Imperial Holdings Limited | Presentation Unaudited results for the - PDF document

Imperial Holdings Limited | Presentation Unaudited results for the half-year ended 31 December 200 8

UNAUDITED INTERIM RESULTS UNAUDITED INTERIM RESULTS For the half year ended 31 December 2008 For the half year ended 31 December 2008 25 February 2009 25 February 2009 Operational Features Operational Features • Strong performance by logistics division. Operating profit growth of 13.6% (SA) and 9.1% (Europe) • Weak demand impacted motor retailing and distribution (58% of group revenue and 29% of group operating profit) • Weak investment performance in insurance operations • Good operational cash flow generation • Restructuring has led to a stronger balance sheet 2 UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2008 Page 01

Financial Features Financial Features Continuing operations Continuing operations + 2% - Revenues R28 619m -30% - Operating profit R1 155m (Operating margin 4%) 241% - Cash generated by operations R2 030 -4% - HEPS 432 cents (including 212 cents forex gain) -35% - EPS 303 cents (2007: 468 cents) Dividend of 80 cents per share 3 Progress on disposals Progress on disposals Business/ Restructuring/ Current status sell off date Operation September Tourvest Gross disposal proceeds of R1 003m received 2008 Leasing & capital May 2008 Unbundled equipment December Sale agreement became unconditional. Gross Aviation Division assets of R852m remaining 2008 Commercial Good progress being made in disposing of Vehicles On-going the assets Multipart June 2008 Sold 4 Page 02 UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2008

REVIEW OF THE UNAUDITED INTERIM RESULTS REVIEW OF THE UNAUDITED INTERIM RESULTS For the half year ended 31 December 2008 For the half year ended 31 December 2008 Income Statement Features Income Statement Features Continuing Operations (Rm) Dec 2008 Dec 2007 % Change Revenue 28 619 28 026 + 2% Operating profit 1 155 1 644 -30% 4.0% Operating margin 5.9% Foreign exchange gains 470 14 (47) Fair value (losses)/ gains on FECs 7 Exceptional (losses)/gains (246) 39 (505) Net finance costs (321) + 57% (246) Income tax (390) -37% Profit after tax 668 993 -33% Profit attributable to ordinary shareholders 1 1 155 (500) HEPS (cents) 432 450 -4% 1. Total continuing and discontinued operations 6 UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2008 Page 03

Income Statement Features Income Statement Features Continuing Operations (Rm) Dec 2008 Dec 2007 % Change Revenue 28 619 28 026 + 2% Operating profit 1 155 1 644 -30% 4.0% Operating margin 5.9% Reduction a result of Foreign exchange gains 470 14 depressed motor market and decline in Fair value gains/(losses) on FECs (47) 7 market value of the equity portfolio of (246) Exceptional gains/(losses) 39 insurance division (505) Net finance costs (321) + 57% Income tax (246) (390) -37% Profit after tax 668 993 -33% Profit attributable to ordinary shareholders 1 1 155 (500) HEPS (cents) 432 450 -4% 1. Total continuing and discontinued operations 7 Income Statement Features Income Statement Features Continuing Operations (Rm) Dec 2008 Dec 2007 % Change Revenue 28 619 28 026 + 2% Operating profit 1 155 1 644 -30% 4.0% Operating margin 5.9% Foreign exchange gains 470 14 Includes R394 (47) Fair value gains/(losses) on FECs 7 million foreign Exceptional gains/(losses) (246) 39 exchange gain on capital distribution (505) Net finance costs (321) + 57% from European (246) Income tax (390) -37% operations Profit after tax 668 993 -33% Profit attributable to ordinary shareholders 1 1 155 (500) HEPS (cents) 432 450 -4% 1. Total continuing and discontinued operations 8 Page 04 UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2008

