SUPER GROUP LIMITED - Reviewed final results for the year ended 30 June 2018

Release Date: 27/08/2018 15:00
Code(s): SPG
 
Wrap Text
Reviewed final results for the year ended 30 June 2018

SUPER GROUP LIMITED 
(Incorporated in the Republic of South Africa)
Registration number 1943/016107/06
Share code SPG
ISIN ZAE000161832
("Super Group" or "the Group" or "the company") 

REVIEWED FINAL RESULTS for the year ended 30 June 2018

Results at a glance
For the year ended 30 June 2018

Revenue 19% up to
R35.7 billion

Operating profit 15% up to R2.4 billion
               
Headline earnings 19% up to R1.2 billion
               
HEPS 15% up to 332 cents
            
Operating cash flow 21% up to R3.8 billion
                  
NAV per share 13% up to R27.05
         
INTRODUCTION
Super Group (the company) reported a record set of results for the year ended 30 June 2018 mainly attributable to the excellent
performance by the commodities businesses within Supply Chain Africa, good contributions from the acquired businesses, and
solid results from SG Fleet. The Dealerships SA and UK operations outperformed their respective markets. The South African
consumer business operated in an environment characterised by poor consumer demand and competitive trading conditions.

The mining commodity industry in Africa experienced an excellent year with good volume growth. However, the consumer-
facing and industrial operations in South Africa faced serious headwinds such as the increase in Value-Added Tax (VAT), fuel
price increases, high price inflation and increasing unemployment levels. The European and United Kingdom (UK) economies
also faced a myriad of challenges and uncertainties given the protracted Brexit negotiations. The Australian economic climate
improved towards the end of the first half of the financial year with conditions remaining above average for the rest of the period.

Super Group, continuing its strategy of geographically diversifying its revenue stream, reported revenue and operating profit
from its non-South African businesses of 47% (June 2017: 40%) and 60% (June 2017: 61%), respectively. The average Rand
exchange rate for the year strengthened against the Australian Dollar (AUD) and US Dollar (USD), but weakened against the
Pound Sterling (GBP) and Euro (EUR).

In October 2017, Super Group raised an amount of R500 million through an Accelerated Bookbuild placement of 12 422 360
shares at a price of R40.25 per share mainly to fund the increased shareholding in SG Fleet. The price represented a 4.1%
discount to the 30-day volume weighted average price on 12 October 2017. The book was significantly oversubscribed.

During the financial year ended 30 June 2018, Super Group acquired an additional 14 186 914 shares in SG Fleet for an amount
of R551.7 million, increasing its effective shareholding to 57% (30 June 2017: 52.4%). The Group also purchased the remaining
45% of Digistics for R102.7 million and an additional 15% in Legend for R99.7 million.

The other transactions concluded by Super Group during the year are explained in more detail in the Financial Performance and
the Divisional Review sections of this document.

Super Group recently announced that its long-term national scale rating was upgraded by Standard & Poor, effective 3 July 2018,
to zaAAA from zaAA and its short-term national scale rating was maintained as zaA1+.

Super Group Holdings Proprietary Limited's B-BBEE status increased from a Level 2 contributor to a Level 1 contributor, which
is a highly commendable achievement.

FINANCIAL PERFORMANCE
Group revenue increased by 19.4% to R35.7 billion (June 2017: R29.9 billion) primarily due to the significant volume increase
in Supply Chain Africa's commodities businesses, the acquisitions of the Slough Motor Corporation (SMC) dealerships in the
United Kingdom and SG inTime's acquisition of a net 88% interest in the Spanish courier company, Servicios Empresariales
Ader, SL (Ader). Revenue also increased as a result of the inclusion of Essex Auto Group (EAG) and the Western Cape dealerships
for the full year. The acquired businesses contributed 10.8% to revenue growth.

Operating profit before capital items of R38.5 million (June 2017: R17.5 million), increased by 16.0% to R2 474.0 million from
R2 133.5 million in the comparable prior year. The capital items mainly relate to the impairment of certain properties in Dealerships
UK and the impairment of goodwill in Phola Coaches. The UK properties were revalued during the year resulting in a net value
increase of R36.4 million. In terms of International Financial Reporting Standards (IFRS), R54.8 million positively impacted equity
and R18.4 million was impaired against profits. The impairment of a portion of the Phola Coaches' goodwill relates to the
termination of a staff transportation scheme by a major mining client.

Operating profit increased by 15.1% to R2 435.5 million (June 2017: R2 116.1 million). The main reasons for the softening of the
margin is due to the acquisition of lower margin businesses, namely SMC and Ader. The acquired businesses contributed 3.5% 
to operating profit growth.

The increase in net finance costs of 18.0% to R330.5 million (June 2017: R280.0 million) is attributable to the funding of the
various acquisitions, as well as the funding of the working capital and the properties acquired with SMC. The average interest
rate paid on borrowings was 5.8% (June 2017: 6.2%) and the average interest rate earned on cash was 3.1% (June 2017: 3.7%).

Profit before tax increased by 14.7% to R2 105.0 million (June 2017: R1 836.1 million). The effective tax rate increased to 29.1%
(June 2017: 27.4%). Excluding the capital items and other once-off items, the effective tax rate was 27.7% (June 2017: 27.9%).

Earnings per share (EPS) and headline earnings per share (HEPS) increased by 12.7% to 320.8 cents (June 2017: 284.7 cents)
and 15.3% to 332.2 cents (June 2017: 288.2 cents), respectively.

The increase in total assets of 14.8% to R28.5 billion (June 2017: R24.9 billion) is mainly due to the newly acquired assets in
SMC and Ader, together with an increase in the vehicle fleet in the commodity businesses. The Group's return on net operating
assets (RNOA), after tax, is 12.3% (June 2017: 12.2%) with the Group's weighted average cost of capital (WACC) being 8.6%
(June 2017: 8.2%).

Super Group's net debt position at 30 June 2018 is R2 853.9 million, a decrease of R251.8 million, resulting in the net debt
to equity ratio improving to 25.1% from 31.5% at 30 June 2017. The net asset value per share increased by 13.0% to R27.05 at
30 June 2018 from R23.94 at 30 June 2017.

Operating cash flow increased by 21.4% for the year to R3 776.7 million (June 2017: R3 111.4 million) mainly because of the
strong cash generation from the Supply Chain Africa businesses, a combination of the acquisition of SMC, the inclusion of the
Western Cape dealerships and Motiva for the full year compared to the prior year. Super Group invested R2 517 million 
(June 2017: R2 976 million) in net additions and acquisitions to ensure future growth for the Group.

Divisional review

SUPPLY CHAIN
SUPPLY CHAIN AFRICA
                                                                                              Year ended           Year ended
                                                                                     Change      30 June              30 June
R'000                                                                                     %         2018                 2017

Revenue                                                                                13.7    9 484 107            8 344 186
EBITA                                                                                  41.4      681 659              482 163
EBITA margin                                                                                        7.2%                 5.8%
Operating profit                                                                       45.9      654 618              448 528
Operating margin                                                                                    6.9%                 5.4%
Profit before tax                                                                      46.9      607 645              413 665
Net operating assets                                                                   15.9    4 005 439            3 455 840
RNOA                                                                                               12.6%                 9.6%
WACC                                                                                                       11.2%

Supply Chain Africa's excellent results were largely attributable to the performance by the commodity businesses, which
includes SG Coal, Legend and African Logistics. SG Coal and Legend experienced a significant increase in volumes whilst the
African Logistics business benefited from improved transport rates. During the year, the Group's Black Woman Empowerment
Scheme acquired a 15% interest in SG Coal.

The consumer-facing operations within Supply Chain Africa, comprising of SG Consumer, SG Convenience and Digistics, reported
negative growth, nevertheless, operating margins improved. The performance by these businesses were largely impacted by
the economic difficulties faced by the South African consumer resulting in the substantial decline in demand experienced in the 
FMCG and Quick Service Restaurant industries.

The remaining supply chain businesses also encountered tough trading conditions but managed to increase the overall operating
profit margin. The operating profit for this segment of the Supply Chain Africa business includes the R28 million partial impairment
of the Phola Coaches' goodwill. Effective 1 October 2017, Super Group acquired a 90% interest in the MDS Group, a web-based
express domestic courier company, which contributed positively to the results.

