Imperial

Profit or loss

	Imperial		Logistics South Africa		Logistics African Regions		Logistics International
R million	2018	2017	2018	2017	2018	2017	2018	2017
Revenue	51 303	49 635	16 324	16 106	10 251	8 647	23 200	21 517
– South Africa	16 214	16 416	16 324	16 106
– Rest of Africa	10 823	9 947			10 251	8 647
– International	24 266	23 272					23 200	21 517
Operating profit	2 813	2 739	950	936	708	702	1 084	972
– South Africa	926	906	950	936
– Rest of Africa	759	740			708	702
– International	1 128	1 093					1 084	972
Depreciation, amortisation, impairments and recoupments	(1 477)	(1 448)	(509)	(386)	(288)	(239)	(643)	(637)
– South Africa	(526)	(407)	(509)	(386)
– Rest of Africa	(297)	(260)			(288)	(239)
– International	(654)	(781)					(643)	(637)
Net finance cost	(649)	(831)	(276)	(298)	(223)	(212)	(221)	(195)
– South Africa	(205)	(389)	(276)	(298)
– Rest of Africa	(232)	(229)			(223)	(212)
– International	(212)	(213)					(221)	(195)
Pre-tax profits*	1 837	1 344	683	771	292	85	702	563
– South Africa	758	659	683	771
– Rest of Africa	332	101			292	85
– International	747	584					702	563
Additional segment information
Analysis of revenue by type
– Sale of goods	9 747	8 751	1 072	860	8 664	7 106
– Rendering of services	41 556	40 884	15 148	15 186	1 523	1 474	23 186	21 517
External revenue	51 303	49 635	16 220	16 046	10 187	8 580	23 186	21 517
Inter-group revenue			104	60	64	67	14
	51 303	49 635	16 324	16 106	10 251	8 647	23 200	21 517
Analysis of depreciation, amortisation, impairments and recoupments	(1 477)	(1 448)	(509)	(386)	(288)	(239)	(643)	(637)
Depreciation and amortisation	(1 126)	(1 204)	(539)	(553)	(80)	(83)	(491)	(487)
Recoupments and impairments	66	261	78	211	(22)	10	25	66
Amortisation of intangible assets arising from business combinations	(417)	(505)	(48)	(44)	(186)	(166)	(177)	(216)
Share of results of associates (included in pre-tax profits)	56	61	7	5	14	19	29	28
Operating margin (%)	5,5	5,5	5,8	5,8	6,9	8,1	4,7	4,5

	Businesses held for sale		Eliminations		Total Logistics		Head office and eliminations
R million	2018	2017	2018	2017	2018	2017	2018	2017
Revenue	1 717	3 522	(93)	(77)	51 399	49 715	(96)	(80)
– South Africa	79	469	(93)	(77)	16 310	16 498	(96)	(82)
– Rest of Africa	572	1 300			10 823	9 947
– International	1 066	1 753			24 266	23 270		2
Operating profit	111	159		(5)	2 853	2 764	(40)	(25)
– South Africa	2	(12)		(5)	952	919	(26)	(13)
– Rest of Africa	51	38			759	740
– International	58	133			1 142	1 105	(14)	(12)
Depreciation, amortisation, impairments and recoupments	(21)	(166)	(7)	(6)	(1 468)	(1 434)	(9)	(14)
– South Africa	(1)	(5)	(7)	(6)	(517)	(397)	(9)	(10)
– Rest of Africa	(9)	(21)			(297)	(260)
– International	(11)	(140)			(654)	(777)		(4)
Net finance cost	(22)	(52)	32	(11)	(710)	(768)	61	(63)
– South Africa		(10)	32	(11)	(244)	(319)	39	(70)
– Rest of Africa	(9)	(17)			(232)	(229)
– International	(13)	(25)			(234)	(220)	22	7
Pre-tax profits*	80	17	33	(16)	1 790	1 420	47	(76)
– South Africa	2	(29)	33	(16)	718	726	40	(67)
– Rest of Africa	40	16			332	101
– International	38	30			740	593	7	(9)
Additional segment information
Analysis of revenue by type
– Sale of goods		772	11	12	9 747	8 750		1
– Rendering of services	1 665	2 627	34	44	41 556	40 848		36
External revenue	1 665	3 399	45	56	51 303	49 598		37
Inter-group revenue	52	123	(138)	(133)	96	117	(96)	(117)
	1 717	3 522	(93)	(77)	51 399	49 715	(96)	(80)
Analysis of depreciation, amortisation, impairments and recoupments	(21)	(166)	(7)	(6)	(1 468)	(1 434)	(9)	(14)
Depreciation and amortisation	(15)	(87)	(7)	(6)	(1 132)	(1 216)	6	12
Recoupments and impairments					81	287	(15)	(26)
Amortisation of intangible assets arising from business combinations	(6)	(79)			(417)	(505)
Share of results of associates (included in pre-tax profits)					50	52	6	9
Operating margin (%)					5,6	5,6

*Refer to glossary of terms on page 44.

