Five-year review

 

Financial 
definitions 
   2020     2019     2018     2017     2016    
Extracts from the statement of profit or loss 
Revenue  73 417     79 711     77 001     66 129     65 538    
Operating profit  2 136     3 620     3 593     3 339     3 292    
Net financing costs  (1 116)    (774)    (737)    (889)    (675)   
Income tax expense  (356)    (714)    (897)    (671)    (677)   
Tax rate (%) 68,6     27,6     28,3     34,1     29,4    
Attributable profit for the year  185     1 896     2 313     1 310     1 503    
Headline earnings  550     1 977     1 991     1 669     1 847    
Extracts from the statement of cash flows 
Cash generated by operations before interest, tax paid and capital expenditure on vehicles for hire  4 121     4 183     6 784     4 272     2 417    
Cash flow from investing activities (including capital expenditure on rental assets) (1 666)    (1 312)    (1 018)    (1 930)    (1 987)   
Net debt repaid/(raised) 537     (190)    1 387     (142)    (3 030)   
Extract from statement of financial position  
Total assets  43 678     38 872     36 716     34 576     34 037    
Operating assets     39 969     36 389     33 739     31 599     31 054    
Operating liabilities     21 448     19 138     16 933     14 194     13 951    
Net working capital     8 515     7 580     6 731     8 235     8 193    
Net interest-bearing debt     7 442     6 618     5 900     6 803     6 746    
Motus owners' interest  12 508     11 875     11 640     12 196     11 979    
Non-controlling interest  (56)    (37)       (274)    30    
Ratios 
Efficiency 
Revenue to average net operating assets (times)    4,1     4,7     4,5     3,8     3,8    
Revenue relating to sales of goods to average inventory (times)    3,3     4,0     4,4     3,9     4,1    
Revenue to average net working capital (times) 9,1     11,1     10,3     8,1     8,4    
Profitability 
Operating profit to average net operating assets (%)    11,9     21,3     21,0     19,4     19,2    
Operating profit to average gross operating assets (%) 5,6     10,3     11,0     10,7     10,6    
Operating margins (%)    2,9     4,5     4,7     5,0     5,0    
Return on average shareholders' interest (%)    4,5     16,8     16,7     13,8     15,5    
Return on invested capital (%) 10     6,4     13,5     13,5     11,8     12,2    
Weighted average cost of capital (%) 11     9,8     10,7     10,7     10,1     10,2    
Solvency 
Interest cover by operating profit (times) 1,9     4,7     4,9     3,8     4,9    
Net interest-bearing debt to EBITDA (times) 1,8     1,4     1,2     1,4     1,5    
Adjusted net interest by adjusted EBITDA (times) 12 – 14     3,6     6,2     n/a     n/a     n/a    
Net interest-bearing debt to adjusted EBITDA (times) 12, 15     2,2     1,4     n/a     n/a     n/a    
Total equity to total assets (%) 28,5     30,5     31,7     34,5     35,3    
Net interest-bearing debt as a percentage of total equity (%) 56,9     55,9     50,7     57,1     56,2    
Liquidity 
Unutilised facilities  7 555     7 525     n/a     n/a     n/a    
Investing in the future 
Cost of new acquisitions  583     367     731     (33)    93    
Net capital expenditure/(inflows) (excluding vehicles for hire and capital expenditure on discontinued operations) 324     592     (756)    609     545    
Capital commitments  101     254     343     88     441    
Statistics 
Total new and pre-owned vehicles sold  187 942     215 279     227 587     198 257     209 432    
Number of vehicles for hire (car rental owned only) 8 554     13 380     14 991     13 750     13 903    
Number of employees  17 499     18 628     18 305     17 403     19 515    
Employees' cost (R'000) 6 633     6 822     6 425     5 781     5 755    
Wealth created per employee (R'000) 612     624     621     n/a     n/a    
Total taxes and levies  16     898     1 106     1 134     n/a     n/a    
Share performance 
Basic HEPS (cents) 296     1 009     986     826     914    
Dividends per share (cents) –     490     n/a     n/a     n/a    
Earnings yield (%) 17     9,7     13,8     n/a     n/a     n/a    
Price-earnings ratio (times) 18     10,3     7,2     n/a     n/a     n/a    
Net asset value per share (cents) 19     6 653     6 185     5 762     6 038     5 930    
Market prices (cents)
– Closing  3 062     7 312     n/a     n/a     n/a    
– High  8 468     10 238     n/a     n/a     n/a    
– Low  2 380     7 152     n/a     n/a     n/a    
Total market capitalisation at closing prices  20     5 898     14 369     n/a     n/a     n/a    
Value of shares traded once unbundled  11 901     10 120     n/a     n/a     n/a    
Annualised value of shares traded  21     11 901     15 813     n/a     n/a     n/a    
Annualised value traded as a percentage of average capitalisation (%) 107     110     n/a     n/a     n/a    
Exchange rates used 
Rand to US Dollar 
– Average  15,67     14,18     12,86     13,58     14,51    
– Closing  17,37     14,10     13,71     13,06     14,70    
Rand to British Pound 
– Average  19,73     18,35     17,31     17,23     21,47    
– Closing  21,46     17,95     18,10     17,02     19,58    
Rand to Australian Dollar 
– Average  10,49     10,14     9,97     10,24     10,56    
– Closing  11,96     9,90     10,13     10,04     10,95    
Rand to Euro 
– Average  17,31     16,18     15,34     14,81     16,10    
– Closing  19,51     16,06     16,01     14,92     16,32    