SUPPLY CHAIN EUROPE
                                                                                               Year ended          Year ended
                                                                                      Change      30 June             30 June
R'000                                                                                      %         2018                2017

Revenue                                                                                 55.3    3 103 273           1 997 915
EBITA                                                                                   10.4      214 758             194 468
EBITA margin                                                                                         6.9%                9.7%
Operating profit                                                                        11.9      134 479             120 158
Operating margin                                                                                     4.3%                6.0%
Profit before tax                                                                        8.7       84 918              78 105
Net operating assets                                                                    13.2    2 650 972           2 341 101
RNOA                                                                                                 3.8%                3.4%
WACC                                                                                                        5.7%

Supply Chain Europe's results did not meet expectations for the year under review. SG inTime's, excluding Ader, EBITA margin
reduced from 9.7% to 8.2% as cost pressures resulted from a shortage of subcontractors as the company had to source
drivers from other countries, given Germany's high employment rate. Sales volumes were up 12.9%, which is a combination
of an increase in transport loads of 7.1% and an increase in kilometers per load of 5.5%. Unfortunately, this was off-set by
unrecovered subcontractor cost escalations and diesel price increases.

The increase in results were due to the inclusion of Ader, a Spanish courier and express transport operator, from 4 July 2017.
Ader's business model generates lower margins, moderating the division's overall operating profit margin. Ader's EBITA margin
is 4.3%.

In Euro-terms, revenue and operating profit increased by 50.6% and 8.5%, respectively. The weakening of the average Rand
against the Euro positively impacted Super Group's profit before tax by R4.8 million (June 2017: negative impact of R7.5 million).

FLEET SOLUTIONS
FLEET AFRICA
                                                                                              Year ended           Year ended
                                                                                    Change       30 June              30 June
R'000                                                                                    %          2018                 2017

Revenue                                                                              (0.3)       621 300              623 357
Operating profit                                                                    (20.4)       116 997              146 921
Operating margin                                                                                   18.8%                23.6%
Profit before tax                                                                   (16.4)       108 146              129 284
Net operating assets                                                                  4.2      1 035 491              993 739
RNOA                                                                                                8.3%                10.8%
WACC                                                                                                       11.2%

Fleet Africa's results for the year ended 30 June 2018 were disappointing given the loss of the Polokwane contract and the slow
roll-out of the City of Tshwane emergency vehicles FML contract as well as the National Department of Transport's (NDoT's) fleet
maintenance contract. The implementation of the City of Tshwane's emergency vehicles FML contract has now been completed.

Fleet Africa retained its Level 2 B-BBEE contributor status, which was critical for the business.

SG FLEET
                                                                                               Year ended          Year ended
                                                                                     Change       30 June             30 June
R'000                                                                                     %          2018                2017

Revenue                                                                                 5.9     3 163 135           2 985 856
EBITA                                                                                   7.1     1 073 587           1 002 689
EBITA margin                                                                                        33.9%               33.6%
Operating profit                                                                        7.4     1 008 781             939 455
Operating margin                                                                                    31.9%               31.5%
Profit before tax                                                                       8.1       923 554             853 961
Net operating assets                                                                  (4.7)     3 389 454           3 555 688
RNOA                                                                                                20.3%               20.7%
WACC                                                                                                         7.8%

SG Fleet successfully addressed a number of legislative and insurance product challenges encountered towards the end of the
first half of the financial year to deliver a better performance in the second half. The overall business performed well, with good
contributions from the acquisitions made in the UK in the previous year, as well as from the New Zealand operations. The main
theme of the year has been the continued growth in the range of products and services provided to customers.

Total revenue and operating profit for the 2018 financial year, in AUD-terms, was up 9.4% and 10.8%, respectively, on the
previous corresponding period. SG Fleet managed to increase its operating profit margin on the back of a greater contribution
from the end-of-lease income revenue line.

The strengthening of the average Rand against the Australian Dollar negatively impacted Super Group's profit before tax by an
amount of R28.9 million (June 2017: R25.3 million).

DEALERSHIPS
DEALERSHIPS SA
                                                                                             Year ended           Year ended
                                                                                    Change      30 June              30 June
R'000                                                                                    %         2018                 2017

Revenue                                                                                3.1    9 356 603            9 074 861
Operating profit                                                                      12.0      322 621              288 101
Operating margin                                                                                   3.4%                 3.2%
Profit before tax                                                                      9.6      231 004              210 683
Net operating assets                                                                   9.6    1 096 354            1 000 715
RNOA                                                                                              22.2%                35.7%
WACC                                                                                                      11.2%

Dealerships SA reported a strong set of results notwithstanding the subdued trading environment, significantly outperforming
the NAAMSA statistics. The results include the nine Western Cape dealerships for the full year compared to only 10 months in
the prior comparable year. As a result of Mercedes-Benz changing their business model from a franchise to an agency model,
revenue and profitability of these dealerships reduced. National Mercedes-Benz sales volumes also declined by 17% in the
second half of the financial year.

Dealerships SA sold one General Motors dealership and closed another, following the announcement that General Motors
are exiting South Africa. Dealerships delivered a 13.4% growth rate in new vehicle sales (excluding dealerships sold/closed), 
outperforming the NAAMSA dealer market, which reported an increase of only 2.7% in new vehicle sales for the year ended 30 June 2018, 
by 10.7%. Used vehicle sales increased by 9.4% over the same period (excluding dealerships sold/closed). The Parts and Services business 
continued to perform well. Dealerships SA increased its operating margin to 3.4% from 3.2% reported in the prior comparable year.

DEALERSHIPS UK
                                                                                              Year ended          Year ended
                                                                                     Change      30 June             30 June
R'000                                                                                     %         2018                2017

Revenue                                                                                45.1    9 925 263           6 840 438
EBITA                                                                                  28.8      232 472             180 424
EBITA margin                                                                                        2.3%                2.6%
Operating profit                                                                       29.7      227 282             175 243
Operating margin                                                                                    2.3%                2.6%
Profit before tax                                                                      13.6      132 862             116 965
Net operating assets                                                                   25.0    1 578 721           1 262 857
RNOA                                                                                               12.9%               13.3%
WACC                                                                                                       6.6%

Dealerships UK's results were positively impacted by the inclusion of Essex Auto Group and Slough Motor Corporation for the
full year. The UK dealership market, during the reporting period, experienced a steep decline of 11% in new vehicle sales. Ford,
with the introduction of the new Focus and Fiesta models in the second half of the financial year, made up for the lost market
share in the UK, as a result of temporary and unprecedented supply problems with the old models.

Overall vehicle sales in Dealerships UK, contrary to the general new vehicle market trend and seeing the benefit of its strong Ford
presence in key regions, grew by 9.2% in its existing dealerships, and including the acquired dealerships, up 43.8%. Dealerships
UK reported used vehicle sales growth of 8.1% from its existing dealerships and including the acquired dealerships, growth of
51.6%.

Revenue and operating profit, in GBP-terms, increased 44.8% and 29.5%, respectively.

The UK properties were revalued during the year and this resulted in a net value increase of R36.4 million. In terms of IFRS,
R54.8 million positively impacted equity and R18.4 million was impaired against profits.

SERVICES
The Services segment includes the Corporate and the Mauritius operations. The Services segment performed well on the back
of the solid performance by Treasury together with other recoveries.

PROSPECTS
Super Group has mixed views on the economic conditions and prospects for the Group's businesses, across its geographical
regions, for the new financial year ending 30 June 2019.

Africa
Despite the election of the new political leadership in South Africa policy uncertainty remains extremely negative and there
are no indications of economic stimulations or the encouragement of investments in South Africa. Encouraging to the Group
is Government's anti-corruption stance which bodes well for the South African businesses in terms of securing new tenders,
especially for Fleet Africa. The African market conditions in the mining commodity sectors are expected to remain fairly similar
to what were experienced during the 2018 financial year. The medium-term outlook remains subdued for consumer-facing
industries and growth prospects in the supply chain industries continue to be weighed down by margin pressure on the back
of severe competition and poor consumer demand. A downward trend is forecasted for the dealerships market given the slow
economic growth in South Africa and political uncertainty until next year's election.

