MOTUS

	Group⁽¹⁾		Import and Distribution⁽³⁾⁽⁴⁾		Retail and Rental⁽³⁾⁽⁴⁾
	2019 Rm	2018 Rm	2019 Rm	2018 Rm	2019 Rm	2018 Rm
PROFIT OR LOSS
Total revenue from contracts with customers	79 711	77 001	18 949	19 501	65 041	62 850
– South Africa	53 176	54 389	18 949	19 501	38 759	40 318
– International	26 652	22 662	–	–	26 282	22 532
– Eliminations	(117)	(50)	–	–	–	–
Operating profit	3 620	3 593	810	788	1 578	1 687
– South Africa	3 264	3 189	810	788	1 291	1 312
– International	356	404	–	–	287	375
Depreciation, amortisation, impairments net of recoupments⁽⁷⁾	(1 188)	(751)	(264)	(515)	(830)	(182)
– South Africa	(1 086)	(1 268)	(264)	(515)	(732)	(699)
– International⁽⁷⁾	(102)	517	–	–	(98)	517
Interest expense	(774)	(737)	(176)	(347)	(586)	(429)
– South Africa	(622)	(620)	(176)	(347)	(440)	(314)
– International	(152)	(117)	–	–	(146)	(115)
Profit before tax and exceptional items	2 690	3 452	645	432	991	1 842
– South Africa	2 504	2 560	645	432	867	977
– International	186	892	–	–	124	865
Exceptional items	(80)	(242)	(30)	(6)	22	(24)
– South Africa	(80)	(242)	(30)	(6)	22	(24)
– International	–	–	–	–	–	–
Profit before tax⁽⁸⁾	2 610	3 210	615	426	1 013	1 818
– South Africa	2 424	2 318	615	426	889	953
– International	186	892	–	–	124	865
Income tax expense	(714)	(897)	(207)	(143)	(201)	(509)

⁽¹⁾	2018 has been restated. Revenue related to Aftermarket Parts decreased by R658 million with a corresponding decrease in operating expenses. Please refer to note 3 for full details.
⁽²⁾	In the prior year, the revenue in Aftermarket Parts, as referred to in note 1 above, was included under sale of goods amounting to R682 million. With the requirements of the new revenue accounting standards, it is now an agency arrangement with only the fees being recognised as revenue amounting to R24 million decreasing revenue by R658 million.
⁽³⁾	Two businesses that were previously reported in the Import and Distribution segment, have been transferred to the Retail and Rental segment, in line with a change in management structure, resulting in the rendering of services revenue (R108 million), being transferred in the prior year.
⁽⁴⁾	Certain revenue eliminations that were within Head Office and Eliminations have been reallocated to the underlying segments to which the source of the revenue relate, resulting in a reduction of R536 million in Head Office and Eliminations, and increases to Import and Distribution (R519 million) and Retail and Rental (R17 million).
⁽⁵⁾	In the prior year, the elimination of revenue from Motus entities outside of South Africa to Motus entities within South Africa was included under the revenue from South Africa, this elimination is now being disclosed separately.
⁽⁶⁾	The prior year has been represented for certain staff costs relating to Head Office which were allocated to the Import and Distribution segment. In the current year, these costs are now included in Head Office and Eliminations, with no change to the total Group numbers (see below).
⁽⁷⁾	The prior year includes profit on sale of a property in Australia amounting to R616 million.
⁽⁸⁾	The prior year has been re-presented for certain exceptional gains relating to Import and Distribution (R33 million) which were allocated to Head Office and eliminations. In the current year, this is now included in Import and Distribution, with no change to the total Group numbers.

