Document And Entity Information
Document And Entity Information | 12 Months Ended |
Feb. 29, 2024 shares | |
Document Information Line Items | |
Entity Registrant Name | KAROOOOO LTD. |
Trading Symbol | KARO |
Document Type | 20-F |
Current Fiscal Year End Date | --02-28 |
Entity Common Stock, Shares Outstanding | 30,900,000 |
Amendment Flag | false |
Entity Central Index Key | 0001828102 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Accelerated Filer |
Entity Well-known Seasoned Issuer | No |
Document Period End Date | Feb. 29, 2024 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | true |
Entity Shell Company | false |
Entity Ex Transition Period | false |
ICFR Auditor Attestation Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-40300 |
Entity Address, Address Line One | 1 Harbourfront Avenue |
Entity Address, Address Line Two | Keppel Bay Tower #14-07 |
Entity Incorporation, State or Country Code | U0 |
Entity Address, City or Town | Singapore |
Entity Address, Country | SG |
Entity Address, Postal Zip Code | 098632 |
Title of 12(b) Security | Ordinary shares, no par value per share |
Security Exchange Name | NASDAQ |
Entity Interactive Data Current | Yes |
Document Financial Statement Error Correction [Flag] | false |
Document Accounting Standard | International Financial Reporting Standards |
Auditor Firm ID | 1247 |
Auditor Name | Ernst & Young LLP |
Auditor Location | Singapore |
Business Contact | |
Document Information Line Items | |
Entity Address, Address Line One | 17 Kallang Junction #06-05/06 |
Entity Address, City or Town | Singapore |
Entity Address, Country | SG |
Entity Address, Postal Zip Code | 339274 |
Contact Personnel Name | Hoe Shin Goy |
City Area Code | +65 |
Local Phone Number | 6255 4151 |
Contact Personnel Email Address | ir@karooooo.com |
Auditor One | |
Document Information Line Items | |
Auditor Firm ID | 1051 |
Auditor Name | KPMG LLP |
Auditor Location | Singapore |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - ZAR (R) R in Thousands | Feb. 29, 2024 | Feb. 28, 2023 |
Non-current assets | ||
Property, plant and equipment | R 2,032,794 | R 1,591,814 |
Capitalized commission assets | 374,521 | 287,054 |
Intangible assets | 83,123 | 85,642 |
Goodwill | 227,380 | 212,481 |
Loans to related parties | 28,200 | 25,800 |
Long-term other receivables and prepayments | 18,831 | 24,715 |
Non-current financial asset | 388 | |
Deferred tax assets | 81,903 | 60,919 |
Total non-current assets | 2,846,752 | 2,288,813 |
Current assets | ||
Inventories | 6,582 | 79,159 |
Trade and other receivables and prepayments | 985,398 | 409,191 |
Income tax receivables | 8,714 | 8,627 |
Cash and cash equivalents | 459,527 | 965,790 |
Total current assets | 1,460,221 | 1,462,767 |
Total assets | 4,306,973 | 3,751,580 |
Equity | ||
Share capital | 7,142,853 | 7,142,853 |
Treasury shares | (23,816) | |
Capital reserve | (3,582,568) | (3,582,568) |
Common control reserve | (2,709,236) | (2,709,236) |
Foreign currency translation reserve | 330,812 | 245,109 |
Retained earnings | 1,803,482 | 1,564,809 |
Equity attributable to equity holders of parent | 2,961,527 | 2,660,967 |
Non-controlling interest | 40,935 | 30,908 |
Total equity | 3,002,462 | 2,691,875 |
Non-current liabilities | ||
Term loans | 41,645 | 38,304 |
Lease liabilities | 131,285 | 67,882 |
Deferred revenue | 121,302 | 112,185 |
Deferred tax liabilities | 69,840 | 51,894 |
Total non-current liabilities | 364,072 | 270,265 |
Current liabilities | ||
Term loans | 6,534 | 21,643 |
Trade and other payables | 446,284 | 374,047 |
Loans from related parties | 924 | 607 |
Lease liabilities | 63,055 | 52,845 |
Deferred revenue | 325,848 | 283,682 |
Bank overdraft | 23,362 | 40 |
Income tax payables | 73,375 | 55,996 |
Provision for warranties | 1,057 | 580 |
Total current liabilities | 940,439 | 789,440 |
Total liabilities | 1,304,511 | 1,059,705 |
Total equity and liabilities | R 4,306,973 | R 3,751,580 |
Consolidated Statements of Prof
Consolidated Statements of Profit and Loss - ZAR (R) R in Thousands | 12 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 28, 2022 | |
Profit or loss [abstract] | |||
Revenue | R 4,205,511 | R 3,507,067 | R 2,746,151 |
Cost of sales | (1,514,674) | (1,234,672) | (922,561) |
Gross profit | 2,690,837 | 2,272,395 | 1,823,590 |
Other income | 11,831 | 9,828 | 1,841 |
Operating expenses | (1,660,166) | (1,400,308) | (1,126,306) |
Sales and marketing | (500,903) | (431,140) | (333,259) |
General and Administration | (837,606) | (704,603) | (555,327) |
Research and development | (212,235) | (177,024) | (149,238) |
Expected credit losses on financial assets | (109,422) | (87,541) | (88,482) |
Operating profit | 1,042,502 | 881,915 | 699,125 |
Initial public offering costs (“IPO”) | (10,288) | ||
Finance income | 39,418 | 23,255 | 6,083 |
Finance costs | (15,822) | (10,095) | (12,331) |
Fair value changes to derivative assets | (388) | (971) | (506) |
Profit before taxation | 1,065,710 | 894,104 | 682,083 |
Taxation | (311,554) | (285,298) | (205,476) |
Profit for the year | 754,156 | 608,806 | 476,607 |
Profit attributable to: | |||
Owners of the parent | 738,191 | 597,153 | 449,953 |
Non-controlling interest | 15,965 | 11,653 | 26,654 |
Total Profit | R 754,156 | R 608,806 | R 476,607 |
Earnings per share | |||
Basic earnings per share (ZAR) (in Rand per share) | R 23.85 | R 19.29 | R 15.24 |
Consolidated Statements of Pr_2
Consolidated Statements of Profit and Loss (Parentheticals) - R / shares | 12 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 28, 2022 | |
Profit or loss [abstract] | |||
Diluted earnings per share (ZAR) | R 23.85 | R 19.29 | R 15.24 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - ZAR (R) R in Thousands | 12 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 28, 2022 | |
Consolidated Statements Of Comprehensive Income Abstract | |||
Profit for the year | R 754,156 | R 608,806 | R 476,607 |
Items that may be reclassified to profit or loss in future periods: | |||
Exchange differences on translating foreign operations | 88,632 | 220,471 | 17,955 |
Other comprehensive income for the year | 88,632 | 220,471 | 17,955 |
Total comprehensive income for the year net of income tax | 842,788 | 829,277 | 494,562 |
Total comprehensive income attributable to: | |||
Owners of the parent | 823,894 | 813,486 | 469,024 |
Non-controlling interest | 18,894 | 15,791 | 25,538 |
Total comprehensive income | R 842,788 | R 829,277 | R 494,562 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - ZAR (R) R in Thousands | Share capital | Common control reserve | Foreign currency translation | Retained earnings | Total attributable to owner of the parent | Non- controlling interest | Capital reserve | Treasury shares | Total | |||
Balance at Feb. 28, 2021 | R 2,739,629 | R (2,709,236) | [1] | R 9,705 | R 815,215 | R 855,313 | R 427,133 | R 1,282,446 | ||||
Profit for the year | [1] | 449,953 | 449,953 | 26,654 | 476,607 | |||||||
Other comprehensive income | [1] | 19,071 | 19,071 | (1,116) | 17,955 | |||||||
Total comprehensive income for the year | [1] | 19,071 | 449,953 | 469,024 | 25,538 | 494,562 | ||||||
Issuance of share capital | 4,452,423 | [1] | 4,452,423 | 4,452,423 | ||||||||
IPO costs off set against share capital | (49,199) | [1] | (49,199) | (49,199) | ||||||||
Dividends | [1] | (6,726) | [2] | (6,726) | ||||||||
Derivative – put option | [3] | [1] | 15,305 | 15,305 | 15,305 | |||||||
Total contribution by and distributions to owner | 4,403,224 | [1] | 15,305 | 4,418,529 | (6,726) | 4,411,803 | ||||||
Reclassification | [1] | (3,950) | (3,950) | 3,950 | ||||||||
Total transactions with owner | 4,403,224 | [1] | 11,355 | 4,414,579 | (2,776) | 4,411,803 | ||||||
Acquiring interest in subsidiaries without change in control | [4] | (3,587,640) | (426,990) | (3,587,640) | (4,014,630) | |||||||
Total changes in ownership interest in subsidiaries | (3,587,640) | (426,990) | (3,587,640) | (4,014,630) | ||||||||
Balance at Feb. 28, 2022 | 7,142,853 | (2,709,236) | [1] | 28,776 | 1,276,523 | 2,151,276 | 22,905 | (3,587,640) | 2,174,181 | |||
Profit for the year | [1] | 597,153 | 597,153 | 11,653 | 608,806 | |||||||
Other comprehensive income | [1] | 216,333 | 216,333 | 4,138 | 220,471 | |||||||
Total comprehensive income for the year | [1] | 216,333 | 597,153 | 813,486 | 15,791 | 829,277 | ||||||
Dividends | [1] | (293,562) | (293,562) | (8,518) | [5] | (302,080) | ||||||
Derivative – put option | [3] | [1] | (15,305) | (15,305) | (15,305) | |||||||
Total transactions with owner | [1] | (308,867) | (308,867) | (8,518) | (317,385) | |||||||
Disposal of interest in subsidiaries without change in control | 5,072 | 730 | 5,072 | 5,802 | ||||||||
Total changes in ownership interest in subsidiaries | 5,072 | 730 | 5,072 | 5,802 | ||||||||
Balance at Feb. 28, 2023 | 7,142,853 | (2,709,236) | [1] | 245,109 | 1,564,809 | 2,660,967 | 30,908 | (3,582,568) | 2,691,875 | |||
Profit for the year | 738,191 | 738,191 | 15,965 | 754,156 | ||||||||
Other comprehensive income | [1] | 85,703 | 85,703 | 2,929 | 88,632 | |||||||
Total comprehensive income for the year | [1] | 85,703 | 738,191 | 823,894 | 18,894 | 842,788 | ||||||
Purchase of treasury shares | (23,816) | R (23,816) | (23,816) | |||||||||
Dividends | [1] | (499,518) | (499,518) | (9,782) | [6] | (509,300) | ||||||
Total transactions with owner | (499,518) | (523,334) | (9,782) | (23,816) | (533,116) | |||||||
Acquisition of new subsidiary | 915 | 915 | ||||||||||
Total changes in ownership interest in subsidiaries | [1] | 915 | 915 | |||||||||
Balance at Feb. 29, 2024 | R 7,142,853 | R (2,709,236) | [1] | R 330,812 | R 1,803,482 | R 2,961,527 | R 40,935 | R (3,582,568) | R (23,816) | R 3,002,462 | ||
[1] In November 2014, a change in interest in Cartrack from 88.3% to 68.0% was not accounted for retained earnings transfer to non-controlling interest (“NCI”). During the financial years ended February 28, 2021 and 2022, the Group corrected the error prospectively as the impact to comparatives is not material. On April 21, 2021, when Karooooo acquired the minority interest and took control of 100% interest in Cartrack, all NCI relating to the Karooooo minority interest was transferred back to capital reserve. Dividends declared during the financial year ended February 28, 2022 amounting to ZAR 4.20 per ordinary share and remains payable by a subsidiary to NCI. Relates to the put option agreement entered with ultimate controlling shareholder to grant the Group the right to sell all its interest in Karooooo Logistics. The put option expired on August 31, 2022. As this is a transaction with owner, the fair value and subsequent changes fair value of the put option is recognized directly against retained earnings. During the financial year ended February 28, 2022, the Group changed the accounting policy voluntarily and accounted for the acquisition of NCI of Cartrack as a separate reserve, “capital reserve” instead of retained earnings. This is to provide transparency to the users since the reinvestment offer is a significant event (see Note 1). The change in accounting policy was corrected prospectively as the impact to the prior period is not material. Subsequent acquisition of interest in subsidiaries without change in control is accounted for under capital reserve. Dividends declared by a subsidiary during the financial year ended February 28, 2023 amounting to ZAR 5.32 per ordinary share remains payable by a subsidiary to NCI. Dividends declared by a subsidiary during the financial year ended February 29, 2024 amounting to ZAR 6.11 per ordinary share remains payable by a subsidiary to NCI. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - ZAR (R) R in Thousands | 12 Months Ended | |||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 28, 2022 | ||
Cash flows from operating activities | ||||
Profit before taxation | R 1,065,710 | R 894,104 | R 682,083 | |
Adjustments | 707,029 | 591,190 | 583,734 | |
Depreciation on property, plant and equipment | 588,660 | 493,788 | 458,281 | |
Amortization of capitalized commission assets | 83,155 | 64,707 | 64,566 | |
Amortization of intangible assets | 59,482 | 51,143 | 39,078 | |
Capitalized commission assets written off | [1] | 15,301 | ||
Gain on disposal of property, plant and equipment | (1,537) | (4,954) | (1,150) | |
Finance income | (39,418) | (23,255) | (6,083) | |
Finance costs | 15,822 | 10,095 | 12,331 | |
Provision for warranties charge | 477 | (1,305) | 904 | |
Fair value changes to derivative assets | 388 | 971 | 506 | |
Working capital adjustments | ||||
Inventories | 72,737 | (53,790) | (25,369) | |
Trade and other receivables and prepayments | (551,230) | (62,833) | (52,053) | |
Trade and other payables | 55,496 | 67,940 | (11,677) | |
Deferred revenue | 47,375 | 46,251 | 78,130 | |
Capitalized commission assets | (163,716) | (112,738) | (112,639) | |
Cash generated from operating activities | 1,233,401 | 1,370,124 | 1,142,209 | |
Finance income received | 39,418 | 23,255 | 6,083 | |
Finance cost paid | (15,822) | (10,095) | (14,061) | |
Income tax paid | (301,957) | (256,621) | (202,525) | |
Net cash generated from operating activities | 955,040 | 1,126,663 | 931,706 | |
Cash flows from investing activities | ||||
Purchase of property, plant and equipment | (876,354) | (579,656) | (552,634) | |
Purchase of property, plant and equipment – Telematics devices and equipment on hand | (649,385) | (457,542) | (500,203) | |
Purchase of property, plant and equipment – Other | (226,969) | (122,114) | (52,431) | |
Proceeds on disposal of property, plant and equipment | 2,883 | 10,499 | 4,840 | |
Investment in intangible assets | (51,214) | (46,653) | (43,816) | |
Acquisition of subsidiary, net of cash acquired | (5,102) | (66,607) | ||
Advances of loans to related party | (2,400) | (6,400) | ||
Net cash utilized by investing activities | (932,187) | (622,210) | (658,217) | |
Cash flows from financing activities | ||||
Proceeds from related parties loans | 342 | 315 | ||
Repayment of related parties loans | (52) | (1,940) | (845,003) | |
Cash transferred from/(to) restricted cash | [2] | 834,543 | ||
Acquiring interest in subsidiaries without change in control | (66,386) | |||
Net proceeds from issuance of share capital | [3] | 450,727 | ||
Purchase of treasury shares | (23,816) | |||
Proceeds from term loans obtained | 502 | 110,000 | ||
Repayment of term loans | (12,018) | (31,034) | (101,708) | |
Payments of lease liabilities | (57,892) | (56,617) | (47,201) | |
Dividends paid | (499,518) | (331,252) | ||
Net cash (utilized by)/ generated from financing activities | (592,954) | (420,026) | 334,972 | |
Net (decrease)/increase in cash and cash equivalents | (570,101) | 84,427 | 608,461 | |
Cash and cash equivalents at the beginning of the year | 965,750 | 718,026 | 76,098 | |
Effect of exchange rate changes on cash and cash equivalents | 40,516 | 163,297 | 33,467 | |
Cash and cash equivalents at the end of the year | R 436,165 | R 965,750 | R 718,026 | |
[1] During the financial year ended February 28, 2022, the Group uncovered collusion between a few insurance brokers and certain staff members. This resulted in write-off of capitalized commission assets, of ZAR 15.3 million through profit or loss. The write-off was recognized in general and administration operating expenses for the year ended February 28, 2022. The error was corrected prospectively as the impact to the prior periods is not material. No instances were noted for the financial year ended February 29, 2024 and February 28, 2023. On December 29, 2020, the Group received ZAR 882.4 million (USD 58.5 million) from a related party - Orient Victoria Pte Ltd for the sole purpose of facilitating the Company’s acquisition of the remaining interest in Cartrack Holdings Proprietary Limited. The loan was fully repaid on April 22, 2021. On April 21, 2021 Karooooo bought out all of the minority shareholders of Cartrack and delisted Cartrack from Johannesburg Stock Exchange (“JSE”). In terms of the reinvestment offer, investors who elected to remain invested in Cartrack received 1 Karooooo ordinary share for every 10 Cartrack ordinary shares owned on the JSE prior to the finalization of the reinvestment offer. Karooooo concluded an inward secondary listing on the JSE on April 21, 2021 and issued 9,410,712 ordinary shares of ZAR 3,952 million to eligible Cartrack shareholders who opted to reinvest the proceeds of sale of their Cartrack shares into Karooooo. Included in the net proceeds from issuance of share capital are transaction costs of ZAR 49.2 million. See Note 1 for details. |
Presentation of Consolidated Fi
Presentation of Consolidated Financial Statements | 12 Months Ended |
Feb. 29, 2024 | |
Presentation of Consolidated Financial Statements [Abstract] | |
PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS | 1. PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS Reporting entity Karooooo Ltd. (“Karooooo” or “the Company”) was incorporated on May 19, 2018 in the Republic of Singapore and wholly owned by Isaias Jose Calisto (“Zak”). Cartrack Holdings Proprietary Limited previously known as Cartrack Holdings Limited (“Cartrack”) was a public company listed on the Johannesburg stock exchange (“JSE”) in December 2014. Zak is the current CEO of Cartrack. Karooooo acquired an approximate 68 per cent interest in Cartrack effective July 17, 2019. Karooooo listed on the NASDAQ on April 1, 2021 and raised USD 33.8 million gross cash for general corporate purposes including the growth and expansion of Cartrack, such as research and development. Karooooo issued 1,207,500 shares at an offer price of USD 28 per share which is equivalent to the offer price made to Cartrack shareholders to participate in the reinvestment offer, enabling Karooooo to proceed with the IPO in order to meet the requirements to list on the NASDAQ. Total IPO costs incurred amounted to ZAR 85.1 million of which ZAR 25.6 million and ZAR 10.3 million were expensed in the financial year ended February 28, 2021 and February 28, 2022 respectively, and ZAR 49.2 million which is directly attributable to the issuance of shares were set off against share capital. As at February 28, 2021, certain Cartrack shareholders have agreed to participate in the reinvestment offer of Karooooo through the issue of irrevocable undertakings. As the reinvestment offer is based on exchanging a fixed number of Karooooo shares for a fixed number of Cartrack shares, this contract is classified as equity. Accordingly, Karooooo adopted the present-access method to account for the transaction where the non-controlling shareholders still have an economic interest in the equity returns of Cartrack and there was no net impact to equity. The reinvestment offer to Cartrack shareholders was finalized on April 16, 2021 with 99% of the eligible Cartrack shareholders opting to remain invested in Karooooo. These shareholders received 1 Karooooo share for every 10 Cartrack shares held. Karooooo, as listed on the NASDAQ and inward listed on the JSE on April 21, 2021, owns 100% of Cartrack. As at February 29, 2024, Zak is the ultimate controlling shareholder of the Group, holding 20,028,811 shares (65.0% shareholdings) of Karooooo. The principal activities of the Group relate to the provision of real-time mobility data analytics solutions for smart transportation through its software-as-a-service (“SaaS”) platform, physical and e-commerce vehicle buying and selling and providing a technology platform focused on last mile delivery. The Group’s SaaS platform acts as a central nervous system for connected vehicles and other mobile assets, such as construction equipment, generators, refrigeration units, trailers and boats. These consolidated financial statements comprise the Company and its subsidiaries (collectively the “Group” and individually “group companies”). Statement of compliance The consolidated financial statements of the Group have been prepared in accordance with the IFRS Accounting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The policies applied in these annual financial statements are based on IFRS effective for annual period beginning on March 1, 2023. The Group has prepared the financial statements on the basis that it will continue to operate as a going concern. The financial statements were approved for issue by the Directors on June 13, 2024. Basis of measurement The consolidated financial statements have been prepared on the historical cost basis with the exception of certain financial instruments that have been measured at fair value. Functional and presentation currency The consolidated financial statements are presented in South African Rand (ZAR), which is the Group’s presentation currency and all values are rounded to the nearest thousand (ZAR’000), except when otherwise indicated. The Company’s functional currency is in United States Dollars (USD). |
