Super Group Ltd HY 2013 results

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Super Group Ltd HY 2013 results

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Super Group Ltd HY 2013 results

  1. 1. Unaudited interim results for the six months ended 31 December 2012
  2. 2. Contents Financial performance and highlights Introduction Financial performance Divisional review • Supply Chain • Fleet Solutions • Dealerships • Services Prospects Basis of preparation and accounting policies Consolidated Statement of Comprehensive Income Consolidated Statement of Financial Position Salient Features Consolidated Statement of Cash Flow Operating segments Consolidated Statement of Changes in Equity Company information 1 2 2 3 3 3 4 4 4 4 5 6 6 7 8 10 IBC
  3. 3. Financial Performance and highlights for the six months ended 31 December 2012 OPERATING PROFIT R517 million 16% 28% PROFIT BEFORE TAXATION R490 million HEADLINE EARNINGS PER SHARE 95,3 cents 19% 39% NET CASH POSITION R481 million NET ASSET VALUE PER SHARE 1 106 cents 6% 12% Revenue Operating profit Profit before taxation 9% 10% 31% 32% 41% FINANCIAL RESULTS REVENUE R5,4 billion 42% 58% 60% 17% Supply Chain Fleet Solutions Dealerships Supply Chain Fleet Solutions Dealerships Rm Dec 2010 4 668 405 353 Rm Dec 2011 5 429 517 490 Rm Supply Chain Fleet Solutions Dealerships Dec 2012 3 801 74 298 100 216 74
  4. 4. INTRODUCTION Super Group’s Board of Directors is pleased to report good results for the six months ended 31 December 2012. Despite the difficult prevailing economic environment, the Group has achieved excellent growth in earnings mainly as a result of new business generation across all three divisions. A number of industries, throughout South Africa, experienced unprecedented strike action and labour unrest during the period under review. Disruptions to Super Group’s Supply Chain business as a result of the Road Freight Association strike in September 2012 resulted in a 5% reduction in divisional revenue and profit for the period. Key indicators indicate that South African consumer spending remained under pressure and, together with above inflationary cost increases, added to the highly competitive trading environment. The retail consumer market in Australia remained subdued as a result of the slowdown in commodity exports and the strong Australian Dollar. The good results are a testament to the resilience and sustainability of the South African, Australian and sub-Saharan operations which have managed to increase earnings despite highly competitive trading conditions and markets. NAAMSA new car sales reported for the period grew by 8,3% to 31 December 2012 compared to 7,8% for the comparable period to 31 December 2011. The Dealership Division performed well by increasing comparative new vehicle sales by 11,3% on the prior reporting period. The Group successfully implemented a Staff Empowerment Broad-Based Black Economic Empowerment (B-BBEE) Scheme for the South African Operations, retaining its Level 3 B-BBEE rating. FINANCIAL PERFORMANCE The Group’s revenue increased by 16,3% to R5,429 million, with all businesses, other than FleetAfrica, reporting top-line growth. The growth in revenue was mainly as a result of a significant increase in volumes in Supply Chain South Africa, SG Fleet and Dealerships. The Group acquired the controlling shareholding in Digistics, a procurement and food distribution business. Digistics’ financial results were incorporated into the Group’s results with effect from 1 October 2012. Operating profit increased by 27,7% to R517 million for the period under review. The Group continued to improve its operating margin to 9,5% (December 2011: 8,7%). All the divisions, with the exception of African Logistics, increased their margins as a result of continued stringent focus on operational efficiencies and cost control. The reduction of 48,2% to R27 million in net finance costs reflects the reduced average Full Maintenance Lease borrowings and lower interest rates compared to the previous interim reporting period. Profit before taxation increased by 38,9% to R490 million, reflecting the benefits of improved operational profitability and lower net finance costs. The effective tax rate for the six months to 31 December 2012 was 26,1% (December 2011: 24,7%). The increase in the tax rate was mainly due to the increased contribution from SG Fleet. 