Full Year 2026 Motus Holdings Ltd Earnings Call

September 2, 2026

[Company Representative] (Motus): World's proud South African company that's locally rooted and invested across the globe. One in five new passenger vehicles sold in South Africa is from Motus. We operate more than 500 dealerships globally and generate over ZAR 110 billion in revenue a year. We employ more than 20,000 people, with 14,000 in South Africa. Over 15,000 vehicle part deliveries take place every day, and we rent out an average of 18,000 a month. We also administer 1.5 million policies, and through our Safe Scholar programme, we've impacted the lives of 2.96 million learners in South Africa. Those aren't just numbers. They're thousands of people showing up every day. While you might only see one part, there's a whole world behind our brand. Moving as one to move everyone forward.

Speaker #1: We operate more than 500 dealerships globally and generate over R110 billion in revenue a year. We employ more than 20,000 people, with 14,000 in South Africa. Over 15,000 vehicle part deliveries take place every day, and we rent out an average of 18,000 vehicles a month.

Speaker #1: We also administer 1.5 million policies and, through our Safe Scholar program, we've impacted the lives of 2.96 million learners in South Africa. Those aren't just numbers; they're thousands of people showing up every day.

Speaker #1: So, while you might only see one part, there's a whole world behind our brand—moving as one, to move everyone forward.

Speaker #2: Good morning, and welcome, everyone, to the results presentation for Motus today. It's a privilege to have all of you here — we've got quite a full house, so I don't know if it's all customers, or just investors, but welcome. Also, welcome to all our non-executive directors as well.

Ockert Janse van Rensburg: Good morning, and welcome everyone to the last presentation for Motus today. Privileged to have all of you here because I could well have sold outside, and then it was all customers or just trying to just investors here. Welcome all our non-executive directors as well, and we hope you enjoy the program of today. We're going to kick off just a little bit talking about the environment, how we delivered on our strategies. Brenda will be joining me on stage, will take us through the financial numbers, and then we'll just finish off with some key priorities and prospects. If there's some time available, we'll also take questions at the end. If you look at the operating environment in which we need to run our businesses, obviously, the world is in a funny place, and it feels it never really gets to a new normal.

Speaker #2: And we hope you enjoy the program today. We're going to kick off with a brief discussion about the environment and how we deliver on our strategies.

Speaker #2: Brenda, who will be joining me on stage, will take us through the financial numbers. Then we'll finish off with some key priorities and prospects, and if we have some time available, we'll take questions at the end.

Speaker #2: So, if you look at the operating environment in which we need to run our businesses, obviously the world is in a funny place, and it feels as if it never really gets to a new normal.

Speaker #2: But you just have to adapt to it. But if you look at the three environments in which we operate, there's very little GDP growth, but there's a lot else happening in those markets.

Ockert Janse van Rensburg: But you just have to adapt to it. If you look at the three environments in which we operate, very little GDP growth, but there is a lot else happening in those markets. If you look at South Africa, you can see very low growth rates, only 1%. United Kingdom sort of at 1% estimated for this year. Australia almost the outlier, sitting at 1.9%, which doesn't feel that great either. I think if you look at Australia, you can see that a lot has happened around the fact that the inflation has actually started to pick up. You can see the marginal growth that they've had in vehicle sales only being 2%. If you move over to United Kingdom, very tough market we are in at the moment. We have certainly seen that you have had the seventh prime minister in seven years.

Speaker #2: If you look at South Africa, you can see very low growth rates, only 1%. The United Kingdom is also at about 1% for the estimates for this year.

Speaker #2: And Australia is almost the outlier, sitting at 1.9, which doesn't feel that great either. And I think if you look at Australia, you can see that a lot has happened around the fact that inflation has actually started to pick up.

Speaker #2: And you can see the marginal growth that they've had in vehicle sales, only being 2%. If you move over to the United Kingdom, it's a very tough market to be in at the moment.

Speaker #2: We've suddenly seen that you've had the seventh prime minister in seven years. That doesn't bode well for a country, normally. And you can see that the country as a whole is actually going through a lot of turmoil.

Ockert Janse van Rensburg: That doesn't bode well for a country normally. You can see that the country as a whole is actually going through a lot of turmoil. Business confidence slightly subdued, and that has certainly impacted us as well because of the commercial truck aspect we have got there. You can see there right at the bottom, commercial vehicle sales actually contracted in this last year. The one outlier, however, is that even in the UK, new vehicle sales of passenger vehicles have actually increased. There has also been the influx of introduction of new Chinese brands in that market. The real standout is actually South Africa, which normally not the standout if you are a South African. You always think South Africa is a tough place to be in. All of a sudden, you look at the economic environment you have to operate in here.

Speaker #2: Business confidence is slightly subdued, and that has certainly impacted us as well, because of the commercial track aspect we've got there. You can see there, right at the bottom, commercial vehicle sales actually contracted in this last year.

Speaker #2: The one outlier, however, is that even in the UK, new vehicle sales of passenger vehicles have actually increased. And that has also been due to the influx of new Chinese brands being introduced into that market.

Speaker #2: But the real standout is actually South Africa, which is normally not the standout if you're a South African. You always think, South Africa is a tough place to be in.

Speaker #2: But all of a sudden, you look at the economic environment you have to operate in here, and despite GDP being at a low rate and interest rates starting to increase, you see that vehicle sales have actually been extremely strong.

Ockert Janse van Rensburg: Despite GDP being at a low rate, interest rates starting to increase, you see that vehicle sales has actually been extremely strong. In the last year, it has gone up by 15%, which does seem a little bit of an outlier. There are lots of reasons for that. We have said we have had this rapid increase of the Chinese brands coming to South Africa. You have certainly had the benefit of the lower interest rates, but also just the whole marketing around it, I think, has actually been quite extraordinary. You normally had about seven or maybe 10 brands marketed and spending marketing money. Now there are 43. All of a sudden you do and see a lot more about it. That is all great to have. That is the economic environment. You need to be very agile to actually make sure you take advantage of that.

Speaker #2: And in the last year, it's gone up by 15%, which does seem a little bit of an outlier. Now, there are lots of reasons for that.

Speaker #2: We have said we've had this rapid increase of the Chinese brands coming to South Africa. You've certainly had the benefit of the lower interest rates.

Speaker #2: But also, just the whole marketing around it, I think, has actually been quite extraordinary. You normally add about seven or maybe ten brands, markets, and spending marketing money.

Speaker #2: Now there are 43. So, all of a sudden, you do and see a lot more about it. That's all great to have. That is the economic environment.

Speaker #2: But you need to be very agile to actually make sure you take advantage of that, and I think that's one thing that Motus can pride ourselves on—being very agile.

Ockert Janse van Rensburg: I think that is one thing that Motus can pride ourselves by is being very agile. I think when times are tough, we get on with it. We actually change and pivot to where the new energy needs to be directed to. Also in this particular market, I think we have had to take certain steps and be very focused on our execution to make sure you take advantage of when a market is strong. We have increased our brand representation. You will see more of that later in the slides as well. Still selective. I do not think we just want to be a badge collector. I think we want to back the right brands, but we certainly increased our brand representation in South Africa, the UK, and Australia, you will see that.

Speaker #2: I think when times are tough, we get on with it. We actually change and pivot to where the new energy needs to be directed.

Speaker #2: And also, in this particular market, I think we've had to take certain steps and be very focused on execution to make sure you take advantage of when a market is strong.

Speaker #2: We've increased our brand representation. You'll see more of that later in the slides as well. Still selective. I don't think we just want to be a badge collector.

Speaker #2: I think we want to back the right brands, but we have certainly increased our brand representation in South Africa, the UK, and Australia. You'll see that.

Speaker #2: I think also the partnerships we have within the OEMs—and it's probably even wider than just the OEMs—is that you do not ever neglect the guys who actually got you here.

Ockert Janse van Rensburg: I think also the partnerships we have within the OEMs, and it is probably even wider than just the OEMs, is you do not ever neglect the guys who actually got you here. I think that is very important for us as well, that we have not dropped off any of the traditional brands. So where we had to accommodate new brands coming into the market, we still look after those traditional brands as well. The likes of Toyota, Ford, et cetera, all of those brands still very important to us. Where we had to multi-franchise, we have done it in a structured way where it did not disrupt even the traditional guys. Because if a market like this is growing, as you would have seen just on a previous slide, everyone grows.

Speaker #2: And I think that is very important for us as well, that we haven't dropped off any of the traditional brands. So, where we had to accommodate new brands coming into the market, we still look after those traditional brands as well.

Speaker #2: So the likes of Toyota, Ford, et cetera, all of those brands feel very important to us. And where we had to multi-franchise, we've done it in a structured way where it didn't just wrap even the traditional guys.

Speaker #2: Because if a market like this is growing, as you would have seen just on a previous slide, everyone grows. So yes, some grow faster than others.

Ockert Janse van Rensburg: Some grows faster than others, but you have to participate in the full spectrum to actually meet that overall market leadership position we have got. Obviously, meeting evolving customer needs. There is lots of new products. We have introduced new channels, but there is new products that we have introduced, new service offerings specifically around aftermarket parts and mobility solutions. That is quite important. Also in our car rental space. Then of course, the execution of this vehicle multi-strategy, multi-franchise strategy is actually quite difficult. I mean, it sounds very simple if you have it on piece of paper saying, "Okay, let us just put two brands together, see what we do." But once again, to focus firstly, you have to get the OEM across the line, then do the layouts and what you do within the location like that. But lastly is also empowering your people to change to this adapting landscape.

Speaker #2: But you have to participate in the full spectrum to actually meet that overall market leadership position we've got. Obviously, meeting evolving customer needs involves lots of new products.

Speaker #2: We've introduced new channels, but there are new products that we've introduced, new service offerings specifically around aftermarket parts and mobility solutions. So that's quite important.

Speaker #2: And also in our car rental space. Then, of course, the execution of this vehicle multi-strategy in a multi-franchise strategy is actually quite difficult. I mean, it sounds very simple if you have it on a piece of paper saying, okay, let's just put two brands together, see what we do.

Speaker #2: But once again, to focus firstly, you have to get the OEM across the line, then do the layouts and what you do within the location like that.

Ockert Janse van Rensburg: But once again, to focus firstly, you have to get the OEM across the line, then do the layouts and what you do within the location like that. But lastly is also empowering your people to change to this adapting landscape. Very tough to do and takes a lot of hard work. But I think the way we have connected with our people in this last year certainly made the difference that we were able to get that right, and you will see that coming through quite a lot. So how have we done? It is great standing here and then we say, true, so we must diversify and get the benefit. But I think this actually tells you what has happened. Our Chinese and Indian vehicle volumes have tripled.

Speaker #2: But lastly, it's also empowering your people to adapt to this changing landscape. Very tough to do, and it takes a lot of hard work.

Ockert Janse van Rensburg: Very tough to do and takes a lot of hard work. But I think the way we have connected with our people in this last year certainly made the difference that we were able to get that right, and you will see that coming through quite a lot. So how have we done? It is great standing here and then we say, true, so we must diversify and get the benefit. But I think this actually tells you what has happened. Our Chinese and Indian vehicle volumes have tripled. Triple is a difficult word to explain, but actually you can see that it is over 200% up. If you take all the volumes that we have sold in the last year compared to this year, if you were selling 100, you are now selling 300. So it is actually quite a huge amount up there.

Speaker #2: But I think the way we've connected with our people in this last year certainly made the difference, and we were able to get that right.

Speaker #2: And you'll see that coming through quite a lot. So, how have we done? It's great standing here. And then we say, true. So, we must diversify and get the benefit.

Speaker #2: But I think this actually tells you what has happened. So, our Chinese and Indian vehicle volumes have tripled now. 'Triple' is a difficult word to explain, but actually, you can see that it's over 200% up.

Ockert Janse van Rensburg: Triple is a difficult word to explain, but actually you can see that it is over 200% up. If you take all the volumes that we have sold in the last year compared to this year, if you were selling 100, you are now selling 300. So it is actually quite a huge amount up there. We obviously had to not just focus on the new vehicles. We were still focused very much onto our pre-owned as well. That focus execution I just spoke about also came through in pre-owned. Despite the market actually being down, you can see our pre-owned volumes grew by 5%. So we certainly outperformed the market for this last year. You may ask how have we achieved that?

Speaker #2: If you take all the volumes that we've sold in the last year compared to this year, if you were selling 100, you're now selling 300.

Speaker #2: So it's actually quite a huge amount up there. We obviously had to not just focus on the new vehicles; we were still very much focused on our pre-owned as well.

Ockert Janse van Rensburg: We obviously had to not just focus on the new vehicles. We were still focused very much onto our pre-owned as well. That focus execution I just spoke about also came through in pre-owned. Despite the market actually being down, you can see our pre-owned volumes grew by 5%. So we certainly outperformed the market for this last year. You may ask how have we achieved that? You have to rewind a little bit back to our strategies that we shared with you maybe a year ago, where we introduced the valuation methodology we had within GetWorth across the rest of our dealership network. I think that certainly played a part. But then once again, it had to do with people as well and the outlook you have had.

Speaker #2: So, that focus execution I just spoke about also came through in pre-owned. And despite the market actually being down, you can see our pre-owned volumes grew by 5%.

Speaker #2: So, we certainly outperformed the market for this last year. And you might ask, how did we achieve that? You have to rewind a little bit back to our strategies from a while ago.

