Summarised audited results
for the 12 months ended 30 June 2021

2021
Imperial is your 'Gateway to Africa'
Imperial is your 'Gateway to Africa'

Segmental information – continuing operationsfor the year ended 30 June 2021

PROFIT OR LOSS for the year ended 30 June

Imperial Logistics   Logistics Africa Market Access  
R million  2021  2020^  2021  2020 2021  2020^ 
Revenue  52 208  46 380  15 804  15 567  15 127  11 661 
– Freight 24 132  21 892  11 306  11 213 
– Contract Logistics  13 186  12 378  4 498  4 354 
– Market Access  15 274  12 122  15 127  11 661 
– Head Office and Eliminations  (384) (12)
Profit from operations before depreciation, impairments and recoupments  4 986  4 098  1 997  1 710  956  852 
– Freight 2 555  2 040  1 557  1 314 
– Contract Logistics  1 475  1 270  440  396 
– Market Access  935  756  956  852 
– Head Office and Eliminations  21  32 
Operating profit*  2 336  1 459  987  756  806  711 
– Freight 1 183  678  809  671 
– Contract Logistics  354  144  178  85 
– Market Access  784  611  806  711 
– Head Office and Eliminations  15  26 
Depreciation, amortisation, impairments and recoupments  (3 172) (3 226) (1 151) (1 043) (304) (299)
– Freight (1 618) (1 686) (812) (651)
– Contract Logistics  (1 226) (1 232) (339) (392)
– Market Access  (305) (303) (304) (299)
– Head Office and Eliminations  (23) (5)
Net finance cost  (742) (762) (339) (316) (159) (174)
– Freight (364) (344) (229) (185)
– Contract Logistics  (217) (232) (110) (131)
– Market Access  (164) (195) (159) (174)
– Head Office and Eliminations 
Pre-tax profits*  1 313  504  474  358  414  615 
– Freight 544  22  495  498 
– Contract Logistics  20  (207) (21) (140)
– Market Access  387  494  414  615 
– Head Office and Eliminations  362  195 
ADDITIONAL SEGMENT INFORMATION 
Analysis of revenue by type 
– Sale of goods  15 763  12 647  797  431  15 030  11 628 
– Rendering of services  36 445  33 733  14 781  15 022  97  33 
External revenue  52 208  46 380  15 578  15 453  15 127  11 661 
Inter-group revenue  226  114 
52 208  46 380  15 804  15 567  15 127  11 661 
Analysis of depreciation, amortisation, impairments and recoupments  (3 172) (3 226) (1 151) (1 043) (304) (299)
Depreciation and amortisation  (2 675) (2 552) (1 032) (1 043) (152) (142)
Recoupments and impairments  (93) (281) (54) 55  (2)
Amortisation and impairment of intangible assets arising from business  combinations  (404) (393) (65) (55) (150) (158)
Share of results of associates and joint ventures  22  (3)
Operating margin (%) 4,5  3,1  6,2  4,9  5,3  6,1 
Impairment of goodwill  (40) (223) (11) (46) (29) (172)
Items excluded from pre-tax profits  (505) (227)
Impairment of goodwill  (40) (223)
Loss on disposal of subsidiaries and businesses  (520) (23)
Profit on disposal of associates  40 
Impairment of associates and loans advanced to associates  (11) (2)
Impairment of equity investments  (26)
Net gain on termination of leases  65 

