Super Group Limited · JSE:SPG
Super — Debt Investor Presentation (April 2019)
28 slides from Super's debt investor presentation, April 2019
Slide 1: 2019 Fixed Income Investor Roadshow
2019 Fixed Income Investor Roadshow
Slide 2: Agenda
Agenda Introduction and Overview Interim Results Highlights Domestic Medium Term Note SUPER GROUP 2019 Fixed income Investor Roadshow 2
Slide 3: Introduction and Overview
Introduction and Overview supergroup —
Slide 4: Introduction: Key Actions 2008 – 2012 (Calendar Year)
Introduction: Key Actions 2008 – 2012 (Calendar Year) ⁄ Super Group restructured its debt financing arrangements; and 2008 ⁄ Refocused its strategy on its core profitable operations ⁄ Despite challenging market conditions, Super Group executed a Rights Offer in Oct 2008, raising R510m ⁄ Significant
Slide 5: The Evolution of Super Group: 2013 – 2019 YTD
The Evolution of Super Group: 2013 – 2019 YTD (Calendar Year) 2013 2014 2015 2016 2017 2018 2019YTD • Maiden dividend • SG Fleet listed on • New dealerships • SPG002 and • Legend, Motiva and • Increased effective • SPG005 (R300m; paid to employee the Australian acquired in SPG003 (totaling Essex Aut
Slide 6: International vs African operations
International vs African operations Super Group is a global logistics group with its head office in Johannesburg, South Africa and operations in Australia, New Zealand, Germany, Spain and the United Kingdom. The company has a strong footprint in Africa with operations in Kenya, Mauritius, Zimbabwe a
Slide 7: Group Structure
Group Structure Issuer Listed on the JSE Super Group Holdings Bluefin Investments (Pty) Ltd Limited Guarantor 100% 80% Mauritius Off-shore On-shore Super Group Super Group Trading SG Fleet Limited International Holdings African Operations (Pty) Ltd Other Operations Listed on ASX Limited 100% Guarant
Slide 8: Interim Results Highlights
Interim Results Highlights supergroup —
Slide 9: Results at a Glance for the six months ended 31 December 2018
Results at a Glance for the six months ended 31 December 2018 ▲8 % ▲13 % ▲14 % R19.4 billion R1.3 billion R630 million Revenue (Rbn) Operating Profit (Rbn) Headline Earnings (Rm) 25.0 1.4 700.0 1.2 600.0 20.0 1.0 500.0 15.0 0.8 400.0 10.0 0.6 300.0 0.4 200.0 5.0 0.2 100.0 - - - HY17 HY18 HY19 HY17 H
Slide 10: Revenue and EBITA Analysis (excl. Services and Corporate)
Revenue and EBITA Analysis (excl. Services and Corporate) Dec 2018 Dec 2017 25.6% 30.5% 26.5% 25.9% Supply Chain Africa Revenue per division Supply Chain Europe 9.0% 21.4% 7.8% 27.9% Fleet Africa 8.9% 13.1% 1.8% 1.6% SG Fleet 8.6% Dealerships SA 9.1% 22.0% 11.6% 13.4% 34.5% Dealerships UK EBITA 8.5%
Slide 11: Divisional Analysis
Divisional Analysis Revenue Operating Profit Supply Chain ⁄ Revenue increased by 27.2% mainly due to an excellent ⁄ Operating profit increased by 78.9% largely on the back of strong performance in all the mining commodities businesses growth reported by SG Coal, Legend, African Logistics and Digisti
Slide 12: Divisional Analysis Cont’d…
Divisional Analysis Cont’d… Revenue Operating Profit Dealerships SA ⁄ Revenue decreased by 17.2% mainly as a result of Mercedes-Benz ⁄ Operating profit decreased by 3.9% moving to an agency model (R518m impact on the revenue line) ⁄ The Mercedes-Benz new business model continues to under ⁄ General d
Slide 13: Cash Flow Movement
1,000 2,000 4,000 5,000 6,000 3,000 0 (R ’million) Opening cash balance 3,351 Operating cash flow 1,787 Working capital (293) Net finance costs paid (177) Cash Flow Movement Taxation paid (331) Dividend paid to non-controlling interest (123) Net additions to PPE & intangibles (786) Net additions to
Slide 14: Net Borrowings
