Wrap Text
Unaudited interim results for the six months ended 31 December 2012
SUPER GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1943/016107/06
ISIN: ZAE000161832 Share code: SPG
("Super Group" or "the Group" or "the company")
Unaudited interim results
for the six months ended
31 December 2012
Financial
Performance and highlights
for the six months ended 31 December 2012
REVENUE
R5,4 billion
UP 16%
OPERATING PROFIT
R517 million
UP 28%
PROFIT BEFORE TAXATION
R490 million
UP 39%
HEADLINE EARNING PER SHARE
95,3 cents
UP 19%
NET CASH POSITION
R481 million
UP 12%
NET ASSET VALUE PERR SHARE
1 106 cents
UP 6%
INTRODUCTION
Super Group's Board of Directors is pleased to report good results for the six months ended 31 December 2012. Despite
the difficult prevailing economic environment, the Group has achieved excellent growth in earnings mainly as a result of new
business generation across all three divisions.
A number of industries, throughout South Africa, experienced unprecedented strike action and labour unrest during the
period under review. Disruptions to Super Group's Supply Chain business as a result of the Road Freight Association strike
in September 2012 resulted in a 5% reduction in divisional revenue and profit for the period. Key indicators indicate that
South African consumer spending remained under pressure and, together with above inflationary cost increases, added to
the highly competitive trading environment. The retail consumer market in Australia remained subdued as a result of the
slowdown in commodity exports and the strong Australian Dollar. The good results are a testament to the resilience and
sustainability of the South African, Australian and sub-Saharan operations which have managed to increase earnings despite
highly competitive trading conditions and markets.
NAAMSA new car sales reported for the period grew by 8,3% to 31 December 2012 compared to 7,8% for the comparable
period to 31 December 2011. The Dealership Division performed well by increasing comparative new vehicle sales by 11,3%
on the prior reporting period.
The Group successfully implemented a Staff Empowerment Broad-Based Black Economic Empowerment (B-BBEE) Scheme
for the South African Operations, retaining its Level 3 B-BBEE rating.
FINANCIAL PERFORMANCE
The Group's revenue increased by 16,3% to R5,429 million, with all businesses, other than FleetAfrica, reporting top-line
growth. The growth in revenue was mainly as a result of a significant increase in volumes in Supply Chain South Africa, SG Fleet
and Dealerships. The Group acquired the controlling shareholding in Digistics, a procurement and food distribution business.
Digistics' financial results were incorporated into the Group's results with effect from 1 October 2012.
Operating profit increased by 27,7% to R517 million for the period under review. The Group continued to improve its
operating margin to 9,5% (December 2011: 8,7%). All the divisions, with the exception of African Logistics, increased their
margins as a result of continued stringent focus on operational efficiencies and cost control.
The reduction of 48,2% to R27 million in net finance costs reflects the reduced average Full Maintenance Lease borrowings
and lower interest rates compared to the previous interim reporting period.
Profit before taxation increased by 38,9% to R490 million, reflecting the benefits of improved operational profitability and
lower net finance costs.
The effective tax rate for the six months to 31 December 2012 was 26,1% (December 2011: 24,7%). The increase in the tax
rate was mainly due to the increased contribution from SG Fleet.
Headline earnings per share (HEPS) for the period under review increased by 19,4% to 95,3 cents (December 2011:
79,8 cents). Adjusted HEPS increased by 21,8% to 97,2 cents (December 2011: 79,8 cents) on the basis that the B-BBEE
scheme, amortisation of intangibles and acquisition costs to the amount of 1,9 cents per share are excluded from HEPS.
Total assets increased by 16,8% to R9,334 million (30 June 2012: R7,993 million) as a result of acquisitions and an increase in
working capital. The Group's Return on Net Operating Assets (RNOA), after tax, is 21,9% for the period under review compared
to the RNOA of 18,9% for the year ended 30 June 2012.
Super Group maintained a net cash position at 31 December 2012, improving net cash by 12,1% to R481 million from
R429 million at 30 June 2012. At 31 December 2011, the Group had net borrowings of R333 million.
