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EQS
EQS
EQS - Eqstra Holdings Limited - Audited Preliminary Results Condensed Group
Balance Sheet
Eqstra Holdings Limited
Registration number 1998/011672/06
Share code: EQS ISIN: ZAE000117123
AUDITED PRELIMINARY RESULTS
CONDENSED GROUP BALANCE SHEET
as at
30 June 25 June
2008 2007
Rm Rm
ASSETS
Non-current assets 7 100
Intangible assets 5
Property, plant and equipment 353
Leasing assets 6 550
Deferred tax assets 60
Other investments and loans(1) 132
Current assets 2 990
Inventories 1 690
Trade and other receivables 1 126
Taxation in advance 46
Cash and cash equivalents 128
Total assets 10 090
EQUITY AND LIABILITIES
Capital and reserves
Share capital and premium 1 475
Non-distributable reserves 72
Distributable reserves 291
Equity holders interest 1 838
Minority interest 17
Total shareholders` equity 1 855
Non-current liabilities 5 166
Interest-bearing borrowings 4 727
Deferred tax liabilities 439
Current liabilities 3 069
Trade and other payables 1 915
Provisions for liabilities and other
charges 100
Current tax liabilities 27
Current portion of interest-bearing
borrowings 1 027
Total liabilities 8 235
Total equity and liabilities 10 090
Supplementary information
Other investments and loans
- Listed, at market value 27
- Unlisted at fair value or directors`
valuation 57
- Loans receivable 48
132
Capital commitments 2 758
Contingent liabilities 192
Basis of preparation
This audited preliminary financial information has been prepared in
accordance with IAS 34 - Interim Financial Reporting.
These audited preliminary results are a summary of the group`s unmodified
audited financial statements.
Accounting policies
The accounting policies and methods of computation adopted in preparation of
the audited preliminary financial statements are consistent with those of
the annual financial statements for the year ended 30 June 2008.
Audit report
The annual financial statements have been audited by the group`s auditors,
Deloitte & Touche. Their signed, unmodified audit opinion is available for
inspection at the company`s registered office.
CONDENSED GROUP INCOME STATEMENT
for the years ended
30 June 25 June
2008 2007
Rm Rm
Revenue 1 741
Profit from operations before
depreciation and recoupments 502
Depreciation and recoupments (227)
Operating profit 275
Foreign exchange losses (9)
Fair value gains arising from foreign
exchange derivatives 4
Profit before net financing costs 270
Net finance cost (111)
Finance income 6
Profit before exceptional item 165
Exceptional item (6)
Profit before taxation 159
Income tax expense 43
Net profit for the year 116
Attributable to:
Equity holders 114
Minority interest 2
116
Cents
Earnings per share (2)
Ordinary shares
- Basic 43,9
- Diluted 39,4
ADDITIONAL INFORMATION
Headline earnings per share(2)
- Basic 40,7
- Diluted 36,5
Earnings per share reconciliation(2)
Headline earnings per share 40,7
Profit on sale of property, plant and
equipment (3,9)
Loss on sale of leasing assets 8,3
Taxation effect (1,2)
Basic earnings per share 43,9
(2) Based on the weighted average number
of shares in issue for the year
Net asset value per share (cents) 718,2
Number of ordinary shares (million)
- in issue 258,4
- weighted average 258,4
Net finance cost Rm
Net interest paid 122
Fair value gains on interest-bearing
borrowings and interest swaps (11)
111
Exceptional item
Fair value loss on share scheme loans (6)
(6)
CONDENSED GROUP CASH FLOW STATEMENT
For the years ended
30 June 25 June
2008 2007
Rm Rm
Cash flows from operating activities
Cash generated by operations before
changes in working capital 503
Net working capital movements (259)
Cash generated by operations 244
Net financing costs (116)
Taxation paid (8)
Net cash flows from operating activities 120
Cash flows from investing activities
Net acquisition of businesses on
unbundling (1 446)
Net capital expenditure (739)
Proceeds on disposal of assets 275
Purchase of other investments and loans (38)
Net cash flows from investing activities (1 948)
Cash flows from financing activities
Issue of shares for net assets acquired
on unbundling 1 504
Additional capital introduced 349
Share issue expenses (19)
Increase in interest-bearing borrowings 122
Net cash flows from financing activities 1 956
Net increase in cash and cash equivalents 128
Cash and cash equivalents at end of year 128
STATEMENT OF CHANGES IN EQUITY
