|
LIMITED - ANNOUNCEMENT
IMPERIAL HOLDINGS LIMITED
(Registration number (1946/021048/06)
Share code: IPL ISIN code: ZAE 000003620
Maximum synergy
- Revenue up 21%
- Operating profit up 30%
- Headline earnings per share up 19%
- Proposed capital distribution of 125 cents
Major Achievements
IMPERIAL HOLDINGS LIMITED
- Group operating margin improved to 7.7%
- Car Rental and Tourism operating profit up 71%
- Efficiency drives in Logistics and Transport increase operating profit by
44%
- Record HEPS of 324 cents
INTRODUCTION
Imperial had a successful six months to December 2002. The improved
financial performance across the Group again underpinned the success of the
strategy of operating an integrated transportation and mobility Group,
while mixing strong entrepreneurial and marketing flair with a diligent
customer focus and strict financial discipline.
These results were largely derived from organic growth, driven by overall
operational efficiencies, an attractive business mix, increased market
share and the benefits from prior years` investments bearing fruit. Revenue
grew by 21% to R16.5 billion (2001: R13.7 billion). 92% of the R2.8 billion
increase in revenue was organic. Operating profit increased by a
substantial 30% to R1.3billion (2001: R1.0 billion) and headline earnings
per share grew by 19% to 324 cents (2001: 273 cents).
The results were very pleasing given that the tax rate increased to 30%
from 26% in the previous year, foreign exchange gains of R91 million in
2001 reversed to a current foreign exchange loss of R6 million due to the
strong rand, and financing costs increased by R48 million mostly as a
result of the high interest rate cycle.
The Board has proposed a capital distribution of 125 cents per share,
subject to shareholders` approval. It is drawn to the shareholders`
attention that this is in lieu of a dividend.
FINANCIAL OVERVIEW
INCOME STATEMENT
- Revenue grew by 21% to R16.5 billion (2001: R13.7 billion) due to the
strong performance from all divisions and associates, with the exception of
the Distributorship business.
- Revenue from local operations was R12.4 billion (2001: R10.3billion) and
from non-South African businesses was R4.1billion (2001: R3.4 billion).
- Headline earnings per share increased 19% to 324 cents (2001: 273 cents).
- Operating profit rose to R1.3 billion (2001: R1.0 billion), up 30% on the
comparative period. The biggest contributor to operating profits was
Logistics and Transport that showed a 44% improvement to R290 million
(2001: R201 million), followed by Car Rental and Tourism up 71% to R258
million (2001: R151million) and Leasing and Fleet Management up 28% to
R238million (2001: R186million).
- Operating profit in South Africa was up 29% to R1.1 billion (2001: R863
million), the rest of Africa was up 22% to R55 million (2001: R45 million)
and the rest of the world was up 48% to R102 million (2001: R69 million).
- Group operating margin was up to 7.7% (2001: 7.2%), mainly due to the
sound business mix and operational efficiencies.
- The exceptional profit amounted to R54 million (2001: R14 million loss)
and includes the sale of the Group`s 51% share in the Renault business to
Renault S.A.S.
BALANCE SHEET
- The balance sheet is strong with equity of R8.4 billion at 39% of total
assets.
- Net debt of R5 billion (interest bearing debt of R6.4 billion less R1.4
billion cash) was 60% of total equity, up from 55% at June 2002. In light
of Imperial`s leasing and rental assets alone growing to R5.5 billion, the
Group considers itself to be under borrowed. There are no off balance sheet
borrowings.
- Total assets increased by 9% to R21.6 billion (2001: R19.8 billion).
- Fleets, including leasing assets, transport fleet and vehicles for hire,
were up 21% at R7.2 billion (2001: R5.9 billion).
CASH FLOW STATEMENT
- Cash generated by operations was R956 million (2001: R1.3 billion), down
24% on the comparable period. This was largely as a result of:
- The increased inventory of used light aircraft since June 2002, which
accounted for approximately R180 million. This is expected to decrease
significantly by year-end.
- The increased level of trade and other receivables since June 2002 was
due to seasonal factors and the increase in Group revenue. The Group
expects this to improve in the second half in line with the historic trend
in the business.