Net working capital increased as a result of an increase in inventory and trade receivables. These increases are a
result of increased revenue and addition of the working capital from the acquisitions concluded during the period. The focus
of management on working capital continued to be a priority and, as a result net cash generated from operations, after
an increase in working capital of R42 million, was R606 million for the six months ended 31 December 2012.
Net capital expenditure amounted to R180 million over the interim period with the main expenses relating to the scheduled
replacement of vehicles in Supply Chain and African Logistics, combined with property additions in Dealerships.
During the period under review, the company also repurchased 3,57 million shares, totaling 1,13% of the issued share capital.
The total consideration relating to the share repurchases amounted to approximately R59 million.
The Group's Statement of Financial Position remains solid, reflecting a net asset value per share of 1 106 cents at
31 December 2012, up 5,9% from the 1 044 cents at 30 June 2012.
The Group's results for the six months ended 31 December 2012 and the prospects have not been reviewed or audited by
its auditors.
DIVISIONAL REVIEW
SUPPLY CHAIN
Interim Interim Year end
31 December 31 December 30 June
R'million Change % 2012 2011 2012
Revenue 33,9 2 301,7 1 718,4 3 800,1
South Africa 38,2 2 083,6 1 507,7 3 379,3
African Logistics 3,5 218,1 210,7 420,8
Operating profit 35,9 172,0 126,6 223,9
South Africa 50,6 154,5 102,6 182,0
African Logistics (27,1) 17,5 24,0 41,9
Operating margin (%) 7,5 7,4 5,9
South Africa 7,4 6,8 5,4
African Logistics 8,0 11,4 10,0
Profit before taxation 40,7 153,4 109,0 188,9
South Africa 55,7 143,7 92,3 161,0
African Logistics (41,9) 9,7 16,7 27,9
Net operating assets 19,8 1 826,6 1 524,8 1 533,1
South Africa 23,8 1 421,5 1 148,6 1 156,3
African Logistics 7,7 405,1 376,2 376,8
Supply Chain South Africa delivered a commendable set of results in an environment that continued to be highly competitive
and challenging. The increase in revenue, operating profit and profit before taxation for the six months ended 31 December 2012
was mainly driven by good sales volume growth across most of the operations within Supply Chain South Africa. The FMCG
and Staple Foods business secured five meaningful contracts. The Freight and Super Rent businesses performed in line with
expectations. Sherwood International returned to profitability on the back of the commencement of a major electrification
project in Ghana. The Micor business reported improved results and margins on the back of new contracts. SG Convenience
continued to grow by expanding its national customer base and successfully launching a number of new product ranges.
Haulcon performed in line with expectations although its business was affected by the disruptions at one of its mining
customers. Digistics met expectations and its results were included for the period 1 October 2012 to 31 December 2012.
Trans Africa Logistics (TAL) was closed effective 1 November 2012 as a direct result of the Zimbabwe freeze on chrome and
nickel exports. The closure costs of TAL have been included in the Services segment.
African Logistics performed adequately given the current market conditions affecting this business. Revenue and kilometres
travelled were down approximately 5% in comparison to the period ended 31 December 2011 as a result of turnaround problems
in the Democratic Republic of Congo (DRC). The results for the six months to 31 December 2011 reflected a foreign exchange
gain of R8 million against a marginal foreign exchange loss for the current period. The lower than expected mining activity
in Africa, exacerbated by the labour unrests in the DRC, also added to the lower than expected profitability reported by
African Logistics.