Ockert Janse van Rensburg: You have to rewind a little bit back to our strategies that we shared with you maybe a year ago, where we introduced the valuation methodology we had within GetWorth across the rest of our dealership network. I think that certainly played a part. But then once again, it had to do with people as well and the outlook you have had. You had to open certain parameters to actually take advantage of a market where maybe the pre-owned is coming down because of the Chinese entrants. But if you have a big dealership footprint, what you do then get is new people arriving, customers arriving on your showroom floor, and they do have trade-ins.

Speaker #2: Where we introduced the valuation methodology we had within Getworth across the rest of our dealership network. I think that certainly played a part. But then, once again, it had to do with people as well.

Speaker #2: And the outlook you've had, you had to open certain parameters to actually take advantage of a market where maybe the pre-owned is coming down because of the Chinese entrance.

Ockert Janse van Rensburg: You had to open certain parameters to actually take advantage of a market where maybe the pre-owned is coming down because of the Chinese entrants. But if you have a big dealership footprint, what you do then get is new people arriving, customers arriving on your showroom floor, and they do have trade-ins. So don't lose the trade-in and make sure you actually take advantage of new and pre-owned at the same time. Very proud of what we have done in South Africa in that particular space. SA retail was a tough one. We had tough conversations. I think 6 months ago, we were telling you how we have to really look after the mature brands, the brands that are under pressure, et cetera. Very proud to tell you that H2 is much better than H1, and it feels as if we are actually on the right track there.

Speaker #2: But if you've got a big dealership footprint, what you do then get is new people arriving—customers arriving on your showroom floor. And they do have trade-ins.

Speaker #2: So don't lose the trade-in, and make sure you actually take advantage on new and pre-owned at the same time. So, very proud of what we've done in South Africa in that particular space.

Ockert Janse van Rensburg: So don't lose the trade-in and make sure you actually take advantage of new and pre-owned at the same time. Very proud of what we have done in South Africa in that particular space. SA retail was a tough one. We had tough conversations. I think 6 months ago, we were telling you how we have to really look after the mature brands, the brands that are under pressure, et cetera. Very proud to tell you that H2 is much better than H1, and it feels as if we are actually on the right track there. The successful turnaround has certainly happened there, and we are looking at the momentum we can take forward into the new year. Then you look at the launch of a product.

Speaker #2: SA retail was a tough one. We had tough conversations. I think six months ago, we were telling you how we have to really look after the mature brands, the brands that are underappreciated, et cetera.

Speaker #2: Very proud to tell you that H2 is much better than H1, and it feels as if we're actually on the right track there. So, the successful turnaround has certainly happened there.

Ockert Janse van Rensburg: The successful turnaround has certainly happened there, and we are looking at the momentum we can take forward into the new year. Then you look at the launch of a product. Now, it sounds very nice as well. Let us just bring in a new product, and we are going to see if we can sell this thing. True. We have now realized, again, it takes a bit of heavy lifting to actually get a product off the ground. But we are very proud to say here today and tell you, well, we have successfully relaunched that Tata brand. The average is 600 units a month. But I can tell you in the last while, it is actually creeping up above 800, and I saw the naamsa numbers yesterday was 850, I think. So you can see how we immediately were able to position it. It is already a top 15 brand in the country.

Speaker #2: And we're looking at the momentum we can take forward into the new year. Then you look at the launch of a product. Now, it sounds very nice as well.

Ockert Janse van Rensburg: Now, it sounds very nice as well. Let us just bring in a new product, and we are going to see if we can sell this thing. True. We have now realized, again, it takes a bit of heavy lifting to actually get a product off the ground. But we are very proud to say here today and tell you, well, we have successfully relaunched that Tata brand. The average is 600 units a month. But I can tell you in the last while, it is actually creeping up above 800, and I saw the naamsa numbers yesterday was 850, I think. So you can see how we immediately were able to position it. It is already a top 15 brand in the country.

Speaker #2: Let's just bring in a new product, and we're going to see if we can sell this thing—true. So we've now realized, again, it takes a bit of heavy lifting to actually get a product off the ground.

Speaker #2: But we're very proud to say here today and tell you, well, we've successfully relaunched that Tata brand. It's now, on average, 600 units a month.

Speaker #2: But I can tell you, in the last while, it's actually creeping up above 800. I saw an arms number yesterday—850, I think.

Speaker #2: So, you can see how we immediately were able to position it. It's already a top-15 brand in the country. I'm very proud of what the team did there with the help of the OEM.

Ockert Janse van Rensburg: I am very proud of what the team did there with the help of the OEM. Now, obviously, if you were able to do all of that, profit is always nice to talk about, but also, cash is reality. Okay, so you have to first show me the money to make sure that we have really made this. And you can see that strong cash generation, ZAR 8 billion that actually got generated before we spend the money on working capital, vehicles for hire, et cetera. But all of that would actually help you to give a better return also to shareholders. And I am sure the shareholders are going to be quite pleased to see that we have upped that dividend policy of ours to actually pay out now 40% of headline earnings per share. So the dividend year-on-year is up 29%, even though the HEPS is only at high teens.

Speaker #2: Now, obviously, if you were able to do all of that, profits are always nice to talk about. But obviously, cash is reality. Okay.

Speaker #2: So you have to first show me the money to make sure that we've really made this. And you can see that strong cash generation—8 billion rand—that actually got generated before we spent the money on working capital, vehicles for hire, et cetera.

Speaker #2: But all of that would actually help us to give a better return to shareholders as well. And I'm sure the shareholders are going to be quite pleased to see that we've increased our dividend policy to now pay out 40% of headline earnings per share.

Speaker #2: So, the dividend year-on-year is up 29%, even though the HEPS is only at high teens. So, how did we then deliver on the strategy of ours?

Ockert Janse van Rensburg: So the dividend year-on-year is up 29%, even though the HEPS is only at high teens. How did we then deliver on the strategy of ours? I think we shared it with you in the past. We explained what we wanted to do. But you really need to get to the nuts and bolts of it. And the first bit is all around, you have a strong foundation. Now, a strong foundation helps you, obviously, during tough times because you are very resilient. But if the market is in your favor, you really have to then also make sure you take advantage of that, which I showed you on the previous slides already. But the integrated business model, something very unique to Motus, slightly different from our competitors, where we play all the way from that importer, distribution, retail, rental, mobility solutions into the aftermarket parts.

Ockert Janse van Rensburg: How did we then deliver on the strategy of ours? I think we shared it with you in the past. We explained what we wanted to do. But you really need to get to the nuts and bolts of it. And the first bit is all around, you have a strong foundation. Now, a strong foundation helps you, obviously, during tough times because you are very resilient. But if the market is in your favor, you really have to then also make sure you take advantage of that, which I showed you on the previous slides already. But the integrated business model, something very unique to Motus, slightly different from our competitors, where we play all the way from that importer, distribution, retail, rental, mobility solutions into the aftermarket parts. So you take advantage of the whole value chain. A diversified portfolio always helps you.

Speaker #2: I think we shared it with you in the past. We explained what we wanted to do, but you really need to get to the nuts and bolts of it.

Speaker #2: And the first bit is all around—you've got a strong foundation. Now, a strong foundation helps you, obviously, during tough times because you're very resilient.

Speaker #2: But if the market is in your favor, you really have to then also make sure you take advantage of that, which I showed you on the previous slides already.

Speaker #2: But the integrated business model is something very unique to Motus, slightly different from our competitors, where we play all the way from that importer, distribution, retail, rental, mobility solutions, into the aftermarket parts to take advantage of the whole value chain.

Ockert Janse van Rensburg: So you take advantage of the whole value chain. A diversified portfolio always helps you. I think in tough times, SA was at some really tough times a while ago. International had to bail you out. Maybe in this last year, you can see international now struggling a little bit. I think economies are tough. SA is doing a fantastic job. So that diversification across geographies, but also your different annuity income streams is certainly helping you. I think our market leadership has been really good. We've been able to maintain that one in five vehicle sales. Across the board, if you look at every one of those revenue streams, you will see that. Every performance driver has got their own market leadership targets themselves. Cash generation, we already spoke about. You understand our diverse team.

Speaker #2: A diversified portfolio always helps you. I think, in tough times—South Africa was in some really tough times a while ago—International had to bail you out.

Ockert Janse van Rensburg: I think in tough times, SA was at some really tough times a while ago. International had to bail you out. Maybe in this last year, you can see international now struggling a little bit. I think economies are tough. SA is doing a fantastic job. So that diversification across geographies, but also your different annuity income streams is certainly helping you. I think our market leadership has been really good. We've been able to maintain that one in five vehicle sales. Across the board, if you look at every one of those revenue streams, you will see that. Every performance driver has got their own market leadership targets themselves. Cash generation, we already spoke about. You understand our diverse team.

Speaker #2: Maybe in this last year, you can see international now struggling a little bit. I think economies are tough. SA is doing a fantastic job. So that diversification across geographies, but also your different annuity income streams, is certainly helping you.

Speaker #2: I think our market leadership has been really good. I mean, we've been able to maintain that one in five vehicle sales. But across the board, if you look at every one of those revenue streams, you will see that.

Speaker #2: And every performance driver has got their own market leadership targets themselves. Cash generation I already spoke about. You understand our diverse team. And I think the other bit that's really helped us is we've really taken a new effort to make sure that we actually empower also our surrounding communities where we operate in.

Ockert Janse van Rensburg: I think the other bit that's really helped us is we've really taken a new effort to make sure that we actually empower also our surrounding communities where we operate in. We certainly have seen that reciprocal benefit as well. For instance, something in our aftermarket parts where we've gone into areas were previously underserved, so really helping us there. Obviously, you can't just stand still. I think a foundation is great, and you can almost become a little bit complacent and say, "Well, everything is working." I think at Motus, we like to say that nothing's ever perfect, and we need to see what do we need to change, where do we need to transform, and be very deliberate on the areas where we want to transform.

Speaker #2: And we certainly have seen that it's a process of benefit as well. For instance, something in our aftermarket parts where we've gone into areas that were previously underserved.

Speaker #2: So, really helping us there. Now, obviously, you can't just stand still. I think a foundation is great, and you can almost become a little bit complacent and say, well, everything is working.

Speaker #2: I think at Motus, we like to say that nothing's ever perfect, and we need to see what we need to change—where do we need to transform?

Speaker #2: And be very deliberate on the areas where we want to transform. So, I think the one I spoke about already is how we had to empower people to deal with this new change and this new landscape.

Ockert Janse van Rensburg: I think the one I spoke about already is how we had to empower our people to deal with this new change and this new landscape. In a multi-franchise environment, you were used to selling one brand, making you the money, customers were walking in. The next minute, it completely changed. You have three, four brands on the dealership. The DP has to have a complete new outlook on how he actually deals with it. I think the digital era certainly also brought its own complexities, and all those complexities land up almost at one pivotal point, and that is really at our DPs. We're spending a lot of money around training in that space, but also empowering the people there to make decisions and actually help them along the way.

Speaker #2: I mean, in a multi-franchise environment, you were used to selling one brand, making you the money. Customers were walking in the next minute. It's completely changed.

Speaker #2: You have three or four brands at a dealership. The DP has to ask, has a complete new outlook on how he actually deals with that.

Speaker #2: I think the digital era has certainly also brought its own complexities, and all those complexities end up almost at one pivotal point.

Speaker #2: And that is really at our DPs. We're spending a lot of money around training in that space, but also empowering the people there to make decisions and actually help them along the way.

Speaker #2: We've obviously introduced the brands we've already spoken about, and we had to reposition certain aspects of our route to market. I think, as we said, the digital age is certainly with us.

Ockert Janse van Rensburg: We've obviously introduced the brands we already spoke about, and we had to reposition certain of our route to markets. I think, as we said, the digital age is certainly with us, and I think very pleased to say that all our innovation in that space is certainly starting to pay off. How do you then unlock the other growth opportunities that still exist? There's still quite a few. I think organic growth is still important for us. Don't underestimate it. Your existing business will still give you the best growth. But we had to also introduce certain other innovative streams. Something like a new way of buying, or maybe there's a rent-to-buy option going forward. Electric vehicles coming our way because any visa certainly turned. It started in the UK. We've seen it. We've now seen a big surge in Australia.

Speaker #2: And I think I'm very pleased to say that all our innovation in that space is certainly starting to pay off. How do you then unlock the other growth opportunities that still exist?

Speaker #2: I mean, there's still quite a few. I think organic growth is still important for us. I mean, don't underestimate it. Your existing business still gives you the base growth.

Speaker #2: But we had to also introduce certain other innovative streams—something like a new way of buying, or maybe there's a rent-to-buy option going forward.

Speaker #2: Electric vehicles are coming our way because any visa, certainly, turned. It started in the UK—we've seen it. We've now seen a big surge in Australia.

Speaker #2: It's certainly coming our way. And South Africa as well—maybe not to the same extent yet, because we don't have additional support from government, for instance.

Ockert Janse van Rensburg: It's certainly coming our way in South Africa as well. Maybe not to the same extent yet because we don't have additional support from government, for instance. You can see our customers' behavior is also changing there, and we're very close to what we need to do there. I think collaborating with strategic partners is very important in this space as well. We do have partners where we have associates, for instance, or joint ventures with banks, et cetera, where we can try and test other things and also see to what extent that can help us. You don't always want to own everything. Some of your back-office sort of IT things, you actually prefer if someone else could really run with that and keep that digital investment going on that side. That's the way you can actually make a better outcome.

Speaker #2: But you can see our customers' behaviors also changing there, and we're very close to what we need to do there. I think collaborating with strategic partners is very important in this space as well.