For the years ended
Share Non-
capital distributable Distributable
and premium reserves reserves
Rm Rm Rm
Balance at 25 June
2006
Balance at 25 June
2007
Shares issued for
net assets acquired
on unbundling 871 73 271
Goodwill not
realised on
unbundling (94)
Acquisition of
Lereko call option 52
MCC minority
purchase 274
Additional capital
introduced 349
Unbundling
adjustments 623 52 (94)
Impairment of
Lereko call option (33)
Movement in hedge
accounting reserve (20)
Net losses not
recognised in the
income statement (53)
Net profit for the
year 114
Share issue
expenses (19)
Balance at 30 June
2008 1 475 72 291
Minority
interest Total
Rm Rm
Balance at 25 June
2006
Balance at 25 June
2007
Shares issued for
net assets acquired
on unbundling 289 1 504
Goodwill not
realised on
unbundling (94)
Acquisition of
Lereko call option 52
MCC minority
purchase (274)
Additional capital
introduced 349
Unbundling
adjustments (274) 307
Impairment of
Lereko call option (33)
Movement in hedge
accounting reserve (20)
Net losses not
recognised in the
income statement (53)
Net profit for the
year 2 116
Share issue
expenses (19)
Balance at 30 June
2008 17 1 855
BUSINESS SEGMENTATION
For the years ended
30 June 25 June
2008 2007
Rm Rm
BUSINESS SEGMENTS
Segment revenues
Construction and Mining 1 109
Passenger and Commercial Vehicles 309
Industrial Equipment 321
1 739
Group and eliminations 2
Consolidated revenue 1 741
Segment result (profit before net financing
cost)
Construction and Mining 181
Passenger and Commercial Vehicles 70
Industrial Equipment 35
286
Group and eliminations (16)
270
Segment assets
Construction and Mining 4 845
Passenger and Commercial Vehicles 3 116
Industrial Equipment 2 038
9 999
Group and eliminations 91
10 090
Segment liabilities
Construction and Mining 4 010
Passenger and Commercial Vehicles 2 429
Industrial Equipment 1 738
8 177
Group and eliminations 58
8 235
Segment capital expenditure
Construction and Mining 294
Passenger and Commercial Vehicles 282
Industrial Equipment 163
Gross capital expenditure 739
Less: proceeds on disposal (275)
Net capital expenditure 464
Segment depreciation
Construction and Mining 88
Passenger and Commercial Vehicles 92
Industrial Equipment 59
239
GEOGRAPHICAL SEGMENTATION
For the years ended
30 June 25 June
2008 2007
Rm Rm
GEOGRAPHIC SEGMENTS
Segment revenues
South Africa 1 567
Rest of Africa 63
Rest of world 111
1 741
Segment result (profit before net financing
costs)
South Africa 249
Rest of Africa 19
Rest of World 2
270
Segment assets
South Africa 8 908
Rest of Africa 511
Rest of World 671
10 090
Segment liabilities
South Africa 7 251
Rest of Africa 417
Rest of World 567
8 235
Segment capital expenditure
South Africa 556
Rest of Africa 136
Rest of World 47
Gross capital expenditure 739
Less: proceeds on disposal (275)
Net capital expenditure 464
Segment depreciation
South Africa 207
Rest of Africa 11
Rest of World 21
239
INTRODUCTION
Eqstra Holdings Limited`s (Eqstra) inaugural annual results are the
culmination of the successful unbundling from Imperial Holdings Limited
(Imperial) and we are delighted to be able to announce good growth.
Eqstra is an integrated leasing and capital equipment group with value-added
services in Construction and Mining, Passenger and Commercial Vehicles and
Industrial Equipment in South Africa, the rest of Africa and the United
Kingdom (UK), with a common value added chain of distribution, leasing and
renting, value added solutions and remarketing.
Eqstra, which was previously the Leasing and Capital Equipment division of
Imperial, was unbundled and separately listed on the JSE Limited on 12 May
2008.
The unbundling of Eqstra came about after a review of Imperial`s business
mix. It was decided that Eqstra had reached a significant size, was
autonomously managed, and required a completely different financial gearing
structure. Eqstra is a business to business focused group, whilst Imperial
is predominantly a retail focused group.
Pro-forma unaudited financial statements for the financial years ended 30
June 2008 and 25 June 2007 have been prepared for illustrative purposes,
only providing a more meaningful comparison year on year. These pro-forma
financial results are the responsibility of the directors and may not
necessarily fairly present the financial position of Eqstra, its results of
operations, cash flow or changes in equity.