Material Accounting Policy Info
Material Accounting Policy Information | 12 Months Ended |
Feb. 29, 2024 | |
Material Accounting Policy Information [Abstract] | |
MATERIAL ACCOUNTING POLICY INFORMATION | 2. MATERIAL ACCOUNTING POLICY INFORMATION 2.1 Significant accounting judgments, estimates and assumptions The preparation of the Group’s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of the reporting period. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in the future periods. Judgments Management is of the opinion that there is no significant judgment made in applying accounting policies that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period. Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur. i. Useful life estimates of capitalized telematics devices and capitalized commission assets The Group completes a detailed assessment annually on the expected life cycle of subscriber contracts across the Group. The continued growth in the subscriber base over the past few years has provided a more comprehensive database of information and more certainty to support the assessment of the average useful life of subscriber contracts. On the basis of the statistical assessment, there has been no change to the estimated average useful life of 60 months of a subscriber contract in the current financial year. Contracts which terminate prior to 60 months result in accelerated depreciation of the underlying capitalized telematic devices and capitalized commission assets being recognized immediately in profit or loss. ii. Goodwill The Group tests goodwill for impairment on an annual basis. The recoverable amounts of cash-generating units have been determined based on the higher of value-in-use calculations and fair value less costs of disposal. The value-in-use calculations are performed internally by the Group and require the use of various estimates and assumptions regarding discount rates and the future financial performance of the cash-generating units. The fair value less costs of disposal are performed by an external valuer using the market approach, by applying price-to-value metrics observed in comparable companies to the Cash Generating unit (“CGU”). The Group’s goodwill is subjected to impairment assessment annually as at year end and when circumstances indicate that the carrying value may be impaired. For impairment assessment, management uses valuation techniques which involve significant judgment in estimating the recoverable amounts of these assets. Any shortfall of the recoverable amounts against the carrying amounts of these assets will be recognized as impairment losses. The recoverable amounts is most sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash inflows and the growth rate used for extrapolation purposes. The carrying amounts of the Group’s goodwill and key assumptions applied in the determination of the recoverable amounts including a sensitivity analysis, are disclosed and further explained in Note 8 to the financial statements. iii. Provision for expected credit losses (“ECLs”) of trade receivables For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group determines expected credit losses of trade receivables by making debtor-specific assessment of expected impairment loss for long overdue trade receivables and using a provision matrix for remaining trade receivables that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. At every reporting date, historical default rates are updated and changes in the forward-looking estimates are analyzed. The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Group’s historical credit loss experience and forecast of economic conditions may also not be representative of customer’s actual default in the future. The information about the ECLs on the Group’s trade receivables is disclosed in Note 31.2(a). The carrying amounts of the Group’s trade receivables at the end of the reporting period is disclosed in Note 11. 2.2 Accounting policies The accounting policies applied in the preparation of these consolidated financial statements are set out below. The Group consistently applied the following accounting policies to all periods presented in these consolidated financial statements, unless otherwise stated. a) Basis of consolidation The consolidated financial statements comprises the financial statements of the Company and its subsidiaries as at the end of the reporting period. The financial statements of the subsidiaries used in the preparation of the consolidated financial statements are prepared for the same reporting date as the Company. Consistent accounting policies are applied to like transactions and events in similar circumstances. All intra-group balances, income and expenses and unrealized gains and losses resulting from intra-group transactions and dividends are eliminated in full. Subsidiaries are consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. Losses within a subsidiary are attributed to the non-controlling interest even if that results in a deficit balance. Business combinations and goodwill Business combinations are accounted for using the acquisition method. Identifiable assets acquired and liabilities assumed in business combination are measured initially at their fair values at the acquisition date. Acquisition-related costs are recognized as expenses in the periods in which the costs are incurred and the services are received. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration which is an asset or liability are recognized in profit or loss. Non-controlling interest in the acquiree, that are present ownership interests and entitled their holders to a proportionate share of net assets of the acquiree are recognized on the acquisition date at either fair value, or the non-controlling interest’s proportionate share of the acquiree’s identifiable net assets. Any excess of the sum of the fair value of the consideration transferred in the business combination, the amount of non-controlling interest in the acquiree (if any), and the fair value of the Group’s previously held equity interest in the acquiree (if any), over the net fair value of the acquiree’s identifiable assets and liabilities is recorded as goodwill. In instances where the latter amount exceeds the former, the excess is recognized as gain on bargain purchase in profit or loss on the acquisition date. Goodwill is initially measured at cost. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to the Group’s cash-generating units that are expected to benefit from the synergies of the combination. The cash-generating units to which goodwill have been allocated is tested for impairment annually and whenever there is an indication that the cash-generating unit may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each cash-generating unit (or group of cash-generating units) to which the goodwill relates. Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial results of subsidiaries are consolidated into the Group’s results from acquisition date until loss of control. When the Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary, and any related NCI and other components of equity. Any resulting gain or loss is recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. Non-controlling interest Non-controlling interest (“NCI”) represents the equity in subsidiaries not attributable, directly or indirectly, to owners of the Company. Changes in the Company’s ownership interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. In such circumstances, the carrying amounts of the controlling and non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference between the amount by which the non-controlling interest is adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to owners of the Company. During the financial year ended February 28, 2022, the Group changed the accounting policy voluntarily and accounted for the acquisition of NCI of Cartrack as a separate reserve, “capital reserve” instead of retained earnings. This is to provide transparency to the users since the reinvestment offer is a significant event (see Note 1). The change in accounting policy was corrected prospectively as the impact to the prior period is not material. Subsequent acquisition of interest in subsidiaries without change in control is accounted for under capital reserve. b) Foreign currency i. Functional and presentation currency The financial statements are presented in ZAR, which is the Group’s presentation currency. Each entity in the Group determines its own functional currency and items included in the financial statements of each of entities are measured using the currency of the primary economic environment in which the entity operates. ii. Transactions and balances Transactions in foreign currencies are measured in the respective functional currencies of the Company and its subsidiaries and are recorded on initial recognition in the functional currencies at exchange rates approximating those ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the end of the reporting period. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. Exchange differences arising on the settlement of monetary items or on translating monetary items at the end of the reporting period are recognized in profit or loss. iii. Consolidated financial statements For consolidation purpose, the assets and liabilities of foreign operations are translated into ZAR at the rate of exchange ruling at the end of the reporting period and their profit or loss are translated at the exchange rates prevailing at the date of the transactions. The exchange differences arising on the translation are recognized in other comprehensive income. On disposal of a foreign operation, the component of other comprehensive income relating to that particular foreign operation is recognized in profit or loss. Exchange differences arising on monetary items that form part of the Group’s net investment in foreign operations are recognized initially in other comprehensive income and accumulated under foreign currency translation reserve in equity. The foreign currency translation reserve is reclassified from equity to profit or loss of the Group on disposal of the foreign operation. Monetary items cease to form part of the net investment in the foreign operation at the moment in time when the Group decides that settlement is planned or is likely to occur in the foreseeable future. Accordingly, exchange differences arising on these monetary items up to that date are recognized in other comprehensive income and accumulated under foreign currency translation reserve in equity. The exchange differences that arise after that date are recognized in profit or loss. When these monetary items are settled, the exchange differences accumulated under foreign currency translation reserve in equity are reclassified from equity to profit or loss. c) Financial instruments i. Financial assets Initial recognition and measurement Financial assets are recognized when, and only when, the Group becomes a party to the contractual provisions of the financial instruments. At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. Trade receivables are measured at the amount of consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third party, if the trade receivables do not contain a significant financing component at initial recognition. Subsequent measurement Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the contractual cash flow characteristics of the asset. The measurement categories for classification of debt instruments are: Amortized cost Financial assets that are held for the collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. Financial assets are measured at amortized cost using the effective interest method, less impairment. Gains and losses are recognized in profit or loss when the assets are derecognized or impaired, and through amortization process. Fair value through other comprehensive income (“FVOCI”) Financial assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are measured at FVOCI. Financial assets measured at FVOCI are subsequently measured at fair value. Any gains or losses from changes in fair value of the financial assets are recognized in other comprehensive income, except for impairment losses, foreign exchange gains and losses and interest calculated using the effective interest method are recognized in profit or loss. The cumulative gain or loss previously recognized in other comprehensive income is reclassified from equity to profit or loss as a reclassification adjustment when the financial asset is derecognized. Fair value through profit or loss (“FVPL”) Assets that do not meet the criteria for amortized cost or FVOCI are measured at fair value through profit or loss. A gain or loss on a debt instrument that is subsequently measured at fair value through profit or loss and is not part of a hedging relationship is recognized in profit or loss in the period in which it arises. Derecognition A financial asset is derecognized where the contractual right to receive cash flows from the asset has expired. On derecognition of a financial asset in its entirety, the difference between the carrying amount and the sum of the consideration received and any cumulative gain or loss that had been recognized in other comprehensive income for debt instruments is recognized in profit or loss. ii. Financial liabilities Initial recognition and measurement Financial liabilities are recognized when, and only when, the Group becomes a party to the contractual provisions of the financial instrument. The Group determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognized initially at fair value plus in the case of financial liabilities not at fair value through profit or loss, directly attributable transaction costs. Subsequent measurement After initial recognition, financial liabilities that are not carried at fair value through profit or loss are subsequently measured at amortized cost using the effective interest rate method. Gains and losses are recognized in profit or loss when the liabilities are derecognized, and through the amortization process. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expired. On derecognition, the difference between the carrying amounts and the consideration paid is recognized in profit or loss. d) Derivative financial instruments Derivatives are initially measured at fair value and any directly attributable transactions are recognized in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognized in profit or loss. For derivatives entered as a transaction with owner, changes in the fair value is recognized directly in equity. e) Impairment of financial assets The Group recognizes an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a “12-month ECL”). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is recognized for credit losses expected over the remaining life of the exposure, irrespective of timing of the default (a “lifetime ECL”). For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment which could affect debtor’s ability to pay. The Group considers a financial asset in default when contractual payments are 360 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. f) Property, plant and equipment i. Recognition and measurement All items of property, plant and equipment are initially recorded at cost. Subsequent to recognition, property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. The cost of telematic devices is capitalized as property, plant and equipment. In-vehicle capitalized telematics devices are installed in customers’ vehicles as part of a subscription contract. The telematics device and directly related installation costs are capitalized and depreciated over the expected useful life of the average contract. The related depreciation expense is recorded as part of cost of sales in the consolidated statement of profit and loss. If a subscriber contract with a customer is cancelled prior to the end of its useful life, the unamortized cost is recognized immediately in profit and loss. Where subscriber contracts are expected to be in existence for periods significantly shorter than the average useful life of 60 months, these are depreciated over a reduced useful life. Uninstalled telematics devices are devices not installed and available for installation. Work in progress telematics devices are devices in progress of being manufactured. ii. Depreciation Depreciation is computed on a straight-line basis over their estimated useful lives of property, plant and equipment including right of use assets as follows: Category Depreciation method Average useful life Property Straight line 20-50 years Property - Right of use assets Straight line Lease term or useful life whichever is shorter Property - Leasehold improvements Straight line 3 years or lease term Plant, equipment and vehicles Straight line 4-5 years IT equipment Straight line 3 years Capitalized telematics devices - Installed Straight line 5 years Depreciation is recognized when the property, plant and equipment are installed and are ready for use. Land and construction in progress are stated at cost and are not depreciated. The residual value, useful life and depreciation method are reviewed at each financial year-end, and adjusted prospectively, if appropriate. An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on derecognition of the asset is included in profit and loss in the year the asset is derecognized. g) Capitalized commission assets i. Recognition and measurement Incremental sales commission costs which are directly related to a customer contract are capitalized to capitalized commission assets and are measured at cost less accumulated amortization. ii. Amortization The capitalized commission assets are amortized over the expected useful life of the average contract which is 60 months. If a contract with a customer is cancelled prior to the end of its useful life, the unamortized cost is recognized immediately in profit and loss. The useful life of items of capitalized commission assets has been assessed as follows: Item Amortization method Average useful life Capitalized commission assets Straight line 5 years h) Intangible assets Intangible assets acquired separately are measured initially at cost. Following initial acquisition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite useful lives are amortized over the estimated useful life and assessed for impairment annually whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method are reviewed at least at each financial year end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing the amortization period or method, as appropriate, and are treated as changes in accounting estimates. Intangible assets with indefinite useful lives or not yet available for use are tested for impairment annually, or more frequently if the events and circumstances indicate that the carrying value may be impaired either individually or at the cash-generating unit level. Such intangible assets are not amortized. The useful life of an intangible asset with an indefinite useful life is reviewed annually to determine whether the useful life assessment continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. Gains or losses arising from de-recognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the profit or loss when the asset is derecognized. i. Product development costs Product development costs that are directly attributable to the design, testing and development of identifiable hardware and software, controlled by the Group, are recognized as intangible assets when the following criteria are met: ● It is technically feasible to complete the software or product so that it will be available for use or sale; ● Management intends to complete the software or product and use or sell it; ● There is an ability to use or sell the software or product; ● It can be demonstrated how the software or product will generate probable future economic benefits; ● Adequate technical, financial and other resources to complete the development and use or sell the software or product are available; and ● The expenditure attributable to the software or product during its development can be reliably measured. Directly attributable costs that are capitalized as part of the intangible assets include software costs and the costs of personnel whose sole responsibility is their involvement in the Group’s research and development function. Other product development expenditures that do not meet the recognition criteria are recognized as an expense as incurred. Product development costs previously recognized as an expense are not recognized as an asset in a subsequent period if the criteria are subsequently met. Costs incurred in enhancing current telematics hardware (telematics devices) and software (SaaS platform) are expensed when incurred. The capitalized product development costs are amortized over their estimated useful life which is considered to be three years due to the life cycle of telematics hardware and software applications. ii. Computer software Computer software comprises self-developed computer software acquired in a business combination and externally acquired computer software. Acquired computer software licenses are capitalized on the basis of costs incurred to acquire and bring the software into use. The acquired computer software is amortized over the expected useful life which is generally three to five years. Self-developed computer software acquired in a business combination are recognized at fair value at the acquisition date and subsequently carried at cost less accumulated amortization and accumulated impairment losses, if any. iii. Brand name Brand name acquired in a business combination are recognized at fair value at the acquisition date and subsequently carried at cost less accumulated amortization and accumulated impairment losses. Brand name is amortized on a straight-line basis over the expected useful life of five years. iv. Customer relationships Customer relationships acquired in a business combination are recognized at fair value at the acquisition date and subsequently carried at cost less accumulated amortization and accumulated impairment losses. Customer relationship is amortized on a straight-line basis over the expected useful life of three years. i) Impairment of non-financial assets The Group assesses at each reporting date whether there is an indication of impairment that an asset may be impaired or that a previously recognized impairment loss for an asset other than goodwill may no longer exist or may have decreased. If any indication exists, or when an annual impairment testing for an asset is required, the Group makes an estimate of the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s fair value less costs of disposal and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. The impairment losses are recognized in profit or loss. A previously recognized impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognized. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increase cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized previously. Such reversal is recognized in profit or loss. Impairment loss relating to goodwill cannot be reversed in future periods. j) Taxation i. Current income tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the end of the reporting period, in the countries where the Group operates and generates taxable income. Current income taxes are recognized in profit or loss except to the extent that the tax relates to items recognized outside profit or loss, either in other comprehensive income or directly in equity. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Dividend withholding tax is currently payable on dividends distributed to equity holders of the Group at a rate as determined by each country’s jurisdiction. This tax is not attributable to the Company, but is collected by the Company and paid to the tax authorities on behalf of the shareholder. On receipt of a dividend by a company from an investment held in a tax jurisdiction outside that of the Company, any dividend withholding tax payable is recognized as part of current tax. ii. Deferred tax Deferred tax is provided using the liability method on temporary differences at the end of the reporting period between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognized for all temporary differences, except: ● When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. ● In respect of taxable temporary differences associated with investments in subsidiaries and interests in joint venture, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized, except: ● When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. ● In respect of deductible temporary differences associated with investments in subsidiaries and interests in joint venture, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the fo |
Standards Issued But Not Yet Ef
Standards Issued But Not Yet Effective | 12 Months Ended |
Feb. 29, 2024 | |
Standards Issued But Not Yet Effective [Abstract] | |
STANDARDS ISSUED BUT NOT YET EFFECTIVE | 3. STANDARDS ISSUED BUT NOT YET EFFECTIVE The Group will apply for the first-time certain standards and amendments, which are effective for annual periods beginning on or after March 1, 2024. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. The Group is in the process of assessing the impact of the following new and amended standards on the Group’s consolidated financial statements. Details of amendment Annual periods Amendments to IAS 1: Classification of Liabilities as Current or Non-current January 1, 2024 Amendments to IFRS 16: Lease Liability in a Sale and Leaseback January 1, 2024 Amendments to IAS 1: Non-current Liabilities with Covenants January 1, 2024 Amendments to IAS 7 and IFRS 7: Supplier Finance Arrangement January 1, 2024 Amendments to IAS 21: Lack of Exchangeability January 1, 2024 IFRS 7 and IFRS 9: Amendments to the Classification and Measurement of Financial Instruments January 1, 2026 IFRS 18: Presentation and Disclosure in Financial Statements January 1, 2027 Amendments to IAS 28 and IFRS 10: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture To be determined |
Segment Reporting
Segment Reporting | 12 Months Ended |
Feb. 29, 2024 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | 4. SEGMENT REPORTING Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (“CODM”). The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Group Chief Executive Officer (“CEO”), who makes strategic decisions. The Group organized its business units based on its products and services into the following reportable segments: - Cartrack is a provider of an on-the-ground operational Internet of Things (“IoT”) Software-as-a-service (“SaaS”) cloud that maximizes the value of transportation, operations and workflow data by providing insightful real-time data analytics to connected vehicles and equipment. - Carzuka is a physical and e-commerce vehicle buying and selling marketplace which allows customers to source, buy and sell vehicles efficiently and cost effectively. During the third quarter of the financial year, despite the growth experienced by Carzuka in South Africa, a decision was made to cease buying second hand vehicles in South Africa. This follows considerable interaction with motor dealerships across South Africa during these periods, who perceived Carzuka’s business interests to conflict with their business interests and Cartrack does not want to risk the long-standing strategic relationships that Cartrack has forged with motor dealerships across South Africa. There are many components within the Carzuka’s platform that had been built and developed and will continue to provide value to the existing Cartrack fleet platform. As at February 29, 2024, Carzuka has been integrated into Cartrack’s broader operations. - Karooooo Logistics provides a software application enabling the management of last mile delivery and general operational logistics. This technology addresses the challenges of on-the-ground distribution for large enterprises requiring systems integrations, payment gateways, third-party long-haul services and crowd-sourced drivers in order to scale and meet their operational needs. The CODM monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on operating profit or loss which in certain respects, as explained in the table below, is measured differently from operating profit or loss in the consolidated financial statements. The segment information provided to the Group CEO, for the reportable segments for the financial year ended February 29, 2024, February 28, 2023 and February 28, 2022 as follows: Figures in Rand thousands Cartrack Carzuka Karooooo Logistics Total February 29, 2024 Subscription revenue 3,522,816 – 12,989 3,535,805 Other revenue 90,879 – – 90,879 Vehicle sales – 274,787 – 274,787 Delivery service – – 304,040 304,040 Segment revenue 3,613,695 274,787 317,029 4,205,511 Segment operating profit/(loss) 1,069,313 (52,907 ) 26,096 1,042,502 Depreciation and amortization 640,419 5,386 2,337 648,142 Capital expenditure 923,579 317 3,672 927,568 February 28, 2023 Subscription revenue 3,003,931 – 6,141 3,010,072 Other revenue 72,709 – – 72,709 Vehicle sales – 250,845 – 250,845 Delivery service – – 173,441 173,441 Segment revenue 3,076,640 250,845 179,582 3,507,067 Segment operating profit/ (loss) 914,981 (37,813 ) 4,747 881,915 Depreciation and amortization 541,238 2,133 1,560 544,931 Capital expenditure 605,716 12,074 8,519 626,309 February 28, 2022 Subscription revenue 2,565,745 – 2,420 2,568,165 Other revenue 71,055 – – 71,055 Vehicle sales – 67,310 – 67,310 Delivery service – – 39,621 39,621 Segment revenue 2,636,800 67,310 42,041 2,746,151 Segment operating profit/ (loss) 715,336 (13,302 ) (2,909 ) 699,125 Depreciation and amortization 497,161 97 101 497,359 Capital expenditure 594,171 1,916 363 596,450 Reconciliation of information on reportable segments to the amounts reported in consolidated financial statements Year ended February 29/28 Figures in Rand thousands 2024 2023 2022 Total segment operating profits 1,042,502 881,915 699,125 IPO costs – – (10,288 ) Finance income 39,418 23,255 6,083 Finance cost (15,822 ) (10,095 ) (12,331 ) Fair value changes to derivative assets (388 ) (971 ) (506 ) Consolidated profit before taxation 1,065,710 894,104 682,083 Information about geographical areas: As of February 29/28 Non-current operating assets 1 2024 2023 South Africa 1,714,719 1,417,103 Africa-Other 154,777 116,463 Europe 355,904 270,379 Asia-Pacific 2 498,361 380,436 2,723,761 2,184,381 1 Non-current operating assets consist of property, plant and equipment, capitalized commission assets, intangible assets, goodwill and prepayments. 2 Included in Asia-Pacific is non-current assets from Singapore amount to ZAR 226.2 million (2023: ZAR 140.0 million). Information about revenue from geographical areas are disclosed in Note 20. There are no customers which contribute in excess of 10% of Group revenue for the financial year ended February 29, 2024, February 28, 2023 and February 28, 2022. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Feb. 29, 2024 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | 5. PROPERTY, PLANT AND EQUIPMENT Land and 1 Plant, IT Capitalized Capitalized Capitalized Construction 1 Total At February 29, 2024 Owned assets Cost 153,962 129,567 161,133 130,511 215,539 3,175,435 266,870 4,233,017 Accumulated depreciation (31,245 ) (95,097 ) (119,796 ) – – (2,143,185 ) – (2,389,323 ) Carrying value 122,717 34,470 41,337 130,511 215,539 1,032,250 266,870 1,843,694 Right-of-use assets Cost 202,367 105,692 19,399 – – – – 327,458 Accumulated depreciation (89,275 ) (29,797 ) (19,286 ) – – – – (138,358 ) Carrying value 113,092 75,895 113 – – – – 189,100 Total 235,809 110,365 41,450 130,511 215,539 1,032,250 266,870 2,032,794 At February 28, 2023 Owned assets Cost 147,607 134,813 143,734 202,425 104,951 2,566,867 76,519 3,376,916 Accumulated depreciation (26,422 ) (105,337 ) (79,563 ) – – (1,691,206 ) – (1,902,528 ) Carrying value 121,185 29,476 64,171 202,425 104,951 875,661 76,519 1,474,388 Right-of-use assets Cost 172,155 53,083 21,170 – – – – 246,408 Accumulated depreciation (88,208 ) (19,928 ) (20,846 ) – – – – (128,982 ) Carrying value 83,947 33,155 324 – – – – 117,426 Total 205,132 62,631 64,495 202,425 104,951 875,661 76,519 1,591,814 Reconciliation of the carrying value of property, plant and equipment Land and 1 Plant, IT Capitalized Capitalized Capitalized Construction 1 Total At February 29, 2024 Beginning balance 121,185 29,476 64,171 202,425 104,951 875,661 76,519 1,474,388 Acquisition of subsidiary – 512 33 – – – – 545 Additions 8,823 14,672 13,123 153,425 208,683 287,277 190,351 876,354 Transfer – – – (225,339 ) (101,722 ) 327,061 – – Disposals – (251 ) (2,147 ) – – (3,544 ) – (5,942 ) Depreciation (7,557 ) (10,977 ) (35,441 ) – – (475,536 ) – (529,511 ) Translation adjustments 266 1,038 1,598 – 3,627 21,331 – 27,860 Ending balance 122,717 34,470 41,337 130,511 215,539 1,032,250 266,870 1,843,694 Right-of-use assets Beginning balance 83,947 33,155 324 – – – – 117,426 Additions 90,523 64,529 1,033 – – – – 156,085 Disposals (21,499 ) (8,092 ) – – – – – (29,591 ) Depreciation (43,622 ) (14,282 ) (1,245 ) – – – – (59,149 ) Translation adjustments 3,743 585 1 – – – – 4,329 Ending balance 113,092 75,895 113 – – – – 189,100 Total 235,809 110,365 41,450 130,511 215,539 1,032,250 266,870 2,032,794 Figures in Rand thousands Land and 1 Plant, IT Capitalized Capitalized Capitalized Construction 1 Total At February 28, 2023 Owned assets Beginning balance 120,015 31,444 49,367 138,405 173,871 771,124 4,166 1,288,392 Additions 9,057 7,513 33,191 142,586 111,661 203,295 72,353 579,656 Transfer - - - (78,566 ) (189,160 ) 267,726 – – Disposals (3,230 ) (2,033 ) (282 ) – – (2,890 ) – (8,435 ) Depreciation (5,425 ) (8,957 ) (25,152 ) – – (404,577 ) – (444,111 ) Translation adjustments 768 1,509 7,047 – 8,579 40,983 – 58,886 Ending balance 121,185 29,476 64,171 202,425 104,951 875,661 76,519 1,474,388 Right-of-use assets Beginning balance 64,388 32,508 5,371 – – – – 102,267 Additions 48,978 9,959 635 – – – – 59,572 Disposals (698 ) (187 ) (2 ) – – – – (887 ) Depreciation (34,450 ) (9,517 ) (5,710 ) – – – – (49,677 ) Translation adjustments 5,729 392 30 – – – – 6,151 Ending balance 83,947 33,155 324 – – – – 117,426 Total 205,132 62,631 64,495 202,425 104,951 875,661 76,519 1,591,814 1 Certain freehold land and building of the Group with a carrying amount of ZAR 376.9 million (February 28, 2023: ZAR 186.5 million) were mortgaged to a bank as security for mortgaged loan (Note 16). The freehold land and building is a head office suite for South Africa and is located at Rosebank, Johannesburg. The carrying amount of the property under construction at February 29, 2024 was ZAR 376.9 million (February 28, 2023: ZAR 186.5 million). The amount of borrowing costs capitalized during the year ended February 29, 2024 was ZAR 5.3 million (February 28, 2023: ZAR 4.6 million). The rate used to determine the amount of borrowing costs eligible for capitalization was prime rate plus 1.15% for the financial year ended February 29, 2024 and February 28, 2023, which is the effective interest rate (“EIR”) of the specific borrowings. |
Capitalized Commission Assets
Capitalized Commission Assets | 12 Months Ended |
Feb. 29, 2024 | |
Capitalized Commission Assets [Abstract] | |
CAPITALIZED COMMISSION ASSETS | 6. CAPITALIZED COMMISSION ASSETS As of February 29/28 Figures in Rand thousands 2024 2023 Cost 702,540 537,367 Accumulated amortization (328,019 ) (250,313 ) Carrying value 374,521 287,054 Reconciliation of the carrying value of capitalized sales commissions As of February 29/28 Figures in Rand thousands 2024 2023 At March 1 287,054 231,537 Additions 163,716 112,738 Amortization (83,155 ) (64,707 ) Translation adjustments 6,906 7,486 At February 374,521 287,054 The Group capitalizes sales commission costs arising from activated subscription contracts. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Feb. 29, 2024 | |
Intangible Assets [Abstract] | |
INTANGIBLE ASSETS | 7. INTANGIBLE ASSETS Figures in Rand thousands Product Computer Trade name Customer Total At February 29, 2024 Cost 200,994 36,937 882 8,694 247,507 Accumulated amortization (129,377 ) (28,164 ) (752 ) (6,091 ) (164,384 ) Carrying value 71,617 8,773 130 2,603 83,123 At February 28, 2023 Cost 144,922 34,039 782 6,385 186,128 Accumulated amortization (76,621 ) (20,281 ) (391 ) (3,193 ) (100,486 ) Carrying value 68,301 13,758 391 3,192 85,642 Staff costs of ZAR 48.8 million (2023: ZAR 38.8 million) have been capitalized to product development costs with regard to the development of new generation telematics hardware and platform software which was deployed in the current financial year. Reconciliation of the carrying value of intangible assets Figures in Rand thousands Note Product Computer Trade name Customer Total At February 29, 2024 Beginning balance 68,301 13,758 391 3,192 85,642 Acquisition of subsidiary 28 – 100 – 2,310 2,410 Additions 48,792 2,422 – – 51,214 Amortization (48,605 ) (7,717 ) (261 ) (2,899 ) (59,482 ) Translation adjustments 3,129 210 – – 3,339 Ending balance 71,617 8,773 130 2,603 83,123 At February 28, 2023 Beginning balance 59,737 11,321 652 5,321 77,031 Additions 38,837 7,816 – – 46,653 Amortization (42,638 ) (6,115 ) (261 ) (2,129 ) (51,143 ) Translation adjustments 12,365 736 – – 13,101 Ending balance 68,301 13,758 391 3,192 85,642 |
Goodwill
Goodwill | 12 Months Ended |
Feb. 29, 2024 | |
Goodwill [Abstract] | |
GOODWILL | 8. GOODWILL Goodwill is allocated to the following cash generating units (CGUs): Cartrack - Mozambique, Portugal, Spain and Other and Karooooo Logistics. Cartrack Karooooo Figures in Rand thousands Note Mozambique Portugal Spain Other Logistics Total At March 1, 2022 65,081 30,164 21,381 11,444 58,314 186,384 Translation adjustments 17,196 4,305 3,051 1,545 – 26,097 At February 28, 2023 82,277 34,469 24,432 12,989 58,314 212,481 Acquisition of subsidiary 28 – – – 6,223 – 6,223 Translation adjustments 4,027 2,346 1,663 640 – 8,676 At February 29, 2024 86,304 36,815 26,095 19,852 58,314 227,380 Impairment testing The Group performs its annual impairment test at the end of each financial year, or more frequently if there are indications that goodwill may be impaired. No impairment was identified in the current financial year which is consistent with the conclusions reached in 2023. The Group considers the relationship between its market capitalization and its equity attributable to equity holders of the parent, among other factors, when performing the annual test of impairment. At February 29, 2024, the market capitalization of the Group exceeded the value of equity by ZAR 11.3 billion (2023: ZAR 11.8 billion). The Group determines the recoverable amount of each cash-generating units (CGU) based on the higher of its value in use calculations and fair value less costs of disposal. The recoverable amounts of Portugal, Spain and Karooooo Logistics were calculated by using discounted cash flow valuation technique, which requires the use of various estimates. Each of the cash flow projections are based on forecasts over a five-year period, which have been approved by senior management. For Mozambique, the Group has engaged an external valuer to determine the fair value less cost of disposal of the CGU using market approach, by applying price-to-value metrics observed in comparable companies to the CGU. The Other CGUs are valued on an earnings multiple basis. The key estimates used for the value in use calculations and sensitivity to changes in assumptions are as follows: As of February 29/28 Key estimates applied in value in use calculation CGU 2024 2023 Revenue growth rate This is the average annual compound growth rate in revenue that is derived from management’s forecast and is based on external available information, such as GDP and industry growth rate within the region. Mozambique N.A. 16 % Portugal 16 % 15 % Spain 19 % 19 % Karooooo Logistics 27 % 51 % The growth rate applied for revenue is considered to be the main driver of profitability and hence free cash flow. CGUs are at different maturity levels in their business cycles and hence will reflect considerably different growth rates. The various geographical markets the CGUs operate within also have differences in their economies which have been taken into consideration. The growth rate determined by management is based on historical data from both external and internal sources and is within the range of reported global telematics growth forecasts for the medium to long term and with the assumptions that a market participant would make. Terminal growth rate The estimated rate of growth after the five-year forecast period. This rate is informed primarily by external forecasts about economic activity by region. Changes in these rates are reflective of changes in market views on the economic growth in those regions. Mozambique N.A. 8 % Portugal 2 % 2 % Spain 2 % 2 % Karooooo Logistics 5 % 5 % Discount rate The rate reflects the specific risks relating to the country and industry in which the entity operates. These rates were determined using externally available information. The rates were determined using the Weighted Average Cost of Capital model. The rate is a pre-tax rate. Mozambique N.A. 31 % Portugal 16 % 19 % Spain 16 % 19 % Karooooo Logistics 35 % 38 % For Spain, Portugal and Karooooo Logistics, the Group has applied a 50 basis point (2023: 50 basis point) increase and decrease to the revenue growth rates, terminal growth rates and discount rates used in the impairment testing. The sensitivity test does not result in impairment. The key estimates used for the fair value less costs of disposal calculations are earnings multiples. The market approach is based on the premise that the companies with similar business models and economic fundamentals would likely sell for similar prices. Comparable companies, which are typically listed companies trading in the same sector as the entity, would be identified and price-to-value metrics for these companies would be calculated. The Group has considered EV/EBITDA multiple as the most appropriate metric to determine the fair value less cost of disposal of this CGU. The EV/EBITDA multiples are 6.8x. A change of 50 basis points of the multiple will not result in any impairment. In prior year, recoverable amount of Mozambique was calculated by using discounted cash flow technique. |
