Interim Results
Presentation
for the six months ended
31 December 2013

February 2014
Agenda
●

Financial highlights

●

Interim period in review

●

Segmental analysis

●

Divisional review
̵ Supply Chain
̵ ...
Financial highlights
●

Revenue

31%

R7,1 billion

●

Operating profit

26%

R651 million

●

Profit before taxation

21%...
Interim period in review
An excellent set of results despite:

●

̵

challenging economic and trading conditions
̵

unecon...
Interim period in review
●

Effective 31 October 2013, Super Group listed a new financial instrument on the JSE :
̵

Domes...
Segmental analysis

Supply Chain

Fleet Solutions

Dealerships
Super Group Interim Results Presentation

6
Segmental analysis

Supply Chain

Fleet Solutions

Dealerships

Super Group Interim Results Presentation

7
Segmental analysis

Supply Chain

Fleet Solutions

– excl non-controlling interests

Dealerships
Super Group Interim Resul...
Segmental analysis

Supply Chain

Fleet Solutions

– excl non-controlling interests

Dealerships

Super Group Interim Resu...
Divisional review
Results of the divisions

Supply Chain

Fleet Solutions

Dealerships
Super Group Interim Results Presentation

11
Net operating assets per division

Supply Chain

Fleet Solutions

Super Group Interim Results Presentation

12
RNOA per division (after tax)
Group RNOA is 18,8% (Dec 2012: 21,9%)

Supply Chain SA

African Logistics

FleetAfrica

SG F...
Supply Chain
Supply Chain South Africa
Revenue (R’m)

Operating profit (R’m)

Profit before taxation (R’m)

First Half

Operating profi...
Supply Chain South Africa
●

A commendable performance with:
̵ Revenue

57,2%

̵ Operating profit

52,4%

̵ Profit before ...
African Logistics
Revenue (R’m)

Operating profit (R’m)

Profit before taxation (R’m)

First Half

Operating profit margin...
African Logistics
●

A sterling performance with:
̵ Revenue

59,7%

̵ Operating profit

152,7%

̵ Profit before taxation

...
Fleet Solutions
FleetAfrica
Revenue (R’m)

Operating profit (R’m)

Profit before taxation (R’m)

First Half

Operating profit margin (%)

...
FleetAfrica
●

FleetAfrica’s results exceeded expectations:
̵
̵

Operating profit

15,3%

̵

●

Revenue

(19,0)%

Profit b...
SG Fleet
Revenue (R’m)

Operating profit (R’m)

Profit before taxation (R’m)

First Half

Operating profit margin (%)

Sec...
SG Fleet
●

SG Fleet delivered a disappointing performance:
̵
̵

Operating profit
̵

●

Revenue

3,8%

Profit before taxat...
SG Fleet
Proposed listing of SG Fleet
●

On 27 January 2014, Super Group announced the proposed listing of SG Fleet on the...
Dealerships
Dealerships
Revenue (R’m)

Operating profit (R’m)

Profit before taxation (R’m)

First Half

Operating profit margin (%)

...
Dealerships
●

A very good set of results:
̵

Revenue

18,4%

̵

Operating profit

28,0%

̵

Profit before taxation

33,3%...
Group financial results
Summary of operating profit/PBT movements

R’million

Operating profit

PBT

517,4

490,3

Supply Chain South Africa

80,9...
Statement of Comprehensive Income
31 December
2013
Unaudited

31 December
2012
Unaudited

Change
%

7 136,3

5 428,6

31,5...
Statement of Comprehensive Income
31 December
2013
Unaudited

31 December
2012
Unaudited

Change
%

7 136,3

5 428,6

31,5...
Statement of Comprehensive Income
31 December
2013
Unaudited

31 December
2012
Unaudited

Change
%

7 136,3

5 428,6

31,5...
Statement of Financial Position

ASSETS (R’million)
Property, plant and equipment

PP&E movements (R’million)
Depreciation...
Statement of Financial Position

ASSETS (R’million)
Property, plant and equipment
Investment property
Full maintenance lea...
Statement of Financial Position
31 December
2013
Unaudited

30 June
2013
Audited

Change
%

2 799,1

2 515,1

11,3

64,7

...
Statement of Financial Position
ASSETS (R’million)
Property, plant and equipment
Investment property
Cash lease assets
Ful...
Statement of Financial Position
31 December
2013
Unaudited

