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SUPER GROUP LIMITED - Reviewed Final Results for the year ended 30 June 2013

Release Date: 20/08/2013 08:03
Code(s): SPG     PDF:  
Wrap Text
Reviewed Final Results for the year ended 30 June 2013

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")

Reviewed Final Results
for the year ended 30 June 2013

FINANCIAL PERFORMANCE AND
Highlights for the year ended 30 June 2013


- REVENUE                      +15%                                  - OPERATING PROFIT             +22%
                               R11,7 billion                                                        R1 134 million


- PROFIT BEFORE TAXATION       +26%                                  - OPERATING PROFIT MARGIN      +0,6
                               R1 067 million                                                       9,7%


- HEPS                         +19%                                  - ADJUSTED HEPS                +22%
                               213 cents                                                            221 cents


- OPERATING CASH FLOW          R1 442 million                        - NAV PER SHARE                +17%
                                                                                                    1 221 cents


Introduction
Super Group's Board of directors is pleased to report an excellent set of results for the year ended 30 June 2013. The Group
has achieved a significant increase in earnings notwithstanding the difficult economic and trading environment. The results
were positively impacted by the acquisitions made during the financial year as well as organic growth in all three divisions.

The South African Supply Chain business experienced intensified competition, especially in the Fast Moving Consumer Goods
(FMCG) market where indicators confirmed that the South African consumer remained under pressure. The transport and
logistics industry was also adversely impacted by protracted strike action and labour unrest during the first half of the year and
above inflationary labour cost increases.

There was a marked slowdown in Australian commodity exports and the retail consumer market remained subdued as a
result of the strong Australian Dollar. However, SG Fleet secured some landmark contracts. FleetAfrica performed ahead
of expectations, testament to the resilience and sustainability of the South African operation in a highly competitive trading
environment.

NAAMSA new car sales reported for the year to 30 June 2013 grew by 8,8% compared to 20,0% for the comparable year to
30 June 2012.

The Group successfully implemented a Broad-Based Black Economic Empowerment (B-BBEE) Staff Scheme for the South
African Operations, retaining its Level 3 B-BBEE rating.

Financial performance
Group revenue increased by 14,8% to R11 718 million (2012: R10 205 million). A significant portion of the growth in
revenue (11,5%) was a result of new business generation within the Group's existing businesses and, with the exception of
FleetAfrica, all businesses reported real growth in sales for the year. During the year, the Group acquired a controlling interest
in Digistics, a procurement and food distribution business in the Quick Service Restaurant industry, and a 75% interest in
Safika Oosthuizens, a logistics services company that provides hauling of dry bulk goods such as coal, chrome and "run of
mine minerals" in tipper trucks. Digistics' and Safika Oosthuizens' financial results were incorporated into the Group's results
with effect from 1 October 2012 and 1 March 2013, respectively.

Operating profit increased by 22,0% to R1 134 million (2012: R930 million). The Group improved its operating margin to
9,7% (2012: 9,1%). All divisions increased their margins as a result of the continued stringent focus on operational efficiencies
and cost controls.

A reduction of 18,0% to R67 million (2012: R82 million) in net finance costs reflects the reduced average Full Maintenance
Lease borrowings and lower interest rates compared to the previous year.

Profit before taxation increased by 25,9% to R1 067 million (2012: R847 million), reflecting the benefits of improved operational
profitability and lower finance costs.

Earnings per share (EPS) and headline earnings per share (HEPS) for the year under review increased by 27,6% to
220,0 cents (2012: 172,4 cents) and 18,6% to 212,7 cents (2012: 179,4 cents), respectively. The Group has added one
extra peer performance measure, Adjusted HEPS. Adjusted HEPS increased by 22,0% to 220,6 cents (2012: 180,9 cents)
on the basis that the amortisation of intangible assets arising on business combinations, B-BBEE and acquisition costs
amounting to 7,9 cents per share are excluded from HEPS.

Total assets increased by 32,1% to R10 557 million (2012: R7 993 million) mainly as a result of acquisitions, the warehouse
expansions at Super Park and an increase in working capital. The Group's Return on Net Operating Assets (RNOA), after tax,
was 20,8% for the year under review compared to the RNOA of 18,9% for the year ended 30 June 2012.

Super Group's net debt position at 30 June 2013 was R159 million from a net cash position of R429 million at 30 June 2012
mainly as a result of the acquisitions made and the developments at Super Park. Total gearing as at 30 June 2013 was 3,7%.

Net working capital increased as a result of higher inventories and trade receivables, driven by higher revenue and additional
working capital from the acquisitions. The focus on management of working capital continued to be a priority and, as a result
cash generated from operations, after a working capital outflow of R286 million, was R1 155 million for the year ended 
30 June 2013.