Income Statement Features Income Statement Features Continuing Operations (Rm) Dec 2008 Dec 2007 % Change Revenue 28 619 28 026 + 2% Operating profit 1 155 1 644 -30% Includes R217 4.0% Operating margin 5.9% million realised loss on sale of Foreign exchange gains 470 14 Eqstra shares Fair value gains/(losses) on FECs (47) 7 (246) Exceptional gains/(losses) 39 (505) Net finance costs (321) + 57% Income tax (246) (390) -37% 668 Profit after tax 993 -33% Profit attributable to ordinary shareholders 1 1 155 (500) 432 HEPS (cents) 450 -4% 1. Total continuing and discontinued operations 9 Income Statement Features Income Statement Features Continuing Operations (Rm) Dec 2008 Dec 2007 % Change Revenue 28 619 28 026 + 2% The unusual increase Operating profit 1 155 1 644 -30% includes a R71 m negative 4.0% Operating margin 5.9% fair value adjustment on interest rate swaps and R85 Foreign exchange gains 470 14 m which was previously charged to the discontinued (47) Fair value gains/(losses) on FECs 7 operations Exceptional gains/(losses) (246) 39 (505) Net finance costs (321) + 57% (246) Income tax (390) -37% Profit after tax 668 993 -33% Profit attributable to ordinary shareholders 1 1 155 (500) HEPS (cents) 432 450 -4% 1. Total continuing and discontinued operations 10 UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2008 Page 05

Income Statement Features Income Statement Features Continuing Operations (Rm) Dec 2008 Dec 2007 % Change 28 619 Revenue 28 026 + 2% Operating profit 1 155 1 644 -30% 4.0% Operating margin 5.9% 470 Foreign exchange gains 14 Fair value gains/(losses) on FECs (47) 7 Exceptional gains/(losses) (246) 39 Excluding the once off (505) Net finance costs (321) + 57% R394m (212 cents per Income tax (246) (390) -37% share) foreign exchange gain on capital Profit after tax 668 993 -33% distribution HEPS is 219 Profit attributable to ordinary shareholders 1 1 155 (500) cents 432 HEPS (cents) 450 -4% 1. Total continuing and discontinued operations 11 Balance Sheet Features Balance Sheet Features Dec % Dec Rm Jun 2008 2008 change 2007 Property, plant and equipment 6 025 5 681 + 6% 5 693 Transport fleet 3 722 3 465 + 7% 3 136 Vehicles for hire 1 472 1 286 + 14% 1 449 2 388 Investments in associates & JV’s 2 017 + 18% 2 373 4 104 Other non-current assets 4 632 -11% 10 670 Net current assets 3 499 3 198 + 9% 5 310 Cash and cash equivalents 3 160 3 148 0% 2 568 Net assets classified as held for sale 838 2 083 -60% 2 831 Assets 25 208 25 510 -1% 34 030 10 600 Total shareholders’ interest 10 416 + 2% 12 303 11 064 Interest bearing borrowings 11 599 -5% 17 251 Other liabilities 3 544 3 495 + 1% 4 476 Equity and liabilities 25 208 25 510 -1% 34 030 12 Page 06 UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2008

Balance Sheet Features Balance Sheet Features Dec % Dec Rm Jun 2008 2008 change 2007 Property, plant and equipment 6 025 5 681 + 6% 5 693 Includes R225 million Transport fleet 3 722 3 465 + 7% 3 136 additional investment in Imperial Bank Vehicles for hire 1 472 1 286 + 14% 1 449 2 388 Investments in associates & JV’s 2 017 + 18% 2 373 4 104 Other non-current assets 4 632 -11% 10 670 3 499 Net current assets 3 198 + 9% 5 310 3 160 Cash and cash equivalents 3 148 0% 2 568 838 Net assets classified as held for sale 2 083 -60% 2 831 Assets 25 208 25 510 -1% 34 030 Total shareholders’ interest 10 600 10 416 + 2% 12 303 Interest bearing borrowings 11 064 11 599 -5% 17 251 Other liabilities 3 544 3 495 + 1% 4 476 Equity and liabilities 25 208 25 510 -1% 34 030 13 Balance Sheet Features Balance Sheet Features Dec % Dec Rm Jun 2008 2008 change 2007 Property, plant and equipment 6 025 5 681 + 6% 5 693 3 722 Transport fleet 3 465 + 7% 3 136 Sale of Eqstra shares and reduction in 1 472 Vehicles for hire 1 286 + 14% 1 449 insurance equity 2 388 Investments in associates & JV’s 2 017 + 18% 2 373 portfolio Other non-current assets 4 104 4 632 -11% 10 670 Net current assets 3 499 3 198 + 9% 5 310 Cash and cash equivalents 3 160 3 148 0% 2 568 838 Net assets classified as held for sale 2 083 -60% 2 831 25 208 Assets 25 510 -1% 34 030 Total shareholders’ interest 10 600 10 416 + 2% 12 303 Interest bearing borrowings 11 064 11 599 -5% 17 251 Other liabilities 3 544 3 495 + 1% 4 476 25 208 Equity and liabilities 25 510 -1% 34 030 14 UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2008 Page 07