30 June
2013
Audited

Change
%

3 941,3

3 532,4

11,6

838,2
...
Net borrowings
R’million

Interest
profile

31 December
2013
Unaudited

30 June
2013
Audited

Change
%

Property and other...
Net borrowings
R’million

Interest
profile

31 December
2013
Unaudited

30 June
2013
Audited

Change
%

Property and other...
Cash flow movement
3 000

935
(175)

2 500

586

(55)
(158)

R’million

2 000

1 873

(31)
(355)

(89)

37
(17)

(4)

(92)...
Other key financial data
31 December
2013

31 December
2012

Return on Equity

19,0%

18,2%

Total gearing

5,0%

3,7%

Ne...
Prospects and strategy
Prospects
●

Economic outlook for South Africa not optimistic in the face of:
̵

low GDP growth
̵

depreciating Rand again...
Prospects
Supply Chain
●

Supply Chain South Africa
Focus remains on:
̵
̵

securing of new distribution contracts; and
̵

...
Prospects
Fleet Solutions
●

FleetAfrica
̵
̵

●

Tender for viable fleet management contracts in environments of integrity...
Strategy
31 Dec
2013

Strategy

30 Jun
2013

Acquisition of strategic operations
Development of brand management business
...
Thank you

Further information available on
www.supergroup.co.za
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Super Group Ltd HY 2014 financial results presentation

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Super Group Ltd HY 2014 financial results presentation