Speaker #2: So, we do have partners where we have associates, for instance, or joint ventures with banks, et cetera, where we can try and test other things, and also see to what extent that can help us.

Speaker #2: You don't always want to own everything. Some of your back-office IT functions, you actually prefer someone else could really run with that.

Speaker #2: And keep that digital investment going on that side, and that's the way you can actually make a better outcome. Obviously, all of this is supporting us across all our performance drivers.

Ockert Janse van Rensburg: Obviously, all of this is supporting us across all those performance drivers of ours. I think, thus far we've been very pleased with how our people have responded to this. If you then go through the three, I'm just going to give you three very quick examples of resilient foundation. We already spoke about South Africa, but this actually puts it in numbers. First of all, still a market leader, still selling one out of five. That is despite how many new entrants coming in. So one out of five new passenger vehicles in the country are being sold through Motus. Our volume growth has actually been funneled through the dealer channel, not necessarily through car rental or others. You can see more than 20% dealer channel growth. Our leadership team I already spoke about, you know how diverse and experienced they are.

Speaker #2: And I think, thus far, we've been very pleased with how our people have responded to this. If we then go through the three, and I'm just going to give you three very quick examples of resilient foundation.

Speaker #2: We already spoke about South Africa, but this actually puts it in numbers. First of all, still a market leader, still selling one out of five.

Speaker #2: And that is despite how many new entrants are coming in. So, one out of every five new passenger vehicles in the country is being sold through Motus.

Speaker #2: Our volume growth has actually been funneled through the dealer channel, not necessarily through car rental or others. So, you can see that there is more than 20% growth in the dealer channel.

Speaker #2: Our leadership team already spoke about how diverse and experienced they are. But I think if you look at those bottom lines, that really tells you.

Ockert Janse van Rensburg: I think if you look at those bottom numbers, that really tells you. The SA profit before tax grew 31% from the prior year. I don't know if there's any other South African automotive companies you can which would really get close to that. You can see that the overall margins we're making also increased. It used to be 5.4%, it's 5.7% for South Africa. That obviously gave you a lot of cash at the back end. Quick slide on what if we adapt and change. Everyone asks us, that's a question we keep on getting. Exactly which brands do you back? Which ones don't you back? Which ones do you like? Which ones don't you like? I think in this particular slide, it just gives you a quick snapshot. In South Africa, we represent now 15 of these, what we call growing and emerging brands.

Speaker #2: The SA profit before tax grew 31% from the prior year. I don't know if there's any other South African companies in automotive that would get close to that.

Speaker #2: And you can see that the overall margins we're making also increased. They used to be 5.4%, and it's now 5.7% for South Africa. That obviously gave you a lot of cash at the back end.

Speaker #2: Quick slide on what did we adapt and change? Everyone asks us. I mean, there's a question we keep on getting: So exactly which brands do you back?

Speaker #2: Which ones don't you back? Which ones do you like? Which ones don't you like? And I think, in this particular slide, it just gives you a quick snapshot in South Africa.

Speaker #2: We represent now 15 of these, what we call growing and emerging brands. We didn’t have these brands, call it, three or four years ago.

Ockert Janse van Rensburg: We didn't have these brands, call it three or four years ago. We slowly started, but in the last year or 18 months, we've really pivoted quite a lot towards it. That has been part of the reason why we could maintain that market leadership position. As I already told you, more than 200% since the prior year. We represent 43 brands and every one of the top 20. If the market grows, as you would have seen yesterday, again, the naamsa numbers were good. This business grows because it's actually got that. With international, we've done exactly the same. There, multi-franchise was always in Australia. It's been easier there to maybe get some of these new Chinese brands in there as well. In the UK, it was actually quite difficult because they were not used to multi-franchise at all.

Speaker #2: We started slowly, but in the last year or 18 months, we've really pivoted quite a lot towards it. That has been part of the reason why we could maintain that market leadership position.

Speaker #2: And, as I already told you, more than 200% since the prior year. We represent 43 brands, and every one of the top 20. So, if the market grows—as you would have seen yesterday, again, the NAMSA numbers were good.

Speaker #2: This business grows because it's actually got that. With International, we've done exactly the same. Their multi-franchise was always in Australia. It's been easier there to maybe get some of these new Chinese brands in there as well.

Speaker #2: In the UK, it was actually quite difficult because they were not used to multi-franchise at all. And when we started talking about it two years ago with the then MD of that passenger division, I mean, it was quite a hard conversation to almost convince him this is what we need to do.

Ockert Janse van Rensburg: When we started talking about it 2 years ago with the then MD of that passenger division, it was quite a hard conversation to almost convince him this is what we need to do. But you can see how he has been able to pivot it. He has in the meantime handed over now to Tom, and they are really taking it forward. We are very proud of the way we have been able to get BYD, Chery, and JAC Motors now into our stable there as well. The one area where we feel we still have not unlocked the growth opportunity completely is maybe in aftermarket parts. We deliberately gave it a slide and also split it into the three components so you can understand it properly.

Speaker #2: But you can see how he's been able to pivot it. He's, in the meantime, handed over now to Tom, and they're really taking it forward.

Speaker #2: And there we are very proud of the way we've been able to get BYD, Chery, and JAC Kona Motor now into our stable there as well.

Speaker #2: The one area where we feel we still haven't unlocked the growth opportunity completely is maybe in aftermarket parts. We deliberately gave it a slide and also split it into the three components.

Speaker #2: You can understand it properly. So, the one was around our strategy to get the whole wholesale chain of that vertical integration coming from China, all the way into the UK—also supplying Poland, supplying South Africa.

Ockert Janse van Rensburg: The one was around our strategy to get the whole wholesale chain of that vertical integration coming from China all the way into the UK, also supplying Poland, supplying South Africa. The wholesale revenue has actually gone up by 20%. We have certainly been able to unlock and get that value chain to start working. It is difficult because as you are moving stock from one place to the next, you do unfortunately also eliminate as you are growing. It needs to sell out right at the front end to really see the full value unlock. In South Africa, we have certainly been able to prove that. In South Africa, the operating profit increased by 20%. Very well done to the South African team. I think first of all, they got the volumes right. They had to pivot also to what are the right brands they needed.

Speaker #2: And the wholesale revenue has actually gone up by 20%. So we've certainly been able to unlock and get that value chain to start working.

Speaker #2: It is difficult because, as you’re moving stock from one place to the next, you do unfortunately also eliminate as you are growing. So, it needs to sell out right at the front end to really see the full value unlock.

Speaker #2: In South Africa, we've certainly been able to prove that. And in South Africa, the operating profit increased by 20%. So very well done to the South African team.

Speaker #2: I think, first of all, they got the volumes right. They had to pivot also to what are the right brands they needed. They did look at their own sort of product line.

Ockert Janse van Rensburg: They did look at their own sort of product lineup that they had. You will see that the volumes only grew by 6% because we actually took some of the products away, reintroduced or introduced F&I Pro in some of those lines, which gave you a better margin, and then you end up with an overall number where the operating profit increased by 20%. We have also been able to access new markets there in an economy that is very tough. Remember, if you think about aftermarket parts, they are right in the hands of what the GDP basically does in a country. If the GDP is only 1%, very difficult to grow it from a volume perspective. But you can see we have been able to find other informal markets where we were not in before, where they used to be underserved, and we still have a lot to do here.

Speaker #2: They had. And you'll see that the volumes only grew by 6% because we actually took some of the products away, reintroduced or introduced FRI Pro, and some of those lines which gave you a better margin.

Speaker #2: And then you end up with an overall number where the operating profit increased by 20%. We've also been able to access new markets there.

Speaker #2: And the economy, that's very tough. Remember, if you think about aftermarket parts, they're right in the hands of what the GDP basically does in a country.

Speaker #2: If the GDP is only 1%, it is very difficult to grow it from a volume perspective. But you can see we've been able to find other informal markets where we were not in before, where they used to be underserved.

Ockert Janse van Rensburg: But you can see we have been able to find other informal markets where we were not in before, where they used to be underserved, and we still have a lot to do here. I think that we are going to accelerate the top-line growth in this new year. We have certainly put that out as a key target for us and still expand into these other areas where we are not in through maybe Midas Express stores, et cetera. The UK aftermarket parts retail side, not to be confused by the wholesale side, has probably been the one that has been under the most pressure. The pressure points there has really been around expenses. You can see top line, they actually did do quite a good job.

Speaker #2: And we still have a lot to do here. I think that we're going to accelerate top-line growth in this new year. We've certainly put that out as a key target for us.

Ockert Janse van Rensburg: I think that we are going to accelerate the top-line growth in this new year. We have certainly put that out as a key target for us and still expand into these other areas where we are not in through maybe Midas Express stores, et cetera. The UK aftermarket parts retail side, not to be confused by the wholesale side, has probably been the one that has been under the most pressure. The pressure points there has really been around expenses. You can see top line, they actually did do quite a good job. Revenue, gross profit, that all increased by 5%. I think the F&I Pro introduction has certainly helped. Can we do better on volumes? Yes. We need to still drive the top-line volumes harder and maybe through store openings, et cetera, we will actually drive more of that product to the end customers.

Speaker #2: And still expand into these other areas we were not in, through maybe Midas Express stores, etc. The UK aftermarket parts retail side, not to be confused with the wholesale side, has probably been the one that's been under the most pressure.

Speaker #2: And the pressure points there have really been around expenses. So you can see top line, they actually did do quite a good job. So revenue and gross profit, that all increased by 5%.

Ockert Janse van Rensburg: Revenue, gross profit, that all increased by 5%. I think the F&I Pro introduction has certainly helped. Can we do better on volumes? Yes. We need to still drive the top-line volumes harder and maybe through store openings, et cetera, we will actually drive more of that product to the end customers. But the big drawback here was actually that operating expenses increased by 13%. Most of those were outside of our control. It was above inflation, staff cost increases, and it was really coming from theGovernment where you had the National Insurance rates and a Minimum Wage, all at much higher rates. It came through as a full year number for this last year, and that munfortunately did draw back a little bit from the good work we've already done there.

Speaker #2: And I think the FRI Pro introduction has certainly helped. Can we do better on volumes? Yes, we still need to drive the top-line volumes harder.

Speaker #2: And maybe through store openings, etc., we will actually drive more of that product through to the end customers. But the big drawback here was actually that operating expenses increased by 13%.

Ockert Janse van Rensburg: But the big drawback here was actually that operating expenses increased by 13%. Most of those were outside of our control. It was above inflation, staff cost increases, and it was really coming from the Government where you had the National Insurance rates and a Minimum Wage, all at much higher rates. It came through as a full year number for this last year, and that unfortunately did draw back a little bit from the good work we've already done there. I think we are in the process of strengthening that management team even further. We believe this is still a business that we need to continue and grow with, and we're certainly going to accelerate also some of these digital solutions which we're busy with.

Speaker #2: Most of those were outside of our control. It's above-inflation staff cost increases, and it was really coming from the government, where you had the national insurance rates and minimum wage, all at much higher rates.

Speaker #2: It came through as a full year number for this last year, and that unfortunately did draw back a little bit from the good work we've already done there.

Speaker #2: I think we are in the process of strengthening that management team even further. We believe this is still a business that we need to continue with and grow.

Ockert Janse van Rensburg: I think we are in the process of strengthening that management team even further. We believe this is still a business that we need to continue and grow with, and we're certainly going to accelerate also some of these digital solutions which we're busy with. I think you realize the benefit you've got in that innovation pipeline we've already built in South Africa, where we can now export effectively a rand-based solution into a pound-based end result. So hopefully that can give us a little bit more on that. So performance at a glance before I hand over, I always like to have one financial slide at least. Or else it feels like I was never a CFO in the past.

Speaker #2: And we are certainly going to accelerate also some of these digital solutions which we're busy with. I think you realize the benefit you've got in that innovation pipeline we've already built in South Africa.

Ockert Janse van Rensburg: I think you realize the benefit you've got in that innovation pipeline we've already built in South Africa, where we can now export effectively a rand-based solution into a pound-based end result. So hopefully that can give us a little bit more on that. So performance at a glance before I hand over, I always like to have one financial slide at least. Or else it feels like I was never a CFO in the past. So at least I can tell you the operating profit did grow by 4%. A really resilient performance from SA, as I've already told you. PBT up 20%, and I think that was a really good number for us to get to. Obviously, we had the benefit of the lower interest rate as well. Headline earnings per share up 15%. Total dividends, as I said already, 29% up to ZAR 7.10.

Speaker #2: We can now effectively export a rent-based solution into a pound-based end result. So, hopefully, that can give us a little bit more on that.

Speaker #2: So, performance at a glance—before I hand over, I always like to have at least one financial slide. Otherwise, it feels like I was never a CFO in the past.

Speaker #2: So, at least I can tell you the operating profit did grow by 4%. Really resilient performance from SA, as I've already told you. PBT up 20%.

Ockert Janse van Rensburg: So at least I can tell you the operating profit did grow by 4%. A really resilient performance from SA, as I've already told you. PBT up 20%, and I think that was a really good number for us to get to. Obviously, we had the benefit of the lower interest rate as well. Headline earnings per share up 15%. Total dividends, as I said already, 29% up to ZAR 7.10.

Speaker #2: And I think that was a really good number for us to get to. Obviously, we had the benefit of the lower interest rate as well.

Speaker #2: Headline earnings per share up 15%. Total dividends, as I said already, up 29% to 7.10. So this final dividend is only 4.10; it’s not double, it’s 7.10.