Australasia
In Australia, a trend towards higher value-add solutions in the FML market continues with SG Fleet being well positioned, as
a specialised provider to blue chip companies, to benefit from this trend. Demand for management services for electric fleets,
as well as for telematics and driver safety applications is growing steadily. The New Zealand economy has seen a relatively
lengthy period of strong growth. This positive mood was reflected in healthy tender activity, providing continued opportunities
for SG Fleet.

United Kingdom
The economic climate in the UK saw some improvement during the year and that was reflected in an uptick in interest in both
tool-of-trade, particularly light commercial vehicles, and salary packaging services. Another area that has seen increased interest
is personal contract hire. Low-emission vehicles remain a hot topic in the UK and SG Fleet is at the forefront of advising the
Australian Government and large corporates on these opportunities. The UK dealership market seems to be stabilising despite
the continuing uncertainty regarding the Brexit outcome.

Europe
Germany, with its high employment rate, remains a challenge in terms of driver shortages in the SG inTime business. USA's trade
wars, together with the Brexit outcome uncertainty, plagues the European market and continues to be a concern for the Supply
Chain Europe businesses. Nevertheless, the inTime business should perform adequately into the forthcoming financial year.

The Group's strategy of being an innovative, integrated mobility solutions company remains integral to growing and expanding
its core businesses with the Group exploring viable acquisition opportunities, both locally and abroad. The Group should perform
reasonably well in the next year mainly on the back of a strong African commodities performance and new business in the South
African consumer-facing operations(1).

No dividend for the year ended 30 June 2018 has been declared.
On behalf of the Board
P Vallet                                                                          P Mountford
Chairman of the company                                                           Chief Executive Officer

Sandton
27 August 2018
The Reviewed Final Results and presentation to the investor community will be available on the Group's website after 16:00 on
Monday, 27 August 2018. 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.

1 Any forward looking information is the responsibility of the directors and has not been reviewed or reported on by the company's 
external auditors.

BASIS OF PREPARATION AND ACCOUNTING POLICIES
The Condensed Consolidated Financial Statements for the year ended 30 June 2018 are prepared in accordance with the
requirements of the JSE Limited Listings Requirements for preliminary reports and the requirements of the Companies Act
of South Africa. The JSE Listings Requirements require preliminary reports to be prepared in accordance with the framework
concepts and the measurement and recognition requirements of International Financial Reporting Standards (IFRS) and the
SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued
by the Financial Reporting Standards Council and to also, as a minimum, contain the information required by IAS 34 - Interim
Financial Reporting.

The accounting policies applied in the preparation of the Condensed Consolidated Financial Statements are in terms of IFRS
and are consistent with those applied in the previous Consolidated Financial Statements. The definitions of capital items, EBITA
and related adjustments are included in the accounting policies in the June 2017 Annual Financial Statements. There were no
standards and amendments to standards with a material impact on the Condensed Consolidated Financial Statements that are
relevant to and became effective for the first time in Super Group's financial year that commenced 1 July 2017. These Condensed
Consolidated Financial Statements for the year ended 30 June 2018 have been reviewed by KPMG Inc., who expressed an
unmodified review conclusion. The Auditor's Report does not necessarily report on all of the information contained in this
announcement. Shareholders are therefore advised that in order to obtain a full understanding of the nature of the Auditor's
engagement they should obtain a copy of the Auditor's Report together with the accompanying financial information from the
company's registered office.

Standards effective for financial year commencing 1 July 2018:
- IFRS 15 Revenue from Contracts with Customers
- IFRS 9 Financial Instruments
- Classification and Measurement of Share-based Payment Transactions (Amendments to IFRS 2)
- Transfers of Investment property (Amendments to IAS 40)
- IFRIC 22 Foreign Currency Transactions and Advance Considerations
  Standards effective for reporting periods starting on or after 1 July 2019:
- IFRS 16 Leases
- IFRIC 23 Uncertainty over Income Tax Treatments

The Group will adopt the above standards and interpretations when they become effective.

The Group has held workshops with their external auditors, KPMG Inc., and determined the potential impact of the adoption of
IFRS 15, IFRS 9 and IFRS 16 on the Condensed Consolidated Financial Statements.

IFRS 15 - Revenue from Contracts with Customers replaces IAS 18 - Revenue, and provides a single comprehensive model for
revenue recognition based on the satisfaction of performance obligations and additional disclosures in respect of revenue. The
only material anticipated change is in the SG Fleet businesses resulting in a gross up of end of lease income as revenue and
the corresponding expense for the related fleet management costs. There will be no material impact on profit or loss nor
retained earnings; however, had the SG Fleet businesses applied the standard for the year ended 30 June 2018, revenue would
have increased by AUD198 300 000 (R1 969 million) with a corresponding increase in expense. The new standard also introduces
expanded disclosure requirements and changes in presentation. These are expected to change the nature and extent of the
Group's disclosures about its revenue from contracts with customers and associated assets.

IFRS 9 - Financial Instruments replaces IAS 39 Financial instruments. The assessment indicates that the impairment allowance
of receivables currently estimated on the incurred loss model will be estimated on an expected credit loss model and the impact
of the change in the allowance is not expected to have a material impact on the Group.

IFRS 16 - Leases replaces IAS 17 - Leases, introduced changes to lessee accounting, in particular, the requirement to recognise
leases currently classified as operating leases on balance sheet. The standard requires a lessee to recognise a right-of-use asset,
representing its rights to use the underlying lease asset, and a lease liability representing its obligation to make lease payments,
with certain exceptions for short-term leases or leases of low-value assets, on the Condensed Consolidated Statement of
Financial Position. The initial assessment indicates that the present value of operating rental commitments disclosed in note 9 of
the salient features to be recorded as a financial liability with a corresponding capitalised non-current asset on the Condensed
Consolidated Statement of Financial Position. The related amortised finance cost and non-current asset depreciation will be
recorded in the Condensed Consolidated Statement of Comprehensive Income, replacing the operating lease expenses currently
recognised.

The Board's initial view on the other standards not yet effective is that the impact is not expected to be material.

The Condensed Consolidated Financial Statements are presented in Rand, which is the company's functional currency and the
Group's presentation currency, rounded to the nearest thousand.

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
                                                                                                      Year ended      Year ended
                                                                                                         30 June         30 June
                                                                                                            2018            2017
                                                                                                        Reviewed         Audited
                                                                                                           R'000           R'000
Revenue                                                                                               35 662 856      29 873 856
Depreciation and amortisation (excluding amortisation of PPA intangibles)                              (857 232)       (750 697)
Operating expenditure - excluding capital items                                                     (32 154 348)    (26 813 272)
Operating expenditure - capital items                                                                   (38 450)        (17 474)
EBITA                                                                                                  2 612 826       2 292 413
Amortisation of PPA intangibles                                                                        (177 316)       (176 360)
Operating profit                                                                                       2 435 510       2 116 053
Finance costs                                                                                          (467 196)       (441 171)
Interest received and income from equity-accounted investees                                             136 727         161 171
Profit before income tax                                                                               2 105 041       1 836 053
Income tax expense                                                                                     (612 848)       (503 322)
Profit for the year                                                                                    1 492 193       1 332 731
Profit for the year attributable to:
Non-controlling interests (NCI)                                                                          340 612         339 987
Equity holders of Super Group                                                                          1 151 581         992 744
                                                                                                       1 492 193       1 332 731
Other comprehensive income (OCI)
Item which will be reclassified to profit or loss:                                                       231 438       (414 073)
Translation adjustment                                                                                   226 711       (418 503)
Effective portion of hedge                                                                                 6 171           6 897
Tax effect of effective portion of hedge                                                                 (1 444)         (2 467)
Items which will not be reclassified to profit or loss:                                                   59 299        (15 363)
Revaluation of land and buildings                                                                         73 987         (9 148)
Tax effect and change in capital gains tax inclusion rate of revaluation
of land and buildings                                                                                   (14 688)         (6 215)
Other comprehensive income for the year (net of tax)                                                     290 737       (429 436)
Total comprehensive income for the year (net of tax)                                                   1 782 930         903 295
Total comprehensive income for the year attributable to:
Non-controlling interests                                                                                391 109         220 604
Equity holders of Super Group                                                                          1 391 821         682 691
                                                                                                       1 782 930         903 295
RECONCILIATION OF HEADLINE EARNINGS
Profit attributable to equity holders of Super Group                                                   1 151 581         992 744
Capital items after tax and NCI (refer note 8 in salient features)                                        41 142          12 416
Headline earnings for the year                                                                         1 192 723       1 005 160
Earnings per share (cents)1
  Basic                                                                                                    320.8           284.7
  Diluted                                                                                                  319.9           282.6
Headline earnings per share (cents)1
  Basic                                                                                                    332.2           288.2
  Diluted                                                                                                  331.3           286.1

(1) The comparative earnings per share and headline earnings per share have been restated in terms of IAS 33.28 as a result of the 
Bookbuild in October 2017.