  1. 1. Interim Results Presentation for the six months ended 31 December 2013 February 2014
  2. 2. Agenda ● Financial highlights ● Interim period in review ● Segmental analysis ● Divisional review ̵ Supply Chain ̵ Fleet Solutions ̵ Dealerships ● Group financial results ● Prospects and strategy Super Group Interim Results Presentation 2
  3. 3. Financial highlights ● Revenue 31% R7,1 billion ● Operating profit 26% R651 million ● Profit before taxation 21% R592 million ● Headline earnings per share (HEPS) 27% 121 cents ● Adjusted HEPS 30% 126 cents ● NAV per share (since 30 June 2013) 11% 1 352 cents Super Group Interim Results Presentation 3
  4. 4. Interim period in review An excellent set of results despite: ● ̵ challenging economic and trading conditions ̵ uneconomic pricing pressures ̵ escalating cost increases ● Driving efficiencies and cost control remain key focus areas within the Group ● Most of the Supply Chain South Africa’s businesses reported very good results notwithstanding the highly competitive environment ● African Logistics continued to achieve very good growth and improved operating profit margin on the back of new fleet efficiencies and increased cross-border activity ● FleetAfrica exceeded expectations mainly as a result of the ad hoc redeployment of assets ● SG Fleet performed below expectations with the results being impacted by Australian tax uncertainty during the period under review ● Dealerships continued to improve margins and performed ahead of the national market Super Group Interim Results Presentation 4
  5. 5. Interim period in review ● Effective 31 October 2013, Super Group listed a new financial instrument on the JSE : ̵ Domestic Medium Term Note (DMTN) Programme value: R2 billion ̵ First tranche raised R471 million (received bids of R1,33 billion) ̵ Term: 3-years ̵ Coupon rate: 3-month JIBAR plus 180bps per annum ̵ First interest date: 31 January 2014 ̵ Maturity date: 31 October 2016 ● The two new warehouses at Super Park were completed by the end of September 2013 ● Super Group reported a net debt position of R241 million at 31 December 2013 (30 June 2013: R159 million), amounting to a low gearing ratio of 5,0% ● During the period Super Group repurchased 2 175 791 shares at an average share price of R24,38 for approximately R53 million (0,7% of issued share capital) Super Group Interim Results Presentation 5
  6. 6. Segmental analysis Supply Chain Fleet Solutions Dealerships Super Group Interim Results Presentation 6
  7. 7. Segmental analysis Supply Chain Fleet Solutions Dealerships Super Group Interim Results Presentation 7
  8. 8. Segmental analysis Supply Chain Fleet Solutions – excl non-controlling interests Dealerships Super Group Interim Results Presentation 8
  9. 9. Segmental analysis Supply Chain Fleet Solutions – excl non-controlling interests Dealerships Super Group Interim Results Presentation 9
  10. 10. Divisional review
  11. 11. Results of the divisions Supply Chain Fleet Solutions Dealerships Super Group Interim Results Presentation 11
  12. 12. Net operating assets per division Supply Chain Fleet Solutions Super Group Interim Results Presentation 12
  13. 13. RNOA per division (after tax) Group RNOA is 18,8% (Dec 2012: 21,9%) Supply Chain SA African Logistics FleetAfrica SG Fleet Dealerships RNOA = Return on Net Operating Assets Super Group Interim Results Presentation 13
  14. 14. Supply Chain
  15. 15. Supply Chain South Africa Revenue (R’m) Operating profit (R’m) Profit before taxation (R’m) First Half Operating profit margin (%) Second Half Super Group Interim Results Presentation 15
  16. 16. Supply Chain South Africa ● A commendable performance with: ̵ Revenue 57,2% ̵ Operating profit 52,4% ̵ Profit before taxation 42,7% ● Market conditions remained highly competitive and challenging ● The results were impacted by: - excellent performances specifically within Super Rent, VsC and SG Bulk; - satisfactory results from Mobility, Freight, Digistics and Safika Oosthuizens; - improved financial performance within Sherwood and Micor; and - continuing good sales growth in SG Convenience along with SG Gateway and the Super Group Brands Division Super Group Interim Results Presentation 16
  17. 17. African Logistics Revenue (R’m) Operating profit (R’m) Profit before taxation (R’m) First Half Operating profit margin (%) Second Half Super Group Interim Results Presentation 17
  18. 18. African Logistics ● A sterling performance with: ̵ Revenue 59,7% ̵ Operating profit 152,7% ̵ Profit before taxation 333,6% ● Operating margin further improved from 8,0% (December 2012) to 12,7% (December 2013) ● The results were driven by: - improved North and South-bound activity; - increased activity on the Beira-Harare route; - the fleet running at an average capacity of 94%; - fleet operational efficiencies on the renewed vehicles; and - a R10,6 million forex gain due to the weak Rand Super Group Interim Results Presentation 18
