Wrap Text
Unaudited interim results for the six months ended 31 December 2013
Super Group Limited
Company Information
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 2013
FINANCIAL PERFORMANCE
AND HIGHLIGHTS
For the six months ended 31 December 2013
REVENUE +31%
R7,1 billion
PROFIT BEFORE TAXATION +21%
R592 million
HEPS +27%
121 cents
OPERATING CASH FLOW +44%
R935 million
OPERATING PROFIT +26%
R651 million
OPERATING PROFIT MARGIN –0,4
9,1%
ADJUSTED HEPS +30%
126 cents
NAV PER SHARE (SINCE 30 JUNE 2013) +11%
1 352 cents
Introduction
Super Group's Board of directors is pleased to report an excellent set of results for the six months ended 31 December 2013.
The Group's earnings growth is commendable given the highly competitive trading environment and strenuous economic
conditions experienced by all industries in both South Africa and Australia.
The transport and logistics industry in South Africa was impacted by underlying factors such as weak consumer spend,
challenges faced by the mining sector as well as the above inflation cost increases being experienced by the local industrial
sectors. Logistics into Africa were more robust and an increase in North and South–bound activity was seen.
The slowdown in the Australian commodity business, subdued retail consumer market and uncertainty around the Fringe
Benefit Tax treatment of novated leases announced by the previous Government in July 2013, negatively influenced the
Australian fleet management market until November 2013.
For the six months ended 31 December 2013, NAAMSA reported flat growth in the new car dealer market compared to 8,3%
for the comparable period to 31 December 2012.
On 31 October 2013 Super Group listed Domestic Medium Term Notes on the JSE Limited (JSE) to the value of R471 million with
the coupon rate being 3-Month JIBAR plus 180 bps per annum for three years, maturing on 31 October 2016. The approved
Domestic Medium Term Programme totals R2 billion.
Financial performance
Super Group reported an impressive increase in revenue of 31,5% to R7 136 million (December 2012: R5 429 million).
The growth in revenue was mainly due to the excellent performances by the majority of the Supply Chain South Africa
businesses, the African Logistics and Dealerships operations, together with the impact of Safika Oosthuizens.
The growth in operating profit was driven by operational efficiencies generated by and the stringent focus on cost controls
within the operations. As a result, operating profit increased by 25,7% to R651 million (December 2012: R517 million). As a
result of the competitive landscape and resultant margin pressure experienced by Supply Chain South Africa's SG Consumer
business and the retracted novated lease market in Australia, the overall operating profit margin declined marginally to 9,1%
(December 2012: 9,5%).
The increase in net finance costs by 116,7% to R59 million (December 2012: R27 million) relates to the annualisation of the
acquisitions, the increase in asset-based finance loans and the interest impact from paying for the acquisitions made.
Profit before taxation increased by 20,7% to R592 million (December 2012: R490 million), directly as a result of the improved
operational profitability of the Group.
Earnings per share (EPS) and headline earnings per share (HEPS) for the period under review increased by 24,9% to 121,9 cents
(December 2012: 97,6 cents) and 26,7% to 120,7 cents (December 2012: 95,3 cents), respectively. Adjusted HEPS increased
by 29,5% to 125,9 cents (December 2012: 97,2 cents) on the basis that the B–BBEE scheme, amortisation of intangibles and
acquisition costs amounting to 5,2 cents per share are excluded from HEPS.
The increase in total assets of 12,9% to R11,915 million (June 2013: R10,557 million) was mainly as a result of capital
expenditure totalling R461 million due to vehicle purchases in SG Freight, Super Rent and the African Logistics operations,
together with the completion of the new warehouses at Super Park. The Group's Return on Net Operating Assets (RNOA), after
tax, was 18,8% for the period under review.
