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Super Group Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1943/016107/06)
Share Code: SPG
ISIN: ZAE000161832
LEI: 378900A8SFDADE26AD654
Debt Company Code: BISGL
("Super Group" or "the Group" or "the Company")
VOLUNTARY TRADING UPDATE FOR THE SIX MONTHS TO 31 DECEMBER 2023
Despite being significantly impacted by macro-economic challenges and infrastructural failures in
several markets where the Group is operationally active, Super Group's financial results for the six
months to 31 December 2023 demonstrate its resilience in the face of tough trading conditions.
The Southern African Supply Chain business performed well, notwithstanding the significant loss of
trading volumes and very slow turn-around times at South African ports. South African border
efficiencies were equally dismal, particularly over the October 2023 to December 2023 period.
The SG Fleet business performed strongly and order books remain healthy across the Australasian
operations. Fleet Africa also performed well despite there being very little new corporate or parastatal
tender activity within the Southern African market.
The South African Dealerships performed well, delivering modest growth in operating profit. The United
Kingdom ("UK") Dealerships were negatively impacted by falling consumer demand, a dramatic
reduction in used vehicle trading margins and high prevailing interest rates.
The German and UK Supply Chain businesses were negatively affected by lower demand for time
critical automotive parts and the adverse impact of high interest rates. The German Supply Chain
operations were also affected by margin erosion in a highly competitive trading environment.
A summary of the anticipated trading results is provided in the following table:
Six months to Six months to Comparative
31 December 2023 31 December 2022 change
Unaudited Restated
R'000 R'000 %
Revenue 33 215 971 29 690 034* 11,9
EBITDA 4 242 354 4 037 355** 5,1
Operating Profit 2 008 028 1 930 971** 4,0
Profit before taxation 1 410 818 1 503 675** (6,2)
Earnings per share (cents) 206,0 242,2** (15,0)
Headline earnings per share (cents) 201,2 240,2** (16,2)
The growth in turnover indicated is largely as a result of acquisitions and weakening of the South African
Rand compared to a basket of the Group's trading currencies. The decline in operating margin mainly
reflects the reduction in gross contributions from the European Supply Chain and Dealerships UK
operations.
Cashflow continues to be an area of significant focus with debtor management being critical in both the
European and Southern African markets. The Group's Balance Sheet remains sound, with net gearing
expected to be approximately 36,5%. This excludes the SG Fleet securitised warehouse debt.
Trading patterns for the second half year to June 2024 are expected to remain largely unchanged. The
implementation of further cost rationalisation strategies across the European supply chain businesses,
coupled with a decrease in overpriced inventories of used vehicles in the UK, will likely result in a modest
improvement in comparative financial performance. Supply Chain Africa's FMCG businesses are
expected to perform well, as are Fleet Africa and SG Fleet. Some improvement in Dealerships UK's
performance is anticipated. Further cost reductions in the Group's German operations should result in
improving financial performance towards the back end of this financial year.
Forecast uncertainty exists in the UK and Europe due to ongoing high interest rates and falling customer
demand. In Southern Africa, infrastructure and port failures, ongoing electricity disruption and political
uncertainty in anticipation of elections, will likely continue to impede growth.
Shareholders and noteholders are advised that the financial information on which this trading statement
is based (and the other information contained in this announcement) has not been reviewed or reported
on by Super Group's external auditor.
* Refer to Note 23 in the Super Group Annual Financial Statements for the year ended 30 June 2023.
** SG Fleet's residual value provision in the prior comparative period was estimated on a pooled asset basis. This
changed in the second half of the 2023 financial year to reflect the required provision at an asset level. The impact
of the restatement on the residual value provision at 31 December 2022 resulted in SG Fleet restating the prior
year provision with AUD6.4 million (R74 million) and a respective deferred tax restatement of AUD1.9 million (R22
million). The full details of this adjustment are shown in the SG Fleet Financial Results for the year to 30 June 2023,
available at www.sgfleet.com. The net impact of this change at a Super Group level was to decrease comparable
profit attributable to ordinary shareholders for the six months to 31 December 2022 by R27.6 million.
Interim Financial Results
The Group's interim results for the six months ended 31 December 2023 will be published on SENS
and www.supergroup.co.za on or about 07:05 CAT on Tuesday, 27 February 2023, with the investor
presentation hosted virtually at 11:00 CAT on that day. Registration information can be requested from
michelle.neilson@supergrp.com
Sandton Registered office
20 February 2024 27 Impala Road, Chislehurston, Sandton, 2196
Equity Sponsor
Investec Bank Limited
Debt Sponsor
Rand Merchant Bank (a division of First Rand Bank Limited)
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Date: 20-02-2024 07:05:00
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