Segmental information – discontinued operations

for the year ended 30 June 2018

Profit or loss

	Motus		Vehicle Import and Distribution		Vehicle Retail and Rental		Aftermarket Parts
	2018	2017	2018	2017	2018	2017^	2018	2017
Revenue	77 659	66 540	20 128	18 157	62 759	53 362	6 632	6 153
– South Africa	53 798	50 842	19 144	17 116	40 051	38 850	6 464	6 120
– Rest of Africa	1 199	1 224	984	1 041	176	150	38	33
– International	22 662	14 474			22 532	14 362	130
Operating profit	3 593	3 310	788	728	1 687	1 478	447	406
– South Africa	3 095	2 903	748	730	1 258	1 067	421	409
– Rest of Africa	94	52	40	(2)	54	57	(1)	(3)
– International	404	355			375	354	27
Depreciation, amortisation, impairments and recoupments	(751)	(1 390)	(515)	(622)	(182)	(721)	(40)	(41)
– South Africa	(1 206)	(1 287)	(495)	(606)	(657)	(635)	(40)	(40)
– Rest of Africa	(62)	(42)	(20)	(16)	(42)	(25)		(1)
– International	517	(61)			517	(61)
Net finance cost	(737)	(849)	(347)	(499)	(429)	(356)	(68)	(69)
– South Africa	(589)	(751)	(328)	(483)	(302)	(276)	(66)	(69)
– Rest of Africa	(31)	(27)	(19)	(16)	(12)	(11)
– International	(117)	(71)			(115)	(69)	(2)
Pre-tax profits*	3 448	2 090	432	(178)	1 842	1 127	388	364
– South Africa	2 516	1 789	435	(145)	935	809	362	345
– Rest of Africa	40	32	(3)	(33)	42	46		19
– International	892	269			865	272	26
Additional segment information
Analysis of revenue by type
– Sale of goods	68 668	58 836	7 920	6 274	54 727	46 317	6 540	6 055
– Rendering of services	8 712	7 418	222	186	7 195	6 372	2	2
External revenue	77 380	66 254	8 142	6 460	61 922	52 689	6 542	6 057
Inter-group revenue	279	286	11 986	11 697	837	673	90	96
	77 659	66 540	20 128	18 157	62 759	53 362	6 632	6 153
Analysis of depreciation, amortisation, impairments and recoupments	(751)	(1 390)	(515)	(622)	(182)	(721)	(40)	(41)
Depreciation and amortisation	(1 340)	(1 371)	(527)	(637)	(760)	(690)	(39)	(37)
Recoupments and impairments	604	(3)	12	15	585	(20)	6	1
Amortisation of intangible assets arising from business combinations	(15)	(16)			(7)	(11)	(7)	(5)
Share of results of associates (included in pre-tax profits)	34	42	12	(6)	3	3	15	39
Operating margin (%)	4,6	5,0	3,9	4,0	2,7	2,8	6,7	6,6

	Motor Related Financial Services		Businesses held for sale		Eliminations
R million	2018	2017	2018	2017	2018	2017^
Revenue	2 166	2 036		427	(14 026)	(13 595)
– South Africa	2 166	2 036		315	(14 027)	(13 595)
– Rest of Africa					1
– International				112
Operating profit	889	833		(2)	(218)	(133)
– South Africa	889	833		(3)	(221)	(133)
– Rest of Africa					1
– International				1	2
Depreciation, amortisation, impairments and recoupments	(174)	(183)			160	177
– South Africa	(174)	(183)			160	177
– Rest of Africa
– International
Net finance cost	(49)	(10)		(11)	156	96
– South Africa	(49)	(10)		(10)	156	97
– Rest of Africa
– International				(1)		(1)
Pre-tax profits*	844	828		(16)	(58)	(35)
– South Africa	844	828		(13)	(60)	(35)
– Rest of Africa					1
– International				(3)	1
Additional segment information
Analysis of depreciation, amortisation, impairments and recoupments
– Sale of goods				371	(519)	(181)
– Rendering of services	1 098	823		50	195	(15)
External revenue	1 098	823		421	(324)	(196)
Inter-group revenue	1 068	1 213		6	(13 702)	(13 399)
	2 166	2 036		427	(14 026)	(13 595)
Analysis of depreciation, amortisation, impairments and recoupments	(174)	(183)			160	177
Depreciation and amortisation	(173)	(184)			159	177
Recoupments and impairments	(1)	1			2
Amortisation of intangible assets arising from business combinations					(1)
Share of results of associates (included in pre-tax profits)	4	5				1
Operating margin (%)	41,0	40,9

*	Refer to glossary of terms on page 44.
^	Revenue of R2 271 million was incorrectly included in Vehicle Retail and Rental’s inter-group revenue. 2017 had been restated to reallocate the R2 271 million from Vehicle Retail and Rental to Eliminations. The impact was a decrease in the revenue of Vehicles Retail and Rental with an opposite increase in Eliminations. Motus’ total revenue remained the same.

