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Overview
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Chairman’s Welcome
GW Dempster
ChairmanMotus' pre-listing statement was an invitation to invest in a company with a long track record of success in good times and in bad. With this, our first integrated report, it is my honour to welcome you and thank you for accepting our invitation on behalf of the board of directors.
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Chief Executive Officer’s Review
Osman Arbee
Chief Executive OfficerMotus' first set of results as a listed company was solid and speak to our operational effectiveness in the challenging economic environments we operate in. With a strong management team dedicated to the longer-term importance of protecting and growing our market positioning through continuous optimisation and innovation, and investment in our people, Motus will continue to demonstrate resilience in conditions that show very few signs of economic growth in the markets where we operate.
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Chief Financial Officer’s Review
Ockert Janse van Rensburg
Chief Financial OfficerOur performance for FY2019 was resilient with an improvement in key financial metrics to June 2019.
Motus has maintained a strong balance sheet and delivered solid results with growth in earnings.
The South African operations contributed operating profit of 90% for the year, with the remainder being contributed by the UK, Australia and South East Asia.
Overview
What makes Motus unique
Our business model is fully integrated across the automotive value chain through four key business segments:
Import and
Distribution
Retail and
Rental
Motor-
Related
Financial
Services
Aftermarket
Parts
We deliver a consistently superior route-to-market to OEMs through quality marketing, high levels of customer satisfaction and strategically located dealerships, mainly in the economic hubs of South Africa. Our selected international presence, complements our existing networks and provides opportunities to replicate aspects of the integrated business model.
With a deep understanding of OEM strategies, consumer preferences and mobility-related technologies, we develop and offer innovative value-added products and services (“VAPS”) and mobility solutions to our customers.
Overview
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Financial highlights
Revenue
3,5%
R79 711
million(2018: R77 001 million)
Operating profit
1%
R3 620
million(2018: R3 593 million)
Normalised
headline earnings7%
R2 137
million(2018: R1 991 million)
Full year dividend
10%
490 cents
per share(2018 pro forma:*444 cents per share)
Cash generated
from operationsR2 743
million(2018: R4 301 million)
Return on invested
capital13,5%
versus weighted average
cost of capital of 10,7%(2018: 13,5% (ROIC))
(2018: 10,7% (WACC))
Note:
- Normalised: This excludes the once-off non-cash flow impact of share-based payment expenses amounting to R160 million.
- Return on invested capital (“ROIC”), and weighted average cost of capital ("WACC") are calculated on a rolling 12-month basis.
* Pro forma: Motus listed in November 2018.
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Financial highlights
Revenue
- Retail and Rental
- Import and Distributionl
- Aftermarket Parts
- Motor-Related Financial Services
* Excludes Head Office and Eliminations.
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Financial highlights
Normalised HEPS
11%
1 090 cents
per share(2018: 986 cents per share)
HEPS
2%
1 009 cents
per share(2018: 986 cents per share)
EPS
18%953 cents
per share(2018: 1 162 cents per share)
Net debt-to-
equity ratio55,9%
(2018: 50,7%)
Net asset value
per share7%
6 185 cents per
ordinary share(2018: 5 762 cents per
ordinary share)"Improvement
in key financial metrics"
Note:
- HEPS: Headline earnings per ordinary share.
- EPS: Earnings per ordinary share.
- Normalised: This excludes the once-off non-cash flow impact of share-based payment expenses amounting to R160 million.
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Financial highlights
Operating profit
- Retail and Rental
- Import and Distribution
- Aftermarket Parts
- Motor-Related Financial Services
* Excludes Head Office and Eliminations.
- Retail and Rental
- Import and Distribution
- Aftermarket Parts
- Motor-Related Financial Services
* Excludes Head Office and Eliminations.
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Non-financial highlights
Black staff
representation in
South Africa
73%
(2018: 71%)
Women
representation
30%
of overall workforce
Training spend
R137 million
(2018: R132 million)
Electricity
purchased from
municipalities80 146 megawatt
hoursWater purchased
from municipalities611 223
kilolitresRoad fuel
consumption22 million
litres
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Non-financial highlights
Road injuries
0,156 per
million
kilometres
(2018: 0,214 per million kilometres)
Road fatalities
None
(2018: One)
Road accidents
0,152 per
million
kilometres(2018: 0,304 per million kilometres)
Enterprise
development spendR89 million
(2018: R72 million)
Total CSI spend
R28,9 million
(2018: R16,4 million)
FTSE4Good Index
SeriesAchieved an overall score of
4,2 out of 5
(June 2019)
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Non-financial highlights
Total Scope 1 and 2
CO2 emissions128 270 tCO2
(2018: 131 068 tCO2)
Oil recycled
2 million litres
(2018: 2,4 million litres)