Net Borrowings Net borrowings/ Net borrowings/ Borrowings Cash (cash) (cash) Change R’million 31 Dec 2018 31 Dec 2018 31 Dec 2018 30 June 2018 % Africa 3 124.1 (1 799.1) 1 325.0 943.9 40.4 United Kingdom 1 571.9 (520.8) 1 051.1 1 033.4 1.7 Australia 1 179.7 (986.9) 192.8 249.9 (22.8) Europe 859.4 (3
Slide 15: Domestic Medium Term Note Programme
Domestic Medium Term Note Programme
Slide 16: Debt Policies
Debt Policies ⁄ Simple, clearly defined debt structure, with transparent ranking amongst all Group finance Debt Management counterparties Objectives ⁄ Flexibility to actively manage debt arrangements and achieve funding efficiency ⁄ Build debt management credibility and a respected credit profile ⁄
Slide 17: Tangible Assets and Liabilities (excl Working Capital)
Tangible Assets and Liabilities (excl Working Capital) 8,000 No recourse to Super Group Limited 6,000 R’million 4,000 2,000 - Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities South Africa, Mauritius & Allen Ford Group (UK) Germany & Spain SG Fleet Other African countries F
Slide 18: Other Committed Facilities
Other Committed Facilities 2,000 1,500 R’million 1,000 500 - South Africa Germany & Mauritius Utilised Unutilised ⁄ The facilities in Germany are secured by the security package in respect of the acquisition funding for inTime, with no recourse to Super Group Limited SUPER GROUP 2019 Fixed income In
Slide 19: Debt Maturity Profile
Debt Maturity Profile 2,000 1,500 R’million 1,000 500 - Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 and beyond Secured Property Secured FML Secured Secured vehicle funding asset-based borrowings Corporate bonds Acquisition borrowings Other SG Fleet borrowings SUPER GROUP 2019 Fixed income Investor
Slide 20: Covenant Analysis
Covenant Analysis Net Debt to EBITDA (≤ 2.5x) Interest Cover Ratio (≥ 2.7x) 3.0 20 2.5 15 2.0 1.5 10 1.0 5 0.5 0.0 0 Jun-15 Jun-16 Jun-17 Jun-18 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Actual Threshold Actual Threshold Capital Adequacy (≥ 18%) ⁄ The policy is to have the Interest Cover Ratio and the Net
Slide 21: Bond Issue Spread and Credit Rating Analysis
Bond Issue Spread and Credit Rating Analysis 3 year margin 5 year margin Sept 2014 ABIL credit Dec 2015 500 250 event Nene-gate at least 40bps spread 230 400 widening 225 across all sectors R'million 300 bps 200 200 200 180 175 100 0 150 SPG001 SPG002 SPG003 SPG004 SPG005 Date Issued 2013 2016 201
Slide 22: Contact Details
Contact Details supergroup —
Slide 23: Contact Details
Contact Details Name Telephone number E-mail address Super Group Colin Brown +27 11 523 4000 [email protected] (Chief Financial Officer) Bridget Bird +27 11 523 4000 [email protected] (Group Treasury Manager) RMB Delia Patterson +27 11 282 4162 [email protected] (DCM Distribut
Slide 24: Additional Information: Flash Drive Contents
Additional Information: Flash Drive Contents
Slide 25: Additional Information: Flash Drive Contents
Additional Information: Flash Drive Contents • 2017 April Super Group Limited Corporate Video • 2018 June Super Group Limited Environmental Social and Governance (ESG) • 2018 December Super Group Limited Interim Results for 6 months ended • 2018 June Super Group Limited Corporate Governance Report •
Slide 26: Thank You
THANK YOU Further information available on www.supergroup.co.za
Slide 27: Notes
Notes SUPER GROUP 2019 Fixed income Investor Roadshow 27
Slide 28: Disclaimer
Disclaimer This presentation does not constitute an offer to sell, or any solicitation of any offer to subscribe for or purchase any securities in the United States of America or any other jurisdiction or to participate in any trading strategy, and nothing contained herein shall form the basis of an
Super Group — Debt Investor Presentation (April 2019) on 6ix