2 Super Group Unaudited interim results for the six months ended 31 December 2012 Headline earnings per share (HEPS) for the period under review increased by 19,4% to 95,3 cents (December 2011: 79,8 cents). Adjusted HEPS increased by 21,8% to 97,2 cents (December 2011: 79,8 cents) on the basis that the B-BBEE scheme, amortisation of intangibles and acquisition costs to the amount of 1,9 cents per share are excluded from HEPS. Total assets increased by 16,8% to R9,334 million (30 June 2012: R7,993 million) as a result of acquisitions and an increase in working capital. The Group’s Return on Net Operating Assets (RNOA), after tax, is 21,9% for the period under review compared to the RNOA of 18,9% for the year ended 30 June 2012. Super Group maintained a net cash position at 31 December 2012, improving net cash by 12,1% to R481 million from R429 million at 30 June 2012. At 31 December 2011, the Group had net borrowings of R333 million. Net working capital increased as a result of an increase in inventory and trade receivables. These increases are a result of increased revenue and addition of the working capital from the acquisitions concluded during the period. The focus of management on working capital continued to be a priority and, as a result net cash generated from operations, after an increase in working capital of R42 million, was R606 million for the six months ended 31 December 2012. Net capital expenditure amounted to R180 million over the interim period with the main expenses relating to the scheduled replacement of vehicles in Supply Chain and African Logistics, combined with property additions in Dealerships. During the period under review, the company also repurchased 3,57 million shares, totaling 1,13% of the issued share capital. The total consideration relating to the share repurchases amounted to approximately R59 million. The Group’s Statement of Financial Position remains solid, reflecting a net asset value per share of 1 106 cents at 31 December 2012, up 5,9% from the 1 044 cents at 30 June 2012. The Group’s results for the six months ended 31 December 2012 and the prospects have not been reviewed or audited by its auditors.
  5. 5. DIVISIONAL REVIEW SUPPLY CHAIN R’million Revenue South Africa African Logistics Operating profit South Africa African Logistics Operating margin (%) South Africa African Logistics Profit before taxation South Africa African Logistics Net operating assets South Africa African Logistics Change % 33,9 38,2 3,5 35,9 50,6 (27,1) 40,7 55,7 (41,9) 19,8 23,8 7,7 Interim 31 December 2012 2 301,7 2 083,6 218,1 172,0 154,5 17,5 7,5 7,4 8,0 153,4 143,7 9,7 1 826,6 1 421,5 405,1 Interim 31 December 2011 1 718,4 1 507,7 210,7 126,6 102,6 24,0 7,4 6,8 11,4 109,0 92,3 16,7 1 524,8 1 148,6 376,2 Year end 30 June 2012 3 800,1 3 379,3 420,8 223,9 182,0 41,9 5,9 5,4 10,0 188,9 161,0 27,9 1 533,1 1 156,3 376,8 Supply Chain South Africa delivered a commendable set of results in an environment that continued to be highly competitive and challenging. The increase in revenue, operating profit and profit before taxation for the six months ended 31 December 2012 was mainly driven by good sales volume growth across most of the operations within Supply Chain South Africa. The FMCG and Staple Foods business secured five meaningful contracts. The Freight and Super Rent businesses performed in line with expectations. Sherwood International returned to profitability on the back of the commencement of a major electrification project in Ghana. The Micor business reported improved results and margins on the back of new contracts. SG Convenience continued to grow by expanding its national customer base and successfully launching a number of new product ranges. Haulcon performed in line with expectations although its business was affected by the disruptions at one of its mining customers. Digistics met expectations and its results were included for the period 1 October 2012 to 31 December 2012. Trans Africa Logistics (TAL) was closed effective 1 November 2012 as a direct result of the Zimbabwe freeze on chrome and nickel exports. The closure costs of TAL have been