	Motor-Related Financial Services		Aftermarket Parts^(1)(2)(5)		Head Office and Eliminations⁽¹⁾⁽⁴⁾
	2019 Rm	2018 Rm	2019 Rm	2018 Rm	2019 Rm	2018 Rm
PROFIT OR LOSS
Total revenue from contracts with customers	2 172	2 166	6 442	5 974	(12 893)	(13 490)
– South Africa	2 172	2 166	6 189	5 894	(12 893)	(13 490)
– International	–	–	370	130	–	–
– Eliminations	–	–	(117)	(50)	–	–
Operating profit	937	889	496	447	(201)	(218)
– South Africa	937	889	431	420	(205)	(220)
– International	–	–	65	27	4	2
Depreciation, amortisation, impairments net of recoupments⁽⁷⁾	(145)	(174)	(52)	(40)	103	160
– South Africa	(145)	(174)	(51)	(40)	106	160
– International⁽⁷⁾	–	–	(1)	–	(3)	–
Interest expense	(61)	(49)	(113)	(68)	162	156
– South Africa	(61)	(49)	(108)	(66)	163	156
– International	–	–	(5)	(2)	(1)	–
Profit before tax and exceptional items	878	844	371	387	(195)	(53)
– South Africa	878	844	309	361	(195)	(54)
– International	–	–	62	26	–	1
Exceptional items	(5)	(20)	(57)	(197)	(10)	5
– South Africa	(5)	(20)	(57)	(197)	(10)	5
– International	–	–	–	–	–	–
Profit before tax⁽⁸⁾	873	824	314	190	(205)	(48)
– South Africa	873	824	252	164	(205)	(49)
– International	–	–	62	26	–	1
Income tax expense	(153)	(165)	(101)	(84)	(52)	4

⁽¹⁾	2018 has been restated. Revenue related to Aftermarket Parts decreased by R658 million with a corresponding decrease in operating expenses. Please refer to note 3 for full details.
⁽²⁾	In the prior year, the revenue in Aftermarket Parts, as referred to in note 1 above, was included under sale of goods amounting to R682 million. With the requirements of the new revenue accounting standards, it is now an agency arrangement with only the fees being recognised as revenue amounting to R24 million decreasing revenue by R658 million.
⁽³⁾	Two businesses that were previously reported in the Import and Distribution segment, have been transferred to the Retail and Rental segment, in line with a change in management structure, resulting in the rendering of services revenue (R108 million), being transferred in the prior year.
⁽⁴⁾	Certain revenue eliminations that were within Head Office and Eliminations have been reallocated to the underlying segments to which the source of the revenue relate, resulting in a reduction of R536 million in Head Office and Eliminations, and increases to Import and Distribution (R519 million) and Retail and Rental (R17 million).
⁽⁵⁾	In the prior year, the elimination of revenue from Motus entities outside of South Africa to Motus entities within South Africa was included under the revenue from South Africa, this elimination is now being disclosed separately.
⁽⁶⁾	The prior year has been represented for certain staff costs relating to Head Office which were allocated to the Import and Distribution segment. In the current year, these costs are now included in Head Office and Eliminations, with no change to the total Group numbers (see below).
⁽⁷⁾	The prior year includes profit on sale of a property in Australia amounting to R616 million.
⁽⁸⁾	The prior year has been re-presented for certain exceptional gains relating to Import and Distribution (R33 million) which were allocated to Head Office and eliminations. In the current year, this is now included in Import and Distribution, with no change to the total Group numbers.

