞŶƚƚŽƐƵƉƉůLJhZĨŽƌĂĨƵƌƚŚĞƌĨŝǀĞLJĞĂƌƐĐŽŵŵĞŶĐŝŶŐϭ:ƵůLJϮϬϮϮ͘
DĞƚĐĂƐŚĂůƐŽĞdžƚĞŶĚĞĚƚŚĞƚĞƌŵŽĨŝƚƐĂŐƌĞĞŵĞŶƚƚŽƐƵƉƉůLJƌĂŬĞƐ^ƵƉĞƌŵĂƌŬĞƚƐƐƚŽƌĞƐŝŶYƵĞĞŶƐůĂŶĚĨŽƌĂĨƵƌƚŚĞƌĨŝǀĞLJĞĂƌƐ͕ƚŽϯ:ƵŶĞ
ϮϬϮϵ͘/ĨĂŶLJŽŶĞŽƌŵŽƌĞD^KƐŽƌhZƐǁĞƌĞƚŽŵĂƚĞƌŝĂůůLJƌĞĚƵĐĞŽƌĐĞĂƐĞƚŽƐŽƵƌĐĞƚŚĞŝƌŝŶǀĞŶƚŽƌLJĨƌŽŵDĞƚĐĂƐŚĨŽƌĂŶLJƌĞĂƐŽŶ
;ŝŶĐůƵĚŝŶŐǀĞƌƚŝĐĂůůLJŝŶƚĞŐƌĂƚŝŶŐƚŚĞŝƌƐƵƉƉůLJĐŚĂŝŶ͕ĞƐƚĂďůŝƐŚŝŶŐĂŶĂůƚĞƌŶĂƚŝǀĞďƵLJŝŶŐŐƌŽƵƉ͕ƉƵƌĐŚĂƐŝŶŐĨƌŽŵĂŶŽƚŚĞƌƐŽƵƌĐĞ͕ĞŶƚĞƌŝŶŐ
ŝŶƚŽĂƐƵƉƉůLJĂŐƌĞĞŵĞŶƚǁŝƚŚĂĐŽŵƉĞƚŝƚŽƌŽƌĐůŽƐƵƌĞŽĨƐƚŽƌĞƐĚƵĞƚŽŝŶƐŽůǀĞŶĐLJŽƌƉŽŽƌƉĞƌĨŽƌŵĂŶĐĞͿ͕ƚŚŝƐǁŽƵůĚĂĚǀĞƌƐĞůLJŝŵƉĂĐƚ
Metcash’s longͲƚĞƌŵƉĞƌĨŽƌŵĂŶĐĞĂŶĚƉƌŽĨŝƚĂďŝůŝƚLJ͘
/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞƌĞĂƌĞĂŶƵŵďĞƌŽĨůĂƌŐĞĐŽŶƚƌĂĐƚĐƵƐƚŽŵĞƌƐŝŶƚŚĞ>ŝƋƵŽƌďƵƐŝŶĞƐƐǁŚŽƐĞĐŽŶƚƌĂĐƚƐĂƌĞƌĞŶĞǁĞĚŽŶĂƌĞŐƵůĂƌďĂƐŝƐ͘/Ĩ
ŽŶĞŽƌŵŽƌĞŽĨƚŚĞƐĞĐŽŶƚƌĂĐƚĐƵƐƚŽŵĞƌƐĚĞĐŝĚĞĚŶŽƚƚŽƌĞŶĞǁƚŚĞŝƌƐƵƉƉůLJĐŽŶƚƌĂĐƚŽƌƚŚĞĐŽŶƚƌĂĐƚŝƐƌĞŶĞǁĞĚŽŶůĞƐƐĨĂǀŽƵƌĂďůĞ
ƚĞƌŵƐ͕ƚŚŝƐcould adversely impact Metcash’s longͲƚĞƌŵƉĞƌĨŽƌŵĂŶĐĞĂŶĚƉƌŽĨŝƚĂďŝůŝƚLJ͘
&ƵƌƚŚĞƌ͕ƚŚĞ>ŝƋƵŽƌĂŶĚdŽƚĂůdŽŽůƐďƵƐŝŶĞƐƐĞƐĂůƐŽŚĂǀĞĂŶƵŵďĞƌŽĨůĂƌŐĞƐƵƉƉůŝĞƌƐĂŶĚŝĨŽŶĞŽƌŵŽƌĞŽĨƚŚĞƐĞƐƵƉƉůŝĞƌƐĚĞĐŝĚĞĚƚŽŶŽ
ůŽŶŐĞƌĐŽŶĚƵĐƚďƵƐŝŶĞƐƐǁŝƚŚDĞƚĐĂƐŚŽƌƐƵƉƉůLJŝƐŵĂƚĞƌŝĂůůLJƌĞĚƵĐĞĚ;ǁŚŝĐŚĐŽƵůĚŽĐĐƵƌĨŽƌĂŶƵŵďĞƌŽĨƌĞĂƐŽŶƐͿ͕ƚŚŝƐƚŽŽĐŽƵůĚ
adversely impact Metcash’s longͲƚĞƌŵƉĞƌĨŽƌŵĂŶĐĞĂŶĚƉƌŽĨŝƚĂďŝůŝƚLJ͘
tĞƐĞĞŬƚŽŵĂŶĂŐĞƚŚĞƐĞƌŝƐŬƐďLJďƵŝůĚŝŶŐĂŶĚŵĂŝŶƚĂŝŶŝŶŐƐƚƌŽŶŐƌĞůĂƚŝŽŶƐŚŝƉƐǁŝƚŚŽƵƌƌĞƚĂŝůĞƌƐ͕ŚĞůƉŝŶŐŽƵƌƌĞƚĂŝůĞƌƐƚŽďĞƚŚĞďĞƐƚ
store in their town, and striving to be our retailer’s and supplier’s business partner of choice; underpinned by an effectiveĂŶĚĞĨĨŝĐŝĞŶƚ
ǁŚŽůĞƐĂůĞĂŶĚůŽŐŝƐƚŝĐƐƐƵƉƉůLJĐŚĂŝŶ͘
dĞĐŚŶŽůŽŐLJĂŶĚĐLJďĞƌƐĞĐƵƌŝƚLJƌŝƐŬƐ
DĞƚĐĂƐŚƌĞůŝĞƐŽŶĂŶƵŵďĞƌŽĨĐŽŵƉůĞdžŝŶĨŽƌŵĂƚŝŽŶƚĞĐŚŶŽůŽŐLJƐLJƐƚĞŵƐƚŽƐƵƉƉŽƌƚŝƚƐǁĂƌĞŚŽƵƐŝŶŐĂŶĚĚŝƐƚƌŝďƵƚŝŽŶ͕ƐƵƉƉůLJĐŚĂŝŶ͕
ĐƵƐƚŽŵĞƌƐĞƌǀŝĐĞ͕ŵĂƌŬĞƚŝŶŐĂŶĚĨŝŶĂŶĐĞŽƉĞƌĂƚŝŽŶƐ͘ƐĞǀĞƌĞĚŝƐƌƵƉƚŝŽŶƚŽƚŚĞŝŶĨŽƌŵĂƚŝŽŶƚĞĐŚŶŽůŽŐLJƐLJƐƚĞŵƐŵĂLJƐŝŐŶŝĨŝĐĂŶƚůLJŝŵƉĂĐƚ
ƚŚĞŽƉĞƌĂƚŝŽŶƐĂŶĚǀĂůƵĞŽĨDĞƚĐĂƐŚ͘
DĞƚĐĂƐŚŝƐƵŶĚĞƌƚĂŬŝŶŐĂďƵƐŝŶĞƐƐƚƌĂŶƐĨŽƌŵĂƚŝŽŶƉƌŽŐƌĂŵĐĂůůĞĚWƌŽŐƌĂŵ,ŽƌŝnjŽŶǁŚŝĐŚǁŝůůƌĞƉůĂĐĞŽůĚĞƌƚĞĐŚŶŽůŽŐLJ͕ƌĞĚƵĐŝŶŐ
ŽƉĞƌĂƚŝŽŶĂůƌŝƐŬĂŶĚŽŶĞƌŽƵƐŵĂŝŶƚĞŶĂŶĐĞĐŽƐƚƐ͘dŚŝƐƉƌŽŐƌĂŵŝƐƐƵďũĞĐƚƚŽƌŝƐŬŽĨĞdžĞĐƵƚŝŽŶ͕ĐŽƐƚŽǀĞƌƌƵŶƐĂŶĚĚĞůĂLJƐ͕ǁŚŝĐŚŵĂLJ
adversely affect the Group’s operations and may in turn affect its financial performance. Although Metcash ŚĂƐĂŶŶŽƵŶĐĞĚĨƵƌƚŚĞƌ
ƐƚƌĂƚĞŐŝĞƐƚŽĚĞͲƌŝƐŬƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨWƌŽŐƌĂŵ,ŽƌŝnjŽŶ;ŝŶĐůƵĚŝŶŐƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƚŚĞďƵŝůĚĂŶĚƐƵďƐĞƋƵĞŶƚĚĞƉůŽLJŵĞŶƚƉŚĂƐĞƐ
ŽĨƚŚĞƉƌŽŐƌĂŵďĞŝŶŐďƌŽƵŐŚƚŝŶͲŚŽƵƐĞĂŶĚƚŚĞĞdžƚĞŶƐŝŽŶŽĨƚŚĞĚĞƉůŽLJŵĞŶƚƚŝŵĞůŝŶĞƚŽƐƵƉƉŽƌƚĂƉŚĂƐĞĚ͕ůŽǁĞƌͲƌŝƐŬƌŽůůŽƵƚƐƚƌĂƚĞŐLJͿ͕
ƚŚĞƌĞŝƐĂƌŝƐŬƚŚĂƚƐƵĐŚŽƵƚĐŽŵĞƐĚŽŶŽƚĞǀĞŶƚƵĂƚĞ͕ƌĞƐƵůƚŝŶŐŝŶĐŽƐƚŽǀĞƌƌƵŶƐĂŶĚĨƵƌƚŚĞƌĚĞůĂLJƐ͕ǁŚŝĐŚǁŽƵůĚĂĚǀĞƌƐĞůLJŝŵƉĂĐƚƚŚĞ
Group’s operations and financial performance.
DĞƚĐĂƐŚŚĂƐŽƵƚƐŽƵƌĐĞĚĂŶƵŵďĞƌŽĨĨƵŶĐƚŝŽŶƐŝŶĨŝŶĂŶĐĞĂŶĚ/dƚŽdĂƚĂŽŶƐƵůƚŝŶŐ^ĞƌǀŝĐĞƐ;‘d^’Ϳ͕ĂŶ/ŶĚŝĂŶͲďĂƐĞĚŽƵƚƐŽƵƌĐŝŶŐ
ƉƌŽǀŝĚĞƌ͘dŚĞƌĞŝƐĂƌŝƐŬƚŚĂƚƚŚĞƉƌŽǀŝƐŝŽŶŽĨĂĐĐŽƵŶƚŝŶŐĂŶĚ/dƐĞƌǀŝĐĞƐĐŽƵůĚďĞĚŝƐƌƵƉƚĞĚƚŚƌŽƵŐŚĂĨĂŝůƵƌĞĂƚd^ĚƵĞƚŽĂǁŝĚĞƌĂŶŐĞ
ŽĨƉŽƐƐŝďŝůŝƚŝĞƐ͘


DIRECTORS’ REPORT CONTINUED
Metcash Annual Report 2024
42


tŝƚŚĞdžƉĂŶĚŝŶŐŝŶĨŽƌŵĂƚŝŽŶƉƌŝǀĂĐLJĂŶĚƐĞĐƵƌŝƚLJƌĞŐƵůĂƚŝŽŶƐ͕ĂŶĚĂŶŝŶĐƌĞĂƐŝŶŐůLJŚŽƐƚŝůĞĐLJďĞƌĞŶǀŝƌŽŶŵĞŶƚ͕DĞƚĐĂƐŚƌĞĐŽŐŶŝƐĞƐ
ŝŶĨŽƌŵĂƚŝŽŶƉƌŝǀĂĐLJĂŶĚĐLJďĞƌƐĞĐƵƌŝƚLJĂƐĂŶŝŶĐƌĞĂƐŝŶŐƌŝƐŬ͘ŶLJŝŵƉĂĐƚŽŶƚŚĞĂǀĂŝůĂďŝůŝƚLJ͕ŝŶƚĞŐƌŝƚLJŽƌĐŽŶĨŝĚĞŶƚŝĂůŝƚLJŽĨĚĂƚĂĐŽƵůĚƌĞƐƵůƚ
in a breach of privacy and security regulations and/or impact Metcash’s commercially sensitive information, which could exposĞ
Metcash to penalties (including financial penalties) and could adversely affect Metcash’s operating and financial ƉŽƐŝƚŝŽŶŽƌĐĂƵƐĞ
ƌĞƉƵƚĂƚŝŽŶĂůŚĂƌŵ͘tĞƐĞĞŬƚŽŵĂŶĂŐĞƚŚŝƐƌŝƐŬƚŚƌŽƵŐŚĂƐƵŝƚĞŽĨĐLJďĞƌĂŶĚŝŶĨŽƌŵĂƚŝŽŶƐĞĐƵƌŝƚLJĐŽŶƚƌŽůƐ͕ŝŶĐůƵĚŝŶŐƉƌĞǀĞŶƚĂƚŝǀĞĂŶĚ
ĚĞƚĞĐƚŝǀĞŵĞĂƐƵƌĞƐƚŽŵĂŶĂŐĞĞdžƉŽƐƵƌĞƚŽĐLJďĞƌƚŚƌĞĂƚƐ͘
^ŽĐŝĂůƌĞƐƉŽŶƐŝďŝůŝƚLJ͕ĞŶǀŝƌŽŶŵĞŶƚĂŶĚĐůŝŵĂƚĞĐŚĂŶŐĞƌŝƐŬƐ
Metcash is committed to ‘ŚĂŵƉŝŽŶŝŶŐ^ƵĐĐĞƐƐĨƵů/ŶĚĞƉĞŶĚĞŶƚƐŝŶƐƵƉƉŽƌƚŽĨdŚƌŝǀŝŶŐ>ŽĐĂůŽŵŵƵŶŝƚŝĞƐ’ and a key element of this is 
ƵŶĚĞƌƉŝŶŶĞĚďLJĞŶƐƵƌŝŶŐŝƚƐŽƉĞƌĂƚŝŽŶƐĂƌĞĐŽŶĚƵĐƚĞĚŝŶĂƐŽĐŝĂůůLJƌĞƐƉŽŶƐŝďůĞŵĂŶŶĞƌ͘
Metcash has a moderate exposure to environmental risks. Metcash’s operations could be impacted by natural disasters, extreme 
ǁĞĂƚŚĞƌĞǀĞŶƚƐŽƌŽƚŚĞƌĐĂƚĂƐƚƌŽƉŚŝĐĞǀĞŶƚƐǁŚŝĐŚĐŽƵůĚŵĂƚĞƌŝĂůůLJĚŝƐƌƵƉƚŝƚƐŽƉĞƌĂƚŝŽŶƐĂŶĚƐƵƉƉůLJĐŚĂŝŶ͘dŚĞƌĞŝƐĂůƐŽĂƌŝƐŬƚŚĂƚ͕ǁŝƚŚ
ƚŝŵĞ͕ƚŚĞĨƌĞƋƵĞŶĐLJĂŶĚŝŶƚĞŶƐŝƚLJŽĨŶĂƚƵƌĂůĚŝƐĂƐƚĞƌƐĂŶĚĞdžƚƌĞŵĞǁĞĂƚŚĞƌĞǀĞŶƚƐŵĂLJŝŶĐƌĞĂƐĞŝĨĂŶƚŚƌŽƉŽŐĞŶŝĐĐůŝŵĂƚĞĐŚĂŶŐĞ
ĂĐĐĞůĞƌĂƚĞƐŽƌǁŽƌƐĞŶƐ͘
DĞƚĐĂƐŚŝƐĐŽŶƐĐŝŽƵƐŽĨƚŚĞŝŵƉĂĐƚŝƚƐŽƉĞƌĂƚŝŽŶƐŵĂLJŚĂǀĞŽŶƚŚĞĞŶǀŝƌŽŶŵĞŶƚŐŝǀĞŶƚŚĞďƌĞĂĚƚŚŽĨŽƵƌŽƉĞƌĂƚŝŽŶƐĂĐƌŽƐƐƵƐƚƌĂůŝĂ͘
ůƚŚŽƵŐŚDĞƚĐĂƐŚŝƐŽŶůLJĂŵŽĚĞƌĂƚĞĞŵŝƚƚĞƌŽĨĐĂƌďŽŶĞŵŝƐƐŝŽŶƐƌĞůĂƚŝǀĞƚŽŝƚƐƉĞĞƌƐ͕ǁĞŚĂǀĞƐĞƚĂƐĐŝĞŶĐĞͲďĂƐĞĚƚĂƌŐĞƚƚŽƌĞĚƵĐĞŽƵƌ
ĐĂƌďŽŶĞŵŝƐƐŝŽŶƐďLJϰϮйďLJϮϬϯϬ͘/ŶĂĚĚŝƚŝŽŶ͕DĞƚĐĂƐŚƐĞĞŬƐƚŽƌĞĚƵĐĞŝƚƐĞŶǀŝƌŽŶŵĞŶƚĂůŝŵƉĂĐƚƚŚƌŽƵŐŚƉƌŽŐƌĂŵƐĂŶĚŝŶŝƚŝĂƚŝǀĞƐƚŚĂƚ
ŵĂŶĂŐĞŝƚƐĞŶĞƌŐLJĐŽŶƐƵŵƉƚŝŽŶĂŶĚǁĂƐƚĞ͘
DĞƚĐĂƐŚŚĂƐĂůŽǁƚŽŵŽĚĞƌĂƚĞĞdžƉŽƐƵƌĞƚŽƐŽĐŝĂůƌŝƐŬƐ͘Our business and our people are driven by our purpose of ‘ŚĂŵƉŝŽŶŝŶŐ
^ƵĐĐĞƐƐĨƵů/ŶĚĞƉĞŶĚĞŶƚƐŝŶƐƵƉƉŽƌƚŽĨdŚƌŝǀŝŶŐ>ŽĐĂůŽŵŵƵŶŝƚŝĞƐ’, and Metcash is proud to support independent retailers who are at 
ƚŚĞŚĞĂƌƚŽĨůŽĐĂůĐŽŵŵƵŶŝƚŝĞƐĂĐƌŽƐƐƵƐƚƌĂůŝĂ͘ƚƚŚĞĐŽƌĞŽĨŽƵƌWƵƌƉŽƐĞĂŶĚsŝƐŝŽŶĂƌĞŽƵƌsĂůƵĞƐ–ǁĞďĞůŝĞǀĞƚŚĂƚŝŶĚĞƉĞŶĚĞŶĐĞŝƐ
ǁŽƌƚŚĨŝŐŚƚŝŶŐĨŽƌ͖ŝŶƚƌĞĂƚŝŶŐŽƵƌƉĞŽƉůĞ͕ƌĞƚĂŝůĞƌƐĂŶĚƐƵƉƉůŝĞƌƐƚŚĞǁĂLJǁĞůŝŬĞƚŽďĞƚƌĞĂƚĞĚ͖ĂŶĚŝŶŐŝǀŝŶŐďĂĐŬƚŽƚŚĞĐŽŵŵƵŶŝƚŝĞƐ
ǁŚĞƌĞǁĞůŝǀĞĂŶĚǁŽƌŬ͘
DĞƚĐĂƐŚĐŽŶƚƌŝďƵƚĞƐƚŽŽƵƌůŽĐĂůĐŽŵŵƵŶŝƚŝĞƐƚŚƌŽƵŐŚƚŚĞ/'ŽŵŵƵŶŝƚLJŚĞƐƚWƌŽŐƌĂŵ͕ĚŝƐĂƐƚĞƌƌĞůŝĞĨ͕ĂŶĚƚŚƌŽƵŐŚŽƵƌƉĂƌƚŶĞƌƐŚŝƉ
ǁŝƚŚ&ŽŽĚďĂŶŬ͘/ŶĂĚĚŝƚŝŽŶ͕DĞƚĐĂƐŚŵĂŝŶƚĂŝŶƐĂŶƵŶǁĂǀĞƌŝŶŐĐŽŵŵŝƚŵĞŶƚƚŽƐƵƉƉŽƌƚŝŶŐƌĞŵŽƚĞĐŽŵŵƵŶŝƚŝĞƐƚŚƌŽƵŐŚŝƚƐƉĂƌƚŶĞƌƐŚŝƉ
ǁŝƚŚdŚĞƌŶŚĞŵ>ĂŶĚWƌŽŐƌĞƐƐďŽƌŝŐŝŶĂůŽƌƉŽƌĂƚŝŽŶ;>WͿĂŶĚƚŚĞKƵƚďĂĐŬ^ƚŽƌĞƐŝŶƚŚĞEŽƌƚŚĞƌŶdĞƌƌŝƚŽƌLJ͕ƚŽĚĞůŝǀĞƌŝŵƉƌŽǀĞĚ
ĂĨĨŽƌĚĂďŝůŝƚLJŽĨĨŽŽĚƐƵƉƉůLJĂŶĚŽƵƚĐŽŵĞƐĨŽƌƚŚŽƐĞĐŽŵŵƵŶŝƚŝĞƐ͘
DĞƚĐĂƐŚŵĞĞƚƐƚŚĞƚŚƌĞƐŚŽůĚĨŽƌƌĞƉŽƌƚŝŶŐƵŶĚĞƌƚŚĞDŽĚĞƌŶ^ůĂǀĞƌLJĐƚϮϬϭϴ;ƚŚͿǁŝƚŚŽƵƌŵŽƐƚƌĞĐĞŶƚƐƚĂƚĞŵĞŶƚĂǀĂŝůĂďůĞĂƚ
ŵŽĚĞƌŶƐůĂǀĞƌLJƌĞŐŝƐƚĞƌ͘ŐŽǀ͘ĂƵĂŶĚŽƵƌŶƚŝͲ^ůĂǀĞƌLJWŽůŝĐLJŝƐĂǀĂŝůĂďůĞŽŶŽƵƌǁĞďƐŝƚĞ͘DĞƚĐĂƐŚŝƐƚĂŬŝŶŐƐƚĞƉƐƚŽĐŽŶƚŝŶƵĂůůLJŝŵƉƌŽǀĞŝƚƐ
ĞdžƉŽƐƵƌĞƚŽŵŽĚĞƌŶƐůĂǀĞƌLJƌŝƐŬƐŝŶŝƚƐƐƵƉƉůLJĐŚĂŝŶ͘
&ŽƌĨƵƌƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶŽŶŚŽǁǁĞŵĂŶĂŐĞĐůŝŵĂƚĞ͕ƐŽĐŝĂůƌĞƐƉŽŶƐŝďŝůŝƚLJĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůƌŝƐŬƐƉůĞĂƐĞƌĞĨĞƌƚŽŽƵƌŵŽƐƚƌĞĐĞŶƚ
^ƵƐƚĂŝŶĂďŝůŝƚLJZĞƉŽƌƚĂǀĂŝůĂďůĞŽŶŽƵƌǁĞďƐŝƚĞ͘
tŽƌŬŚĞĂůƚŚĂŶĚƐĂĨĞƚLJƌŝƐŬ
DĞƚĐĂƐŚŝƐĨŽĐƵƐĞĚŽŶƚŚĞƐĂĨĞƚLJŽĨŝƚƐƐƚĂĨĨĂŶĚŽƉĞƌĂƚŝŽŶƐ͘tŚŝůĞĂƐƚƌŽŶŐĞŵƉŚĂƐŝƐŝƐƉůĂĐĞĚŽŶƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨǁŽƌŬ͕ŚĞĂůƚŚ
ĂŶĚƐĂĨĞƚLJƐƚĂŶĚĂƌĚƐ͕ƚŚĞƌŝƐŬŽĨƐĞƌŝŽƵƐŝŶũƵƌLJ͕ŝŶĐůƵĚŝŶŐƉƐLJĐŚŽƐŽĐŝĂůŚĂƌŵ͕ŽƌĨĂƚĂůŝƚLJƌĞŵĂŝŶƐ͘dŚĞŽĐĐƵƌƌĞŶĐĞŽĨƐƵĐŚĞǀĞŶƚƐŵĂLJŚĂǀĞ
ĂŶĂĚǀĞƌƐĞĞĨĨĞĐƚŽŶƚŚĞƐĂĨĞƚLJĂŶĚǁĞůůďĞŝŶŐŽĨŽƵƌƉĞŽƉůĞĂŶĚƚŚĞƉƌŽĚƵĐƚŝǀŝƚLJ͕ŽƉĞƌĂƚŝŽŶƐĂŶĚƌĞƉƵƚĂƚŝŽŶŽĨDĞƚĐĂƐŚ͘tĞƐĞĞŬƚŽ
ŵĂŶĂŐĞƚŚŝƐƌŝƐŬƚŚƌŽƵŐŚŽƵƌ^ĂĨĞƚLJ͕,ĞĂůƚŚĂŶĚŶǀŝƌŽŶŵĞŶƚƐƚƌĂƚĞŐLJĂŶĚĞdžĞĐƵƚŝŽŶŽĨŝŶŝƚŝĂƚŝǀĞƐƚŽŝŵƉƌŽǀĞƚŚĞƐĂĨĞƚLJĂŶĚǁĞůůďĞŝŶŐŽĨ
ŽƵƌƉĞŽƉůĞ͘
WĞŽƉůĞĂŶĚĐƵůƚƵƌĞƌŝƐŬƐ
dŚĞŝŶĐƌĞĂƐŝŶŐĐŽŵƉĞƚŝƚŝǀĞůĂŶĚƐĐĂƉĞĂŶĚůŽǁůĞǀĞůƐŽĨƵŶĞŵƉůŽLJŵĞŶƚĐŽŶƚŝŶƵĞƐƚŽƉůĂĐĞƉƌĞƐƐƵƌĞŽŶƚŚĞĐŽŵƉĞƚŝƚŝŽŶĨŽƌƚĂůĞŶƚĂŶĚ
ůĂďŽƵƌĐĂƉĂĐŝƚLJĂŶĚƚŚĞĂďŝůŝƚLJƚŽĞĨĨŝĐŝĞŶƚůLJŽƉĞƌĂƚĞŽƵƌďƵƐŝŶĞƐƐ͘dŚĞĂďŝůŝƚLJƚŽĂƚƚƌĂĐƚĂŶĚƌĞƚĂŝŶƚĂůĞŶƚǁŝƚŚƚŚĞŶĞĐĞƐƐĂƌLJƐŬŝůůƐĂŶĚ
capabilities to operate in a challenging market whilst being able to effect transformation is critical to Metcash’s success. ^ŝŵŝůĂƌůLJ͕ƚŚĞ
ĂďŝůŝƚLJƚŽĂƚƚƌĂĐƚĂŶĚƌĞƚĂŝŶĞŵƉůŽLJĞĞƐƚŽŵĞĞƚŽƵƌůĂďŽƵƌĂŶĚůĞĂĚĞƌƐŚŝƉĐĂƉĂĐŝƚLJŶĞĞĚƐŝƐĐƌƵĐŝĂůĨŽƌŽƵƌŽƉĞƌĂƚŝŽŶĂůĐĂƉĂďŝůŝƚLJĂŶĚ
ĞĨĨŝĐŝĞŶĐLJ͘DĞƚĐĂƐŚĐŽŵƉĞƚĞƐŝŶůĂďŽƵƌŵĂƌŬĞƚƐƚŽĂƚƚƌĂĐƚĂŶĚƌĞƚĂŝŶŝƚƐĞŵƉůŽLJĞĞƐĂŶĚŵĂŶĂŐĞŵĞŶƚƚĞĂŵ͘dŚĞĐŽŵƉĞƚŝƚŝǀĞŶĂƚƵƌĞŽĨ
ƚŚĞƐĞůĂďŽƵƌŵĂƌŬĞƚƐŵĂLJƌĞƐƵůƚŝŶƚŚĞůŽƐƐŽĨŬĞLJĞŵƉůŽLJĞĞƐĂŶĚͬŽƌůĂďŽƵƌĐĂƉĂĐŝƚLJǁŚŝĐŚŵĂLJŵĂŬĞŝƚŵŽƌĞĚŝĨĨŝĐƵůƚĂŶĚĐŽƐƚůLJƚŽ
attract or retain employees. If Metcash is unable to attract and retain employees, this may adversely affect the Group’s operĂƚŝŽŶƐĂŶĚ
ŽǀĞƌĂůůĨŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞ͘
Interruptions at Metcash’s workplaces arising from industrial disputes, work stoppages and accidents may result in productionůŽƐƐĞƐĂŶĚ
delays. Renegotiation of collective agreements may increase Metcash’s operating costs and may involve disputes.  We seeŬƚŽŵĂŶĂŐĞ
ƚŚĞƐĞƌŝƐŬƐƚŚƌŽƵŐŚŽŶŐŽŝŶŐĞŶŐĂŐĞŵĞŶƚǁŝƚŚŽƵƌƉĞŽƉůĞĂŶĚƵŶŝŽŶƐĂŶĚŝŵƉůĞŵĞŶƚŝŶŐƐĂĨĞƚLJŵĞĂƐƵƌĞƐƚŽŵŝŶŝŵŝƐĞƚŚĞůŝŬĞůŝŚŽŽĚĂŶĚ
ŝŵƉĂĐƚŽĨĂĐĐŝĚĞŶƚƐ͘
DĞƚĐĂƐŚŝƐĐŽŵŵŝƚƚĞĚƚŽďĞŝŶŐĂĨĂǀŽƵƌŝƚĞƉůĂĐĞƚŽǁŽƌŬďLJƵŶůŽĐŬŝŶŐƚŚĞƉŽƚĞŶƚŝĂůŽĨŝƚƐƉĞŽƉůĞƚŚƌŽƵŐŚĞŵƉŽǁĞƌŵĞŶƚĂŶĚĞŶƐƵƌŝŶŐ
the Group’s cultural values align with their values. Integrity is the foundation of the ethical values and standards of behavŝŽƵƌƐĞƚĨŽƌĂůů
employees through the Group’s Code of Conduct.
DĞƚĐĂƐŚŝŶǀĞƐƚƐŝŶŝƚƐƉĞŽƉůĞƚŚƌŽƵŐŚƚƌĂŝŶŝŶŐĂŶĚĚĞǀĞůŽƉŵĞŶƚŽƉƉŽƌƚƵŶŝƚŝĞƐ͕ďLJƉƌŽŵŽƚŝŶŐĚŝǀĞƌƐŝƚLJĂŶĚǁŽƌŬƉůĂĐĞĨůĞdžŝďŝůŝƚLJĂŶĚ
ŵĂŝŶƚĂŝŶŝŶŐƐƵĐĐĞƐƐŝŽŶƉůĂŶŶŝŶŐ͘dŚĞƐŚŽƌƚĂŶĚůŽŶŐͲterm incentive schemes align the Group’s remuneration structure to shareholders’ 
ŝŶƚĞƌĞƐƚƐ͘


43
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ZŝƚĐŚŝĞƐƉƵƚŽƉƚŝŽŶ–ĐŽŶƚŝŶŐĞŶƚůŝĂďŝůŝƚLJ
DĞƚĐĂƐŚŚĂƐĂϮϵ͘ϵйŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚŝŶZŝƚĐŚŝĞƐ^ƚŽƌĞƐWƚLJ>ƚĚ;ZŝƚĐŚŝĞƐͿ͘dŚĞƌĞŵĂŝŶŝŶŐƐŚĂƌĞŚŽůĚĞƌƐŝŶZŝƚĐŚŝĞƐŚĂǀĞƚŚĞƌŝŐŚƚƚŽƉƵƚ
their 70.1% ownership interests to Metcash, subject to a margin related annual financial hurdle (‘hurdle’) being achieved. 
DĞƚĐĂƐŚĞƐƚŝŵĂƚĞƐƚŚĂƚƚŚĞƉƵƚŽƉƚŝŽŶĐŽŶƐŝĚĞƌĂƚŝŽŶƉĂLJĂďůĞƚŽZŝƚĐŚŝĞƐƐŚĂƌĞŚŽůĚĞƌƐŝŶƌĞƐƉĞĐƚŽĨRitchies’ϮϬϮϯĨŝŶĂŶĐŝĂůLJĞĂƌǁŽƵůĚ
ŚĂǀĞďĞĞŶďĞƚǁĞĞŶΨϮϱϱŵŝůůŝŽŶĂŶĚΨϮϲϱŵŝůůŝŽŶ͘&ƵƌƚŚĞƌĚĞƚĂŝůƐƌĞŐĂƌĚŝŶŐƚŚĞƉƵƚŽƉƚŝŽŶĂƌĞƐĞƚŽƵƚŝŶEŽƚĞϱ͘ϯŽĨƚŚĞ&ŝŶĂŶĐŝĂů
ZĞƉŽƌƚ͘
/ĨƚŚĞƉƵƚŽƉƚŝŽŶǁĂƐĞdžĞƌĐŝƐĞĚ͕ŝƚŵĂLJĚŝǀĞƌƚĨƵŶĚƐĨƌŽŵŽƚŚĞƌŝŶƚĞŶĚĞĚƵƐĞƐŽĨƐƵĐŚĨƵŶĚƐ͕ǁŚŝĐŚŵĂLJŝŶŝƚŝĂůůLJŚĂǀĞĂŶĂĚǀĞƌƐĞŝŵƉĂĐƚ
ŽŶDĞƚĐĂƐŚƉƵƌƐƵŝŶŐǀĂƌŝŽƵƐĐĂƉŝƚĂůŝŶǀĞƐƚŵĞŶƚƐĂŶĚŵĂLJƌĞƋƵŝƌĞDĞƚĐĂƐŚƚŽŽďƚĂŝŶĂĚĚŝƚŝŽŶĂůĨƵŶĚŝŶŐƚŚƌŽƵŐŚĚĞďƚŽƌĞƋƵŝƚLJŽƌĂ
ĐŽŵďŝŶĂƚŝŽŶ͘
/ŶǀĞƐƚŝŐĂƚŝŽŶƐ͕ĚŝƐƉƵƚĞƐĂŶĚůŝƚŝŐĂƚŝŽŶ
The Group may, from time to time, be subject to regulatory reviews, audits and investigations which divert management’s attenƚŝŽŶ
away from the Group’s operations ĂŶĚŵĂLJďĞĐŽƐƚůLJ͘dŚĞƌĞŝƐĂƌŝƐŬƚŚĂƚĞŶĨŽƌĐĞŵĞŶƚĂĐƚŝŽŶŵĂLJĨŽůůŽǁĂŶLJƌĞŐƵůĂƚŽƌLJƌĞǀŝĞǁ͕ĂƵĚŝƚŽƌ
investigation and that such activities also adversely affect Metcash’s reputation.  
džƉŽƐƵƌĞƚŽĚŝƐƉƵƚĞƐŽƌůŝƚŝŐĂƚŝŽŶǁŝƚŚƚŚŝƌĚƉĂƌƚŝĞƐƐƵĐŚĂƐƌĞŐƵůĂƚŽƌƐ;ĨŽƌĞdžĂŵƉůĞ͕ƚŚĞĂŶĚh^dZͿ͕ĞŵƉůŽLJĞĞƐ͕ďƵƐŝŶĞƐƐ
ĂƐƐŽĐŝĂƚĞƐ͕ĐƵƐƚŽŵĞƌƐĂŶĚƐƵƉƉůŝĞƌƐ;ŝŶĐůƵĚŝŶŐĂƐƚŽƚŚĞƚĞƌŵƐŽĨƐƵƉƉůLJĂƌƌĂŶŐĞŵĞŶƚƐͿ͕ƚŚĞŚŽůĚĞƌƐŽĨƌĞŶƚĂůŐƵĂƌĂŶƚĞĞƐŐƌĂŶƚĞĚďLJ
DĞƚĐĂƐŚ;ŝŶĐůƵĚŝŶŐǁŚĞƌĞƚŚĞŐƵĂƌĂŶƚĞĞŝƐĐĂůůĞĚŽŶͿ͕ĐŽŶƚƌĂĐƚĐŽƵŶƚĞƌƉĂƌƚŝĞƐ;ŝŶĐůƵĚŝŶŐŝŶƚŚĞĐŽŶƚĞdžƚŽĨďƵƐŝŶĞƐƐŽƌƐŚĂƌĞĂĐƋƵŝƐŝƚŝŽŶ
ĂŐƌĞĞŵĞŶƚƐͿŽƌŽƚŚĞƌƚŚŝƌĚƉĂƌƚŝĞƐ;ŝŶĐůƵĚŝŶŐŝŶƚŚĞĐŽŶƚĞdžƚŽĨŚŝƐƚŽƌŝĐĂůĂŶĚĨƵƚƵƌĞĂĐƋƵŝƐŝƚŝŽŶƐͿĐŽƵůĚŶĞŐĂƚŝǀely impact on Metcash’s 
ĨŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞƚŚƌŽƵŐŚŝŶĐƌĞĂƐĞĚĐŽƐƚƐ͕ƐĞƚƚůĞŵĞŶƚƉĂLJŵĞŶƚƐ͕ĐŽŶĐĞƐƐŝŽŶƐŵĂĚĞŝŶĐŽŶƚƌĂĐƚŶĞŐŽƚŝĂƚŝŽŶƐ͕ĚĂŵĂŐĞƐƉĂLJŵĞŶƚƐ
ĂŶĚƌĞƉƵƚĂƚŝŽŶĂůĚĂŵĂŐĞ͘

ŶĚŽĨƚŚĞKƉĞƌĂƚŝŶŐĂŶĚ&ŝŶĂŶĐŝĂůZĞǀŝĞǁ

ϭŝƌĞĐƚƐĂůĞƐĨƌŽŵƐƵƉƉůŝĞƌƐƚŽƌĞƚĂŝůĞƌƐ͕ŝŶǀŽŝĐĞĚƚŚƌŽƵŐŚDĞƚĐĂƐŚ
ϮhŶĚĞƌůLJŝŶŐƉƌŽĨŝƚĂĨƚĞƌƚĂdžĞdžĐůƵĚĞƐƐŝŐŶŝĨŝĐĂŶƚŝƚĞŵƐ͗WƌŽũĞĐƚ,ŽƌŝnjŽŶŝŵƉůĞŵĞŶƚĂƚŝŽŶĐŽƐƚƐΨϭϰ͘ϰŵŝůůŝŽŶ͕ƉƵƚŽƉƚŝŽŶǀĂůƵĂƚŝŽŶĂĚũƵƐƚŵĞŶƚĂŶĚďƵƐŝŶĞƐƐĂĐƋƵŝƐŝƚŝŽŶ
ĐŽƐƚƐΨϴ͘ϳŵŝůůŝŽŶ͕ĂŶĚDĞŐĂƚƌĂŶƐŝƚŝŽŶĐŽƐƚƐŽĨΨϮ͘ϬŵŝůůŝŽŶ
ϯdžĐůƵĚĞƐƚŽďĂĐĐŽĂŶĚƉƌŽĚƵĐĞ
ϰĂƐĞĚŽŶƐĐĂŶĚĂƚĂĨƌŽŵϭ͕ϭϯϯ/'ƐƚŽƌĞƐ
ϱ/dŵĂƌŐŝŶ͗/dͬdŽƚĂůƌĞǀĞŶƵĞ;ŝŶĐůƵĚŝŶŐĐŚĂƌŐĞͲƚŚƌŽƵŐŚͿ
ϲ>Ĩ>ƌĞƐƵůƚƐƌĞĨůĞĐƚƐĂůĞƐŽƌ/d;ĂƐĂƉƉƌŽƉƌŝĂƚĞͿ͕ĞdžĐůƵĚŝŶŐĂĐƋƵŝƐŝƚŝŽŶƐ
ϳĂƐĞĚŽŶĂƐĂŵƉůĞŽĨϯϴϬŶĞƚǁŽƌŬƐƚŽƌĞƐƚŚĂƚƉƌŽǀŝĚĞƐĐĂŶĚĂƚĂ;ƌĞƉƌĞƐĞŶƚƐхϴϱйŽĨƐĂůĞƐͿ
ϴBased on 118 network stores’ scan data
DIRECTORS’ REPORT CONTINUED
Metcash Annual Report 2024
44


KZ/E&KZDd/KE
dŚĞŝƌĞĐƚŽƌƐŝŶŽĨĨŝĐĞĚƵƌŝŶŐƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌĂŶĚƵƉƚŽƚŚĞĚĂƚĞŽĨƚŚŝƐƌĞƉŽƌƚĂƌĞĂƐĨŽůůŽǁƐ͘
WdZ/Zd>^;^Đ;,ŽŶƐͿ͕&͕D/Ϳ
/ŶĚĞƉĞŶĚĞŶƚEŽŶͲĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌ
WĞƚĞƌŝƐƚŚĞŚĂŝƌŽĨƚŚĞDĞƚĐĂƐŚ>ŝŵŝƚĞĚŽĂƌĚ͘,ĞǁĂƐĂƉƉŽŝŶƚĞĚƚŽƚŚĞŽĂƌĚŽŶϭƵŐƵƐƚϮϬϭϵĂŶĚǁĂƐĂƉƉŽŝŶƚĞĚŚĂŝƌĞĨĨĞĐƚŝǀĞϭ
ƵŐƵƐƚϮϬϮϮ͘,ĞŝƐĂůƐŽĂŵĞŵďĞƌŽĨƚŚĞ^ĂĨĞƚLJĂŶĚ^ƵƐƚĂŝŶĂďŝůŝƚLJŽŵŵŝƚƚĞĞĂŶĚĂŵĞŵďĞƌŽĨƚŚĞdĞĐŚŶŽůŽŐLJĚǀŝƐŽƌLJtŽƌŬŝŶŐ'ƌŽƵƉ͘
Having over 30 years’ experience in retail and consumer goods industries, including 18 years with Super Retail Group Limited ǁŚĞƌĞŚĞ
ǁĂƐDĂŶĂŐŝŶŐŝƌĞĐƚŽƌĂŶĚŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌĨƌŽŵϮϬϬϲƚŽĞĂƌůLJϮϬϭϵ͕WĞƚĞƌďƌŝŶŐƐĂƐƚƌŽŶŐƌĞƚĂŝůĂŶĚ&D'ůĞŶƐƚŽŚŝƐƌŽůĞ͘
WĞƚĞƌΖƐĞdžĞĐƵƚŝǀĞĐĂƌĞĞƌĂůƐŽŝŶĐůƵĚĞƐĞdžƚĞŶƐŝǀĞĞdžƉĞƌŝĞŶĐĞŝŶĂĐĐŽƵŶƚŝŶŐĂŶĚĨŝŶĂŶĐĞŚĂǀŝŶŐƉƌĞǀŝŽƵƐůLJŚĞůĚƚŚĞƉŽƐŝƚŝŽŶŽĨŚŝĞĨ
&ŝŶĂŶĐŝĂůKĨĨŝĐĞƌŽĨ^ƵƉĞƌZĞƚĂŝů'ƌŽƵƉ>ŝŵŝƚĞĚ͕ĂƐǁĞůůĂƐŽƚŚĞƌƐĞŶŝŽƌĨŝŶĂŶĐŝĂůƌŽůĞƐĚƵƌŝŶŐŚŝƐϭϮLJĞĂƌƐǁŝƚŚdŚĞŽŽƚƐŽŵƉĂŶLJŝŶƚŚĞ
h<ĂŶĚƵƐƚƌĂůŝĂ͘
WĞƚĞƌŝƐŚĂŝƌĂŶĚŶŽŶͲĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌŽĨhŶŝǀĞƌƐĂů^ƚŽƌĞ,ŽůĚŝŶŐƐ>ŝŵŝƚĞĚ;ƐŝŶĐĞKĐƚŽďĞƌϮϬϮϬͿ͕ĂŶĚĂůƐŽĂŶŽŶͲĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌŽĨ
W'ΘŽWƚLJ>ŝŵŝƚĞĚĂŶĚƉƉĂƌĞů'ƌŽƵƉ;,ŽŶŐ<ŽŶŐͿ>ŝŵŝƚĞĚ;ďŽƚŚƐŝŶĐĞ:ƵůLJϮϬϭϵͿ͕ĂƐǁĞůůĂƐ'ŽŽĚϯϲϬƵƐƚƌĂůŝĂ>ƚĚ;ƐŝŶĐĞƵŐƵƐƚ
ϮϬϭϵͿ͘WĞƚĞƌǁĂƐĨŽƌŵĞƌůLJĂŶŽŶͲĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌŽĨ't'ƌŽƵƉ>ŝŵŝƚĞĚ;ϮϬϭϬƚŽϮϬϮϮͿ͘
Kh':KE^;Žŵŵ͕ĐĐŽƵŶƚŝŶŐ͕dĂdž͕ƵĚŝƚŝŶŐ͕/ŶĨŽƌŵĂƚŝŽŶ^LJƐƚĞŵƐ͕;^ͿͿ
'ƌŽƵƉŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌ͕džĞĐƵƚŝǀĞŝƌĞĐƚŽƌ
ŽƵŐŝƐĂŶĞdžƉĞƌŝĞŶĐĞĚĞdžĞĐƵƚŝǀĞǁŝƚŚĞdžƚĞŶƐŝǀĞǁŚŽůĞƐĂůĞ͕ƌĞƚĂŝůĂŶĚĞŽŵŵĞƌĐĞĞdžƉĞƌŝĞŶĐĞŝŶĂŶĂĚĂ͕^ŽƵƚŚĨƌŝĐĂĂŶĚƵƐƚƌĂůŝĂ͘
,ĞŚĂƐŚĞůĚƐĞŶŝŽƌĨŝŶĂŶĐĞ͕ƐƵƉƉůLJĐŚĂŝŶĂŶĚŐĞŶĞƌĂůŵĂŶĂŐĞŵĞŶƚƌŽůĞƐĂƚDĂŬƌŽ^͕DĂƐƐŵĂƌƚ>ŝŵŝƚĞĚ͕ŵĂůŐĂŵĂƚĞĚĞǀĞƌĂŐĞƐ
/ŶĚƵƐƚƌŝĞƐ>ŝŵŝƚĞĚĂŶĚdŚĞ^ŽƵƚŚĨƌŝĐĂŶƌĞǁĞƌŝĞƐ͕ĂůůŝŶ:ŽŚĂŶŶĞƐďƵƌŐ͕ŽĐĂͲŽůĂŶƚĞƌƉƌŝƐĞƐŝŶĂŶĂĚĂ͕ĂŶĚĞůŽŝƚƚĞŝŶďŽƚŚĂŶĂĚĂ
ĂŶĚ^ŽƵƚŚĨƌŝĐĂ͘
,ĞŝƐĂĐŚĂƌƚĞƌĞĚĂĐĐŽƵŶƚĂŶƚŚĂǀŝŶŐƋƵĂůŝĨŝĞĚŝŶ^ŽƵƚŚĨƌŝĐĂ͕ĂŶĚƌĞŐŝƐƚĞƌĞĚŝŶďŽƚŚ^ŽƵƚŚĨƌŝĐĂĂŶĚƵƐƚƌĂůŝĂĂŶĚŝƐĂ'ƌĂĚƵĂƚĞŽĨƚŚĞ
ƵƐƚƌĂůŝĂŶ/ŶƐƚŝƚƵƚĞŽĨŽŵƉĂŶLJŝƌĞĐƚŽƌƐ͘
DZ'Zd,^>d/E;͕&/Ϳ
/ŶĚĞƉĞŶĚĞŶƚEŽŶͲĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌ
DĂƌŐĂƌĞƚ;DĂƌŐŝĞͿǁĂƐĂƉƉŽŝŶƚĞĚƚŽƚŚĞŽĂƌĚŽŶϯDĂLJϮϬϮϭ͘DĂƌŐŝĞŝƐƚŚĞŚĂŝƌŽĨƚŚĞWĞŽƉůĞ͕ƵůƚƵƌĞĂŶĚEŽŵŝŶĂƚŝŽŶŽŵŵŝƚƚĞĞ
;ƐŝŶĐĞƵŐƵƐƚϮϬϮϮͿĂŶĚŝƐĂůƐŽĂŵĞŵďĞƌŽĨƚŚĞdĞĐŚŶŽůŽŐLJĚǀŝƐŽƌLJtŽƌŬŝŶŐ'ƌŽƵƉ͘
DĂƌŐŝĞŚĂƐŵŽƌĞƚŚĂŶϯϬLJĞĂƌƐ’ŽĨĞdžƉĞƌŝĞŶĐĞĂĐƌŽƐƐƐƵƉƉůLJĐŚĂŝŶƐĂŶĚůŽŐŝƐƚŝĐƐ͕ĐƵƐƚŽŵĞƌŝŶƚĞƌĨĂĐĞŝŶƚŚĞ&D'ƐĞĐƚŽƌ͕ĐŚĂŶŐĞ
ŵĂŶĂŐĞŵĞŶƚĂŶĚŐŽǀĞƌŶĂŶĐĞ͘,ĞƌĞdžĞĐƵƚŝǀĞĐĂƌĞĞƌŝŶĐůƵĚĞƐϮϬLJĞĂƌƐĂƚDĂƌƐ/ŶĐ͘ŝŶĐůƵĚŝŶŐĨŝǀĞLJĞĂƌƐĂƐŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌŽĨ&ŽŽĚ
ŝŶƵƐƚƌĂůŝĂ͘
DĂƌŐŝĞŝƐĂŶŽŶͲĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌŽĨ/ŶŐŚĂŵƐ'ƌŽƵƉ>ŝŵŝƚĞĚ;ƐŝŶĐĞ^ĞƉƚĞŵďĞƌϮϬϮϯͿ͕dLJĞƐŽŽŶ>ŝŵŝƚĞĚ;ƐŝŶĐĞ&ĞďƌƵĂƌLJϮϬϮϮͿ͕ĂƉĐŽƌ
>ŝŵŝƚĞĚ;ƐŝŶĐĞϮϬϭϲ͕ĂŶĚŚĂŝƌƐŝŶĐĞ&ĞďƌƵĂƌLJϮϬϮϭͿ͕ZĞĂůWĞƚ&ŽŽĚŽŵƉĂŶLJWƚLJ>ƚĚ;ƐŝŶĐĞDĂƌĐŚϮϬϮϮͿĂŶĚ<ĞŶŶĂƌĚƐ,ŝƌĞWƚLJ>ŝŵŝƚĞĚ
;ƐŝŶĐĞKĐƚŽďĞƌϮϬϮϮͿ͘
DĂƌŐŝĞǁĂƐĨŽƌŵĞƌůLJĂŶŽŶͲĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌŽĨĂŐƚƌĂŶƐ'ƌŽƵƉWƚLJ>ŝŵŝƚĞĚ;ϮϬϭϲƚŽϮϬϮϭͿ͕EĞǁĐĂƐƚůĞWĞƌŵĂŶĞŶƚƵŝůĚŝŶŐ^ŽĐŝĞƚLJ
;ϮϬϭϴƚŽϮϬϮϮͿ͕ƌŽƉƉŽŝŶƚƵƐƚƌĂůŝĂWƚLJ>ƚĚ;ϮϬϭϵƚŽϮϬϮϮͿĂŶĚ&ĂŝƌŚĂǀĞŶŝƐĂďŝůŝƚLJ^ĞƌǀŝĐĞƐ;ϮϬϮϭƚŽϮϬϮϮͿ͘
,Z/^d/E,K>DE;D͕W'ŝƉDŐƚ͕'/Ϳ
/ŶĚĞƉĞŶĚĞŶƚEŽŶͲĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌ
ŚƌŝƐƚŝŶĞǁĂƐĂƉƉŽŝŶƚĞĚƚŽƚŚĞŽĂƌĚŽŶϭϰ^ĞƉƚĞŵďĞƌϮϬϮϬ͘ŚƌŝƐƚŝŶĞŝƐƚŚĞŚĂŝƌŽĨƚŚĞ^ĂĨĞƚLJĂŶĚ^ƵƐƚĂŝŶĂďŝůŝƚLJŽŵŵŝƚƚĞĞ͕ǁŚŝĐŚ
ǁĂƐĞƐƚĂďůŝƐŚĞĚŽŶϭDĂLJϮϬϮϯ͕ĂŶĚĂŵĞŵďĞƌŽĨƚŚĞƵĚŝƚ͕ZŝƐŬĂŶĚŽŵƉůŝĂŶĐĞŽŵŵŝƚƚĞĞ͘
&ƌŽŵŚĞƌƉƌĞǀŝŽƵƐĞdžĞĐƵƚŝǀĞĐĂƉĂĐŝƚLJ͕ĂƐďŽƚŚ&KΘŽŵŵĞƌĐŝĂůŝƌĞĐƚŽƌŽĨdĞůƐƚƌĂƌŽĂĚĐĂƐƚ^ĞƌǀŝĐĞƐ͕ŚƌŝƐƚŝŶĞďƌŝŶŐƐĂĚĞĞƉ
ƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨůĞŐĂĐLJĂŶĚĞŵĞƌŐŝŶŐƚĞĐŚŶŽůŽŐŝĞƐĂŶĚĚŝŐŝƚĂůƚƌĂŶƐĨŽƌŵĂƚŝŽŶƐ͘ƵƌŝŶŐŚĞƌƚŝŵĞŝŶƉƌŝǀĂƚĞŝŶǀĞƐƚŵĞŶƚŵĂŶĂŐĞŵĞŶƚ͕
ŚƌŝƐƚŝŶĞĂƐƐŝƐƚĞĚŵĂŶĂŐĞŵĞŶƚĂŶĚƚŚĞďŽĂƌĚƐŽĨŝŶǀĞƐƚĞĞĐŽŵƉĂŶŝĞƐŽŶƐƚƌĂƚĞŐLJĚĞǀĞůŽƉŵĞŶƚ͕ŵĞƌŐĞƌƐΘĂĐƋƵŝƐŝƚŝŽŶƐ͕ůĞĂĚŝŶŐĚƵĞ
ĚŝůŝŐĞŶĐĞƚĞĂŵƐ͕ŵĂŶĂŐŝŶŐůĂƌŐĞĐŽŵƉůĞdžĐŽŵŵĞƌĐŝĂůŶĞŐŽƚŝĂƚŝŽŶƐĂŶĚĚĞǀĞůŽƉŝŶŐŐƌŽǁƚŚŽƉƉŽƌƚƵŶŝƚŝĞƐ͘
ŚƌŝƐƚŝŶĞŝƐĂŶŽŶͲĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌŽĨŽůůŝŶƐ&ŽŽĚƐ>ŝŵŝƚĞĚ;ƐŝŶĐĞĞĐĞŵďĞƌϮϬϭϵͿĂŶĚŚĂŝƌŽĨŝƚƐƵĚŝƚĂŶĚZŝƐŬŽŵŵŝƚƚĞĞ;ƐŝŶĐĞ:ƵůLJ
ϮϬϮϮͿĂŶĚĂůƐŽĂŶŽŶͲĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌŽĨ'>ŶĞƌŐLJ>ŝŵŝƚĞĚ;ƐŝŶĐĞEŽǀĞŵďĞƌϮϬϮϮͿ͘
^ŚĞŝƐĂŶŽŶͲĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌŽĨ/ŶĚĂƌĂŽƌƉŽƌĂƚŝŽŶWƚLJ>ƚĚ;ƐŝŶĐĞDĂLJϮϬϮϮͿĂŶĚŚĂŝƌŽĨŝƚƐƵĚŝƚΘZŝƐŬŽŵŵŝƚƚĞĞ;ƐŝŶĐĞDĂLJϮϬϮϮͿ͕
ĂŶŽŶͲĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌŽĨƚŚĞDĐ'ƌĂƚŚ&ŽƵŶĚĂƚŝŽŶ;ƐŝŶĐĞ:ƵůLJϮϬϮϬͿĂŶĚŚĂŝƌŽĨŝƚƐZŝƐŬ͕/ŶǀĞƐƚŵĞŶƚĂŶĚƵĚŝƚŽŵŵŝƚƚĞĞ;ƐŝŶĐĞ
KĐƚŽďĞƌϮϬϮϬͿ͕ĂŶŽŶͲĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌŽĨdŚĞEĂƚŝŽŶĂů/ŶƚĞƌŵŽĚĂůŽƌƉŽƌĂƚŝŽŶ>ŝŵŝƚĞĚ;ƐŝŶĐĞƵŐƵƐƚϮϬϭϴͿĂŶĚŚĂŝƌŽĨŝƚƐƵĚŝƚΘZŝƐŬ
ŽŵŵŝƚƚĞĞ;ƐŝŶĐĞKĐƚŽďĞƌϮϬϮϬͿ͕ĂŶĚĂŶŽŶͲĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌŽĨdŚĞ^ƚĂƚĞ>ŝďƌĂƌLJŽĨEĞǁ^ŽƵƚŚtĂůĞƐ&ŽƵŶĚĂƚŝŽŶ;ƐŝŶĐĞ&ĞďƌƵĂƌLJ
ϮϬϭϳͿ͘
ŚƌŝƐƚŝŶĞŝƐĂĨŽƌŵĞƌŶŽŶͲĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌŽĨ^Z>ŝŵŝƚĞĚ;ϮϬϭϲƚŽϮϬϮϮͿ͕ůĂĐŬŵŽƌĞƐ>ŝŵŝƚĞĚ;ϮϬϭϵƚŽϮϬϮϭͿ͕tŝƐĞdĞĐŚ'ůŽďĂů>ŝŵŝƚĞĚ
;ϮϬϭϴƚŽϮϬϭϵͿĂŶĚdŚĞƌĂĚŵĂŶ&ŽƵŶĚĂƚŝŽŶ;ϮϬϭϲƚŽĞĐĞŵďĞƌϮϬϮϯͿ͘


45
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DZ<':K,E^KE;Žŵ͕W͕&͕&/Ϳ
/ŶĚĞƉĞŶĚĞŶƚEŽŶͲĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌ
DĂƌŬǁĂƐĂƉƉŽŝŶƚĞĚƚŽƚŚĞŽĂƌĚŽŶϭƵŐƵƐƚϮϬϮϮ͘DĂƌŬŝƐĂŵĞŵďĞƌŽĨƚŚĞƵĚŝƚ͕ZŝƐŬĂŶĚŽŵƉůŝĂŶĐĞŽŵŵŝƚƚĞĞĂŶĚŝƐƚŚĞŚĂŝƌŽĨ
ƚŚĞdĞĐŚŶŽůŽŐLJĚǀŝƐŽƌLJtŽƌŬŝŶŐ'ƌŽƵƉ͘
Mark has 35 years’ experience as an accountant and senior partner with Coopers & Lybrand and then PwC, including as PwC’s NatŝŽŶĂů
ƐƐƵƌĂŶĐĞ>ĞĂĚĞƌŝŶƵƐƚƌĂůŝĂĨƌŽŵϮϬϬϯƚŽϮϬϬϳĂŶĚƚŚĞŶĂƐŝƚƐŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌ͕ƵƐƚƌĂůŝĂĂŶĚĞƉƵƚLJŚĂŝƌŵĂŶ͕ƐŝĂWĂĐŝĨŝĐĨƌŽŵ
ϮϬϬϴƚŽϮϬϭϮ͘DĂƌŬŚĂƐĂůƐŽŚĂĚĂŶĞdžƚĞŶƐŝǀĞŶŽŶͲĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌĐĂƌĞĞƌĨŽƌŽǀĞƌĂĚĞĐĂĚĞ͕ĐƵƌƌĞŶƚůLJŚŽůĚŝŶŐĚŝƌĞĐƚŽƌƐŚŝƉƐĂƚ,&
'ƌŽƵƉ;ƐŝŶĐĞϮϬϭϯͿ͕ǁŚĞƌĞŚĞŝƐĂůƐŽŚĂŝƌŵĂŶ͕ŽƌĂů>ŝŵŝƚĞĚ;ƐŝŶĐĞϮϬϮϭͿ͕'ŽŽĚŵĂŶ'ƌŽƵƉ;ƐŝŶĐĞϮϬϮϬͿ͕ƵƌĞĐŽŶ>ƚĚ;ƐŝŶĐĞϮϬϭϳͿĂŶĚ
^LJĚŶĞLJǀŝĂƚŝŽŶůůŝĂŶĐĞ,ŽůĚŝŶŐƐWƚLJ>ƚĚĂŶĚƐƵďƐŝĚŝĂƌŝĞƐ;ƐŝŶĐĞKĐƚŽďĞƌϮϬϮϮͿ͘
,ĞǁĂƐĨŽƌŵĞƌůLJĂŶŽŶͲĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌŽĨŽƌƌƐŚĂŵďĞƌƐtĞƐƚŐĂƌƚŚ;ϮϬϭϴƚŽϮϬϮϮͿ͕ŽĐĂŽůĂŵĂƚŝů>ŝŵŝƚĞĚ;ϮϬϭϲƚŽϮϬϮϭͿ͕'ϴ
ĚƵĐĂƚŝŽŶ>ŝŵŝƚĞĚ;ϮϬϭϲƚŽϮϬϮϭͿĂŶĚtĞƐƚĨŝĞůĚ'ƌŽƵƉ>ŝŵŝƚĞĚ;ϮϬϭϯƚŽϮϬϭϵͿ͘,ĞŝƐĂŽƵŶĐŝůůŽƌŽĨhE^t^LJĚŶĞLJ͘
DhZZzW:KZE;DWĂŶĚD/Ϳ
/ŶĚĞƉĞŶĚĞŶƚEŽŶͲĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌ
DƵƌƌĂLJŚĂƐďĞĞŶĂŵĞŵďĞƌŽĨƚŚĞŽĂƌĚƐŝŶĐĞϮϯ&ĞďƌƵĂƌLJϮϬϭϲ͘,ĞŝƐĂůƐŽĂŵĞŵďĞƌŽĨƚŚĞWĞŽƉůĞ͕ƵůƚƵƌĞĂŶĚEŽŵŝŶĂƚŝŽŶ
ŽŵŵŝƚƚĞĞ͕ĂŶĚƚŚĞ^ĂĨĞƚLJĂŶĚ^ƵƐƚĂŝŶĂďŝůŝƚLJŽŵŵŝƚƚĞĞĞƐƚĂďůŝƐŚĞĚŽŶϭDĂLJϮϬϮϯ͘
DƵƌƌĂLJŚĂƐĞdžƚĞŶƐŝǀĞĞdžƉĞƌŝĞŶĐĞŝŶƚŚĞŝŶĚĞƉĞŶĚĞŶƚƌĞƚĂŝůƐĞĐƚŽƌ͕ďƌŝŶŐŝŶŐƵŶŝƋƵĞŝŶƐŝŐŚƚĂŶĚƉĞƌƐƉĞĐƚŝǀĞƚŽƚŚĞŽĂƌĚƌĞŐĂƌĚŝŶŐƚŚĞ
ĐŚĂůůĞŶŐĞƐĨĂĐĞĚďLJŝŶĚĞƉĞŶĚĞŶƚƌĞƚĂŝůĞƌƐĂŶĚƚŚĞǀĂůƵĂďůĞƌŽůĞƚŚĞLJƉůĂLJŝŶƚŚĞĐŽŵŵƵŶŝƚLJ͘DƵƌƌĂLJǁĂƐƉƌĞǀŝŽƵƐůLJDĂŶĂŐŝŶŐŝƌĞĐƚŽƌŽĨ
EĞǁĞĂůĂŶĚďƵƐŝŶĞƐƐ&ŽŽĚƐƚƵĨĨƐEŽƌƚŚ/ƐůĂŶĚ>ŝŵŝƚĞĚ͕ĂĐŽͲŽƉĞƌĂƚŝǀĞǁŚŽůĞƐĂůĞĐŽŵƉĂŶLJ͕ƐƵƉƉůLJŝŶŐŝŶĚĞƉĞŶĚĞŶƚůLJŽǁŶĞĚĂŶĚ
ŽƉĞƌĂƚĞĚďƵƐŝŶĞƐƐĞƐŝŶƚŚĞƐƵƉĞƌŵĂƌŬĞƚƐ͕ĨŽŽĚƐĞƌǀŝĐĞĂŶĚůŝƋƵŽƌƐĞĐƚŽƌƐ͘,ĞŚĂƐĂůƐŽŚĞůĚŬĞLJŵĂŶĂŐĞŵĞŶƚƉŽƐŝƚŝŽŶƐŝŶƉƌŽƉĞƌƚLJ
ĚĞǀĞůŽƉŵĞŶƚĂŶĚŝŶǀĞƐƚŵĞŶƚ͘
Dƌ:ŽƌĚĂŶŝƐĂŶŽŶͲĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌŽĨDĞƚůŝĨĞĐĂƌĞ>ŝŵŝƚĞĚ͕ƐŝĂWĂĐŝĨŝĐsŝůůĂŐĞ,ŽůĚŝŶŐƐWƚLJ>ŝŵŝƚĞĚĂŶĚƐŝĂWĂĐŝĨŝĐsŝůůĂŐĞ'ƌŽƵƉWƚLJ
>ŝŵŝƚĞĚ;ĞĂĐŚƐŝŶĐĞEŽǀĞŵďĞƌϮϬϮϬͿ͕^ƚĞǀĞŶƐŽŶ'ƌŽƵƉ>ŝŵŝƚĞĚ;ƐŝŶĐĞ:ƵůLJϮϬϭϲͿĂŶĚŚŽƌƵƐ>ŝŵŝƚĞĚ;ƐŝŶĐĞ^ĞƉƚĞŵďĞƌϮϬϭϱͿ͕ĞĂĐŚĂ
EĞǁĞĂůĂŶĚĐŽŵƉĂŶLJ͘
,ĞŝƐĂůƐŽĂƚƌƵƐƚĞĞŽĨƚŚĞ&ŽŽĚƐƚƵĨĨƐDĞŵďĞƌƐWƌŽƚĞĐƚŝŽŶdƌƵƐƚĂŶĚŽͲŽƉĞƌĂƚŝǀĞWĞƌƉĞƚƵĂƚŝŽŶdƌƵƐƚ;ďŽƚŚƐŝŶĐĞ:ĂŶƵĂƌLJϮϬϭϵͿ͕Ă
ƚƌƵƐƚĞĞŽĨƚŚĞ^ŽƵƚŚĞƌŶƌŽƐƐ,ĞĂůƚŚdƌƵƐƚ;ƐŝŶĐĞƵŐƵƐƚϮϬϭϵͿ͕ĂĚŝƌĞĐƚŽƌŽĨƚŚĞ^ŽƵƚŚĞƌŶƌŽƐƐDĞĚŝĐĂůĂƌĞ^ŽĐŝĞƚLJ;ƐŝŶĐĞ:ĂŶƵĂƌLJ
ϮϬϮϬͿ͕ĂĚŝƌĞĐƚŽƌŽĨĞĂŬŝŶdŽƉŽWƚLJ>ƚĚ;EϲϱϳϰϳϮϬϳϰͿ͕ƚŚĞƵůƚŝŵĂƚĞŽǁŶĞƌŽĨƵƐƚƌĂůŝĂŶZĞƚŝƌĞŵĞŶƚ^ĞƌǀŝĐĞƐ͕ǁŚŝĐŚŽǁŶƐƚŚĞ
>ĞǀĂŶĚĞ>ŝǀŝŶŐƌĞƚŝƌĞŵĞŶƚǀŝůůĂŐĞƉŽƌƚĨŽůŝŽ;ƐŝŶĐĞ:ƵůLJϮϬϮϮͿ͕ĂĨŽƌŵĞƌƚƌƵƐƚĞĞŽĨƚŚĞ^ƚĂƌƐŚŝƉ&ŽƵŶĚĂƚŝŽŶŝŶEĞǁĞĂůĂŶĚƚŚĂƚƌĂŝƐĞƐ
funds for the National Children’s Hospital (ϮϬϭϱͲϮϬϮϮͿĂŶĚĂĨŽƌŵĞƌĚŝƌĞĐƚŽƌŽĨ^ŬLJŝƚLJŶƚĞƌƚĂŝŶŵĞŶƚ'ƌŽƵƉ>ŝŵŝƚĞĚ;EͿ;ϮϬϭϲͲϮϬϮϭͿ͘
,>EE^,;,ŽŶƐ͕'/Ϳ
/ŶĚĞƉĞŶĚĞŶƚEŽŶͲĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌ
,ĞůĞŶǁĂƐĂƉƉŽŝŶƚĞĚƚŽƚŚĞŽĂƌĚŽŶϮϯKĐƚŽďĞƌϮϬϭϱ͘^ŚĞŝƐƚŚĞŚĂŝƌŽĨƚŚĞƵĚŝƚ͕ZŝƐŬĂŶĚŽŵƉůŝĂŶĐĞŽŵŵŝƚƚĞĞ;ƐŝŶĐĞϭƵŐƵƐƚ
ϮϬϮϮͿ͕ĂŶĚĂŵĞŵďĞƌŽĨƚŚĞWĞŽƉůĞ͕ƵůƚƵƌĞĂŶĚEŽŵŝŶĂƚŝŽŶŽŵŵŝƚƚĞĞ͘
,ĞůĞŶŚĂƐŵŽƌĞƚŚĂŶϮϬLJĞĂƌƐ’ĞdžĞĐƵƚŝǀĞĞdžƉĞƌŝĞŶĐĞĂĐƌŽƐƐƚŚƌĞĞĚŝǀĞƌƐĞŝŶĚƵƐƚƌŝĞƐ͗ĐŽŶƐƵŵĞƌƉĂĐŬĂŐĞĚŐŽŽĚƐ͕ŵĞĚŝĂĂŶĚƋƵŝĐŬƐĞƌǀŝĐĞ
ƌĞƐƚĂƵƌĂŶƚƐ͘
,ĞůĞŶďƌŝŶŐƐƌŽƵŶĚĞĚĐŽŵŵĞƌĐŝĂůĂŶĚĐŽŶƐƵŵĞƌĨŽĐƵƐĞĚĞdžƉĞƌŝĞŶĐĞƚŽŚĞƌƌŽůĞ͘^ŚĞŝŶŝƚŝĂůůLJƚƌĂŝŶĞĚŝŶƚŚĞh<ĂƐĂĞƌƚŝĨŝĞĚ
DĂŶĂŐĞŵĞŶƚĐĐŽƵŶƚĂŶƚ͘ϭϴLJĞĂƌƐŝŶďƌĂŶĚƐĂŶĚŵĂƌŬĞƚŝŶŐĂůůŽǁŚĞƌƚŽďƌŝŶŐĂƐƚƌŽŶŐĐŽŶƐƵŵĞƌůĞŶƐƚŽƚŚĞŽĂƌĚ͘^ŚĞŐĂŝŶĞĚ
ĞdžƚĞŶƐŝǀĞƐƚƌĂƚĞŐŝĐ͕ŽƉĞƌĂƚŝŽŶĂůĂŶĚŐĞŶĞƌĂůŵĂŶĂŐĞŵĞŶƚĞdžƉĞƌŝĞŶĐĞŝŶŚĞƌƌŽůĞŽĨŚŝĞĨKƉĞƌĂƚŝŶŐKĨĨŝĐĞƌĂƚDĐŽŶĂůĚƐƵƐƚƌĂůŝĂ͕
ŽǀĞƌƐĞĞŝŶŐďƵƐŝŶĞƐƐĂŶĚĐŽƌƉŽƌĂƚĞƐƚƌĂƚĞŐLJ͕ƐƚŽƌĞŽƉĞƌĂƚŝŽŶƐŝŶĐůƵĚŝŶŐĂůůĐŽŵƉĂŶLJĂŶĚĨƌĂŶĐŚŝƐĞĚƐƚŽƌĞƐ͕ŵĂƌŬĞƚŝŶŐ͕ŵĞŶƵƐ͕ƌĞƐĞĂƌĐŚ
ĂŶĚĚĞǀĞůŽƉŵĞŶƚĂŶĚŝŶĨŽƌŵĂƚŝŽŶƚĞĐŚŶŽůŽŐLJ͘
,ĞůĞŶŝƐĂŶŽŶͲĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌŽĨ^ŽƵƚŚĞƌŶƌŽƐƐDĞĚŝĂ'ƌŽƵƉ>ŝŵŝƚĞĚ;ƐŝŶĐĞƉƌŝůϮϬϭϱͿĂŶĚ/ŶŐŚĂŵƐ'ƌŽƵƉ>ŝŵŝƚĞĚ;ƐŝŶĐĞDĂLJ
ϮϬϭϳͿĂŶĚǁĂƐĂƉƉŽŝŶƚĞĚŚĂŝƌŽĨ/ŶŐŚĂŵƐŝŶƵŐƵƐƚϮϬϮϮ͘,ĞůĞŶŝƐĂĨŽƌŵĞƌŶŽŶͲĞdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌŽĨůĂĐŬŵŽƌĞƐ>ƚĚ;ϮϬϭϯƚŽϮϬϭϵͿ͘
KDWEz^ZdZz
:h>/^,hddKE;ƐŝĂŶ^ƚƵĚŝĞƐ;sŝĞƚͿ͕>>͕>>D͕'/Ϳ
:ƵůŝĞŝƐŚŝĞĨ>ĞŐĂů͕ZŝƐŬĂŶĚŽŵƉůŝĂŶĐĞKĨĨŝĐĞƌĂŶĚŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJĂƚDĞƚĐĂƐŚ͕ƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞůĞŐĂů͕ƌŝƐŬĂŶĚĐŽŵƉůŝĂŶĐĞ͕ƐĂĨĞƚLJ
ĂŶĚĐŽŵƉĂŶLJƐĞĐƌĞƚĂƌŝĂƚĨƵŶĐƚŝŽŶƐ͘^ŚĞǁĂƐƉƌĞǀŝŽƵƐůLJĂƉĂƌƚŶĞƌĂƚůĂǁĨŝƌŵĂŬĞƌΘDĐ<ĞŶnjŝĞǁŚĞƌĞƐŚĞƐƉĞĐŝĂůŝƐĞĚŝŶŵĞƌŐĞƌƐΘ
ĂĐƋƵŝƐŝƚŝŽŶƐ͕ƉƌŝǀĂƚĞĞƋƵŝƚLJĂŶĚĐŽƌƉŽƌĂƚĞƌĞƐƚƌƵĐƚƵƌĞƐ͘:ƵůŝĞŝƐĂ'ƌĂĚƵĂƚĞŽĨƚŚĞƵƐƚƌĂůŝĂŶ/ŶƐƚŝƚƵƚĞŽĨŽŵƉĂŶLJŝƌĞĐƚŽƌƐ͘
/ŶĚĞŵŶŝĨŝĐĂƚŝŽŶĂŶĚŝŶƐƵƌĂŶĐĞŽĨŝƌĞĐƚŽƌƐĂŶĚKĨĨŝĐĞƌƐ
hŶĚĞƌƚŚĞŽŶƐƚŝƚƵƚŝŽŶŽĨƚŚĞŽŵƉĂŶLJ͕ƚŚĞŽŵƉĂŶLJŝŶĚĞŵŶŝĨŝĞƐ;ƚŽƚŚĞĨƵůůĞdžƚĞŶƚƉĞƌŵŝƚƚĞĚďLJůĂǁͿĐƵƌƌĞŶƚĂŶĚĨŽƌŵĞƌŝƌĞĐƚŽƌƐĂŶĚ
ŽŵƉĂŶLJ^ĞĐƌĞƚĂƌŝĞƐĂŶĚƐƵĐŚŽƚŚĞƌĐƵƌƌĞŶƚĂŶĚĨŽƌŵĞƌŽĨĨŝĐĞƌƐĂƐƚŚĞŽĂƌĚŵĂLJĚĞƚĞƌŵŝŶĞĨƌŽŵƚŝŵĞƚŽƚŝŵĞĂŐĂŝŶƐƚĂůůůŽƐƐĞƐĂŶĚ
ůŝĂďŝůŝƚŝĞƐŝŶĐƵƌƌĞĚĂƐĂŶŽĨĨŝĐĞƌŽĨDĞƚĐĂƐŚŽƌŝƚƐƌĞůĂƚĞĚĐŽŵƉĂŶŝĞƐ͘dŚĞŽŵƉĂŶLJŵĂLJĞŶƚĞƌŝŶƚŽĂĚĞĞĚŝŶĚĞŵŶŝĨLJŝŶŐƐƵĐŚŽĨĨŝĐĞƌƐŽŶ
ƚŚĞƐĞƚĞƌŵƐ͘dŚĞŽŵƉĂŶLJĞŶƚĞƌƐŝŶƚŽƐƵĐŚĚĞĞĚƐǁŝƚŚĞĂĐŚŽĨŝƚƐŝƌĞĐƚŽƌƐĂŶĚŽŵƉĂŶLJ^ĞĐƌĞƚĂƌŝĞƐĨƌŽŵƚŝŵĞƚŽƚŝŵĞ͘
ƵƌŝŶŐƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌ͕ƚŚĞŽŵƉĂŶLJŚĂƐƉĂŝĚ͕ŽƌĂŐƌĞĞĚƚŽƉĂLJ͕ĂƉƌĞŵŝƵŵŝŶƌĞƐƉĞĐƚŽĨĂĐŽŶƚƌĂĐƚŽĨŝŶƐƵƌĂŶĐĞŝŶƐƵƌŝŶŐŽĨĨŝĐĞƌƐ;ĂŶĚ
ĂŶLJƉĞƌƐŽŶƐǁŚŽĂƌĞŽĨĨŝĐĞƌƐŝŶƚŚĞĨƵƚƵƌĞͿĂŐĂŝŶƐƚĐĞƌƚĂŝŶůŝĂďŝůŝƚŝĞƐŝŶĐƵƌƌĞĚŝŶƚŚĂƚĐĂƉĂĐŝƚLJ͘ŝƐĐůŽƐƵƌĞŽĨƚŚĞƚŽƚĂůĂŵŽƵŶƚŽĨƚŚĞ
ƉƌĞŵŝƵŵƐĂŶĚƚŚĞŶĂƚƵƌĞŽĨƚŚĞůŝĂďŝůŝƚŝĞƐŝŶƌĞƐƉĞĐƚŽĨƐƵĐŚŝŶƐƵƌĂŶĐĞŝƐƉƌŽŚŝďŝƚĞĚďLJƚŚĞĐŽŶƚƌĂĐƚŽĨŝŶƐƵƌĂŶĐĞ͘
DIRECTORS’ REPORT CONTINUED
Metcash Annual Report 2024
46


The following table presents information relating to membership and attendance at meetings of the Company’s Board of DirectorƐĂŶĚ
ŽĂƌĚĐŽŵŵŝƚƚĞĞƐŚĞůĚĚƵƌŝŶŐƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌ͘The information reflects those meetings held and attended during a Director’s period 
ŽĨĂƉƉŽŝŶƚŵĞŶƚĂƐĂŝƌĞĐƚŽƌĚƵƌŝŶŐƚŚĞLJĞĂƌ͘
ƉƉŽŝŶƚĞĚ
DĞĞƚŝŶŐƐ
ŚĞůĚ
DĞĞƚŝŶŐƐ
ĂƚƚĞŶĚĞĚ
KƌĚŝŶĂƌLJ
ƐŚĂƌĞƐŚĞůĚĂƚ
ƌĞƉŽƌƚŝŶŐĚĂƚĞ
KZK&/ZdKZ^

WĞƚĞƌŝƌƚůĞƐ;ŚĂŝƌͿ
ϭƵŐƵƐƚϮϬϭϵ
ϳ
ϳ
ϭϮϭ͕ϵϱϰ
ŽƵŐ:ŽŶĞƐ
ϭϭDĂƌĐŚϮϬϮϮ
ϳ
ϳ
ϮϬϱ͕Ϯϰϱ
DĂƌŬ:ŽŚŶƐŽŶ
ϭƵŐƵƐƚϮϬϮϮ
ϳ
ϲ
ϱϰ͕ϯϯϱ
DƵƌƌĂLJ:ŽƌĚĂŶ
Ϯϯ&ĞďƌƵĂƌLJϮϬϭϲ
ϳ
ϳ
ϲϲ͕ϯϵϳ
DĂƌŐĂƌĞƚ,ĂƐĞůƚŝŶĞ
ϯDĂLJϮϬϮϭ
ϳ
ϳ
ϲϱ͕ϵϯϲ
ŚƌŝƐƚŝŶĞ,ŽůŵĂŶ
ϭϰ^ĞƉƚĞŵďĞƌϮϬϮϬ
ϳ
ϳ
ϲϯ͕ϵϱϲ
,ĞůĞŶEĂƐŚ
ϮϯKĐƚŽďĞƌϮϬϭϱ
ϳ
ϳ
ϲϬ͕ϭϰϱ
h/d͕Z/^<ΘKDW>/EKDD/dd


,ĞůĞŶEĂƐŚ;ŚĂŝƌͿ
ϭƵŐƵƐƚϮϬϮϮ
ϲ
ϲ

DĂƌŬ:ŽŚŶƐŽŶ
ϭƵŐƵƐƚϮϬϮϮ
ϲ
ϲ

ŚƌŝƐƚŝŶĞ,ŽůŵĂŶ
ϭϰ^ĞƉƚĞŵďĞƌϮϬϮϬ
ϲ
ϲ

WKW>͕h>dhZΘEKD/Ed/KEKDD/dd


DĂƌŐĂƌĞƚ,ĂƐĞůƚŝŶĞ;ŚĂŝƌͿ
ϭDĂLJϮϬϮϯ
ϲ
ϲ

DƵƌƌĂLJ:ŽƌĚĂŶ
ϭDĂLJϮϬϮϯ
ϲ
ϲ

,ĞůĞŶEĂƐŚ
ϭDĂLJϮϬϮϯ
ϲ
ϲ

^&dzE^h^d/E/>/dzKDD/dd;ĂͿ


ŚƌŝƐƚŝŶĞ,ŽůŵĂŶ;ŚĂŝƌͿ
ϭDĂLJϮϬϮϯ
ϰ
ϰ

WĞƚĞƌŝƌƚůĞƐ
ϭDĂLJϮϬϮϯ
ϰ
ϰ

DƵƌƌĂLJ:ŽƌĚĂŶ
ϭDĂLJϮϬϮϯ
ϰ
ϰ

d,EK>K'zs/^KZztKZĞĂĚĞƌƐŚŝƉdĞĂŵŚŽůĚĂŚĂůĨĚĂLJƐƚƌĂƚĞŐLJĂŶĚͬŽƌƉƌŽĨĞƐƐŝŽŶĂůĚĞǀĞůŽƉŵĞŶƚƐĞƐƐŝŽŶďĞĨŽƌĞƚŚƌĞĞŽĂƌĚ
ŵĞĞƚŝŶŐƐĞĂĐŚLJĞĂƌ͕ĂƐǁĞůůĂƐĂϮͲĚĂLJƐƚƌĂƚĞŐLJƐĞƐƐŝŽŶĞĂĐŚKĐƚŽďĞƌ͘dŚĞŽĂƌĚĂůƐŽŚŽůĚƐƌĞŐƵůĂƌĐĂůůƐǁŝƚŚƚŚĞ'ƌŽƵƉKƚŽƐƚĂLJ
ĂďƌĞĂƐƚŽĨĐƵƌƌĞŶƚŵĂƚƚĞƌƐďĞƚǁĞĞŶŵĞĞƚŝŶŐƐ͘&ŝŶĂůůLJ͕ĨƌŽŵƚŝŵĞƚŽƚŝŵĞ͕ĂĚĚŝƚŝŽŶĂůŶŽŶͲƐƚĂŶĚŝŶŐŽĂƌĚĐŽŵŵŝƚƚĞĞƐŽƌǁŽƌŬŝŶŐŐƌŽƵƉƐ
ĂƌĞĞƐƚĂďůŝƐŚĞĚǁŝƚŚƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐĨƌŽŵĂŵŽŶŐƚŚĞŝƌĞĐƚŽƌƐƚŽĐŽŶƐŝĚĞƌŵĂƚĞƌŝĂůƚƌĂŶƐĂĐƚŝŽŶƐŽƌƉƌŽũĞĐƚƐ͕ŝŶĐůƵĚŝŶŐƚŽƐƵƉƉŽƌƚƚŚĞ
ĚĞĐŝƐŝŽŶͲŵĂŬŝŶŐŽĨƚŚĞĨƵůůŽĂƌĚŝŶƌĞůĂƚŝŽŶƚŽƚŚŽƐĞŵĂƚƚĞƌƐ͘/Ŷ&zϮϰ͕ĨŽƌĞdžĂŵƉůĞ͕ĂŽĂƌĚĐŽŵŵŝƚƚĞĞǁĂƐĞƐƚĂďůŝƐŚĞĚƚŽƉƌŽǀŝĚĞ
ĂĚĚŝƚŝŽŶĂůŽĂƌĚŽǀĞƌƐŝŐŚƚĂŶĚŐƵŝĚĂŶĐĞŽĨƚŚĞĞdžĞĐƵƚŝŽŶŽĨƚŚĞĞƋƵŝƚLJƌĂŝƐĞĂŶŶŽƵŶĐĞĚŽŶϱ&ĞďƌƵĂƌLJϮϬϮϰ͘  dŚĞƐĞ
ƐƚƌĂƚĞŐLJͬƉƌŽĨĞƐƐŝŽŶĂůĚĞǀĞůŽƉŵĞŶƚƐĞƐƐŝŽŶƐ͕ƵƉĚĂƚĞĐĂůůƐĂŶĚǁŽƌŬŝŶŐŐƌŽƵƉͬƐƚĞĞƌŝŶŐĐŽŵŵŝƚƚĞĞŵĞĞƚŝŶŐƐ;ǁŝƚŚƚŚĞĞdžĐĞƉƚŝŽŶŽĨƚŚĞ
dĞĐŚŶŽůŽŐLJĚǀŝƐŽƌLJtŽƌŬŝŶŐ'ƌŽƵƉͿĂƌĞŶŽƚŝŶĐůƵĚĞĚŝŶƚŚĞĂďŽǀĞƚĂďůĞ͘
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ZDhEZd/KEZWKZd
KŶďĞŚĂůĨŽĨƚŚĞŽĂƌĚĂŶĚƚŚĞWĞŽƉůĞ͕ƵůƚƵƌĞΘEŽŵŝŶĂƚŝŽŶ
ŽŵŵŝƚƚĞĞ͕/ĂŵƉůĞĂƐĞĚƚŽƉƌĞƐĞŶƚŽƵƌZĞŵƵŶĞƌĂƚŝŽŶZĞƉŽƌƚ
ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬƉƌŝůϮϬϮϰ


DZ'Zd,^>d/E
ŚĂŝƌ͕WĞŽƉůĞ͕ƵůƚƵƌĞΘEŽŵŝŶĂƚŝŽŶŽŵŵŝƚƚĞĞ
/ƚŝƐƉůĞĂƐŝŶŐƚŽƌĞƉŽƌƚƚŚĂƚƚŚĞ'ƌŽƵƉĚĞůŝǀĞƌĞĚƐŽůŝĚĂŶĚĂďŽǀĞ
ŵĂƌŬĞƚĐŽŶƐĞŶƐƵƐĞĂƌŶŝŶŐƐĚƵƌŝŶŐĂƉĞƌŝŽĚŽĨŝŶĐƌĞĂƐŝŶŐůLJĐŚĂůůĞŶŐŝŶŐ
ĞĐŽŶŽŵŝĐĐŽŶĚŝƚŝŽŶƐ͘ŽƚŚƚŚĞ&ŽŽĚĂŶĚ>ŝƋƵŽƌƉŝůůĂƌƐĐŽŶƚŝŶƵĞĚƚŽ
ƉĞƌĨŽƌŵǁĞůů͕ƵŶĚĞƌƉŝŶŶĞĚďLJƐƚƌŽŶŐƐĂůĞƐ;ŶŽŶͲƚŽďĂĐĐŽͿĂŶĚƐŽƵŶĚ
ĐŽƐƚŵĂŶĂŐĞŵĞŶƚ͘/Ŷ,ĂƌĚǁĂƌĞ͕ĂĨƵƌƚŚĞƌĚĞƚĞƌŝŽƌĂƚŝŽŶŝŶĞdžƚĞƌŶĂů
ĐŽŶĚŝƚŝŽŶƐǁĞŝŐŚĞĚŽŶƚŚĞŽǀĞƌĂůůƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞƉŝůůĂƌ͘
^ƚƌĂƚĞŐŝĐĂůůLJ͕ĨƵƌƚŚĞƌƉƌŽŐƌĞƐƐǁĂƐŵĂĚĞǁŝƚŚƚŚĞ'ƌŽƵƉĐŽŶƚŝŶƵŝŶŐŝƚƐ
ƚƌĂŶƐĨŽƌŵĂƚŝŽŶŝŶƚŽĂŵŽƌĞĚŝǀĞƌƐŝĨŝĞĚ͕ƌĞƐŝůŝĞŶƚĂŶĚŚŝŐŚͲƋƵĂůŝƚLJ
ďƵƐŝŶĞƐƐ͘
>ĞĂĚĞƌƐŚŝƉĐŚĂŶŐĞƐ
ƵƌŝŶŐ&zϮϰ͕ƚŚĞƌĞǁĞƌĞƐŽŵĞŶŽƚĂďůĞĐŚĂŶŐĞƐǁŝƚŚŝŶƚŚĞDĞƚĐĂƐŚ
ĞdžĞĐƵƚŝǀĞƚĞĂŵ͘ƐƉƌĞǀŝŽƵƐůLJĂĚǀŝƐĞĚ͕DƌůŝƐƚĂŝƌĞůů͕ƚŚĞĨŽƌŵĞƌ
'ƌŽƵƉ&K͕ƌĞƚŝƌĞĚĨƌŽŵƚŚĞƌŽůĞĂŶĚĂŐƌĞĞĚƚŽƐƚĂLJŽŶƵŶƚŝů&ĞďƌƵĂƌLJ
ϮϬϮϰƚŽĨĂĐŝůŝƚĂƚĞƚŚĞƚƌĂŶƐŝƚŝŽŶƚŽƚŚĞŝŶĐŽŵŝŶŐ'ƌŽƵƉ&K͕DƐĞĞƉĂ
^ŝƚĂ͕ǁŚŽĂůƐŽƚŽŽŬŽŶƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƚŚĞ'ƌŽƵƉ^ƚƌĂƚĞŐLJĨƵŶĐƚŝŽŶ͘
DƌŚƌŝƐĂĚĚŽĐŬ͕ƚŚĞĨŽƌŵĞƌK>D͕ƌĞƚŝƌĞĚĨƌŽŵƚŚĞƌŽůĞĨŽƌ
ŚĞĂůƚŚƌĞĂƐŽŶƐĂŶĚǁĞǁĞůĐŽŵĞĚDƐ<LJůŝĞtĂůůďƌŝĚŐĞĂƐK>DŝŶ
DĂƌĐŚϮϬϮϰ͘dŚĞLJĞĂƌĂůƐŽŝŶĐůƵĚĞĚƚŚĞĂƉƉŽŝŶƚŵĞŶƚŽĨDƌZŝĐŚĂƌĚ
DƵƌƌĂLJŝŶ:ĂŶƵĂƌLJϮϬϮϰƚŽƐƵĐĐĞĞĚWĂƵůƵŵďƌĞůůĂƐKŽĨŽƵƌdŽƚĂů
dŽŽůƐďƵƐŝŶĞƐƐ͘
dŚĞĚŝǀĞƌƐŝƚLJŝŶďĂĐŬŐƌŽƵŶĚĂŶĚĞdžƉĞƌŝĞŶĐĞŽĨƚŚĞŶĞǁůLJĂƉƉŽŝŶƚĞĚ
ĞdžĞĐƵƚŝǀĞƐŚŝŐŚůŝŐŚƚƐƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞŶĂƚƵƌĞŽĨƚŚĞƐĞĂƌĐŚĞƐ
ƵŶĚĞƌƚĂŬĞŶŝŶĨŝŶĚŝŶŐƚŚĞƌŝŐŚƚĐĂůŝďƌĞŽĨĞdžĞĐƵƚŝǀĞƚŽĨŽƌŵƉĂƌƚŽĨŽƵƌ
ůĞĂĚĞƌƐŚŝƉƚĞĂŵĂŶĚŵĂŬĞĂĚŝĨĨĞƌĞŶĐĞŝŶ‘Championing Successful 
/ŶĚĞƉĞŶĚĞŶƚƐŝŶƐƵƉƉŽƌƚŽĨdŚƌŝǀŝŶŐ>ŽĐĂůŽŵŵƵŶŝƚŝĞƐ’͘
&zϮϰƌĞŵƵŶĞƌĂƚŝŽŶĨƌĂŵĞǁŽƌŬĐŚĂŶŐĞƐ
>ĂƐƚLJĞĂƌǁĞĨůĂŐŐĞĚĂĐŚĂŶŐĞŝŶƚŚĞĚĞĨĞƌƌĞĚƉƌŽƉŽƌƚŝŽŶŽĨĂŶLJ^ŚŽƌƚͲ
ƚĞƌŵ/ŶĐĞŶƚŝǀĞ;^d/ͿĂǁĂƌĚƐƚŽďĞƉĂŝĚƚŽƚŚĞ'ƌŽƵƉKĂŶĚ'ƌŽƵƉ
&K͘dŚĞ^d/ĚĞĨĞƌƌĂůƉĞƌĐĞŶƚĂŐĞĨŽƌƚŚĞ'ƌŽƵƉKŝŶĐƌĞĂƐĞĚƚŚŝƐ
LJĞĂƌĨƌŽŵϯϯйƚŽϰϬйĂŶĚǁŝůůŝŶĐƌĞĂƐĞĂŐĂŝŶŝŶ&zϮϱƚŽϱϬй͘^ŝŵŝůĂƌůLJ͕
ƚŚĞ^d/ĚĞĨĞƌƌĂůƉĞƌĐĞŶƚĂŐĞĨŽƌƚŚĞ'ƌŽƵƉ&KŝŶĐƌĞĂƐĞĚĨƌŽŵϮϱйƚŽ
ϯϯйƚŚŝƐLJĞĂƌ͕ǁŝƚŚĨƵƌƚŚĞƌŝŶĐƌĞĂƐĞƐŝŶ&zϮϱƚŽϰϬйĂŶĚŝŶ&zϮϲƚŽ
ϱϬй͘dŚŝƐĞŶŚĂŶĐĞƐĂůŝŐŶŵĞŶƚƚŽŵĂƌŬĞƚƉƌĂĐƚŝĐĞĂŶĚƐŚĂƌĞŚŽůĚĞƌ
ĞdžƉĞĐƚĂƚŝŽŶƐ͘
&Žƌ&zϮϰ͕ǁĞŚĂǀĞŝŶĐƌĞĂƐĞĚƚŚĞ>ŽŶŐͲƚĞƌŵ/ŶĐĞŶƚŝǀĞ;>d/ͿŽƉƉŽƌƚƵŶŝƚLJ
ŽĨƚŚĞ'ƌŽƵƉKĨƌŽŵϴϬйŽĨĨŝdžĞĚƌĞŵƵŶĞƌĂƚŝŽŶƚŽϵϬйƚŽĞŶŚĂŶĐĞ
ĂůŝŐŶŵĞŶƚǁŝƚŚƐŚĂƌĞŚŽůĚĞƌƐ͘/Ŷ&zϮϱ͕ƚŚĞ'ƌŽƵƉK>d/ŽƉƉŽƌƚƵŶŝƚLJ
ǁŝůůďĞĨƵƌƚŚĞƌŝŶĐƌĞĂƐĞĚƚŽƌĞĨůĞĐƚĂŚŝŐŚĞƌǁĞŝŐŚƚŝŶŐƚŽǁĂƌĚƐƚŚĞ
ůŽŶŐĞƌͲƚĞƌŵ͘
dŚĞŽĂƌĚŚĂƐĂůƐŽƌĞǀŝĞǁĞĚƚŚĞĂƉƉƌŽĂĐŚĨŽƌĚĞƚĞƌŵŝŶŝŶŐ'ƌŽƵƉ
ƵŶĚĞƌůLJŝŶŐĞĂƌŶŝŶŐƐďĞĨŽƌĞŝŶƚĞƌĞƐƚĂŶĚƚĂdžĂƚŝŽŶ;/dͿĨŽƌ
ƌĞŵƵŶĞƌĂƚŝŽŶƉƵƌƉŽƐĞƐ͘&ƌŽŵ&zϮϰ͕'ƌŽƵƉĚũƵƐƚĞĚ/d͕ǁŚŝĐŚ
ŝŶĐůƵĚĞƐWƌŽũĞĐƚ,ŽƌŝnjŽŶĂŶĚDĞŐĂŝƐƚƌŝďƵƚŝŽŶĞŶƚƌĞƚƌĂŶƐŝƚŝŽŶĐŽƐƚƐ͕
ǁŝůůďĞƵƐĞĚŝŶďŽƚŚƚŚĞ^d/ƉůĂŶĂŶĚƚŽĚĞƚĞƌŵŝŶĞZK&ŝŶƚŚĞ>d/ƉůĂŶ͘
dŚŝƐĐŚĂŶŐĞĞŶƐƵƌĞƐƚŚĂƚĨŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞĨŽƌƌĞŵƵŶĞƌĂƚŝŽŶ
ƉƵƌƉŽƐĞƐƚĂŬĞƐŝŶƚŽĂĐĐŽƵŶƚƚŚĞĐŽƐƚƐŽĨƚŚĞƐĞƐŝŐŶŝĨŝĐĂŶƚƉƌŽũĞĐƚƐ͘
dŚĞĂůĂŶĐĞĚ^ĐŽƌĞĐĂƌĚƚŽĚĞƚĞƌŵŝŶĞ&zϮϰƉĞƌĨŽƌŵĂŶĐĞŚĂƐĂůƐŽďĞĞŶ
ƌĞĨŝŶĞĚ͕ǁŝƚŚĂůůĞdžĞĐƵƚŝǀĞƐƐŚĂƌŝŶŐ'ƌŽƵƉ&ŝŶĂŶĐŝĂůĂŶĚ^ƚƌĂƚĞŐŝĐ
ŽďũĞĐƚŝǀĞƐ;ǁĞŝŐŚƚĞĚϳϬйͿƚŽĞŶƐƵƌĞƚŚĞƌĞŝƐĂŶŝŶĐƌĞĂƐĞĚĐŽůůĞĐƚŝǀĞ
ĨŽĐƵƐĂŶĚĂĐĐŽƵŶƚĂďŝůŝƚLJŽŶ'ƌŽƵƉŽďũĞĐƚŝǀĞƐ͘ĂĐŚĞdžĞĐƵƚŝǀĞĂůƐŽŚĂƐ
/ŶĚŝǀŝĚƵĂů^ƚƌĂƚĞŐŝĐŽďũĞĐƚŝǀĞƐƐƉĞĐŝĨŝĐƚŽƚŚĞŝƌƌŽůĞ;ǁĞŝŐŚƚĞĚϯϬйͿƚŽ
ĚƌŝǀĞďƵƐŝŶĞƐƐƐƉĞĐŝĨŝĐƉĞƌĨŽƌŵĂŶĐĞĂŶĚĚŝĨĨĞƌĞŶƚŝĂƚĞƉĞƌĨŽƌŵĂŶĐĞ͘
&zϮϰƉĞƌĨŽƌŵĂŶĐĞ
'ƌŽƵƉĚũƵƐƚĞĚ/dŝŵƉƌŽǀĞĚďLJϮ͘ϰйŽŶ&zϮϯ͕ƌĞĨůĞĐƚŝŶŐƐƚƌŽŶŐ
ƌĞƐƵůƚƐŝŶ&ŽŽĚĂŶĚ>ŝƋƵŽƌĂƐǁĞůůĂƐůŽǁĞƌWƌŽũĞĐƚ,ŽƌŝnjŽŶĐŽƐƚƐ͘dŚĞ
'ƌŽƵƉWĞƌĨŽƌŵĂŶĐĞ^ĐŽƌĞĐĂƌĚŽƵƚĐŽŵĞƐĂƌĞŚŝŐŚůŝŐŚƚĞĚŝŶƚŚĞ
ƐƵŵŵĂƌLJƚĂďůĞŽŶƚŚĞĨŽůůŽǁŝŶŐƉĂŐĞĂŶĚĐŽŵƉĂƌĞƉŽƐŝƚŝǀĞůLJǁŝƚŚ
&zϮϯ͕ƌĞĨůĞĐƚŝǀĞŽĨƚŚĞƐƚƌŽŶŐŽǀĞƌĂůůƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ'ƌŽƵƉŝŶĂ
ĐŚĂůůĞŶŐŝŶŐLJĞĂƌ͘
&zϮϰƌĞŵƵŶĞƌĂƚŝŽŶŽƵƚĐŽŵĞƐ
&ŝdžĞĚƌĞŵƵŶĞƌĂƚŝŽŶ
dŽĐŽŶƚŝŶƵĞƚŽĂƚƚƌĂĐƚĂŶĚƌĞƚĂŝŶŚŝŐŚͲĐĂůŝďƌĞĞdžĞĐƵƚŝǀĞƐ͕ĐĂƌĞĨƵů
ĐŽŶƐŝĚĞƌĂƚŝŽŶŝƐŐŝǀĞŶƚŽŵĂƌŬĞƚďĞŶĐŚŵĂƌŬƐ͕ŝŶƚĞƌŶĂůƌĞůĂƚŝǀŝƚŝĞƐĂŶĚ
ĞdžĞĐƵƚŝǀĞĞdžƉĞƌŝĞŶĐĞǁŚĞŶĞƐƚĂďůŝƐŚŝŶŐŽƌĂĚũƵƐƚŝŶŐĨŝdžĞĚ
ƌĞŵƵŶĞƌĂƚŝŽŶ͘DĞƚĐĂƐŚĐŽŶƚŝŶƵĞƐƚŽƉŽƐŝƚŝŽŶƌĞŵƵŶĞƌĂƚŝŽŶĂƌŽƵŶĚ
ƚŚĞŵĂƌŬĞƚŵĞĚŝĂŶďƵƚǁŝƚŚĐĂƉĂĐŝƚLJƚŽŵŽǀĞƚŽǁĂƌĚƐƚŚĞƵƉƉĞƌ
ƋƵĂƌƚŝůĞĨŽƌĚĞĞƉůLJĞdžƉĞƌŝĞŶĐĞĚŽƌŚŝŐŚͲƉĞƌĨŽƌŵŝŶŐĞdžĞĐƵƚŝǀĞƐ͘
dŚĞĨŝdžĞĚƌĞŵƵŶĞƌĂƚŝŽŶĐŽŵƉŽŶĞŶƚĨŽƌƚǁŽŽĨŽƵƌĞdžĞĐƵƚŝǀĞƐǁĂƐ
ŝŶĐƌĞĂƐĞĚŝŶƚŚĞLJĞĂƌƚŽĞŶƐƵƌĞƌĞŵƵŶĞƌĂƚŝŽŶƌĞĨůĞĐƚĞĚƚŚĞŝƌĚĞĞƉ
ůĞǀĞůŽĨƌŽůĞĞdžƉĞƌŝĞŶĐĞƌĞůĂƚŝǀĞƚŽƚŚĞŵĂƌŬĞƚďĞŶĐŚŵĂƌŬƐ͘dŚĞK
/,'ĂŶĚƚŚĞĨŽƌŵĞƌK>DǁĞƌĞƉƌŽǀŝĚĞĚǁŝƚŚĂŶϴ͘ϯйĂŶĚϰ͘Ϯй
ŝŶĐƌĞĂƐĞƌĞƐƉĞĐƚŝǀĞůLJ͘dŚĞĨŝdžĞĚƌĞŵƵŶĞƌĂƚŝŽŶŽĨƚŚĞŶĞǁŝŶĐŽŵŝŶŐ
ĞdžĞĐƵƚŝǀĞƐǁĂƐĚĞƚĞƌŵŝŶĞĚǁŝƚŚƌĞĨĞƌĞŶĐĞƚŽŵĂƌŬĞƚďĞŶĐŚŵĂƌŬƐ͕
ƚŚĞŝƌƌĞƐƉĞĐƚŝǀĞůĞǀĞůƐŽĨĞdžƉĞƌŝĞŶĐĞ͕ĂŶĚƚŚĞŝŶƚĞƌŶĂůƌĞůĂƚŝǀŝƚŝĞƐĂĐƌŽƐƐ
ƚŚĞĞdžĞĐƵƚŝǀĞƚĞĂŵ͘
^ŚŽƌƚͲƚĞƌŵ/ŶĐĞŶƚŝǀĞƐ
dŚĞ^d/ĂǁĂƌĚƐĨŽƌĞdžĞĐƵƚŝǀĞƐĂƌĞĚĞƚĞƌŵŝŶĞĚďLJ'ƌŽƵƉĂŶĚƉŝůůĂƌ
ĨŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞĂŶĚŽƵƚĐŽŵĞƐĂŐĂŝŶƐƚƚŚĞĂůĂŶĐĞĚ^ĐŽƌĞĐĂƌĚ͕
ĐŽŵƉƌŝƐŝŶŐďŽƚŚ'ƌŽƵƉĂŶĚ/ŶĚŝǀŝĚƵĂůŽďũĞĐƚŝǀĞƐ͘dŚĞ&zϮϰ^d/ĂǁĂƌĚƐ
ĨŽƌĐŽŶƚŝŶƵŝŶŐĞdžĞĐƵƚŝǀĞƐƌĂŶŐĞĚĨƌŽŵϭϰ͘ϲйƚŽϯϴ͘ϭйŽĨŵĂdžŝŵƵŵ͘/Ŷ
ƚŚĞĐŽŶƚĞdžƚŽĨĂŶŝŶĐƌĞĂƐŝŶŐůLJĐŚĂůůĞŶŐŝŶŐŵĂƌŬĞƚ͕ĂŶĚƚŚĞƐƚƌĞƚĐŚ
ƚĂƌŐĞƚƐƐĞƚŝŶƚŚĞ&zϮϰĂůĂŶĐĞĚ^ĐŽƌĞĐĂƌĚ͕ƚŚĞŽĂƌĚĐŽŶƐŝĚĞƌƐƚŚĂƚ
ƚŚĞƐĞ^d/ŽƵƚĐŽŵĞƐďŽƚŚĂůŝŐŶǁŝƚŚŽǀĞƌĂůůƉĞƌĨŽƌŵĂŶĐĞĂŶĚƌĞĨůĞĐƚ
ƚŚĞƵŶĚĞƌůLJŝŶŐƐƚƌĞŶŐƚŚŽĨƚŚĞďƵƐŝŶĞƐƐ͘
DIRECTORS’ REPORT CONTINUED
Metcash Annual Report 2024
48


>ŽŶŐͲƚĞƌŵ/ŶĐĞŶƚŝǀĞƐ
dŚĞ&zϮϮ>d/ŽĨĨĞƌǁĂƐƚĞƐƚĞĚĂƚƚŚĞĞŶĚŽĨ&zϮϰǁŝƚŚĂŶŽƵƚĐŽŵĞŽĨ
ϳϲ͘ϳй͘dŚĞĂǀĞƌĂŐĞZĞƚƵƌŶŽŶ&ƵŶĚƐŵƉůŽLJĞĚŽǀĞƌƚŚĞƚŚƌĞĞͲLJĞĂƌ
ƉĞƌĨŽƌŵĂŶĐĞƉĞƌŝŽĚǁĂƐϮϴ͘ϴй͕ĂďŽǀĞƚŚĞŵĂdžŝŵƵŵŽĨƚŚĞǀĞƐƚŝŶŐ
ƌĂŶŐĞ͘dŚĞĐŽŵƉŽƵŶĚĂŶŶƵĂůŐƌŽǁƚŚŽĨĂďƐŽůƵƚĞdŽƚĂů^ŚĂƌĞŚŽůĚĞƌ
ZĞƚƵƌŶǁĂƐϳ͘ϱйŽǀĞƌƚŚĞƐĂŵĞƉĞƌŝŽĚ͕ďĞƚǁĞĞŶƚŚĞƚĂƌŐĞƚĂŶĚ
ŵĂdžŝŵƵŵŽĨƚŚĞǀĞƐƚŝŶŐƌĂŶŐĞ͘dŚŝƐŽƵƚĐŽŵĞĂůŝŐŶƐǁŝƚŚƚŚĞ
ĞdžƉĞƌŝĞŶĐĞŽĨƐŚĂƌĞŚŽůĚĞƌƐŽǀĞƌƚŚĂƚƉĞƌŝŽĚ͘
&ƵƌƚŚĞƌĚĞƚĂŝůƐŽŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞĂŶĚƌĞŵƵŶĞƌĂƚŝŽŶŽƵƚĐŽŵĞƐĨŽƌ
&zϮϰĂƌĞƉƌŽǀŝĚĞĚŝŶƚŚĞƚĂďůĞŽŶƚŚĞĨŽůůŽǁŝŶŐƉĂŐĞ͕ĨŽƌƌĞĨĞƌĞŶĐĞ͘
ĚĚŝƚŝŽŶĂůƌĞŵƵŶĞƌĂƚŝŽŶĂƌƌĂŶŐĞŵĞŶƚƐ
The second tranche of the Group CEO’s buyͲŽƵƚŐƌĂŶƚǁĂƐƚĞƐƚĞĚ
ĚƵƌŝŶŐƚŚĞLJĞĂƌĂŶĚƐƵďƐĞƋƵĞŶƚůLJǀĞƐƚĞĚĂƚϭϬϬйďĂƐĞĚƵƉŽŶƚŚĞ
ƉĞƌĨŽƌŵĂŶĐĞĐŽŶĚŝƚŝŽŶƐ͘
dŚĞŝŶĐŽŵŝŶŐ'ƌŽƵƉ&K͕DƐĞĞƉĂ^ŝƚĂ͕ǁĂƐƉƌŽǀŝĚĞĚǁŝƚŚĂďƵLJͲŽƵƚ
ŐƌĂŶƚŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨŝŶĐĞŶƚŝǀĞƐĨŽƌĨĞŝƚĞĚĨƌŽŵŚĞƌƉƌĞǀŝŽƵƐ
ĞŵƉůŽLJĞƌ͘dŚĞĚĞƚĂŝůƐŽĨƚŚŝƐĂƌĞƉƌŽǀŝĚĞĚŝŶ^ĞĐƚŝŽŶϰ͘ϳ͘
EŽŶͲĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌĨĞĞƐ
ƵƌŝŶŐƚŚĞLJĞĂƌ͕ŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞŐƌŽǁŝŶŐƚŝŵĞĐŽŵŵŝƚŵĞŶƚƐ
ĂŶĚǁŽƌŬůŽĂĚƐŽĨŽĂƌĚĂŶĚŽŵŵŝƚƚĞĞŵĞŵďĞƌƐ͕ĂŶĚǁŝƚŚƌĞĨĞƌĞŶĐĞ
ƚŽ&zϮϰŵĂƌŬĞƚďĞŶĐŚŵĂƌŬƐ͕ƚŚĞĨŽůůŽǁŝŶŐĨĞĞƐǁĞƌĞŝŶĐƌĞĂƐĞĚĨŽƌ
EŽŶͲĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌƐ͕ĞĨĨĞĐƚŝǀĞĨƌŽŵϭDĂLJϮϬϮϯ͗
− dŚĞŽĂƌĚDĞŵďĞƌ;ĞdžĐůƵĚŝŶŐƚŚĞŚĂŝƌͿĨĞĞŝŶĐƌĞĂƐĞĚďLJϯ͘ϴйƚŽ
Ψϭϲϳ͕ϱϵϱ͖
− dŚĞŚĂŝƌĨĞĞĨŽƌďŽƚŚƚŚĞƵĚŝƚ͕ZŝƐŬΘŽŵƉůŝĂŶĐĞŽŵŵŝƚƚĞĞ
;ZͿĂŶĚƚŚĞWĞŽƉůĞ͕ƵůƚƵƌĞΘEŽŵŝŶĂƚŝŽŶŽŵŵŝƚƚĞĞ;WEͿ
ŝŶĐƌĞĂƐĞĚďLJϮϬ͘ϭйƚŽΨϰϲ͕ϯϱϬ͖ĂŶĚ
− dŚĞDĞŵďĞƌĨĞĞĨŽƌďŽƚŚƚŚĞZĂŶĚWEŝŶĐƌĞĂƐĞĚďLJϯϬ͘ϱй
ƚŽΨϮϮ͕ϲϲϬ͘
dŚĞ^ĂĨĞƚLJΘ^ƵƐƚĂŝŶĂďŝůŝƚLJŽŵŵŝƚƚĞĞǁĂƐĞƐƚĂďůŝƐŚĞĚŽŶϭDĂLJϮϬϮϯ
ǁŝƚŚĨĞĞƐĂůŝŐŶĞĚǁŝƚŚƚŚĞdĞĐŚŶŽůŽŐLJĚǀŝƐŽƌLJtŽƌŬŝŶŐ'ƌŽƵƉ͘ŽĂƌĚ
ĂŶĚŽŵŵŝƚƚĞĞĨĞĞƐĂƌĞƉƌŽǀŝĚĞĚŝŶ^ĞĐƚŝŽŶϳ͘
>ŽŽŬŝŶŐĂŚĞĂĚƚŽ&zϮϱ
&ŽůůŽǁŝŶŐĂƌĞǀŝĞǁŝŶ&zϮϰ͕ƚŚĞŽĂƌĚĂƉƉŽŝŶƚĞĚWǁƚŽƵŶĚĞƌƚĂŬĞ
ŵĂƌŬĞƚďĞŶĐŚŵĂƌŬŝŶŐĨŽƌďŽƚŚĞdžĞĐƵƚŝǀĞƌĞŵƵŶĞƌĂƚŝŽŶĂŶĚEŽŶͲ
ĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌĨĞĞƐ͘dŚĞŽĂƌĚĚĞƚĞƌŵŝŶĞĚƚŽƚĂŬĞĂƌĞĨŝŶĞĚ
ĂƉƉƌŽĂĐŚ͕ǁŝƚŚŵĂƌŬĞƚĚĂƚĂďĂƐĞĚŽŶƐŝŵŝůĂƌƌŽůĞƐǁŝƚŚŝŶƚǁŽƉĞĞƌ
ŐƌŽƵƉƐŽĨĐŽŵƉĂƌĂďůĞĐŽŵƉĂŶŝĞƐ͕ĨŽĐƵƐŝŶŐŽŶŵĂƌŬĞƚĐĂƉŝƚĂůŝƐĂƚŝŽŶ
ĂŶĚŝŶĚƵƐƚƌLJ͘dŚĞŽĂƌĚďĞůŝĞǀĞƐƚŚĂƚƚŚĞŶĞǁĂƉƉƌŽĂĐŚŝƐďŽƚŚĨŝƚͲĨŽƌͲ
ƉƵƌƉŽƐĞĂŶĚĂůŝŐŶĞĚǁŝƚŚŵĂƌŬĞƚƉƌĂĐƚŝĐĞ͘&ƵƌƚŚĞƌĚĞƚĂŝůƐĂƌĞƉƌŽǀŝĚĞĚ
ŝŶ^ĞĐƚŝŽŶϯ͘ϭ͘
dŚĞƌĞĨŝŶĞĚŵĂƌŬĞƚďĞŶĐŚŵĂƌŬƐĨŽƌďŽƚŚĞdžĞĐƵƚŝǀĞƌĞŵƵŶĞƌĂƚŝŽŶĂŶĚ
EŽŶͲĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌĨĞĞƐĂƌĞůŽǁĞƌƚŚĂŶƵŶĚĞƌƚŚĞƉƌĞǀŝŽƵƐ
ŵĞƚŚŽĚŽůŽŐLJĂŶĚƚŚĞŽĂƌĚǁŝůůĐŽŶƚŝŶƵĞƚŽĐŽŶƐŝĚĞƌƚŚĞŵĂƌŬĞƚĚĂƚĂ
ƚŽŝŶĨŽƌŵĚĞĐŝƐŝŽŶƐǁŚĞŶĚĞƚĞƌŵŝŶŝŶŐĂƉƉƌŽƉƌŝĂƚĞƌĞŵƵŶĞƌĂƚŝŽŶ͘/Ŷ
ĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨEŽŶͲĞdžĞĐƵƚŝǀĞŝƌĞĐƚŽƌĨĞĞŝŶĐƌĞĂƐĞƐŝŵƉůĞŵĞŶƚĞĚŝŶ
&zϮϰ͕ĂŶĚƚŚĞƌĞĨŝŶĞĚŵĂƌŬĞƚďĞŶĐŚŵĂƌŬƐ͕ƚŚĞŽĂƌĚŚĂƐĚĞƚĞƌŵŝŶĞĚ
ƚŚĂƚŶŽĨĞĞŝŶĐƌĞĂƐĞƐǁŝůůďĞŝŵƉůĞŵĞŶƚĞĚŝŶ&zϮϱ͘
ƵƌŝŶŐ&zϮϱ͕ƚŚĞŽĂƌĚǁŝůůƌĞǀŝĞǁƚŚĞƌĞŵƵŶĞƌĂƚŝŽŶĨƌĂŵĞǁŽƌŬƚŽ
ĞŶƐƵƌĞƚŚĂƚƚŚĞƌĞŵƵŶĞƌĂƚŝŽŶŵŝdžĂŶĚƉĞƌĨŽƌŵĂŶĐĞŵĞƚƌŝĐƐĂůŝŐŶǁŝƚŚ
ƚŚĞůŽŶŐĞƌͲƚĞƌŵƐƚƌĂƚĞŐŝĐŽďũĞĐƚŝǀĞƐŽĨƚŚĞ'ƌŽƵƉĂŶĚĐŽŶƚŝŶƵĞƚŽ
ĐƌĞĂƚĞƐŚĂƌĞŚŽůĚĞƌǀĂůƵĞ͘
tĞŚŽƉĞLJŽƵĨŝŶĚƚŚŝƐZĞƉŽƌƚŝŶĨŽƌŵĂƚŝǀĞĂŶĚ͕ĂƐƵƐƵĂů͕ǁĞǁĞůĐŽŵĞ
ĂŶLJĨĞĞĚďĂĐŬŽŶŽƵƌƌĞŵƵŶĞƌĂƚŝŽŶĨƌĂŵĞǁŽƌŬĂŶĚĚŝƐĐůŽƐƵƌĞƐ͘






DZ'Zd,^>d/E
ŚĂŝƌ͕WĞŽƉůĞ͕ƵůƚƵƌĞΘEŽŵŝŶĂƚŝŽŶŽŵŵŝƚƚĞĞ

49
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&zϮϰWĞƌĨŽƌŵĂŶĐĞ^ƵŵŵĂƌLJ
&zϮϰZĞŵƵŶĞƌĂƚŝŽŶKƵƚĐŽŵĞƐ^ƵŵŵĂƌLJ
&ŝdžĞĚƌĞŵƵŶĞƌĂƚŝŽŶ
ƵƌŝŶŐƚŚĞLJĞĂƌ͕ƚŚĞĨŝdžĞĚƌĞŵƵŶĞƌĂƚŝŽŶĨŽƌƚǁŽĞdžĞĐƵƚŝǀĞƐǁĂƐŝŶĐƌĞĂƐĞĚ͘DƐŶŶĞƚƚĞtĞůƐŚ͕ƚŚĞK
/,'͕ǁĂƐƉƌŽǀŝĚĞĚǁŝƚŚĂŶϴ͘ϯйŝŶĐƌĞĂƐĞŝŶĨŝdžĞĚƌĞŵƵŶĞƌĂƚŝŽŶĂŶĚDƌŚƌŝƐĂĚĚŽĐŬ͕ƚŚĞĨŽƌŵĞƌK
>D͕ǁĂƐƉƌŽǀŝĚĞĚǁŝƚŚĂŶŝŶĐƌĞĂƐĞŝŶĨŝdžĞĚƌĞŵƵŶĞƌĂƚŝŽŶŽĨϰ͘ϮйƚŽĞŶƐƵƌĞƚŚĞŝƌƌĞŵƵŶĞƌĂƚŝŽŶƌĞĨůĞĐƚĞĚ
ƚŚĞŝƌĞdžƉĞƌŝĞŶĐĞŝŶƚŚĞŝƌƌĞƐƉĞĐƚŝǀĞƌŽůĞƐƌĞůĂƚŝǀĞƚŽŵĂƌŬĞƚďĞŶĐŚŵĂƌŬƐ͘
dŚĞĨŝdžĞĚƌĞŵƵŶĞƌĂƚŝŽŶŽĨŝŶĐŽŵŝŶŐĞdžĞĐƵƚŝǀĞƐǁĂƐĞƐƚĂďůŝƐŚĞĚŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨŵĂƌŬĞƚďĞŶĐŚŵĂƌŬƐ
ĂŶĚƚŚĞƌĞůĂƚŝǀĞĞdžƉĞƌŝĞŶĐĞŽĨĞĂĐŚĞdžĞĐƵƚŝǀĞ͘
/ƚŝƐDĞƚĐĂƐŚ’sĂƉƉƌŽĂĐŚƚŽƉŽƐŝƚŝŽŶƌĞŵƵŶĞƌĂƚŝŽŶĂƌŽƵŶĚƚŚĞŵĂƌŬĞƚŵĞĚŝĂŶǁŝƚŚĐĂƉĂĐŝƚLJƚŽŵŽǀĞ
ƚŽǁĂƌĚƐƚŚĞƵƉƉĞƌƋƵĂƌƚŝůĞĨŽƌĚĞĞƉůLJĞdžƉĞƌŝĞŶĐĞĚŽƌŚŝŐŚͲƉĞƌĨŽƌŵŝŶŐŝŶĐƵŵďĞŶƚƐƚŽĞŶƐƵƌĞǁĞĂƌĞĂďůĞ
ƚŽĂƚƚƌĂĐƚĂŶĚƌĞƚĂŝŶƚŚĞĐĂůŝďƌĞŽĨĞdžĞĐƵƚŝǀĞƐƌĞƋƵŝƌĞĚƚŽĚƌŝǀĞƚŚĞŽǀĞƌĂůůDĞƚĐĂƐŚƐƚƌĂƚĞŐLJ͘
^ŚŽƌƚͲƚĞƌŵŝŶĐĞŶƚŝǀĞ
ŽƵƚĐŽŵĞƐ
'ƌŽƵƉ^d/WŽŽůDĞƚƌŝĐ
'ƌŽƵƉĚũƵƐƚĞĚ/d͗/ŵƉƌŽǀĞĚďLJϮ͘ϰй;Ψϭϭ͘ϮŵŝůůŝŽŶͿŽŶ&zϮϯ͕ƌĞĨůĞĐƚŝŶŐƐƚƌŽŶŐƌĞƐƵůƚƐŝŶ&ŽŽĚĂŶĚ
>ŝƋƵŽƌĂƐǁĞůůĂƐůŽǁĞƌWƌŽũĞĐƚ,ŽƌŝnjŽŶĐŽƐƚƐ͘
'ƌŽƵƉWĞƌĨŽƌŵĂŶĐĞ^ĐŽƌĞĐĂƌĚDĞƚƌŝĐƐ
'ƌŽƵƉƌĞǀĞŶƵĞ;ĞdžĐůƵĚŝŶŐƚŽďĂĐĐŽͿ͗/ŵƉƌŽǀĞĚďLJϯ͘ϮйŽŶ&zϮϯ͕ƌĞĨůĞĐƚŝŶŐŐƌŽǁƚŚĂĐƌŽƐƐĂůůƉŝůůĂƌƐ͘
^ĂĨĞƚLJ͗dŚĞ'ƌŽƵƉdŽƚĂůZĞĐŽƌĚĂďůĞ/ŶũƵƌLJ&ƌĞƋƵĞŶĐLJZĂƚĞ;dZ/&ZͿŽƵƚĐŽŵĞŽĨϭϰ͘ϯǁĂƐĂŶŝŵƉƌŽǀĞŵĞŶƚ
ŽĨϮϮ͘ϯйŽŶ&zϮϯ;ϭϴ͘ϰϭͿ͕ĂŶŝŶĚŝĐĂƚŽƌƚŚĂƚƚŚĞŽŶŐŽŝŶŐĨŽĐƵƐŽŶƐĂĨĞƚLJŝƐŬĞĞƉŝŶŐŽƵƌƉĞŽƉůĞƐĂĨĞ͘
ŵƉůŽLJĞĞĞŶŐĂŐĞŵĞŶƚ͗ŶŝŶĐƌĞĂƐĞŽĨŽŶĞƉĞƌĐĞŶƚĂŐĞƉŽŝŶƚĂĐƌŽƐƐĂůůDĞƚĐĂƐŚĞŵƉůŽLJĞĞƐǁĂƐďĞůŽǁ
ƚĂƌŐĞƚĨŽƌ&zϮϰďƵƚĂƉŽƐŝƚŝǀĞŽƵƚĐŽŵĞŝŶƚŚĞĐŽŶƚĞdžƚŽĨƚŚĞĐŚĂŶŐĞƐĂĐƌŽƐƐƚŚĞŽƌŐĂŶŝƐĂƚŝŽŶĂŶĚ
ůĞĂĚĞƌƐŚŝƉƚĞĂŵ͘
EĞƚWƌŽŵŽƚĞƌ^ĐŽƌĞ͗ŶŽƵƚĐŽŵĞŽĨϭϳǁĂƐďĞůŽǁƚŚĞ&zϮϯƐĐŽƌĞŽĨϮϭ͘ϭĂĐƌŽƐƐƚŚĞ'ƌŽƵƉ͘ůůƉŝůůĂƌƐŚĂĚ
ƉŽƐŝƚŝǀĞEW^ƐĐŽƌĞƐĨŽƌ&zϮϰ͕ǁŝƚŚ,ĂƌĚǁĂƌĞĂŶĚ>ŝƋƵŽƌƚŚĞƐƚƌŽŶŐĞƐƚƉĞƌĨŽƌŵĞƌƐ͘
^ƵƐƚĂŝŶĂďŝůŝƚLJ͗dŚĞǁĂƐƚĞͲƚŽͲůĂŶĚĨŝůůĚŝǀĞƌƐŝŽŶŽƵƚĐŽŵĞǁĂƐĂďŽǀĞƚĂƌŐĞƚĂƚϲϱ͘ϵй͕ƵƉĨƌŽŵϲϭйŝŶ&zϮϯ͘
WƌŽũĞĐƚ,ŽƌŝnjŽŶ͗WƌŽŐƌĞƐƐĞĚŽŶƚƌĂĐŬĂŶĚŽŶďƵĚŐĞƚĂŐĂŝŶƐƚƚŚĞ&zϮϰƉůĂŶ͘dŚĞŽǀĞƌĂůůƐƉĞŶĚŚĂƐďĞĞŶ
ĐƵƌƚĂŝůĞĚƚŽƌĞĨůĞĐƚƚŚĞĞdžƚĞŶĚĞĚďƵŝůĚĂŶĚĚĞƉůŽLJŵĞŶƚƐĐŚĞĚƵůĞ͕ǁŚŝůĞƌŝƐŬŵĂŶĂŐĞŵĞŶƚĂŶĚƋƵĂůŝƚLJ
ĂƐƐƵƌĂŶĐĞĐŽŶƚŝŶƵĞƚŽďĞƉƌŝŽƌŝƚŝƐĞĚ͘
KǀĞƌĂůů^d/KƵƚĐŽŵĞƐ
dŚĞƐĞƉĞƌĨŽƌŵĂŶĐĞŽƵƚĐŽŵĞƐƌĞƐƵůƚĞĚŝŶ^d/ĂǁĂƌĚƐŽĨďĞƚǁĞĞŶϭϰ͘ϲйƚŽϯϴ͘ϭйŽĨŵĂdžŝŵƵŵĨŽƌ
ĐŽŶƚŝŶƵŝŶŐĞdžĞĐƵƚŝǀĞƐ͘dŚĞŽĂƌĚĐŽŶƐŝĚĞƌĞĚƚŚĂƚƚŚŝƐǁĂƐĂƉƉƌŽƉƌŝĂƚĞĂŶĚĂůŝŐŶĞĚǁŝƚŚƚŚĞŽǀĞƌĂůů
ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ'ƌŽƵƉŝŶ&zϮϰ͘
>ŽŶŐͲƚĞƌŵŝŶĐĞŶƚŝǀĞ
ŽƵƚĐŽŵĞƐ
dŚĞ&zϮϮ>d/ŽĨĨĞƌǁĂƐƚĞƐƚĞĚĂƐĂƚϯϬƉƌŝůϮϬϮϰǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐŽƵƚĐŽŵĞƐ͗
−
ZĞƚƵƌŶŽŶ&ƵŶĚƐŵƉůŽLJĞĚ;ZK&Ϳ͗Ϯϴ͘ϴйĂǀĞƌĂŐĞŽǀĞƌƚŚĞƚŚƌĞĞͲLJĞĂƌƉĞƌŝŽĚ͕ƌĞƐƵůƚŝŶŐŝŶϭϬϬйŽĨ
ƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐƐƵďũĞĐƚƚŽƚŚĂƚƉĞƌĨŽƌŵĂŶĐĞŵĞĂƐƵƌĞǀĞƐƚŝŶŐ͖ĂŶĚ
−
ďƐŽůƵƚĞdŽƚĂů^ŚĂƌĞŚŽůĚĞƌZĞƚƵƌŶ;d^ZͿ͗ϳ͘ϱйĐŽŵƉŽƵŶĚĂŶŶƵĂůŐƌŽǁƚŚŽǀĞƌƚŚĞƚŚƌĞĞͲLJĞĂƌƉĞƌŝŽĚ
ƌĞƐƵůƚŝŶŐŝŶϱϯ͘ϰйŽĨƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐƐƵďũĞĐƚƚŽƚŚĂƚƉĞƌĨŽƌŵĂŶĐĞŵĞĂƐƵƌĞǀĞƐƚŝŶŐ͘
KǀĞƌĂůůŽƵƚĐŽŵĞ͗ϳϲ͘ϳйŽĨƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐƵŶĚĞƌƚŚĞ&zϮϮ>d/ŽĨĨĞƌǀĞƐƚĞĚ͘dŚĞŽĂƌĚĐŽŶƐŝĚĞƌƐƚŚĂƚ
ƚŚŝƐŽƵƚĐŽŵĞŝƐƌĞĨůĞĐƚŝǀĞŽĨ'ƌŽƵƉƉĞƌĨŽƌŵĂŶĐĞŽǀĞƌƚŚĞƚŚƌĞĞͲLJĞĂƌƉĞƌŝŽĚĂŶĚƚŚĂƚŝƚĂůŝŐŶƐǁŝƚŚƚŚĞ
ĞdžƉĞƌŝĞŶĐĞŽĨƐŚĂƌĞŚŽůĚĞƌƐŽǀĞƌƚŚĂƚƚŝŵĞ͘
ϭ͘
ƌĞͲĐůĂƐƐŝĨŝĐĂƚŝŽŶŽĨŝŶũƵƌLJƚLJƉĞƐǁĂƐƵŶĚĞƌƚĂŬĞŶĚƵƌŝŶŐ&zϮϰƚŽĂůŝŐŶǁŝƚŚŝŶĚƵƐƚƌLJĚĞĨŝŶŝƚŝŽŶƐ͘dŚĞ&zϮϯŽƵƚĐŽŵĞǁĂƐϭϴ͘ϰďĂƐĞĚŽŶƚŚĞŶĞǁĐůĂƐƐŝĨŝĐĂƚŝŽŶƐ͕
ĐŽŵƉĂƌĞĚƚŽϭϵ͘ϵĚŝƐĐůŽƐĞĚůĂƐƚLJĞĂƌƵƐŝŶŐƚŚĞƉƌŝŽƌĐůĂƐƐŝĨŝĐĂƚŝŽŶƐ͘
'ZKhW
:h^d
/d
Ψϰϳϯ͘ϭŵ
Ϯ͘ϰйŝŶĐƌĞĂƐĞĨƌŽŵ&zϮϯ
dKd>
^,Z,K>Z
ZdhZE
ϳ͘ϱй
ǀĞƌĂŐĞŐƌŽǁƚŚƉĞƌĂŶŶƵŵ&zϮϮ–Ϯϰ
t^dͲdKͲ
>E&/>>
/sZ^/KE
ϲϱ͘ϵй
hƉĨƌŽŵϲϭйŝŶ&zϮϯ
^&dz
;dZ/&ZͿ
ϭϰ͘ϯ
ϮϮ͘ϯйŝŵƉƌŽǀĞŵĞŶƚŽŶ&zϮϯ
ϭ
DIRECTORS’ REPORT CONTINUED
Metcash Annual Report 2024
50

KEdEd^K&ZWKZd
^ĞĐƚŝŽŶϭ͘
KǀĞƌǀŝĞǁŽĨƚŚĞZĞŵƵŶĞƌĂƚŝŽŶZĞƉŽƌƚ
51
^ĞĐƚŝŽŶϮ͘
ZĞŵƵŶĞƌĂƚŝŽŶƉƌŝŶĐŝƉůĞƐĂŶĚĨƌĂŵĞǁŽƌŬŽǀĞƌǀŝĞǁ
52
^ĞĐƚŝŽŶϯ͘
&zϮϰƌĞŵƵŶĞƌĂƚŝŽŶĂƉƉƌŽĂĐŚ
53
^ĞĐƚŝŽŶϰ͘
&zϮϰďƵƐŝŶĞƐƐƉĞƌĨŽƌŵĂŶĐĞĂŶĚƌĞŵƵŶĞƌĂƚŝŽŶŽƵƚĐŽŵĞƐ
56
^ĞĐƚŝŽŶϱ͘
džĞĐƵƚŝǀĞD
hŶƚŝůϲKĐƚŽďĞƌϮϬϮϯ
ϭ͘
DƐ^ŝƚĂĐŽŵŵĞŶĐĞĚĞŵƉůŽLJŵĞŶƚŽŶϴ:ĂŶƵĂƌLJϮϬϮϰĂƐ'ƌŽƵƉ&KͲĞůĞĐƚĂŶĚǁĂƐĂƉƉŽŝŶƚĞĚ'ƌŽƵƉ&KŽŶϭ&ĞďƌƵĂƌLJϮϬϮϰ. Unless otherwise stated, Ms Sita’s 
ƌĞŵƵŶĞƌĂƚŝŽŶĚŝƐĐůŽƐĞĚŝŶƚŚŝƐƌĞƉŽƌƚƌĞůĂƚĞƐƚŽƚŚĞƉĞƌŝŽĚĨƌŽŵϭ&ĞďƌƵĂƌLJϮϬϮϰƚŽϯϬƉƌŝůϮϬϮϰĂƐDĞĨĨĞĐƚŝǀĞϲKĐƚŽďĞƌϮϬϮϯĂŶĚĐĞĂƐĞĚĞŵƉůŽLJŵĞŶƚŽŶϵ&ĞďƌƵĂƌLJϮϬϮϰ͘Unless otherwise stated, Mr Baddock’s remuneration
ĚŝƐĐůŽƐĞĚŝŶƚŚŝƐƌĞƉŽƌƚƌĞůĂƚĞƐƚŽƚŚĞƉĞƌŝŽĚĨƌŽŵϭDĂLJϮϬϮϯƚŽϲKĐƚŽďĞƌϮϬϮϯĂƐ^E&ZDtKZ<KsZs/t
Ϯ͘ϭ͘ KƵƌZĞŵƵŶĞƌĂƚŝŽŶWƌŝŶĐŝƉůĞƐ
dŚĞƐĞƉƌŝŶĐŝƉůĞƐƵŶĚĞƌƉŝŶƚŚĞƌĞŵƵŶĞƌĂƚŝŽŶĨƌĂŵĞǁŽƌŬ͘
WƵƌƉŽƐĞ͕
sŝƐŝŽŶΘsĂůƵĞƐ
DĂƌŬĞƚ
ĐŽŵƉĞƚŝƚŝǀĞ
WĞƌĨŽƌŵĂŶĐĞ
ďĂƐĞĚ
^ŚĂƌĞŚŽůĚĞƌ
ĂůŝŐŶŵĞŶƚ
&ĂŝƌĂŶĚ
ƐŝŵƉůĞ
ŶĂďůŝŶŐŽƵƌƉĞŽƉůĞƚŽ
ƵŶůĞĂƐŚƚŚĞŝƌƉĂƐƐŝŽŶĂŶĚ
ŐŝǀĞůŽĐĂů/ŶĚĞƉĞŶĚĞŶƚƐ
ĂĨŝŐŚƚŝŶŐĐŚĂŶĐĞ͘
ƚƚƌĂĐƚŝŶŐĂŶĚƌĞƚĂŝŶŝŶŐ
ƉĞŽƉůĞǁŚŽĐĂŶŵĂŬĞĂ
ĚŝĨĨĞƌĞŶĐĞŝŶ
‘Championing successful 
/ŶĚĞƉĞŶĚĞŶƚƐŝŶƐƵƉƉŽƌƚ
ŽĨdŚƌŝǀŝŶŐ>ŽĐĂů
ŽŵŵƵŶŝƚŝĞƐ’͘
ZĞǁĂƌĚŝŶŐƚŚĞŝŶĚŝǀŝĚƵĂů
ĐŽŶƚƌŝďƵƚŝŽŶƐŵĂĚĞƚŽ
ĞŵƉŽǁĞƌŝŶŐŽƵƌůŽĐĂů
/ŶĚĞƉĞŶĚĞŶƚƐǁŚŽƚƵƌŶ
ƉŽƐƚĐŽĚĞƐŝŶƚŽ
ĐŽŵŵƵŶŝƚŝĞƐ͘
^ƚĂŶĚŝŶŐƐŝĚĞďLJƐŝĚĞ
ǁŝƚŚŽƵƌůŽĐĂů
/ŶĚĞƉĞŶĚĞŶƚƐƚŚƌŽƵŐŚ
ƚŚĞŐĞŶĞƌĂƚŝŽŶƐ͕ƚŽ
ƐƵƐƚĂŝŶůŽŶŐͲƚĞƌŵǀĂůƵĞ
ĨŽƌƐŚĂƌĞŚŽůĚĞƌƐ͘
DĂŬŝŶŐŝƚĞĂƐLJƚŽƐĞĞŚŽǁ
ǁĞƌĞĐŽŐŶŝƐĞƚŚŽƐĞǁŚŽ
ŵĂŬĞƚŚĞŝƌŵĂƌŬŝŶŽƵƌ
ďƵƐŝŶĞƐƐ͘
Ϯ͘Ϯ͘ KƵƌZĞŵƵŶĞƌĂƚŝŽŶ&ƌĂŵĞǁŽƌŬ
dŚĞĨƌĂŵĞǁŽƌŬŝƐĚĞƐŝŐŶĞĚƚŽĚƌŝǀĞƚŚĞĚĞůŝǀĞƌLJŽĨŽƵƌƐƚƌĂƚĞŐLJ͘
ŽŵƉŽŶĞŶƚ͗
&ŝdžĞĚZĞŵƵŶĞƌĂƚŝŽŶ
^ŚŽƌƚͲƚĞƌŵ/ŶĐĞŶƚŝǀĞ;^d/Ϳ
>ŽŶŐͲƚĞƌŵ/ŶĐĞŶƚŝǀĞ;>d/Ϳ
WƵƌƉŽƐĞ͗
dŽĂƚƚƌĂĐƚĂŶĚƌĞƚĂŝŶƚŚĞĐĂůŝďƌĞŽĨ
ƉĞŽƉůĞƌĞƋƵŝƌĞĚƚŽĚĞůŝǀĞƌƚŚĞ
ƐƚƌĂƚĞŐLJ͘
dŽĂůŝŐŶƚŚĞƉŽƚĞŶƚŝĂůƌĞǁĂƌĚƐĨŽƌ
džĞĐƵƚŝǀĞƐǁŝƚŚƚŚĞƉĞƌĨŽƌŵĂŶĐĞ
ŽĨDĞƚĐĂƐŚ͘
dŽĂůŝŐŶƚŚĞƉŽƚĞŶƚŝĂůƌĞǁĂƌĚƐĨŽƌ
džĞĐƵƚŝǀĞƐǁŝƚŚƚŚĞĞdžƉĞƌŝĞŶĐĞŽĨ
ƐŚĂƌĞŚŽůĚĞƌƐ͘
ĞůŝǀĞƌLJ͗
^ĂůĂƌLJ͕ƐƵƉĞƌĂŶŶƵĂƚŝŽŶ͕ĂŶĚƐĂůĂƌLJ
ƐĂĐƌŝĨŝĐĞĚďĞŶĞĨŝƚƐ͘
ĐŽŵďŝŶĂƚŝŽŶŽĨĐĂƐŚĂŶĚ
ĚĞĨĞƌƌĞĚĞƋƵŝƚLJ͘
WĞƌĨŽƌŵĂŶĐĞZŝŐŚƚƐ͘
ĞƚĞƌŵŝŶĞĚďLJ͗
&ŝdžĞĚƌĞŵƵŶĞƌĂƚŝŽŶŝƐĞƐƚĂďůŝƐŚĞĚ
ĂƚĂůĞǀĞůƚŚĂƚŝƐĐŽŵƉĞƚŝƚŝǀĞŝŶƚŚĞ
ŵĂƌŬĞƚ͕ǁŝƚŚƌĞĨĞƌĞŶĐĞƚŽ
ĐŽŵƉĂƌĂďůĞƌŽůĞƐĂƚƐŝŵŝůĂƌůLJƐŝnjĞĚ
ĐŽŵƉĂŶŝĞƐ͘
&ŝdžĞĚƌĞŵƵŶĞƌĂƚŝŽŶŝƐŐĞŶĞƌĂůůLJ
ƉŽƐŝƚŝŽŶĞĚĂƌŽƵŶĚƚŚĞŵĞĚŝĂŶ͕
ŚŽǁĞǀĞƌŽƵƌĨƌĂŵĞǁŽƌŬĂůƐŽ
ĞŶĂďůĞƐƚŚĞƌĞĐŽŐŶŝƚŝŽŶŽĨĚĞĞƉůLJ
ĞdžƉĞƌŝĞŶĐĞĚ͕ŚŝŐŚͲƉĞƌĨŽƌŵŝŶŐ
ŝŶĚŝǀŝĚƵĂůƐ͘
ϭϮͲŵŽŶƚŚƉĞƌĨŽƌŵĂŶĐĞƉĞƌŝŽĚ͘^d/
ƉŽŽůŝƐĚŝƐƚƌŝďƵƚĞĚǁŚĞŶƚŚƌĞƐŚŽůĚ
ĨŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞŝƐŵĞƚĂŶĚ
ƐĐĂůĞĚďĂƐĞĚŽŶƉĞƌĨŽƌŵĂŶĐĞƵƉ
ƚŽĂƉƌĞƐĐƌŝďĞĚŵĂdžŝŵƵŵ͘
WĞƌĨŽƌŵĂŶĐĞŝƐƚŚĞŶĂƐƐĞƐƐĞĚ
ĂŐĂŝŶƐƚĂƐĐŽƌĞĐĂƌĚŽĨ'ƌŽƵƉ
ĨŝŶĂŶĐŝĂůĂŶĚƐƚƌĂƚĞŐŝĐŽďũĞĐƚŝǀĞƐ
;ϳϬйͿĂŶĚŝŶĚŝǀŝĚƵĂůƐƚƌĂƚĞŐŝĐ
ŽďũĞĐƚŝǀĞƐ;ϯϬйͿ͘KƵƚĐŽŵĞƐĂƌĞ
ŵŽĚŝĨŝĞĚďLJĂďĞŚĂǀŝŽƵƌĂůƌĂƚŝŶŐ͘
dŚƌĞĞͲLJĞĂƌƉĞƌĨŽƌŵĂŶĐĞƉĞƌŝŽĚ͘
WĞƌĨŽƌŵĂŶĐĞŝƐĂƐƐĞƐƐĞĚĂŐĂŝŶƐƚ
ZĞƚƵƌŶŽŶ&ƵŶĚƐŵƉůŽLJĞĚ;ZK&Ϳ
;ϱϬйͿĂŶĚďƐŽůƵƚĞdŽƚĂů
^ŚĂƌĞŚŽůĚĞƌZĞƚƵƌŶ;d^ZͿ;ϱϬйͿ͘
Ϯ͘ϯ͘ KƵƌZĞŵƵŶĞƌĂƚŝŽŶDŝdž
dŚĞƌĞŵƵŶĞƌĂƚŝŽŶŵŝdžŝƐƐƚƌŽŶŐůLJǁĞŝŐŚƚĞĚƚŽǁĂƌĚƐƚŚĞǀĂƌŝĂďůĞƌĞǁĂƌĚĐŽŵƉŽŶĞŶƚƐŽĨ^d/ĂŶĚ>d/͕ĂŶĚƚŚĞƌĞĨŽƌĞƐƵďũĞĐƚƚŽ
ƉĞƌĨŽƌŵĂŶĐĞŽƵƚĐŽŵĞƐ͘dŚĞĐŚĂƌƚďĞůŽǁŽƵƚůŝŶĞƐƚŚĞ&zϮϰƌĞŵƵŶĞƌĂƚŝŽŶŵŝdžĨƌĂŵĞǁŽƌŬĨŽƌdžĞĐƵƚŝǀĞƐ͕ŝŶĐůƵĚŝŶŐƚĂƌŐĞƚĂŶĚŵĂdžŝŵƵŵ
^d/ĂŶĚ>d/ŽƉƉŽƌƚƵŶŝƚLJ͘
,
4
++
4
DIRECTORS’ REPORT CONTINUED
Metcash Annual Report 2024
52

ϯ͘
&zϮϰZDhEZd/KEWWZK,
ϯ͘ϭ͘ &ŝdžĞĚZĞŵƵŶĞƌĂƚŝŽŶ
&ĞĂƚƵƌĞ
ĞƐĐƌŝƉƚŝŽŶ
WƵƌƉŽƐĞ
dŚĞƉƵƌƉŽƐĞŽĨĨŝdžĞĚƌĞŵƵŶĞƌĂƚŝŽŶŝƐƚŽĂƚƚƌĂĐƚĂŶĚƌĞƚĂŝŶdžĞĐƵƚŝǀĞƐŽĨƚŚĞĐĂůŝďƌĞƚŽĚĞůŝǀĞƌŽŶƚŚĞDĞƚĐĂƐŚ
ƐƚƌĂƚĞŐLJ͘
ĞůŝǀĞƌLJ
^ĂůĂƌLJ͕ƐƵƉĞƌĂŶŶƵĂƚŝŽŶ͕ĂŶĚƐĂůĂƌLJƐĂĐƌŝĨŝĐĞĚďĞŶĞĨŝƚƐ͘
ĞŶĐŚŵĂƌŬŝŶŐ
DĞƚĐĂƐŚƵŶĚĞƌƚĂŬĞƐĂŶĂŶŶƵĂůďĞŶĐŚŵĂƌŬŝŶŐĞdžĞƌĐŝƐĞƚŽƌĞǀŝĞǁƚŚĞĨŝdžĞĚƌĞŵƵŶĞƌĂƚŝŽŶŽĨĐƵƌƌĞŶƚdžĞĐƵƚŝǀĞƐ͘Ɛ
ƉĂƌƚŽĨƚŚŝƐƌĞǀŝĞǁ͕DĞƚĐĂƐŚĐŽŶƐŝĚĞƌƐƚŚĞĐŽŵƉĞƚŝƚŝǀĞŶĞƐƐŽĨĨŝdžĞĚƌĞŵƵŶĞƌĂƚŝŽŶůĞǀĞůƐŝŶƚŚĞĐŽŶƚĞdžƚŽĨƚŚĞ
Executive’s experience and performanĐĞ͘
DĂƌŬĞƚĚĂƚĂŝƐĐŽůůĂƚĞĚďLJĂŶĞdžƚĞƌŶĂůƌĞŵƵŶĞƌĂƚŝŽŶĂĚǀŝƐŽƌďĂƐĞĚƵƉŽŶĐŽŵƉĂŶŝĞƐŽĨĐŽŵƉĂƌĂďůĞƐŝnjĞĂŶĚŝŶĚƵƐƚƌLJ͘
WƌĞǀŝŽƵƐůLJ͕ƉĞĞƌŐƌŽƵƉƐŚĂǀĞďĞĞŶĞƐƚĂďůŝƐŚĞĚǁŝƚŚƌĞĨĞƌĞŶĐĞƚŽŵĂƌŬĞƚĐĂƉŝƚĂůŝƐĂƚŝŽŶ͕ƌĞǀĞŶƵĞ͕ƚŽƚĂůĂƐƐĞƚƐĂŶĚ
ŝŶĚƵƐƚƌLJƚŽƌĞĨůĞĐƚƚŚĞĐŽŵƉůĞdžŝƚLJŽĨƚŚĞĞŶǀŝƌŽŶŵĞŶƚŝŶǁŚŝĐŚDĞƚĐĂƐŚŽƉĞƌĂƚĞƐ͘&ƌŽŵ&zϮϱ͕ĂƌĞĨŝŶĞĚĂƉƉƌŽĂĐŚŚĂƐ
ďĞĞŶĂĚŽƉƚĞĚƌĞĨĞƌĞŶĐŝŶŐƚǁŽƉĞĞƌŐƌŽƵƉƐƚŽďĞƵƐĞĚĨŽƌďĞŶĐŚŵĂƌŬŝŶŐƉƵƌƉŽƐĞƐ͗ƚŚĞĨŝƌƐƚŝƐĚĞƚĞƌŵŝŶĞĚďLJ
ĐŽŵƉĂŶLJƐŝnjĞĂŶĚŝŶĐůƵĚĞƐ^yϮϬϬĐŽŵƉĂŶŝĞƐƚŚĂƚĂƌĞƐŝŵŝůĂƌůLJƐŝnjĞĚƚŽDĞƚĐĂƐŚ͕ďĂƐĞĚƵƉŽŶŵĂƌŬĞƚĐĂƉŝƚĂůŝƐĂƚŝŽŶ͖
ƚŚĞƐĞĐŽŶĚŝŶĐůƵĚĞƐƐŝŵŝůĂƌůLJƐŝnjĞĚĐŽŵƉĂŶŝĞƐǁŝƚŚŝŶĂĐŽŵƉĂƌĂďůĞŝŶĚƵƐƚƌLJ͘ZĞŵƵŶĞƌĂƚŝŽŶďĞŶĐŚŵĂƌŬŝŶŐĐŽŶƐŝĚĞƌƐ
ƚŽƚĂůƌĞŵƵŶĞƌĂƚŝŽŶŝŶĂĚĚŝƚŝŽŶƚŽĨŝdžĞĚƌĞŵƵŶĞƌĂƚŝŽŶ͘
/ƚŝƐDĞƚĐĂƐŚ’sƉŽůŝĐLJƚŽƉŽƐŝƚŝŽŶƌĞŵƵŶĞƌĂƚŝŽŶĂƚƚŚĞŵĞĚŝĂŶǁŝƚŚƐĐŽƉĞƚŽŵŽǀĞƚŽǁĂƌĚƐƚŚĞƵƉƉĞƌƋƵĂƌƚŝůĞŝŶ
ƌĞĐŽŐŶŝƚŝŽŶŽĨĚĞĞƉůLJĞdžƉĞƌŝĞŶĐĞĚ͕ŚŝŐŚͲƉĞƌĨŽƌŵŝŶŐŝŶĚŝǀŝĚƵĂůƐ͘
ϯ͘Ϯ͘ ^ŚŽƌƚͲƚĞƌŵ/ŶĐĞŶƚŝǀĞƉůĂŶ
&ĞĂƚƵƌĞ
ĞƐĐƌŝƉƚŝŽŶ
WƵƌƉŽƐĞ
The ‘atͲrisk’ STI plan provides Executives the ŽƉƉŽƌƚƵŶŝƚLJƚŽĞĂƌŶĂŶŝŶĐĞŶƚŝǀĞƚŚĂƚŝƐĐŽŶƚŝŶŐĞŶƚƵƉŽŶƉĞƌĨŽƌŵĂŶĐĞ
ĂŐĂŝŶƐƚĂĐŽŵďŝŶĂƚŝŽŶŽĨĂŐƌĞĞĚĨŝŶĂŶĐŝĂůĂŶĚŶŽŶͲĨŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞƚĂƌŐĞƚƐ͕ǁŚŝĐŚĂƌĞƐĞƚďLJƚŚĞŽĂƌĚŝŶ
ĐŽŶƐƵůƚĂƚŝŽŶǁŝƚŚƚŚĞ'ƌŽƵƉKĂƚƚŚĞƐƚĂƌƚŽĨĞĂĐŚĨŝŶĂŶĐŝĂůLJĞĂƌ͘
ĞůŝǀĞƌLJ
ĞůŝǀĞƌĞĚŝŶĂĐŽŵďŝŶĂƚŝŽŶŽĨĐĂƐŚĂŶĚĚĞĨĞƌƌĞĚĞƋƵŝƚLJ;ϰϬйĨŽƌƚŚĞ'ƌŽƵƉK͖ϯϯйĨŽƌƚŚĞ'ƌŽƵƉ&KĂŶĚϮϱйĨŽƌ
ŽƚŚĞƌdžĞĐƵƚŝǀĞƐͿ͘
ĞĨĞƌƌĞĚĞƋƵŝƚLJĐŽŵƉƌŝƐĞƐƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐƚŚĂƚĐŽŶǀĞƌƚŝŶƚŽĨƵůůLJƉĂŝĚŽƌĚŝŶĂƌLJƐŚĂƌĞƐŝŶDĞƚĐĂƐŚ͕ǁŚŝĐŚŽŶůLJ
ďĞĐŽŵĞƵŶƌĞƐƚƌŝĐƚĞĚĂƚƚŚĞĞŶĚŽĨƚŚĞĚĞĨĞƌƌĂůƉĞƌŝŽĚ͘
WĞƌĨŽƌŵĂŶĐĞ
ƉĞƌŝŽĚ
ϭDĂLJĞĂĐŚLJĞĂƌƚŽϯϬƉƌŝůƚŚĞĨŽůůŽǁŝŶŐLJĞĂƌ͘
ůŝŐŝďŝůŝƚLJ
ůůdžĞĐƵƚŝǀĞƐƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞ^d/ƉůĂŶ͘
dŚĞ'ƌŽƵƉKĂŶĚ'ƌŽƵƉ&KƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞ'ƌŽƵƉ^d/ƉŽŽůǁŚŝĐŚŝƐĚĞƚĞƌŵŝŶĞĚďLJthe Group’s Adjusted EBIT. 
'ƌŽƵƉĚũƵƐƚĞĚ/dƌĞƉƌĞƐĞŶƚƐĐŽŶƐŽůŝĚĂƚĞĚ'ƌŽƵƉƵŶĚĞƌůLJŝŶŐ/dĂĚũƵƐƚĞĚƚŽŝŶĐůƵĚĞWƌŽũĞĐƚ,ŽƌŝnjŽŶĂŶĚDĞŐĂ
Distribution transition costs (‘Group Adjusted EBIT’). The ƉŝůůĂƌKƐƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞŝƌƌĞƐƉĞĐƚŝǀĞƉŝůůĂƌ^d/ƉŽŽůƐ
ǁŚŝĐŚĂƌĞĚĞƚĞƌŵŝŶĞĚďLJĂĐŽŵďŝŶĂƚŝŽŶŽĨƚŚĞŝƌƌĞƐƉĞĐƚŝǀĞƉŝůůĂƌ/dĂŶĚ'ƌŽƵƉĚũƵƐƚĞĚ/d͘
^d/ŽƉƉŽƌƚƵŶŝƚŝĞƐ dŚĞ&zϮϰ^d/ŽƉƉŽƌƚƵŶŝƚŝĞƐĂƐĂƉĞƌĐĞŶƚĂŐĞŽĨĨŝdžĞĚƌĞŵƵŶĞƌĂƚŝŽŶĨŽƌdžĞĐƵƚŝǀĞƐĂƌĞŽƵƚůŝŶĞĚďĞůŽǁ͗
WŽƐŝƚŝŽŶ
ĞůŽǁƚŚƌĞƐŚŽůĚ
йŽĨĨŝdžĞĚ
dŚƌĞƐŚŽůĚ
йŽĨĨŝdžĞĚ
dĂƌŐĞƚ
йŽĨĨŝdžĞĚ
DĂdžŝŵƵŵ
йŽĨĨŝdžĞĚ
'ƌŽƵƉK
Ϭй
ϭϳ͘ϱй
ϳϬ͘Ϭй
ϭϱϳ͘ϱй
KƚŚĞƌdžĞĐƵƚŝǀĞƐ
Ϭй
ϭϱ͘Ϭй
ϲϬ͘Ϭй
ϭϯϱ͘Ϭй
WĞƌĨŽƌŵĂŶĐĞ
ŵĞĂƐƵƌĞƐ
dŚĞ'ƌŽƵƉĚũƵƐƚĞĚ/dŽƌƉŝůůĂƌunderlying EBIT acts as a ‘gate opener’ for the STI pools from which awards are 
ƉĂŝĚ͘dŚĞ^d/ƉŽŽůƐĂƌĞŽŶůLJƌĞůĞĂƐĞĚĨŽƌĚŝƐƚƌŝďƵƚŝŽŶǁŚĞŶƚŚĞƚŚƌĞƐŚŽůĚ'ƌŽƵƉĚũƵƐƚĞĚ/dŽƌƉŝůůĂƌƵŶĚĞƌůLJŝŶŐ
/dďƵĚŐĞƚƌĞƐƵůƚ͕ĂƐĂƉƉůŝĐĂďůĞ͕ŝƐĂĐŚŝĞǀĞĚ͘dŚĞ^d/ƉŽŽůƐĂƌĞŐĞŶĞƌĂůůLJŵĂĚĞĂǀĂŝůĂďůĞĨŽƌĚŝƐƚƌŝďƵƚŝŽŶŽŶƚŚĞ
ĨŽůůŽǁŝŶŐďĂƐŝƐ͗
ĐŚŝĞǀĞŵĞŶƚ
ŝƐƚƌŝďƵƚŝŽŶŽĨ^d/ƉŽŽů
ĞůŽǁƚŚƌĞƐŚŽůĚϵϱйŽĨďƵĚŐĞƚ/d
ϬйͲŶŽƉŽŽůŝƐĂǀĂŝůĂďůĞĨŽƌĚŝƐƚƌŝďƵƚŝŽŶ
dŚƌĞƐŚŽůĚϵϱйŽĨďƵĚŐĞƚ/d
ϱϬйŽĨƚŚĞƌĞƐƉĞĐƚŝǀĞ^d/ƉŽŽůƐ
Budget or ‘Target’ EBIT 
ϭϬϬйŽĨƚŚĞƌĞƐƉĞĐƚŝǀĞ^d/ƉŽŽůƐ
KǀĞƌͲĂĐŚŝĞǀĞŵĞŶƚхсϭϬϱйŽĨďƵĚŐĞƚ/d
ϭϱϬйŽĨƚŚĞƌĞƐƉĞĐƚŝǀĞ^d/ƉŽŽůƐ
KŶĐĞĂŶ^d/ƉŽŽůŝƐƌĞůĞĂƐĞĚĨŽƌĚŝƐƚƌŝďƵƚŝŽŶĂŶĚscaled as noted above, a participant’s individual STI award is 
ĚĞƚĞƌŵŝŶĞĚďĂƐĞĚŽŶŝŶĚŝǀŝĚƵĂůƉĞƌĨŽƌŵĂŶĐĞ͕ĂƐĚĞƚĞƌŵŝŶĞĚƚŚƌŽƵŐŚĂĂůĂŶĐĞĚ^ĐŽƌĞĐĂƌĚ͕ĂŶĚďĞŚĂǀŝŽƵƌƐ͘Ŷ
individual’s overall performance rating is equally weighted between their scorecard reƐƵůƚƐĂŶĚDĞƚĐĂƐŚďĞŚĂǀŝŽƵƌƐ͘
dŚĞĂůĂŶĐĞĚ^ĐŽƌĞĐĂƌĚŝƐĞƐƚĂďůŝƐŚĞĚĂƚƚŚĞƐƚĂƌƚŽĨƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌĂŶĚŝŶĐůƵĚĞƐĂĐŽŵďŝŶĂƚŝŽŶŽĨĨŝŶĂŶĐŝĂůĂŶĚ
ŶŽŶͲĨŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞŵĞĂƐƵƌĞƐ͘ŶƵŵďĞƌŽĨƚŚĞƐĞƉĞƌĨŽƌŵĂŶĐĞŵĞĂƐƵƌĞƐĂƌĞĂůŝŐŶĞĚƚŽ'ƌŽƵƉƐƚƌĂƚĞŐLJ
;'ƌŽƵƉŽďũĞĐƚŝǀĞƐͿ͕ǁŝƚŚĂĚĚŝƚŝŽŶĂůŝŶĚŝǀŝĚƵĂůƉĞƌĨŽƌŵĂŶĐĞŵĞĂƐƵƌĞƐ͕ǁŚŝĐŚǀĂƌLJĨŽƌĞĂĐŚdžĞĐƵƚŝǀĞ͕ĂůŝŐŶŝŶŐǁŝƚŚ
ƚŚĞƐƚƌĂƚĞŐŝĞƐĨŽƌƚŚĞŝƌƌĞƐƉĞĐƚŝǀĞƉŝůůĂƌƐ;/ŶĚŝǀŝĚƵĂůŽďũĞĐƚŝǀĞƐͿ͘
ĞƚĂŝůƐŽĨƚŚĞ&zϮϰƉĞƌĨŽƌŵĂŶĐĞŵĞĂƐƵƌĞƐĂŶĚƚĂƌŐĞƚƐĂƌĞƉƌŽǀŝĚĞĚŝŶ^ĞĐƚŝŽŶϰ͘ϯ͘
53
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Financial Report
Directors’ Report


&ĞĂƚƵƌĞ
ĞƐĐƌŝƉƚŝŽŶ
dĂƌŐĞƚƐĞƚƚŝŶŐ
ŚĂůůĞŶŐŝŶŐƉĞƌĨŽƌŵĂŶĐĞƚĂƌŐĞƚƐĂƌĞƐĞƚĂŐĂŝŶƐƚĞĂĐŚƉĞƌĨŽƌŵĂŶĐĞŵĞĂƐƵƌĞĨŽůůŽǁŝŶŐĂƌŝŐŽƌŽƵƐďƵĚŐĞƚƐĞƚƚŝŶŐ
ƉƌŽĐĞƐƐƚŚĂƚĐŽŶƐŝĚĞƌƐŵĂŶLJĨĂĐƚŽƌƐ͕ŝŶĐůƵĚŝŶŐŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐ͘dŚŝƐƉƌŽĐĞƐƐŝŶĐůƵĚĞƐĚƌĂĨƚďƵĚŐĞƚƐďĞŝŶŐƉƌĞƉĂƌĞĚ
ďLJůĞĂĚĞƌƐŚŝƉƚĞĂŵƐǁŝƚŚƉŝůůĂƌKĂŶĚ&KƌĞǀŝĞǁƐĂŶĚƐƵďƐĞƋƵĞŶƚůLJ'ƌŽƵƉKĂŶĚ&KƌĞǀŝĞǁƐ͘dŚĞŽĂƌĚƚŚĞŶ
ƌĞǀŝĞǁƐƚŚĞĚƌĂĨƚďƵĚŐĞƚƐƚŽĞŶƐƵƌĞƚŚĂƚƚŚĞLJĂƌĞďŽƚŚƐƵĨĨŝĐŝĞŶƚůLJĐŚĂůůĞŶŐŝŶŐĂŶĚĂĐŚŝĞǀĂďůĞ͘
WĞƌĨŽƌŵĂŶĐĞ
ƐƐĞƐƐŵĞŶƚ
dŚĞWĞŽƉůĞ͕ƵůƚƵƌĞΘEŽŵŝŶĂƚŝŽŶŽŵŵŝƚƚĞĞ;WEͿĂƐƐĞƐƐĞƐƚŚĞŽƵƚĐŽŵĞƐĂŐĂŝŶƐƚƚŚĞƉĞƌĨŽƌŵĂŶĐĞŵĞĂƐƵƌĞƐĨŽƌ
ĂůůdžĞĐƵƚŝǀĞƐ͘ĞŚĂǀŝŽƵƌĂůƌĂƚŝŶŐƐĂĐƚƚŽŵŽĚŝĨLJƉĞƌĨŽƌŵĂŶĐĞŽƵƚĐŽŵĞƐĂŐĂŝŶƐƚƐĐŽƌĞĐĂƌĚŽďũĞĐƚŝǀĞƐĂŶĚĐĂŶƌĞƐƵůƚ
ŝŶĂŶŝŶĐƌĞĂƐĞĨŽƌĞdžĐĞƉƚŝŽŶĂůďĞŚĂǀŝŽƵƌ͕ĂĚĞĐƌĞĂƐĞĨŽƌƵŶĂĐĐĞƉƚĂďůĞďĞŚĂǀŝŽƵƌŽƌŶŽĐŚĂŶŐĞĨŽƌƐƵĐĐĞƐƐĨƵů
ďĞŚĂǀŝŽƵƌƐŝŶƚŚĞŽǀĞƌĂůůƉĞƌĨŽƌŵĂŶĐĞƌĂƚŝŶŐ͘
KƵƌDĞƚĐĂƐŚĞŚĂǀŝŽƵƌƐĂƌĞ͗


ĐĐŽƵŶƚĂďŝůŝƚLJ

ŽŶƚŝŶƵŽƵƐ
/ŵƉƌŽǀĞŵĞŶƚ

dĞĂŵ
tŽƌŬ

dŚŝŶŬ
ƵƐƚŽŵĞƌ
/ĂŵŽƉĞŶĂŶĚŚŽŶĞƐƚ͕
ĂĐĐĞƉƚŝŶŐƌĞƐƉŽŶƐŝďŝůŝƚLJ
ĂŶĚĚĞůŝǀĞƌŝŶŐŽŶ
ƉƌŽŵŝƐĞƐ͘/ĂĐƚǁŝƚŚ
ŝŶƚĞŐƌŝƚLJ͘
/ůĞĂƌŶĨƌŽŵƐƵĐĐĞƐƐĂŶĚ
ĨĂŝůƵƌĞĂŶĚƐĞĞŬŽƵƚĂ
ďĞƚƚĞƌǁĂLJĂŶĚ
ĐŽůůĂďŽƌĂƚĞǁŝƚŚŽƚŚĞƌƐƚŽ
ƌĞĂĐŚƚŚĞďĞƐƚŽƵƚĐŽŵĞ͘
/ĂŵƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞ
ƐƚƌĞŶŐƚŚĂŶĚĚŝǀĞƌƐŝƚLJŽĨ
ŵLJƚĞĂŵ͕ĂŶĚ/ŽǁŶŵLJ
ĚĞǀĞůŽƉŵĞŶƚ͘/ďƵŝůĚĂ
ƐƚƌŽŶŐĐƵůƚƵƌĞ͘
/ƵŶĚĞƌƐƚĂŶĚĂŶĚ
ĂŶƚŝĐŝƉĂƚĞŵLJĐƵƐƚŽŵĞƌͬ
ƌĞƚĂŝůĞƌͬƐƵƉƉůŝĞƌͬ
ƐŚŽƉƉĞƌŶĞĞĚƐĂŶĚĚƌŝǀĞ
ŝŶŶŽǀĂƚŝŽŶĨŽƌŵƵƚƵĂů
ďĞŶĞĨŝƚ͘
An individual’s STI award is calculated on the following basis:




tŚĞŶĚĞƚĞƌŵŝŶŝŶŐ^d/ŽƵƚĐŽŵĞƐ͕ƚŚĞWEƵƐĞƐŝƚƐũƵĚŐĞŵĞŶƚƚŽĞŶƐƵƌĞƚŚĂƚƚŚĞĂǁĂƌĚƐĂůŝŐŶƚŽŽǀĞƌĂůůďƵƐŝŶĞƐƐ
ƉĞƌĨŽƌŵĂŶĐĞŝŶĂĚĚŝƚŝŽŶƚŽƐŚĂƌĞŚŽůĚĞƌĂŶĚŽƚŚĞƌƐƚĂŬĞŚŽůĚĞƌĞdžƉĞĐƚĂƚŝŽŶƐ͘dŚĞWEŵĂŬĞƐĂƌĞĐŽŵŵĞŶĚĂƚŝŽŶƚŽ
ƚŚĞŽĂƌĚŽŶƚŚĞ^d/ĂǁĂƌĚƐƚŽďĞŵĂĚĞƚŽdžĞĐƵƚŝǀĞƐĨŽƌĨŝŶĂůĂƉƉƌŽǀĂů͘
dŚĞŵĂdžŝŵƵŵƌĞǁĂƌĚŝƐŽŶůy paid on achievement of ‘stretch’ outcomes, which include:
Ͳ 
DĂdžŝŵƵŵĂĐŚŝĞǀĞŵĞŶƚĂŐĂŝŶƐƚ'ƌŽƵƉĚũƵƐƚĞĚ/dĂŶĚͬŽƌƉŝůůĂƌƵŶĚĞƌůLJŝŶŐ/dĨŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞŚƵƌĚůĞƐ͕
ĂƐĂƉƉůŝĐĂďůĞ;^d/ƉŽŽůͿ͖
Ͳ 
DĂdžŝŵƵŵĂĐŚŝĞǀĞŵĞŶƚŝŶŽǀĞƌĂůůŝŶĚŝǀŝĚƵĂůƉĞƌĨŽƌŵĂŶĐĞƌĞƐƵůƚƐĂŐĂŝŶƐƚĂůů'ƌŽƵƉĨŝŶĂŶĐŝĂůĂŶĚŶŽŶͲĨŝŶĂŶĐŝĂů
ŵĞĂƐƵƌĞƐƚŽŐĞƚŚĞƌǁŝƚŚĂĐŚŝĞǀĞŵĞŶƚŽĨŝŶĚŝǀŝĚƵĂůŽďũĞĐƚŝǀĞƐĐŽŶƚĂŝŶĞĚŝŶƚŚĞĂůĂŶĐĞĚ^ĐŽƌĞĐĂƌĚ͖ĂŶĚ
Ͳ 
An exceptional or successful rating against Metcash’s behaviours framework.
ĞĨĞƌƌĞĚǀĞƐƚŝŶŐ
ĐƌŝƚĞƌŝĂ
dŚĞĚĞĨĞƌƌĞĚƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐĂƌĞĐŽŶĚŝƚŝŽŶĂůĂŶĚŽŶůLJǀĞƐƚŝĨƚŚĞdžĞĐƵƚŝǀĞƌĞŵĂŝŶƐĞŵƉůŽLJĞĚďLJƚŚĞŽŵƉĂŶLJ
ƵƉƚŽĂŶĚŝŶĐůƵĚŝŶŐĂƐƉĞĐŝĨŝĞĚĚĂƚĞŝŶƚŚĞLJĞĂƌĨŽůůŽǁŝŶŐƚŚĞƉĞƌĨŽƌŵĂŶĐĞƉĞƌŝŽĚ͘WƌŝŽƌƚŽƚŚĞ&zϮϰ^d/ĂǁĂƌĚƐ͕ƚŚŝƐ
ĚĂƚĞǁĂƐŝŶƉƌŝůŝŶƚŚĞĨŽůůŽǁŝŶŐLJĞĂƌǁŝƚŚƐŚĂƌĞƐƌĞƐƚƌŝĐƚĞĚĨƌŽŵƚƌĂĚŝŶŐƵŶƚŝůƚŚĞƌĞůĞĂƐĞŽĨƚŚĞĂŶŶƵĂůƌĞƐƵůƚƐ͕
ƚLJƉŝĐĂůůLJŝŶůĂƚĞ:ƵŶĞ͘tŝƚŚĞĨĨĞĐƚĨƌŽŵ&zϮϰ͕ƚŚĞĐŽŶĚŝƚŝŽŶĂůǀĞƐƚŝŶŐƉĞƌŝŽĚĨŽƌĂŶLJĚĞĨĞƌƌĞĚƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐǁŝůů
ďĞĞdžƚĞŶĚĞĚƚŽĞĂƌůLJ:ƵůLJĨŽůůŽǁŝŶŐƚŚĞƌĞůĞĂƐĞof the Group’s annual results, typically in late June.
ĞĨĞƌƌĞĚĂǁĂƌĚƐ
ĐĂůĐƵůĂƚŝŽŶ
dŚĞŶƵŵďĞƌŽĨƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐŝƐƐƵĞĚƚŽƉĂƌƚŝĐŝƉĂŶƚƐŝƐĐĂůĐƵůĂƚĞĚďLJĚŝǀŝĚŝŶŐƚŚĞǀĂůƵĞŽĨƚŚĞ^d/ĂǁĂƌĚƚŽďĞ
ĚĞĨĞƌƌĞĚďLJƚŚĞǀŽůƵŵĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞƉƌŝĐĞ;stWͿŽĨDĞƚĐĂƐŚŽƌĚŝŶĂƌLJƐŚĂƌĞƐŽǀĞƌƚŚĞϮϬƚƌĂĚŝŶŐĚĂLJƐƉƌŝŽƌƚŽ
ƚŚĞĞŶĚŽĨƚŚĞƉĞƌĨŽƌŵĂŶĐĞƉĞƌŝŽĚǁŚŝĐŚĞŶĚƐŽŶϯϬƉƌŝů͘
ŽĂƌĚĚŝƐĐƌĞƚŝŽŶ
dŚĞŽĂƌĚŵĂLJĞdžĞƌĐŝƐĞĚŝƐĐƌĞƚŝŽŶƚŽĂĚũƵƐƚƚŚĞ^d/ƉŽŽůƚŽŵŽƌĞĂƉƉƌŽƉƌŝĂƚĞůLJƌĞĨůĞĐƚƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ'ƌŽƵƉ
ŽƌĂƐƉĞĐŝĨŝĐƉŝůůĂƌ͘dŚĞŽĂƌĚĂůƐŽƌĞƚĂŝŶĚŝƐĐƌĞƚŝŽŶƚŽĂĚũƵƐƚǀĞƐƚŝŶŐŽƵƚĐŽŵĞƐŝŶĂŶLJĐŝƌĐƵŵƐƚĂŶĐĞƐƚŽĞŶƐƵƌĞƚŚĞLJ
ĂƌĞĂƉƉƌŽƉƌŝĂƚĞ͘
ůĂǁďĂĐŬ
Executive STI awards are subject to clawback for cause or material misstatement of the Group’s financial statements.