included in the Services segment. African Logistics performed adequately given the current market conditions affecting this business. Revenue and kilometres travelled were down approximately 5% in comparison to the period ended 31 December 2011 as a result of turnaround problems in the Democratic Republic of Congo (DRC). The results for the six months to 31 December 2011 reflected a foreign exchange gain of R8 million against a marginal foreign exchange loss for the current period. The lower than expected mining activity in Africa, exacerbated by the labour unrests in the DRC, also added to the lower than expected profitability reported by African Logistics. Change % (22,4) (63,7) 31,7 26,0 (45,9) 110,8 37,1 (40,4) 129,0 (38,1) (68,1) 1,6 Interim 31 December 2011 1 167,5 662,4 505,1 243,4 131,8 111,6 20,8 19,9 22,1 214,0 116,0 98,0 1 335,5 759,7 575,8 Year end 30 June 2012 2 201,4 1 081,7 1 119,7 575,8 244,2 331,6 26,2 22,6 29,6 532,3 220,4 311,9 849,1 234,9 614,2 FleetAfrica performed above expectations given the expiration of the Eastern Cape Provincial Government (ECPG) and the City of Johannesburg (CoJ) contracts in the previous financial year. FleetAfrica managed to secure new contracts and successfully deploy, on an ad hoc basis, assets emanating from the previous CoJ contract. SG Fleet continued to deliver an excellent performance in a competitive trading environment. The results were mainly attributable to SG Fleet securing major contracts across all sectors. The second-hand vehicle market remained buoyant. SG Fleet experienced lower maintenance costs and control of overheads was good. SG Fleet also took the decision to account for any profit on disposal of assets as it occurs as opposed to only at year end. The comparative profit would have been R47 million higher had this approach been previously applied. The strength of the Australian Dollar against the Rand favourably impacted the accounting of the results in Super Group. 3 R’million Revenue FleetAfrica SG Fleet Operating profit FleetAfrica SG Fleet Operating margin (%) FleetAfrica SG Fleet Profit before taxation FleetAfrica SG Fleet Net operating assets FleetAfrica SG Fleet Interim 31 December 2012 906,0 240,6 665,4 306,6 71,3 235,3 33,8 29,7 35,4 293,5 69,1 224,4 827,3 242,2 585,1 Super Group Unaudited interim results for the six months ended 31 December 2012 FLEET SOLUTIONS
  6. 6. DEALERSHIPS R’million Revenue Operating profit Operating margin (%) Profit before taxation Net operating assets Change % 24,2 43,3 59,1 43,9 Interim 31 December 2012 2 211,4 55,3 2,5 43,6 495,6 Interim 31 December 2011 1 780,5 38,6 2,2 27,4 344,3 Year end 30 June 2012 3 790,6 86,3 2,3 63,1 368,4 Dealerships reported satisfactory results which reflect the inclusion of five new dealerships and a solid performance by the Finance and Insurance operations. New vehicle sales increased by 25,4% (11,3% for existing dealerships) over the period, which was ahead of market growth. Total NAAMSA new vehicle sales for the six months to 31 December 2012 were up 8,3%. New vehicle sales growth is slowing as it is off a higher base compared to the comparative period and is starting to reflect a pullback in consumer spending. Dealerships continued to improve its operating margin, with a satisfying overall operating margin of 2,5% (December 2011: 2,2%) for the period under review. SERVICES The Services segment includes the corporate functions, Emerald Insurance, the Mauritius operations and the closure costs and operating losses of TAL. The Mauritius operations and Emerald Insurance performed in line with expectations during the period. PROSPECTS The prospects for the South African economy remain mixed with muted growth rates expected for 2013. The outlook for the global economy for 2013 is cautiously optimistic. The highly competitive trading environment is also expected to continue. Nevertheless, the Group is confident that, with its strong balance sheet, it is well positioned to continue its growth strategy both organically and through acquisitions in its core divisions. Supply Chain South Africa will continue to focus on niche opportunities within the food service, retail and pharmaceutical sectors. The expansion of the Super Park facility is progressing well. SG Convenience