These pro-forma financial statements comprise the year end results for 25
June 2007, as disclosed in the pre-listing statement that was published on
20 March 2008, as well as ten months trading for the period to 30 April 2008
that represent the divisional financial statements of the Leasing and
Capital Equipment division of Imperial prior to unbundling and two months
audited financial statements from 1 May to 30 June 2008 of Eqstra. The
latter audited financial statements are disclosed on SENS as well as on
www.eqstra.co.za.
Overview of results
Eqstra had a successful year with revenue increasing by 44.3% to R7 542
million. The strongest contribution came from the Construction and Mining
division with their revenue increasing by 124.6%. We have high expectations
for continued growth on the back of strong fundamentals. Eqstra`s strength
lies in the vertically integrated and value added service model, the benefit
of which is evident in the increased operating margins in both the Passenger
& Commercial Vehicles and Industrial Equipment divisions.
The group`s operating profit grew by 44.3% to R1 238 million and profit
before taxation increased by 24.5% to R692 million.
Pro-forma basic headline earnings per share increased by 30.8% to 158.7
cents. The pro-forma basic earnings per share of 170.3 cents increased by
32.3%. These earnings were impacted by an impairment of R6 million of
Eqstra`s portion of the Imperial Share Purchase Scheme that was inherited on
unbundling. The group`s operating margin remained unchanged at 16.4%. The
operating margin of the Passenger and Commercial Vehicle division improved
to 21.6% (2007: 15.8%). The increase is due to sound residual values
achieved on termination of contracts and value added services provided.
Group net finance cost increased by 82.9% to R512 million through increased
capital expenditure in the Construction and Mining division, prime interest
rate increases of 250 basis points during the year and the increased cost of
funding of 100 basis points post unbundling. The majority of Eqstra`s
revenue earning contracts are linked to the prime rate of interest.
Group total assets increased by 31.2% to R10 090 million. Leasing assets
increased by 31.3% to R6 550 million whilst inventories and trade and other
receivables increased by 49.5% to R2 816 million.
Cash flow
Cash generated from operations before changes in working capital increased
by 37.3% to R2 406 million year on year. Working capital increased by R645
million, mainly due to increased inventory levels in the Construction and
Mining division. Gross capital expenditure for the full year of R3 854
million was funded by the ongoing disposal of assets of R1 095 million,
internal cash generated of R1 128 million and increased borrowings. The
majority of capital expenditure has been applied to revenue earning assets.
Operational Review
Construction and Mining
The division recorded exceptional results with revenue increasing by 124.6%
to R4 256 million and operating profits growing by 87.0% to R649 million.
Net financing costs increased by 286.5% to R201 million, mainly as a
result of an increase in stock holding for the distribution businesses and
significant fleet expansion in the contract mining business. Leasing assets
increased by 81.4% to R2 523 million.
MCC Contract mining is the largest hard rock opencast contract miner in
South Africa and specialises in platinum, iron ore, uranium and nickel.
Mining operations are currently under way in South Africa, Namibia and
Zimbabwe. Two substantial contracts were awarded to MCC during the year,
namely: Nkomati Nickel and Pilanesburg Platinum. The heavy equipment fleet,
excluding support vehicles, increased by 55% to 496 units. Our opencast
mining benefited from the power failures that occurred in the country
resulting in increased production demands from the mining companies.
MCC Plant Hire is the largest plant hire company in Southern Africa with
eleven branches throughout the region. It is benefiting from infra-
structural investment in power generation, rail, national roads and various
mining projects throughout the country. The fleet, excluding support
vehicles, increased by 27% to 493 units.
The Terex and New Holland Construction equipment distributorships encompass
South Africa and thirteen African countries. Terex construction equipment
and cranes were added to the product portfolio during the year. A national
distribution and after sales footprint has been established in South Africa
and agents appointed in neighbouring countries.
In the short period since inception the two brands have achieved a combined
market share of 8.9% of the markets that their products compete in. Terex
and New Holland Construction are independently managed.
The Construction and Mining division is well positioned to take advantage of
the continued strong resources demand and infrastructure investment in
Africa
Passenger and Commercial Vehicles
Although revenue decreased by 8.7% to R1 846 million due to the termination
of the RTG (Rentals to Government) and Lesotho Government contracts,
operating profits still increased by 24.8% to R398 million. This was largely
due to an increased focus on commercial vehicles and the residual profits
made on the disposal of terminated contract fleets. Net financing costs grew
by 39.6% to R215 million and leasing assets increased by 8.6% to R2 757
million, signifying the shift to higher value commercial vehicles. The fleet
size increased by 2.6% to 18 355 units, notwithstanding the fleet reduction
with the termination of the above contracts.