/ŶĚŝǀŝĚƵĂů
^d/ĂǁĂƌĚ
^d/ƚĂƌŐĞƚй
ĂůĂŶĐĞĚ
^ĐŽƌĞĐĂƌĚ
ŽƵƚĐŽŵĞ
;ϬͲϭϱϬйͿ
'ƌŽƵƉͬWŝůůĂƌ
/dŽƵƚĐŽŵĞ
;ϬͲϭϱϬйͿ
&ŝdžĞĚ
ƌĞŵƵŶĞƌĂƚŝŽŶ
DIRECTORS’ REPORT CONTINUED
Metcash Annual Report 2024
54

ϯ͘ϯ͘ >ŽŶŐͲƚĞƌŵ/ŶĐĞŶƚŝǀĞƉůĂŶ
&ĞĂƚƵƌĞ
ĞƐĐƌŝƉƚŝŽŶ
WƵƌƉŽƐĞ
dŚĞ>d/ŝƐĚĞƐŝŐŶĞĚƚŽĞŶĂďůĞDĞƚĐĂƐŚƚŽĂƚƚƌĂĐƚĂŶĚƌĞƚĂŝŶdžĞĐƵƚŝǀĞƐ͕ǁŚŝůƐƚŝŶĐĞŶƚŝǀŝƐŝŶŐƚŚĞƐĞdžĞĐƵƚŝǀĞƐƚŽ
ĂĐŚŝĞǀĞĐŚĂůůĞŶŐŝŶŐƉĞƌĨŽƌŵĂŶĐĞŽƵƚĐŽŵĞƐĂůŝŐŶĞĚƚŽƚŚĞĐƌĞĂƚŝŽŶŽĨƐŚĂƌĞŚŽůĚĞƌǀĂůƵĞ͘
ĞůŝǀĞƌLJ
ĞůŝǀĞƌĞĚŝŶƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐ͘ĂĐŚƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚŝƐĂƌŝŐŚƚƚŽĂĐƋƵŝƌĞDĞƚĐĂƐŚƐŚĂƌĞƐĂƚŶŽĐŽƐƚ͕ƐƵďũĞĐƚƚŽ
ƚŚĞƐĂƚŝƐĨĂĐƚŝŽŶŽĨƉĞƌĨŽƌŵĂŶĐĞĂŶĚƐĞƌǀŝĐĞĐŽŶĚŝƚŝŽŶƐ͘
WĞƌĨŽƌŵĂŶĐĞ
ƉĞƌŝŽĚ
dŚĞƉĞƌĨŽƌŵĂŶĐĞƉĞƌŝŽĚĨŽƌ>d/ŽĨĨĞƌƐŝƐƚŚƌĞĞLJĞĂƌƐ͕ĐŽŵŵĞŶĐŝŶŐŽŶϭDĂLJŽĨƚŚĞƌĞůĞǀĂŶƚĨŝŶĂŶĐŝĂůLJĞĂƌ͘
ůŝŐŝďŝůŝƚLJ
ůůdžĞĐƵƚŝǀĞƐƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞ>d/ƉůĂŶ͘
>d/ŽƉƉŽƌƚƵŶŝƚŝĞƐ
dŚĞ&zϮϰ>d/ŽƉƉŽƌƚƵŶŝƚŝĞƐĂƐĂƉĞƌĐĞŶƚĂŐĞŽĨĨŝdžĞĚƌĞŵƵŶĞƌĂƚŝŽŶĨŽƌdžĞĐƵƚŝǀĞƐĂƌĞŽƵƚůŝŶĞĚďĞůŽǁ͗
WŽƐŝƚŝŽŶ
>d/KƉƉŽƌƚƵŶŝƚLJĂƐ
йŽĨĨŝdžĞĚ
'ƌŽƵƉK
ϵϬй
KƚŚĞƌdžĞĐƵƚŝǀĞƐ
ϲϬй
WĞƌĨŽƌŵĂŶĐĞ
ŵĞĂƐƵƌĞƐ
>d/ŐƌĂŶƚƐĂƌĞƐƵďũĞĐƚƚŽƚǁŽƉĞƌĨŽƌŵĂŶĐĞŵĞĂƐƵƌĞƐ͗ZK&ĂŶĚd^Z͕ĞƋƵĂůůLJǁĞŝŐŚƚĞĚ͘
ZĞƚƵƌŶŽŶ&ƵŶĚƐŵƉůŽLJĞĚ;ZK&Ϳ
ZK&ŝƐĂŵĞĂƐƵƌĞƚŚĂƚĞǀĂůƵĂƚĞƐƚŚĞĞĨĨŝĐŝĞŶĐLJǁŝƚŚǁŚŝĐŚDĞƚĐĂƐŚƵƐĞƐĐĂƉŝƚĂůƚŽŐĞŶĞƌĂƚĞƉƌŽĨŝƚƐ͘tŝƚŚĞĨĨĞĐƚ
ĨƌŽŵƚŚĞ&zϮϰ>d/ŽĨĨĞƌ͕ZK&ŝƐĐĂůĐƵůĂƚĞĚĂƐ'ƌŽƵƉĚũƵƐƚĞĚ/dĚŝǀŝĚĞĚďLJƚŚĞĂǀĞƌĂŐĞŽĨĨƵŶĚƐĞŵƉůŽLJĞĚĂƚƚŚĞ
ďĞŐŝŶŶŝŶŐĂŶĚĞŶĚŽĨƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌ;&zϮϮĂŶĚ&zϮϯ>d/͗'ƌŽƵƉhŶĚĞƌůLJŝŶŐ/dĚŝǀŝĚĞĚďLJƚŚĞĂǀĞƌĂŐĞŽĨĨƵŶĚƐ
ĞŵƉůŽLJĞĚĂƚƚŚĞďĞŐŝŶŶŝŶŐĂŶĚĞŶĚŽĨƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌͿ͘dŚĞŽǀĞƌĂůůZK&ƌĞƐƵůƚǁŝůůďĞĚĞƚĞƌŵŝŶĞĚĂƐƚŚĞĂǀĞƌĂŐĞ
ŽĨƚŚĞŝŶĚŝǀŝĚƵĂůZK&ƌĞƐƵůƚŝŶƌĞƐƉĞĐƚŽĨĞĂĐŚŽĨƚŚĞƚŚƌĞĞĨŝŶĂŶĐŝĂůLJĞĂƌƐŽǀĞƌƚŚĞƉĞƌĨŽƌŵĂŶĐĞƉĞƌŝŽĚ͘
ďƐŽůƵƚĞdŽƚĂů^ŚĂƌĞŚŽůĚĞƌZĞƚƵƌŶ;d^ZͿ
ďƐŽůƵƚĞd^ZŝƐĂŵĞĂƐƵƌĞƚŚĂƚĂůŝŐŶƐƚŚĞƌĞǁĂƌĚŽƵƚĐŽŵĞƐŽĨdžĞĐƵƚŝǀĞƐǁŝƚŚƚŚĞĞdžƉĞƌŝĞŶĐĞŽĨƐŚĂƌĞŚŽůĚĞƌƐ͘d^Z
ŝƐŵĞĂƐƵƌĞĚĂƐƚŚĞŐƌŽǁƚŚŝŶƐŚĂƌĞƉƌŝĐĞŽǀĞƌƚŚĞƉĞƌĨŽƌŵĂŶĐĞƉĞƌŝŽĚƉůƵƐĚŝǀŝĚĞŶĚƐƉĂŝĚƚŽƐŚĂƌĞŚŽůĚĞƌƐĂŶĚ
ĂƐƐƵŵĞƐĚŝǀŝĚĞŶĚƐĂƌĞƌĞŝŶǀĞƐƚĞĚǁŚĞŶƚŚĞLJĂƌĞƉĂŝĚ͘dŚĞŽƉĞŶŝŶŐĂŶĚĐůŽƐŝŶŐƐŚĂƌĞƉƌŝĐĞƐƵƐĞĚŝŶƚŚĞĐĂůĐƵůĂƚŝŽŶ
ĂƌĞƚLJƉŝĐĂůůLJƐĞƚǁŝƚŚƌĞĨĞƌĞŶĐĞƚŽƚŚĞstWŽĨDĞƚĐĂƐŚƐŚĂƌĞƐŽǀĞƌƚŚĞϮϬďƵƐŝŶĞƐƐĚĂLJƐƉƌŝŽƌƚŽƚŚĞĞŶĚŽĨƚŚĞ
DĞƚĐĂƐŚĨŝŶĂŶĐŝĂůLJĞĂƌ͘dŚĞŽĂƌĚŵĂLJĞdžĞƌĐŝƐĞĚŝƐĐƌĞƚŝŽŶƚŽĂĚũƵƐƚƚŚĞĐĂůĐƵůĂƚŝŽŶĨŽƌĐĂƉŝƚĂůƚƌĂŶƐĂĐƚŝŽŶƐĂƐ
ĚĞĞŵĞĚĂƉƉƌŽƉƌŝĂƚĞ͘dŚĞd^ZƌĞƐƵůƚŝƐĞdžƉƌĞƐƐĞĚĂƐĂƉĞƌĐĞŶƚĂŐĞĂŶĚƌĞƉŽƌƚĞĚĂƐƚŚĞĐŽŵƉŽƵŶĚĂŶŶƵĂůŐƌŽǁƚŚ
ƌĂƚĞ;'ZͿŽǀĞƌƚŚĞƉĞƌĨŽƌŵĂŶĐĞƉĞƌŝŽĚ͘
ĞƚĂŝůƐŽĨƚŚĞ&zϮϰ>d/ŽĨĨĞƌĂƌĞƉƌŽǀŝĚĞĚŝŶ^ĞĐƚŝŽŶϰ͘ϱ͘
sĞƐƚŝŶŐŚƵƌĚůĞƐ
dŚĞƌŝŐŚƚƐǀĞƐƚĂŐĂŝŶƐƚƚŚĞZK&ĂŶĚd^ZŚƵƌĚůĞƐĂƐĨŽůůŽǁƐ͗
sĞƐƚŝŶŐƐĐĂůĞ
sĞƐƚŝŶŐй
dŚƌĞƐŚŽůĚ
Ϯϱй
dĂƌŐĞƚ
ϱϬй
^ƚƌĞƚĐŚ
ϳϱй
ƋƵĂůƚŽŽƌĂďŽǀĞŵĂdžŝŵƵŵ
ϭϬϬй
sĞƐƚŝŶŐŽĐĐƵƌƐŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐďĞƚǁĞĞŶĞĂĐŚŚƵƌĚůĞ͕ǁŝƚŚŶŝůǀĞƐƚŝŶŐďĞůŽǁƚŚƌĞƐŚŽůĚ͘&ƵůůǀĞƐƚŝŶŐǁŝůůŽŶůLJ
ŽĐĐƵƌŝĨDĞƚĐĂƐŚĂĐŚŝĞǀĞƐƚŚĞĨŽůůŽǁŝŶŐŽǀĞƌƚŚĞƉĞƌĨŽƌŵĂŶĐĞƉĞƌŝŽĚ͗
Ͳ
ZK&ŽĨŐƌĞĂƚĞƌƚŚĂŶϮϲ͘Ϭй;&zϮϮĂŶĚ&zϮϯ>d/ͿĂŶĚϮϱ͘ϲй;&zϮϰ>d/Ϳ͖ĂŶĚ
Ͳ
d^Z'ZŽĨϭϬйŽƌŚŝŐŚĞƌ͘
ŽĂƌĚĚŝƐĐƌĞƚŝŽŶ
The LTI offers and vesting outcomes are subject to the Board’s absolute discretion. 
ůĂǁďĂĐŬ
džĞĐƵƚŝǀĞ>d/ĂǁĂƌĚƐĂƌĞƐƵďũĞĐƚƚŽclawback for cause or material misstatement of the Group’s financial 
ƐƚĂƚĞŵĞŶƚƐ͘
55
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ϰ͘
&zϮϰh^/E^^WZ&KZDEEZDhEZd/KEKhdKD^
The charts below show Metcash’s ĨŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞĂŶĚƉĞƌĐĞŶƚĂŐĞŽĨŵĂdžŝŵƵŵ^d/Žƌ>d/͕ĂƐĂƉƉƌŽƉƌŝĂƚĞ͕ƉĂŝĚƚŽdžĞĐƵƚŝǀĞƐŝŶƚŚĞ
ĨŝǀĞͲLJĞĂƌƉĞƌŝŽĚĞŶĚĞĚϯϬƉƌŝůϮϬϮϰ͘
ϭ͘
'ƌŽƵƉĚũƵƐƚĞĚ/dƌĞƉƌĞƐĞŶƚƐƚŚĞ'ƌŽƵƉhŶĚĞƌůLJŝŶŐ/dĂĚũƵƐƚĞĚƚŽŝŶĐůƵĚĞWƌŽũĞĐƚ,ŽƌŝnjŽŶĂŶĚDĞŐĂƚƌĂŶƐŝƚŝŽŶĐŽƐƚƐ͘dŚĞ&zϮϰ^d/ƉŽŽůŝƐďĂƐĞĚŽŶƚŚĞ
'ƌŽƵƉĚũƵƐƚĞĚ/d;&zϮϬƚŽ&zϮϯ͗ďĂƐĞĚŽŶ'ƌŽƵƉhŶĚĞƌůLJŝŶŐ/dͿ͘
Ϯ͘
tŝƚŚĞĨĨĞĐƚĨƌŽŵƚŚĞ&zϮϰ>d/ŽĨĨĞƌ͕ZK&ŝƐĐĂůĐƵůĂƚĞĚĂƐ'ƌŽƵƉĚũƵƐƚĞĚ/dĚŝǀŝĚĞĚďLJƚŚĞĂǀĞƌĂŐĞŽĨĨƵŶĚƐĞŵƉůŽLJĞĚĂƚƚŚĞďĞŐŝŶŶŝŶŐĂŶĚĞŶĚŽĨƚŚĞĨŝŶĂŶĐŝĂů
LJĞĂƌ;ƉƌĞǀŝŽƵƐůLJ͕ďĂƐĞĚŽŶ'ƌŽƵƉhŶĚĞƌůLJŝŶŐ/dĚŝǀŝĚĞĚďLJƚŚĞĂǀĞƌĂŐĞŽĨĨƵŶĚƐĞŵƉůŽLJĞĚĂƚƚŚĞďĞŐŝŶŶŝŶŐĂŶĚĞŶĚŽĨƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌͿ͘
KƚŚĞƌ'ƌŽƵƉƉĞƌĨŽƌŵĂŶĐĞŵĞƚƌŝĐƐŽǀĞƌƚŚĞůĂƐƚĨŝǀĞLJĞĂƌƐǁĞƌĞĂƐĨŽůůŽǁƐ͗
&ŝŶĂŶĐŝĂůLJĞĂƌ
&zϮϬ
&zϮϭ
&zϮϮ
&zϮϯ
&zϮϰ
ZĞǀĞŶƵĞ;ΨďͿ
ϭϯ͘Ϭ
ϭϰ͘ϯ
ϭϱ͘Ϯ
ϭϱ͘ϴ
ϭϱ͘ϵ
ĂƐŚƌĞĂůŝƐĂƚŝŽŶƌĂƚŝŽ;йͿ
ϯϯй
ϭϭϰй
ϵϭй
ϳϳй
ϭϬϮй
ŝǀŝĚĞŶĚƐĚĞĐůĂƌĞĚƉĞƌƐŚĂƌĞ;ĐĞŶƚƐͿ
ϭϮ͘ϱ
ϭϳ͘ϱ
Ϯϭ͘ϱ
ϮϮ͘ϱ
ϭϵ͘ϱ
ůŽƐŝŶŐƐŚĂƌĞƉƌŝĐĞ;ĂƐĂƚϯϬƉƌŝůͿ;ΨͿ
Ϯ͘ϰϵ
ϯ͘ϱϱ
ϰ͘ϳϵ
ϯ͘ϵϬ
ϯ͘ϵϰ
dŽƚĂů^d/ƉĂLJŵĞŶƚƐƚŽdžĞĐƵƚŝǀĞƐĂƐĂйŽĨŵĂdžŝŵƵŵ
ϰϯ͘Ϭй
ϴϰ͘ϭй
ϳϴ͘ϭй
ϳϵ͘ϲй
ϯϯ͘ϴй
/Ŷ&zϮϰ͕ƚŚĞ'ƌŽƵƉĚĞůŝǀĞƌĞĚƐŽůŝĚĂŶĚĂďŽǀĞŵĂƌŬĞƚĐŽŶƐĞŶƐƵƐĞĂƌŶŝŶŐƐĚĞƐƉŝƚĞŝŶĐƌĞĂƐŝŶŐůLJĐŚĂůůĞŶŐŝŶŐĞĐŽŶŽŵŝĐĐŽŶĚŝƚŝŽŶƐ͘KǀĞƌĂůů͕
ŚŽǁĞǀĞƌ͕ƚŚĞDĞƚĐĂƐŚ'ƌŽƵƉ^d/ŽƵƚĐŽŵĞǁĂƐďĞůŽǁƚĂƌŐĞƚ͘ŽƚŚƚŚĞ&ŽŽĚĂŶĚ>ŝƋƵŽƌƉŝůůĂƌƐĚĞůŝǀĞƌĞĚĂďŽǀĞƚĂƌŐĞƚ/dƌĞƐƵůƚƐ
ƌĞĨůĞĐƚŝŶŐƐƚƌŽŶŐƐĂůĞƐĂŶĚƐŽƵŶĚĐŽƐƚŵĂŶĂŐĞŵĞŶƚ͘dŚĞ,ĂƌĚǁĂƌĞƉŝůůĂƌĚĞůŝǀĞƌĞĚƌĞƐƵůƚƐĂďŽǀĞŵĂƌŬĞƚĐŽŶƐĞŶƐƵƐ͕ďƵƚďĞůŽǁƚĂƌŐĞƚ
/d͕ǁŝƚŚĐŽŶƐƚƌƵĐƚŝŽŶĂĐƚŝǀŝƚLJƐŽĨƚĞŶŝŶŐĨƵƌƚŚĞƌĚƵƌŝŶŐthe year. IHG’s EBIT was below target despite delivering market ƐŚĂƌĞŐĂŝŶƐĂŶĚ
performing better than the market overall. Total Tools’ EBIT was below threshold reflecting more challenging external conditiŽŶƐ͘
ĨĨŝĐŝĞŶĐLJŵĞĂƐƵƌĞƐŚĂǀĞďĞĞŶŝŶƚƌŽĚƵĐĞĚŝŶďŽƚŚ/,'ĂŶĚdŽƚĂůdŽŽůƐƚŽŚĞůƉĂĚĚƌĞƐƐƚŚĞŝŵƉĂĐƚŽĨƚŚĞĞdžƚĞƌŶĂůĐŽŶĚŝƚŝŽŶƐ͘dŚĞ^d/
ŽƵƚĐŽŵĞƐĨŽƌĐŽŶƚŝŶƵŝŶŐdžĞĐƵƚŝǀĞƐƌĂŶŐĞďĞƚǁĞĞŶϭϰ͘ϲйƚŽϯϴ͘ϭйŽĨŵĂdžŝŵƵŵ͘
/Ŷ&zϮϯ͕ƚŚĞ'ƌŽƵƉĂŶĚƚŚĞƉŝůůĂƌƐĚĞůŝǀĞƌĞĚstrong EBIT results. The pillars delivered EBIT results at ‘maximum’/’above target’ levelƐǁŝƚŚ
'ƌŽƵƉ/dŝŶĐƌĞĂƐŝŶŐϲ͘ϬйŽŶ&zϮϮŽƵƚĐŽŵĞƐ͘ĐĐŽƌĚŝŶŐůLJ͕ƚŚĞ^d/ŽƵƚĐŽŵĞƐĂǁĂƌĚĞĚƚŽdžĞĐƵƚŝǀĞƐƌĂŶŐĞĚĨƌŽŵϲϱйƚŽϴϰйŽĨ
ŵĂdžŝŵƵŵ͘
In FY22, the Group and the pillars delivered exceptional EBIT results. All pillars delivered EBIT results above the ‘maximum’ůĞǀĞůǁŝƚŚ
'ƌŽƵƉ/dŝŶĐƌĞĂƐŝŶŐϭϳ͘ϳйŽŶ&zϮϭŽƵƚĐŽŵĞƐ͘ĐĐŽƌĚŝŶŐůLJ͕ƚŚĞ^d/ŽƵƚĐŽŵĞƐĂǁĂƌĚĞĚƚŽdžĞĐƵƚŝǀĞƐƌĂŶŐĞĚĨƌŽŵϳϯйƚŽϴϱйŽĨ
ŵĂdžŝŵƵŵ͘
/Ŷ&zϮϭ͕ƚŚĞ'ƌŽƵƉĂŶĚƚŚĞƉŝůůĂƌƐƉĞƌĨŽƌŵĞĚĞdžĐĞƉƚŝŽŶĂůůLJǁĞůů͕ĚĞůŝǀĞƌŝŶŐ/dƌĞƐƵůƚƐĂŐĂŝŶƐƚĂůƌĞĂĚLJƐƚƌĞƚĐŚŝŶŐƚĂƌŐĞƚƐĂƚĂϭϵ͘ϵй
ŝŶĐƌĞĂƐĞŽŶ&zϮϬŽƵƚĐŽŵĞƐŝŶĞdžƚƌĞŵĞůLJĐŚĂůůĞŶŐŝŶŐĐŝƌĐƵŵƐƚĂŶĐĞƐ͘
/Ŷ&zϮϬ͕ǁŚŝůƐƚƚŚĞ'ƌŽƵƉĂŶĚƚŚĞ&ŽŽĚƉŝůůĂƌĚĞůŝǀĞƌĞĚƐƚƌŽŶŐ/dƌĞƐƵůƚƐ͕ƚŚĞŽĂƌĚĞdžĞƌĐŝƐĞĚŝƚƐĚŝƐĐƌĞƚŝŽŶƚŽƌĞĚƵĐĞƚŚĞŽǀĞƌĂůů^d/
award to the ‘on target’ level. The Liquor pillar was determined to have performed ‘on target’ and the Hardware pillar‘below target’. 
DIRECTORS’ REPORT CONTINUED
Metcash Annual Report 2024
56

ϰ͘ϭ͘ ĐƚƵĂů&zϮϰdžĞĐƵƚŝǀĞƌĞŵƵŶĞƌĂƚŝŽŶ
dŚĞƚĂďůĞďĞůŽǁƌĞĨůĞĐƚƐdžĞĐƵƚŝǀĞd/ϯ
Ψ
KƚŚĞƌ>d/ϰ
Ψ
dŽƚĂů
Ψ
ƵƌƌĞŶƚ
:ŽŶĞƐ
ϭ͕ϳϱϬ͕ϬϬϬ
ϱϵϭ͕ϭϯϱ
ϳϲϮ͕Ϯϭϯ
ϴϯϵ͕ϲϱϯ
ϲϮϳ͕Ϯϳϯ
ϰ͕ϱϳϬ͕Ϯϳϰ
^ŝƚĂ
ϮϮϰ͕ϵϵϵ
ϲϴ͕ϳϴϯ
—
—
—
Ϯϵϯ͕ϳϴϮ
ZDƵƌƌĂLJ
ϮϮϯ͕ϳϮϱ
ϯϭ͕ϵϯϳ
—
—
—
Ϯϱϱ͕ϲϲϮ
'ZĂŵĂŐĞ
ϳϱϬ͕ϬϬϬ
Ϯϴϵ͕ϯϴϲ
—
ϮϭϮ͕ϰϵϲ
—
ϭ͕Ϯϱϭ͕ϴϴϮ
<tĂůůďƌŝĚŐĞ
ϭϭϲ͕ϲϲϳ
—
—
—
—
ϭϭϲ͕ϲϲϳ
tĞůƐŚ
ϴϬϬ͕ϬϬϬ
ϭϳϵ͕ϮϮϭ
ϭϴϬ͕ϯϵϳ
ϯϯϲ͕ϳϴϰ
—
ϭ͕ϰϵϲ͕ϰϬϮ
&ŽƌŵĞƌ
Ğůů
ϱϵϵ͕ϴϵϬ
ϯϱϵ͕ϵϯϰ
ϮϮϲ͕ϭϭϵ
ϯϲϬ͕ϴϯϱ
—
ϭ͕ϱϰϲ͕ϳϳϴ
ĂĚĚŽĐŬ
ϯϯϯ͕Ϯϱϯ
ϭϭϮ͕ϰϬϭ
ϭϲϮ͕ϭϮϰ
ϯϯϲ͕ϳϴϰ
—
ϵϰϰ͕ϱϲϮ
ϭ͘
ZĞƉƌĞƐĞŶƚƐƚŚĞĐĂƐŚĐŽŵƉŽŶĞŶƚŽĨƚŚĞ&zϮϰ^d/ƌĞǁĂƌĚĂŵŽƵŶƚŽĨϲϬй;'ƌŽƵƉKͿ͕ϲϳй;'ƌŽƵƉ&KͿĂŶĚϳϱй;ŽƚŚĞƌdžĞĐƵƚŝǀĞƐͿƉĂLJĂďůĞŝŶĐĂƐŚŝŶ:ƵůLJϮϬϮϰ͘
dŚĞĚĞĨĞƌƌĞĚĞƋƵŝƚLJĐŽŵƉŽŶĞŶƚŽĨƚŚĞ&zϮϰ^d/ƌĞǁĂƌĚŽĨϰϬй;'ƌŽƵƉKͿ͕ϯϯй;'ƌŽƵƉ&KͿĂŶĚϮϱй;ŽƚŚĞƌdžĞĐƵƚŝǀĞƐͿŝƐŶŽƚƉƌĞƐĞŶƚĞĚĂďŽǀĞďĞĐĂƵƐĞƚŚĞ
ƌĞǁĂƌĚŝƐĐŽŶĚŝƚŝŽŶĂůƵƉŽŶƚŚĞĞdžĞĐƵƚŝǀĞďĞŝŶŐĞŵƉůŽLJĞĚďLJƚŚĞŽŵƉĂŶLJŽŶϯ:ƵůLJϮϬϮϱ͘
Ϯ͘
ZĞƉƌĞƐĞŶƚƐƚŚĞĚĞĨĞƌƌĞĚĞƋƵŝƚLJĐŽŵƉŽŶĞŶƚŽĨƚŚĞ&zϮϯ^d/ƌĞǁĂƌĚŽĨϯϯй;'ƌŽƵƉKͿĂŶĚϮϱй;ŽƚŚĞƌdžĞĐƵƚŝǀĞƐͿǁŚŝĐŚǁĞƌĞĚĞĨĞƌƌĞĚĂƐĞƋƵŝƚLJ͘dŚĞdžĞĐƵƚŝǀĞƐ
ŚĂǀĞƐƵďƐĞƋƵĞŶƚůLJŵĞƚƚŚĞĐŽŶƚŝŶƵŝƚLJŽĨĞŵƉůŽLJŵĞŶƚƐĞƌǀŝĐĞĐŽŶĚŝƚŝŽŶ͘ĐĐŽƌĚŝŶŐůLJ͕ƚŚĞƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐŚĂǀĞǀĞƐƚĞĚĂŶĚǁŝůůďĞĂůůŽĐĂƚĞĚĂƐƐŚĂƌĞƐĨŽůůŽǁŝŶŐ
ƚŚĞƐŚĂƌĞƚƌĂĚŝŶŐƌĞƐƚƌŝĐƚŝŽŶƉĞƌŝŽĚƚŚĂƚĞŶĚƐϮϱ:ƵŶĞϮϬϮϰ͘dŚĞĂŵŽƵŶƚƐƉƌĞƐĞŶƚĞĚĂďŽǀĞĂƌĞďĂƐĞĚŽŶƚŚĞŶƵŵďĞƌŽĨƌŝŐŚƚƐǀĞƐƚĞĚŵƵůƚŝƉůŝĞĚďLJƚŚĞstWŽĨ
DĞƚĐĂƐŚƐŚĂƌĞƐŽǀĞƌƚŚĞϮϬďƵƐŝŶĞƐƐĚĂLJƐĞŶĚŝŶŐϯϬƉƌŝůϮϬϮϯŽĨΨϯ͘ϵϰƉĞƌƐŚĂƌĞ͘
ϯ͘
dŚĞ&zϮϮͲ&zϮϰ>d/ǁŝůůǀĞƐƚĂƚϳϲ͘ϳй͕ƐƵďũĞĐƚŽŶůLJƚŽƚŚĞdžĞĐƵƚŝǀĞƐƌĞŵĂŝŶŝŶŐŝŶĞŵƉůŽLJŵĞŶƚƵŶƚŝůϭϱƵŐƵƐƚϮϬϮϰ͘dŚĞĂŵŽƵŶƚƐƉƌĞƐĞŶƚĞĚĂďŽǀĞĂƌĞďĂƐĞĚŽŶ
ƚŚĞŶƵŵďĞƌŽĨƌŝŐŚƚƐƚŚĂƚǁŝůůǀĞƐƚŵƵůƚŝƉůŝĞĚďLJƚŚĞstWŽĨDĞƚĐĂƐŚƐŚĂƌĞƐŽǀĞƌƚŚĞϮϬďƵƐŝŶĞƐƐĚĂLJƐƵŶƚŝůϯϬƉƌŝůϮϬϮϰŽĨΨϯ͘ϵϭƉĞƌƐŚĂƌĞ͘
ϰ͘
Represents Mr Jones’ FY23 Group CEO buyͲout grant (Tranche 2) which vested at 100% following Mr Jones’ achievement of the performance measures. The
ĂŵŽƵŶƚƐƉƌĞƐĞŶƚĞĚĂďŽǀĞĂƌĞďĂƐĞĚŽŶƚŚĞŶƵŵďĞƌŽĨƌŝŐŚƚƐǀĞƐƚĞĚŵƵůƚŝƉůŝĞĚďLJƚŚĞstWŽĨDĞƚĐĂƐŚƐŚĂƌĞƐŽǀĞƌƚŚĞϮϬďƵƐŝŶĞƐƐĚĂLJƐĞŶĚŝŶŐϯϬƉƌŝůϮϬϮϰĂƚ
Ψϯ͘ϵϭƉĞƌƐŚĂƌĞ͘
ϰ͘Ϯ͘ &zϮϰ&ŝdžĞĚƌĞŵƵŶĞƌĂƚŝŽŶŽƵƚĐŽŵĞƐ
ƵƌŝŶŐƚŚĞLJĞĂƌ͕ƚŚĞĨŝdžĞĚƌĞŵƵŶĞƌĂƚŝŽŶĨŽƌƚǁŽdžĞĐƵƚŝǀĞƐǁĂƐŝŶĐƌĞĂƐĞĚ͘DƐŶŶĞƚƚĞtĞůƐŚ͕ƚŚĞK/,'͕ǁĂƐƉƌŽǀŝĚĞĚǁŝƚŚĂŶϴ͘ϯй
ŝŶĐƌĞĂƐĞŝŶĨŝdžĞĚƌĞŵƵŶĞƌĂƚŝŽŶĂŶĚDƌŚƌŝƐĂĚĚŽĐŬ͕ƚŚĞĨŽƌŵĞƌK>D͕ǁĂƐƉƌŽǀŝĚĞĚǁŝƚŚĂŶŝŶĐƌĞĂƐĞŝŶĨŝdžĞĚƌĞŵƵŶĞƌĂƚŝŽŶŽĨϰ͘Ϯй
ƚŽĞŶƐƵƌĞƚŚĞŝƌƌĞŵƵŶĞƌĂƚŝŽŶƌĞĨůĞĐƚĞĚƚŚĞŝƌĞdžƉĞƌŝĞŶĐĞŝŶƚŚĞŝƌƌĞƐƉĞĐƚŝǀĞƌŽůĞƐƌĞůĂƚŝǀĞƚŽŵĂƌŬĞƚďĞŶĐŚŵĂƌŬƐ͘
dŚĞĨŝdžĞĚƌĞŵƵŶĞƌĂƚŝŽŶŽĨŝŶĐŽŵŝŶŐdžĞĐƵƚŝǀĞƐǁĂƐĞƐƚĂďůŝƐŚĞĚŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨŵĂƌŬĞƚďĞŶĐŚŵĂƌŬƐĂŶĚƚŚĞƌĞůĂƚŝǀĞĞdžƉĞƌŝĞŶĐĞŽĨ
ĞĂĐŚdžĞĐƵƚŝǀĞ͘
It is Metcash’s approach to position remuneration around the market median with capacity to move towards the upper quartile fŽƌ
ĚĞĞƉůLJĞdžƉĞƌŝĞŶĐĞĚŽƌŚŝŐŚͲƉĞƌĨŽƌŵŝŶŐŝŶĐƵŵďĞŶƚƐƚŽĞŶƐƵƌĞǁĞĂƌĞĂďůĞƚŽĂƚƚƌĂĐƚĂŶĚƌĞƚĂŝŶƚŚĞĐĂůŝďƌĞŽĨĞdžĞĐƵƚŝǀĞƐƌĞƋƵŝƌĞĚƚŽĚƌŝǀĞ
ƚŚĞŽǀĞƌĂůůDĞƚĐĂƐŚƐƚƌĂƚĞŐLJ͘
ϰ͘ϯ͘ &zϮϰ^d/ŽƵƚĐŽŵĞƐ
tŚŝůƐƚƚŚĞ&zϮϰ'ƌŽƵƉ^d/ƉŽŽůŽƵƚĐŽŵĞǁĂƐďĞůŽǁƚĂƌŐĞƚ͕'ƌŽƵƉĚũƵƐƚĞĚ/dŝŵƉƌŽǀĞĚďLJϮ͘ϰй;Ψϭϭ͘ϮŵŝůůŝŽŶͿŽŶ&zϮϯ͕ƌĞĨůĞĐƚŝŶŐ
ƐƚƌŽŶŐƌĞƐƵůƚƐŝŶ&ŽŽĚĂŶĚ>ŝƋƵŽƌĂƐǁĞůůĂƐůŽǁĞƌWƌŽũĞĐƚ,ŽƌŝnjŽŶĐŽƐƚƐ͘&ƵƌƚŚĞƌĚĞƚĂŝůƐĂƌĞƉƌŽǀŝĚĞĚŝŶƚŚĞŝŶƚƌŽĚƵĐƚŝŽŶƚŽ^ĞĐƚŝŽŶϰ͘
dŚĞĂůĂŶĐĞĚ^ĐŽƌĞĐĂƌĚŽƵƚĐŽŵĞƐĂŐĂŝŶƐƚƚŚĞ&ŝŶĂŶĐŝĂů͕^ƚƌĂƚĞŐŝĐĂŶĚ/ŶĚŝǀŝĚƵĂůŽďũĞĐƚŝǀĞƐĂƌĞƐŚŽǁŶŽŶƚŚĞĨŽůůŽǁŝŶŐƉĂŐĞ͘'ƌŽƵƉ
ƌĞǀĞŶƵĞ;ĞdžĐůƵĚŝŶŐƚŽďĂĐĐŽͿŝŵƉƌŽǀĞĚďLJϯ͘ϮйŽŶ&zϮϯ͕ƌĞĨůĞĐƚŝŶŐŐƌŽǁƚŚĂĐƌŽƐƐĂůůƉŝůůĂƌƐ͘dŚĞ'ƌŽƵƉƌĞǀĞŶƵĞƐĐŽƌĞĐĂƌĚŽƵƚĐŽŵĞǁĂƐ͕
ŚŽǁĞǀĞƌ͕ƌĂƚĞĚĂƚďĞůŽǁƚĂƌŐĞƚĨŽƌ&zϮϰ͘
dŚĞƌĞǁĞƌĞƐƚƌŽŶŐƐĐŽƌĞĐĂƌĚŽƵƚĐŽŵĞƐĂĐƌŽƐƐ^ĂĨĞƚLJ;dZ/&ZͿ͕ĂĐŚŝĞǀŝŶŐƐƚƌĞƚĐŚƚĂƌŐĞƚ͕ĂŶĚ^ƵƐƚĂŝŶĂďůĞŐƌŽǁƚŚ;ǁĂƐƚĞͲƚŽͲůĂŶĚĨŝůů
ĚŝǀĞƌƐŝŽŶͿ͕ĂƚĂďŽǀĞƚĂƌŐĞƚ͘ŵƉůŽLJĞĞĞŶŐĂŐĞŵĞŶƚŝŵƉƌŽǀĞĚďLJŽŶĞƉĞƌĐĞŶƚĂŐĞƉŽŝŶƚĂĐƌŽƐƐĂůůDĞƚĐĂƐŚĞŵƉůŽLJĞĞƐďƵƚǁĂƐďĞůŽǁ
ƚĂƌŐĞƚĨŽƌ&zϮϰ͘tŚŝůƐƚƚŚĞEĞƚWƌŽŵŽƚĞƌ^ĐŽƌĞǁĂƐďĞůŽǁƚŚƌĞƐŚŽůĚ͕ĂůůƉŝůůĂƌƐĚĞůŝǀĞƌĞĚƉŽƐŝƚŝǀĞŽƵƚĐŽŵĞƐ͘
ƐŽƵƚůŝŶĞĚŝŶ^ĞĐƚŝŽŶϯ͘Ϯ͕&zϮϰ^d/ĂǁĂƌĚƐĨŽƌdžĞĐƵƚŝǀĞƐĂƌĞĚĞƚĞƌŵŝŶĞĚďLJ'ƌŽƵƉĂŶĚͬŽƌƉŝůůĂƌ/d͕ĂůĂŶĐĞĚ^ĐŽƌĞĐĂƌĚŽƵƚĐŽŵĞƐ͕
ĂŶĚĂůƐŽŝŶĨŽƌŵĞĚďLJĂŶĂƐƐĞƐƐŵĞŶƚŽĨďĞŚĂǀŝŽƵƌƐ͘dŚĞ&zϮϰ^d/ĂǁĂƌĚƐĨŽƌĐŽŶƚŝŶƵŝŶŐdžĞĐƵƚŝǀĞƐƌĂŶŐĞĨƌŽŵϭϰ͘ϲйƚŽϯϴ͘ϭйŽĨ
ŵĂdžŝŵƵŵǁŚŝĐŚƚŚĞŽĂƌĚĐŽŶƐŝĚĞƌƐŝƐĂƉƉƌŽƉƌŝĂƚĞĂŶĚĂůŝŐŶƐǁŝƚŚƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ'ƌŽƵƉŽǀĞƌƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌ͘
57
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dŚĞ&zϮϰĂůĂŶĐĞĚ^ĐŽƌĞĐĂƌĚ͕ǁĞŝŐŚƚĞĚϳϬйĂŐĂŝŶƐƚ'ƌŽƵƉŽďũĞĐƚŝǀĞƐĂŶĚϯϬйĂŐĂŝŶƐƚ/ŶĚŝǀŝĚƵĂůŽďũĞĐƚŝǀĞƐ͕ŝƐƐƵŵŵĂƌŝƐĞĚďĞůŽǁ͗
&zϮϰĂůĂŶĐĞĚ^ĐŽƌĞĐĂƌĚ

DĞĂƐƵƌĞ
dŚƌĞƐŚŽůĚ
dĂƌŐĞƚ
^ƚƌĞƚĐŚ
ĐƚƵĂůKƵƚĐŽŵĞ
'ƌŽƵƉ
KďũĞĐƚŝǀĞƐ͗
&ŝŶĂŶĐŝĂůΘ
sĂůƵĞ
ƌĞĂƚŝŽŶ
;ϯϱйͿ
^ĂůĞƐƌĞǀĞŶƵĞ;ĞdžĐů͘ƚŽďĂĐĐŽͿ
ͲϮ͘ϴй
Ψϭϲ͘ϮďŝůůŝŽŶ
нϮ͘ϴй
Ψϭϱ͘ϴďŝůůŝŽŶ
ďŽǀĞƚŚƌĞƐŚŽůĚ
EĞƚǁŽƌŬŝŶŐĐĂƉŝƚĂů
нϭϬй
ϭϰĚĂLJƐ
ͲϭϬй
ϭϰ͘ϰĚĂLJƐ
ďŽǀĞƚŚƌĞƐŚŽůĚ
WƌŽũĞĐƚ,ŽƌŝnjŽŶ
sĂƌŝĞĚ
ĞůŝǀĞƌLJŽĨŬĞLJ
ŵŝůĞƐƚŽŶĞƐ
sĂƌŝĞĚ
ϵϬйŽĨ
ƚĂƌŐĞƚƐ
ďŽǀĞƚŚƌĞƐŚŽůĚ
'ƌŽƵƉ
KďũĞĐƚŝǀĞƐ͗
^ƚƌĂƚĞŐŝĐ
;ϯϱйͿ

^ƵƐƚĂŝŶĂďůĞŐƌŽǁƚŚ͗tĂƐƚĞ
ĚŝǀĞƌƐŝŽŶĨƌŽŵůĂŶĚĨŝůů
;&zϮϯсϲϭйͿ
Ͳϰй
ϲϯй
нϰй
ϲϱ͘ϵй
ďŽǀĞƚĂƌŐĞƚ
^ĂĨĞƚLJ͗dZ/&Zй
;&zϮϯсϭϴ͘ϰͿϭ
ϭϴ͘Ϯ
ϭϲ͘ϱ
ϭϰ͘ϵ
ϭϰ͘ϯ
^ƚƌĞƚĐŚ
ŵƉůŽLJĞĞŶŐĂŐĞŵĞŶƚ
&zϮϯŽƵƚĐŽŵĞ
нϰ
ƉĞƌĐĞŶƚĂŐĞ
ƉƚƐ
нϴ
ƉĞƌĐĞŶƚĂŐĞ
ƉƚƐ
нϭ
ƉĞƌĐĞŶƚĂŐĞ
ƉƚƐ
ďŽǀĞƚŚƌĞƐŚŽůĚ
ƵƐƚŽŵĞƌEW^;&zϮϯсϮϭ͘ϭͿ
Ϯϭ͘ϭ
Ϯϳ͘Ϭ
ϯϮ͘ϴ
ϭϳ͘Ϭ
ĞůŽǁƚŚƌĞƐŚŽůĚ
/ŶĚŝǀŝĚƵĂů
KďũĞĐƚŝǀĞƐ
;ϯϬйͿ

KďũĞĐƚŝǀĞƐĂƌĞĐŽŵŵĞƌĐŝĂůůLJƐĞŶƐŝƚŝǀĞĂŶĚĂůŝŐŶǁŝƚŚƚŚĞƐƚƌĂƚĞŐŝĞƐŽĨƚŚĞ'ƌŽƵƉĂŶĚƉŝůůĂƌƐ͘dLJƉŝĐĂů/ŶĚŝǀŝĚƵĂůŽďũĞĐƚŝǀĞƐ
ŝŶĐůƵĚĞ͗ĐŽƐƚƌĞĚƵĐƚŝŽŶ͕ŶĞƚǁŽƌŬŐƌŽǁƚŚ͕ĂĐĂƉŝƚĂůŐƌŽǁƚŚƉůĂŶ͕ǁŽƌŬŝŶŐĐĂƉŝƚĂů͕ůŽLJĂůƚLJƉƌŽŐƌĂŵƐĂŶĚĂĐƋƵŝƐŝƚŝŽŶƐ͘
ϭ͘
ƌĞͲĐůĂƐƐŝĨŝĐĂƚŝŽŶŽĨŝŶũƵƌLJƚLJƉĞƐǁĂƐƵŶĚĞƌƚĂŬĞŶĚƵƌŝŶŐ&zϮϰƚŽĂůŝŐŶǁŝƚŚŝŶĚƵƐƚƌLJĚĞĨŝŶŝƚŝŽŶƐ͘dŚĞ&zϮϯŽƵƚĐŽŵĞǁĂƐϭϴ͘ϰďĂƐĞĚŽŶƚŚĞŶĞǁĐůĂƐƐŝĨŝĐĂƚŝŽŶƐ͕
ĐŽŵƉĂƌĞĚƚŽϭϵ͘ϵĚŝƐĐůŽƐĞĚůĂƐƚLJĞĂƌƵƐŝŶŐƚŚĞƉƌŝŽƌĐůĂƐƐŝĨŝĐĂƚŝŽŶƐ͘
dŚĞƚĂďůĞďĞůŽǁŽƵƚůŝŶĞƐƚŚĞ'ƌŽƵƉĂŶĚ/ŶĚŝǀŝĚƵĂůŽďũĞĐƚŝǀĞŽƵƚĐŽŵĞƐĂŶĚŚŽǁƚŚĞ&zϮϰ^d/ĂǁĂƌĚƐĂƌĞĚĞƚĞƌŵŝŶĞĚ͗
ĂůĂŶĐĞĚ^ĐŽƌĞĐĂƌĚKƵƚĐŽŵĞ;ϬͲϭϱϬйͿ
'ƌŽƵƉͬWŝůůĂƌWŽŽů
/dKƵƚĐŽŵĞ
;ϬͲϭϱϬйͿ
^d/KƵƚĐŽŵĞ
ĂƐĂй
ŽĨƚĂƌŐĞƚ
^d/KƵƚĐŽŵĞ
ĂƐĂй
ŽĨŵĂdžŝŵƵŵ
džĞĐƵƚŝǀĞD͕DƐ<LJůŝĞtĂůůďƌŝĚŐĞ͕ǁĂƐĂƉƉŽŝŶƚĞĚŽŶϭDĂƌĐŚϮϬϮϰĂŶĚǁĂƐŶŽƚĞůŝŐŝďůĞĨŽƌƚŚĞ&zϮϰ^d/͘
Ϯ͘
dŚĞƌĞƚŝƌĞŵĞŶƚŽĨƚŚĞĨŽƌŵĞƌ'ƌŽƵƉ&K͕DƌůŝƐƚĂŝƌĞůů͕ǁĂƐĂŶŶŽƵŶĐĞĚŝŶĞĐĞŵďĞƌϮϬϮϮ͘DƌĞůůĂŐƌĞĞĚƚŽƐƚĂLJŽŶǁŝƚŚDĞƚĐĂƐŚƵŶƚŝů&ĞďƌƵĂƌLJϮϬϮϰ͕
ĨŽůůŽǁŝŶŐƚŚĞĐŽŵŵĞŶĐĞŵĞŶƚŽĨDƐ^ŝƚĂŝŶƚŚĞƌŽůĞƚŽĞŶƐƵƌĞĂƐŵŽŽƚŚƚƌĂŶƐŝƚŝŽŶ͘dŚĞƉƌŽͲƌĂƚĞĚ^d/ĂǁĂƌĚƚŽDƌĞůůƌĞĐŽŐŶŝƐĞƐŚŝƐŽŶŐŽŝŶŐĐŽŵŵŝƚŵĞŶƚƚŽ
DĞƚĐĂƐŚĂŶĚŚŝƐĐŽŶƚƌŝďƵƚŝŽŶƚŽĨŝŶĂůŝƐŝŶŐƚŚĞƐƚƌĂƚĞŐŝĐĂĐƋƵŝƐŝƚŝŽŶƐĚƵƌŝŶŐ&zϮϰ͘DƌĞůůǁĂƐŶŽƚƉƌŽǀŝĚĞĚǁŝƚŚĂŶ&zϮϰ>d/ŽĨĨĞƌ͘
The table below reflects the Executives’ FY24 STI outcomes when compared against target and maximum potential STI:
džĞĐƵƚŝǀĞd/ŽƵƚĐŽŵĞƐ
&zϮϮͲ&zϮϰ>d/ŐƌĂŶƚ
dŚĞƉůĂŶŝƐĞdžƉĞĐƚĞĚƚŽǀĞƐƚŽŶϭϱƵŐƵƐƚϮϬϮϰĂƚϳϲ͘ϳй͕ƐƵďũĞĐƚŽŶůLJƚŽƚŚĞĂĐƚŝǀĞƉĂƌƚŝĐŝƉĂŶƚƐƌĞŵĂŝŶŝŶŐŝŶĞŵƉůŽLJŵĞŶƚƵŶƚŝůƚŚĂƚĚĂƚĞ͘
dŚĞ&zϮϮͲ&zϮϰ>d/ŐƌĂŶƚǀĞƐƚŝŶŐƌĞƐƵůƚƐĂƌĞƐĞƚŽƵƚďĞůŽǁ͗
WĞƌĨŽƌŵĂŶĐĞŵĞĂƐƵƌĞ
tĞŝŐŚƚŝŶŐ
WĞƌĨŽƌŵĂŶĐĞƌĞƐƵůƚ
sĞƐƚŝŶŐƌĞƐƵůƚ;йͿ
ZK&
ϱϬй
ZK&ƉĞƌĨŽƌŵĂŶĐĞŽǀĞƌƚŚĞƚŚƌĞĞͲLJĞĂƌƉůĂŶƉĞƌŝŽĚǁĂƐϮϴ͘ϴй
ϭϬϬй
d^Z
ϱϬй
d^Z'ZƉĞƌĨŽƌŵĂŶĐĞŽǀĞƌƚŚĞƚŚƌĞĞͲLJĞĂƌƉůĂŶƉĞƌŝŽĚǁĂƐϳ͘ϱй
ϱϯ͘ϰй
dŚĞZK&ǀĞƐƚŝŶŐƐĐĂůĞƌĂŶŐĞĚĨƌŽŵϮϯй;ƚŚƌĞƐŚŽůĚϮϱйǀĞƐƚŝŶŐͿƚŽϮϲй;ŵĂdžŝŵƵŵϭϬϬйǀĞƐƚŝŶŐͿ͘dŚĞd^ZǀĞƐƚŝŶŐƐĐĂůĞƌĂŶŐĞĚĨƌŽŵ
ϲй'Z;ƚŚƌĞƐŚŽůĚϮϱйǀĞƐƚŝŶŐͿƚŽϭϬй'Z;ŵĂdžŝŵƵŵϭϬϬйǀĞƐƚŝŶŐͿ͘sĞƐƚŝŶŐŽĐĐƵƌƐŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐďĞƚǁĞĞŶĞĂĐŚŚƵƌĚůĞ͕
ǁŝƚŚŶŝůǀĞƐƚŝŶŐďĞůŽǁƚŚƌĞƐŚŽůĚ͘&ƵůůǀĞƐƚŝŶŐŽŶůLJŽĐĐƵƌƐŝĨDĞƚĐĂƐŚĂĐŚŝĞǀĞƐĂZK&ŽĨŐƌĞĂƚĞƌƚŚĂŶϮϲйĂŶĚd^Z'ZŽĨŐƌĞĂƚĞƌƚŚĂŶ
ϭϬйŽǀĞƌƚŚĞƉĞƌĨŽƌŵĂŶĐĞƉĞƌŝŽĚ͘
dŚĞŽĂƌĚĂƉƉůŝĞĚƚŚĞŝƌĐƵƐƚŽŵĂƌLJĚŝůŝŐĞŶĐĞǁŚĞŶƉĞƌĨŽƌŵĂŶĐĞƚĞƐƚŝŶŐƚŚŝƐ>d/ŐƌĂŶƚĂŶĚĞŶƐƵƌĞĚƚŚĂƚĂůůƐŝŐŶŝĨŝĐĂŶƚŝƚĞŵƐǁĞƌĞ
ƉƌƵĚĞŶƚůLJĐŽŶƐŝĚĞƌĞĚ͕ďĞĨŽƌĞĚĞƚĞƌŵŝŶŝŶŐƚŚĞϳϲ͘ϳйǀĞƐƚŝŶŐŽƵƚĐŽŵĞ͘^ŝŐŶŝĨŝĐĂŶƚŝƚĞŵƐƉƌŝŵĂƌŝůLJĐŽŵƉƌŝƐĞĚƉƵƚŽƉƚŝŽŶǀĂůƵĂƚŝŽŶ
ĂĚũƵƐƚŵĞŶƚƐĂŶĚďƵƐŝŶĞƐƐĂĐƋƵŝƐŝƚŝŽŶĐŽƐƚƐ͕DĞŐĂŝƐƚƌŝďƵƚŝŽŶĞŶƚƌĞƚƌĂŶƐŝƚŝŽŶĐŽƐƚƐĂŶĚŶŽŶͲĐĂƉŝƚĂůŝƐĂďůĞWƌŽũĞĐƚ,ŽƌŝnjŽŶ
ŝŵƉůĞŵĞŶƚĂƚŝŽŶĐŽƐƚƐǁŚŝĐŚŝŶĐůƵĚĞĚƌĞƐŽƵƌĐĞĐŽƐƚƐ͕ĂĐĐĞůĞƌĂƚĞĚĂŵŽƌƚŝƐĂƚŝŽŶŽĨůĞŐĂĐLJƐŽĨƚǁĂƌĞĂƐƐĞƚƐĂŶĚŝŶĐƌĞŵĞŶƚĂůƐŽĨƚǁĂƌĞ
ůŝĐĞŶĐĞĂŶĚŵĂŝŶƚĞŶĂŶĐĞĐŽƐƚƐ͘
WĂƌƚŝĐŝƉĂŶƚ
,ƵƌĚůĞ
EŽ͘ŽĨ
ƌŝŐŚƚƐŚĞůĚ
EŽ͘ŽĨƌŝŐŚƚƐ
ĞdžƉĞĐƚĞĚƚŽǀĞƐƚ
EŽ͘ŽĨƌŝŐŚƚƐ
ĞdžƉĞĐƚĞĚƚŽďĞ
ĨŽƌĨĞŝƚĞĚ
:ŽŶĞƐ
ZK&
d^Z
ϭϯϵ͕ϵϵϬ
ϭϯϵ͕ϵϵϬ
ϭϯϵ͕ϵϵϬ
ϳϰ͕ϳϱϱ
—
ϲϱ͕Ϯϯϱ
'ZĂŵĂŐĞ
ZK&
d^Z
ϯϱ͕ϰϮϴ
ϯϱ͕ϰϮϴ
ϯϱ͕ϰϮϴ
ϭϴ͕ϵϭϵ
—
ϭϲ͕ϱϬϵ
tĞůƐŚ
ZK&
d^Z
ϱϲ͕ϭϱϬ
ϱϲ͕ϭϱϬ
ϱϲ͕ϭϱϬ
Ϯϵ͕ϵϴϰ
—
Ϯϲ͕ϭϲϲ
Ğůůϭ
ZK&
d^Z
ϲϬ͕ϭϲϬ
ϲϬ͕ϭϲϬ
ϲϬ͕ϭϲϬ
ϯϮ͕ϭϮϱ
—
Ϯϴ͕Ϭϯϱ
ĂĚĚŽĐŬϮ
ZK&
d^Z
ϱϲ͕ϭϱϬ
ϱϲ͕ϭϱϬ
ϱϲ͕ϭϱϬ
Ϯϵ͕ϵϴϰ
—
Ϯϲ͕ϭϲϲ
ϭ͘
Mr Bell retired as operational Group CFO on 31 January 2024 and ceased employment on 29 February 2024. As a ‘good leaver’, MrBell’s performance rights in 
ƌĞůĂƚŝŽŶƚŽƚŚĞ&zϮϮͲ&zϮϰLTI grant remained on foot to be tested at the end of the performance period. The amortisation of all of Mr Bell’s performancĞƌŝŐŚƚƐ
ŚĂǀĞďĞĞŶĂĐĐĞůĞƌĂƚĞĚĨŽƌĂĐĐŽƵŶƚŝŶŐƉƵƌƉŽƐĞƐƵƉƚŽƚŚĞĞŶĚŽĨŚŝƐƐĞƌǀŝĐĞƉĞƌŝŽĚ͘
Ϯ͘
DƌĂĚĚŽĐŬƌĞƚŝƌĞĚĂƐKALM on 6 October 2023 and ceased employment on 9 February 2024. As a ‘good leaver’, Mr Baddock’s performance rights in relatiŽŶ
ƚŽƚŚĞ&zϮϮͲ&zϮϰ>d/ŐƌĂŶƚƌĞŵĂŝŶĞĚŽŶĨŽŽƚƚŽďĞƚĞƐƚĞĚĂƚƚŚĞĞŶĚŽĨƚŚĞƉĞƌĨŽƌŵĂŶĐĞƉĞƌŝŽĚ͘The amortisation of all of Mr Baddock’s performance rights have
ďĞĞŶĂĐĐĞůĞƌĂƚĞĚĨŽƌĂĐĐŽƵŶƚŝŶŐƉƵƌƉŽƐĞƐƵƉƚŽƚŚĞĞŶĚŽĨŚŝƐƐĞƌǀŝĐĞƉĞƌŝŽĚ͘
59
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&zϮϯͲ&zϮϱ>d/ŐƌĂŶƚĂŶĚ&zϮϰͲ&zϮϲ>d/ŐƌĂŶƚ
ĂƐĞĚŽŶĂŶŝŶƚĞƌŝŵƉĞƌĨŽƌŵĂŶĐĞĂƐƐĞƐƐŵĞŶƚ͕ƚŚĞĞdžƉĞĐƚĞĚǀĞƐƚŝŶŐŽƵƚĐŽŵĞƐŽĨƚŚĞ&zϮϯĂŶĚ&zϮϰ>d/ƉůĂŶƐĂƌĞĂƐĨŽůůŽǁƐ͗
>d/ƉůĂŶ
d^Zϭ
ZK&
&zϮϯ–&zϮϱ>d/ƉůĂŶ
ĞůŽǁƚŚƌĞƐŚŽůĚ
ďŽǀĞƐƚƌĞƚĐŚ͕ďĞůŽǁŵĂdžŝŵƵŵ
&zϮϰ–&zϮϲ>d/ƉůĂŶ
ĞůŽǁƚŚƌĞƐŚŽůĚ
ĞůŽǁƚŚƌĞƐŚŽůĚ
ϭ͘
dŚŝƐŝŶƚĞƌŝŵƉĞƌĨŽƌŵĂŶĐĞĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞd^ZĐŽŵƉŽŶĞŶƚŝƐďĂƐĞĚŽŶĂstWŽĨΨϯ͘ϵϭƉĞƌƐŚĂƌĞ͕ŵĞĂƐƵƌĞĚĂĐƌŽƐƐƚŚĞϮϬďƵƐŝŶĞƐƐĚĂLJƐƚŽϯϬƉƌŝůϮϬϮϰ͘
ϰ͘ϲ͘ ĞƚĂŝůƐŽĨ>d/ŐƌĂŶƚƐŵĂĚĞƚŽdžĞĐƵƚŝǀĞƐĚƵƌŝŶŐƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌ
&zϮϰͲ&zϮϲ>d/ŐƌĂŶƚ
dŚĞĨŽůůŽǁŝŶŐ&zϮϰͲ&zϮϲ>d/ŐƌĂŶƚǁĂƐŵĂĚĞƚŽƚŚĞdžĞĐƵƚŝǀĞƐĚƵƌŝŶŐ&zϮϰ͗
WĂƌƚŝĐŝƉĂŶƚ
'ƌĂŶƚĚĂƚĞ
,ƵƌĚůĞ
sĞƐƚŝŶŐĚĂƚĞ
EŽ͘ŽĨƌŝŐŚƚƐ
&ĂŝƌǀĂůƵĞ
ƉĞƌƌŝŐŚƚ
Ψ
'ƌĂŶƚ
ĞŶƚŝƚůĞŵĞŶƚ
;йŽĨĨŝdžĞĚ
ƌĞŵƵŶĞƌĂƚŝŽŶͿϭ
ƵƌƌĞŶƚ
:ŽŶĞƐ
ϭϱ^ĞƉƚĞŵďĞƌϮϬϮϯ
ZK&
d^Z
ϭϰƵŐƵƐƚϮϬϮϲ
ϭϰƵŐƵƐƚϮϬϮϲ
ϭϵϵ͕ϴϳϯ
ϭϵϵ͕ϴϳϯ
ϯ͘Ϯϯ
ϭ͘ϯϱ
ϵϬй
^ŝƚĂ
Ϯϵ:ĂŶƵĂƌLJϮϬϮϰ
ZK&
d^Z
ϭϰƵŐƵƐƚϮϬϮϲ
ϭϰƵŐƵƐƚϮϬϮϲ
ϲϴ͕ϱϮϴ
ϲϴ͕ϱϮϴ
ϯ͘ϭϱ
ϭ͘ϯϮ
ϲϬй
ZDƵƌƌĂLJϮ
ϭϲ&ĞďƌƵĂƌLJϮϬϮϰ
ZK&
d^Z
ϭϰƵŐƵƐƚϮϬϮϲ
ϭϰƵŐƵƐƚϮϬϮϲ
ϰϴ͕ϲϬϬ
ϰϴ͕ϲϬϬ
ϯ͘ϭϭ
ϭ͘ϯϬ
ϰϱй
'ZĂŵĂŐĞ
ϭϯ:ƵůLJϮϬϮϯ
ZK&
d^Z
ϭϰƵŐƵƐƚϮϬϮϲ
ϭϰƵŐƵƐƚϮϬϮϲ
ϱϳ͕ϭϬϳ
ϱϳ͕ϭϬϳ
ϯ͘ϮϬ
ϭ͘ϯϰ
ϲϬй
tĞůƐŚ
ϭϯ:ƵůLJϮϬϮϯ
ZK&
d^Z
ϭϰƵŐƵƐƚϮϬϮϲ
ϭϰƵŐƵƐƚϮϬϮϲ
ϱϲ͕Ϯϳϭ
ϱϲ͕Ϯϳϭ
ϯ͘ϮϬ
ϭ͘ϯϰ
ϲϬй
&ŽƌŵĞƌ
ĂĚĚŽĐŬϯ
ϭϯ:ƵůLJϮϬϮϯ
ZK&
d^Z
ϭϰƵŐƵƐƚϮϬϮϲ
ϭϰƵŐƵƐƚϮϬϮϲ
ϱϲ͕Ϯϳϭ
ϱϲ͕Ϯϳϭ
ϯ͘ϮϬ
ϭ͘ϯϰ
ϲϬй
ϭ͘
dŚĞŐƌĂŶƚentitlement is expressed as a percentage of the face value of performance rights divided by the participants’ annual fixed reŵƵŶĞƌĂƚŝŽŶĂƚŐƌĂŶƚĚĂƚĞ͘
Ϯ͘
DƌDƵƌƌĂLJĐŽŵŵĞŶĐĞĚĞŵƉůŽLJŵĞŶƚŽŶϮϵ:ĂŶƵĂƌLJϮϬϮϰĂƐKdŽƚĂůdŽŽůƐ͘DƌDƵƌƌĂLJǁĂƐŐƌĂŶƚĞĚĂŶ&zϮϰͲ&zϮϲ>d/ŽŶĂƉƌŽͲƌĂƚĂďĂƐŝƐ͕ƵŶĚĞƌƚŚĞƐĂŵĞ
ǀĞƐƚŝŶŐƚŝŵĞůŝŶĞƐĂŶĚƉĞƌĨŽƌŵĂŶĐĞĐŽŶĚŝƚŝŽŶƐĂƐƚŚĞŽƚŚĞƌƉĂƌƚŝĐŝƉĂŶƚƐ͘
ϯ͘
DƌĂĚĚŽĐŬƌĞƚŝƌĞĚĂƐK>DŽŶϲKĐƚŽďĞƌϮϬϮϯĂŶĚĐĞĂƐĞĚĞŵƉůŽLJŵĞŶƚŽŶϵ&ĞďƌƵĂƌLJϮϬϮϰ͘/Ŷ&zϮϰ͕DƌĂĚĚŽĐŬǁĂƐŝƐƐƵĞĚϭϭϮ͕ϱϰϮƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐŝŶ
ƌĞůĂƚŝŽŶƚŽƚŚĞ&zϮϰͲ&zϮϲŐƌĂŶƚ͘DƌĂĚĚŽĐŬŝƐĞdžƉĞĐƚĞĚƚŽƌĞƚĂŝŶϮϵ͕ϭϴϴ&zϮϰͲ&zϮϲ>d/ƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐ͕ĚĞƚĞƌŵŝŶĞĚŽŶĂƉƌŽͲƌĂƚĂďĂƐŝƐƵƉƚŽƚŚĞĚĂƚĞŽĨŚŝƐ
ĐĞƐƐĂƚŝŽŶŽĨĞŵƉůŽLJŵĞŶƚ͘dŚĞƐĞƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐǁŝůůƌĞŵĂŝŶŽŶĨŽŽƚĂŶĚǁŝůůďĞƚĞƐƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĞdžŝƐƚŝŶŐƉĞƌĨŽƌŵĂŶĐĞĐŽŶĚŝƚŝŽŶƐ͘dŚĞĂŵŽƌƚŝƐĂƚŝŽŶ
ŽĨƚŚĞƐĞƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐŚĂƐďĞĞŶĂĐĐĞůĞƌĂƚĞĚĨŽƌĂĐĐŽƵŶƚŝŶŐƉƵƌƉŽƐĞƐƵƉƚŽƚŚĞĞŶĚŽĨŚŝƐƐĞƌǀŝĐĞƉĞƌŝŽĚ͘dŚĞďĂůĂŶĐĞŽĨϴϯ͕ϯϱϰƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐǁĞƌĞ
ĨŽƌĨĞŝƚĞĚ͘
ϰ͘
DƐtĂůůďƌŝĚŐĞ͕K>DǁĂƐĂƉƉŽŝŶƚĞĚŽŶϭDĂƌĐŚϮϬϮϰĂŶĚǁĂƐŶŽƚĞůŝŐŝďůĞĨŽƌƚŚĞ&zϮϰͲ&zϮϲ>d/ŐƌĂŶƚ͘
ϰ͘ϳ͘ ĚĚŝƚŝŽŶĂůƌĞŵƵŶĞƌĂƚŝŽŶĂƌƌĂŶŐĞŵĞŶƚƐ
dŚĞƐĞĂĚĚŝƚŝŽŶĂůŐƌĂŶƚƐĂƌĞĚĞůŝǀĞƌĞĚŝŶƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐƚŽƐĞĐƵƌĞŬĞLJƚĂůĞŶƚĂŶĚĂĐĐĞůĞƌĂƚĞŐƌŽǁƚŚŽďũĞĐƚŝǀĞƐ͘ĂĐŚƉĞƌĨŽƌŵĂŶĐĞ
ƌŝŐŚƚŝƐĂƌŝŐŚƚƚŽĂĐƋƵŝƌĞĂDĞƚĐĂƐŚƐŚĂƌĞĂƚŶŽĐŽƐƚ͕ƐƵďũĞĐƚƚŽƚŚĞƐĂƚŝƐĨĂĐƚŝŽŶŽĨƉĞƌĨŽƌŵĂŶĐĞĂŶĚƐĞƌǀŝĐĞĐŽŶĚŝƚŝŽŶƐĂƐƐĞƚŽƵƚďĞůŽǁ͘
'ƌŽƵƉKďƵLJͲŽƵƚŐƌĂŶƚ
hƉŽŶĂƉƉŽŝŶƚŵĞŶƚŝŶ&zϮϯ͕ƚŚĞ'ƌŽƵƉK͕Dƌ:ŽŶĞƐǁĂƐƉƌŽǀŝĚĞĚǁŝƚŚĂŐƌĂŶƚŽĨƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨŝŶĐĞŶƚŝǀĞƐ
ĨŽƌĞŐŽŶĞĨƌŽŵŚŝƐƉƌĞǀŝŽƵƐĞŵƉůŽLJĞƌ͘dŚĞƐĞƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐǁĞƌĞƐƵďũĞĐƚƚŽƉĞƌĨŽƌŵĂŶĐĞĂŶĚƚĞŶƵƌĞĐŽŶĚŝƚŝŽŶƐŽǀĞƌƚǁŽƚƌĂŶĐŚĞƐ͘
dŚĞĨŝƌƐƚƚƌĂŶĐŚĞǁĂƐƚĞƐƚĞĚŽŶϯϭ:ĂŶƵĂƌLJϮϬϮϯĂŶĚǀĞƐƚĞĚĨƵůůLJ͕ĂƐĚŝƐĐůŽƐĞĚŝŶƚŚĞ&zϮϯZĞŵƵŶĞƌĂƚŝŽŶZĞƉŽƌƚ͘dŚĞƐĞĐŽŶĚƚƌĂŶĐŚĞǁĂƐ
ƚŽďĞƚĞƐƚĞĚĂƐĂƚϯϭ:ĂŶƵĂƌLJϮϬϮϰ͕ŚŽǁĞǀĞƌƚŚĞŽĂƌĚĚĞƚĞƌŵŝŶĞĚƚŚĂƚŝƚǁĂƐĂƉƉƌŽƉƌŝĂƚĞƚŽĚĞĨĞƌĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞƉĞƌĨŽƌŵĂŶĐĞ
ĐŽŶĚŝƚŝŽŶƐƵŶƚŝůƚŚĞ&zϮϰ/dŽƵƚĐŽŵĞǁĂƐĨŝŶĂůŝƐĞĚƚŽĞŶƐƵƌĞƚŚĞŽƵƚĐŽŵĞĂůŝŐŶĞĚǁŝƚŚƚŚĞŽǀĞƌĂůů'ƌŽƵƉƉĞƌĨŽƌŵĂŶĐĞ͘&ŽůůŽǁŝŶŐ
ŽĂƌĚƌĞǀŝĞǁĂŶĚĂƉƉƌŽǀĂů͕ƚŚĞŽƵƚĐŽŵĞŽĨƚŚĞƐĞĐŽŶĚĂŶĚĨŝŶĂůƚƌĂŶĐŚĞŝƐƐŚŽǁŶďĞůŽǁ͗
ϭ͘
dŚĞƐŚĂƌĞƐĂƌĞĞdžƉĞĐƚĞĚƚŽďĞĂůůŽĐĂƚĞĚƚŽDƌ:ŽŶĞƐĂƌŽƵŶĚϯ:ƵůLJϮϬϮϰ͘
WĂƌƚŝĐŝƉĂŶƚ
dƌĂŶĐŚĞ
WĞƌĨŽƌŵĂŶĐĞƌĞƐƵůƚƐ
sĞƐƚŝŶŐ
ƌĞƐƵůƚ
EŽ͘ŽĨƌŝŐŚƚƐ
ŚĞůĚ
EŽ͘ŽĨƌŝŐŚƚƐ
ǀĞƐƚĞĚ
EŽ͘ŽĨƌŝŐŚƚƐ
ĨŽƌĨĞŝƚĞĚ
:ŽŶĞƐ
dƌĂŶĐŚĞϮ
^ĞƌǀŝĐĞĐŽŶĚŝƚŝŽŶĂŶĚ&zϮϰ'ƌŽƵƉ
ƵŶĚĞƌůLJŝŶŐ/dƉĞƌĨŽƌŵĂŶĐĞŚƵƌĚůĞ
ŵĞƚϭ
ϭϬϬй
ϭϲϬ͕ϰϮϴ
ϭϲϬ͕ϰϮϴ
—
DIRECTORS’ REPORT CONTINUED
Metcash Annual Report 2024
60

'ƌŽƵƉ&KďƵLJͲŽƵƚŐƌĂŶƚ
hƉŽŶĂƉƉŽŝŶƚŵĞŶƚ͕ƚŚĞ'ƌŽƵƉ&K͕DƐ^ŝƚĂǁĂƐƉƌŽǀŝĚĞĚǁŝƚŚĂŐƌĂŶƚŽĨƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨŝŶĐĞŶƚŝǀĞƐĨŽƌĞŐŽŶĞ
ĨƌŽŵŚĞƌƉƌĞǀŝŽƵƐĞŵƉůŽLJĞƌ͘dŚĞƐĞƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐĂƌĞƐƵďũĞĐƚƚŽƉĞƌĨŽƌŵĂŶĐĞĂŶĚƚĞŶƵƌĞĐŽŶĚŝƚŝŽŶƐŽǀĞƌƚǁŽƚƌĂŶĐŚĞƐ͘dŚĞĚĞƚĂŝůƐ
ĂƌĞƐŚŽǁŶďĞůŽǁ͗
WĂƌƚŝĐŝƉĂŶƚ
dƌĂŶĐŚĞ
WĞƌĨŽƌŵĂŶĐĞĐŽŶĚŝƚŝŽŶƐ
dĞƐƚŝŶŐĂƚĞ
EŽ͘ŽĨƌŝŐŚƚƐŐƌĂŶƚĞĚ
^ŝƚĂ
dƌĂŶĐŚĞϭ
^ĞƌǀŝĐĞĐŽŶĚŝƚŝŽŶĂŶĚ&zϮϰ'ƌŽƵƉĚũƵƐƚĞĚ/d
ƉĞƌĨŽƌŵĂŶĐĞŚƵƌĚůĞ
ϯϬ:ƵŶĞϮϬϮϰ
ϭϮϲ͕ϵϬϰ
dƌĂŶĐŚĞϮ
^ĞƌǀŝĐĞĐŽŶĚŝƚŝŽŶĂŶĚ&zϮϱ'ƌŽƵƉĚũƵƐƚĞĚ/d
ƉĞƌĨŽƌŵĂŶĐĞŚƵƌĚůĞ
ϯϬ:ƵŶĞϮϬϮϱ
ϭϮϲ͕ϵϬϰ
KdŽƚĂůdŽŽůƐƵƐŝŶĞƐƐWĞƌĨŽƌŵĂŶĐĞ/ŶĐĞŶƚŝǀĞ
&ŽůůŽǁŝŶŐƚŚĞĂƉƉŽŝŶƚŵĞŶƚŽĨDƌDƵƌƌĂLJĂƐKdŽƚĂůdŽŽůƐ͕ĂƵƐŝŶĞƐƐWĞƌĨŽƌŵĂŶĐĞ/ŶĐĞŶƚŝǀĞǁĂƐŝŵƉůĞŵĞŶƚĞĚǁŝƚŚĞĨĨĞĐƚĨƌŽŵϭDĂLJ
ϮϬϮϰ͕ĂŶĚŝƐĚĞƐŝŐŶĞĚƚŽƌĞǁĂƌĚDƌDƵƌƌĂLJĨŽƌŵĂƚĞƌŝĂůŐƌŽǁƚŚŝŶ/dŽĨƚŚĞdŽƚĂůdŽŽůƐďƵƐŝŶĞƐƐŽǀĞƌƚŚĞ&zϮϱ͕&zϮϲĂŶĚ&zϮϳ
ƉĞƌĨŽƌŵĂŶĐĞƉĞƌŝŽĚƐ͘dŚĞĂǁĂƌĚǁŝůůĚĞůŝǀĞƌĂŵĂdžŝŵƵŵŽĨΨϮϬϬ͕ϬϬϬŝŶƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐƚŽDƌDƵƌƌĂLJĨŽƌĞĂĐŚŽĨƚŚĞƚŚƌĞĞLJĞĂƌƐ͕
ƐƵďũĞĐƚƚŽƚŚĞĂĐŚŝĞǀĞŵĞŶƚŽĨƐƚƌĞƚĐŚLJĞĂƌͲŽŶͲLJĞĂƌdŽƚĂůdŽŽůƐ/dŐƌŽǁƚŚƚĂƌŐĞƚƐ͘dŚĞĚĞƚĂŝůƐŽĨƚŚĞƵƐŝŶĞƐƐWĞƌĨŽƌŵĂŶĐĞ/ŶĐĞŶƚŝǀĞ
ǁŝůůďĞƉƌŽǀŝĚĞĚŝŶƚŚĞ&zϮϱZĞŵƵŶĞƌĂƚŝŽŶZĞƉŽƌƚ͘
ϱ͘
yhd/sd/
ĂǁĂƌĚƐĂŶĚƉƌŽǀŝĚŝŶŐĂĚǀŝĐĞ
ƌĞůĂƚŝŶŐƚŽŵĂƚĞƌŝĂůƌŝƐŬĂŶĚ
ĂĐĐŽƵŶƚŝŶŐŝƐƐƵĞƐƚŚĂƚ
ŵĂLJaffect the Board’s 
ĚĞůŝďĞƌĂƚŝŽŶƐŝŶĚĞƚĞƌŵŝŶŝŶŐ
^d/ĂŶĚ>d/ĂǁĂƌĚŽƵƚĐŽŵĞƐ͘





dŚĞWEŵĂLJĐŽŵŵŝƐƐŝŽŶĞdžƚĞƌŶĂůĂĚǀŝƐŽƌƐ
ƚŽƉƌŽǀŝĚĞŝŶĨŽƌŵĂƚŝŽŶĂŶĚͬŽƌ
ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐŽŶƌĞŵƵŶĞƌĂƚŝŽŶ͘/Ĩ
ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĂƌĞƐŽƵŐŚƚŝŶƌĞƐƉĞĐƚ
ŽĨK^hZ^
Fixed and ‘atͲrisk’ ƌĞŵƵŶĞƌĂƚŝŽŶ
&ŝdžĞĚ
ƌĞŵƵŶĞƌĂƚŝŽŶ
^d/
ĐĂƐŚϭ
^d/
ĚĞĨĞƌƌĞĚϮ͕ϯ
^ƵƉĞƌͲ
ĂŶŶƵĂƚŝŽŶ
>ĞĂǀĞϰ
>d/ĞƋƵŝƚLJ
dĞƌŵŝŶĂƚŝŽŶ
ďĞŶĞĨŝƚϱ
dŽƚĂů
WĞƌĨŽƌŵĂŶĐĞͲ
ƌĞůĂƚĞĚ
džĞĐƵƚŝǀĞ
zĞĂƌ
Ψ
Ψ
Ψ
Ψ
Ψ
Ψ
Ψ
Ψ
й
ƵƌƌĞŶƚ
:ŽŶĞƐ
&zϮϰ
ϭ͕ϳϮϮ͕ϵϱϮ
ϱϵϭ͕ϭϯϱ
ϱϳϴ͕ϭϱϮ
Ϯϳ͕Ϭϰϴ
ϳ͕ϯϰϲ
ϴϯϰ͕ϴϬϰ
—
ϯ͕ϳϲϭ͕ϰϯϳ
ϱϯ͘ϯй
&zϮϯ
ϭ͕ϳϮϰ͕ϵϵϱ ϭ͕ϱϰϳ͕ϱϮϰ
ϰϲϰ͕ϰϴϰ
Ϯϱ͕ϬϬϱ
Ϯϲ͕ϵϮϯ
ϭ͕ϯϮϮ͕ϵϵϱ
—
ϱ͕ϭϭϭ͕ϵϮϲ
ϲϱ͘Ϯй
^ŝƚĂ
&zϮϰ
Ϯϭϴ͕ϭϱϬ
ϲϴ͕ϳϴϯ
ϭϲ͕ϵϯϵ
ϲ͕ϴϰϵ
Ϯϭ͕ϱϲϰ
Ϯϵϳ͕ϱϲϰ
—
ϲϮϵ͕ϴϰϵ
ϲϬ͘ϵй
&zϮϯ
—
—
—
—
—
—
—
—
—
'ZĂŵĂŐĞ
&zϮϰ
ϳϮϮ͕ϵϱϮ
Ϯϴϵ͕ϯϴϲ
ϰϴ͕Ϯϯϭ
Ϯϳ͕Ϭϰϴ
ϲϱ͕ϱϰϭ
ϭϯϳ͕ϴϰϯ
—
ϭ͕Ϯϵϭ͕ϬϬϭ
ϯϲ͘ϴй
&zϮϯ
—
—
—
—
—
—
—
—
—
ZDƵƌƌĂLJ
&zϮϰ
Ϯϭϰ͕ϱϵϮ
ϯϭ͕ϵϯϳ
ϱ͕ϯϮϯ
ϵ͕ϭϯϯ
ϮϬ͕ϯϲϲ
ϱ͕Ϭϵϵ
—
Ϯϴϲ͕ϰϱϬ
ϭϰ͘ϴй
&zϮϯ
—
—
—
—
—
—
—
—
—
<tĂůůďƌŝĚŐĞ
&zϮϰ
ϭϬϴ͕ϲϬϯ
—
—
ϴ͕Ϭϲϰ
ϴ͕ϵϵϵ
—
—
ϭϮϱ͕ϲϲϲ
—
&zϮϯ
—
—
—
—
—
—
—
—
—
tĞůƐŚ
&zϮϰ
ϳϳϮ͕ϵϱϮ
ϭϳϵ͕ϮϮϭ
ϭϮϬ͕Ϭϲϵ
Ϯϳ͕Ϭϰϴ
ϭϲ͕ϭϴϳ
ϮϬϵ͕ϴϴϵ
—
ϭ͕ϯϮϱ͕ϯϲϲ
ϯϴ͘ϰй
&zϮϯ
ϳϭϰ͕ϬϮϬ
ϱϰϭ͕ϭϵϬ
ϭϴϵ͕ϬϴϬ
Ϯϱ͕ϬϬϱ
Ϯϲ͕ϰϵϵ
Ϯϴϳ͕ϳϳϰ
—
ϭ͕ϳϴϯ͕ϱϲϴ
ϱϳ͘ϭй
&ŽƌŵĞƌ
Ğůů
&zϮϰ
ϱϳϵ͕ϲϵϮ
ϯϱϵ͕ϵϯϰ
ϭϭϯ͕ϬϲϬ
ϮϬ͕ϭϵϴ ;ϵϵ͕ϬϯϮͿ
ϭϴϭ͕ϴϭϭ
—
ϭ͕ϭϱϱ͕ϲϲϯ
ϱϲ͘ϳй
&zϮϯ
ϳϳϰ͕ϰϵϱ
ϲϳϴ͕ϯϱϲ
ϮϬϴ͕ϭϵϯ
Ϯϱ͕ϬϬϱ
ϭϮ͕ϲϳϵ
ϯϭϰ͕ϱϳϰ
—
Ϯ͕Ϭϭϯ͕ϯϬϮ
ϱϵ͘ϳй
ĂĚĚŽĐŬ
&zϮϰ
ϯϮϭ͕ϳϰϲ
ϭϭϮ͕ϰϬϭ
ϵϵ͕ϳϵϲ
ϭϭ͕ϱϬϳ ;ϮϮ͕ϴϵϱͿ
ϯϭϳ͕ϵϮϰ
ϰϭϵ͕ϲϵϴ
ϭ͕ϮϲϬ͕ϭϳϳ
ϰϮ͘ϭй
&zϮϯ
ϳϭϰ͕ϬϮϬ
ϰϴϲ͕ϯϳϭ
ϭϴϭ͕ϵϲϭ
Ϯϱ͕ϬϬϱ ;ϭϱ͕ϴϵϭͿ
ϯϬϳ͕ϳϴϰ
—
ϭ͕ϲϵϵ͕ϮϱϬ
ϱϳ͘ϰй
^DĂƌƐŚĂůůϲ
&zϮϰ
—
—
—
—
—
—
—
—
—
&zϮϯ
ϭ͕Ϭϳϰ͕ϵϵϱ
ϵϮϴ͕ϭϮϱ
Ϯϵϴ͕ϭϮϲ
Ϯϱ͕ϬϬϱ
ϴϬ͕ϬϲϬ
ϭϬϲ͕ϯϲϱ
—
Ϯ͕ϱϭϮ͕ϲϳϲ
ϱϯ͘Ϭй
dŽƚĂů
&zϮϰ
ϰ͕ϲϲϭ͕ϲϯϵ ϭ͕ϲϯϮ͕ϳϵϳ
ϵϴϭ͕ϱϳϬ
ϭϯϲ͕ϴϵϱ
ϭϴ͕Ϭϳϲ
ϭ͕ϵϴϰ͕ϵϯϰ
ϰϭϵ͕ϲϵϴ
ϵ͕ϴϯϱ͕ϲϬϵ
ϰϲ͘ϴй
&zϮϯ
ϱ͕ϬϬϮ͕ϱϮϱ ϰ͕ϭϴϭ͕ϱϲϲ
ϭ͕ϯϰϭ͕ϴϰϰ
ϭϮϱ͕ϬϮϱ ϭϯϬ͕ϮϳϬ
Ϯ͕ϯϯϵ͕ϰϵϮ
— ϭϯ͕ϭϮϬ͕ϳϮϮ
ϱϵ͘ϵй
ϭ͘
dŚĞĐĂƐŚĐŽŵƉŽŶĞŶƚŽĨƚŚĞ&zϮϰ^d/ƌĞǁĂƌĚŽĨϲϬй;'ƌŽƵƉKͿ͕ϲϳй;'ƌŽƵƉ&KͿĂŶĚϳϱй;ŽƚŚĞƌdžĞĐƵƚŝǀĞƐͿŝƐƉĂLJĂďůĞŝŶĐĂƐŚŝŶ:ƵůLJϮϬϮϰ͘dŚĞĐĂƐŚ
ĐŽŵƉŽŶĞŶƚŽĨƚŚĞ&zϮϯ^d/ƌĞǁĂƌĚŽĨϲϳй;'ƌŽƵƉKͿĂŶĚϳϱй;ŽƚŚĞƌdžĞĐƵƚŝǀĞƐͿǁĂƐƉĂŝĚŝŶĐĂƐŚŝŶ:ƵůLJϮϬϮϯ͘
Ϯ͘
dŚĞĚĞĨĞƌƌĞĚĞƋƵŝƚLJĐŽŵƉŽŶĞŶƚŽĨƚŚĞ&zϮϰ^d/ƌĞǁĂƌĚŽĨϰϬй;'ƌŽƵƉKͿ͕ϯϯй;'ƌŽƵƉ&KͿĂŶĚϮϱй;ŽƚŚĞƌdžĞĐƵƚŝǀĞƐͿŝƐĚĞĨĞƌƌĞĚĂŶĚƌĞůĞĂƐĞĚƚŚƌŽƵŐŚƚŚĞ
ŝƐƐƵĞŽĨDĞƚĐĂƐŚƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐ͕ĐŽŶĚŝƚŝŽŶĂůƵƉŽŶƚŚĞĞdžĞĐƵƚŝǀĞďĞŝŶŐĞŵƉůŽLJĞĚďLJƚŚĞŽŵƉĂŶLJŽŶϯ:ƵůLJϮϬϮϱ͘dŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞĚĞĨĞƌƌĞĚƐŚĂƌĞ
ĐŽŵƉŽŶĞŶƚŝƐĂŵŽƌƚŝƐĞĚŽǀĞƌƚŚĞƉĞƌĨŽƌŵĂŶĐĞƉĞƌŝŽĚ͘
ϯ͘
dŚĞĚĞĨĞƌƌĞĚĞƋƵŝƚLJĐŽŵƉŽŶĞŶƚŽĨƚŚĞ&zϮϯ^d/ƌĞǁĂƌĚŽĨϯϯй;'ƌŽƵƉKͿĂŶĚϮϱй;ŽƚŚĞƌdžĞĐƵƚŝǀĞƐͿǀĞƐƚĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ͘^ŚĂƌĞƐĂƌĞĞdžƉĞĐƚĞĚƚŽďĞŝƐƐƵĞĚ
ƚŽƉĂƌƚŝĐŝƉĂŶƚƐŽŶϯ:ƵůLJϮϬϮϰ͘dŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞĚĞĨĞƌƌĞĚƐŚĂƌĞĐŽŵƉŽŶĞŶƚǁĂƐĂŵŽƌƚŝƐĞĚŽǀĞƌƚŚĞƚǁŽͲLJĞĂƌƉĞƌĨŽƌŵĂŶĐĞƉĞƌŝŽĚ͘
ϰ͘
/ŶĐůƵĚĞƐĐŚĂŶŐĞƐŝŶĂŶŶƵĂůĂŶĚůŽŶŐƐĞƌǀŝĐĞůĞĂǀĞĞŶƚŝƚůĞŵĞŶƚƐ͘
ϱ͘
dŚĞƚĞƌŵŝŶĂƚŝŽŶďĞŶĞĨŝƚƉĂŝĚƚŽDƌĂĚĚŽĐŬǁĂƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƚĞƌŵƐŽĨŚŝƐƐĞƉĂƌĂƚŝŽŶĂŐƌĞĞŵĞŶƚ͘
ϲ͘
DƌDĂƌƐŚĂůůƌĞƐŝŐŶĞĚĂƐK&ŽŽĚŽŶϮϳ:ĂŶƵĂƌLJϮϬϮϯĂŶĚĐĞĂƐĞĚĞŵƉůŽLJŵĞŶƚŽŶϮϯ:ƵŶĞϮϬϮϯ͘The amounts disclosed above reflect Mr Marshall’s 
ƌĞŵƵŶĞƌĂƚŝŽŶƌĞůĂƚŝŶŐƚŽƚŚĞƉĞƌŝŽĚĨƌŽŵϭDĂLJϮϬϮϮƚŽϯϬƉƌŝůϮϬϮϯ͘
65
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džĞĐƵƚŝǀĞd/ƉůĂŶǀĞƐƚĞĚŽŶϭϱƵŐƵƐƚϮϬϮϯ͘dŚĞǀĞƐƚĞĚƐŚĂƌĞƐ
ǁĞƌĞĂĐƋƵŝƌĞĚŽŶŵĂƌŬĞƚĂŶĚĂůůŽĐĂƚĞĚƚŽƚŚĞƉĂƌƚŝĐŝƉĂŶƚƐŽŶϭϱƵŐƵƐƚϮϬϮϯ͘/ŶĂĚĚŝƚŝŽŶ͕ĂƚŽƚĂůŽĨϯϯϳ͕ϳϴϬƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐǁĞƌĞŐƌĂŶƚĞĚƚŽƚŚĞdžĞĐƵƚŝǀĞƐ
ĂŶĚŚĂǀĞƚŚĞŶƐƵďƐĞƋƵĞŶƚůLJǀĞƐƚĞĚŝŶƌĞůĂƚŝŽŶƚŽƚŚĞĚĞĨĞƌƌĞĚĐŽŵƉŽŶĞŶƚŽĨƚŚĞ&zϮϯ^d/ƉůĂŶ͘
Ϯ͘
/ŶĐůƵĚĞƐďĂůĂŶĐĞĂĚũƵƐƚŵĞŶƚƐĨŽƌdžĞĐƵƚŝǀĞƐůĞĂǀŝŶŐd/ƉůĂŶƐ͘&ŽƌDƌ:ŽŶĞƐ͕ƚŚŝƐŝŶĐůƵĚĞƐϴ͕ϵϱϲƐŚĂƌĞƐƉƵƌĐŚĂƐĞĚĂƐƉĂƌƚŽĨƚŚĞ^ŚĂƌĞWƵƌĐŚĂƐĞ
WůĂŶŝŶ&ĞďƌƵĂƌLJϮϬϮϰ͘
Ϯ͘
/ŶĐůƵĚĞƐƐĂůĞŽĨŽƌĚŝŶĂƌLJƐŚĂƌĞƐĂŶĚďĂůĂŶĐĞĂĚũƵƐƚŵĞŶƚƐĨŽƌdžĞĐƵƚŝǀĞƐůĞĂǀŝŶŐK^hZ^
hŶŝƐƐƵĞĚƐŚĂƌĞƐƵŶĚĞƌƐŚĂƌĞŽƉƚŝŽŶƐĂŶĚƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐ
ƚƚŚĞĚĂƚĞŽĨƚŚŝƐƌĞƉŽƌƚ͕ƚŚĞƌĞǁĞƌĞϱ͕ϳϯϰ͕ϬϯϴƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐ;ϱ͕ϳϯϰ͕ϬϯϴĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞͿ͘dŚĞƌĞǁĞƌĞŶŽƐŚĂƌĞŽƉƚŝŽŶƐŽŶ
ŝƐƐƵĞĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞŽƌĂƚƚŚĞĚĂƚĞŽĨƚŚŝƐƌĞƉŽƌƚ͘ZĞĨĞƌƚŽŶŽƚĞϳ͘ϭŽĨƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨŽƌĨƵƌƚŚĞƌĚĞƚĂŝůƐƌĞŐĂƌĚŝŶŐ
ƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐ͘
^ŚĂƌĞƐŝƐƐƵĞĚĂƐĂƌĞƐƵůƚŽĨŽƉƚŝŽŶƐĂŶĚƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐ
ƵƌŝŶŐƚŚĞLJĞĂƌ͕ĂƚŽƚĂůϭ͕ϳϵϯ͕ϴϰϴƐŚĂƌĞƐǁĞƌĞŝƐƐƵĞĚƚŽĞŵƉůŽLJĞĞƐĂŶĚĞdžĞĐƵƚŝǀĞƐŝŶƌĞůĂƚŝŽŶƚŽƚŚĞǀĞƐƚŝŶŐŽĨƚŚĞ&zϮϭͲ&zϮϯ>d/ŐƌĂŶƚ͘
dŚĞƌĞǁĞƌĞŶŽŽƚŚĞƌƐŚĂƌĞƐŝƐƐƵĞĚƚŽĞŵƉůŽLJĞĞƐŽƌĞdžĞĐƵƚŝǀĞƐĚƵƌŝŶŐŽƌƐŝŶĐĞƚŚĞĞŶĚŽĨƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌŝŶƌĞƐƉĞĐƚŽĨƚŚĞĞdžĞƌĐŝƐĞŽĨ
ƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐŽƌŽƉƚŝŽŶƐ͘
/ŶĚĞŵŶŝĨŝĐĂƚŝŽŶŽĨƵĚŝƚŽƌƐ
WƵƌƐƵĂŶƚƚŽƚŚĞƚĞƌŵƐŽĨĞŶŐĂŐĞŵĞŶƚƚŚĞŽŵƉĂŶLJŚĂƐǁŝƚŚŝƚƐĂƵĚŝƚŽƌƐ͕zƵƐƚƌĂůŝĂ͕ƚŚĞŽŵƉĂŶLJŚĂƐĂŐƌĞĞĚƚŽŝŶĚĞŵŶŝĨLJzƵƐƚƌĂůŝĂ
ƚŽƚŚĞĞdžƚĞŶƚƉĞƌŵŝƚƚĞĚďLJůĂǁĂŶĚƉƌŽĨĞƐƐŝŽŶĂůƌĞŐƵůĂƚŝŽŶƐ͕ĂŐĂŝŶƐƚĂŶLJůŽƐƐĞƐ͕ůŝĂďŝůŝƚŝĞƐ͕ĐŽƐƚƐŽƌĞdžƉĞŶƐĞƐŝŶĐƵƌƌĞĚďLJzƵƐƚƌĂůŝĂ
ǁŚĞƌĞƚŚĞLJĂƌŝƐĞŽƵƚŽĨŽƌŽĐĐƵƌŝŶƌĞůĂƚŝŽŶƚŽĂŶLJŶĞŐůŝŐĞŶƚ͕ǁƌŽŶŐĨƵůŽƌǁŝůĨƵůĂĐƚŽƌŽŵŝƐƐŝŽŶďLJƚŚĞŽŵƉĂŶLJ͘EŽƉĂLJŵĞŶƚŚĂƐďĞĞŶ
ŵĂĚĞƚŽzƵƐƚƌĂůŝĂďLJƚŚĞŽŵƉĂŶLJƉƵƌƐƵĂŶƚƚŽƚŚŝƐŝŶĚĞŵŶŝƚLJ͕ĞŝƚŚĞƌĚƵƌŝŶŐŽƌƐŝŶĐĞƚŚĞĞŶĚŽĨƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌ͘
EŽŶͲĂƵĚŝƚƐĞƌǀŝĐĞƐ
ĞƚĂŝůƐŽĨƚŚĞŶŽŶͲaudit services undertaken by, and amounts paid to the Company’s auditor, EY Australia are detailed in note 7.2 of the 
ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
dŚĞŝƌĞĐƚŽƌƐĂƌĞƐĂƚŝƐĨŝĞĚƚŚĂƚƚŚĞƉƌŽǀŝƐŝŽŶŽĨŶŽŶͲĂƵĚŝƚƐĞƌǀŝĐĞƐŝƐĐŽŵƉĂƚŝďůĞǁŝƚŚƚŚĞŐĞŶĞƌĂůƐƚĂŶĚĂƌĚŽĨŝŶĚĞƉĞŶĚĞŶĐĞĨŽƌĂƵĚŝƚŽƌƐ
ŝŵƉŽƐĞĚďLJƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭ͘dŚĞŶĂƚƵƌĞĂŶĚƐĐŽƉĞŽĨĞĂĐŚƚLJƉĞŽĨŶŽŶͲĂƵĚŝƚƐĞƌǀŝĐĞƉƌŽǀŝĚĞĚŵĞĂŶƐƚŚĂƚĂƵĚŝƚŽƌ
ŝŶĚĞƉĞŶĚĞŶĐĞǁĂƐŶŽƚĐŽŵƉƌŽŵŝƐĞĚ͘
The auditor’s independence declaration for the year ended 30 April ϮϬϮϰŚĂƐďĞĞŶƌĞĐĞŝǀĞĚĂŶĚŝƐŝŶĐůƵĚĞĚŽŶƉĂŐĞ114͘
^ƵďƐĞƋƵĞŶƚĞǀĞŶƚƐ
KŶϯ:ƵŶĞϮϬϮϰ͕DĞƚĐĂƐŚĂŶŶŽƵŶĐĞĚƚŚĂƚĐŽŵƉůĞƚŝŽŶŚĂĚŽĐĐƵƌƌĞĚŝŶƌĞůĂƚŝŽŶƚŽƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽĨĂϭϬϬйŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚŝŶ^&'
'ƌŽƵƉ,ŽůĚŝŶŐƐWƚLJ>ƚĚ;‘^ƵƉĞƌŝŽƌ&ŽŽĚƐ’Ϳ͘^ƵƉĞƌŝŽƌ&ŽŽĚƐŝƐĂůĞĂĚŝŶŐƵƐƚƌĂůŝĂŶĨŽŽĚƐĞƌǀŝĐĞĚŝƐƚƌŝďƵƚŝŽŶďƵƐŝŶĞƐƐŝŶƚŚĞůĂƌŐĞĂŶĚ
ŐƌŽǁŝŶŐĨŽŽĚƐĞƌǀŝĐĞŵĂƌŬĞƚ͘dŚĞĂĐƋƵŝƐŝƚŝŽŶĚĞůŝǀĞƌƐŝŵŵĞĚŝĂƚĞƐĐĂůĞĂŶĚŐƌŽǁƚŚŽƉƉŽƌƚƵŶŝƚŝĞƐŝŶƚŚĞĂĚũĂĐĞŶƚĨŽŽĚƐĞƌǀŝĐĞŵĂƌŬĞƚĂŶĚ
ĨƵƌƚŚĞƌƐƚƌĞŶŐƚŚĞŶƐĂŶĚĚŝǀĞƌƐŝĨŝĞƐŽƵƌĞdžŝƐƚŝŶŐ&ŽŽĚďƵƐŝŶĞƐƐ͘dŚĞƉƵƌĐŚĂƐĞƉƌŝĐĞĨŽƌƚŚĞĂĐƋƵŝƐŝƚŝŽŶĐŽŵƉƌŝƐĞƐĂŶĞŶƚĞƌƉƌŝƐĞǀĂůƵĞŽĨƵƉ
ƚŽΨϰϭϮ͘ϯŵŝůůŝŽŶ;ΨϯϵϬŵŝůůŝŽŶĨŝdžĞĚĂŶĚƉĂŝĚĂƚĐŽŵƉůĞƚŝŽŶ͕ƉůƵƐĂƉŽƚĞŶƚŝĂů'ƌŽƵƉĂƌŶͲKƵƚƉĂLJŵĞŶƚŽĨƵƉƚŽΨϮϮ͘ϯŵŝůůŝŽŶͿƉůƵƐͬŵŝŶƵƐ
ĐĞƌƚĂŝŶŽƚŚĞƌĐƵƐƚŽŵĂƌLJĂĚũƵƐƚŵĞŶƚƐŝŶƌĞůĂƚŝŽŶƚŽŶĞƚĚĞďƚĂŶĚǁŽƌŬŝŶŐĐĂƉŝƚĂů͕ǁŚŝĐŚĂƌĞĞdžƉĞĐƚĞĚƚŽďĞĨŝŶĂůŝƐĞĚŝŶKĐƚŽďĞƌϮϬϮϰ͘
KƚŚĞƌƚŚĂŶƚŚĞŵĂƚƚĞƌƐĚŝƐĐůŽƐĞĚŝŶƚŚŝƐƌĞƉŽƌƚ͕ƚŚĞƌĞǁĞƌĞŶŽĞǀĞŶƚƐƚŚĂƚŚĂǀĞŽĐĐƵƌƌĞĚĂĨƚĞƌƚŚĞĞŶĚŽĨƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌƚŚĂƚǁŽƵůĚ
ŵĂƚĞƌŝĂůůLJĂĨĨĞĐƚƚŚĞƌĞƉŽƌƚĞĚƌĞƐƵůƚƐŽƌǁŽƵůĚƌĞƋƵŝƌĞĚŝƐĐůŽƐƵƌĞŝŶƚŚŝƐƌĞƉŽƌƚ͘
ZŽƵŶĚŝŶŐ
dŚĞĂŵŽƵŶƚƐĐŽŶƚĂŝŶĞĚŝŶƚŚŝƐƌĞƉŽƌƚĂŶĚŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƌŽƵŶĚĞĚƚŽƚŚĞŶĞĂƌĞƐƚΨϭϬϬ͕ϬϬϬ;ǁŚĞƌĞƌŽƵŶĚŝŶŐŝƐ
ĂƉƉůŝĐĂďůĞͿƵŶĚĞƌƚŚĞŽƉƚŝŽŶĂǀĂŝůĂďůĞƚŽƚŚĞŽŵƉĂŶLJƵŶĚĞƌ^/ŽƌƉŽƌĂƚŝŽŶƐ/ŶƐƚƌƵŵĞŶƚϮϬϭϲͬϭϵϭ͘dŚĞŽŵƉĂŶLJŝƐĂŶĞŶƚŝƚLJƚŽ
ǁŚŝĐŚƚŚĞůĞŐŝƐůĂƚŝǀĞŝŶƐƚƌƵŵĞŶƚĂƉƉůŝĞƐ͘
^ŝŐŶĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂƌĞƐŽůƵƚŝŽŶŽĨƚŚĞŝƌĞĐƚŽƌƐ͘
Kh':KE^
ŝƌĞĐƚŽƌ
^LJĚŶĞLJ͕Ϯϰ:ƵŶĞϮϬϮϰ
67
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Financial Report
Directors’ Report

FINANCIAL REPORT
TABLE OF CONTENTS
FINANCIAL STATEMENTS
Statement of Comprehensive Income
69
Statement of Financial Position
70
Statement of Changes in Equity
71
Statement of Cash Flows
72
NOTES TO THE FINANCIAL STATEMENTS
NOTE 1.	
CORPORATE INFORMATION
73
NOTE 2.	
BASIS OF PREPARATION AND ACCOUNTING POLICIES
2.1	
Basis of preparation
73
2.2	
Changes in accounting policy
73
2.3	
Material accounting policies
73
2.4	
Significant accounting judgements, estimates and assumptions
74
NOTE 3. 	
GROUP PERFORMANCE	
3.1	
Segment information
75
3.2	
Sales revenue
75
3.3	
Other income and expenses
76
3.4	
Income Taxes
78
3.5	
Earnings per share
79
NOTE 4.	
ASSETS AND LIABILITIES
4.1	
Trade and other receivables and customer loans
80
4.2	
Right-of-use assets, lease receivables and lease liabilities
82
4.3	
Inventories
85
4.4	
Equity-accounted investments 
85
4.5	
Property, plant and equipment 
87
4.6	
Intangible assets 
88
4.7	
Impairment of non-financial assets 
90
4.8	
Provisions
91
NOTE 5. 	
CAPITAL STRUCTURE, FINANCING AND RISK MANAGEMENT 
5.1	
Reconciliation of cash flows from operating activities
93
5.2	
Interest-bearing borrowings 
93
5.3	
Put options and other financial liabilities 
94
5.4	
Contributed equity and reserves 
96
5.5	
Dividends
97
5.6	
Financial risk management 
97
5.7	
Capital management
100
NOTE 6. 	
GROUP STRUCTURE 	
6.1	
Business combinations and acquisition of non-controlling interests
101
6.2 	
Parent entity information 
103
6.3	
Related party disclosures 
103
NOTE 7.	
OTHER DISCLOSURES 	
7.1	
Share-based payments
104
7.2	
Auditors remuneration 
107
7.3	
Commitments and contingent liabilities 
107
7.4	
Subsequent events 
108
APPENDICES
Appendix A	
New or amended Accounting Standards and Interpretations
109
Appendix B	
Information on subsidiaries 
110
Directors’ Declaration
113
Auditor’s Independence Declaration
114
Independent Auditor’s Report
115 
68
Metcash Annual Report 2024




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ĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŽƌƚŝƐĂƚŝŽŶ

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ϮϲϬ͘ϯ



KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨŽƌƚŚĞLJĞĂƌ͕ŶĞƚŽĨƚĂdž


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EĞƚƉƌŽĨŝƚĨŽƌƚŚĞLJĞĂƌŝƐĂƚƚƌŝďƵƚĂďůĞƚŽ͗



ƋƵŝƚLJŚŽůĚĞƌƐŽĨƚŚĞƉĂƌĞŶƚ


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EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ


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dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨŽƌƚŚĞLJĞĂƌŝƐĂƚƚƌŝďƵƚĂďůĞƚŽ͗

ƋƵŝƚLJŚŽůĚĞƌƐŽĨƚŚĞƉĂƌĞŶƚ


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ĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞŽƌĚŝŶĂƌLJĞƋƵŝƚLJŚŽůĚĞƌƐŽĨƚŚĞĐŽŵƉĂŶLJ͗
ĂƐŝĐĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ;ĐĞŶƚƐͿ

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ŝůƵƚĞĚĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ;ĐĞŶƚƐͿ

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Ϯϱ͘ϳ
Ϯϲ͘ϳ
dŚĞĂďŽǀĞ^ƚĂƚĞŵĞŶƚŽĨŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞƐŚŽƵůĚďĞƌĞĂĚŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐ͘

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
69
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EŽƚĞƐ
&zϮϰ
Ψŵ
&zϮϯ
Ψŵ
^^d^

ƵƌƌĞŶƚĂƐƐĞƚƐ

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dƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐĂŶĚĐƵƐƚŽŵĞƌůŽĂŶƐ
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EŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ

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ŽŶƚƌŝďƵƚĞĚĞƋƵŝƚLJ
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EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ
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dŚĞĂďŽǀĞ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůWŽƐŝƚŝŽŶƐŚŽƵůĚďĞƌĞĂĚŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐ͘
STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
Metcash Annual Report 2024
70


ŽŶƚƌŝďƵƚĞĚ
ĞƋƵŝƚLJ
ZĞƚĂŝŶĞĚ
ĞĂƌŶŝŶŐƐ
KƚŚĞƌ
ƌĞƐĞƌǀĞƐ
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ŝŶƚĞƌĞƐƚƐ
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;ϭ͘ϵͿ
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ϭϭ͘ϱ
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dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͕ŶĞƚŽĨƚĂdž
—
Ϯϱϳ͘Ϯ
ϭ͘ϯ
Ϯϱϴ͘ϱ
Ϭ͘ϵ
Ϯϱϵ͘ϰ
dƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚŽǁŶĞƌƐ



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—
—
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—
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ŝǀŝĚĞŶĚƐƉĂŝĚ
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—
;Ϯϭϯ͘ϳͿ
—
;Ϯϭϯ͘ϳͿ
;ϭ͘ϳͿ
;Ϯϭϱ͘ϰͿ
ZĞĐŽŐŶŝƚŝŽŶŽĨƉƵƚŽƉƚŝŽŶůŝĂďŝůŝƚŝĞƐ
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—
;Ϯϵ͘ϲͿ
—
;Ϯϵ͘ϲͿ
—
;Ϯϵ͘ϲͿ
dƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ
—
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—
ϰ͘Ϭ
—
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dƌĂŶƐĨĞƌƐ
—
;ϰ͘ϯͿ
ϰ͘ϯ
—
—
—
^ŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐƐĞƚƚůĞĚŝŶĐĂƐŚ
—
—
;Ϯ͘ϲͿ
;Ϯ͘ϲͿ
—
;Ϯ͘ϲͿ
^ŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐĞdžƉĞŶƐĞ
—
—
ϱ͘ϵ
ϱ͘ϵ
—
ϱ͘ϵ
ĐƋƵŝƌĞĚƚŚƌŽƵŐŚďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶ
—
—
—
—
ϭ͘ϭ
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ƚϯϬƉƌŝůϮϬϮϰ
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ϮϳϬ͘ϴ
ϳ͘Ϭ
ϭ͕ϱϭϲ͘ϲ
ϭϭ͘ϴ
ϭ͕ϱϮϴ͘ϰ