- Accounts payable have risen at a slower rate than the growth in revenue.
- The Group expects to have strong cash flow from operations for the full
year.
- Net capital expenditure of R1245 million was included in total investing
activities of R1256 million, which was down R333million on the previous
period. A total of R408 million expansion capital expenditure was invested
for future growth, with R223 million invested into the high yielding Car
Rental and Leasing and Fleet Management Divisions. R837 million was for net
replacement capital expenditure, mainly in the Group`s vehicle leasing and
car rental fleets to ensure the group caters for the peak season at the end
of the calendar year. In the second half of the financial year, the fleet
is streamlined to cater for the off-peak periods and a large part of the
capex is recovered through the sale of vehicles.
- With the recent sale of the Group`s majority share in its Renault
operations, it will be relieved of any major funding obligations to this
associate. However, interim funding was advanced and the Group expects to
be repaid over R200 million in the next few months for inventories
transferred by Imperial.
REVIEW OF DIVISIONS
LOGISTICS AND TRANSPORT
Revenue grew by 17% to R6.0 billion (2001: R5.2 billion), and operating
profits increased by 44% to R290 million (2001: R201 million). This was
mainly due to an outstanding performance by the local businesses following
new efficiency drives and a strong focus on improving under-performing
businesses. Local margins improved to 8.4% (2001: 6%).
Revenue from our lower-margin international operations grew by 18% to R3.4
billion (2001: R2.9 billion) with operating profits increasing by 10% to
R69 million (2001: R63 million). Margins were slightly lower at 2.0%. These
figures have benefited from the translation of Euros to Rands. In Euros the
business has remained static, although recently new long-term contracts
have been negotiated.
LEASING AND FLEET MANAGEMENT
Revenue grew by 29% to R918 million (2001: R713 million) and operating
profit increased by 28% to R238 million (2001: R186 million), benefiting
from the continuing investment in, and growth of, fleets in Southern Africa
and the UK.
Vehicle leasing and forklift leasing both maintained strong growth.
The operating margin remained at a healthy 26%. No major outsourcing
contracts were awarded in the period, but the outlook for further
government outsourcing is promising. Management is also actively pursuing
innovative solutions for clients and ways of broadening its offer to fleet
owners.
AVIATION LEASING
This division performed well in a tough market due to strong positioning
and an innovative business model. Revenue improved by 13% to R983 million
(2001: R873 million) and operating profit increased by 51% to R183 million
(2001: R121 million).
Safair showed a 35% improvement in revenue due to the full benefits from
the increased fleet and good growth in service-related operations. Flowing
from that, operating margin improved strongly.
While pressure from the strengthening Rand was reflected in the last
quarter, the Group is comfortable with current asset values and the
business mix of this business.
French airline, Air Lib, ceased operations during February 2003, resulting
in the return of four MD80 aircraft to Safair. The aircraft leased to Air
Lib represent less than 5% of Safair`s revenue and will have a marginal
negative effect on earnings during the remainder of the year. The Group is
actively pursuing new customers for these aircraft.
NAC experienced a decline in demand for new aircraft, but recorded healthy
sales in the used aircraft market. Revenue therefore decreased by 10%
although the sales mix between new and used aircraft and an increase in
value-added services, resulted in a considerable increase in operating
margin.
Safair Lease Finance, our 50/50 joint venture with Gensec, has the
necessary long-term funding in place and contributed a maiden R7.7million
to earnings. The business got off to a flying start and now has 13 aircraft
with SAA, KLM, DHL and British Airways Comair.
CAR RENTAL AND TOURISM
A 32% increase in revenue to R1.7 billion (2001: R1.3 billion) was due to
the growth in tourism, the car rental market and support services.
Operating profit was up by 71% to R258 million (2001: R151 million). The
operating margin improved from 11.6% to 15.0% due to increased inbound
rates for car rentals, a healthy performance by Auto Pedigree and support
services, and substantial growth in tourism.
The Group`s 64%-held company, Tourvest, which is fully exposed to all areas
of the tourism market, benefited greatly from the big boost in incoming
tourist numbers and a strong performance in all divisions. Revenue
increased by 48% to R895 million (2001: R604 million), while operating
income increased by 64% to R107 million (2001: R65 million) and headline
earnings per share improved by 62% to 9.4 cents. Travel and Financial
Services achieved improved operating margins and retail interests performed
very well. Further benefits flowed from interest earned on positive cash
flows and higher interest rates.