The increased cost of funding was offset by the income earned on value added
products such as managed maintenance and accident management services.
Increasing interest rates, the introduction of the National Credit Act and
the tightening economic environment has increased the trend for corporate
customers to outsource fleet ownership, creating good opportunities for this
division. Our ongoing realistic approach to residual values has resulted in
disposal profits.
Prospects for the Passenger and Commercial Vehicle division remain positive
due to the high inflationary and interest rate environments. The division
will continue to focus on value added components of our product portfolio
and will continue a measured expansion into Africa.
Industrial Equipment
The division`s revenue increased by 10.4% to R1 438 million and operating
profits increased by 20.0% to R222 million. Net financing costs were up by
46.3% to R98 million and leasing assets increased by 19.7% to R1 270
million, mainly as a result of the Apollo Plant Limited (Apollo) acquisition
and a trend towards leasing.
The Industrial Equipment division is the market leader in South Africa with
36% share of the forklift market. In South Africa, new forklift unit sales
increased by 17.9% to 3 841 units, the rental fleet increased by 6.8% to 8
351 trucks and rental sales accounted for 48% of the total number of new
forklifts invoiced. The Toyota distribution agreement was renewed for a
further three years, continuing the twenty five year relationship the
division has shared with Toyota and covers South Africa, Angola, Botswana,
Madagascar, Malawi, Mozambique, Namibia and Zimbabwe.
The UK operation has been appointed as Nissan forklift and Bobcat dealers
and acquired Apollo. This has increased our footprint to 55% of the UK
forklift market. The rental fleet, increased by 25% to 3 926 units. The UK
remains a challenging market and the focus will be the maximising of
opportunities created by the acquisition of Apollo and the increased
dealership territory.
The Industrial Equipment division is likely to benefit from the increase in
their leasing book, strong aftermarket contribution and the increased
geographical area of operation in the UK.
Dividend policy
It is anticipated that the dividend payout ratio will be conservatively
managed between 30% and 35% of headline earnings and will be subject to
considering the prevailing circumstances, capital adequacy and the cash
requirements of Eqstra. However, no dividend will be paid for the period
ending to 30 June 2008, since the group was unbundled in May of this year,
and only had two months as a separately listed company. The directors of
Eqstra intend to pay an annual dividend in the third quarter of 2009.
Outlook
While the outlook for global economic growth is uncertain with inflationary
concerns, Eqstra has constructed a resilient business model that provides
multiple avenues for growth. We are excited by the prospects presented by
continued global commodity strength and the expected infrastructure spending
in the region. We look forward to building our track record from this base
and are well positioned to deliver real growth in earnings for the year
ahead.
By order of the board
DC Cronje, Chairman
WS Hill, Chief Executive Officer
CONDENSED PRO-FORMA BALANCE SHEETS
as at
30 June 25 June
2008 2007
Rm Rm
ASSETS
Non-current assets 7 100 5 542
Intangible assets 5 60
Property, plant and equipment 353 241
Leasing assets 6 550 4 990
Deferred tax assets 60 65
Other investments and loans (1) 132 35
Amounts owing by Imperial Holdings` subsidiaries
151
Current assets 2 990 2 151
Inventories 1 690 938
Trade and other receivables 1 126 946
Taxation in advance 46 98
Cash and cash equivalents 128 169
Total assets 10 090 7 693
EQUITY AND LIABILITIES
Capital and reserves
Share capital and premium 1 475
Holding company funding 391
Non-distributable reserves 72 4
Distributable reserves 291 741
Equity holders 1 838 1 136
Minority interest 17 254
Total shareholders` equity 1 855 1 390
Non-current liabilities 5 166 4 498
Interest-bearing borrowings 4 727 282
Deferred tax liabilities 439 398
Amounts owing to Imperial Holdings` subsidiaries
3 818