ƚϭDĂLJϮϬϮϮ
ϴϭϴ͘ϯ
Ϯϲϱ͘Ϭ
;ϯ͘ϰͿ
ϭ͕Ϭϳϵ͘ϵ
ϭϬ͘ϱ
ϭ͕ϬϵϬ͘ϰ
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͕ŶĞƚŽĨƚĂdž
—
Ϯϱϵ͘Ϭ
ϭ͘ϯ
ϮϲϬ͘ϯ
ϭ͘ϯ
Ϯϲϭ͘ϲ


dƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚŽǁŶĞƌƐ


ŝǀŝĚĞŶĚƐƉĂŝĚ
ϱ͘ϱ
—
;Ϯϭϳ͘ϮͿ
—
;Ϯϭϳ͘ϮͿ
;Ϯ͘ϮͿ
;Ϯϭϵ͘ϰͿ
ZĞĐŽŐŶŝƚŝŽŶŽĨƉƵƚŽƉƚŝŽŶůŝĂďŝůŝƚŝĞƐ
—
;ϯϴ͘ϬͿ
—
;ϯϴ͘ϬͿ
—
;ϯϴ͘ϬͿ
dƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ
ϱ͘ϰ
—
—
—
—
ϭ͘ϵ
ϭ͘ϵ
dƌĂŶƐĨĞƌƐ
—
;ϭϭ͘ϲͿ
ϭϭ͘ϲ
—
—
—
^ŚĂƌĞƐŝƐƐƵĞĚƚŽĞŵƉůŽLJĞĞƐ
ϳ͘ϭ
—
—
;ϭϴ͘ϰͿ
;ϭϴ͘ϰͿ
—
;ϭϴ͘ϰͿ
^ŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐĞdžƉĞŶƐĞ
—
—
ϳ͘Ϭ
ϳ͘Ϭ
—
ϳ͘Ϭ
ƚϯϬƉƌŝůϮϬϮϯ
ϴϭϴ͘ϯ
Ϯϱϳ͘Ϯ
;ϭ͘ϵͿ
ϭ͕Ϭϳϯ͘ϲ
ϭϭ͘ϱ
ϭ͕Ϭϴϱ͘ϭ
dŚĞĂďŽǀĞ^ƚĂƚĞŵĞŶƚŽĨŚĂŶŐĞƐŝŶƋƵŝƚLJƐŚŽƵůĚďĞƌĞĂĚŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐ͘

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
71
About
Reports
Pillars
Sustainability
Our People
Directors’ Report
Financial Report



EŽƚĞƐ
&zϮϰ
Ψŵ
&zϮϯ
Ψŵ
^,&>Kt^&ZKDKWZd/E'd/s/d/^

ZĞĐĞŝƉƚƐĨƌŽŵĐƵƐƚŽŵĞƌƐ
ϭϵ͕ϳϯϮ͘ϵ
ϭϵ͕ϳϮϮ͘Ϭ
WĂLJŵĞŶƚƐƚŽƐƵƉƉůŝĞƌƐĂŶĚĞŵƉůŽLJĞĞƐ
;ϭϵ͕Ϭϯϲ͘ϴͿ
;ϭϵ͕ϭϰϰ͘ϭͿ
&ŝŶĂŶĐŝŶŐĐŽŵƉŽŶĞŶƚŽĨůĞĂƐĞƉĂLJŵĞŶƚƐ͕ŶĞƚ
ϰ͘Ϯ
;ϯϲ͘ϳͿ
;ϯϰ͘ϮͿ
/ŶƚĞƌĞƐƚƉĂŝĚ͕ŶĞƚ
;ϱϯ͘ϭͿ
;Ϯϵ͘ϬͿ
ŝǀŝĚĞŶĚƐƌĞĐĞŝǀĞĚ
ϳ͘ϴ
ϵ͘ϳ
/ŶĐŽŵĞƚĂdžƉĂŝĚ͕ŶĞƚŽĨƚĂdžƌĞĨƵŶĚƐ
ϯ͘ϰ
;ϭϯϭ͘ϱͿ
;ϭϱϭ͘ϳͿ
EĞƚĐĂƐŚŐĞŶĞƌĂƚĞĚĨƌŽŵŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ
ϱ͘ϭ
ϰϴϮ͘ϲ
ϯϳϮ͘ϳ
^,&>Kt^&ZKD/Es^d/E'd/s/d/^

WƌŽĐĞĞĚƐĨƌŽŵƐĂůĞŽĨĂƐƐĞƚƐ
ϭϮ͘ϵ
Ϭ͘ϯ
WĂLJŵĞŶƚƐĨŽƌĂĐƋƵŝƐŝƚŝŽŶŽĨĂƐƐĞƚƐ
;ϭϯϱ͘ϵͿ
;ϭϱϮ͘ϭͿ
WĂLJŵĞŶƚƐĨŽƌĂĐƋƵŝƐŝƚŝŽŶŽĨƐƵďƐŝĚŝĂƌŝĞƐ͕ŶĞƚŽĨĐĂƐŚĂĐƋƵŝƌĞĚ
ϲ͘ϭ
;ϮϬϱ͘ϲͿ
;ϱϱ͘ϵͿ
WĂLJŵĞŶƚƐĨŽƌĂĐƋƵŝƐŝƚŝŽŶŽĨĂĚĚŝƚŝŽŶĂůŝŶƚĞƌĞƐƚŝŶĂƐƐŽĐŝĂƚĞ
—
;ϰ͘ϱͿ
ZĞĐĞŝƉƚƐĨƌŽŵƐƵďůĞĂƐĞƐ͕ĞdžĐůƵĚŝŶŐƚŚĞĨŝŶĂŶĐŝŶŐĐŽŵƉŽŶĞŶƚ
ϰ͘Ϯ
ϰϬ͘ϱ
ϰϯ͘Ϭ
>ŽĂŶƐƌĞƉĂŝĚďLJŽƚŚĞƌĞŶƚŝƚŝĞƐ͕ŶĞƚ
Ϭ͘Ϯ
ϭϮ͘ϲ
EĞƚĐĂƐŚƵƐĞĚŝŶŝŶǀĞƐƚŝŶŐĂĐƚŝǀŝƚŝĞƐ
;Ϯϴϳ͘ϵͿ
;ϭϱϲ͘ϲͿ
^,&>Kt^&ZKD&/EE/E'd/s/d/^

WƌŽĐĞĞĚƐĨƌŽŵďŽƌƌŽǁŝŶŐƐ
ϱ͘Ϯ
ϲ͕ϯϮϱ͘Ϭ
ϰ͕ϱϬϯ͘ϰ
ZĞƉĂLJŵĞŶƚƐŽĨďŽƌƌŽǁŝŶŐƐ
ϱ͘Ϯ
;ϲ͕ϰϭϲ͘ϰͿ
;ϰ͕ϯϱϵ͘ϯͿ
WĂLJŵĞŶƚƐĨŽƌĂĐƋƵŝƐŝƚŝŽŶŽĨŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ
ϲ͘ϭ
;ϭϯϵ͘ϴͿ
;ϭϮ͘ϴͿ
WĂLJŵĞŶƚƐĨŽƌůĞĂƐĞůŝĂďŝůŝƚŝĞƐ͕ĞdžĐůƵĚŝŶŐƚŚĞĨŝŶĂŶĐŝŶŐĐŽŵƉŽŶĞŶƚ
ϰ͘Ϯ
;ϭϱϮ͘ϯͿ
;ϭϭϵ͘ϴͿ
WƌŽĐĞĞĚƐĨƌŽŵĞƋƵŝƚLJƌĂŝƐĞ͕ŶĞƚŽĨƚŚĞƐŚĂƌĞŝƐƐƵĞĐŽƐƚƐ
ϱ͘ϰ
ϯϱϭ͘ϵ
—
WĂLJŵĞŶƚƐĨŽƌŽŶͲŵĂƌŬĞƚƉƵƌĐŚĂƐĞŽĨƐŚĂƌĞƐ
—
;ϭϲ͘ϮͿ
WĂLJŵĞŶƚŽĨĚŝǀŝĚĞŶĚƐƚŽŽǁŶĞƌƐŽĨƚŚĞƉĂƌĞŶƚ
ϱ͘ϱ
;ϭϰϳ͘ϯͿ
;Ϯϭϳ͘ϮͿ
WĂLJŵĞŶƚŽĨĚŝǀŝĚĞŶĚƐƚŽŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ
;ϴ͘ϬͿ
;ϵ͘ϰͿ
EĞƚĐĂƐŚƵƐĞĚŝŶĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ
;ϭϴϲ͘ϵͿ
;Ϯϯϭ͘ϯͿ

EĞƚŝŶĐƌĞĂƐĞͬ;ĚĞĐƌĞĂƐĞͿŝŶĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ
ϳ͘ϴ
;ϭϱ͘ϮͿ
ĚĚ͗ŽƉĞŶŝŶŐĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ
ϴϵ͘ϱ
ϭϬϰ͘ϳ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĂƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ
ϵϳ͘ϯ
ϴϵ͘ϱ
dŚĞĂďŽǀĞ^ƚĂƚĞŵĞŶƚŽĨĂƐŚ&ůŽǁƐƐŚŽƵůĚďĞƌĞĂĚŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐ͘
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
Metcash Annual Report 2024
72


ϭ͘ KZWKZd/E&KZDd/KE
The financial statements of Metcash Limited (the ‘Company’) and its controlled entities (together the ‘Group’) for the year eŶĚĞĚϯϬ
ƉƌŝůϮϬϮϰǁĞƌĞĂƵƚŚŽƌŝƐĞĚĨŽƌŝƐƐƵĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂƌĞƐŽůƵƚŝŽŶŽĨƚŚĞŝƌĞĐƚŽƌƐŽŶϮϰ:ƵŶĞϮϬϮϰ͘
DĞƚĐĂƐŚ>ŝŵŝƚĞĚŝƐĂĨŽƌͲƉƌŽĨŝƚĐŽŵƉĂŶLJůŝŵŝƚĞĚďLJŽƌĚŝŶĂƌLJƐŚĂƌĞƐŝŶĐŽƌƉŽƌĂƚĞĚĂŶĚĚŽŵŝĐŝůĞĚŝŶƵƐƚƌĂůŝĂǁŚŽƐĞƐŚĂƌĞƐĂƌĞƉƵďůŝĐůLJ
ƚƌĂĚĞĚŽŶƚŚĞƵƐƚƌĂůŝĂŶ^ĞĐƵƌŝƚŝĞƐdžĐŚĂŶŐĞ͘dŚĞŶĂƚƵƌĞŽĨƚŚĞŽƉĞƌĂƚŝŽŶƐĂŶĚƉƌŝŶĐŝƉĂůĂĐƚŝǀŝƚŝĞƐŽĨƚŚĞ'ƌŽƵƉĂƌĞĚĞƐĐƌŝďĞĚŝŶƚŚĞ
Directors’ Report. The registered office of the Company is 1 Thomas Holt Drive, Macquarie Park NSW 2113.
Ϯ͘ ^/^K&WZWZd/KEEKhEd/E'WK>//^
Ϯ͘ϭ͘ ĂƐŝƐŽĨƉƌĞƉĂƌĂƚŝŽŶ
dŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞĂŐĞŶĞƌĂůͲƉƵƌƉŽƐĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚƚŚĂƚŚĂƐďĞĞŶƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞ
ŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭĂŶĚƵƐƚƌĂůŝĂŶĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐĂŶĚŽƚŚĞƌĂƵƚŚŽƌŝƚĂƚŝǀĞƉƌŽŶŽƵŶĐĞŵĞŶƚƐŽĨƚŚĞƵƐƚƌĂůŝĂŶĐĐŽƵŶƚŝŶŐ
^ƚĂŶĚĂƌĚƐŽĂƌĚ͘
dŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚƵƐŝŶŐƚŚĞŚŝƐƚŽƌŝĐĂůĐŽƐƚďĂƐŝƐĞdžĐĞƉƚĨŽƌĚĞƌŝǀĂƚŝǀĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĂŶĚƐŚĂƌĞͲďĂƐĞĚ
ƉĂLJŵĞŶƚƐǁŚŝĐŚĂƌĞŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞ͘
dŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞƉƌĞƐĞŶƚĞĚŝŶƵƐƚƌĂůŝĂŶĚŽůůĂƌƐĂŶĚĂůůǀĂůƵĞƐĂƌĞƌŽƵŶĚĞĚƚŽƚŚĞŶĞĂƌĞƐƚΨϭϬϬ͕ϬϬϬƵŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƚĂƚĞĚ
ƵŶĚĞƌƚŚĞŽƉƚŝŽŶĂǀĂŝůĂďůĞƚŽƚŚĞŽŵƉĂŶLJƵŶĚĞƌ^/ŽƌƉŽƌĂƚŝŽŶƐ/ŶƐƚƌƵŵĞŶƚϮϬϭϲͬϭϵϭ͘dŚĞŽŵƉĂŶLJŝƐĂŶĞŶƚŝƚLJƚŽǁŚŝĐŚƚŚĞ
ůĞŐŝƐůĂƚŝǀĞŝŶƐƚƌƵŵĞŶƚĂƉƉůŝĞƐ͘
dŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĐŽŵƉůLJǁŝƚŚƵƐƚƌĂůŝĂŶĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐ͘dŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂůƐŽĐŽŵƉůLJǁŝƚŚ/ŶƚĞƌŶĂƚŝŽŶĂů&ŝŶĂŶĐŝĂů
ZĞƉŽƌƚŝŶŐ^ƚĂŶĚĂƌĚƐ;/&Z^ͿĂƐŝƐƐƵĞĚďLJƚŚĞ/ŶƚĞƌŶĂƚŝŽŶĂůĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐŽĂƌĚ;/^Ϳ͘
dŚĞĐƵƌƌĞŶƚĨŝŶĂŶĐŝĂůLJĞĂƌĐŽŵƉƌŝƐĞƐĂϱϮͲǁĞĞŬƉĞƌŝŽĚƚŚĂƚĐŽŵŵĞŶĐĞĚŽŶϭDĂLJϮϬϮϯĂŶĚĞŶĚĞĚŽŶϮϴƉƌŝůϮϬϮϰ͘dŚĞƉƌŝŽƌĨŝŶĂŶĐŝĂů
LJĞĂƌĐŽŵƉƌŝƐĞĚĂϱϮͲǁĞĞŬƉĞƌŝŽĚƚŚĂƚĐŽŵŵĞŶĐĞĚŽŶϮDĂLJϮϬϮϮĂŶĚĞŶĚĞĚŽŶϯϬƉƌŝůϮϬϮϯ͘
ĞƌƚĂŝŶĐŽŵƉĂƌĂƚŝǀĞŝŶĨŽƌŵĂƚŝŽŶǁĂƐĂŵĞŶĚĞĚŝŶƚŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƚŽĐŽŶĨŽƌŵƚŽƚŚĞĐƵƌƌĞŶƚLJĞĂƌƉƌĞƐĞŶƚĂƚŝŽŶ͘dŚĞƐĞ
amendments do not impact the Group’s financial results and do not have any significant impact on the Group’s balance sheet.
Ϯ͘Ϯ͘ ŚĂŶŐĞƐŝŶĂĐĐŽƵŶƚŝŶŐƉŽůŝĐLJ
dŚĞĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐĂĚŽƉƚĞĚĂƌĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚŽƐĞŽĨƚŚĞƉƌĞǀŝŽƵƐƉĞƌŝŽĚ͘
dŚĞƌĞĂƌĞŶŽĂĐĐŽƵŶƚŝŶŐƉƌŽŶŽƵŶĐĞŵĞŶƚƐǁŚŝĐŚŚĂǀĞďĞĐŽŵĞĞĨĨĞĐƚŝǀĞĨƌŽŵϭDĂLJϮϬϮϯƚŚĂƚŚĂǀĞĂƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚŽŶƚŚĞ'ƌŽƵp’s 
ĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ͘ZĞĨĞƌƚŽƉƉĞŶĚŝdžĨŽƌŶĞǁŽƌĂŵĞŶĚĞĚĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐĂŶĚ/ŶƚĞƌƉƌĞƚĂƚŝŽŶƐ͘
Ϯ͘ϯ͘ DĂƚĞƌŝĂůĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐ
Ϯ͘ϯ͘ϭ͘ ĂƐŝƐŽĨĐŽŶƐŽůŝĚĂƚŝŽŶ
ŽŶƚƌŽůůĞĚĞŶƚŝƚŝĞƐ
dŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĐŽŵƉƌŝƐĞƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨDĞƚĐĂƐŚ>ŝŵŝƚĞĚĂŶĚŝƚƐĐŽŶƚƌŽůůĞĚĞŶƚŝƚŝĞƐĨŽƌƚŚĞLJĞĂƌ
ĞŶĚĞĚϯϬƉƌŝůϮϬϮϰ͘ZĞĨĞƌƚŽƉƉĞŶĚŝdžĨŽƌĂůŝƐƚŽĨĐŽŶƚƌŽůůĞĚĞŶƚŝƚŝĞƐ͘
ŽŶƚƌŽůůĞĚĞŶƚŝƚŝĞƐĂƌĞĂůůƚŚŽƐĞĞŶƚŝƚŝĞƐŽǀĞƌǁŚŝĐŚƚŚĞ'ƌŽƵƉŝƐĞdžƉŽƐĞĚƚŽ͕ŽƌŚĂƐƌŝŐŚƚƐƚŽ͕ǀĂƌŝĂďůĞƌĞƚƵƌŶƐĨƌŽŵŝƚƐŝŶǀŽůǀĞŵĞŶƚǁŝƚŚ
ƚŚĞĞŶƚŝƚLJĂŶĚŚĂƐƚŚĞĂďŝůŝƚLJƚŽĂĨĨĞĐƚƚŚŽƐĞƌĞƚƵƌŶƐƚŚƌŽƵŐŚŝƚƐƉŽǁĞƌŽǀĞƌƚŚĞĞŶƚŝƚLJ͘
ŽŶƐŽůŝĚĂƚŝŽŶƉƌŽĐĞĚƵƌĞƐ
ŽŶƚƌŽůůĞĚĞŶƚŝƚŝĞƐĂƌĞĐŽŶƐŽůŝĚĂƚĞĚĨƌŽŵƚŚĞĚĂƚĞŽŶǁŚŝĐŚĐŽŶƚƌŽůŝƐƚƌĂŶƐĨĞƌƌĞĚƚŽƚŚĞ'ƌŽƵƉĂŶĚĐĞĂƐĞƚŽďĞĐŽŶƐŽůŝĚĂƚĞĚĨƌŽŵƚŚĞ
ĚĂƚĞŽŶǁŚŝĐŚĐŽŶƚƌŽůŝƐƚƌĂŶƐĨĞƌƌĞĚŽƵƚŽĨƚŚĞ'ƌŽƵƉ͘
/ŶƉƌĞƉĂƌŝŶŐƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ĂůůŝŶƚĞƌĐŽŵƉĂŶLJďĂůĂŶĐĞƐĂŶĚƚƌĂŶƐĂĐƚŝŽŶƐŚĂǀĞďĞĞŶĞůŝŵŝŶĂƚĞĚŝŶĨƵůů͘
EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐĂƌĞĂůůŽĐĂƚĞĚƚŚĞŝƌƐŚĂƌĞŽĨƚŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĂŶĚĂƌĞƉƌĞƐĞŶƚĞĚĂƐĂƐĞƉĂƌĂƚĞĐĂƚĞŐŽƌLJ
ǁŝƚŚŝŶĞƋƵŝƚLJ͘
dŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨĐŽŶƚƌŽůůĞĚĞŶƚŝƚŝĞƐĂƌĞƉƌĞƉĂƌĞĚĨŽƌƚŚĞƐĂŵĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚĂƐƚŚĞƉĂƌĞŶƚĞŶƚŝƚLJ͕ƵƐŝŶŐĐŽŶƐŝƐƚĞŶƚ
ĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐ͘&ŽƌƚŚŽƐĞĐŽŶƚƌŽůůĞĚĞŶƚŝƚŝĞƐǁŝƚŚŶŽŶͲĐŽƚĞƌŵŝŶŽƵƐLJĞĂƌͲĞŶĚƐ͕ŵĂŶĂŐĞŵĞŶƚĂĐĐŽƵŶƚƐĨŽƌƚŚĞƌĞůĞǀĂŶƚƉĞƌŝŽĚƚŽ
ƚŚĞGroup’s reporting date have been consolidated. In the opinion of the Directors, the expense of providing additional coterminoƵƐ
statutory accounts, together with consequential delay in producing the Group’s financial statements, would outweigh any ďĞŶĞĨŝƚ
ƚŽƐŚĂƌĞŚŽůĚĞƌƐ͘
^ĞƉĂƌĂƚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
/ŶǀĞƐƚŵĞŶƚƐŝŶĞŶƚŝƚŝĞƐĐŽŶƚƌŽůůĞĚďLJDĞƚĐĂƐŚ>ŝŵŝƚĞĚĂƌĞĂĐĐŽƵŶƚĞĚĨŽƌĂƚĐŽƐƚŝŶƚŚĞƐĞƉĂƌĂƚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞƉĂƌĞŶƚĞŶƚŝƚLJ
ůĞƐƐĂŶLJŝŵƉĂŝƌŵĞŶƚĐŚĂƌŐĞƐ͘ŝǀŝĚĞŶĚƐƌĞĐĞŝǀĞĚĨƌŽŵĐŽŶƚƌŽůůĞĚĞŶƚŝƚŝĞƐĂƌĞƌĞĐŽƌĚĞĚĂƐŝŶĐŽŵĞŝŶƚŚĞƐĞƉĂƌĂƚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨ
ƚŚĞƉĂƌĞŶƚĞŶƚŝƚLJ͕ĂŶĚĚŽŶŽƚŝŵƉĂĐƚƚŚĞƌĞĐŽƌĚĞĚĐŽƐƚŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚƵŶůĞƐƐƚŚĞĚŝǀŝĚĞŶĚƐĞĨĨĞĐƚŝǀĞůLJƌĞƉƌĞƐĞŶƚĂƌĞƚƵƌŶŽĨĐĂƉŝƚĂů͘


NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
73
About
Reports
Pillars
Sustainability
Our People
Directors’ Report
Financial Report


Ϯ͘ϰ͘ ^ŝŐŶŝĨŝĐĂŶƚĂĐĐŽƵŶƚŝŶŐũƵĚŐĞŵĞŶƚƐ͕ĞƐƚŝŵĂƚĞƐĂŶĚĂƐƐƵŵƉƚŝŽŶƐ
dŚĞ'ƌŽƵƉŚĂƐŝŶĐŽƌƉŽƌĂƚĞĚũƵĚŐĞŵĞŶƚƐ͕ĞƐƚŝŵĂƚĞƐĂŶĚĂƐƐƵŵƉƚŝŽŶƐŝŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞĂŵŽƵŶƚƐƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
ďĂƐĞĚŽŶĐŽŶĚŝƚŝŽŶƐĞdžŝƐƚŝŶŐĂƚďĂůĂŶĐĞĚĂƚĞ͘
Ϯ͘ϰ͘ϭ͘ ^ŝŐŶŝĨŝĐĂŶƚĂĐĐŽƵŶƚŝŶŐũƵĚŐĞŵĞŶƚƐ
In the process of applying the Group’s accounting policies, the following judgements were made, apart from those involving esƚŝŵĂƚŝŽŶƐ͕
ǁŚŝĐŚŚĂǀĞĂƐŝŐŶŝĨŝĐĂŶƚĞĨĨĞĐƚŽŶƚŚĞĂŵŽƵŶƚƐƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
EŽƚĞ
ƌĞĂƐ
:ƵĚŐĞŵĞŶƚƐ
EŽƚĞϯ͘Ϯ
^ĂůĞƐƌĞǀĞŶƵĞ
– 
ŚĂƌŐĞͲƚŚƌŽƵŐŚƐĂůĞƐ–/ŶĂĚĚŝƚŝŽŶƚŽǁĂƌĞŚŽƵƐĞƉƵƌĐŚĂƐĞƐ͕
customers purchase goods through the Group’s chargeͲƚŚƌŽƵŐŚ
ƉůĂƚĨŽƌŵĂŶĚŚĂǀĞƚŚĞƐĞŐŽŽĚƐĚĞůŝǀĞƌĞĚĚŝƌĞĐƚůLJƚŽƚŚĞŵĨƌŽŵ
ƐƵƉƉůŝĞƌƐ͘dŚĞ'ƌŽƵƉĞĂƌŶƐĂŵĂƌŐŝŶŽŶƚŚĞƐĞƐĂůĞƐĨŽƌƉƌŽǀŝĚŝŶŐ
ƉƌŽĐƵƌĞŵĞŶƚ͕ĐƌŽƐƐͲĚŽĐŬŝŶŐĂŶĚƐĞƚƚůĞŵĞŶƚƐĞƌǀŝĐĞƐ͘dŚĞ'ƌŽƵƉĂůƐŽ
ďĞĂƌƐĐƌĞĚŝƚƌŝƐŬŽŶƚŚĞƌĞĐĞŝǀĂďůĞƐĨƌŽŵƚŚĞƐĞƐĂůĞƐǁŝƚŚůŝŵŝƚĞĚ
ƌĞĐŽƵƌƐĞƚŽƐƵƉƉůŝĞƌƐ͘
– 
dŚĞ'ƌŽƵƉĚĞƚĞƌŵŝŶĞĚƚŚĂƚŝƚŝƐĂŶĂŐĞŶƚŝŶƚŚĞƐĞĐŽŶƚƌĂĐƚƐĂƐŝƚĚŽĞƐ
ŶŽƚĐŽŶƚƌŽůƚŚĞŐŽŽĚƐďĞĨŽƌĞƚŚĞLJĂƌĞƚƌĂŶƐĨĞƌƌĞĚƚŽĐƵƐƚŽŵĞƌƐ͘
EŽƚĞϰ͘Ϯ
>ĞĂƐĞƐ
– 
ĞƚĞƌŵŝŶĂƚŝŽŶŽĨůĞĂƐĞƚĞƌŵŽĨĐŽŶƚƌĂĐƚƐǁŝƚŚƌĞŶĞǁĂůŽƉƚŝŽŶƐ͘
EŽƚĞϰ͘ϯ
/ŶǀĞŶƚŽƌŝĞƐ
– 
^ƵƉƉůŝĞƌƌĞďĂƚĞŝŶĐŽŵĞ–dŚĞƌĞĐŽŐŶŝƚŝŽŶĂŶĚŵĞĂƐƵƌĞŵĞŶƚŽĨ
ƐƵƉƉůŝĞƌƌĞďĂƚĞŝŶĐŽŵĞƌĞƋƵŝƌĞƐƚŚĞƵƐĞŽĨũƵĚŐĞŵĞŶƚ͕ĚƵĞƚŽĂŚŝŐŚ
ĚĞŐƌĞĞŽĨǀĂƌŝĂďŝůŝƚLJĂŶĚĐŽŵƉůĞdžŝƚLJŝŶĂƌƌĂŶŐĞŵĞŶƚƐǁŝƚŚƐƵƉƉůŝĞƌƐ͕
ĂŶĚĚƵĞƚŽƚŝŵŝŶŐĚŝĨĨĞƌĞŶĐĞƐďĞƚǁĞĞŶƐƚŽĐŬƉƵƌĐŚĂƐĞƐĂŶĚƚŚĞ
ƉƌŽǀŝƐŝŽŶŽĨƉƌŽŵŽƚŝŽŶĂůƐĞƌǀŝĐĞƐ͘
EŽƚĞϲ͘ϭ
ƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶƐ
– 
ĞƚĞƌŵŝŶŝŶŐƚŚĞĞdžŝƐƚĞŶĐĞŽĨĐŽŶƚƌŽů͕ũŽŝŶƚĐŽŶƚƌŽůŽƌƐŝŐŶŝĨŝĐĂŶƚ
influence over the Group’s acquisitions. Where the Group exercises 
ƐŝŐŶŝĨŝĐĂŶƚŝŶĨůƵĞŶĐĞŽƌũŽŝŶƚĐŽŶƚƌŽů͕ƚŚĞĂĐƋƵŝƐŝƚŝŽŶƐĂƌĞĂĐĐŽƵŶƚĞĚ
ĨŽƌĂƐĞƋƵŝƚLJĂĐĐŽƵŶƚĞĚŝŶǀĞƐƚŵĞŶƚƐ;ŶŽƚĞϰ͘ϰͿ͖ĂŶĚǁŚĞƌĞƚŚĞ'ƌŽƵƉ
ĞdžĞƌĐŝƐĞƐĐŽŶƚƌŽů͕ƚŚĞĂĐƋƵŝƐŝƚŝŽŶƐĂƌĞĂĐĐŽƵŶƚĞĚĨŽƌĂƐďƵƐŝŶĞƐƐ
ĐŽŵďŝŶĂƚŝŽŶƐ͘
– 
ĞƚĞƌŵŝŶŝŶŐƚŚĞĂĐƋƵŝƐŝƚŝŽŶĚĂƚĞĨĂŝƌǀĂůƵĞŽĨĂƐƐĞƚƐĂĐƋƵŝƌĞĚĂŶĚ
ůŝĂďŝůŝƚŝĞƐĂƐƐƵŵĞĚŽŶĂĐƋƵŝƐŝƚŝŽŶŽĨĐŽŶƚƌŽůůĞĚĞŶƚŝƚŝĞƐ͘
Ϯ͘ϰ͘Ϯ͘ ^ŝŐŶŝĨŝĐĂŶƚĂĐĐŽƵŶƚŝŶŐĞƐƚŝŵĂƚĞƐ
dŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐŽĨĐĞƌƚĂŝŶĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂƌĞŽĨƚĞŶĚĞƚĞƌŵŝŶĞĚďĂƐĞĚŽŶĞƐƚŝŵĂƚĞƐĂŶĚĂƐƐƵŵƉƚŝŽŶƐŽĨĨƵƚƵƌĞĞǀĞŶƚƐ͘dŚĞ
ŬĞLJĞƐƚŝŵĂƚĞƐĂŶĚĂƐƐƵŵƉƚŝŽŶƐƚŚĂƚŚĂǀĞĂƐŝŐŶŝĨŝĐĂŶƚƌŝƐŬŽĨĐĂƵƐŝŶŐĂŵĂƚĞƌŝĂůĂĚũƵƐƚŵĞŶƚƚŽƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐŽĨĐĞƌƚĂŝŶĂƐƐĞƚƐĂŶĚ
ůŝĂďŝůŝƚŝĞƐǁŝƚŚŝŶƚŚĞŶĞdžƚĂŶŶƵĂůƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚĂƌĞ͗
EŽƚĞ
ƌĞĂƐ
ƐƚŝŵĂƚĞƐ
EŽƚĞϰ͘ϭ
dƌĂĚĞƌĞĐĞŝǀĂďůĞƐĂŶĚůŽĂŶƐ
ůůŽǁĂŶĐĞĨŽƌŝŵƉĂŝƌŵĞŶƚůŽƐƐ
EŽƚĞϰ͘ϰ
ƋƵŝƚLJͲĂĐĐŽƵŶƚĞĚŝŶǀĞƐƚŵĞŶƚƐ
ƐƐĞƐƐŵĞŶƚŽĨƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ
EŽƚĞϰ͘ϳ
/ŵƉĂŝƌŵĞŶƚŽĨŶŽŶͲĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ
ƐƐĞƐƐŵĞŶƚŽĨƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ
EŽƚĞϰ͘ϮĂŶĚϰ͘ϴ
WƌŽǀŝƐŝŽŶƐ
WƌŽƉĞƌƚLJƉƌŽǀŝƐŝŽŶƐ
EŽƚĞϱ͘ϯ
WƵƚŽƉƚŝŽŶůŝĂďŝůŝƚŝĞƐ
ĞƚĞƌŵŝŶŝŶŐƉƵƚŽƉƚŝŽŶĐŽŶƐŝĚĞƌĂƚŝŽŶ




NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Metcash Annual Report 2024
74

ϯ͘
'ZKhWWZ&KZDE
ϯ͘ϭ͘ ^ĞŐŵĞŶƚŝŶĨŽƌŵĂƚŝŽŶ
dŚĞ'ƌŽƵƉŚĂƐŝĚĞŶƚŝĨŝĞĚŝƚƐŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐďĂƐĞĚŽŶƚŚĞŝŶƚĞƌŶĂůƌĞƉŽƌƚƐƚŚĂƚĂƌĞƌĞǀŝĞǁĞĚĂŶĚƵƐĞĚďLJƚŚĞŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌ
;ƚŚĞĐŚŝĞĨŽƉĞƌĂƚŝŶŐĚĞĐŝƐŝŽŶŵĂŬĞƌͿŝŶĂƐƐĞƐƐŝŶŐƉĞƌĨŽƌŵĂŶĐĞĂŶĚŝŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞĂůůŽĐĂƚŝŽŶŽĨƌĞƐŽƵƌĐĞƐ͘ŝƐĐƌĞƚĞĨŝŶĂŶĐŝĂů
ŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƚŚĞƐĞŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐŝƐƌĞƉŽƌƚĞĚŽŶĂƚůĞĂƐƚĂŵŽŶƚŚůLJďĂƐŝƐ͘
dŚĞŝŶĨŽƌŵĂƚŝŽŶƌĞƉŽƌƚĞĚƚŽƚŚĞKŝƐĂŐŐƌĞŐĂƚĞĚďĂƐĞĚŽŶƉƌŽĚƵĐƚƚLJƉĞƐĂŶĚƚŚĞŽǀĞƌĂůůĞĐŽŶŽŵŝĐĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨŝŶĚƵƐƚƌŝĞƐŝŶ
which the Group operates. The Group’s reportable segments are therefore as follows:
−&ŽŽĚĂĐƚŝǀŝƚŝĞƐĐŽŵƉƌŝƐĞƚŚĞĚŝƐƚƌŝďƵƚŝŽŶŽĨĂƌĂŶŐĞŽĨƉƌŽĚƵĐƚƐĂŶĚƐĞƌǀŝĐĞƐƚŽŝŶĚĞƉĞŶĚĞŶƚƐƵƉĞƌŵĂƌŬĞƚĂŶĚĐŽŶǀĞŶŝĞŶĐĞƌĞƚĂŝů
ŽƵƚůĞƚƐ͘
−,ĂƌĚǁĂƌĞĂĐƚŝǀŝƚŝĞƐĐŽŵƉƌŝƐĞƚŚĞĚŝƐƚƌŝďƵƚŝŽŶŽĨŚĂƌĚǁĂƌĞƉƌŽĚƵĐƚƐƚŽŝŶĚĞƉĞŶĚĞŶƚƌĞƚĂŝůŽƵƚůĞƚƐĂŶĚƚŚĞŽƉĞƌĂƚŝŽŶŽĨĐŽŵƉĂŶLJ
ŽǁŶĞĚĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƌĞƚĂŝůƐƚŽƌĞƐ͘
−>ŝƋƵŽƌĂĐƚŝǀŝƚŝĞƐĐŽŵƉƌŝƐĞƚŚĞĚŝƐƚƌŝďƵƚŝŽŶŽĨůŝƋƵŽƌƉƌŽĚƵĐƚƐƚŽŝŶĚĞƉĞŶĚĞŶƚƌĞƚĂŝůŽƵƚůĞƚƐĂŶĚŚŽƚĞůƐ͘
dŚĞ'ƌŽƵƉŽƉĞƌĂƚĞƐƉƌĞĚŽŵŝŶĂŶƚůLJŝŶƵƐƚƌĂůŝĂ͘dŚĞ'ƌŽƵƉŚĂƐŽƉĞƌĂƚŝŽŶƐŝŶEĞǁĞĂůĂŶĚƚŚĂƚƌĞƉƌĞƐĞŶƚůĞƐƐƚŚĂŶϱйŽĨƌĞǀĞŶƵĞ͕
ƌĞƐƵůƚƐĂŶĚĂƐƐĞƚƐŽĨƚŚĞ'ƌŽƵƉ͘dŚĞ'ƌŽƵƉĚŽĞƐŶŽƚŚĂǀĞĂƐŝŶŐůĞĐƵƐƚŽŵĞƌǁŚŝĐŚƌĞƉƌĞƐĞŶƚƐŐƌĞĂƚĞƌƚŚĂŶϭϬйŽĨƚŚĞ'ƌŽƵƉ’ƐƌĞǀĞŶƵĞ͘
^ĂůĞƐďĞƚǁĞĞŶƐĞŐŵĞŶƚƐĂƌĞďĂƐĞĚŽŶƐŝŵŝůĂƌƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐƚŽƚŚŽƐĞŝŶƉůĂĐĞǁŝƚŚƚŚŝƌĚƉĂƌƚLJĐƵƐƚŽŵĞƌƐĂŶĚĂƌĞĞůŝŵŝŶĂƚĞĚĨƌŽŵ
ƚŚĞƌĞƐƵůƚƐďĞůŽǁ͘
^ĞŐŵĞŶƚƌĞƐƵůƚƐ
^ĞŐŵĞŶƚƌĞǀĞŶƵĞ
^ĞŐŵĞŶƚEBIT
&zϮϰ
Ψŵ
&zϮϯ
Ψŵ
&zϮϰ
Ψŵ
&zϮϯ
Ψŵ
&ŽŽĚ
ϴ͕ϯϬϳ͘ϴ
ϴ͕ϰϭϬ͘ϭ
ϮϭϬ͘ϭ
ϮϬϰ͘Ϭ
,ĂƌĚǁĂƌĞ
Ϯ͕ϰϳϭ͘Ϭ
Ϯ͕ϯϰϰ͘ϭ
ϮϭϬ͘ϵ
Ϯϭϵ͘Ϯ
>ŝƋƵŽƌ
ϱ͕ϭϯϯ͘ϲ
ϱ͕Ϭϰϵ͘Ϯ
ϭϬϵ͘Ϯ
ϭϬϰ͘ϭ
^ĞŐŵĞŶƚƚŽƚĂů
ϭϱ͕ϵϭϮ͘ϰ
ϭϱ͕ϴϬϯ͘ϰ
ϱϯϬ͘Ϯ
ϱϮϳ͘ϯ
ŽƌƉŽƌĂƚĞ
;ϯϯ͘ϵͿ
;Ϯϲ͘ϱͿ
Group underlying earnings before interest and tax (‘EBIT’)
ϰϵϲ͘ϯ
ϱϬϬ͘ϴ
&ŝŶĂŶĐĞĐŽƐƚƐ͕ŶĞƚ;EŽƚĞϯ͘ϯͿ
;ϵϮ͘ϲͿ
;ϲϰ͘ϳͿ
^ŝŐŶŝĨŝĐĂŶƚŝƚĞŵƐ;EŽƚĞϯ͘ϯͿ
;ϯϭ͘ϵͿ
;ϱϵ͘ϲͿ
WƌŽĨŝƚďĞĨŽƌĞŝŶĐŽŵĞƚĂdž
ϯϳϭ͘ϴ
ϯϳϲ͘ϱ
ϯ͘Ϯ͘ ^ĂůĞƐƌĞǀĞŶƵĞ
^ĂůĞŽĨŐŽŽĚƐ
The Group’s revenue principally arises from the sale of goods within its ǁŚŽůĞƐĂůĞĚŝƐƚƌŝďƵƚŝŽŶĂŶĚƌĞƚĂŝůŽƉĞƌĂƚŝŽŶƐ͘^ĂůĞƐƌĞǀĞŶƵĞŝƐ
ƌĞĐŽŐŶŝƐĞĚǁŚĞŶƚŚĞ'ƌŽƵƉŚĂƐĚĞůŝǀĞƌĞĚŐŽŽĚƐƚŽŝƚƐĐƵƐƚŽŵĞƌƐ͕ĂŶĚŝƚŝƐƉƌŽďĂďůĞƚŚĂƚĐŽŶƐŝĚĞƌĂƚŝŽŶǁŝůůďĞĐŽůůĞĐƚĞĚŝŶĞdžĐŚĂŶŐĞ͘
ZĞǀĞŶƵĞŝƐŵĞĂƐƵƌĞĚďĂƐĞĚŽŶƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶĞdžƉĞĐƚĞĚƚŽďĞƌĞĐĞŝǀĞĚ͕ŶĞƚŽĨƚƌĂĚĞƌĞďĂƚĞƐ͘
ŚĂƌŐĞͲƚŚƌŽƵŐŚƐĂůĞƐ
dŚĞ'ƌŽƵƉŽƉĞƌĂƚĞƐĂĐŚĂƌŐĞͲthrough platform whereby goods are delivered directly to the Group’s customers by suppliers. The Group 
ƌĞƚĂŝŶƐƚŚĞĐƌĞĚŝƚƌŝƐŬĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞƐĞƚƌĂŶƐĂĐƚŝŽŶƐ͖ŚŽǁĞǀĞƌ͕ƚŚĞ'ƌŽƵƉĚŽĞƐŶŽƚďĞĂƌĂŶLJŵĂƚĞƌŝĂůŝŶǀĞŶƚŽƌLJƌŝƐŬŽƌĞdžĞƌĐŝƐĞĂŶLJ
ŵĂƚĞƌŝĂůĚŝƐĐƌĞƚŝŽŶŝŶĞƐƚĂďůŝƐŚŝŶŐƉƌŝĐĞƐ͘ŚĂƌŐĞͲthrough transactions are therefore reported on an agency or net ‘commission’ basis
ǁŝƚŚƚŚĞŐƌŽƐƐƐĂůĞǀĂůƵĞŝŶĐůƵĚĞĚŝŶƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐĂŶĚƚŚĞŐƌŽƐƐƉƵƌĐŚĂƐĞĐŽƐƚŝŶĐůƵĚĞĚŝŶƚƌĂĚĞƉĂLJĂďůĞƐ͘'ƌŽƐƐĐŚĂƌŐĞͲƚŚƌŽƵŐŚ
ƐĂůĞƐƚŽĐƵƐƚŽŵĞƌƐĚƵƌŝŶŐƚŚĞLJĞĂƌǁĞƌĞΨϮ͘ϮϲϳďŝůůŝŽŶ;&zϮϯ͗ΨϮ͘ϮϰϵďŝůůŝŽŶͿ͘
75
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ϯ͘ϯ͘ KƚŚĞƌŝŶĐŽŵĞĂŶĚĞdžƉĞŶƐĞƐ
&zϮϰ
Ψŵ
&zϮϯ
Ψŵ
;/Ϳ
Kd,Z/EKD
>ĞĂƐĞŝŶĐŽŵĞ–ƌĞŶƚ
ϴ͘ϯ
ϴ͘Ϯ
>ĞĂƐĞŝŶĐŽŵĞ–ŽƵƚŐŽŝŶŐƐƌĞĐŽǀĞƌŝĞƐ
ϭϮ͘ϳ
ϭϮ͘ϴ
EĞƚŐĂŝŶĨƌŽŵĚŝƐƉŽƐĂůŽĨƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ
ϭ͘Ϭ
—
KƚŚĞƌ͕ŶĞƚ
Ϭ͘Ϯ
—
ϮϮ͘Ϯ
Ϯϭ͘Ϭ
;//Ϳ
DW>KzE&/dyWE^^
^ĂůĂƌŝĞƐĂŶĚǁĂŐĞƐ͕ŝŶĐĞŶƚŝǀĞƐ͕ĂŶĚŽŶͲĐŽƐƚƐ
ϴϵϯ͘ϰ
ϴϯϳ͘ϴ
^ƵƉĞƌĂŶŶƵĂƚŝŽŶĞdžƉĞŶƐĞ
ϳϬ͘ϲ
ϲϭ͘Ϯ
^ŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐĞdžƉĞŶƐĞ
ϱ͘ϯ
ϲ͘ϱ
ϵϲϵ͘ϯ
ϵϬϱ͘ϱ
;///Ϳ
WZ/d/KEEDKZd/^d/KE
ĞƉƌĞĐŝĂƚŝŽŶŽĨƌŝŐŚƚͲŽĨͲƵƐĞĂƐƐĞƚƐ
ϭϮϯ͘ϰ
ϭϭϮ͘ϳ
ĞƉƌĞĐŝĂƚŝŽŶŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ
ϰϯ͘ϰ
ϯϵ͘ϲ
ŵŽƌƚŝƐĂƚŝŽŶŽĨƐŽĨƚǁĂƌĞ
ϮϬ͘ϯ
ϭϴ͘ϭ
ŵŽƌƚŝƐĂƚŝŽŶŽĨŽƚŚĞƌŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐ
ϰ͘ϵ
ϰ͘ϲ
ϭϵϮ͘Ϭ
ϭϳϱ͘Ϭ
;/sͿ
>^yWE^^
WƌŽƉĞƌƚLJƌĞŶƚ
ϲ͘ϴ
ϰ͘ϵ
WƌŽƉĞƌƚLJŽƵƚŐŽŝŶŐƐ
ϲϮ͘ϲ
ϱϯ͘ϴ
ƋƵŝƉŵĞŶƚĂŶĚŽƚŚĞƌůĞĂƐĞƐ
ϭϭ͘ϭ
ϴ͘ϱ
ϴϬ͘ϱ
ϲϳ͘Ϯ
;sͿ
/DW/ZDEdyWE^^͕EdK&ZsZ^>^
dƌĂĚĞƌĞĐĞŝǀĂďůĞƐĂŶĚůŽĂŶƐ
ϰ͘ϱ
ϭϬ͘Ϯ
/ŶǀĞŶƚŽƌŝĞƐ
ϮϮ͘ϵ
ϯϭ͘ϳ
WƌŽƉĞƌƚLJƉƌŽǀŝƐŝŽŶƐ
;ϰ͘ϬͿ
Ϯ͘ϯ
KƚŚĞƌŝŵƉĂŝƌŵĞŶƚƐ;ŶĞƚͿ
ϳ͘Ϯ
ϰ͘ϳ
ϯϬ͘ϲ
ϰϴ͘ϵ
;s/Ϳ
&/EEK^d^͕Ed
/ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ
ϰϮ͘Ϯ
Ϯϱ͘ϯ
dƌĂŶƐĂĐƚŝŽŶĨĞĞƐŝŶƌĞůĂƚŝŽŶƚŽĐƵƐƚŽŵĞƌĐŚĂƌŐĞĐĂƌĚƐ;EŽƚĞϰ͘ϭͿ
ϭϯ͘ϴ
ϰ͘ϱ
ĞĨĞƌƌĞĚďŽƌƌŽǁŝŶŐĐŽƐƚƐ
ϭ͘ϳ
ϭ͘ϯ
&ŝŶĂŶĐĞĐŽŵƉŽŶĞŶƚŽĨůĞĂƐĞƉĂLJŵĞŶƚƐ͕ŶĞƚ
ϯϲ͘ϳ
ϯϰ͘Ϯ
&ŝŶĂŶĐĞĐŽƐƚƐĨƌŽŵĚŝƐĐŽƵŶƚŝŶŐŽĨůŝĂďŝůŝƚŝĞƐ
Ϭ͘ϴ
ϭ͘ϲ
/ŶƚĞƌĞƐƚŝŶĐŽŵĞ
;Ϯ͘ϲͿ
;Ϯ͘ϮͿ
ϵϮ͘ϲ
ϲϰ͘ϳ
DdZ/>KhEd/E'WK>//^
&ŝŶĂŶĐĞĐŽƐƚƐ
&ŝŶĂŶĐĞĐŽƐƚƐĚŝƌĞĐƚůLJĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞĂĐƋƵŝƐŝƚŝŽŶ͕ĐŽŶƐƚƌƵĐƚŝŽŶŽƌƉƌŽĚƵĐƚŝŽŶŽĨĂŶĂƐƐĞƚƚŚĂƚŶĞĐĞƐƐĂƌŝůLJƚĂŬĞƐĂƐƵďƐƚĂŶƚŝĂů
ƉĞƌŝŽĚŽĨƚŝŵĞƚŽŐĞƚƌĞĂĚLJĨŽƌŝƚƐŝŶƚĞŶĚĞĚƵƐĞŽƌƐĂůĞĂƌĞĐĂƉŝƚĂůŝƐĞĚĂƐƉĂƌƚŽĨƚŚĞĐŽƐƚŽĨƚŚĞĂƐƐĞƚ͘ůůŽƚŚĞƌĨŝŶĂŶĐĞĐŽƐƚƐĂƌĞ
ĞdžƉĞŶƐĞĚŝŶƚŚĞƉĞƌŝŽĚƚŚĞLJŽĐĐƵƌ͘ŽƌƌŽǁŝŶŐĐŽƐƚƐĐŽŶƐŝƐƚŽĨŝŶƚĞƌĞƐƚĂŶĚŽƚŚĞƌĐŽƐƚƐƚŚĂƚĂŶĞŶƚŝƚLJŝŶĐƵƌƐŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚĞ
ďŽƌƌŽǁŝŶŐŽĨĨƵŶĚƐ͘
ĞƌƚĂŝŶƉƌŽǀŝƐŝŽŶƐĂƌĞŵĞĂƐƵƌĞĚĂƚƚŚĞŝƌĚŝƐĐŽƵŶƚĞĚǀĂůƵĞ͘ƵƌŝŶŐĞĂĐŚƉĞƌŝŽĚƚŚĞƉƌŽǀŝƐŝŽŶŝƐŝŶĐƌĞĂƐĞĚďLJĂŶĂŵŽƵŶƚƚŚĂƚŝƐĞƋƵĂů
ƚŽƚŚĞƉƌŽǀŝƐŝŽŶŵƵůƚŝƉůŝĞĚďLJƚŚĞĚŝƐĐŽƵŶƚƌĂƚĞ͘dŚŝƐŝŶĐƌĞŵĞŶƚ͕ŝŶĐůƵĚŝŶŐĂŶLJĐŚĂŶŐĞŝŶƚŚĞǀĂůƵĞŽĨƚŚĞƉƌŽǀŝƐŝŽŶĂƐĂƌĞƐƵůƚŽĨĂ
ĐŚĂŶŐĞŝŶĚŝƐĐŽƵŶƚƌĂƚĞ͕ŝƐƚƌĞĂƚĞĚĂƐĂĨŝŶĂŶĐĞĐŽƐƚ͘
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Metcash Annual Report 2024
76

&zϮϰ
Ψŵ
&zϮϯ
Ψŵ
;s//Ϳ ^/'E/&/Ed/dD^
WƌŽũĞĐƚ,ŽƌŝnjŽŶŝŵƉůĞŵĞŶƚĂƚŝŽŶĐŽƐƚƐ
ϮϬ͘ϲ
ϯϰ͘ϲ
WƵƚŽƉƚŝŽŶǀĂůƵĂƚŝŽŶĂŶĚďƵƐŝŶĞƐƐĂĐƋƵŝƐŝƚŝŽŶĐŽƐƚƐ;ŶĞƚͿ
ϴ͘ϳ
ϯϬ͘Ϭ
DĞŐĂŝƐƚƌŝďƵƚŝŽŶĞŶƚƌĞƚƌĂŶƐŝƚŝŽŶĐŽƐƚƐ
Ϯ͘ϲ
ϰ͘ϯ
/ŵƉĂŝƌŵĞŶƚƌĞǀĞƌƐĂůƐ
—
;ϵ͘ϯͿ
dŽƚĂůƐŝŐŶŝĨŝĐĂŶƚŝƚĞŵƐďĞĨŽƌĞƚĂdž
ϯϭ͘ϵ
ϱϵ͘ϲ
/ŶĐŽŵĞƚĂdžďĞŶĞĨŝƚĂƚƚƌŝďƵƚĂďůĞƚŽƐŝŐŶŝĨŝĐĂŶƚŝƚĞŵƐ
;ϲ͘ϴͿ
;ϭϭ͘ϭͿ
dŽƚĂůƐŝŐŶŝĨŝĐĂŶƚŝƚĞŵƐĂĨƚĞƌƚĂdž
Ϯϱ͘ϭ
ϰϴ͘ϱ
WƌŽũĞĐƚ,ŽƌŝnjŽŶŝŵƉůĞŵĞŶƚĂƚŝŽŶĐŽƐƚƐ
WƌŽũĞĐƚ,ŽƌŝnjŽŶŝƐĂĐƌŝƚŝĐĂůŐƌŽƵƉƚĞĐŚŶŝĐĂůŝŶĨƌĂƐƚƌƵĐƚƵƌĞĐŽŶƐŽůŝĚĂƚŝŽŶĂŶĚƌĞƉůĂĐĞŵĞŶƚƉƌŽŐƌĂŵĂŝŵĞĚĂƚƌĞƉŽƐŝƚŝŽŶŝŶŐDĞƚĐĂƐŚƚŽďĞ
ĂŵŽĚĞƌŶ͕ƚĞĐŚŶŽůŽŐLJͲůĞĚǁŚŽůĞƐĂůĞƌ͘dŚĞƉƌŽŐƌĂŵƉƌŽǀŝĚĞƐƚŚĞƉůĂƚĨŽƌŵƚŽĚƌŝǀĞƐŝŵƉůŝĨŝĐĂƚŝŽŶĂŶĚĞĨĨŝĐŝĞŶĐLJĂĐƌŽƐƐƚŚĞ&ŽŽĚΘ>ŝƋƵŽƌ
ďƵƐŝŶĞƐƐĞƐ͕ĂƐǁĞůůĂƐŵĂŬŝŶŐŝƚĞĂƐŝĞƌĨŽƌĐƵƐƚŽŵĞƌƐĂŶĚƐƵƉƉůŝĞƌƐƚŽĚŽďƵƐŝŶĞƐƐǁŝƚŚDĞƚĐĂƐŚ͘dŚĞƉƌŽŐƌĂŵĐŽŶƚŝŶƵĞƐƚŽŵĂŬĞƐƚĞĂĚLJ
ƉƌŽŐƌĞƐƐ͕ŵŽƐƚƌĞĐĞŶƚůLJĚĞůŝǀĞƌŝŶŐĂƐƚƌĞĂŵůŝŶĞĚĂůůͲŝŶͲŽŶĞƉĂLJĂďůĞƐƐŽůƵƚŝŽŶ͘dŚĞƉƌŽŐƌĂŵŝƐĞdžƉĞĐƚĞĚƚŽďĞĐŽŵƉůĞƚĞĚďLJƚŚĞĞŶĚŽĨ
&zϮϲ͘
/Ŷ&zϮϰ͕ƚŚĞ'ƌŽƵƉŝŶĐƵƌƌĞĚΨϮϬ͘ϲŵŝůůŝŽŶ;&zϮϯ͗Ψϯϰ͘ϲŵŝůůŝŽŶͿŽĨĞdžƉĞŶƐĞƐŽŶƚŚĞƉƌŽũĞĐƚ͘dŚĞƉƌŽũĞĐƚĞdžƉĞŶƐĞƐŝŶĐůƵĚĞĚƌĞƐŽƵƌĐĞĐŽƐƚƐ͕
ĂĐĐĞůĞƌĂƚĞĚĂŵŽƌƚŝƐĂƚŝŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚŽĨƌĞĚƵŶĚĂŶƚƐŽĨƚǁĂƌĞĂƐƐĞƚƐĂŶĚŝŶĐƌĞŵĞŶƚĂůƐŽĨƚǁĂƌĞůŝĐĞŶĐĞĂŶĚŵĂŝŶƚĞŶĂŶĐĞĐŽƐƚƐ͘dŚĞƐĞ
ĐŽƐƚƐĂƌĞƐĞƉĂƌĂƚĞůLJĚŝƐĐůŽƐĞĚǁŝƚŚŝŶƐŝŐŶŝĨŝĐĂŶƚŝƚĞŵƐŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞƚŽĞŶĂďůĞĂďĞƚƚĞƌƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨ
the Group’s results.
WƵƚŽƉƚŝŽŶǀĂůƵĂƚŝŽŶĂŶĚďƵƐŝŶĞƐƐĂĐƋƵŝƐŝƚŝŽŶĐŽƐƚƐ
The carrying amounts of the Group’s put option liabilities at balance date were remeasured to reflect the estimated put optioŶĞdžĞƌĐŝƐĞ
ƉƌŝĐĞƐ͕ǁŝƚŚĂĐƌĞĚŝƚƌĞůĂƚŝŶŐƚŽƚŚĞŶĞƚƌĞĚƵĐƚŝŽŶŝŶƉƵƚŽƉƚŝŽŶǀĂůƵĞŽĨΨϭϭ͘ϯŵŝůůŝŽŶ;&zϮϯ͗ŝŶĐƌĞĂƐĞŝŶƉƵƚŽƉƚŝŽŶǀĂůƵĞŽĨΨϭϳ͘ϱŵŝůůŝŽŶͿ
ƌĞĐŽƌĚĞĚĂƐĂƐŝŐŶŝĨŝĐĂŶƚŝƚĞŵǁŝƚŚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ͕ƚŽŐĞƚŚĞƌǁŝƚŚƚŚĞŶĞƚƉƌĞƐĞŶƚǀĂůƵĞŝŶƚĞƌĞƐƚƵŶǁŝŶĚ
ĞdžƉĞŶƐĞŽŶƚŚĞƉƵƚŽƉƚŝŽŶůŝĂďŝůŝƚŝĞƐŽĨΨϴ͘ϬŵŝůůŝŽŶ;&zϮϯ͗Ψϵ͘ϱŵŝůůŝŽŶͿ͘
/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞ'ƌŽƵƉŝŶĐƵƌƌĞĚƚƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐŽĨΨϭϮ͘ϬŵŝůůŝŽŶ;&zϮϯ͗Ψϭ͘ϱŵŝůůŝŽŶͿŝŶƌĞůĂƚŝŽŶƚŽďƵƐŝŶĞƐƐĂĐƋƵŝƐŝƚŝŽŶƐŝŶ&zϮϰŝŶĐůƵĚŝŶŐ
ŝĂŶĐŽŽŶƐƚƌƵĐƚŝŽŶ^ƵƉƉůŝĞƐ͕ůƉŝŶĞdƌƵƐƐĂŶĚdŽƚĂůdŽŽůƐ:sƐƚŽƌĞƐĂƐĚĞƚĂŝůĞĚŝŶEŽƚĞϲ͘ϭĂƐǁĞůůĂƐŝŶƌĞůĂƚŝŽŶƚŽƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽĨ
^ƵƉĞƌŝŽƌ&ŽŽĚ^ĞƌǀŝĐĞƐǁŚŝĐŚǁĂƐĐŽŵƉůĞƚĞĚŽŶϯ:ƵŶĞϮϬϮϰĂƐĚĞƚĂŝůĞĚŝŶEŽƚĞϳ͘ϰ͘
DĞŐĂŝƐƚƌŝďƵƚŝŽŶĞŶƚƌĞ;ͿƚƌĂŶƐŝƚŝŽŶĐŽƐƚƐ
The Group continues to invest in its mega DC’s capacity, capabilities, footprint & supply chain systems to support current anĚĨƵƚƵƌĞ
ďƵƐŝŶĞƐƐŽƉƉŽƌƚƵŶŝƚŝĞƐ͘ƵƌŝŶŐƚŚĞƉĞƌŝŽĚ͕ƚŚĞ'ƌŽƵƉŝŶĐƵƌƌĞĚΨϮ͘ϲŵŝůůŝŽŶ;&zϮϯ͗Ψϰ͘ϯŵŝůůŝŽŶͿŽĨŶĞƚĐŽƐƚƐƉƌŝŵĂƌŝůLJĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞ
ƉůĂŶŶĞĚŵŽǀĞƚŽƚŚĞŶĞǁŝŶdƌƵŐĂŶŝŶĂ͕sŝĐƚŽƌŝĂǁŚŝĐŚŝƐĞdžƉĞĐƚĞĚƚŽďĞŽƉĞƌĂƚŝŽŶĂůŝŶŵŝĚ&zϮϱ͘
/ŵƉĂŝƌŵĞŶƚ͕ŶĞƚŽĨƌĞǀĞƌƐĂůƐ
/Ŷ&zϮϯ͕ƚŚĞ'ƌŽƵƉƌĞĐŽŐŶŝƐĞĚĂΨϳ͘ϯŵŝůůŝŽŶƌĞǀĞƌƐĂůŽĨŝŵƉĂŝƌŵĞŶƚŝŶƌĞůĂƚŝŽŶƚŽŝƚƐũŽŝŶƚǀĞŶƚƵƌĞĞŶƚŝƚLJ͕ĚĐŽŵĞWƚLJ>ƚĚ;ŽƌŶĞƚƚƐͿ
ƌĞĨůĞĐƚŝŶŐĂŶŝŶĐƌĞĂƐĞŝŶƚŚĞĞƐƚŝŵĂƚĞĚƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚƐŝŶĐĞƚŚĞĚĂƚĞƚŚĞŝŵƉĂŝƌŵĞŶƚůŽƐƐǁĂƐŽƌŝŐŝŶĂůůLJ
ƌĞĐŽŐŶŝƐĞĚŝŶ&zϭϮ͘
/ŶĂĚĚŝƚŝŽŶ͕ŝŶ&zϮϯĂŶŝŵƉĂŝƌŵĞŶƚƌĞǀĞƌƐĂůŽĨΨϮ͘ϬŵŝůůŝŽŶǁĂƐƌĞĐŽŐŶŝƐĞĚƌĞĨůĞĐƚŝŶŐĂĚĞĐƌĞĂƐĞŝŶƚŚĞĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐĞƐƉƌĞǀŝŽƵƐůLJ
ƌĞĐŽŐŶŝƐĞĚŝŶƌĞůĂƚŝŽŶƚŽƐƉĞĐŝĨŝĐŐƌŽƵƉƐŽĨƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐŝŵƉĂĐƚĞĚďLJKs/ͲϭϵƉƌŽǀŝƐŝŽŶƐ͘
77
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ϯ͘ϰ͘ /ŶĐŽŵĞdĂdžĞƐ
&zϮϰ
Ψŵ
&zϮϯ
Ψŵ
D:KZKDWKEEd^K&/EKDdyyWE^
ƵƌƌĞŶƚŝŶĐŽŵĞƚĂdžĐŚĂƌŐĞ
ϭϭϮ͘ϲ
ϭϮϱ͘ϴ
ĚũƵƐƚŵĞŶƚƐŝŶƌĞƐƉĞĐƚŽĨŝŶĐŽŵĞƚĂdžŽĨƉƌĞǀŝŽƵƐLJĞĂƌƐ
ϭ͘Ϭ
ϭ͘ϲ
ĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdžƌĞůĂƚŝŶŐƚŽŽƌŝŐŝŶĂƚŝŽŶĂŶĚƌĞǀĞƌƐĂůŽĨƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐ
Ϭ͘ϭ
;ϭϭ͘ϮͿ
dŽƚĂůŝŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞ
ϭϭϯ͘ϳ
ϭϭϲ͘Ϯ
ZKE/>/d/KEK&/EKDdyyWE^
WƌŽĨŝƚďĞĨŽƌĞŝŶĐŽŵĞƚĂdž
ϯϳϭ͘ϴ
ϯϳϲ͘ϱ
At the Group’s statutory income tax rate of 30% (FY2ϯ͗ϯϬйͿ
ϭϭϭ͘ϱ
ϭϭϯ͘Ϭ
KƚŚĞƌĂƐƐĞƐƐĂďůĞĂŵŽƵŶƚƐ–ŶĞƚ
ϭ͘Ϯ
ϭ͘ϲ
ĚũƵƐƚŵĞŶƚƐŝŶƌĞƐƉĞĐƚŽĨŝŶĐŽŵĞƚĂdžŽĨƉƌĞǀŝŽƵƐLJĞĂƌƐ
ϭ͘Ϭ
ϭ͘ϲ
/ŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞ
ϭϭϯ͘ϳ
ϭϭϲ͘Ϯ
KDWKEEd^K&Ed&ZZdy^^d^
WƌŽǀŝƐŝŽŶƐ
ϭϭϬ͘Ϯ
ϭϭϰ͘ϲ
>ĞĂƐĞƐ
ϰϵ͘Ϯ
ϰϰ͘ϵ
ĐĐĞůĞƌĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶĨŽƌĂĐĐŽƵŶƚŝŶŐƉƵƌƉŽƐĞƐ
ϭϬ͘ϳ
ϳ͘Ϭ
KƚŚĞƌ
ϭϲ͘ϰ
ϭϳ͘Ϯ
/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐ
;ϯϰ͘ϭͿ
;ϯϭ͘ϰͿ
ϭϱϮ͘ϰ
ϭϱϮ͘ϯ
DKsDEd^/EEd&ZZdy^^d^
KƉĞŶŝŶŐďĂůĂŶĐĞ
ϭϱϮ͘ϯ
ϭϯϵ͘ϲ
ƌĞĚŝƚĞĚƚŽŶĞƚƉƌŽĨŝƚĨŽƌƚŚĞLJĞĂƌ
—
ϭϭ͘ϲ
ŚĂƌŐĞĚƚŽŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ
;Ϭ͘ϵͿ
—
dĂdžďĞŶĞĨŝƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚƐŚĂƌĞŝƐƐƵĞĐŽƐƚƐ
Ϯ͘Ϯ
—
ĚũƵƐƚŵĞŶƚƐƌĞůĂƚĞĚƚŽďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶƐ
;ϭ͘ϮͿ
ϭ͘ϭ
ůŽƐŝŶŐďĂůĂŶĐĞ
ϭϱϮ͘ϰ
ϭϱϮ͘ϯ
ƵƌŝŶŐƚŚĞLJĞĂƌ͕ƚŚĞ'ƌŽƵƉƉĂŝĚΨϭϯϭ͘ϱŵŝůůŝŽŶŽĨŝŶĐŽŵĞƚĂdž;&zϮϯ͗Ψϭϱϭ͘ϳŵŝůůŝŽŶͿ͘dŚĞŝŶĐŽŵĞƚĂdžƉĂŝĚĞdžĐĞĞĚĞĚƚŚĞůĞǀĞůŽĨŝŶĐŽŵĞ
ƚĂdžĞdžƉĞŶƐĞŽĨΨϭϭϯ͘ϳŵŝůůŝŽŶ;&zϮϯ͗Ψϭϭϲ͘ϮŵŝůůŝŽŶͿĚƵĞƚŽƚŚĞŝŶĐƌĞĂƐĞŝŶƚŚĞdKƉƌĞƐĐƌŝďĞĚŝŶĐŽŵĞƚĂdžŝŶƐƚĂůŵĞŶƚƌĂƚĞ͘WĂƌƚŽĨƚŚŝƐ
ĞdžĐĞƐƐŝƐĞdžƉĞĐƚĞĚƚŽďĞƌĞĨƵŶĚĞĚƵƉŽŶůŽĚŐĞŵĞŶƚŽĨthe Group’s&zϮϰŝŶĐŽŵĞƚĂdžƌĞƚƵƌŶƐ͘
dĂdžĐŽŶƐŽůŝĚĂƚŝŽŶ
DĞƚĐĂƐŚ>ŝŵŝƚĞĚĂŶĚŝƚƐϭϬϬйŽǁŶĞĚƵƐƚƌĂůŝĂŶƌĞƐŝĚĞŶƚƐƵďƐŝĚŝĂƌŝĞƐĨŽƌŵĞĚĂƚĂdžĐŽŶƐŽůŝĚĂƚĞĚŐƌŽƵƉǁŝƚŚĞĨĨĞĐƚĨƌŽŵϭ:ƵůLJϮϬϬϱ͘
DĞƚĐĂƐŚ>ŝŵŝƚĞĚŝƐƚŚĞŚĞĂĚĞŶƚŝƚLJŽĨƚŚĞƚĂdžĐŽŶƐŽůŝĚĂƚĞĚŐƌŽƵƉ͘DĞŵďĞƌƐŽĨƚŚĞŐƌŽƵƉŚĂǀĞĞŶƚĞƌĞĚŝŶƚŽĂƚĂdžƐŚĂƌŝŶŐĂƌƌĂŶŐĞŵĞŶƚŝŶ
ŽƌĚĞƌƚŽĂůůŽĐĂƚĞŝŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞƚŽƚŚĞǁŚŽůůLJŽǁŶĞĚƐƵďƐŝĚŝĂƌŝĞƐŽŶĂŵŽĚŝĨŝĞĚƐƚĂŶĚĂůŽŶĞďĂƐŝƐ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĂŐƌĞĞŵĞŶƚ
ƉƌŽǀŝĚĞƐĨŽƌƚŚĞĂůůŽĐĂƚŝŽŶŽĨŝŶĐŽŵĞƚĂdžůŝĂďŝůŝƚŝĞƐďĞƚǁĞĞŶƚŚĞĞŶƚŝƚŝĞƐƐŚŽƵůĚƚŚĞŚĞĂĚĞŶƚŝƚLJĚĞĨĂƵůƚŽŶŝƚƐƚĂdžƉĂLJŵĞŶƚŽďůŝŐĂƚŝŽŶƐ͘
dĂdžĞĨĨĞĐƚĂĐĐŽƵŶƚŝŶŐďLJŵĞŵďĞƌƐŽĨƚŚĞƚĂdžĐŽŶƐŽůŝĚĂƚĞĚŐƌŽƵƉ
DĞŵďĞƌƐŽĨƚŚĞƚĂdžĐŽŶƐŽůŝĚĂƚĞĚŐƌŽƵƉŚĂǀĞĞŶƚĞƌĞĚŝŶƚŽĂƚĂdžĨƵŶĚŝŶŐĂŐƌĞĞŵĞŶƚ͘dŚĞƚĂdžĨƵŶĚŝŶŐĂŐƌĞĞŵĞŶƚƉƌŽǀŝĚĞƐĨŽƌƚŚĞ
ĂůůŽĐĂƚŝŽŶŽĨĐƵƌƌĞŶƚƚĂdžĞƐƚŽŵĞŵďĞƌƐŽĨƚŚĞƚĂdžĐŽŶƐŽůŝĚĂƚĞĚŐƌŽƵƉŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂŐƌŽƵƉĂůůŽĐĂƚŝŽŶŵĞƚŚŽĚƵƐŝŶŐŵŽĚŝĨŝĞĚ
ƐƚĂŶĚĂůŽŶĞƚĂdžĐĂůĐƵůĂƚŝŽŶƐĂƐƚŚĞďĂƐŝƐĨŽƌĂůůŽĐĂƚŝŽŶ͘ĞĨĞƌƌĞĚƚĂdžĞƐŽĨŵĞŵďĞƌƐŽĨƚŚĞƚĂdžĐŽŶƐŽůŝĚĂƚĞĚŐƌŽƵƉĂƌĞŵĞĂƐƵƌĞĚĂŶĚ
ƌĞĐŽŐŶŝƐĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƉƌŝŶĐŝƉůĞƐŽĨ^ϭϭϮ/ŶĐŽŵĞdĂdžĞƐ͘
hŶĚĞƌƚŚĞƚĂdžĨƵŶĚŝŶŐĂŐƌĞĞŵĞŶƚ͕ĨƵŶĚŝŶŐŝƐďĂƐĞĚƵƉŽŶƚŚĞĂŵŽƵŶƚƐĂůůŽĐĂƚĞĚĂŶĚƌĞĐŽŐŶŝƐĞĚďLJƚŚĞŵĞŵďĞƌĞŶƚŝƚŝĞƐ͘ĐĐŽƌĚŝŶŐůLJ͕
funding results in an increase/decrease in the subsidiaries’ intercompany accounts with the tax consolidated group head ĞŶƚŝƚLJ͕DĞƚĐĂƐŚ
>ŝŵŝƚĞĚ͘
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Metcash Annual Report 2024
78

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ƵƌƌĞŶƚƚĂdžĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĨŽƌƚŚĞĐƵƌƌĞŶƚĂŶĚƉƌŝŽƌƉĞƌŝŽĚƐĂƌĞŵĞĂƐƵƌĞĚĂƚƚŚĞĂŵŽƵŶƚĞdžƉĞĐƚĞĚƚŽďĞƌĞĐŽǀĞƌĞĚĨƌŽŵŽƌ
ƉĂŝĚƚŽƚŚĞƚĂdžĂƚŝŽŶĂƵƚŚŽƌŝƚLJ͘dŚĞƚĂdžƌĂƚĞƐĂŶĚƚĂdžůĂǁƐƵƐĞĚƚŽĐŽŵƉƵƚĞƚŚĞĂŵŽƵŶƚĂƌĞƚŚŽƐĞƚŚĂƚĂƌĞĞŶĂĐƚĞĚŽƌƐƵďƐƚĂŶƚŝǀĞůLJ
ĞŶĂĐƚĞĚďLJƚŚĞƌĞůĞǀĂŶƚƌĞƉŽƌƚŝŶŐĚĂƚĞ͘
ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂƌĞƌĞĐŽŐŶŝƐĞĚĨŽƌĂůůĚĞĚƵĐƚŝďůĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐ͕ĐĂƌƌLJͲĨŽƌǁĂƌĚƵŶƵƐĞĚƚĂdžĂƐƐĞƚƐĂŶĚƵŶƵƐĞĚƚĂdžůŽƐƐĞƐ͕
ƚŽƚŚĞĞdžƚĞŶƚƚŚĂƚŝƚŝƐƉƌŽďĂďůĞƚŚĂƚƚĂdžĂďůĞƉƌŽĨŝƚǁŝůůďĞĂǀĂŝůĂďůĞĂŐĂŝŶƐƚǁŚŝĐŚƚŚĞĚĞĚƵĐƚŝďůĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐ͕ĂŶĚƚŚĞ
ĐĂƌƌLJͲĨŽƌǁĂƌĚŽĨƵŶƵƐĞĚƚĂdžĂƐƐĞƚƐĂŶĚƵŶƵƐĞĚƚĂdžůŽƐƐĞƐĐĂŶďĞƵƚŝůŝƐĞĚ͗
–
ĞdžĐĞƉƚǁŚĞƌĞƚŚĞĚĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdžĂƐƐĞƚƌĞůĂƚŝŶŐƚŽƚŚĞĚĞĚƵĐƚŝďůĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞĂƌŝƐĞƐĨƌŽŵƚŚĞŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶ
ŽĨĂŶĂƐƐĞƚŽƌůŝĂďŝůŝƚLJŝŶĂƚƌĂŶƐĂĐƚŝŽŶƚŚĂƚŝƐŶŽƚĂďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶĂŶĚ͕ĂƚƚŚĞƚŝŵĞŽĨƚŚĞƚƌĂŶƐĂĐƚŝŽŶ͕ĂĨĨĞĐƚƐŶĞŝƚŚĞƌƚŚĞ
ĂĐĐŽƵŶƚŝŶŐŶŽƌƚĂdžĂďůĞƉƌŽĨŝƚŽƌůŽƐƐ͖ĂŶĚ
–
ŝŶƌĞƐƉĞĐƚŽĨĚĞĚƵĐƚŝďůĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚŝŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌŝĞƐ͕ĂƐƐŽĐŝĂƚĞƐĂŶĚŝŶƚĞƌĞƐƚƐŝŶũŽŝŶƚ
ǀĞŶƚƵƌĞƐ͕ĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂƌĞŽŶůLJƌĞĐŽŐŶŝƐĞĚƚŽƚŚĞĞdžƚĞŶƚƚŚĂƚŝƚŝƐƉƌŽďĂďůĞƚŚĂƚƚŚĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐǁŝůůƌĞǀĞƌƐĞŝŶ
ƚŚĞĨŽƌĞƐĞĞĂďůĞĨƵƚƵƌĞĂŶĚƚĂdžĂďůĞƉƌŽĨŝƚǁŝůůďĞĂǀĂŝůĂďůĞĂŐĂŝŶƐƚǁŚŝĐŚƚŚĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐĐĂŶďĞƵƚŝůŝƐĞĚ͘
dŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐŝƐƌĞǀŝĞǁĞĚĂƚĞĂĐŚƌĞƉŽƌƚŝŶŐĚĂƚĞĂŶĚƌĞĚƵĐĞĚƚŽƚŚĞĞdžƚĞŶƚƚŚĂƚŝƚŝƐŶŽůŽŶŐĞƌƉƌŽďĂďůĞ
ƚŚĂƚƐƵĨĨŝĐŝĞŶƚƚĂdžĂďůĞƉƌŽĨŝƚǁŝůůďĞĂǀĂŝůĂďůĞƚŽĂůůŽǁĂůůŽƌƉĂƌƚŽĨƚŚĞĚĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdžĂƐƐĞƚƚŽďĞƵƚŝůŝƐĞĚ͘
ϯ͘ϱ͘ ĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ
dŚĞĨŽůůŽǁŝŶŐƌĞĨůĞĐƚƐƚŚĞĞĂƌŶŝŶŐƐĚĂƚĂƵƐĞĚŝŶƚŚĞďĂƐŝĐĂŶĚĚŝůƵƚĞĚĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ;W^ͿĐŽŵƉƵƚĂƚŝŽŶƐ͗
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dŚĞĨŽůůŽǁŝŶŐƌĞĨůĞĐƚƐƚŚĞƐŚĂƌĞĚĂƚĂƵƐĞĚŝŶƚŚĞďĂƐŝĐĂŶĚĚŝůƵƚĞĚW^ĐŽŵƉƵƚĂƚŝŽŶƐ͗
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tĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨŽƌĚŝŶĂƌLJƐŚĂƌĞƐƵƐĞĚŝŶĐĂůĐƵůĂƚŝŶŐďĂƐŝĐW^
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ĨĨĞĐƚŽĨĚŝůƵƚŝǀĞƐĞĐƵƌŝƚŝĞƐ
Ϯ͕ϲϮϮ͕ϵϯϱ
ϯ͕ϭϰϭ͕ϳϭϯ
tĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨŽƌĚŝŶĂƌLJƐŚĂƌĞƐƵƐĞĚŝŶĐĂůĐƵůĂƚŝŶŐĚŝůƵƚĞĚW^
ϵϵϵ͕ϳϳϭ͕ϱϱϱ
ϵϲϴ͕ϲϴϯ͕ϯϭϱ
ƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ͕ϱ͕ϳϯϰ͕ϬϯϴƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐ;ĐŽŶƚŝŶŐĞŶƚůLJŝƐƐƵĂďůĞƐŚĂƌĞƐͿ;&zϮϯ͗ϳ͕Ϭϲϰ͕ϮϴϵͿǁĞƌĞŽƵƚƐƚĂŶĚŝŶŐ͕ŽĨǁŚŝĐŚ
ϯ͕ϭϭϭ͕ϭϬϯ;&zϮϯ͗ϯ͕ϵϮϮ͕ϱϳϲͿǁĞƌĞŶŽƚŝŶĐůƵĚĞĚŝŶƚŚĞĐĂůĐƵůĂƚŝŽŶŽĨĚŝůƵƚĞĚW^͘ZĞĨĞƌƚŽŶŽƚĞϳ͘ϭĨŽƌŵŽƌĞĚĞƚĂŝůƐĂďŽƵƚƉĞƌĨŽƌŵĂŶĐĞ
ƌŝŐŚƚƐ͘
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ĂƐŝĐĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞŝƐĐĂůĐƵůĂƚĞĚĂƐŶĞƚƉƌŽĨŝƚĂƚƚƌŝďƵƚĂďůĞƚŽŵĞŵďĞƌƐŽĨƚŚĞƉĂƌĞŶƚ͕ĂĚũƵƐƚĞĚƚŽĞdžĐůƵĚĞĂŶLJĐŽƐƚƐŽĨƐĞƌǀŝĐŝŶŐ
ĞƋƵŝƚLJĚŝǀŝĚĞĚďLJƚŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨŽƌĚŝŶĂƌLJƐŚĂƌĞƐ͕ĂĚũƵƐƚĞĚĨŽƌĂŶLJďŽŶƵƐĞůĞŵĞŶƚ͘
ŝůƵƚĞĚĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞĂƌĞĐĂůĐƵůĂƚĞĚĂƐŶĞƚƉƌŽĨŝƚĂƚƚƌŝďƵƚĂďůĞƚŽŵĞŵďĞƌƐŽĨƚŚĞƉĂƌĞŶƚ͕ĂĚũƵƐƚĞĚĨŽƌ͗
–
ĐŽƐƚƐŽĨƐĞƌǀŝĐŝŶŐĞƋƵŝƚLJ;ŽƚŚĞƌƚŚĂŶĚŝǀŝĚĞŶĚƐͿ͖
–
ƚŚĞĂĨƚĞƌͲƚĂdžĞĨĨĞĐƚŽĨĚŝǀŝĚĞŶĚƐĂŶĚŝŶƚĞƌĞƐƚĂƐƐŽĐŝĂƚĞĚǁŝƚŚĚŝůƵƚŝǀĞƉŽƚĞŶƚŝĂůŽƌĚŝŶĂƌLJƐŚĂƌĞƐƚŚĂƚŚĂǀĞďĞĞŶƌĞĐŽŐŶŝƐĞĚĂƐ
ĞdžƉĞŶƐĞƐ͖ĂŶĚ
–
ŽƚŚĞƌŶŽŶͲĚŝƐĐƌĞƚŝŽŶĂƌLJĐŚĂŶŐĞƐŝŶƌĞǀĞŶƵĞƐŽƌĞdžƉĞŶƐĞƐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚƚŚĂƚǁŽƵůĚƌĞƐƵůƚĨƌŽŵƚŚĞĚŝůƵƚŝŽŶŽĨƉŽƚĞŶƚŝĂů
ŽƌĚŝŶĂƌLJƐŚĂƌĞƐ͕ĚŝǀŝĚĞĚďLJƚŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨŽƌĚŝŶĂƌLJƐŚĂƌĞƐĂŶĚĚŝůƵƚŝǀĞƉŽƚĞŶƚŝĂůŽƌĚŝŶĂƌLJƐŚĂƌĞƐ͕ĂĚũƵƐƚĞĚĨŽƌ
ĂŶLJďŽŶƵƐĞůĞŵĞŶƚ͘ŽŶƚŝŶŐĞŶƚůLJŝƐƐƵĂďůĞŽƌĚŝŶĂƌLJƐŚĂƌĞƐĂƌĞŝŶĐůƵĚĞĚŝŶƚŚĞĚŝůƵƚĞĚǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨƐŚĂƌĞƐŽŶůLJ
ŝĨƚŚĞƌĞůĞǀĂŶƚĐŽŶĚŝƚŝŽŶŽĨƚŚĞŝƐƐƵĞŝƐƐĂƚŝƐĨŝĞĚĂƚƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͘
79
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ϰ͘ϭ͘ dƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐĂŶĚĐƵƐƚŽŵĞƌůŽĂŶƐ
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ĐĐŽƵŶƚƐǁƌŝƚƚĞŶŽĨĨĂƐŶŽŶͲƌĞĐŽǀĞƌĂďůĞ
;ϴ͘ϭͿ
;ϭϱ͘ϲͿ
ůŽƐŝŶŐďĂůĂŶĐĞ
ϰϵ͘Ϯ
ϱϮ͘ϴ
tĞŝŐŚƚĞĚĂǀĞƌĂŐĞŝŶƚĞƌĞƐƚ
dƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐĂƌĞŶŽŶͲŝŶƚĞƌĞƐƚͲďĞĂƌŝŶŐĂŶĚƌĞƉĂLJŵĞŶƚƚĞƌŵƐǀĂƌLJďLJƉŝůůĂƌ͘ƐĂƚϯϬƉƌŝůϮϬϮϰ͕Ψϳ͘ϲŵŝůůŝŽŶ;&zϮϯ͗Ψϱ͘ϱ
ŵŝůůŝŽŶͿŽĨĐƵƐƚŽŵĞƌůŽĂŶƐĂƌĞŶŽŶͲŝŶƚĞƌĞƐƚͲďĞĂƌŝŶŐĂŶĚΨϭϬ͘ϮŵŝůůŝŽŶ;&zϮϯ͗ΨϭϬ͘ϲŵŝůůŝŽŶͿŽĨĐƵƐƚŽŵĞƌůŽĂŶƐŚĂǀĞĂǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞ
ĂŶŶƵĂůŝŶƚĞƌĞƐƚƌĂƚĞŽĨϳ͘ϭй;&zϮϯ͗ϳ͘ϮйͿ͘
DĂƚƵƌŝƚLJŽĨƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐ
ƚϯϬƉƌŝůϮϬϮϰ͕ϵϲ͘ϵй;&zϮϯ͗ϴϵ͘ϮйͿŽĨƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐĂƌĞĞŝƚŚĞƌĚƵĞŽƌƌĞƋƵŝƌĞĚƚŽďĞƐĞƚƚůĞĚǁŝƚŚŝŶϯϬĚĂLJƐ͕ϭ͘Ϭй;&zϮϯ͗ϵ͘ϳйͿ
ŚĂǀĞƚĞƌŵƐĞdžƚĞŶĚŝŶŐĨƌŽŵϯϬƚŽϲϬĚĂLJƐĂŶĚϮ͘ϭй;&zϮϯ͗ϭ͘ϭйͿŚĂǀĞƚĞƌŵƐŐƌĞĂƚĞƌƚŚĂŶϲϬĚĂLJƐ͘
ƵƐƚŽŵĞƌĐŚĂƌŐĞĐĂƌĚƐĂŐƌĞĞŵĞŶƚ
hŶĚĞƌĂŶĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶDĞƚĐĂƐŚĂŶĚŵĞƌŝĐĂŶdžƉƌĞƐƐ;ŵĞdžͿ͕ĞůŝŐŝďůĞƌĞƚĂŝůĐƵƐƚŽŵĞƌƐŵĂŬĞƚƌĂĚĞƉƵƌĐŚĂƐĞƐĨƌŽŵDĞƚĐĂƐŚ
using their Amex customer charge cards. Metcash’s trade receivable is settled in full by Amex. Amex subsequently collects theĂŵŽƵŶƚƐ
ŽƵƚƐƚĂŶĚŝŶŐŽŶƚŚĞĐƵƐƚŽŵĞƌĐŚĂƌŐĞĐĂƌĚƐĚŝƌĞĐƚůLJĨƌŽŵƚŚĞƌĞƚĂŝůĞƌƐ͘
hŶĚĞƌƚŚĞĂŐƌĞĞŵĞŶƚ͕ŝŶƚŚĞĞǀĞŶƚĂĐƵƐƚŽŵĞƌĚĞĨĂƵůƚƐŽŶƚŚĞŝƌƉĂLJŵĞŶƚŽďůŝŐĂƚŝŽŶƚŽŵĞdž͕DĞƚĐĂƐŚŵƵƐƚƌĞĂĐƋƵŝƌĞƚŚĞƚƌĂĚĞ
ƌĞĐĞŝǀĂďůĞĨƌŽŵŵĞdž͘dŚĞŵĂdžŝŵƵŵĂŵŽƵŶƚƉĂLJĂďůĞďLJDĞƚĐĂƐŚƚŽŵĞdžŝƐůŝŵŝƚĞĚƚŽƚŚĞĂĐƚƵĂůĨĂĐĞǀĂůƵĞŽĨƚŚĞŽƵƚƐƚĂŶĚŝŶŐƚƌĂĚĞ
ƌĞĐĞŝǀĂďůĞĂŶĚĚŽĞƐŶŽƚŝŶĐůƵĚĞĂŶLJŝŶƚĞƌĞƐƚŽƌĂŶLJŽƚŚĞƌĐŽƐƚƐŝŶĐƵƌƌĞĚďLJŵĞdž͘KŶĐĞƌĞĂĐƋƵŝƌĞĚ͕DĞƚĐĂƐŚǁŽƵůĚƐĞĞŬƚŽĐŽůůĞĐƚƚŚĞ
ƚƌĂĚĞƌĞĐĞŝǀĂďůĞĨƌŽŵƚŚĞƌĞƚĂŝůĐƵƐƚŽŵĞƌƚŚƌŽƵŐŚŝƚƐŶŽƌŵĂůĐƌĞĚŝƚƉƌŽĐĞƐƐĞƐ͘
dŚĞĂŐƌĞĞŵĞŶƚǁĂƐƌĞŶĞǁĞĚĚƵƌŝŶŐƚŚĞƉƌŝŽƌLJĞĂƌĂŶĚŽƉĞƌĂƚĞƐŽŶĂŶĞǀĞƌŐƌĞĞŶďĂƐŝƐƵŶƚŝůĞŝƚŚĞƌDĞƚĐĂƐŚŽƌŵĞdžƉƌŽǀŝĚĞƐĂϭϮͲ
ŵŽŶƚŚŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͘dŚĞĞĂƌůŝĞƐƚĚĂƚĞŽŶǁŚŝĐŚƚŚĞĂŐƌĞĞŵĞŶƚĐŽƵůĚďĞĐĂŶĐĞůůĞĚŝƐϯϬ:ƵŶĞϮϬϮϱ͘
dŚĞĐƵƐƚŽŵĞƌĐŚĂƌŐĞĐĂƌĚƐĂŐƌĞĞŵĞŶƚŝƐƉƌĞƐĞŶƚĞĚĂƐƉĂƌƚŽĨĐƵƌƌĞŶƚƚƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐĂŶĚĂŵĂƚĐŚŝŶŐĐƵƌƌĞŶƚůŝĂďŝůŝƚLJŽĨ
ΨϮϯϱ͘ϲŵŝůůŝŽŶ;&zϮϯ͗ΨϮϯϮ͘ϱmillion) is included within trade and other payables, with no impact to the Group’s net asset position.