Ockert Janse van Rensburg: So this final dividend is only ZAR 4.10, man. It's not the whole ZAR 7.10. You already got the three. So it's another ZAR 4.10 for you. BEE scorecard, we maintained a level 2. Very good work we've done around that. And I think, as I told you earlier, very much a deeply rooted South African company. In our ESG measures, we achieved 80% of all our sustainability targets. So yeah, I think all in all, good performance. We're very proud of what we've done, but maybe Brenda can take you through some of the financial slides.

Speaker #2: You already got the three, so it's another 4.10 for you. BE scorecard—we maintained the level two. Very good work we've done around that.

Speaker #2: And I think, as I told you earlier, we are very much a deeply rooted South African company. With our ESG measures, we achieved 80% of all our sustainability targets.

Speaker #2: So yeah, I think all in all, good performance. We're very proud of what we've done. But maybe Brenda can take you through some of the financial slides.

Speaker #1: Thank you. I'm so glad you got a clap, so really well done on a great presentation. Good morning, everyone. It's my pleasure to present to you the financial results of Motus for the period ended 30 June 2026.

Brenda Baijnath: Thank you. I'm so glad you got a clap, so really well done on a great presentation. So good morning, everyone, and it's my pleasure to present to you the financial results of Motus for the period ended 30 June 2026. So before we get into the numbers, you're going to hear me talk about three themes consistently. The first is that Motus has delivered a strong operational and financial result that was supported by much higher volumes, improved margins across the board, strict cost discipline, as well as a focused execution of the strategy. The second is that we have strengthened the balance sheet. A key element during the year was to really hone in about how do we start to repay debt a lot faster? How do we improve cash generation across the business?

Speaker #1: So before we get into the numbers, you're going to hear me talk about three themes consistently. The first is that Motus has delivered a strong operational and financial result that was supported by much higher volumes, improved margins across the board, strict cost discipline, as well as a focused execution of the strategy.

Speaker #1: The second is that we have strengthened the balance sheet. A key element during the year was to really hone in on how we start to repay debt a lot faster, how we improve cash generation across the business, but more importantly, it was sticking to targets that we had set ahead of time in terms of working capital.

Brenda Baijnath: But more importantly, it was sticking to targets that we had set ahead of time in terms of working capital. If we put all of that together, I think as we stand here, we are very pleased with where the balance sheet stands today. Lastly, it really talks to our ability to rapidly and aggressively adapt to changes in the automotive market. As Oket highlighted earlier, in South Africa, we have increased our Chinese and Indian brand sales volumes by more than 200%, and that is no easy feat, being able to triple the volumes in just 12 months. In the UK, we have increased our Chinese volumes by more than 300%, and in Australia by more than 40%.

Brenda Baijnath: But more importantly, it was sticking to targets that we had set ahead of time in terms of working capital. If we put all of that together, I think as we stand here, we are very pleased with where the balance sheet stands today. Lastly, it really talks to our ability to rapidly and aggressively adapt to changes in the automotive market. As Ockert highlighted earlier, in South Africa, we have increased our Chinese and Indian brand sales volumes by more than 200%, and that is no easy feat, being able to triple the volumes in just 12 months. In the UK, we have increased our Chinese volumes by more than 300%, and in Australia by more than 40%.

Speaker #1: And if we put all of that together, I think as we stand here, we're very pleased with where the balance sheet stands today. And lastly, it really speaks to our ability to rapidly and aggressively adapt to changes in the automotive market.

Speaker #1: As highlighted earlier by our architects in South Africa, we have increased our Chinese and Indian brand sales volumes by more than 200%. And that's no easy feat.

Speaker #1: Being able to almost triple the volumes in just 12 months. In the UK, we have increased our Chinese volumes by more than 300%.

Speaker #1: And in Australia, by more than 40%. The message was loud and clear to us last year, saying, you guys are going too slowly.

Brenda Baijnath: The message was loud and clear to us last year to say, "You guys are going too slowly, you are too conservative, and you need to go for it." We did that, and together with our management team, I think we can call that success overall. Turning to our financial results, this is just an extract of the statement of profit and loss. You will see that revenue was actually up by 1%, but if we exclude the disposal of our Mercedes-Benz Truck and Van business that I will not talk to as MTV going forward, our revenue actually increased by 3%. What is very clear, particularly in the South African market, is that our customers are prioritizing affordability. The average price of vehicles that we are now financing is about ZAR 350,000, and hence that mix is starting to impact on the top-line number.

Speaker #1: You're too conservative, and you need to go for it. We did that. And together with our management team, I think we can call that overall a success.

Speaker #1: So, turning to our financial results—this is just an extract of the statement of profit and loss. You'll see that revenue was actually up by 1%.

Speaker #1: But if we exclude the disposal of our Mercedes truck and van business, that I will not refer to as MTV going forward, our revenue actually increased by 3%.

Speaker #1: What is very clear, particularly in the South African market, is that our customers are prioritizing affordability. The average price of vehicles that we are now financing is about R350,000.

Speaker #1: And hence, that mix is starting to impact on the top line number. However, we remained relentless in our fight for volumes. And from a South African perspective, we actually increased our sales volumes, as I could highlight to you, through our dealer channel by 20%.

Brenda Baijnath: However, we remained relentless in our fight for volumes. From a South African perspective, we actually increased our sales volumes, as Oket highlighted to you, through our dealer channel by 20%. In the same period, naamsa has reported a 15% increase, and that shows you the effort that had gone in to drive that sales volumes and ensure that we were getting our fair share of the market. But that was not all yet done because we were not just about pushing volumes. We really wanted to make sure from Oket and my desk that we were driving margin improvement with that. You see that has culminated in our operating profit actually increasing by 4% year-on-year. What is in that number? What is sitting in there is actually the higher sales volumes. It is the margin improvement.

Brenda Baijnath: However, we remained relentless in our fight for volumes. From a South African perspective, we actually increased our sales volumes, as Ockert highlighted to you, through our dealer channel by 20%. In the same period, naamsa has reported a 15% increase, and that shows you the effort that had gone in to drive that sales volumes and ensure that we were getting our fair share of the market. But that was not all yet done because we were not just about pushing volumes. We really wanted to make sure from Ockert and my desk that we were driving margin improvement with that. You see that has culminated in our operating profit actually increasing by 4% year-on-year. What is in that number? What is sitting in there is actually the higher sales volumes. It is the margin improvement.

Speaker #1: In the same period, NAMSA has reported a 15% increase. And that shows you the effort that had gone into driving those sales volumes and ensuring that we were getting our fair share of the market.

Speaker #1: But that was not all yet done, because we were not just about pushing volumes. We really wanted to make sure, from Orchid and my desk, that we were driving margin improvement with that.

Speaker #1: And you see, that has culminated in our operating profit actually increasing by 4% year-on-year. So, what's in that number? What's sitting in there is actually the higher sales volumes.

Speaker #1: It is the margin improvement. It is a significant cost reduction that we have put through into each of the businesses, which I will unpack a bit later.

Brenda Baijnath: It is a significant cost reduction that we have put through into each of the businesses that I will unpack a bit later. But more importantly, it was also looking at new revenue streams that started to feed into the business. It was not just about business as usual, but also looking at how we could tap into other markets as well. Our profit before tax, sitting at ZAR 4 billion, is the highest that it has been in over the past three years, and we are very proud as a management team to finally say we have increased our profit before tax to the ZAR 4 billion mark. Mentally, it is now a target that we are going to now stretch from and reach higher heights going forward. In case it is news to our management team, now you are aware, right?

Speaker #1: But more importantly, it was also looking at new revenue streams that started to feed into the business. So it was not just about business as usual, but also looking at how we could tap into other markets as well.

Speaker #1: Our profit before tax, sitting at $4 billion, is the highest that it has been in over the past three years. And we are very proud, as a management team, to finally say we've increased our profit before tax to the $4 billion mark.

Speaker #1: And mentally, it is now a target that we're going to stretch from and reach higher heights going forward. In case it's news to our management team, now you're aware—right?—that this is now the platform.

Brenda Baijnath: That this is now the platform. Profit before tax actually benefited from a significant reduction in our net finance costs. Here I have to actually acknowledge the Group Treasury team as well as our operational teams that really honed in to be able to actively repay down debt, take advantage of interest-free days on our floor plans, but more importantly, was looking for different sources of funding in terms of how we could access lower interest rates over the period. So really well done to our teams. I think it is phenomenal. Every time we present to you, we are presenting a double-digit reduction in this, but ultimately you can see it culminated in a good result in terms of profit before tax. We were exposed to volatility in currency, and hence you see that our foreign exchange movement sits at ZAR 140 million.

Speaker #1: Profit before tax actually benefited from a significant reduction in our net finance costs. And yeah, I have to actually acknowledge the Group Treasury team as well as our operational teams that really honed in to be able to actively repay down debt, take advantage of interest-free days on our floor plans, but more importantly, it was looking for different sources of funding in terms of how we could access lower interest rates over the period.

Speaker #1: So, really well done to our teams. I think it's phenomenal. And every time we present to you, we're presenting a double-digit reduction in this.

Speaker #1: But ultimately, you can see it culminated in a good result in terms of profit before tax. We were exposed to volatility in currency, and hence you see that our foreign exchange movement sits at 140 million.

Speaker #1: But importantly, in the first half of the year, that number was already 91. Through proactive actions we've taken in the second half of the year, we have reduced that number down to 49 million.

Brenda Baijnath: But importantly is in the H1 of the year, that number was already ZAR 91. Through proactive actions we have taken in the H2 of the year, we have reduced that number down to ZAR 49 million, and I will share with you some of the foreign currency hedging strategies that we have put in place to mitigate this going forward. Our income tax expense increased by 22%, and that represents an effective tax rate of 26%, which is representative of our global business. So all in all, our attributable profit is up 19% to ZAR 3 billion, with earnings per share being up 19% to ZAR 17.53, and headline earnings per share up 15% to ZAR 17.77. Importantly is headline earnings per share was adjusted for impairments as well as the loss that we recognized on the disposal of the MTV business last year.

Speaker #1: And I will share with you some of the foreign currency hedging strategies that we've put in place to mitigate this going forward. Our income tax expense increased by 22%.

Speaker #1: And that represents an effective tax rate of 26%, which is representative of our global business. So all in all, our attributable profit is up 19% to 3 billion rand with earnings per share being up 17 rand being up 19% to 17 rand 53 and headline earnings per share up 15% to 17 rand 77.

Speaker #1: Importantly, the headline earnings per share was adjusted for impairments, as well as the loss that we recognized on the disposal of the MTB business last year.

Speaker #1: So just as a quick glance into what made up the revenue contribution for this year—and you'll see this is a theme that comes through quite strongly—is our import and distributive business in South Africa outperformed.

Brenda Baijnath: Just as a quick glance into what made up the revenue contribution for this year, and you will see this as a theme that comes through quite strongly, is our Importer and Distributor business in South Africa outperformed, increasing their revenue by 13% and really fighting hard against the Chinese. If I rewind 12 months ago, we were in a position of saying, "Well, how do we deal with this? How do we address this volatility?" It is really our importers who are having very strong relationships with our OEMs, bringing in new products, targeting our customer base, and offering attractive value propositions. So really well done to our importers and job well done overall. From a Retail and Rental perspective, that is our global business. You see that we had a flat result year-on-year, and that is due to the disposal of MTV.

Speaker #1: Increasing their revenue by 13% and really fighting hard against the Chinese. If I rewind 12 months ago, we were in a position of saying, well, how do we deal with this?

Speaker #1: How do we address this volatility? It's really our importers having very strong relationships with our OEMs, bringing in new products, targeting our customer base, and offering attractive value propositions.

Speaker #1: So, really well done to our importers and job well done overall. From a retail and rental perspective, that is our global business. You see that we had a flat result year on year, and that is due to the disposal of NTV.

Speaker #1: Our mobility solutions was marginally down, with aftermarket parts being 2% up for the year. Again, from an operating profit perspective, the importers remain as our star performer, increasing their profitability by 30%.

Brenda Baijnath: Our Mobility Solutions was marginally down with Aftermarket Parts being 2% up for the year. Again, from an operating profit perspective, the Importers remain as our star performer, increasing their profitability by 30%. I couldn't help but smile when I saw Jaco this morning and I said to him, the one phrase that he has that sticks in the mind is about the relentless execution of the mundane. If there is one leader that continues to challenge the teams about activity, chasing down costs, and making the business as nimble as possible, it is probably Jaco, and we see the results being reflected in the Importer segment as well. So it is a combination of higher sales volumes, higher margins, and pushing more product through the dealer channel that culminated in a 30% improvement. Our Retail and Rental business, despite the disposal of MTV, actually increased operating profit by 1%.

Speaker #1: I couldn't help but smile when I saw Yaku this morning, and I said to him, the one phrase that he has that sticks in my mind is about the relentless execution of the mundane.

Speaker #1: If there’s one leader that continues to challenge the teams about activity, chasing down costs, and making the business as nimble as possible, it is probably Yaku.

Speaker #1: And we see the results being reflected in the importer segment as well. So it's a combination of higher sales volumes, higher margins, and pushing more product through the dealer channel that culminated in a 30% improvement.

Speaker #1: Our retail and rental business, despite the disposal of NTV, actually increased operating profit by 1%. And mobility solutions in a South African environment— inflation plus GDP, 5%, and that's what they've delivered.