Current liabilities 3 069 1 805
Trade and other payables 1 915 1 596
Provisions for liabilities and other charges 100 118
Current tax liabilities 27 52
Current portion of interest-bearing borrowings 1 027 39
Total liabilities 8 235 6 303
Total equity and liabilities 10 090 7 693
Supplementary information
(1)Other investments and loans
- Listed, at market value 27 24
- Unlisted, at fair value or directors`
valuation 57
- Loans receivable 48 11
132 35
Capital commitments 2 758 1 325
Contingent liabilities 192 295
CONDENSED PRO-FORMA INCOME STATEMENTS
for the years ended
30 June 25 June
% 2008 2007
change Rm Rm
Revenue 44 7 542 5 228
Profit from operations before
depreciation and recoupments 2 412 1 760
Depreciation and recoupments (1 174) (902)
Operating profit 44 1 238 858
Foreign exchange losses (25) (11)
Fair value losses to foreign exchange
derivatives (3) (2)
Profit before net financing costs 43 1 210 845
Net finance cost (532) (305)
Finance income 20 25
Profit before exceptional items 24 698 565
Exceptional items (6) (9)
Profit before taxation 24 692 556
Income tax expense 188 179
Net profit for the year 34 504 377
Attributable to:
Equity holders 41 382 270
Minority interest 14 122 107
34 504 377
Cents Cents
Pro-forma earnings per share(2)
Ordinary shares
- Basic 32 170,3 128,7
- Diluted 35 150,4 111,6
Additional information
Pro-forma headline earnings per
share(2)
- Basic 31 158,7 121,3
- Diluted 33 140,1 105,2
Pro-forma earnings per share
reconciliation(2)
Pro-forma headline earnings per share 158,7 121,3
(Loss) profit on sale of property,
plant and equipment (3,5) 3,0
Profit on sale of leasing assets 19,6 13,9
Exceptional items (4,6)
Taxation effect (4,5) (4,9)
Pro-forma basic earnings per share 170,3 128,7
(2)Based on the weighted average
number of shares in issue for the
year
Net asset value per share (cents) 8 718,2 663,1
Number of ordinary shares (million)
- in issue 258,4 209,6
- weighted average 224,0 209,6
Number of ordinary shares (before
treasury shares) in Imperial Holdings
at 25 June 2007
Net finance cost Rm Rm
Net interest paid 543 305
Fair value gains on interest-bearing
borrowings and interest swaps (11)
532 305
Net finance costs for the 10 months
prior to unbundling does not include
the 100 basis points increase in the
cost of debt since unbundling as it
would have been largely offset by the
R400 million additional capital
introduced by Imperial Holdings
Limited.
Exceptional items
Loss on disposal of investments in
subsidiaries (9)
Fair value loss on share scheme loans (6)
(6) (9)
CONDENSED PRO-FORMA CASH FLOW STATEMENTS
for the years ended
30 June 25 June
% 2008 2007
change Rm Rm
Cash flows from operating activities
Cash generated by operations before
changes in working capital 37 2 406 1 752
Net working capital movements (645) (65)
Cash generated by operations 14 1 761 1 687
Net financing costs (523) (280)
Taxation paid (110) (76)
Net cash flows from operating
activities 1 128 1 331
Cash flows from investing activities
Net acquisition of subsidiaries and
businesses (61) (105)
Gross capital expenditure (3 854) (2 744)
Proceeds on disposal of assets 1 095 806
Purchases of other investments and
loans (84) (17)
Net cash flows from investing
activities (2 904) (2 060)
Cash flows from financing activities
Additional capital introduced 400 136
Share issue expenses (19)
Increase in interest-bearing borrowings
1 604 1 101
Dividends paid (250) (350)
Net cash flows from financing
activities 1 735 887
Net (decrease) increase in cash and
cash equivalents (41) 158
Cash and cash equivalents at beginning
of year 169 11
Cash and cash equivalents at end of
year 128 169
Basis of preparation
This pro-forma unaudited preliminary financial information has been prepared
in accordance with IAS 34 - Interim Financial Reporting and is in line with
the pre-listing statement.
These unaudited pro-forma preliminary results are a summary of the group`s
unaudited pro-forma financial statements.
Accounting policies
The accounting policies and methods of computation adopted in preparation of
the unaudited pro-forma preliminary financial statements are consistent with
those of the pro-forma financial statements for the year ended 30 June 2008.
