Five-year review

Financial 
definitions 
2021 
Rm
 
2020 
Rm 
2019 
Rm 
2018 
Rm 
2017 
Rm 
Extracts from the statement of profit and loss    
Revenue  87 205  73 417  79 711  77 001  66 129 
Earnings before interest, taxation, depreciation and amortisation (EBITDA) 5 302  4 082  4 806  4 946  4 927 
Operating profit  3 795  2 136  3 620  3 593  3 339 
Net financing costs  (543) (1 116) (774) (737) (889)
Income tax expense  (718) (356) (714) (897) (671)
Tax rate (%) 25,5  68,6  27,6  28,3  34,1 
Attributable profit for the year  2 142  185  1 896  2 313  1 310 
Headline earnings  2 145  550  1 977  1 991  1 669 
Extracts from the statement of cash flows    
Cash generated by operations before interest, taxation paid and capital expenditure on vehicles for hire  7 113  4 121  4 183  6 784  4 272 
Cash flow from investing activities (including capital expenditure on vehicles for hire) (373) (1 666) (1 312) (1 018) (1 930)
Net debt repaid/(raised) 4 450  537  (190) 1 387  (142)
Extracts from the statement of financial position    
Total assets  38 457  43 678  38 872  36 716  34 576 
Operating assets  34 516  39 969  36 389  33 739  31 599 
Operating liabilities  20 942  21 448  19 138  16 933  14 194 
Net working capital  5 165  8 515  7 580  6 731  8 235 
Net interest-bearing debt  3 401  7 442  6 618  5 900  6 803 
Motus owners' interest  12 052  12 508  11 875  11 640  12 196 
Non-controlling interest  114  (56) (37) (274)
Ratios    
Efficiency    
Revenue to average net operating assets (times) 5,4  4,1  4,7  4,5  3,8 
Revenue relating to sales of goods to average inventory (times) 4,3  3,3  4,0  4,4  3,9 
Revenue to average net working capital (times) 12,7  9,1  11,1  10,3  8,1 
Profitability    
Operating profit to average net operating assets (%) 23,6  11,9  21,3  21,0  19,4 
Operating profit to average gross operating assets (%) 10,2  5,6  10,3  11,0  10,7 
Operating margins (%) 4,4  2,9  4,5  4,7  5,0 
Return on invested capital (%) 14,8  6,4  13,5  13,5  11,8 
Weighted average cost of capital (%) 10  9,5  9,8  10,7  10,7  10,1 
Solvency    
Operating profit by net interest (times) 7,0  1,9  4,7  4,9  3,8 
Net interest-bearing debt to EBITDA (times) 0,6  1,8  1,4  1,2  1,4 
Adjusted EBITDA by Adjusted net interest (times) 11 – 13  10,9  3,6  6,2  n/a  n/a 
Net interest-bearing debt to Adjusted EBITDA (times) 11, 14  0,8  2,2  1,4  n/a  n/a 
Total equity to total assets (%) 31,6  28,5  30,5  31,7  34,5 
Net interest-bearing debt as a percentage of total equity (%) 28,0  60,0  55,9  50,7  57,1 
Liquidity    
Unutilised facilities  9 963  7 555  7 525  n/a  n/a 
Investing in the future    
Cost of new acquisitions  219  583  367  731  (33)
Net capital expenditure (excluding vehicles for hire and capital expenditure discontinued operations) 325  324  592  (756) 609 
Capital expenditure commitments  211  101  254  343  88 
Statistics    
Total new and pre-owned vehicles sold  228 633  208 778  215 279  227 587  198 257 
Number of vehicles for hire (car rental owned only) 9 308  8 554  13 380  14 991  13 750 
Number of employees  16 708  17 499  18 628  18 305  17 403 
Total employee costs  6 606  6 633  6 822  6 425  5 781 
Wealth created per employee (R'000) 713  612  624  621  n/a 
Total taxes and levies paid  15  796  898  1 106  1 134  n/a 
Share performance    
Basic HEPS (cents) 1 179  296  1 009  986  826 
Dividends per share (cents) 415  –  490  n/a  n/a 
Earnings yield (%) 16  12,6  9,7  13,8  n/a  n/a 
Price earnings ratio (times) 17  7,9  10,3  7,2  n/a  n/a 
Net asset value per share (cents) 18  6 586  6 653  6 185  5 762  6 038 
Market prices (cents)   
  • Closing
9 334  3 062  7 312  n/a  n/a 
  • High
9 950  8 468  10 238  n/a  n/a 
  • Low
2 700  2 380  7 152  n/a  n/a 
Total market capitalisation at closing prices  19  17 635  5 898  14 369  n/a  n/a 
Value of shares traded since unbundled  9 036  11 901  10 120  n/a  n/a 
Value traded as a percentage of weighted average capitalisation (%) 76  107  110  n/a  n/a 
Exchange rates used    
ZAR to US Dollar    
  • Average
15,40  15,67  14,18  12,86  13,58 
  • Closing
14,27  17,37  14,10  13,71  13,06 
ZAR to British Pound    
  • Average
20,70  19,73  18,35  17,31  17,23 
  • Closing
19,72  21,46  17,95  18,10  17,02 
ZAR to Australian Dollar    
  • Average
11,48  10,49  10,14  9,97  10,24 
  • Closing
10,71  11,96  9,90  10,13  10,04 
ZAR to Euro    
  • Average
18,35  17,31  16,18  15,34  14,81 
  • Closing
16,93  19,51  16,06  16,01  14,92 

Financial definitions
1 Operating assets Total assets less loans receivable, taxation assets, cash resources and assets classified as held-for-sale.
2 Operating liabilities Total liabilities less all interest-bearing borrowings, taxation liabilities and liabilities classified as held-for-sale.
3 Net working capital Inventories plus trade and other receivables (including derivative assets) less trade and other payables (including derivative liabilities), floorplans from suppliers and provisions.
4 Net interest-bearing debt The aggregate of interest-bearing debt (excluding lease liabilities in terms of IFRS 16) less 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 divided by revenue.
9 Return on invested capital (%) The 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 the Group 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.
10 Weighted average cost of capital (%) 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 the Group operates.
11 Adjusted EBITDA Calculated as EBITDA less the profit 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 on the application of IFRS 16, adjustments include the reversal of profit on terminations of leases and includes lease payments.
12 Adjusted net interest Calculated as the finance cost (excluding the finance cost on lease liabilities) less finance income (excluding interest earned on net investment in lease receivables).
13 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.
14 Net interest-bearing debt to Adjusted EBITDA (bank facilities) (times) Calculated as net interest-bearing debt divided by the Adjusted EBITDA. This is one of the key measures of the covenants of the interest-bearing borrowings relating to our bank facilities.
15 Total taxes and levies Made up of current taxation, secondary taxation on companies, foreign taxation, rates and taxes, skills development, unemployment insurance fund levies.
16 Earnings yield (%) The HEPS divided by the closing price of a share.
17 Price earnings ratio (times) The closing price of a share divided by the HEPS.
18 Net asset value per share Equity attributable to owners of Motus divided by total ordinary shares in issue net of shares repurchased.
19 Total market capitalisation at closing prices (Rm) Total ordinary shares in issue before treasury shares multiplied by the closing price per share.