Super Group's net debt position at 31 December 2013 increased to R241 million as a result of the capital expenditure
highlighted in the previous paragraph. The Group's total gearing as at 31 December 2013 was a conservative 5,0%
(30 June 2013: 3,7%). The net asset value per share increased by 10,7% for the period to 1 352 cents at 31 December 2013
(30 June 2013: 1 221 cents). The Group's Statement of Financial Position remains healthy.
The working capital outflow of R175 million was mainly due to inventory increasing on the back of seasonable buying ahead
of January price increases in Supply Chain South Africa and Dealerships. Cash generated from operations, after working
capital, increased by 25,5% to R760 million compared to the previous period's amount of R606 million. The focus on managing
working capital remains a priority.
During the period under review, the company repurchased 2 175 791 shares, totalling 0,7% of the issued share capital, at an
average share price of R24,38. The total consideration relating to these repurchases approximated R53 million.
Divisional review
Supply Chain
Six months ended Six months ended Year ended
R'000 Change % 31 December 2013 31 December 2012 30 June 2013
Revenue 57,4 3 622 921 2 301 716 5 236 529
South Africa 57,2 3 274 632 2 083 567 4 723 142
African Logistics 59,7 348 289 218 149 513 387
Operating profit 62,6 279 679 171 998 395 504
South Africa 52,4 235 373 154 468 328 164
African Logistics 152,7 44 306 17 530 67 340
Operating margin (%) 7,7 7,5 7,6
South Africa 7,2 7,4 6,9
African Logistics 12,7 8,0 13,1
Profit before taxation 61,0 247 030 153 400 353 150
South Africa 42,7 205 116 143 734 300 412
African Logistics 333,6 41 914 9 666 52 738
Net operating assets 61,9 2 956 852 1 826 579 2 772 984
South Africa 75,0 2 488 039 1 421 447 2 323 375
African Logistics 15,7 468 813 405 132 449 609
The majority of Supply Chain South Africa's business delivered a commendable performance, specifically Super Rent,
VsC and SG Bulk. SG Consumer's results were impacted by the woes experienced by the Fast Moving Consumer Goods
(FMCG) market and volumes were affected as a result. Freight, SG Mobility, Digistics and Safika Oosthuizens performed in line
with expectations. Sherwood International and Micor continued to report improved results. SG Convenience reported good
sales growth with the assistance of SG Gateway and the Super Group Brands Division. Revenue, operating profit and profit
before taxation for the six months ended 31 December 2013 were further impacted by the inclusion of Digistics and Safika
Oosthuizens for the full period.
African Logistics benefitted from improved efficiencies reaped from the renewal of the fleet and increased cross-border
activity. Improved North and South-bound activities, as well as additional activity on the Beira-Harare route were experienced.
The renewed African Logistics' fleet is running at an average capacity of 94%. All of these factors contributed to a sterling set
of results reported by this business for the period ended December 2013. The Rand weakness over the period also positively
contributed to the results with a foreign exchange gain of R10,6 million.
Fleet Solutions
Six months ended Six months ended Year ended
R'000 Change % 31 December 2013 31 December 2012 30 June 2013
Revenue (2,3) 885 524 906 043 1 817 448
FleetAfrica (19,0) 194 930 240 604 431 648
SG Fleet 3,8 690 594 665 439 1 385 800
Operating profit (3,1) 297 108 306 629 618 833
FleetAfrica 15,3 82 304 71 353 125 496
SG Fleet (8,7) 214 804 235 276 493 337
Operating margin (%) 33,6 33,8 34,0
FleetAfrica 42,2 29,7 29,1
SG Fleet 31,1 35,4 35,6
Profit before taxation (1,2) 289 929 293 517 592 925
FleetAfrica 27,3 87 950 69 075 118 528
SG Fleet (10,0) 201 979 224 442 474 397
Net operating assets 45,9 1 206 913 827 336 1 114 304
FleetAfrica 44,8 350 802 242 212 345 240
SG Fleet 46,3 856 111 585 124 769 064
FleetAfrica exceeded expectations mainly as a result of the redeployment of former City of Johannesburg assets into other
authorities. In addition, a number of key corporate and public sector contracts, secured during the previous financial year, have
provided a solid foundation for this financial year. Revenue declined mainly as a result of the inclusion of R66 million proceeds
on disposal of assets in the prior comparable period. The operating profit margin was 42,2% compared to 29,7% for the six
months ended 31 December 2012.