	Group⁽¹⁾		Import and Distribution⁽³⁾⁽⁴⁾		Retail and Rental⁽³⁾⁽⁴⁾
	2019 Rm	2018 Rm	2019 Rm	2018 Rm	2019 Rm	2018 Rm
ADDITIONAL SEGMENT INFORMATION
Analysis by revenue type
New motor vehicles sales	36 708	37 515	14 159	14 552	31 437	31 609
Used motor vehicles sales	19 027	17 077	2 648	2 721	18 294	16 441
Parts and other goods sales	14 268	13 659	2 023	2 106	7 398	7 176
Sale of goods	70 003	68 251	18 830	19 379	57 129	55 226
Vehicle workshop, maintenance, service and warranty	5 435	4 541	74	70	3 986	3 797
Motor vehicle rental	2 564	2 586	9	9	2 274	2 267
Fees on vehicle and services sold	1 709	1 623	36	43	1 652	1 560
Rendering of services	9 708	8 750	119	122	7 912	7 624
Total divisional revenue	79 711	77 001	18 949	19 501	65 041	62 850
Inter-group revenue	–	–	(12 006)	(11 986)	(489)	(410)
Total external revenue	79 711	77 001	6 943	7 515	64 552	62 440
Source of internationally derived revenue
– United Kingdom	20 395	17 081	–	–	20 395	17 081
– Other regions (Australia and South East Asia)	6 257	5 581	–	–	5 887	5 451
	26 652	22 662	–	–	26 282	22 532
Analysis of depreciation, amortisation, impairments and recoupments	(1 188)	(751)	(264)	(515)	(830)	(182)
Depreciation and amortisation	(1 176)	(1 340)	(267)	(527)	(838)	(760)
Recoupments and impairments	5	604	3	12	13	585
Amortisation and impairment of intangible assets arising on business combinations	(17)	(15)	–	–	(5)	(7)
(Costs)/income included in profit before tax and exceptional items
Employee costs⁽⁶⁾	(6 822)	(6 425)	(486)	(450)	(4 789)	(4 669)
Operating lease charges	(699)	(559)	(39)	(43)	(566)	(462)
Issue of shares at a discount to a broad-based black economic empowerment partner (Ukhamba) and modification of share appreciation rights	(160)	–	–	–		–
Net foreign exchange (losses) and gains	(14)	(43)	4	(40)	–	(1)
Associate income included in pre-tax profits	27	39	4	12	(1)	6

Operating margin %⁽¹⁾	4,5	4,7	4,3	4,0	2,4	2,7

⁽¹⁾	2018 has been restated. Revenue related to Aftermarket Parts decreased by R658 million with a corresponding decrease in operating expenses. Please refer to note 3 for full details.
⁽²⁾	In the prior year, the revenue in Aftermarket Parts, as referred to in note 1 above, was included under sale of goods amounting to R682 million. With the requirements of the new revenue accounting standards, it is now an agency arrangement with only the fees being recognised as revenue amounting to R24 million, decreasing revenue by R658 million.
⁽³⁾	Two businesses that were previously reported in the Import and Distribution segment, have been transferred to the Retail and Rental segment, in line with a change in management structure, resulting in the rendering of services revenue (R108 million), being transferred in the prior year.
⁽⁴⁾	Certain revenue eliminations that were within Head Office and Eliminations have been reallocated to the underlying segments to which the source of the revenue relate, resulting in a reduction of R536 million in Head Office and Eliminations, and increases to Import and Distribution (R519 million) and Retail and Rental (R17 million).
⁽⁵⁾	In the prior year, the elimination of revenue from Motus entities outside of South Africa to Motus entities within South Africa was included under the revenue from South Africa, this elimination is now being disclosed separately.
⁽⁶⁾	The prior year has been represented for certain staff costs relating to Head Office which were allocated to the Import and Distribution segment. In the current year, these costs are now included in Head Office and Eliminations, with no change to the total Group numbers (see above).
⁽⁷⁾	The prior year includes profit on sale of a property in Australia amounting to R616 million.
⁽⁸⁾	The prior year has been re-presented for certain exceptional gains relating to Import and Distribution (R33 million) which were allocated to Head Office and eliminations. In the current year, this is now included in Import and Distribution, with no change to the total Group numbers.

