Our performance

Imperial Logistics delivered an unsatisfactory operating performance, growing revenue from continuing operations by 6% and decreasing operating profit by 9%. Results were supported by a good performance from African Regions, offset by weaker operational performances, certain once-off trading costs of c.€4 million or R65 million in International, and the once-off costs associated with our business rationalisation and restructuring in our South African and International operations of c.R170 million. Our balance sheet management remains sound with sufficient headroom in terms of capacity, together with good cash generation, for strategic growth.

Continuing revenue*
6%
to R49,7 billion

Continuing operating profit*
9%
to R2,5 billion

Continuing HEPS
7%
to 542 cents per share

Excluding once-off costs,
operating profit

1%

Continuing EPS
105%
to 26 cents loss per share

Free cash conversion of
72%
(2018: 87%)

ROIC of 10,4% versus WACC of
10,2%
(2018: ROIC of 12,2% versus WACC of 8,5%)

Net debt to EBITDA of
1,6 times
(2018: 1,5 times)

Final dividend
109 cps
total F2019 dividend: 244 cps,
45% of continuing HEPS

Free cash inflow**
(post maintenance capex) of
R1,4 billion
(2018: R1,3 billion)

* Excluding discontinued operations and businesses held for sale.
** Total Logistics excluding Motus.
  Note: Return on invested capital (ROIC) and weighted average cost of capital (WACC) are calculated on a rolling 12-month basis.
  HEPS – headline earnings per share; EPS – earnings per share; EBITDA – earnings before interest, tax, depreciation and amortisation; cps – cents per share.

Divisional revenue   Divisional operating profit
Divisional Reveenue   Divisional operating profit
Revenue   Operating profit   Headline earnings per share
Rm   Rm   Cents
Revenue   Operating profit   Headline earnings per share

Note: Figures are for continuing operations only.

Training spend
R192 million
(2018: R166 million)

Black representation in South Africa
47%

top management against a 2019 target of 33%. 20% of top management are black women

28%
senior management against a 2019 target of 20%, with 10% being black women

Gender diversity
17%
women representation at top management

(2018: 16%)

27%
women representation at senior management

(2018: 12%)

B-BBEE scorecard ratings
For our first Imperial Logistics Limited scorecard we expect to achieve:
Level 3 rating
measured against the more stringent amended dti Codes
Level 2 rating
against the Road Freight Sector Codes

Product safety
No material
incidents

of non-compliance with laws and regulations concerning the health and safety impacts of products and services

(2018: none)

Environmental incidents
No
fines or penalties incurred for environmental incidents

(2018: none)

Scope 1 and scope 2 emissions
647 995
tCO21

(2018: 727 057 tCO2)

1 Tonnes of carbon dioxide.

Fuel consumed
214 139 231
litres of fuel consumed

(2018: 243 936 788 litres)

Water consumed
419 806
kilolitres of water purchased from municipalities in Africa, of which
95%
is attributable to South Africa

(2018: 504 029 kilolitres)

Safety: South Africa
50%
reduction in avoidable fatalities

0,210
road accidents per million kilometres

(2018: 0,278)

0,047
road injuries per million kilometres

(2018: 0,086)

0,006
road fatalities per million kilometres

(2018: 0,006)

Safety: African Regions
0
road accidents per million kilometres as most transportation activities are outsourced to third parties

Safety: International
0,423
road accidents per million kilometres

(2018: 0,253)

0,172
road injuries per million kilometres

(2018: 0)

0
road fatalities per million kilometres

(2018: none)

Total CSI spend
R22,2 million

(2018: R17,0 million2)

2 Restated.

Enterprise development spend
R27 million

(2018: R26,0 million)