Net capital expenditure amounted to R580 million during the year with the main expenditure related to the scheduled
replacement of vehicles in Supply Chain and African Logistics, combined with new Dealerships developments and expansions
at Super Park.

During the year under review, the company repurchased 3,57 million shares, totalling 1,13% of the issued share capital.
The total consideration relating to these repurchases approximated R59 million.

The Group's Statement of Financial Position remains robust, reflecting a net asset value per share of 1 221 cents at
30 June 2013 (2012: 1 044 cents), up 16,9%.

The condensed consolidated financial statements of Super Group for the year ended 30 June 2013 have been reviewed by the
company's auditor, KPMG Inc. In its review report dated 20 August 2013, which is available for inspection at the company's
registered office, KPMG Inc states that its review was concluded in accordance with the International Standard on Review
Engagements 2410, Review of Interim Information Performed by the Independent Auditor of the company, which applies to the
review of the consolidated financial information and has expressed an unmodified conclusion on the condensed consolidated
financial statements.

Divisional review                                                                
Supply Chain                                                                     
                                      Year ended     Year ended     Year ended   
R'000                    Change %   30 June 2013   30 June 2012   30 June 2011   
Revenue                      37,8      5 236 529      3 800 056      2 789 469   
South Africa                 39,8      4 723 142      3 379 285      2 429 246   
African Logistics            22,0        513 387        420 771        360 223   
Operating profit             76,7        395 504        223 874        181 497   
South Africa                 80,3        328 164        181 961        164 801   
African Logistics            60,7         67 340         41 913         16 696   
Operating margin (%)                         7,6            5,9            6,5   
South Africa                                 6,9            5,4            6,8   
African Logistics                           13,1           10,0            4,6   
Profit before taxation       87,0        353 150        188 888        155 323   
South Africa                 86,6        300 412        160 980        148 250   
African Logistics            89,0         52 738         27 908          7 073   
Net operating assets         80,9      2 772 984      1 533 142      1 187 121   
South Africa                100,9      2 323 375      1 156 360        891 000   
African Logistics            19,3        449 609        376 782        296 121   


Supply Chain South Africa delivered a commendable set of results in an environment that continues to be highly competitive
and challenging. The increase in revenue, operating profit and profit before taxation for the year ended 30 June 2013 was
mainly driven by good sales volume growth across most of the operations within Supply Chain South Africa. The SG Consumer
(FMCG and Staple Foods) business secured five meaningful contracts to replace a large FMCG contract that expired in the
second half of the financial year. The Freight and Super Rent businesses performed in line with expectations. Sherwood
International returned to profitability with the commencement of a number of new business initiatives in Ghana and Zimbabwe.
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 a number of new product ranges through SG Gateway and the Super Group
Brands Division. SG Bulk performed in line with expectations although its business was affected by disruptions at one of its
mining customers. Digistics and Safika Oosthuizens both met expectations and their results were included for nine months from
1 October 2012 and four months from 1 March 2013, respectively. 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 reported a strong set of results for the 2013 financial year. These results were achieved on the back
of improved north-bound activity as well as additional activity on the Beira-Harare route. As a result, the African Logistics'
fleet is running at between 80% and 90% of its capacity. The Rand weakness towards the latter part of the financial year also
positively contributed to the results, reporting a foreign exchange gain of R20,3 million. The vehicle renewal programme was
completed in the last quarter of the 2013 financial year and contributed significantly to the improved operational efficiencies
and results of the African Logistics' business.

Fleet Solutions                                                                  
                                      Year ended     Year ended     Year ended   
R'000                    Change %   30 June 2013   30 June 2012   30 June 2011   
Revenue                    (17,4)      1 817 448      2 201 380      1 880 896   
FleetAfrica                (60,1)        431 648      1 081 671      1 051 717   
SG Fleet                     23,8      1 385 800      1 119 709        829 179   
Operating profit              7,5        618 833        575 810        358 222   
FleetAfrica                (48,6)        125 496        244 213        149 528   
SG Fleet                     48,8        493 337        331 597        208 694   
Operating margin (%)                        34,0           26,2           19,0   
FleetAfrica                                 29,1           22,6           14,2   
SG Fleet                                    35,6           29,6           25,2   
Profit before taxation       11,4        592 925        532 347        288 375   
FleetAfrica                (46,2)        118 528        220 450        108 548   
SG Fleet                     52,1        474 397        311 897        179 827   
Net operating assets         31,2      1 114 304        849 056      1 602 518   
FleetAfrica                  47,0        345 240        234 888        953 038   
SG Fleet                     25,2        769 064        614 168        649 480   


FleetAfrica performed above expectations by securing new contracts, the most notable being the fleet outsource contract
for the City of Polokwane and the redeployment of former City of Johannesburg assets into other authorities. In addition, a
number of key corporate and public sector contracts were secured which will provide a solid foundation in the forthcoming
financial year.

