Segment profit or loss
for the six months ended 31 December 2017
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IMPERIAL LOGISTICS | |||||||||||||||
Imperial Holdings | Logistics South Africa |
Logistics African Regions |
Logistics International |
Businesses held for sale |
Eliminations~ | Total Logistics | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2017 Rm |
2016 Rm |
2017 Rm |
2016 Rm |
2017 Rm |
2016 Rm |
2017 Rm |
2016 Rm |
2017 Rm |
2016 Rm |
2017 Rm |
2016 Rm |
2017 Rm |
2016 Rm |
||
Revenue | 66 520 | 59 727 | 8 563 | 8 265 | 5 383 | 4 728 | 12 114 | 11 410 | 1 026 | 1 507 | (53) | (48) | 27 033 | 25 862 | |
– South Africa | 35 836 | 34 099 | 8 563 | 8 265 | 118 | (53) | (48) | 8 510 | 8 335 | ||||||
– Rest of Africa | 6 169 | 6 177 | 5 383 | 4 728 | 168 | 631 | 5 551 | 5 359 | |||||||
– International | 24 515 | 19 451 | 12 114 | 11 410 | 858 | 758 | 12 972 | 12 168 | |||||||
Operating profit | 3 093 | 2 955 | 519 | 504 | 396 | 385 | 435 | 406 | 38 | 11 | 3 | (6) | 1 391 | 1 300 | |
– South Africa | 2 016 | 1 920 | 519 | 504 | (37) | 3 | (6) | 522 | 461 | ||||||
– Rest of Africa | 466 | 455 | 396 | 385 | 12 | 7 | 408 | 392 | |||||||
– International | 611 | 580 | 435 | 406 | 26 | 41 | 461 | 447 | |||||||
Depreciation, amortisation, impairments and recoupments | (1 475) | (1 524) | (269) | (259) | (149) | (134) | (327) | (355) | (26) | (79) | (3) | (3) | (774) | (830) | |
– South Africa | (900) | (908) | (269) | (259) | (3) | (3) | (272) | (262) | |||||||
– Rest of Africa | (188) | (156) | (149) | (134) | (13) | (7) | (162) | (141) | |||||||
– International | (387) | (460) | (327) | (355) | (13) | (72) | (340) | (427) | |||||||
Interest expense | (753) | (828) | (145) | (153) | (119) | (108) | (126) | (114) | (1) | (14) | 32 | (9) | (359) | (398) | |
– South Africa | (444) | (557) | (145) | (153) | (6) | 32 | (9) | (113) | (168) | ||||||
– Rest of Africa | (135) | (121) | (119) | (108) | 1 | (4) | (118) | (112) | |||||||
– International | (174) | (150) | (126) | (114) | (2) | (4) | (128) | (118) | |||||||
Pre-tax profit | 2 074 | 1 759 | 387 | 334 | 118 | 42 | 223 | 188 | 29 | (44) | 36 | (20) | 793 | 500 | |
– South Africa | 1 584 | 1 396 | 387 | 334 | (42) | 36 | (20) | 423 | 272 | ||||||
– Rest of Africa | 153 | 92 | 118 | 42 | 11 | 2 | 129 | 44 | |||||||
– International | 337 | 271 | 223 | 188 | 18 | (4) | 241 | 184 | |||||||
ADDITONAL SEGMENT INFORMATION | |||||||||||||||
Analysis of revenue by type | |||||||||||||||
Sale of goods | 40 187 | 34 738 | 540 | 553 | 4 412 | 3 605 | 499 | 7 | 5 | 4 959 | 4 662 | ||||
Rendering of services | 26 333 | 24 989 | 7 965 | 7 647 | 936 | 1 070 | 12 114 | 11 410 | 997 | 995 | 18 | 21 | 22 031 | 21 143 | |
66 520 | 59 727 | 8 505 | 8 200 | 5 348 | 4 675 | 12 114 | 11 410 | 997 | 1 494 | 25 | 26 | 26 990 | 25 805 | ||
Inter-group revenue | 58 | 65 | 35 | 53 | 29 | 13 | (78) | (74) | 43 | 57 | |||||
66 520 | 59 727 | 8 563 | 8 265 | 5 383 | 4 728 | 12 114 | 11 410 | 1 026 | 1 507 | (53) | (48) | 27 033 | 25 862 | ||