FLEET SOLUTIONS
Interim Interim Year end
31 December 31 December 30 June
R'million Change % 2012 2011 2012
Revenue (22,4) 906,0 1 167,5 2 201,4
FleetAfrica (63,7) 240,6 662,4 1 081,7
SG Fleet 31,7 665,4 505,1 1 119,7
Operating profit 26,0 306,6 243,4 575,8
FleetAfrica (45,9) 71,3 131,8 244,2
SG Fleet 110,8 235,3 111,6 331,6
Operating margin (%) 33,8 20,8 26,2
FleetAfrica 29,7 19,9 22,6
SG Fleet 35,4 22,1 29,6
Profit before taxation 37,1 293,5 214,0 532,3
FleetAfrica (40,4) 69,1 116,0 220,4
SG Fleet 129,0 224,4 98,0 311,9
Net operating assets (38,1) 827,3 1 335,5 849,1
FleetAfrica (68,1) 242,2 759,7 234,9
SG Fleet 1,6 585,1 575,8 614,2
FleetAfrica performed above expectations given the expiration of the Eastern Cape Provincial Government (ECPG) and
the City of Johannesburg (CoJ) contracts in the previous financial year. FleetAfrica managed to secure new contracts and
successfully deploy, on an ad hoc basis, assets emanating from the previous CoJ contract.
SG Fleet continued to deliver an excellent performance in a competitive trading environment. The results were mainly
attributable to SG Fleet securing major contracts across all sectors. The second-hand vehicle market remained buoyant.
SG Fleet experienced lower maintenance costs and control of overheads was good. SG Fleet also took the decision to
account for any profit on disposal of assets as it occurs as opposed to only at year end. The comparative profit would have
been R47 million higher had this approach been previously applied. The strength of the Australian Dollar against the Rand
favourably impacted the accounting of the results in Super Group.
DEALERSHIPS
Interim Interim Year end
31 December 31 December 30 June
R'million Change % 2012 2011 2012
Revenue 24,2 2 211,4 1 780,5 3 790,6
Operating profit 43,3 55,3 38,6 86,3
Operating margin (%) 2,5 2,2 2,3
Profit before taxation 59,1 43,6 27,4 63,1
Net operating assets 43,9 495,6 344,3 368,4
Dealerships reported satisfactory results which reflect the inclusion of five new dealerships and a solid performance by the
Finance and Insurance operations. New vehicle sales increased by 25,4% (11,3% for existing dealerships) over the period,
which was ahead of market growth. Total NAAMSA new vehicle sales for the six months to 31 December 2012 were up 8,3%.
New vehicle sales growth is slowing as it is off a higher base compared to the comparative period and is starting to reflect
a pullback in consumer spending. Dealerships continued to improve its operating margin, with a satisfying overall operating
margin of 2,5% (December 2011: 2,2%) for the period under review.
SERVICES
The Services segment includes the corporate functions, Emerald Insurance, the Mauritius operations and the closure costs
and operating losses of TAL. The Mauritius operations and Emerald Insurance performed in line with expectations during the
period.
PROSPECTS
The prospects for the South African economy remain mixed with muted growth rates expected for 2013. The outlook for the
global economy for 2013 is cautiously optimistic.
The highly competitive trading environment is also expected to continue. Nevertheless, the Group is confident that, with its
strong balance sheet, it is well positioned to continue its growth strategy both organically and through acquisitions in its core
divisions.
Supply Chain South Africa will continue to focus on niche opportunities within the food service, retail and pharmaceutical
sectors. The expansion of the Super Park facility is progressing well. SG Convenience and a new customer, on a long-term
lease, will occupy their respective warehouses towards the end of 2013.
African Logistics is assessing a number of opportunities in the territories in which it operates and is implementing strategies to
improve operating efficiencies in the DRC.
FleetAfrica continues to focus on the replacement of the loss of earnings resulting from the expiration of the ECPG and CoJ
contracts. FleetAfrica has a healthy new business pipeline and is expected to continue winning new contracts.
SG Fleet is expected to perform well as a result of its good order book, the rollout of a number of major new contracts and
strong new business prospects across all three territories in which the business operates.
Dealership's outlook reflects the market's expectation of single digit growth in new vehicle sales in 2013.
The Group strives to maintain a culture of service excellence in all areas of its business, to pursue new business opportunities
that will generate acceptable margins, and to evaluate value-accretive strategic opportunities.