PRO-FORMA STATEMENT OF CHANGES IN EQUITY
for the years ended
Share capital Group Non-distri-
and equity butables
premium funding reserves
Rm Rm Rm
Balance at 25 June 2006 255 3
Net gains arising on
translation of foreign
companies 4
Movement in hedge
accounting reserve (3)
Net gains not recognised
in the income statement 1
Net profit for the year
Net acquisitions funded
by holding company 136
Dividends
Balance at 25 June 2007 391 4
Net gains arising on
translation of foreign
companies 29
Impairment of Lereko
call option (33)
Movement in hedge
accounting reserve 20
Net losses not
recognised in the income
statement 16
Net profit for the year
Dividends
Unbundling adjustments 1 494 (391) 52
Subsidiaries not
acquired
Goodwill written off due
to unbundling
Acquisition of Lereko
call option 52
MCC minority purchase 274
Additional capital
introduced 1 220 (391)
Share issue expenses (19)
Balance at 30 June 2008 1 475 72
Distri-
butable Minority
reserves interest Total
Rm Rm Rm
Balance at 25 June 2006 778 190 1 226
Net gains arising on
translation of foreign
companies 4
Movement in hedge
accounting reserve (3)
Net gains not recognised
in the income statement 1
Net profit for the year 270 107 377
Net acquisitions funded
by holding company 136
Dividends (307) (43) (350)
Balance at 25 June 2007 741 254 1 390
Net gains arising on
translation of foreign
companies 29
Impairment of Lereko
call option (33)
Movement in hedge
accounting reserve 20
Net gains not recognised
in the income statement 16
Net profit for the year 382 122 504
Dividends (178) (72) (250)
Unbundling adjustments (654) (287) 214
Subsidiaries not (131) (13) (144)
acquired
Goodwill written off
due to unbundling (94) (94)
Acquisition of Lereko
call option 52
MCC minority purchase (274)
Additional capital
introduced (429) 400
Share issue expenses (19)
Balance at 30 June 2008 291 17 1 855
PRO-FORMA SEGMENT INFORMATION - BALANCE SHEET
for the years ended
Group
30 June 25 June
2008 2007
Rm Rm
BUSINESS SEGMENTATION
Assets
Intangible assets 5 60
Property, plant and equipment 353 241
Leasing assets 6 550 4 990
Other investments and loans 132 35
Inventories 1 690 938
Trade and other receivables 1 126 946
Operating assets 9 856 7 210
Deferred tax assets 60 65
Amounts owing by Imperial
Holdings` subsidiaries 151
Taxation in advance 46 98
Cash and cash equivalents 128 169
Total assets per balance sheet 10 090 7 693
Liabilities
Accounts payable and provisions 2 015 1 714
Non interest-bearing liabilities 2 015 1 714
Interest bearing borrowings 5 754 4 139
Deferred tax liabilities 439 398
Current tax liabilities 27 52
Total liabilities per balance
sheet 8 235 6 303
GEOGRAPHIC SEGMENTATION
Operating assets 9 856 7 210
- South Africa 8 756 6 385
- Rest of Africa 440 323
- Rest of World 660 502
Non interest-bearing liabilities 2 015 1 714
- South Africa 1 888 1 605
- Rest of Africa 61 56
- Rest of World 66 53
Interest bearing borrowings 5 754 4 139
- South Africa 4 927 3 510
- Rest of Africa 350 249
- Rest of World 477 380
Gross capital expenditure 3 854 2 744
- South Africa 3 397 2 485
- Rest of Africa 266 62
- Rest of World 191 197
Gross capital expenditure 3 854 2 744
Less: Proceeds on disposal (1 095) (806)
Net capital expenditure 2 759 1 938
Construction and
Mining
30 June 25 June
2008 2007
Rm Rm
BUSINESS SEGMENTATION
Assets
Intangible assets 1 42
Property, plant and equipment 155 88
Leasing assets 2 523 1 391
Other investments and loans 29 24
Inventories 1 326 593
Trade and other receivables 731 363
Operating assets 4 765 2 501
Deferred tax assets
Amounts owing by Imperial
Holdings` subsidiaries
Taxation in advance
Cash and cash equivalents
Total assets per balance sheet
Liabilities
Accounts payable and provisions 1 414 905
Non interest-bearing liabilities 1 414 905
Interest bearing borrowings
Deferred tax liabilities
Current tax liabilities
Total liabilities per balance
sheet
GEOGRAPHIC SEGMENTATION
Operating assets 4 765 2 501
- South Africa 4 609 2 472
- Rest of Africa 156 29
- Rest of World
Non interest-bearing liabilities 1 414 905
- South Africa 1 403 904
- Rest of Africa 11 1
- Rest of World