Analysis of depreciation, amortisation, impairments and recoupments | (1 475) | (1 524) | (269) | (259) | (149) | (134) | (327) | (355) | (26) | (79) | (3) | (3) | (774) | (830) | |
Depreciation and amortisation | (1 277) | (1 298) | (272) | (262) | (36) | (49) | (249) | (262) | (17) | (38) | (3) | 7 | (577) | (604) | |
Recoupments and impairments | 28 | 37 | 28 | 20 | (17) | (1) | 12 | 8 | 2 | 23 | 29 | ||||
Amortisation of intangible assets arising on business combinations | (226) | (263) | (25) | (17) | (96) | (84) | (90) | (101) | (9) | (43) | (10) | (220) | (255) | ||
Associate income included in pre-tax profits | 41 | 49 | 3 | 1 | 6 | 16 | 16 | 8 | 25 | 25 | |||||
Operating margin % | 4,6 | 4,9 | 6,1 | 6,1 | 7,4 | 8,1 | 3,6 | 3,6 | 5,1 | 5,0 |
MOTUS | |||||||||||||||
Vehicle Import and Distribution |
Vehicle Retail and Rental |
Aftermarket Parts |
Motor Related Financial Services |
Businesses held for sale |
Eliminations | Total Vehicles |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2017 Rm |
2016^ Rm |
2017 Rm |
2016^ Rm |
2017 Rm |
2016^ Rm |
2017 Rm |
2016^ Rm |
2017 Rm |
2016^ Rm |
2017 Rm |
2016^ Rm |
2017 Rm |
2016^ Rm |
||
Revenue | 10 043 | 9 117 | 32 359 | 28 175 | 3 354 | 3 125 | 1 083 | 965 | 384 | (7 161) | (7 671) | 39 678 | 34 095 | ||
– South Africa | 9 542 | 8 395 | 20 717 | 20 916 | 3 336 | 3 109 | 1 083 | 965 | 281 | (7 161) | (7 670) | 27 517 | 25 996 | ||
– Rest of Africa | 501 | 722 | 99 | 81 | 18 | 16 | (1) | 618 | 818 | ||||||
– International | 11 543 | 7 178 | 103 | 11 543 | 7 281 | ||||||||||
Operating profit | 303 | 286 | 814 | 784 | 205 | 190 | 465 | 458 | (4) | (71) | (72) | 1 716 | 1 642 | ||
– South Africa | 280 | 256 | 624 | 609 | 206 | 191 | 465 | 458 | (3) | (74) | (73) | 1 501 | 1 438 | ||
– Rest of Africa | 23 | 30 | 35 | 34 | (1) | (1) | 1 | 1 | 58 | 64 | |||||
– International | 155 | 141 | (1) | 2 | 157 | 140 | |||||||||
Depreciation, amortisation, impairments and recoupments | (307) | (311) | (366) | (344) | (16) | (21) | (86) | (91) | (4) | 80 | 75 | (695) | (696) | ||
– South Africa | (303) | (307) | (297) | (299) | (16) | (21) | (86) | (91) | (4) | 80 | 74 | (622) | (648) | ||
– Rest of Africa | (4) | (4) | (22) | (12) | 1 | (26) | (15) | ||||||||
– International | (47) | (33) | (47) | (33) | |||||||||||
Interest expense | (171) | (170) | (261) | (242) | (31) | (32) | (20) | (8) | (9) | 85 | 70 | (398) | (391) | ||
– South Africa | (161) | (166) | (204) | (202) | (31) | (32) | (20) | (8) | (8) | 85 | 71 | (331) | (345) | ||
– Rest of Africa | (10) | (4) | (7) | (5) | (1) | (17) | (10) | ||||||||
– International | (50) | (35) | (1) | (50) | (36) | ||||||||||
Pre-tax profit | 80 | 133 | 562 | 537 | 181 | 175 | 442 | 453 | (18) | 15 | (3) | 1 280 | 1 277 | ||
– South Africa | 85 | 113 | 436 | 408 | 181 | 165 | 442 | 453 | (12) | 13 | 7 | 1 157 | 1 134 | ||
– Rest of Africa | (5) | 20 | 28 | 29 | 10 | 1 | (11) | 24 | 48 | ||||||
– International | 98 | 100 | (6) | 1 | 1 | 99 | 95 | ||||||||
ADDITONAL SEGMENT INFORMATION | |||||||||||||||