In line with Super Group's stated strategy to use its cash to invest in acquisitions or to repurchase shares, a decision was taken
to declare no dividend for the six months ended 31 December 2012. The Board re-assesses this strategy on a regular basis.
The unaudited consolidated results for the six months ended 31 December 2012 will be available on the Group's website after
08:00 on Tuesday, 12 February 2013 and the presentation to the investor community can be viewed on the Group's website
from Wednesday, 13 February 2013 after 08:00. The Group's website is www.supergroup.co.za
On behalf of the Board
P Vallet P Mountford
Non-Executive Chairman Chief Executive Officer
11 February 2013
Sandton
BASIS OF PREPARATION AND ACCOUNTING POLICIES
The Condensed Consolidated Financial Statements for the six month period ended 31 December 2012 have been prepared in accordance with the
framework concepts and measurement and recognition requirements of International Financial Reporting Standards (IFRS), in particular the presentation
and disclosure requirements of International Accounting Standard (IAS) 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as issued
by the Accounting Practices Committee, the Listings Requirements of the JSE Limited and the South African Companies Act 71 of 2008, as amended.
The accounting policies used in the preparation of the unaudited interim results for the six month period ended 31 December 2012, are in terms of IFRS
and are consistent with those applied in the Audited Financial Statements for the year ended 30 June 2012, except for the standards and amendments
to standards that became effective on 1 January 2012: Amendment to IAS 12 Deferred Tax: Recovery of Underlying Assets; and those effective on
1 July 2012: Amendment to IAS 1 Presentation of Financial Statements: Presentation of Items of Other Comprehensive Income. These amendments
have been applied for the first time in Super Group's financial year commencing 1 July 2012. The amendments did not result in any material changes
to the accounting policies.
The Condensed Consolidated Financial Statements are presented in Rand, which is Super Group's presentation currency.
These results have been compiled under the supervision of the Chief Financial Officer, C Brown, CA(SA), BCompt (Hons), MBL.
Consolidated Statement of
Comprehensive Income
Six month Six month
period ended period ended Year ended
31 December 31 December 30 June
2012 2011 2012
Unaudited Unaudited Audited
R'000 R'000 R'000
Revenue 5 428 616 4 667 881 10 204 811
Trading profit before depreciation and amortisation 667 285 655 608 1 419 267
Depreciation and amortisation (147 906) (245 223) (459 381)
Trading profit 519 379 410 385 959 886
Capital items (1 962) (5 114) (30 293)
Operating profit 517 417 405 271 929 593
Net finance charges (27 094) (52 341) (82 118)
Profit before taxation 490 323 352 930 847 475
Income tax expense (127 974) (87 174) (252 548)
Profit for the period 362 349 265 756 594 927
Other comprehensive income
Effect of foreign exchange 67 972 147 511 158 851
Hedge accounting 1 327 218 332
Revaluation of land and buildings (net of taxation) 1 769 36 128
Other comprehensive income for the period (net of
taxation) 71 068 147 729 195 311
Total comprehensive income for the period 433 417 413 485 790 238
Profit for the period attributable to:
Non-controlling interests 79 913 26 974 79 314
Equity holders of Super Group 282 436 238 782 515 613
Profit for the period 362 349 265 756 594 927
RECONCILIATION OF HEADLINE EARNINGS
Profit attributable to equity holders of Super Group 282 436 238 782 515 613
Capital items after tax (6 653) 4 865 20 744
Impairment of intangible assets 10 803
Impairment of property, plant and equipment and full