DISTRIBUTORSHIPS
Distributorships performed weakly due to substantial price increases forced
by the weak Rand. This negatively impacted volumes and resulted in a
decrease in market share. Whilst the Rand improved during the period under
review, inventory on hand had to be sold at lower margins. Revenue
therefore grew by only 12% to R2.4 billion (2001: R2.1billion) and
operating profit by 3% to R126 million (2001: R122 million).
Following the sale of the Group`s 51% holding in Renault to Renault S.A.S.,
this business is equity accounted from 1 December 2002 and included in
income from associates.
The other distributorships businesses, Tyco and Lectrolite, had a strong
period with increased revenues and operating profits. The European range of
Tyco`s medium and heavy DAF trucks was launched during the period and is
expected to make a meaningful contribution to Tyco`s profitability in the
future.
VEHICLE DEALERSHIPS
Revenue increased by 34% to R4.8 billion (2001: R3.6 billion) due to an
improved sales mix, with the sale of luxury cars boosting both revenue and
margins. Used vehicles also performed strongly and the recently acquired
Murnau Motors contributed for the full period. Operating profit increased
by 56% to R164 million (2001: R105 million) and operating margin improved
from 2.9% to 3.4%.
This division had an excellent start to the first half, and might be
challenged to continue that level of growth in the second half due to the
current level of interest rates impacting on affordability.
Total new and used vehicle unit sales for the whole Group, including
vehicles sold by Auto Pedigree and the Distribution Division, declined by
1.6%.
INSURANCE
Gross premium income in the insurance businesses increased by 27% to R680
million (2001: R534 million), with life premiums growing at a faster pace.
The underwriting result from our short-term insurance business was slightly
down on last year. There was however a good improvement in the core
insurance business before investment income due to a stronger performance
from Regent Life.
Investment income increased by 24% to R31 million (2001: R25million),
despite the investment base being reduced by dividend payments of R144
million in total for both companies in June 2002.
The realised and unrealised investment returns in the income statement have
been negatively impacted by the weak equity markets. Profit of R14 million
in the prior period compares to a loss of R11million, dampening the
strength of the overall result.
ASSOCIATES
The Group had a R58 million share of attributable income from associates.
Imperial Bank, the Group`s principal associate, had an outstanding
performance. The Group`s share of its R92 million attributable income was
R46 million for the half year. For its full year to December 2002 advances
grew 65% to R8.8 billion (2001: R5.3billion), with net profits nearly
doubling to R143 million (2001: R74 million) and a low expense ratio of
32%.
The Planet Finance book, acquired during the period under review, added
R779 million to advances at year-end. Overall, Imperial Bank`s bad debts
were 2% of advances and are expected to be lower going forward. Improved
interest margins, non-interest income and the asset growth were major
contributors to the success of this business.
PROSPECTS
The South African economy has weathered the slowdown in the global economy,
but potential extraordinary global events are impossible to quantify. That
aside, the Group anticipates a stimulatory Budget, lower interest rates
later in the year and the Group`s strong order book that will continue to
propel us forward.
The outlook for Logistics and Transport remains positive despite
indications that trading conditions during the second half will be more
challenging. Opportunities exist to increase revenues and further improve
efficiencies. These will be vigorously pursued by management.
Leasing and Fleet Management is confident of ongoing success due to its
good market position and attractive and diverse customer solutions.
Aviation will be under some pressure from the strengthening Rand, and the
termination of the Air Lib contract, but is resilient and well balanced.
The Group believes that growth in the Car Rental and Tourism division will
continue although at a slower rate than the excellent growth seen in the
first half to December 2002.
Distributorships stand to benefit from the strong Rand. The division`s
ability to compete will be enhanced once existing stocks bought at high
prices have been sold down.
The Group expects vehicle sales in the dealerships to drop a few percentage
points and margins to reduce somewhat in the second half due to higher
interest rates impacting affordability.
The Insurance division will most likely continue to be impacted by weak
equity markets, which the Group expects to continue in the medium term.
