Five-year review

  Financial 
definitions 		   2022 
Rm 		   2021 
Rm 		   2020 
Rm 		   2019 
Rm 		   2018 
Rm 
Extracts from the statement of profit and loss                        
Revenue       91 978    87 205    73 417    79 711    77 001 
Earnings before interest, taxation, depreciation                        
and amortisation (EBITDA)      6 785    5 302    4 082    4 806    4 946 
Operating profit1,2       5 029    3 838    2 136    3 620    3 593 
Net finance costs       (496)   (543)   (1 116)   (774)   (737)
Income tax expense       (1 135)   (718)   (356)   (714)   (897)
Tax rate (%)      25,6    25,5    68,6    27,6    28,3 
Profit for the year       3 338    2 142    185    1 896    2 313 
Headline earnings       3 504    2 145    550    1 977    1 991 
Extracts from the statement of cash flows                             
Cash generated by operations before interest, taxation paid and capital expenditure on vehicles for hire       6 289    7 113    4 121    4 183    6 784 
Cash flow from investing activities (including capital expenditure on vehicles for hire)      (3 565)   (373)   (1 666)   (1 312)   (1 018)
Net debt (raised)/repaid       (1 100)   4 450    537    (190)   1 387 
Extracts from the statement of financial position                        
Total assets       42 940    38 457    43 678    38 872    36 716 
Operating assets  1    39 823    34 516    39 969    36 389    33 739 
Operating liabilities  2    22 560    20 942    21 448    19 138    16 933 
Net working capital  3    7 166    5 165    8 515    7 580    6 731 
Net debt  4    5 036    3 401    7 442    6 618    5 900 
Motus owners' interest       13 924    12 052    12 508    11 875    11 640 
Non-controlling interest       121    114    (56)   (37)   4 
Ratios                        
Efficiency                        
Revenue to average net operating assets (times) 5    6,0    5,4    4,1    4,7    4,5 
Revenue relating to sales of goods to average inventory (times) 6    4,6    4,3    3,3    4,0    4,4 
Revenue to average net working capital (times)      14,9    12,7    9,1    11,1    10,3 
Profitability                        
Operating profit to average net operating assets (%)1  7    32,6    23,9    11,9    21,3    21,0 
Operating profit to average gross operating assets (%)1       13,5    10,3    5,6    10,3    11,0 
Operating margins (%)1  8    5,5    4,4    2,9    4,5    4,7 
Return on invested capital (%) 9    17,8    14,8    6,4    13,5    13,5 
Weighted average cost of capital (%) 10    10,9    9,5    9,8    10,7    10,7 
Solvency                        
Operating profit by net interest (times)1       10,1    7,1    1,9    4,7    4,9 
Net debt to EBITDA (times)      0,7    0,6    1,8    1,4    1,2 
Adjusted EBITDA by Adjusted net interest (times) 11 – 13    17,9    10,9    3,6    6,2    n/a 
Net debt to Adjusted EBITDA (times) 4, 11, 14    0,8    0,8    2,2    1,4    n/a 
Total equity to total assets (%)      32,7    31,6    28,5    30,5    31,7 
Net debt as a percentage of total equity (%)      35,9    28,0    60,0    55,9    50,7 
Liquidity                             
Unutilised facilities       7 910    9 963    7 555    7 525    n/a 
1 The prior period has been adjusted for the re-presentation to include share of results from associates and joint ventures.
2 Operating profit before capital items and foreign exchange gains/(losses).