SG Fleet again delivered an excellent performance in the face of increasing competition and the economic slowdown
experienced across most of Australia's industries. The results were mainly attributable to SG Fleet securing major contracts
across all sectors, including the large long-term fleet maintenance lease contract for the Australian Federal Government.
The second-hand car market softened at the beginning of 2013 as a result of record new vehicle sales towards the end of
2012. The residual values have stabilised and are expected to remain at current levels in the next year. The strength of the
Australian Dollar against the Rand impacted on the consolidated results of Super Group to an amount of R52,6 million.

Dealerships                                                                      
                                      Year ended     Year ended     Year ended   
R'000                    Change %   30 June 2013   30 June 2012   30 June 2011   
Revenue                      22,3      4 637 791      3 790 640      3 161 333   
Operating profit             39,8        120 610         86 288         63 710   
Operating margin (%)                         2,6            2,3            2,0   
Profit before taxation       51,5         95 652         63 133         40 879   
Net operating assets         30,4        480 230        368 383        317 854   


Dealerships reported good results, reflecting the inclusion of three new dealerships, two agencies added to existing sites
and a solid performance by the Finance and Insurance operations. New vehicle sales increased by 22,4% (16,0% from
existing dealerships) over the year, which was well ahead of market growth. Total NAAMSA new vehicle sales for the year to
30 June 2013 were up 8,8%. New vehicle sales growth is slowing from its higher base compared to the comparative year
and is beginning to reflect lower consumer spending. Dealerships also reported a 26,6% increase in total used vehicle unit
sales, with 17,3% of the increase coming from the existing operations. Dealerships continued to improve its operating margin,
with a satisfying overall operating margin of 2,6% (June 2012: 2,3%) for the year 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 comparative results for the year ended 30 June 2012 include the once-off close-out profits
on the expiration of the Eastern Cape Provincial Government and City of Johannesburg contracts. The Mauritius operations
and Emerald Insurance performed in line with expectations during the current financial year.

Prospects
Recent economic data releases indicate that South Africa might experience slower economic growth for the remainder of
2013, than initially anticipated. Despite an improvement in exports, inflationary pressures and high unemployment rates will
continue to hamper growth. The outlook for the Australian economy for the same period is also less buoyant than 2012.
The highly competitive trading environment continues to place pressure on the Group in terms of consumer sales volumes and
securing new contracts. Super Group is embarking on a Domestic Medium Term Note Programme to diversify its sources of
funding, optimise its borrowing costs and to facilitate the Group's growth strategy both organically and via acquisitions in its
core divisions.

Supply Chain South Africa continues to focus on niche opportunities within the food service, retail and pharmaceutical sectors.
An automotive customer of Super Group took occupation of the purpose-built warehouse at Super Park on 1 August 2013.
The bespoke warehouse at Super Park for SG Convenience is progressing well and operations will transfer to this facility towards
the end of September 2013.

The imminent implementation of SANRAL's e-Toll system will negatively impact on all areas of the Group's business and
continues to be of concern in relation to distribution costs.

African Logistics is strategically positioned to benefit from any increased activity in sub-Saharan Africa. The lower overheads
resulting from the renewed fleet and streamlined operations will continue to positively contribute to results.

FleetAfrica has invested in new product innovations, with the view of penetrating niche market segments. The few major
opportunities available to the business generally tend to have long sales cycles and extremely long decision-making processes.
FleetAfrica has the capacity and scale to implement and execute on contracts awarded from its pipeline.

SG Fleet is expecting moderately lower revenue growth into the next financial year with the slowdown in the Australian
economy. Novated lease volumes are expected to reduce due to tax uncertainties within the existing Labour Government
pronouncements. SG Fleet is more optimistic about the prospects for both the United Kingdom and New Zealand operations
as they gain traction in their respective markets.

The Labour Government, in anticipation of the Federal election on 7 September 2013, announced that it is considering an
amendment to the Fringe Benefit Tax (FBT) on novated leases. The industry is objecting to the proposed change of excluding
the Statutory Cost Method from novated lease contracts as it will increase the administrative burden for companies and
employees on these schemes. The uncertainty created will also negatively impact new vehicle sales particularly in the lower
cost vehicle categories.

Dealerships are expecting growth in new vehicle sales to reflect NAAMSA growth projections of approximately 5%. New
vehicle sales are set to be constrained by consumer spending.

The culture of service excellence in all areas of Super Group's business and the continued pursuit of new business opportunities
remains the Group's key strategic focus.

In line with Super Group's stated strategy to utilise cash generated in order to invest in acquisitions or repurchase shares,
a decision was taken not to declare a dividend for the year ended 30 June 2013. The Board reassesses this strategy on a
regular basis.