PROFIT OR LOSS for the year ended 30 June

Logistics International   Businesses held for sale~ Head Office and
Eliminations 
R million  2021  2020^  2021  2020^  2021  2020^ 
Revenue  21 158  18 114  503  1 050  (384) (12)
– Freight 12 826  10 679 
– Contract Logistics  8 332  7 435  356  589 
– Market Access  147  461 
– Head Office and Eliminations  (384) (12)
Profit from operations before depreciation, impairments and recoupments  1 990  1 456  22  48  21  32 
– Freight 998  726 
– Contract Logistics  992  730  43  144 
– Market Access  (21) (96)
– Head Office and Eliminations  21  32 
Operating profit*  542  (13) (14) (21) 15  26 
– Freight 374 
– Contract Logistics  168  (20) 79 
– Market Access  (22) (100)
– Head Office and Eliminations  15  26 
Depreciation, amortisation, impairments and recoupments  (1 657) (1 811) (37) (68) (23) (5)
– Freight (806) (1 035)
– Contract Logistics  (851) (776) (36) (64)
– Market Access  (1) (4)
– Head Office and Eliminations  (23) (5)
Net finance cost  (188) (175) (59) (106)
– Freight (135) (159)
– Contract Logistics  (53) (16) (54) (85)
– Market Access  (5) (21)
– Head Office and Eliminations 
Pre-tax profits*  143  (543) (80) (121) 362  195 
– Freight 49  (476)
– Contract Logistics  94  (67) (53)
– Market Access  (27) (121)
– Head Office and Eliminations  362  195 
ADDITIONAL SEGMENT INFORMATION 
Analysis of revenue by type 
– Sale of goods  85  138  148  449  (297)
– Rendering of services  21 009  17 972  355  601  203  105 
External revenue  21 094  18 110  503  1 050  (94) 106 
Inter-group revenue  64  (290) (118)
21 158  18 114  503  1 050  (384) (12)
Analysis of depreciation, amortisation, impairments and recoupments  (1 657) (1 811) (37) (68) (23) (5)
Depreciation and amortisation  (1 447) (1 292) (37) (69) (7) (6)
Recoupments and impairments  (21) (338) (16)
Amortisation and impairment of intangible assets arising from business  combinations  (189) (181)
Share of results of associates and joint ventures  16 
Operating margin (%) 2,6  (0,1 )
Impairment of goodwill  (5)
Items excluded from pre-tax profits 
Impairment of goodwill 
Loss on disposal of subsidiaries and businesses 
Profit on disposal of associates 
Impairment of associates and loans advanced to associates 
Impairment of equity investments 
Net gain on termination of leases 
* Refer to glossary of terms.
^ Restated to align to the new segmentation and transfers of businesses cross segments.
~ Business held for sale incorporate Pharmed and South American Shipping businesses.