Financial
definitions		   2022
Rm		   2021
Rm		   2020
Rm		   2019
Rm		   2018
Rm
Investing in the future                      
Cost of new acquisitions     657   219   583   367   731
Net capital expenditure (excluding vehicles for hire and discontinued operations)     764   325   324   592   (756)
Capital expenditure commitments     515   211   101   254   343
Statistics    
Total new and pre-owned vehicles sold     225 317   228 633   208 778   215 279   227 587
Number of vehicles for hire (car rental owned only)     12 407   9 308   8 554   13 380   14 991
Number of employees     17 283   16 708   17 499   18 628   18 305
Total employee cost     7 307   6 606   6 633   6 822   6 425
Wealth created per employee (R'000)     815   713   612   624   621
Total taxes and levies paid 15   1 502   796   898   1 106   1 134
Share performance            
Basic HEPS (cents)     2 025   1 179   296   1 009   986
Dividends per share (cents)     710   415   –   490   n/a
Earnings yield (%) 16   18,9   12,6   9,7   13,8   n/a
Price earnings ratio (times) 17   5,3   7,9   10,3   7,2   n/a
Net asset value per share (cents) 18   8 143   6 586   6 653   6 185   5 762
Market prices (cents)            
– Closing     10 700   9 334   3 062   7 312   n/a
– High     11 866   9 950   8 468   10 238   n/a
– Low     8 346   2 700   2 380   7 152   n/a
Total market capitalisation at closing prices 19   19 060   17 635   5 898   14 369   n/a
Value of shares traded once unbundled     13 195   9 036   11 901   10 120   n/a
Value traded as a percentage of weighted average capitalisation (%)     69   76   107   110   n/a
Exchange rates used            
ZAR to US Dollar            
Average     15,22   15,40   15,67   14,18   12,86
Closing     16,39   14,27   17,37   14,10   13,71
ZAR to British Pound            
Average     20,24   20,70   19,73   18,35   17,31
Closing     19,90   19,72   21,46   17,95   18,10
ZAR to Australian Dollar            
Average     11,03   11,48   10,49   10,14   9,97
Closing     11,27   10,71   11,96   9,90   10,13
ZAR to Euro            
Average     17,15   18,35   17,31   16,18   15,34
Closing     17,13   16,93   19,51   16,06   16,01

Financial definitions

1 Operating assets Operating assets are all assets less loans receivable, taxation assets, cash resources and assets classified as
held-for-sale.
2 Operating liabilities Operating liabilities are all liabilities less all interest-bearing debt, floorplans from financial institutions and taxation liabilities.
3 Net working capital Net working capital includes inventories, trade and other receivables, derivative instruments less provisions, trade and other payables and floorplans from suppliers.
4 Net debt Net debt includes interest-bearing borrowings less cash resources.
5 Revenue to average net operating assets (times) Calculated by dividing revenue by 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 before capital items and net foreign exchange adjustments divided by average net operating assets.
8 Operating margin (%) Operating profit before capital items and net foreign exchange adjustments divided by revenue.
9 Return on invested capital (%)

The return divided by invested capital.

The return is the aggregate of a post-tax operating profit for the last 12 months.

Post-tax operating profit is calculated as:

  • Operating profit before capital items and net foreign exchange movements
  • Less share of results in associates and joint ventures, which already includes the impact of tax
  • Less the impact of tax using a blended tax rate
  • Add share of results in associates and joint ventures.

The blended tax rate is an average of the actual tax rates applicable in the various jurisdictions in which the Group operates.

Invested capital is a 12-month average of the monthly total equity plus debt.
10 Weighted average cost of capital (%)

The WACC is the 12-month average of the monthly calculated WACC.

The monthly WACC is calculated by multiplying the cost of each invested capital component by its proportionate share of invested capital and then aggregating the results.

The cost of debt and equity is determined with reference to the prevailing rates in the various jurisdictions in which the Group operates.
11 Adjusted EBITDA Adjusted EBITDA is calculated as:
  • EBITDA
  • Adjusted for the impact of net foreign exchange movements
  • Adjusted for the impact of the share of income from associates and joint ventures
  • Less the profit attributable to non-controlling interests
  • Plus the EBITDA relating to businesses acquired, grossed up for a full year where the underlying acquisitions only contributed for a portion of the year
  • Less EBITDA relating to businesses disposed of during the current year
  • Less adjustments relating to the impacts on the EBITDA that arose on the application of IFRS 16. The adjustments include the reversal of profit on terminations of leases and includes lease payments.
12 Adjusted net interest Adjusted net interest is calculated as:
  • Finance cost
  • Less finance income
  • Less facility set-up costs incurred
  • Less adjustments relating to the impacts on finance costs and income that arose on the application of IFRS 16. The adjustments include the reversal of the finance cost on lease liabilities.
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 debt to Adjusted EBITDA (bank facilities) (times) Calculated as net 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 income tax expense, withholding and secondary taxation on companies, rates and taxes, skills development and 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 Net asset value is the 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.