Imperial`s international operations in Germany (Logistics and Transport
Division) will continue to be under pressure in a weak economy. The UK
operation (Leasing and Fleet Management Division) should hold up well.
Imperial Bank is confident of its position and is progressing well.
The Group is anticipating good cash generation and a strong balance sheet
at year-end. The Board and management remain dedicated to continue
delivering growth for shareholders but in view of all the factors mentioned
above it is unlikely that the same level of growth in headline earnings per
share for the full year will be achieved.
CAPITAL DISTRIBUTION
Notice is hereby given that the board of directors has proposed a capital
distribution of 125 cents per share instead of an ordinary dividend for the
period ended 25 December 2002, subject to approval being obtained from
shareholders for the distribution. A circular and notice of general meeting
of shareholders regarding the capital distribution will be posted to
shareholders on Tuesday, 4 March 2003. Subject to the approval by
shareholders of the company being obtained, the following dates for the
capital distribution will apply:
Salient dates for the capital distribution
Circular to shareholders and notice of
general meeting Tuesday, 4 March 2003
Proxy forms to be received by 09:00 Thursday, 3 April 2003
Meeting of shareholders to approve the
distribution Monday, 7 April 2003
Announcement of results published on Sens Monday, 7 April 2003
Announcement of results published
in the press Tuesday, 8 April 2003
Last day to trade (cum distribution) Wednesday, 16 April 2003
First date of trading (ex distribution) Thursday, 17 April 2003
Record date Friday, 25 April 2003
Payment date Tuesday, 29 April 2003
Share certificates may not be dematerialised or re-materialised between
Thursday, 17 April 2003 and Friday, 25 April 2003 both days inclusive.
On Tuesday, 29 April 2003, the capital distribution will be electronically
transferred to the bank accounts of all certificated shareholders where
this facility is available. Where electronic fund transfers are not
available or desired, cheques dated 29 April 2003 will be posted on that
date. Shareholders who have dematerialised their share certificates will
have their accounts at their CSDP or broker`s credited on 29 April 2003.
NON-EXECUTIVE DIRECTORS
L Boyd (Chairman), P Abelkop, PL Erasmus, MJ Leeming, JR McAlpine, E
Molobi, SA Tati, A Tugendhaft
EXECUTIVE DIRECTORS
WG Lynch (Irish), RJ Boettger, MP de Canha, RL Hiemstra, AH Mahomed, GW
Riemann (German), CE Scott
SECRETARY
R Mumford
EXECUTIVE COMMITTEE
WG Lynch, RJ Boettger, MP de Canha, RL Hiemstra, WS Hill, AH Mahomed, CE
Scott
Business address and registered office
140 Boeing Road East, Elma Park, Edenvale 1609
SHARE TRANSFER SECRETARIES
Computershare Services Limited (Registration number 1958/003546/06)
70 Marshall Street, Johannesburg 2001
SPONSOR
Merrill Lynch South Africa (Pty) Limited
(Registration number 1995/001805/07)
138 West Street, Sandown, Sandton 2196
The full results announcement is available for viewing on the Imperial
Holdings website at:
http:// www.imperial.co.za
INCOME STATEMENT
half year ended 25 December 2002
Year ended
Unaudited 25 June
2002 2001 % 2002
Rm Rm change Rm
Revenue 16 454 13 652 21 28 122
Profit from operations
before depreciation
and amortisation
(EBITDA) 1 847 1 464 26 3 305
Depreciation and
amortisation,
net of recoupments 575 487 1 021
Operating profit 1 272 977 30 2 284
Foreign exchange
(losses) gains (6) 91 59
Goodwill amortisation (31) (26) (57)
Profit before net
financing costs 1 235 1 042 2 286
Net financing costs (288) (240) (500)
Income from
associates 58 19 65
Profit before
exceptional items 1 005 821 22 1 851
Exceptional items 54 (14) 3
Profit before
taxation 1 059 807 31 1 854
Taxation 287 208 484
Profit after taxation 772 599 29 1 370
Minority interest 73 43 119
Net attributable
profit for
the period 699 556 26 1 251
Headline earnings per
share* (cents) 323.6 272.6 19 608.8
Goodwill amortisation (13.2) (10.6) (24.0)
Exceptional items 26.1 (6.4) 1.8
Profit on sale of
property, plant
and equipment 2.0 2.0 2.0
Earnings per share 338.5 257.6 31 588.6
*Based on the weighted
average number of shares in issue
Net asset value per
share (cents) 3 833.0 3 541.4 3 712.1
Number of shares
(million)
- in issue (net of
treasury stock) 206.7 213.8 206.3
- weighted average 206.5 215.8 212.5
Accounting policies
The principal accounting policies adopted in the preparation of this
interim report are consistent in all material respects with those applied
in the previous annual report.