SG Fleet delivered a disappointing set of results attributable to the decrease in novated lease contract origination as a result
of the uncertainty created by the previous Government of Australia from July 2013, pertaining to potential Fringe Benefit Tax
amendments. This market showed significant recovery in December 2013. The second–hand car market weakened during
the period under review, but residual values are now stabilising. The Australian Dollar against the Rand positively impacted the
consolidated results of Super Group to an amount of R10,5 million.
Dealerships
Six months ended Six months ended Year ended
R'000 Change % 31 December 2013 31 December 2012 30 June 2013
Revenue 18,4 2 618 378 2 211 420 4 637 791
Operating profit 28,0 70 718 55 258 120 610
Operating margin (%) 2,7 2,5 2,6
Profit before taxation 33,3 58 058 43 565 95 652
Net operating assets 2,7 509 037 495 638 480 230
Dealerships reported very good results, reflecting the inclusion of two GWM dealerships acquired during the period and a solid
performance by the Finance and Insurance operations. New vehicle sales increased by 8,2% (7,8% from existing dealerships)
over the period, which was again well ahead of market growth. Total NAAMSA new vehicle sales for the period to 31 December
2013 were only up 0,7%. New vehicle sales growth is continuing to slow down and reflects declining consumer spending and
the impact of the weak Rand which is also contributing to rising vehicle prices. Dealerships reported a 13,8% increase in total
used vehicle unit sales. Dealerships' operating margin improved to a satisfying 2,7% (December 2012: 2,5%).
Services
The Services segment includes the corporate functions, Emerald Insurance and the Mauritius operations. The Mauritius
operations and Emerald Insurance performed in line with expectations. The substantial increase in net finance costs for this
division mainly relates to the increased borrowings to fund the new warehouses at Super Park and the acquisition of Digistics
and Safika Oosthuizens.
Prospects
The outlook for the South African economy is subdued given the low GDP growth reported over the last 12 months and
uncertain trading and operating prospects with manufacturing and production contraction in both the industrial and mining
industries. The weak Rand, interest rate hikes, higher fuel prices, inflationary pressures and high unemployment rates will
continue to hamper growth. The Australian economy, for the same period, is expected to grow at a slower rate than previously
experienced.
Super Group believes that there are opportunities to expand its core businesses. The Domestic Medium Term Note Programme
will allow the Group to diversify its sources of funding, optimise its borrowing costs and to facilitate its growth strategy, both
organically and through acquisitions in its core divisions.
Supply Chain South Africa continues to focus on niche opportunities within the food services, retail and pharmaceutical
sectors. The bespoke warehouses at Super Park have been completed and are fully functional.
The implementation of SANRAL's e-Toll system on 3 December 2013 will negatively impact on all areas of the Group's business
and continues to be of concern in relation to distribution costs and the knock-on effect on GDP.
African Logistics remains strategically positioned to profit from any increased activity in sub-Saharan Africa. The business will
continue to investigate new opportunities within the region.
FleetAfrica's new product innovations have started to slowly penetrate 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.
On 27 January 2014, Super Group announced that SG Fleet is proposing to list on the Australian Securities Exchange following
a decision by CHAMP Ventures, a 41,4% shareholder in SG Fleet, to disinvest its interest in accordance with its practice and
policies. The Initial Public Offering (IPO) will include an institutional offering with Super Group marginally increasing its controlling
shareholding to approximately 50,7%. The details of the proposed IPO are set out in the SENS announcement dated 27
January 2014. The prospects and outlook for SG Fleet will be set out in its prospectus.