The reviewed condensed consolidated results for the year ended 30 June 2013 will be available on the Group's website after
08:00 on Tuesday, 20 August 2013 and the presentation to the investor community can be viewed on the Group's website
from Wednesday, 21 August 2013 after 08:00. Copies of the full announcement are available on request from Nigel Redford,
Company Secretary, nigel.redford@supergrp.com. The Group's website is www.supergroup.co.za.

On behalf of the Board

P Vallet                                                       P Mountford
Chairman of the company                                        Chief Executive Officer

19 August 2013
Sandton

Condensed Consolidated Statement of Comprehensive Income

                                                                                  Year ended   Year ended   
                                                                                     30 June      30 June   
                                                                                        2013         2012   
                                                                                    Reviewed      Audited   
                                                                                       R'000        R'000   
Revenue                                                                           11 717 972   10 204 811   
Trading profit before depreciation and amortisation                                1 476 123    1 419 267   
Depreciation and amortisation                                                      (359 254)    (459 381)   
Trading profit                                                                     1 116 869      959 886   
Capital items                                                                         17 147     (30 293)   
Operating profit                                                                   1 134 016      929 593   
Net finance charges                                                                 (67 329)     (82 118)   
Profit before taxation                                                             1 066 687      847 475   
Income tax expense                                                                 (250 570)    (252 548)   
Profit for the year                                                                  816 117      594 927   
Profit for the year attributable to:                                                                        
Non-controlling interests                                                            179 433       79 314   
Equity holders of Super Group                                                        636 684      515 613   
                                                                                     816 117      594 927   
Other comprehensive income                                                                                  
Effect of foreign exchange                                                           143 164      158 851   
Hedge accounting                                                                       1 989          332   
Revaluation of land and buildings                                                     14 445       42 410   
Other comprehensive income taxation effect                                           (3 780)      (6 282)   
Other comprehensive income for the year                                              155 818      195 311   
Total comprehensive income for the year                                              971 935      790 238   
Total comprehensive income for the year attributable to:                                                    
Non-controlling interests                                                            212 718      123 723   
Equity holders of Super Group                                                        759 217      666 515   
                                                                                     971 935      790 238   
RECONCILIATION OF HEADLINE EARNINGS                                                                         
Profit attributable to equity holders of Super Group                                 636 684      515 613   
Capital items after tax                                                             (21 145)       20 744   
Impairment of intangible assets                                                        2 892       15 014   
Impairment of property, plant and equipment and full maintenance lease vehicles       34 462       32 751   
Impairment of goodwill                                                                 3 948        3 243   
Impairment of investments                                                                            187   
(Profit)/loss on sale of property, plant and equipment                              (20 072)        4 123   
Negative goodwill on business combination                                           (38 377)               
Revaluation of investment property                                                              (25 025)   
Taxation effect of capital items                                                     (4 861)      (9 549)   
Non-controlling interest effect of capital items                                         863               
Headline profit for the year                                                         615 539      536 357   
Earnings per share (cents)                                                                                  
Basic                                                                                  220,0        172,4   
Diluted                                                                                211,7        167,4   
Headline earnings per share (cents)                                                                         
Basic                                                                                  212,7        179,4   
Diluted                                                                                204,7        174,1   
RECONCILIATION OF ADJUSTED EARNINGS                                                                         
Headline profit for the year                                                         615 539      536 357   
Acquisition costs after tax                                                            5 989        4 582   
B-BBEE costs after tax                                                                 6 787           46   
Amortisation of intangible arising on business combinations after tax                 10 198               
Adjusted headline profit for the year                                                638 513      540 985   
Adjusted headline earnings per share (cents)                                                                
Basic                                                                                  220,6        180,9   
Diluted                                                                                212,3        175,6   