and a new customer, on a long-term lease, will occupy their respective warehouses towards the end of 2013. African Logistics is assessing a number of opportunities in the territories in which it operates and is implementing strategies to improve operating efficiencies in the DRC. FleetAfrica continues to focus on the replacement of the loss of earnings resulting from the expiration of the ECPG and CoJ contracts. FleetAfrica has a healthy new business pipeline and is expected to continue winning new contracts. SG Fleet is expected to perform well as a result of its good order book, the rollout of a number of major new contracts and strong new business prospects across all three territories in which the business operates. Dealership’s outlook reflects the market’s expectation of single digit growth in new vehicle sales in 2013. 4 Super Group Unaudited interim results for the six months ended 31 December 2012 The Group strives to maintain a culture of service excellence in all areas of its business, to pursue new business opportunities that will generate acceptable margins, and to evaluate value-accretive strategic opportunities. In line with Super Group’s stated strategy to use its cash to invest in acquisitions or to repurchase shares, a decision was taken to declare no dividend for the six months ended 31 December 2012. The Board re-assesses this strategy on a regular basis. The unaudited consolidated results for the six months ended 31 December 2012 will be available on the Group’s website after 08:00 on Tuesday, 12 February 2013 and the presentation to the investor community can be viewed on the Group’s website from Wednesday, 13 February 2013 after 08:00. The Group’s website is www.supergroup.co.za On behalf of the Board P Vallet Non-Executive Chairman P Mountford Chief Executive Officer 11 February 2013 Sandton BASIS OF PREPARATION AND ACCOUNTING POLICIES The Condensed Consolidated Financial Statements for the six month period ended 31 December 2012 have been prepared in accordance with the framework concepts and measurement and recognition requirements of International Financial Reporting Standards (IFRS), in particular the presentation and disclosure requirements of International Accounting Standard (IAS) 34 – Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, the Listings Requirements of the JSE Limited and the South African Companies Act 71 of 2008, as amended. The accounting policies used in the preparation of the unaudited interim results for the six month period ended 31 December 2012, are in terms of IFRS and are consistent with those applied in the Audited Financial Statements for the year ended 30 June 2012, except for the standards and amendments to standards that became effective on 1 January 2012: Amendment to IAS 12 – Deferred Tax: Recovery of Underlying Assets; and those effective on 1 July 2012: Amendment to IAS 1 – Presentation of Financial Statements: Presentation of Items of Other Comprehensive Income. These amendments have been applied for the first time in Super Group’s financial year commencing 1 July 2012. The amendments did not result in any material changes to the accounting policies. The Condensed Consolidated Financial Statements are presented in Rand, which is Super Group’s presentation currency. These results have been compiled under the supervision of the Chief Financial Officer, C Brown, CA(SA), BCompt (Hons), MBL.
  7. 7. Consolidated Statement of Comprehensive Income Revenue Trading profit before depreciation and amortisation Depreciation and amortisation Trading profit Capital items Operating profit Net finance charges Profit before taxation Income tax expense Profit for the period Six month period ended 31 December 2012 Unaudited R’000 5 428 616 667 285 (147 906) 519 379 (1 962) 517 417 (27 094) 490 323 (127 974) 362 349 Six month period ended 31 December 2011 Unaudited R’000 4 667 881 655 608 (245 223) 410 385 (5 114) 405 271 (52 341) 352 930 (87 174) 265 756 Year ended 30 June 2012 Audited R’000 10 204 811 1 419 267 (459 381) 959 886 (30 293) 929 593 (82 118) 847 475 (252 548) 594 927 147 511 218 – 158 851 332 36 128 71 068 433 417 147 729 413 485 195 311 790 238 Profit for the period attributable to: Non-controlling interests Equity holders of Super