The Dealerships Division is positive about opportunities in the dealer market. NAAMSA, in the face of the weak Rand and
interest rate hikes, is expecting flat dealer market growth in new vehicle sales for the remainder of the financial year.
Super Group's business strategy remains unchanged. The Group prides itself on a culture of service excellence in all areas of
its business. New business opportunities continue to be a key strategic focus area for management.
Super Group's stated strategy remains to utilise cash generated in order to invest in acquisitions or repurchase shares,
accordingly a decision was taken not to declare a dividend for the period ended 31 December 2013. The Board continues to
assess this strategy on a regular basis.
The unaudited condensed consolidated results for the six months ended 31 December 2013 will be available on the Group's
website after 17:00 on Monday, 10 February 2014 and the presentation to the investor community can be viewed on the
Group's website from Tuesday, 11 February 2014 after 14:00. 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
10 February 2014
Sandton
Basis of preparation and accounting policies
The Condensed Consolidated Interim Financial Statements for the six month period ended 31 December 2013 are prepared
in accordance with International Financial Reporting Standard, (IAS) 34 Interim Financial Reporting, the SAICA Financial
Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by Financial
Reporting Standards Council and the requirements of the Companies Act of South Africa. These Condensed Consolidated
Interim Financial Statements have not been reviewed or audited by the Group's auditors.
The accounting policies applied in the preparation of these Condensed Consolidated Interim Financial Statements for the
six month period ended 31 December 2013, are in terms of International Financial Reporting Standards and are consistent
with those applied in the previous Annual Financial Statements, except for the standards and amendments to standards that
became effective for the first time in Super Group's financial year commencing 1 July 2013, but there was no material effect
on the prior period results and consequently no restatements have been made; IFRS 10 – Consolidated Financial Statements;
IFRS 11 – Joint Arrangements; IFRS 13 – Fair Value Measurement; IAS 19 (2011) – Employee Benefits; IAS 28 (2011) –
Investments in Associates and Joint Ventures; Amendments to IFRS 7 – Financial Instruments: Disclosures: Offsetting Financial
Assets and Financial Liabilities; Amendments to IAS 16 – Property, Plant and Equipment: Classification of servicing equipment;
Amendment to IAS 32 – Financial Instruments Presentation: Tax effect of distribution to holders of equity instruments; IAS 34
– Interim Financial Reporting: Segment information for segment assets. The adoption of these accounting standards had no
significant impact on the Group's results. The remaining standards, amendments and interpretations, which became effective
in the interim period ended 31 December 2013, were assessed for the Group and management concluded that they did not
result in material changes to the accounting policies.
The Condensed Consolidated Financial Statements are presented in Rand, which is the company's functional currency and
the Group's presentation currency.
These results have been compiled under the supervision of the Chief Financial Officer, Colin Brown, CA(SA), BCompt (Hons),
MBL.