Condensed Consolidated Statement of Financial Position

                                                                        30 June     30 June   
                                                                           2013        2012   
                                                                       Reviewed     Audited   
                                                                          R'000       R'000   
ASSETS                                                                                        
Non-current assets                                                                            
Property, plant and equipment                                         2 515 103   1 634 269   
Investment property                                                      64 716      70 816   
Full maintenance lease assets                                           545 247     491 069   
Intangible assets                                                       241 831      27 077   
Goodwill                                                              1 738 323   1 575 837   
Investments and other non-current assets                                  3 839       5 534   
Deferred tax assets                                                     314 469     311 060   
Current assets                                                        5 133 374   3 877 730   
Asset held-for-sale                                                       6 100              
Inventories                                                             840 112     650 312   
Trade receivables                                                     1 696 839   1 192 893   
Sundry receivables                                                      695 388     184 684   
Insurance-related assets                                                 22 390      73 411   
Cash and cash equivalents                                             1 872 545   1 776 430   
Total assets                                                         10 556 902   7 993 392   
EQUITY AND LIABILITIES                                                                        
Capital and reserves                                                                          
Capital and reserves attributable to equity holders of Super Group    3 532 396   3 020 123   
Non-controlling interests                                               751 917     380 522   
Total equity                                                          4 284 313   3 400 645   
Liabilities                                                                                   
Fund reserves                                                           346 740     341 681   
Deferred tax liabilities                                                254 289     145 982   
Full maintenance lease liabilities                                      146 687     164 183   
Non-current                                                              41 515      61 514   
Current                                                                 105 172     102 669   
Interest-bearing borrowings                                           1 884 619   1 183 630   
Non-current                                                           1 550 438   1 027 956   
Current                                                                 334 181     155 674   
Non-controlling interest put options and other financial liability      209 339              
Insurance-related liabilities                                            45 511     139 559   
Trade and other payables                                              2 852 456   1 978 758   
Income tax payable                                                      119 452     209 800   
Provisions                                                              413 496     429 154   
Total equity and liabilities                                         10 556 902   7 993 392   


Condensed Consolidated Statement of Cash Flow                                          
                                                             Year ended   Year ended   
                                                                30 June      30 June   
                                                                   2013         2012   
                                                               Reviewed      Audited   
                                                                  R'000        R'000   
Cash flows from operating activities                                                   
Operating cash flow                                           1 441 778    1 573 024   
Working capital (outflow)/inflow                              (286 412)      271 318   
Cash generated from operations                                1 155 366    1 844 342   
Finance costs paid                                            (154 143)    (189 397)   
Investment income and interest received                          81 501      107 184   
Income tax paid                                               (349 011)    (232 496)   
Dividend paid to non-controlling interest                                     (399)   
Net cash generated from operating activities                    733 713    1 529 234   
Cash flows from investing activities                                                   
Net additions to plant and equipment                          (239 948)    (281 482)   
Net additions to land and buildings                           (177 924)     (32 652)   
Net (additions)/disposals to full maintenance lease assets    (141 747)      140 175   
Net additions to intangible assets                             (19 896)     (16 414)   
Acquisition of business                                       (217 619)     (82 464)   
Other investing activities                                     (31 178)         (49)   
Net cash flow from investing activities                       (828 312)    (272 886)   
Cash flows from financing activities                                                   
Share repurchases                                              (59 127)    (227 962)   
Net interest-bearing borrowings raised                          183 958       71 990   
Net full maintenance lease borrowings repaid                   (25 264)    (625 694)   
Net cash flow from financing activities                          99 567    (781 666)   
Net increase in cash and cash equivalents                         4 968      474 682   
Net cash and cash equivalents at beginning of the year        1 776 430    1 210 456   
Effect of foreign exchange on cash and cash equivalents          91 147       91 292   
Cash and cash equivalents at end of the year                  1 872 545    1 776 430   


Condensed 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   
Audited balance                                                                                                                  
at 30 June 2011                   327 310   1 893 091    450 406     524 176   (622 206)   2 572 777       258 508   2 831 285   
Changes in equity                                                                                                                
for 2012 year                                                                                                                    
Other comprehensive                                                                                                              
income                                                 150 902                           150 902        44 409     195 311   
Translation adjustment                                 114 442                           114 442        44 409     158 851   
Hedging reserve                                            332                               332                      332   
Revaluation of land and                                                                                                          
buildings                                               42 410                            42 410                   42 410   
Taxation effect of revaluation                                                                                                   
of land and buildings                                  (6 282)                           (6 282)                  (6 282)   
Profit for the year                                               515 613                515 613        79 314     594 927   
Total comprehensive                                                                                                              
income for the year                                    150 902     515 613                666 515       123 723     790 238   
Land and buildings                                                                                                               
depreciation                                             (911)         911                                                 
Effect of tax rate change                                                                                                        
on the revaluation reserve                             (7 537)                           (7 537)                  (7 537)   
Share-based payment                                                                                                              
reserve movement                                                   16 330                 16 330                   16 330   
Dividends paid                                                                                         (399)       (399)   
Share cancelled                  (11 976)   (145 859)                                   (157 835)                (157 835)   
Expenses relating to                                                                                                             
share repurchases                              (434)                                       (434)                    (434)   
Share buybacks                                                              (69 693)    (69 693)                 (69 693)   
Movement in reserves                                                                                     713         713   
Changes in equity as a result                                                                                                    
of acquisitions, disposals                                                                                                       
and transactions with                                                                                                            
equity partners                                                                                      (2 023)     (2 023)   
Audited balance                                                                                                                  
at 30 June 2012                   315 334   1 746 798    592 860   1 057 030   (691 899)   3 020 123       380 522   3 400 645   
Changes in equity                                                                                                                
for 2013 year                                                                                                                    
Other comprehensive                                                                                                              
income                                                 122 533                           122 533        33 285     155 818   
Translation adjustment                                 110 541                           110 541        32 623     143 164   
Hedging reserve                                          1 327                             1 327           662       1 989   
Revaluation of land and                                                                                                          
buildings                                               14 445                            14 445                   14 445   
Taxation effect of revaluation                                                                                                   
of land and buildings                                  (3 780)                           (3 780)                  (3 780)   
Profit for the year                                               636 684                636 684       179 433     816 117   
Total comprehensive                                                                                                              
income for the year                                    122 533     636 684                759 217       212 718     971 935   
Transfer from contingency                                                                                                        
reserve                                                (1 064)       1 064                                                 
Land and buildings                                                                                                               
depreciation                                              (99)          99                                                 
Realisation of revaluation                                                                                                       
reserve through sale of                                                                                                          
revalued properties                                      (996)         996                                                 
Share-based payment                                                                                                              
reserve movement                                                   19 310                 19 310           551      19 861   
Options exercised                                                (60 601)               (60 601)         (230)    (60 831)   
Non-controlling interest                                                                                                         
put options                                                     (207 356)              (207 356)                (207 356)   
Share buybacks                                                                 1 703       1 703                    1 703   
Changes in equity as a result                                                                                                    
of acquisitions, disposals                                                                                                       
and transactions with                                                                                                            
equity partners                                                                                      158 356     158 356   
Reviewed balance                                                                                                                 
at 30 June 2013                   315 334   1 746 798    713 234   1 447 226   (690 196)   3 532 396       751 917   4 284 313   