The financial statements are prepared in accordance with, and comply with,
Statements of Generally Accepted Accounting Practice in South Africa,
effective for the group`s financial period.
Segment information restatement
The segment information has been restated for the distributorships division
and the motor vehicle dealerships division. Previously, imported franchise
vehicles that were retailed by the Group were included under motor vehicle
dealerships. As the sale of imported vehicles are managed separately from
local franchise vehicles and to measure the performance of imported
vehicles more correctly, it has been decided to combine the distribution
and retailing of imported vehicles under the distributorships division.
Inter-segment revenue has been adjusted to give effect to the above, as
previously sales between divisions were eliminated under the head office
and eliminations columns, whereas now the net revenue is shown within the
distributorships division.
Additional
information Rm Rm Rm
Income before taxation:
This is stated after
Investment income
- dividends 4 5 20
Interest income/(cost)
Financial services
businesses 22 11 38
Other operations (288) (240) (500)
Exceptional items 54 (14) 3
Surplus on disposal of
Imperial Bank Limited - - 32
Impairment of assets - - (8)
Profit (loss) on sale
of investments in
subsidiaries
and associates 54 (14) (21)
BALANCE SHEET
at 25 December 2002
Unaudited 25 June
2002 2001 2002
Rm Rm Rm
Property, plant and equipment 2 119 2 049 2 109
Intangible assets 560 634 606
Investments in associates
and joint ventures 1 225 1 425 1 067
Other investments and loans 755 603 836
Deferred taxation 349 259 348
Leasing assets 4 598 3 946 4 532
Transport fleet 1 704 1 393 1 556
Vehicles for hire 915 603 580
Inventories 3 253 2 687 2 772
Trade and other receivables 4 651 4 521 3 940
Taxation in advance 86 35 90
Cash and cash equivalents 1 393 1 604 1 472
Total assets 21 608 19 759 19 908
Insurance funds 400 344 346
Interest-bearing borrowings 6 447 5 286 5 901
Retirement benefit obligations 218 235 238
Deferred taxation 539 265 489
Other liabilities 5 629 5 602 4 843
Total liabilities 13 233 11 732 11 817
Net assets 8 375 8 027 8 091
FUNDED BY
Shareholders` equity 7 921 7 641 7 658
Minority interest 454 386 433
Total shareholders` equity 8 375 8 027 8 091
SUPPLEMENTARY INFORMATION
Valuation of other investments
and loans
Listed at market value 395 338 460
Unlisted at directors` valuation 165 131 187
Loans receivable 197 143 198
757 612 845
Capital commitments 377 1 321 285
ABRIDGED CASH FLOW
half year ended 25 December 2002
Year ended
Unaudited 25 June
2002 2001 2002
Rm Rm Rm
Cash generated by operations 956 1 253 2 808
- Net financing costs (288) (240) (500)
668 1 013 2 308
- Dividends paid (53) (231) (265)
- Taxation paid (36) (190) (412)
579 592 1 631
Utilised in investing activities
- Net disposals (acquisitions) of
subsidiaries and businesses 52 (372) (456)
- Expansion capital expenditure (408) (1 009) (2 047)
- Net replacement capital
expenditure (837) (351) (707)
- Investments, equities and
loans to associates (63) 143 357
(1 256) (1 589) (2 853)
Net cash flow from financing
activities (incl. capital
distribution) (234) 496 625
Net movement in cash and cash
equivalents (short-term finance) (911) (501) (597)
