Combined Motor Holdings Limited · JSE:CMH
Combined Motor — FY2025 Earnings Presentation
21 slides from Combined Motor's earnings presentation, May 2025
Slide 1: Financial Results Presentation
FINANCIAL RESULTS PRESENTATION COMBINED MOTOR HOLDINGS
Slide 2: Group Financial Highlights
GROUP FINANCIAL HIGHLIGHTS GROUP FINANCIAL HIGHLIGHTS FOR THE YEAR ENDED 28 FEBRUARY 2025 1
Slide 3: Macro
MACRO • Difficult economic environment - continued high interest rate - prolific increases in basic household utilities - reduced disposable income, vehicle affordability - lack of consumer confidence - political uncertainty regarding GNU • Chinese / Indian vehicle invasion - proliferation of import
Slide 4: Group Overview
GROUP OVERVIEW • Revenue increase driven by vehicle pricing • New unit sales down 9.6%, used sales down 4.2% • Gross profit margin declined from 19.7% to 18.6% - vehicle pricing pressure from low-priced foreign imports - fewer sales of traditional locally-sourced brands - lower daily hire rate in Fi
Slide 5: Group Overview
GROUP OVERVIEW • Balance sheet remains sound - low level of non-current assets, excluding car hire fleet - goodwill, plant and equipment low - cash resources of R954 million reflects strong generation Rm Profit after tax 301 less: dividends paid 241 Retained earnings 60 Increase in cash resources 13
Slide 6: Group Income Statement
GROUP INCOME STATEMENT GROUP INCOME STATEMENT 2025 2024 R'000 R'000 Revenue 13,251,596 12,839,564 Cost of sales -10,786,812 -10,313,533 Gross profit 2,464,784 2,526,031 Gross profit % 18.6 19.7 Other income 21,431 32,211 Selling and operating expenses -1,846,672 -1,777,078 Operating profit 639,543 7
Slide 7: Operating Margin %
OPERATING MARGIN % 7,0% 6,2% 6,1% 6,0% 5,4% 4,8% 5,0% 4,0% 4,0% 3,7% 4,0% 3,0% 2,0% 1,0% 0,0% 2019 2020 2021 2022 2023 2024 2025 6
Slide 8: Cash Resources (R'million)
CASH RESOUCES (R’million) 1200 1000 954 818 815 800 755 762 676 660 600 400 200 0 2019 2020 2021 2022 2023 2024 2025 7
Slide 9: Black Economic Empowerment
BLACK ECONOMIC EMPOWERMENT • Group scorecard rating - level 4 • Car Hire scorecard rating - level 2 • CMH First Fleet Solutions - level 2 • Both Car Hire and First Fleet have 51% black ownership qualification • Group scorecard adversely affected by motor manufacturers from which the majority of proc
Slide 10: Stock Exchange Performance
STOCK EXCHANGE PERFORMANCE 2025 2024 2023 2022 2021 Volume of shares traded ('000) 16,630 7,307 9,830 12,162 11,227 Value of shares traded (R'000) 506,593 203,057 277,718 283,365 145,439 Average price per share traded (cents) 3,046 2,779 2,825 2,330 1,295 Year-end market price (cents) 3,100 2,650 2,
Slide 11: Segment Profit Contribution
SEGMENT PROFIT CONTRIBUTION 2025 2024 2023 2022 2021 % % % % % Motor retail / distribution 40 34 44 66 86 Car hire 38 50 43 23 -2 Financial services 20 15 12 11 12 Corporate services / other 2 1 1 0 4 100 100 100 100 100 10
Slide 12: Motor Retail / Distribution
MOTOR RETAIL / DISTRIBUTION 2025 2024 2023 2022 2021 R’000 R’000 R’000 R’000 R’000 Segment profit before taxation 164,309 187,565 273,789 336,069 202,437 INDUSTRY NEW VEHICLE SALES – FINANCIAL YEAR • National market (passenger & light commercial) flat • Market share moves - Suzuki +20% - quality pro
Slide 13: Industry New Vehicle Sales – Calendar Year
INDUSTRY NEW VEHICLE SALES SALES (‘000 UNITS) - CALENDAR YEAR PROJECTED 600 499 499 504 500 485 438 400 357 300 200 100 0 2020 2021 2022 2023 2024 2025 12
Slide 14: Segment Analysis – Retail Motor
SEGMENT ANALYSIS – RETAIL MOTOR GROUP NEW UNIT SALES BY MANUFACTURER (%) 2025 Suzuki Ford Nissan Toyota Haval Chery Honda Isuzu Mazda Mahindra Jaguar/Land Rover Volvo Mitsubishi Stellantis Other Renault Foton 0,0 5,0 10,0 15,0 20,0 25,0 13
Slide 15: Motor Retail / Distribution
MOTOR RETAIL / DISTRIBUTION • During financial year • national sales flat - passenger up 5.6%, light commercial down 13.8% • national market still below 2019 pre-covid level • CMH sales down 9.9% (high light commercial component) • Vehicle sales • continued overstocking at manufacturer level • press
Slide 16: Motor Retail / Distribution
MOTOR RETAIL / DISTRIBUTION • Product / brand changes • Ford – focused on light commercial market, limited scope • Nissan – half ton and one ton – popular and affordable models discontinued • Volvo – focus on electric / hybrid models has hampered local attraction Dealer network cut from 25 to 7 outl
Slide 17: Motor Retail / Distribution
MOTOR RETAIL / DISTRIBUTION • Mandarin Parts Distributors • steady year, focused on brands of Chinese and Indian origin • greater numbers of such brands in South Africa augurs well for continued growth • profit up 22% • 28 independent franchises • Proton vehicles • challenging and costly • low inven
Slide 18: Car Hire
CAR HIRE 2025 2024 2023 2022 2021 R’000 R’000 R’000 R’000 R’000 Segment profit before taxation 153,586 280,385 268,587 115,945 -5,103 • Drive for market share by competitors created intensified margin pressure • Price war - inbound tourism and - insurance replacement segments • Traditional de-fleeti
Slide 19: Financial Services
FINANCIAL SEVICES 2025 2024 2023 2022 2021 R’000 R’000 R’000 R’000 R’000 Segment profit before taxation 83,562 83,244 73,046 56,159 28,046 • Relates to finance JVs and insurance underwriting • Stable level of financeable business generated • Finance JVs had mixed fortunes – one well ahead, the other
Slide 20: Prospects
PROSPECTS • GDP growth predictions of 1.5-1.7% have been revised downwards following a slow start • Uncertainty over VAT rate now settled, with all political parties claiming credit • No move yet on interest rates • Currency weakened – Trump tariffs, general caution • 3.5-5.0% national vehicle sales
Slide 21: Financial Results Presentation
FINANCIAL RESULTS PRESENTATION COMBINED MOTOR HOLDINGS
Combined Motor Holdings — FY2025 Earnings Presentation on 6ix