Operating segments

                                                                                                              Supply Chain                                                                                                                                                                                             Services and
                                              Super Group                     Supply Chain                    South Africa                    African Logistics               Fleet Solutions                       FleetAfrica                          SG Fleet                       Dealerships              inter-company eliminations
                                       Year ended      Year ended       Year ended    Year ended        Year ended    Year ended        Year ended      Year ended     Year ended       Year ended        Year ended         Year ended       Year ended         Year ended     Year ended     Year ended      Year ended        Year ended
                                          30 June         30 June          30 June       30 June           30 June       30 June           30 June         30 June        30 June          30 June           30 June            30 June          30 June            30 June        30 June        30 June         30 June           30 June
                                             2013            2012             2013          2012              2013          2012              2013            2012           2013             2012              2013               2012             2013               2012           2013           2012            2013              2012
                                         Reviewed         Audited         Reviewed       Audited          Reviewed       Audited          Reviewed         Audited       Reviewed          Audited          Reviewed            Audited         Reviewed            Audited       Reviewed        Audited        Reviewed           Audited
                                            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                                11 717 972      10 204 811        5 236 529     3 800 056         4 723 142     3 379 285           513 387         420 771      1 817 448        2 201 380           431 648          1 081 671        1 385 800          1 119 709      4 637 791      3 790 640          26 204           412 735
South Africa                            9 813 987       8 804 579
Australia                               1 327 726       1 076 329
Africa and other                          576 259         323 903
Depreciation and amortisation           (359 254)       (459 381)        (199 495)     (126 425)         (179 281)     (115 092)          (20 214)        (11 333)      (138 836)        (286 362)          (68 851)          (190 860)      (69 985)              (95 502)        (9 801)        (7 108)        (11 122)          (39 486)
Net operating expenditure 
 excluding capital items             (10 241 849)     (8 785 544)      (4 653 166)   (3 400 449)       (4 224 063)   (3 044 895)         (429 103)       (355 554)    (1 059 528)      (1 334 753)         (237 301)          (646 598)     (822 227)             (688 155)    (4 507 380)    (3 696 874)        (21 775)         (353 468)
Trading profit                          1 116 869         959 886          383 868       273 182           319 798       219 298            64 070          53 884        619 084          580 265           125 496            244 213        493 588              336 052        120 610         86 658         (6 693)            19 781
Capital items                              17 147        (30 293)           11 636      (49 308)             8 366      (37 337)             3 270        (11 971)          (251)          (4 455)                                              (251)             (4 455)                        (370)           5 762            23 840
Operating profit                        1 134 016         929 593          395 504       223 874           328 164       181 961            67 340          41 913        618 833          575 810           125 496            244 213        493 337              331 597        120 610         86 288           (931)            43 621
Share of profit of equity-accounted
 investee                                   1 143             107                                                                                                                                                                                                                                     1 143               107
Net finance costs                        (68 472)        (82 225)         (42 354)      (34 986)          (27 752)      (20 981)          (14 602)        (14 005)       (25 908)         (43 463)           (6 968)           (23 763)      (18 940)              (19 700)       (24 958)       (23 155)          24 748            19 379
Profit before tax                       1 066 687         847 475          353 150       188 888           300 412       160 980            52 738          27 908        592 925          532 347           118 528            220 450        474 397              311 897         95 652         63 133          24 960            63 107


