MOTUS - Unaudited condensed interim results for the six months ended 31 December 2020

Segment profit or loss

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	Group		Import and Distribution		Retail and Rental
for the six months ended 31 December 2020	2020 Rm	2019 Rm	2020 Rm	2019 Rm	2020 Rm	2019 Rm

Profit or loss
Total revenue from contracts with customers	44 343	41 954	9 687	10 158	35 965	34 265
– South Africa	28 577	28 263	9 687	10 158	20 341	20 715
– International (see below)	15 994	13 802	–	–	15 624	13 550
– Eliminations between geographical regions	(228)	(111)	–	–	–	–
Operating profit	1 724	1 831	421	430	740	801
– South Africa	1 432	1 698	421	430	482	693
– International	292	133	–	–	258	108
Depreciation, amortisation, impairments net of recoupments	(732)	(968)	(96)	(261)	(517)	(615)
– South Africa	(528)	(819)	(96)	(261)	(323)	(477)
– International	(204)	(149)	–	–	(194)	(138)
Finance costs¹	(399)	(520)	(91)	(195)	(393)	(365)
– South Africa	(288)	(413)	(91)	(195)	(284)	(260)
– International	(111)	(107)	–	–	(109)	(105)
Finance income¹	67	23	23	20	9	12
– South Africa	67	22	23	20	9	11
– International	–	1	–	–	–	1
Profit before tax and non-trading items	1 304	1 306	280	243	366	437
– South Africa	1 114	1 287	280	243	212	433
– International	190	19	–	–	154	4
Non-trading items	(17)	(63)	–	6	(8)	(60)
– South Africa	(17)	(3)	–	6	(8)	–
– International	–	(60)	–	–	–	(60)
Profit before tax	1 287	1 243	280	249	358	377
– South Africa	1 097	1 284	280	249	204	433
– International	190	(41)	–	–	154	(56)
Income tax expense	(359)	(344)	(90)	(68)	(92)	(132)

	Financial Services		Aftermarket Parts		Head Office and Eliminations
for the six months ended 31 December 2020	2020 Rm	2019 Rm	2020 Rm	2019 Rm	2020 Rm	2019 Rm

Profit or loss
Total revenue from contracts with customers	1 054	1 126	3 773	3 433	(6 136)	(7 028)
– South Africa	1 054	1 126	3 631	3 292	(6 136)	(7 028)
– International	–	–	370	252	–	–
– Eliminations between geographical regions	–	–	(228)	(111)	–	–
Operating profit	467	483	266	247	(170)	(130)
– South Africa	467	483	232	222	(170)	(130)
– International	–	–	34	25	–	–
Depreciation, amortisation, impairments net of recoupments	(63)	(73)	(69)	(71)	13	52
– South Africa	(63)	(73)	(59)	(60)	13	52
– International	–	–	(10)	(11)	–	–
Finance costs¹	(37)	(34)	(54)	(76)	176	150
– South Africa	(37)	(34)	(52)	(74)	176	150
– International	–	–	(2)	(2)	–	–
Finance income¹	–	–	1	15	34	(24)
– South Africa	–	–	1	15	34	(24)
– International	–	–	–	–	–	–
Profit before tax and non-trading items	440	451	218	177	–	(2)
– South Africa	440	451	182	162	–	(2)
– International	–	–	36	15	–	–
Non-trading items	–	(1)	(9)	(8)	–	–
– South Africa	–	(1)	(9)	(8)	–	–
– International	–	–	–	–	–	–
Profit before tax	440	450	209	169	–	(2)
– South Africa	440	450	173	154	–	(2)
– International	–	–	36	15	–	–
Income tax expense	(113)	(95)	(57)	(53)	(7)	4

¹	Finance costs and finance income have been disaggregated for disclosure enhancement purposes in the prior period.