Condensed Consolidated
Statement of Financial Position
                                                                                                       30 June 2018 30 June 2017
                                                                                                           Reviewed      Audited
                                                                                                              R'000        R'000
                                   
ASSETS                                                                                                                             
Non-current assets                                                                                       15 923 564   14 558 691   
Property, plant and equipment                                                                             5 152 668    4 216 737   
Investment property                                                                                         151 000      149 800   
Full maintenance lease assets                                                                             1 563 248    1 613 868   
Intangible assets                                                                                         1 327 523    1 270 627   
Goodwill                                                                                                  7 434 221    6 990 630   
Investments and other non-current assets                                                                    271 805      103 649   
Deferred tax assets                                                                                          23 099      213 380   
Current assets                                                                                           12 623 598   10 314 060   
Inventories                                                                                               4 179 607    3 399 158   
Trade receivables                                                                                         3 710 572    3 034 492   
Sundry receivables                                                                                        1 382 149    1 153 277   
Cash and cash equivalents                                                                                 3 351 270    2 727 133   
Total assets                                                                                             28 547 162   24 872 751   
EQUITY AND LIABILITIES                                                                                                             
Capital and reserves                                                                                                               
Capital and reserves attributable to equity holders of Super Group                                        9 798 236    8 355 814   
Non-controlling interests                                                                                 1 578 889    1 499 521   
Total equity                                                                                             11 377 125    9 855 335   
Non-current liabilities                                                                                   6 245 750    6 120 815   
Fund reserves                                                                                               497 876      523 008   
Non-controlling interest put options and other liabilities                                                  317 466      268 078   
Full maintenance lease borrowings                                                                           512 935      672 189   
Interest-bearing borrowings                                                                               4 310 029    3 977 826   
Provisions                                                                                                   65 496       57 860   
Deferred tax liabilities                                                                                    541 948      621 854   
Current liabilities                                                                                      10 924 287    8 896 601   
Non-controlling interest put option liability                                                                     -      102 665   
Full maintenance lease borrowings                                                                           338 460      337 009   
Interest-bearing borrowings                                                                               1 043 781      845 837   
Trade and other payables                                                                                  9 080 580    7 234 455   
Income tax payable                                                                                           92 911      112 251   
Provisions                                                                                                  368 555      264 384   
Total equity and liabilities                                                                             28 547 162   24 872 751   
                                   
Condensed Consolidated
Statement of Cash Flows
                                                                                                        Year ended    Year ended
                                                                                                           30 June       30 June
                                                                                                              2018          2017
                                                                                                          Reviewed       Audited
                                                                                                             R'000         R'000

Cash flows from operating activities                                                                                               
Operating cash flow                                                                                      3 776 728     3 111 395   
Working capital (outflow)/inflow                                                                         (109 599)        82 925   
Cash generated from operations                                                                           3 667 129     3 194 320   
Finance costs paid                                                                                       (465 894)     (441 915)   
Interest received                                                                                          132 990       152 498   
Income tax paid                                                                                          (612 330)     (409 559)   
Dividends paid to non-controlling interests                                                              (237 081)     (222 407)   
Net cash generated from operating activities                                                             2 484 814     2 272 937   
Cash flows from investing activities                                                                                               
Additions to property, plant and equipment                                                             (1 178 701)     (958 110)   
Additions to full maintenance lease assets                                                               (569 757)     (625 453)   
Additions to intangible assets                                                                            (74 645)      (44 574)   
Proceeds on disposal of property, plant and equipment                                                      223 936       224 116   
Proceeds on disposal of full maintenance lease assets                                                      289 039       317 096   
Net acquisition of businesses (net of cash acquired)                                                     (455 901)   (1 794 057)   
Dividends received from equity-accounted investee                                                                -        10 882   
Other investing activities                                                                                (55 874)        40 748   
Net cash outflow from investing activities                                                             (1 821 903)   (2 829 352)   
Cash flows from financing activities                                                                                               
Share issues net of expenses                                                                               497 150             -   
Cash outflow on share movements                                                                           (34 029)       (1 830)   
Additional investments in existing subsidiaries                                                          (751 439)      (95 074)   
Interest-bearing borrowings raised                                                                       1 163 138     1 766 608   
Full maintenance lease borrowings raised                                                                   342 157       396 010   
Interest-bearing borrowings repaid                                                                       (776 230)   (1 253 827)   
Full maintenance lease borrowings repaid                                                                 (526 396)     (522 571)   
Net cash (outflow)/inflow from financing activities                                                       (85 649)       289 316   
Net increase/(decrease) in cash and cash equivalents                                                       577 262     (267 099)   
Net cash and cash equivalents at beginning of the year                                                   2 727 133     3 127 910   
Effect of foreign exchange on cash and cash equivalents                                                     46 875     (133 678)   
Cash and cash equivalents at end of the year                                                             3 351 270     2 727 133  

Condensed Consolidated Statement of Changes in Equity  
                                                                                                           Share                       Non-
                                                                     Stated       Other    Retained      buyback                controlling       Total   
                                                                    capital    reserves    earnings      reserve       Total       interest      equity   
                                                                      R'000       R'000       R'000        R'000       R'000          R'000       R'000   
Balance at 30 June 2016 - Audited                                 3 256 491   1 158 011   3 496 689    (297 071)   7 614 120      1 687 673   9 301 793   
Changes in equity for the 2017 year                                                                                                                       
Other comprehensive income                                                -   (310 053)           -            -   (310 053)      (119 383)   (429 436)   
Translation adjustment                                                    -   (297 010)           -            -   (297 010)      (121 493)   (418 503)   
Effective portion of hedge                                                -       3 612           -            -       3 612          3 285       6 897   
Tax effect of effective portion of hedge                                  -     (1 292)           -            -     (1 292)        (1 175)     (2 467)   
Revaluation of land and buildings                                         -     (9 148)           -                  (9 148)              -     (9 148)   
Tax effect of revaluation of land and buildings                           -     (6 215)           -            -     (6 215)              -     (6 215)   
Profit for the year                                                       -           -     992 744            -     992 744        339 987   1 332 731   
Total comprehensive income for the year                                   -   (310 053)     992 744            -     682 691        220 604     903 295   
Realisation of revaluation reserve through depreciation                   -        (84)          84            -           -              -           -   
Share-based payment reserve movement                                      -           -      38 529            -      38 529          4 413      42 942   
Share options exercised                                                   -           -    (86 560)            -    (86 560)          (464)    (87 024)   
B-BBEE good leaver options exercised1                                     -           -    (10 681)            -    (10 681)              -    (10 681)   
Movement in treasury shares                                               -           -           -       95 875      95 875              -      95 875   
Dividends paid to NCI                                                     -           -           -            -           -      (222 407)   (222 407)   
Deferred tax recorded directly in equity on movement in options           -           -    (31 116)            -    (31 116)        (2 211)    (33 327)   
NCI put options movement                                                  -           -       7 586            -       7 586              -       7 586   
Transactions with equity partners - Motiva                                -           -       6 459            -       6 459         10 128      16 587   
Transactions with equity partners - Fleet Hire                            -           -      13 478            -      13 478         18 817      32 295   
Transactions with equity partners - SG Fleet                              -           -    (32 738)            -    (32 738)        (9 657)    (42 395)   
Transactions with equity partners - SG Coal                               -           -      58 171            -      58 171      (225 476)   (167 305)   
NCI recognised in respect of subsidiary acquired - Legend                 -           -           -            -           -         18 101      18 101   
Balance at 30 June 2017 - Audited                                 3 256 491     847 874   4 452 645    (201 196)   8 355 814      1 499 521   9 855 335   