Deferred Tax
Deferred Tax | 12 Months Ended |
Feb. 29, 2024 | |
Deferred Tax [Absrtact] | |
DEFERRED TAX | 9. DEFERRED TAX As of February 29/28 Figures in Rand thousands Note 2024 2023 Deferred tax liabilities (69,840 ) (51,894 ) Deferred revenue 63,934 59,402 Property, plant and equipment and capitalized commission assets (158,592 ) (144,007 ) Lease obligations (2,411 ) 4,812 ECL provision on trade receivables 18,716 17,238 Other 8,513 10,661 Deferred tax assets 81,903 60,919 Deferred revenue 5,791 4,856 Property, plant and equipment and capitalized commission assets 41,842 25,233 Tax losses 15,186 8,795 Lease obligations 3,076 2,903 ECL provision on trade receivables 6,504 8,890 Other 9,504 10,242 Total net deferred tax assets 12,063 9,025 Reconciliation of deferred tax assets/(liabilities) At March 1 9,025 11,320 Increase in deferred revenue temporary differences 5,569 5,417 Decrease in ECL provision on trade receivables temporary differences (393 ) (430 ) Decrease in property, plant and equipment and capitalized commission assets temporary differences 4,313 (469 ) Increase/(decrease) in tax losses temporary differences 6,370 (13,076 ) (Decrease)/increase in lease obligation temporary differences (7,120 ) 1,659 (Decrease)/increase in other temporary differences (3,051 ) 1,504 Translation adjustments (2,650 ) 3,100 At February 29/28 12,063 9,025 Reconciliation of deferred tax balances At March 1 9,025 11,320 Credit/(charge) to income statement 24 6,500 (17,229 ) Others 132 14,570 Translation adjustments (3,594 ) 364 At February 29/28 12,063 9,025 Unrecognized deferred tax assets The Group has not recognized deferred tax assets relating to available tax losses in start-up subsidiaries where the probability of future taxable income is uncertain. These potential deferred tax assets will be recognized and utilized in future periods as and when they meet the recognition criteria. The tax losses available from these subsidiaries are ZAR 113.1 million (2023: ZAR 116.2 million). None of the tax losses expire in terms of local tax legislation. Unrecognized deferred tax liabilities No deferred tax liability is recognized on temporary differences of ZAR 1,131.1 million (2023: ZAR 1,194.7 million) relating to the unremitted earnings of overseas subsidiaries as the Group is able to control the timings of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future. |
Inventories
Inventories | 12 Months Ended |
Feb. 29, 2024 | |
Inventories [Abstract] | |
INVENTORIES | 10. INVENTORIES As of February 29/28 Figures in Rand thousands 2024 2023 Vehicles 2,083 75,843 Other consumables 4,499 3,316 Total inventories 6,582 79,159 Inventories recognized as an expense in cost of sales is ZAR 267.3 million (2023: ZAR 218.8 million, 2022: ZAR 59.2 million). |
Trade and Other Receivables and
Trade and Other Receivables and Prepayments | 12 Months Ended |
Feb. 29, 2024 | |
Trade and Other Receivables and Prepayments [Abstract] | |
TRADE AND OTHER RECEIVABLES AND PREPAYMENTS | 11. TRADE AND OTHER RECEIVABLES AND PREPAYMENTS As of February 29/28 Figures in Rand thousands 2024 2023 Trade receivables 554,107 485,740 Expected credit loss provision (165,240 ) (149,541 ) 388,867 336,199 Other receivables Deposits 500,646 11,811 Sundry debtors 24,656 24,739 Finance lease receivables 17,326 21,403 Subtotal 931,495 394,152 Prepayments 55,778 32,387 Other taxes 16,956 7,367 Total trade and other receivables and prepayments 1,004,229 433,906 Non-current 18,831 24,715 Current 985,398 409,191 1,004,229 433,906 Short term deposit included in deposits amounted to ZAR 485.7 million are placed with a licensed bank for a term of 5 to 9 months and earns interests at the bank’s prevailing deposit rate. During the year ended February 28, 2023, the Group entered into a finance leasing arrangement as a lessor for a machinery to a third party. The average term of finance leases entered into is five years. The following table shows the maturity analysis of the undiscounted lease payments to be received: As of February 29/28 Figures in Rand thousands 2024 2023 Maturities analysis – within one year 4,438 4,078 – within two to four years 12,888 14,525 – over four years - 2,800 Present value of lease payments 17,326 21,403 Non-current asset 12,888 17,325 Current asset 4,438 4,078 17,326 21,403 The Group recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost. The determination of the expected credit loss provision is calculated on a basis specific to each customer grouping and jurisdiction in which the Group operates and requires the use of estimates. Additional information regarding credit risk applicable to trade receivables is disclosed in Note 31.2 (a). The Group has recognized a loss allowance of 100% (2023: 100%) against aged receivables, and debts are considered aged and not recoverable when they typically reach 360 or 450 days, depending on respective entities’ historical experiences. With customers being afforded payment holidays and extended payment terms, the ageing profile of trade receivables has extended which in turn has resulted in the expected credit loss provision being increased. The method in providing for expected credit losses is consistent with prior years. The average credit period extended to customers is 30 days (2023: 30 days). No interest is charged on outstanding trade receivables. Credit quality of trade and other receivables Information on credit quality of trade and other receivables is on Note 31.2 (a). Reconciliation of the expected credit loss provision recognized with regard to trade and other receivables As of February 29/28 Figures in Rand thousands 2024 2023 At March 1 (149,541 ) (161,683 ) Allowance for expected credit losses, net (109,422 ) (87,541 ) Amounts utilized 90,538 105,921 Translation adjustments 3,185 (6,238 ) At February 29/28 (165,240 ) (149,541 ) |
Loans to_(From) Related Parties
Loans to/(From) Related Parties | 12 Months Ended |
Feb. 29, 2024 | |
Loans to/(From) Related Parties [Abstract] | |
LOANS TO/(FROM) RELATED PARTIES | 12. LOANS TO/(FROM) RELATED PARTIES As of February 29/28 Figures in Rand thousands 2024 2023 Non-current assets Loans to related party 28,200 25,800 Current liabilities Loans from related parties (924 ) (607 ) Related party loans are unsecured, bear no interest and have no fixed terms of repayment. The fair value of these financial instruments approximates the carrying amount. |
Cash and Cash Equivalents and B
Cash and Cash Equivalents and Bank Overdraft | 12 Months Ended |
Feb. 29, 2024 | |
Cash and Cash Equivalents and Bank Overdraft [Abstract] | |
CASH AND CASH EQUIVALENTS AND BANK OVERDRAFT | 13. CASH AND CASH EQUIVALENTS AND BANK OVERDRAFT As of February 29/28 Figures in Rand thousands 2024 2023 Cash on hand 1,965 398 Bank balances 457,366 318,630 Short-term deposits 196 646,762 Cash and cash equivalents in the consolidated statement of financial position 459,527 965,790 Bank overdrafts (23,362 ) (40 ) Cash and cash equivalents in the consolidated statement of cash flows 436,165 965,750 Current assets 459,527 965,790 Current liabilities (23,362 ) (40 ) 436,165 965,750 Information on cash flow management is included in Note 31.2 (b). Refer to Note 36 for information on the various facilities available to the Group. |
Other Financial Assets
Other Financial Assets | 12 Months Ended |
Feb. 29, 2024 | |
Other Financial Assets [Abstract] | |
OTHER FINANCIAL ASSETS | 14. OTHER FINANCIAL ASSETS As of February 29/28 Figures in Rand thousands 2024 2023 Non-current assets Derivative – call option 1 - 388 1 This relates to a call option agreement with the non-controlling shareholders of Karooooo Logistics to acquire additional 13% interest in Karooooo Logistics. As at February 29, 2024, the non-controlling shareholders have removed all rights to exercise the call option. The call option was derecognized in profit or loss. |
Share Capital and Treasury Shar
Share Capital and Treasury Shares | 12 Months Ended |
Feb. 29, 2024 | |
Share Capital and Treasury Shares [Abstract] | |
SHARE CAPITAL AND TREASURY SHARES | 15. SHARE CAPITAL AND TREASURY SHARES As of February 29/28 Figures in Rand thousands 2024 2023 Share Capital Issued and fully paid 30,951,106 (2023: 30,951,106) ordinary shares of no par value 7,142,853 7,142,853 Karooooo listed on NASDAQ in April 2021 with 20,332,894 shares and issued additional 1,207,500 shares to public shareholders. On April 21, 2021, Karooooo bought out all of the minority shareholders of Cartrack and delisted Cartrack from the JSE. In terms of the reinvestment offer, investors who elected to remain invested in Cartrack received 1 Karooooo ordinary share for every 10 Cartrack ordinary shares owned on the JSE prior to the finalization of reinvestment offer. Karooooo concluded an inward secondary listing on the JSE on April 21, 2021 and issued another 9,410,712 ordinary shares to eligible Cartrack shareholders. The Company’s authorized and issued number of ordinary shares increased from 20,332,894 to 30,951,106 as at February 28, 2022. The holder of ordinary shares is entitled to receive dividends as declared from time to time, and is entitled to one vote per share at meetings of the Company. As of Figures in Rand thousands 2024 Treasury shares At March 1 - Treasury shares purchased 23,816 At February 23,816 The Company acquired 51,106 shares in the open market during the financial year, of which 14,637 shares are held in trust by Cartrack Holdings Proprietary Ltd. The total amount paid to acquire the shares was ZAR 23.8 million and this was presented as a component within shareholder’s equity. Subsequently, these shares are being cancelled with effect on May 24, 2024. |
Term Loans
Term Loans | 12 Months Ended |
Feb. 29, 2024 | |
Term Loans [Abstract] | |
TERM LOANS | 16. TERM LOANS As of February 29/28 Figures in Rand thousands Notes Currency Interest rate Maturity 2024 2023 Non-current liabilities Interest-bearing loans ZAR 7.25% September 2023 – 504 Interest-bearing loans EUR EURIBOR + 3% December 2023 – 243 Mortgaged bonds 36 ZAR Prime rate -1.15% December 2025 41,645 37,557 41,645 38,304 Current liabilities Interest-bearing loans EUR EURIBOR + 3% December 2023 – 5,497 Mortgaged bonds 36 ZAR Prime rate -1.15% December 2025 6,534 16,146 6,534 21,643 Total term loans 48,179 59,947 As at February 29, 2024 and February 28, 2023, the Group met the loan covenants. Reconciliation of movement of liabilities to cash flows arising from financing activities Figures in Rand thousands Loans from Other Lease Total Balance at March 1, 2023 607 59,947 120,727 181,281 Changes from financing cash flows 290 (12,018 ) (57,892 ) (69,620 ) Proceeds from borrowings 342 – – 342 Repayment of related parties loans (52 ) – – (52 ) Repayment of term loans – (12,018 ) (12,018 ) Payment of lease liabilities – – (57,892 ) (57,892 ) The effect of changes in foreign exchange rates 27 250 5,011 5,288 Other changes – – 126,494 126,494 Interest paid – (194 ) (11,371 ) (11,565 ) New leases – – 156,085 156,085 Disposal – – (29,591 ) (29,591 ) Interest expense – 194 11,371 11,565 Balance at February 29, 2024 924 48,179 194,340 243,443 Balance at March 1, 2022 2,134 89,350 112,078 203,562 Changes from financing cash flows (1,625 ) (30,532 ) (56,617 ) (88,774 ) Proceeds from borrowings 315 502 – 817 Repayment of related parties loans (1,940 ) – – (1,940 ) Repayment of term loans – (31,034 ) – (31,034 ) Payment of lease liabilities – – (56,617 ) (56,617 ) The effect of changes in foreign exchange rates 98 1,129 5,694 6,921 Other changes – – 59,572 59,572 Interest paid – (797 ) (8,199 ) (8,996 ) New leases – – 59,572 59,572 Interest expense – 797 8,199 8,996 Balance at February 28, 2023 607 59,947 120,727 181,281 |
Lease Liabilities
Lease Liabilities | 12 Months Ended |
Feb. 29, 2024 | |
Lease Liabilities [Abstarct] | |
LEASE LIABILITIES | 17. LEASE LIABILITIES As of February 29/28 Figures in Rand thousands 2024 2023 Maturities analysis – within one year 63,055 52,843 – within two to four years 123,387 57,930 – over four years 7,898 9,954 Present value of lease payments 194,340 120,727 Non-current liabilities 131,285 67,882 Current liabilities 63,055 52,845 194,340 120,727 It is Group policy to lease the various commercial properties occupied by the Group’s operations and certain motor vehicles are leased in terms of installment sale agreements. The average term of the installment sale agreements is between three to four years and interest is charged at prime linked interest rates. The Group’s obligations under instalment sale agreements are secured by the leased assets. Property leases capitalized have an average lease term of four years and interest incurred is at an incremental borrowing rate of a similar asset. External sources of information were used to determine incremental borrowing rate of a similar asset. Total cash outflows for leases recognized in statement of cash flows ZAR 69.3 million (2023: ZAR 64.8 million, 2022: ZAR 53.3 million). The Group leases office building, motor vehicles and IT equipment with contract terms less than twelve months. These leases are short-term. For the financial year ended February 29, 2024, the Group recognized lease payments of ZAR 7.3 million (2023: ZAR 6.2 million, 2022: ZAR 8.2 million) associated with these short-term leases as an expense on a straight-line basis over the lease term. |
Deferred Revenue
Deferred Revenue | 12 Months Ended |
Feb. 29, 2024 | |
Deferred Revenue [Abstract] | |
DEFERRED REVENUE | 18. DEFERRED REVENUE As of February 29/28 Figures in Rand thousands 2024 2023 Beginning balance 395,867 326,404 Amounts deferred in current financial year 474,706 353,719 Amounts released to revenue in the current financial year (382,081 ) (304,541 ) Translation adjustments (41,342 ) 20,285 Ending balance 447,150 395,867 Non-current liabilities 121,302 112,185 Current liabilities 325,848 283,682 447,150 395,867 Majority of subscription revenues are billed monthly in advance and then recognized in revenue as the service is provided. In most situations, ownership of all telematics devices remain with the Group. For customers who have paid for the hardware fees and service upfront, revenue is deferred and recognized over 60 months and the expected term of the customer relationship respectively. The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially satisfied at the end of the reporting period. As of February 29/28 Figures in Rand thousands 2024 2023 Maturities analysis – within one year 325,848 283,682 – within two to four years 115,801 107,558 – over four years 5,501 4,627 Present value of amounts received in advance 447,150 395,867 |
Trade and Other Payables
Trade and Other Payables | 12 Months Ended |
Feb. 29, 2024 | |
Trade and Other Payables [Abstract] | |
TRADE AND OTHER PAYABLES | 19. TRADE AND OTHER PAYABLES As of February 29/28 Figures in Rand thousands 2024 2023 Trade payables Amounts due to related parties 12,230 13,081 Trade payables 207,308 137,400 Accrued expenses 149,251 121,784 368,789 272,265 Other payables Sundry creditors 19,639 22,918 Other taxes 48,131 44,566 Dividend payable to NCI 9,725 34,298 446,284 374,047 The amounts due to related parties are unsecured, interest-free and repayable on demand. Trade payables are non-interest bearing and are normally settled on 30 to 60 days term. The fair value of the financial instruments approximates their carrying amounts. |
Revenue
Revenue | 12 Months Ended |
Feb. 29, 2024 | |
Revenue [Abstract] | |
REVENUE | 20. REVENUE The Group generates revenue by offering a full-stack smart mobility technology SaaS platform for connected vehicles and other assets, vehicles sales and delivery services. In the following table, revenue from contract with customers is disaggregated by revenue streams, primary geographical markets and timing of revenue recognition. Year ended February 29/28 Figures in Rand thousands 2024 2023 2022 Revenue from contracts with customers Subscription revenue - Cartrack 3,522,816 3,003,931 2,565,745 Subscription revenue - Karooooo Logistics 12,989 6,141 2,420 Other revenue - Cartrack 90,879 72,709 71,055 Hardware sales 43,250 29,685 37,435 Installation revenue 29,186 29,278 21,321 Miscellaneous contract fees 18,443 13,746 12,299 Vehicle sales 274,787 250,845 67,310 Delivery service fees 304,040 173,441 39,621 Total revenue 4,205,511 3,507,067 2,746,151 Primary geographical markets South Africa 3,171,851 2,730,401 2,123,153 Africa-Other 144,020 131,077 101,019 Europe 347,628 257,078 229,671 Asia-Pacific*, Middle East and USA 542,012 388,511 292,308 4,205,511 3,507,067 2,746,151 Timing of revenue recognition Products and services transferred at a point in time 669,706 323,554 177,986 Services transferred over time 3,535,805 3,183,513 2,568,165 Total revenue 4,205,511 3,507,067 2,746,151 * Included in Asia-Pacific is revenue from Singapore amounted to ZAR 132.4 million (2023: ZAR 105.6 million, 2022: ZAR 96.1 million). |
Operating Profit
Operating Profit | 12 Months Ended |
Feb. 29, 2024 | |
Operating Profit [Abstract] | |
OPERATING PROFIT | 21. OPERATING PROFIT Year ended February 29/28 Figures in Rand thousands Notes 2024 2023 2022 Operating profit is stated after accounting for the following charges: Depreciation of property, plant and equipment 5 588,660 493,788 458,281 Amortization of capitalized commission assets 6 83,155 64,707 64,566 Amortization of intangible assets 7 59,482 51,143 39,078 Employee benefits expense 1 1,076,244 865,831 720,606 Defined contribution plan 45,468 44,681 26,534 1 After offsetting government grant received ZAR Nil Nil |
Finance Income
Finance Income | 12 Months Ended |
Feb. 29, 2024 | |
Finance Income [Abstract] | |
FINANCE INCOME | 22. FINANCE INCOME Year ended February 29/28 Figures in Rand thousands 2024 2023 2022 Interest income from bank balances 39,418 23,255 6,083 |
Finance Costs
Finance Costs | 12 Months Ended |
Feb. 29, 2024 | |
Finance Cost [Abstract] | |
FINANCE COSTS | 23. FINANCE COSTS Year ended February 29/28 Figures in Rand thousands 2024 2023 2022 Lease liabilities 11,371 8,199 6,249 Term loans 194 797 4,317 Overdraft 2,296 291 794 Others 1,961 808 971 15,822 10,095 12,331 |
Taxation
Taxation | 12 Months Ended |
Feb. 29, 2024 | |
Taxation [Abstract] | |