Group Profit for the period 79 913 282 436 362 349 26 974 238 782 265 756 79 314 515 613 594 927 282 436 (6 653) – 238 782 4 865 – 515 613 20 744 10 803 25 153 (31 823) – 2 838 (2 821) – 640 – – 183 4 042 – 22 743 – 3 243 187 4 123 (20 355) 275 783 243 647 536 357 275 783 2 311 2 224 243 647 – 23 536 357 4 582 46 902 281 220 – 243 670 – 540 985 97,6 94,4 95,3 92,2 97,2 94,0 289 271 299 231 78,2 77,7 79,8 79,2 79,8 79,2 305 217 307 478 172,4 167,4 179,4 174,1 180,9 175,6 299 013 308 009 RECONCILIATION OF HEADLINE EARNINGS Profit attributable to equity holders of Super Group Capital items after tax Impairment of intangible assets Impairment of property, plant and equipment and full maintenance lease vehicles Deferred proceeds on sale of subsidiary Impairment of goodwill Impairment of other investments and other non-current assets (Profit)/loss on sale of property Revaluation of investment property Headline profit for the period RECONCILIATION OF ADJUSTED EARNINGS Headline profit for the period Acquisition costs after tax B-BBEE costs after tax Amortisation of intangible arising on business combination after tax Adjusted headline profit for the period Basic earnings per share (cents) Diluted earnings per share (cents) Headline earnings per share (cents) Diluted headline earnings per share (cents) Adjusted headline earnings per share (cents) Diluted adjusted headline earnings per share (cents) Weighted number of shares (’000) Diluted weighted number of shares (’000) Super Group Unaudited interim results for the six months ended 31 December 2012 67 972 1 327 1 769 5 Other comprehensive income Effect of foreign exchange Hedge accounting Revaluation of land and buildings (net of taxation) Other comprehensive income for the period (net of taxation) Total comprehensive income for the period
  8. 8. Consolidated Statement of Financial Position 30 June 2012 Audited R’000 1 755 551 69 816 505 023 101 298 1 719 330 3 278 313 604 4 865 761 767 233 1 571 282 549 350 57 231 1 920 665 1 562 100 – 808 640 48 815 1 545 534 16 827 230 170 3 822 826 548 821 1 265 594 423 165 127 458 1 457 788 1 634 269 70 816 491 069 27 077 1 575 837 5 534 311 060 3 877 730 650 312 1 192 893 184 684 73 411 1 776 430 Total assets 6 31 December 2011 Unaudited R’000 ASSETS Property, plant and equipment Investment property Full maintenance lease assets Intangible assets Goodwill Investments and other non-current assets Deferred tax assets Current assets Inventories Trade receivables Sundry receivables Insurance-related assets Cash and cash equivalents Super Group Unaudited interim results for the six months ended 31 December 2012 31 December 2012 Unaudited R’000 9 333 661 8 034 912 7 993 392 3 199 383 544 515 3 743 898 2 825 484 324 256 3 149 740 3 020 123 380 522 3 400 645 352 193 158 008 103 908 141 965 46 601 95 364 1 297 942 1 112 216 185 726 109 739 2 827 017 171 612 427 379 9 333 661 415 455 149 050 – 667 225 35 566 631 659 1 123 043 967 036 156 007 180 558 1 881 528 88 043 380 270 8 034 912 341 681 145 982 – 164 183 61 514 102 669 1 183 630 1 027 956 155 674 139 559 1 978 758 209 800 429 154 7 993 392 Six month period ended 31 December 2012 Unaudited R’000 Six month period ended 31 December 2011 Unaudited R’000 Year ended 30 June 2012 Audited R’000 496 498 359 450 441 994 513 929 303 593 305 521 494 906 339 143 349 581 1 297 942 1 123 043 1 183 630 289 274 289 271 299 231 1 106,0 511,6 298 170 305 217 307 478 947,4 429,2 289 195 299 013 308 009 1 044,3 499,4 EQUITY AND LIABILITIES Capital and reserves Capital and reserves attributable to equity holders of Super Group Non-controlling interests Total equity LIABILITIES Fund reserves Deferred tax liabilities Other non-current non-interest-bearing liabilities Full maintenance lease liabilities Non-current Current Interest-bearing borrowings Non-current Current Insurance-related liabilities Trade and other payables Income tax payable Provisions Total equity and liabilities Salient Features 1 Interest-bearing borrowings Australian borrowings Property and other borrowings Asset-based finance Interest-bearing borrowings 2 Share statistics Total issued less treasury shares (’000) Weighted number of shares (’000) Diluted weighted number of shares (’000) Net asset value per share (cents) Net asset value excluding goodwill per share (cents)