Segmental information – continuing operations

at 30 June 2018

Financial position

	Imperial		Logistics South Africa		Logistics African Regions		Logistics International
R million	2018	2017	2018	2017	2018	2017	2018	2017
Assets
Goodwill and intangible assets	8 575	9 529	860	920	2 601	2 210	5 105	5 540
Property, plant and equipment	3 042	10 371	1 333	1 256	387	356	1 433	2 278
Transport fleet	5 358	5 560	2 475	2 528	156	306	2 760	2 763
Vehicles for hire		3 963
Investments in associates (excluding loans advanced to associates)	510	686	70	17	296	298	176	137
Investments	30	403	29	23			5	5
Inventories	2 194	16 953	417	324	1 623	1 157	154	249
Trade and other receivables	9 774	13 353	4 080	3 824	1 993	1 356	3 744	3 830
Cash resources		207
Operating assets˜	29 483	61 025	9 264	8 892	7 056	5 683	13 377	14 802
– South Africa	9 050	34 668	9 264	8 892
– Rest of Africa	7 056	6 464			7 056	5 683
– International	13 377	19 893					13 377	14 802
Liabilities
Retirement benefit obligations	1 216	1 229					1 216	1 229
Maintenance and warranty contracts		3 022
Trade and other payables and provisions	10 087	21 350	3 727	4 076	2 387	1 922	3 680	3 945
Other financial liabilities	194	399	24	33	157	76	2
Operating liabilities˜	11 497	26 000	3 751	4 109	2 544	1 998	4 898	5 174
– South Africa	4 055	15 773	3 751	4 109
– Rest of Africa	2 544	2 223			2 544	1 998
– International	4 898	8 004					4 898	5 174
Net working capital˜	1 881	8 956	770	72	1 229	591	218	134
– South Africa	434	6 963	770	72
– Rest of Africa	1 229	914			1 229	591
– International	218	1 079					218	134
Net debt˜	5 720	15 088	2 217	1 108	659	2 473	3 117	5 516
– South Africa	1 944	7 182	2 217	1 108
– Rest of Africa	659	2 781			659	2 473
– International	3 117	5 125					3 117	5 516
Net capital expenditure^˜	(839)	(2 710)	(397)	141	216	(93)	(373)	(554)
– South Africa	(1 213)	(1 900)	(397)	141
– Rest of Africa	161	(165)			216	(93)
– International	213	(645)					(373)	(554)

	Eliminations		Total Logistics		Head office and eliminations		Motus*
R million	2018	2017	2018	2017	2018	2017	2018	2017
Assets
Goodwill and intangible assets	21	4	8 587	8 674	(12)	9		846
Property, plant and equipment	54	178	3 207	4 068	(165)	90		6 213
Transport fleet			5 391	5 597	(33)	(37)
Vehicles for hire								3 963
Investments in associates (excluding loans advanced to associates)	(39)		503	452	7	8		226
Investments			34	28	(4)	54		321
Inventories			2 194	1 730				15 223
Trade and other receivables	(11)	83	9 806	9 093	(32)	(16)		4 276
Cash resources								207
Operating assets˜	25	265	29 722	29 642	(239)	108		31 275
– South Africa	25	265	9 289	9 157	(239)	(15)		25 526
– Rest of Africa			7 056	5 683				781
– International			13 377	14 802		123		4 968
Liabilities
Retirement benefit obligations			1 216	1 229
Maintenance and warranty contracts								3 022
Trade and other payables and provisions	142	276	9 936	10 219	151	228		10 903
Other financial liabilities	(1)		182	109	12	172		118
Operating liabilities˜	141	276	11 334	11 557	163	400		14 043
– South Africa	141	276	3 892	4 385	163	372		11 016
– Rest of Africa			2 544	1 998				225
– International			4 898	5 174		28		2 802
Net working capital˜	(153)	(193)	2 064	604	(183)	(244)		8 596
– South Africa	(153)	(193)	617	(121)	(183)	(369)		7 453
– Rest of Africa			1 229	591				323
– International			218	134		125		820
Net debt–	(195)	198	5 798	9 295	(78)	14		5 779
– South Africa	(195)	198	2 022	1 306	(78)	817		5 059
– Rest of Africa			659	2 473				308
– International			3 117	5 516		(803)		412
Net capital expenditure^˜	(24)	14	(578)	(492)	61	(45)	(322)	(2 173)
– South Africa	(24)	14	(421)	155	61	(44)	(853)	(2 012)
– Rest of Africa			216	(93)			(55)	(71)
– International			(373)	(554)		(1)	586	(90)

*	The assets and liabilities of Motus at 30 June 2018 have been reclassified to assets held for distribution to owners of Imperial and are therefore not included on this segment balance sheet for 2018. Refer to page 42 for the Motus segment balance sheet.
^	Net capital expenditure for 2017 exclude Regent’s net capital expenditure inflow of R47 million. The net capital expenditure on the statement of cash flows amounts to R2 663 million which include the R47 million inflow from Regent.
˜	Refer to glossary of terms on page 44.