FINANCIAL POSITION at 30 June                                
Imperial Logistics  Logistics Africa Market Access  Logistics International 
R million 2021  2020^  2021  2020^  2021  2020^  2021  2020^ 
Assets 
Goodwill and intangible assets  6 121  7 084  243  297  2 301  2 947  3 288  3 824 
Property, plant and equipment  2 937  3 326  1 460  1 509  310  342  1 100  1 374 
Transport fleet  3 132  5 186  2 872  3 146  260  2 040 
Right-of-use assets  4 297  5 422  1 143  1 732  278  314  2 875  3 376 
Investments in associates (excluding loans advanced to associates)  182  160  55  14  108  44  19  102 
Investments  155  92  25  22  9  11 
Inventories  2 473  2 676  270  285  2 092  2 208  111  183 
Trade, other receivables and contract assets  8 079  7 934  2 650  2 473  2 303  1 943  3 181  3 534 
Operating assets~  27 376  31 880  8 718  9 478  7 392  7 798  10 843  14 444 
– South Africa  9 141  9 638  8 718  9 478 
– Rest of Africa  7 392  7 798  7 392  7 798 
– International  10 843  14 444  10 843  14 444 
Liabilities 
Retirement benefit obligations  899  1 109  899  1 109 
Trade and other payables and provisions  9 765  10 066  3 187  3 295  2 669  2 462  3 775  4 112 
Other financial liabilities  397  769  13  13  365  649  49 
Operating liabilities~  11 061  11 944  3 200  3 308  3 034  3 111  4 674  5 270 
– South Africa  3 353  3 563  3 200  3 308 
– Rest of Africa  3 034  3 111  3 034  3 111 
– International  4 674  5 270  4 674  5 270 
Net working capital*~  787  544  (267)  (537)  1 726  1 689  (483)  (395) 
– South Africa  (456)  (750)  (267)  (537) 
– Rest of Africa  1 726  1 689  1 726  1 689 
– International  (483)  (395)  (483)  (395) 
Net debt  4 038  8 391  2 159  2 684  1 196  1 302  424  4 460 
– South Africa  2 418  2 629  2 159  2 684 
– Rest of Africa  1 196  1 302  1 196  1 302 
– International  424  4 460  424  4 460 
Lease obligations  4 866  6 080  1 365  1 981  304  348  3 195  3 751 
– South Africa  1 367  1 981  1 365  1 981 
– Rest of Africa  304  348  304  348 
– International  3 195  3 751  3 195  3 751 
Net capital expenditure~  (733)  (1 482)  (151)  (784)  (89)  (81)  (212)  (280) 
– South Africa  (400)  (764)  (151)  (784) 
– Rest of Africa  (89)  (81)  (89)  (81) 
– International  (244)  (637)  (212)  (280) 
Items excluded from total assets to arrive at operating assets  2 953  10 646 
Loans to associates  19  38 
Other non-current financial assets  182  179 
Deferred tax assets  1 384  1 510 
Tax in advance  133  221 
Cash resources  1 235  3 374 
Assets of disposal groups  598 
Assets of discontinued operations  4 726 
Items excluded from total liabilities to arrive at operating liabilities  11 509  22 310 
Interest bearing borrowings  5 273  11 765 
Lease obligations  4 866  6 080 
Deferred tax liabilities  609  901 
Put liability  515  646 
Current tax liabilities  246  375 
Liabilities associated with disposal groups  356 
Liabilities associated with discontinued operations  2 187 

FINANCIAL POSITION at 30 June                                
CPG  European
shipping division
 
Head Office and
Eliminations
 
R million 2021  2020^  2021  2020^  2021  2020^ 
Assets 
Goodwill and intangible assets  289  16 
Property, plant and equipment  67  101 
Transport fleet 
Right-of-use assets  1 
Investments in associates (excluding loans advanced to associates) 
Investments  121  59 
Inventories 
Trade, other receivables and contract assets  (55)  (16) 
Operating assets~  423  160 
– South Africa  423  160 
– Rest of Africa 
– International 
Liabilities 
Retirement benefit obligations 
Trade and other payables and provisions  134  197 
Other financial liabilities  19  58 
Operating liabilities~  153  255 
– South Africa  153  255 
– Rest of Africa 
– International 
Net working capital*~  (189)  (213) 
– South Africa  (189)  (213) 
– Rest of Africa 
– International 
Net debt  259  (55) 
– South Africa  259  (55) 
– Rest of Africa 
– International 
Lease obligations  2 
– South Africa  2 
– Rest of Africa 
– International 
Net capital expenditure~  24  (32)  (357)  (249)  (4) 
– South Africa  24  (249)  (4) 
– Rest of Africa 
– International  (32)  (357) 
Items excluded from total assets to arrive at operating assets 
Loans to associates 
Other non-current financial assets 
Deferred tax assets 
Tax in advance 
Cash resources 
Assets of disposal groups 
Assets of discontinued operations 
Items excluded from total liabilities to arrive at operating liabilities 
Interest bearing borrowings 
Lease obligations 
Deferred tax liabilities 
Put liability 
Current tax liabilities 
Liabilities associated with disposal groups 
Liabilities associated with discontinued operations 
* Net working capital relating to the CPG discontinued operation that was recovered or settled through the ordinary course of business and not through sale was shown separately in the prior year reported segment but combined in the Logistics Africa segment in the current year.
^ Restated to align to the new segmentation and transfers of businesses cross segments.
~ Refer to glossary of terms