Interest-bearing borrowings 2 356 921
- South Africa 2 206 881
- Rest of Africa 150 40
- Rest of World
Gross capital expenditure 1 694 937
- South Africa 1 597 937
- Rest of Africa 97
- Rest of World
Gross capital expenditure 1 694 937
Less: Proceeds on disposal (132) (36)
Net capital expenditure 1 562 901
Passenger and
Commercial Vehicles
30 June 25 June
2008 2007
Rm Rm
BUSINESS SEGMENTATION
Assets
Intangible assets 4 7
Property, plant and equipment 70 66
Leasing assets 2 757 2 538
Other investments and loans 12 11
Inventories 68 110
Trade and other receivables 188 348
Operating assets 3 099 3 080
Deferred tax assets
Amounts owing by Imperial
Holdings` subsidiaries
Taxation in advance
Cash and cash equivalents
Total assets per balance sheet
Liabilities
Accounts payable and provisions 309 476
Non interest-bearing liabilities 309 476
Interest-bearing borrowings
Deferred tax liabilities
Current tax liabilities
Total liabilities per balance
sheet
GEOGRAPHIC SEGMENTATION
Operating assets 3 099 3 080
- South Africa 2 815 2 786
- Rest of Africa 284 294
- Rest of World
Non interest-bearing liabilities 309 476
- South Africa 259 421
- Rest of Africa 50 55
- Rest of World
Interest-bearing borrowings 1 884 2 111
- South Africa 1 684 1 902
- Rest of Africa 200 209
- Rest of World
Gross capital expenditure 1 434 1 204
- South Africa 1 265 1 142
- Rest of Africa 169 62
- Rest of World
Gross capital expenditure 1 434 1 204
Less: Proceeds on disposal (709) (762)
Net capital expenditure 725 442
Industrial
Equipment
30 June 25 June
2008 2007
Rm Rm
BUSINESS SEGMENTATION
Assets
Intangible assets 11
Property, plant and equipment 103 73
Leasing assets 1 270 1 061
Other investments and loans
Inventories 296 235
Trade and other receivables 207 235
Operating assets 1 876 1 615
Deferred tax assets
Amounts owing by Imperial
Holdings` subsidiaries
Taxation in advance
Cash and cash equivalents
Total assets per balance sheet
Liabilities
Accounts payable and provisions 167 333
Non-interest-bearing liabilities 167 333
Interest bearing borrowings
Deferred tax liabilities
Current tax liabilities
Total liabilities per balance
sheet
GEOGRAPHIC SEGMENTATION
Operating assets 1 876 1 615
- South Africa 1 216 1 113
- Rest of Africa
- Rest of World 660 502
Non-interest bearing liabilities 167 333
- South Africa 101 280
- Rest of Africa
- Rest of World 66 53
Interest bearing borrowings 1 473 1 107
- South Africa 996 727
- Rest of Africa
- Rest of World 477 380
Gross capital expenditure 726 600
- South Africa 535 403
- Rest of Africa
- Rest of World 191 197
Gross capital expenditure 726 600
Less: Proceeds on disposal (254) (8)
Net capital expenditure 472 592
Corporate office and
eliminations
30 June 25 June
2008 2007
Rm Rm
BUSINESS SEGMENTATION
Assets
Intangible assets
Property, plant and equipment 25 14
Leasing assets
Other investments and loans 91
Inventories
Trade and other receivables
Operating assets 116 47
Deferred tax assets
Amounts owing by Imperial
Holdings` subsidiaries
Taxation in advance
Cash and cash equivalents
Total assets per balance sheet
Liabilities
Accounts payable and provisions 125
Non-interest-bearing liabilities 125
Interest bearing borrowings
Deferred tax liabilities
Current tax liabilities
Total liabilities per balance
sheet
GEOGRAPHIC SEGMENTATION
Operating assets 116 47
- South Africa 116 47
- Rest of Africa
- Rest of World
Non interest-bearing liabilities 125
- South Africa 125
- Rest of Africa
- Rest of World
Interest-bearing borrowings 41
- South Africa 41
- Rest of Africa
- Rest of World
Gross capital expenditure 3
- South Africa 3
- Rest of Africa
- Rest of World
Gross capital expenditure 3
Less: Proceeds on disposal
Net capital expenditure 3
PRO-FORMA SEGMENT INFORMATION - INCOME STATEMENT
for the years ended
Group
30 June 25 June
2008 2007
Rm Rm
BUSINESS SEGMENTATION
Revenue
- Sales of goods 2 867 1 643
- Rendering of services 4 673 3 585
- Other 2
7 542 5 228
Operating expenses (5 130) (3 468)
Depreciation (1 211) (937)
Recoupments 37 35
Operating profit 1 1238 858
Foreign exchange losses (25) (11)
Fair value losses on foreign
exchange derivatives (3) (2)