Net short-term finance at
beginning of period (663) (66) (66)
Net short-term finance at
end of period (1 574) (567) (663)
STATEMENT OF CHANGES IN EQUITY
half year ended 25 December 2002
Share Non-distri- Distri-
capital butable butable
and premium reserve reserve Total
Rm Rm Rm Rm
Balance at
25 June 2002 2 891 527 4 240 7 658
Translation of foreign
operations not
recognised in the
income statement (199) (199)
Net profit for
the period 699 699
Share of non-
distributable and
distributable reserves
of associates 27 (27) 0
Contingency reserve 1 (1) 0
Capital distribution
of 120 cents per
ordinary share (248) (248)
Issue of 321 300
ordinary shares in
terms of the share
option scheme 11 11
Balance at
25 December 2002 2 654 356 4 911 7 921
SEGMENTAL INFORMATION
25 December 2002
INCOME STATEMENT
Logistics Leasing
and and fleet
Group transport management
2002 2001 2002 2001 2002 2001
Rm Rm Rm Rm Rm Rm
Business segmentation
Revenue
- Sales of goods 7 384 6 239 256 243 149 123
- Rendering of services 8 432 6 930 5 583 4 801 712 504
- Gross premiums
received 598 461 0 0 0 0
- Interest income 22 11 0 0 0 0
- Dividend income 4 5 0 0 0 0
- Other 14 6 14 6 0 0
16 454 13 652 5 853 5 050 861 627
Inter-segment revenue 179 119 57 86
16 454 13 652 6 032 5 169 918 713
Operating expenses 14 596 12 202 5 566 4 814 485 377
Realised and unrealised
(gains) losses
on investments 11 (14)
Depreciation 664 523 201 176 212 155
Recoupments (89) (36) (25) (22) (17) (5)
Operating profit 1 272 977 290 201 238 186
Foreign exchange
(losses)/gains (6) 91 (11) 51 0 12
Goodwill amortisation (31) (26) (19) (16) (1) 0
Profit before net
financing costs 1 235 1 042 260 236 237 198
Net financing costs (288) (240) (67) (44) (82) (59)
Income from associates 58 19 9 9 (1) 0
Profit before
exceptional items 1 005 821 202 201 154 139
Geographic segmentation
Revenue 16 454 13 652 6 032 5 169 918 713
- South Africa 12 382 10 254 2 446 2 099 711 554
- Rest of Africa 424 387 180 182 76 74
- Rest of world 3 648 3 011 3 406 2 888 131 85
Operating profit 1 272 977 290 201 238 186
- South Africa 1 115 863 206 125 199 157
- Rest of Africa 55 45 15 13 24 18
- Rest of world 102 69 69 63 15 11
Net financing costs 288 240 67 44 82 59
- South Africa 259 216 49 26 72 52
- Rest of Africa 20 16 10 10 8 5
- Rest of world 9 8 8 8 2 2
BALANCE SHEET
Business segmentation
ASSETS
Property, plant
and equipment 2 119 2 049 1 093 1 103 68 78
Intangible assets
(inc. Goodwill) 560 634 311 388 17 23
Investments, loans
and associates 1 399 996 42 42 1 1
Leasing assets 4 598 3 946 2 037 1 732
Transport fleet 1 704 1 393 1 752 1 438
Vehicles for hire 915 603
Inventories 3 253 2 687 156 125 218 244
Trade and other
receivables 4 651 4 521 2 746 2 869 238 240
Cash in financial
services businesses 367 482
Operating assets 19 566 17 311 6 100 5 965 2 579 2 318
Deferred tax assets 349 259
Loans to associates and
other investments 581 1 032
Taxation in advance 86 35
Cash and cash
equivalents 1 026 1 122
Total assets per
balance sheet 21 608 19 759
LIABILITIES
Insurance funds 400 344 0 0 0 0
Retirement benefit
obligations 218 235 218 235 0 0
Accounts payable and
provisions 5 190 5 334 2 506 2 618 391 367
Non interest-bearing
liabilities 5 808 5 913 2 724 2 853 391 367
Interest-bearing