                                                                                                           Share                        Non-
                                                                     Stated       Other    Retained      buyback                controlling        Total   
                                                                    capital    reserves    earnings      reserve       Total       interest       equity   
                                                                      R'000       R'000       R'000        R'000       R'000          R'000        R'000   
Changes in equity for the 2018 year                                                                                                                        
Other comprehensive income                                                -     240 240           -            -     240 240         50 497      290 737   
Translation adjustment                                                    -     178 328           -            -     178 328         48 383      226 711   
Effective portion of hedge                                                -       3 411           -            -       3 411          2 760        6 171   
Tax effect of effective portion of hedge                                  -       (798)           -            -       (798)          (646)      (1 444)   
Revaluation of land and buildings                                         -      73 987           -            -      73 987              -       73 987   
Tax effect of revaluation of land and buildings                           -    (14 688)           -            -    (14 688)              -     (14 688)   
Profit for the year                                                       -           -   1 151 581            -   1 151 581        340 612    1 492 193   
Total comprehensive income for the year                                   -     240 240   1 151 581            -   1 391 821        391 109    1 782 930   
Realisation of revaluation reserve through depreciation                   -        (54)          54            -           -              -            -   
Bookbuild shares issued for cash2                                   500 000           -           -                  500 000              -      500 000   
Share issue expenses                                                (2 850)           -           -            -     (2 850)              -      (2 850)   
Share-based payment reserve movement                                      -           -      42 418            -      42 418          5 448       47 866   
Share options exercised - South Africa                                    -           -    (69 918)            -    (69 918)              -     (69 918)   
Share options exercised - SG Fleet                                        -           -    (10 507)            -    (10 507)        (9 264)     (19 771)   
B-BBEE good leaver options exercised1                                     -           -     (1 843)            -     (1 843)              -      (1 843)   
Movement in treasury shares                                               -           -           -       37 732      37 732              -       37 732   
Dividends paid to NCI                                                     -           -           -            -           -      (237 081)    (237 081)   
Deferred tax recorded directly in equity on movement in options           -           -     (8 146)            -     (8 146)           (81)      (8 227)   
NCI put options movement                                                  -           -     103 015            -     103 015              -      103 015   
Transactions with equity partners - increase in shareholdings3            -           -   (535 711)            -   (535 711)      (218 319)    (754 030)   
Transactions with equity partners - decrease in shareholdings3            -           -     (3 589)            -     (3 589)        131 768      128 179   
NCI recognised in respect of subsidiaries acquired3                       -           -           -            -           -         15 788       15 788   
Balance at 30 June 2018 - Reviewed                                3 753 641   1 088 060   5 119 999    (163 464)   9 798 236      1 578 889   11 377 125  

(1) A good leaver is an employee who participated in the Broad-Based Black Economic Empowerment Scheme whose employment was terminated due to their death, 
    retirement, retrenchment or sale of the subsidiary or business which employed the participant.
(2) A bookbuild is an offer of shares to selected investors of the company.
(3) Refer to business combinations note. 

Operating segments
                                                                 Super Group            Supply Chain Africa       Supply Chain Europe
                                                            
                                                            Year ended    Year ended    Year ended     Year ended     Year ended     Year ended
                                                               30 June       30 June       30 June        30 June        30 June        30 June
                                                                  2018          2017          2018           2017           2018           2017
                                                              Reviewed       Audited      Reviewed        Audited       Reviewed        Audited
                                                                 R'000         R'000         R'000          R'000          R'000          R'000

Revenue                                                     35 662 856    29 873 856     9 484 107      8 344 186      3 103 273      1 997 915
Depreciation and amortisation
(excluding amortisation of PPA intangibles)                  (857 232)     (750 697)     (377 065)      (345 737)       (15 920)       (12 183)
Net operating expenditure - excluding
capital items                                             (32 154 348)  (26 813 272)   (8 417 545)    (7 495 960)    (2 871 095)    (1 791 128)
Operating expenditure - capital items                         (38 450)      (17 474)       (7 838)       (20 326)        (1 500)          (136)
EBITA                                                        2 612 826     2 292 413       681 659        482 163        214 758        194 468
Amortisation of PPA intangibles                              (177 316)     (176 360)      (27 041)       (33 635)       (80 279)       (74 310)
Operating profit                                             2 435 510     2 116 053       654 618        448 528        134 479        120 158
Net finance charges                                          (330 469)     (280 000)      (46 973)       (34 863)       (49 561)       (42 053)
Profit before tax                                            2 105 041     1 836 053       607 645        413 665         84 918         78 105
Net capex                                                    1 310 128     1 086 925       732 116        414 111         24 779         16 484

                                                                 As at         As at         As at          As at          As at          As at
                                                               30 June       30 June       30 June        30 June        30 June        30 June
                                                                  2018          2017          2018           2017           2018           2017
                                                              Reviewed       Audited      Reviewed        Audited       Reviewed        Audited
                                                                 R'000         R'000         R'000          R'000          R'000          R'000

ASSETS
Non-current assets
Property, plant and equipment                                5 152 668     4 216 737     2 383 179      1 977 777         61 663         39 127
Investment property                                            151 000       149 800             -              -              -              -
Full maintenance lease assets                                1 563 248     1 613 868             -              -              -              -
Intangible assets                                            1 327 523     1 270 627        42 563         55 763        570 556        480 190
Goodwill                                                     7 434 221     6 990 630       641 129        636 891      1 863 242      1 675 097
Investments and other non-current assets                       271 805       103 649        74 771         74 599          2 824              -
Current assets
Inventories                                                  4 179 607     3 399 158       317 570        343 237            670          2 226
Trade receivables                                            3 710 572     3 034 492     1 492 215      1 185 153        736 715        368 624
Sundry receivables                                           1 382 149     1 153 277       884 938        701 576         20 785         18 079
Intercompany trade receivables                                       -             -         9 286          9 458              -              -
SEGMENT ASSETS                                              25 172 793    21 932 238     5 845 651      4 984 454      3 256 455      2 583 343
LIABILITIES
Non-current liabilities
Borrowings                                                   4 822 964     4 650 015       636 413        511 512        874 271       765 205
Non-controlling interest put options and
other liabilities                                             317 466       268 078        46 629          40 152        141 282       138 353
Fund reserves                                                 497 876       523 008             -               -              -             -
Provisions                                                     65 496        57 860             -               -          3 241         2 701
Current liabilities
Borrowings                                                   1 382 241     1 182 846       359 176        278 465            323         3 840
Non-controlling interest put options                                 -       102 665             -        102 665              -             -
Trade and other payables and provisions                      9 449 135     7 498 839     1 686 860      1 413 372        599 418       239 541
Intercompany trade payables                                          -             -        36 825         30 231              -             -

SEGMENT LIABILITIES                                         16 535 178    14 283 311     2 765 903      2 376 397      1 618 535      1 149 640
Net operating assets                                        14 582 054    13 495 267     4 005 439      3 455 840      2 650 972      2 341 101

Refer to note 10 in salient features for geographical disclosure.
                                                                                                               Services and
      Fleet Africa               SG Fleet               Dealerships SA            Dealerships UK        intercompany eliminations

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
      2018         2017         2018          2017          2018           2017           2018          2017        2018       2017
  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

   621 300      623 357    3 163 135     2 985 856     9 356 603      9 074 861      9 925 263     6 840 438       9 175      7 243
 
 (183 791)    (172 620)    (219 513)     (167 272)      (19 613)       (15 631)       (21 953)      (21 060)    (19 377)   (16 194)
 
 (320 512)    (303 816)  (1 869 896)   (1 815 332)   (9 005 212)    (8 766 587)    (9 652 411)   (6 638 954)    (17 677)    (1 495)
         -            -        (139)         (563)       (9 157)        (4 542)       (18 427)             -     (1 389)      8 093
   116 997      146 921    1 073 587     1 002 689       322 621        288 101        232 472       180 424    (29 268)    (2 353)
         -            -     (64 806)      (63 234)             -              -        (5 190)       (5 181)           -          -
   116 997      146 921    1 008 781       939 455       322 621        288 101        227 282       175 243    (29 268)    (2 353)
   (8 851)     (17 637)     (85 227)      (85 494)      (91 617)       (77 418)       (94 420)      (58 278)      46 180     35 743
   108 146      129 284      923 554       853 961       231 004        210 683        132 862       116 965      16 912     33 390
   133 775      224 545      222 933       138 898       155 643        157 077         14 627       111 138      26 255     24 672