	Motor-Related Financial Services		Aftermarket Parts^(1)(2)(5)		Head Office and Eliminations⁽¹⁾⁽⁴⁾
	2019 Rm	2018 Rm	2019 Rm	2018 Rm	2019 Rm	2018 Rm
ADDITIONAL SEGMENT INFORMATION
Analysis by revenue type
New motor vehicles sales	–	–	–	–	(8 888)	(8 670)
Used motor vehicles sales	–	–	–	–	(1 915)	(2 085)
Parts and other goods sales	–	–	6 415	5 948	(1 568)	(1 547)
Sale of goods	–	–	6 415	5 948	(12 371)	(12 302)
Vehicle workshop, maintenance, service and warranty	1 525	1 500	2	2	(152)	(828)
Motor vehicle rental	481	557	–	–	(200)	(247)
Fees on vehicle and services sold	166	109	25	24	(170)	(113)
Rendering of services	2 172	2 166	27	26	(522)	(1 188)
Total divisional revenue	2 172	2 166	6 442	5 974	(12 893)	(13 490)
Inter-group revenue	(363)	(1 068)	(35)	(26)	12 893	13 490
Total external revenue	1 809	1 098	6 407	5 948	–	–
Source of internationally derived revenue
– United Kingdom	–	–	–	–	–	–
– Other regions (Australia and South East Asia)	–	–	370	130	–	–
	–	–	370	130	–	–
Analysis of depreciation, amortisation, impairments and recoupments	(145)	(174)	(52)	(40)	103	160
Depreciation and amortisation	(146)	(173)	(43)	(39)	118	159
Recoupments and impairments	1	(1)	3	6	(15)	2
Amortisation and impairment of intangible assets arising on business combinations	–	–	(12)	(7)	–	(1)
(Costs)/income included in profit before tax and exceptional items
Employee costs⁽⁶⁾	(514)	(409)	(795)	(713)	(238)	(184)
Operating lease charges	(6)	(13)	(85)	(113)	(3)	72
Issue of shares at a discount to a broad-based black economic empowerment partner (Ukhamba) and modification of share appreciation rights	–	–	–	–	(160)	–
Net foreign exchange (losses) and gains	–	–	(16)	(6)	(2)	4
Associate income included in pre-tax profits	2	4	15	14	7	3

Operating margin %⁽¹⁾	43,1	41,0	7,7	7,5

⁽¹⁾	2018 has been restated. Revenue related to Aftermarket Parts decreased by R658 million with a corresponding decrease in operating expenses. Please refer to note 3 for full details.
⁽²⁾	In the prior year, the revenue in Aftermarket Parts, as referred to in note 1 above, was included under sale of goods amounting to R682 million. With the requirements of the new revenue accounting standards, it is now an agency arrangement with only the fees being recognised as revenue amounting to R24 million, decreasing revenue by R658 million.
⁽³⁾	Two businesses that were previously reported in the Import and Distribution segment, have been transferred to the Retail and Rental segment, in line with a change in management structure, resulting in the rendering of services revenue (R108 million), being transferred in the prior year.
⁽⁴⁾	Certain revenue eliminations that were within Head Office and Eliminations have been reallocated to the underlying segments to which the source of the revenue relate, resulting in a reduction of R536 million in Head Office and Eliminations, and increases to Import and Distribution (R519 million) and Retail and Rental (R17 million).
⁽⁵⁾	In the prior year, the elimination of revenue from Motus entities outside of South Africa to Motus entities within South Africa was included under the revenue from South Africa, this elimination is now being disclosed separately.
⁽⁶⁾	The prior year has been represented for certain staff costs relating to Head Office which were allocated to the Import and Distribution segment. In the current year, these costs are now included in Head Office and Eliminations, with no change to the total Group numbers (see above).
⁽⁷⁾	The prior year includes profit on sale of a property in Australia amounting to R616 million.
⁽⁸⁾	The prior year has been re-presented for certain exceptional gains relating to Import and Distribution (R33 million) which were allocated to Head Office and eliminations. In the current year, this is now included in Import and Distribution, with no change to the total Group numbers.

Preliminary summarised
audited consolidated results
for the year ended 30 June 2019

Segment profit or loss