Brenda Baijnath: Mobility Solutions in a South African environment, inflation plus GDP, 5%, and that is what they have delivered. So really, really well done to our Mobility Solutions team and aftermarket parts increasing by 1%. Digging a bit deeper to understand some of the key drivers of this result, again emphasizing the importer and distribution business, you see that their operating margin has increased to 4%. This is our targeted level, and we maintain that this segment should be between 4% to 4.5%, and they have achieved the 4% that we were looking for. However, the stellar result in here is that their profit before tax has increased by more than 100%. In other words, they have doubled their profit before tax and got to ZAR 385 million.

Speaker #1: So, really, really well done to our Mobility Solutions team, and aftermarket parts increasing by 1%. Digging a bit deeper to understand some of the key drivers of this result, and again emphasizing the import and distribution business, you see that their operating margin has increased to 4%.

Speaker #1: Now, this is our targeted level, and we maintain that this segment should be between 4% to 4.5%, and they've achieved the 4% that we were looking for.

Speaker #1: However, the stellar result in here is that their profit before tax has increased by more than 100%. And that was—they doubled their profit before tax and got to R385 million. Part of that was also around—you would have seen that Renault yesterday, with the numbers, had probably one of the highest volumes that we've seen over the past 12 months.

Brenda Baijnath: Part of that was also around, you would have seen that Renault yesterday with the naamsa numbers, had probably one of the highest volumes that we have seen over the past 12 months. Kia has been a stellar performance for us, and Hyundai holding their position as number 4 and fighting back against the Chinese. Of course, Tata has been a well-received addition to the family. So thank you very much for your contribution in there, Tata. However, what I have to recognize and be able to share with you is that the importer segment, as much as I am sharing these glamorous numbers with you, it is a tough business. The Chinese are playing directly into that space. We are having to constantly refresh the product, relook at pricing, and ensuring that our customer service remains at the best at all times.

Speaker #1: Kia has delivered a stellar performance for us, and Hyundai is holding their position as number four and fighting back against the Chinese. And, of course, Tata has been a well-received addition to the family.

Speaker #1: So, thank you very much for your contribution in there, Tato. However, what I have to recognize and be able to share with you is that the importer segment, as much as I'm sharing these glamorous numbers with you, is a tough, tough business.

Speaker #1: The Chinese are playing directly into that space. We're having to constantly refresh the product, relook at pricing, and ensure that our customer service remains at its best at all times.

Speaker #1: Here you'll be able to see that, again, despite the competitive environment, our volumes did increase by 15%. And as I said earlier, Tata with a welcoming 5,468 units into the stable.

Brenda Baijnath: Here you will be able to see that again, despite the competitive environment, our volumes did increase by 15%. As I said earlier, Tata, with a welcoming 5,468 units into the stable. One of the Achilles heel that we constantly talk about is the volatility in currency, and you saw it in the income statement as well. Oket and I have taken a view that we need to be able to secure our gross margin for at least the next nine months. To that end, we have taken advantage of the current strengthening of the rand against major currencies and have locked in forward cover for the US dollar until April of next year at 16.68, which we believe is quite an attractive rate. For the euro until March next year, 19.69. Now, why is that important?

Brenda Baijnath: Here you will be able to see that again, despite the competitive environment, our volumes did increase by 15%. As I said earlier, Tata, with a welcoming 5,468 units into the stable. One of the Achilles heel that we constantly talk about is the volatility in currency, and you saw it in the income statement as well. Ockert and I have taken a view that we need to be able to secure our gross margin for at least the next nine months. To that end, we have taken advantage of the current strengthening of the rand against major currencies and have locked in forward cover for the US dollar until April of next year at 16.68, which we believe is quite an attractive rate. For the euro until March next year, 19.69. Now, why is that important?

Speaker #1: One of the Achilles' heels that we constantly talk about is the volatility in currency. And you saw it in the income statement as well.

Speaker #1: Ockert and I have taken the view that we need to be able to secure our gross margin for at least the next nine months.

Speaker #1: So, in that, we've taken advantage of the current strengthening of the rand against major currencies and have locked in forward cover for the US dollar until April of next year.

Speaker #1: At 1,668, which we believe is quite an attractive rate. And for the euro, until March next year, at 1,969. Now, why is that important?

Speaker #1: That is important because, for us, it gives us certainty on what that gross margin is going to be for that product. Once we have certainty on the gross margin, we can then work across all of the other variables.

Brenda Baijnath: That is important because for us it gives us certainty on what that gross margin is going to be for that product. Once we have certainty on the gross margin, we can then work across all of the other variables. So this remains a key lever for us as we look at profitability of this segment. As we mentioned earlier, we did prioritize volumes into the dealer channel rather than rental. As a reminder, we do have higher margins that we realize out of the dealer channel. The demand was there, we took advantage of it, and we have realized it straight to the bottom line. From a retail and rental perspective, again, this is the global business. As I mentioned earlier, its revenue remained flat due to the disposal of MTV in the prior year, with operating profit remaining resilient and increasing up by 1%.

Speaker #1: So this remains a key lever for us as we look at the profitability of the segment. As we mentioned earlier, we did prioritize volumes into the dealer channel rather than rental.

Speaker #1: And as a reminder, we do have higher margins that we realize out of the dealer channel. The demand was there, we took advantage of it, and we've realized it straight to the bottom line.

Speaker #1: From a retail and rental perspective, again, this is the global business. As I mentioned earlier, revenue remained flat due to the disposal of MTV in the prior year.

Speaker #1: With operating profit remaining resilient and increasing by 1%, we have seen a slight improvement in operating margins to 2.8%. More importantly, our profit before tax was up 25%.

Brenda Baijnath: We have a slight improvement in operating margins at 2.8%, but more importantly, our profit before tax was up 25%. Earlier, when I told you that we had set targets and built them hard in terms of managing working capital, this is the result thereof. It was really an interest saving that we have had. It also credits the management team, because we had taken a strategic decision to dispose of non-core assets as well as businesses that did not make our targeted rate of return. All of that has culminated in the quality earnings that we can then present back to you today. Taking a step back and just looking at some of the geographies in which we operate from a retail and rental perspective, SA Retail was a very different story six months ago.

Speaker #1: Earlier, when I told you that we had set targets and drove them hard in terms of managing working capital, this is the result thereof.

Speaker #1: It was really an interest saving that we've had. But also, it's credit to the management team because we had taken a strategic decision to dispose of non-core assets as well as businesses that did not make our targeted rate of return.

Speaker #1: And all of that has culminated in a quality of earnings that we can then present back to you today. So, taking a step back and just looking at some of the geographies in which we operate from a retail and rental perspective—as a retail, it was a very different story six months ago.

Speaker #1: And I think we were all really worried about how we were going to turn this business around. We had shrinking brands that were facing a lot of pressure.

Brenda Baijnath: I think we were all really worried about how we are going to turn this business around. We had shrinking brands that were facing a lot of pressure. We brought in Kirion as being one of the most experienced CEOs that we have into that business. It was tough, but I think when we look at the results, I think we are on the right road and the journey ahead at least looks positive. Included in these numbers is the importer dealers that also you can see through the numbers presented, delivered their fair share and took advantage of the buoyancy within the South African automotive market, with vehicle sales units being up 11% for the period.

Speaker #1: We brought in Kyona as being one of the most experienced CEOs that we have into that business. It was tough, but I think when we look at the results, we're on the right road, and the journey ahead at least looks positive.

Speaker #1: Included in these numbers are the importer dealers that, as you can see through the numbers presented, delivered their fair share and took advantage of the buoyancy within the South African automotive market, with vehicle sales units being up 11% for the period.

Speaker #1: What we've also seen here is that we've been quite aggressive in expanding and acquiring new dealerships that have Chinese brands being represented. We believe that we are now able to serve the consumer much more effectively, as we are represented by most of the top brands within the country.

Brenda Baijnath: What we have also seen in here is that we have been quite aggressive in expanding and acquiring new dealerships that have Chinese brands being represented, and we believe that we are now able to serve the consumer much more effectively as we are represented by most of the top brands within the country. From a vehicle rental perspective, the last time I told you they delivered an exceptional performance, and as I was preparing for today, I thought, "What is another word for exceptional?" There is no other word, right? The only thing that I can think is that their exceptional performance has continued. Despite the pressure and the competitiveness that we see on the average daily rates, we still managed to increase revenue by 6%. Really, that has been due to the increase in the average utilization rate from 71% to 73%.

Speaker #1: From a vehicle rental perspective, the last time I told you they delivered an exceptional performance. And as I was preparing for today, I thought, what's another word for exceptional?

Speaker #1: There is no other word, right? So, the only thing that I can think of is that the exceptional performance has continued. Despite the pressure and the competitiveness that we see on the average daily rates, we still managed to increase revenue by 6%.

Speaker #1: And really, that has been due to the increase in the average utilization rate from 71% to 73%. And for some of us, we will think, well, 2% is neither here nor there.

Brenda Baijnath: For some of us, we were saying, "Well, 2%, it is neither here nor there." This is the actual use of the vehicles that we are now churning out much faster and being able to recognize higher revenue numbers. In the period, we have also increased our market share and taken away from others, and that has largely been in the international segment. Operating profit increased by 8% and profit before tax was also up 21%. Raina, well done to you and your team on that great result. From a UK retail perspective, we have presented the numbers in its functional currency to you. The reason for that is because we want to take away the noise of the FX volatility. When we look at it from a revenue perspective, revenue is down by £53 million.

Speaker #1: But this is the actual use of the vehicles that we are now churning out much faster, and being able to recognize higher revenue numbers in the period.

Speaker #1: We've also increased our market share and taken it away from others, and that has largely been in the international segment. Operating profit increased by 8%, and profit before tax was also up 21%.

Speaker #1: So, Raina, well done to you and your team on that great result. From a UK retail perspective, we've presented the numbers in its functional currency to you.

Speaker #1: And the reason for that is because we want to take away the noise of the FX volatility. When we look at it from a revenue perspective, revenue is down by £53 million.

Speaker #1: That, again, is due to the disposal of the MTV business in the prior year. Now, against the background that Ockert has just described to you, where we have a benign environment within the UK, this business still managed to generate an operating profit that was higher by £1 million.

Brenda Baijnath: That again is due to the disposal of the MTV business in the prior year. Now, against the background that Ocotte just described to you, where we have a benign economy within the UK, this business still managed to generate an operating profit that was higher by £1 million and profit before tax that was up by £11 million. That is no easy feat to be able to deliver, particularly where you have consumers that are quite cautious, the economy is quite weak, but within that, we have still increased the profit before tax. Importantly is from a passenger perspective, as I indicated to you earlier, our Chinese brand sales have increased by more than 300%, and it talks to the proactive decisions that were taken almost 18 months ago where we started to diversify the brands in that country.

Speaker #1: And profit before tax that was up by 11 million pounds. That is no easy feat to be able to deliver, particularly where you have consumers that are quite cautious.

Speaker #1: The economy is quite weak, but within that we have still increased the profit before tax. Importantly, from a passenger perspective, as I indicated to you earlier, our Chinese brand sales have increased by more than 300%.

Speaker #1: And it talks to the proactive decisions that were taken almost 18 months ago, where we started to diversify the brands in that country. On the UK commercial side of the business, we are still seeing pressure on the top line.

Brenda Baijnath: On the UK commercial side of the business, we are still seeing pressure on the top line as customers and businesses still remain cautious and are starting to delay some of their fleet sales. However, as I have shared with you before, 80% of their operating profit is actually derived from the regulatory servicing of those vehicles. That has enabled us to still maintain profitability within this business. So whilst the fleet sales are down, the energy income has continued to remain strong, and you see that we have actually maintained our workshop hours at 1.3 million hours per year. Australia retail comes off a very high base, and importantly, we still continue to sell vehicles within that market. However, there has been a structural shift.

Speaker #1: As customers and businesses still remain cautious and are starting to delay some of their fleet sales, however, as I’ve shared with you before, 80% of their operating profit is actually derived from the regulatory servicing of those vehicles.

Speaker #1: And that has enabled us to still maintain profitability within this business. So, whilst the fleet sales are down, the annuity income has continued to remain strong, and you see that we have actually maintained our workshop hours at 1.3 million hours per year.

Speaker #1: Australia retail comes off a very high base, and importantly, we still continue to sell vehicles within that market. However, there has been a structural shift.

Speaker #1: The moment we had seen that the Middle Eastern crisis had started to take effect in February, immediately customers started to move towards electric vehicles to save on the fuel bill.

Brenda Baijnath: The moment we had seen that the Middle Eastern crisis is starting to take effect in February, immediately customers started to move towards electric vehicles to save on the fuel bill, and there has been a surge of Chinese brands as well. Our recent acquisition of the Warragul dealership that has a number of Chinese brands is going to aid us to be able to service the customers and be able to provide the products that they are currently demanding in that market. But despite that onslaught of the Chinese gaining traction within the Australian market and the move towards electric, we still increased revenue by AUD 7 million. Operating profit was slightly softer, down by AUD 6 million, as well as profit before tax being lower. The reason for that is primarily due to the margin pressure that we are seeing in that particular country.

Speaker #1: And there has been a surge of Chinese brands as well. Our recent acquisition of the Wargo dealership that has a number of Chinese brands is going to aid us to be able to service the customers and be able to provide the products that they are currently demanding in that market.

Speaker #1: But despite that onslaught of the Chinese, you know, gaining traction within the Australian market and the move towards electric, we still increased revenue by $7 million.

Speaker #1: Aussie dollars. Operating profit was slightly softer, down by $6 million Aussie dollars, as well as profit before tax being lower. And the reason for that is primarily due to the margin pressure that we are seeing in that particular country.