		Group		Import and Distribution		Retail and Rental
for the six months ended 31 December 2020		2020 Rm	2019 Rm	2020 Rm	2019 Rm	2020 Rm	2019 Rm

Additional segment information
Analysis by revenue type
New motor vehicle sales		20 191	19 098	7 328	7 763	17 140	16 437
Pre-owned motor vehicle sales		11 746	10 144	1 337	1 313	11 292	9 784
Parts and other goods sales		8 005	7 638	974	1 027	3 974	3 882
Sale of goods		39 942	36 880	9 639	10 103	32 406	30 103
Vehicle workshop, maintenance, service and warranty		2 848	2 856	35	35	2 164	2 103
Motor vehicle rental		608	1 280	–	1	496	1 163
Fees on vehicles, parts and services sold		945	938	13	19	899	896
Rendering of services		4 401	5 074	48	55	3 559	4 162
Total divisional revenue		44 343	41 954	9 687	10 158	35 965	34 265
Inter-group revenue		–	–	(5 722)	(6 653)	(238)	(172)
Total external revenue		44 343	41 954	3 965	3 505	35 727	34 093
Source of internationally derived revenue
– United Kingdom		12 089	10 737	–	–	12 089	10 737
– Other regions (Australia and South East Asia)		3 905	3 065	–	–	3 535	2 813
		15 994	13 802	–	–	15 624	13 550
Analysis of depreciation, amortisation, impairments and recoupments		(732)	(968)	(96)	(261)	(517)	(615)
	Depreciation and amortisation	(703)	(965)	(97)	(274)	(523)	(604)
	(Losses)/profits on disposals and impairments	(22)	2	1	13	6	(12)
	Amortisation and impairment of intangible assets arising on business combinations	(7)	(5)	–	–	–	1
(Costs)/income included in profit before tax and non-trading items
Employee costs		(3 349)	(3 585)	(210)	(244)	(2 344)	(2 435)
Operating lease charges		(62)	(51)	(5)	(6)	(53)	(46)
Net foreign exchange (losses)/gains		(82)	(46)	(76)	(35)	2	–
Associate income included in pre-tax profits		26	14	4	1	2	2
Operating margin (%)		3,9	4,4	4,3	4,2	2,1	2,3

		Financial Services		Aftermarket Parts		Head Office and Eliminations
for the six months ended 31 December 2020		2020 Rm	2019 Rm	2020 Rm	2019 Rm	2020 Rm	2019 Rm

Additional segment information
Analysis by revenue type
New motor vehicle sales		–	–	–	–	(4 277)	(5 102)
Pre-owned motor vehicle sales		–	–	–	–	(883)	(953)
Parts and other goods sales		–	–	3 736	3 404	(679)	(675)
Sale of goods		–	–	3 736	3 404	(5 839)	(6 730)
Vehicle workshop, maintenance, service and warranty		777	815	–	1	(128)	(98)
Motor vehicle rental		193	219	–	–	(81)	(103)
Fees on vehicles, parts and services sold		84	92	37	28	(88)	(97)
Rendering of services		1 054	1 126	37	29	(297)	(298)
Total divisional revenue		1 054	1 126	3 773	3 433	(6 136)	(7 028)
Inter-group revenue		(166)	(192)	(10)	(11)	6 136	7 028
Total external revenue		888	934	3 763	3 422	–	–
Source of internationally derived revenue
– United Kingdom		–	–	–	–	–	–
– Other regions (Australia and South East Asia)		–	–	370	252	–	–
		–	–	370	252	–	–
Analysis of depreciation, amortisation, impairments and recoupments		(63)	(73)	(69)	(71)	13	52
	Depreciation and amortisation	(63)	(73)	(63)	(66)	43	52
	(Losses)/profits on disposals and impairments	–	–	1	1	(30)	–
	Amortisation and impairment of intangible assets arising on business combinations	–	–	(7)	(6)	–	–
(Costs)/income included in profit before tax and non-trading items
Employee costs		(245)	(264)	(440)	(429)	(110)	(213)
Operating lease charges		(1)	(1)	(11)	–	8	2
Net foreign exchange (losses)/gains		–	–	2	(12)	(10)	1
Associate income included in pre-tax profits		10	1	10	9	–	1
Operating margin (%)		44,3	42,9	7,1	7,2