     As At        As At        As At         As At         As At          As At          As At         As At       As At      As At
   30 June      30 June      30 June       30 June       30 June        30 June        30 June       30 June     30 June    30 June
      2018         2017         2018          2017          2018           2017           2018          2017        2018       2017
  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

       901        1 200       40 369        42 624       841 114        704 889      1 013 424       666 091     812 018    785 029
         -            -            -             -             -              -              -             -     151 000    149 800
   913 768      961 113      649 480       652 755             -              -              -             -           -          -
         -            -      657 738       674 373           199              -         49 366        51 533       7 101      8 768
    87 822       87 822    3 497 805     3 441 719       545 823        554 978        798 400       594 123           -          -
         -            -            -             -             -              -              -             -     194 210     29 050
 
         -            -       95 663       113 515     1 285 379      1 275 363     2 480 325      1 664 817           -          -
   179 121       90 548      778 572       680 701       241 401        299 055       269 244        394 566      13 304     15 845
     9 427       71 886      123 110       132 552        49 180         27 676       114 562         35 171     180 147    166 337
        30          592            -             -         1 762          1 167             -              -    (11 078)   (11 217)
 1 191 069    1 213 161    5 842 737     5 738 239     2 964 858      2 863 128     4 725 321      3 406 301   1 346 702  1 143 612
   242 150      385 882    1 361 610     1 625 079       200 000        200 000       885 163        463 339     623 357    698 998
  
         -            -       16 001        20 002        31 755         31 713             -              -      81 799     37 858
    44 066       40 841      453 810       482 167             -              -             -              -           -          -
         -            -       62 255        55 159             -              -             -              -           -          -
  
    61 780       66 132      565 402       524 444             -              -       137 649        303 356     257 911      6 609
         -            -            -             -             -              -             -              -           -          -
   110 361      114 047    1 921 065     1 625 230     1 828 966      1 829 861     3 146 600      2 143 444     155 865    133 344
     1 299        7 465            -             -         7 784            838             -              -    (45 908)   (38 534)
  
   459 656      614 367    4 380 143     4 332 081     2 068 505      2 062 412     4 169 412      2 910 139   1 073 024    838 275
 1 035 491      993 739    3 389 454     3 555 688     1 096 354      1 000 715     1 578 721      1 262 857     825 623    885 327 

Business combinations
                                                                                         Interest   Purchase
                                            Nature of      Operating            Date     acquired      price
Subsidiaries and businesses acquired         business        segment        acquired          (%)      R'000

Servicios Empresariales Ader, SL (Ader)     Logistics   Supply Chain     4 July 2017
                                                              Europe                         89.5  (173 752)
Bestodeck Limited (SMC)                   Dealerships Dealerships UK     4 July 2017          100  (414 344)
MDS Group (MDS)                             Logistics   Supply Chain  1 October 2017
                                                               Africa                          90   (59 045)

Purchase price                                                                                     (647 141)

                                                     Ader           SMC        MDS      Other         Total   
Net cost on acquisition of businesses               R'000         R'000      R'000      R'000         R'000   
Fair value of assets acquired and liabilities                                                                 
assumed at date of acquisition                                                                                
Assets                                                                                                        
Property, plant and equipment                    (17 801)     (255 675)   (10 455)    (3 278)     (287 209)   
Intangible assets                               (123 782)             -   (17 633)          -     (141 415)   
Goodwill                                         (62 815)     (143 583)   (28 584)   (12 872)     (247 854)   
Inventories                                             -     (515 394)      (318)          -     (515 712)   
Trade and other receivables                     (187 294)       (4 017)   (21 847)          -     (213 158)   
Provision for impairment of trade receivables           -             -        315          -           315   
Taxation receivable                                     -             -       (44)          -          (44)   
Cash and cash equivalents                         (9 024)     (183 744)    (3 507)          -     (196 275)   
                                                (400 716)   (1 102 413)   (82 073)   (16 150)   (1 601 352)   
Liabilities                                                                                                   
Interest-bearing borrowings                             -             -      1 901          -         1 901   
Deferred tax liabilities                           20 957        15 479      4 429          -        40 865   
Trade and other payables                          188 695       668 906     12 913          -       870 514   
Income tax payable                                  3 003         3 684          -          -         6 687   
Provisions                                          1 906             -        400     16 150        18 456   
                                                  214 561       688 069     19 643     16 150       938 423   
Fair value of net assets acquired               (186 155)     (414 344)   (62 430)          -     (662 929)   
Less: Non-controlling interest                     12 403             -      3 385          -        15 788   
Purchase price                                  (173 752)     (414 344)   (59 045)          -     (647 141)   
Cash acquired                                       9 024       183 744      3 507          -       196 275   
Cash outflow                                    (164 728)     (230 600)   (55 538)          -     (450 866)   

The acquisition of Ader through inTime Holdings GmbH (inTime) will bolster the Supply Chain Europe division and increase
the Group's footprint in the Eurozone. The Group performed a PPA exercise on Ader whereby intangible assets acquired were
separately valued. The valuation, using projected financial information, led to the recognition of a trade name, software, customer
contracts and relationships of R88.8 million, R11.0 million and R24.0 million respectively.

The acquisition of SMC will expand the Group's dealership footprint in the United Kingdom. The Group performed a PPA exercise
which resulted in no additional intangible assets recognised.

The acquisition of the MDS Group, consisting of MDS Collivery Proprietary Limited, MDS Outsourcing Proprietary Limited,
Messenger and Delivery Services Technologies Proprietary Limited, MDS VISAPAK Proprietary Limited and MDS Vehicle
Management Proprietary Limited, will bolster the Supply Chain Africa division. The Group performed a PPA exercise on MDS
whereby intangible assets acquired were separately valued. The valuation, using projected financial information, led to the
recognition of a trade name, software, customer contracts and relationships of R4.7 million, R9.0 million and R3.4 million
respectively.

The other acquisition relates to adjustments made to the fair value of assets and liabilities for an acquisition that was concluded
in the prior financial year.

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.

The values identified in relation to the acquisitions are provisional as at 30 June 2018.

Goodwill has been recognised on the acquisition of Ader, SMC, MDS and other amounting to R62.8 million, R143.6 million,
R28.6 million and R12.9 million respectively.

The above goodwill is attributable mainly to the skills and technical talent of the workforce and synergies expected to be
achieved from integrating the acquired businesses into the Group's various operations. None of the goodwill is expected to be
deductible for tax purposes.

The acquisition related costs of R8.6 million in respect of these acquisitions are included in profit or loss in the consolidated
statement of comprehensive income.
                                                                Ader         SMC       MDS       Total
Impact of the acquisitions on the results of the Group         R'000       R'000     R'000       R'000
From the dates of acquisition, the acquired businesses
contributed:
Revenue                                                      793 431   2 349 884    84 834   3 228 149
Profit after tax and amortisation of PPA intangibles1         18 342      29 255     8 594      56 191
Attributable profit to equity holders of Super Group1         12 209      29 255     7 735      49 199

(1) Excluding acquisition-related costs.