  19. 19. Fleet Solutions
  20. 20. FleetAfrica Revenue (R’m) Operating profit (R’m) Profit before taxation (R’m) First Half Operating profit margin (%) Second Half Super Group Interim Results Presentation 20
  21. 21. FleetAfrica ● FleetAfrica’s results exceeded expectations: ̵ ̵ Operating profit 15,3% ̵ ● Revenue (19,0)% Profit before taxation 27,3% Revenue declined mainly as a result of the inclusion of R66 million proceeds on disposal of assets in the prior comparable period ● Operating margin increased from 29,7% (December 2012) to 42,2% (December 2013) ● FleetAfrica successfully: ̵ deployed, on an ad hoc basis, former City of Johannesburg assets; ̵ secured a number of new contracts; and ̵ implemented a number of fleet management initiatives Super Group Interim Results Presentation 21
  22. 22. SG Fleet Revenue (R’m) Operating profit (R’m) Profit before taxation (R’m) First Half Operating profit margin (%) Second Half Super Group Interim Results Presentation 22
  23. 23. SG Fleet ● SG Fleet delivered a disappointing performance: ̵ ̵ Operating profit ̵ ● Revenue 3,8% Profit before taxation (8,7)% (10,0)% SG Fleet‘s results reflect: the decrease in novated lease contract origination as a result of the uncertainty created ̵ by the previous Government from July 2013, pertaining to potential Fringe Benefit Tax amendments. This market showed significant recovery in December 2013 ̵ the slowdown in the Australian economy, mainly due to the decline in resources exported to China and the increase in unemployment ● The second-hand car market weakened during the period under review, but residual values are now stabilising ● The strengthening of the AUD against the Rand contributed R10,5 million to profit before tax Super Group Interim Results Presentation 23
  24. 24. SG Fleet Proposed listing of SG Fleet ● On 27 January 2014, Super Group announced the proposed listing of SG Fleet on the Australian Securities Exchange ● This followed an announcement by CHAMP Ventures, a 41,4% shareholder in SG Fleet, of the disinvestment of its interest ● The Initial Public Offering (IPO) will include an institutional offering with Super Group marginally increasing its controlling shareholding to approximately 50,7% ● The prospectus is expected to be lodged with the Australian Securities and Investment Commission on or about 13 February 2014 ● The proposed listing is subject to, amongst other things: ̵ ̵ ● pricing; and the execution of an underwriting agreement on acceptable terms Commencement of trading of the shares on the Australian Securities Exchange is expected to occur in March 2014 Super Group Interim Results Presentation 24
  25. 25. Dealerships
  26. 26. Dealerships Revenue (R’m) Operating profit (R’m) Profit before taxation (R’m) First Half Operating profit margin (%) Second Half Super Group Interim Results Presentation 26
  27. 27. Dealerships ● A very good set of results: ̵ Revenue 18,4% ̵ Operating profit 28,0% ̵ Profit before taxation 33,3% ● Operating margin continued to improve from 2,5% (December 2012) to 2,7% (December 2013) ● NAAMSA new vehicle sales for the period to 31 December 2013 were marginally up by 0,7% (December 2012: 8,5%) ● Over the period, new vehicle sales increased by 8,2% (7,8% from existing dealerships) ● Vehicle price increases as a result of the weaker Rand contributed to the slowing in national sales ● Used vehicle unit sales increased by 13,8% over the period ● Finance and Insurance activities continued to show positive growth ● Two GWM dealerships were acquired during the period under review Super Group Interim Results Presentation 27
  28. 28. Group financial results
  29. 29. Summary of operating profit/PBT movements R’million Operating profit PBT 517,4 490,3 Supply Chain South Africa 80,9 61,4 African Logistics 26,8 32,2 FleetAfrica 10,9 18,9 (20,5) (22,5) Dealerships 15,5 14,5 Services (incl Mauritius and Emerald) 19,6 (2,9) 650,6 591,9 25,7% 20,7% December 2012 (prior period) Increases/(decreases): SG Fleet December 2013 (current period) Increase Super Group Interim Results Presentation 29
  30. 30. Statement of Comprehensive Income 31 December 2013 Unaudited 31 December 2012 Unaudited Change % 7 136,3 5 428,6 31,5 650,6 517,4 25,7 Net finance charges (58,7) (27,1) 116,7 Profit before taxation 591,9 490,3 20,7 R’million Revenue Operating profit Net finance charges (R’million) December 2013 December 2012 7,0 7,4 Other borrowings 100,8 65,0 Finance income (49,1) (45,3) 58,7 27,1 Full maintenance leases Total net finance charges Super Group Interim Results Presentation 30