Speaker #1: our vehicle workshop hours actually increased by 319 increased to 319,000 hours. And as we can see is whilst the team was feeling the pressure on the vehicle sales, they looked at the other revenue streams that we could access to be able to maintain their profitability.

Brenda Baijnath: Our vehicle workshop hours actually increased to 319,000 hours. As we can see, whilst the team was feeling the pressure on the vehicle sales, they looked at the other revenue streams that we could access to be able to maintain their profitability. The mobility solutions business always remains interesting. I do not know if I have shared this stat with you before, but if I have not, it is now on the screen, that more than 70% of the operating profit of this business is actually annuity-based. Which means that they are not starting from a zero base like selling a new car every single day, right. When they start the year, they already know that that annuity is baked into their number. But key is going to be to be able to build that fund going forward.

Speaker #1: The mobility solutions business always remains interesting. And I don't know if I've shared this stat with you before, but if I haven't, it is now on the screen: more than 70% of the operating profit of this business is actually annuity-based.

Speaker #1: Which means that they're not starting from a zero base, like selling a new car every single day, right? When they start the year, they already know that that annuity is baked into their number.

Speaker #1: But the key is going to be to be able to build that fund going forward. So, standing back and looking at their results, as I said to you, very impressive from a South African perspective, with operating profit being up 5% to R1.4 billion, and profit before tax also up 4% to R1.5 billion.

Brenda Baijnath: Standing back and looking at their results, as I said to you, very impressive from a South African perspective, with operating profit being up 5% to ZAR 1.4 billion. Profit before tax also up 5%, and our deferred fund income, which is the annuity base that we are building on the balance sheet, actually increased by 3%. When we stand back and look at this business, I am amazed two years later to realize the amount of capabilities and experience that sits within this team. We now find that there are additional revenue streams that we can access because the data and the capabilities that we have can now serve the Chinese markets and entrants as well, who are still trying to build these capabilities.

Speaker #1: And our deferred fund income, which is the annuity base that we are building on the balance sheet, actually increased by 3%. Now, when we stand back and look at this business, I’m amazed, two years later, to realize the amount of capabilities and experience that sits within this team.

Speaker #1: We now find that there are additional revenue streams that we can access because the data and the capabilities that we have can now serve the Chinese markets and entrants as well, who are still trying to build these capabilities.

Speaker #1: So, the future of this business looks super exciting, and we welcome Sam Peer as our new CEO to be able to drive that growth agenda for us.

Brenda Baijnath: The future of this business looks super exciting, and we welcome Sampire as our new CEO to be able to drive that growth agenda for us. Looking at our aftermarket parts business on a totality from a global perspective, the revenue did increase by 2%, and the operating margin was maintained at about 9% versus 9.1% in the previous year, with profit before tax increasing by 5% to ZAR 947 million. The key performer within this segment has been the SA aftermarket parts, and the benefit that we have had of releasing results today is we have seen some of our other peers come out with their numbers. If we compare, we can actually look at the competitiveness that sits within this environment.

Speaker #1: Looking at our aftermarket parts business in totality from a global perspective, revenue increased by 2%, and the operating margin was maintained at about 9%, compared to 9.1% in the previous year.

Speaker #1: With profit before tax increasing by 5% to 947 million, the key performer within this segment has been the SA aftermarket parts. The benefit that we've had of releasing results today is we've seen some of our other peers come out with their numbers.

Speaker #1: And if we compare, we can actually look at the competitiveness that sits within this environment. And despite, you know, the race to the bottom almost from a price perspective, we do see that our revenue did increase by 2%.

Brenda Baijnath: Despite the race to the bottom almost from a price perspective, we do see that our revenue did increase by 2%, unit volumes were up 6%, operating profit up 20%, and profit before tax had almost doubled to ZAR 330 million. Our operating profit has also benefited from a significant cost reduction as well as warehouse optimization and trying to access additional rebates that we have not in previous years as well. However, we are not satisfied with this, Michele, and I will ask for next year is about how do we grow that top line at a much faster rate, but really well done in terms of getting to an operating profit that is very close to ZAR 600 million.

Speaker #1: Unit volumes were up 6%. Operating profit was up 20%, and profit before tax had almost doubled to R330 million. Our operating profit had also benefited from a significant cost reduction, as well as warehouse optimization.

Speaker #1: And trying to access additional rebates that we haven't seen in previous years as well. However, we are not satisfied with this. Michelle and I will ask for next year how we grow that top line at a much faster rate. But, really, well done in terms of getting to an operating profit that's very close to R600 million.

Speaker #1: To be able to demonstrate the scale and the size of our Midas businesses in South Africa, we thought it would be good to highlight that currently, Michelle and her team handle more than 135 SKUs.

Brenda Baijnath: To be able to demonstrate the scale and the size of our Midas businesses in South Africa, we thought it would be good to highlight that currently Michele and her team handles more than 135 SKUs. Think about how many different types of parts that is, and within that scale, they are still able to generate quite a profitable number. When I talked earlier about accessing different revenue streams, different customer bases, a good example here is when Ocotte and I set the target for the team at the start of the year, we said to Michele, "Please, can you get to 1,000 car mechanics? But they must be active. We just do not want their telephone numbers in a WhatsApp group. We want to see active buying." Look at what they have delivered, right?

Speaker #1: Think about how many different types of parts that is, and within that scale they're still able to generate quite a profitable number. When I talked earlier about accessing different revenue streams, different customer bases, a good example here is when Octonite set the target for the team at the start of the year. We said to Michelle, "Please, can you get to 1,000 cozy mechanics? But they must be active."

Speaker #1: We just don't want their telephone numbers and a WhatsApp group. We want to see active buying. And look at what they've delivered, right?

Speaker #1: They've exceeded the target and actually got to 3,300 cozy mechanics that are actively buying for us. And I think, really, really well done, Michelle.

Brenda Baijnath: They have exceeded the target and actually got to 3,300 car mechanics that are actively buying for us, and I think really, really well done, Michelle. You have helped us penetrate a new market, and we look forward to the future growth that can come out of this as well. Our international aftermarket parts, Ocotte has given you some color. The key takeaway from this is the strategy remains sound. Our wholesale business increased their revenue numbers by 20%, and when we look at our retail business in the UK, their revenue increased by 6% and gross profit by 5%. Overall, that culminated in their revenue being up by GBP 15 million. We did talk about earlier that operating profit came under pressure due to the cost associated with Minimum Wage as well as National Insurance. I thought it was good to be able to quantify it for you.

Speaker #1: You've helped us penetrate a new market, and we look forward to the future growth that can come out of this as well. Our international aftermarket parts, Ocot, has given you some color.

Speaker #1: The key takeaway from this is that the strategy remains sound. Our wholesale business increased its revenue numbers by 20%. When we look at our retail business in the UK, their sales volumes and their revenue increased by 6%, and gross profit by 5%.

Speaker #1: And overall that culminated in their revenue being up by 15 million pounds. We did talk about earlier that operating profit came under pressure due to the cost the the the due to the cost associated with minimum wages as well as national insurance.

Speaker #1: And I thought it was good to be able to quantify it for you. In a normal business, one would expect an inflationary adjustment. But we've quantified it for you, to be able to say: but what was that above-inflationary number?

Brenda Baijnath: In a normal business, one would expect an inflationary adjustment, but we have quantified it to you to be able to say, but what was that above-inflationary number? That is actually GBP 2.7 million, or in rand terms, that is about ZAR 60 million. If we normalize for that, this business would have generated a profit of about GBP 700,000. So Ocotte has shared with you some of the actions that are being driven today as we speak to be able to mitigate that cost impact. I can tell you that that once-off big cost is now into the base, and as we move forward, we do not see significant increases coming through. However, we remain relentless to be able to drive that cost down and get this business back to the profitability that it should be. As I said, the strategy remains sound.

Speaker #1: And that is actually £2.7 million, or in rand terms, that's about R60 million. If we normalize for that, this business would have generated a profit of about £700,000.

Speaker #1: So we—Ocot has shared with you some of the actions that have been driven today, as we speak, to be able to mitigate that cost impact.

Speaker #1: And I can tell you that that one-off big cost is now in the base. And as we move forward, we don't see significant increases coming through.

Speaker #1: However, we remain relentless in our efforts to drive that cost down and get this business back to the profitability that it should achieve. So, as I said, the strategy remains sound.

Speaker #1: We have a cost issue that we are trying to solve for, purely driven by employee cost. To put it into context as well, it's 80% of our employees that were affected by the significant increase in national insurance and minimum wage in the UK.

Brenda Baijnath: We have a cost issue that we are trying to solve for, purely driven by the employee cost. To put it into context as well, it is 80% of our employees that were affected by the significant increase in the National Insurance and Minimum Wage in the UK. From a size perspective, our MPD business, which is the retail arm, is and still remains one of the top 5 aftermarket parts suppliers in the UK. From a strengthening of the balance sheet perspective, I am not going to go through the whole balance sheet because I cannot explain all the positive news to you. I have just chosen 2 items to bring to your attention. The one is that we have seen a reduction in our vehicles for hire because we prioritized our dealership channels as opposed to external rental companies.

Speaker #1: From a size perspective, our MPD business—which is the retail arm—is, and still remains, one of the top five aftermarket parts suppliers in the UK.

Speaker #1: From a strengthening of the balance sheet perspective, I'm not going to go through the whole balance sheet, because I can't explain all the positive news to you.

Speaker #1: I've just chosen two items to bring to your attention. One is that we have seen a reduction in our vehicles for hire because we prioritized our dealership channels as opposed to external rental companies.

Speaker #1: And our working capital has reduced by 2%, despite us bringing Tata into our stable. So, despite adding the working capital for Tata, overall as a group we still managed to reduce our working capital by 2%.

Brenda Baijnath: Our working capital has reduced by 2% despite us bringing Tata into our stable. So despite adding the working capital for Tata, overall as a group, we still managed to reduce our working capital by 2%. Our core interest-bearing debt reduced by a phenomenal 14%, and our floor plans from banks actually reduced by 7% as we tried to access different funding mechanisms that carried lower interest rates as well. The only thing that I want to demonstrate with this slide is 18 months ago, you were very upset with us as an investor base to say, "Your debt levels are elevated, you have cyclicality in your results, and we cannot project accurately." Well, here is the answer and here is the solution. For 3 consecutive periods, we have managed to keep debt levels at its lowest that it is probably been.

Speaker #1: Our core interest-bearing debt reduced by a phenomenal 14%. And our floor plans from banks actually reduced by 7% as we try to access different funding mechanisms that carried lower interest rates as well.

Speaker #1: The only thing that I want to demonstrate with this slide is, 18 months ago you were very upset with us as an investor base, to say your debt levels are elevated.

Speaker #1: We have cyclicality in our results and we can't project accurately. Well, here's the answer and here's the solution: For three consecutive periods, we have managed to keep debt levels at their lowest that they've probably ever been.

Speaker #1: It's stable, it's well contained, and we are extremely happy as a management team that we've been able to tick that box. However, we don't stop here.

Brenda Baijnath: It's stable, it's well contained, and we are extremely happy as a management team that we've been able to tick that box. However, we don't stop here, and efforts are still continuing now to be able to access different markets. On that note, I would like to announce that we have listed our first inaugural bond with the JSE on Friday, and we will now be engaging with our debt investors on roadshows and looking at different avenues, different sources of flexibility of funding. Really, Shakira, thank you very much for your leadership and the broader team together with RMB in taking us this far and hopefully having some success in the auction as well. Thank you very much for that.

Speaker #1: And it is still continuing now, to be able to access different markets. And on that note, I would like to announce that we have listed our first inaugural bond with the JSE on Friday, and we will now be engaging with our debt investors on roadshows and looking at different avenues, different sources of flexibility of funding. Really, Shakira, thank you very much for your leadership, and to the broader team together with R&B in taking us this far, and hopefully having some success in the auction as well.

Speaker #1: Thank you very much for that. From a cash flow perspective, is our cash generated from operations was 8 billion rand and as you can see we only put in 360 odd million into vehicles for hire, a billion re sorry into working capital with a billion rand in in vehicles for hire.

Brenda Baijnath: From a cash flow perspective, our cash generated from operations was ZAR 8 billion, and as you can see, we only put in 360 odd million into vehicles for hire, ZAR 1 billion, sorry, into working capital with ZAR 1 billion in vehicles for hire. However, the key message that I want you to take away from this is Motus remains committed to providing attractive returns to shareholders. In a period of 12 months with high cash generation, we have returned ZAR 1.9 billion to shareholders in the form of dividends and share repurchases, and we hope that trajectory will continue, as we continue to grow this company from a strength and balance sheet perspective.

Speaker #1: However, the key message that I want you to take away from this is that Motus remains committed to providing attractive returns to shareholders. In a period of twelve months with high cash generation, we have returned R1.9 billion to shareholders in the form of dividends and share repurchases.

Speaker #1: And we hope that that trajectory will continue as we continue to grow this company from a strengthened balance sheet perspective. Now, with all that cash sitting on my hands, one of our non-executive directors said to me he's going to—I should chop off anybody's hands that's going to spend money, because now we've got the debt level down.

Brenda Baijnath: Now, with all that cash sitting on my hands, one of our non-executive directors said to me I should chop off anybody's hands that's going to spend money because now we've got the debt levels down. We're not going to do that. Instead, we have a very disciplined financial framework that's anchored on five priorities. So one is, as I said to you, we don't stop here. We want more cash flow to be extracted out of this business. We think there is still a lot of value and lots of potential sitting across the different divisions that we operate in. Really, it's about disciplined cost management, higher sales volumes, and robust inventory management. Continuing to managing our debt levels remains a key priority.