TAXATION | 24. TAXATION Year ended February 29/28 Figures in Rand thousands Note 2024 2023 2022 Major components of the tax expense: Current tax Current year 297,546 250,606 208,141 Prior year (120 ) (4,671 ) 8,573 297,426 245,935 216,714 Deferred tax Current year (12,964 ) 15,972 (16,370 ) Prior year 6,464 1,257 (3,394 ) 9 (6,500 ) 17,229 (19,764 ) Withholding tax 20,628 22,134 8,526 Total tax expense 311,554 285,298 205,476 Reconciliation between accounting profit and tax expense: Profit before taxation 1,065,710 894,104 682,083 Tax at the applicable tax rate of 17% 1 1 1 181,171 151,998 115,954 Effect of different tax rates in foreign jurisdictions 90,081 91,841 66,257 Taxation effect of adjustments on taxable income: Utilization of previously unrecognized tax losses (10,811 ) (2,239 ) (982 ) Tax incentive (6,549 ) (5,975 ) (2,709 ) Income not subject to tax (1,414 ) (4,184 ) (270 ) Non-deductible expenses 15,898 20,789 12,556 Recognition of previously unrecognized tax losses – (1,794 ) (2,060 ) Current year losses for which no deferred tax asset is recognized 19,223 14,085 1,040 Withholding tax 20,628 22,134 8,526 Prior year tax under/(over) provision 6,344 (3,414 ) 5,179 Tax effect of deferred tax on decrease in tax rate – (594 ) – Others (3,017 ) 2,651 1,985 Total tax expense 311,554 285,298 205,476 1 This is the corporate tax rate in Singapore. |
Taxation Paid
Taxation Paid | 12 Months Ended |
Feb. 29, 2024 | |
Taxation Paid [Abstract] | |
TAXATION PAID | 25. TAXATION PAID Year ended February 29/28 Figures in Rand thousands 2024 2023 2022 Balance payable at beginning of the year (47,369 ) (32,100 ) (10,203 ) Acquisition of subsidiary – – 477 Current tax for the year recognized in profit or loss (318,054 ) (268,069 ) (225,240 ) Translation adjustments (1,195 ) (3,821 ) 341 Balance payable at end of the year 64,661 47,369 32,100 (301,957 ) (256,621 ) (202,525 ) |
Dividend
Dividend | 12 Months Ended |
Feb. 29, 2024 | |
Dividends Paid [Abstract] | |
DIVIDEND | 26. DIVIDEND Dividend per share Dividend paid by the Company to owner of the Company Year ended February 29/28 2024 2023 Figures in Rand thousands Per share (ZAR) Amount Per share (ZAR) Amount Interim dividend 16.14 499,518 10.70 331,252 |
Interest in Subsidiaries
Interest in Subsidiaries | 12 Months Ended |
Feb. 29, 2024 | |
Interest in Subsidiaries [Abstract] | |
INTEREST IN SUBSIDIARIES | 27. INTEREST IN SUBSIDIARIES The following table lists the entities which are controlled by the Group. Company Name Held by Country of % holding % holding Cartrack Holdings Proprietary Limited 4 Karooooo Ltd South Africa 100.0 100.0 Carzuka.com Pte Ltd 1 Karooooo Ltd Singapore 100.0 100.0 Karooooo Management Company Pte. Ltd. Karooooo Ltd Singapore 100.0 100.0 Karooooo Software Pte. Ltd. Karooooo Ltd Singapore 100.0 100.0 Karooooo Proprietary Ltd Karooooo Ltd South Africa 100.0 100.0 Karooooo Cartrack Limited 10 Karooooo Ltd Uganda 100.0 100.0 Cartrack (Cambodia) Co. Ltd Karooooo Management Company Pte. Ltd. Cambodia 100.0 100.0 Cartrack Swaziland (Pty) Ltd 11 Karooooo Management Company Pte. Ltd. Kingdom of Eswatini 76.0 - Carzuka Pte Ltd 1 Carzuka.com Pte. Ltd. Singapore 100.0 100.0 Karooooo Technologies Proprietary Limited 2 Karooooo Proprietary Ltd South Africa 100.0 100.0 Cartrack Management Services Proprietary Limited Cartrack Holdings Proprietary Limited South Africa 100.0 100.0 Cartrack Proprietary Limited Cartrack Holdings Proprietary Limited South Africa 100.0 100.0 Cartrack Manufacturing Proprietary Limited Cartrack Holdings Proprietary Limited South Africa 100.0 100.0 Cartrack Insurance Agency Proprietary Limited 3 Cartrack Holdings Proprietary Limited South Africa 100.0 100.0 Cartrack Namibia Proprietary Limited Cartrack Holdings Proprietary Limited Namibia 100.0 100.0 Cartrack Technologies Pte. Limited Cartrack Holdings Proprietary Limited Singapore 100.0 100.0 Carzuka Proprietary Limited Cartrack Holdings Proprietary Limited South Africa 100.0 100.0 Purple rain Properties No.444 Proprietary Limited Cartrack Holdings Proprietary Limited South Africa 100.0 100.0 Karooooo Logistics (Pty) Ltd 6 Cartrack Holdings Proprietary Limited South Africa 70.1 70.1 Cartrack Telematics Proprietary Limited 9 Cartrack Proprietary Limited South Africa 49.0 49.0 CTK Shell 1 (Pty) Ltd 1,7 Cartrack Proprietary Limited South Africa 100.0 100.0 Karu Holdings Proprietary Limited Cartrack Proprietary Limited South Africa 100.0 100.0 Combined Telematics Services Proprietary Limited 1, 9 Cartrack Proprietary Limited South Africa 49.0 49.0 CTK Shell 2 (Pty) Ltd 1,8 Cartrack Proprietary Limited South Africa 100.0 100.0 Cartrack Tanzania Limited Cartrack Technologies Pte. Limited Tanzania 100.0 100.0 Karooooo Kenya Limited 5 Cartrack Technologies Pte. Limited Kenya 70.0 70.0 Cartrack Engineering Technologies Limited Cartrack Technologies Pte. Limited Nigeria 100.0 100.0 PT. Cartrack Technologies Indonesia Cartrack Technologies Pte. Limited Indonesia 100.0 100.0 Company Name Held by Country of % holding % holding Cartrack Investments UK Limited 1 Cartrack Technologies Pte. Limited United Kingdom 100.0 100.0 Cartrack Technologies (China) Limited Cartrack Technologies Pte. Limited Hong Kong 100.0 100.0 Cartrack Malaysia SDN.BHD Cartrack Technologies Pte. Limited Malaysia 100.0 100.0 Cartrack Technologies LLC Cartrack Technologies Pte. Limited U.A.E 100.0 100.0 Cartrack Technologies PHL.INC. Cartrack Technologies Pte. Limited Philippines 100.0 100.0 Cartrack Technologies South East Asia Pte. Limited Cartrack Technologies Pte. Limited Singapore 100.0 100.0 Cartrack Ireland Limited Cartrack Technologies Pte. Limited Republic of Ireland 100.0 100.0 Cartrack Technologies (Thailand) Company Limited Cartrack Technologies Pte. Limited Thailand 100.0 100.0 Cartrack New Zealand Limited Cartrack Technologies Pte. Limited New Zealand 51.0 51.0 Cartrack (Australia) Proprietary Limited Cartrack Technologies Pte. Limited Australia 100.0 100.0 Cartrack Technologies Zambia Limited 1 Cartrack Technologies Pte. Limited Zambia 100.0 100.0 Cartrack (Mauritius) Ltd 1 Cartrack Technologies Pte. Limited Mauritius 100.0 100.0 Cartrack Vietnam Limited Liability Company 1 Cartrack Technologies Pte. Limited Vietnam 100.0 100.0 Cartrack INC. Cartrack Ireland Limited U.S.A 100.0 100.0 Cartrack Polska.Sp.zo.o Cartrack Ireland Limited Poland 90.9 90.9 Cartrack Portugal S.A. Cartrack Ireland Limited Portugal 100.0 100.0 Cartrack Espana. S.L.U. Cartrack Ireland Limited Spain 100.0 100.0 Karu.Com. Unipessoal. Lda Cartrack Portugal S.A. Portugal 100.0 100.0 Cartrack Limitada 9 Cartrack Technologies LLC Mozambique 50.0 50.0 Auto Club LDA Cartrack Technologies LLC Mozambique 90.0 80.0 Cartrack for Information Technology Company 1 Cartrack Technologies LLC Kingdom of Saudi Arabia 51.0 51.0 1 Dormant 2 Previously known as Cartrack Technologies Proprietary Limited 3 Previously known as Drive and Save Proprietary Limited 4 Previously known as Cartrack Holdings Limited 5 Previously known as Retriever Limited 6 Previously known as Picup Technologies Proprietary Limited 7 Previously known as Veraspan Proprietary Limited 8 Previously known as Zonke Bonke Telecoms Proprietary Limited 9 The Group considers Cartrack Limitada, Combined Telematics Services Proprietary Limited and Cartrack Telematics Proprietary Limited as subsidiaries of the Group as the Group has the right to appoint majority of the directors on the Board of Directors of these entities through contractual shareholders’ agreement. The Board of Directors of the companies direct the relevant activities of these entities. Accordingly, the Group is exposed to and has the rights to variable returns, and has the ability to affect those returns through the Board of Directors. 10 90% of the share capital of Karooooo Cartrack Limited is held by Karooooo Limited and the remainder 10% of the share capital is held by Karooooo Management Company Pte Limited. 11 74% of the share capital of Cartrack Swaziland (Pty) Ltd is held by Karooooo Management Company Pte. Ltd. and 2% is held by Cartrack Holdings Proprietary Limited. Loans provided to subsidiary companies which require financial support have been subordinated in favour of third- party creditors of the underlying companies. On June 15, 2022, the Group disposed of 30% of its interest in Karooooo Kenya Limited for a consideration of USD 380,000. An amount of ZAR 730,112, being the proportion share of the carrying amount of net assets in Karooooo Kenya Limited has been transferred to non-controlling interests. On March 1, 2023, Cartrack acquired 76% of the shares and voting interests in Cartrack Swaziland (Pty) Ltd for a consideration of ZAR 9,120,000, recognizing a goodwill of ZAR 6.2 million (see Note 28). |
Acquisition of Subsidiary
Acquisition of Subsidiary | 12 Months Ended |
Feb. 29, 2024 | |
Acquisition of Subsidiary [Abstract] | |
ACQUISITION OF SUBSIDIARY | 28. ACQUISITION OF SUBSIDIARY (i) Cartrack Swaziland (Pty) Ltd On March 8, 2023, the Group acquired 76% of the shares and voting interests in Cartrack Swaziland (Pty) Ltd, from its existing franchisees for a consideration of ZAR 9.12 million, recognizing a goodwill of ZAR 6.2 million. The goodwill amount are not material to the Group. The fair values of identifiable net assets and the cash outflows on the acquisition were as follows: Figures in Rand thousands Notes As of Other non-current assets 2,868 Cash and cash equivalents 3,778 Other current assets (excluding cash and cash equivalents) 203 Non-current liabilities (354 ) Current liabilities (2,683 ) Net identifiable assets acquired 3,812 Add: Goodwill 8 6,223 Less: NCI based on proportionate interest (915 ) Cash consideration transferred for the business 9,120 Less: cash and cash equivalents acquired (3,778 ) Less: cash consideration payable (240 ) Net outflow of cash 5,102 Goodwill arising on the acquisitions is attributable to the synergies expected to arise from their integration with the Group, the skilled workforce acquired and the expanded customers. The primary reason for these acquisitions is to strategically expand its customers base. |
Material Non-Controlling Intere
Material Non-Controlling Interest | 12 Months Ended |
Feb. 29, 2024 | |
Material Non-Controlling Interest [Abstract] | |
MATERIAL NON-CONTROLLING INTEREST | 29. MATERIAL NON-CONTROLLING INTEREST On April 21, 2021, the Group acquired the remaining 31.9% equity interest in Cartrack, increasing its ownership from 68.1% to 100%. Reinvestment scheme was offered to the minority shareholders of Cartrack by exchanging a fixed number of Karooooo shares for a fixed number of Cartrack Shares (see Note 1). The carrying amount of Cartrack’s net assets in the Group’s consolidated financial statements on the date of acquisition was ZAR 435.1 million. Subsequent to the acquisition of the remaining 31.9% stake in Cartrack, there is no material non-controlling interest as at February 29, 2024 and February 28, 2023. |
Related Parties
Related Parties | 12 Months Ended |
Feb. 29, 2024 | |
Related Parties [Abstract] | |
RELATED PARTIES | 30. RELATED PARTIES In addition to the information disclosed in Notes 11, 12 and 19 in the financial statements, the following transactions took place between the Group and related parties at the terms agreed between parties: Transactions with related parties Year ended February 29/28 Figures in Rand thousands 2024 2023 2022 Sales to related parties (30,730 ) (20,139 ) (28,915 ) Purchases from related parties 137,107 92,520 98,032 Rent paid to related parties 8,468 6,121 13,697 Information regarding the key management and prescribed officers is detailed in Note 34. |
Risk Management
Risk Management | 12 Months Ended |
Feb. 29, 2024 | |
Risk Management [Abstract] | |
RISK MANAGEMENT | 31. RISK MANAGEMENT The Directors have overall responsibility for the establishment in oversight of the Group’s risk management framework. The Directors have established the Audit and risk committee which is responsible for developing and monitoring the Group’s risk management policies. The committee reports regularly to the Directors on its activities. The Group’s risk management policies are established to identify and analyze the risk faced by the Group, to set appropriate risk limits, implement controls to enforce limits to monitor risk and adherence to limits. The committee is assisted in its oversight role by internal audit. Internal audit reviews risk and management controls and procedures, the results of which are reported to the committee. 31.1 Capital management The Group’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. Management monitors return of capital, as well as the level of dividends to shareholders. The capital structure of the Group consists of debt, which includes the borrowings and lease obligations disclosed in Note 16 and 17 respectively, cash and cash equivalents and bank overdraft disclosed in Note 13, and equity as disclosed in the consolidated statement of financial position. There were no changes in the Group’s approach to the capital management during the financial year. In order to maintain or adjust the capital structure, the Group may adjust the amounts of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. 31.2 Financial risk management The Group has exposure to the following risks arising from financial instruments: credit risk, liquidity risk, currency and interest rate risk. 31.2 (a) Credit risk Credit risk is the risk of financial loss to the Group if a customer fails to meet its contractual obligations, and arises principally from the Group’s receivables from customers, cash deposits and cash equivalents. Credit risk is managed by each subsidiary subject to the Group’s established policy and procedure. The Group has a general credit policy of only dealing with credit worthy customers. A significant element of its individual customers is on debit-order payment method to assess credit risk. Trade receivables comprise a widespread customer base. Management evaluates credit risk relating to customers on an ongoing basis. If customers are independently rated, these ratings are used. Otherwise, if there is no independent rating, risk control assesses the credit quality of the customer, taking into account its financial position, past experience and other factors. Individual risk limits are set based on internal or external ratings in accordance with limits set by the Directors. The utilization of credit limits is regularly monitored. The Group does not have any significant credit risk exposure to any single customer or any Group of customers having similar characteristics. There has been no change in credit risk estimation techniques since the last financial year. The carrying amounts of financial assets represent the maximum credit exposure. Expected credit losses on financial assets recognized in profit or loss were as follows: Year ended February 29/28 Figures in Rand thousands 2024 2023 2022 Expected credit loss provision on trade receivables arising from contracts with customers 109,422 87,541 88,482 Trade receivables The Group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk associated with the country in which the customer operates. Details of concentration of revenue are included in Note 20. Expected credit loss assessment process followed in the current financial year An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days since invoicing date for various groupings of various customer segments with similar loss patterns. The calculation reflects the probability-weighted outcome and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future conditions. The following table provides information about the expected credit loss rate for trade receivables by ageing category: Figures in Rand thousands Expected Gross Impairment At February 29, 2024 Since invoicing 6 % 201,762 12,844 1 month since invoicing date 14 % 64,098 8,988 2 months since invoicing date 22 % 39,487 8,627 3 months since invoicing date 54 % 248,760 134,781 Total 30 % 554,107 165,240 Figures in Rand thousands Expected Gross Impairment At February 28, 2023 Since invoicing 7 % 195,058 13,177 1 month since invoicing date 18 % 51,655 9,434 2 months since invoicing date 25 % 29,777 7,328 3 months since invoicing date 57 % 209,250 119,602 Total 31 % 485,740 149,541 Cash and cash equivalents The Group held cash and cash equivalents of ZAR 459.5 million as at February 29, 2024 (2023: ZAR 965.8 million) and short term deposits amounting to ZAR 485.7 million as at February 29, 2024 (2023: ZAR Nil million 31.2 (b) Liquidity risk The Group manages liquidity risk through an ongoing review of future commitments and ensures that there is adequate funding available in terms of cash reserves and committed funding facilities. Cash flow forecasts are prepared and available borrowing facilities are monitored on an ongoing basis. Exposure to liquidity risk The table below analyzes the Group’s financial liabilities into relevant maturity groupings based on the remaining period at the statement of financial position to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows and includes contractual interest payments. Figures in Rand thousands Less than 2 years 3 years 4 years >5 years Total At February 29, 2024 Term loans 11,313 45,089 – – – 56,402 Lease obligations 74,161 63,876 34,842 31,868 15,033 219,780 Trade and other payables 398,153 – – – – 398,153 Loans from related parties 924 – – – – 924 Bank overdraft 23,362 – – – – 23,362 At February 28, 2023 Term loans 21,993 18,352 17,596 15,751 – 73,692 Lease obligations 56,511 37,454 15,084 11,180 10,271 130,500 Trade and other payables 329,481 – – – – 329,481 Loans from related parties 607 – – – – 607 Bank overdraft 40 – – – – 40 31.2 (c) Currency risk The Group is exposed to currency risk to the extent that sales, purchases, and borrowings of the foreign operations are denominated in a currency other than the respective functional currencies of Group companies. The functional currencies of Group companies are primarily the ZAR, USD, Euro (EUR), Mozambican metical (MZN), the Singapore dollar (SGD) and Polish zloty (PLN). The Group does not apply hedge accounting. Exposure to currency risk The summarized quantitative data about the Group’s exposure to currency risk as reported to the management of the Group is as follows: Figures in Rand thousands USD EUR SGD At February 29, 2024 Trade and other receivables 326,060 5,213 1,306 Loan from related parties 127,802 86,824 – Loan to related parties (236,878 ) – (20,869 ) Cash and cash equivalents 70,015 2,590 1,868 Trade and other payables (230,793 ) (5,318 ) (15,639 ) 56,206 89,309 (33,334 ) At February 28, 2023 Trade and other receivables 104,583 40 433 Loan from related parties 114,186 80,342 – Loan to related parties (229,229 ) – (20,040 ) Cash and cash equivalents 61,780 2,337 560 Trade and other payables (50,581 ) (5,846 ) (8,135 ) 739 76,873 (27,182 ) Sensitivity analysis A strengthening/weakening of the ZAR against the USD, EUR and SGD, at year-end would have impacted the measurement of financial instruments denominated in a foreign currency, equity and profit or loss by the amounts shown below. The analysis assumes that all other variables remain constant. A factor change of 10% has been applied to the exchange rates. Figures in Rand thousands Strengthening Weakening of February 29, 2024 USD (5,621 ) 5,621 EUR (8,931 ) 8,931 SGD 3,333 (3,333 ) (11,219 ) 11,219 February 28, 2023 USD (74 ) 74 EUR (7,687 ) 7,687 SGD 2,718 (2,718 ) (5,043 ) 5,043 31.2 (d) Interest rate risk Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group’s exposure to interest rate risk relates primarily to the Group’s loan obligations with variable interest rates as follow: ● The term loan with Caixa Geral Depositos de S.A attracts interest at a rate of 3% p.a plus 12-month Euro Interbank Offered Rate (“EURIBOR”). The reform of EURIBOR was completed and as a result it can continue to be used as a reference rate. The term loan was fully repaid on January 18, 2024. ● The term loan with Standard Bank South Africa attracts interest at a rate of 2.05% plus 3-month Johannesburg Interbank Average Rate (“JIBAR”). The facility had been terminated on February 26, 2024. ● The mortgaged bond with First National Bank attracts interest at a rate of 1.15% p.a plus prime rate. There is uncertainty over the timing and the methods of transition for replacing the existing prime rate with alternative rates. No financial instruments were entered into to mitigate the risk of interest rate movements. Interest rate sensitivity The following table illustrates the effects on Group’s earnings and equity, all other factors remaining constant. A factor of 1% has been applied to the interest rates: As of February 29/28 Figures in Rand thousands 2024 2023 Effect on profit before tax (1% increase) (479 ) (599 ) Effect on profit before tax (1% decrease) 479 599 |