  31. 31. Statement of Comprehensive Income 31 December 2013 Unaudited 31 December 2012 Unaudited Change % 7 136,3 5 428,6 31,5 650,6 517,4 25,7 Net finance charges (58,7) (27,1) 116,6 Profit before taxation 591,9 490,3 20,7 (147,4) (128,0) 15,2 Profit for the period 444,5 362,3 22,7 Non-controlling interests 89,7 79,9 12,3 351,3 275,8 27,4 291 006 289 271 0,6 EPS (cents) 121,9 97,6 24,9 HEPS (cents) 120,7 95,3 26,7 Adjusted HEPS (cents) 125,9 97,2 29,5 R’million Revenue Operating profit Income tax expense Headline earnings Weighted average shares in issue (‘000) Super Group Interim Results Presentation 31
  32. 32. Statement of Comprehensive Income 31 December 2013 Unaudited 31 December 2012 Unaudited Change % 7 136,3 5 428,6 31,5 650,6 517,4 25,7 Net finance charges (58,7) (27,1) 116,7 Profit before taxation 591,9 490,3 20,7 Income tax expense (147,4) December 444,5 2013 (128,0) December 362,3 2012 15,2 R’million Revenue Operating profit Adjusted HEPS (cents) Profit for the period HEPS Non-controlling interests Amortisation of intangibles Headline earnings B-BBEE costs after tax Weighted average shares in issue (‘000) EPS (cents) HEPS (cents) Acquisition costs after tax Adjusted HEPS Adjusted HEPS (cents) 120,7 89,7 95,3 22,7 79,9 12,2 351,3 275,8 27,4 291 006 289 271 0,6 97,6 24,9 120,7 95,3 26,7 125,9 97,2 29,5 4,1 0,5 0,6 121,9 125,9 0,3 0,8 0,8 97,2 Super Group Interim Results Presentation 32
  33. 33. Statement of Financial Position ASSETS (R’million) Property, plant and equipment PP&E movements (R’million) Depreciation Acquisition of business Net capex - Land and buildings - Plant and equipment Net capex as a % of depreciation 31 December 2013 Unaudited 30 June 2013 Audited Change % 2 799,1 2 515,1 11,3 December 2013 December 2012 174 74 - 108 429 101 89 72 340 29 247% 136% Super Group Interim Results Presentation 33
  34. 34. Statement of Financial Position ASSETS (R’million) Property, plant and equipment Investment property Full maintenance lease assets FML movements (R’million) 31 December 2013 Unaudited 30 June 2013 Audited Change % 2 799,1 2 515,1 11,3 64,7 64,7 - 579,5 545,2 6,3 December 2013 December 2012 Depreciation 67 68 Net capex 17 72 25% 106% Net capex as a % of depreciation Super Group Interim Results Presentation 34
  35. 35. Statement of Financial Position 31 December 2013 Unaudited 30 June 2013 Audited Change % 2 799,1 2 515,1 11,3 64,7 64,7 - Full maintenance lease assets 579,5 545,2 6,3 Intangible assets and goodwill 2 013,1 1 980,2 1,7 33,3 3,8 >150% 322,0 314,5 2,4 Current assets 6 103,3 5 133,4 18,9 Inventories 1 017,7 840,1 21,1 Trade and sundry receivables 2 627,2 2 392,2 9,8 14,4 28,6 (49,4) 2 444,0 1 872,5 30,5 11 915,0 10 556,9 12,9 ASSETS (R’million) Property, plant and equipment Investment property Investments and other non-current assets Deferred tax assets Insurance-related assets (incl assets held-for-sale) Cash and cash equivalents Total assets Super Group Interim Results Presentation 35
  36. 36. Statement of Financial Position ASSETS (R’million) Property, plant and equipment Investment property Cash lease assets Full maintenanceincluding overdrafts Intangible assets and goodwill - SG Fleet Investments and other non-current assets - Emerald Insurance Deferred tax assets - Cash held as collateral Current assets Restricted cash Inventories - Unrestricted cash Trade and sundry receivables Cash and cash equivalents Insurance-related assets (incl assets held-for-sale) Cash and cash equivalents Total assets 31 December 2013 Unaudited 30 June 2013 Audited Change % 2 799,1 2 515,1 11,3 64,7 64,7 - 31 December 579,5 2013 2 013,1 893 33,3 145 322,0 6 103,3 1 038 1 017,7 1 406 2 627,2 2 444 14,4 30 June 545,2 2013 1 980,2 1 067 3,8 155 314,5 27 5 133,4 1 249 840,1 624 2 392,2 1 873 28,6 6,3 2 444,0 1 872,5 30,5 11 915,0 10 556,9 12,9 Super Group Interim Results Presentation 36 1,7 >150% 2,4 18,9 21,1 9,8 (49,4)
  37. 37. Statement of Financial Position 31 December 2013 Unaudited 30 June 2013 Audited Change % 3 941,3 3 532,4 11,6 838,2 751,9 11,5 4 779,5 4 284,3 11,6 Fund reserves and other long-term provisions 440,6 346,7 27,1 Deferred tax liabilities 252,0 254,3 (0,9) Full maintenance lease liabilities 189,5 146,7 29,2 2 495,5 1 884,6 32,4 215,5 209,3 3,0 33,8 45,5 (25,7) 3 508,6 3 385,5 3,6 11 915,0 10 556,9 12,9 Shares in issue (‘000) 291 580 289 415 0,7 Net asset value per share (cents) 1 351,7 1 220,5 10,7 EQUITY AND LIABILITIES (R’million) Shareholders’ equity Non-controlling interests Total equity Liabilities Interest-bearing borrowings Non-controlling interest, put options and other Insurance-related liabilities Other current liabilities Total equity and liabilities Super Group Interim Results Presentation 37