 Impact of the acquisitions on the results of the Group         Ader         SMC       MDS       Total
     - had they occurred on 1 July 2017                        R'000       R'000     R'000       R'000
From 1 July 2017 the businesses would have contributed:
Revenue                                                      793 431   2 349 884   111 970   3 255 285
Profit after tax and amortisation of PPA intangibles1         18 342      29 255    11 151      58 748
Attributable profit to equity holders of Super Group1         12 209      29 255    10 037      51 501

(1) Excluding acquisition-related costs.
                                                                           Tommy
                                                                          Martin     Other       Total
Net proceeds on disposal of businesses                                     R'000     R'000       R'000

Fair value of assets and liabilities disposed were:
Assets
Property, plant and equipment                                                539         -         539
Inventories                                                               10 805         -      10 805
Trade and other receivables                                                    -       254         254
Cash and cash equivalents                                                      -     8 809       8 809

                                                                          11 344     9 063      20 407
Liabilities
Trade and other payables                                                 (7 274)   (6 410)    (13 684)
Provisions                                                                 (296)      (30)       (326)

                                                                         (7 570)   (6 440)    (14 010)

Fair value of net assets disposed                                          3 774     2 623       6 397
Loss on sale of business                                                       -   (2 623)     (2 623)
 
Selling price                                                              3 774         -       3 774
Cash disposed                                                                  -   (8 809)     (8 809)
 
Cash inflow/(outflow)                                                      3 774   (8 809)     (5 035)

Net costs on increase in existing                 SG Fleet   Digistics     Legend     Ader       Total
shareholding in subsidiaries                         R'000       R'000      R'000    R'000       R'000
 
Non-controlling interest                         (132 258)    (68 760)   (18 285)      984   (218 319)
Effect of transactions between equity partners 
on equity                                        (419 407)    (33 905)   (81 415)    (984)   (535 711)
 
Cash outflow                                     (551 665)   (102 665)   (99 700)        -   (754 030)
 
During the year, the Group purchased an additional 14 186 914 shares in SG Fleet for R551.7 million, the remaining 45% of
Digistics for R102.7 million and an additional 15% in Legend for R99.7 million. In December, the Group increased its investment
in Ader via a purchase of shares, this transaction did not change the Group's profit share arrangement.

Net proceeds on decrease in existing shareholding             SG Fleet    Ader     SG Coal        Total
in subsidiaries                                                  R'000   R'000       R'000        R'000

Non-controlling interest                                        30 505   2 038      99 225      131 768
Effect of transactions between equity partners on equity       (9 917)     553       5 775      (3 589)

                                                                20 588   2 591     105 000      128 179
Equity shares of SG Fleet transferred                         (20 588)       -           -     (20 588)
Long-term receivable                                                 -       -   (105 000)    (105 000)

Cash inflow                                                          -   2 591           -        2 591 

During the year, SG Fleet issued 4 327 277 shares for the fulfilment of the vesting of SG Fleet's share options. The Group's closing
shareholding is 57%.
In December, inTime disposed of 1.5% of Ader for R2.6 million.
In April, the Group disposed of 15% of SG Coal for R105.0 million.

Salient features
                                                                                                              Year ended   Year ended
                                                                                                                 30 June      30 June
                                                                                                                    2018         2017
                                                                                                                Reviewed      Audited
                                                                                                                   R'000        R'000
1. INTEREST-BEARING BORROWINGS
Australia                                                                                                      1 102 826    1 289 527
Germany                                                                                                          755 459      769 045
South Africa                                                                                                   2 076 857    1 695 585
United Kingdom                                                                                                 1 299 533    1 069 506
Spain                                                                                                            119 135            -

                                                                                                               5 353 810    4 823 663
2. SHARE STATISTICS
Total issued less treasury shares ('000)                                                                         362 280      349 013
Weighted number of shares ('000)1                                                                                359 012      348 723
Diluted weighted number of shares ('000)1                                                                        360 035      351 274
Net asset value per share (cents)2                                                                               2 704.6      2 394.1
1 As a result of the bookbuild undertaken by the Group in October 2017, the comparative weighted and
  diluted weighted number of shares in issue had to be adjusted in terms of IAS 33.28.
2 Net asset value per share is calculated as the capital and reserves attributable to equity shareholders
  of Super Group divided by the total issued less treasury shares.

3. CAPITAL COMMITMENTS
Authorised but not yet contracted for capital commitments, excluding
full maintenance lease assets                                                                                  1 058 602      913 103
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 arms' length basis
with related parties.

Certain related parties of subsidiary companies sub-contract vehicles to the Group. Sales, purchases and management fees
received amounted to R244.3 million (June 2017: R82.4 million), R54.2 million (June 2017: R48.7 million) and R19.1 million 
(June 2017: R2.7 million) respectively for these services. These transactions were entered into in the normal course of business 
under terms and conditions that were no more favourable than those arranged with third parties. Net amounts owing by key employees
of these subsidiaries was R120.2 million (June 2017: Rnil).

The Group utilises Fluxmans Attorneys, a director-related entity, to assist with corporate law advisory services in respect of
various transactions and several other corporate and labour matters. These transactions are performed at an arm's length basis.

The Group encourages its employees and key management to purchase goods and services from Group companies. These
transactions are generally conducted on terms no more favourable than those entered into with third parties on an arm's length
basis although in some cases nominal discounts are granted. Transactions with key management personnel are conducted on
similar terms. No abnormal or non-commercial credit terms are allowed and no impairments were recognised in relation to any
transactions with key management personnel during the year nor have they resulted in any non-performing debts at year-end.
Similar policies are applied to key management personnel at subsidiary level who are not defined as key management personnel
at Group level.

5. SUBSEQUENT EVENTS
The directors are not aware of other matters or circumstances arising subsequent to the reporting date up to the date of this
report, which will materially affect these results.

6. SIGNIFICANT EVENTS
inTime acquisition of Ader
inTime acquired Ader effective 4 July 2017 for a purchase consideration of R173.8 million. The statement of financial position
as at 30 June 2018 has been impacted by increases in intangible assets of R135.4 million, goodwill of R67.3 million, trade and
other receivables of R263.4 million, interest-bearing borrowings of R119.1 million and trade and other payables of R318.9 million
as a result of this acquisition. Trading relating to the 12 months ended 30 June 2018 has been included in the statement of
comprehensive income.

SG International Holdings Limited acquisition of SMC
SG International Holdings Limited acquired SMC effective 4 July 2017 for a purchase consideration of R414.3 million. The
statement of financial position as at 30 June 2018 has been impacted by increases in goodwill of R152.2 million, inventories of
R557.0 million and trade and other payables of R701.7 million as a result of this acquisition. Trading relating to the 12 months
ended 30 June 2018 has been included in the statement of comprehensive income.

Exchange rate movements
The Group operates in foreign countries which use currencies other than presentation currency. The main currencies used in
the Group's foreign operations are Australian Dollar, US Dollar, Euro and the Pound Sterling. The movement of the Rand against
these currencies during the year has had an effect on the Group's condensed consolidated financial statements and has resulted
in a foreign currency translation adjustment of R226.7 million increasing total equity.

The table below reflects the movement in the exchange rates from the prior year:
                                                                                 30 June      30 June            %
                                                                                    2018         2017       Change
Average currency rate to the South African Rand
Australian Dollar                                                                   9.93        10.25        (3.1)
US Dollar                                                                          12.85        13.61        (5.6)
Euro                                                                               15.31        14.84          3.2
Pound Sterling                                                                     17.30        17.27          0.2
Closing currency rate to the South African Rand
Australian Dollar                                                                  10.16        10.07          0.9
US Dollar                                                                          13.72        13.07          5.0
Euro                                                                               16.03        14.95          7.2
Pound Sterling                                                                     18.11        17.04          6.3

The non-South African operations account for 60% (June 2017: 58%) and 63% (June 2017: 60%) of the Group's total assets
and liabilities respectively.

The non-South African operations generated 47% (June 2017: 40%) and 60% (June 2017: 61%) of the Group's revenue and
operating profit respectively.
                                           Hierarchy

                                       Level 2         Level 3
                                         R'000           R'000   Valuation technique

7. FAIR VALUE
Property, plant and equipment - Land,                2 589 415   External valuations were performed during the year.
buildings and leasehold improvements                             The valuation model considers the present value of
                                                                 net cash flows to be generated from these properties,
                                                                 taking into account expected rental growth rate, void
                                                                 period, occupancy rate, lease incentive costs such as
                                                                 rent-free periods and other costs not paid by tenants.
                                                                 The expected net cash flows are discounted using
                                                                 risk-adjusted discount rates. Among other factors,
                                                                 the discount rate estimation considers the quality of a
                                                                 building and its location (prime vs secondary), tenant
                                                                 credit quality and lease terms.
Investment properties                                  151 000

Deferred contingent purchase                            60 000   Due to the sale of the GWM business in 2016 and the related
consideration receivable - GWM                                   profit warranties not being met, the amount receivable is
                                                                 certain at year-end according to the purchase agreement
                                                                 and has been assessed as recoverable.