Speaker #1: We're not going to do that. Instead, we have a very disciplined financial framework that's anchored on five priorities. One is, as I said to you, we don't stop here.

Speaker #1: We want more cash flow to be extracted out of this business. We think there is still a lot of value and lots of potential sitting across the different divisions that we operate in.

Speaker #1: And really, it's about disciplined cost management, higher sales volumes, and robust inventory management. Continuing to manage our debt levels remains a key priority. As I said to you, we want stability within our debt numbers, and we do believe that we've dipped a bit lower than where we should be.

Brenda Baijnath: As I said to you, we want the stability within our debt numbers, and we do believe that we've dipped a bit lower than where we should be. We're sitting at 1.3 times and the optimal level in the medium to long term should be 1.5 to 1.7 times. Disciplined capital allocation remains top of mind. We are not in the space where we're going to do big major acquisitions, but we will still look at moderate acquisitions that are still within the ambit of our current business segments. We continue to respond to economic volatility. As I shared with you, we've secured the gross margin on the dollar and the euro until March and April of next year, respectively. Our commitment to delivering attractive shareholder returns remains.

Speaker #1: We're sitting at 1.3 times, and the optimal level in the medium to long term should be 1.5 to 1.7 times. Disciplined capital allocation remains top of mind.

Speaker #1: We are not in the space where we're going to do big, major acquisitions, but we will still look at moderate acquisitions that are within the ambit of our current business segments.

Speaker #1: We continue to respond to economic volatility, as I shared with you. We've secured the gross margin on the dollar and the euro until March and April of next year, respectively.

Speaker #1: And our commitment to delivering attractive shareholder returns remains. As I get into my last slide, it's always good to look back. Since 2018, as to how much cash did we generate.

Brenda Baijnath: As I get into my last slide, it is always good to look back since 2018 as to how much cash did we generate. This business, since listing in 2018, has generated ZAR 38 billion. One third of it was invested back into the business to fund working capital as well as vehicles for hire, but 30% was actually returned back to shareholders. What this slide also demonstrates is that our investment case remains undeniable. We are a strong cash generating company. We are the leading automotive company in South Africa, and we have the scale, we have a well invested infrastructure, and therefore become an attractive partner to any OEM and other stakeholders. A good example is that we brought the Tata brand using our existing facilities, existing infrastructure, and as of yesterday, we were able to take this brand to be a top 12 brand.

Speaker #1: And this business, since listing in 2018, has generated R38 billion. One third of it was invested back into the business to fund working capital as well as vehicles for hire.

Speaker #1: But 30% was actually returned back to shareholders. What this slide also demonstrates is that our investment case remains undeniable. We are a strong cash-generating company.

Speaker #1: We are the leading automotive company in South Africa, and we have the scale. We have a well-invested infrastructure, and therefore we become an attractive partner to any OEM or other stakeholders.

Speaker #1: A good example is that we brought the Tata brand using our existing facilities, existing infrastructure, and as of yesterday, we were able to take this brand to be a top-12 brand.

Speaker #1: That also speaks to our people. We have some of the best people in the world working for us—highly experienced, with technical knowledge and know-how that cannot be compared to many of our peers.

Brenda Baijnath: That also talks to our people. We have some of the best people in the world that work for us. Highly experienced, technical knowledge and know-how that cannot be compared to many of our peers, but more importantly is our superior customer service that we offer. The diversity of our group in terms of accessing multiple revenue streams across the value chain enables us to grow from this space and be able to make a success of this company as we move forward. That is the power of our group, and that is Motus. On that note, I hand you back over to Oket.

Speaker #1: But more importantly, it's our superior customer service that we offer. The diversity of our group, in terms of accessing multiple revenue streams across the value chain, enabled us to grow from this space and be able to make a success of this company as we move forward.

Speaker #1: That is the power of our group, and that is Motus. And on that note, I hand you back over to Ocket. Sure. Thank you very much, Brenda.

Ockert Janse van Rensburg: Sure. Thank you very much, Brenda. I do not know how I am going to top that. That sounds too good to be true. You are right. I think that the growth has really been through that focused execution, and that is actually how we have seen it. It is not around, we can look pretty and show you some slides, but there is a lot of hard work happening at the coalface. So thank you very much to our ExCo team and I think to all our people. I think what we said earlier is that we have certainly connected to our people a lot better maybe in the last year than we have done before. I think that is really where we needed to go and spend the time, energy, and make sure that everyone understands how we are turning this business into a long-term sustainability business.

Speaker #1: Then I'm going to top that. That sounds too good to be true. But you're right. I think that you know the growth is really being through that focused execution and that's actually how you've seen it is it's not around you know we can we can look pretty and show you some slides but there's a lot of hard work happening at the at the you know at the coal face.

Speaker #1: So, thank you very much to our Exco team, and I think to all our people. I think what we said earlier is that we have certainly connected to our people a lot better, maybe in the last year, than what we've done before.

Speaker #1: And I think that's really where we needed to go and spend the time and energy, and make sure that everyone understands how we're turning this business into a long-term, sustainable business.

Ockert Janse van Rensburg: If there is a lot of brands changing, like I said earlier, all the effort you have to put in to try and turn this business and face in the right way, then obviously you have to invest heavily in your people. We have got more than 20,000 people working for us. I think in South Africa, we obviously do also measure ourselves around our diversification. You can see our SA black representation now sitting at 84%, our broad black representation at 63%, and our SA female representation sitting at 38%. I think that is something that we have also tried to make sure that we get right. We are, of course, sponsoring the YES for Youth, something that has been really working for us and has really helped a lot of new people getting into the workspace over the years.

Speaker #1: If there's, you know, a lot of brands changing, like I said earlier, all the effort you have to put in to try and turn this business and face it the right way, then obviously you have to invest heavily in your people.

Speaker #1: We've got more than 20,000 people working for us. I think in South Africa, we obviously do also measure ourselves around our diversification. You can see our SA black representation is sitting at 84%.

Speaker #1: Our Board Black representation is at 63%, and our SA female representation is sitting at 38%. I think that is something that we've also tried to make sure that we get right.

Speaker #1: We are, of course, sponsoring the Yes for Youth, something that's been really working for us and has really helped a lot of new people getting into the workspace over the years.

Speaker #1: We've now done 3,300 jobs, and I think what is more important there—and that's probably why we did get the accolades, even from the president—was, you know, our retention rate sitting at 43%, and we've got our certificate hanging in our office for that.

Ockert Janse van Rensburg: We have now done 3,300 jobs. I think what is more important there, and that is probably why we did get the accolades even from President Cyril Ramaphosa, was saying our retention rate is sitting at 43% and we get our certificate hanging in our office for that. I think on the training side, we continuously invest and train. We train wider than ourselves. We do not just train for Motus, we actually train for the industry. We do train our own people. A lot of our people move around within the industry after that. You can see our training academies. We train more technicians than what the country needs necessarily, or what we require, what the country requires. That is the way we actually make sure that the total automotive also remains strong.

Speaker #1: I think on the training side we continuously invest and train. We train wider than ourselves; we don't just train for Motus, we actually train for the industry.

Speaker #1: We do train our own people. A lot of our people move around within the industry after that. You can see our training academies. We train more technicians than what the country needs, necessarily, or what we require, what the country requires.

Speaker #1: And that's the way we actually make sure that the total automotive also remains strong. We also spend 7 and a half million on on on the bursaries and it impacted 193 students and those were the bursaries for staff working in within our business and they immediate families.

Ockert Janse van Rensburg: We also spend ZAR 7.5 million on the bursaries. It impacted 193 students, and those were the bursaries for staff working within our business and their immediate families. We are also empowering our communities. We are very proud that we have been a partner of the community trust that has actually spent money around the resource centers. We have got up to 96, and we are looking towards the 100th in October. Unfortunately, Osman could not be here this morning, but between Mohammed and Osman, I think over the years, they have really pushed us hard, and we are looking forward to that 100th resource center within this year still. Obviously, spending a lot of money around road safety, which is part of our domain. Then we also spend a lot of money around Mzansi clinics. I think we have been very fortunate to see that that is a program that has really taken off.

Speaker #1: We are also empowering our communities. We're very proud that we've been a, you know, a partner of this—the community trust that's actually spent, you know, money around the resource centers.

Speaker #1: We've got up to 96, and we are looking towards the 100th in October. Unfortunately, Osman couldn't be here this morning, but between Muhammad and Osman, I think over the years they've really pushed us hard, and we are looking forward to that 100th resource center within this year still.

Speaker #1: Obviously, spending a lot of money around road safety, which is part of our domain, and then we also spend a lot of money around, from Johnny, clinics.

Ockert Janse van Rensburg: Obviously, spending a lot of money around road safety, which is part of our domain. Then we also spend a lot of money around Mzansi clinics. I think we have been very fortunate to see that that is a program that has really taken off. It creates a lot of permanent employment, and it is also one of those businesses that actually starts growing itself. You do not necessarily need to always look after it. It actually has a permutation long after you have left it. So where do we see ourselves going in 2027? I think from a strategic focus perspective, not that much is actually going to change. Maybe that is a good thing. I do not say we should not change, but the reality is what is working for us. I think we want to maintain this market leadership of ours. In every part of our revenue streams, we actually have specific targets there.

Speaker #1: I think we've been very fortunate to see that that's a program that's really taken off. It creates a lot of permanent employment, and it's also one of those businesses that actually starts, you know, growing itself.

Ockert Janse van Rensburg: It creates a lot of permanent employment, and it is also one of those businesses that actually starts growing itself. You do not necessarily need to always look after it. It actually has a permutation long after you have left it. So where do we see ourselves going in 2027? I think from a strategic focus perspective, not that much is actually going to change. Maybe that is a good thing. I do not say we should not change, but the reality is what is working for us. I think we want to maintain this market leadership of ours. In every part of our revenue streams, we actually have specific targets there. Yes, the new vehicle one is nice to look at one out of five, but also on the others. When we have our leadership upside with our teams, we are very specific on what we want to track.

Speaker #1: You don't necessarily need to always look after it. It actually has a permutation long after you've left it. So, where do we see ourselves going in 2027?

Speaker #1: I think from a strategic focus perspective, not that much is actually going to change—and maybe that's a good thing. I'm not saying we shouldn't change, but the reality is, what we are doing is working for us.

Speaker #1: I think we want to maintain this market leadership of ours in every part of our revenue streams. We actually have specific targets there. The new vehicle one is nice to look at—one out of five—but also on the others, when we have our leadership update with our teams, we're very specific on what we want to track.

Ockert Janse van Rensburg: Yes, the new vehicle one is nice to look at one out of five, but also on the others. When we have our leadership upside with our teams, we are very specific on what we want to track. We want to build capacity for growth, and that is sometimes that people neglect, is saying, "Well, it is great to grow, but do we actually have the capacity to take that on?" Over the years, we have certainly been able to get that pipeline of our immediate people who can take over leadership positions. We have seen it in this last year when we have to split emerging brands into Tata and Mitsubishi, there is someone who can take over. Bruce Makola just walked in and actually just ran with it, and it is because he has been with the business before.

Speaker #1: We want to build capacity for growth, and that's something that people neglect—saying, "Well, it's great to grow, but do we actually have the capacity to take that on?" And over the years, we've certainly been able to get that pipeline of our immediate people who can take over leadership positions. We've seen it in this last year when we had to split Emerging Brands into Tarton and Mitsubishi; there's someone who can take over.

Ockert Janse van Rensburg: We want to build capacity for growth, and that is sometimes that people neglect, is saying, "Well, it is great to grow, but do we actually have the capacity to take that on?" Over the years, we have certainly been able to get that pipeline of our immediate people who can take over leadership positions. We have seen it in this last year when we have to split emerging brands into Tata and Mitsubishi, there is someone who can take over. Bruce Makola just walked in and actually just ran with it, and it is because he has been with the business before. In our aftermarket parts, we have been able to split that business into South Africa and international over the years.

Speaker #1: I mean, Bruce Mcola just walked in and actually just ran with it, and it's because he's been with the business before. You know, aftermarket parts—we've been able to split that business into South Africa and international over the years. Michelle took over as CFO, she moved up into the CEO role, got new talent coming in, and that's that kind of pipeline that you continuously have to grow and make sure that you strengthen yourself for to take care of growth.

Ockert Janse van Rensburg: In our aftermarket parts, we have been able to split that business into South Africa and international over the years. Michelle took over as CFO, she moved up into the CEO role, got new talent coming in, and that kind of pipeline, you continuously have to grow and make sure that you strengthen yourself to take care of growth. We are going to continuously still strengthen our brand representations. I think the market keeps on shifting. You need to stay with the market, and we have seen that even some of the new entrants coming in now is going to be quite exciting as well.

Ockert Janse van Rensburg: Michelle took over as CFO, she moved up into the CEO role, got new talent coming in, and that kind of pipeline, you continuously have to grow and make sure that you strengthen yourself to take care of growth. We are going to continuously still strengthen our brand representations. I think the market keeps on shifting. You need to stay with the market, and we have seen that even some of the new entrants coming in now is going to be quite exciting as well. Annuity-based earnings, obviously very important. You want to remain resilient. So one way of doing that is actually making sure that you grow these funds, as Brenda showed you earlier, around mobility solutions. 70% of those profitability is actually annuity income streams, and that is the type of thing that you want to grow.

Speaker #1: We are going to continuously strengthen our brand representations. I think the market keeps on shifting. You need to stay with the market, and we have seen that even some of the new entrants coming in now are going to be quite exciting as well.