Condensed Consolidated Statement of Comprehensive Income
Six month Six month Year
period ended period ended ended
31 December 31 December 30 June
2013 2012 2013
Unaudited Unaudited Audited
R'000 R'000 R'000
Revenue 7,136,317 5,428,616 11,717,972
Trading profit before depreciation and amortisation 914,899 667,285 1,476,123
Depreciation and amortisation (269,288) (147,906) (359,254)
Trading profit 645,611 519,379 1,116,869
Capital items 4,999 (1,962) 17,147
Operating profit 650,610 517,417 1,134,016
Net finance charges (58,706) (27,094) (67,329)
Profit before taxation 591,904 490,323 1,066,687
Income tax expense (147,443) (127,974) (250,570)
Profit for the period 444,461 362,349 816,117
Profit for the period attributable to:
Non-controlling interests 89,664 79,913 179,433
Equity holders of Super Group 354,797 282,436 636,684
444,461 362,349 816,117
Other comprehensive income
Effect of foreign exchange 84,198 67,972 143,164
Hedge accounting – 1,327 1,989
Revaluation of land and buildings – 2,083 14,445
Other comprehensive income taxation effect – (314) (3,780)
Other comprehensive income for the period (net of taxation) 84,198 71,068 155,818
Total comprehensive income for the period (net of taxation) 528,659 433,417 971,935
Total comprehensive income for the period attributable to:
Non–controlling interests 115,838 99,986 212,718
Equity holders of Super Group 412,821 333,431 759,217
528,659 433,417 971,935
RECONCILIATION OF HEADLINE EARNINGS
Profit attributable to equity holders of Super Group 354,797 282,436 636,684
Capital items after tax (3,542) (6,653) (21,145)
Headline profit for the period 351,255 275,783 615,539
Earnings per share (cents)
Basic 121,9 97,6 220,0
Diluted 118,3 94,4 211,7
Headline earnings per share (cents)
Basic 120,7 95,3 212,7
Diluted 117,1 92,2 204,7
RECONCILIATION OF ADJUSTED EARNINGS
Headline profit for the period 351,255 275,783 615,539
Acquisition costs after tax 1,699 2,311 5,989
B–BBEE costs after tax 1,435 2,224 6,787
Amortisation of intangible assets arising on business combination after tax 12,040 902 10,198
Adjusted headline profit for the period 366,429 281,220 638,513
Adjusted headline earnings per share (cents)
Basic 125,9 97,2 220,6
Diluted 122,2 94,0 212,3
Condensed Consolidated Statement of Financial Position
31 December 2013 31 December 2012 30 June 2013
Unaudited Unaudited Audited
R'000 R'000 R'000
ASSETS
Non-current assets
Property, plant and equipment 2,799,076 1,755,551 2,515,103
Investment property 64,716 69,816 64,716
Full maintenance lease assets 579,539 505,023 545,247
Intangible assets 230,498 101,298 241,831
Goodwill 1,782,507 1,719,330 1,738,323
Investments and other non-current assets 33,320 3,278 3,839
Deferred tax assets 322,040 313,604 314,469
Current assets 6,103,273 4,865,761 5,133,374
Asset held-for-sale – – 6,100
Inventories 1,017,647 767,233 840,112
Trade receivables 1,779,805 1,571,282 1,696,839
Sundry receivables 847,405 549,350 695,388
Insurance-related assets 14,411 57,231 22,390
Cash and cash equivalents 2,444,005 1,920,665 1,872,545
Total assets 11,914,969 9,333,661 10,556,902
EQUITY AND LIABILITIES
Capital and reserves
Capital and reserves attributable to equity holders of Super
Group 3,941,258 3,199,383 3,532,396
Non-controlling interests 838,225 544,515 751,917
Total equity 4,779,483 3,743,898 4,284,313
Liabilities
Fund reserves and other long-term provisions 440,578 352,193 346,740
Deferred tax liabilities 252,044 158,008 254,289
Full maintenance lease liabilities 189,500 141,965 146,687
Non-current 101,923 46,601 41,515
Current 87,577 95,364 105,172
Interest-bearing borrowings 2,495,543 1,297,942 1,884,619
Non-current 2,157,034 1,112,216 1,550,438