Analysis of revenue by type | |||||||||||||||
Sale of goods | 3 959 | 3 310 | 28 243 | 23 528 | 3 290 | 3 086 | 375 | (264) | (221) | 35 228 | 30 078 | ||||
Rendering of services | 115 | (25) | 3 583 | 3 073 | 1 | 1 | 540 | 375 | 10 | 44 | 391 | 4 283 | 3 826 | ||
4 074 | 3 285 | 31 826 | 26 601 | 3 291 | 3 087 | 540 | 375 | 385 | (220) | 170 | 39 511 | 33 904 | |||
Inter-group revenue | 5 969 | 5 832 | 533 | 1 574 | 63 | 38 | 543 | 590 | (1) | (6 941) | (7 841) | 167 | 191 | ||
10 043 | 9 117 | 32 359 | 28 175 | 3 354 | 3 125 | 1 083 | 965 | 384 | (7 161) | (7 671) | 39 678 | 34 095 | |||
Analysis of depreciation, amortisation, impairments and recoupments | (307) | (311) | (366) | (344) | (16) | (21) | (86) | (91) | (4) | 80 | 75 | (695) | (696) | ||
Depreciation and amortisation | (297) | (317) | (380) | (338) | (20) | (19) | (86) | (91) | (6) | 80 | 75 | (703) | (696) | ||
Recoupments and impairments | (10) | 6 | 18 | 6 | 2 | 14 | 8 | ||||||||
Amortisation of intangible assets arising on business combinations | (4) | (6) | (2) | (2) | (6) | (8) | |||||||||
Associate income included in pre-tax profits | 4 | (2) | 2 | (1) | 10 | 21 | (2) | 3 | (1) | 13 | 21 | ||||
Operating margin % | 3,0 | 3,1 | 2,5 | 2,8 | 6,1 | 6,1 | 42,9 | 47,5 | 4,3 | 4,8 |
Head office and eliminations |
|||
---|---|---|---|
2017 Rm |
2016 Rm |
||
Revenue | (191) | (230) | |
– South Africa | (191) | (232) | |
– Rest of Africa | |||
– International | 2 | ||
Operating profit | (14) | 13 | |
– South Africa | (7) | 21 | |
– Rest of Africa | (1) | ||
– International | (7) | (7) | |
Depreciation, amortisation, impairments and recoupments | (6) | 2 | |
– South Africa | (6) | 2 | |
– Rest of Africa | |||
– International | |||
Interest expense | 4 | (39) | |
– South Africa | (44) | ||
– Rest of Africa | 1 | ||
– International | 4 | 4 | |
Pre-tax profit | 1 | (18) | |
– South Africa | 4 | (10) | |
– Rest of Africa | |||
– International | (3) | (8) | |
ADDITONAL SEGMENT INFORMATION | |||
Analysis of revenue by type | |||
Sale of goods | (2) | ||
Rendering of services | 19 | 20 | |
19 | 18 | ||
Inter-group revenue | (210) | (248) | |
(191) | (230) | ||
Analysis of depreciation, amortisation, impairments and recoupments | (6) | 2 | |
Depreciation and amortisation | 3 | 2 | |
Recoupments and impairments | (9) | ||
Amortisation of intangible assets arising on business combinations | |||
Associate income included in pre-tax profits | 3 | 3 | |
Operating margin % |
~ | Previously included in Logistics South Africa. |
^ | Since the publication of the H1 2017 results there have been adjustments to the sub-divisions of Motus, requiring the segmental report to be amended and the reported H1 2017 numbers to be restated as above. These changes comprise reallocations of: appropriate eliminations to Motus out of group head office and eliminations; the transfer of the African distributorship operations from the Vehicle Retail and Rental sub-division to the vehicle Import and Distribution sub-division; and the transfer of Beekmans from the Vehicle Import and distribution sub-division to Aftermarket parts sub-division. The above numbers are also adjusted to include the VAPS business in Financial Services. |