Deferred contingent purchase                            62 488   An obligation exists at acquisition date resulting from the
consideration payable - Legend                                   possibility of the acquiree's aggregate profit after tax for
                                                                 the three-year period ending 30 June 2019 exceeding
                                                                 R155  million. The deferred contingent purchase
                                                                 consideration is calculated by applying 75% to every R1
                                                                 excess over the R155  million aggregate profit after tax.
                                                                 The present value of this obligation is determined using
                                                                 a pre-tax discount rate of 9.5%. The date of exercise is
                                                                 the second business day after the aggregate profit after
                                                                 tax is agreed.

FEC liabilities                          2 447                   The fair values are based on broker quotes. Similar
                                                                 contracts are traded in an active market and reflect the
                                                                 actual transactions in similar instruments.

FEC assets                              15 775

Legend put option                                       36 130   This put option is calculated as the fair value of the
                                                                 business at exercise date of the option, by present
                                                                 valuing the free cash flows for a 10-year period post
                                                                 the date of exercise. The present value is determined by
                                                                 using a pre-tax discount rate of 9.5%. The option can be
                                                                 exercised on 1 October 2019.

inTime put option                                      141 282   This put option is calculated as the fair value determined
                                                                 by using the average audited EBITDA for the three years
                                                                 preceding the put option exercise date at a price earnings
                                                                 multiple of 7.5, adjusted for net debt. The present value has
                                                                 been determined using a pre-tax discount rate of  7.7%.
                                                                 The put option can be exercised from 30 June  2020 to
                                                                 30 June 2025.

The carrying value of all other financial instruments approximates the fair value of the financial instruments at 30 June 2018.

Movement in Level 3 financial instruments measured at fair value

The following table shows a reconciliation from the opening to closing balances of Level  3 financial instruments carried at
fair value:
                                                                             30 June 2018     30 June 2017
                                                                                 Reviewed          Audited
                                                                                    R'000            R'000
Property, plant and equipment - Land, buildings and leasehold improvements          Total            Total

Opening balance                                                                 2 120 365        1 474 689
Net additions                                                                     115 520          260 956
Acquisition of businesses                                                         263 820          446 492
Revaluation                                                                        73 987          (9 148)
Other                                                                              15 723         (52 624)

Closing balance                                                                 2 589 415        2 120 365

Investment properties

Opening balance                                                                   149 800          143 200
Fair value adjustment to profit or loss                                             1 200            6 600

Closing balance                                                                   151 000          149 800

Put option liabilities

Opening balance                                                                   270 784          302 990
Movement through statement of changes in equity                                  (93 372)         (32 206)

Exercised - Digistics                                                           (102 665)                -
Exercised - Legend                                                               (18 418)                -
Subsidiary acquired - Legend                                                            -           36 802
Fair value adjustment                                                              18 068         (44 388)
Foreign currency translation                                                        9 643         (24 620)

Closing balance                                                                   177 412          270 784

                                                                             30 June 2018     30 June 2017
                                                                                 Reviewed          Audited
Financial asset/(liability) - Deferred                     GWM     Legend           R'000            R'000
contingent purchase considerations                       R'000      R'000           Total            Total

Opening balance                                         60 000   (24 501)          35 499           57 462
Subsidiary acquired - Legend                                 -          -               -         (35 547)
Fair value adjustment to profit or loss                      -   (37 987)        (37 987)           13 584

Closing balance                                         60 000   (62 488)         (2 488)           35 499

Sensitivity analysis

Land and buildings

The estimated fair value would increase/(decrease) if:
Occupancy rate was higher/(lower), the rent-free periods were (increased), the yield was lower/(higher) and rental growth was
higher/(lower).

Deferred contingent purchase considerations

The significant assumptions included in the fair value measurement of the deferred contingent purchase consideration for Legend
is based on the projected income that is not observable in the market. The following table shows how the fair value of the payable
would change if the projected earnings assumption was increased by 100bps:
                                                                                                                      Increase in
                                                                                                   Fair value           liability
                                                                                                        R'000               R'000 

Deferred contingent purchase consideration payable - Legend                                            63 121                 633

Due to the Group having disposed of GWM, the deferred contingent purchase consideration of R60 million is certain.

Put options

The significant assumption included in the fair value measurement of the put option liabilities relates to the projected income
that is not observable in the market. The following table shows how the fair value of the liabilities would change if the earnings
assumption was increased by 100bps:
                                                                                                                      Increase in
                                                                                                   Fair value           liability
                                                                                                        R'000               R'000

Legend                                                                                                 36 449                 319
inTime                                                                                                145 194               3 912

                                                                                                   Year ended          Year ended
                                                                                                      30 June             30 June
                                                                                                         2018                2017
                                                                                                     Reviewed             Audited
                                                                                                        R'000               R'000

8. CAPITAL ITEMS
Impairment of property, plant, equipment and intangible assets                                         23 818              20 604
Impairment of goodwill                                                                                 37 155               4 521
(Profit)/loss on sale of property, plant and equipment                                               (23 946)                 254
Loss on sale of business                                                                                2 623                   -
Fair value adjustment to investment property                                                          (1 200)             (6 600)
Reversal of impairment of equity-accounted investee                                                         -             (1 305)

Capital items before tax and NCI                                                                       38 450              17 474
Tax effect of capital items                                                                             2 329             (5 064)
NCI effect of capital items                                                                               363                   6

Capital items after tax and NCI                                                                        41 142              12 416

                                                                                                                          30 June
                                                                                                                             2018
                                                                                                                         Reviewed
                                                                                                                            R'000

9. OPERATING RENTAL COMMITMENTS
Property                                                                                                                1 624 097
- less than one year                                                                                                      309 283
- between one and five years                                                                                              698 578
- thereafter                                                                                                              616 236
Rental and transport fleet                                                                                                470 894
- less than one year                                                                                                       86 161
- between one and five years                                                                                              295 448
- thereafter                                                                                                               89 285
Other                                                                                                                      60 229
- less than one year                                                                                                       13 323
- between one and five years                                                                                               38 260
- thereafter                                                                                                                8 646
Total rental commitments                                                                                                2 155 220
- less than one year                                                                                                      408 767
- between one and five years                                                                                            1 032 286
- thereafter                                                                                                              714 167

                                                                                                          Year ended   Year ended
                                                                                                             30 June      30 June
                                                                                                                2018         2017
                                                                                                            Reviewed      Audited
                                                                                                               R'000        R'000
10. GEOGRAPHICAL DISCLOSURE
Revenue                                                                                                   35 662 856   29 873 856
South Africa                                                                                              18 911 963   17 855 966
United Kingdom                                                                                            10 496 610    7 305 555
Australia                                                                                                  2 519 712    2 458 924
Europe                                                                                                     3 103 273    1 997 915
Africa and other                                                                                             631 298      255 496
Net capex                                                                                                  1 310 128    1 086 925
South Africa                                                                                                 963 578      825 766
United Kingdom                                                                                                99 213      127 283
Australia                                                                                                    104 383       63 887
Europe                                                                                                        24 779       16 484
Africa and other                                                                                             118 175       53 505

                                                                                                               As at        As at
                                                                                                             30 June      30 June
                                                                                                                2018         2017
                                                                                                            Reviewed      Audited
                                                                                                               R'000        R'000

Segment Assets                                                                                            25 172 793   21 932 238
South Africa                                                                                              10 680 233    9 615 265
United Kingdom                                                                                             6 036 848    4 689 747
Australia                                                                                                  4 367 390    4 306 841
Europe                                                                                                     3 256 455    2 583 343
Africa and other                                                                                             831 867      737 042
Segment Liabilities                                                                                       16 535 178   14 283 311
South Africa                                                                                               6 222 846    5 773 673
United Kingdom                                                                                             5 135 796    3 929 392
Australia                                                                                                  3 261 504    3 183 838
Europe                                                                                                     1 618 535    1 149 640
Africa and other                                                                                             296 497      246 768

Corporate information

Directors
Executive: P Mountford (Chief Executive Officer) and C Brown (Chief Financial Officer)
Non-executive: P Vallet* (Chairman of the company), Dr E Banda*, M Cassim*, V Chitalu*#, J Newbury* and D Rose*
*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)
Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196
(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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