ASSETS
Non-current assets
Property, plant and equipment           2 515 103       1 634 269        1 622 639       941 779         1 311 729       674 185           310 910         267 594          8 747            8 700               276                 21          8 471                8 679        208 832        145 454         674 885           538 336
Investment property                        64 716          70 816                                                                                                                                                                                                                                    64 716            70 816
Full maintenance lease assets             545 247         491 069                                                                                                   545 247          491 069           380 383            333 065        164 864              158 004                                                            
Intangible assets                         241 831          27 077          204 825         4 305           204 825         4 305                                         28 727           18 798                                            28 727               18 798          1 118                         7 161             3 974
Goodwill                                1 738 323       1 575 837          419 989       350 080           375 098       312 994            44 891          37 086      1 215 684        1 132 107            87 822             87 822      1 127 862            1 044 285        102 650         93 650                                
Investments and other 
  non-current assets                        3 839           5 534                         2 838                          2 838                                                                                                                                                                          3 839             2 696
Current assets
Assets held-for-sale                        6 100                                                                                                                                                                                                                                                    6 100                  
Inventories                               840 112         650 312          181 207       145 004           156 985       117 529            24 222          27 475         83 707           46 564            28 617              9 182         55 090               37 382        570 398        458 744           4 800                  
Insurance-related assets                   22 390          73 411                                                                                                                                                                                                                                    22 390             73 411
Trade receivables                       1 696 839       1 192 893        1 121 252       711 789         1 021 570       630 423            99 682          81 366        357 284          267 814           103 356             68 480        253 928              199 334        134 636        110 703          83 667            102 587
Sundry receivables                        695 388         184 684          537 234        62 174           510 660        37 520            26 574          24 654         94 038           70 333            28 538              8 116         65 500               62 217          5 834          6 511          58 282             45 666
Intercompany trade receivables                                            11 223        11 375            10 522         5 725               701           5 650            867            4 242               867                519                              3 723            747          1 188        (12 837)           (16 805)
SEGMENT ASSETS                          8 369 888       5 905 902        4 098 369     2 229 344         3 591 389     1 785 519           506 980         443 825      2 334 301        2 039 627           629 859            507 205      1 704 442            1 532 422      1 024 215        816 250         913 003            820 681

South Africa                            5 901 870       3 812 401
Australia                               1 607 754       1 439 008
Africa and other                          860 264         654 493
LIABILITIES
Non-current liabilities
Long-term borrowings                    1 591 953       1 089 470          403 869       271 841           403 869       271 841                                        500 339          498 276           19 666              52 921        480 673              445 355                                     687 745            319 353
Non-controlling interest put options 
  and other financial liability           209 339                         209 339                        209 339                                                                                                                                                                                                             
Fund reserves                             346 740         341 681                                                                                                   346 740          341 681           76 826              79 681        269 914              262 000                                                             
Current liabilities
Short-term borrowings                     439 353         258 343          285 614        77 739           285 614        77 739                                        132 952          160 813           58 191              39 458         74 761              121 355                                      20 787             19 791
Insurance-related liabilities              45 511         139 559                                                                                                                                                                                                                                    45 511            139 559
Trade and other payables and 
  provisions                            3 265 952       2 407 912        1 302 196       680 191         1 250 077       618 184            52 119          62 007        868 108          843 027          202 644             188 941        665 464              654 086        903 671        690 421         191 977            194 273
Intercompany trade payables                                               23 189        41 869            17 937        36 831             5 252           5 038          5 149            3 695            5 149               3 695                                              851            555        (29 189)           (46 119)
SEGMENT LIABILITIES                     5 898 848       4 236 965        2 224 207     1 071 640         2 166 836     1 004 595            57 371          67 045      1 853 288        1 847 492          362 476             364 696      1 490 812            1 482 796        904 522        690 976         916 831            626 857

South Africa                            4 160 435       2 620 235
Australia                               1 493 630       1 500 353
Africa and other                          244 783         116 377
Net capex                                 579 514         190 999          212 717       275 930           212 937       203 849             (220)          72 081        158 193        (141 824)           93 005           (201 016)       65 188                 59 192         76 888         53 475         131 716              3 418
South Africa                              514 546          59 726
Australia                                  65 188          59 192
Africa and other                            (220)          72 081
Net operating assets                    5 072 222       3 259 858        2 772 984     1 533 142         2 323 375     1 156 360           449 609         376 782      1 114 304          849 056          345 240            234 888        769 064               614 168        480 230        368 383         704 704            509 277

Basis of preparation and accounting policies
The Condensed Consolidated Financial Statements for the year ended 30 June 2013 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 South African Institute of Chartered Accountants' Financial Reporting Guides as issued by the
Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council, the
Listings Requirements of the JSE Limited and the Companies Act of South Africa.