Segment financial position
at 31 December 2017
IMPERIAL LOGISTICS | |||||||||||||
Imperial Holdings |
Logistics South Africa |
Logistics African Regions |
Logistics International |
Eliminations~ | Total Logistics | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2017 Rm |
2016 Rm |
2017 Rm |
2016 Rm |
2017 Rm |
2016 Rm |
2017 Rm |
2016 Rm |
2017 Rm |
2016 Rm |
2017 Rm |
2016 Rm |
||
Assets | |||||||||||||
Intangible assets | 9 172 | 9 764 | 811 | 1 006 | 2 431 | 2 258 | 4 735 | 5 636 | 4 | 3 | 7 981 | 8 903 | |
Property, plant and equipment | 9 667 | 10 134 | 1 350 | 826 | 346 | 642 | 1 342 | 2 071 | 61 | 178 | 3 099 | 3 717 | |
Transport fleet | 5 345 | 5 887 | 2 601 | 2 591 | 198 | 345 | 2 580 | 2 990 | 5 379 | 5 926 | |||
Vehicles for hire | 4 489 | 4 320 | |||||||||||
Equity investments in associates | 915 | 673 | 9 | 29 | 294 | 290 | 146 | 153 | 449 | 472 | |||
Inventories | 16 803 | 16 377 | 356 | 327 | 1 423 | 1 245 | 111 | 316 | 1 890 | 1 888 | |||
Trade and other receivables | 14 606 | 14 017 | 4 191 | 4 041 | 1 782 | 1 480 | 3 594 | 3 769 | 60 | 105 | 9 627 | 9 395 | |
Investments | 867 | 173 | 24 | 9 | 5 | 5 | (1) | 28 | 14 | ||||
Cash resources | 70 | 84 | |||||||||||
Operating assets | 61 934 | 61 429 | 9 342 | 8 829 | 6 474 | 6 260 | 12 513 | 14 940 | 124 | 286 | 28 453 | 30 315 | |
– South Africa | 34 307 | 34 230 | 9 342 | 8 829 | 124 | 286 | 9 466 | 9 115 | |||||
– Rest of Africa | 7 173 | 7 197 | 6 474 | 6 260 | 6 474 | 6 260 | |||||||
– International | 20 454 | 20 002 | 12 513 | 14 940 | 12 513 | 14 940 | |||||||
Liabilities | |||||||||||||
Retirement benefit obligations | 1 046 | 1 274 | 1 046 | 1 274 | 1 046 | 1 274 | |||||||
Maintenance and warranty contracts | 2 953 | 3 033 | |||||||||||
Trade and other payables and provisions | 22 525 | 19 271 | 3 782 | 3 769 | 2 181 | 2 063 | 3 395 | 3 261 | 161 | 274 | 9 519 | 9 367 | |
Other financial liabilities | 341 | 417 | 29 | 64 | 171 | 79 | 1 | 200 | 144 | ||||
Operating liabilities | 26 865 | 23 995 | 3 811 | 3 833 | 2 352 | 2 142 | 4 441 | 4 536 | 161 | 274 | 10 765 | 10 785 | |
– South Africa | 15 057 | 14 217 | 3 811 | 3 833 | 161 | 274 | 3 972 | 4 107 | |||||
– Rest of Africa | 2 599 | 2 540 | 2 352 | 2 142 | 2 352 | 2 142 | |||||||
– International | 9 209 | 7 238 | 4 441 | 4 536 | 4 441 | 4 536 | |||||||
Net working capital | 8 884 | 11 123 | 765 | 599 | 1 024 | 662 | 310 | 824 | (101) | (169) | 1 998 | 1 916 | |
– South Africa | 5 943 | 8 232 | 765 | 599 | (101) | (169) | 664 | 430 | |||||
– Rest of Africa | 1 203 | 1 025 | 1 024 | 662 | 1 024 | 662 | |||||||
– International | 1 738 | 1 866 | 310 | 824 | 310 | 824 | |||||||
Net debt | 17 249 | 21 113 | 2 254 | 2 583 | 1 922 | 2 234 | 5 670 | 6 382 | 95 | 255 | 9 941 | 11 454 | |
– South Africa | 7 935 | 12 340 | 2 254 | 2 583 | 95 | 255 | 2 349 | 2 838 | |||||