Profit before net financing costs
and exceptionals 1 210 845
Net financing costs (512) (280)
Profit before taxation and
exceptional items 698 565
GEOGRAPHIC SEGMENTATION
Revenue 7 542 5 228
- South Africa 6 808 4 649
- Rest of Africa 340 256
- Rest of World 394 323
Operating profit 1 238 858
- South Africa 1 141 777
- Rest of Africa 77 48
- Rest of World 20 33
Net financing costs 512 280
- South Africa 488 257
- Rest of Africa 18 18
- Rest of World 6 5
Construction and Mining
30 June 25 June
2008 2007
Rm Rm
BUSINESS SEGMENTATION
Revenue
- Sales of goods 1 831 462
- Rendering of services 2 425 1 433
- Other
4 256 1 895
Operating expenses (3 243) (1 369)
Depreciation (377) (181)
Recoupments 13 2
Operating profit 649 347
Foreign exchange losses (9) (4)
Fair value losses on foreign
exchange derivatives
Profit before net financing costs
and exceptionals 640 343
Net financing costs (201) (52)
Profit before taxation and
exceptional items 439 291
GEOGRAPHIC SEGMENTATION
Revenue 4 256 1 895
- South Africa 4 176 1 871
- Rest of Africa 80 24
- Rest of World
Operating profit 649 347
- South Africa 638 343
- Rest of Africa 11 4
- Rest of World
Net financing costs 201 52
- South Africa 198 52
- Rest of Africa 3
- Rest of World
Passenger and Commercial
Vehicles
30 June 25 June
2008 2007
Rm Rm
BUSINESS SEGMENTATION
Revenue
- Sales of goods 368 533
- Rendering of services 1 478 1 490
- Other
1 846 2 023
Operating expenses (944) (1 253)
Depreciation (528) (481)
Recoupments 24 30
Operating profit 398 319
Foreign exchange losses (1)
Fair value losses on foreign
exchange derivatives
Profit before net financing costs
and exceptionals 398 318
Net financing costs (215) (154)
Profit before taxation and
exceptional items 183 164
GEOGRAPHIC SEGMENTATION
Revenue 1 846 2 023
- South Africa 1 586 1 791
- Rest of Africa 260 232
- Rest of World
Operating profit 398 319
- South Africa 332 275
- Rest of Africa 66 44
- Rest of World
Net financing costs 215 154
- South Africa 200 136
- Rest of Africa 15 18
- Rest of World
Industrial Equipment
30 June 25 June
2008 2007
Rm Rm
BUSINESS SEGMENTATION
Revenue
- Sales of goods 668 648
- Rendering of services 770 655
- Other
1 438 1 303
Operating expenses (910) (844)
Depreciation and amortisation (306) (277)
Recoupments 3
Operating profit 222 185
Foreign exchange losses (16) (6)
Fair value losses on foreign
exchange derivatives (3) (2)
Profit before net financing costs
and exceptionals 203 177
Net financing costs (98) (67)
Profit before taxation and
exceptional items 105 110
GEOGRAPHIC SEGMENTATION
Revenue 1 438 1 303
- South Africa 1 044 980
- Rest of Africa
- Rest of World 394 323
Operating profit 222 185
- South Africa 202 152
- Rest of Africa
- Rest of World 20 33
Net financing costs 98 67
- South Africa 92 62
- Rest of Africa
- Rest of World 6 5
Corporate office and
eliminations
30 June 25 June
2008 2007
Rm Rm
BUSINESS SEGMENTATION
Revenue
- Sales of goods
- Rendering of services 7
- Other 2
2 7
2 7
Operating expenses (33) (2)
Depreciation and amortisation 2
Recoupments
Operating profit (31) 7
Foreign exchange losses
Fair value losses on foreign
exchange derivatives
Profit before net financing costs
and exceptionals (31) 7
Net financing costs 2 (7)
Profit before taxation and
exceptional items (29)
GEOGRAPHIC SEGMENTATION
Revenue 2 7
- South Africa 2 7
- Rest of Africa
- Rest of World
Operating profit (31) 7
- South Africa (31) 7
- Rest of Africa
- Rest of World
Net financing costs (2) 7
- South Africa (2) 7
- Rest of Africa
- Rest of World
Directors: E Clarke (Chief Financial Officer), DC Cronje (Chairman)*, MJ
Croucamp*, S Dakile-Hlongwane, WS Hill (Chief Executive Officer), VJ
Mokoena, PS Molefe, SD Mthembi-Mahanyele*, AJ Phillips*, TDA Ross*
*Independent
Company Secretary: L Moller
Registered Office: 12 Corobrik Road, Medowdale,PO Box 1050, Bedfordview 2008
Transfer Secretaries: Computershare Investor Services (Proprietary)
Limited,Ground Floor,70 Marshall Street, Johannesburg, 2001
www.eqstra.co.za
Date: 26/08/2008 07:55:01 Produced by the JSE SENS Department.
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