borrowings 6 447 5 286
Deferred tax liabilities 539 265
Current tax liabilities 439 268
Total liabilities per
balance sheet 13 233 11 732
Geographic segmentation
Operating assets 19 566 17 311 6 100 5 965 2 579 2 318
- South Africa 16 179 13 741 3 978 3 277 1 884 1 692
- Rest of Africa 563 559 199 253 193 156
- Rest of world 2 824 3 011 1 923 2 435 502 470
Non interest bearing
liabilities 5 808 5 913 2 724 2 853 391 367
- South Africa 4 328 4 228 1 498 1 293 272 335
- Rest of Africa 189 180 45 69 28 25
- Rest of world 1 291 1 505 1 181 1 491 91 7
Interest bearing
borrowings 6 447 5 286 1 804 1 828 1 390 1 370
- South Africa 5 872 4 410 1 499 1 198 1 157 1 158
- Rest of Africa 317 314 156 188 121 78
- Rest of world 258 562 149 442 112 134
Gross capital
expenditure 1 964 2 103 473 548 532 563
- South Africa 1 736 1 819 409 409 379 434
- Rest of Africa 80 64 11 11 58 37
- Rest of world 148 220 53 128 95 92
Gross capital
expenditure 1 964 2 103 473 548 532 563
Less: Proceeds on
disposal (719) (658) (118) (175) (191) (223)
Net capital expenditure 1 245 1 445 355 373 341 340
SEGMENTAL INFORMATION
25 December 2002
INCOME STATEMENT
Car rental
Aviation and Distributor-
leasing tourism ships
2002 2001 2002 2001 2002 2001
Rm Rm Rm Rm Rm Rm
Business segmentation
Revenue
- Sales of goods 228 313 630 485 1 957 1 847
- Rendering of services 752 560 1 010 732 153 162
- Gross premiums
received 0 0 0 0 0 0
- Interest income 0 0 0 0 0 0
- Dividend income 0 0 0 0 0 0
- Other 0 0 0 0 0 0
980 873 1 640 1 217 2 110 2 009
Inter-segment revenue 3 0 84 89 288 136
983 873 1 724 1 306 2 398 2 145
Operating expenses 708 670 1 376 1 067 2 257 2 013
Realised and unrealised
(gains) losses
on investments
Depreciation 92 81 131 98 21 8
Recoupments 0 1 (41) (10) (6) 2
Operating profit 183 121 258 151 126 122
Foreign exchange
(losses)/gains 8 9 (3) 25 0 (8)
Goodwill amortisation 0 0 (11) (11) 0 0
Profit before net
financing costs 191 130 244 165 126 114
Net financing costs (69) (71) (4) (5) (52) (41)
Income from associates 5 6 1 1 (3) (12)
Profit before
exceptional items 127 65 241 161 71 61
Geographic segmentation
Revenue 983 873 1 724 1 306 2 398 2 145
- South Africa 876 873 1 660 1 216 2 398 2 143
- Rest of Africa 0 0 60 52 0 2
- Rest of world 107 0 4 38 0 0
Operating profit 183 121 258 151 126 122
- South Africa 165 121 246 146 126 123
- Rest of Africa 0 0 12 10 0 (1)
- Rest of world 18 0 0 (5) 0 0
Net financing costs 69 71 4 5 52 41
- South Africa 69 71 4 6 52 41
- Rest of Africa 0 0 1 1 0 0
- Rest of world 0 0 (1) (2) 0 0
BALANCE SHEET
Business segmentation
ASSETS
Property, plant
and equipment 81 65 167 117 326 234
Intangible assets
(inc. Goodwill) 0 3 215 219 7 0
Investments, loans
and associates 417 81 5 37 135 122
Leasing assets 2 352 2 033 216 190
Transport fleet
Vehicles for hire 926 613
Inventories 684 266 299 195 838 1 108
Trade and other
receivables 381 270 404 389 397 590
Cash in financial
services businesses
Operating assets 3 915 2 718 2 016 1 570 1 919 2 244
Deferred tax assets
Loans to associates and
other investments
Taxation in advance
Cash and cash
equivalents
Total assets per
balance sheet
LIABILITIES
Insurance funds 0 0 0 0 0 0
Retirement benefit
obligations 0 0 0 0 0 0
Accounts payable
and provisions 506 463 717 549 353 800