Current 338,509 185,726 334,181
Non-controlling interest put option and other financial liability 215,531 103,908 209,339
Insurance-related liabilities 33,811 109,739 45,511
Trade and other payables 3,188,740 2,827,017 2,852,456
Income tax payable 68,903 171,612 119,452
Provisions 250,836 427,379 413,496
Total equity and liabilities 11,914,969 9,333,661 10,556,902
Condensed Consolidated Statement of Cash Flow
Six month Six month Year
period ended period ended ended
31 December 31 December 30 June
2013 2012 2013
Unaudited Unaudited Audited
R'000 R'000 R'000
Cash flows from operating activities
Operating cash flow 934,976 647,999 1,441,778
Working capital outflow (174,762) (42,457) (286,412)
Cash generated from operations 760,214 605,542 1,155,366
Finance costs paid (103,168) (67,852) (154,143)
Investment income and interest received 47,682 44,689 81,501
Income tax paid (157,611) (176,845) (349,011)
Dividend paid to non-controlling interest (30,808) – –
Net cash generated from operating activities 516,309 405,534 733,713
Cash flows from investing activities
Net additions to plant and equipment (339,834) (71,616) (239,948)
Net additions to property (88,872) (29,700) (177,924)
Net additions to full maintenance lease assets (16,920) (71,905) (141,747)
Net additions to intangible assets (15,639) (6,346) (19,896)
Net disposals on assets held-for-sale 6,100 – –
Acquisition of business (3,545) (46,298) (217,619)
Other investing activities (98,253) 4,015 (31,178)
Net cash outflow from investing activities (556,963) (221,850) (828,312)
Cash flows from financing activities
Share repurchases (53,273) (59,127) (59,127)
Net interest-bearing borrowings raised/(repaid) 585,534 (5,865) 183,958
Net full maintenance lease borrowings raised/(repaid) 37,490 (26,352) (25,264)
Net cash inflow/(outflow) from financing activities 569,751 (91,344) 99,567
Net increase in cash and cash equivalents 529,097 92,340 4,968
Net cash and cash equivalents at beginning of the period 1,872,545 1,776,430 1,776,430
Effect of foreign exchange on cash and cash equivalents 42,363 51,895 91,147
Cash and cash equivalents at end of the period 2,444,005 1,920,665 1,872,545
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
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 – – 2,083 – – 2,083 – 2,083
Taxation effect of revaluation of land
and buildings – – (314) – – (314) – (314)
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 – – – –
Share-based payment reserve
movement – – – 8,862 – 8,862 – 8,862
Options exercised – – – (58,247) – (58,247) – (58,247)
Non-controlling interest put options – – – (103,908) – (103,908) – (103,908)
Share buyback reserve movement – – – – (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
Other comprehensive income – – 71,538 – – 71,538 13,212 84,750
Translation adjustment – – 62,642 – – 62,642 12,550 75,192
Hedging reserve – – – – – – 662 662
Revaluation of land and buildings – – 12,362 – – 12,362 – 12,362
Taxation effect of revaluation of land
and buildings – – (3,466) – – (3,466) – (3,466)
Profit for the period – – – 354,248 – 354,248 99,520 453,768
Total comprehensive income for the
period – – 71,538 354,248 – 425,786 112,732 538,518
Buildings depreciation – – (29) 29 – – – –
Realisation of revaluation reserve
through sale of revalued properties – – (996) 996 – – – –
Share-based payment reserve
movement – – – 10,448 – 10,448 551 10,999
Options exercised – – – (2,354) – (2,354) (230) (2,584)
Non-controlling interest put options – – – (103,448) – (103,448) – (103,448)
Share buyback reserve movement – – – – 2,581 2,581 – 2,581
Changes in equity as a result
of acquisitions, disposals and
transactions with equity partners – – – – – – 94,349 94,349
