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 | 1 | 39 969 | 36 389 | 33 739 | 31 599 | 31 054 | ||||||
| Operating liabilities | 2 | 21 448 | 19 138 | 16 933 | 14 194 | 13 951 | ||||||
| Net working capital | 3 | 8 515 | 7 580 | 6 731 | 8 235 | 8 193 | ||||||
| Net interest-bearing debt | 4 | 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) | 4 | (274) | 30 | |||||||
| Ratios | ||||||||||||
| Efficiency | ||||||||||||
| Revenue to average net operating assets (times) | 5 | 4,1 | 4,7 | 4,5 | 3,8 | 3,8 | ||||||
| Revenue relating to sales of goods to average inventory (times) | 6 | 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 (%) | 7 | 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 (%) | 8 | 2,9 | 4,5 | 4,7 | 5,0 | 5,0 | ||||||
| Return on average shareholders' interest (%) | 9 | 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. |