ƵƐƚŽŵĞƌůŽĂŶƐĞĐƵƌŝƚLJ
dŚĞ'ƌŽƵƉŚĂƐĂĐĐĞƐƐƚŽƐĞĐƵƌŝƚLJĂŐĂŝŶƐƚŵŽƐƚĐƵƐƚŽŵĞƌůŽĂŶƐŝŶƚŚĞĞǀĞŶƚŽĨĚĞĨĂƵůƚ͘^ĞĐƵƌŝƚLJŚĞůĚŵĂLJŝŶĐůƵĚĞďĂŶŬĂŶĚƉĞƌƐŽŶĂů
ŐƵĂƌĂŶƚĞĞƐ͕ĨŝdžĞĚĂŶĚĨůŽĂƚŝŶŐĐŚĂƌŐĞƐĂŶĚƐĞĐƵƌŝƚLJŽǀĞƌƉƌŽƉĞƌƚLJĂŶĚŽƚŚĞƌĂƐƐĞƚƐ͘ƵĞƚŽƚŚĞůĂƌŐĞŶƵŵďĞƌĂŶĚƚŚĞǀĂƌŝĞĚŶĂƚƵƌĞŽĨ
ƐĞĐƵƌŝƚLJŚĞůĚ͕ƚŚĞŝƌĨĂŝƌǀĂůƵĞĐĂŶŶŽƚďĞƉƌĂĐƚŝĐĂďůLJĞƐƚŝŵĂƚĞĚ͘dŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞƐĞĐƵƌŝƚLJĂŐĂŝŶƐƚĂůŽĂŶŝƐĚĞƚĞƌŵŝŶĞĚǁŚĞŶƚŚĞůŽĂŶŝƐ
ŶŽƚĚĞĞŵĞĚƚŽďĞƌĞĐŽǀĞƌĂďůĞĂŶĚĂŶĂůůŽǁĂŶĐĞĨŽƌŝŵƉĂŝƌŵĞŶƚůŽƐƐŝƐƌĂŝƐĞĚƚŽĐŽǀĞƌĂŶLJĚĞĨŝĐŝƚŝŶƌĞĐŽǀĞƌĂďŝůŝƚLJ͘
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Metcash Annual Report 2024
80

ŐĞŝŶŐŽĨƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐĂŶĚůŽĂŶƐ͕ŶĞƚ
dƌĂĚĞƌĞĐĞŝǀĂďůĞƐ;ĂͿ
ƵƐƚŽŵĞƌůŽĂŶƐ
KƚŚĞƌƌĞĐĞŝǀĂďůĞƐ
ĂŶĚƉƌĞƉĂLJŵĞŶƚƐ
ĂLJƐŽǀĞƌĚƵĞ
Ψŵ
й
Ψŵ
й
Ψŵ
й
dϯϬWZ/>ϮϬϮϰ
EĞŝƚŚĞƌƉĂƐƚĚƵĞŶŽƌŝŵƉĂŝƌĞĚ
ϭ͕ϱϮϮ͘ϳ
ϵϭ͘ϵй
ϭϰ͘ϳ
ϵϲ͘Ϭй
Ϯϰϴ͘ϳ
ϭϬϬ͘Ϭй
>ĞƐƐƚŚĂŶϯϬĚĂLJƐ
ϭϭϰ͘ϲ
ϲ͘ϵй
Ϭ͘ϭ
Ϭ͘ϳй
—
—
ĞƚǁĞĞŶϯϬĂŶĚϲϬĚĂLJƐ
ϭϲ͘ϭ
ϭ͘Ϭй
—
—
—
—
ĞƚǁĞĞŶϲϬĂŶĚϵϬĚĂLJƐ
ϰ͘ϭ
Ϭ͘Ϯй
Ϭ͘ϭ
Ϭ͘ϳй
—
—
ĞƚǁĞĞŶϵϬĂŶĚϭϮϬĚĂLJƐ
—
—
—
—
—
—
DŽƌĞƚŚĂŶϭϮϬĚĂLJƐ
—
—
Ϭ͘ϰ
Ϯ͘ϲй
—
—
dŽƚĂů
ϭ͕ϲϱϳ͘ϱ
ϭϬϬ͘Ϭй
ϭϱ͘ϯ
ϭϬϬ͘Ϭй
Ϯϰϴ͘ϳ
ϭϬϬ͘Ϭй
dϯϬWZ/>ϮϬϮϯ
EĞŝƚŚĞƌƉĂƐƚĚƵĞŶŽƌŝŵƉĂŝƌĞĚ
ϭ͕ϰϴϱ͘ϭ
ϵϰ͘ϯй
ϭϭ͘ϱ
ϴϴ͘ϳй
ϭϴϵ͘ϯ
ϭϬϬ͘Ϭй
>ĞƐƐƚŚĂŶϯϬĚĂLJƐ
ϴϬ͘ϯ
ϱ͘ϭй
Ϭ͘ϭ
Ϭ͘ϴй
—
—
ĞƚǁĞĞŶϯϬĂŶĚϲϬĚĂLJƐ
ϴ͘ϭ
Ϭ͘ϱй
Ϭ͘ϭ
Ϭ͘ϴй
—
—
ĞƚǁĞĞŶϲϬĂŶĚϵϬĚĂLJƐ
ϭ͘ϵ
Ϭ͘ϭй
—
—
—
—
ĞƚǁĞĞŶϵϬĂŶĚϭϮϬĚĂLJƐ
—
—
—
—
—
—
DŽƌĞƚŚĂŶϭϮϬĚĂLJƐ
—
—
ϭ͘ϯ
ϵ͘ϳй
—
—
dŽƚĂů
ϭ͕ϱϳϱ͘ϰ
ϭϬϬ͘Ϭй
ϭϯ͘Ϭ
ϭϬϬ͘Ϭй
ϭϴϵ͘ϯ
ϭϬϬ͘Ϭй
;ĂͿ
dŚĞĂŐĞŝŶŐƉƌŽĨŝůĞŽĨƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐŝŶĐůƵĚĞƐĂŵŽƵŶƚƐƌĞĐĞŝǀĂďůĞƵŶĚĞƌƚŚĞĐƵƐƚŽŵĞƌĐŚĂƌŐĞĐĂƌĚƐĂŐƌĞĞŵĞŶƚ͘
DdZ/>KhEd/E'WK>//^
dƌĂĚĞƌĞĐĞŝǀĂďůĞƐ
Trade receivables are measured at the transaction price determined under the ‘^ĂůĞƐRevenue’ ŵĂƚĞƌŝĂůĂĐĐŽƵŶƚŝŶŐƉŽůŝĐLJ
;EŽƚĞϯ͘ϮͿ͘
ůůŽǁĂŶĐĞĨŽƌŝŵƉĂŝƌŵĞŶƚůŽƐƐ
dŚĞ'ƌŽƵƉƌĞĐŽŐŶŝƐĞƐĂŶĂůůŽǁĂŶĐĞĨŽƌŝŵƉĂŝƌŵĞŶƚůŽƐƐďĂƐĞĚŽŶĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐĞƐ;>ͿĨŽƌŝƚƐƚƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ͘
dŚĞ'ƌŽƵƉŚĂƐĞƐƚĂďůŝƐŚĞĚĂƉƌŽǀŝƐŝŽŶƌĂƚĞŵĂƚƌŝdž͕ƵŶĚĞƌƚŚĞƐŝŵƉůŝĨŝĞĚĂƉƉƌŽĂĐŚŝŶĐĂůĐƵůĂƚŝŶŐ>͕ƚŚĂƚŝƐďĂƐĞĚŽŶŝƚƐŚŝƐƚŽƌŝĐĂů
ĐƌĞĚŝƚůŽƐƐĞdžƉĞƌŝĞŶĐĞ͕ĂĚũƵƐƚĞĚĨŽƌĨŽƌǁĂƌĚͲůŽŽŬŝŶŐĨĂĐƚŽƌƐƐƉĞĐŝĨŝĐƚŽĂŐƌŽƵƉŽĨĚĞďƚŽƌƐĂŶĚƚŚĞĞĐŽŶŽŵŝĐĞŶǀŝƌŽŶŵĞŶƚ͘
^/'E/&/EdKhEd/E'^d/Dd^
ůůŽǁĂŶĐĞĨŽƌŝŵƉĂŝƌŵĞŶƚůŽƐƐ
dŚĞ'ƌŽƵƉƵƐĞƐĂƉƌŽǀŝƐŝŽŶƌĂƚĞŵĂƚƌŝdžƚŽĐĂůĐƵůĂƚĞ>ƐĨŽƌƌĞĐĞŝǀĂďůĞƐ͘dŚĞƉƌŽǀŝƐŝŽŶƌĂƚĞƐĂƌĞŝŶŝƚŝĂůůLJďĂƐĞĚŽŶƚŚĞ'ƌŽƵp’s 
ŚŝƐƚŽƌŝĐĂůŽďƐĞƌǀĞĚĚĞĨĂƵůƚƌĂƚĞƐ͘dŚĞ'ƌŽƵƉǁŝůůĐĂůŝďƌĂƚĞƚŚĞŵĂƚƌŝdžƚŽĂĚũƵƐƚƚŚĞŚŝƐƚŽƌŝĐĂůĐƌĞĚŝƚůŽƐƐĞdžƉĞƌŝĞŶĐĞǁŝƚŚĨŽƌǁĂƌĚͲ
ůŽŽŬŝŶŐŝŶĨŽƌŵĂƚŝŽŶ;Ğ͘Ő͕͘ĂŶLJŬŶŽǁŶĐŚĂŶŐĞƐŝŶŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐǁŝƚŚƌĞĨĞƌĞŶĐĞƚŽƚŚĞŵŽƐƚƌĞĐĞŶƚŐƌŽƐƐĚŽŵĞƐƚŝĐƉƌŽĚƵĐƚĚĂƚĂͿ͘
ƚĞǀĞƌLJƌĞƉŽƌƚŝŶŐĚĂƚĞ͕ƚŚĞŚŝƐƚŽƌŝĐĂůŽďƐĞƌǀĞĚĚĞĨĂƵůƚƌĂƚĞƐĂƌĞƵƉĚĂƚĞĚĂŶĚĐŚĂŶŐĞƐŝŶƚŚĞĨŽƌǁĂƌĚͲůŽŽŬŝŶŐĞƐƚŝŵĂƚĞƐĂƌĞ
ĂŶĂůLJƐĞĚ͘
dŚĞĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞĐŽƌƌĞůĂƚŝŽŶďĞƚǁĞĞŶŚŝƐƚŽƌŝĐĂůŽďƐĞƌǀĞĚĚĞĨĂƵůƚƌĂƚĞƐ͕ĨŽƌĞĐĂƐƚĞĐŽŶŽŵŝĐĐŽŶĚŝƚŝŽŶƐĂŶĚ>ƐŝƐĂƐŝŐŶŝĨŝĐĂŶƚ
estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Group’s histoƌŝĐĂů
credit loss experience and forecast of economic conditions may also not be representative of customer’s actual default in theĨƵƚƵƌĞ͘
81
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ϰ͘Ϯ͘ ZŝŐŚƚͲŽĨͲƵƐĞĂƐƐĞƚƐ͕ůĞĂƐĞƌĞĐĞŝǀĂďůĞƐĂŶĚůĞĂƐĞůŝĂďŝůŝƚŝĞƐ
ZŝŐŚƚͲŽĨͲƵƐĞĂƐƐĞƚƐ;ĂͿ
>ĞĂƐĞŚŽůĚ
ƉƌŽƉĞƌƚŝĞƐ
Ψŵ
DŽƚŽƌ
ǀĞŚŝĐůĞƐĂŶĚ
ĞƋƵŝƉŵĞŶƚ
Ψŵ
dŽƚĂů
Ψŵ
>ĞĂƐĞ
ƌĞĐĞŝǀĂďůĞƐ
;ďͿ;ĐͿ
Ψŵ
>ĞĂƐĞ
ůŝĂďŝůŝƚŝĞƐ
Ψŵ
ƐĂƚϭDĂLJϮϬϮϯ
ϱϴϯ͘ϲ
ϯϯ͘ϭ
ϲϭϲ͘ϳ
Ϯϱϳ͘ϲ
;ϭ͕Ϭϰϵ͘ϰͿ
EĞǁĂŶĚŵŽĚŝĨŝĞĚůĞĂƐĞƐ
ϰϵ͘ϴ
ϱ͘ϰ
ϱϱ͘Ϯ
Ϭ͘ϲ
;ϱϲ͘ϭͿ
ĚĚŝƚŝŽŶƐƚŚƌŽƵŐŚďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶƐ
ϰϲ͘Ϭ
—
ϰϲ͘Ϭ
—
;ϰϲ͘ϬͿ
>ĞĂƐĞƐĞdžŝƚĞĚ
;ϭ͘ϯͿ
—
;ϭ͘ϯͿ
;Ϯ͘ϲͿ
ϰ͘Ϯ
>ĞĂƐĞƌĞŵĞĂƐƵƌĞŵĞŶƚƐ
ϱϯ͘ϴ
Ϭ͘ϳ
ϱϰ͘ϱ
ϭϭ͘ϭ
;ϲϲ͘ϴͿ
ĞƉƌĞĐŝĂƚŝŽŶ
;ϭϭϬ͘ϲͿ
;ϭϮ͘ϴͿ
;ϭϮϯ͘ϰͿ
—
—
/ŵƉĂŝƌŵĞŶƚƐ
;ϭ͘ϰͿ
—
;ϭ͘ϰͿ
;ϯ͘ϵͿ
—
ĂƐŚ;ƌĞĐĞŝƉƚƐͿͬƉĂLJŵĞŶƚƐ
—
—
—
;ϱϮ͘ϬͿ
ϮϬϬ͘ϱ
&ŝŶĂŶĐŝŶŐĐŽŵƉŽŶĞŶƚŽĨůĞĂƐĞƌĞĐĞŝƉƚƐͬ;ƉĂLJŵĞŶƚƐͿ
—
—
—
ϭϭ͘ϱ
;ϰϴ͘ϮͿ
ƐĂƚϯϬƉƌŝůϮϬϮϰ
ϲϭϵ͘ϵ
Ϯϲ͘ϰ
ϲϰϲ͘ϯ
ϮϮϮ͘ϯ
;ϭ͕Ϭϲϭ͘ϴͿ
ƵƌƌĞŶƚ
—
—
—
ϯϵ͘ϱ
;ϭϲϰ͘ϮͿ
EŽŶͲĐƵƌƌĞŶƚ
ϲϭϵ͘ϵ
Ϯϲ͘ϰ
ϲϰϲ͘ϯ
ϭϴϮ͘ϴ
;ϴϵϳ͘ϲͿ
ƐĂƚϭDĂLJϮϬϮϮ
ϱϳϰ͘ϵ
ϰϬ͘ϱ
ϲϭϱ͘ϰ
Ϯϳϱ͘ϭ
;ϭ͕ϬϯϬ͘ϲͿ
EĞǁĂŶĚŵŽĚŝĨŝĞĚůĞĂƐĞƐ
ϱϰ͘ϳ
ϯ͘ϰ
ϱϴ͘ϭ
Ϯ͘ϱ
;ϲϭ͘ϬͿ
ĚĚŝƚŝŽŶƐƚŚƌŽƵŐŚďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶƐ
ϭϲ͘ϲ
—
ϭϲ͘ϲ
—
;ϭϲ͘ϲͿ
>ĞĂƐĞƐĞdžŝƚĞĚ
;ϭ͘ϱͿ
—
;ϭ͘ϱͿ
;ϲ͘ϮͿ
ϲ͘ϲ
>ĞĂƐĞƌĞĐĞŝǀĂďůĞŵĞĂƐƵƌĞŵĞŶƚ
—
—
—
ϯ͘ϵ
—
>ĞĂƐĞƌĞŵĞĂƐƵƌĞŵĞŶƚƐ
ϰϬ͘ϲ
ϯ͘ϯ
ϰϯ͘ϵ
Ϯϳ͘ϭ
;ϳϬ͘ϬͿ
ĞƉƌĞĐŝĂƚŝŽŶ
;ϵϴ͘ϲͿ
;ϭϰ͘ϭͿ
;ϭϭϮ͘ϳͿ
—
—
ZĞĐůĂƐƐŝĨŝĐĂƚŝŽŶƐ
;Ϭ͘ϮͿ
—
;Ϭ͘ϮͿ
;ϭ͘ϵͿ
Ϯ͘ϯ
/ŵƉĂŝƌŵĞŶƚƐ͕ŶĞƚ
;Ϯ͘ϵͿ
—
;Ϯ͘ϵͿ
Ϭ͘ϭ
Ϭ͘ϭ
ĂƐŚ;ƌĞĐĞŝƉƚƐͿͬƉĂLJŵĞŶƚƐ
—
—
—
;ϱϱ͘ϴͿ
ϭϲϲ͘ϴ
&ŝŶĂŶĐŝŶŐĐŽŵƉŽŶĞŶƚŽĨůĞĂƐĞƌĞĐĞŝƉƚƐͬ;ƉĂLJŵĞŶƚƐͿ
—
—
—
ϭϮ͘ϴ
;ϰϳ͘ϬͿ
ƐĂƚϯϬƉƌŝůϮϬϮϯ
ϱϴϯ͘ϲ
ϯϯ͘ϭ
ϲϭϲ͘ϳ
Ϯϱϳ͘ϲ
;ϭ͕Ϭϰϵ͘ϰͿ
ƵƌƌĞŶƚ
—
—
—
ϰϭ͘ϭ
;ϭϰϳ͘ϴͿ
EŽŶͲĐƵƌƌĞŶƚ
ϱϴϯ͘ϲ
ϯϯ͘ϭ
ϲϭϲ͘ϳ
Ϯϭϲ͘ϱ
;ϵϬϭ͘ϲͿ
;ĂͿ dŚĞĐŽƐƚĂŶĚĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚŽĨƚŚĞƌŝŐŚƚͲŽĨͲƵƐĞĂƐƐĞƚƐĂƌĞƉƌĞƐĞŶƚĞĚďĞůŽǁ͗
ZŝŐŚƚͲŽĨͲƵƐĞĂƐƐĞƚƐ
>ĞĂƐĞŚŽůĚ
ƉƌŽƉĞƌƚŝĞƐ
Ψŵ
DŽƚŽƌ
ǀĞŚŝĐůĞƐĂŶĚ
ĞƋƵŝƉŵĞŶƚ
Ψŵ
dŽƚĂů
Ψŵ
ŽƐƚ
ϭ͕ϭϭϯ͘ϰ
ϵϱ͘ϲ
ϭ͕ϮϬϵ͘Ϭ
ĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚ
;ϰϵϯ͘ϱͿ
;ϲϵ͘ϮͿ
;ϱϲϮ͘ϳͿ
ƐĂƚϯϬƉƌŝůϮϬϮϰ
ϲϭϵ͘ϵ
Ϯϲ͘ϰ
ϲϰϲ͘ϯ
ŽƐƚ
ϵϳϭ͘ϰ
ϵϭ͘ϰ
ϭ͕ϬϲϮ͘ϴ
ĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚ
;ϯϴϳ͘ϴͿ
;ϱϴ͘ϯͿ
;ϰϰϲ͘ϭͿ
ƐĂƚϯϬƉƌŝůϮϬϮϯ
ϱϴϯ͘ϲ
ϯϯ͘ϭ
ϲϭϲ͘ϳ
;ďͿ ƐĂƚϯϬƉƌŝůϮϬϮϰ͕ůĞĂƐĞƌĞĐĞŝǀĂďůĞƐŝŶĐůƵĚĞĂŐƌŽƐƐĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨΨϮϰϯ͘ϬŵŝůůŝŽŶ;&zϮϯ͗ΨϮϳϯ͘ϱŵŝůůŝŽŶͿĂŶĚĂůůŽǁĂŶĐĞĨŽƌ
ŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐŽĨΨϮϬ͘ϳŵŝůůŝŽŶ;&zϮϯ͗Ψϭϱ͘ϵŵŝůůŝŽŶͿ͘
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Metcash Annual Report 2024
82

;ĐͿ dŚĞĨƵƚƵƌĞŵŝŶŝŵƵŵƌĞŶƚĂůƐƌĞĐĞŝǀĂďůĞƵŶĚĞƌŶŽŶͲĐĂŶĐĞůůĂďůĞĨŝŶĂŶĐĞůĞĂƐĞƐĂƌĞĂƐĨŽůůŽǁƐ͗
;ĚͿ dŚĞĨƵƚƵƌĞŵŝŶŝŵƵŵƌĞŶƚĂůƐƌĞĐĞŝǀĂďůĞƵŶĚĞƌŶŽŶͲĐĂŶĐĞůůĂďůĞŽƉĞƌĂƚŝŶŐůĞĂƐĞƐĂƌĞĂƐĨŽůůŽǁƐ͗
;ĞͿ >ĞĂƐĞĐĂƐŚƌĞĐĞŝƉƚƐĂŶĚƉĂLJŵĞŶƚƐĂƌĞƉƌĞƐĞŶƚĞĚŝŶƚŚĞĨŽůůŽǁŝŶŐůŝŶĞƐŽĨƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐĂƐŚĨůŽǁƐ͗
;ĨͿ /Ŷ&zϮϰ͕ƚŚĞ'ƌŽƵƉƌĞĐŽŐŶŝƐĞĚƌĞŶƚĞdžƉĞŶƐĞŽĨΨϭϳ͘ϵŵŝůůŝŽŶ;&zϮϯ͗Ψϭϯ͘ϰŵŝůůŝŽŶͿĨƌŽŵƐŚŽƌƚͲƚĞƌŵůĞĂƐĞƐĂŶĚǀĂƌŝĂďůĞůĞĂƐĞ
ƉĂLJŵĞŶƚƐ͘
;ŐͿ džƚĞŶƐŝŽŶŽƉƚŝŽŶƐĂƌĞŝŶĐůƵĚĞĚŝŶĂŶƵŵďĞƌŽĨůĞĂƐĞĐŽŶƚƌĂĐƚƐĂĐƌŽƐƐƚŚĞ'ƌŽƵƉ͘dŚĞƐĞŽƉƚŝŽŶƐĂƌĞŶĞŐŽƚŝĂƚĞĚďLJŵĂŶĂŐĞŵĞŶƚƚŽ
ƉƌŽǀŝĚĞĨůĞdžŝďŝůŝƚLJŝŶŵĂŶĂŐŝŶŐƚŚĞůĞĂƐĞĚͲasset portfolio and align with the Group’s business needs. The extension options are 
ĞdžĞƌĐŝƐĂďůĞŽŶůLJďLJƚŚĞ'ƌŽƵƉĂŶĚŶŽƚďLJƚŚĞůĞƐƐŽƌƐ͘dŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨůĞĂƐĞƉĂLJŵĞŶƚƐƚŽďĞŵĂĚĞƵŶĚĞƌƚŚĞƐĞŽƉƚŝŽŶƐƚŚĂƚĂƌĞ
ĐŽŶƐŝĚĞƌĞĚƌĞĂƐŽŶĂďůLJĐĞƌƚĂŝŶƚŽďĞĞdžĞƌĐŝƐĞĚŚĂǀĞďĞĞŶŝŶĐůƵĚĞĚŝŶƚŚĞůĞĂƐĞůŝĂďŝůŝƚLJďĂůĂŶĐĞĂƚϯϬƉƌŝůϮϬϮϰ͘dŚĞƵŶĚŝƐĐŽƵŶƚĞĚ
ƉŽƚĞŶƚŝĂůĨƵƚƵƌĞƉĂLJŵĞŶƚƐĂƚĐƵƌƌĞŶƚƌĞŶƚĂůƌĂƚĞƐƵŶĚĞƌŽƉƚŝŽŶƐƚŚĂƚĂƌĞŶŽƚĐŽŶƐŝĚĞƌĞĚƌĞĂƐŽŶĂďůLJĐĞƌƚĂŝŶƚŽďĞĞdžĞƌĐŝƐĞĚŝƐ
ĂƉƉƌŽdžŝŵĂƚĞůLJΨϮ͘ϭďŝůůŝŽŶ͕ǁŚŝĐŚŝŶĐůƵĚĞƐƉŽƚĞŶƚŝĂůůĞĂƐĞƉĂLJŵĞŶƚƐǁŝƚŚŝŶƚŚĞŶĞdžƚĨŝǀĞLJĞĂƌƐŽĨĂƉƉƌŽdžŝŵĂƚĞůLJΨϭϵϮ͘ϭŵŝůůŝŽŶ͘
&zϮϰ
Ψŵ
&zϮϯ
Ψŵ
tŝƚŚŝŶŽŶĞLJĞĂƌ
ϱϬ͘ϭ
ϱϯ͘Ϯ
ĨƚĞƌŽŶĞLJĞĂƌďƵƚŶŽƚŵŽƌĞƚŚĂŶĨŝǀĞLJĞĂƌƐ
ϭϳϲ͘Ϭ
ϭϵϱ͘ϴ
DŽƌĞƚŚĂŶĨŝǀĞLJĞĂƌƐ
ϲϮ͘ϯ
ϳϳ͘ϵ
Ϯϴϴ͘ϰ
ϯϮϲ͘ϵ
hŶĞĂƌŶĞĚĨŝŶĂŶĐĞŝŶĐŽŵĞ
;ϰϱ͘ϰͿ
;ϱϯ͘ϰͿ
/ŵƉĂŝƌŵĞŶƚŽĨƌĞĐĞŝǀĂďůĞƐ
;ϮϬ͘ϳͿ
;ϭϱ͘ϵͿ
ϮϮϮ͘ϯ
Ϯϱϳ͘ϲ
&zϮϰ
Ψŵ
&zϮϯ
Ψŵ
tŝƚŚŝŶŽŶĞLJĞĂƌ
Ϯ͘ϯ
Ϯ͘ϰ
ĨƚĞƌŽŶĞLJĞĂƌďƵƚŶŽƚŵŽƌĞƚŚĂŶĨŝǀĞLJĞĂƌƐ
ϵ͘ϲ
ϵ͘ϵ
DŽƌĞƚŚĂŶĨŝǀĞLJĞĂƌƐ
ϯ͘ϲ
ϱ͘Ϭ
ϭϱ͘ϱ
ϭϳ͘ϯ
&zϮϰ
Ψŵ
&zϮϯ
Ψŵ
ZĞĐĞŝƉƚƐĨƌŽŵƐƵďůĞĂƐĞƐ͕ĞdžĐůƵĚŝŶŐƚŚĞĨŝŶĂŶĐŝŶŐĐŽŵƉŽŶĞŶƚ
ϰϬ͘ϱ
ϰϯ͘Ϭ
WĂLJŵĞŶƚĨŽƌůĞĂƐĞůŝĂďŝůŝƚŝĞƐ͕ĞdžĐůƵĚŝŶŐƚŚĞĨŝŶĂŶĐŝŶŐĐŽŵƉŽŶĞŶƚ
;ϭϱϮ͘ϯͿ
;ϭϭϵ͘ϴͿ
&ŝŶĂŶĐŝŶŐĐŽŵƉŽŶĞŶƚŽĨůĞĂƐĞƉĂLJŵĞŶƚƐ͕ŶĞƚ
;ϯϲ͘ϳͿ
;ϯϰ͘ϮͿ
EĞƚĐĂƐŚƉĂLJŵĞŶƚƐ
;ϭϰϴ͘ϱͿ
;ϭϭϭ͘ϬͿ
83
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'ƌŽƵƉĂƐĂůĞƐƐĞĞ
ZŝŐŚƚͲŽĨͲƵƐĞĂƐƐĞƚƐ
dŚĞ'ƌŽƵƉƌĞĐŽŐŶŝƐĞƐƌŝŐŚƚͲŽĨͲƵƐĞĂƐƐĞƚƐĂƚƚŚĞĐŽŵŵĞŶĐĞŵĞŶƚŽĨĂůĞĂƐĞ;ŝ͘Ğ͕͘ƚŚĞĚĂƚĞƚŚĞƵŶĚĞƌůLJŝŶŐĂƐƐĞƚŝƐĂǀĂŝůĂďůĞĨŽƌƵƐĞͿ͘
dŚĞŝŶŝƚŝĂůŵĞĂƐƵƌĞŵĞŶƚŽĨƌŝŐŚƚͲŽĨͲƵƐĞĂƐƐĞƚƐŝŶĐůƵĚĞƐƚŚĞĂŵŽƵŶƚŽĨůĞĂƐĞůŝĂďŝůŝƚŝĞƐƌĞĐŽŐŶŝƐĞĚ͕ŝŶŝƚŝĂůĚŝƌĞĐƚĐŽƐƚƐŝŶĐƵƌƌĞĚ͕ĂŶĚ
ůĞĂƐĞƉĂLJŵĞŶƚƐŵĂĚĞĂƚŽƌďĞĨŽƌĞƚŚĞĐŽŵŵĞŶĐĞŵĞŶƚĚĂƚĞ͕ůĞƐƐĂŶLJůĞĂƐĞŝŶĐĞŶƚŝǀĞƐƌĞĐĞŝǀĞĚ͘ZŝŐŚƚͲŽĨͲƵƐĞĂƐƐĞƚƐĂƌĞƐƵďƐĞƋƵĞŶƚůLJ
ŵĞĂƐƵƌĞĚĂƚĐŽƐƚ͕ůĞƐƐĂŶLJĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͕ĂŶĚĂĚũƵƐƚĞĚĨŽƌĂŶLJƌĞŵĞĂƐƵƌĞŵĞŶƚŽĨůĞĂƐĞůŝĂďŝůŝƚŝĞƐ͘
hŶůĞƐƐƚŚĞ'ƌŽƵƉŝƐƌĞĂƐŽŶĂďůLJĐĞƌƚĂŝŶƚŽŽďƚĂŝŶŽǁŶĞƌƐŚŝƉŽĨƚŚĞůĞĂƐĞĚĂƐƐĞƚĂƚƚŚĞĞŶĚŽĨƚŚĞůĞĂƐĞƚĞƌŵ͕ƚŚĞƌŝŐŚƚͲŽĨͲƵƐĞĂƐƐĞƚƐ
ĂƌĞĚĞƉƌĞĐŝĂƚĞĚŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽǀĞƌƚŚĞƐŚŽƌƚĞƌŽĨŝƚƐĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝĨĞĂŶĚƚŚĞůĞĂƐĞƚĞƌŵ͘ZŝŐŚƚͲŽĨͲƵƐĞĂƐƐĞƚƐĂƌĞ
ƐƵďũĞĐƚƚŽŝŵƉĂŝƌŵĞŶƚĂƐƐĞƐƐŵĞŶƚƐƵŶĚĞƌ^ϭϯϲ/ŵƉĂŝƌŵĞŶƚŽĨƐƐĞƚƐ͘
ĞƉƌĞĐŝĂƚŝŽŶ
ĞƉƌĞĐŝĂƚŝŽŶŝƐƉƌŽǀŝĚĞĚŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽŶĂůůƌŝŐŚƚͲŽĨͲƵƐĞĂƐƐĞƚƐ͘DĂũŽƌĚĞƉƌĞĐŝĂƚŝŽŶƉĞƌŝŽĚƐĂƌĞ͗
&zϮϰ
&zϮϯ
>ĞĂƐĞŚŽůĚƉƌŽƉĞƌƚŝĞƐ
ϭͲϯϬLJĞĂƌƐ
ϭͲϯϬLJĞĂƌƐ
DŽƚŽƌǀĞŚŝĐůĞƐĂŶĚĞƋƵŝƉŵĞŶƚ
ϰͲϱLJĞĂƌƐ
ϰͲϱLJĞĂƌƐ
hƐĞĨƵůůŝǀĞƐĂƌĞƌĞĂƐƐĞƐƐĞĚŽŶĂŶĂŶŶƵĂůďĂƐŝƐĂŶĚĂĚũƵƐƚŵĞŶƚƐ͕ǁŚĞƌĞĂƉƉůŝĐĂďůĞ͕ĂƌĞŵĂĚĞŽŶĂƉƌŽƐƉĞĐƚŝǀĞďĂƐŝƐ͘
>ĞĂƐĞůŝĂďŝůŝƚŝĞƐ
ƚƚŚĞĐŽŵŵĞŶĐĞŵĞŶƚŽĨĂůĞĂƐĞ͕ƚŚĞ'ƌŽƵƉƌĞĐŽŐŶŝƐĞƐůĞĂƐĞůŝĂďŝůŝƚŝĞƐŵĞĂƐƵƌĞĚĂƚƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨůĞĂƐĞƉĂLJŵĞŶƚƐƚŽďĞŵĂĚĞ
ŽǀĞƌƚŚĞůĞĂƐĞƚĞƌŵ͘dŚĞůĞĂƐĞƉĂLJŵĞŶƚƐŝŶĐůƵĚĞĨŝdžĞĚƉĂLJŵĞŶƚƐ;ŝŶĐůƵĚŝŶŐŝŶͲƐƵďƐƚĂŶĐĞĨŝdžĞĚƉĂLJŵĞŶƚƐͿůĞƐƐĂŶLJůĞĂƐĞŝŶĐĞŶƚŝǀĞƐ
ƌĞĐĞŝǀĂďůĞĂŶĚĂŵŽƵŶƚƐĞdžƉĞĐƚĞĚƚŽďĞƉĂŝĚƵŶĚĞƌƌĞƐŝĚƵĂůǀĂůƵĞŐƵĂƌĂŶƚĞĞƐ͘dŚĞůĞĂƐĞƉĂLJŵĞŶƚƐĂůƐŽŝŶĐůƵĚĞƌĞŶĞǁĂůƉĞƌŝŽĚƐ
ǁŚĞƌĞƚŚĞ'ƌŽƵƉŝƐƌĞĂƐŽŶĂďůLJĐĞƌƚĂŝŶƚŽĞdžĞƌĐŝƐĞƚŚĞƌĞŶĞǁĂůŽƉƚŝŽŶ͘KƵƚŐŽŝŶŐƐĂŶĚŽƚŚĞƌǀĂƌŝĂďůĞůĞĂƐĞƉĂLJŵĞŶƚƐƚŚĂƚĚŽŶŽƚ
ĚĞƉĞŶĚŽŶĂŶŝŶĚĞdžŽƌĂƌĂƚĞĂƌĞƌĞĐŽŐŶŝƐĞĚĂƐŝŶĐƵƌƌĞĚ͘
/ŶĐĂůĐƵůĂƚŝŶŐƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨůĞĂƐĞƉĂLJŵĞŶƚƐ͕ƚŚĞ'ƌŽƵƉƵƐĞƐƚŚĞŝŶĐƌĞŵĞŶƚĂůďŽƌƌŽǁŝŶŐƌĂƚĞĂƚƚŚĞůĞĂƐĞĐŽŵŵĞŶĐĞŵĞŶƚĚĂƚĞ
ŝĨƚŚĞŝŶƚĞƌĞƐƚƌĂƚĞŝŵƉůŝĐŝƚŝŶƚŚĞůĞĂƐĞŝƐŶŽƚƌĞĂĚŝůLJĚĞƚĞƌŵŝŶĂďůĞ͘ĨƚĞƌƚŚĞĐŽŵŵĞŶĐĞŵĞŶƚĚĂƚĞ͕ƚŚĞĂŵŽƵŶƚŽĨůĞĂƐĞůŝĂďŝůŝƚŝĞƐŝƐ
ŝŶĐƌĞĂƐĞĚƚŽƌĞĨůĞĐƚƚŚĞĂĐĐƌĞƚŝŽŶŽĨŝŶƚĞƌĞƐƚĂŶĚƌĞĚƵĐĞĚĨŽƌƚŚĞůĞĂƐĞƉĂLJŵĞŶƚƐŵĂĚĞ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨůĞĂƐĞ
ůŝĂďŝůŝƚŝĞƐŝƐƌĞŵĞĂƐƵƌĞĚŝĨƚŚĞƌĞŝƐĂĐŚĂŶŐĞŝŶƚŚĞůĞĂƐĞƚĞƌŵ͕ĂĐŚĂŶŐĞŝŶƚŚĞŝŶͲƐƵďƐƚĂŶĐĞĨŝdžĞĚůĞĂƐĞƉĂLJŵĞŶƚƐŽƌĂĐŚĂŶŐĞŝŶƚŚĞ
ĂƐƐĞƐƐŵĞŶƚƚŽƉƵƌĐŚĂƐĞƚŚĞƵŶĚĞƌůLJŝŶŐĂƐƐĞƚ͘
'ƌŽƵƉĂƐĂůĞƐƐŽƌ
>ĞĂƐĞƌĞĐĞŝǀĂďůĞƐ
dŚĞ'ƌŽƵƉĞŶƚĞƌƐŝŶƚŽďĂĐŬͲƚŽͲďĂĐŬůĞĂƐĞĂŐƌĞĞŵĞŶƚƐǁŝƚŚŝŶĚĞƉĞŶĚĞŶƚƌĞƚĂŝůĞƌƐǁŚĞƌĞƚŚĞƚĞƌŵƐŽĨƚŚĞůĞĂƐĞƚƌĂŶƐĨĞƌƐƵďƐƚĂŶƚŝĂůůLJ
ĂůůƚŚĞƌŝƐŬƐĂŶĚƌĞǁĂƌĚƐŽĨŽǁŶĞƌƐŚŝƉƚŽƚŚĞƐƵďůĞƐƐĞĞĂŶĚƚŚĞƐĞĂƌĞĐůĂƐƐŝĨŝĞĚĂƐĂĨŝŶĂŶĐĞůĞĂƐĞ͘
Amounts due from finance leases are recognised as lease receivables at the amount of the Group’s net investment in the lease.
>ĞĂƐĞƌĞĐĞŝǀĂďůĞƐĂƌĞƐƵďƐĞƋƵĞŶƚůLJƌĞŵĞĂƐƵƌĞĚŝĨƚŚĞƌĞŝƐĂĐŚĂŶŐĞŝŶƚŚĞůĞĂƐĞƚĞƌŵĂŶĚĨŽƌĐŚĂŶŐĞƐŝŶĨƵƚƵƌĞĐĂƐŚĨůŽǁƐƌĞƐƵůƚŝŶŐ
ĨƌŽŵĂĐŚĂŶŐĞŝŶĂŶŝŶĚĞdžŽƌƌĂƚĞŽƌǀĂƌŝĂďůĞůĞĂƐĞƉĂLJŵĞŶƚƐďĞĐŽŵŝŶŐĨŝdžĞĚ͘&ŝŶĂŶĐĞůĞĂƐĞŝŶĐŽŵĞŝƐĂůůŽĐĂƚĞĚƚŽƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚƐ
ƐŽĂƐƚŽƌĞĨůĞĐƚĂĐŽŶƐƚĂŶƚƉĞƌŝŽĚŝĐƌĂƚĞŽĨreturn on the Group’s net investment outstanding in respect of the leases.
ůůŽƚŚĞƌůĞĂƐĞƐĂƌĞĐůĂƐƐŝĨŝĞĚĂƐŽƉĞƌĂƚŝŶŐůĞĂƐĞƐ͘ZĞŶƚĂůŝŶĐŽŵĞĨƌŽŵŽƉĞƌĂƚŝŶŐůĞĂƐĞƐŝƐƌĞĐŽŐŶŝƐĞĚŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽǀĞƌƚŚĞ
ƚĞƌŵŽĨƚŚĞƌĞůĞǀĂŶƚůĞĂƐĞ͘
^ŚŽƌƚͲƚĞƌŵůĞĂƐĞƐĂŶĚůĞĂƐĞƐŽĨůŽǁͲǀĂůƵĞĂƐƐĞƚƐ
dŚĞ'ƌŽƵƉĂƉƉůŝĞƐĂƌĞĐŽŐŶŝƚŝŽŶĞdžĞŵƉƚŝŽŶƚŽůĞĂƐĞƐƚŚĂƚŚĂǀĞĂůĞĂƐĞƚĞƌŵŽĨϭϮŵŽŶƚŚƐŽƌůĞƐƐĨƌŽŵƚŚĞĐŽŵŵĞŶĐĞŵĞŶƚĚĂƚĞĂŶĚ
ĚŽŶŽƚĐŽŶƚĂŝŶĂƉƵƌĐŚĂƐĞŽƉƚŝŽŶ͘/ƚĂůƐŽĂƉƉůŝĞƐĂƌĞĐŽŐŶŝƚŝŽŶĞdžĞŵƉƚŝŽŶƚŽůĞĂƐĞƐƚŚĂƚĂƌĞĐŽŶƐŝĚĞƌĞĚŽĨůŽǁǀĂůƵĞ͘>ĞĂƐĞƉĂLJŵĞŶƚƐ
ĂŶĚƌĞŶƚĂůŝŶĐŽŵĞĨƌŽŵƐŚŽƌƚͲƚĞƌŵĂŶĚůŽǁͲǀĂůƵĞůĞĂƐĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽǀĞƌƚŚĞůĞĂƐĞƚĞƌŵ͘
^/'E/&/EdKhEd/E':h'DEd
ĞƚĞƌŵŝŶĂƚŝŽŶŽĨůĞĂƐĞƚĞƌŵŽĨĐŽŶƚƌĂĐƚƐǁŝƚŚƌĞŶĞǁĂůŽƉƚŝŽŶƐ
dŚĞ'ƌŽƵƉĚĞƚĞƌŵŝŶĞƐƚŚĞůĞĂƐĞƚĞƌŵĂƐƚŚĞŶŽŶͲĐĂŶĐĞůůĂďůĞƚĞƌŵŽĨƚŚĞůĞĂƐĞ͕ƚŽŐĞƚŚĞƌǁŝƚŚĂŶLJƉĞƌŝŽĚƐĐŽǀĞƌĞĚďLJĂŶŽƉƚŝŽŶƚŽ
ĞdžƚĞŶĚƚŚĞůĞĂƐĞŝĨŝƚŝƐƌĞĂƐŽŶĂďůLJĐĞƌƚĂŝŶƚŽďĞĞdžĞƌĐŝƐĞĚ͕ŽƌĂŶLJƉĞƌŝŽĚƐĐŽǀĞƌĞĚďLJĂŶŽƉƚŝŽŶƚŽƚĞƌŵŝŶĂƚĞƚŚĞůĞĂƐĞ͕ŝĨŝƚŝƐ
ƌĞĂƐŽŶĂďůLJĐĞƌƚĂŝŶŶŽƚƚŽďĞĞdžĞƌĐŝƐĞĚ͘
ĨƚĞƌŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶ͕ƚŚĞ'ƌŽƵƉƌĞĂƐƐĞƐƐĞƐƚŚĞůĞĂƐĞƚĞƌŵŝĨƚŚĞƌĞŝƐĂƐŝŐŶŝĨŝĐĂŶƚĞǀĞŶƚŽƌĐŚĂŶŐĞŝŶĐŝƌĐƵŵƐƚĂŶĐĞƐƚŚĂƚŝƐǁŝƚŚŝŶ
ŝƚƐĐŽŶƚƌŽůĂŶĚĂĨĨĞĐƚƐŝƚƐĂďŝůŝƚLJƚŽĞdžĞƌĐŝƐĞ;ŽƌŶŽƚƚŽĞdžĞƌĐŝƐĞͿƚŚĞŽƉƚŝŽŶƚŽƌĞŶĞǁ͘
^/'E/&/EdKhEd/E'^d/Dd^
WƌŽƉĞƌƚLJƉƌŽǀŝƐŝŽŶƐ
dŚĞ'ƌŽƵƉƌĞĐŽŐŶŝƐĞƐƉƌŽǀŝƐŝŽŶƐĨŽƌƌĞŶƚĂůĂŐƌĞĞŵĞŶƚƐŽŶĂĐƋƵŝƐŝƚŝŽŶ͘/ŶŵĞĂƐƵƌŝŶŐƚŚĞƐĞƉƌŽǀŝƐŝŽŶƐ͕ĂƐƐƵŵƉƚŝŽŶƐĂƌĞŵĂĚĞĂďŽƵƚ
ĨƵƚƵƌĞƌĞƚĂŝůƐĂůĞƐ͕ƌĞŶƚĂůĐŽƐƚƐĂŶĚŝŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞĂƉƉƌŽƉƌŝĂƚĞĚŝƐĐŽƵŶƚƌĂƚĞƚŽďĞƵƐĞĚŝŶƚŚĞĐĂƐŚĨůŽǁĐĂůĐƵůĂƚŝŽŶƐ͘
dŚĞ'ƌŽƵƉŚĂƐƌĞĐŽŐŶŝƐĞĚĂƉƌŽǀŝƐŝŽŶŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĂĐĐŽƵŶƚŝŶŐƉŽůŝĐLJĚĞƐĐƌŝďĞĚĂďŽǀĞ͘dŚĞ'ƌŽƵƉĂƐƐĞƐƐĞƐŽďůŝŐĂƚŝŽŶƐŽŶ
ƉƌŽƉĞƌƚLJŵĂŬĞͲŐŽŽĚ͕ƌĞƐƚƌƵĐƚƵƌŝŶŐĂŶĚŽƚŚĞƌĐŽƐƚƐ͘dŚĞƐĞĞƐƚŝŵĂƚĞƐĂƌĞĚĞƚĞƌŵŝŶĞĚƵƐŝŶŐĂƐƐƵŵƉƚŝŽŶƐŽŶƉƌŽƉĞƌƚLJͲƌĞůĂƚĞĚĐŽƐƚƐ͕
ƌĞĚƵŶĚĂŶĐLJĂŶĚŽƚŚĞƌĐůŽƐƵƌĞŽƌƌĞƐƚƌƵĐƚƵƌĞĐŽƐƚƐ͘
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Metcash Annual Report 2024
84

ϰ͘ϯ͘ /ŶǀĞŶƚŽƌŝĞƐ
DdZ/>KhEd/E'WK>//^
/ŶǀĞŶƚŽƌLJĐŽƐƚŝƐŵĞĂƐƵƌĞĚĂƚƉƵƌĐŚĂƐĞƉƌŝĐĞ͕ŶĞƚŽĨƚƌĂĚĞƌĞďĂƚĞƐĂŶĚĚŝƐĐŽƵŶƚƐƌĞĐĞŝǀĞĚ͕ĂŶĚŝŶĐůƵĚŝŶŐĐŽƐƚƐŝŶĐƵƌƌĞĚŝŶďƌŝŶŐŝŶŐ
ƚŚĞŝŶǀĞŶƚŽƌLJƚŽŝƚƐƉƌĞƐĞŶƚůŽĐĂƚŝŽŶĂŶĚĐŽŶĚŝƚŝŽŶ͘dƌĂĚĞƌĞďĂƚĞƐŝŶĐůƵĚĞƐƵƉƉůŝĞƌƌĞďĂƚĞŝŶĐŽŵĞ͕ǁŚŝĐŚŝƐƐLJƐƚĞŵĂƚŝĐĂůůLJĂůůŽĐĂƚĞĚ
ĂŐĂŝŶƐƚŝŶǀĞŶƚŽƌLJĐŽƐƚƵƐŝŶŐĞƐƚŝŵĂƚĞƐďĂƐĞĚŽŶĞdžƉĞĐƚĞĚƉƵƌĐŚĂƐĞƉĂƚƚĞƌŶƐĂŶĚĞĂƌŶƌĂƚĞƐ͘
/ŶǀĞŶƚŽƌŝĞƐĂƌĞǀĂůƵĞĚĂƚƚŚĞůŽǁĞƌŽĨĐŽƐƚŽƌŶĞƚƌĞĂůŝƐĂďůĞǀĂůƵĞ͘EĞƚƌĞĂůŝƐĂďůĞǀĂůƵĞŝƐƚŚĞĞƐƚŝŵĂƚĞĚƐĞůůŝŶŐƉƌŝĐĞŝŶƚŚĞŽƌĚŝŶĂƌLJ
ĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐ͕ŶĞƚŽĨĞƐƚŝŵĂƚĞĚĐŽƐƚƐŶĞĐĞƐƐĂƌLJƚŽŵĂŬĞƚŚĞƐĂůĞ͘
ϰ͘ϰ͘ ƋƵŝƚLJͲĂĐĐŽƵŶƚĞĚŝŶǀĞƐƚŵĞŶƚƐ
The following table presents key information about the Group’s interests in associates and joint venƚƵƌĞƐѵ

/ŶǀĞƐƚĞĞ
WƌŝŶĐŝƉĂůĂĐƚŝǀŝƚŝĞƐ
ZĞƉŽƌƚŝŶŐĚĂƚĞ
&zϮϰ
й
&zϮϯ
й
^^K/d^
ZŝƚĐŚŝĞƐ^ƚŽƌĞƐWƌŽƉƌŝĞƚĂƌLJ>ŝŵŝƚĞĚ
'ƌŽĐĞƌLJƌĞƚĂŝůŝŶŐ
ϯϬ:ƵŶĞ
Ϯϵ͘ϵ
Ϯϵ͘ϵ
ƌĂŵĞƚ,ŽůĚŝŶŐƐWƚLJ>ƚĚ
'ƌŽĐĞƌLJƌĞƚĂŝůŝŶŐ
ϯϬ:ƵŶĞ
Ϯϲ͘Ϭ
Ϯϲ͘Ϭ
DĞƚĐĂƐŚdžƉŽƌƚ^ĞƌǀŝĐĞƐWƚLJ>ƚĚ
'ƌŽĐĞƌLJƌĞƚĂŝůŝŶŐ
ϯϬƉƌŝů
ϭϱ͘Ϭ
ϭϱ͘Ϭ
:K/EdsEdhZ^
ĚĐŽŵĞWƚLJ>ƚĚ;ŽƌŶĞƚƚƐͿ
'ƌŽĐĞƌLJƌĞƚĂŝůŝŶŐ
ϯϬƉƌŝů
ϰϱ͘Ϭ
ϰϱ͘Ϭ
D^ZĞƚĂŝů'ƌŽƵƉ,ŽůĚŝŶŐƐWƚLJ>ƚĚ
'ƌŽĐĞƌLJƌĞƚĂŝůŝŶŐ
ϯϬ:ƵŶĞ
ϰϵ͘Ϭ
ϰϵ͘Ϭ
tĂůƚŽĐŬWƚLJ>ƚĚ
,ĂƌĚǁĂƌĞƌĞƚĂŝůŝŶŐ
ϯϬ:ƵŶĞ
ϰϵ͘Ϭ
ϰϵ͘Ϭ
>hŶŝƚĞĚWƚLJ>ŝŵŝƚĞĚϭ
>ŝƋƵŽƌǁŚŽůĞƐĂůŝŶŐ
ϯϬ:ƵŶĞ
ϳϱ͘ϯ
ϳϱ͘ϯ
>ŝƋƵŽƌůůŝĂŶĐĞWƌŽƉƌŝĞƚĂƌLJ>ŝŵŝƚĞĚϭ
>ŝƋƵŽƌǁŚŽůĞƐĂůŝŶŐ
ϯϬ:ƵŶĞ
ϲϲ͘ϳ
ϲϲ͘ϳ
ϭ͘
dŚĞ'ƌŽƵƉŚĂƐĂĚŝƌĞĐƚŽǁŶĞƌƐŚŝƉŽĨϮϲ͘ϬйŝŶ>hŶŝƚĞĚWƚLJ>ƚĚĂŶĚĂŶŝŶĚŝƌĞĐƚŽǁŶĞƌƐŚŝƉŽĨϰϵ͘ϯйǀŝĂŝƚƐŝŶƚĞƌĞƐƚŝŶ>ŝƋƵŽƌůůŝĂŶĐĞWƚLJ>ƚĚ͘tŚŝůĞƚŚĞ'ƌŽƵƉŚĂƐ
ďĞŶĞĨŝĐŝĂůŽǁŶĞƌƐŚŝƉŽĨŵŽƌĞƚŚĂŶϱϬйŽĨƚŚĞĞŶƚŝƚLJ͕ŬĞLJŽƉĞƌĂƚŝŶŐĂŶĚĨŝŶĂŶĐŝĂůĚĞĐŝƐŝŽŶƐƌĞƋƵŝƌĞƚŚĞƵŶĂŶŝŵŽƵƐĐŽŶƐĞŶƚŽĨŽƚŚĞƌũŽŝŶƚǀĞŶƚƵƌĞƉĂƌƚŶĞƌƐ͘
ĐĐŽƌĚŝŶŐůLJ͕>hŶŝƚĞĚWƚLJ>ƚĚĂŶĚ>ŝƋƵŽƌůůŝĂŶĐĞWƚLJ>ƚĚĂƌĞĂĐĐŽƵŶƚĞĚĨŽƌĂƐũŽŝŶƚĂƌƌĂŶŐĞŵĞŶƚƐ͘
The principal place of business for all of the Group’s equityͲĂĐĐŽƵŶƚĞĚŝŶǀĞƐƚŵĞŶƚƐŝƐƵƐƚƌĂůŝĂ͕ǁŝƚŚƚŚĞĞdžĐĞƉƚŝŽŶŽĨDĞƚĐĂƐŚdžƉŽƌƚ
^ĞƌǀŝĐĞƐWƚLJ>ƚĚ͕ǁŚŝĐŚƉƌŝŵĂƌŝůLJĚĞĂůƐǁŝƚŚĐƵƐƚŽŵĞƌƐŝŶŚŝŶĂ͘
;ĂͿ
Share of investees’ ĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶ
dŚĞƚĂďůĞďĞůŽǁƉƌŽǀŝĚĞƐƐƵŵŵĂƌŝƐĞĚĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶĨŽƌZŝƚĐŚŝĞƐ^ƚŽƌĞƐWƌŽƉƌŝĞƚĂƌLJ>ŝŵŝƚĞĚ;ZŝƚĐŚŝĞƐͿ͕ďĞŝŶŐĂŶĂƐƐŽĐŝĂƚĞƚŚĂƚŝƐ
ŵĂƚĞƌŝĂůƚŽƚŚĞ'ƌŽƵƉ͘dŚĞ'ƌŽƵƉŚĂƐĂϮϵ͘ϵйŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚŝŶZŝƚĐŚŝĞƐ;&zϮϯ͗Ϯϵ͘ϵйͿ͘
^ƵŵŵĂƌŝƐĞĚĂůĂŶĐĞ^ŚĞĞƚ
ZŝƚĐŚŝĞƐ’ĨŝŶĂŶĐŝĂůLJĞĂƌĞŶĚĚĂƚĞŝƐϯϬ:ƵŶĞ͘dŚĞƐƵŵŵĂƌŝƐĞĚďĂůĂŶĐĞƐŚĞĞƚŝŶĨŽƌŵĂƚŝŽŶĚŝƐĐůŽƐĞĚďĞůŽǁƌĞƉƌĞƐĞŶƚƐƚŚĞĂŵŽƵŶƚƐ
ƉƌĞƐĞŶƚĞĚŝŶƚŚĞƐƚĂƚƵƚŽƌLJĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨZŝƚĐŚŝĞƐĂƚϯϬ:ƵŶĞ͕ĂĚũƵƐƚĞĚƚŽŝŶĐůƵĚĞƐŝŐŶŝĨŝĐĂŶƚƚƌĂŶƐĂĐƚŝŽŶƐŽǀĞƌƚŚĞĨŽůůŽǁŝŶŐϭϬ
ŵŽŶƚŚƐďĞƚǁĞĞŶƚŚĂƚĚĂƚĞĂŶĚϯϬƉƌŝů͘dŚĞƚĂďůĞĂůƐŽƌĞĐŽŶĐŝůĞƐƚŚĞƐƵŵŵĂƌŝƐĞĚĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶƚŽƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐŽĨƚŚĞ
'ƌŽƵƉΖƐŝŶƚĞƌĞƐƚŝŶZŝƚĐŚŝĞƐ͘
&zϮϰ
Ψŵ
&zϮϯ
Ψŵ
/ŶǀĞŶƚŽƌŝĞƐ
ϭ͕ϭϵϲ͘ϵ
ϭ͕ϭϴϯ͘ϰ
&zϮϰ
Ψŵ
&zϮϯ
Ψŵ
ƵƌƌĞŶƚĂƐƐĞƚƐ
ϭϱϳ͘Ϯ
ϭϳϯ͘ϴ
EŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ
ϰϱϬ͘ϳ
ϰϬϵ͘ϯ
dŽƚĂůĂƐƐĞƚƐ
ϲϬϳ͘ϵ
ϱϴϯ͘ϭ
ƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ
;ϭϵϴ͘ϬͿ
;ϭϴϵ͘ϴͿ
EŽŶͲĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ
;ϮϬϲ͘ϰͿ
;ϮϬϴ͘ϵͿ
dŽƚĂůůŝĂďŝůŝƚŝĞƐ
;ϰϬϰ͘ϰͿ
;ϯϵϴ͘ϳͿ
EĞƚĂƐƐĞƚƐ
ϮϬϯ͘ϱ
ϭϴϰ͘ϰ
Proportion of the Group’s ownership interest in the investment
ϲϬ͘ϵ
ϱϱ͘Ϯ
ƋƵŝƚLJŵĞƚŚŽĚŶŽƚŝŽŶĂůŐŽŽĚǁŝůů
Ϯϵ͘ϳ
Ϯϵ͘ϳ
Carrying amount of the Group’s investment
ϵϬ͘ϲ
ϴϰ͘ϵ
85
About
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Directors’ Report
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^ƵŵŵĂƌŝƐĞĚ^ƚĂƚĞŵĞŶƚŽĨŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ
dŚĞƐƵŵŵĂƌŝƐĞĚĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶďĞůŽǁƌĞĨůĞĐƚƐƚŚĞĂŵŽƵŶƚƐƉƌĞƐĞŶƚĞĚŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨZŝƚĐŚŝĞƐ͘


;ďͿ ŐŐƌĞŐĂƚĞŝŶĨŽƌŵĂƚŝŽŶŽĨĞƋƵŝƚLJĂĐĐŽƵŶƚĞĚŝŶǀĞƐƚŵĞŶƚƐƚŚĂƚĂƌĞŶŽƚŝŶĚŝǀŝĚƵĂůůLJŵĂƚĞƌŝĂů
 
&zϮϰ
Ψŵ
&zϮϯ
Ψŵ
ŐŐƌĞŐĂƚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨŝŶĚŝǀŝĚƵĂůůLJŝŵŵĂƚĞƌŝĂůĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚ
ǀĞŶƚƵƌĞƐ
ϰϱ͘Ϭ
ϯϴ͘ϳ


ŐŐƌĞŐĂƚĞĂŵŽƵŶƚƐŽĨƚŚĞ'ƌŽƵƉΖƐƐŚĂƌĞŽĨ͗
– 
WƌŽĨŝƚĂĨƚĞƌƚĂdž
ϵ͘ϰ
ϳ͘ϲ
– 
KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ
—
—
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ
ϵ͘ϰ
ϳ͘ϲ

;ĐͿ 
hŶƌĞĐŽŐŶŝƐĞĚƐŚĂƌĞŽĨŐĂŝŶƐŽƌůŽƐƐĞƐŽĨĞƋƵŝƚLJĂĐĐŽƵŶƚĞĚŝŶǀĞƐƚŵĞŶƚƐ
At the reporting date, the Group’s share of unrecognised gains or losses is not material.
ZĞĨĞƌƚŽnote 7.3 for details of the Group’s contingent liabilities in relation to equityͲĂĐĐŽƵŶƚĞĚŝŶǀĞƐƚŵĞŶƚƐ͘
DdZ/>KhEd/E'WK>//^
ƋƵŝƚLJͲĂĐĐŽƵŶƚĞĚŝŶǀĞƐƚŵĞŶƚƐŽĨƚŚĞ'ƌŽƵƉƌĞƉƌĞƐĞŶƚďŽƚŚĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƌĞƐƚƌƵĐƚƵƌĞĚƚŚƌŽƵŐŚĞƋƵŝƚLJ
ƉĂƌƚŝĐŝƉĂƚŝŽŶŝŶƐĞƉĂƌĂƚĞůĞŐĂůĞŶƚŝƚŝĞƐ͘DĞƚĐĂƐŚŝŶǀĞƐƚƐĐĂƉŝƚĂůƚŽƐƵƉƉŽƌƚƚŚĞŝŶĚĞƉĞŶĚĞŶƚƌĞƚĂŝůŶĞƚǁŽƌŬ͕ƐƚƌĞŶŐƚŚĞŶƌĞůĂƚŝŽŶƐŚŝƉƐ
ĂŶĚĨƵŶĚŐƌŽǁƚŚ͘ZĞůĂƚŝŽŶƐŚŝƉƐǁŝƚŚĐŽͲŝŶǀĞƐƚŽƌƐĂƌĞŐŽǀĞƌŶĞĚďLJĐŽŶƚƌĂĐƚƵĂůĂŐƌĞĞŵĞŶƚƐǁŚŝĐŚĂůůŽǁƚŚĞ'ƌŽƵƉƚŽĞdžĞƌĐŝƐĞĞŝƚŚĞƌ
ƐŝŐŶŝĨŝĐĂŶƚŝŶĨůƵĞŶĐĞŽƌũŽŝŶƚĐŽŶƚƌŽůŽǀĞƌƚŚĞƐĞĞŶƚŝƚŝĞƐ͘tŚĞƌĞƚŚĞ'ƌŽƵƉĞdžĞƌĐŝƐĞƐũŽŝŶƚĐŽŶƚƌŽů͕ŬĞLJŽƉĞƌĂƚŝŶŐĚĞĐŝƐŝŽŶƐĂƌĞĂŐƌĞĞĚ
ƵŶĂŶŝŵŽƵƐůLJ͕ƌĞŐĂƌĚůĞƐƐŽĨŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚ͘
The Group’s investments in joint ventures and associates are accounted for using the equity method. Associates are those entiƚŝĞƐ
ŽǀĞƌǁŚŝĐŚƚŚĞ'ƌŽƵƉĞdžĞƌĐŝƐĞƐƐŝŐŶŝĨŝĐĂŶƚŝŶĨůƵĞŶĐĞ͕ďƵƚŶŽƚĐŽŶƚƌŽůŽƌũŽŝŶƚĐŽŶƚƌŽů͕ŽǀĞƌƚŚĞĨŝŶĂŶĐŝĂůĂŶĚŽƉĞƌĂƚŝŶŐƉŽůŝĐŝĞƐ͘ũŽŝŶƚ
ǀĞŶƚƵƌĞŝƐĂŶĂƌƌĂŶŐĞŵĞŶƚŝŶǁŚŝĐŚƚŚĞ'ƌŽƵƉŚĂƐũŽŝŶƚĐŽŶƚƌŽů͕ǁŚĞƌĞďLJƚŚĞ'ƌŽƵƉŚĂƐƌŝŐŚƚƐƚŽƚŚĞŶĞƚĂƐƐĞƚƐŽĨƚŚĞũŽŝŶƚǀĞŶƚƵƌĞ͘
:ŽŝŶƚĐŽŶƚƌŽůŝƐƚŚĞĐŽŶƚƌĂĐƚƵĂůůLJĂŐƌĞĞĚƐŚĂƌŝŶŐŽĨĐŽŶƚƌŽůŽĨĂŶĂƌƌĂŶŐĞŵĞŶƚ͕ǁŚŝĐŚĞdžŝƐƚƐŽŶůLJǁŚĞŶĚĞĐŝƐŝŽŶƐĂďŽƵƚƚŚĞƌĞůĞǀĂŶƚ
ĂĐƚŝǀŝƚŝĞƐƌĞƋƵŝƌĞƵŶĂŶŝŵŽƵƐĐŽŶƐĞŶƚŽĨƚŚĞƉĂƌƚŝĞƐƐŚĂƌŝŶŐĐŽŶƚƌŽů͘
ƋƵŝƚLJͲĂĐĐŽƵŶƚĞĚŝŶǀĞƐƚŵĞŶƚƐĂƌĞĐĂƌƌŝĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĂƚĐŽƐƚƉůƵƐƉŽƐƚͲacquisition changes in the Group’s 
ƐŚĂƌĞŽĨŶĞƚĂƐƐĞƚƐŽĨƚŚĞŝŶǀĞƐƚĞĞ͕ůĞƐƐĂŶLJŝŵƉĂŝƌŵĞŶƚŝŶǀĂůƵĞ͘
&ŽƌƚŚŽƐĞĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐǁŝƚŚŶŽŶͲĐŽƚĞƌŵŝŶŽƵƐLJĞĂƌĞŶĚƐ͕ŵĂŶĂŐĞŵĞŶƚĂĐĐŽƵŶƚƐĨŽƌƚŚĞƌĞůĞǀĂŶƚƉĞƌŝŽĚƚŽƚŚĞ
Group’s reporting date have been equityͲĂĐĐŽƵŶƚĞĚ͘/ŶƚŚĞŽƉŝŶŝŽŶŽĨƚŚĞŝƌĞĐƚŽƌƐ͕ƚŚĞĞdžƉĞŶƐĞŽĨƉƌŽǀŝĚŝŶŐĂĚĚŝƚŝŽŶĂů
ĐŽƚĞƌŵŝŶŽƵƐƐtatutory accounts, together with consequential delay in producing the Group’s financial statements, would outweigh 
ĂŶLJďĞŶĞĨŝƚƚŽƐŚĂƌĞŚŽůĚĞƌƐ͘




&zϮϰ
Ψŵ
&zϮϯ
Ψŵ
ZĞǀĞŶƵĞ
ϭ͕ϯϱϳ͘Ϯ
ϭ͕ϯϯϳ͘ϴ
WƌŽĨŝƚďĞĨŽƌĞŝŶĐŽŵĞƚĂdž
ϰϱ͘ϲ
ϱϳ͘Ϯ
/ŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞ
;ϭϭ͘ϬͿ
;ϭϳ͘ϱͿ
EĞƚƉƌŽĨŝƚĨŽƌƚŚĞLJĞĂƌ
ϯϰ͘ϲ
ϯϵ͘ϳ
KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞͬ;ůŽƐƐͿ͕ŶĞƚŽĨƚĂdž
—
—
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨŽƌƚŚĞLJĞĂƌ
ϯϰ͘ϲ
ϯϵ͘ϳ
Group’s share of profit for the year
ϭϬ͘ϰ
ϭϭ͘ϲ

ŝǀŝĚĞŶĚƐƌĞĐĞŝǀĞĚďLJƚŚĞ'ƌŽƵƉ
ϰ͘ϳ
ϲ͘Ϭ
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Metcash Annual Report 2024
86

^/'E/&/EdKhEd/E'^d/Dd^
/ŵƉĂŝƌŵĞŶƚŽĨĞƋƵŝƚLJͲĂĐĐŽƵŶƚĞĚŝŶǀĞƐƚŵĞŶƚƐ
ĨƚĞƌĂƉƉůŝĐĂƚŝŽŶŽĨƚŚĞĞƋƵŝƚLJŵĞƚŚŽĚ͕ƚŚĞ'ƌŽƵƉĚĞƚĞƌŵŝŶĞƐǁŚĞƚŚĞƌŝƚŝƐŶĞĐĞƐƐĂƌLJƚŽƌĞĐŽŐŶŝƐĞĂŶŝŵƉĂŝƌŵĞŶƚůŽƐƐŽŶŝƚƐ
ŝŶǀĞƐƚŵĞŶƚŝŶŝƚƐĂƐƐŽĐŝĂƚĞŽƌũŽŝŶƚǀĞŶƚƵƌĞ͘ƚĞĂĐŚƌĞƉŽƌƚŝŶŐĚĂƚĞ͕ƚŚĞ'ƌŽƵƉĚĞƚĞƌŵŝŶĞƐǁŚĞƚŚĞƌƚŚĞƌĞŝƐŽďũĞĐƚŝǀĞĞǀŝĚĞŶĐĞƚŚĂƚ
ƚŚĞŝŶǀĞƐƚŵĞŶƚŝŶƚŚĞĂƐƐŽĐŝĂƚĞŽƌũŽŝŶƚǀĞŶƚƵƌĞŝƐŝŵƉĂŝƌĞĚ͘/ĨƚŚĞƌĞŝƐƐƵĐŚĞǀŝĚĞŶĐĞ͕ƚŚĞ'ƌŽƵƉĐĂůĐƵůĂƚĞƐƚŚĞĂŵŽƵŶƚŽĨŝŵƉĂŝƌŵĞŶƚ
ĂƐƚŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŽĨƚŚĞĂƐƐŽĐŝĂƚĞŽƌũŽŝŶƚǀĞŶƚƵƌĞĂŶĚŝƚƐĐĂƌƌLJŝŶŐǀĂůƵĞ͘
/ŶĂƐƐĞƐƐŝŶŐƚŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͕ĂƐƐƵŵƉƚŝŽŶƐĂƌĞŵĂĚĞĂďŽƵƚƚŚĞŐƌŽǁƚŚƉƌŽƐƉĞĐƚƐŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚĂŶĚŝŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞ
ĚŝƐĐŽƵŶƚƌĂƚĞƵƐĞĚƚŽĐĂůĐƵůĂƚĞƚŚĞŶĞƚƉƌĞƐĞŶƚǀĂůƵĞŽĨĨƵƚƵƌĞĐĂƐŚĨůŽǁƐǁŚĞŶĂĚŝƐĐŽƵŶƚĞĚĐĂƐŚĨůŽǁŵŽĚĞůŝƐƵƐĞĚ͘
ŶŝŵƉĂŝƌŵĞŶƚůŽƐƐƌĞĐŽŐŶŝƐĞĚŝŶƉƌŝŽƌƉĞƌŝŽĚƐŝƐƌĞǀĞƌƐĞĚŝĨƚŚĞƌĞŚĂƐďĞĞŶĂĐŚĂŶŐĞŝŶĞƐƚŝŵĂƚĞƐƵƐĞĚƚŽĚĞƚĞƌŵŝŶĞƚŚĞĞƋƵŝƚLJͲ
ĂĐĐŽƵŶƚĞĚŝŶǀĞƐƚŵĞŶƚƐƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚƐŝŶĐĞƚŚĞůĂƐƚŝŵƉĂŝƌŵĞŶƚůŽƐƐǁĂƐƌĞĐŽŐŶŝƐĞĚ͘/ĨƚŚŝƐŝƐƚŚĞĐĂƐĞ͕ƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨ
ƚŚĞŝŶǀĞƐƚŵĞŶƚŝƐŝŶĐƌĞĂƐĞĚƚŽŝƚƐƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͕ǁŝƚŚƚŚĞŝŶĐƌĞĂƐĞďĞŝŶŐƌĞĐŽŐŶŝƐĞĚĂƐĂƌĞǀĞƌƐĂůŽĨĂŶŝŵƉĂŝƌŵĞŶƚůŽƐƐŝŶƚŚĞ
^ƚĂƚĞŵĞŶƚŽĨŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ͘
ϰ͘ϱ͘ WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ
>ĂŶĚΘ
ďƵŝůĚŝŶŐƐ
Ψŵ
WůĂŶƚΘ
ĞƋƵŝƉŵĞŶƚ
Ψŵ
dŽƚĂů
Ψŵ
zZEϯϬWZ/>ϮϬϮϰ
KƉĞŶŝŶŐďĂůĂŶĐĞ
ϯϴ͘ϰ
Ϯϯϱ͘Ϯ
Ϯϳϯ͘ϲ
ĚĚŝƚŝŽŶƐ
—
ϵϳ͘ϴ
ϵϳ͘ϴ
ĚĚŝƚŝŽŶƐƚŚƌŽƵŐŚďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶƐ
Ϯ͘ϭ
ϮϮ͘ϵ
Ϯϱ͘Ϭ
ŝƐƉŽƐĂůƐ
;ϲ͘ϵͿ
;Ϯ͘ϰͿ
;ϵ͘ϯͿ
/ŵƉĂŝƌŵĞŶƚƐ
—
;Ϭ͘ϯͿ
;Ϭ͘ϯͿ
ZĞĐůĂƐƐŝĨŝĐĂƚŝŽŶƐ
Ϭ͘ϲ
;ϯ͘ϬͿ
;Ϯ͘ϰͿ
ĞƉƌĞĐŝĂƚŝŽŶ
;Ϭ͘ϳͿ
;ϰϯ͘ϲͿ
;ϰϰ͘ϯͿ
ůŽƐŝŶŐďĂůĂŶĐĞ
ϯϯ͘ϱ
ϯϬϲ͘ϲ
ϯϰϬ͘ϭ
dϯϬWZ/>ϮϬϮϰ
ŽƐƚ
ϰϮ͘ϰ
ϲϱϱ͘ϴ
ϲϵϴ͘Ϯ
ĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚ
;ϴ͘ϵͿ
;ϯϰϵ͘ϮͿ
;ϯϱϴ͘ϭͿ
EĞƚĐĂƌƌLJŝŶŐĂŵŽƵŶƚ
ϯϯ͘ϱ
ϯϬϲ͘ϲ
ϯϰϬ͘ϭ
zZEϯϬWZ/>ϮϬϮϯ
KƉĞŶŝŶŐďĂůĂŶĐĞ
ϯϱ͘ϳ
ϮϭϬ͘Ϯ
Ϯϰϱ͘ϵ
ĚĚŝƚŝŽŶƐ
—
ϳϭ͘ϯ
ϳϭ͘ϯ
ĚĚŝƚŝŽŶƐƚŚƌŽƵŐŚďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶƐ
—
Ϯ͘ϯ
Ϯ͘ϯ
ŝƐƉŽƐĂůƐ
—
;ϭ͘ϯͿ
;ϭ͘ϯͿ
/ŵƉĂŝƌŵĞŶƚƐ
—
;ϯ͘ϬͿ
;ϯ͘ϬͿ
ZĞĐůĂƐƐŝĨŝĐĂƚŝŽŶƐ
ϯ͘Ϭ
;ϰ͘ϭͿ
;ϭ͘ϭͿ
ĞƉƌĞĐŝĂƚŝŽŶ
;Ϭ͘ϯͿ
;ϰϬ͘ϮͿ
;ϰϬ͘ϱͿ
ůŽƐŝŶŐďĂůĂŶĐĞ
ϯϴ͘ϰ
Ϯϯϱ͘Ϯ
Ϯϳϯ͘ϲ
dϯϬWZ/>ϮϬϮϯ
ŽƐƚ
ϰϲ͘ϲ
ϱϰϬ͘ϱ
ϱϴϳ͘ϭ
ĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚ
;ϴ͘ϮͿ
;ϯϬϱ͘ϯͿ
;ϯϭϯ͘ϱͿ
EĞƚĐĂƌƌLJŝŶŐĂŵŽƵŶƚ
ϯϴ͘ϰ
Ϯϯϱ͘Ϯ
Ϯϳϯ͘ϲ
ĚĚŝƚŝŽŶƐƚŽƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚŝŶĐůƵĚĞΨϲϭ͘ϭŵŝůůŝŽŶ;&zϮϯ͗ΨϮϰ͘ϬŵŝůůŝŽŶͿŽĨĂƐƐĞƚƐƵŶĚĞƌĐŽŶƐƚƌƵĐƚŝŽŶ͘dŚĞĐůŽƐŝŶŐďĂůĂŶĐĞŽĨƉůĂŶƚ
ĂŶĚĞƋƵŝƉŵĞŶƚŝŶĐůƵĚĞƐΨϲϱ͘ϴŵŝůůŝŽŶ;&zϮϯ͗Ψϯϰ͘ϭŵŝůůŝŽŶͿŽĨĂƐƐĞƚƐƵŶĚĞƌĐŽŶƐƚƌƵĐƚŝŽŶ͘
87
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DdZ/>KhEd/E'WK>//^
ZĞĐŽŐŶŝƚŝŽŶĂŶĚŵĞĂƐƵƌĞŵĞŶƚ
ůůĐůĂƐƐĞƐŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚĂƌĞŵĞĂƐƵƌĞĚĂƚĐŽƐƚůĞƐƐĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŶLJĂĐĐƵŵƵůĂƚĞĚŝŵƉĂŝƌŵĞŶƚ
ůŽƐƐĞƐ͘
ĞƉƌĞĐŝĂƚŝŽŶ
ĞƉƌĞĐŝĂƚŝŽŶŝƐƉƌŽǀŝĚĞĚŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽŶĂůůƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ͕ŽƚŚĞƌƚŚĂŶĨƌĞĞŚŽůĚůĂŶĚĂŶĚĂƐƐĞƚƐƵŶĚĞƌ
ĐŽŶƐƚƌƵĐƚŝŽŶ͘DĂũŽƌĚĞƉƌĞĐŝĂƚŝŽŶƉĞƌŝŽĚƐĂƌĞ͗
 
&zϮϰ
&zϮϯ
&ƌĞĞŚŽůĚďƵŝůĚŝŶŐƐ
ϮϱͲϰϬLJĞĂƌƐ
ϮϱͲϰϬLJĞĂƌƐ
WůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ
ϮͲϮϬLJĞĂƌƐ
ϮͲϮϬLJĞĂƌƐ
ĞƌĞĐŽŐŶŝƚŝŽŶ
ŶŝƚĞŵŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚŝƐĚĞƌĞĐŽŐŶŝƐĞĚƵƉŽŶĚŝƐƉŽƐĂůŽƌǁŚĞŶŶŽĨƵƚƵƌĞĞĐŽŶŽŵŝĐďĞŶĞĨŝƚƐĂƌĞĞdžƉĞĐƚĞĚƚŽĂƌŝƐĞ
ĨƌŽŵƚŚĞĐŽŶƚŝŶƵĞĚƵƐĞŽĨƚŚĞĂƐƐĞƚ͘
ŶLJŐĂŝŶŽƌůŽƐƐĂƌŝƐŝŶŐŽŶĚĞƌĞĐŽŐŶŝƚŝŽŶŽĨƚŚĞĂƐƐĞƚ;ĐĂůĐƵůĂƚĞĚĂƐƚŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞŶĞƚĚŝƐƉŽƐĂůƉƌŽĐĞĞĚƐĂŶĚƚŚĞ
ĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞŝƚĞŵͿŝƐŝŶĐůƵĚĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞŝŶƚŚĞƉĞƌŝŽĚƚŚĞŝƚĞŵŝƐĚĞƌĞĐŽŐŶŝƐĞĚ͘
ϰ͘ϲ͘ /ŶƚĂŶŐŝďůĞĂƐƐĞƚƐ
^ŽĨƚǁĂƌĞ
ĚĞǀĞůŽƉŵĞŶƚ
ĐŽƐƚƐ
ƵƐƚŽŵĞƌ
ĐŽŶƚƌĂĐƚƐ
dƌĂĚĞŶĂŵĞƐ
ĂŶĚŽƚŚĞƌ
'ŽŽĚǁŝůů
dŽƚĂů
Ψŵ
Ψŵ
Ψŵ
Ψŵ
Ψŵ
zZEϯϬWZ/>ϮϬϮϰ




KƉĞŶŝŶŐďĂůĂŶĐĞ
ϭϴϭ͘Ϭ
ϯϬ͘ϵ
ϳϯ͘ϭ
ϲϭϬ͘ϭ
ϴϵϱ͘ϭ
ĚĚŝƚŝŽŶƐ
Ϯϵ͘Ϭ
—
—
—
Ϯϵ͘Ϭ
ĚĚŝƚŝŽŶƐƚŚƌŽƵŐŚďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶƐ
ϭ͘Ϯ
—
ϭϯ͘ϴ
ϭϲϬ͘ϴ
ϭϳϱ͘ϴ
ĚũƵƐƚŵĞŶƚƐƚŽďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶƐ
—
—
—
Ϭ͘ϯ
Ϭ͘ϯ
/ŵƉĂŝƌŵĞŶƚƐ
;ϭϯ͘ϯͿ
—
—
—
;ϭϯ͘ϯͿ
ZĞĐůĂƐƐŝĨŝĐĂƚŝŽŶƐ
Ϭ͘ϱ
—
—
—
Ϭ͘ϱ
ŵŽƌƚŝƐĂƚŝŽŶ
;Ϯϭ͘ϬͿ
;ϰ͘ϲͿ
;Ϭ͘ϯͿ
—
;Ϯϱ͘ϵͿ
ůŽƐŝŶŐďĂůĂŶĐĞ
ϭϳϳ͘ϰ
Ϯϲ͘ϯ
ϴϲ͘ϲ
ϳϳϭ͘Ϯ
ϭ͕Ϭϲϭ͘ϱ
dϯϬWZ/>ϮϬϮϰ




ŽƐƚ
ϰϮϬ͘ϱ
ϭϳϲ͘ϭ
ϵϬ͘ϱ
ϭ͕ϳϱϯ͘ϲ
Ϯ͕ϰϰϬ͘ϳ
ĐĐƵŵƵůĂƚĞĚĂŵŽƌƚŝƐĂƚŝŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚ
;Ϯϰϯ͘ϭͿ
;ϭϰϵ͘ϴͿ
;ϯ͘ϵͿ
;ϵϴϮ͘ϰͿ
;ϭ͕ϯϳϵ͘ϮͿ
EĞƚĐĂƌƌLJŝŶŐĂŵŽƵŶƚ
ϭϳϳ͘ϰ
Ϯϲ͘ϯ
ϴϲ͘ϲ
ϳϳϭ͘Ϯ
ϭ͕Ϭϲϭ͘ϱ
zZEϯϬWZ/>ϮϬϮϯ




KƉĞŶŝŶŐďĂůĂŶĐĞ
ϭϮϮ͘ϰ
ϯϱ͘ϰ
ϳϯ͘ϳ
ϱϲϳ͘ϯ
ϳϵϴ͘ϴ
ĚĚŝƚŝŽŶƐ
ϴϬ͘ϴ
—
—
—
ϴϬ͘ϴ
ĚĚŝƚŝŽŶƐƚŚƌŽƵŐŚďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶƐ
—
—
—
ϰϮ͘Ϯ
ϰϮ͘Ϯ
ĚũƵƐƚŵĞŶƚƐƚŽďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶƐ
—
—
—
Ϭ͘ϰ
Ϭ͘ϰ
/ŵƉĂŝƌŵĞŶƚƐ
;Ϯ͘ϯͿ
—
—
—
;Ϯ͘ϯͿ
ŝƐƉŽƐĂůƐ
;ϯ͘ϯͿ
—
—
—
;ϯ͘ϯͿ
ZĞĐůĂƐƐŝĨŝĐĂƚŝŽŶƐ
Ϭ͘ϲ
—
;Ϭ͘ϱͿ
Ϭ͘Ϯ
Ϭ͘ϯ
ŵŽƌƚŝƐĂƚŝŽŶ
;ϭϳ͘ϮͿ
;ϰ͘ϱͿ
;Ϭ͘ϭͿ
—
;Ϯϭ͘ϴͿ
ůŽƐŝŶŐďĂůĂŶĐĞ
ϭϴϭ͘Ϭ
ϯϬ͘ϵ
ϳϯ͘ϭ
ϲϭϬ͘ϭ
ϴϵϱ͘ϭ
dϯϬWZ/>ϮϬϮϯ




ŽƐƚ
ϯϴϵ͘ϴ
ϭϳϲ͘ϭ
ϳϲ͘ϳ
ϭ͕ϱϵϮ͘ϱ
Ϯ͕Ϯϯϱ͘ϭ
ĐĐƵŵƵůĂƚĞĚĂŵŽƌƚŝƐĂƚŝŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚ
;ϮϬϴ͘ϴͿ
;ϭϰϱ͘ϮͿ
;ϯ͘ϲͿ
;ϵϴϮ͘ϰͿ
;ϭ͕ϯϰϬ͘ϬͿ
EĞƚĐĂƌƌLJŝŶŐĂŵŽƵŶƚ
ϭϴϭ͘Ϭ
ϯϬ͘ϵ
ϳϯ͘ϭ
ϲϭϬ͘ϭ
ϴϵϱ͘ϭ
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Metcash Annual Report 2024
88


DdZ/>KhEd/E'WK>//^
ZĞĐŽŐŶŝƚŝŽŶĂŶĚŵĞĂƐƵƌĞŵĞŶƚ
/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐĂĐƋƵŝƌĞĚƐĞƉĂƌĂƚĞůLJŽƌŝŶĂďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶĂƌĞŝŶŝƚŝĂůůLJŵĞĂƐƵƌĞĚĂƚĐŽƐƚ͘&ŽůůŽǁŝŶŐŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶ͕ƚŚĞ
ĐŽƐƚŵŽĚĞůŝƐĂƉƉůŝĞĚƚŽƚŚĞĐůĂƐƐŽĨŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐ͘
/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐ;ĞdžĐůƵĚŝŶŐƐŽĨƚǁĂƌĞĚĞǀĞůŽƉŵĞŶƚĐŽƐƚƐͿĐƌĞĂƚĞĚǁŝƚŚŝŶƚŚĞďƵƐŝŶĞƐƐĂƌĞŶŽƚĐĂƉŝƚĂůŝƐĞĚĂŶĚĞdžƉĞŶĚŝƚƵƌĞŝƐĐŚĂƌŐĞĚ
ĂŐĂŝŶƐƚƉƌŽĨŝƚƐŝŶƚŚĞƉĞƌŝŽĚŝŶǁŚŝĐŚƚŚĞĞdžƉĞŶĚŝƚƵƌĞŝƐŝŶĐƵƌƌĞĚ͘
'ŽŽĚǁŝůůĂĐƋƵŝƌĞĚŝŶĂďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶŝƐŝŶŝƚŝĂůůLJŵĞĂƐƵƌĞĚĂƚĐŽƐƚ͖ďĞŝŶŐƚŚĞĞdžĐĞƐƐŽĨƚŚĞĐŽƐƚŽĨƚŚĞďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶ
over the Group’s interest in the net fair value of the acquiree’ƐŝĚĞŶƚŝĨŝĂďůĞĂƐƐĞƚƐ͕ůŝĂďŝůŝƚŝĞƐĂŶĚĐŽŶƚŝŶŐĞŶƚůŝĂďŝůŝƚŝĞƐ͘
dƌĂĚĞŶĂŵĞƐĂƌĞĂĐƋƵŝƌĞĚĞŝƚŚĞƌƚŚƌŽƵŐŚďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶƐŽƌƚŚƌŽƵŐŚĚŝƌĞĐƚĂĐƋƵŝƐŝƚŝŽŶ͘dƌĂĚĞŶĂŵĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚĂƐ
ŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐǁŚĞƌĞĂƌĞŐŝƐƚĞƌĞĚƚƌĂĚĞŵĂƌŬŝƐĂĐƋƵŝƌĞĚǁŝƚŚĂƚƚƌŝďƵƚĂďůĞǀĂůƵĞ͘dƌĂĚĞŶĂŵĞƐĂƌĞǀĂůƵĞĚŽŶĂƌĞůŝĞĨĨƌŽŵƌŽLJĂůƚLJ
ŵĞƚŚŽĚ͘dƌĂĚĞŶĂŵĞƐĂƌĞĐŽŶƐŝĚĞƌĞĚƚŽďĞŝŶĚĞĨŝŶŝƚĞůŝĨĞŝŶƚĂŶŐŝďůĞƐĂŶĚĂƌĞŶŽƚĂŵŽƌƚŝƐĞĚ͕ƵŶůĞƐƐƚŚĞƌĞŝƐĂŶŝŶƚĞŶƚŝŽŶƚŽ
ĚŝƐĐŽŶƚŝŶƵĞƵƐĞŽĨƚŚĞŶĂŵĞŝŶǁŚŝĐŚĐĂƐĞŝƚŝƐĂŵŽƌƚŝƐĞĚŽǀĞƌŝƚƐĞƐƚŝŵĂƚĞĚƌĞŵĂŝŶŝŶŐƵƐĞĨƵůůŝĨĞ͘
ƵƐƚŽŵĞƌĐŽŶƚƌĂĐƚƐĂƌĞĂĐƋƵŝƌĞĚƚŚƌŽƵŐŚďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶƐ͘ƵƐƚŽŵĞƌĐŽŶƚĂĐƚƐĂƌĞƌĞĐŽŐŶŝƐĞĚĂƐŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐǁŚĞŶƚŚĞ
ĐƌŝƚĞƌŝĂƐƉĞĐŝĨŝĞĚŝŶ^ϭϯϴ/ŶƚĂŶŐŝďůĞƐƐĞƚƐŚĂǀĞďĞĞŶŵĞƚ͘ƵƐƚŽŵĞƌĐŽŶƚƌĂĐƚƐĂƌĞǀĂůƵĞĚďLJĂƉƉůLJŝŶŐĂĚŝƐĐŽƵŶƚĞĚĐĂƐŚĨůŽǁ
ǀĂůƵĂƚŝŽŶŵĞƚŚŽĚŽůŽŐLJǁŝƚŚĐŽŶƐŝĚĞƌĂƚŝŽŶŐŝǀĞŶƚŽĐƵƐƚŽŵĞƌƌĞƚĞŶƚŝŽŶĂŶĚƉƌŽũĞĐƚĞĚĨƵƚƵƌĞĐĂƐŚĨůŽǁƐƚŽƚŚĞĞŶĚŽĨƚŚĞĐŽŶƚƌĂĐƚ
ƉĞƌŝŽĚ͘dŚĞĂŵŽƌƚŝƐĂƚŝŽŶŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͘
^ŽĨƚǁĂƌĞĚĞǀĞůŽƉŵĞŶƚĐŽƐƚƐŝŶĐƵƌƌĞĚŽŶĂŶŝŶĚŝǀŝĚƵĂůƉƌŽũĞĐƚĂƌĞĐĂƉŝƚĂůŝƐĞĚĂƚĐŽƐƚǁŚĞŶĨƵƚƵƌĞƌĞĐŽǀĞƌĂďŝůŝƚLJĐĂŶƌĞĂƐŽŶĂďůLJďĞ
ĂƐƐƵƌĞĚĂŶĚǁŚĞƌĞƚŚĞ'ƌŽƵƉŚĂƐĂŶŝŶƚĞŶƚŝŽŶĂŶĚĂďŝůŝƚLJƚŽƵƐĞƚŚĞĂƐƐĞƚ͘&ŽůůŽǁŝŶŐƚŚĞŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶŽĨƐŽĨƚǁĂƌĞĚĞǀĞůŽƉŵĞŶƚ
ĐŽƐƚƐ͕ƚŚĞĂƐƐĞƚŝƐĐĂƌƌŝĞĚĂƚĐŽƐƚůĞƐƐĂĐĐƵŵƵůĂƚĞĚĂŵŽƌƚŝƐĂƚŝŽŶĂŶĚĂŶLJĂĐĐƵŵƵůĂƚĞĚŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͘ŶLJĐŽƐƚƐĐĂƌƌŝĞĚĨŽƌǁĂƌĚ
are amortised over the assets’ useful economicůŝǀĞƐ͘
ŽŶĨŝŐƵƌĂƚŝŽŶĂŶĚĐƵƐƚŽŵŝƐĂƚŝŽŶĐŽƐƚƐŝŶĐƵƌƌĞĚŝŶŝŵƉůĞŵĞŶƚŝŶŐĐůŽƵĚͲďĂƐĞĚĂƌƌĂŶŐĞŵĞŶƚƐĂƌĞŽŶůLJĐĂƉŝƚĂůŝƐĞĚŝĨƚŚĞ
ŝŵƉůĞŵĞŶƚĂƚŝŽŶĂĐƚŝǀŝƚŝĞƐĐƌĞĂƚĞĂŶŝŶƚĂŶŐŝďůĞĂƐƐĞƚƚŚĂƚƚŚĞ'ƌŽƵƉĐŽŶƚƌŽůƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨ^ϭϯϴ
/ŶƚĂŶŐŝďůĞƐƐĞƚƐ͘ŽƐƚƐƚŚĂƚĚŽŶŽƚƌĞƐƵůƚŝŶŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐĂƌĞĞdžƉĞŶƐĞĚĂƐŝŶĐƵƌƌĞĚ͘dŚĞĞdžĐĞƉƚŝŽŶŝƐǁŚĞƌĞƚŚĞLJĂƌĞƉĂŝĚƚŽƚŚĞ
ƐƵƉƉůŝĞƌƐŽĨƚŚĞĐůŽƵĚͲďĂƐĞĚĂƌƌĂŶŐĞŵĞŶƚƚŽƐŝŐŶŝĨŝĐĂŶƚůLJĐƵƐƚŽŵŝƐĞƚŚĞĐůŽƵĚͲďĂƐĞĚƐŽĨƚǁĂƌĞĨŽƌƚŚĞ'ƌŽƵƉ͘/ŶƚŚŝƐĐĂƐĞ͕ƚŚĞĐŽƐƚƐ
ĂƌĞƌĞĐŽƌĚĞĚĂƐĂƉƌĞƉĂLJŵĞŶƚĨŽƌƐĞƌǀŝĐĞƐĂŶĚĂŵŽƌƚŝƐĞĚŽǀĞƌƚŚĞĞdžƉĞĐƚĞĚƌĞŶĞǁĂďůĞƚĞƌŵŽĨƚŚĞĂƌƌĂŶŐĞŵĞŶƚ͘
ĞƌĞĐŽŐŶŝƚŝŽŶ
'ĂŝŶƐŽƌůŽƐƐĞƐĂƌŝƐŝŶŐĨƌŽŵĚĞƌĞĐŽŐŶŝƚŝŽŶŽĨĂŶŝŶƚĂŶŐŝďůĞĂƐƐĞƚĂƌĞŵĞĂƐƵƌĞĚĂƐƚŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞŶĞƚĚŝƐƉŽƐĂůƉƌŽĐĞĞĚƐ
ĂŶĚƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞĂƐƐĞƚĂŶĚĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞǁŚĞŶƚŚĞĂƐƐĞƚŝƐĚĞƌĞĐŽŐŶŝƐĞĚ͘
tŚĞŶŐŽŽĚǁŝůůĨŽƌŵƐƉĂƌƚŽĨĂŐƌŽƵƉŽĨĐĂƐŚŐĞŶĞƌĂƚŝŶŐƵŶŝƚƐĂŶĚĂŶŽƉĞƌĂƚŝŽŶǁŝƚŚŝŶƚŚĂƚƵŶŝƚŝƐĚŝƐƉŽƐĞĚŽĨ͕ƚŚĞŐŽŽĚǁŝůů
ĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞŽƉĞƌĂƚŝŽŶĚŝƐƉŽƐĞĚŽĨŝƐŝŶĐůƵĚĞĚŝŶƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞŽƉĞƌĂƚŝŽŶǁŚĞŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞŐĂŝŶŽƌůŽƐƐŽŶ
ĚŝƐƉŽƐĂůŽĨƚŚĞŽƉĞƌĂƚŝŽŶ͘'ŽŽĚǁŝůůĚŝƐƉŽƐĞĚŽĨŝŶƚŚŝƐĐŝƌĐƵŵƐƚĂŶĐĞŝƐŵĞĂƐƵƌĞĚďĂƐĞĚŽŶƚŚĞƌĞůĂƚŝǀĞǀĂůƵĞƐŽĨƚŚĞŽƉĞƌĂƚŝŽŶ
ĚŝƐƉŽƐĞĚŽĨĂŶĚƚŚĞƉŽƌƚŝŽŶŽĨƚŚĞŐƌŽƵƉƐŽĨĐĂƐŚͲŐĞŶĞƌĂƚŝŶŐƵŶŝƚƐƌĞƚĂŝŶĞĚ͘
hƐĞĨƵůůŝǀĞƐ
dŚĞƵƐĞĨƵůůŝǀĞƐŽĨŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐĂƌĞĂƐƐĞƐƐĞĚƚŽĞŝƚŚĞƌďĞĨŝŶŝƚĞŽƌŝŶĚĞĨŝŶŝƚĞ͘tŚĞƌĞĂŵŽƌƚŝƐĂƚŝŽŶŝƐĐŚĂƌŐĞĚŽŶĂƐƐĞƚƐǁŝƚŚĨŝŶŝƚĞ
ůŝǀĞƐ͕ƚŚŝƐĞdžƉĞŶƐĞŝƐƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐ͘
dŚĞĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐŽĨĞdžŝƐƚŝŶŐĨŝŶŝƚĞůŝĨĞŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐĂƌĞĂƐĨŽůůŽǁƐ͗
&zϮϰ
&zϮϯ
ƵƐƚŽŵĞƌĐŽŶƚƌĂĐƚƐ
ϭϱLJĞĂƌƐ
ϭϱLJĞĂƌƐ
^ŽĨƚǁĂƌĞĚĞǀĞůŽƉŵĞŶƚĐŽƐƚƐ
ϱͲϭϬLJĞĂƌƐ
ϱͲϭϬLJĞĂƌƐ
KƚŚĞƌ
ϭϬLJĞĂƌƐ
ϭϬLJĞĂƌƐ
hƐĞĨƵůůŝǀĞƐĂƌĞƌĞĂƐƐĞƐƐĞĚŽŶĂŶĂŶŶƵĂůďĂƐŝƐĂŶĚĂĚũƵƐƚŵĞŶƚƐ͕ǁŚĞƌĞĂƉƉůŝĐĂďůĞ͕ĂƌĞŵĂĚĞŽŶĂƉƌŽƐƉĞĐƚŝǀĞďĂƐŝƐ͘
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ϰ͘ϳ͘ /ŵƉĂŝƌŵĞŶƚŽĨŶŽŶͲĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ
/ŵƉĂŝƌŵĞŶƚƚĞƐƚƐĨŽƌŐŽŽĚǁŝůůĂŶĚŝŶƚĂŶŐŝďůĞƐǁŝƚŚŝŶĚĞĨŝŶŝƚĞƵƐĞĨƵůůŝǀĞƐ
ĞƐĐƌŝƉƚŝŽŶŽĨĐĂƐŚŐĞŶĞƌĂƚŝŶŐƵŶŝƚƐ
'ŽŽĚǁŝůůĂĐƋƵŝƌĞĚƚŚƌŽƵŐŚďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶƐŝƐĂůůŽĐĂƚĞĚƚŽƚŚĞůŽǁĞƐƚůĞǀĞůǁŝƚŚŝŶƚŚĞĞŶƚŝƚLJĂƚǁŚŝĐŚƚŚĞŐŽŽĚǁŝůůŝƐŵŽŶŝƚŽƌĞĚ͕
ďĞŝŶŐƚŚĞƚŚƌĞĞĐĂƐŚgenerating units (or ‘CGU’s) –&ŽŽĚ͕,ĂƌĚǁĂƌĞĂŶĚ>ŝƋƵŽƌ͘/ŶĚĞĨŝŶŝƚĞůŝĨĞŝŶƚĂŶŐŝďůĞƐƉƌŝŵĂƌŝůLJĐŽŵƉƌŝƐĞƚƌĂĚĞŶĂŵĞƐ
ĂŶĚůŝĐĞŶĐĞƐ͘
ůůŽĐĂƚŝŽŶƚŽ'hƐ
The carrying amounts of goodwill and indefinite life intangibles are allocated to the Group’s CGUs as follows:
ůůŽĐĂƚĞĚŐŽŽĚǁŝůů
dƌĂĚĞŶĂŵĞƐĂŶĚ
ŽƚŚĞƌŝŶƚĂŶŐŝďůĞƐ
WŽƐƚͲƚĂdžĚŝƐĐŽƵŶƚƌĂƚĞƐ
ĂƐŚͲŐĞŶĞƌĂƚŝŶŐƵŶŝƚƐ
&zϮϰ
Ψŵ
&zϮϯ
Ψŵ
&zϮϰ
Ψŵ
&zϮϯ
Ψŵ
&zϮϰ
й
&zϮϯ
й
&ŽŽĚ
Ϯϭϳ͘Ϯ
Ϯϭϰ͘ϯ
ϭ͘ϰ
ϭ͘ϱ
ϭϬ͘Ϭй
ϵ͘ϰй
,ĂƌĚǁĂƌĞ
ϰϬϰ͘Ϯ
Ϯϰϴ͘ϱ
ϳϮ͘ϰ
ϱϴ͘ϲ
ϭϬ͘Ϭй
ϵ͘ϰй
>ŝƋƵŽƌ
ϭϰϵ͘ϴ
ϭϰϳ͘ϯ
ϭϮ͘ϴ
ϭϯ͘Ϭ
ϭϬ͘Ϭй
ϵ͘ϰй
ϳϳϭ͘Ϯ
ϲϭϬ͘ϭ
ϴϲ͘ϲ
ϳϯ͘ϭ
ƐƐĞƐƐŵĞŶƚŽĨƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚƐ
dŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚƐǁĞƌĞĚĞƚĞƌŵŝŶĞĚďĂƐĞĚŽŶǀĂůƵĞŝŶƵƐĞĐĂůĐƵůĂƚŝŽŶƐƵƐŝŶŐĐĂƐŚĨůŽǁƉƌŽũĞĐƚŝŽŶƐĐŽǀĞƌŝŶŐĂĨŝǀĞͲLJĞĂƌƉĞƌŝŽĚ͕
ǁŚŝĐŚĂƌĞďĂƐĞĚŽŶƐƚƌĂƚĞŐŝĐƉůĂŶƐŽƌĨŽƌĞĐĂƐƚƐ͘ƐƚŝŵĂƚĞƐďĞLJŽŶĚƚŚĞĨŝǀĞͲLJĞĂƌƉĞƌŝŽĚĂƌĞĐĂůĐƵůĂƚĞĚƵƐŝŶŐƚĞƌŵŝŶĂůŐƌŽǁƚŚƌĂƚĞƐƚŚĂƚ
ĂƌĞĂƉƉůŝĐĂďůĞƚŽƚŚĞƚƌĂĚŝŶŐĞŶǀŝƌŽŶŵĞŶƚŝŶǁŚŝĐŚƚŚĞ'hŽƉĞƌĂƚĞƐ͘
<ĞLJĂƐƐƵŵƉƚŝŽŶƐƵƐĞĚŝŶĂƐƐĞƐƐŵĞŶƚ
dŚĞǀĂůƵĂƚŝŽŶƐƵƐĞĚƚŽƐƵƉƉŽƌƚƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐŽĨŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐĂƌĞďĂƐĞĚŽŶĨŽƌǁĂƌĚůŽŽŬŝŶŐŬĞLJĂƐƐƵŵƉƚŝŽŶƐƚŚĂƚĂƌĞ͕ďLJ
ŶĂƚƵƌĞ͕ƵŶĐĞƌƚĂŝŶ͘dŚĞŶĂƚƵƌĞĂŶĚďĂƐŝƐŽĨƚŚĞŬĞLJĂƐƐƵŵƉƚŝŽŶƐƵƐĞĚƚŽĞƐƚŝŵĂƚĞĨƵƚƵƌĞĐĂƐŚĨůŽǁƐĂŶĚƚŚĞĚŝƐĐŽƵŶƚƌĂƚĞƐƵƐĞĚŝŶƚŚĞ
ƉƌŽũĞĐƚŝŽŶƐ͕ǁŚĞŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŽĨĞĂĐŚ'h͕ĂƌĞƐĞƚŽƵƚďĞůŽǁĂŶĚŝŶƚŚĞƚĂďůĞĂďŽǀĞ͗
−KƉĞƌĂƚŝŶŐĐĂƐŚĨůŽǁƐ–KƉĞƌĂƚŝŶŐĐĂƐŚĨůŽǁƉƌŽũĞĐƚŝŽŶƐĂƌĞĞdžƚƌĂĐƚĞĚĨƌŽŵƚŚĞŵŽƐƚƌĞĐĞŶƚƐƚƌĂƚĞŐŝĐƉůĂŶƐŽƌĨŽƌĞĐĂƐƚƐƚŚĂƚƌĞůĂƚĞƚŽ
ƚŚĞĞdžŝƐƚŝŶŐĂƐƐĞƚďĂƐĞ͘&ŽƌĞĂĐŚ'h͕ƚŚĞĐĂƐŚĨůŽǁƉƌŽũĞĐƚŝŽŶƐĨŽƌĂĨŝǀĞͲLJĞĂƌƉĞƌŝŽĚŚĂǀĞďĞĞŶĚĞƚĞƌŵŝŶĞĚďĂƐĞĚŽŶĞdžƉĞĐƚĂƚŝŽŶƐ
ŽĨĨƵƚƵƌĞƉĞƌĨŽƌŵĂŶĐĞ͘<ĞLJĂƐƐƵŵƉƚŝŽŶƐŝŶƚŚĞĐĂƐŚĨůŽǁƐŝŶĐůƵĚĞƐĂůĞƐǀŽůƵŵĞŐƌŽǁƚŚ͕ĐŽƐƚƐŽĨƐĂůĞƐĂŶĚĐŽƐƚƐŽĨĚŽŝŶŐďƵƐŝŶĞƐƐ͘
dŚĞƐĞĂƐƐƵŵƉƚŝŽŶƐĂƌĞďĂƐĞĚŽŶĞdžƉĞĐƚĂƚŝŽŶƐŽĨŵĂƌŬĞƚĚĞŵĂŶĚĂŶĚŽƉĞƌĂƚŝŽŶĂůƉĞƌĨŽƌŵĂŶĐĞ͘
−ĂƐŚĨůŽǁƉƌŽũĞĐƚŝŽŶƐĂƌĞďĂƐĞĚŽŶƌŝƐŬͲĂĚũƵƐƚĞĚĨŽƌĞĐĂƐƚƐĂůůŽǁŝŶŐĨŽƌĞƐƚŝŵĂƚĞĚĐŚĂŶŐĞƐŝŶƚŚĞďƵƐŝŶĞƐƐ͕ƚŚĞĐŽŵƉĞƚŝƚŝǀĞƚƌĂĚŝŶŐ
ĞŶǀŝƌŽŶŵĞŶƚ͕ůĞŐŝƐůĂƚŝŽŶĂŶĚĞĐŽŶŽŵŝĐŐƌŽǁƚŚǁŚŝůƐƚŶŽƚŝŶŐƚŚĂƚƵŶĐĞƌƚĂŝŶƚŝĞƐƌĞŵĂŝŶŽǀĞƌƚŚĞƉŽƚĞŶƚŝĂůŝŵƉĂĐƚŽĨĐŚĂŶŐĞƐƚŽ
ĐŽŶƐƵŵĞƌďĞŚĂǀŝŽƵƌĂŶĚŽƚŚĞƌƵŶĐĞƌƚĂŝŶƚŝĞƐƐƵƌƌŽƵŶĚŝŶŐŵĂĐƌŽĞĐŽŶŽŵŝĐŝŶĚŝĐĂƚŽƌƐƐƵĐŚĂƐƵŶĞŵƉůŽLJŵĞŶƚĂŶĚ'WŐƌŽǁƚŚĐƌĞĂƚĞ
future uncertainty over the Group’s operating cash flows.
−ŝƐĐŽƵŶƚƌĂƚĞƐ–Discount rates are based on the weighted average cost of capital (‘WACC’) for the Group adjusted for an assetͲ
ƐƉĞĐŝĨŝĐƌŝƐŬƉƌĞŵŝƵŵĂƐƐŝŐŶĞĚƚŽĞĂĐŚ'h͘dŚĞĂƐƐĞƚͲƐƉĞĐŝĨŝĐƌŝƐŬƉƌĞŵŝƵŵŝƐĚĞƚĞƌŵŝŶĞĚďĂƐĞĚŽŶƌŝƐŬĞŵďĞĚĚĞĚǁŝƚŚŝŶƚŚĞĐĂƐŚ
ĨůŽǁƉƌŽũĞĐƚŝŽŶƐĂŶĚŽƚŚĞƌĨĂĐƚŽƌƐƐƉĞĐŝĨŝĐƚŽƚŚĞŝŶĚƵƐƚƌŝĞƐŝŶǁŚŝĐŚƚŚĞ'hƐŽƉĞƌĂƚĞ͘
−dŚĞĐĂůĐƵůĂƚŝŽŶŽĨtŝƐŵĂƌŬĞƚͲĚƌŝǀĞŶĂŶĚŬĞLJŝŶƉƵƚƐŝŶĐůƵĚĞƚĂƌŐĞƚĐĂƉŝƚĂůƐƚƌƵĐƚƵƌĞ͕ĞƋƵŝƚLJďĞƚĂ͕ŵĂƌŬĞƚƌŝƐŬƉƌĞŵŝƵŵ͕ƌŝƐŬͲĨƌĞĞ
ƌĂƚĞŽĨƌĞƚƵƌŶĂŶĚĚĞďƚƌŝƐŬƉƌĞŵŝƵŵ͘WƌĞͲƚĂdžĞƋƵŝǀĂůĞŶƚƐŽĨƚŚĞĂĚŽƉƚĞĚĚŝƐĐŽƵŶƚƌĂƚĞƐĂƌĞĚĞƌŝǀĞĚŝƚĞƌĂƚŝǀĞůLJĂŶĚĚŝĨĨĞƌďĂƐĞĚŽŶ
ƚŚĞƚŝŵŝŶŐĂŶĚĞdžƚĞŶƚŽĨƚĂdžĐĂƐŚĨůŽǁƐ͘WƌĞͲƚĂdžƌĂƚĞƐǁĞƌĞϭϰ͘ϰйĂĐƌŽƐƐĂůů'hƐ;&zϮϯ͗ϭϯ͘ϰйĂĐƌŽƐƐĂůů'hƐͿ͘
−dĞƌŵŝŶĂůŐƌŽǁƚŚƌĂƚĞƐ–ĂƐŚĨůŽǁƐďĞLJŽŶĚƚŚĞƉƌŽũĞĐƚŝŽŶƉĞƌŝŽĚĂƌĞĞdžƚƌĂƉŽůĂƚĞĚŝŶĚĞĨŝŶŝƚĞůLJƵƐŝŶŐĞƐƚŝŵĂƚĞĚůŽŶŐͲƚĞƌŵŐƌŽǁƚŚ
ƌĂƚĞƐĂƉƉůŝĐĂďůĞƚŽƚŚĞƚƌĂĚŝŶŐĞŶǀŝƌŽŶŵĞŶƚŝŶǁŚŝĐŚƚŚĞ'hƐŽƉĞƌĂƚĞ͘ƚĞƌŵŝŶĂůŐƌŽǁƚŚƌĂƚĞŽĨϮ͘ϱйǁĂƐĂƉƉůŝĞĚƚŽĂůů'hƐ͘
ZĞƐƵůƚƐŽĨĂƐƐĞƐƐŵĞŶƚ
ĂƐĞĚŽŶƚŚĞ&zϮϰassessment, no impairment of goodwill was identified in any of the Group’s CGUs.
^ĞŶƐŝƚŝǀŝƚLJƚŽĐŚĂŶŐĞƐŝŶŬĞLJĂƐƐƵŵƉƚŝŽŶƐ
ƚƚŚĞĂƐƐĞƐƐŵĞŶƚĚĂƚĞ͕ŶŽƌĞĂƐŽŶĂďůLJůŝŬĞůLJĐŚĂŶŐĞŝŶŬĞLJĂƐƐƵŵƉƚŝŽŶƐǁŽƵůĚĐĂƵƐĞƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨĂŶLJ'hƚŽĞdžĐĞĞĚŝƚƐ
ƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͘
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Metcash Annual Report 2024
90