Analysis of Assets and Liabilit
Analysis of Assets and Liabilities by Financial Instrument Classification | 12 Months Ended |
Feb. 29, 2024 | |
Analysis of Assets and Liabilities by Financial Instrument Classification [Abstract] | |
ANALYSIS OF ASSETS AND LIABILITIES BY FINANCIAL INSTRUMENT CLASSIFICATION | 32. ANALYSIS OF ASSETS AND LIABILITIES BY FINANCIAL INSTRUMENT CLASSIFICATION The following table shows the carrying amounts and classification of financial assets and financial liabilities. The carrying amounts approximate their fair values. As of February 29/28 Figures in Rand thousands Notes 2024 2023 Financial assets (at amortized cost) Loans to related party 12 28,200 25,800 Trade and other receivables (excludes prepayments and other taxes) 11 931,495 394,152 Cash and cash equivalents 13 459,527 965,790 1,419,222 1,385,742 Financial assets (at fair value) Other financial assets 14 - 388 Financial liabilities (at amortized cost) Loans from related parties 12 924 607 Trade and other payables (excludes other taxes) 19 398,153 329,481 Term loans 16 48,179 59,947 Bank overdraft 13 23,362 40 470,618 390,075 |
Fair value of Assets and Liabil
Fair value of Assets and Liabilities | 12 Months Ended |
Feb. 29, 2024 | |
Fair Value of Assets and Liabilities [Abstract] | |
FAIR VALUE OF ASSETS AND LIABILITIES | 33. FAIR VALUE OF ASSETS AND LIABILITIES Fair value hierarchy The Group categorizes fair value measurement using a fair value hierarchy that is dependent on the valuation inputs used as follows: ● Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can access at the measurement date. ● Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). ● Level 3: Unobservable inputs for the asset or liability Fair value measurements that use inputs of different hierarchy levels are categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. Assets and liabilities measured at fair value As of February 28, 2023, Derivative – call option (Note 14) was measured at level 3 fair value. No assets and liabilities were measured at fair value as of February 29, 2024. The fair value of the underlying share of Karooooo Logistics is determined using discounted cash flow model. The key unobservable inputs of the discounted cash flow are as disclosed in Note 8. Assets and liabilities not measured at fair value, for which fair value is disclosed As of February 29, 2024, the fair value of loan to related party as disclosed in the table below is based on significant unobservable inputs (Level 3) and have been calculated by discounting the expected future cash flows using rates currently available for instruments on with similar terms, credit risk and remaining maturities. As of February 29, 2024 Figures in Rand thousands Notes Carrying Aggregate Loan to related party 12 28,200 29,258 Fair value of financial instruments by classes that are not carried at fair value and whose carrying amounts are reasonable approximation of fair value Cash and cash equivalents (Note 13), trade and other receivables (Note 11), trade and other payables (Note 19), term loans (Note 16), loans from related parties (Note 12), and lease liabilities (Note 17). The carrying amounts of these financial assets and liabilities are reasonable approximation of fair values as they are short term in nature, market interest rate instruments. Fair value of financial instrument classes that are not carried at fair value and whose carrying amounts are not reasonable approximation of fair value There are no financial instruments that are not carried at fair value and whose carrying amounts are not reasonable approximation of fair value. |
Directors and Key Management Pe
Directors and Key Management Personnel Emoluments | 12 Months Ended |
Feb. 29, 2024 | |
Directors and Key Management Personnel Emoluments [Abstract] | |
DIRECTORS AND KEY MANAGEMENT PERSONNEL EMOLUMENTS | 34. DIRECTORS AND KEY MANAGEMENT PERSONNEL EMOLUMENTS Key management personnel compensation comprised the following: Year ended February 29/28 Figures in Rand thousands 2024 2023 2022 Short-term employee benefits 18,094 16,557 13,109 Post-employment benefits 430 378 276 18,524 16,935 13,385 The amounts disclosed in the table are the amounts recognized as an expense during the reporting period related to directors and key management personnel. |
Basic and Diluted Earnings Per
Basic and Diluted Earnings Per Share Information | 12 Months Ended |
Feb. 29, 2024 | |
Basic and Diluted Earnings Per Share Information [Abstract] | |
BASIC AND DILUTED EARNINGS PER SHARE INFORMATION | 35. BASIC AND DILUTED EARNINGS PER SHARE INFORMATION Basic and diluted earnings per share The calculation of basic and diluted earnings per share has been based on the profit attributable to ordinary shareholders and the weighted average number of ordinary shares in issue. Year ended February 29/28 Figures in Rand 2024 2023 2022 Basic earnings Profit attributable to ordinary shareholder of Karooooo (ZAR ’000) 738,191 597,153 449,953 Weighted average number of ordinary shares issued 30,948,470 30,951,106 29,528,020 Basic and diluted earnings per share (ZAR) 23.85 19.29 15.24 Diluted earnings per share There are no dilutive instruments and therefore diluted earnings per share is the same as basic earnings per share. |
Funding Facilities
Funding Facilities | 12 Months Ended |
Feb. 29, 2024 | |
Funding Facilities [Abstract] | |
FUNDING FACILITIES | 36. FUNDING FACILITIES Cartrack Proprietary Limited (“CTSA”) has entered into funding agreements with The Standard Bank South Africa Limited (“SBSA”) and Mercantile Bank, a division of Capitec Bank Limited (“Mercantile”) as follows: The SBSA facility comprises a ZAR 925 million credit funding facility (the “Loan”), of which ZAR 75.0 million is committed and ZAR 850 million is uncommitted. Interest is levied at a rate of 3 months JIBAR plus margin. A guarantee has been provided by Cartrack Holdings (Pty) Ltd (“CTH”) and Cartrack Manufacturing Proprietary Limited (“CTM”). Security has been provided by CTH, CTSA and CTM in the form of a pledge and cession of certain rights in favor of the lender, including shares held in South African entities, all claims, bank accounts, cash and cash equivalent investments, intellectual property, insurance policies and insurance proceeds. The facilities has been terminated on February 26, 2024 and at February 28, 2023, none The Mercantile facility comprises an unsecured short-term overdraft facility of ZAR 275.0 million at the bank’s prime lending rate of 11.75% (2023: 11.75%) per annum. No security is provided on this facility. At February 29, 2024, ZAR 23.4 million (2023: ZAR Nil million |
Commitments
Commitments | 12 Months Ended |
Feb. 29, 2024 | |
Commitments [Abstract] | |
COMMITMENTS | 37. COMMITMENTS Other than the lease commitments disclosed in Note 17, as at February 29, 2024, the Group has commitments for capital expenditure of ZAR 151.7 million (2023: ZAR 45.0 million), relating to the redevelopment of its head office suite for South Africa. The total estimated redevelopment cost is ZAR 396.0 million. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Feb. 29, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 38. SUBSEQUENT EVENTS In April 2024, the Board approved a resolution for Karooooo Logistics (Pty) Ltd to repurchase its ordinary shares at a purchase price of ZAR 15.2 million in accordance with the Companies Act of South Africa and to cancel the repurchased shares. As a result, the Group’s effective shareholding in Karooooo Logistics (Pty) Ltd is expected to increase from 70.1% to 74.8% after completion of the repurchase and cancellation. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Feb. 29, 2024 | |
Accounting Policies [Abstract] | |
Basis of consolidation | a) Basis of consolidation The consolidated financial statements comprises the financial statements of the Company and its subsidiaries as at the end of the reporting period. The financial statements of the subsidiaries used in the preparation of the consolidated financial statements are prepared for the same reporting date as the Company. Consistent accounting policies are applied to like transactions and events in similar circumstances. All intra-group balances, income and expenses and unrealized gains and losses resulting from intra-group transactions and dividends are eliminated in full. Subsidiaries are consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. Losses within a subsidiary are attributed to the non-controlling interest even if that results in a deficit balance. Business combinations and goodwill Business combinations are accounted for using the acquisition method. Identifiable assets acquired and liabilities assumed in business combination are measured initially at their fair values at the acquisition date. Acquisition-related costs are recognized as expenses in the periods in which the costs are incurred and the services are received. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration which is an asset or liability are recognized in profit or loss. Non-controlling interest in the acquiree, that are present ownership interests and entitled their holders to a proportionate share of net assets of the acquiree are recognized on the acquisition date at either fair value, or the non-controlling interest’s proportionate share of the acquiree’s identifiable net assets. Any excess of the sum of the fair value of the consideration transferred in the business combination, the amount of non-controlling interest in the acquiree (if any), and the fair value of the Group’s previously held equity interest in the acquiree (if any), over the net fair value of the acquiree’s identifiable assets and liabilities is recorded as goodwill. In instances where the latter amount exceeds the former, the excess is recognized as gain on bargain purchase in profit or loss on the acquisition date. Goodwill is initially measured at cost. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to the Group’s cash-generating units that are expected to benefit from the synergies of the combination. The cash-generating units to which goodwill have been allocated is tested for impairment annually and whenever there is an indication that the cash-generating unit may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each cash-generating unit (or group of cash-generating units) to which the goodwill relates. Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial results of subsidiaries are consolidated into the Group’s results from acquisition date until loss of control. When the Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary, and any related NCI and other components of equity. Any resulting gain or loss is recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. Non-controlling interest Non-controlling interest (“NCI”) represents the equity in subsidiaries not attributable, directly or indirectly, to owners of the Company. Changes in the Company’s ownership interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. In such circumstances, the carrying amounts of the controlling and non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference between the amount by which the non-controlling interest is adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to owners of the Company. During the financial year ended February 28, 2022, the Group changed the accounting policy voluntarily and accounted for the acquisition of NCI of Cartrack as a separate reserve, “capital reserve” instead of retained earnings. This is to provide transparency to the users since the reinvestment offer is a significant event (see Note 1). The change in accounting policy was corrected prospectively as the impact to the prior period is not material. Subsequent acquisition of interest in subsidiaries without change in control is accounted for under capital reserve. |
Foreign currency | b) Foreign currency i. Functional and presentation currency The financial statements are presented in ZAR, which is the Group’s presentation currency. Each entity in the Group determines its own functional currency and items included in the financial statements of each of entities are measured using the currency of the primary economic environment in which the entity operates. ii. Transactions and balances Transactions in foreign currencies are measured in the respective functional currencies of the Company and its subsidiaries and are recorded on initial recognition in the functional currencies at exchange rates approximating those ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the end of the reporting period. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. Exchange differences arising on the settlement of monetary items or on translating monetary items at the end of the reporting period are recognized in profit or loss. iii. Consolidated financial statements For consolidation purpose, the assets and liabilities of foreign operations are translated into ZAR at the rate of exchange ruling at the end of the reporting period and their profit or loss are translated at the exchange rates prevailing at the date of the transactions. The exchange differences arising on the translation are recognized in other comprehensive income. On disposal of a foreign operation, the component of other comprehensive income relating to that particular foreign operation is recognized in profit or loss. Exchange differences arising on monetary items that form part of the Group’s net investment in foreign operations are recognized initially in other comprehensive income and accumulated under foreign currency translation reserve in equity. The foreign currency translation reserve is reclassified from equity to profit or loss of the Group on disposal of the foreign operation. Monetary items cease to form part of the net investment in the foreign operation at the moment in time when the Group decides that settlement is planned or is likely to occur in the foreseeable future. Accordingly, exchange differences arising on these monetary items up to that date are recognized in other comprehensive income and accumulated under foreign currency translation reserve in equity. The exchange differences that arise after that date are recognized in profit or loss. When these monetary items are settled, the exchange differences accumulated under foreign currency translation reserve in equity are reclassified from equity to profit or loss. |
Financial instruments | c) Financial instruments i. Financial assets Initial recognition and measurement Financial assets are recognized when, and only when, the Group becomes a party to the contractual provisions of the financial instruments. At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. Trade receivables are measured at the amount of consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third party, if the trade receivables do not contain a significant financing component at initial recognition. Subsequent measurement Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the contractual cash flow characteristics of the asset. The measurement categories for classification of debt instruments are: Amortized cost Financial assets that are held for the collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. Financial assets are measured at amortized cost using the effective interest method, less impairment. Gains and losses are recognized in profit or loss when the assets are derecognized or impaired, and through amortization process. Fair value through other comprehensive income (“FVOCI”) Financial assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are measured at FVOCI. Financial assets measured at FVOCI are subsequently measured at fair value. Any gains or losses from changes in fair value of the financial assets are recognized in other comprehensive income, except for impairment losses, foreign exchange gains and losses and interest calculated using the effective interest method are recognized in profit or loss. The cumulative gain or loss previously recognized in other comprehensive income is reclassified from equity to profit or loss as a reclassification adjustment when the financial asset is derecognized. Fair value through profit or loss (“FVPL”) Assets that do not meet the criteria for amortized cost or FVOCI are measured at fair value through profit or loss. A gain or loss on a debt instrument that is subsequently measured at fair value through profit or loss and is not part of a hedging relationship is recognized in profit or loss in the period in which it arises. Derecognition A financial asset is derecognized where the contractual right to receive cash flows from the asset has expired. On derecognition of a financial asset in its entirety, the difference between the carrying amount and the sum of the consideration received and any cumulative gain or loss that had been recognized in other comprehensive income for debt instruments is recognized in profit or loss. ii. Financial liabilities Initial recognition and measurement Financial liabilities are recognized when, and only when, the Group becomes a party to the contractual provisions of the financial instrument. The Group determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognized initially at fair value plus in the case of financial liabilities not at fair value through profit or loss, directly attributable transaction costs. Subsequent measurement After initial recognition, financial liabilities that are not carried at fair value through profit or loss are subsequently measured at amortized cost using the effective interest rate method. Gains and losses are recognized in profit or loss when the liabilities are derecognized, and through the amortization process. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expired. On derecognition, the difference between the carrying amounts and the consideration paid is recognized in profit or loss. |
Derivative financial instruments | d) Derivative financial instruments Derivatives are initially measured at fair value and any directly attributable transactions are recognized in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognized in profit or loss. For derivatives entered as a transaction with owner, changes in the fair value is recognized directly in equity. |
Impairment of financial assets | e) Impairment of financial assets The Group recognizes an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a “12-month ECL”). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is recognized for credit losses expected over the remaining life of the exposure, irrespective of timing of the default (a “lifetime ECL”). For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment which could affect debtor’s ability to pay. The Group considers a financial asset in default when contractual payments are 360 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. |
Property, plant and equipment | f) Property, plant and equipment i. Recognition and measurement All items of property, plant and equipment are initially recorded at cost. Subsequent to recognition, property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. The cost of telematic devices is capitalized as property, plant and equipment. In-vehicle capitalized telematics devices are installed in customers’ vehicles as part of a subscription contract. The telematics device and directly related installation costs are capitalized and depreciated over the expected useful life of the average contract. The related depreciation expense is recorded as part of cost of sales in the consolidated statement of profit and loss. If a subscriber contract with a customer is cancelled prior to the end of its useful life, the unamortized cost is recognized immediately in profit and loss. Where subscriber contracts are expected to be in existence for periods significantly shorter than the average useful life of 60 months, these are depreciated over a reduced useful life. Uninstalled telematics devices are devices not installed and available for installation. Work in progress telematics devices are devices in progress of being manufactured. ii. Depreciation Depreciation is computed on a straight-line basis over their estimated useful lives of property, plant and equipment including right of use assets as follows: Category Depreciation method Average useful life Property Straight line 20-50 years Property - Right of use assets Straight line Lease term or useful life whichever is shorter Property - Leasehold improvements Straight line 3 years or lease term Plant, equipment and vehicles Straight line 4-5 years IT equipment Straight line 3 years Capitalized telematics devices - Installed Straight line 5 years Depreciation is recognized when the property, plant and equipment are installed and are ready for use. Land and construction in progress are stated at cost and are not depreciated. The residual value, useful life and depreciation method are reviewed at each financial year-end, and adjusted prospectively, if appropriate. An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on derecognition of the asset is included in profit and loss in the year the asset is derecognized. |