Speaker #1: A newer-to-based earnings, obviously, are very important. You know you want to remain resilient. So one way of doing that is actually making sure that you grow these funds. As Brenda showed you earlier around mobility solutions, 70% of those profitability streams are actually annuity income streams, and that's the type of thing that you want to grow.

Ockert Janse van Rensburg: Annuity-based earnings, obviously very important. You want to remain resilient. So one way of doing that is actually making sure that you grow these funds, as Brenda showed you earlier, around mobility solutions. 70% of those profitability is actually annuity income streams, and that is the type of thing that you want to grow And obviously also on our workshop side, if you can retain those customers through the cycle, that is how you can unlock value going forward. Aftermarket parts, I think I told you earlier, I feel as if that is the one that is still holding us back a little bit. If that can even perform better, it would even be a better result. I think there is some real opportunities to unlock the growth value there in the immediate term.

Speaker #1: And obviously, also on our workshop side, if you can retain those customers through the cycle, that's how you can unlock value going forward.

Ockert Janse van Rensburg: And obviously also on our workshop side, if you can retain those customers through the cycle, that is how you can unlock value going forward. Aftermarket parts, I think I told you earlier, I feel as if that is the one that is still holding us back a little bit. If that can even perform better, it would even be a better result. I think there is some real opportunities to unlock the growth value there in the immediate term. So we are certainly going to work hard at that. I think overall, I think maximizing shareholder value is still something that is important to us and obviously that is the shareholder base that we represent. Prospects, very difficult to call in a market, in an environment like this. I think there is lots of volatility.

Speaker #1: Aftermarket parts—I think I told you earlier, I feel as if that’s the one that’s still holding us back a little bit. If that can even perform better, it would be an even better result.

Speaker #1: I think there are some real opportunities to unlock the growth value there in the medium term. So we are certainly going to work hard at that.

Ockert Janse van Rensburg: So we are certainly going to work hard at that. I think overall, I think maximizing shareholder value is still something that is important to us and obviously that is the shareholder base that we represent. Prospects, very difficult to call in a market, in an environment like this. I think there is lots of volatility. However, we are still very confident with everything that we see and where we have kicked off the year with the first month and maybe it is almost two months now that we have actually been in it. We believe that we would be able to grow our revenue in the mid-single digits at least. Obviously, this is across our whole diversified portfolio around vehicles, parts, services, SA and international.

Speaker #1: And I think, overall, maximizing shareholder value is still something that's important to us, and obviously that's how the shareholder base that we represent feels as well.

Speaker #1: So, prospects are very difficult to call in a market and environment like this. I think there's lots and lots of volatility. However, we are still very confident with everything that we see and where we've kicked off the year with the first month—and maybe it's almost two months now—that we've actually been in it.

Ockert Janse van Rensburg: However, we are still very confident with everything that we see and where we have kicked off the year with the first month and maybe it is almost two months now that we have actually been in it. We believe that we would be able to grow our revenue in the mid-single digits at least. Obviously, this is across our whole diversified portfolio around vehicles, parts, services, SA and international. We believe that that strong cash generation you would have seen on the slides that Brenda has shown earlier, the fact that you are able to spin that balance sheet very disciplined there. I always thought I was quite a tough CFO until the best CFO at Motus suddenly took over. So certainly, we have been able to really drive that cash flow generation. I think that balance sheet resilience really shows.

Speaker #1: We believe that we'd be able to grow our revenue in the mid-single digits at least. Obviously, this is across our whole diversified portfolio—around vehicles, parts, services, SA, and international. And we believe that the strong cash generation— you will have seen on the slides Brenda has shown earlier— the fact that you are able to spin that balance sheet very, very disciplined there.

Ockert Janse van Rensburg: We believe that that strong cash generation you would have seen on the slides that Brenda has shown earlier, the fact that you are able to spin that balance sheet very disciplined there. I always thought I was quite a tough CFO until the best CFO at Motus suddenly took over. So certainly, we have been able to really drive that cash flow generation. I think that balance sheet resilience really shows. You can see year on year, we have been able to really keep it at those levels. So we do believe that we are in a position of confidence as we are going into the new year, and we really hope to deliver on those promises. So, over to you. I think from my side, just a final thank you to our management teams.

Speaker #1: I always thought I was quite a tough CFO, until the best CFO notes that—and it took over. So certainly, you've been able to really drive that cash flow generation, and I think that balance sheet resilience really shows. You can see, year on year, we've been able to really keep it at those levels.

Ockert Janse van Rensburg: You can see year on year, we have been able to really keep it at those levels. So we do believe that we are in a position of confidence as we are going into the new year, and we really hope to deliver on those promises. So, over to you. I think from my side, just a final thank you to our management teams. The ExCo that is here today. We have got a slight change in the investor relations side. I think they have done a fantastic job. Our marketing team did a fantastic job. So I am really pleased to show these results to you. We do have about five minutes left for questions. So Claudia, maybe there at the back, if you can just see if there is anything online, and then we can take it in the room. Thank you.

Speaker #1: So we do believe that we are in a position of confidence going into the new year, and we really hope to deliver on those promises.

Speaker #1: So, over to you. I think, from my side, just a final thank you to our management teams and, you know, the Exco that's here today.

Ockert Janse van Rensburg: The ExCo that is here today. We have got a slight change in the investor relations side. I think they have done a fantastic job. Our marketing team did a fantastic job. So I am really pleased to show these results to you. We do have about five minutes left for questions. So Claudia, maybe there at the back, if you can just see if there is anything online, and then we can take it in the room. Thank you.

Speaker #1: We've got a slight change in the Investo Relations site. I think they've done a fantastic job. Our marketing team did a fantastic job.

Speaker #1: So, I'm really, really pleased to show these results to you. We do have about five minutes left for questions. So, Claudia, maybe there at the back, if you can just see if there's anything online, and then we can take it in the room.

Speaker #1: Thank you.

Speaker #2: Hi, can you hear me? There we go. So, we do have a couple of questions online. I think the first one relates to the Tata relaunch, which has gone really well this year.

[Company Representative] (Motus): Hi, can you hear me? There we go. We do have a couple of questions online. I think the first one relates to the Tata relaunch, which has gone really well this year. Would you consider adding any more brands and importing, adding more to your importer portfolio?

Justine Oosthuizen: Hi, can you hear me? There we go. We do have a couple of questions online. I think the first one relates to the Tata relaunch, which has gone really well this year. Would you consider adding any more brands and importing, adding more to your importer portfolio?

Speaker #2: Would you consider adding any more brands and importing more to your importer portfolio?

Speaker #1: Yes. I think we've seen that you know to launch a brand is not easy. there's certainly opportunities and I think now that we've been able to demonstrate again you know launching a new brand I think that does feel as if we understand how to do the call it plug and play and there's certainly opportunities that maybe in the you know in the in the future I don't think there's anything right now but maybe hold your your thoughts for the for the next six months and then we can maybe tell you something about it.

Ockert Janse van Rensburg: Yes, I think we've seen that to launch a brand is not easy. There's certainly opportunities, and I think now that we've been able to demonstrate again, launching a new brand, I think that does feel as if we understand how to do the, call it plug and play, and there's certainly opportunities that maybe in the future. I don't think it's anything right now, but maybe hold your thoughts for the next six months, and then we can maybe tell you something about it.

Speaker #2: Okay, the next question is relating to the DMTN bond listing. When does Motus expect to come to market, and what's the size of that?

[Company Representative] (Motus): Okay. The next question is relating to the DMTN bond listing. When does Motus expect to come to market, and what's the size of that?

Justine Oosthuizen: Okay. The next question is relating to the DMTN bond listing. When does Motus expect to come to market, and what's the size of that?

Brenda Baijnath: Thank you. I'll take that. I wasn't sure if I wanted to share with you. We will commence with the debt roadshows from next week, and we are targeting a ticket of ZAR 1.5 billion. I believe that RMB has started to engage with shareholders and set up those discussions.

Speaker #1: thank you. So so I'll take that. I wasn't sure if I could want to to share with you. So we will commence with the debt road shows from from next week and we are targeting a ticket of 1.5 billion and I I believe that R&B has started to engage with shareholders and set up those discussions.

[Company Representative] (Motus): Right. The last question online is, Oket, maybe for you. Do you think that the new vehicle momentum that has kicked off in this year is going to continue into the future?

Justine Oosthuizen: Right. The last question online is, Ockert, maybe for you. Do you think that the new vehicle momentum that has kicked off in this year is going to continue into the future?

Speaker #2: Right. Then the last question online is, maybe for you: Do you think that the new vehicle momentum that's kicked off this year is going to continue into the future?

Speaker #1: Yeah, that's a nice crystal ball one to call out. certainly I think a lot of people were amazed with you know how you know how resilient this market has been and the growth that we've seen.

Ockert Janse van Rensburg: Yeah, that is a nice crystal ball one to call out. Certainly, I think a lot of people were amazed with how resilient this market has been and the growth that we have seen. It does feel as if July and August still continuing with good growth. Even yesterday when the announcement numbers came out, it was up again, and that is on the back of a very strong last year. So, I think month by month, we have seen it. What obviously has happened is, you have such a large influx of new entrants into the market. I think that has been the first one. Interest rates are still fairly low. Despite us now going maybe into a different cycle, you can see that it is still fairly low.

Speaker #1: It does feel as if July and August are still continuing with, you know, good growth. Even yesterday, when the announcement numbers came out, it was up again, and that's on the back of a very strong last year.

Speaker #1: So I think month by month, we have seen it. What obviously has happened is, you know, you have such a large influx of new entrants into the market.

Speaker #1: I think that's been the first one. Interest rates are still fairly low. I mean, despite us now maybe going into a different cycle, you can see they are still fairly low.

Speaker #1: And what has happened is that the affordability gap has certainly, you know, closed up, and that's why you see more and more new consumers coming in as well.

Ockert Janse van Rensburg: What has happened is that affordability gap has certainly closed up, and that is why you see more and more new consumers coming in as well. South Africans do need mobility. So, for the country to operate, for people to get to work, I think that mobility is still very important. So we do not see it slowing down immediately. I do not think you can continuously have these very high growth rates we have had maybe in the last 18 months. But it does feel as if it is still going. We have not seen any sales price increases yet either. So that obviously bodes well for the consumers, and that gets the consumers closer to this market. So while it is there, like I said earlier, we also need to make sure that we take advantage of the good conditions there. Thank you.

Speaker #1: South Africans do need mobility. So, you know, for the country to operate, for people to get to work, I think that mobility is still very important.

Speaker #1: So we don't see it slowing down immediately. I don't think you can continuously have these very high growth rates we've had, maybe, in the last 18 months.

Speaker #1: But it does feel as if it's still going. We haven't seen any sales price increases yet either, so that obviously bodes well for the consumer, and that gets the consumer closer to this market.

Speaker #1: So, while it's there, like I said earlier, we also need to make sure that we take advantage of the good conditions there. Thank you.

Speaker #2: But Claudia, if I may, I think I was reflecting on the question that you just asked. Perhaps as a clarification, we do not see the DMTN program as increasing our debt levels; it would rather be a replacement of existing debt, to be able to further drive the interest cost down.

Brenda Baijnath: Claudia, if I may. I think I was reflecting on the question that you just asked. Perhaps as a clarification is that we do not see the DMTN program as increasing our debt levels. It would rather be a replacement of existing debts to be able to further drive the interest costs down.

Speaker #2: I think maybe just to end, can you give any guidance on whether the balance sheet is going to continue degearing?

[Company Representative] (Motus): I think maybe just to end onto that, can you give any guidance on whether the balance sheet is going to continue de-gearing?

Justine Oosthuizen: I think maybe just to end onto that, can you give any guidance on whether the balance sheet is going to continue de-gearing?

Speaker #1: So at this point, we feel that we are probably at a very low level, and the optimum net debt to EBITDA remains at 1.5 to 1.7.

Brenda Baijnath: At this point, we feel that we are probably at a very low level, and the optimum net debt to EBITDA remains at 1.5 to 1.7. I think we will start to look at smaller acquisitions, so more of a moderate level, as well as maintaining now the dividend at the new level of 40% of headline earnings per share, and we will look at value accretive share repurchases.

Speaker #1: I think we will start to look at smaller acquisitions, so more of a moderate level, as well as maintaining the dividend at the new level of 40% of headline earnings per share. We will also look at value-accretive share repurchases.

[Company Representative] (Motus): Okay. I think that is all we have online.

Justine Oosthuizen: Okay. I think that is all we have online.

Speaker #2: Okay, I think that's all we have online.

Speaker #1: Right. Any other questions maybe in the room? We're pretty much at the end of that time—time of ours in any case. I see there's a lot of businesses releasing statements today.

Ockert Janse van Rensburg: All right. Any other questions maybe in the room? Yeah, we are pretty much at the end of that time of ours, in any case. I see there is a lot of businesses releasing as soon as today, so we did get the request to please finish at 10:00. I want to thank you all for joining us today. I think it has been a good set of results. You can see that we are very resilient, and we are still very much in a space that we believe through that execution, we can still grow. I hope to see you next time. Thank you very much.

Speaker #1: So we did get the request to please finish at 10. So, I want to thank you all for joining us today. I think it's been a good set of results.

Speaker #1: You can see that we are very resilient, and we are still very much in a space where we believe, through that execution, we can still grow.

Speaker #1: And I hope to see you next time. Thank you very much.

Brenda Baijnath: Thank you.