maintenance lease vehicles 25 153 640 22 743
Deferred proceeds on sale of subsidiary (31 823)
Impairment of goodwill 3 243
Impairment of other investments and other non-current assets 2 838 183 187
(Profit)/loss on sale of property (2 821) 4 042 4 123
Revaluation of investment property (20 355)
Headline profit for the period 275 783 243 647 536 357
RECONCILIATION OF ADJUSTED EARNINGS
Headline profit for the period 275 783 243 647 536 357
Acquisition costs after tax 2 311 4 582
B-BBEE costs after tax 2 224 23 46
Amortisation of intangible arising on business
combination after tax 902
Adjusted headline profit for the period 281 220 243 670 540 985
Basic earnings per share (cents) 97,6 78,2 172,4
Diluted earnings per share (cents) 94,4 77,7 167,4
Headline earnings per share (cents) 95,3 79,8 179,4
Diluted headline earnings per share (cents) 92,2 79,2 174,1
Adjusted headline earnings per share (cents) 97,2 79,8 180,9
Diluted adjusted headline earnings per share (cents) 94,0 79,2 175,6
Weighted number of shares ('000) 289 271 305 217 299 013
Diluted weighted number of shares ('000) 299 231 307 478 308 009
Consolidated Statement of
Financial Position
31 December 31 December 30 June
2012 2011 2012
Unaudited Unaudited Audited
R'000 R'000 R'000
ASSETS
Property, plant and equipment 1 755 551 1 562 100 1 634 269
Investment property 69 816 70 816
Full maintenance lease assets 505 023 808 640 491 069
Intangible assets 101 298 48 815 27 077
Goodwill 1 719 330 1 545 534 1 575 837
Investments and other non-current assets 3 278 16 827 5 534
Deferred tax assets 313 604 230 170 311 060
Current assets 4 865 761 3 822 826 3 877 730
Inventories 767 233 548 821 650 312
Trade receivables 1 571 282 1 265 594 1 192 893
Sundry receivables 549 350 423 165 184 684
Insurance-related assets 57 231 127 458 73 411
Cash and cash equivalents 1 920 665 1 457 788 1 776 430
Total assets 9 333 661 8 034 912 7 993 392
EQUITY AND LIABILITIES
Capital and reserves
Capital and reserves attributable to equity holders
of Super Group 3 199 383 2 825 484 3 020 123
Non-controlling interests 544 515 324 256 380 522
Total equity 3 743 898 3 149 740 3 400 645
LIABILITIES
Fund reserves 352 193 415 455 341 681
Deferred tax liabilities 158 008 149 050 145 982
Other non-current non-interest-bearing liabilities 103 908
Full maintenance lease liabilities 141 965 667 225 164 183
Non-current 46 601 35 566 61 514
Current 95 364 631 659 102 669
Interest-bearing borrowings 1 297 942 1 123 043 1 183 630
Non-current 1 112 216 967 036 1 027 956
Current 185 726 156 007 155 674
Insurance-related liabilities 109 739 180 558 139 559
Trade and other payables 2 827 017 1 881 528 1 978 758
Income tax payable 171 612 88 043 209 800
Provisions 427 379 380 270 429 154
Total equity and liabilities 9 333 661 8 034 912 7 993 392
Salient Features
Six month Six month
period ended period ended Year ended
31 December 31 December 30 June
2012 2011 2012
Unaudited Unaudited Audited
R'000 R'000 R'000
1 Interest-bearing borrowings
Australian borrowings 496 498 513 929 494 906
Property and other borrowings 359 450 303 593 339 143
Asset-based finance 441 994 305 521 349 581
Interest-bearing borrowings 1 297 942 1 123 043 1 183 630
2 Share statistics
Total issued less treasury shares ('000) 289 274 298 170 289 195
Weighted number of shares ('000) 289 271 305 217 299 013
Diluted weighted number of shares ('000) 299 231 307 478 308 009
Net asset value per share (cents) 1 106,0 947,4 1 044,3
Net asset value excluding goodwill per share (cents) 511,6 429,2 499,4
Consolidated Statement of
Cash Flow
Six month Six month
period ended period ended Year ended
31 December 31 December 30 June
2012 2011 2012
Unaudited Unaudited Audited