Capitalized commission assets | g) Capitalized commission assets i. Recognition and measurement Incremental sales commission costs which are directly related to a customer contract are capitalized to capitalized commission assets and are measured at cost less accumulated amortization. ii. Amortization The capitalized commission assets are amortized over the expected useful life of the average contract which is 60 months. If a contract with a customer is cancelled prior to the end of its useful life, the unamortized cost is recognized immediately in profit and loss. The useful life of items of capitalized commission assets has been assessed as follows: Item Amortization method Average useful life Capitalized commission assets Straight line 5 years |
Intangible assets | h) Intangible assets Intangible assets acquired separately are measured initially at cost. Following initial acquisition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite useful lives are amortized over the estimated useful life and assessed for impairment annually whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method are reviewed at least at each financial year end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing the amortization period or method, as appropriate, and are treated as changes in accounting estimates. Intangible assets with indefinite useful lives or not yet available for use are tested for impairment annually, or more frequently if the events and circumstances indicate that the carrying value may be impaired either individually or at the cash-generating unit level. Such intangible assets are not amortized. The useful life of an intangible asset with an indefinite useful life is reviewed annually to determine whether the useful life assessment continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. Gains or losses arising from de-recognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the profit or loss when the asset is derecognized. i. Product development costs Product development costs that are directly attributable to the design, testing and development of identifiable hardware and software, controlled by the Group, are recognized as intangible assets when the following criteria are met: ● It is technically feasible to complete the software or product so that it will be available for use or sale; ● Management intends to complete the software or product and use or sell it; ● There is an ability to use or sell the software or product; ● It can be demonstrated how the software or product will generate probable future economic benefits; ● Adequate technical, financial and other resources to complete the development and use or sell the software or product are available; and ● The expenditure attributable to the software or product during its development can be reliably measured. Directly attributable costs that are capitalized as part of the intangible assets include software costs and the costs of personnel whose sole responsibility is their involvement in the Group’s research and development function. Other product development expenditures that do not meet the recognition criteria are recognized as an expense as incurred. Product development costs previously recognized as an expense are not recognized as an asset in a subsequent period if the criteria are subsequently met. Costs incurred in enhancing current telematics hardware (telematics devices) and software (SaaS platform) are expensed when incurred. The capitalized product development costs are amortized over their estimated useful life which is considered to be three years due to the life cycle of telematics hardware and software applications. ii. Computer software Computer software comprises self-developed computer software acquired in a business combination and externally acquired computer software. Acquired computer software licenses are capitalized on the basis of costs incurred to acquire and bring the software into use. The acquired computer software is amortized over the expected useful life which is generally three to five years. Self-developed computer software acquired in a business combination are recognized at fair value at the acquisition date and subsequently carried at cost less accumulated amortization and accumulated impairment losses, if any. iii. Brand name Brand name acquired in a business combination are recognized at fair value at the acquisition date and subsequently carried at cost less accumulated amortization and accumulated impairment losses. Brand name is amortized on a straight-line basis over the expected useful life of five years. iv. Customer relationships Customer relationships acquired in a business combination are recognized at fair value at the acquisition date and subsequently carried at cost less accumulated amortization and accumulated impairment losses. Customer relationship is amortized on a straight-line basis over the expected useful life of three years. |
Impairment of non-financial assets | i) Impairment of non-financial assets The Group assesses at each reporting date whether there is an indication of impairment that an asset may be impaired or that a previously recognized impairment loss for an asset other than goodwill may no longer exist or may have decreased. If any indication exists, or when an annual impairment testing for an asset is required, the Group makes an estimate of the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s fair value less costs of disposal and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. The impairment losses are recognized in profit or loss. A previously recognized impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognized. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increase cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized previously. Such reversal is recognized in profit or loss. Impairment loss relating to goodwill cannot be reversed in future periods. |
Taxation | j) Taxation i. Current income tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the end of the reporting period, in the countries where the Group operates and generates taxable income. Current income taxes are recognized in profit or loss except to the extent that the tax relates to items recognized outside profit or loss, either in other comprehensive income or directly in equity. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Dividend withholding tax is currently payable on dividends distributed to equity holders of the Group at a rate as determined by each country’s jurisdiction. This tax is not attributable to the Company, but is collected by the Company and paid to the tax authorities on behalf of the shareholder. On receipt of a dividend by a company from an investment held in a tax jurisdiction outside that of the Company, any dividend withholding tax payable is recognized as part of current tax. ii. Deferred tax Deferred tax is provided using the liability method on temporary differences at the end of the reporting period between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognized for all temporary differences, except: ● When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. ● In respect of taxable temporary differences associated with investments in subsidiaries and interests in joint venture, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized, except: ● When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. ● In respect of deductible temporary differences associated with investments in subsidiaries and interests in joint venture, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at the end of each reporting period and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the end of each reporting period. Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss. Deferred tax items are recognized in correlation to the underlying transaction either in other comprehensive income or directly in equity. The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. iii. Value added tax Revenues, expenses and assets are recognized net of the amount of value added tax except: ● Where the value added tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case the value added tax is recognized as part of the cost of acquisition of the asset or as part of the expense item as applicable; and ● Receivables and payables that are stated with the amount of value added tax included. The net amount of value added tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position. |
Leases | k) Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. i. As Lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities representing the obligations to make lease payments and right-of-use assets representing the right to use the underlying leased assets. Right-of-use assets The Group recognizes right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. The accounting policy for impairment is disclosed in Note 2.2(i). The Group’s right-of-use assets are presented in property, plant and equipment in the consolidated statement of financial position. Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognized as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The Group’s lease liabilities are presented separately in the consolidated statement of financial position and in Note 17. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to not recognize right-of-use assets and lease liabilities that have a lease term of 12 months or less and leases of low-value assets. The lease payments associated with these leases are charged directly to profit on a straight-line basis over the lease term. ii. As Lessor (Finance lease) Leases where the Group has transferred substantially all risks and rewards incidental to ownership of the leased assets to the lessees are classified as finance leases. The leased asset is derecognized and the present value of the lease receivable is recognized on the balance sheet and included in “trade and other receivables and prepayments”. The difference between the gross receivable and the present value of the lease receivable is recognized as finance income. Each lease payment received is applied against the gross investment in the finance lease receivable to reduce both the principal and the unearned finance income. The finance income is recognized in profit or loss on a basis that reflects a constant periodic rate of return on the net investment in the finance lease receivable. Initial direct costs incurred by the Group in negotiating and arranging finance leases are added to finance lease receivables and reduce the amount of income recognized over the lease term. |
Inventories | l) Inventories Inventories are stated at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. The cost of inventories comprises of all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Cost is determined on a weighted average cost basis. Management considers the condition and usability of inventories on an annual basis to determine whether an allowance for obsolete inventory is required. |
Cash and cash equivalents | m) Cash and cash equivalents Cash and cash equivalents comprise cash balances and short-term deposits with maturities of three months or less from the date of acquisition that are subject to an insignificant risk of changes in their fair value, and are used by the Group in the management of its short-term commitments. For the purpose of the statement of cash flows, bank overdrafts that are repayable on demand and form an integral part of the Group’s cash management are included in cash and cash equivalents. Bank overdrafts are included within current liabilities on the statement of financial position. Restricted cash is excluded from the statement of cash flows. |
Borrowing costs | n) Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the asset. All other borrowing costs are expensed in the period they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. |
Employee benefits | o) Employee benefits i. Defined contribution plans The Group participates in the national pension schemes as defined by the laws of the countries in which it has operations. In particular, the Singapore companies in the Group make contributions to the Central Provident Fund scheme in Singapore, a defined contribution pension scheme. Contributions to defined contribution pension schemes are recognized as an expense in the period in which the related service is performed. ii. Employee leave entitlement Employee entitlements to annual leave are recognized as a liability when they are accrued to the employees. The undiscounted liability for leave expected to be settled wholly before twelve months after the end of the reporting period is recognized for services rendered by employees up to the end of the reporting period. |
Provisions and contingencies | p) Provisions and contingencies Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation can be estimated reliably. Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimate. If it is no longer probable that an outflow of economic resources will be required to settle the obligation, the provision is reversed. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. The Group offers warranties of up to ZAR 1.0 million in the event of the non-recovery of a stolen vehicle, subject to various terms and conditions. The provision for future warranty claims is based on known claims at year end and takes into account the historic claims to payment ratio. |
Revenue | q) Revenue The Group principally generates revenue from providing a full-stack smart mobility software-as-a-service (“SaaS”) platform for connected vehicles and other assets. The Group recognizes revenue as or when it satisfies its performance obligations. Hardware revenue Hardware revenue is recognized when control of the telematics device was transferred to the customer which occurred upon installation on the customer’s vehicle. The payment terms is generally 30 days. Installation revenue Installation revenue is recognized when the device is successfully installed, which occurs at the same time that control of the hardware is transferred to the customer, which occurs upon installation on the customer’s vehicle. Customers are invoiced when the devices are installed and payment terms is generally 30 days. Subscription revenue Revenues arising from the SaaS service is recognized as the service is provided over the contractual term. Customers are invoiced monthly in advance and invoices are payable on presentation. The Group has assessed whether its subscription contract arrangements contain a significant financing component and it was determined that the contracts do not have a significant financing component because the difference between the timing of when the cash is received and the services are transferred to the customer is not to provide the customer with a benefit of financing. Miscellaneous contract fees The Group sometimes makes miscellaneous SaaS charges to customers to maintain the telematic devices, process administrative changes to contractual terms, or for contract cancellation. Such charges are recognized and invoiced when they arise and payment terms are generally 30 days. Motor Dealership Embedded Devices The Group installs devices into motor dealership vehicles free of charge, but ownership of the embedded devices remains with the Group. Such devices were recognized as properly, plant and equipment under the category of “capitalized telematics devices - installed”. In some cases, installed devices are removed from dealership vehicles and returned to capitalized telematics devices uninstalled. During the financial year ended February 28, 2022, the reclassification was corrected prospectively as the impact to comparative amounts is not material. Although the group does collect certain upfront fees from its customers, these fees represent an insignificant proportion of the total transaction price, and therefore the Company has concluded that the amount invoiced each month for subscription services reasonably represents the value to customers of the group’s performance completed to date. Therefore, revenue is recognized for the amount to which the group has a right to invoice and the group qualifies for the practical expedient provided in IFRS 15:B16. Accordingly, as permitted by IFRS 15:121, the quantitative disclosures about the group’s remaining performance obligations (future subscription services) are not provided. When the motor dealership sells the motor vehicle to a customer, a customer may sign a SaaS subscription contract. Subscription revenue will then be recognized as the service is provided. If the customer does not sign a subscription contract the cost of the device will be recognized immediately in cost of sales. Since control of the embedded device is not transferred to the customer and the customer does not have the ability to determine how and for what purpose the device is used, the Group has concluded that its contracts do not contain a lease arrangement. Vehicle sales Vehicle sales is recognized when ownership of the vehicle is transferred to the customer. Delivery service fees Delivery service fee is recognized as the service is rendered. Interest income Interest income is recognized using the effective interest method. |
Government Grants | r) Government grants Government grant relates to Research and Development (“R&D”) incentives and various COVID-19 relief government initiatives. Government grants are recognized when there is reasonable assurance that the grant will be received and all attaching conditions will be complied with. When the grant relates to an expense item, it is recognized as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. Where the grant relates to an asset, the fair value is recognized as deferred capital grant on the balance sheet and is amortized to profit or loss over the expected useful life of the relevant asset. |
Earnings per share | s) Earnings per share Basic earnings per share Basic earnings per share is calculated by dividing the profit or loss attributable to ordinary shareholders of the Group by the weighted average number of ordinary shares outstanding during the financial year. Diluted earnings per share Diluted earnings per share is calculated by dividing the profit attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the financial year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. |
Share capital and share issue expenses | t) Share capital and share issue expenses Proceeds from issuance of ordinary shares are recognized as share capital in equity. Incremental costs directly attributable to the issuance of ordinary shares are deducted against share capital. |
Treasury shares | u) Treasury shares The Group’s own equity instruments, which are reacquired are recognized at cost and deducted from equity. No gain or loss is recognized in profit or loss on the purchase, sale, issue or cancellation of the Group’s own equity instruments. Any difference between the carrying amount of treasury shares and the consideration received, if reissued, is recognized directly in equity. Voting rights related to treasury shares are nullified for the Group and no dividends are allocated to them respectively. |
Contingencies | v) Contingencies A contingent liability is: ● a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group; or ● a present obligation that arises from past events but is not recognized because: (i) It is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or (ii) The amount of the obligation cannot be measured with sufficient reliability. A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group. Contingent liabilities and assets are not recognized on the statement of financial position of the Group. |