The accounting policies used in the preparation of the reviewed final results for the year ended 30 June 2013, 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 accounting policy adopted in respect of non-controlling interest put option liability for the year ended 30 June 2013
and 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.

Salient Features                                                                                           
                                                                                 Year ended   Year ended   
                                                                                    30 June      30 June   
                                                                                       2013         2012   
                                                                                   Reviewed      Audited   
                                                                                      R'000        R'000   
1. Interest-bearing borrowings                                                                             
Australian interest-bearing borrowings                                              486 604      494 906   
Asset-based finance                                                                 896 840      349 581   
Property and other borrowings                                                       501 175      339 143   
Interest-bearing borrowings                                                       1 884 619    1 183 630   
2. Share statistics                                                                                        
Total issued less treasury shares ('000)                                            289 415      289 195   
Weighted number of shares ('000)                                                    289 394      299 013   
Diluted weighted number of shares ('000)                                            300 775      308 009   
Net asset value per share (cents)                                                   1 220,5      1 044,3   
3. Capital commitments                                                                                     
Authorised but not yet contracted for capital commitments, excluding                                       
full maintenance lease assets                                                       508 585      174 640   
Capital commitments will be funded from normal operating cash flows                                        
and the utilisation of existing borrowing 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 reporting date up to the date                                       
of this report, which will affect these results.                                                           


6. Business combinations                                                                                
                                                                                             Purchase   
                                                                             Interest   consideration   
Subsidiaries and                 Nature of      Operating             Date   acquired     transferred   
businesses acquired               business        segment         acquired        (%)           R'000   
                                             Supply Chain        1 October                              
Digistics                        Logistics   South Africa             2012       50,1         120 400   
                                             Supply Chain          1 March                              
Safika Oosthuizens               Logistics   South Africa             2013         75         262 500   
                                                            1 August 2012/                              
Other immaterial acquisitions   Dealership    Dealerships   1 October 2012        100          26 384   
Total purchase consideration                                                                            
transferred                                                                                   409 284   


                                                                                         Other   
Fair value of assets                                                     Safika     immaterial   
acquired and liabilities assumed                Total   Digistics   Oosthuizens   acquisitions   
at date of acquisition:                         R'000       R'000         R'000          R'000   
Assets                                                                                           
Property, plant and equipment                 612 613     106 989       504 737            887   
Intangible assets                             216 432      72 200       144 232                 
Goodwill                                       36 675      62 104      (38 377)         12 948   
Inventories                                    31 108                   17 378         13 730   
Trade and other receivables                   629 878     433 116       196 762                 
Income tax receivable                           2 371                    2 371                 
Cash and cash equivalents                     191 655     100 486        91 169                 
                                            1 720 732     774 895       918 272         27 565   
Liabilities                                                                                      
Deferred tax liabilities                      113 905      18 137        95 768                 
Interest-bearing borrowings                   474 270      89 513       384 757                 
Trade and other payables                      549 677     480 828        68 849                 
Provisions                                     14 953       7 657         6 115          1 181   
Income tax payable                                297         297                              
                                            1 153 102     596 432       555 489          1 181   
Acquirees' carrying amount at acquisition     567 640     178 463       362 793         26 384   
Less: Non-controlling interests             (158 356)    (58 063)     (100 293)                 
Net assets acquired                           409 274     120 400       262 490         26 384   
Purchase consideration transferred  Cash   (191 655)   (100 486)      (91 169)                 
Net cash ouflow                               217 619      19 914       171 321         26 384   


The non-controlling interests have been calculated using the present ownership instruments' proportionate share in the
recognised amounts of the acquiree's identifiable net assets.

Goodwill has been recognised on the acquisitions of the Digistics and Dealership's businesses amounting to R62,1 million
and R12,9 million, respectively.

The acquisition of the Safika Oosthuizens business has resulted in negative goodwill of R38,4 million which has been recognised
in profit or loss for the year. The negative goodwill has been excluded from the calculation of headline earnings.

                                                                                           Other   
                                                                           Safika     immaterial   
Impact of the acquisitions on the                 Total   Digistics   Oosthuizens   acquisitions   
results of the Group                              R'000       R'000         R'000          R'000   
From the dates of acquisition, the acquired                                                        
businesses contributed:                                                                            
Revenue                                       1 002 954     423 618       412 388        166 948   
Attributable profit                              37 238      12 231        24 973             34   


Company Information

Directors:
Executive: P Mountford (Chief Executive Officer) and C Brown (Chief Financial Officer)
Non-Executive: P Vallet (Chairman of the company), 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



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