– Rest of Africa | 2 123 | 2 471 | 1 922 | 2 234 | 1 922 | 2 234 | |||||||
– International | 7 191 | 6 302 | 5 670 | 6 382 | 5 670 | 6 382 | |||||||
Net capital expenditure | (1 426) | (2 416) | (347) | (229) | 237 | (48) | (210) | (353) | (4) | 19 | (324) | (611) | |
– South Africa | (1 288) | (1 942) | (347) | (229) | (4) | 19 | (351) | (210) | |||||
– Rest of Africa | 174 | (84) | 237 | (48) | 237 | (48) | |||||||
– International | (312) | (390) | (210) | (353) | (210) | (353) |
MOTUS | |||||||||||||
Vehicle Import and Distribution |
Vehicle Retail and Rental |
Aftermarket Parts |
Motor Related Financial Services |
Eliminations | Total Vehicles |
||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2017 Rm |
2016*^ Rm |
2017 Rm |
2016^ Rm |
2017 Rm |
2016^ Rm |
2017 Rm |
2016*^ Rm |
2017 Rm |
2016^ Rm |
2017 Rm |
2016^ Rm |
||
Assets | |||||||||||||
Intangible assets | 125 | 94 | 691 | 377 | 360 | 361 | 5 | 1 | 1 | 1 182 | 833 | ||
Property plant and equipment | 626 | 590 | 5 593 | 5 272 | 424 | 439 | 10 | 9 | (1) | 1 | 6 652 | 6 311 | |
Transport fleet | |||||||||||||
Vehicles for hire | 2 102 | 2 070 | 2 378 | 2 084 | 2 130 | 1 987 | (2 121) | (1 821) | 4 489 | 4 320 | |||
Equity investments in associates | 35 | (44) | 57 | 39 | 298 | 120 | 53 | 80 | (5) | 438 | 195 | ||
Inventories | 3 486 | 5 247 | 9 891 | 8 012 | 1 340 | 1 042 | 269 | 361 | (73) | (155) | 14 913 | 14 507 | |
Trade and other receivables | 2 172 | 2 750 | 3 057 | 2 621 | 614 | 597 | 354 | 745 | (1 258) | (2 115) | 4 939 | 4 598 | |
Investments | 4 | 4 | 842 | 220 | (1) | 27 | 845 | 251 | |||||
Cash resources | 70 | 84 | 70 | 84 | |||||||||
Operating assets | 8 550 | 10 711 | 21 667 | 18 405 | 3 036 | 2 559 | 3 733 | 3 486 | (3 458) | (4 062) | 33 528 | 31 099 | |
– South Africa | 8 061 | 9 903 | 13 714 | 13 326 | 3 016 | 2 543 | 3 733 | 3 486 | (3 506) | (4 062) | 25 018 | 25 196 | |
– Rest of Africa | 489 | 808 | 191 | 113 | 20 | 16 | (1) | 699 | 937 | ||||
– International | 7 762 | 4 966 | 49 | 7 811 | 4 966 | ||||||||
Liabilities | |||||||||||||
Retirement benefit obligations | |||||||||||||
Maintenance and warranty contracts | 2 842 | 2 942 | 21 | 102 | 2 863 | 3 044 | |||||||
Trade and other payables and provisions | 5 477 | 5 377 | 8 726 | 6 880 | 1 045 | 809 | 644 | 598 | (3 169) | (3 862) | 12 723 | 9 802 | |
Other financial liabilities | 98 | 41 | 17 | 26 | 2 | 5 | 117 | 72 | |||||
Operating liabilities | 5 575 | 5 418 | 8 743 | 6 906 | 1 047 | 814 | 3 486 | 3 540 | (3 148) | (3 760) | 15 703 | 12 918 | |
– South Africa | 5 349 | 5 035 | 3 994 | 4 186 | 1 043 | 812 | 3 486 | 3 540 | (3 149) | (3 760) | 10 723 | 9 813 | |
– Rest of Africa | 226 | 383 | 16 | 13 | 4 | 2 | 246 | 398 | |||||
– International | 4 733 | 2 707 | 1 | 4 734 | 2 707 | ||||||||
Net working capital | 181 | 2 620 | 4 222 | 3 753 | 909 | 830 | (21) | 508 | 1 838 | 1 592 | 7 129 | 9 303 | |
– South Africa | 37 | 2 277 | 2 845 | 2 748 | 901 | 818 | (21) | 508 | 1 839 | 1 592 | 5 601 | 7 943 | |
– Rest of Africa | 144 | 343 | 29 | 8 | 8 | 12 | (1) | 180 | 363 | ||||