DdZ/>KhEd/E'WK>//^
ƚĞĂĐŚƌĞƉŽƌƚŝŶŐĚĂƚĞ͕ƚŚĞ'ƌŽƵƉĂƐƐĞƐƐĞƐǁŚĞƚŚĞƌƚŚĞƌĞŝƐĂŶLJŝŶĚŝĐĂƚŝŽŶƚŚĂƚƚŚĞǀĂůƵĞŽĨĂŶŽŶͲĨŝŶĂŶĐŝĂůĂƐƐĞƚŵĂLJďĞŝŵƉĂŝƌĞĚ͘
'ŽŽĚǁŝůůĂŶĚŝŶĚĞĨŝŶŝƚĞůŝĨĞŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐĂƌĞƚĞƐƚĞĚĨŽƌŝŵƉĂŝƌŵĞŶƚĂƚůĞĂƐƚĂŶŶƵĂůůLJĂŶĚŵŽƌĞĨƌĞƋƵĞŶƚůLJŝĨĞǀĞŶƚƐŽƌĐŚĂŶŐĞƐŝŶ
ĐŝƌĐƵŵƐƚĂŶĐĞƐŝŶĚŝĐĂƚĞƚŚĂƚƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŵĂLJďĞŝŵƉĂŝƌĞĚ͘
tŚĞƌĞĂŶŝŶĚŝĐĂƚŽƌŽĨŝŵƉĂŝƌŵĞŶƚĞdžŝƐƚƐ͕ƚŚĞ'ƌŽƵƉŵĂŬĞƐĂĨŽƌŵĂůĞƐƚŝŵĂƚĞŽĨƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͘
ZĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŝƐƚŚĞŐƌĞĂƚĞƌŽĨĨĂŝƌǀĂůƵĞůĞƐƐĐŽƐƚƐƚŽƐĞůůĂŶĚǀĂůƵĞŝŶƵƐĞ͘/ƚŝƐĚĞƚĞƌŵŝŶĞĚĨŽƌĂŶŝŶĚŝǀŝĚƵĂůĂƐƐĞƚ͕ƵŶůĞƐƐƚŚĞ
asset’s value in use cannot be estimated to be close to its fair value less costs to sell and it does not generate casŚŝŶĨůŽǁƐƚŚĂƚĂƌĞ
ůĂƌŐĞůLJŝŶĚĞƉĞŶĚĞŶƚŽĨƚŚŽƐĞĨƌŽŵŽƚŚĞƌĂƐƐĞƚƐŽƌŐƌŽƵƉƐŽĨĂƐƐĞƚƐ͘/ŶƚŚŝƐĐĂƐĞ͕ƚŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŝƐĚĞƚĞƌŵŝŶĞĚĨŽƌƚŚĞ'h
ƚŽǁŚŝĐŚƚŚĞĂƐƐĞƚďĞůŽŶŐƐ͘
tŚĞŶƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨĂŶĂƐƐĞƚŽƌ'hĞdžĐĞĞĚƐŝƚƐƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͕ƚŚĞĂƐƐĞƚŝƐĐŽŶƐŝĚĞƌĞĚŝŵƉĂŝƌĞĚĂŶĚŝƐǁƌŝƚƚĞŶĚŽǁŶ
ƚŽŝƚƐƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͘/ŶĂƐƐĞƐƐŝŶŐǀĂůƵĞŝŶƵƐĞ͕ƚŚĞĞƐƚŝŵĂƚĞĚƉƌĞͲƚĂdžĨƵƚƵƌĞĐĂƐŚĨůŽǁƐĂƌĞĚŝƐĐŽƵŶƚĞĚƚŽƚŚĞŝƌƉƌĞƐĞŶƚǀĂůƵĞ
ƵƐŝŶŐĂƉƌĞͲƚĂdžĚŝƐĐŽƵŶƚƌĂƚĞƚŚĂƚƌĞĨůĞĐƚƐĐƵƌƌĞŶƚŵĂƌŬĞƚĂƐƐĞƐƐŵĞŶƚƐŽĨƚŚĞƚŝŵĞǀĂůƵĞŽĨŵŽŶĞLJĂŶĚƚŚĞƌŝƐŬƐƐƉĞĐŝĨŝĐƚŽƚŚĞĂƐƐĞƚ͘
/ŵƉĂŝƌŵĞŶƚůŽƐƐĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ͘
^/'E/&/EdKhEd/E'^d/Dd^
/ŵƉĂŝƌŵĞŶƚŽĨŐŽŽĚǁŝůů
dŚĞ'ƌŽƵƉĚĞƚĞƌŵŝŶĞƐǁŚĞƚŚĞƌŐŽŽĚǁŝůůŝƐŝŵƉĂŝƌĞĚŽŶĂŶĂŶŶƵĂůďĂƐŝƐ͘dŚŝƐƌĞƋƵŝƌĞƐĂŶĞƐƚŝŵĂƚŝŽŶŽĨƚŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŽĨ
ƚŚĞ'hƐƚŽǁŚŝĐŚƚŚĞŐŽŽĚǁŝůůŝƐĂůůŽĐĂƚĞĚ͘
ϰ͘ϴ͘ WƌŽǀŝƐŝŽŶƐ
ŵƉůŽLJĞĞ
ĞŶƚŝƚůĞŵĞŶƚƐ
Ψŵ
WƌŽƉĞƌƚLJ
ƉƌŽǀŝƐŝŽŶƐ
Ψŵ
dŽƚĂů
Ψŵ
ϯϬWZ/>ϮϬϮϰ
ƵƌƌĞŶƚ
ϭϰϯ͘ϭ
ϭϯ͘ϱ
ϭϱϲ͘ϲ
EŽŶͲĐƵƌƌĞŶƚ
ϭϯ͘ϱ
ϭϴ͘ϲ
ϯϮ͘ϭ
ϭϱϲ͘ϲ
ϯϮ͘ϭ
ϭϴϴ͘ϳ
ϯϬWZ/>ϮϬϮϯ
ƵƌƌĞŶƚ
ϭϱϱ͘Ϭ
ϵ͘ϭ
ϭϲϰ͘ϭ
EŽŶͲĐƵƌƌĞŶƚ
ϭϬ͘Ϯ
ϯϬ͘ϲ
ϰϬ͘ϴ
ϭϲϱ͘Ϯ
ϯϵ͘ϳ
ϮϬϰ͘ϵ
DŽǀĞŵĞŶƚƐŝŶƉƌŽƉĞƌƚLJƉƌŽǀŝƐŝŽŶƐ
&zϮϰ
Ψŵ
&zϮϯ
Ψŵ
KƉĞŶŝŶŐďĂůĂŶĐĞ
ϯϵ͘ϳ
ϯϵ͘Ϯ
;ZĞůĞĂƐĞĚͿͬĐŚĂƌŐĞĚĂƐĂŶĞdžƉĞŶƐĞĚƵƌŝŶŐƚŚĞLJĞĂƌ͕ŶĞƚ
;ϰ͘ϬͿ
ϯ͘ϭ
hƚŝůŝƐĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ͕ŶĞƚ
;ϰ͘ϰͿ
;ϰ͘ϮͿ
&ŝŶĂŶĐĞĐŽƐƚĚŝƐĐŽƵŶƚƌĂƚĞĂĚũƵƐƚŵĞŶƚ
Ϭ͘ϴ
ϭ͘ϲ
ůŽƐŝŶŐďĂůĂŶĐĞ
ϯϮ͘ϭ
ϯϵ͘ϳ
91
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DdZ/>KhEd/E'WK>//^
ŵƉůŽLJĞĞĞŶƚŝƚůĞŵĞŶƚƐ
tĂŐĞƐ͕ƐĂůĂƌŝĞƐ͕ŝŶĐĞŶƚŝǀĞƐ͕ĂŶŶƵĂůůĞĂǀĞĂŶĚƐŝĐŬůĞĂǀĞ
>ŝĂďŝůŝƚŝĞƐĨŽƌǁĂŐĞƐĂŶĚƐĂůĂƌŝĞƐ͕ŝŶĐůƵĚŝŶŐŶŽŶͲŵŽŶĞƚĂƌLJďĞŶĞĨŝƚƐ͕ŝŶĐĞŶƚŝǀĞƐ͕ĂŶŶƵĂůůĞĂǀĞĂŶĚĂĐĐƵŵƵůĂƚŝŶŐƐŝĐŬůĞĂǀĞ͕ĂƌĞ
recognised in provisions in respect of employees’ services up to the reporting date. They are measured at the amounts expecteĚƚŽ
ďĞƉĂŝĚǁŚĞŶƚŚĞůŝĂďŝůŝƚŝĞƐĂƌĞƐĞƚƚůĞĚ͘>ŝĂďŝůŝƚŝĞƐĚƵĞƚŽďĞƐĞƚƚůĞĚǁŝƚŚŝŶϭϮŵŽŶƚŚƐŽĨƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞĂƌĞĐůĂƐƐŝĨŝĞĚĂƐĐƵƌƌĞŶƚ
ůŝĂďŝůŝƚŝĞƐ͘>ŝĂďŝůŝƚŝĞƐĨŽƌŶŽŶͲĂĐĐƵŵƵůĂƚŝŶŐƐŝĐŬůĞĂǀĞĂƌĞƌĞĐŽŐŶŝƐĞĚǁŚĞŶƚŚĞůĞĂǀĞŝƐƚĂŬĞŶĂŶĚĂƌĞŵĞĂƐƵƌĞĚĂƚƚŚĞƌĂƚĞƐƉĂŝĚ
ŽƌƉĂLJĂďůĞ͘
>ŽŶŐƐĞƌǀŝĐĞůĞĂǀĞ
dŚĞůŝĂďŝůŝƚLJĨŽƌůŽŶŐƐĞƌǀŝĐĞůĞĂǀĞŝƐƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƉƌŽǀŝƐŝŽŶĨŽƌĞŵƉůŽLJĞĞďĞŶĞĨŝƚƐĂŶĚŵĞĂƐƵƌĞĚĂƐƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨ
ĞdžƉĞĐƚĞĚĨƵƚƵƌĞƉĂLJŵĞŶƚƐƚŽďĞŵĂĚĞŝŶƌĞƐƉĞĐƚŽĨƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚďLJĞŵƉůŽLJĞĞƐƵƉƚŽƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ͘ŽŶƐŝĚĞƌĂƚŝŽŶŝƐŐŝǀĞŶ
ƚŽĞdžƉĞĐƚĞĚĨƵƚƵƌĞǁĂŐĞĂŶĚƐĂůĂƌLJůĞǀĞůƐ͕ĞdžƉĞƌŝĞŶĐĞŽĨĞŵƉůŽLJĞĞĚĞƉĂƌƚƵƌĞƐ͕ĂŶĚƉĞƌŝŽĚƐŽĨƐĞƌǀŝĐĞ͘džƉĞĐƚĞĚĨƵƚƵƌĞƉĂLJŵĞŶƚƐĂƚ
ƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞĂƌĞĚŝƐĐŽƵŶƚĞĚƵƐŝŶŐŵĂƌŬĞƚLJŝĞůĚƐŽŶŚŝŐŚͲƋƵĂůŝƚLJĐŽƌƉŽƌĂƚĞďŽŶĚƐǁŝƚŚƚĞƌŵƐƚŽŵĂƚƵƌŝƚLJƚŚĂƚŵĂƚĐŚĂƐĐůŽƐĞůLJ
ĂƐƉŽƐƐŝďůĞ͕ƚŚĞĞƐƚŝŵĂƚĞĚĨƵƚƵƌĞĐĂƐŚŽƵƚĨůŽǁƐ͘
WƌŽƉĞƌƚLJƉƌŽǀŝƐŝŽŶƐ
WƌŽǀŝƐŝŽŶƐĂƌĞƌĞĐŽŐŶŝƐĞĚǁŚĞŶƚŚĞ'ƌŽƵƉŚĂƐĂƉƌĞƐĞŶƚŽďůŝŐĂƚŝŽŶ;ůĞŐĂůŽƌĐŽŶƐƚƌƵĐƚŝǀĞͿĂƐĂƌĞƐƵůƚŽĨĂƉĂƐƚĞǀĞŶƚ͕ŝƚŝƐƉƌŽďĂďůĞ
ƚŚĂƚĂŶŽƵƚĨůŽǁŽĨƌĞƐŽƵƌĐĞƐĞŵďŽĚLJŝŶŐĞĐŽŶŽŵŝĐďĞŶĞĨŝƚƐǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƐĞƚƚůĞƚŚĞŽďůŝŐĂƚŝŽŶĂŶĚĂƌĞůŝĂďůĞĞƐƚŝŵĂƚĞĐĂŶďĞ
ŵĂĚĞŽĨƚŚĞĂŵŽƵŶƚŽĨƚŚĞŽďůŝŐĂƚŝŽŶ͘
WƌŽƉĞƌƚLJƉƌŽǀŝƐŝŽŶƐŝŶĐůƵĚĞƚŚĞǀĂůƵĞŽĨĐĞƌƚĂŝŶƌĞƚĂŝůƐƚŽƌĞůĞĂƐĞŽďůŝŐĂƚŝŽŶƐƌĞĐŽŐŶŝƐĞĚĂƐƉĂƌƚŽĨƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽĨ&ƌĂŶŬůŝŶƐŝŶ
&zϭϮ͘dŚĞƉƌŽǀŝƐŝŽŶŝƐŝŶŝƚŝĂůůLJƌĞĐŽŐŶŝƐĞĚĂƚƚŚĞĂĐƋƵŝƐŝƚŝŽŶĚĂƚĞĨĂŝƌǀĂůƵĞĂŶĚƐƵďƐĞƋƵĞŶƚůLJƵƚŝůŝƐĞĚƚŽƐĞƚƚůĞůĞĂƐĞŽďůŝŐĂƚŝŽŶƐ͘dŚĞ
ƉƌŽǀŝƐŝŽŶƌĞůĂƚĞĚƚŽĂŶŝŶĚŝǀŝĚƵĂůůĞĂƐĞŝƐĚĞƌĞĐŽŐŶŝƐĞĚǁŚĞŶƚŚĞ'ƌŽƵƉŚĂƐŵĞƚŽƌŽƚŚĞƌǁŝƐĞĞdžƚŝŶŐƵŝƐŚĞĚŝƚƐŽďůŝŐĂƚŝŽŶƐŝŶĨƵůů
ƵŶĚĞƌƚŚĂƚůĞĂƐĞ͘
WƌŽǀŝƐŝŽŶƐĂƌĞĂůƐŽƌĞĐŽŐŶŝƐĞĚĨŽƌŽďůŝŐĂƚŝŽŶƐƐƵĐŚĂƐŐƵĂƌĂŶƚĞĞƐ͕ƉƌŽƉĞƌƚLJŵĂŬĞͲŐŽŽĚĂŶĚŽƚŚĞƌĐŽƐƚƐ͘ĞƉĞŶĚŝŶŐŽŶƚŚĞŶĂƚƵƌĞŽĨ
ƚŚĞƐĞŽďůŝŐĂƚŝŽŶƐ͕ƚŚĞLJĂƌĞĞdžƉĞĐƚĞĚƚŽďĞƐĞƚƚůĞĚŽǀĞƌƚŚĞƚĞƌŵŽĨƚŚĞůĞĂƐĞ͕ĂƚƚŚĞĐŽŶĐůƵƐŝŽŶŽĨƚŚĞůĞĂƐĞŽƌŽƚŚĞƌǁŝƐĞǁŚĞŶƚŚĞ
ŽďůŝŐĂƚŝŽŶǀĞƐƚƐ͘
/ĨƚŚĞĞĨĨĞĐƚŽĨƚŚĞƚŝŵĞǀĂůƵĞŽĨŵŽŶĞLJŝƐŵĂƚĞƌŝĂů͕ƉƌŽǀŝƐŝŽŶƐĂƌĞŵĞĂƐƵƌĞĚĂƚƚŚĞŶĞƚƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞĞdžƉĞĐƚĞĚĨƵƚƵƌĞĐĂƐŚ
ŽƵƚĨůŽǁƐƵƐŝŶŐĂĐƵƌƌĞŶƚƉƌĞͲƚĂdžƌĂƚĞƚŚĂƚƌĞĨůĞĐƚƐƚŚĞƌŝƐŬƐƐƉĞĐŝĨŝĐƚŽƚŚĞůŝĂďŝůŝƚLJ͘ƵƌŝŶŐĞĂĐŚƉĞƌŝŽĚƚŚĞƉƌŽǀŝƐŝŽŶŝƐŝŶĐƌĞĂƐĞĚďLJĂŶ
ĂŵŽƵŶƚƚŚĂƚŝƐĞƋƵĂůƚŽƚŚĞƉƌŽǀŝƐŝŽŶŵƵůƚŝƉůŝĞĚďLJƚŚĞĚŝƐĐŽƵŶƚƌĂƚĞ͘dŚŝƐŝŶĐƌĞŵĞŶƚ͕ŝŶĐůƵĚŝŶŐĂŶLJĐŚĂŶŐĞŝŶƚŚĞǀĂůƵĞŽĨƚŚĞ
ƉƌŽǀŝƐŝŽŶĂƐĂƌĞƐƵůƚŽĨĂĐŚĂŶŐĞŝŶĚŝƐĐŽƵŶƚƌĂƚĞ͕ŝƐƚƌĞĂƚĞĚĂƐĂĨŝŶĂŶĐĞĐŽƐƚ͘
^/'E/&/EdKhEd/E'^d/Dd^
WƌŽƉĞƌƚLJƉƌŽǀŝƐŝŽŶƐ
dŚĞ'ƌŽƵƉƌĞĐŽŐŶŝƐĞƐƉƌŽǀŝƐŝŽŶƐĨŽƌƌĞŶƚĂůĂŐƌĞĞŵĞŶƚƐŽŶĂĐƋƵŝƐŝƚŝŽŶ͘/ŶŵĞĂƐƵƌŝŶŐƚŚĞƐĞƉƌŽǀŝƐŝŽŶƐ͕ĂƐƐƵŵƉƚŝŽŶƐĂƌĞŵĂĚĞĂďŽƵƚ
ĨƵƚƵƌĞƌĞƚĂŝůƐĂůĞƐ͕ƌĞŶƚĂůĐŽƐƚƐĂŶĚŝŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞĂƉƉƌŽƉƌŝĂƚĞĚŝƐĐŽƵŶƚƌĂƚĞƚŽďĞƵƐĞĚŝŶƚŚĞĐĂƐŚĨůŽǁĐĂůĐƵůĂƚŝŽŶƐ͘
dŚĞ'ƌŽƵƉĂƐƐĞƐƐĞƐŽďůŝŐĂƚŝŽŶƐŽŶƉƌŽƉĞƌƚLJŵĂŬĞͲŐŽŽĚ͕ƌĞƐƚƌƵĐƚƵƌŝŶŐĂŶĚŽƚŚĞƌĐŽƐƚƐ͘dŚĞƐĞĞƐƚŝŵĂƚĞƐĂƌĞĚĞƚĞƌŵŝŶĞĚƵƐŝŶŐ
ĂƐƐƵŵƉƚŝŽŶƐŽŶƉƌŽƉĞƌƚLJͲƌĞůĂƚĞĚĐŽƐƚƐ͕ƌĞĚƵŶĚĂŶĐLJĂŶĚŽƚŚĞƌĐůŽƐƵƌĞŽƌƌĞƐƚƌƵĐƚƵƌĞĐŽƐƚƐ͘
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Metcash Annual Report 2024
92

ϱ͘
W/d>^dZhdhZ͕&/EE/E'EZ/^<DE'DEd
ϱ͘ϭ͘ ZĞĐŽŶĐŝůŝĂƚŝŽŶŽĨĐĂƐŚĨůŽǁƐĨƌŽŵŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ
&zϮϰ
Ψŵ
&zϮϯ
Ψŵ
EĞƚƉƌŽĨŝƚĨŽƌƚŚĞLJĞĂƌ
Ϯϱϴ͘ϭ
ϮϲϬ͘ϯ
:h^dDEd^&KZ͗
ĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŽƌƚŝƐĂƚŝŽŶ
ϭϵϮ͘Ϭ
ϭϳϱ͘Ϭ
WƌŽǀŝƐŝŽŶƐĨŽƌŝŵƉĂŝƌŵĞŶƚ͕ŶĞƚŽĨƌĞǀĞƌƐĂůƐ
ϯϬ͘ϲ
ϰϴ͘ϵ
^ŚĂƌĞŽĨƉƌŽĨŝƚĨƌŽŵĞƋƵŝƚLJͲĂĐĐŽƵŶƚĞĚŝŶǀĞƐƚŵĞŶƚƐ
;ϭϵ͘ϴͿ
;ϭϵ͘ϮͿ
DŽǀĞŵĞŶƚƐŝŶƉƵƚŽƉƚŝŽŶůŝĂďŝůŝƚŝĞƐ
;ϯ͘ϯͿ
Ϯϴ͘ϱ
^ŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐĞdžƉĞŶƐĞ
ϰ͘ϳ
ϲ͘ϱ
KƚŚĞƌĂĚũƵƐƚŵĞŶƚƐ
ϭϮ͘ϲ
ϱ͘ϯ
,E'^/E^^d^E>//>/d/^͗
/ŶĐƌĞĂƐĞŝŶƚƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ
;ϭϭϱ͘ϳͿ
;ϭ͘ϱͿ
ĞĐƌĞĂƐĞͬ;ŝŶĐƌĞĂƐĞͿŝŶŝŶǀĞŶƚŽƌŝĞƐ
ϭϰ͘ϳ
;ϲϲ͘ϰͿ
/ŶĐƌĞĂƐĞͬ;ĚĞĐƌĞĂƐĞͿŝŶƉĂLJĂďůĞƐĂŶĚƉƌŽǀŝƐŝŽŶƐ
ϭϮϲ͘ϲ
;Ϯϵ͘ϳͿ
ĞĐƌĞĂƐĞŝŶƚĂdžďĂůĂŶĐĞƐ
;ϭϳ͘ϵͿ
;ϯϱ͘ϬͿ
ĂƐŚĨůŽǁƐĨƌŽŵŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ
ϰϴϮ͘ϲ
ϯϳϮ͘ϳ
ϱ͘Ϯ͘ /ŶƚĞƌĞƐƚͲďĞĂƌŝŶŐďŽƌƌŽǁŝŶŐƐ
&zϮϰ
Ψŵ
&zϮϯ
Ψŵ
hZZEd
ĂŶŬůŽĂŶƐ–ǁŽƌŬŝŶŐĐĂƉŝƚĂů
ϰϵ͘ϭ
ϭϲϴ͘ϯ
ϰϵ͘ϭ
ϭϲϴ͘ϯ
EKEͲhZZEd
ĂŶŬůŽĂŶƐ–ƐLJŶĚŝĐĂƚĞĚ
ϯϬϯ͘ϰ
ϮϬϬ͘Ϭ
ĂŶŬůŽĂŶƐ–ďŝůĂƚĞƌĂů
—
ϳϱ͘Ϭ
ĞĨĞƌƌĞĚďŽƌƌŽǁŝŶŐĐŽƐƚƐ
;ϯ͘ϯͿ
;ϰ͘ϮͿ
ϯϬϬ͘ϭ
ϮϳϬ͘ϴ
&ŝŶĂŶĐŝĂůĐŽǀĞŶĂŶƚƐ
ZĞĨĞƌƚŽnote 5.6 for details of the Group’s core borrowing facilities. The core borrowings of the Group must comply with two primary 
ĐŽǀĞŶĂŶƚƐǁŚŝĐŚĂƉƉůLJƚŽƚŚĞƐLJŶĚŝĐĂƚĞĚ͕ďŝůĂƚĞƌĂůĂŶĚǁŽƌŬŝŶŐĐĂƉŝƚĂůďĂŶŬĨĂĐŝůŝƚŝĞƐ͘dŚĞLJŝŶĐůƵĚĞĂ&ŝdžĞĚŚĂƌŐĞƐŽǀĞƌZĂƚŝŽĂŶĚĂ
^ĞŶŝŽƌ>ĞǀĞƌĂŐĞZĂƚŝŽ͘There were no defaults or breaches on the Group’s core borrowings in &zϮϰĂŶĚ&zϮϯ͘
tĞŝŐŚƚĞĚĂǀĞƌĂŐĞŝŶƚĞƌĞƐƚ
dŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚƌĂƚĞŽŶƚŚĞƐLJŶĚŝĐĂƚĞĚ͕ďŝůĂƚĞƌĂůĂŶĚǁŽƌŬŝŶŐĐĂƉŝƚĂůůŽĂŶƐǁĂƐϱ͘ϲϲй;&zϮϯ͗ϯ͘ϳϯйͿ͕ƌĞĨůĞĐƚŝŶŐ
ĂŶĂǀĞƌĂŐĞ^zŽĨϰ͘ϮϬй;&zϮϯ͗Ϯ͘ϱϱйͿŽǀĞƌƚŚĞLJĞĂƌ͘dŚĞƐĞƌĂƚĞƐĞdžĐůƵĚĞůŝŶĞĨĞĞƐŽŶƵŶƵƚŝůŝƐĞĚĨĂĐŝůŝƚLJďĂůĂŶĐĞƐ͘
^ƚĂƚĞŵĞŶƚŽĨĂƐŚĨůŽǁƐ–WƌŽĐĞĞĚƐĨƌŽŵĂŶĚƌĞƉĂLJŵĞŶƚŽĨďŽƌƌŽǁŝŶŐƐ
dŚĞ^ƚĂƚĞŵĞŶƚŽĨĂƐŚ&ůŽǁƐƐĞƚƐŽƵƚƚŚĞGroup’s ƉƌŽĐĞĞĚƐĨƌŽŵďŽƌƌŽǁŝŶŐƐŽĨΨϲ͘ϯϯďŝůůŝŽŶ;&zϮϯ͗Ψϰ͘ϱϬďŝůůŝŽŶͿ͕ǁŚŝĐŚŝŶĐůƵĚĞƐŐƌŽƐƐ
ƉƌŽĐĞĞĚƐĨƌŽŵƐLJŶĚŝĐĂƚĞĚĂŶĚďŝůĂƚĞƌĂůůŽĂŶƐŽĨΨϲ͘ϭϯďŝůůŝŽŶ;&zϮϯ͗Ψϰ͘ϯϴďŝůůŝŽŶͿĂŶĚŶĞƚƉƌŽĐĞĞĚƐĨƌŽŵǁŽƌŬŝŶŐĐĂƉŝƚĂůůŽĂŶƐŽĨΨϭϭϱ͘ϴ
ŵŝůůŝŽŶ;&zϮϯ͗ΨϭϮϯ͘ϰŵŝůůŝŽŶͿ͘dŚĞŝŶĐƌĞĂƐĞĚǀŽůƵŵĞŽĨƉƌŽĐĞĞĚƐĂŶĚƌĞƉĂLJŵĞŶƚƐĚƵƌŝŶŐƚŚĞĐƵƌƌĞŶƚLJĞĂƌƌĞĨůĞĐƚƐŚŝŐŚĞƌĚĞďƚůĞǀĞůƐĂŶĚ
ŐƌĞĂƚĞƌǀŽůĂƚŝůŝƚLJŝŶǁŽƌŬŝŶŐĐĂƉŝƚĂůƌĞƋƵŝƌĞŵĞŶƚƐ͘
93
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DdZ/>KhEd/E'WK>//^
ůůůŽĂŶƐĂŶĚďŽƌƌŽǁŝŶŐƐĂƌĞŝŶŝƚŝĂůůLJƌĞĐŽŐŶŝƐĞĚĂƚƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶƌĞĐĞŝǀĞĚŶĞƚŽĨŝƐƐƵĞĐŽƐƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚ
ƚŚĞďŽƌƌŽǁŝŶŐ͘
ĨƚĞƌŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶ͕ŝŶƚĞƌĞƐƚͲďĞĂƌŝŶŐďŽƌƌŽǁŝŶŐƐĂƌĞƐƵďƐĞƋƵĞŶƚůLJŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞ
ŝŶƚĞƌĞƐƚŵĞƚŚŽĚ͘
'ĂŝŶƐĂŶĚůŽƐƐĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐǁŚĞŶƚŚĞůŝĂďŝůŝƚŝĞƐĂƌĞĚĞƌĞĐŽŐŶŝƐĞĚ͘
ϱ͘ϯ͘ WƵƚŽƉƚŝŽŶƐĂŶĚŽƚŚĞƌĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ
WƵƚŽƉƚŝŽŶ
ůŝĂďŝůŝƚŝĞƐ
Ψŵ
KƚŚĞƌĨŝŶĂŶĐŝĂů
ůŝĂďŝůŝƚŝĞƐ
Ψŵ
dŽƚĂů
Ψŵ
ϯϬWZ/>ϮϬϮϰ
ƵƌƌĞŶƚ
ϯϮ͘ϳ
ϴ͘Ϭ
ϰϬ͘ϳ
EŽŶͲĐƵƌƌĞŶƚ
ϭϰϮ͘ϳ
ϲ͘ϱ
ϭϰϵ͘Ϯ
ϭϳϱ͘ϰ
ϭϰ͘ϱ
ϭϴϵ͘ϵ
ϯϬWZ/>ϮϬϮϯ
ƵƌƌĞŶƚ
ϭϬϴ͘ϱ
ϭ͘Ϯ
ϭϬϵ͘ϳ
EŽŶͲĐƵƌƌĞŶƚ
ϭϳϯ͘ϳ
ϭϬ͘ϳ
ϭϴϰ͘ϰ
ϮϴϮ͘Ϯ
ϭϭ͘ϵ
Ϯϵϰ͘ϭ
WƵƚŽƉƚŝŽŶůŝĂďŝůŝƚŝĞƐ
ϮϬϮϰ
ϮϬϮϯ
WƵƚKƉƚŝŽŶDĂƚƵƌŝƚLJ
&ŝŶĂŶĐŝĂů
zĞĂƌ
EƵŵďĞƌŽĨ
ƐƚŽƌĞƐ
WƵƚŽƉƚŝŽŶ
ǀĂůƵĞ
Ψŵ
EƵŵďĞƌŽĨ
ƐƚŽƌĞƐ
WƵƚŽƉƚŝŽŶ
ǀĂůƵĞ
Ψŵ
dŽƚĂůdŽŽůƐ,ŽůĚŝŶŐƐWƚLJ>ƚĚͲ&ƌĂŶĐŚŝƐŽƌ
ĞƚǁĞĞŶEŽǀĞŵďĞƌϮϬϮϯĂŶĚ:ĂŶƵĂƌLJϮϬϮϰ
&zϮϰ
ŶͬĂ
—
ŶͬĂ
ϵϱ͘ϴ
dŽƚĂůdŽŽůƐ:s^ƚŽƌĞƐ
ĞƚǁĞĞŶDĂLJϮϬϮϰĂŶĚ:ƵůLJϮϬϮϰ
&zϮϱ
ϰ
ϮϬ͘ϴ
ϭϲ
ϵϭ͘ϵ
ĞƚǁĞĞŶDĂLJϮϬϮϱĂŶĚ:ƵůLJϮϬϮϱ
&zϮϲ
ϭϲ
ϰϳ͘Ϭ
ϭϰ
ϱϮ͘ϲ
ĞƚǁĞĞŶDĂLJϮϬϮϲĂŶĚ:ƵůLJϮϬϮϲ
&zϮϳ
ϭ
ϲ͘ϯ
Ϯ
ϴ͘Ϯ
ĞƚǁĞĞŶDĂLJϮϬϮϳĂŶĚ:ƵůLJϮϬϮϳ
&zϮϴ
ϮϬ
ϱϯ͘Ϭ
—
—
ĞƚǁĞĞŶDĂLJϮϬϮϵĂŶĚ:ƵůLJϮϬϮϵ
&zϯϬ
Ϯ
ϯ͘Ϯ
—
—
ĞƚǁĞĞŶDĂLJϮϬϯϬĂŶĚ:ƵůLJϮϬϯϬ
&zϯϭ
ϴ
Ϯϭ͘ϯ
ϲ
ϮϬ͘ϭ
ϱϭ
ϭϱϭ͘ϲ
ϯϴ
ϭϳϮ͘ϴ
dŽƚĂůdŽŽůƐ'ƌŽƵƉƉƵƚŽƉƚŝŽŶƐ
ϭϱϭ͘ϲ
Ϯϲϴ͘ϲ
KƚŚĞƌƉƵƚŽƉƚŝŽŶƐ–,ĂƌĚǁĂƌĞƉŝůůĂƌ
Ϯϯ͘ϴ
ϭϯ͘ϲ
dŽƚĂů
ϭϳϱ͘ϰ
ϮϴϮ͘Ϯ
dŽƚĂůdŽŽůƐ'ƌŽƵƉƉƵƚŽƉƚŝŽŶƐ
KŶϯϬEŽǀĞŵďĞƌϮϬϮϯ͕DĞƚĐĂƐŚŝŶĐƌĞĂƐĞĚŝƚƐŽǁŶĞƌƐŚŝƉĨƌŽŵϴϱйƚŽϭϬϬйŝŶdŽƚĂůdŽŽůƐ,ŽůĚŝŶŐƐWƚLJ>ƚĚ;dd,Ϳ͕ǁŚŝĐŚŝƐƚŚĞƉĂƌĞŶƚ
ĞŶƚŝƚLJŝŶƚŚĞdŽƚĂůdŽŽůƐ'ƌŽƵƉ͕ĨŽůůŽǁŝŶŐƚŚĞĞdžĞƌĐŝƐĞŽĨĂƉƵƚŽƉƚŝŽŶďLJƚŚĞŚŽůĚĞƌƐŽĨƚŚĞŵŝŶŽƌŝƚLJϭϱйŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚ͘dŚĞ
ƉƵƌĐŚĂƐĞĐŽŶƐŝĚĞƌĂƚŝŽŶĨŽƌƚŚĞƌĞŵĂŝŶŝŶŐϭϱйŝŶƚĞƌĞƐƚŽĨΨϭϬϭ͘ϱŵŝůůŝŽŶǁĂƐƉĂŝĚŽŶϯϬEŽǀĞŵďĞƌϮϬϮϯĂŶĚĂĐĐŽƵŶƚĞĚĨŽƌĂƐĂ
ƌĞĚƵĐƚŝŽŶŝŶƚŚĞĂƐƐŽĐŝĂƚĞĚƉƵƚŽƉƚŝŽŶůŝĂďŝůŝƚLJƚŽŶŝů͘
/ŶĂĚĚŝƚŝŽŶ͕DĞƚĐĂƐŚŚĂƐƌĞƐĞƚŝƚƐƉƵƚŽƉƚŝŽŶĂƌƌĂŶŐĞŵĞŶƚƐǁŝƚŚĂŶƵŵďĞƌof its Total Tools joint venture (JV) stores.  This is to provide JV 
ƉĂƌƚŶĞƌƐǁŝƚŚĂďĂůĂŶĐĞďĞƚǁĞĞŶƌĞĐĞŝǀŝŶŐƐŽŵĞĐĂƉŝƚĂůƵƉĨƌŽŶƚĂŶĚƌĞŵĂŝŶŝŶŐďŽƚŚǀĞƐƚĞĚĂŶĚĞŶŐĂŐĞĚŝŶƚŚĞŽŶŐŽŝŶŐƐƵĐĐĞƐƐŽĨƚŚĞŝƌ
stores through continued equity interest. 
ƵƌŝŶŐ&zϮϰ͕DĞƚĐĂƐŚŚĂƐƌĞƐĞƚƉƵƚŽƉƚŝŽŶĂƌƌĂŶŐĞŵĞŶƚƐĨŽƌϭϭ:sƐƚŽƌĞƐďLJĂĐƋƵŝƌŝŶŐĂŶĂĚĚŝƚŝŽŶĂůŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚƵƉĨƌŽŶƚĂŶĚ
ĚĞĨĞƌƌŝŶŐƚŚĞƉƵƚŽƉƚŝŽŶŝŶƌĞůĂƚŝŽŶƚŽƚŚĞƌĞƐŝĚƵĂůŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚďLJĂĨƵƌƚŚĞƌƚŚƌĞĞLJĞĂƌƐ͘dŚĞŽƌŝŐŝŶĂůƉƵƚŽƉƚŝŽŶƐŝŶƌĞůĂƚŝŽŶƚŽ
ƚŚĞƐĞϭϭƐƚŽƌĞƐǁĞƌĞĞdžĞƌĐŝƐĂďůĞŝŶDĂLJϮϬϮϰ͘DĞƚĐĂƐŚŚĂƐŶŽǁŝŶĐƌĞĂƐĞĚŝƚƐŽǁŶĞƌƐŚŝƉŽĨƚŚĞƐĞƐƚŽƌĞƐ;&zϮϯŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚϱϭйͲ
ϲϬй͕ƵƉƚŽƌĞǀŝƐĞĚŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚϴϬйͲϵϱйͿĨŽƌƵƉĨƌŽŶƚƉƵƌĐŚĂƐĞĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨΨϰϮ͘ϱŵŝůůŝŽŶ;ĂůůŽĐĂƚĞĚĂŐĂŝŶƐƚƚŚĞƉƵƚŽƉƚŝŽŶ
ůŝĂďŝůŝƚLJͿ͘dŚĞƌĞǀŝƐĞĚƉƵƚŽƉƚŝŽŶƐŽǀĞƌƚŚĞƌĞƐŝĚƵĂůϱйͲϮϬйŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚƐĂƌĞŶŽǁĞdžĞƌĐŝƐĂďůĞŝŶDĂLJϮϬϮϳ;ƚŚĞƉƵƚŽƉƚŝŽŶǀĂůƵĞ
ŽĨƚŚĞƐĞƌĞƐŝĚƵĂůϱй–ϮϬйŝŶƚĞƌĞƐƚƐĂƚ&zϮϰǁĂƐΨϮϬ͘ϳŵŝůůŝŽŶͿ͘
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Metcash Annual Report 2024
94


/ŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞĂďŽǀĞ:sƌĞƐĞƚ͕DĞƚĐĂƐŚĂůƐŽƌĞĚƵĐĞĚŝƚƐŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚŝŶϲĐŽƌƉŽƌĂƚĞƐƚŽƌĞƐĨƌŽŵĂŶ&zϮϯŽǁŶĞƌƐŚŝƉ
ŝŶƚĞƌĞƐƚŽĨϭϬϬйƚŽĂŶŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚŽĨďĞƚǁĞĞŶϱϭйĂŶĚϳϬй͕ĨŽƌΨϲ͘ϵŵŝůůŝŽŶƐĂůĞĐŽŶƐŝĚĞƌĂƚŝŽŶ;Ψϱ͘ϬŵŝůůŝŽŶĚĞĨĞƌƌĞĚͿ͘DĞƚĐĂƐŚ
ŚĂƐŝƐƐƵĞĚƉƵƚŽƉƚŝŽŶƐŝŶƌĞůĂƚŝŽŶƚŽƚŚĞƐĞƐƚŽƌĞƐŽǀĞƌƚŚĞƌĞƐŝĚƵĂůŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚŽĨďĞƚǁĞĞŶϯϬйĂŶĚϰϵй͕ĞdžĞƌĐŝƐĂďůĞŝŶDĂLJϮϬϮϳ
;ϰƐƚŽƌĞƐͿĂŶĚDĂLJϮϬϯϬ;ϮƐƚŽƌĞƐͿ͕ǁŚŝĐŚĂƌĞŝŶĚŝĐĂƚŝǀĞůLJǀĂůƵĞĚĂƚΨϭϮ͘ϯŵŝůůŝŽŶ͘
&ƵƌƚŚĞƌ͕ŝŶ&zϮϰdŽƚĂůdŽŽůƐĂĐƋƵŝƌĞĚĂϱϭйŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚŝŶĨŝǀĞ:sƐƚŽƌĞƐĨƌŽŵĨƌĂŶĐŚŝƐĞŽǁŶĞƌƐĂŶĚĞƐƚĂďůŝƐŚĞĚƚǁŽŐƌĞĞŶĨŝĞůĚ:s
ƐƚŽƌĞƐ;ƌĞĨĞƌŶŽƚĞϲ͘ϭͿ͘
dŚĞdŽƚĂůdŽŽůƐ:s^ƚŽƌĞƉƵƚŽƉƚŝŽŶĂŐƌĞĞŵĞŶƚƐĂůůŽǁŝŶĚŝǀŝĚƵĂůŵŝŶŽƌŝƚLJƐŚĂƌĞŚŽůĚĞƌƐƚŽƐĞůůƚŚĞŝƌƌĞŵĂŝŶŝŶŐĞƋƵŝƚLJŝŶƚĞƌĞƐƚƐŝŶƚŚĞϱϭ:s
^ƚŽƌĞƐƚŽdŽƚĂůdŽŽůƐ͘DĞƚĐĂƐŚŚĂƐƚŚĞƌŝŐŚƚƚŽĂĐƋƵŝƌĞƚŚĞƌĞŵĂŝŶŝŶŐĞƋƵŝƚLJŝŶƚĞƌĞƐƚƐǀŝĂĐĂůůŽƉƚŝŽŶƐ͕ŐĞŶĞƌĂůůLJĞdžĞƌĐŝƐĂďůĞĂƚĂŶLJƚŝŵĞ͘
The exercise price of the put options are based on a multiple of the respective store’s EBITDA over a 12ͲŵŽŶƚŚƉĞƌŝŽĚŝŵŵĞĚŝĂƚĞůLJƉƌŝŽƌ
ƚŽƚŚĞƌĞƐƉĞĐƚŝǀĞĞdžĞƌĐŝƐĞĚĂƚĞƐ͕ĂĚũƵƐƚĞĚĨŽƌĂŶƵŵďĞƌŽĨŝƚĞŵƐ͕ŝŶĐůƵĚŝŶŐŶĞƚĚĞďƚĂŶĚǁŽƌŬŝŶŐĐĂƉŝƚĂů͘
dŚĞ'ƌŽƵƉŚĂƐƌĞĐŽŐŶŝƐĞĚĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐĨŽƌƚŚĞdŽƚĂůdŽŽůƐ:s^ƚŽƌĞƉƵƚŽƉƚŝŽŶƐ͕ŚĂƐĚĞƌĞĐŽŐŶŝƐĞĚƚŚĞŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐŝŶ
ƚŚĞdŽƚĂůdŽŽůƐ:s^ƚŽƌĞƐĂŶĚŚĂƐĐĞĂƐĞĚĂĐĐŽƵŶƚŝŶŐĨŽƌƚŚĞŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ͘ĐĐŽƌĚŝŶŐůLJ͕ƚŚĞ^ƚĂƚĞŵĞŶƚŽĨŽŵƉƌĞŚĞŶƐŝǀĞ
/ŶĐŽŵĞŝŶĐůƵĚĞƐϭϬϬйŽĨƚŚĞŶĞƚƉƌŽĨŝƚŽĨƚŚĞdŽƚĂůdŽŽůƐ:s^ƚŽƌĞƐ͘
dŚĞĂďŽǀĞƉƵƚŽƉƚŝŽŶůŝĂďŝůŝƚŝĞƐĂƌĞƌĞŵĞĂƐƵƌĞĚĂƚĞĂĐŚƌĞƉŽƌƚŝŶŐĚĂƚĞĂƚƚŚĞĞƐƚŝŵĂƚĞĚƉƵƚŽƉƚŝŽŶĞdžĞƌĐŝƐĞƉƌŝĐĞ͕ǁŝƚŚĂŶLJĐŚĂŶŐĞŝŶ
ǀĂůƵĞƌĞĐŽƌĚĞĚĂƐĂƐŝŐŶŝĨŝĐĂŶƚŝƚĞŵǁŝƚŚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ͕ƚŽŐĞƚŚĞƌǁŝƚŚƚŚĞŶĞƚƉƌĞƐĞŶƚǀĂůƵĞŝŶƚĞƌĞƐƚ
ƵŶǁŝŶĚŽŶƚŚĞƉƵƚŽƉƚŝŽŶůŝĂďŝůŝƚLJ͘
ƚďĂůĂŶĐĞĚĂƚĞ͕dŽƚĂůdŽŽůƐŚĂƐŽǁŶĞƌƐŚŝƉŽĨďĞƚǁĞĞŶϱϭйĂŶĚϵϱйŝŶϱϭdŽƚĂůdŽŽůƐ:sƐƚŽƌĞƐ͘dŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞdŽƚĂůdŽŽůƐ
'ƌŽƵƉƉƵƚŽƉƚŝŽŶůŝĂďŝůŝƚŝĞƐǁĂƐΨϭϱϭ͘ϲŵŝůůŝŽŶ;&zϮϯ͗ΨϮϲϴ͘ϲŵŝůůŝŽŶͿ͘ZĞĨĞƌŶŽƚĞϯ͘ϯ;s//ͿŽĨƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚĨŽƌĚĞƚĂŝůƐŝŶƌĞůĂƚŝŽŶƚŽ
ƚŚĞƉƵƚŽƉƚŝŽŶǀĂůƵĂƚŝŽŶĂĚũƵƐƚŵĞŶƚƐƌĞĐŽŐŶŝƐĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ͘
KƚŚĞƌƉƵƚŽƉƚŝŽŶƐ
dŚĞ'ƌŽƵƉŚĂƐĂůƐŽƌĞĐŽŐŶŝƐĞĚĂůŝĂďŝůŝƚLJŽĨΨϮϯ͘ϴŵŝůůŝŽŶ;&zϮϯ͗Ψϭϯ͘ϲŵŝůůŝŽŶͿŝŶƌĞƐƉĞĐƚŽĨĂŶĂĚĚŝƚŝŽŶĂůϱƉƵƚŽƉƚŝŽŶƐǁƌŝƚƚĞŶŽǀĞƌŶŽŶͲ
ĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐŝŶŶŽŶͲǁŚŽůůLJŽǁŶĞĚƐƵďƐŝĚŝĂƌŝĞƐǁŝƚŚŝŶƚŚĞ,ĂƌĚǁĂƌĞƉŝůůĂƌ͕ŝŶĐůƵĚŝŶŐΨϭϭ͘ϵŵŝůůŝŽŶĂĐƋƵŝƌĞĚŝŶ&zϮϰĨŽƌDΘĂŶĚ
dd,ŽďĂƌƚ͘dŚĞƐĞƉƵƚŽƉƚŝŽŶĂƌƌĂŶŐĞŵĞŶƚƐĂůůŽǁŵŝŶŽƌŝƚLJƐŚĂƌĞŚŽůĚĞƌƐƚŽƐĞůůƚŚĞŝƌĞƋƵŝƚLJŝŶƚĞƌĞƐƚƐƚŽDĞƚĐĂƐŚ͕ƐƵďũĞĐƚƚŽƐƉĞĐŝĨŝĐƚĞƌŵƐ
ĂŶĚĐŽŶĚŝƚŝŽŶƐ͘dŚĞƐĞƉƵƚŽƉƚŝŽŶƐĂƌĞŵĞĂƐƵƌĞĚĂƚƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞƌĞĚĞŵƉƚŝŽŶĂŵŽƵŶƚƵŶĚĞƌƚŚĞŽƉƚŝŽŶ͘

DdZ/>KhEd/E'WK>//^
ƌƌĂŶŐĞŵĞŶƚƐǁŝƚŚŝŶĐĞƌƚĂŝŶďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶƐĞŶƚŝƚůĞƚŚĞŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐƚŽƌĞƋƵŝƌĞƚŚĞ'ƌŽƵƉƚŽĂĐƋƵŝƌĞƚŚĞŝƌ
ƐŚĂƌĞŚŽůĚŝŶŐǀŝĂĞdžĞƌĐŝƐĞŽĨĂƉƵƚŽƉƚŝŽŶ͕ƐƵďũĞĐƚƚŽƐƉĞĐŝĨŝĐƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘tŚĞƌĞƐƵĐŚĂŶĂƌƌĂŶŐĞŵĞŶƚŝƐĚĞĞŵĞĚƚŽďĞƉĂƌƚ
ŽĨƚŚĞďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶ͕ĂĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚLJŝƐƌĞĐŽŐŶŝƐĞĚŽŶƚŚĞĂĐƋƵŝƐŝƚŝŽŶĚĂƚĞŵĞĂƐƵƌĞĚĂƚƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞ
ƌĞĚĞŵƉƚŝŽŶĂŵŽƵŶƚƵŶĚĞƌƚŚĞĂƌƌĂŶŐĞŵĞŶƚ͘dŚĞŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶŽĨƚŚĞƉƵƚŽƉƚŝŽŶůŝĂďŝůŝƚLJŝƐĐŚĂƌŐĞĚĚŝƌĞĐƚůLJƚŽƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐ
ĂŶĚƚŚĞŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚŝƐĚĞƌĞĐŽŐŶŝƐĞĚ͘
dŚĞƉƵƚŽƉƚŝŽŶůŝĂďŝůŝƚLJŝƐƐƵďƐĞƋƵĞŶƚůLJƌĞŵĞĂƐƵƌĞĚĂƚĞĂĐŚƌĞƉŽƌƚŝŶŐĚĂƚĞĂƚƚŚĞĞƐƚŝŵĂƚĞĚƉƵƚŽƉƚŝŽŶĞdžĞƌĐŝƐĞƉƌŝĐĞ͕ǁŝƚŚĂŶLJ
ĐŚĂŶŐĞŝŶǀĂůƵĞƌĞĐŽƌĚĞĚǁŝƚŚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ͕ƚŽŐĞƚŚĞƌǁŝƚŚƚŚĞŶĞƚƉƌĞƐĞŶƚǀĂůƵĞŝŶƚĞƌĞƐƚƵŶǁŝŶĚŽŶ
ƚŚĞƉƵƚŽƉƚŝŽŶůŝĂďŝůŝƚLJ͘

^/'E/&/EdKhEd/E'^d/Dd
dŚĞǀĂůƵĂƚŝŽŶƐƵƐĞĚƚŽĚĞƚĞƌŵŝŶĞƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƉƵƚŽƉƚŝŽŶůŝĂďŝůŝƚŝĞƐĂƌĞďĂƐĞĚŽŶĨŽƌǁĂƌĚůŽŽŬŝŶŐŬĞLJĂƐƐƵŵƉƚŝŽŶƐƚŚĂƚ
ĂƌĞ͕ďLJŶĂƚƵƌĞ͕ƵŶĐĞƌƚĂŝŶ͘dŚŝƐƌĞƋƵŝƌĞƐĂŶĞƐƚŝŵĂƚŝŽŶŽĨĨƵƚƵƌĞĞĂƌŶŝŶŐƐĂŶĚĐĂƐŚĨůŽǁƐǁŚŝĐŚŝŶĐůƵĚĞƐĂƐƐƵŵƉƚŝŽŶƐŝŶƌĞůĂƚŝŽŶƚŽ
ƐĂůĞƐǀŽůƵŵĞŐƌŽǁƚŚ͕ĐŽƐƚŽĨƐĂůĞƐĂŶĚĐŽƐƚƐŽĨĚŽŝŶŐďƵƐŝŶĞƐƐ͘
ŽŶƚŝŶŐĞŶƚƉƵƚŽƉƚŝŽŶůŝĂďŝůŝƚŝĞƐ
ZŝƚĐŚŝĞƐ^ƚŽƌĞƐWƚLJ>ƚĚ;ZŝƚĐŚŝĞƐͿƉƵƚŽƉƚŝŽŶ
dŚĞ'ƌŽƵƉŚĂƐĂƉƵƚŽƉƚŝŽŶǁŝƚŚZŝƚĐŚŝĞƐ^ƚŽƌĞƐWƚLJ>ƚĚ;ZŝƚĐŚŝĞƐͿ͘DĞƚĐĂƐŚŚĂƐĂϮϵ͘ϵй;&zϮϯ͗Ϯϵ͘ϵйͿŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚŝŶZŝƚĐŚŝĞƐ͕
ǁŚŝĐŚŝƐƌĞĐŽŐŶŝƐĞĚĂƐĂŶĞƋƵŝƚLJͲaccounted investment on the Group’s balance sheet. The remaining shareholders in Ritchies have the 
ƌŝŐŚƚƚŽƉƵƚƚŚĞŝƌϳϬ͘ϭй;&zϮϯ͗ϳϬ͘ϭйͿŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚƐƚŽDĞƚĐĂƐŚ͕ǀŝĂĂƉƵƚŽƉƚŝŽŶ͕ƐƵďũĞĐƚƚŽĂŵĂƌŐŝŶƌĞůĂƚĞĚĂŶŶƵĂůĨŝŶĂŶĐŝĂů
hurdle (‘hurdle’) being achieved.
dŚĞƉƵƚŽƉƚŝŽŶĐĂŶďĞĞdžĞƌĐŝƐĞĚĐŽůůĞĐƚŝǀĞůLJďLJĂůůƐŚĂƌĞŚŽůĚĞƌƐĚƵƌŝŶŐĂƉƌĞƐĐƌŝďĞĚƉĞƌŝŽĚĨŽůůŽǁŝŶŐƚŚĞĂƉƉƌŽǀĂůŽĨZŝƚĐŚŝĞs’ annual 
audited financial report (‘group put option’ representing the remainingϳϬ͘ϭйƐŚĂƌĞŚŽůĚŝŶŐͿŽƌŝŶĐĞƌƚĂŝŶĐŝƌĐƵŵƐƚĂŶĐĞƐďLJŝŶĚŝǀŝĚƵĂů
minority shareholders within a prescribed period (‘small shareholder put option’).
^ŚŽƵůĚƚŚĞŚƵƌĚůĞďĞĂĐŚŝĞǀĞĚ͕ĂŶĚƚŚĞƐŚĂƌĞŚŽůĚĞƌƐĞůĞĐƚƚŽĞdžĞƌĐŝƐĞĂŶLJƉƵƚŽƉƚŝŽŶ͕ƚŚĞƉƵƌĐŚĂƐĞĐŽŶƐŝĚĞƌĂƚŝŽŶƉĂLJĂďůĞďLJDĞƚĐĂƐŚŝƐ
ďĂƐĞĚŽŶĂŵƵůƚŝƉůĞŽĨƚŚĞƉƌŝŽƌLJĞĂƌƌĞƉŽƌƚĞĚĞĂƌŶŝŶŐƐ͕ŶŽƌŵĂůŝƐĞĚĨŽƌĐĞƌƚĂŝŶĂĚũƵƐƚŵĞŶƚƐ͘


95
About
Reports
Pillars
Sustainability
Our People
Directors’ Report
Financial Report


Whilst the financial hurdle was achieved in respect of Ritchies’ ϮϬϮϯĨŝŶĂŶĐŝĂůLJĞĂƌ͕ƚŚĞŐƌŽƵƉƉƵƚŽƉƚŝŽŶǁĂƐŶŽƚĞdžĞƌĐŝƐĞĚŝŶƌĞůĂƚŝŽŶƚŽ
ƚŚĂƚLJĞĂƌ͘DĞƚĐĂƐŚĞƐƚŝŵĂƚĞƐƚŚĂƚƚŚĞŐƌŽƵƉƉƵƚŽƉƚŝŽŶĐŽŶƐŝĚĞƌĂƚŝŽŶƉĂLJĂďůĞƚŽZŝƚĐŚŝĞƐƐŚĂƌĞŚŽůĚĞƌƐŝŶƌĞƐƉĞĐƚŽĨƚŚĞϮϬϮϯĨŝŶĂŶĐŝĂů
LJĞĂƌǁŽƵůĚŚĂǀĞďĞĞŶďĞƚǁĞĞŶΨϮϱϱ͘ϬŵŝůůŝŽŶĂŶĚΨϮϲϱ͘ϬŵŝůůŝŽŶ͘
/ĨĂŶLJƉƵƚŽƉƚŝŽŶƐǁĞƌĞƚŽďĞĞdžĞƌĐŝƐĞĚŝŶĨƵƚƵƌĞLJĞĂƌƐ͕ƚŚĞĞdžĞƌĐŝƐĞƉƌŝĐĞǁill be determined with reference to Ritchies’ results for that 
ĨŝŶĂŶĐŝĂůLJĞĂƌĂŶĚƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶƉĂLJĂďůĞǁŽƵůĚƌĞĨůĞĐƚƚŚŽƐĞƌĞƐƵůƚƐ͘
dŚĞƉƵƚŽƉƚŝŽŶĂŐƌĞĞŵĞŶƚƚĞƌŵŝŶĂƚĞƐǁŚĞŶDĞƚĐĂƐŚĐĞĂƐĞƐƚŽŚŽůĚƐŚĂƌĞƐŝŶZŝƚĐŚŝĞƐŽƌŝĨZŝƚĐŚŝĞƐůŝƐƚƐŽŶƚŚĞ^y͘
dŚĞZŝƚĐŚŝĞƐƉƵƚŽƉƚŝŽŶŝƐƌĞĐŽŐŶŝƐĞĚĂƚĂĨĂŝƌǀĂůƵĞŽĨŶŝů͘
ϱ͘ϰ͘ ŽŶƚƌŝďƵƚĞĚĞƋƵŝƚLJĂŶĚƌĞƐĞƌǀĞƐ
ŽŶƚƌŝďƵƚĞĚĞƋƵŝƚLJ
&zϮϰ
&zϮϯ
EƵŵďĞƌŽĨƐŚĂƌĞƐ
Ψŵ
EƵŵďĞƌŽĨƐŚĂƌĞƐ
Ψŵ
ƚϭDĂLJ
ϵϲϱ͕ϱϰϭ͕ϲϬϮ
ϴϭϴ͘ϯ
ϵϲϱ͕ϱϰϭ͕ϲϬϮ
ϴϭϴ͘ϯ
^ŚĂƌĞƐŝƐƐƵĞĚƵŶĚĞƌƚŚĞZW
ϭϴ͕ϱϰϵ͕ϰϳϲ
ϲϲ͘ϰ
—
—
/ƐƐƵĞĚƵŶĚĞƌĞƋƵŝƚLJƌĂŝƐŝŶŐ͕ŶĞƚŽĨƐŚĂƌĞŝƐƐƵĞĐŽƐƚƐ
ϭϬϳ͕ϰϲϮ͕ϲϴϴ
ϯϱϰ͘ϭ
—
—
ƚϯϬƉƌŝů
ϭ͕Ϭϵϭ͕ϱϱϯ͕ϳϲϲ
ϭ͕Ϯϯϴ͘ϴ
ϵϲϱ͕ϱϰϭ͕ϲϬϮ
ϴϭϴ͘ϯ
&ƵůůLJƉĂŝĚŽƌĚŝŶĂƌLJƐŚĂƌĞƐĐĂƌƌLJŽŶĞǀŽƚĞƉĞƌƐŚĂƌĞĂŶĚĐĂƌƌLJƚŚĞƌŝŐŚƚƚŽĚŝǀŝĚĞŶĚƐ͘^ŚĂƌĞƐŚĂǀĞŶŽƉĂƌǀĂůƵĞ͘
/Ŷ&ĞďƌƵĂƌLJϮϬϮϰ͕DĞƚĐĂƐŚŝƐƐƵĞĚϴϵ͘ϲŵŝůůŝŽŶƐŚĂƌĞƐǀŝĂĂŶ/ŶƐƚŝƚƵƚŝŽŶĂůWůĂĐĞŵĞŶƚĂƚΨϯ͘ϯϱƉĞƌƐŚĂƌĞǁŚŝĐŚƌĂŝƐĞĚΨϮϵϰ͘ϭŵŝůůŝŽŶŽĨ
ĞƋƵŝƚLJ͕ŶĞƚŽĨΨϱ͘ϵŵŝůůŝŽŶƚƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐ͘
/ŶDĂƌĐŚϮϬϮϰ͕DĞƚĐĂƐŚĂůƐŽŝƐƐƵĞĚϭϳ͘ϵŵŝůůŝŽŶshares under its Share Purchase Plan (‘SPP’) at $ϯ͘ϯϱƉĞƌƐŚĂƌĞǁŚŝĐŚƌĂŝƐĞĚΨϲϬ͘Ϭ
ŵŝůůŝŽŶŽĨĞƋƵŝƚLJ͕ŶĞƚŽĨƚƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐ͘
dŚĞƉƌŽĐĞĞĚƐĨƌŽŵƚŚĞĐĂƉŝƚĂůƌĂŝƐŝŶŐǁŝůůƉƌŽǀŝĚĞDĞƚĐĂƐŚǁŝƚŚĂĚĚŝƚŝŽŶĂůĐĂƉĂĐŝƚLJƚŽƐƵƉƉŽƌƚŐƌŽǁƚŚŽƉƉŽƌƚƵŶŝƚŝĞƐ͘
KƚŚĞƌƌĞƐĞƌǀĞƐ


^ŚĂƌĞͲďĂƐĞĚ
ƉĂLJŵĞŶƚƐƌĞƐĞƌǀĞ
Ψŵ
&ŽƌĞŝŐŶĐƵƌƌĞŶĐLJ
ƚƌĂŶƐůĂƚŝŽŶƌĞƐĞƌǀĞ
Ψŵ
ĂƐŚĨůŽǁ
ŚĞĚŐĞƌĞƐĞƌǀĞ
Ψŵ
dŽƚĂů
ŽƚŚĞƌƌĞƐĞƌǀĞƐ
Ψŵ
ƚϭDĂLJϮϬϮϮ
ϯ͘ϯ
;ϲ͘ϮͿ
;Ϭ͘ϱͿ
;ϯ͘ϰͿ
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͕ŶĞƚŽĨƚĂdž
—
ϭ͘ϯ
—
ϭ͘ϯ
dƌĂŶƐĨĞƌƌĞĚƚŽƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐ
ϭϭ͘ϲ
—
—
ϭϭ͘ϲ
^ŚĂƌĞƐŝƐƐƵĞĚƚŽĞŵƉůŽLJĞĞƐ
;ϭϴ͘ϰͿ
—
—
;ϭϴ͘ϰͿ
^ŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐĞdžƉĞŶƐĞ
ϳ͘Ϭ
—
—
ϳ͘Ϭ
ƚϯϬƉƌŝůϮϬϮϯ
ϯ͘ϱ
;ϰ͘ϵͿ
;Ϭ͘ϱͿ
;ϭ͘ϵͿ
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͕ŶĞƚŽĨƚĂdž
—
;Ϭ͘ϴͿ
Ϯ͘ϭ
ϭ͘ϯ
dƌĂŶƐĨĞƌƌĞĚƚŽƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐ
ϰ͘ϯ
—
—
ϰ͘ϯ
^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƐƐĞƚƚůĞĚŝŶĐĂƐŚ
;Ϯ͘ϲͿ
—
—
;Ϯ͘ϲͿ
^ŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐĞdžƉĞŶƐĞ
ϱ͘ϵ
—
—
ϱ͘ϵ
ƚϯϬƉƌŝůϮϬϮϰ
ϭϭ͘ϭ
;ϱ͘ϳͿ
ϭ͘ϲ
ϳ͘Ϭ

DdZ/>KhEd/E'WK>//^
^ŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐƌĞƐĞƌǀĞ
dŚĞƐŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐƌĞƐĞƌǀĞŝƐƵƐĞĚƚŽƌĞĐŽƌĚƚŚĞǀĂůƵĞŽĨĞƋƵŝƚLJďĞŶĞĨŝƚƐƉƌŽǀŝĚĞĚƚŽĞdžĞĐƵƚŝǀĞƐĂƐƉĂƌƚŽĨƚŚĞŝƌ
ƌĞŵƵŶĞƌĂƚŝŽŶ͘KŶĐĞĂƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚŚĂƐůĂƉƐĞĚƚŚĞ'ƌŽƵƉŶŽůŽŶŐĞƌŚĂƐĂŶLJŽďůŝŐĂƚŝŽŶƚŽĐŽŶǀĞƌƚƚŚĞƐĞƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐ
ŝŶƚŽƐŚĂƌĞĐĂƉŝƚĂů͘dŚĞĂŵŽƵŶƚƚƌĂŶƐĨĞƌƌĞĚƚŽƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐƌĞƉƌĞƐĞŶƚƐƚŚĞǀĂůƵĞŽĨƐŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐƉƌĞǀŝŽƵƐůLJƌĞĐŽŐŶŝƐĞĚ
ĂƐĂŶĞdžƉĞŶƐĞƚŚĂƚŚĂǀĞƐƵďƐĞƋƵĞŶƚůLJůĂƉƐĞĚ͘
&ŽƌĞŝŐŶĐƵƌƌĞŶĐLJƚƌĂŶƐůĂƚŝŽŶƌĞƐĞƌǀĞ
dŚĞĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJƚƌĂŶƐůĂƚŝŽŶƌĞƐĞƌǀĞŝƐƵƐĞĚƚŽƌĞĐŽƌĚĞdžĐŚĂŶŐĞĚŝĨĨĞƌĞŶĐĞƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞƚƌĂŶƐůĂƚŝŽŶŽĨƚŚĞĨŝŶĂŶĐŝĂů
ƐƚĂƚĞŵĞŶƚƐŽĨĨŽƌĞŝŐŶƐƵďƐŝĚŝĂƌŝĞƐ͘
ĂƐŚĨůŽǁŚĞĚŐĞƌĞƐĞƌǀĞ
dŚĞĐĂƐŚĨůŽǁŚĞĚŐĞƌĞƐĞƌǀĞƌĞĐŽƌĚƐƚŚĞƉŽƌƚŝŽŶŽĨƚŚĞƵŶƌĞĂůŝƐĞĚŐĂŝŶŽƌůŽƐƐŽŶĂŚĞĚŐŝŶŐŝŶƐƚƌƵŵĞŶƚŝŶĂĐĂƐŚĨůŽǁŚĞĚŐĞƚŚĂƚŝƐ
ĚĞƚĞƌŵŝŶĞĚƚŽďĞĂŶĞĨĨĞĐƚŝǀĞŚĞĚŐĞ͘


NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Metcash Annual Report 2024
96

ϱ͘ϱ͘ ŝǀŝĚĞŶĚƐ
&zϮϰ
Ψŵ
&zϮϯ
Ψŵ
ŝǀŝĚĞŶĚƐƉĂŝĚŽŶŽƌĚŝŶĂƌLJƐŚĂƌĞƐĚƵƌŝŶŐƚŚĞLJĞĂƌ
&ŝŶĂůĨƵůůLJĨƌĂŶŬĞĚĚŝǀŝĚĞŶĚĨŽƌ&zϮϯ͗ϭϭ͘ϬĐ;&zϮϮ͗ϭϭ͘ϬĐͿ
ϭϬϲ͘Ϯ
ϭϬϲ͘Ϯ
/ŶƚĞƌŝŵĨƵůůLJĨƌĂŶŬĞĚĚŝǀŝĚĞŶĚĨŽƌ&zϮϰ͗ϭϭ͘ϬĐ;&zϮϯ͗ϭϭ͘ϱĐͿ
ϭϬϳ͘ϱ
ϭϭϭ͘Ϭ
ŝǀŝĚĞŶĚƐĚĞĐůĂƌĞĚĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚ
Ϯϭϯ͘ϳ
Ϯϭϳ͘Ϯ
^ŚĂƌĞƐŝƐƐƵĞĚƵŶĚĞƌƚŚĞZW;ϭϴ͘ϱŵŝůůŝŽŶƐŚĂƌĞƐŝƐƐƵĞĚͿ
;ϲϲ͘ϰͿ
—
EĞƚĐĂƐŚĚŝǀŝĚĞŶĚƐƉĂŝĚŽŶŽƌĚŝŶĂƌLJƐŚĂƌĞƐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚ
ϭϰϳ͘ϯ
Ϯϭϳ͘Ϯ
ŝǀŝĚĞŶĚƐĚĞƚĞƌŵŝŶĞĚ;ŶŽƚƌĞĐŽŐŶŝƐĞĚĂƐĂůŝĂďŝůŝƚLJĂƐĂƚϯϬƉƌŝůͿ
&ŝŶĂůĨƵůůLJĨƌĂŶŬĞĚĚŝǀŝĚĞŶĚĨŽƌ&zϮϰ͗ϴ͘ϱĐ;&zϮϯ͗ϭϭ͘ϬĐͿ
ϵϮ͘ϴ
ϭϬϲ͘Ϯ
KŶϮϰ:ƵŶĞϮϬϮϰ͕ƚŚĞŽĂƌĚĚĞƚĞƌŵŝŶĞĚƚŽƉĂLJĂĨƵůůLJĨƌĂŶŬĞĚ&zϮϰĨŝŶĂůĚŝǀŝĚĞŶĚŽĨϴ͘ϱĐĞŶƚƐƉĞƌƐŚĂƌĞ͕ƐŽƵƌĐĞĚĨƌŽŵƚŚĞƉƌŽĨŝƚƌĞƐĞƌǀĞ
ĞƐƚĂďůŝƐŚĞĚďLJDĞƚĐĂƐŚ>ŝŵŝƚĞĚ;WĂƌĞŶƚŽŵƉĂŶLJͿ͕ǁŝƚŚĂƌĞĐŽƌĚĚĂƚĞŽĨϭϳ:ƵůLJϮϬϮϰĂŶĚƉĂLJĂďůĞŝŶĐĂƐŚŽŶϮϳƵŐƵƐƚϮϬϮϰ͘
hŶĚĞƌƚŚĞŝǀŝĚĞŶĚZĞŝŶǀĞƐƚŵĞŶƚWůĂŶ;ZWͿ͕ĞůŝŐŝďůĞƐŚĂƌĞŚŽůĚĞƌƐŵĂLJĞůĞĐƚƚŽƌĞŝŶǀĞƐƚĂůůŽƌƉĂƌƚŽĨƚŚĞŝƌĚŝǀŝĚĞŶĚƐŝŶĂĚĚŝƚŝŽŶĂů
DĞƚĐĂƐŚƐŚĂƌĞƐ͘
&ƌĂŶŬŝŶŐĐƌĞĚŝƚďĂůĂŶĐĞŽĨDĞƚĐĂƐŚ>ŝŵŝƚĞĚ
&zϮϰ
Ψŵ
&zϮϯ
Ψŵ
&ƌĂŶŬŝŶŐĂĐĐŽƵŶƚďĂůĂŶĐĞĂƐĂƚƚŚĞĞŶĚŽĨƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌĂƚϯϬй;&zϮϯ͗ϯϬйͿ
ϭϴϭ͘ϰ
ϭϳϳ͘ϯ
&ƌĂŶŬŝŶŐĐƌĞĚŝƚƐƚŚĂƚǁŝůůĂƌŝƐĞͬ;ƌĞĨƵŶĚĂďůĞͿĨƌŽŵƚŚĞƉĂLJŵĞŶƚŽĨŝŶĐŽŵĞƚĂdžƉĂLJĂďůĞĂƚƚŚĞƌĞƉŽƌƚŝŶŐ
ĚĂƚĞ
;ϲ͘ϱͿ
ϰ͘ϱ
&ƌĂŶŬŝŶŐĐƌĞĚŝƚƐŽŶĚŝǀŝĚĞŶĚƐĚĞƚĞƌŵŝŶĞĚďƵƚŶŽƚĚŝƐƚƌŝďƵƚĞĚƚŽƐŚĂƌĞŚŽůĚĞƌƐĚƵƌŝŶŐƚŚĞLJĞĂƌ
;ϯϵ͘ϴͿ
;ϰϱ͘ϱͿ
ϭϯϱ͘ϭ
ϭϯϲ͘ϯ
ϱ͘ϲ͘ &ŝŶĂŶĐŝĂůƌŝƐŬŵĂŶĂŐĞŵĞŶƚ
KďũĞĐƚŝǀĞƐĂŶĚƉŽůŝĐŝĞƐ
The Group’s principal financial instruments comprise bank loans and overdrafts, leases, cash and shortͲƚĞƌŵĚĞƉŽƐŝƚƐĂŶĚĚĞƌŝǀĂƚŝǀĞƐ͘
The main purpose of these instruments is to finance the Group’s operations. The Group also has various other financial assĞƚƐĂŶĚ
ůŝĂďŝůŝƚŝĞƐƐƵĐŚĂƐƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐĂŶĚƉĂLJĂďůĞƐ͕ǁŚŝĐŚĂƌŝƐĞĚŝƌĞĐƚůLJĨƌŽŵŝƚƐŽƉĞƌĂƚŝŽŶƐ͘
The main risks arising from the Group’s financial instruments are liquidity risk, interest rate risk, credit riskĂŶĚĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞƌŝƐŬ͘dŚĞ
Board reviews and agrees policies for managing each of these risks and they are detailed below. The objective of the Group’s ƌŝƐŬ
ŵĂŶĂŐĞŵĞŶƚƉŽůŝĐLJŝƐƚŽƐƵƉƉŽƌƚĚĞůŝǀĞƌLJŽĨƚŚĞ'ƌŽƵƉ’ƐĨŝŶĂŶĐŝĂůƚĂƌŐĞƚƐǁŚŝůĞƉƌŽƚĞĐƚŝŶŐĨƵƚƵƌĞĨŝŶĂŶĐŝĂůƐĞĐƵƌŝƚLJ͘
>ŝƋƵŝĚŝƚLJƌŝƐŬĂŶĚĨƵŶĚŝŶŐŵĂŶĂŐĞŵĞŶƚ
>ŝƋƵŝĚŝƚLJƌŝƐŬŝƐƚŚĞƌŝƐŬƚŚĂƚƚŚĞ'ƌŽƵƉǁŝůůďĞƵŶĂďůĞƚŽŵĞĞƚŝƚƐƉĂLJŵĞŶƚŽďůŝŐĂƚŝŽŶƐǁŚĞŶƚŚĞLJĨĂůůĚƵĞƵŶĚĞƌŶŽƌŵĂůĂŶĚĞdžƚƌĞŵĞ
ĐŝƌĐƵŵƐƚĂŶĐĞƐ͘dŽůŝŵŝƚƚŚŝƐƌŝƐŬ͕ƚŚĞ'ƌŽƵƉŵĂŶĂŐĞƐĂƐƐĞƚƐǁŝƚŚůŝƋƵŝĚŝƚLJŝŶŵŝŶĚ͕ĂŶĚŵŽŶŝƚŽƌƐĨƵƚƵƌĞĐĂƐŚĨůŽǁƐĂŶĚůŝƋƵŝĚŝƚLJŽŶĂĚĂŝůLJ
ďĂƐŝƐ͘The Group’s primary sourceƐŽĨĚĞďƚĨƵŶĚŝŶŐĂƌĞƐLJŶĚŝĐĂƚĞĚ͕ďŝůĂƚĞƌĂůĂŶĚǁŽƌŬŝŶŐĐĂƉŝƚĂůĨĂĐŝůŝƚŝĞƐ͕ŽĨǁŚŝĐŚϮϵ͘ϴй;&zϮϯ͗ϰϬ͘ϲйͿ
ŚĂƐďĞĞŶƵƚŝůŝƐĞĚĂƐĂƚϯϬƉƌŝůϮϬϮϰ͘dŚĞ'ƌŽƵƉŵŽŶŝƚŽƌƐĨŽƌĞĐĂƐƚƐŽĨůŝƋƵŝĚŝƚLJƌĞƐĞƌǀĞƐŽŶƚŚĞďĂƐŝƐŽĨĞdžƉĞĐƚĞĚĐĂƐŚĨůŽǁ͘
ǀĂŝůĂďůĞĐƌĞĚŝƚĨĂĐŝůŝƚŝĞƐ
ƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ͕ƚŚĞ'ƌŽƵƉŚĂĚƚŚĞĨŽůůŽǁŝŶŐƵŶƵƐĞĚĐƌĞĚŝƚĨĂĐŝůŝƚŝĞƐĂǀĂŝůĂďůĞĨŽƌŝƚƐŝŵŵĞĚŝĂƚĞƵƐĞ͗
dŽƚĂů
ĨĂĐŝůŝƚŝĞƐ
Ψŵ
Ğďƚ
ƵƐĂŐĞ
Ψŵ
'ƵĂƌĂŶƚĞĞƐ
ΘŽƚŚĞƌƵƐĂŐĞ
Ψŵ
&ĂĐŝůŝƚŝĞƐ
ĂǀĂŝůĂďůĞ
Ψŵ
dϯϬWZ/>ϮϬϮϰ
^LJŶĚŝĐĂƚĞĚĨĂĐŝůŝƚŝĞƐ
ϳϮϱ͘Ϭ
ϯϬϬ͘Ϭ
—
ϰϮϱ͘Ϭ
tŽƌŬŝŶŐĐĂƉŝƚĂů͕ŝŶĐůƵĚŝŶŐŐƵĂƌĂŶƚĞĞƐ
ϰϮϵ͘ϱ
ϱϮ͘ϱ
ϲ͘ϱ
ϯϳϬ͘ϱ
ŝůĂƚĞƌĂůůŽĂŶƐ
ϱϬ͘Ϭ
—
—
ϱϬ͘Ϭ
ϭ͕ϮϬϰ͘ϱ
ϯϱϮ͘ϱ
ϲ͘ϱ
ϴϰϱ͘ϱ
dϯϬWZ/>ϮϬϮϯ
^LJŶĚŝĐĂƚĞĚĨĂĐŝůŝƚŝĞƐ
ϳϮϱ͘Ϭ
ϮϬϬ͘Ϭ
—
ϱϮϱ͘Ϭ
tŽƌŬŝŶŐĐĂƉŝƚĂů͕ŝŶĐůƵĚŝŶŐŐƵĂƌĂŶƚĞĞƐ
ϮϱϬ͘Ϭ
ϭϲϴ͘ϯ
ϯ͘Ϭ
ϳϴ͘ϳ
ŝůĂƚĞƌĂůůŽĂŶƐ
ϭϮϱ͘Ϭ
ϳϱ͘Ϭ
—
ϱϬ͘Ϭ
ϭ͕ϭϬϬ͘Ϭ
ϰϰϯ͘ϯ
ϯ͘Ϭ
ϲϱϯ͘ϳ
97
About
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Directors’ Report
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^LJŶĚŝĐĂƚĞĚĨĂĐŝůŝƚŝĞƐ
^LJŶĚŝĐĂƚĞĚďĂŶŬůŽĂŶƐĂƌĞƐĞŶŝŽƌƵŶƐĞĐƵƌĞĚƌĞǀŽůǀŝŶŐĨĂĐŝůŝƚŝĞƐ͘dŚĞĨĂĐŝůŝƚŝĞƐĂƌĞĚƵĞƚŽĞdžƉŝƌĞŝŶ^ĞƉƚĞŵďĞƌϮϬϮϱ;ΨϭϬϬ͘ϬŵŝůůŝŽŶͿ͕DĂLJ
ϮϬϮϲ;ΨϮϬϬ͘ϬŵŝůůŝŽŶͿ͕DĂLJϮϬϮϳ;ΨϯϬϬ͘ϬŵŝůůŝŽŶͿĂŶĚDĂLJϮϬϮϴ;ΨϭϮϱ͘ϬŵŝůůŝŽŶͿ͘/ŶƚĞƌĞƐƚŝƐƉĂLJĂďůĞŽŶƚŚĞĨĂĐŝůŝƚŝĞƐďĂƐĞĚŽŶ^zƉůƵƐĂ
ŵĂƌŐŝŶ͘dŚĞĂƉƉůŝĐĂďůĞŵĂƌŐŝŶŝƐĚĞƉĞŶĚĞŶƚƵƉŽŶĂŶĞƐĐĂůĂƚŝŽŶŵĂƚƌŝdžůŝŶŬĞĚƚŽƚŚĞ^ĞŶŝŽƌ>ĞǀĞƌĂŐĞZĂƚŝŽĂĐŚŝĞǀĞĚ͘dŚĞƐĞďĂŶŬůŽĂŶƐ
ĂƌĞƐƵďũĞĐƚƚŽĐĞƌƚĂŝŶĨŝŶĂŶĐŝĂůƵŶĚĞƌƚĂŬŝŶŐƐĂƐĚĞƚĂŝůĞĚŝŶŶŽƚĞϱ͘Ϯ͘
^ƵďƐĞƋƵĞŶƚƚŽƚŚĞyear end, as part of the Group’s refinancing activities, an existing facility maturing in September 2025 for $100͘Ϭ
ŵŝůůŝŽŶǁĂƐƌĞĨŝŶĂŶĐĞĚĨŽƌĨŝǀĞLJĞĂƌƐ͕ǁŚŝůƐƚĂŶĂĚĚŝƚŝŽŶĂůΨϯϱϬ͘ϬŵŝůůŝŽŶŽĨĨĂĐŝůŝƚŝĞƐǁĂƐĂĚĚĞĚŝŶϮϬϮϵ;ΨϭϬϬ͘ϬŵŝůůŝŽŶͿĂŶĚϮϬϯϭ;ΨϮϱϬ͘Ϭ
ŵŝůůŝŽŶͿ͘
tŽƌŬŝŶŐĐĂƉŝƚĂů
tŽƌŬŝŶŐĐĂƉŝƚĂůďĂŶŬůŽĂŶƐĂƌĞƌĞƉƌĞƐĞŶƚĞĚďLJĨŝǀĞƵŶƐĞĐƵƌĞĚƌĞǀŽůǀŝŶŐĨĂĐŝůŝƚŝĞƐƚŽƚĂůůŝŶŐΨϰϮϵ͘ϱŵŝůůŝŽŶ͘dŚƌĞĞŽĨƚŚĞƐĞĨĂĐŝůŝƚŝĞƐŵĂƚƵƌĞ
ŝŶEŽǀĞŵďĞƌϮϬϮϰ;ΨϭϴϬ͘ϬŵŝůůŝŽŶͿ͕ǁŝƚŚƚŚĞŽƚŚĞƌƐŝŶ&ĞďƌƵĂƌLJϮϬϮϱ;ΨϭϮϱ͘ϬŵŝůůŝŽŶͿĂŶĚ:ƵůLJϮϬϮϱ;ΨϭϮϰ͘ϱŵŝůůŝŽŶͿ͘
^ƵďƐĞƋƵĞŶƚƚŽLJĞĂƌĞŶĚ͕as part of the Group’s refinancing activities, ƚǁŽĨĂĐŝůŝƚŝĞƐƚŽƚĂůůŝŶŐΨϭϬϬ͘ϬŵŝůůŝŽŶǁĞƌĞĐĂŶĐĞůůĞĚͬƌĞĚƵĐĞĚ͘dŚĞ
ƌĞŵĂŝŶŝŶŐĨĂĐŝůŝƚŝĞƐƚŽƚĂůůŝŶŐΨϯϮϱ͘ϬŵŝůůŝŽŶŵĂƚƵƌĞŝŶEŽǀĞŵďĞƌϮϬϮϰ;ΨϭϯϬ͘ϬŵŝůůŝŽŶͿ͕&ĞďƌƵĂƌLJϮϬϮϱ;Ψϳϱ͘ϬŵŝůůŝŽŶͿĂŶĚ:ƵůLJϮϬϮϱ
;ΨϭϮϬ͘ϬŵŝůůŝŽŶͿ͘
/ŶƚĞƌĞƐƚƉĂLJĂďůĞŽŶĂŶLJůŽĂŶƐĚƌĂǁŶƵŶĚĞƌƚŚĞƐĞĨĂĐŝůŝƚŝĞƐŝƐďĂƐĞĚŽŶ^zŽƌƚŚĞZĐĂƐŚƌĂƚĞƉůƵƐĂŵĂƌŐŝŶ͘dŚĞƐĞďĂŶŬůŽĂŶƐĂƌĞ
ƐƵďũĞĐƚƚŽĐĞƌƚĂŝŶĨŝŶĂŶĐŝĂůƵŶĚĞƌƚĂŬŝŶŐƐĂƐĚĞƚĂŝůĞĚŝŶŶŽƚĞϱ͘Ϯ͘
ŝůĂƚĞƌĂůůŽĂŶƐ
ŝůĂƚĞƌĂůďĂŶŬůŽĂŶƐĂƌĞƌĞƉƌĞƐĞŶƚĞĚďLJŽŶĞƵŶƐĞĐƵƌĞĚƌĞǀŽůǀŝŶŐĨĂĐŝůŝƚLJƚŽƚĂůůŝŶŐΨϱϬ͘ϬŵŝůůŝŽŶ͘dŚŝƐĨĂĐŝůŝƚLJŵĂƚƵƌĞƐŝŶĞĐĞŵďĞƌϮϬϮϴ͘
/ŶƚĞƌĞƐƚƉĂLJĂďůĞŽŶĂŶLJůŽĂŶƐĚƌĂǁŶƵŶĚĞƌƚŚŝƐĨĂĐŝůŝƚLJŝƐďĂƐĞĚŽŶ^zƉůƵƐĂŵĂƌŐŝŶ͘dŚĞƐĞďĂŶŬůŽĂŶƐĂƌĞƐƵďũĞĐƚƚŽĐĞƌƚĂŝŶĨŝŶĂŶĐŝĂů
ƵŶĚĞƌƚĂŬŝŶŐƐĂƐĚĞƚĂŝůĞĚŝŶŶŽƚĞϱ͘Ϯ͘
DĂƚƵƌŝƚLJĂŶĂůLJƐŝƐŽĨĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐďĂƐĞĚŽŶĐŽŶƚƌĂĐƚĞĚĚĂƚĞ
dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƌĞĨůĞĐƚƐƚŚĞŐƌŽƐƐĐŽŶƚƌĂĐƚĞĚǀĂůƵĞƐŽĨĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐĐĂƚĞŐŽƌŝƐĞĚďLJƚŚĞŝƌĐŽŶƚƌĂĐƚĞĚĚĂƚĞƐŽĨƐĞƚƚůĞŵĞŶƚ͘
'ƌŽƐƐƐĞƚƚůĞĚĚĞƌŝǀĂƚŝǀĞƐĐŽŵƉƌŝƐĞĨŽƌǁĂƌĚĞdžĐŚĂŶŐĞĐŽŶƚƌĂĐƚƐƚŚĂƚĂƌĞƵƐĞĚƚŽŚĞĚŐĞĂŶƚŝĐŝƉĂƚĞĚƉƵƌĐŚĂƐĞĐŽŵŵŝƚŵĞŶƚƐ͘hŶĚĞƌƚŚĞ
ƚĞƌŵƐŽĨƚŚĞƐĞĂŐƌĞĞŵĞŶƚƐ͕ƚŚĞƐĞƚƚůĞŵĞŶƚƐĂƚĞdžƉŝƌLJŝŶĐůƵĚĞďŽƚŚĂĐĂƐŚƉĂLJŵĞŶƚĂŶĚƌĞĐĞŝƉƚ͘
ϭLJĞĂƌ
ŽƌůĞƐƐ
Ψŵ
ϭ–ϱLJĞĂƌƐ
Ψŵ
DŽƌĞƚŚĂŶ
ϱLJĞĂƌƐ
Ψŵ
dŽƚĂů
Ψŵ
^dϯϬWZ/>ϮϬϮϰ
dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ
Ϯ͕ϰϳϴ͘ϰ
—
—
Ϯ͕ϰϳϴ͘ϰ
ĂŶŬůŽĂŶƐ
ϲϵ͘ϳ
ϯϰϭ͘ϴ
—
ϰϭϭ͘ϱ
&ŝŶĂŶĐŝĂůŐƵĂƌĂŶƚĞĞĐŽŶƚƌĂĐƚƐ
Ϭ͘ϯ
—
—
Ϭ͘ϯ
KƚŚĞƌĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ
ϴ͘ϭ
ϳ͘ϰ
—
ϭϱ͘ϱ
WƵƚŽƉƚŝŽŶƐǁƌŝƚƚĞŶŽǀĞƌŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ
ϯϳ͘ϭ
ϭϭϱ͘ϰ
ϰϴ͘ϴ
ϮϬϭ͘ϯ
>ĞĂƐĞůŝĂďŝůŝƚŝĞƐ
ϮϬϰ͘ϴ
ϲϴϰ͘Ϭ
ϯϳϳ͘ϵ
ϭ͕Ϯϲϲ͘ϳ
ĞƌŝǀĂƚŝǀĞůŝĂďŝůŝƚŝĞƐ–ŐƌŽƐƐƐĞƚƚůĞĚ͗
—/ŶĨůŽǁƐ
ϭϬ͘ϴ
—
—
ϭϬ͘ϴ
—KƵƚĨůŽǁƐ
;ϭϬ͘ϴͿ
—
—
;ϭϬ͘ϴͿ
EĞƚŵĂƚƵƌŝƚLJ
Ϯ͕ϳϵϴ͘ϰ
ϭ͕ϭϰϴ͘ϲ
ϰϮϲ͘ϳ
ϰ͕ϯϳϯ͘ϳ
^dϯϬWZ/>ϮϬϮϯ
dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ
Ϯ͕Ϯϵϰ͘ϵ
—
—
Ϯ͕Ϯϵϰ͘ϵ
ĂŶŬůŽĂŶƐ
ϭϴϲ͘ϲ
Ϯϵϵ͘Ϯ
—
ϰϴϱ͘ϴ
&ŝŶĂŶĐŝĂůŐƵĂƌĂŶƚĞĞĐŽŶƚƌĂĐƚƐ
Ϭ͘ϵ
—
—
Ϭ͘ϵ
KƚŚĞƌĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ
Ϭ͘ϯ
ϵ͘Ϯ
—
ϵ͘ϱ
WƵƚŽƉƚŝŽŶƐǁƌŝƚƚĞŶŽǀĞƌŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ
ϭϮϯ͘ϯ
ϭϱϭ͘ϲ
Ϯϴ͘Ϯ
ϯϬϯ͘ϭ
>ĞĂƐĞůŝĂďŝůŝƚŝĞƐ
ϭϴϲ͘ϲ
ϲϲϬ͘ϰ
ϰϯϵ͘ϭ
ϭ͕Ϯϴϲ͘ϭ
ĞƌŝǀĂƚŝǀĞůŝĂďŝůŝƚŝĞƐ–ŐƌŽƐƐƐĞƚƚůĞĚ͗
–
/ŶĨůŽǁƐ
ϯ͘ϭ
—
—
ϯ͘ϭ
–
KƵƚĨůŽǁƐ
;ϯ͘ϭͿ
—
—
;ϯ͘ϭͿ
EĞƚŵĂƚƵƌŝƚLJ
Ϯ͕ϳϵϮ͘ϲ
ϭ͕ϭϮϬ͘ϰ
ϰϲϳ͘ϯ
ϰ͕ϯϴϬ͘ϯ
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Metcash Annual Report 2024
98


/ŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬ
The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s bank debt obligations wŝƚŚĂĨůŽĂƚŝŶŐ
ŝŶƚĞƌĞƐƚƌĂƚĞ͘
DĞƚĐĂƐŚŵĂŶĂŐĞƐƚŚŝƐƌŝƐŬďLJĞŶƚĞƌŝŶŐŝŶƚŽŝŶƚĞƌĞƐƚƌĂƚĞƐǁĂƉĐŽŶƚƌĂĐƚƐǁŝƚŚǀĂƌŝŽƵƐŵĂũŽƌƵƐƚƌĂůŝĂŶďĂŶŬƐ͘ƚϯϬƉƌŝůϮϬϮϰ͕ƚŚĞ
ƉƌŝŶĐŝƉĂůŚĞĚŐĞĚǁĂƐΨϭϱϬ͘ϬŵŝůůŝŽŶ;&zϮϯ͗ΨϭϱϬ͘ϬŵŝůůŝŽŶͿǁŝƚŚĂǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞŚĞĚŐĞŵĂƚƵƌŝƚLJŽĨϭ͘ϯLJĞĂƌƐ;&zϮϯ͗ϭ͘ϮLJĞĂƌƐͿĂŶĚĂ
ǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞĨŝdžĞĚŝŶƚĞƌĞƐƚƌĂƚĞŽĨϯ͘ϳй;&zϮϯ͗ϯ͘ϳйͿ͘dŚĞ'ƌŽƵƉĐŽŶƐŝĚĞƌĞĚƚŚĞƐĞĚĞƌŝǀĂƚŝǀĞƐƚŽďĞĞĨĨĞĐƚŝǀĞŚĞĚŐĞƐŝŶĂĐĐŽƌĚĂŶĐĞ
ǁŝƚŚ^ϵ&ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐĂŶĚƚŚĞƌĞĨŽƌĞƚƌĞĂƚƐƚŚĞŵĂƐĐĂƐŚĨůŽǁŚĞĚŐĞƐ͘dŚĞƐĞŝŶƚĞƌĞƐƚƌĂƚĞƐǁĂƉƐĂƌĞĞdžƉŽƐĞĚƚŽĨĂŝƌǀĂůƵĞ
ŵŽǀĞŵĞŶƚƐďĂƐĞĚŽŶĐŚĂŶŐĞƐƚŽƚŚĞŝŶƚĞƌĞƐƚƌĂƚĞĐƵƌǀĞ͘
The Group’s treasury policy provides percentage ranges across yearly periods for the interest rate hedging of net debt. ŽƌĞĚĞďƚŝƐ
ĚĞĨŝŶĞĚĂƐƚŚĞŵŝŶŝŵƵŵůĞǀĞůŽĨĚƌĂǁŶĚĞďƚǁŚŝĐŚŝƐĞdžƉĞĐƚĞĚƚŽŽĐĐƵƌŽǀĞƌƚŚĞLJĞĂƌ͘ƚϯϬƉƌŝůϮϬϮϰ͕DĞƚĐĂƐŚŚĂƐΨϯϱϮ͘ϱŵŝůůŝŽŶ
;&zϮϯ͗Ψϰϰϯ͘ϯŵŝůůŝŽŶͿďĂŶŬĚĞďƚŽďůŝŐĂƚŝŽŶƐ͘
ƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ͕ƚŚĞ'ƌŽƵƉŚĂĚƚŚĞĨŽůůŽǁŝŶŐŵŝdžŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĞdžƉŽƐĞĚƚŽƵƐƚƌĂůŝĂŶǀĂƌŝĂďůĞŝŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬ
ƚŚĂƚ͕ĞdžĐĞƉƚĂƐŝŶĚŝĐĂƚĞĚ͕ĂƌĞŶŽƚĚĞƐŝŐŶĂƚĞĚŝŶĐĂƐŚĨůŽǁŚĞĚŐĞƐ͗
&zϮϰ
Ψŵ
&zϮϯ
Ψŵ
&/EE/>^^d^


ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ
ϵϳ͘ϯ
ϴϵ͘ϱ
&/EE/>>//>/d/^

ĂŶŬůŽĂŶƐ–ƐLJŶĚŝĐĂƚĞĚ
;ϯϬϬ͘ϬͿ
;ϮϬϬ͘ϬͿ
ĂŶŬůŽĂŶƐ–ǁŽƌŬŝŶŐĐĂƉŝƚĂů
;ϱϮ͘ϱͿ
;ϭϲϴ͘ϯͿ
ĂŶŬůŽĂŶƐ–ďŝůĂƚĞƌĂů
—
;ϳϱ͘ϬͿ
>ĞƐƐ͗/ŶƚĞƌĞƐƚƌĂƚĞƐǁĂƉƐŶŽƚŝŽŶĂůƉƌŝŶĐŝƉĂůǀĂůƵĞ–ĚĞƐŝŐŶĂƚĞĚĂƐĐĂƐŚĨůŽǁŚĞĚŐĞƐ
ϭϱϬ͘Ϭ
ϭϱϬ͘Ϭ
EĞƚĞdžƉŽƐƵƌĞ
;ϮϬϮ͘ϱͿ
;ϮϬϯ͘ϴͿ
^ĞŶƐŝƚŝǀŝƚLJĂŶĂůLJƐŝƐ
ĂƐĞĚŽŶƚŚĞ'ƌŽƵp’s ŶĞƚĚĞďƚƉŽƐŝƚŝŽŶ͕ĂĨƚĞƌƚŚĞŝŵƉĂĐƚŽĨŚĞĚŐŝŶŐĂƐĂƚϯϬƉƌŝůϮϬϮϰĂŶĚϮϬϮϯ͕ǁŝƚŚĂůůǀĂƌŝĂďůĞƐŚĞůĚĐŽŶƐƚĂŶƚ͕ĂŶ
Ϭ͘ϱйĐŚĂŶŐĞŝŶŝŶƚĞƌĞƐƚƌĂƚĞƐŝƐĞƐƚŝŵĂƚĞĚƚŽƌĞƐƵůƚŝŶĂΨϬ͘ϳŵŝůůŝŽŶ;&zϮϯ͗ΨϬ͘ϳŵŝůůŝŽŶ) change in the Group’s net profit after tax͘dŚŝƐ
ƐĞŶƐŝƚŝǀŝƚLJĞƐƚŝŵĂƚĞŝƐĚƌŝǀĞŶďLJŚŝŐŚĞƌͬůŽǁĞƌŝŶƚĞƌĞƐƚĐŽƐƚƐĨƌŽŵǀĂƌŝĂďůĞƌĂƚĞĐĂƐŚĂŶĚďĂŶŬĚĞďƚ͕ŶĞƚŽĨŝŶƚĞƌĞƐƚƌĂƚĞĚĞƌŝǀĂƚŝǀĞƐƚŚĂƚ
ŚĞĚŐĞĐŽƌĞĚĞďƚ͘
dŚĞƐĞŵŽǀĞŵĞŶƚƐŚĂǀĞďĞĞŶƐĞůĞĐƚĞĚĂƐƚŚĞLJĂƌĞĐŽŶƐŝĚĞƌĞĚƌĞĂƐŽŶĂďůĞ͕ŐŝǀĞŶƚŚĞĐƵƌƌĞŶƚĞĐŽŶŽŵŝĐĐůŝŵĂƚĞĂŶĚƚŚĞĐƵƌƌĞŶƚůĞǀĞůƐŽĨ
ƐŚŽƌƚƚĞƌŵĂŶĚůŽŶŐͲƚĞƌŵƵƐƚƌĂůŝĂŶŝŶƚĞƌĞƐƚƌĂƚĞƐ͘
ƌĞĚŝƚƌŝƐŬ
ƌĞĚŝƚƌŝƐŬŝƐƚŚĞƌŝƐŬƚŚĂƚĂĐŽƵŶƚĞƌƉĂƌƚLJǁŝůůŶŽƚŵĞĞƚŝƚƐŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌĂĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚŽƌĐƵƐƚŽŵĞƌĐŽŶƚƌĂĐƚ͕ůĞĂĚŝŶŐƚŽĂ
ĨŝŶĂŶĐŝĂůůŽƐƐ͘dŚĞ'ƌŽƵƉŝƐĞdžƉŽƐĞĚƚŽĐƌĞĚŝƚƌŝƐŬĨƌŽŵŝƚƐŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ;ƉƌŝŵĂƌŝůLJƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐͿĂŶĚĨƌŽŵŝƚƐĨŝŶĂŶĐŝŶŐ
ĂĐƚŝǀŝƚŝĞƐ͕ŝŶĐůƵĚŝŶŐĚĞƉŽƐŝƚƐǁŝƚŚďĂŶŬƐĂŶĚĨŝŶĂŶĐŝĂůŝŶƐƚŝƚƵƚŝŽŶƐ͕ĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞƚƌĂŶƐĂĐƚŝŽŶƐĂŶĚŽƚŚĞƌĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ͘
dƌĂĚĞƌĞĐĞŝǀĂďůĞƐĂŶĚůŽĂŶƐ
dŚĞ'ƌŽƵƉƚƌĂĚĞƐǁŝƚŚĂůĂƌŐĞŶƵŵďĞƌŽĨĐƵƐƚŽŵĞƌƐĂŶĚŝƚŝƐ'ƌŽƵƉƉŽůŝĐLJƚŚĂƚĂůůĐƵƐƚŽŵĞƌƐǁŚŽǁŝƐŚƚŽƚƌĂĚĞŽŶĐƌĞĚŝƚƚĞƌŵƐĂƌĞ
ƐƵďũĞĐƚƚŽĐƌĞĚŝƚǀĞƌŝĨŝĐĂƚŝŽŶƉƌŽĐĞĚƵƌĞƐ͘/ŶĂĚĚŝƚŝŽŶ͕ǁŚĞƌĞĂůŽĂŶŚĂƐďĞĞŶƉƌŽǀŝĚĞĚ͕ƚŚĞ'ƌŽƵƉǁŝůůŽďƚĂŝŶƐĞĐƵƌŝƚLJŽǀĞƌĐĞƌƚĂŝŶĂƐƐĞƚƐ
ŽĨƚŚĞĐƵƐƚŽŵĞƌǁŚĞƌĞǀĞƌƉŽƐƐŝďůĞ͘
ZĞĐĞŝǀĂďůĞƐĂŶĚůŽĂŶƐĂƌĞŵŽŶŝƚŽƌĞĚŽŶĂŶŽŶŐŽŝŶŐďĂƐŝƐĂŶĚĂĨŽƌŵĂůƌĞǀŝĞǁŽĨĂůůďĂůĂŶĐĞƐŽĐĐƵƌƐĞǀĞƌLJƐŝdžŵŽŶƚŚƐƚŽŵĞĂƐƵƌĞ
ŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͘ƐŝĚĞŶƚŝĨŝĞĚŝŶŶŽƚĞϰ͘ϭ͕ƚŚĞĐƵƌƌĞŶƚůĞǀĞůŽĨŝŵƉĂŝƌŵĞŶƚƉƌŽǀŝƐŝŽŶƌĞƉƌĞƐĞŶƚƐϮ͘ϱй;&zϮϯ͗Ϯ͘ϵ%) of the Group’s 
ƌĞĐĞŝǀĂďůĞƐĂŶĚůŽĂŶƐ͘
>ĞĂƐĞƌĞĐĞŝǀĂďůĞƐ
The Group is exposed to credit risk on ‘backͲƚŽͲback’ arrangements contained within its property leases where Metcash has subleased 
ƉƌŽƉĞƌƚŝĞƐƚŽƌĞƚĂŝůĞƌƐ͘dŚĞ'ƌŽƵƉƌĞŐƵůĂƌůLJƌĞǀŝĞǁƐŵĂƚĞƌŝĂůůĞĂƐĞĂƌƌĂŶŐĞŵĞŶƚƐŽŶĂŶŽŶŐŽŝŶŐďĂƐŝƐĂŶĚĂĨŽƌŵĂůƌĞǀŝĞǁŽĨĂůůůĞĂƐĞƐ
ŽĐĐƵƌƐĞǀĞƌLJƐŝdžŵŽŶƚŚƐƚŽŵĞĂƐƵƌĞŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͘ZĞĨĞƌŶŽƚĞϰ͘ϮĨŽƌĨƵƌƚŚĞƌĚĞƚĂŝůƐ͘
KƚŚĞƌƐ
dŚĞƌĞĂƌĞŶŽŽƚŚĞƌƐŝŐŶŝĨŝĐĂŶƚĐŽŶĐĞŶƚƌĂƚŝŽŶƐŽĨĐƌĞĚŝƚƌŝƐŬǁŝƚŚŝŶƚŚĞ'ƌŽƵƉ͘
&ŽƌĞŝŐŶĞdžĐŚĂŶŐĞƌŝƐŬ
dŚĞ'ƌŽƵƉŝƐĞdžƉŽƐĞĚƚŽĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞĨůƵĐƚƵĂƚŝŽŶƐŽŶƚƌĂŶƐĂĐƚŝŽŶƐĂŶĚďĂůĂŶĐĞƐŝŶƌĞƐƉĞĐƚŽĨŝƚƐŽƉĞƌĂƚŝŽŶƐŝŶEĞǁĞĂůĂŶĚ͘
dŚŝƐŽƉĞƌĂƚŝŽŶƌĞƉƌĞƐĞŶƚƐůĞƐƐƚŚĂŶϱйof the Group’s total salesƌĞǀĞŶƵĞĂŶĚƚŽƚĂůƉƌŽĨŝƚĂĨƚĞƌƚĂdž͘
/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞ'ƌŽƵƉƵŶĚĞƌƚĂŬĞƐƐŽŵĞĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJƚƌĂŶƐĂĐƚŝŽŶƐǁŚĞŶƉƵƌĐŚĂƐŝŶŐŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ͘dŚĞ'ƌŽƵƉĞŶƚĞƌƐŝŶƚŽ
ĨŽƌǁĂƌĚĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞĐŽŶƚƌĂĐƚƐƚŽŵĂŶĂŐĞƚŚĞƌŝƐŬĂƐƐŽĐŝĂƚĞĚǁŝƚŚĂŶƚŝĐŝƉĂƚĞĚƉƵƌĐŚĂƐĞĐŽŵŵŝƚŵĞŶƚƐĚĞŶŽŵŝŶĂƚĞĚŝŶĨŽƌĞŝŐŶ
ĐƵƌƌĞŶĐŝĞƐ͘
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dŚĞĂŵŽƵŶƚŽĨĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞĐŽǀĞƌŝƐďĂƐĞĚŽŶĂŶƚŝĐŝƉĂƚĞĚĨƵƚƵƌĞƉƵƌĐŚĂƐĞƐŝŶůŝŐŚƚŽĨĐƵƌƌĞŶƚĐŽŶĚŝƚŝŽŶƐŝŶĨŽƌĞŝŐŶŵĂƌŬĞƚƐ͕
ĐŽŵŵŝƚŵĞŶƚƐĨƌŽŵĐƵƐƚŽŵĞƌƐĂŶĚĞdžƉĞƌŝĞŶĐĞ͘
DdZ/>KhEd/E'WK>//^
ĞƌŝǀĂƚŝǀĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĂƌĞŝŶŝƚŝĂůůLJƌĞĐŽŐŶŝƐĞĚĂƚĨĂŝƌǀĂůƵĞŽŶƚŚĞĚĂƚĞĂƚǁŚŝĐŚĂĚĞƌŝǀĂƚŝǀĞĐŽŶƚƌĂĐƚŝƐĞŶƚĞƌĞĚŝŶƚŽĂŶĚĂƌĞ
ƐƵďƐĞƋƵĞŶƚůLJƌĞŵĞĂƐƵƌĞĚƚŽĨĂŝƌǀĂůƵĞ͘
dŚĞĨĂŝƌǀĂůƵĞŽĨĚĞƌŝǀĂƚŝǀĞĐŽŶƚƌĂĐƚƐŝƐĚĞƚĞƌŵŝŶĞĚďLJƌĞĨĞƌĞŶĐĞƚŽŵĂƌŬĞƚǀĂůƵĞƐĨŽƌƐŝŵŝůĂƌŝŶƐƚƌƵŵĞŶƚƐ͘ĞƌŝǀĂƚŝǀĞƐĂƌĞĐĂƌƌŝĞĚĂƐ
ĂƐƐĞƚƐǁŚĞŶƚŚĞŝƌĨĂŝƌǀĂůƵĞŝƐƉŽƐŝƚŝǀĞĂŶĚĂƐůŝĂďŝůŝƚŝĞƐǁŚĞŶƚŚĞŝƌĨĂŝƌǀĂůƵĞŝƐŶĞŐĂƚŝǀĞ͘ŶLJŐĂŝŶƐŽƌůŽƐƐĞƐĂƌŝƐŝŶŐĨƌŽŵĐŚĂŶŐĞƐŝŶ
ƚŚĞĨĂŝƌǀĂůƵĞŽĨĚĞƌŝǀĂƚŝǀĞƐ͕ĞdžĐĞƉƚĨŽƌƚŚŽƐĞƚŚĂƚƋƵĂůŝĨLJĂƐĐĂƐŚĨůŽǁŚĞĚŐĞƐ͕ĂƌĞƚĂŬĞŶĚŝƌĞĐƚůLJƚŽƚŚĞ^ƚĂƚĞŵĞŶƚŽĨŽŵƉƌĞŚĞŶƐŝǀĞ
/ŶĐŽŵĞĨŽƌƚŚĞLJĞĂƌ͘
/ŶƐƚƌƵŵĞŶƚƐƚŚĂƚŵĞĞƚƚŚĞƐƚƌŝĐƚĐƌŝƚĞƌŝĂĨŽƌŚĞĚŐĞĂĐĐŽƵŶƚŝŶŐĂƌĞĐůĂƐƐŝĨŝĞĚĂƐ͗
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ĨĂŝƌǀĂůƵĞŚĞĚŐĞƐ͕ǁŚĞŶƚŚĞLJŚĞĚŐĞƚŚĞĞdžƉŽƐƵƌĞƚŽĐŚĂŶŐĞƐŝŶƚŚĞĨĂŝƌǀĂůƵĞŽĨĂƌĞĐŽŐŶŝƐĞĚĂƐƐĞƚŽƌůŝĂďŝůŝƚLJ͖Žƌ
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ĐĂƐŚĨůŽǁŚĞĚŐĞƐ͕ǁŚĞŶƚŚĞLJŚĞĚŐĞƚŚĞĞdžƉŽƐƵƌĞƚŽǀĂƌŝĂďŝůŝƚLJŝŶĐĂƐŚĨůŽǁƐƚŚĂƚŝƐĂƚƚƌŝďƵƚĂďůĞĞŝƚŚĞƌƚŽĂƉĂƌƚŝĐƵůĂƌƌŝƐŬ
ĂƐƐŽĐŝĂƚĞĚǁŝƚŚĂƌĞĐŽŐŶŝƐĞĚĂƐƐĞƚŽƌůŝĂďŝůŝƚLJŽƌƚŽĂĨŽƌĞĐĂƐƚƚƌĂŶƐĂĐƚŝŽŶ͘
&ĂŝƌǀĂůƵĞŚĞĚŐĞƐ
dŚĞĐŚĂŶŐĞŝŶƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞŚĞĚŐĞĚŝƚĞŵĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞƌŝƐŬŚĞĚŐĞĚŝƐƌĞĐŽƌĚĞĚĂƐƉĂƌƚŽĨƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨƚŚĞŚĞĚŐĞĚ
ŝƚĞŵĂŶĚŝƐĂůƐŽƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞĂƐĨŝŶĂŶĐĞĐŽƐƚƐ͘/ĨƚŚĞŚĞĚŐĞĚŝƚĞŵŝƐĚĞƌĞĐŽŐŶŝƐĞĚ͕ƚŚĞ
ƵŶĂŵŽƌƚŝƐĞĚĨĂŝƌǀĂůƵĞŝƐƌĞĐŽŐŶŝƐĞĚŝŵŵĞĚŝĂƚĞůLJŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ͘
tŚĞŶĂŶƵŶƌĞĐŽŐŶŝƐĞĚĨŝƌŵĐŽŵŵŝƚŵĞŶƚŝƐĚĞƐŝŐŶĂƚĞĚĂƐĂŚĞĚŐĞĚŝƚĞŵ͕ƚŚĞƐƵďƐĞƋƵĞŶƚĐƵŵƵůĂƚŝǀĞĐŚĂŶŐĞŝŶƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞ
ĨŝƌŵĐŽŵŵŝƚŵĞŶƚĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞŚĞĚŐĞĚƌŝƐŬŝƐƌĞĐŽŐŶŝƐĞĚĂƐĂŶĂƐƐĞƚŽƌůŝĂďŝůŝƚLJǁŝƚŚĂĐŽƌƌĞƐƉŽŶĚŝŶŐŐĂŝŶŽƌůŽƐƐƌĞĐŽŐŶŝƐĞĚŝŶ
ƚŚĞ^ƚĂƚĞŵĞŶƚŽĨŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ͘
ĂƐŚĨůŽǁŚĞĚŐĞƐ
dŚĞĞĨĨĞĐƚŝǀĞƉŽƌƚŝŽŶŽĨƚŚĞŐĂŝŶŽƌůŽƐƐŽŶƚŚĞŚĞĚŐŝŶŐŝŶƐƚƌƵŵĞŶƚŝƐƌĞĐŽŐŶŝƐĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĂŶĚĐĂƌƌŝĞĚĨŽƌǁĂƌĚ
ƚŽƚŚĞĐĂƐŚĨůŽǁŚĞĚŐĞƌĞƐĞƌǀĞ͕ǁŚŝůĞĂŶLJŝŶĞĨĨĞĐƚŝǀĞƉŽƌƚŝŽŶŝƐƌĞĐŽŐŶŝƐĞĚŝŵŵĞĚŝĂƚĞůLJŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ
ĂƐĨŝŶĂŶĐĞĐŽƐƚƐ͘
ŵŽƵŶƚƐƌĞĐŽŐŶŝƐĞĚĂƐŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĂƌĞƚƌĂŶƐĨĞƌƌĞĚƚŽƉƌŽĨŝƚŽƌůŽƐƐǁŚĞŶƚŚĞŚĞĚŐĞĚƚƌĂŶƐĂĐƚŝŽŶĂĨĨĞĐƚƐƉƌŽĨŝƚŽƌ
ůŽƐƐ͕ƐƵĐŚĂƐǁŚĞŶƚŚĞŚĞĚŐĞĚĨŝŶĂŶĐŝĂůŝŶĐŽŵĞŽƌĨŝŶĂŶĐŝĂůĞdžƉĞŶƐĞŝƐƌĞĐŽŐŶŝƐĞĚŽƌǁŚĞŶĂĨŽƌĞĐĂƐƚƐĂůĞŽĐĐƵƌƐ͘tŚĞŶƚŚĞŚĞĚŐĞĚ
ŝƚĞŵŝƐƚŚĞĐŽƐƚŽĨĂŶŽŶͲĨŝŶĂŶĐŝĂůĂƐƐĞƚŽƌŶŽŶͲĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚLJ͕ƚŚĞĂŵŽƵŶƚƐƌĞĐŽŐŶŝƐĞĚĂƐŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĂƌĞ
ƚƌĂŶƐĨĞƌƌĞĚƚŽƚŚĞŝŶŝƚŝĂůĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞŶŽŶͲĨŝŶĂŶĐŝĂůĂƐƐĞƚŽƌůŝĂďŝůŝƚLJ͘
/ĨƚŚĞĨŽƌĞĐĂƐƚƚƌĂŶƐĂĐƚŝŽŶŽƌĨŝƌŵĐŽŵŵŝƚŵĞŶƚŝƐŶŽůŽŶŐĞƌĞdžƉĞĐƚĞĚƚŽŽĐĐƵƌ͕ƚŚĞĐƵŵƵůĂƚŝǀĞŐĂŝŶŽƌůŽƐƐƉƌĞǀŝŽƵƐůLJƌĞĐŽŐŶŝƐĞĚŝŶ
ĞƋƵŝƚLJŝƐƚƌĂŶƐĨĞƌƌĞĚƚŽƚŚĞ^ƚĂƚĞŵĞŶƚŽĨŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ͘/ĨƚŚĞŚĞĚŐŝŶŐŝŶƐƚƌƵŵĞŶƚĞdžƉŝƌĞƐŽƌŝƐƐŽůĚ͕ƚĞƌŵŝŶĂƚĞĚŽƌĞdžĞƌĐŝƐĞĚ
ǁŝƚŚŽƵƚƌĞƉůĂĐĞŵĞŶƚŽƌƌŽůůŽǀĞƌ͕ŽƌŝĨŝƚƐĚĞƐŝŐŶĂƚŝŽŶĂƐĂŚĞĚŐĞŝƐƌĞǀŽŬĞĚ͕ĂŶLJĐƵŵƵůĂƚŝǀĞŐĂŝŶŽƌůŽƐƐƉƌĞǀŝŽƵƐůLJƌĞĐŽŐŶŝƐĞĚŝŶŽƚŚĞƌ
ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞƌĞŵĂŝŶƐŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞƵŶƚŝůƚŚĞĨŽƌĞĐĂƐƚƚƌĂŶƐĂĐƚŝŽŶŽƌĨŝƌŵĐŽŵŵŝƚŵĞŶƚĂĨĨĞĐƚƐƚŚĞ
^ƚĂƚĞŵĞŶƚŽĨŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ͘
ƵƌƌĞŶƚǀĞƌƐƵƐŶŽŶͲĐƵƌƌĞŶƚĐůĂƐƐŝĨŝĐĂƚŝŽŶ
ĞƌŝǀĂƚŝǀĞŝŶƐƚƌƵŵĞŶƚƐĂƌĞĐůĂƐƐŝĨŝĞĚĂƐĐƵƌƌĞŶƚŽƌŶŽŶͲĐƵƌƌĞŶƚŽƌƐĞƉĂƌĂƚĞĚŝŶƚŽĐƵƌƌĞŶƚĂŶĚŶŽŶͲĐƵƌƌĞŶƚƉŽƌƚŝŽŶƐďĂƐĞĚŽŶĂŶ
ĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞĨĂĐƚƐĂŶĚĐŝƌĐƵŵƐƚĂŶĐĞƐŝŶĐůƵĚŝŶŐƚŚĞƵŶĚĞƌůLJŝŶŐĐŽŶƚƌĂĐƚĞĚĐĂƐŚĨůŽǁƐ͘
ϱ͘ϳ͘ ĂƉŝƚĂůŵĂŶĂŐĞŵĞŶƚ
For the purpose of the Group’s capital ŵĂŶĂŐĞŵĞŶƚ͕ĐĂƉŝƚĂůŝŶĐůƵĚĞƐĂůůĂĐĐŽƵŶƚƐĐůĂƐƐŝĨŝĞĚĂƐĞƋƵŝƚLJŽŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂů
Position. The Board’s intention is to continue to invest in the business for future growth while maintaining a strong financiĂůƉŽƐŝƚŝŽŶ
ĂŶĚŽƚŚĞƌǁŝƐĞƚŽĂƐƐĞƐƐƌĞƚƵƌŶŝŶŐƐƵƌƉůƵƐĐĂƉŝƚĂůƚŽƐŚĂƌĞŚŽůĚĞƌƐ͘
KŶϮϰ:ƵŶĞϮϬϮϰ͕ƚŚĞŽĂƌĚĚĞƚĞƌŵŝŶĞĚƚŽƉĂLJĂĨƵůůLJĨƌĂŶŬĞĚ&zϮϰĨŝŶĂůĚŝǀŝĚĞŶĚŽĨϴ͘ϱĐĞŶƚƐƉĞƌƐŚĂƌĞ͘dŚĞ&zϮϰĨŝŶĂůĚŝǀŝĚĞŶĚ
ƌĞƉƌĞƐĞŶƚƐĂĨƵůůLJĞĂƌĚŝǀŝĚĞŶĚƉĂLJŽƵƚƌĂƚŝŽŽĨϳϭ͘ϬйŽĨƵŶĚĞƌůLJŝŶŐƉƌŽĨŝƚĂĨƚĞƌƚĂdž͘
dŚĞŽĂƌĚĂŶĚŵĂŶĂŐĞŵĞŶƚƐĞƚŽƵƚƚŽŵĂŝŶƚĂŝŶĂƉƉƌŽƉƌŝĂƚĞ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůWŽƐŝƚŝŽŶƌĂƚŝŽƐ͘ĞƌƚĂŝŶ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂů
Position ratios are also imposed under the Group’s banking facilities (refer to note ϱ͘ϮͿ͘
DĂŶĂŐĞŵĞŶƚŵŽŶŝƚŽƌĐĂƉŝƚĂůƚŚƌŽƵŐŚƚŚĞĚĞďƚůĞǀĞƌĂŐĞƌĂƚŝŽ;ŶĞƚĚĞďƚͬƵŶĚĞƌůLJŝŶŐ/dͲĚĞƉƌĞĐŝĂƚŝŽŶŽĨZKhĂƐƐĞƚƐͿ͘dŚĞ&zϮϰĚĞďƚ
ůĞǀĞƌĂŐĞƌĂƚŝŽǁĂƐϬ͘ϰϱdž͕ǁŚŝĐŚƌĞĨůĞĐƚƐĂůŽǁŐĞĂƌŝŶŐƉŽƐŝƚŝŽŶ͘
EŽĐŚĂŶŐĞƐǁĞƌĞŵĂĚĞƚŽƚŚĞŽǀĞƌĂůůŽďũĞĐƚŝǀĞƐ͕ƉŽůŝĐŝĞƐŽƌƉƌŽĐĞƐƐĞƐĨŽƌŵĂŶĂŐŝŶŐĐĂƉŝƚĂůĚƵƌŝŶŐƚŚĞLJĞĂƌ͘
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Metcash Annual Report 2024
100

ϲ͘
'ZKhW^dZhdhZ
ϲ͘ϭ͘ ƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶƐĂŶĚĂĐƋƵŝƐŝƚŝŽŶŽĨŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ
ĐƋƵŝƐŝƚŝŽŶŽĨƐƵďƐŝĚŝĂƌŝĞƐ
ĞƚĂŝůƐŽĨƚŚĞƉƵƌĐŚĂƐĞĐŽŶƐŝĚĞƌĂƚŝŽŶ͕ƚŚĞŶĞƚĂƐƐĞƚƐĂĐƋƵŝƌĞĚĂŶĚŐŽŽĚǁŝůůŝŶƌĞůĂƚŝŽŶƚŽďƵƐŝŶĞƐƐĞƐĂĐƋƵŝƌĞĚĚƵƌŝŶŐƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌ
ĂƌĞĂƐĨŽůůŽǁƐ͗
ŝĂŶĐŽŽŶƐƚƌƵĐƚŝŽŶ
^ƵƉƉůŝĞƐ
Ψŵ
ůƉŝŶĞdƌƵƐƐ
Ψŵ
dŽƚĂůdŽŽůƐ:s
^ƚŽƌĞƐ
Ψŵ
KƚŚĞƌ
Ψŵ
dŽƚĂů
Ψŵ
EĞƚĂƐƐĞƚƐĂĐƋƵŝƌĞĚ
ĂƐŚ
ϭϭ͘Ϭ
—
—
ϵ͘ϯ
ϮϬ͘ϯ
dƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ
ϭϱ͘ϲ
—
Ϯ͘Ϯ
ϭϭ͘Ϭ
Ϯϴ͘ϴ
/ŶǀĞŶƚŽƌŝĞƐ
ϭϰ͘ϴ
ϯ͘ϭ
ϭϱ͘ϯ
ϭϵ͘Ϯ
ϱϮ͘ϰ
dƌĂĚĞƉĂLJĂďůĞƐĂŶĚƉƌŽǀŝƐŝŽŶƐ
;Ϯϰ͘ϮͿ
;ϭ͘ϱͿ
;ϳ͘ϴͿ
;ϮϮ͘ϮͿ
;ϱϱ͘ϳͿ
WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ
ϲ͘ϵ
ϳ͘ϯ
Ϯ͘ϰ
ϴ͘ϰ
Ϯϱ͘Ϭ
ZKhĂƐƐĞƚƐ
ϭϭ͘ϭ
Ϯ͘ϲ
ϭϬ͘ϭ
ϮϮ͘Ϯ
ϰϲ͘Ϭ
>ĞĂƐĞůŝĂďŝůŝƚŝĞƐ
;ϭϭ͘ϭͿ
;Ϯ͘ϲͿ
;ϭϬ͘ϭͿ
;ϮϮ͘ϮͿ
;ϰϲ͘ϬͿ
/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐ
ϭϯ͘ϴ
—
—
ϭ͘Ϯ
ϭϱ͘Ϭ
dĂdžďĂůĂŶĐĞƐ–ŶĞƚ
;ϯ͘ϰͿ
Ϭ͘ϱ
Ϭ͘ϳ
;Ϭ͘ϯͿ
;Ϯ͘ϱͿ
EĞƚŝĚĞŶƚŝĨŝĂďůĞĂƐƐĞƚƐĂĐƋƵŝƌĞĚ
ϯϰ͘ϱ
ϵ͘ϰ
ϭϮ͘ϴ
Ϯϲ͘ϲ
ϴϯ͘ϯ
EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚ
;ϭ͘ϭͿ
—
;ϱ͘ϲͿ
;ϲ͘ϰͿ
;ϭϯ͘ϭͿ
'ŽŽĚǁŝůů
ϲϭ͘ϭ
ϱϲ͘ϵ
ϭϬ͘ϳ
ϯϮ͘ϭ
ϭϲϬ͘ϴ
dŽƚĂůƉƵƌĐŚĂƐĞĐŽŶƐŝĚĞƌĂƚŝŽŶ
ϵϰ͘ϱ
ϲϲ͘ϯ
ϭϳ͘ϵ
ϱϮ͘ϯ
Ϯϯϭ͘Ϭ
WƵƌĐŚĂƐĞĐŽŶƐŝĚĞƌĂƚŝŽŶ–ĐĂƐŚŽƵƚĨůŽǁ
WƵƌĐŚĂƐĞĐŽŶƐŝĚĞƌĂƚŝŽŶ
ϵϰ͘ϱ
ϲϲ͘ϯ
ϭϳ͘ϵ
ϱϮ͘ϯ
Ϯϯϭ͘Ϭ
>ĞƐƐ͗ĞĨĞƌƌĞĚĐŽŶƐŝĚĞƌĂƚŝŽŶ
;ϱ͘ϭͿ
—
—
—
;ϱ͘ϭͿ
>ĞƐƐ͗ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĂĐƋƵŝƌĞĚ
;ϭϭ͘ϬͿ
—
—
;ϵ͘ϯͿ
;ϮϬ͘ϯͿ
EĞƚĐĂƐŚŽƵƚĨůŽǁ–ŝŶǀĞƐƚŝŶŐĂĐƚŝǀŝƚŝĞƐ
ϳϴ͘ϰ
ϲϲ͘ϯ
ϭϳ͘ϵ
ϰϯ͘Ϭ
ϮϬϱ͘ϲ
&ƌŽŵƚŚĞŝƌƌĞƐƉĞĐƚŝǀĞĚĂƚĞƐŽĨĂĐƋƵŝƐŝƚŝŽŶ͕ƚŚĞďƵƐŝŶĞƐƐĞƐĂĐƋƵŝƌĞĚĚƵƌŝŶŐƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌĐŽŶƚƌŝďƵƚĞĚΨϭϯϭŵŝůůŝŽŶŽĨŝŶĐƌĞŵĞŶƚĂů
ƐĂůĞƐƌĞǀĞŶƵĞĂŶĚΨϴ͘ϲŵŝůůŝŽŶŽĨŝŶĐƌĞŵĞŶƚĂůĞĂƌŶŝŶŐƐďĞĨŽƌĞŝŶƚĞƌĞƐƚĂŶĚƚĂdž;/dͿƚŽƚŚĞDĞƚĐĂƐŚ'ƌŽƵƉ͘
ŝĂŶĐŽŽŶƐƚƌƵĐƚŝŽŶ^ƵƉƉůŝĞƐ
/ŶDĂƌĐŚϮϬϮϰ͕DĞƚĐĂƐŚĂĐƋƵŝƌĞĚĂϭϬϬйŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚŝŶŝĂŶĐŽŽŶƐƚƌƵĐƚŝŽŶ^ƵƉƉůŝĞƐ͘ŝĂŶĐŽŝƐƚŚĞůĞĂĚŝŶŐŝŶĚĞƉĞŶĚĞŶƚďƵŝůĚŝŶŐ
ŵĂƚĞƌŝĂůƐƐƵƉƉůŝĞƌŝŶƚŚĞ^ŽƵƚŚƵƐƚƌĂůŝĂŶŵĂƌŬĞƚ͕ƐĞƌǀŝĐŝŶŐďƵŝůĚĞƌƐ͕ĐŽŶĐƌĞƚĞƌƐ͕ďƌŝĐŬůĂLJĞƌƐ͕ĂŶĚůĂŶĚƐĐĂƉĞƌƐĨƌŽŵϭϬƐŝƚĞƐ͘
The acquisition supports Metcash’s IHG ‘Whole of House’ growth strategy which focuses on increasing the proportion of materiaů
ƐƵƉƉůŝĞĚďLJ/,'ŝŶƚŚĞďƵŝůĚŝŶŐŽĨĂŚŽƵƐĞ;ŝ͘Ğ͘ĂĐƌŽƐƐƚŚĞĨŽƵŶĚĂƚŝŽŶƐ͕ĨƌĂŵĞΘƚƌƵƐƐ͕ůŽĐŬƵƉ͕ĨŝdžĂŶĚĨŝƚŽƵƚƐƚĞƉƐͿ͘/ƚďƌŽĂĚens IHG’s 
ŽĨĨĞƌĂŶĚƉƌĞƐĞŶĐĞŝŶ^ŽƵƚŚƵƐƚƌĂůŝĂĂŶĚƚŚĞEŽƌƚŚĞƌŶdĞƌƌŝƚŽƌLJĂŶĚƉƌŽǀŝĚĞƐĂĐĐĞƐƐƚŽŬĞLJƚƌĂĚĞƐŶŽƚĐƵƌƌĞŶƚůLJƐĞƌǀŝĐĞĚ͘/ƚŝƐĂůƐŽ
complementary to Metcash’s company owned K&B business in South Australia and other independents in South AustralŝĂĂŶĚEŽƌƚŚĞƌŶ
dĞƌƌŝƚŽƌLJ͘
ůƉŝŶĞdƌƵƐƐ
/ŶDĂƌĐŚϮϬϮϰ͕DĞƚĐĂƐŚĂĐƋƵŝƌĞĚĂϭϬϬйŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚŝŶůƉŝŶĞdƌƵƐƐ͘ůƉŝŶĞdƌƵƐƐŝƐŽŶĞŽĨƚŚĞůĂƌŐĞƐƚ&ƌĂŵĞΘdƌƵƐƐŽƉĞƌĂƚŝŽŶƐ
ŝŶƵƐƚƌĂůŝĂĂŶĚŽƉĞƌĂƚĞƐĂůĂƌŐĞĨĂďƌŝĐĂƚŝŽŶƉůĂŶƚŝŶtĂŶŐĂƌĂƚƚĂ͕sŝĐƚŽƌŝĂ͘dŚĞďƵƐŝŶĞƐƐƐĞƌǀŝĐĞƐƐŵĂůůƚŽůĂƌŐĞǀŽůƵŵĞďƵŝůĚĞƌƐĂĐƌŽƐƐ
sŝĐƚŽƌŝĂĂŶĚ^ŽƵƚŚĞƌŶEĞǁ^ŽƵƚŚtĂůĞƐ͘
&ƌĂŵĞΘdƌƵƐƐŝƐĂŬĞLJĞůĞŵĞŶƚŽĨ/,'’s‘Whole of House’ growth strategy. The acquisition extends IHG’s network of Frame & Truss 
ŽƉĞƌĂƚŝŽŶƐĂĐƌŽƐƐƵƐƚƌĂůŝĂƚŽϮϰ͕ŽĨǁŚŝĐŚϭϮĂƌĞǁŚŽůůLJŽǁŶĞĚďLJDĞƚĐĂƐŚŽƌƉĂƌƚůLJŽǁŶĞĚƵŶĚĞƌũŽŝŶƚǀĞŶƚƵƌĞ͘dŚĞĂĐƋƵŝƐŝƚŝŽŶ
ĞŶĂďůĞƐĂĐĐĞƐƐƚŽƚŚĞƉƌĞǀŝŽƵƐůLJƵŶĚĞƌͲƌĞƉƌĞƐĞŶƚĞĚsŝĐƚŽƌĂĂŶĚƵƐƚƌĂůŝĂŶĂƉŝƚĂůdĞƌƌŝƚŽƌLJ&ƌĂŵĞΘdƌƵƐƐŵĂƌŬĞƚƐ͘
dŽƚĂůdŽŽůƐ:sƐƚŽƌĞƐ
/Ŷ&zϮϰ͕Metcash’sdŽƚĂůdŽŽůƐƌĞƚĂŝůƐƚŽƌĞŽǁŶĞƌƐŚŝƉĐŽŶƚŝŶƵĞĚƚŽĞdžƉĂŶĚǁŝƚŚƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽĨŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚƐŽĨϱϭйŝŶĨŝǀĞdŽƚĂů
dŽŽůƐŝŶĚĞƉĞŶĚĞŶƚƌĞƚĂŝůƐƚŽƌĞƐ͕ƚŽŐĞƚŚĞƌǁŝƚŚƚŚĞĞƐƚĂďůŝƐŚŵĞŶƚŽĨƚǁŽŐƌĞĞŶĨŝĞůĚ:sƐƚŽƌĞƐ͘dŚĞdŽƚĂůdŽŽůƐďƵƐŝŶĞƐƐŝƐĂ
ĐŽŵƉůĞŵĞŶƚĂƌLJďƵƐŝŶĞƐƐƚŽŽƵƌ,ĂƌĚǁĂƌĞƉŝůůĂƌĂŶĚĨŽƌŵƐƉĂƌƚŽĨƚŚĞůĂƌŐĞƐƚƉƌŽĨĞƐƐŝŽŶĂůƚŽŽůƐƌĞƚĂŝůŶĞƚǁŽƌŬŝŶƵƐƚƌĂůŝĂ͘
KƚŚĞƌďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶƐ
ƵƌŝŶŐƚŚĞLJĞĂƌ͕ƚŚĞ'ƌŽƵƉĂůƐŽĞŶƚĞƌĞĚŝŶƚŽĂŶƵŵďĞƌŽĨŽƚŚĞƌďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶƐǁŝƚŚŝŶƚŚĞ,ĂƌĚǁĂƌĞƉŝůůĂƌ;ĨŝǀĞďƵƐŝŶĞƐƐĞƐͿ͕&ŽŽĚ
ƉŝůůĂƌ;ƚǁŽďƵƐŝŶĞƐƐĞƐͿĂŶĚ>ŝƋƵŽƌƉŝůůĂƌ;ŽŶĞďƵƐŝŶĞƐƐͿƚŚĂƚǁĞƌĞŶŽƚŵĂƚĞƌŝĂůƚŽƚŚĞ'ƌŽƵƉ͕ŝŶĚŝǀŝĚƵĂůůLJ͘
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WƵƚĂŶĚĐĂůůŽƉƚŝŽŶƐǁƌŝƚƚĞŶŽǀĞƌŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ
dŚĞ'ƌŽƵƉŚĂƐƌĞĐŽŐŶŝƐĞĚĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐĨŽƌƚŚĞdŽƚĂůdŽŽůƐ:s^ƚŽƌĞƉƵƚŽƉƚŝŽŶƐĂŶĚƉƵƚŽƉƚŝŽŶƐŝŶƚǁŽŶŽŶͲǁŚŽůůLJŽǁŶĞĚ
ƐƵďƐŝĚŝĂƌŝĞƐǁŝƚŚŝŶƚŚĞ,ĂƌĚǁĂƌĞƉŝůůĂƌĂƚƚŚĞŝƌƉƌŽǀŝƐŝŽŶĂůĨĂŝƌǀĂůƵĞƐƚŽƚĂůůŝŶŐΨϯϱ͘ϮŵŝůůŝŽŶĂŶĚŚĂƐĚĞƌĞĐŽŐŶŝƐĞĚƚŚĞŶŽŶͲĐŽŶƚƌŽůůŝŶŐ
ŝŶƚĞƌĞƐƚƐŽĨΨϭϮ͘ϬŵŝůůŝŽŶƌĞůĂƚĞĚƚŽƚŚĞƐĞĂĐƋƵŝƐŝƚŝŽŶƐ͘ĞƚĂŝůƐŽĨƚŚĞƐĞƉƵƚŽƉƚŝŽŶƐĂƌĞƐĞƚŽƵƚŝŶŶŽƚĞϱ͘ϯŽĨƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ͘ƐĂƚ
ƚŚĞĚĂƚĞŽĨĂĐƋƵŝƐŝƚŝŽŶ͕ƚŚĞŶĞƚĂŵŽƵŶƚŽĨΨϮϯ͘ϮŵŝůůŝŽŶŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚĂƐĂŶĂĚũƵƐƚŵĞŶƚƚŽƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐĂƐƐŚŽǁŶďĞůŽǁ͗
Ψŵ
EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐĚĞƌĞĐŽŐŶŝƐĞĚ;ĂͿ
ϭϮ͘Ϭ
ĚũƵƐƚŵĞŶƚƌĞĐŽŐŶŝƐĞĚĚŝƌĞĐƚůLJŝŶĞƋƵŝƚLJ;ƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐͿ;ďͿ
Ϯϯ͘Ϯ
&ĂŝƌǀĂůƵĞŽĨƉƵƚŽƉƚŝŽŶƐƌĞĐŽŐŶŝƐĞĚĂƐĂĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚLJ
ϯϱ͘Ϯ
;ĂͿ 
EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ;E/ͿĚĞƌĞĐŽŐŶŝƐĞĚŽĨΨϭϮ͘ϬŵŝůůŝŽŶĞdžĐůƵĚĞƚŚĞE/ŝŶŝĂŶĐŽŽŶƐƚƌƵĐƚŝŽŶ^ƵƉƉůŝĞƐŽĨΨϭ͘ϭŵƌĞůĂƚŝŶŐƚŽŝƚƐϲϱйŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚŝŶ
DŝŶĐŽŶ^ƵƉƉůŝĞƐWƚLJ>ƚĚ͘
;ďͿ 
/ŶĂĚĚŝƚŝŽŶƚŽƚŚĞĂĚũƵƐƚŵĞŶƚƌĞĨĞƌƌĞĚƚŽŝŶƚŚĞƚĂďůĞĂďŽǀĞ͕ƚŚĞ'ƌŽƵƉĂůƐŽƌĞĐŽŐŶŝƐĞĚĂĨƵƌƚŚĞƌĂĚũƵƐƚŵĞŶƚŝŶĞƋƵŝƚLJŽĨΨϲ͘ϰŵŝůůŝŽŶŝŶƌĞůĂƚŝŽŶƚŽƚŚĞƌĞĚƵĐƚŝŽŶ
ŝŶŝƚƐŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚŝŶƐŝdždŽƚĂůdŽŽůƐĐŽƌƉŽƌĂƚĞƐƚŽƌĞƐ;ƌĞĨĞƌEŽƚĞϱ͘ϯͿ͘
ŶLJĐŚĂŶŐĞƐŝŶƚŚĞǀĂůƵĞŽĨƚŚĞƉƵƚŽƉƚŝŽŶĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐƚŚĂƚŽĐĐƵƌƐƵďƐĞƋƵĞŶƚƚŽŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶǁŝůůďĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ
^ƚĂƚĞŵĞŶƚŽĨŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞĂŶĚǁŝůůďĞĚŝƐĐůŽƐĞĚǁŝƚŚŝŶƐŝŐŶŝĨŝĐĂŶƚŝƚĞŵƐ͘ZĞĨĞƌŶŽƚĞϯ͘ϯĨŽƌĨƵƌƚŚĞƌĚĞƚĂŝůƐ͘
dŚĞĂĐĐŽƵŶƚŝŶŐĨŽƌƚŚĞĂďŽǀĞďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶƐŝƐƉƌŽǀŝƐŝŽŶĂůĂƐĂƚϯϬƉƌŝůϮϬϮϰ͘

DdZ/>KhEd/E'WK>//^
ƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶƐ
dŚĞĂĐƋƵŝƐŝƚŝŽŶŽĨĐŽŶƚƌŽůůĞĚĞŶƚŝƚŝĞƐŝƐĂĐĐŽƵŶƚĞĚĨŽƌƵƐŝŶŐƚŚĞĂĐƋƵŝƐŝƚŝŽŶŵĞƚŚŽĚŽĨĂĐĐŽƵŶƚŝŶŐ͘dŚĞĂĐƋƵŝƐŝƚŝŽŶŵĞƚŚŽĚŽĨ
ĂĐĐŽƵŶƚŝŶŐŝŶǀŽůǀĞƐĂůůŽĐĂƚŝŶŐƚŚĞĐŽƐƚƐŽĨƚŚĞďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶƚŽƚŚĞĂĐƋƵŝƐŝƚŝŽŶĚĂƚĞĨĂŝƌǀĂůƵĞŽĨŶĞƚĂƐƐĞƚƐĂĐƋƵŝƌĞĚ͕
ŝŶĐůƵĚŝŶŐŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐ͕ĐŽŶƚŝŶŐĞŶƚůŝĂďŝůŝƚŝĞƐĂŶĚĐŽŶƚŝŶŐĞŶƚĐŽŶƐŝĚĞƌĂƚŝŽŶ͘
ĐƋƵŝƐŝƚŝŽŶŽĨŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ
dŽƚĂůdŽŽůƐ,ŽůĚŝŶŐƐ;dd,Ϳ
/ŶEŽǀĞŵďĞƌϮϬϮϯ͕DĞƚĐĂƐŚŝŶĐƌĞĂƐĞĚŝƚƐŽǁŶĞƌƐŚŝƉĨƌŽŵϴϱйƚŽϭϬϬйŝŶdd,͕ǁŚŝĐŚŝƐƚŚĞƉĂƌĞŶƚĞŶƚŝƚLJŝŶƚŚĞdŽƚĂůdŽŽůƐ'ƌŽƵƉ͕
ĨŽůůŽǁŝŶŐƚŚĞĞdžĞƌĐŝƐĞŽĨĂƉƵƚŽƉƚŝŽŶďLJƚŚĞŚŽůĚĞƌƐŽĨƚŚĞŵŝŶŽƌŝƚLJϭϱйŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚ͘dŚĞƉƵƌĐŚĂƐĞĐŽŶƐŝĚĞƌĂƚŝŽŶĨŽƌƚŚĞ
ƌĞŵĂŝŶŝŶŐϭϱйŝŶƚĞƌĞƐƚŽĨΨϭϬϭ͘ϱŵŝůůŝŽŶǁĂƐƉĂŝĚŽŶϯϬEŽǀĞŵďĞƌϮϬϮϯĂŶĚǁĂƐĂĐĐŽƵŶƚĞĚĨŽƌĂƐĂƌĞĚƵĐƚŝŽŶŝŶƚŚĞĂƐƐŽĐŝĂƚĞĚƉƵƚ
ŽƉƚŝŽŶůŝĂďŝůŝƚLJƚŽŶŝů͘
dŽƚĂůdŽŽůƐ:s^ƚŽƌĞƐ
/ŶĂĚĚŝƚŝŽŶ͕DĞƚĐĂƐŚŚĂƐƌĞƐĞƚŝƚƐƉƵƚoption arrangements with a number of its Total Tools JV stores.  This is to provide JV partners with 
ĂďĂůĂŶĐĞďĞƚǁĞĞŶƌĞĐĞŝǀŝŶŐƐŽŵĞĐĂƉŝƚĂůƵƉĨƌŽŶƚĂŶĚƌĞŵĂŝŶŝŶŐďŽƚŚǀĞƐƚĞĚĂŶĚĞŶŐĂŐĞĚŝŶƚŚĞŽŶŐŽŝŶŐƐƵĐĐĞƐƐŽĨƚŚĞŝƌƐƚŽƌĞƐƚŚƌŽƵŐŚ
ĐŽŶƚŝŶƵĞĚĞƋƵŝƚLJŝŶƚĞrest. 
ƵƌŝŶŐ&zϮϰ͕DĞƚĐĂƐŚŚĂƐƌĞƐĞƚƉƵƚŽƉƚŝŽŶĂƌƌĂŶŐĞŵĞŶƚƐĨŽƌϭϭ:sƐƚŽƌĞƐďLJĂĐƋƵŝƌŝŶŐĂŶĂĚĚŝƚŝŽŶĂůŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚƵƉĨƌŽŶƚ;&zϮϯ
ŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚϱϭйͲϲϬй͕ƵƉƚŽƌĞǀŝƐĞĚŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚϴϬйͲϵϱйͿĨŽƌƉƵƌĐŚĂƐĞĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨΨϰϮ͘ϱŵŝůůŝŽŶ;ĂůůŽĐĂƚĞĚĂŐĂŝŶƐƚ
ƚŚĞƉƵƚŽƉƚŝŽŶůŝĂďŝůŝƚLJͿĂŶĚĚĞĨĞƌƌŝŶŐƚŚĞƉƵƚŽƉƚŝŽŶŝŶƌĞůĂƚŝŽŶƚŽƚŚĞƌĞƐŝĚƵĂůŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚďLJĂĨƵƌƚŚĞƌƚŚƌĞĞLJĞĂƌƐ͘
/ŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞĂďŽǀĞ:sƌĞƐĞƚ͕DĞƚĐĂƐŚĂůƐŽƌĞĚƵĐĞĚŝƚƐŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚŝŶϲĐŽƌƉŽƌĂƚĞƐƚŽƌĞƐĨƌŽŵĂŶ&zϮϯŽǁŶĞƌƐŚŝƉ
ŝŶƚĞƌĞƐƚŽĨϭϬϬйƚŽĂŶŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚŽĨďĞƚǁĞĞŶϱϭйĂŶĚϳϬй͕ĨŽƌΨϵ͘ϲŵŝůůŝŽŶƐĂůĞĐŽŶƐŝĚĞƌĂƚŝŽŶ;Ψϱ͘ϱŵŝůůŝŽŶĚĞĨĞƌƌĞĚͿ͘


NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Metcash Annual Report 2024
102


ϲ͘Ϯ͘ WĂƌĞŶƚĞŶƚŝƚLJŝŶĨŽƌŵĂƚŝŽŶ
&zϮϰ
Ψŵ
&zϮϯ
Ψŵ
^ddDEdK&&/EE/>WK^/d/KE


ƵƌƌĞŶƚĂƐƐĞƚƐ–ĂŵŽƵŶƚƐƌĞĐĞŝǀĂďůĞĨƌŽŵƐƵďƐŝĚŝĂƌŝĞƐ
ϭ͕ϯϴϭ͘ϰ
ϭ͕ϭϳϭ͘ϯ
EĞƚĂƐƐĞƚƐ
ϭ͕ϯϴϭ͘ϰ
ϭ͕ϭϳϭ͘ϯ


ŽŶƚƌŝďƵƚĞĚĞƋƵŝƚLJ;ŶŽƚĞϱ͘ϰͿ
ϭ͕Ϯϯϴ͘ϴ
ϴϭϴ͘ϯ
ĐĐƵŵƵůĂƚĞĚůŽƐƐĞƐ
;ϭ͕Ϯϲϱ͘ϰͿ
;ϭ͕Ϯϲϱ͘ϰͿ
WƌŽĨŝƚƌĞƐĞƌǀĞ
ϭ͕ϯϵϲ͘ϵ
ϭ͕ϲϭϰ͘ϵ
^ŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐƌĞƐĞƌǀĞ
ϭϭ͘ϭ
ϯ͘ϱ
dŽƚĂůĞƋƵŝƚLJ
ϭ͕ϯϴϭ͘ϰ
ϭ͕ϭϳϭ͘ϯ
^ddDEdK&KDWZ,E^/s/EKD


ŝǀŝĚĞŶĚƌĞĐĞŝǀĞĚĨƌŽŵĂƐƵďƐŝĚŝĂƌLJ
—
ϱϬϬ͘Ϭ
EĞƚƉƌŽĨŝƚĨŽƌƚŚĞLJĞĂƌ
—
ϱϬϬ͘Ϭ
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨŽƌƚŚĞLJĞĂƌ͕ŶĞƚŽĨƚĂdž
—
ϱϬϬ͘Ϭ
WƌŽĨŝƚƌĞƐĞƌǀĞ
dŚĞƉĂƌĞŶƚĞŶƚŝƚLJ͕DĞƚĐĂƐŚ>ŝŵŝƚĞĚ͕ĞƐƚĂďůŝƐŚĞĚĂƉƌŽĨŝƚƌĞƐĞƌǀĞŝŶ&zϭϳǁŝƚŚŝŶŝƚƐƐĞƉĂƌĂƚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ
Company’s constitution. 
ůŽƐĞĚ'ƌŽƵƉ
dŚĞƉĂƌĞŶƚĞŶƚŝƚLJŚĂƐƉƌŽǀŝĚĞĚŐƵĂƌĂŶƚĞĞƐĂƐƉĂƌƚŽĨƚŚĞůŽƐĞĚ'ƌŽƵƉĂƌƌĂŶŐĞŵĞŶƚƐĂƐĚŝƐĐůŽƐĞĚŝŶƉƉĞŶĚŝdž͘
ŽŶƚŝŶŐĞŶƚůŝĂďŝůŝƚŝĞƐ
dŚĞĐŽŶƚŝŶŐĞŶƚůŝĂďŝůŝƚŝĞƐŝŶƌĞůĂƚŝŽŶƚŽƚŚĞƉĂƌĞŶƚĞŶƚŝƚLJĂƌĞĚŝƐĐůŽƐĞĚŝŶŶŽƚĞϳ͘ϯ͘
ϲ͘ϯ͘ ZĞůĂƚĞĚƉĂƌƚLJĚŝƐĐůŽƐƵƌĞƐ
A list of the Group’s subsidiaries is included in Appendix B and a list of equityͲĂĐĐŽƵŶƚĞĚŝŶǀĞƐƚŵĞŶƚƐŝƐŝŶĐůƵĚĞĚŝŶEŽƚĞϰ͘ϰ͘
DĂƚĞƌŝĂůƚƌĂŶƐĂĐƚŝŽŶƐĂŶĚďĂůĂŶĐĞƐǁŝƚŚƌĞůĂƚĞĚƉĂƌƚŝĞƐ–'ƌŽƵƉ
&zϮϰ
Ψ
&zϮϯ
Ψ
dZE^d/KE^t/d,Z>dWZd/^–Yh/dzͲKhEd/Es^dDEd^


^ĂůĞƐƌĞǀĞŶƵĞ
ϭ͕ϯϳϮ͕ϭϭϲ͕Ϭϭϳ
ϭ͕ϯϮϱ͕ϰϬϵ͕ϯϮϱ
>ĞĂƐĞĂŶĚŽƚŚĞƌĐŚĂƌŐĞƐ
ϭ͕ϮϱϬ͕ϬϰϮ
ϵϭϯ͕ϭϮϮ
ŝǀŝĚĞŶĚƐƌĞĐĞŝǀĞĚ
ϳ͕ϲϮϭ͕ϬϮϲ
ϵ͕ϲϵϮ͕ϲϯϱ
/ŶƚĞƌĞƐƚŝŶĐŽŵĞĨƌŽŵůĞĂƐĞƌĞĐĞŝǀĂďůĞƐ
ϭ͕ϴϭϱ͕ϭϵϵ
Ϯ͕ϮϬϮ͕Ϭϱϰ
>E^t/d,Z>dWZd/^–Yh/dzͲKhEd/Es^dDEd^


dƌĂĚĞƌĞĐĞŝǀĂďůĞƐ–ŐƌŽƐƐ
ϭϮϯ͕ϳϰϯ͕ϴϮϮ
ϭϮϳ͕ϯϮϵ͕ϰϲϱ
WƌŽǀŝƐŝŽŶĨŽƌŝŵƉĂŝƌŵĞŶƚůŽƐƐ
—
—
ϭϮϯ͕ϳϰϯ͕ϴϮϮ
ϭϮϳ͕ϯϮϵ͕ϰϲϱ


>ĞĂƐĞƌĞĐĞŝǀĂďůĞƐ–ŐƌŽƐƐ
ϯϳ͕ϭϮϴ͕ϳϴϲ
ϰϱ͕ϱϵϳ͕Ϭϲϭ
WƌŽǀŝƐŝŽŶĨŽƌŝŵƉĂŝƌŵĞŶƚůŽƐƐ
—
—
ϯϳ͕ϭϮϴ͕ϳϴϲ
ϰϱ͕ϱϵϳ͕Ϭϲϭ

ůůƚƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚƚŚĞĂďŽǀĞĞŶƚŝƚŝĞƐĂƌĞĐŽŶĚƵĐƚĞĚƵŶĚĞƌĐŽŵŵĞƌĐŝĂůƚĞƌŵƐĂŶĚŝŶƚŚĞŽƌĚŝŶĂƌLJĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐ͘
WĂƌĞŶƚĞŶƚŝƚLJ
ĞƚĂŝůƐŽĨƚŚĞƉĂƌĞŶƚĞŶƚŝƚLJĂƌĞƐĞƚŽƵƚŝŶŶŽƚĞϲ͘Ϯ͘


103
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ŽŵƉĞŶƐĂƚŝŽŶŽĨŬĞLJŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞůŽĨƚŚĞ'ƌŽƵƉ
dŚĞƚĂďůĞďĞůŽǁƌĞĨůĞĐƚƐŽŶŐͲƚĞƌŵ
ϭϴ͕Ϭϳϲ
ϭϯϬ͕ϮϳϬ
WŽƐƚͲĞŵƉůŽLJŵĞŶƚ
Ϯϱϳ͕ϳϴϮ
Ϯϯϰ͕ϭϴϰ
^ŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐ
ϭ͕ϵϴϰ͕ϵϯϰ
Ϯ͕ϯϯϵ͕ϰϵϮ
ϭϭ͕ϯϵϵ͕ϮϬϭ
ϭϰ͕ϱϳϬ͕ϬϬϬ
ϳ͘
Kd,Z/^>K^hZ^
ϳ͘ϭ͘ ^ŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐ
ĞƐĐƌŝƉƚŝŽŶŽĨƐŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚĂƌƌĂŶŐĞŵĞŶƚƐ
/Ŷ&zϮϰ͕ƚŚĞ'ƌŽƵƉŚĂĚƚŚĞĨŽůůŽǁŝŶŐƐŚĂƌĞͲďĂƐĞĚŝŶĐĞŶƚŝǀĞƐĐŚĞŵĞƐĨŽƌĞŵƉůŽLJĞĞƐ͗
^ĐŚĞŵĞŶĂŵĞ
ĞƐĐƌŝƉƚŝŽŶ
^,KZdͲdZD/EEd/s^;^d/^,D^Ϳ
&zϮϰĂƚͲƌŝƐŬ^d/ƉůĂŶ
–ĚĞĨĞƌƌĞĚĐŽŵƉŽŶĞŶƚ
dŚĞ&zϮϰĂƚͲƌŝƐŬ^d/ƉůĂŶŝŶĐůƵĚĞĚĂϰϬй;'ƌŽƵƉKͿ͕ϯϯй;'ƌŽƵƉ&KͿĂŶĚϮϱй;ŽƚŚĞƌKE'ͲdZD/EEd/s^;>d/^,D^Ϳ
&zϮϰͲ&zϮϲ>d/ŐƌĂŶƚ
dŚŝƐŐƌĂŶƚǁĂƐŝƐƐƵĞĚƚŽd/ŐƌĂŶƚ
dŚŝƐŐƌĂŶƚǁĂƐŝƐƐƵĞĚƚŽd/ŐƌĂŶƚ
dŚŝƐŐƌĂŶƚǁĂƐŝƐƐƵĞĚƚŽd/ƐĐŚĞŵĞƐĂƌĞĂůƐŽƐƵďũĞĐƚƚŽƐĞƌǀŝĐĞĐŽŶĚŝƚŝŽŶƐ͕ƵƐƵĂůůLJĨƌŽŵŐƌĂŶƚĚĂƚĞƚŽƚŚĞĚĂƚĞŽĨƚŚĞ
ĂůůŽĐĂƚŝŽŶŽĨƐŚĂƌĞƐ͘
dŚĞ&zϮϮͲ&zϮϰ>d/ŝƐĞdžƉĞĐƚĞĚƚŽǀĞƐƚĂƚϳϲ͘ϳй͘dŚĞƐĞǀĞƐƚĞĚƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐǁŝůůďĞĐŽŶǀĞƌƚĞĚƚŽƐŚĂƌĞƐĂŶĚĂůůŽĐĂƚĞĚƚŽƚŚĞ
ƉĂƌƚŝĐŝƉĂŶƚƐƵŶĚĞƌƚŚĞƌŝŐŚƚƐƉůĂŶŽŶϭϱƵŐƵƐƚϮϬϮϰ͘
ƐĨŽƌĞƐŚĂĚŽǁĞĚŝŶ&zϮϯ͕ƚŚĞ&zϮϭͲ&zϮϯ>d/ƉůĂŶǀĞƐƚĞĚŽŶϭϱƵŐƵƐƚϮϬϮϯĂƚϭϬϬйǁŚŝĐŚǁĂƐĞƋƵŝǀĂůĞŶƚƚŽϮ͕ϰϵϬ͕ϬϭϮƉĞƌĨŽƌŵĂŶĐĞ
ƌŝŐŚƚƐ͘ĂĐŚƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚĞŶƚŝƚůĞĚƚŚĞƉĂƌƚŝĐŝƉĂŶƚƚŽŽŶĞDĞƚĐĂƐŚƐŚĂƌĞ͘DĞƚĐĂƐŚĂĐƋƵŝƌĞĚϭ͕ϳϵϯ͕ϴϰϴƐŚĂƌĞƐŽŶŵĂƌŬĞƚĂŶĚ
ĂůůŽĐĂƚĞĚƚŚĞƐĞƚŽƚŚĞƉĂƌƚŝĐŝƉĂŶƚƐŽŶϭϱƵŐƵƐƚϮϬϮϯ͘dŚĞďĂůĂŶĐĞƌĞůĂƚŝŶŐƚŽŐŽŽĚůĞĂǀĞƌƐǁĂƐƐĞƚƚůĞĚŝŶĐĂƐŚ͘

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Metcash Annual Report 2024
104

DĞĂƐƵƌĞŵĞŶƚŽĨĨĂŝƌǀĂůƵĞƐ
&zϮϰĂƚͲƌŝƐŬ^d/ƉůĂŶ–ĚĞĨĞƌƌĞĚĐŽŵƉŽŶĞŶƚ
dŚĞϰϬй;'ƌŽƵƉKͿ͕ϯϯй;'ƌŽƵƉ&KͿĂŶĚϮϱй;ŽƚŚĞƌd/ƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐǀĂůƵĞĚĂƚŐƌĂŶƚĚĂƚĞƵƐŝŶŐƚŚĞ
ůĂĐŬͲ^ĐŚŽůĞƐŽƉƚŝŽŶƉƌŝĐŝŶŐŵŽĚĞůĂƌĞĂƐĨŽůůŽǁƐ͗
ƚͲƌŝƐŬ^d/
ĚĞĨĞƌƌĞĚ
&zϮϯ
>d/
&zϮϰ–&zϮϲ
;ZK&Ϳ
>d/
&zϮϯ–&zϮϱ
;ZK&Ϳ
>d/
&zϮϮ–&zϮϰ
;ZK&Ϳ
'ƌŽƵƉK
ďƵLJͲŽƵƚ
ŐƌĂŶƚ
'ƌŽƵƉ&K
ďƵLJͲŽƵƚŐƌĂŶƚ
WƌŽũĞĐƚ
,ŽƌŝnjŽŶ
>d/ƉůĂŶ
ŝǀŝĚĞŶĚLJŝĞůĚ
ϱ͘ϱй
ϱ͘ϱй
ϰ͘ϳй
ϰ͘ϱй
ϰ͘ϱй
ϱ͘ϱй
ϰ͘ϱй
ZŝƐŬĨƌĞĞƌĂƚĞ
ϰй
ϰй
ϯй
Ϭ͘ϭй
Ϭ͘ϭй
ϰй
Ϭ͘ϭй
džƉĞĐƚĞĚǀŽůĂƚŝůŝƚLJ
Ϯϯй
Ϯϯй
ϯϮй
ϯϱй
ϯϱй
Ϯϯй
ϯϱй
ŽŶƚƌĂĐƚƵĂůůŝĨĞ;ĚĂLJƐͿ
Ϯϵϭ
ϭ͕Ϭϴϴ
ϭ͕ϭϬϴ
ϭ͕Ϭϵϱ
ϲϮϭ
ϯϯϲ
ϵϵϵ
^ŚĂƌĞƉƌŝĐĞĂƚŐƌĂŶƚĚĂƚĞ
ϯ͘ϳϮ
ϯ͘ϳϮ
ϰ͘ϭϴ
ϯ͘ϵϴ
ϰ͘Ϭϭ
ϯ͘ϱϵ
ϯ͘ϵϴ
&ĂŝƌǀĂůƵĞĂƚŐƌĂŶƚĚĂƚĞ
ϯ͘ϱϲ
ϯ͘ϮϬ
ϯ͘ϱϱ
ϯ͘ϰϰ
ϯ͘ϴϵ
ϯ͘ϯϴ
ϯ͘ϱϯ
dŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞŝŶƉƵƚƐƚŽƚŚĞǀĂůƵĂƚŝŽŶŽĨƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐǀĂůƵĞĚĂƚŐƌĂŶƚĚĂƚĞďLJĂŶĞdžƚĞƌŶĂůƐƉĞĐŝĂůŝƐƚƵƐŝŶŐƚŚĞDŽŶƚĞĂƌůŽ
ŽƉƚŝŽŶƉƌŝĐŝŶŐŵŽĚĞůĂƌĞĂƐĨŽůůŽǁƐ͗
>d/
&zϮϰ–&zϮϲ
;d^ZͿ
>d/
&zϮϯ–&zϮϱ
;d^ZͿ
>d/
&zϮϮ–&zϮϰ
;d^ZͿ
ŝǀŝĚĞŶĚLJŝĞůĚ
ϱ͘ϱй
ϰ͘ϳй
ϰ͘ϱй
ZŝƐŬĨƌĞĞƌĂƚĞ
ϰй
ϯй
Ϭ͘ϭй
džƉĞĐƚĞĚǀŽůĂƚŝůŝƚLJ
Ϯϯй
ϯϮй
ϯϱй
ŽŶƚƌĂĐƚƵĂůůŝĨĞ;ĚĂLJƐͿ
ϭ͕Ϭϴϴ
ϭ͕ϭϬϴ
ϭ͕Ϭϵϱ
^ŚĂƌĞƉƌŝĐĞĂƚŐƌĂŶƚĚĂƚĞ
ϯ͘ϳϮ
ϰ͘ϭϴ
ϯ͘ϵϴ
&ĂŝƌǀĂůƵĞĂƚŐƌĂŶƚĚĂƚĞ
ϭ͘ϯϰ
ϭ͘ϲϵ
ϭ͘ϳϰ
^ĞƌǀŝĐĞĂŶĚŶŽŶͲŵĂƌŬĞƚƉĞƌĨŽƌŵĂŶĐĞĐŽŶĚŝƚŝŽŶƐĂƚƚĂĐŚĞĚƚŽƚŚĞŐƌĂŶƚƐǁĞƌĞŶŽƚƚĂŬĞŶŝŶƚŽĂĐĐŽƵŶƚŝŶŵĞĂƐƵƌŝŶŐĨĂŝƌǀĂůƵĞ͘DĂƌŬĞƚ
ƉĞƌĨŽƌŵĂŶĐĞĐŽŶĚŝƚŝŽŶƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞŐƌĂŶƚƐŚĂǀĞďĞĞŶƌĞĨůĞĐƚĞĚŝŶƚŚĞĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚ͘džƉĞĐƚĞĚǀŽůĂƚŝůŝƚLJŝƐďĂƐĞĚŽŶĂŶ
evaluation of the historical volatility of Metcash’s share price, particularly over the historical period commensƵƌĂƚĞǁŝƚŚƚŚĞĞdžƉĞĐƚĞĚ
ƚĞƌŵ͘WĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐĂƌĞŽŶůLJĞdžĞƌĐŝƐĂďůĞŽŶƚŚĞŝƌǀĞƐƚŝŶŐĚĂƚĞ͘
105
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DdZ/>KhEd/E'WK>//^
^ŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƚƌĂŶƐĂĐƚŝŽŶƐ
dŚĞ'ƌŽƵƉƉƌŽǀŝĚĞƐĂƉŽƌƚŝŽŶŽĨƐĞŶŝŽƌĞdžĞĐƵƚŝǀĞĂŶĚŬĞLJĞŵƉůŽLJĞĞƌĞŵƵŶĞƌĂƚŝŽŶĂƐĞƋƵŝƚLJͲƐĞƚƚůĞĚƐŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐ͕ŝŶƚŚĞ
ĨŽƌŵŽĨƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐ͘
dŚĞǀĂůƵĞŽĨƚŚĞƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐŝƐƐƵĞĚŝƐĚĞƚĞƌŵŝŶĞĚŽŶƚŚĞĚĂƚĞǁŚŝĐŚďŽƚŚƚŚĞĞŵƉůŽLJĞĞĂŶĚƚŚĞ'ƌŽƵƉƵŶĚĞƌƐƚĂŶĚĂŶĚ
ĂŐƌĞĞƚŽƚŚĞƐŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ;ŐƌĂŶƚĚĂƚĞͿ͘dŚĞǀĂůƵĞĂƚŐƌĂŶƚĚĂƚĞŝƐďĂƐĞĚƵƉŽŶƚŚĞĨĂŝƌǀĂůƵĞŽĨĂƐŝŵŝůĂƌ
ĂƌƌĂŶŐĞŵĞŶƚďĞƚǁĞĞŶƚŚĞ'ƌŽƵƉĂŶĚĂŶŝŶĚĞƉĞŶĚĞŶƚƚŚŝƌĚƉĂƌƚLJĂŶĚŝƐĚĞƚĞƌŵŝŶĞĚƵƐŝŶŐĂŶĂƉƉƌŽƉƌŝĂƚĞǀĂůƵĂƚŝŽŶŵŽĚĞů͘dŚĞĨĂŝƌ
ǀĂůƵĞĚŽĞƐŶŽƚĐŽŶƐŝĚĞƌƚŚĞŝŵƉĂĐƚŽĨƐĞƌǀŝĐĞŽƌƉĞƌĨŽƌŵĂŶĐĞĐŽŶĚŝƚŝŽŶƐ͕ŽƚŚĞƌƚŚĂŶĐŽŶĚŝƚŝŽŶƐůŝŶŬĞĚƚŽƚŚĞƐŚĂƌĞƉƌŝĐĞŽĨDĞƚĐĂƐŚ
>ŝŵŝƚĞĚ;ŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐͿ͘
dŚĞĨĂŝƌǀĂůƵĞŽĨƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐŝƐƌĞĐŽŐŶŝƐĞĚĂƐĂŶĞdžƉĞŶƐĞ͕ƚŽŐĞƚŚĞƌǁŝƚŚĂĐŽƌƌĞƐƉŽŶĚŝŶŐŝŶĐƌĞĂƐĞŝŶƚŚĞƐŚĂƌĞͲďĂƐĞĚ
ƉĂLJŵĞŶƚƐƌĞƐĞƌǀĞǁŝƚŚŝŶĞƋƵŝƚLJ͕ŽǀĞƌƚŚĞƉĞƌŝŽĚďĞƚǁĞĞŶƚŚĞŐƌĂŶƚĚĂƚĞĂŶĚƚŚĞĚĂƚĞŽŶǁŚŝĐŚƚŚĞĞŵƉůŽLJĞĞďĞĐŽŵĞƐĨƵůůLJĞŶƚŝƚůĞĚ
ƚŽƚŚĞĂǁĂƌĚ;ǀĞƐƚŝŶŐĚĂƚĞͿ͘dŚŝƐĞdžƉĞŶƐĞŝƐƌĞĐŽŐŶŝƐĞĚĐƵŵƵůĂƚŝǀĞůLJďLJĞƐƚŝŵĂƚŝŶŐƚŚĞŶƵŵďĞƌŽĨƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐĞdžƉĞĐƚĞĚƚŽ
ǀĞƐƚ͘dŚŝƐĞƐƚŝŵĂƚĞŝƐĨŽƌŵĞĚďĂƐĞĚŽŶƚŚĞďĞƐƚĂǀĂŝůĂďůĞŝŶĨŽƌŵĂƚŝŽŶĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ͘EŽĂĚũƵƐƚŵĞŶƚŝƐŵĂĚĞĨŽƌƚŚĞůŝŬĞůŝŚŽŽĚ
ŽĨŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐďĞŝŶŐŵĞƚĂƐƚŚĞĞĨĨĞĐƚŽĨƚŚĞƐĞĐŽŶĚŝƚŝŽŶƐŝƐŝŶĐůƵĚĞĚŝŶƚŚĞĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨĨĂŝƌǀĂůƵĞĂƚŐƌĂŶƚĚĂƚĞ͘tŚĞƌĞ
ƚŚĞƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐĂƌĞĐĂŶĐĞůůĞĚ͕ĂŶLJĞdžƉĞŶƐĞŶŽƚLJĞƚƌĞĐŽŐŶŝƐĞĚĨŽƌƚŚĞĂǁĂƌĚŝƐƌĞĐŽŐŶŝƐĞĚŝŵŵĞĚŝĂƚĞůLJ͘
dŚĞĚŝůƵƚŝǀĞĞĨĨĞĐƚ͕ŝĨĂŶLJ͕ŽĨŽƵƚƐƚĂŶĚŝŶŐƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐĂƌĞƌĞĨůĞĐƚĞĚĂƐĂĚĚŝƚŝŽŶĂůƐŚĂƌĞĚŝůƵƚŝŽŶŝŶƚŚĞĐŽŵƉƵƚĂƚŝŽŶŽĨĞĂƌŶŝŶŐƐ
ƉĞƌƐŚĂƌĞ͘
ZĞĐŽŶĐŝůŝĂƚŝŽŶŽĨŽƵƚƐƚĂŶĚŝŶŐƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐ
dŚĞĨŽůůŽǁŝŶŐƚĂďůĞŝůůƵƐƚƌĂƚĞƐƚŚĞŵŽǀĞŵĞŶƚŝŶƚŚĞŶƵŵďĞƌŽĨƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐĚƵƌŝŶŐƚŚĞLJĞĂƌ͗
&zϮϰ
EƵŵďĞƌ
&zϮϯ
EƵŵďĞƌ
KƵƚƐƚĂŶĚŝŶŐĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞLJĞĂƌ
ϳ͕Ϭϲϰ͕Ϯϴϵ
ϳ͕ϲϬϵ͕ϴϵϬ
'ƌĂŶƚĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ
ϯ͕Ϭϯϰ͕ϱϳϴ
Ϯ͕ϯϯϵ͕ϰϵϲ
sĞƐƚĞĚͬĞdžĞƌĐŝƐĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ
;Ϯ͕ϯϬϮ͕ϴϳϱͿ
;Ϯ͕ϱϯϬ͕ϯϯϵͿ
džƉŝƌĞĚͬĨŽƌĨĞŝƚĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ
;Ϯ͕Ϭϲϭ͕ϵϱϰͿ
;ϯϱϰ͕ϳϱϴͿ
KƵƚƐƚĂŶĚŝŶŐĂƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ
ϱ͕ϳϯϰ͕Ϭϯϴ
ϳ͕Ϭϲϰ͕Ϯϴϵ
dŚĞŽƵƚƐƚĂŶĚŝŶŐďĂůĂŶĐĞŽĨƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐĂƐĂƚϯϬƉƌŝůϮϬϮϰŝƐƌĞƉƌĞƐĞŶƚĞĚďLJ͗
^ĐŚĞŵĞŶĂŵĞ
sĞƐƚŝŶŐĚĂƚĞ
dŽƚĂůŽƵƚƐƚĂŶĚŝŶŐ
;ŶƵŵďĞƌͿ
džĞƌĐŝƐĂďůĞ
;ŶƵŵďĞƌͿ
ZĞŵĂŝŶŝŶŐ
ĐŽŶƚƌĂĐƚƵĂůůŝĨĞ
>d/&zϮϰ–&zϮϲ
ϭϰƵŐƵƐƚϮϬϮϲ
ϭ͕ϴϴϲ͕ϳϱϰ
—
ϮLJĞĂƌƐϰŵŽŶƚŚƐ
>d/&zϮϯ–&zϮϱ
ϭϱƵŐƵƐƚϮϬϮϱ
ϭ͕ϰϭϱ͕ϭϱϰ
—
ϭLJĞĂƌƐϰŵŽŶƚŚƐ
>d/&zϮϮ–&zϮϰϭ
ϭϱƵŐƵƐƚϮϬϮϰ
ϭ͕ϳϰϳ͕ϯϴϲ
—
ϰŵŽŶƚŚƐ
'ƌŽƵƉKďƵLJͲŽƵƚŐƌĂŶƚ;dƌĂŶĐŚĞϮͿ
Ϯϴ:ƵŶĞϮϬϮϰ
ϭϲϬ͕ϰϮϴ
—
ϮŵŽŶƚŚƐ
'ƌŽƵƉ&KďƵLJͲŽƵƚŐƌĂŶƚ;dƌĂŶĐŚĞϭͿ
ϯϬ:ƵŶĞϮϬϮϰ
ϭϮϲ͕ϵϬϰ
—
ϮŵŽŶƚŚƐ
'ƌŽƵƉ&KďƵLJͲŽƵƚŐƌĂŶƚ;dƌĂŶĐŚĞϮͿ
ϯϬ:ƵŶĞϮϬϮϱ
ϭϮϲ͕ϵϬϰ
—
ϭLJĞĂƌϮŵŽŶƚŚƐ
WƌŽũĞĐƚ,ŽƌŝnjŽŶ>d/ƉůĂŶ
ϭϱƵŐƵƐƚϮϬϮϰ
ϭϮϯ͕ϰϬϳ
—
ϰŵŽŶƚŚƐ
KƚŚĞƌƐ
sĂƌŝŽƵƐ
ϭϰϳ͕ϭϬϭ
—
ϮƚŽϵŵŽŶƚŚƐ
dŽƚĂůŽƵƚƐƚĂŶĚŝŶŐĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ
ϱ͕ϳϯϰ͕Ϭϯϴ
ϭ͘
dŚĞ&zϮϮͲ&zϮϰ>d/ƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐƉůĂŶŝƐĞdžƉĞĐƚĞĚƚŽǀĞƐƚĂƚϳϲ͘ϳйƐƵďũĞĐƚŽŶůLJƚŽƚŚĞĞŵƉůŽLJĞĞƐƌĞŵĂŝŶŝŶŐŝŶĞŵƉůŽLJŵĞŶƚƵŶƚŝůϭϱƵŐƵƐƚϮϬϮϰ͘dŚĞƐĞ
ǀĞƐƚĞĚƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐǁŝůůďĞĐŽŶǀĞƌƚĞĚƚŽƐŚĂƌĞƐĂŶĚĂůůŽĐĂƚĞĚƚŽƚŚĞƉĂƌƚŝĐŝƉĂŶƚƐƵŶĚĞƌƚŚĞZŝŐŚƚƐWůĂŶŽŶϭϱƵŐƵƐƚϮϬϮϰ͘
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Metcash Annual Report 2024
106

<ĞLJƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐ
ůůƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞĂďŽǀĞƐĐŚĞŵĞƐĂƌĞĞƋƵŝƚLJͲƐĞƚƚůĞĚƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐĂŶĚǁĞƌĞŝƐƐƵĞĚƵŶĚĞƌƚŚĞDĞƚĐĂƐŚ
džĞĐƵƚŝǀĞƐĂŶĚ^ĞŶŝŽƌDĂŶĂŐĞƌƐWĞƌĨŽƌŵĂŶĐĞZŝŐŚƚƐWůĂŶ;ZŝŐŚƚƐWůĂŶͿ͘&ƵůůLJƉĂŝĚŽƌĚŝŶĂƌLJƐŚĂƌĞƐŝƐƐƵĞĚƵŶĚĞƌƚŚŝƐƉůĂŶƌĂŶŬĞƋƵĂůůLJ
ǁŝƚŚĂůůŽƚŚĞƌĞdžŝƐƚŝŶŐĨƵůůLJƉĂŝĚŽƌĚŝŶĂƌLJƐŚĂƌĞƐŝŶƌĞƐƉĞĐƚŽĨǀŽƚŝŶŐĂŶĚĚŝǀŝĚĞŶĚƌŝŐŚƚƐ͘
The key terms of the ‘LTI’ and ‘STI plan –deferred component’ plans include:
ϭ͘
ĂĐŚƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚŝƐĂŶĞŶƚŝƚůĞŵĞŶƚƚŽƌĞĐĞŝǀĞĂĨƵůůLJƉĂŝĚŽƌĚŝŶĂƌLJƐŚĂƌĞŝŶƚŚĞŽŵƉĂŶLJŽŶƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐĚĞƚĞƌŵŝŶĞĚ
ďLJƚŚĞŽĂƌĚ͕ŝŶĐůƵĚŝŶŐǀĞƐƚŝŶŐĐŽŶĚŝƚŝŽŶƐůŝŶŬĞĚƚŽƐĞƌǀŝĐĞĂŶĚƉĞƌĨŽƌŵĂŶĐĞŽǀĞƌƚŚĞĐŽŶƚƌĂĐƚƵĂůůŝĨĞŽĨƚŚĞƌŝŐŚƚƐ͖
Ϯ͘
WĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐǁŚŝĐŚĚŽŶŽƚǀĞƐƚĂƌĞĨŽƌĨĞŝƚĞĚ͖
ϯ͘
WĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐĂƌĞŽĨĨĞƌĞĚĂƚŶŽĐŽƐƚƚŽƉĂƌƚŝĐŝƉĂŶƚƐ͖
ϰ͘
WĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐĚŽŶŽƚĐĂƌƌLJǀŽƚŝŶŐŽƌĚŝǀŝĚĞŶĚƌŝŐŚƚƐ͕ŚŽǁĞǀĞƌƐŚĂƌĞƐĂůůŽĐĂƚĞĚƵƉŽŶǀĞƐƚŝŶŐŽĨƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐǁŝůůĐĂƌƌLJƚŚĞ
ƐĂŵĞƌŝŐŚƚƐĂƐŽƚŚĞƌŽƌĚŝŶĂƌLJƐŚĂƌĞƐ͖
ϱ͘
KƌĚŝŶĂƌŝůLJ͕ŝŶƚŚĞĞǀĞŶƚŽĨĐĞƐƐĂƚŝŽŶŽĨĞŵƉůŽLJŵĞŶƚ͕ƵŶǀĞƐƚĞĚƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐǁŝůůůĂƉƐĞ͖ŚŽǁĞǀĞƌ͕ƚŚŝƐŝƐƐƵďũĞĐƚƚŽŽĂƌĚ
ĚŝƐĐƌĞƚŝŽŶ͕ǁŚŝĐŚŵĂLJďĞĞdžĞƌĐŝƐĞĚŝŶĐŝƌĐƵŵƐƚĂŶĐĞƐŝŶĐůƵĚŝŶŐĚĞĂƚŚĂŶĚĚŝƐĂďŝůŝƚLJ͕ƌĞƚŝƌĞŵĞŶƚ͕ƌĞĚƵŶĚĂŶĐLJŽƌƐƉĞĐŝĂůĐŝƌĐƵŵƐƚĂŶĐĞƐ͖
ϲ͘
tŚĞŶƚĞƐƚŝŶŐƉĞƌĨŽƌŵĂŶĐĞĐŽŶĚŝƚŝŽŶƐ͕ƚŚĞŽĂƌĚŚĂƐĨƵůůĚŝƐĐƌĞƚŝŽŶŝŶƌĞůĂƚŝŽŶƚŽŝƚƐĐĂůĐƵůĂƚŝŽŶĂŶĚƚŽŝŶĐůƵĚĞŽƌĞdžĐůƵĚĞŝƚĞŵƐŝĨ
ĂƉƉƌŽƉƌŝĂƚĞ͕ŝŶĐůƵĚŝŶŐƚŽďĞƚƚĞƌƌĞĨůĞĐƚƐŚĂƌĞŚŽůĚĞƌĞdžƉĞĐƚĂƚŝŽŶƐŽƌŵĂŶĂŐĞŵĞŶƚƉĞƌĨŽƌŵĂŶĐĞ͖
ϳ͘
Some or all of a participant’s performance rights may vest even if a performance condition has not been satisfied, if, using ŝƚƐ
ĚŝƐĐƌĞƚŝŽŶ͕ƚŚĞŽĂƌĚĐŽŶƐŝĚĞƌƐƚŚĂƚƚŽĚŽƐŽǁŽƵůĚďĞŝŶƚŚĞŝŶƚĞƌĞƐƚƐŽĨƚŚĞ'ƌŽƵƉ͖ĂŶĚ
ϴ͘
/ĨƚŚĞƌĞŝƐĂĐŚĂŶŐĞŝŶĐŽŶƚƌŽůŽĨƚŚĞ'ƌŽƵƉ͕ƚŚĞŽĂƌĚƌĞƚĂŝŶƐĨƵůůĚŝƐĐƌĞƚŝŽŶƚŽǀĞƐƚŽƌůĂƉƐĞƐŽŵĞŽƌĂůůƉĞƌĨŽƌŵĂŶĐĞƌŝŐŚƚƐ͘
ϳ͘Ϯ͘ ƵĚŝƚŽƌƐƌĞŵƵŶĞƌĂƚŝŽŶ
&zϮϰ
Ψ
&zϮϯ
Ψ
ŵŽƵŶƚƐƌĞĐĞŝǀĞĚŽƌĚƵĞĂŶĚƌĞĐĞŝǀĂďůĞďLJƚŚĞĂƵĚŝƚŽƌŽĨƚŚĞƉĂƌĞŶƚĞŶƚŝƚLJĂŶĚĂŶLJ
ŽƚŚĞƌĞŶƚŝƚLJŝŶƚŚĞ'ƌŽƵƉĨŽƌ͗
–
ƵĚŝƚŝŶŐƚŚĞƐƚĂƚƵƚŽƌLJĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŽĨƚŚĞƉĂƌĞŶƚĞŶƚŝƚLJĐŽǀĞƌŝŶŐƚŚĞ'ƌŽƵƉ
ĂŶĚƚŚĞƐƚĂƚƵƚŽƌLJĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŽĨĂŶLJĐŽŶƚƌŽůůĞĚĞŶƚŝƚŝĞƐ
–
&ĞĞƐĨŽƌĂĚǀŝƐŽƌLJƐĞƌǀŝĐĞƐ
Ϯ͕Ϯϭϱ͕ϬϬϬ
ϭϱϰ͕ϬϬϬ
Ϯ͕ϭϳϵ͕ϬϬϬ
ϭϰϵ͕ϬϬϬ
–
&ĞĞƐĨŽƌŽƚŚĞƌĂƐƐƵƌĂŶĐĞĂŶĚĂŐƌĞĞĚͲƵƉŽŶƉƌŽĐĞĚƵƌĞƐĞƌǀŝĐĞƐ
ϰϯ͕ϬϬϬ
ϲϬ͕ϬϬϬ
–
&ĞĞƐĨŽƌƚĂdžĐŽŵƉůŝĂŶĐĞĂŶĚŽƚŚĞƌ
Ϯϰϵ͕ϬϬϬ
ϵϳ͕ϬϬϬ
Ϯ͕ϲϲϭ͕ϬϬϬ
Ϯ͕ϰϴϱ͕ϬϬϬ
ϳ͘ϯ͘ ŽŵŵŝƚŵĞŶƚƐĂŶĚĐŽŶƚŝŶŐĞŶƚůŝĂďŝůŝƚŝĞƐ
ŽŵŵŝƚŵĞŶƚƐ
ĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞĐŽŵŵŝƚŵĞŶƚƐ
dŚĞ'ƌŽƵƉŚĂĚŶŽŵĂƚĞƌŝĂůĐŽŵŵŝƚŵĞŶƚƐĨŽƌĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞĂƚϯϬƉƌŝůϮϬϮϰ;&zϮϯ͗ŶŝůͿ͘
ŽŶƚŝŶŐĞŶƚůŝĂďŝůŝƚŝĞƐ
&zϮϰ
Ψŵ
&zϮϯ
Ψŵ
ĂŶŬŐƵĂƌĂŶƚĞĞƐƚŽƚŚŝƌĚƉĂƌƚŝĞƐŝŶƌĞƐƉĞĐƚŽĨƉƌŽƉĞƌƚLJůĞĂƐĞŽďůŝŐĂƚŝŽŶƐ
ϰ͘ϱ
ϭ͘Ϭ
ĂŶŬŐƵĂƌĂŶƚĞĞƐŝŶƌĞƐƉĞĐƚŽĨtŽƌŬŽǀĞƌ
Ϯ͘Ϭ
Ϯ͘Ϭ
&ŝŶĂŶĐŝĂůŐƵĂƌĂŶƚĞĞĐŽŶƚƌĂĐƚƐ
dŚĞ'ƌŽƵƉŚĂƐŐƌĂŶƚĞĚĂĨŝŶĂŶĐŝĂůŐƵĂƌĂŶƚĞĞĐŽŶƚƌĂĐƚƌĞůĂƚŝŶŐƚŽƚŚĞďĂŶŬůŽĂŶŽĨĂũŽŝŶƚǀĞŶƚƵƌĞ͕ĚĐŽŵĞWƚLJ>ƚĚ;ŽƌŶĞƚƚƐͿ͘hŶĚĞƌƚŚĞ
ĐŽŶƚƌĂĐƚ͕ƚŚĞďĂŶŬŚĂƐƚŚĞƌŝŐŚƚƚŽƌĞƋƵŝƌĞDĞƚĐĂƐŚƚŽƌĞƉĂLJƚŚĞĚĞďƚƵŶĚĞƌĐĞƌƚĂŝŶƉƌĞƐĐƌŝďĞĚĐŝƌĐƵŵƐƚĂŶĐĞƐŽĨĚĞĨĂƵůƚ͘dŚĞĞƐƚŝŵĂƚĞŽĨ
ƚŚĞŵĂdžŝŵƵŵĂŵŽƵŶƚƉĂLJĂďůĞŝŶƌĞƐƉĞĐƚŽĨƚŚĞŐƵĂƌĂŶƚĞĞ͕ŝĨĞdžĞƌĐŝƐĞĚ͕ŝƐΨϰϬ͘ϬŵŝůůŝŽŶ;&zϮϯ͗ΨϰϬ͘ϬŵŝůůŝŽŶͿ͘
,ĂĚƚŚĞŐƵĂƌĂŶƚĞĞďĞĞŶĞdžĞƌĐŝƐĞĚĂƚϯϬƉƌŝůϮϬϮϰ͕ƚŚĞĂŵŽƵŶƚƉĂLJĂďůĞǁŽƵůĚŚĂǀĞďĞĞŶΨϭϳ͘ϮŵŝůůŝŽŶ;&zϮϯ͗ΨϮϱ͘ϮŵŝůůŝŽŶͿ͘dŚĞĨĂŝƌ
ǀĂůƵĞŽĨƚŚĞĨŝŶĂŶĐŝĂůŐƵĂƌĂŶƚĞĞĐŽŶƚƌĂĐƚĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞǁĂƐΨϬ͘ϯŵŝůůŝŽŶ;&zϮϯ͗ΨϬ͘ϵŵŝůůŝŽŶͿĂŶĚŝƐƌĞĐŽŐŶŝƐĞĚĂƐĂĨŝŶĂŶĐŝĂů
ůŝĂďŝůŝƚLJ͘
WƵƚŽƉƚŝŽŶƐ
WƵƚŽƉƚŝŽŶƐ͕ŝŶĐůƵĚŝŶŐŝŶƌĞůĂƚŝŽŶƚŽZŝƚĐŚŝĞƐ^ƚŽƌĞƐWƚLJ>ƚĚ͕ĂƌĞĚĞƚĂŝůĞĚĂůŽŶŐǁŝƚŚŽƚŚĞƌĐŽŶƚŝŶŐĞŶƚůŝĂďŝůŝƚŝĞƐŝŶŶŽƚĞϱ͘ϯŽĨƚŚĞ
ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
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ϳ͘ϰ͘ ^ƵďƐĞƋƵĞŶƚĞǀĞŶƚƐ
KŶϯ:ƵŶĞϮϬϮϰ͕DĞƚĐĂƐŚĂŶŶŽƵŶĐĞĚƚŚĂƚĐŽŵƉůĞƚŝŽŶŚĂĚŽĐĐƵƌƌĞĚŝŶƌĞůĂƚŝŽŶƚŽƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽĨĂϭϬϬйŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚŝŶ^&'
'ƌŽƵƉ,ŽůĚŝŶŐƐWƚLJ>ƚĚ;‘^ƵƉĞƌŝŽƌ&ŽŽĚƐ’Ϳ͘^ƵƉĞƌŝŽƌ&ŽŽĚƐŝƐĂůĞĂĚŝŶŐƵƐƚƌĂůŝĂŶĨŽŽĚƐĞƌǀŝĐĞĚŝƐƚƌŝďƵƚŝŽŶďƵƐŝŶĞƐƐŝŶƚŚĞůĂƌŐĞĂŶĚ
ŐƌŽǁŝŶŐĨŽŽĚƐĞƌǀŝĐĞŵĂƌŬĞƚ͘dŚĞĂĐƋƵŝƐŝƚŝŽŶĚĞůŝǀĞƌƐŝŵŵĞĚŝĂƚĞƐĐĂůĞĂŶĚŐƌŽǁƚŚŽƉƉŽƌƚƵŶŝƚŝĞƐŝŶƚŚĞĂĚũĂĐĞŶƚĨŽŽĚƐĞƌǀŝĐĞŵĂƌŬĞƚĂŶĚ
ĨƵƌƚŚĞƌƐƚƌĞŶŐƚŚĞŶƐĂŶĚĚŝǀĞƌƐŝĨŝĞƐŽƵƌĞdžŝƐƚŝŶŐ&ŽŽĚďƵƐŝŶĞƐƐ͘dŚĞƉƵƌĐŚĂƐĞƉƌŝĐĞĨŽƌƚŚĞĂĐƋƵŝƐŝƚŝŽŶĐŽŵƉƌŝƐĞƐĂŶĞŶƚĞƌƉƌŝƐĞǀĂůƵĞŽĨƵƉ
ƚŽΨϰϭϮ͘ϯŵŝůůŝŽŶ;ΨϯϵϬ͘ϬŵŝůůŝŽŶĨŝdžĞĚĂŶĚƉĂŝĚĂƚĐŽŵƉůĞƚŝŽŶ͕ƉůƵƐĂƉŽƚĞŶƚŝĂů'ƌŽƵƉĂƌŶͲKƵƚƉĂLJŵĞŶƚŽĨƵƉƚŽΨϮϮ͘ϯŵŝůůŝŽŶͿ
ƉůƵƐͬŵŝŶƵƐĐĞƌƚĂŝŶŽƚŚĞƌĐƵƐƚŽŵĂƌLJĂĚũƵƐƚŵĞŶƚƐŝŶƌĞůĂƚŝŽŶƚŽŶĞƚĚĞďƚĂŶĚǁŽƌŬŝŶŐĐĂƉŝƚĂů͕ǁŚŝĐŚĂƌĞĞdžƉĞĐƚĞĚƚŽďĞĨŝŶĂůŝƐĞĚŝŶ
KĐƚŽďĞƌϮϬϮϰ͘
KƚŚĞƌƚŚĂŶƚŚĞŵĂƚƚĞƌƐĚŝƐĐůŽƐĞĚŝŶƚŚŝƐƌĞƉŽƌƚ͕ƚŚĞƌĞǁĞƌĞŶŽĞǀĞŶƚƐƚŚĂƚŚĂǀĞŽĐĐƵƌƌĞĚĂĨƚĞƌƚŚĞĞŶĚŽĨƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌƚŚĂƚǁŽƵůĚ
ŵĂƚĞƌŝĂůůLJĂĨĨĞĐƚƚŚĞƌĞƉŽƌƚĞĚƌĞƐƵůƚƐŽƌǁŽƵůĚƌĞƋƵŝƌĞĚŝƐĐůŽƐƵƌĞŝŶƚŚŝƐƌĞƉŽƌƚ͘

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Metcash Annual Report 2024
108


ĂͿ 
EĞǁŽƌĂŵĞŶĚĞĚĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐĂŶĚ/ŶƚĞƌƉƌĞƚĂƚŝŽŶƐ
^ĞǀĞƌĂůŽƚŚĞƌĂŵĞŶĚŵĞŶƚƐĂŶĚŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐĂƉƉůLJĨŽƌƚŚĞĨŝƌƐƚƚŝŵĞŝŶ&zϮϰ͕ďƵƚĚŽŶŽƚŚĂǀĞĂŶŝŵƉĂĐƚŽŶƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŽĨƚŚĞ
'ƌŽƵƉ͘dŚĞƐĞĂƌĞĂƐĨŽůůŽǁƐ͗
− ŵĞŶĚŵĞŶƚƐƚŽ^ϭ͗EŽŶͲĐƵƌƌĞŶƚ>ŝĂďŝůŝƚŝĞƐǁŝƚŚŽǀĞŶĂŶƚƐ
− ŵĞŶĚŵĞŶƚƐƚŽ^ϭϳ͗/ŶƐƵƌĂŶĐĞŽŶƚƌĂĐƚƐ
− ŵĞŶĚŵĞŶƚƐƚŽ^Ɛ͗ŝƐĐůŽƐƵƌĞŽĨĐĐŽƵŶƚŝŶŐWŽůŝĐŝĞƐĂŶĚĞĨŝŶŝƚŝŽŶŽĨĐĐŽƵŶƚŝŶŐƐƚŝŵĂƚĞ
− ŵĞŶĚŵĞŶƚƐƚŽ^ϳ͕^ϭϬϭ͕^ϭϯϰ/ŶƚĞƌŝŵ&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐĂŶĚ^WƌĂĐƚŝĐĞ^ƚĂƚĞŵĞŶƚϮ͗ŝƐĐůŽƐƵƌĞŽĨĐĐŽƵŶƚŝŶŐ
WŽůŝĐŝĞƐ
− ŵĞŶĚŵĞŶƚƐƚŽ^Ɛ͗ĞĨĞƌƌĞĚdĂdžƌĞůĂƚĞĚƚŽƐƐĞƚƐĂŶĚ>ŝĂďŝůŝƚŝĞƐĂƌŝƐŝŶŐĨƌŽŵĂ^ŝŶŐůĞdƌĂŶƐĂĐƚŝŽŶ
− ŵĞŶĚŵĞŶƚƐƚŽ^ϭϭϮ͗/ŶƚĞƌŶĂƚŝŽŶĂůdĂdžZĞĨŽƌŵWŝůůĂƌdǁŽDŽĚĞůZƵůĞƐ
ďͿ 
ƵƐƚƌĂůŝĂŶĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐŝƐƐƵĞĚďƵƚŶŽƚLJĞƚĞĨĨĞĐƚŝǀĞ
ŶƵŵďĞƌŽĨŶĞǁĂĐĐŽƵŶƚŝŶŐƐƚĂŶĚĂƌĚƐ;ŝŶĐůƵĚŝŶŐĂŵĞŶĚŵĞŶƚƐĂŶĚŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐͿŚĂǀĞďĞĞŶŝƐƐƵĞĚďƵƚǁĞƌĞŶŽƚĞĨĨĞĐƚŝǀĞĂƐĂƚ
ϯϬƉƌŝůϮϬϮϰ͘dŚĞĨŽůůŽǁŝŶŐĂƌĞƚŚĞƉƌŽŶŽƵŶĐĞŵĞŶƚƐƚŚĂƚƚŚĞ'ƌŽƵƉŚĂƐĞůĞĐƚĞĚŶŽƚƚŽĞĂƌůLJĂĚŽƉƚŝŶƚŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͗
− ŵĞŶĚŵĞŶƚƐƚŽ^ϭϲ͗>ĞĂƐĞůŝĂďŝůŝƚLJŝŶƐĂůĞĂŶĚůĞĂƐĞďĂĐŬ
− ŵĞŶĚŵĞŶƚƐƚŽ^ϭϬϭ͗ůĂƐƐŝĨŝĐĂƚŝŽŶŽĨ>ŝĂďŝůŝƚŝĞƐĂƐƵƌƌĞŶƚŽƌEŽŶͲĐƵƌƌĞŶƚ
− ŵĞŶĚŵĞŶƚƐƚŽ^ϭϬϳĂŶĚ^ϳ͗ŝƐĐůŽƐƵƌĞƐŽĨ^ƵƉƉůŝĞƌ&ŝŶĂŶĐĞƌƌĂŶŐĞŵĞŶƚ
The above standards are not expected to have a significant impact on the Group’s financial statements in the year of their inŝƚŝĂů
ĂƉƉůŝĐĂƚŝŽŶ͘

APPENDIX A – NEW OR AMENDED ACCOUNTING STANDARDS AND INTERPRETATIONS
109
About
Reports
Pillars
Sustainability
Our People
Directors’ Report
Financial Report


DĞƚĐĂƐŚ>ŝŵŝƚĞĚŝƐƚŚĞƵůƚŝŵĂƚĞƉĂƌĞŶƚĞŶƚŝƚLJŽĨƚŚĞŐƌŽƵƉ͘dŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝŶĐůƵĚĞƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨ
DĞƚĐĂƐŚ>ŝŵŝƚĞĚĂŶĚƚŚĞ^ƵďƐŝĚŝĂƌŝĞƐůŝƐƚĞĚŝŶƚŚĞĨŽůůŽǁŝŶŐƚĂďůĞ͘ůůĞŶƚŝƚŝĞƐĂƌĞŝŶĐŽƌƉŽƌĂƚĞĚŝŶƵƐƚƌĂůŝĂĞdžĐĞƉƚǁŚĞƌĞƐƉĞĐŝĨŝĐĂůůLJ
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ĐƚŝŽŶ,ŽůĚŝŶŐƐWƚLJ>ƚĚ
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ϭϬϬ
ĐƚŝŽŶ^ƵƉĞƌŵĂƌŬĞƚƐWƚLJ>ƚĚ
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ůƉŝŶĞsĂůůĞLJ,ĂƌĚǁĂƌĞWƚLJ>ƚĚ;&ŽƌŵĞƌůLJ
ƵƐƚƌĂůŝĂŶ,ĂƌĚǁĂƌĞ^ƵƉƉŽƌƚ^ĞƌǀŝĐĞƐWƚLJ>ƚĚͿ
ϭϬϬ
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ƵƐƚƌĂůŝĂŶ,ĂƌĚǁĂƌĞŝƐƚƌŝďƵƚŽƌƐWƚLJ͘>ŝŵŝƚĞĚ
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ZĞƚĂŝů^ƵƉƉŽƌƚ^ĞƌǀŝĐĞƐWƚLJ>ƚĚͿ
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ŝŐĂƌŐĂŝŶŽƚƚůĞƐŚŽƉƐƵƐƚƌĂůŝĂWƚLJ>ƚĚ
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ĂƉĞǀŝĞǁ,ĂƌĚǁĂƌĞWƚLJ>ƚĚ
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ŝƚLJ/ĐĞΘŽůĚ^ƚŽƌĂŐĞŽŵƉĂŶLJ
WƌŽƉƌŝĞƚĂƌLJ>ŝŵŝƚĞĚ
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Clancy’s Food Stores Pty Ltd
ϭϬϬ
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ŽŵƉŽƐŝƚĞƵLJĞƌƐ&ŝŶĂŶĐĞWƚLJ>ƚĚ
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ŽŵŵƵŶŝƚLJŽƵƐƚƌĂůŝĂWƚLJ>ƚĚ
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ĂŶŬƐ,ŽůĚŝŶŐƐWƚLJ>ŝŵŝƚĞĚ
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ĂǀŝĚƐ&ŽŽĚƐĞƌǀŝĐĞƐWƚLJ>ƚĚ
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ĂǀŝĚƐ'ƌŽƵƉ^ƚĂĨĨ^ƵƉĞƌĂŶŶƵĂƚŝŽŶ
&ƵŶĚWƚLJ͘>ƚĚ͘
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>ŝƋƵŽƌƐŵĂƌƚWƚLJ>ƚĚ
ϭϬϬ
ϭϬϬ
&zϮϰ
й
&zϮϯ
й
DͲ/ŶƚĞƌŶĂƚŝŽŶĂůƵƐƚƌĂůŝĂWƚLJ>ŝŵŝƚĞĚ
ϭϬϬ
ϭϬϬ
DĞŐĂWƌŽƉĞƌƚLJDĂŶĂŐĞŵĞŶƚWƚLJ>ƚĚ
ϭϬϬ
ϭϬϬ
DĞƚĐĂƐŚ&ŽŽĚΘ'ƌŽĐĞƌLJŽŶǀĞŶŝĞŶĐĞŝǀŝƐŝŽŶ
WƚLJ>ŝŵŝƚĞĚ
ϭϬϬ
ϭϬϬ
DĞƚĐĂƐŚ&ŽŽĚΘ'ƌŽĐĞƌLJWƚLJ>ƚĚ
ϭϬϬ
ϭϬϬ
DĞƚĐĂƐŚ,ŽůĚŝŶŐƐWƚLJ>ƚĚ
ϭϬϬ
ϭϬϬ
DĞƚĐĂƐŚDĂŶĂŐĞŵĞŶƚWƚLJ>ŝŵŝƚĞĚ
ϭϬϬ
ϭϬϬ
DĞƚĐĂƐŚ^ĞƌǀŝĐĞƐWƌŽƉƌŝĞƚĂƌLJ>ŝŵŝƚĞĚ
ϭϬϬ
ϭϬϬ
DĞƚĐĂƐŚ^ƚŽƌĂŐĞWƚLJ>ŝŵŝƚĞĚ
ϭϬϬ
ϭϬϬ
DĞƚĐĂƐŚdƌĂĚŝŶŐ>ŝŵŝƚĞĚ
ϭϬϬ
ϭϬϬ
DĞƚƌŽĂƐŚΘĂƌƌLJWƚLJ>ŝŵŝƚĞĚ
ϭϬϬ
ϭϬϬ
DŝƌƌĞŶ;ƵƐƚƌĂůŝĂͿWƚLJ>ƚĚ
ϭϬϬ
ϭϬϬ
DŝƚƌĞϭϬƵƐƚƌĂůŝĂWƚLJ>ƚĚ
ϭϬϬ
ϭϬϬ
DŝƚƌĞϭϬDĞŐĂWƚLJ>ƚĚ
ϭϬϬ
ϭϬϬ
DŝƚƌĞϭϬWƚLJ>ƚĚ
ϭϬϬ
ϭϬϬ
EĂƌĞůůĂŶ,ĂƌĚǁĂƌĞWƚLJ>ƚĚ
ϭϬϬ
ϭϬϬ
WĂLJůĞƐƐ^ƵƉĞƌďĂƌŶ;E^tͿWƚLJ>ƚĚ
ϭϬϬ
ϭϬϬ
Y/tWƚLJ>ŝŵŝƚĞĚ
ϭϬϬ
ϭϬϬ
YƵĞĞŶƐůĂŶĚ/ŶĚĞƉĞŶĚĞŶƚtŚŽůĞƐĂůĞƌƐ
WƚLJ>ŝŵŝƚĞĚ
ϭϬϬ
ϭϬϬ
YƵŝĐŬƐƚŽƉWƚLJ>ƚĚ
ϭϬϬ
ϭϬϬ
ZŽŵĂ,ĂƌĚǁĂƌĞWƚLJ>ƚĚ
ϭϬϬ
ϭϬϬ
^,ĂƌĚǁĂƌĞWƚLJ>ŝŵŝƚĞĚ
ϭϬϬ
ϭϬϬ
^ŽƵƚŚŽĂƐƚKƉĞƌĂƚŝŽŶƐWƚLJ>ƚĚ
ϭϬϬ
ϭϬϬ
^ŽƵƚŚtĞƐƚKƉĞƌĂƚŝŽŶƐWƚLJ>ƚĚ
ϭϬϬ
ϭϬϬ
dŚĞdƌƵƐƐŽŵƉĂŶLJWƚLJ>ƚĚ
ϭϬϬ
—
dŚƌŝĨƚLJͲ>ŝŶŬ,ĂƌĚǁĂƌĞWƚLJ>ƚĚ
ϭϬϬ
ϭϬϬ
dŝŵďĞƌƚĞŶWƚLJ>ƚĚ
ϭϬϬ
ϭϬϬ
dŽƚĂůdŽŽůƐ;/ŵƉŽƌƚŝŶŐͿWƚLJ>ƚĚ
ϭϬϬ
ϴϱ
dŽƚĂůdŽŽůƐ,ŽůĚŝŶŐƐWƚLJ>ƚĚ
ϭϬϬ
ϴϱ
dŽƚĂůdŽŽůƐ>ŝĐĞŶƐŝŶŐWƚLJ>ƚĚ
ϭϬϬ
ϴϱ
dŽƚĂůdŽŽůƐ^ƚŽƌĞƐWƚLJ>ƚĚ
ϭϬϬ
ϴϱ
h/>E^tͬdWƚLJ>ƚĚ
ϭϬϬ
ϭϬϬ
h/>dĂƐŵĂŶŝĂWƚLJ>ƚĚ
ϭϬϬ
ϭϬϬ
sĂǁŶEŽϯWƚLJ>ƚĚ
ϭϬϬ
ϭϬϬ
t͘͘,ĂƌĚǁĂƌĞ^ĞƌǀŝĐĞƐWƚLJ͘>ƚĚ
ϭϬϬ
ϭϬϬ
ŶƚŝƚŝĞƐŽƵƚƐŝĚĞƚŚĞůŽƐĞĚ'ƌŽƵƉ
ĚĚdŽŽůƐWƚLJ>ƚĚ
ϱϭ
ϰϯ͘ϰ
ůůƚŽŽůƐ;WĂŬĞŶŚĂŵͿWƚLJ>ƚĚ
ϲϬ
ϱϭ
^tŚLJĂůůĂWƚLJ>ƚĚ
ϭϬϬ
—
ŝĂŶĐŽ,ĂƌĚǁĂƌĞWƚLJ>ƚĚ
ϭϬϬ
—
ĂĚŽdŽŽůƐWƚLJ>ƚĚ
ϲϬ
ϱϭ
ĂŵƉďĞůůƐWůƵƐWƚLJ>ƚĚ
ϭϬϬ
ϭϬϬ
ĂƌĚdŽŽůƐWƚLJ>ƚĚ
ϲϬ
ϱϭ
ĞŶƚƌĂůdŝŵďĞƌϭϬWƚLJ>ƚĚ
ϱϬ
ϱϬ
&ĂŐŐƐ'ĞĞůŽŶŐWƚLJ>ƚĚ
ϵϬ
ϵϬ
&ŽŽĚůĂŶĚWƌŽƉĞƌƚLJhŶŝƚdƌƵƐƚ
ϭϬϬ
ϭϬϬ
&ĞůĚŵĂŶdŽŽůƐWƚLJ>ƚĚ
ϴϬ
ϲϴ
&ŽƵƌKĨ^ŝdžWƚLJ>ƚĚ
ϲϬ
ϱϭ
&ƵƚƵƌĂDĂĐŚŝŶĞƌLJ^ĂůĞƐĂŶĚ^ĞƌǀŝĐĞWƚLJ>ƚĚ
ϴϬ
ϲϴ
'LJŵƉŝĞWƌŽƉĞƌƚLJ/ŶǀĞƐƚŵĞŶƚWƚLJ>ƚĚ
ϴϰ͘ϳ
ϴϰ͘ϳ
,ĂƌĚǁĂƌĞWƌŽƉĞƌƚLJdƌƵƐƚ
ϭϬϬ
ϭϬϬ
/ŶǀĞƌƚĞĚdŽŽůƐWƚLJ>ƚĚ
ϱϭ
ϰϯ͘ϰ
DΘ^ĂůĞƐWƚLJ>ƚĚ
ϱϬ
—
DWΘƐƐŽĐŝĂƚĞƐWƚLJ>ƚĚϭ
ϰϴ͘ϱ
—
DĐ,ĂǁŬŝŶŐŶƚĞƌƉƌŝƐĞƐWƚLJ>ƚĚ
ϲϬ
ϱϭ
DĞƚŽnj,ŽůĚŝŶŐ>ŝŵŝƚĞĚ;ŝŶĐŽƌƉŽƌĂƚĞĚŝŶ^ŽƵƚŚ
ĨƌŝĐĂͿ;/ŶůŝƋƵŝĚĂƚŝŽŶͿ
ϭϬϬ
ϭϬϬ
DŝĚůĂŶĚdŽŽůƐWƚLJ>ƚĚ
ϲϬ
ϱϭ
DŝŶĐŽŶ^ƵƉƉůŝĞƐWƚLJ>ƚĚ
ϲϱ
—
APPENDIX B – INFORMATION ON SUBSIDIARIES
Metcash Annual Report 2024
110


&zϮϰ
й
&zϮϯ
й
DŝƚƌĞϭϬDĞŐĂWƌŽƉĞƌƚLJdƌƵƐƚ
ϭϬϬ
ϭϬϬ
DKd^^ƵƉƉŽƌƚ^ĞƌǀŝĐĞƐWƚLJ>ƚĚ
ϭϬϬ
ϴϱ
EĂƉŝĞƌ>ŝƋƵŽƌDĞƌĐŚĂŶƚƐ>ŝŵŝƚĞĚ
;ŝŶĐŽƌƉŽƌĂƚĞĚŝŶEĞǁĞĂůĂŶĚͿ
ϭϬϬ
ϭϬϬ
E&Z&ĞǀĞůŽƉŵĞŶƚƐWƚLJ>ƚĚ
ϱϭ
ϱϭ
EŽƌƚŚĞƌŶ,ĂƌĚǁĂƌĞ'ƌŽƵƉWƚLJ>ƚĚ
ϴϰ͘ϳ
ϴϰ͘ϳ
EƵ&ƌƵŝƚWƚLJ͘>ƚĚ͘
ϱϭ
ϱϭ
WŚĂƌDĂŶĂŐĞŵĞŶƚWƚLJ>ƚĚ
ϱϭ
ϰϯ͘ϰ
WƌŽĚƵĐĞdƌĂĚĞƌƐdƌƵƐƚ
ϭϬϬ
ϭϬϬ
ZĂŝŶďŽǁhŶŝƚdƌƵƐƚ
ϭϬϬ
ϭϬϬ
ZĂŝŶĨƌĞƐŚsŝĐWƚLJ>ƚĚ
ϱϭ
ϱϭ
ZĞƚĂŝůDĞƌĐŚĂŶĚŝƐĞ^ĞƌǀŝĐĞƐWƚLJ>ŝŵŝƚĞĚ
ϭϬϬ
ϭϬϬ
^ƵŶƐŚŝŶĞ,ĂƌĚǁĂƌĞWƚLJ>ƚĚ
ϴϰ͘ϳ
ϴϰ͘ϳ
dĂƐŵĂŶ>ŝƋƵŽƌŽŵƉĂŶLJ>ŝŵŝƚĞĚ
;ŝŶĐŽƌƉŽƌĂƚĞĚŝŶEĞǁĞĂůĂŶĚͿ
ϭϬϬ
ϭϬϬ
dĂƐŵĂŶŝĂ,ĂƌĚǁĂƌĞWƚLJ>ƚĚ
ϵϱ
ϵϱ
dŝŵďĞƌĂŶĚ,ĂƌĚǁĂƌĞdžĐŚĂŶŐĞWƚLJ>ƚĚ
ϲϴ͘ϰ
ϲϴ͘ϰ
dŽŽůƐŚĂĐŬWƚLJ>ƚĚ
ϱϭ
ϰϯ͘ϰ
ddϴWƚLJ>ƚĚ
ϭϬϬ
—
ddĚĞůĂŝĚĞtĞƐƚWƚLJ>ƚĚ
ϲϬ
ϱϭ
ddůďƵƌLJWƚLJ>ƚĚ
ϴϬ
ϰϯ͘ϰ
dŽƚĂůdŽŽůƐůĞdžĂŶĚƌŝĂWƚLJ>ƚĚ
ϱϭ
ϰϯ͘ϰ
dŽƚĂůdŽŽůƐƵďƵƌŶWƚLJ>ƚĚ
ϱϭ
—
ddŽŽůƐĂůůŝŶĂWƚLJ>ƚĚ
ϭϬϬ
—
dŽƚĂůdŽŽůƐĂƚŚƵƌƐƚWƚLJ>ƚĚ
ϱϭ
—
ddƌŽŽŬůLJŶWƚLJ>ƚĚ
ϵϱ
ϰϯ͘ϰ
ddƌŽŽŬǀĂůĞWƚLJ>ƚĚ
ϭϬϬ
ϴϱ
ddƵŶĚĂďĞƌŐWƚLJ>ƚĚ
ϳϬ
—
dŽƚĂůdŽŽůƐŽŵŵĞƌĐŝĂůWƚLJ>ƚĚ
ϭϬϬ
ϴϱ
ddĂŝƌŶƐWƚLJ>ƚĚ
ϳϬ
—
dŽƚĂůdŽŽůƐĂŝƌŶƐEŽƌƚŚWƚLJ>ƚĚ
ϳϬ
—
ddĂŶĚĞŶŽŶŐWƚLJ>ƚĚ
ϲϬ
ϱϭ
ddĂƌǁŝŶWƚLJ>ƚĚ
ϵϬ
ϰϯ͘ϰ
dd&ĞƌŶƚƌĞĞ'ƵůůLJWƚLJ>ƚĚ
ϲϬ
ϱϭ
&zϮϰ
й
&zϮϯ
й
dŽƚĂůdŽŽůƐ&LJƐŚǁŝĐŬWƚLJ>ƚĚ
ϴϬ
ϰϯ͘ϰ
dd'ĞĞůŽŶŐWƚLJ>ƚĚ
ϴϬ
ϰϯ͘ϰ
dd<ŝůƐLJƚŚWƚLJ>ƚĚ
ϲϬ
ϱϭ
dŽƚĂůdŽŽůƐ>ĂŬĞ,ĂǀĞŶWƚLJ>ƚĚ
ϱϭ
ϰϯ͘ϰ
dŽƚĂůdŽŽůƐ/ŶĚƵƐƚƌŝĂůWƚLJ͘>ŝŵŝƚĞĚ
ϭϬϬ
ϴϱ
ddŽŽůƐ>ĂƵŶĐĞƐƚŽŶWƚLJ>ƚĚ
ϱϭ
—
ddDĞůƚŽŶWƚLJ>ƚĚ
ϵϬ
ϰϯ͘ϰ
ddDĂĐŬĂLJWƚLJ>ƚĚ
ϲϬ
ϱϭ
ddDŝƚĐŚĂŵWƚLJ>ƚĚ
ϲϬ
ϱϭ
dŽƚĂůdŽŽůƐDŝƚĐŚĞůůWƚLJ>ƚĚ
ϭϬϬ
—
dŽƚĂůdŽŽůƐDŽŽƌĂďďŝŶ^ƚŽƌĞWƚLJ>ƚĚ
ϭϬϬ
ϴϱ
dŽƚĂůdŽŽůƐDƚtĂǀĞƌůĞLJWƚLJ>ƚĚ
ϱϭ
—
ddEĂƌƌĞtĂƌƌĞŶWƚLJ>ƚĚ
ϲϬ
ϱϭ
dŽƚĂůdŽŽůƐEĞǁĞĂůĂŶĚ>ŝŵŝƚĞĚ
ϭϬϬ
ϴϱ
dŽƚĂůdŽŽůƐKŶůŝŶĞWƚLJ>ƚĚ
ϭϬϬ
ϴϱ
dDWĞŶƌŝƚŚWƚLJ>ƚĚ
ϱϭ
ϰϯ͘ϰ
dŽƚĂůdŽŽůƐWƌĞƐƚŽŶWƚLJ>ƚĚ
ϲϬ
ϱϭ
ddZŝĐŚŵŽŶĚWƚLJ>ƚĚ
ϭϬϬ
—
ddZŽĐŬŚĂŵƉƚŽŶWƚLJ>ƚĚ
ϳϬ
—
dd^ĂŶĚŐĂƚĞWƚLJ>ƚĚ
ϴϵ
ϱϭ
dd^ĞĂĨŽƌĚWƚLJ>ƚĚ
ϴϬ
ϲϴ
dd^ŽƵƚŚDĞůďŽƵƌŶĞWƚLJ>ƚĚ
ϵϬ
ϰϯ͘ϰ
ddŽŽůƐ^ƵŶďƵƌLJWƚLJ>ƚĚ
ϱϭ
—
dŽƚĂůdŽŽůƐdĂLJůŽƌƐ>ĂŬĞƐWƚLJ>ƚĚ
ϱϭ
—
d:ddŽŽůƐWƚLJ>ƚĚ
ϱϭ
ϰϯ͘ϰ
dddƌĂƌĂůŐŽŶWƚLJ>ƚĚ
ϲϬ
ϱϭ
ddŽŽůƐdƵůůĂŵĂƌŝŶĞWƚLJ>ƚĚ
ϱϭ
—
dŽƚĂůdŽŽůƐtĂŐŐĂtĂŐŐĂWƚLJ>ƚĚ
ϵϬ
ϰϯ͘ϰ
ddtĂƌŶĞƌƐĂLJWƚLJ>ƚĚ
ϴϵ
ϱϭ
ddŽŽůƐtĂƌƌŶĂŵůWƚLJ>ƚĚ
ϱϭ
—
dŽƚĂůdŽŽůƐtŽĚŽŶŐĂWƚLJ>ƚĚ
ϭϬϬ
—
sŝƌŐŝŶŝĂdŽŽůƐWƚLJ>ƚĚ
ϲϬ
ϱϭ
tŝŵďůĞĚŽŶhŶŝƚdƌƵƐƚ
ϭϬϬ
ϭϬϬ
ϭ͘ 
dŚĞ'ƌŽƵƉŚĂƐĂŶŝŶĚŝƌĞĐƚŽǁŶĞƌƐŚŝƉŽĨϰϴ͘ϱйŝŶƚŚŝƐĞŶƚŝƚLJǀŝĂŝƚƐŝŶƚĞƌĞƐƚŝŶdĂƐŵĂŶŝĂ,ĂƌĚǁĂƌĞWƚLJ>ƚĚ͘tŚŝůĞƚŚĞ'ƌŽƵƉŚĂƐďĞŶĞĨŝĐŝĂůŽǁŶĞƌƐŚŝƉŽĨůĞƐƐƚŚĂŶ
ϱϬйŽĨƚŚŝƐĞŶƚŝƚLJ͕ƚŚĞ'ƌŽƵƉŚĂƐĐŽŶƚƌŽůŽǀĞƌŬĞLJŽƉĞƌĂƚŝŶŐĂŶĚĨŝŶĂŶĐŝĂůĚĞĐŝƐŝŽŶƐŽĨƚŚŝƐĞŶƚŝƚLJ͘ĐĐŽƌĚŝŶŐůLJ͕ƚŚŝƐĞŶƚŝƚLJŚĂƐďĞĞŶĂĐĐŽƵŶƚĞĚĨŽƌĂƐĂĐŽŶƚƌŽůůĞĚ
ĞŶƚŝƚLJ͘
ŶƚŝƚŝĞƐǁŝƚŚŝŶƚŚĞĐůŽƐĞĚŐƌŽƵƉĂƐĂƚϯϬƉƌŝů
ϮϬϮϰ
Certain controlled entities of Metcash Limited, collectively referred to as the ‘Closed Group’, are party to a Deed of Cross 'ƵĂƌĂŶƚĞĞ
ǁŚŝĐŚŵĞĞƚƐƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨ^/ŽƌƉŽƌĂƚŝŽŶƐ;tŚŽůůLJͲŽǁŶĞĚŽŵƉĂŶŝĞƐͿ/ŶƐƚƌƵŵĞŶƚϮϬϭϲͬϳϴϱ;/ŶƐƚƌƵŵĞŶƚͿ͘WƵƌƐƵĂŶƚƚŽƚŚĞ
/ŶƐƚƌƵŵĞŶƚ͕ĞŶƚŝƚŝĞƐǁŝƚŚŝŶƚŚĞůŽƐĞĚ'ƌŽƵƉƚŚĂƚŚĂǀĞůŽĚŐĞĚĂŶŽƉƚͲŝŶŶŽƚŝĐĞǁŝƚŚ^/ǁŝƚŚŝŶƚŚĞƌĞƋƵŝƐŝƚĞƚŝŵĞůŝŵŝƚƐĂƌĞŐƌĂŶƚĞĚ
ƌĞůŝĞĨĨƌŽŵƐƚĂŶĚĂůŽŶĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐĂŶĚĂƵĚŝƚƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭ͘hŶĚĞƌƚŚĞĞĞĚŽĨƌŽƐƐ'ƵĂƌĂŶƚĞĞ͕ƚŚĞ
ĞŶƚŝƚŝĞƐǁŝƚŚŝŶƚŚĞůŽƐĞĚ'ƌŽƵƉ͕ŝŶĐůƵĚŝŶŐDĞƚĐĂƐŚ>ŝŵŝƚĞĚ͕ŚĂǀĞŐƵĂƌĂŶƚĞĞĚƚŽƉĂLJĂŶLJŽƵƚƐƚĂŶĚŝŶŐĚĞďƚƐŽƌĐůĂŝŵƐŝŶƚŚĞĞǀĞŶƚŽĨĂ
ǁŝŶĚŝŶŐƵƉŽĨĂŶLJŽƚŚĞƌĞŶƚŝƚLJǁŝƚŚŝŶƚŚĞůŽƐĞĚ'ƌŽƵƉ͘
111
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^ƵŵŵĂƌLJ^ƚĂƚĞŵĞŶƚŽĨŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞŽĨƚŚĞůŽƐĞĚ'ƌŽƵƉ
&zϮϰ
Ψŵ
&zϮϯ
Ψŵ
ŝƐƚƌŝďƵƚŝŽŶƐĨƌŽŵƐƵďƐŝĚŝĂƌŝĞƐŽƵƚƐŝĚĞƚŚĞůŽƐĞĚ'ƌŽƵƉ
ϭϳ͘ϱ
ϭϳ͘ϳ
KƚŚĞƌŶĞƚŝŶĐŽŵĞ
ϯϯϱ͘ϰ
ϯϭϵ͘ϰ
^ŝŐŶŝĨŝĐĂŶƚŝƚĞŵƐ
;ϯϬ͘ϯͿ
;ϰϴ͘ϯͿ
WƌŽĨŝƚďĞĨŽƌĞŝŶĐŽŵĞƚĂdž
ϯϮϮ͘ϲ
Ϯϴϴ͘ϴ
/ŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞ
;ϵϰ͘ϱͿ
;ϴϯ͘ϵͿ
EĞƚƉƌŽĨŝƚĨŽƌƚŚĞLJĞĂƌ
ϮϮϴ͘ϭ
ϮϬϰ͘ϵ
^ƵŵŵĂƌLJ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůWŽƐŝƚŝŽŶŽĨƚŚĞůŽƐĞĚ'ƌŽƵƉ
&zϮϰ
Ψŵ
&zϮϯ
Ψŵ
^^d^


ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ
ϰϳ͘ϲ
ϰϭ͘ϯ
dƌĂĚĞƌĞĐĞŝǀĂďůĞƐĂŶĚůŽĂŶƐ
ϭ͕ϴϭϰ͘Ϯ
ϭ͕ϲϯϳ͘ϳ
>ĞĂƐĞƌĞĐĞŝǀĂďůĞƐ
ϯϵ͘ϱ
ϰϭ͘ϭ
ŵŽƵŶƚƐĚƵĞĨƌŽŵƌĞůĂƚĞĚƉĂƌƚŝĞƐ
—
ϭϲ͘ϭ
/ŶǀĞŶƚŽƌŝĞƐ
ϵϱϴ͘Ϭ
ϵϱϴ͘ϰ
KƚŚĞƌĐƵƌƌĞŶƚĂƐƐĞƚƐ
ϭϬ͘ϰ
ϵ͘ϴ
dŽƚĂůĐƵƌƌĞŶƚĂƐƐĞƚƐ
Ϯ͕ϴϲϵ͘ϳ
Ϯ͕ϳϬϰ͘ϰ
/ŶǀĞƐƚŵĞŶƚƐ
ϰϲϮ͘ϰ
ϯϯϱ͘ϴ
>ĞĂƐĞƌĞĐĞŝǀĂďůĞƐ
ϭϴϮ͘ϴ
Ϯϭϲ͘ϱ
WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ
Ϯϲϯ͘Ϯ
ϮϬϵ͘ϭ
EĞƚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ
ϭϯϳ͘ϰ
ϭϯϯ͘ϲ
/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐĂŶĚŐŽŽĚǁŝůů
ϵϳϳ͘Ϭ
ϲϵϭ͘ϴ
ZŝŐŚƚͲŽĨͲƵƐĞĂƐƐĞƚƐ
ϱϭϴ͘ϱ
ϱϬϯ͘ϲ
KƚŚĞƌŶŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ
ϭϱ͘Ϭ
ϵ͘ϵ
dŽƚĂůŶŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ
Ϯ͕ϱϱϲ͘ϯ
Ϯ͕ϭϬϬ͘ϯ
dŽƚĂůĂƐƐĞƚƐ
ϱ͕ϰϮϲ͘Ϭ
ϰ͕ϴϬϰ͘ϳ
>//>/d/^


dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ
Ϯ͕ϯϬϲ͘ϱ
Ϯ͕Ϭϵϰ͘ϭ
>ĞĂƐĞůŝĂďŝůŝƚŝĞƐ
ϭϲϰ͘Ϯ
ϭϮϬ͘ϰ
/ŶƚĞƌĞƐƚͲďĞĂƌŝŶŐďŽƌƌŽǁŝŶŐƐ
ϰϵ͘ϭ
ϭϲϴ͘ϯ
/ŶĐŽŵĞƚĂdžƉĂLJĂďůĞ
Ϭ͘ϰ
ϲ͘ϭ
WƌŽǀŝƐŝŽŶƐ
ϭϯϳ͘ϰ
ϭϰϲ͘Ϯ
WƵƚŽƉƚŝŽŶƐĂŶĚŽƚŚĞƌĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ
ϰϬ͘ϳ
ϭϬϴ͘ϭ
dŽƚĂůĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ
Ϯ͕ϲϵϴ͘ϯ
Ϯ͕ϲϰϯ͘Ϯ
/ŶƚĞƌĞƐƚͲďĞĂƌŝŶŐďŽƌƌŽǁŝŶŐƐ
ϮϳϮ͘ϯ
ϮϳϬ͘ϴ
>ĞĂƐĞůŝĂďŝůŝƚŝĞƐ
ϳϱϵ͘ϰ
ϴϬϳ͘ϳ
ŵŽƵŶƚƐĚƵĞƚŽƌĞůĂƚĞĚƉĂƌƚŝĞƐ
ϭϱ͘ϭ
—
WƌŽǀŝƐŝŽŶƐ
ϯϬ͘ϰ
ϯϳ͘ϰ
WƵƚŽƉƚŝŽŶƐĂŶĚŽƚŚĞƌĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ
ϭϰϴ͘ϯ
ϵ͘ϵ
dŽƚĂůŶŽŶͲĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ
ϭ͕ϮϮϱ͘ϱ
ϭ͕ϭϮϱ͘ϴ
dŽƚĂůůŝĂďŝůŝƚŝĞƐ
ϯ͕ϵϮϯ͘ϴ
ϯ͕ϳϲϵ͘Ϭ
EĞƚĂƐƐĞƚƐ
ϭ͕ϱϬϮ͘Ϯ
ϭ͕Ϭϯϱ͘ϳ
Yh/dz


ŽŶƚƌŝďƵƚĞĚĞƋƵŝƚLJ
ϭ͕Ϯϯϴ͘ϴ
ϴϭϴ͘ϯ
ZĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐ
Ϯϱϲ͘ϰ
Ϯϭϵ͘ϯ
KƚŚĞƌƌĞƐĞƌǀĞƐ
ϳ͘Ϭ
;ϭ͘ϵͿ
dŽƚĂůĞƋƵŝƚLJ
ϭ͕ϱϬϮ͘Ϯ
ϭ͕Ϭϯϱ͘ϳ
APPENDIX B – INFORMATION ON SUBSIDIARIES CONTINUED
Metcash Annual Report 2024
112


/ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂƌĞƐŽůƵƚŝŽŶŽĨƚŚĞĚŝƌĞĐƚŽƌƐŽĨDĞƚĐĂƐŚ>ŝŵŝƚĞĚ͕/ƐƚĂƚĞƚŚĂƚ͗
ϭ͘ /ŶƚŚĞŽƉŝŶŝŽŶŽĨƚŚĞĚŝƌĞĐƚŽƌƐ͗
Ă͘ dŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ŶŽƚĞƐĂŶĚƚŚĞĂĚĚŝƚŝŽŶĂůĚŝƐĐůŽƐƵƌĞƐŝŶĐůƵĚĞĚŝŶƚŚĞirectors’ ZĞƉŽƌƚĚĞƐŝŐŶĂƚĞĚĂƐĂƵĚŝƚĞĚ͕ŽĨ
DĞƚĐĂƐŚ>ŝŵŝƚĞĚĂƌĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭ͕ŝŶĐůƵĚŝŶŐ͗
ŝ͘ 
Giving a true and fair view of the consolidated entity’s financial position as at 30 April ϮϬϮϰĂŶĚŽĨŝƚƐƉĞƌĨŽƌŵĂŶĐĞĨŽƌƚŚĞ
LJĞĂƌĞŶĚĞĚŽŶƚŚĂƚĚĂƚĞ͖ĂŶĚ
ŝŝ͘ 
ŽŵƉůLJŝŶŐǁŝƚŚĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐ;ŝŶĐůƵĚŝŶŐƚŚĞƵƐƚƌĂůŝĂŶĐĐŽƵŶƚŝŶŐ/ŶƚĞƌƉƌĞƚĂƚŝŽŶƐͿĂŶĚŽƌƉŽƌĂƚŝŽŶƐZĞŐƵůĂƚŝŽŶƐ
ϮϬϬϭ͖
ď͘ dŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚŶŽƚĞƐĂůƐŽĐŽŵƉůLJǁŝƚŚ/ŶƚĞƌŶĂƚŝŽŶĂů&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐ^ƚĂŶĚĂƌĚƐĂƐĚŝƐĐůŽƐĞĚŝŶEŽƚĞϮ͘ϭ͖ĂŶĚ
Đ͘ dŚĞƌĞĂƌĞƌĞĂƐŽŶĂďůĞŐƌŽƵŶĚƐƚŽďĞůŝĞǀĞƚŚĂƚƚŚĞŽŵƉĂŶLJǁŝůůďĞĂďůĞƚŽƉĂLJŝƚƐĚĞďƚƐĂƐĂŶĚǁŚĞŶƚŚĞLJďĞĐŽŵĞĚƵĞĂŶĚ
ƉĂLJĂďůĞ͘
Ϯ͘ dŚŝƐĚĞĐůĂƌĂƚŝŽŶŚĂƐďĞĞŶŵĂĚĞĂĨƚĞƌƌĞĐĞŝǀŝŶŐƚŚĞĚĞĐůĂƌĂƚŝŽŶƐƌĞƋƵŝƌĞĚƚŽďĞŵĂĚĞƚŽƚŚĞĚŝƌĞĐƚŽƌƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƐĞĐƚŝŽŶ
ϮϵϱŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭĨŽƌƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌĞŶĚĞĚϯϬƉƌŝůϮϬϮϰ͘
ϯ͘ /ŶƚŚĞŽƉŝŶŝŽŶŽĨƚŚĞĚŝƌĞĐƚŽƌƐ͕ĂƐĂƚƚŚĞĚĂƚĞŽĨƚŚŝƐĚĞĐůĂƌĂƚŝŽŶ͕ƚŚĞƌĞĂƌĞƌĞĂƐŽŶĂďůĞŐƌŽƵŶĚƐƚŽďĞůŝĞǀĞƚŚĂƚƚŚĞŵĞŵďĞƌƐŽĨƚŚĞ
ůŽƐĞĚ'ƌŽƵƉŝĚĞŶƚŝĨŝĞĚŝŶƉƉĞŶĚŝdžǁŝůůďĞĂďůĞƚŽŵĞĞƚĂŶLJŽďůŝŐĂƚŝŽŶŽƌůŝĂďŝůŝƚŝĞƐƚŽǁŚŝĐŚƚŚĞLJĂƌĞŽƌŵĂLJďĞĐŽŵĞƐƵďũĞĐƚƚŽ͕
ďLJǀŝƌƚƵĞŽĨƚŚĞĞĞĚŽĨƌŽƐƐ'ƵĂƌĂŶƚĞĞ͘

KŶďĞŚĂůĨŽĨƚŚĞŽĂƌĚ





Kh':KE^
ŝƌĞĐƚŽƌ
^LJĚŶĞLJ͕Ϯϰ:ƵŶĞϮϬϮϰ

DIRECTORS’ DECLARATION
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Auditor’s Independence Declaration to the Directors of DĞƚĐĂƐŚ>ŝŵŝƚĞĚ

ƐůĞĂĚĂƵĚŝƚŽƌĨŽƌƚŚĞĂƵĚŝƚŽĨƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŽĨDĞƚĐĂƐŚ>ŝŵŝƚĞĚĨŽƌƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌĞŶĚĞĚϯϬƉƌŝůϮϬϮϰ͕/ĚĞĐůĂƌĞƚŽ
ƚŚĞďĞƐƚŽĨŵLJŬŶŽǁůĞĚŐĞĂŶĚďĞůŝĞĨ͕ƚŚĞƌĞŚĂǀĞďĞĞŶ͗
ĂͿ 
EŽĐŽŶƚƌĂǀĞŶƚŝŽŶƐŽĨƚŚĞĂƵĚŝƚŽƌŝŶĚĞƉĞŶĚĞŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭŝŶƌĞůĂƚŝŽŶƚŽƚŚĞĂƵĚŝƚ͖
ďͿ 
EŽĐŽŶƚƌĂǀĞŶƚŝŽŶƐŽĨĂŶLJĂƉƉůŝĐĂďůĞĐŽĚĞŽĨƉƌŽĨĞƐƐŝŽŶĂůĐŽŶĚƵĐƚŝŶƌĞůĂƚŝŽŶƚŽƚŚĞĂƵĚŝƚ͖ĂŶĚ
ĐͿ 
EŽŶŽŶͲĂƵĚŝƚƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚƚŚĂƚĐŽŶƚƌĂǀĞŶĞĂŶLJĂƉƉůŝĐĂďůĞĐŽĚĞŽĨƉƌŽĨĞƐƐŝŽŶĂůĐŽŶĚƵĐƚŝŶƌĞůĂƚŝŽŶƚŽƚŚĞĂƵĚŝƚ
dŚŝƐĚĞĐůĂƌĂƚŝŽŶŝƐŝŶƌĞƐƉĞĐƚŽĨDĞƚĐĂƐŚ>ŝŵŝƚĞĚĂŶĚƚŚĞĞŶƚŝƚŝĞƐŝƚĐŽŶƚƌŽůůĞĚĚƵƌŝŶŐƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌ͘



ƌŶƐƚΘzŽƵŶŐ


ŚƌŝƐƚŽƉŚĞƌ'ĞŽƌŐĞ
WĂƌƚŶĞƌ
Ϯϰ:ƵŶĞϮϬϮϰ




Ernst & Young
200 George Street
Sydney  NSW  2000 Australia
GPO Box 2646 Sydney  NSW  2001
Tel: +61 2 9248 5555
Fax: +61 2 9248 5959
ey.com/au

Metcash Annual Report 2024
114

A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation































Independent auditor’s report to the members of Metcash Limited
ZĞƉŽƌƚŽŶƚŚĞĂƵĚŝƚŽĨƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ
KƉŝŶŝŽŶ
tĞŚĂǀĞĂƵĚŝƚĞĚƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŽĨDĞƚĐĂƐŚ>ŝŵŝƚĞĚ;ƚŚĞŽŵƉĂŶLJͿĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ;ĐŽůůĞĐƚŝǀĞůLJƚŚĞ'ƌŽƵƉͿ͕ǁŚŝĐŚ
ĐŽŵƉƌŝƐĞƐƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĂƐĂƚϯϬƉƌŝůϮϬϮϰ͕ƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞ
ŝŶĐŽŵĞ͕ĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨĐŚĂŶŐĞƐŝŶĞƋƵŝƚLJĂŶĚĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨĐĂƐŚĨůŽǁƐĨŽƌƚŚĞLJĞĂƌƚŚĞŶĞŶĚĞĚ͕ŶŽƚĞƐ
ƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ŝŶĐůƵĚŝŶŐŵĂƚĞƌŝĂůĂĐĐŽƵŶƚŝŶŐƉŽůŝĐLJŝŶĨŽƌŵĂƚŝŽŶ, and the directors’ declaration.
/ŶŽƵƌŽƉŝŶŝŽŶ͕ƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŽĨƚŚĞ'ƌŽƵƉŝƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭ͕ŝŶĐůƵĚŝŶŐ͗
Ă͘ 
Giving a true and fair view of the consolidated financial position of the Group as at 30April 2024 and of its consolidated 
financial performance for the year ended on that date; and
ď͘ 
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
ĂƐŝƐĨŽƌŽƉŝŶŝŽŶ
tĞĐŽŶĚƵĐƚĞĚŽƵƌĂƵĚŝƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƵƐƚƌĂůŝĂŶƵĚŝƚŝŶŐ^ƚĂŶĚĂƌĚƐ͘KƵƌƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐƵŶĚĞƌƚŚŽƐĞƐƚĂŶĚĂƌĚƐĂƌĞ
ĨƵƌƚŚĞƌĚĞƐĐƌŝďĞĚŝŶƚŚĞAuditor’s responsibilities for the audit of the financial reportƐĞĐƚŝŽŶŽĨŽƵƌƌĞƉŽƌƚ͘tĞĂƌĞŝŶĚĞƉĞŶĚĞŶƚ
ŽĨƚŚĞ'ƌŽƵƉŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĂƵĚŝƚŽƌŝŶĚĞƉĞŶĚĞŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭĂŶĚƚŚĞĞƚŚŝĐĂů
requirements of the Accounting Professional and Ethical Standards Board’s APES 110 ŽĚĞŽĨƚŚŝĐƐĨŽƌWƌŽĨĞƐƐŝŽŶĂů
ĐĐŽƵŶƚĂŶƚƐ;ŝŶĐůƵĚŝŶŐ/ŶĚĞƉĞŶĚĞŶĐĞ^ƚĂŶĚĂƌĚƐͿ;ƚŚĞŽĚĞͿƚŚĂƚĂƌĞƌĞůĞǀĂŶƚƚŽŽƵƌĂƵĚŝƚŽĨƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶƵƐƚƌĂůŝĂ͘
tĞŚĂǀĞĂůƐŽĨƵůĨŝůůĞĚŽƵƌŽƚŚĞƌĞƚŚŝĐĂůƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽĚĞ͘
tĞďĞůŝĞǀĞƚŚĂƚƚŚĞĂƵĚŝƚĞǀŝĚĞŶĐĞǁĞŚĂǀĞŽďƚĂŝŶĞĚŝƐƐƵĨĨŝĐŝĞŶƚĂŶĚĂƉƉƌŽƉƌŝĂƚĞƚŽƉƌŽǀŝĚĞĂďĂƐŝƐĨŽƌŽƵƌŽƉŝŶŝŽŶ͘
<ĞLJĂƵĚŝƚŵĂƚƚĞƌƐ
<ĞLJĂƵĚŝƚŵĂƚƚĞƌƐĂƌĞƚŚŽƐĞŵĂƚƚĞƌƐƚŚĂƚ͕ŝŶŽƵƌƉƌŽĨĞƐƐŝŽŶĂůũƵĚŐŵĞŶƚ͕ǁĞƌĞŽĨŵŽƐƚƐŝŐŶŝĨŝĐĂŶĐĞŝŶŽƵƌĂƵĚŝƚŽĨƚŚĞĨŝŶĂŶĐŝĂů
ƌĞƉŽƌƚŽĨƚŚĞĐƵƌƌĞŶƚLJĞĂƌ͘dŚĞƐĞŵĂƚƚĞƌƐǁĞƌĞĂĚĚƌĞƐƐĞĚŝŶƚŚĞĐŽŶƚĞdžƚŽĨŽƵƌĂƵĚŝƚŽĨƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚĂƐĂǁŚŽůĞ͕ĂŶĚŝŶ
ĨŽƌŵŝŶŐŽƵƌŽƉŝŶŝŽŶƚŚĞƌĞŽŶ͕ďƵƚǁĞĚŽŶŽƚƉƌŽǀŝĚĞĂƐĞƉĂƌĂƚĞŽƉŝŶŝŽŶŽŶƚŚĞƐĞŵĂƚƚĞƌƐ͘&ŽƌĞĂĐŚŵĂƚƚĞƌďĞůŽǁ͕ŽƵƌ
ĚĞƐĐƌŝƉƚŝŽŶŽĨŚŽǁŽƵƌĂƵĚŝƚĂĚĚƌĞƐƐĞĚƚŚĞŵĂƚƚĞƌŝƐƉƌŽǀŝĚĞĚŝŶƚŚĂƚĐŽŶƚĞdžƚ͘
tĞŚĂǀĞĨƵůĨŝůůĞĚƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĚĞƐĐƌŝďĞĚŝŶƚŚĞAuditor’s responsibilities for the audit of the financial reportƐĞĐƚŝŽŶŽĨŽƵƌ
ƌĞƉŽƌƚ͕ŝŶĐůƵĚŝŶŐŝŶƌĞůĂƚŝŽŶƚŽƚŚĞƐĞŵĂƚƚĞƌƐ͘ĐĐŽƌĚŝŶŐůLJ͕ŽƵƌĂƵĚŝƚŝŶĐůƵĚĞĚƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƉƌŽĐĞĚƵƌĞƐĚĞƐŝŐŶĞĚƚŽ
ƌĞƐƉŽŶĚƚŽŽƵƌĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞƌŝƐŬƐŽĨŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚŽĨƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ͘dŚĞƌĞƐƵůƚƐŽĨŽƵƌĂƵĚŝƚƉƌŽĐĞĚƵƌĞƐ͕
ŝŶĐůƵĚŝŶŐƚŚĞƉƌŽĐĞĚƵƌĞƐƉĞƌĨŽƌŵĞĚƚŽĂĚĚƌĞƐƐƚŚĞŵĂƚƚĞƌƐďĞůŽǁ͕ƉƌŽǀŝĚĞƚŚĞďĂƐŝƐĨŽƌŽƵƌĂƵĚŝƚŽƉŝŶŝŽŶŽŶƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐ
ĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ͘

Ernst & Young
200 George Street
Sydney  NSW  2000 Australia
GPO Box 2646 Sydney  NSW  2001
 Tel: +61 2 9248 5555
Fax: +61 2 9248 5959
ey.com/au
115
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/ŵƉĂŝƌŵĞŶƚĂƐƐĞƐƐŵĞŶƚŽĨŐŽŽĚǁŝůůĂŶĚŽƚŚĞƌŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐ
► 
tŚLJƐŝŐŶŝĨŝĐĂŶƚ
,ŽǁŽƵƌĂƵĚŝƚĂĚĚƌĞƐƐĞĚƚŚĞŬĞLJĂƵĚŝƚŵĂƚƚĞƌ
ƚϯϬƉƌŝůϮϬϮϰ͕the Group’s consolidated statement of 
ĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶŝŶĐůƵĚĞƐŐŽŽĚǁŝůůĂŶĚŽƚŚĞƌŝŶƚĂŶŐŝďůĞ
ĂƐƐĞƚƐǁŝƚŚĂĐĂƌƌLJŝŶŐǀĂůƵĞΨϭ͕Ϭϲϭ͘ϱŵŝůůŝŽŶ͕ƌĞƉƌĞƐĞŶƚŝŶŐ
ϭϴ͘ϯйŽĨƚŽƚĂůĂƐƐĞƚƐ͘dŚĞ'ƌŽƵƉƌĞĐŽŐŶŝƐĞĚΨϭϲϬ͘ϴŵŝůůŝŽŶ
ŝŶŐŽŽĚǁŝůůĂƌŝƐŝŶŐĨƌŽŵďƵƐŝŶĞƐƐĂĐƋƵŝƐŝƚŝŽŶƐĚƵƌŝŶŐƚŚĞ
LJĞĂƌ͘
dŚĞĚŝƌĞĐƚŽƌƐŚĂǀĞĂƐƐĞƐƐĞĚŐŽŽĚǁŝůůĂŶĚŽƚŚĞƌŝŶƚĂŶŐŝďůĞ
ĂƐƐĞƚƐĨŽƌŝŵƉĂŝƌŵĞŶƚ͘ƐĚŝƐĐůŽƐĞĚǁŝƚŚŝŶEŽƚĞϰ͘ϳƚŽƚŚĞ
ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ƚŚĞĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞŝŵƉĂŝƌŵĞŶƚŽĨ
the Group’s goodwill and other intangible assets 
ŝŶĐŽƌƉŽƌĂƚĞĚƐŝŐŶŝĨŝĐĂŶƚũƵĚŐŵĞŶƚƐĂŶĚĞƐƚŝŵĂƚĞƐ͕ďĂƐĞĚ
ƵƉŽŶĐŽŶĚŝƚŝŽŶƐĞdžŝƐƚŝŶŐĂƐĂƚϯϬƉƌŝůϮϬϮϰ͕ƐƉĞĐŝĨŝĐĂůůLJ
ĐŽŶĐĞƌŶŝŶŐĨĂĐƚŽƌƐƐƵĐŚĂƐĨŽƌĞĐĂƐƚĐĂƐŚĨůŽǁƐ͕ĚŝƐĐŽƵŶƚ
ƌĂƚĞƐĂŶĚƚĞƌŵŝŶĂůŐƌŽǁƚŚƌĂƚĞƐ͘
dŚĞĞƐƚŝŵĂƚĞƐĂŶĚĂƐƐƵŵƉƚŝŽŶƐƌĞůĂƚĞƚŽƚŚĞƐƵƐƚĂŝŶĂďŝůŝƚLJ
ŽĨĨƵƚƵƌĞƉĞƌĨŽƌŵĂŶĐĞ͕ŵĂƌŬĞƚĂŶĚĞĐŽŶŽŵŝĐĐŽŶĚŝƚŝŽŶƐ͘
^ŝŐŶŝĨŝĐĂŶƚĂƐƐƵŵƉƚŝŽŶƐƵƐĞĚŝŶƚŚĞŝŵƉĂŝƌŵĞŶƚƚĞƐƚŝŶŐ
ƌĞĨĞƌƌĞĚƚŽĂďŽǀĞĂƌĞŝŶŚĞƌĞŶƚůLJƐƵďũĞĐƚŝǀĞ͘
dŚĞĚŝƐĐůŽƐƵƌĞƐŝŶƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚƉƌŽǀŝĚĞŝŵƉŽƌƚĂŶƚ
ŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƚŚĞĂƐƐƵŵƉƚŝŽŶƐŵĂĚĞŝŶƚŚĞŝŵƉĂŝƌŵĞŶƚ
ƚĞƐƚŝŶŐĂŶĚƚŚĞŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐĂƚϯϬƉƌŝůϮϬϮϰ͘
ĐĐŽƌĚŝŶŐůLJ͕ǁĞĐŽŶƐŝĚĞƌĞĚƚŚĞŝŵƉĂŝƌŵĞŶƚƚĞƐƚŝŶŐŽĨ
ŐŽŽĚǁŝůůĂŶĚŽƚŚĞƌŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐĂŶĚƚŚĞƌĞůĂƚĞĚ
ĚŝƐĐůŽƐƵƌĞƐŝŶƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚƚŽďĞĂŬĞLJĂƵĚŝƚŵĂƚƚĞƌ͘
KƵƌĂƵĚŝƚƉƌŽĐĞĚƵƌĞƐŝŶĐůƵĚĞĚƚŚĞĨŽůůŽǁŝŶŐ͗
► 
Assessed the Group’s determination of the cash 
generating units (CGUs) used in the impairment 
model, based on our understanding of the nature 
of the Group’s business and the economic 
environment in which the segments operate. We 
also considered internal reporting of the Group’s 
results to assess how earnings and goodwill are 
monitored and reported.
► 
Assessed the Group’s allocation of additional 
goodwill arising from business combinations to 
CGUs used in the impairment model.
► 
Assessed the cash flow forecasts, assumptions and 
estimates used by the Group, as outlined in Note 
4.7 to the financial statements, by considering the 
reliability of the Group’s historical cash flow 
forecasts, our knowledge of the business and 
corroborating data with external information 
where possible.
► 
Considered the impact on the cash flow forecasts 
related to the group’s climate change 
commitments.
► 
Evaluated the appropriateness of discount and 
terminal growth rates applied with involvement 
from our valuation specialists.
► 
Tested the mathematical accuracy of the 
impairment testing models including the 
consistency of relevant data with latest Board 
approved forecasts.
► 
Performed sensitivity analysis on key assumptions 
including growth rates (including terminal growth 
rates) and discount rates, for each of the Group’s 
CGUs.
► 
Assessed the adequacy of the financial report 
disclosures contained in Note 4.7.


A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation

Metcash Annual Report 2024
116





























ĐĐŽƵŶƚŝŶŐĨŽƌZĞďĂƚĞƐ
tŚLJƐŝŐŶŝĨŝĐĂŶƚ
,ŽǁŽƵƌĂƵĚŝƚĂĚĚƌĞƐƐĞĚƚŚĞŬĞLJĂƵĚŝƚŵĂƚƚĞƌ
EŽƚĞϰ͘ϯof the financial report outlines the Group’s 
ĂĐĐŽƵŶƚŝŶŐƉŽůŝĐLJƌĞůĂƚŝŶŐƚŽƐƵƉƉůŝĞƌƌĞďĂƚĞƐ͕ŽƌƐƵƉƉůŝĞƌ
ŝŶĐŽŵĞĂƐƚŚĞLJĂƌĞƌĞĨĞƌƌĞĚƚŽŝŶƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ͘
dŚĞ'ƌŽƵƉƌĞĐĞŝǀĞƐƌĞďĂƚĞƐĂŶĚŽƚŚĞƌƐŝŵŝůĂƌŝŶĐĞŶƚŝǀĞƐ
ĨƌŽŵƐƵƉƉůŝĞƌƐǁŚŝĐŚĂƌĞĚĞƚĞƌŵŝŶĞĚďĂƐĞĚƵƉŽŶĂŶƵŵďĞƌ
ŽĨŵĞĂƐƵƌĞƐǁŚŝĐŚĐĂŶŝŶĐůƵĚĞǀŽůƵŵĞƐŽĨŝŶǀĞŶƚŽƌLJ
ƉƵƌĐŚĂƐĞĚŽƌƐŽůĚĂŶĚƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƉƌŽŵŽƚŝŽŶĂů
ĂĐƚŝǀŝƚŝĞƐ͘
tĞĐŽŶƐŝĚĞƌĞĚƚŚŝƐƚŽďĞĂŬĞLJĂƵĚŝƚŵĂƚƚĞƌĂƐƐƵƉƉůŝĞƌ
rebates contributed significantly to the Group’s results͘
dŚĞƌĞĂƌĞĂůĂƌŐĞŶƵŵďĞƌŽĨƐƉĞĐŝĨŝĐĂŐƌĞĞŵĞŶƚƐŝŶƉůĂĐĞ
ĂŶĚƐŽŵĞŽĨƚŚĞĂƌƌĂŶŐĞŵĞŶƚƐƌĞƋƵŝƌĞũƵĚŐŵĞŶƚƚŽďĞ
ĂƉƉůŝĞĚŝŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞƚŝŵŝŶŐŽĨƌĞďĂƚĞƌĞĐŽŐŶŝƚŝŽŶĂŶĚ
ƚŚĞĂƉƉƌŽƉƌŝĂƚĞĐůĂƐƐŝĨŝĐĂƚŝŽŶǁŝƚŚŝŶƚŚĞĨŝŶĂŶĐŝĂů
ƐƚĂƚĞŵĞŶƚƐ͕ďĂƐĞĚƵƉŽŶƚŚĞƚĞƌŵƐŽĨƚŚĞĂŐƌĞĞŵĞŶƚ͘
KƵƌĂƵĚŝƚƉƌŽĐĞĚƵƌĞƐŝŶĐůƵĚĞĚƚŚĞĨŽůůŽǁŝŶŐ͗
► 
Evaluated the Group's design of controls relating to 
the recognition, measurement and classification of 
rebate amounts recognised within the consolidated 
statement of comprehensive  income.
► 
Assessed the operating effectiveness of relevant 
controls in place relating to the recognition and 
measurement of selected purchase-volume based 
rebates.
► 
Selected a sample of non purchase-volume based and 
purchase-volume based rebates, and determined 
whether the rebates were calculated in accordance 
with the agreed terms and assessed whether the 
timing and value of amounts recognised were in 
accordance with the requirements of Australian 
Accounting Standards.
► 
Selected a sample of supplier rebates recorded as 
receivables at year-end and assessed whether the 
income was correctly calculated and recognised in the 
correct period.
► 
Considered the Group’s assessment of the value of 
rebates associated with inventory on hand at year end 
that were deducted from the carrying value of 
inventory.
► 
Considered the impact of supplier claims during and 
subsequent to year end on amounts recognised.
► 
Inquired of the Group as to the existence of any non-
standard agreements or side arrangements.

Information other than the financial report and auditor’s report thereon
dŚĞĚŝƌĞĐƚŽƌƐĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶ͘dŚĞŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶĐŽŵƉƌŝƐĞƐƚŚĞŝŶĨŽƌŵĂƚŝŽŶŝŶĐůƵĚĞĚŝŶƚŚĞ
Group’s 202ϰAnnual Report other than the financial report and our auditor’s report thereon. We obtained the directors’ report 
that is to be included in the Annual Report, prior to the date of this auditor’s report, and we expect to obtain the remaininŐ
ƐĞĐƚŝŽŶƐŽĨƚŚe Annual Report after the date of this auditor’s report. 
KƵƌŽƉŝŶŝŽŶŽŶƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚĚŽĞƐŶŽƚĐŽǀĞƌƚŚĞŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶĂŶĚǁĞĚŽŶŽƚĂŶĚǁŝůůŶŽƚĞdžƉƌĞƐƐĂŶLJĨŽƌŵŽĨ
ĂƐƐƵƌĂŶĐĞĐŽŶĐůƵƐŝŽŶƚŚĞƌĞŽŶ͕ǁŝƚŚƚŚĞĞdžĐĞƉƚŝŽŶŽĨƚŚĞZĞŵƵŶĞƌĂƚŝŽŶZĞƉŽƌƚĂŶĚŽƵƌƌĞůĂƚĞĚĂƐƐƵƌĂŶĐĞŽƉŝŶŝŽŶ͘
/ŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚŽƵƌĂƵĚŝƚŽĨƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ͕ŽƵƌƌĞƐƉŽŶƐŝďŝůŝƚLJŝƐƚŽƌĞĂĚƚŚĞŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶĂŶĚ͕ŝŶĚŽŝŶŐƐŽ͕ĐŽŶƐŝĚĞƌ
ǁŚĞƚŚĞƌƚŚĞŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶŝƐŵĂƚĞƌŝĂůůLJŝŶĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŽƌŽƵƌŬŶŽǁůĞĚŐĞŽďƚĂŝŶĞĚŝŶƚŚĞĂƵĚŝƚŽƌ
ŽƚŚĞƌǁŝƐĞĂƉƉĞĂƌƐƚŽďĞŵĂƚĞƌŝĂůůLJŵŝƐƐƚĂƚĞĚ͘


A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation

117
About
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Our People
Directors’ Report
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If, based on the work we have performed on the other information obtained prior to the date of this auditor’s report, we 
ĐŽŶĐůƵĚĞƚŚĂƚƚŚĞƌĞŝƐĂŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚŽĨƚŚŝƐŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶ͕ǁĞĂƌĞƌĞƋƵŝƌĞĚƚŽƌĞƉŽƌƚƚŚĂƚĨĂĐƚ͘tĞŚĂǀĞŶŽƚŚŝŶŐ
ƚŽƌĞƉŽƌƚŝŶƚŚŝƐƌĞŐĂƌĚ͘
ZĞƐƉŽŶƐŝďŝůŝƚŝĞƐŽĨƚŚĞĚŝƌĞĐƚŽƌƐĨŽƌƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ
dŚĞĚŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶLJĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚƚŚĂƚŐŝǀĞƐĂƚƌƵĞĂŶĚĨĂŝƌǀŝĞǁŝŶ
ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƵƐƚƌĂůŝĂŶĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐĂŶĚƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭĂŶĚĨŽƌƐƵĐŚŝŶƚĞƌŶĂůĐŽŶƚƌŽůĂƐƚŚĞĚŝƌĞĐƚŽƌƐ
ĚĞƚĞƌŵŝŶĞŝƐŶĞĐĞƐƐĂƌLJƚŽĞŶĂďůĞƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚƚŚĂƚŐŝǀĞƐĂƚƌƵĞĂŶĚĨĂŝƌǀŝĞǁĂŶĚŝƐĨƌĞĞĨƌŽŵŵĂƚĞƌŝĂů
ŵŝƐƐƚĂƚĞŵĞŶƚ͕ǁŚĞƚŚĞƌĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͘
In preparing the financial report, the directors are responsible for assessing the Group’s ability to continue as a going conĐĞƌŶ͕
ĚŝƐĐůŽƐŝŶŐ͕ĂƐĂƉƉůŝĐĂďůĞ͕ŵĂƚƚĞƌƐƌĞůĂƚŝŶŐƚŽŐŽŝŶŐĐŽŶĐĞƌŶĂŶĚƵƐŝŶŐƚŚĞŐŽŝŶŐĐŽŶĐĞƌŶďĂƐŝƐŽĨĂĐĐŽƵŶƚŝŶŐƵŶůĞƐƐƚŚĞĚŝƌĞĐƚŽƌƐ
ĞŝƚŚĞƌŝŶƚĞŶĚƚŽůŝƋƵŝĚĂƚĞƚŚĞ'ƌŽƵƉŽƌƚŽĐĞĂƐĞŽƉĞƌĂƚŝŽŶƐ͕ŽƌŚĂǀĞŶŽƌĞĂůŝƐƚŝĐĂůƚĞƌŶĂƚŝǀĞďƵƚƚŽĚŽƐŽ͘
Auditor’s responsibilities for the audit of the financial report
KƵƌŽďũĞĐƚŝǀĞƐĂƌĞƚŽŽďƚĂŝŶƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞĂďŽƵƚǁŚĞƚŚĞƌƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚĂƐĂǁŚŽůĞŝƐĨƌĞĞĨƌŽŵŵĂƚĞƌŝĂů
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance
ŝƐĂŚŝŐŚůĞǀĞůŽĨĂƐƐƵƌĂŶĐĞ͕ďƵƚŝƐŶŽƚĂŐƵĂƌĂŶƚĞĞƚŚĂƚĂŶĂƵĚŝƚĐŽŶĚƵĐƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƵƐƚƌĂůŝĂŶƵĚŝƚŝŶŐ^ƚĂŶĚĂƌĚƐ
ǁŝůůĂůǁĂLJƐĚĞƚĞĐƚĂŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚǁŚĞŶŝƚĞdžŝƐƚƐ͘DŝƐƐƚĂƚĞŵĞŶƚƐĐĂŶĂƌŝƐĞĨƌŽŵĨƌĂƵĚŽƌĞƌƌŽƌĂŶĚĂƌĞĐŽŶƐŝĚĞƌĞĚ
ŵĂƚĞƌŝĂůŝĨ͕ŝŶĚŝǀŝĚƵĂůůLJŽƌŝŶƚŚĞĂŐŐƌĞŐĂƚĞ͕ƚŚĞLJĐŽƵůĚƌĞĂƐŽŶĂďůLJďĞĞdžƉĞĐƚĞĚƚŽŝŶĨůƵĞŶĐĞƚŚĞĞĐŽŶŽŵŝĐĚĞĐŝƐŝŽŶƐŽĨƵƐĞƌƐ
ƚĂŬĞŶŽŶƚŚĞďĂƐŝƐŽĨƚŚŝƐĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ͘
ƐƉĂƌƚŽĨĂŶĂƵĚŝƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƵƐƚƌĂůŝĂŶƵĚŝƚŝŶŐ^ƚĂŶĚĂƌĚƐ͕ǁĞĞdžĞƌĐŝƐĞƉƌŽĨĞƐƐŝŽŶĂůũƵĚŐŵĞŶƚĂŶĚŵĂŝŶƚĂŝŶ
ƉƌŽĨĞƐƐŝŽŶĂůƐĐĞƉƚŝĐŝƐŵƚŚƌŽƵŐŚŽƵƚƚŚĞĂƵĚŝƚ͘tĞĂůƐŽ͗
► 
Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and 
perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide 
a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one 
resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of 
internal control.
► 
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate 
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. 
► 
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related 
disclosures made by the directors.
► 
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit 
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt 
on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to 
draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are 
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our 
auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. 
► 
Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the 
financial report represents the underlying transactions and events in a manner that achieves fair presentation.
► 
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within 
the Group to express an opinion on the financial report. We are responsible for the direction, supervision and 
performance of the Group audit. We remain solely responsible for our audit opinion.
tĞĐŽŵŵƵŶŝĐĂƚĞǁŝƚŚƚŚĞĚŝƌĞĐƚŽƌƐƌĞŐĂƌĚŝŶŐ͕ĂŵŽŶŐŽƚŚĞƌŵĂƚƚĞƌƐ͕ƚŚĞƉůĂŶŶĞĚƐĐŽƉĞĂŶĚƚŝŵŝŶŐŽĨƚŚĞĂƵĚŝƚĂŶĚƐŝŐŶŝĨŝĐĂŶƚ
ĂƵĚŝƚĨŝŶĚŝŶŐƐ͕ŝŶĐůƵĚŝŶŐĂŶLJƐŝŐŶŝĨŝĐĂŶƚĚĞĨŝĐŝĞŶĐŝĞƐŝŶŝŶƚĞƌŶĂůĐŽŶƚƌŽůƚŚĂƚǁĞŝĚĞŶƚŝĨLJĚƵƌŝŶŐŽƵƌĂƵĚŝƚ͘
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation

Metcash Annual Report 2024
118

tĞĂůƐŽƉƌŽǀŝĚĞƚŚĞĚŝƌĞĐƚŽƌƐǁŝƚŚĂƐƚĂƚĞŵĞŶƚƚŚĂƚǁĞŚĂǀĞĐŽŵƉůŝĞĚǁŝƚŚƌĞůĞǀĂŶƚĞƚŚŝĐĂůƌĞƋƵŝƌĞŵĞŶƚƐƌĞŐĂƌĚŝŶŐ
ŝŶĚĞƉĞŶĚĞŶĐĞ͕ĂŶĚƚŽĐŽŵŵƵŶŝĐĂƚĞǁŝƚŚƚŚĞŵĂůůƌĞůĂƚŝŽŶƐŚŝƉƐĂŶĚŽƚŚĞƌŵĂƚƚĞƌƐƚŚĂƚŵĂLJƌĞĂƐŽŶĂďůLJďĞƚŚŽƵŐŚƚƚŽďĞĂƌŽŶ
ŽƵƌŝŶĚĞƉĞŶĚĞŶĐĞ͕ĂŶĚǁŚĞƌĞĂƉƉůŝĐĂďůĞ͕ĂĐƚŝŽŶƐƚĂŬĞŶƚŽĞůŝŵŝŶĂƚĞƚŚƌĞĂƚƐŽƌƐĂĨĞŐƵĂƌĚƐĂƉƉůŝĞĚ͘
&ƌŽŵƚŚĞŵĂƚƚĞƌƐĐŽŵŵƵŶŝĐĂƚĞĚƚŽƚŚĞĚŝƌĞĐƚŽƌƐ͕ǁĞĚĞƚĞƌŵŝŶĞƚŚŽƐĞŵĂƚƚĞƌƐƚŚĂƚǁĞƌĞŽĨŵŽƐƚƐŝŐŶŝĨŝĐĂŶĐĞŝŶƚŚĞĂƵĚŝƚŽĨ
the financial report of the current year and are therefore the key audit matters. We describe these matters in our auditor’s 
ƌĞƉŽƌƚƵŶůĞƐƐůĂǁŽƌƌĞŐƵůĂƚŝŽŶƉƌĞĐůƵĚĞƐƉƵďůŝĐĚŝƐĐůŽƐƵƌĞĂďŽƵƚƚŚĞŵĂƚƚĞƌŽƌǁŚĞŶ͕ŝŶĞdžƚƌĞŵĞůLJƌĂƌĞĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ǁĞ
ĚĞƚĞƌŵŝŶĞƚŚĂƚĂŵĂƚƚĞƌƐŚŽƵůĚŶŽƚďĞĐŽŵŵƵŶŝĐĂƚĞĚŝŶŽƵƌƌĞƉŽƌƚďĞĐĂƵƐĞƚŚĞĂĚǀĞƌƐĞĐŽŶƐĞƋƵĞŶĐĞƐŽĨĚŽŝŶŐƐŽǁŽƵůĚ
ƌĞĂƐŽŶĂďůLJďĞĞdžƉĞĐƚĞĚƚŽŽƵƚǁĞŝŐŚƚŚĞƉƵďůŝĐŝŶƚĞƌĞƐƚďĞŶĞĨŝƚƐŽĨƐƵĐŚĐŽŵŵƵŶŝĐĂƚŝŽŶ͘
ZĞƉŽƌƚŽŶƚŚĞĂƵĚŝƚŽĨƚŚĞZĞŵƵŶĞƌĂƚŝŽŶZĞƉŽƌƚ
KƉŝŶŝŽŶŽŶƚŚĞZĞŵƵŶĞƌĂƚŝŽŶZĞƉŽƌƚ
tĞŚĂǀĞĂƵĚŝƚĞĚƚŚĞZĞŵƵŶĞƌĂƚŝŽŶZĞƉŽƌƚŝŶĐůƵĚĞĚŝŶƉĂŐĞƐ51ƚŽ66ŽĨthe Directors’ report for the year ended 30 April 202ϰ͘
/ŶŽƵƌŽƉŝŶŝŽŶ͕ƚŚĞZĞŵƵŶĞƌĂƚŝŽŶZĞƉŽƌƚŽĨDĞƚĐĂƐŚ>ŝŵŝƚĞĚĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬƉƌŝůϮϬϮϰ͕ĐŽŵƉůŝĞƐǁŝƚŚƐĞĐƚŝŽŶϯϬϬŽĨ
ƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭ͘
ZĞƐƉŽŶƐŝďŝůŝƚŝĞƐ
dŚĞĚŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶLJĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞƉƌĞƉĂƌĂƚŝŽŶĂŶĚƉƌĞƐĞŶƚĂƚŝŽŶŽĨƚŚĞZĞŵƵŶĞƌĂƚŝŽŶZĞƉŽƌƚŝŶĂĐĐŽƌĚĂŶĐĞ
ǁŝƚŚƐĞĐƚŝŽŶϯϬϬŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭ͘KƵƌƌĞƐƉŽŶƐŝďŝůŝƚLJŝƐƚŽĞdžƉƌĞƐƐĂŶŽƉŝŶŝŽŶŽŶƚŚĞZĞŵƵŶĞƌĂƚŝŽŶZĞƉŽƌƚ͕ďĂƐĞĚ
ŽŶŽƵƌĂƵĚŝƚĐŽŶĚƵĐƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƵƐƚƌĂůŝĂŶƵĚŝƚŝŶŐ^ƚĂŶĚĂƌĚƐ͘
ƌŶƐƚΘzŽƵŶŐ
ŚƌŝƐƚŽƉŚĞƌ'ĞŽƌŐĞ
WĂƌƚŶĞƌ
^LJĚŶĞLJ
Ϯϰ:ƵŶĞϮϬϮϰ
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation

119
About
Reports
Pillars
Sustainability
Our People
Directors’ Report
Financial Report

Additional information required by the Australian Securities Exchange and not shown elsewhere in this report is as follows.  
The information is current as at 5 July 2024.
Distribution of Equity Securities
The number of shareholders, by size of holding, in each class of share is:
Size of holding
Number of 
shareholders
1–1,000
9,903
1,001–5,000
13,131
5,001–10,000
5,576
10,001–100,000
5,365
100,001+
186
Total
34,161
There were 1,138 shareholders holding less than a marketable parcel of Metcash ordinary shares.
Twenty largest holders of quoted shares
The names of the 20 largest holders of quoted shares are:
Name
Number
of shares
Percentage
of shares
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
335,798,785
30.76%
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
191,494,400
17.54%
CITICORP NOMINEES PTY LIMITED
161,965,120
14.84%
CITICORP NOMINEES PTY LIMITED  
42,697,669
3.91%
NATIONAL NOMINEES LIMITED
37,111,092
3.40%
BNP PARIBAS NOMINEES PTY LTD 
24,876,476
2.28%
BNP PARIBAS NOMS PTY LTD
14,784,991
1.35%
BNP PARIBAS NOMS (NZ) LTD
6,360,069
0.58%
CITICORP NOMINEES PTY LIMITED <143212 NMMT LTD A/C>
5,386,167
0.49%
BNP PARIBAS NOMINEES PTY LTD 
5,341,289
0.49%
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 
4,475,207
0.41%
BKI INVESTMENT COMPANY LIMITED 
3,621,084
0.33%
NETWEALTH INVESTMENTS LIMITED 
3,357,420
0.31%
CERTANE CT PTY LTD 
2,900,882
0.27%
UBS NOMINEES PTY LTD
2,678,390
0.25%
IOOF INVESTMENT SERVICES LIMITED 
2,439,322
0.22%
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
2,320,550
0.21%
IOOF INVESTMENT SERVICES LIMITED 
1,476,108
0.14%
IOOF INVESTMENT SERVICES LIMITED 
1,337,116
0.12%
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED - A/C 2
1,262,908
0.12%
Total
851,685,045
78.02%
ASX INFORMATION
Metcash Annual Report 2024
120

Substantial Shareholders
The following is extracted from the Company’s register of substantial shareholders:
Number
of shares
Perpetual Limited
84,870,321
State Street Corporation
68,056,958
Superannuation and Investments HoldCo Pty Ltd
62,311,270
Australian Retirement Trust Pty Ltd
59,036,086
Mitsubishi UFJ Financial Group, Inc
54,873,964
The Vanguard Group, Inc
48,338,717
Voting Rights
All ordinary shares (whether fully paid or not) carry one vote per share without restriction.
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CORPORATE INFORMATION
Directors
Doug Jones (Group CEO) 
Peter Birtles (Chair) 
Mark Johnson  
Margaret Haseltine 
Christine Holman 
Murray Jordan 
Helen Nash
Company Secretary
Julie Hutton
Share Register
Boardroom Pty Limited 
GPO Box 3993 
Sydney NSW 2001
Freecall: 1800 655 325 
Telephone: 61 2 9290 9600
Auditor
Ernst & Young 
200 George Street 
Sydney NSW 2000 Australia
Telephone: 61 2 9248 5555
Metcash Limited
ABN 32 112 073 480
1 Thomas Holt Drive 
Macquarie Park NSW 2113
PO Box 557 
Macquarie Park NSW 1670
Telephone: 61 2 9741 3000
Metcash Food (Head Office)
1 Thomas Holt Drive 
Macquarie Park NSW 2113
PO Box 557 
Macquarie Park NSW 1670
Telephone: 61 2 9741 3000
Australian Liquor Marketers (Head Office)
1 Thomas Holt Drive 
Macquarie Park NSW 2113
PO Box 557 
Macquarie Park NSW 1670
Telephone: 61 2 9741 3000
Independent Hardware Group (Head Office)
19 Corporate Drive 
Heatherton VIC 3202
Telephone: 61 2 9741 3000
Corporate Governance
A copy of the Corporate Governance Statement can be found on our website.
Visit www.metcash.com/corporateinformation/corporate-governance
Metcash Annual Report 2024
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HARDWARE
LIQUOR
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