Segmental information – discontinued operations

at 30 June 2018

Financial position

	Motus		Vehicle Import and Distribution		Vehicle Retail and Rental
R millions	2018	2017	2018	2017	2018	2017
Assets
Goodwill and intangible assets	1 230	846	122	110	649	355
Property, plant and equipment	6 787	6 213	682	511	5 590	5 279
Vehicles for hire	3 924	3 963	1 685	1 991	2 231	1 959
Investments in associates (excluding loans advanced to associates)	263	226	27	21	53	17
Investments	653	321	4	4
Inventories	15 636	15 223	3 798	5 445	10 167	8 350
Trade and other receivables	5 258	4 276	2 649	1 977	3 131	2 295
Cash resources		207
Operating assets˜	33 751	31 275	8 967	10 059	21 821	18 255
– South Africa	24 471	25 526	8 448	9 439	13 333	13 198
– Rest of Africa	710	781	519	620	172	139
– International	8 570	4 968			8 316	4 918
Liabilities
Maintenance and warranty contracts	2 846	3 022
Trade and other payables and provisions	14 014	10 903	5 766	5 212	9 435	6 936
Other financial liabilities	94	118	50	102	43	11
Operating liabilities˜	16 954	14 043	5 816	5 314	9 478	6 947
– South Africa	11 571	11 016	5 593	5 105	4 365	4 132
– Rest of Africa	253	225	223	209	23	13
– International	5 130	2 802			5 090	2 802
Net working capital–	6 880	8 596	681	2 210	3 863	3 709
– South Africa	5 183	7 453	493	1 916	2 429	2 871
– Rest of Africa	229	323	188	294	32	18
– International	1 468	820			1 402	820
Net debt˜	5 845	5 779	1 099	2 895	4 648	3 678
– South Africa	4 796	5 059	960	2 658	3 638	3 239
– Rest of Africa	196	308	139	237	39	52
– International	853	412			971	387
Net capital expenditure˜	(322)	(2 173)	(124)	(1 227)	(170)	(1 112)
– South Africa	(853)	(2 012)	(120)	(1 212)	(706)	(967)
– Rest of Africa	(55)	(71)	(4)	(15)	(51)	(55)
– International	586	(90)			587	(90)

	Aftermarket Parts		Motor Related Financial Services		Eliminations
R millions	2018	2017	2018	2017	2018	2017
Assets
Goodwill and intangible assets	455	364	4	9		8
Property, plant and equipment	420	413	109	11	(14)	(1)
Vehicles for hire			1 732	1 915	(1 724)	(1 902)
Investments in associates (excluding loans advanced to associates)	122	119	52	61	9	8
Investments			653	317	(4)
Inventories	1 446	1 121	270	397	(45)	(90)
Trade and other receivables	691	592	453	682	(1 666)	(1 270)
Cash resources				207
Operating assets˜	3 134	2 609	3 273	3 599	(3 444)	(3 247)
– South Africa	2 912	2 588	3 273	3 599	(3 495)	(3 298)
– Rest of Africa	19	21				1
– International	203				51	50
Liabilities
Maintenance and warranty contracts			2 895	2 915	(49)	107
Trade and other payables and provisions	1 127	987	709	747	(3 023)	(2 979)
Other financial liabilities	1	5
Operating liabilities˜	1 128	992	3 604	3 662	(3 072)	(2 872)
– South Africa	1 082	989	3 604	3 662	(3 073)	(2 872)
– Rest of Africa	7	3
– International	39				1
Net working capital˜	1 010	726	14	332	1 312	1 619
– South Africa	933	716	14	332	1 314	1 618
– Rest of Africa	10	10			(1)	1
– International	67				(1)
Net debt˜	945	555	(1 426)	(1 450)	579	101
– South Africa	1 068	536	(1 426)	(1 450)	556	76
– Rest of Africa	18	19
– International	(141)				23	25
Net capital expenditure˜	(14)	(263)	8	(596)	(22)	1 025
– South Africa	(14)	(262)	8	(596)	(21)	1 025
– Rest of Africa		(1)
– International					(1)

˜ Refer to glossary of terms on page 44.