Balance at 30 June 2013 – Audited 315,334 1,746,798 713,234 1,447,226 (690,196) 3,532,396 751,917 4,284,313
Other comprehensive income – – 58,024 – – 58,024 26,174 84,198
Translation adjustment – – 58,024 – – 58,024 26,174 84,198
Profit for the period – – – 354,797 – 354,797 89,664 444,461
Total comprehensive income for the
period – – 58,024 354,797 – 412,821 115,838 528,659
Buildings depreciation – – (50) 50 – – – –
Share-based payment reserve
movement – – – 8,727 – 8,727 426 9,153
Dividends paid – – – – – – (30,808) (30,808)
Options exercised – – – (102,520) – (102,520) (180) (102,700)
Deferred tax on unexercised options – – – 46,599 – 46,599 1,032 47,631
Non-controlling interest put options – – – (6,192) – (6,192) – (6,192)
Share buyback reserve movement – – – – 49,427 49,427 – 49,427
Balance at 31 December 2013 –
Unaudited 315,334 1,746,798 771,208 1,748,687 (640,769) 3,941,258 838,225 4,779,483
Operating segments
Services & inter–company
Super Group Supply Chain Supply Chain South Africa African Logistics Fleet Solutions FleetAfrica SG Fleet Dealerships 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
2013 2012 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
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 7,136,317 5,428,616 3,622,921 2,301,716 3,274,632 2,083,567 348,289 218,149 885,524 906,043 194,930 240,604 690,594 665,439 2,618,378 2,211,420 9,494 9,437
Depreciation and amortisation (269,288) (147,906) (186,045) (64,396) (167,579) (56,103) (18,466) (8,293) (71,161) (73,074) (35,269) (37,055) (35,892) (36,019) (6,446) (4,288) (5,636) (6,148)
Net operating expenditure – excluding
capital items (6,221,418) (4,761,331) (3,160,822) (2,067,850) (2,874,013) (1,876,792) (286,809) (191,058) (517,470) (526,765) (77,357) (132,196) (440,113) (394,569) (2,541,216) (2,151,789) (1,910) (14,927)
Trading profit 645,611 519,379 276,054 169,470 233,040 150,672 43,014 18,798 296,893 306,204 82,304 71,353 214,589 234,851 70,716 55,343 1,948 (11,638)
Capital items 4,999 (1,962) 3,625 2,528 2,333 3,796 1,292 (1,268) 215 425 – – 215 425 2 (85) 1,157 (4,830)
Operating profit 650,610 517,417 279,679 171,998 235,373 154,468 44,306 17,530 297,108 306,629 82,304 71,353 214,804 235,276 70,718 55,258 3,105 (16,468)
Net finance costs and share of profit in
associate (58,706) (27,094) (32,649) (18,598) (30,257) (10,734) (2,392) (7,864) (7,179) (13,112) 5,646 (2,278) (12,825) (10,834) (12,660) (11,693) (6,218) 16,309
Profit before tax 591,904 490,323 247,030 153,400 205,116 143,734 41,914 9,666 289,929 293,517 87,950 69,075 201,979 224,442 58,058 43,565 (3,113) (159)
Services & inter–company
Super Group Supply Chain Supply Chain South Africa African Logistics Fleet Solutions FleetAfrica SG Fleet Dealerships 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
2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013
Unaudited Audited Unaudited Audited Unaudited Audited Unaudited Audited Unaudited Audited Unaudited Audited Unaudited Audited Unaudited Audited Unaudited 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
ASSETS
Non-current assets
Property, plant and equipment 2,799,076 2,515,103 1,823,842 1,622,639 1,469,486 1,311,729 354,356 310,910 10,846 8,747 364 276 10,482 8,471 209,304 208,832 755,084 674,885
Investment property 64,716 64,716 – – – – – – – – – – – – – – 64,716 64,716
Full maintenance lease assets 579,539 545,247 – – – – – – 579,539 545,247 432,444 380,383 147,095 164,864 – – – –
Intangible assets 230,498 241,831 179,870 204,825 179,870 204,825 – – 43,490 28,727 – – 43,490 28,727 783 1,118 6,355 7,161
Goodwill 1,782,507 1,738,323 422,769 419,989 375,098 375,098 47,671 44,891 1,255,738 1,215,684 87,822 87,822 1,167,916 1,127,862 104,000 102,650 – –