  38. 38. Net borrowings R’million Interest profile 31 December 2013 Unaudited 30 June 2013 Audited Change % Property and other borrowings V 592 501 18,2 Corporate bond V 477 - 100,0 1 027 897 14,5 2 096 1 398 49,9 126 78 61,5 2 222 1 476 50,5 Asset-based finance V/P Total SA borrowings (excl FML) FML borrowings – South Africa P Gross SA borrowings Australian borrowings F 399 487 (18,1) FML borrowings - Australia / UK H 64 69 (7,2) 2 685 2 031 32,2 (2 444) (1 873) 30,5 241 159 51,8 Total borrowings Cash resources Net borrowings V = Variable/floating interest rate H = Hedged F = Fixed interest rate P = Passed through Super Group Interim Results Presentation 38
  39. 39. Net borrowings R’million Interest profile 31 December 2013 Unaudited 30 June 2013 Audited Change % Property and other borrowings V 592 501 18,2 Corporate Bond V 477 - 100,0 V/P 1 027 897 14,5 1 398 30 June 2013 78 49,9 P 2 096 31 December 2013 126 Australia Gross SA borrowings Africa and Mauritius F Australian borrowings (430) 2 222 (220) 399 1 (512) 476 (193) 487 50,5 (18,1) 64891 864 69 (7,2) 2 685241 2 031 159 32,2 Asset-based finance Total SA borrowings (excl FML) FML borrowings – R’million South Africa South Africa FML borrowings - Australia / UK Total borrowings Net borrowings Cash resources Net borrowings H 61,5 (2 444) (1 873) 30,5 241 159 51,8 V = Variable/floating interest rate H = Hedged F = Fixed interest rate P = Passed through Super Group Interim Results Presentation 39
  40. 40. Cash flow movement 3 000 935 (175) 2 500 586 (55) (158) R’million 2 000 1 873 (31) (355) (89) 37 (17) (4) (92) (53) 1 500 1 000 Investing R610 million for the future 500 - Super Group Interim Results Presentation 40 42 2 444
  41. 41. Other key financial data 31 December 2013 31 December 2012 Return on Equity 19,0% 18,2% Total gearing 5,0% 3,7% Net interest cover 15,7x 24,6x USD close at 31 December 23,7% R10,49 R8,48 USD average 19,0% R10,08 R8,47 AUD close at 31 December 6,3% R9,35 R8,80 AUD average 5,3% R9,27 R8,80 Super Group Interim Results Presentation 41
  42. 42. Prospects and strategy
  43. 43. Prospects ● Economic outlook for South Africa not optimistic in the face of: ̵ low GDP growth ̵ depreciating Rand against all major currencies ̵ rising fuel price and repo rate ̵ the impact of the SANRAL e-Toll system ̵ increased strike actions across all industries, especially mining ̵ continuing job losses as companies are placed under labour cost pressures ● It is expected that the competitive trading environment will continue to place margin pressure on all businesses ● New business opportunities across the Group remain paramount, underpinned by a strong Statement of Financial Position Super Group Interim Results Presentation 43
  44. 44. Prospects Supply Chain ● Supply Chain South Africa Focus remains on: ̵ ̵ securing of new distribution contracts; and ̵ ● developing and acquiring supply chain businesses; the roll-out of the SG Gateway and Super Group Brands initiatives African Logistics ̵ Strategically positioned to benefit from economic growth in sub-Saharan Africa ̵ Continue to investigate various cross-border opportunities in niche distribution markets ̵ Expansion of business into broader business categories such as FMCG and semi-durable products Super Group Interim Results Presentation 44
  45. 45. Prospects Fleet Solutions ● FleetAfrica ̵ ̵ ● Tender for viable fleet management contracts in environments of integrity New product innovations to penetrate niche market segments SG Fleet ̵ Healthy pipeline of customer opportunities ̵ United Kingdom and New Zealand prospects remain more positive ̵ Restoration of novated lease volumes over the second half of the year Dealerships ̵ NAAMSA, in the face of weak Rand and interest rate hikes, is expecting flat market growth in new car sales for 2014 ̵ Dealerships positive about opportunities in the market ̵ Complementary acquisitions Super Group Interim Results Presentation 45
  46. 46. Strategy 31 Dec 2013 Strategy 30 Jun 2013 Acquisition of strategic operations Development of brand management business Cost containment and improved customer services levels Replacement of FleetAfrica contract losses Delivering strong RNOA Staff training and development Issue Domestic Medium Term Notes Selected African expansion Priority Accelerate Maintain Super Group Interim Results Presentation 46
  47. 47. Thank you Further information available on www.supergroup.co.za

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