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	1	34 516	39 969	36 389	33 739	31 599
Operating liabilities	2	20 942	21 448	19 138	16 933	14 194
Net working capital	3	5 165	8 515	7 580	6 731	8 235
Net interest-bearing debt	4	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)	4	(274)
Ratios
Efficiency
Revenue to average net operating assets (times)	5	5,4	4,1	4,7	4,5	3,8
Revenue relating to sales of goods to average inventory (times)	6	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 (%)	7	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 (%)	8	4,4	2,9	4,5	4,7	5,0
Return on invested capital (%)	9	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.