Investments and other non-current
assets 33,320 3,839 – – – – – – – – – – – – – – 33,320 3,839
Current assets
Assets held-for-sale – 6,100 – – – – – – – – – – – – – – – 6,100
Inventories 1,017,647 840,112 319,071 181,207 290,275 156,985 28,796 24,222 74,305 83,707 3,543 28,617 70,762 55,090 624,271 570,398 – 4,800
Trade receivables 1,779,805 1,696,839 1,277,863 1,121,252 1,175,584 1,021,570 102,279 99,682 346,791 357,284 78,212 103,356 268,579 253,928 151,573 134,636 3,578 83,667
Sundry receivables 847,405 695,388 563,891 537,234 536,838 510,660 27,053 26,574 86,318 94,038 15,803 28,538 70,515 65,500 1,259 5,834 195,937 58,282
Intercompany trade receivables – – 11,573 11,223 10,847 10,522 726 701 170 867 170 867 – – 431 747 (12,174) (12,837)
Insurance-related assets 14,411 22,390 – – – – – – – – – – – – – – 14,411 22,390
SEGMENT ASSETS 9,148,924 8,369,888 4,598,879 4,098,369 4,037,998 3,591,389 560,881 506,980 2,397,197 2,334,301 618,358 629,859 1,778,839 1,704,442 1,091,621 1,024,215 1,061,227 913,003
LIABILITIES
Non-current liabilities
Long-term borrowings 2,258,957 1,591,953 511,369 403,869 511,369 403,869 – – 490,332 500,339 79,611 19,666 410,721 480,673 – – 1,257,256 687,745
Non-controlling interest put options and
other financial liability 215,531 209,339 215,531 209,339 215,531 209,339 – – – – – – – – – – – –
Fund reserves and other long-term
provisions 440,578 346,740 – – – – – – 440,578 346,740 35,104 76,826 405,474 269,914 – – – –
Current liabilities
Short-term borrowings 426,086 439,353 302,527 285,614 302,527 285,614 – – 98,430 132,952 46,029 58,191 52,401 74,761 – – 25,129 20,787
Trade and other payables and provisions 3,439,576 3,265,952 1,599,638 1,302,196 1,512,648 1,250,077 86,990 52,119 636,154 868,108 121,337 202,644 514,817 665,464 957,157 903,671 246,627 191,977
Intercompany trade payables – – 42,389 23,189 37,311 17,937 5,078 5,252 5,547 5,149 5,547 5,149 – – 789 851 (48,725) (29,189)
Insurance–related liabilities 33,811 45,511 – – – – – – – – – – – – – – 33,811 45,511
SEGMENT LIABILITIES 6,814,539 5,898,848 2,671,454 2,224,207 2,579,386 2,166,836 92,068 57,371 1,671,041 1,853,288 287,628 362,476 1,383,413 1,490,812 957,946 904,522 1,514,098 916,831
Net capex 461,265 579,515 338,918 212,717 298,047 212,937 40,871 (220) 36,538 158,193 17,288 93,005 19,250 65,188 6,337 76,888 79,472 131,717
Net operating assets 5,308,689 5,072,222 2,956,852 2,772,984 2,488,039 2,323,375 468,813 449,609 1,206,913 1,114,304 350,802 345,240 856,111 769,064 509,037 480,230 635,887 704,704
Salient Features
Six month Six month Year
period ended period ended ended
31 December 31 December 30 June
2013 2012 2013
Unaudited Unaudited Audited
R'000 R'000 R'000
1. Interest-bearing borrowings
Australian interest-bearing borrowings 399,262 496,498 486,604
Asset-based finance 1,027,445 441,994 896,840
Corporate bond 476,554 – –
Property and other borrowings 592,282 359,450 501,175
2,495,543 1,297,942 1,884,619
2. Share statistics
Total issued less treasury shares ('000) 291,580 289,274 289,415
Weighted number of shares ('000) 291,006 289,271 289,394
Diluted weighted number of shares ('000) 299,972 299,231 300,775
Net asset value per share (cents) 1,351.7 1,106.0 1,220.5
3. Capital commitments
Authorised but not yet contracted for capital commitments,
excluding full maintenance lease assets 350,865 373,084 508,585
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.
Company Information
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")
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
Date: 10/02/2014 02:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