  9. 9. Consolidated Statement of Cash Flow Salient Features Year ended 30 June 2012 Audited R’000 647 999 (42 457) 605 542 (67 852) 44 689 (176 845) – 405 534 695 289 72 098 767 387 (106 512) 54 247 (83 859) – 631 263 1 573 024 271 318 1 844 342 (189 397) 107 184 (232 496) (399) 1 529 234 (101 316) (71 905) (6 346) (46 298) 4 015 (221 850) (122 365) (69 959) (6 415) (47 512) (12 266) (258 517) (314 134) 140 175 (16 414) (82 464) (49) (272 886) (59 127) (5 865) (26 352) (91 344) 92 340 1 776 430 51 895 1 920 665 (103 162) 19 909 (121 927) (205 180) 167 566 1 210 456 79 766 1 457 788 (227 962) 71 990 (625 694) (781 666) 474 682 1 210 456 91 292 1 776 430 continued Six month period ended 31 December 2012 Unaudited R’000 3 Capital commitments Authorised but not yet contracted for capital commitments, excluding full maintenance lease assets Six month period ended 31 December 2011 Unaudited R’000 Year ended 30 June 2012 Audited R’000 373 084 68 580 174 640 Capital commitments will be funded from normal operating cash flows and the utilisation of existing borrowings facilities. 4 Related party transactions The Group, in the ordinary course of business, entered into various sales and purchase transactions on an arm’s length basis with related parties. 5 Subsequent events Other than the matters disclosed, the directors are not aware of any matter or circumstance arising subsequent to the balance sheet date up to the date of this report, which will affect these results. Super Group Unaudited interim results for the six months ended 31 December 2012 Cash flows from operating activities Operating cash flow Working capital changes Cash generated from operations Finance costs paid Investment income and interest received Income tax paid Dividend paid to non-controlling interest Net cash generated from operating activities Cash flows from investing activities Net additions to property, plant and equipment Net (additions)/disposals to full maintenance lease assets Net additions to intangible assets Acquisition of business Other investing activities Net cash outflow from investing activities Cash flows from financing activities Share repurchases/buybacks and related expenses Net interest-bearing borrowings (repaid)/raised Net full maintenance lease borrowings repaid Net cash outflow from financing activities Net increase in cash and cash equivalents Net cash and cash equivalents at beginning of the period Effect of foreign exchange on cash and cash equivalents Cash and cash equivalents at end of the period Six month period ended 31 December 2011 Unaudited R’000 7 Six month period ended 31 December 2012 Unaudited R’000
  10. 10. Operating Segments Super Group Supply Chain South Africa Supply Chain African Logistics Six month period ended 31 December 2012 R’000 Revenue Depreciation and amortisation Net operating expenditure – excluding capital items Six month period ended 31 December 2011 R’000 Six month period ended 31 December 2012 R’000 Six month period ended 31 December 2011 R’000 Six month period ended 31 December 2012 R’000 Six month period ended 31 December 2011 R’000 Six month period ended 31 December 2012 R’000 Six month period ended 31 December 2011 R’000 5 428 616 (147 906) 4 667 881 (245 223) 2 301 716 (64 396) 1 718 406 (65 333) 2 083 567 (56 103) 1 507 677 (52 324) 218 149 (8 293) 210 729 (13 009) (4 761 331) (4 012 273) (2 067 850) (1 526 515) (1 876 792) (1 352 822) (191 058) (173 693) Trading profit Capital items 519 379 (1 962) 410 385 (5 114) 169 470 2 528 126 558 108 150 672 3 796 102 531 108 18 798 (1 268) 24 027 – Operating profit – segment result Net finance costs and share of profit in associate 517 417 405 271 171 998 126 666 154 468 102 639 17 530 24 027 (27 094) (52 341) (18 598) (17 632) (10 734) (10 334) (7 864) (7 298) Profit before tax 490 323 352 930 153 400 109 034 143 734 92 305 9 666 16 729 Super Group Supply Chain South Africa Supply Chain African Logistics As at 31 December 2012 R’000 8 Super Group Unaudited interim results for the six months ended 31 December 2012 ASSETS Non-current assets Property, plant and equipment Investment property FML assets Intangible assets Goodwill Investments and other non-current assets Current assets