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.