 

1 Operating assets
All assets less loans receivable, taxation assets, cash and cash equivalents and assets classified as held-for-sale.
2 Operating liabilities
All liabilities less all interest-bearing borrowings, taxation liabilities and liabilities directly associated to assets classified as held-for-sale.
3 Net working capital
Consists of inventories, trade and other receivables, derivative assets, provisions for liabilities and other charges (short and long term), trade and other payables and derivative liabilities.
4 Net interest-bearing debt
Includes total interest-bearing borrowings less lease liabilities and cash resources.
5 Revenue to average net operating assets (times)
Calculated by dividing revenue with average net operating assets (operating assets less operating liabilities).
6 Revenue relating to sales of goods to average inventory (times)
Revenue relating to sales of goods divided by average inventory.
7 Operating profit to average net operating assets (%)
Operating profit per the statement of comprehensive income divided by average net operating assets.
8 Operating margin (%)
Operating profit per the statement of comprehensive income divided by revenue.
9 Return on equity (%)
Return is calculated as the headline earnings divided by the average shareholders' equity attributable to the owners of Motus Holdings.
10 Return on invested capital (%)
Return divided by invested capital. The return is calculated by reducing the operating profit by a blended tax rate, which is an average of the actual tax rates applicable in the various jurisdictions in which Motus operates, increased by the share of result of associates and joint ventures. Invested capital is a 12-month average of total equity plus interest-bearing borrowings less cash resources.
11 Weighted average cost of capital (%)
Is calculated by multiplying the cost of each capital component by its proportional weight, therefore: WACC = (after tax cost of debt % multiplied by average debt weighting plus (cost of equity multiplied by average equity weighting). The cost of equity is blended recognising the cost of equity in the different jurisdictions in which Motus operates.
12 Adjusted EBITDA
Adjusted EBITDA is calculated as the EBITDA less the profits attributable to non-controlling interests, plus the EBITDA relating to acquisitions grossed up for a full year, if the underlying acquisitions only contributed for a portion of the year, less EBITDA relating to businesses disposed of during the current year; and adjustments relating to the impacts on the EBITDA that arose of the application of IFRS 16, adjustments include the reversal of profit on terminations of leases and includes lease payments.
13 Adjusted net interest
Adjusted net interest is calculated as the finance cost (excluding the finance cost on lease liabilities) less finance income (excluding interest earned on net investment in lease receivables.
14 Adjusted EBITDA by adjusted net interest (bank facilities) (times)
Calculated as adjusted EBITDA divided by the adjusted net interest. This is one of the key measures of the covenants of the interest-bearing borrowings relating to our bank facilities.
15 Net interest-bearing debt to adjusted EBITDA (bank facilities) (times)
Calculated as net interest-bearing debt divided the adjusted EBITDA. This is one of the key measures of the covenants of the interest-bearing borrowings relating to our bank facilities.
16 Total taxes and levies
Made up of current taxation, secondary taxation on companies, foreign taxation, rates and taxes, skills development, unemployment insurance fund levies and carbon emissions tax.
17 Earnings yield (%)
The headline earnings per share divided by the closing price of a share.
18 Price earnings ratio (times)
The closing price of a share divided by the headline earnings per share.
19 Net asset value per share
Equity attributable to owners of Motus divided by total ordinary shares in issue net of shares repurchased.
20 Total market capitalisation at closing prices (Rm)
Total ordinary shares in issue before treasury shares multiplied by the closing price per share.
21 Annualised value of shares traded
This being the value of shares traded post-unbundling, grossed up for trading for full year.