R'000 R'000 R'000
Cash flows from operating activities
Operating cash flow 647 999 695 289 1 573 024
Working capital changes (42 457) 72 098 271 318
Cash generated from operations 605 542 767 387 1 844 342
Finance costs paid (67 852) (106 512) (189 397)
Investment income and interest received 44 689 54 247 107 184
Income tax paid (176 845) (83 859) (232 496)
Dividend paid to non-controlling interest (399)
Net cash generated from operating activities 405 534 631 263 1 529 234
Cash flows from investing activities
Net additions to property, plant and equipment (101 316) (122 365) (314 134)
Net (additions)/disposals to full maintenance lease assets (71 905) (69 959) 140 175
Net additions to intangible assets (6 346) (6 415) (16 414)
Acquisition of business (46 298) (47 512) (82 464)
Other investing activities 4 015 (12 266) (49)
Net cash outflow from investing activities (221 850) (258 517) (272 886)
Cash flows from financing activities
Share repurchases/buybacks and related expenses (59 127) (103 162) (227 962)
Net interest-bearing borrowings (repaid)/raised (5 865) 19 909 71 990
Net full maintenance lease borrowings repaid (26 352) (121 927) (625 694)
Net cash outflow from financing activities (91 344) (205 180) (781 666)
Net increase in cash and cash equivalents 92 340 167 566 474 682
Net cash and cash equivalents at beginning of the period 1 776 430 1 210 456 1 210 456
Effect of foreign exchange on cash and cash equivalents 51 895 79 766 91 292
Cash and cash equivalents at end of the period 1 920 665 1 457 788 1 776 430
Salient Features
Six month Six month
period ended period ended Year ended
31 December 31 December 30 June
2012 2011 2012
Unaudited Unaudited Audited
R'000 R'000 R'000
3 Capital commitments
Authorised but not yet contracted for capital commitments,
excluding full maintenance lease assets 373 084 68 580 174 640
Capital commitments will be funded from normal operating
cash flows and the utilisation of existing borrowings facilities.
4 Related party transactions
The Group, in the ordinary course of business, entered into various sales and purchase transactions on an arm's length basis with related
parties.
5 Subsequent events
Other than the matters disclosed, the directors are not aware of any matter or circumstance arising subsequent to the balance sheet date
up to the date of this report, which will affect these results.
Operating Segments
Supply Chain Services and
Super Group Supply Chain South Africa African Logistics Fleet Solutions FleetAfrica SG Fleet Dealerships inter-company eliminations
Six month Six month Six month Six month Six month Six month Six month Six month Six month Six month Six month Six month Six month Six month Six month Six month Six month Six month
period ended period ended period ended period ended period ended period ended period ended period ended period ended period ended period ended period ended period ended period ended period ended period ended period ended period ended
31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December
2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000
Revenue 5 428 616 4 667 881 2 301 716 1 718 406 2 083 567 1 507 677 218 149 210 729 906 043 1 167 536 240 604 662 433 665 439 505 103 2 211 420 1 780 453 9 437 1 486
Depreciation and amortisation (147 906) (245 223) (64 396) (65 333) (56 103) (52 324) (8 293) (13 009) (73 074) (163 435) (37 055) (111 535) (36 019) (51 900) (4 288) (2 952) (6 148) (13 503)
Net operating expenditure
excluding capital items (4 761 331) (4 012 273) (2 067 850) (1 526 515) (1 876 792) (1 352 822) (191 058) (173 693) (526 765) (756 688) (132 196) (419 147) (394 569) (337 541) (2 151 789) (1 738 921) (14 927) 9 851