– International | 1 348 | 997 | 1 348 | 997 | |||||||||
Net debt | 1 187 | 5 569 | 6 095 | 3 078 | 716 | 706 | (728) | (893) | 8 | 11 | 7 278 | 8 471 | |
– South Africa | 1 079 | 5 385 | 4 405 | 2 363 | 699 | 687 | (728) | (893) | (16) | 11 | 5 439 | 7 553 | |
– Rest of Africa | 108 | 184 | 76 | 34 | 17 | 19 | 201 | 237 | |||||
– International | 1 614 | 681 | 24 | 1 638 | 681 | ||||||||
Net capital expenditure | (374) | (714) | (757) | (892) | (4) | (251) | (301) | (578) | 295 | 611 | (1 141) | (1 824) | |
– South Africa | (372) | (712) | (594) | (822) | (4) | (250) | (301) | (578) | 295 | 611 | (976) | (1 751) | |
– Rest of Africa | (2) | (2) | (61) | (33) | (1) | (63) | (36) | ||||||
– International | (102) | (37) | (102) | (37) |
Head office and eliminations |
|||
---|---|---|---|
2017 Rm |
2016 Rm |
||
Assets | |||
Intangible assets | 9 | 28 | |
Property plant and equipment | (84) | 106 | |
Transport fleet | (34) | (39) | |
Vehicles for hire | |||
Equity investments in associates | 28 | 6 | |
Inventories | (18) | ||
Trade and other receivables | 40 | 24 | |
Investments | (6) | (92) | |
Cash resources | |||
Operating assets | (47) | 15 | |
– South Africa | (177) | (81) | |
– Rest of Africa | |||
– International | 130 | 96 | |
Liabilities | |||
Retirement benefit obligations | |||
Maintenance and warranty contracts | 90 | (11) | |
Trade and other payables and provisions | 283 | 102 | |
Other financial liabilities | 24 | 201 | |
Operating liabilities | 397 | 292 | |
– South Africa | 362 | 297 | |
– Rest of Africa | 1 | ||
– International | 34 | (5) | |
Net working capital | (243) | (96) | |
– South Africa | (322) | (141) | |
– Rest of Africa | (1) | ||
– International | 80 | 45 | |
Net debt | 30 | 1 188 | |
– South Africa | 147 | 1 949 | |
– Rest of Africa | |||
– International | (117) | (761) | |
Net capital expenditure | 39 | 19 | |
– South Africa | 39 | 19 | |
– Rest of Africa | |||
– International |
* | Restated “Vehicles for hire” and “Trade and other payables and provisions” by R423 million for the omission of inter-group rental vehicles and payables. The restatement had no impact on total Motus or the group’s main financial statements as the omission was an error between the two segments within Motus. |
~ | Previously included in Logistics South Africa. |
^ | Since the publication of the H1 2017 results there have been adjustments to the sub-divisions of Motus, requiring the segmental report to be amended and the reported H1 2017 numbers to be restated as above. These changes comprise reallocations of: appropriate eliminations to Motus out of group head office and eliminations; the transfer of the African distributorship operations from the Vehicle Retail and Rental sub-division to the Vehicle Import and Distribution sub-division; and the transfer of Beekmans from the Vehicle Import and Distribution sub-division to Aftermarket Parts sub-division. The above numbers are also adjusted to include the VAPS business in Financial Services. |