Non interest-bearing
liabilities 506 463 717 549 353 800
Interest-bearing
borrowings
Deferred tax liabilities
Current tax liabilities
Total liabilities per
balance sheet
Geographic segmentation
Operating assets 3 915 2 718 2 016 1 570 1 919 2 244
- South Africa 3 827 2 718 1 975 1 508 1 919 2 242
- Rest of Africa 41 45 2
- Rest of world 88 17
Non interest bearing
liabilities 506 463 717 549 353 800
- South Africa 503 463 686 526 353 799
- Rest of Africa 15 16 1
- Rest of world 3 16 7
Interest bearing
borrowings 1 734 1 307 5 224 591 603
- South Africa 1 734 1 307 (17) 197 591 601
- Rest of Africa 22 26 2
- Rest of world 1
Gross capital
expenditure 12 446 694 384 226 129
- South Africa 12 446 683 368 226 129
- Rest of Africa 11 16
- Rest of world
Gross capital
expenditure 12 446 694 384 226 129
Less: Proceeds on
disposal (1) (38) (240) (153) (159) (4)
Net capital expenditure 11 408 454 231 67 125
SEGMENTAL INFORMATION
25 December 2002
INCOME STATEMENT
Motor Head office
vehicle and
dealerships Insurance eliminations
2002 2001 2002 2001 2002 2001
Rm Rm Rm Rm Rm Rm
Business segmentation
Revenue
- Sales of goods 4 163 3 225 0 0 1 3
- Rendering of services 210 171 1 0 11 0
- Gross premiums
received 0 0 598 461 0 0
- Interest income 0 0 22 11 0 0
- Dividend income 0 0 4 4 0 1
- Other 0 0 0 0 0 0
4 373 3 396 625 476 12 4
Inter-segment revenue 397 176 89 83 (1 097) (869)
4 770 3 572 714 559 (1 085) (685)
Operating expenses 4 591 3 457 660 521 (1 047) (717)
Realised and unrealised
(gains) losses
on investments 11 (14)
Depreciation 15 11 4 5 (12) (11)
Recoupments 0 (1) 0 0 0 (1)
Operating profit 164 105 39 47 (26) 44
Foreign exchange
(losses)/gains 0 0 0 2
Goodwill amortisation 1 1 0 0 (1) 0
Profit before net
financing costs 165 106 39 47 (27) 46
Net financing costs (17) (11) 0 0 3 (9)
Income from associates 0 (1) 0 0 47 16
Profit before
exceptional items 148 94 39 47 23 53
Geographic segmentation
Revenue 4 770 3 572 714 559 (1 085) (685)
- South Africa 4 740 3 536 636 518 (1 085) (685)
- Rest of Africa 30 36 78 41 0 0
- Rest of World 0 0 0 0 0 0
Operating profit 164 105 39 47 (26) 44
- South Africa 164 105 35 42 (26) 44
- Rest of Africa 0 0 4 5 0 0
- Rest of world 0 0 0 0 0 0
Net financing costs 17 11 0 0 (3) 9
- South Africa 16 10 0 0 (3) 10
- Rest of Africa 1 1 0 0 0 (1)
- Rest of world 0 0 0 0 0 0
BALANCE SHEET
Business segmentation
ASSETS
Property, plant
and equipment 280 98 64 54 40 300
Intangible assets
(inc. Goodwill) (3) (6) 8 7 5 0
Investments, loans
and associates 6 3 436 525 357 185
Leasing assets (7) (9)
Transport fleet (48) (45)
Vehicles for hire (11) (10)
Inventories 1 067 788 0 0 (9) (39)
Trade and other
receivables 415 385 319 222 (249) (444)
Cash in financial
services businesses 367 482 0 0
Operating assets 1 765 1 268 1 194 1 290 78 (62)
Deferred tax assets
Loans to associates
and other investments
Taxation in advance
Cash and cash equivalents
Total assets per
balance sheet
LIABILITIES
Insurance funds 0 0 400 455 0 (111)
Retirement benefit
obligations 0 0 0 0 0 0
Accounts payable
and provisions 644 623 297 282 (224) (368)
Non interest-bearing
liabilities 644 623 697 737 (224) (479)
Interest-bearing
borrowings
Deferred tax liabilities
Current tax liabilities
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