Inventories Trade receivables Sundry receivables Inter-company trade receivables Insurance related assets As at 30 June 2012 R’000 As at 31 December 2012 R’000 As at 30 June 2012 R’000 As at 31 December 2012 R’000 As at 30 June 2012 R’000 As at 31 December 2012 R’000 As at 30 June 2012 R’000 1 755 551 69 816 505 023 101 298 1 719 330 1 634 269 70 816 491 069 27 077 1 575 837 1 037 039 – – 73 305 425 664 941 779 – – 4 305 350 080 754 440 – – 73 305 387 132 674 185 – – 4 305 312 994 282 599 – – – 38 532 267 594 – – – 37 086 3 278 5 534 – 2 838 – 2 838 – – 767 233 1 571 282 549 350 – 57 231 650 312 1 192 893 184 684 – 73 411 185 677 988 325 426 058 7 144 – 145 004 711 789 62 174 11 375 – 159 993 876 399 416 939 6 540 – 117 529 630 423 37 520 5 725 – 25 684 111 926 9 119 604 – 27 475 81 366 24 654 5 650 – 7 099 392 5 905 902 3 143 212 2 229 344 2 674 748 1 785 519 468 464 443 825 352 193 341 681 – – – – – – SEGMENT ASSETS LIABILITIES Non-current liabilities Fund reserves Current liabilities Insurance-related liabilities Trade and other payables and provisions Inter-company trade payables 109 739 139 559 – – – – – – 3 254 396 – 2 407 912 – 1 302 384 14 249 680 191 41 869 1 244 090 9 211 618 184 36 831 58 294 5 038 62 007 5 038 SEGMENT LIABILITIES Net capex Net operating assets 3 716 328 179 567 3 712 499 2 889 152 190 999 3 259 858 1 316 633 44 215 1 826 579 722 060 275 930 1 533 142 1 253 301 33 972 1 421 447 655 015 203 849 1 156 360 63 332 10 243 405 132 67 045 72 081 376 782
  11. 11. Fleet Solutions FleetAfrica SG Fleet Services and inter-company eliminations Dealerships Six month period ended 31 December 2012 R’000 Six month period ended 31 December 2011 R’000 Six month period ended 31 December 2012 R’000 Six month period ended 31 December 2011 R’000 Six month period ended 31 December 2012 R’000 Six month period ended 31 December 2011 R’000 Six month period ended 31 December 2012 R’000 Six month period ended 31 December 2011 R’000 Six month period ended 31 December 2012 R’000 Six month period ended 31 December 2011 R’000 906 043 (73 074) 1 167 536 (163 435) 240 604 (37 055) 662 433 (111 535) 665 439 (36 019) 505 103 (51 900) 2 211 420 (4 288) 1 780 453 (2 952) 9 437 (6 148) 1 486 (13 503) (526 765) (756 688) (132 196) (419 147) (394 569) (337 541) (2 151 789) (1 738 921) (14 927) 9 851 306 204 425 247 413 (4 045) 71 353 – 131 751 – 234 851 425 115 662 (4 045) 55 343 (85) 38 580 – (11 638) (4 830) (2 166) (1 177) 306 629 243 368 71 353 131 751 235 276 111 617 55 258 38 580 (16 468) (3 343) (13 112) (29 325) (2 278) (15 713) (10 834) (13 612) (11 693) (11 142) 16 309 5 758 293 517 214 043 69 075 116 038 224 442 98 005 43 565 27 438 (159) 2 415 Fleet Solutions FleetAfrica SG Fleet Services and inter-company eliminations Dealerships As at 31 December 2012 R’000 As at 30 June 2012 R’000 As at 31 December 2012 R’000 As at 30 June 2012 R’000 As at 31 December 2012 R’000 As at 30 June 2012 R’000 As at 31 December 2012 R’000 As at 30 June 2012 R’000 7 193 – 505 023 23 635 1 187 068 8 700 – 491 069 18 798 1 132 107 58 – 332 905 – 87 822 21 – 333 065 – 87 822 7 135 – 172 118 23 635 1 099 246 8 679 – 158 004 18 798 1 044 285 181 256 – – – 106 598 145 454 – – – 93 650 530 063 69 816 – 4 358 – 538 336 70 816 – 3 974 – – – – – – – – – 3 278 2 696 74 614 315 148 68 353 1 782 – 46 564 267 814 70 333 4 242 – 12 413 90 344 1 930 710 – 9 182 68 480 8 116 519 – 62 201 224 804 66 423 1 072 – 37 382 199 334 62 217 3 723 – 494 401 155 934 8 644 439 – 458 744 110 703 6 511 1 188 – 12 541 111 875 46 295 (9 365) 57 231 – 102 587 45 666 (16 805) 73 411 2 182 816 2 039 627 526 182 507 205 1 656 634 1 532 422 947 272 816 250 826 092 820 681 352 193 341 681 77 944 79 681 274 249 262 000 – – – – – – – – – – – – 109 739 139 559 999 720 3 567 843 027 3 695 202 459 3 567 188 941 3 695 797 261 – 654 086 – 779 905 1 164 690 421 555 172 387 (18 980) 194 273 (46 119) 1 355 480 78 662 827 336 1 188 403 (141 824) 849 056 283 970 36 932 242 212 272 317 (201 016) 234 888 1 071 510 41 730 585 124 916 086 59 192 614 168 781 069 39 287 495 638 690 976 53 475 368 383 263 146 17 403 562 946 287 713 3 418 509 277 Super Group Unaudited interim results for the six months ended 31 December 2012 As at 30 June 2012 R’000 9 As at 31 December 2012 R’000