Trading profit 519 379 410 385 169 470 126 558 150 672 102 531 18 798 24 027 306 204 247 413 71 353 131 751 234 851 115 662 55 343 38 580 (11 638) (2 166)
Capital items (1 962) (5 114) 2 528 108 3 796 108 (1 268) 425 (4 045) 425 (4 045) (85) (4 830) (1 177)
Operating profit segment result 517 417 405 271 171 998 126 666 154 468 102 639 17 530 24 027 306 629 243 368 71 353 131 751 235 276 111 617 55 258 38 580 (16 468) (3 343)
Net finance costs and share of
profit in associate (27 094) (52 341) (18 598) (17 632) (10 734) (10 334) (7 864) (7 298) (13 112) (29 325) (2 278) (15 713) (10 834) (13 612) (11 693) (11 142) 16 309 5 758
Profit before tax 490 323 352 930 153 400 109 034 143 734 92 305 9 666 16 729 293 517 214 043 69 075 116 038 224 442 98 005 43 565 27 438 (159) 2 415
Supply Chain Services and
Super Group Supply Chain South Africa African Logistics Fleet Solutions FleetAfrica SG Fleet Dealerships inter-company eliminations
As at As at As at As at As at As at As at As at As at As at As at As at As at As at As at As at As at As at
31 December 30 June 31 December 30 June 31 December 30 June 31 December 30 June 31 December 30 June 31 December 30 June 31 December 30 June 31 December 30 June 31 December 30 June
2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012
R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000
ASSETS
Non-current assets
Property, plant and equipment 1 755 551 1 634 269 1 037 039 941 779 754 440 674 185 282 599 267 594 7 193 8 700 58 21 7 135 8 679 181 256 145 454 530 063 538 336
Investment property 69 816 70 816 69 816 70 816
FML assets 505 023 491 069 505 023 491 069 332 905 333 065 172 118 158 004
Intangible assets 101 298 27 077 73 305 4 305 73 305 4 305 23 635 18 798 23 635 18 798 4 358 3 974
Goodwill 1 719 330 1 575 837 425 664 350 080 387 132 312 994 38 532 37 086 1 187 068 1 132 107 87 822 87 822 1 099 246 1 044 285 106 598 93 650
Investments and other
non-current assets 3 278 5 534 2 838 2 838 3 278 2 696
Current assets
Inventories 767 233 650 312 185 677 145 004 159 993 117 529 25 684 27 475 74 614 46 564 12 413 9 182 62 201 37 382 494 401 458 744 12 541
Trade receivables 1 571 282 1 192 893 988 325 711 789 876 399 630 423 111 926 81 366 315 148 267 814 90 344 68 480 224 804 199 334 155 934 110 703 111 875 102 587
Sundry receivables 549 350 184 684 426 058 62 174 416 939 37 520 9 119 24 654 68 353 70 333 1 930 8 116 66 423 62 217 8 644 6 511 46 295 45 666
Inter-company trade receivables 7 144 11 375 6 540 5 725 604 5 650 1 782 4 242 710 519 1 072 3 723 439 1 188 (9 365) (16 805)
Insurance related assets 57 231 73 411 57 231 73 411
SEGMENT ASSETS 7 099 392 5 905 902 3 143 212 2 229 344 2 674 748 1 785 519 468 464 443 825 2 182 816 2 039 627 526 182 507 205 1 656 634 1 532 422 947 272 816 250 826 092 820 681
LIABILITIES
Non-current liabilities
Fund reserves 352 193 341 681 352 193 341 681 77 944 79 681 274 249 62 000
Current liabilities
Insurance-related liabilities 109 739 139 559 109 739 139 559
Trade and other payables
and provisions 3 254 396 2 407 912 1 302 384 680 191 1 244 090 618 184 58 294 62 007 999 720 843 027 202 459 188 941 797 261 654 086 779 905 690 421 172 387 194 273
Inter-company trade payables 14 249 41 869 9 211 36 831 5 038 5 038 3 567 3 695 3 567 3 695 1 164 555 (18 980) (46 119)
SEGMENT LIABILITIES 3 716 328 2 889 152 1 316 633 722 060 1 253 301 655 015 63 332 67 045 1 355 480 1 188 403 283 970 272 317 1 071 510 916 086 781 069 690 976 263 146 287 713
Net capex 179 567 190 999 44 215 275 930 33 972 203 849 10 243 72 081 78 662 (141 824) 36 932 (201 016) 41 730 59 192 39 287 53 475 17 403 3 418
Net operating assets 3 712 499 3 259 858 1 826 579 1 533 142 1 421 447 1 156 360 405 132 376 782 827 336 849 056 242 212 234 888 585 124 614 168 495 638 368 383 562 946 509 277
Consolidated Statement of
Changes in Equity
Share Non-
Share Share Other Retained buyback controlling Total
capital premium reserves earnings reserve Total interest equity
R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000
Balance at 30 June 2011
Audited 327 310 1 893 091 450 406 524 176 (622 206) 2 572 777 258 508 2 831 285
Other comprehensive income 108 955 108 955 38 750 147 705
Translation adjustment 108 737 108 737 38 750 147 487
Hedging reserve 218 218 218
Profit for the period 238 782 238 782 26 974 265 756
Total comprehensive income
for the period 108 955 238 782 347 737 65 724 413 461
Buildings depreciation (448) 448
Share-based payment reserve
movement 8 132 8 132 8 132
Shares cancelled (3 000) (30 306) (33 306) (33 306)
Expenses relating to share
repurchases (164) (164) (164)
Share buybacks (69 692) (69 692) (69 692)
Movement in reserves 24 24
Balance at 31 December 2011
Unaudited 324 310 1 862 621 558 913 771 538 (691 898) 2 825 484 324 256 3 149 740
Other comprehensive income 41 947 41 947 5 659 47 606
Translation adjustment 5 705 5 705 5 659 11 364
Hedging reserve 114 114 114
Revaluation of land and buildings
net of taxation 36 128 36 128 36 128
Profit for the period 276 831 276 831 52 340 329 171
Total comprehensive income
for the period 41 947 276 831 318 778 57 999 376 777
Buildings depreciation (463) 463
Effect of tax rate change on the
revaluation reserve (7 537) (7 537) (7 537)
Share-based payment reserve
movement 8 198 8 198 8 198
Dividends paid (399) (399)
Shares cancelled (8 976) (115 553) (124 529) (124 529)
Expenses relating to share
repurchases (270) (270) (270)
Share buybacks (1) (1) (1)
Movement in reserves 689 689
Changes in equity as a result of
acquisitions, disposals and
transactions with equity partners (2 023) (2 023)
Balance at 30 June 2012
Audited 315 334 1 746 798 592 860 1 057 030 (691 899) 3 020 123 380 522 3 400 645
Other comprehensive income 50 995 50 995 20 073 71 068
Translation adjustment 47 899 47 899 20 073 67 972
Hedging reserve 1 327 1 327 1 327
Revaluation of land and buildings
net of taxation 1 769 1 769 1 769
Profit for the period 282 436 282 436 79 913 362 349
Total comprehensive income
for the period 50 995 282 436 333 431 99 986 433 417
Transfer from contingency reserve (1 064) 1 064
Buildings depreciation (70) 70
Fair value of financial instruments
through equity (103 908) (103 908) (103 908)
Share-based payment reserve
movement 8 862 8 862 8 862
Options exercised (58 247) (58 247) (58 247)
Share buybacks (878) (878) (878)
Changes in equity as a result of
acquisitions, disposals and
transactions with equity partners 64 007 64 007
Balance at 31 December 2012
Unaudited 315 334 1 746 798 642 721 1 187 307 (692 777) 3 199 383 544 515 3 743 898
Company Information
Directors:
Executive: P Mountford (Chief Executive Officer) and C Brown (Chief Financial Officer)
Non-Executive: P Vallet (Chairman), N Davies*, J Newbury*, V Chitalu*#, D Rose* and Dr E Banda*
*Independent #Zambian
Company secretary:
N Redford
Registered office:
27 Impala Road, Chislehurston, Sandton, 2196
Transfer secretaries:
Computershare Investor Services Proprietary Limited
(Registration number 2004/003647/07)
Ground floor, 70 Marshall Street, Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107)
Sponsor:
Deutsche Securities (SA) Proprietary Limited
(Registration number 1995/011798/07)
3 Exchange Square, 87 Maude Street, Sandton, 2196
Investor Relations:
Keyter Rech Investor Solutions CC
(Registration number 2008/156985/23)
5 2nd Road, Hyde Park, 2196
www.supergroup.co.za
Date: 12/02/2013 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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