  12. 12. Consolidated Statement of Changes in Equity Share premium R’000 Other reserves R’000 Retained earnings R’000 Share buyback reserve R’000 327 310 1 893 091 – – – – – – – – 450 406 108 955 108 737 218 – 524 176 – – – 238 782 (622 206) 2 572 777 – 108 955 – 108 737 – 218 – 238 782 10 Super Group Unaudited interim results for the six months ended 31 December 2012 Share capital R’000 Balance at 30 June 2011 – Audited Other comprehensive income Translation adjustment Hedging reserve Profit for the period Total comprehensive income for the period Buildings depreciation Share-based payment reserve movement Shares cancelled Expenses relating to share repurchases Share buybacks Movement in reserves Balance at 31 December 2011 – Unaudited Other comprehensive income Translation adjustment Hedging reserve Revaluation of land and buildings net of taxation Profit for the period Total comprehensive income for the period Buildings depreciation Effect of tax rate change on the revaluation reserve Share-based payment reserve movement Dividends paid Shares cancelled Expenses relating to share repurchases Share buybacks Movement in reserves Changes in equity as a result of acquisitions, disposals and transactions with equity partners Balance at 30 June 2012 – Audited Other comprehensive income Translation adjustment Hedging reserve Revaluation of land and buildings net of taxation Profit for the period Total comprehensive income for the period Transfer from contingency reserve Buildings depreciation Fair value of financial instruments through equity Share-based payment reserve movement Options exercised Share buybacks Changes in equity as a result of acquisitions, disposals and transactions with equity partners Balance at 31 December 2012 – Unaudited Total R’000 Noncontrolling interest R’000 Total equity R’000 258 508 2 831 285 38 750 147 705 38 750 147 487 – 218 26 974 265 756 – – – – 108 955 (448) 238 782 448 – – 347 737 – 65 724 – 413 461 – – (3 000) – (30 306) – – 8 132 – – – 8 132 (33 306) – – 8 132 (33 306) – – – (164) – – – – – – – – – (69 692) – (164) (69 692) – – – 24 (164) (69 692) 24 324 310 1 862 621 – – – – – – 558 913 41 947 5 705 114 771 538 – – – (691 898) 2 825 484 – 41 947 – 5 705 – 114 324 256 3 149 740 5 659 47 606 5 659 11 364 – 114 – – – – 36 128 – – 276 831 – – 36 128 276 831 – 52 340 36 128 329 171 – – – – 41 947 (463) 276 831 463 – – 318 778 – 57 999 – 376 777 – – – (7 537) – – (7 537) – (7 537) – – (8 976) – – (115 553) – – – 8 198 – – – – – 8 198 – (124 529) – (399) – 8 198 (399) (124 529) – – – (270) – – – – – – – – – (1) – (270) (1) – – – 689 (270) (1) 689 – – – – – – (2 023) (2 023) 315 334 1 746 798 – – – – – – 592 860 1 057 030 50 995 – 47 899 – 1 327 – (691 899) 3 020 123 – 50 995 – 47 899 – 1 327 380 522 3 400 645 20 073 71 068 20 073 67 972 – 1 327 – – – – 1 769 – – 282 436 – – 1 769 282 436 – 79 913 1 769 362 349 – – – – – – 50 995 (1 064) (70) 282 436 1 064 70 – – – 333 431 – – 99 986 – – 433 417 – – – – – (103 908) – (103 908) – (103 908) – – – – – – – – – 8 862 (58 247) – – – (878) 8 862 (58 247) (878) – – – 8 862 (58 247) (878) – – – – – – 64 007 64 007 315 334 1 746 798 642 721 1 187 307 (692 777) 3 199 383 544 515 3 743 898
  13. 13. Company Information SUPER GROUP LIMITED (Incorporated in the Republic of South Africa) Registration number 1943/016107/06 ISIN: ZAE000161832 Share code: SPG (“Super Group” or “the Group” or “the company”) Directors: Executive: P Mountford (Chief Executive Officer) and C Brown (Chief Financial Officer) Non-Executive: P Vallet (Chairman), N Davies*, J Newbury*, V Chitalu*#, D Rose* and Dr E Banda* *Independent #Zambian Company Secretary: N Redford Registered office: 27 Impala Road, Chislehurston, Sandton, 2196 Transfer secretaries: Computershare Investor Services Proprietary Limited (Registration number 2004/003647/07) Ground floor, 70 Marshall Street, Johannesburg, 2001 (PO Box 61051, Marshalltown, 2107) Sponsor: Deutsche Securities (SA) Proprietary Limited (Registration number 1995/011798/07) 3 Exchange Square, 87 Maude Street, Sandton, 2196 Investor Relations: Keyter Rech Investor Solutions CC (Registration number 2008/156985/23) 5 2nd Road, Hyde Park, 2196
  14. 14. www.supergroup.co.za

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