Material Accounting Policy In_2
Material Accounting Policy Information (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Material Accounting Policy Information [Abstract] | |
Schedule of Depreciation Computed on Straight-Line over Estimated Useful Lives of Property, Plant and Equipment | Depreciation is computed on a straight-line basis over their estimated useful lives of property, plant and equipment including right of use assets as follows: Category Depreciation method Average useful life Property Straight line 20-50 years Property - Right of use assets Straight line Lease term or useful life whichever is shorter Property - Leasehold improvements Straight line 3 years or lease term Plant, equipment and vehicles Straight line 4-5 years IT equipment Straight line 3 years Capitalized telematics devices - Installed Straight line 5 years |
Schedule of Useful Life of Capitalized Commission Assets | The useful life of items of capitalized commission assets has been assessed as follows: Item Amortization method Average useful life Capitalized commission assets Straight line 5 years |
Standards Issued But Not Yet _2
Standards Issued But Not Yet Effective (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Standards Issued But Not Yet Effective [Abstract] | |
Schedule of Significant Impact on the Groups Consolidated Financial Statements | The Group is in the process of assessing the impact of the following new and amended standards on the Group’s consolidated financial statements. Details of amendment Annual periods Amendments to IAS 1: Classification of Liabilities as Current or Non-current January 1, 2024 Amendments to IFRS 16: Lease Liability in a Sale and Leaseback January 1, 2024 Amendments to IAS 1: Non-current Liabilities with Covenants January 1, 2024 Amendments to IAS 7 and IFRS 7: Supplier Finance Arrangement January 1, 2024 Amendments to IAS 21: Lack of Exchangeability January 1, 2024 IFRS 7 and IFRS 9: Amendments to the Classification and Measurement of Financial Instruments January 1, 2026 IFRS 18: Presentation and Disclosure in Financial Statements January 1, 2027 Amendments to IAS 28 and IFRS 10: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture To be determined |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information Provided to the Group CEO | The segment information provided to the Group CEO, for the reportable segments for the financial year ended February 29, 2024, February 28, 2023 and February 28, 2022 as follows: Figures in Rand thousands Cartrack Carzuka Karooooo Logistics Total February 29, 2024 Subscription revenue 3,522,816 – 12,989 3,535,805 Other revenue 90,879 – – 90,879 Vehicle sales – 274,787 – 274,787 Delivery service – – 304,040 304,040 Segment revenue 3,613,695 274,787 317,029 4,205,511 Segment operating profit/(loss) 1,069,313 (52,907 ) 26,096 1,042,502 Depreciation and amortization 640,419 5,386 2,337 648,142 Capital expenditure 923,579 317 3,672 927,568 February 28, 2023 Subscription revenue 3,003,931 – 6,141 3,010,072 Other revenue 72,709 – – 72,709 Vehicle sales – 250,845 – 250,845 Delivery service – – 173,441 173,441 Segment revenue 3,076,640 250,845 179,582 3,507,067 Segment operating profit/ (loss) 914,981 (37,813 ) 4,747 881,915 Depreciation and amortization 541,238 2,133 1,560 544,931 Capital expenditure 605,716 12,074 8,519 626,309 February 28, 2022 Subscription revenue 2,565,745 – 2,420 2,568,165 Other revenue 71,055 – – 71,055 Vehicle sales – 67,310 – 67,310 Delivery service – – 39,621 39,621 Segment revenue 2,636,800 67,310 42,041 2,746,151 Segment operating profit/ (loss) 715,336 (13,302 ) (2,909 ) 699,125 Depreciation and amortization 497,161 97 101 497,359 Capital expenditure 594,171 1,916 363 596,450 |
Schedule of Reconciliation of Information on Reportable Segments to Amounts Reported in Consolidated Financial Statements | Reconciliation of information on reportable segments to the amounts reported in consolidated financial statements Year ended February 29/28 Figures in Rand thousands 2024 2023 2022 Total segment operating profits 1,042,502 881,915 699,125 IPO costs – – (10,288 ) Finance income 39,418 23,255 6,083 Finance cost (15,822 ) (10,095 ) (12,331 ) Fair value changes to derivative assets (388 ) (971 ) (506 ) Consolidated profit before taxation 1,065,710 894,104 682,083 |
Schedule of Information about Geographical Areas | Information about geographical areas: As of February 29/28 Non-current operating assets 1 2024 2023 South Africa 1,714,719 1,417,103 Africa-Other 154,777 116,463 Europe 355,904 270,379 Asia-Pacific 2 498,361 380,436 2,723,761 2,184,381 1 Non-current operating assets consist of property, plant and equipment, capitalized commission assets, intangible assets, goodwill and prepayments. 2 Included in Asia-Pacific is non-current assets from Singapore amount to ZAR 226.2 million (2023: ZAR 140.0 million). |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Land and 1 Plant, IT Capitalized Capitalized Capitalized Construction 1 Total At February 29, 2024 Owned assets Cost 153,962 129,567 161,133 130,511 215,539 3,175,435 266,870 4,233,017 Accumulated depreciation (31,245 ) (95,097 ) (119,796 ) – – (2,143,185 ) – (2,389,323 ) Carrying value 122,717 34,470 41,337 130,511 215,539 1,032,250 266,870 1,843,694 Right-of-use assets Cost 202,367 105,692 19,399 – – – – 327,458 Accumulated depreciation (89,275 ) (29,797 ) (19,286 ) – – – – (138,358 ) Carrying value 113,092 75,895 113 – – – – 189,100 Total 235,809 110,365 41,450 130,511 215,539 1,032,250 266,870 2,032,794 At February 28, 2023 Owned assets Cost 147,607 134,813 143,734 202,425 104,951 2,566,867 76,519 3,376,916 Accumulated depreciation (26,422 ) (105,337 ) (79,563 ) – – (1,691,206 ) – (1,902,528 ) Carrying value 121,185 29,476 64,171 202,425 104,951 875,661 76,519 1,474,388 Right-of-use assets Cost 172,155 53,083 21,170 – – – – 246,408 Accumulated depreciation (88,208 ) (19,928 ) (20,846 ) – – – – (128,982 ) Carrying value 83,947 33,155 324 – – – – 117,426 Total 205,132 62,631 64,495 202,425 104,951 875,661 76,519 1,591,814 |
Schedule of Reconciliation of the Carrying Value of Property, Plant and Equipment | Land and 1 Plant, IT Capitalized Capitalized Capitalized Construction 1 Total At February 29, 2024 Beginning balance 121,185 29,476 64,171 202,425 104,951 875,661 76,519 1,474,388 Acquisition of subsidiary – 512 33 – – – – 545 Additions 8,823 14,672 13,123 153,425 208,683 287,277 190,351 876,354 Transfer – – – (225,339 ) (101,722 ) 327,061 – – Disposals – (251 ) (2,147 ) – – (3,544 ) – (5,942 ) Depreciation (7,557 ) (10,977 ) (35,441 ) – – (475,536 ) – (529,511 ) Translation adjustments 266 1,038 1,598 – 3,627 21,331 – 27,860 Ending balance 122,717 34,470 41,337 130,511 215,539 1,032,250 266,870 1,843,694 Right-of-use assets Beginning balance 83,947 33,155 324 – – – – 117,426 Additions 90,523 64,529 1,033 – – – – 156,085 Disposals (21,499 ) (8,092 ) – – – – – (29,591 ) Depreciation (43,622 ) (14,282 ) (1,245 ) – – – – (59,149 ) Translation adjustments 3,743 585 1 – – – – 4,329 Ending balance 113,092 75,895 113 – – – – 189,100 Total 235,809 110,365 41,450 130,511 215,539 1,032,250 266,870 2,032,794 Figures in Rand thousands Land and 1 Plant, IT Capitalized Capitalized Capitalized Construction 1 Total At February 28, 2023 Owned assets Beginning balance 120,015 31,444 49,367 138,405 173,871 771,124 4,166 1,288,392 Additions 9,057 7,513 33,191 142,586 111,661 203,295 72,353 579,656 Transfer - - - (78,566 ) (189,160 ) 267,726 – – Disposals (3,230 ) (2,033 ) (282 ) – – (2,890 ) – (8,435 ) Depreciation (5,425 ) (8,957 ) (25,152 ) – – (404,577 ) – (444,111 ) Translation adjustments 768 1,509 7,047 – 8,579 40,983 – 58,886 Ending balance 121,185 29,476 64,171 202,425 104,951 875,661 76,519 1,474,388 Right-of-use assets Beginning balance 64,388 32,508 5,371 – – – – 102,267 Additions 48,978 9,959 635 – – – – 59,572 Disposals (698 ) (187 ) (2 ) – – – – (887 ) Depreciation (34,450 ) (9,517 ) (5,710 ) – – – – (49,677 ) Translation adjustments 5,729 392 30 – – – – 6,151 Ending balance 83,947 33,155 324 – – – – 117,426 Total 205,132 62,631 64,495 202,425 104,951 875,661 76,519 1,591,814 1 Certain freehold land and building of the Group with a carrying amount of ZAR 376.9 million (February 28, 2023: ZAR 186.5 million) were mortgaged to a bank as security for mortgaged loan (Note 16). The freehold land and building is a head office suite for South Africa and is located at Rosebank, Johannesburg. The carrying amount of the property under construction at February 29, 2024 was ZAR 376.9 million (February 28, 2023: ZAR 186.5 million). The amount of borrowing costs capitalized during the year ended February 29, 2024 was ZAR 5.3 million (February 28, 2023: ZAR 4.6 million). The rate used to determine the amount of borrowing costs eligible for capitalization was prime rate plus 1.15% for the financial year ended February 29, 2024 and February 28, 2023, which is the effective interest rate (“EIR”) of the specific borrowings. |
Capitalized Commission Assets (
Capitalized Commission Assets (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Capitalized Commission Assets [Abstract] | |
Schedule of Capitalized Commission Assets | As of February 29/28 Figures in Rand thousands 2024 2023 Cost 702,540 537,367 Accumulated amortization (328,019 ) (250,313 ) Carrying value 374,521 287,054 |
Schedule of Reconciliation of the Carrying Value of Capitalized Sales Commissions | Reconciliation of the carrying value of capitalized sales commissions As of February 29/28 Figures in Rand thousands 2024 2023 At March 1 287,054 231,537 Additions 163,716 112,738 Amortization (83,155 ) (64,707 ) Translation adjustments 6,906 7,486 At February 374,521 287,054 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Intangible Assets [Abstract] | |
Schedule of Intangible Assets | Figures in Rand thousands Product Computer Trade name Customer Total At February 29, 2024 Cost 200,994 36,937 882 8,694 247,507 Accumulated amortization (129,377 ) (28,164 ) (752 ) (6,091 ) (164,384 ) Carrying value 71,617 8,773 130 2,603 83,123 At February 28, 2023 Cost 144,922 34,039 782 6,385 186,128 Accumulated amortization (76,621 ) (20,281 ) (391 ) (3,193 ) (100,486 ) Carrying value 68,301 13,758 391 3,192 85,642 |
Schedule of Reconciliation of the Carrying Value of Intangible Assets | Reconciliation of the carrying value of intangible assets Figures in Rand thousands Note Product Computer Trade name Customer Total At February 29, 2024 Beginning balance 68,301 13,758 391 3,192 85,642 Acquisition of subsidiary 28 – 100 – 2,310 2,410 Additions 48,792 2,422 – – 51,214 Amortization (48,605 ) (7,717 ) (261 ) (2,899 ) (59,482 ) Translation adjustments 3,129 210 – – 3,339 Ending balance 71,617 8,773 130 2,603 83,123 At February 28, 2023 Beginning balance 59,737 11,321 652 5,321 77,031 Additions 38,837 7,816 – – 46,653 Amortization (42,638 ) (6,115 ) (261 ) (2,129 ) (51,143 ) Translation adjustments 12,365 736 – – 13,101 Ending balance 68,301 13,758 391 3,192 85,642 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Goodwill [Abstract] | |
Schedule of Goodwill is Allocated Cash Generating Units | Goodwill is allocated to the following cash generating units (CGUs): Cartrack - Mozambique, Portugal, Spain and Other and Karooooo Logistics. Cartrack Karooooo Figures in Rand thousands Note Mozambique Portugal Spain Other Logistics Total At March 1, 2022 65,081 30,164 21,381 11,444 58,314 186,384 Translation adjustments 17,196 4,305 3,051 1,545 – 26,097 At February 28, 2023 82,277 34,469 24,432 12,989 58,314 212,481 Acquisition of subsidiary 28 – – – 6,223 – 6,223 Translation adjustments 4,027 2,346 1,663 640 – 8,676 At February 29, 2024 86,304 36,815 26,095 19,852 58,314 227,380 |
Schedule of Key Estimates Used for the Fair Value | The key estimates used for the value in use calculations and sensitivity to changes in assumptions are as follows: As of February 29/28 Key estimates applied in value in use calculation CGU 2024 2023 Revenue growth rate This is the average annual compound growth rate in revenue that is derived from management’s forecast and is based on external available information, such as GDP and industry growth rate within the region. Mozambique N.A. 16 % Portugal 16 % 15 % Spain 19 % 19 % Karooooo Logistics 27 % 51 % The growth rate applied for revenue is considered to be the main driver of profitability and hence free cash flow. CGUs are at different maturity levels in their business cycles and hence will reflect considerably different growth rates. The various geographical markets the CGUs operate within also have differences in their economies which have been taken into consideration. The growth rate determined by management is based on historical data from both external and internal sources and is within the range of reported global telematics growth forecasts for the medium to long term and with the assumptions that a market participant would make. Terminal growth rate The estimated rate of growth after the five-year forecast period. This rate is informed primarily by external forecasts about economic activity by region. Changes in these rates are reflective of changes in market views on the economic growth in those regions. Mozambique N.A. 8 % Portugal 2 % 2 % Spain 2 % 2 % Karooooo Logistics 5 % 5 % Discount rate The rate reflects the specific risks relating to the country and industry in which the entity operates. These rates were determined using externally available information. The rates were determined using the Weighted Average Cost of Capital model. The rate is a pre-tax rate. Mozambique N.A. 31 % Portugal 16 % 19 % Spain 16 % 19 % Karooooo Logistics 35 % 38 % |
Deferred Tax (Tables)
Deferred Tax (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Deferred Tax [Absrtact] | |
Schedule of Deferred Tax | As of February 29/28 Figures in Rand thousands Note 2024 2023 Deferred tax liabilities (69,840 ) (51,894 ) Deferred revenue 63,934 59,402 Property, plant and equipment and capitalized commission assets (158,592 ) (144,007 ) Lease obligations (2,411 ) 4,812 ECL provision on trade receivables 18,716 17,238 Other 8,513 10,661 Deferred tax assets 81,903 60,919 Deferred revenue 5,791 4,856 Property, plant and equipment and capitalized commission assets 41,842 25,233 Tax losses 15,186 8,795 Lease obligations 3,076 2,903 ECL provision on trade receivables 6,504 8,890 Other 9,504 10,242 Total net deferred tax assets 12,063 9,025 Reconciliation of deferred tax assets/(liabilities) At March 1 9,025 11,320 Increase in deferred revenue temporary differences 5,569 5,417 Decrease in ECL provision on trade receivables temporary differences (393 ) (430 ) Decrease in property, plant and equipment and capitalized commission assets temporary differences 4,313 (469 ) Increase/(decrease) in tax losses temporary differences 6,370 (13,076 ) (Decrease)/increase in lease obligation temporary differences (7,120 ) 1,659 (Decrease)/increase in other temporary differences (3,051 ) 1,504 Translation adjustments (2,650 ) 3,100 At February 29/28 12,063 9,025 Reconciliation of deferred tax balances At March 1 9,025 11,320 Credit/(charge) to income statement 24 6,500 (17,229 ) Others 132 14,570 Translation adjustments (3,594 ) 364 At February 29/28 12,063 9,025 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Inventories [Abstract] | |
Schedule of Inventories | As of February 29/28 Figures in Rand thousands 2024 2023 Vehicles 2,083 75,843 Other consumables 4,499 3,316 Total inventories 6,582 79,159 |
Trade and Other Receivables a_2
Trade and Other Receivables and Prepayments (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Trade and Other Receivables and Prepayments [Abstract] | |
Schedule of Detailed Information About Trade and Other Receivables and Prepayments | As of February 29/28 Figures in Rand thousands 2024 2023 Trade receivables 554,107 485,740 Expected credit loss provision (165,240 ) (149,541 ) 388,867 336,199 Other receivables Deposits 500,646 11,811 Sundry debtors 24,656 24,739 Finance lease receivables 17,326 21,403 Subtotal 931,495 394,152 Prepayments 55,778 32,387 Other taxes 16,956 7,367 Total trade and other receivables and prepayments 1,004,229 433,906 Non-current 18,831 24,715 Current 985,398 409,191 1,004,229 433,906 |
Schedule of Maturity Analysis of the Undiscounted Lease Payments to be Received | During the year ended February 28, 2023, the Group entered into a finance leasing arrangement as a lessor for a machinery to a third party. The average term of finance leases entered into is five years. The following table shows the maturity analysis of the undiscounted lease payments to be received: As of February 29/28 Figures in Rand thousands 2024 2023 Maturities analysis – within one year 4,438 4,078 – within two to four years 12,888 14,525 – over four years - 2,800 Present value of lease payments 17,326 21,403 Non-current asset 12,888 17,325 Current asset 4,438 4,078 17,326 21,403 |
Schedule of Reconciliation of the Expected Credit Loss Provision Recognized with Regard to Trade and Other Receivables | Reconciliation of the expected credit loss provision recognized with regard to trade and other receivables As of February 29/28 Figures in Rand thousands 2024 2023 At March 1 (149,541 ) (161,683 ) Allowance for expected credit losses, net (109,422 ) (87,541 ) Amounts utilized 90,538 105,921 Translation adjustments 3,185 (6,238 ) At February 29/28 (165,240 ) (149,541 ) |
Loans to_(From) Related Parti_2
Loans to/(From) Related Parties (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Loans to/(From) Related Parties [Abstract] | |
Schedule of Loans to Related Parties | As of February 29/28 Figures in Rand thousands 2024 2023 Non-current assets Loans to related party 28,200 25,800 Current liabilities Loans from related parties (924 ) (607 ) |
Cash and Cash Equivalents and_2
Cash and Cash Equivalents and Bank Overdraft (Tables) | 12 Months Ended |
Feb. 28, 2023 | |
Cash and Cash Equivalents and Bank Overdraft [Abstract] | |
Schedule of Cash and Cash Equivalents and Bank Overdraft | As of February 29/28 Figures in Rand thousands 2024 2023 Cash on hand 1,965 398 Bank balances 457,366 318,630 Short-term deposits 196 646,762 Cash and cash equivalents in the consolidated statement of financial position 459,527 965,790 Bank overdrafts (23,362 ) (40 ) Cash and cash equivalents in the consolidated statement of cash flows 436,165 965,750 Current assets 459,527 965,790 Current liabilities (23,362 ) (40 ) 436,165 965,750 |
Other Financial Assets (Tables)
Other Financial Assets (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Other Financial Assets [Abstract] | |
Schedule of Other Financial Assets | As of February 29/28 Figures in Rand thousands 2024 2023 Non-current assets Derivative – call option 1 - 388 1 This relates to a call option agreement with the non-controlling shareholders of Karooooo Logistics to acquire additional 13% interest in Karooooo Logistics. As at February 29, 2024, the non-controlling shareholders have removed all rights to exercise the call option. The call option was derecognized in profit or loss. |
Share Capital and Treasury Sh_2
Share Capital and Treasury Shares (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Share Capital and Treasury Shares [Abstract] | |
Schedule of Share Capital | As of February 29/28 Figures in Rand thousands 2024 2023 Share Capital Issued and fully paid 30,951,106 (2023: 30,951,106) ordinary shares of no par value 7,142,853 7,142,853 |
Schedule of Treasury Shares | The holder of ordinary shares is entitled to receive dividends as declared from time to time, and is entitled to one vote per share at meetings of the Company. As of Figures in Rand thousands 2024 Treasury shares At March 1 - Treasury shares purchased 23,816 At February 23,816 |
Term Loans (Tables)
Term Loans (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Term Loans [Abstract] | |
Schedule of Term Loans | As of February 29/28 Figures in Rand thousands Notes Currency Interest rate Maturity 2024 2023 Non-current liabilities Interest-bearing loans ZAR 7.25% September 2023 – 504 Interest-bearing loans EUR EURIBOR + 3% December 2023 – 243 Mortgaged bonds 36 ZAR Prime rate -1.15% December 2025 41,645 37,557 41,645 38,304 Current liabilities Interest-bearing loans EUR EURIBOR + 3% December 2023 – 5,497 Mortgaged bonds 36 ZAR Prime rate -1.15% December 2025 6,534 16,146 6,534 21,643 Total term loans 48,179 59,947 |
Schedule of Reconciliation of Movement of Liabilities to Cash Flows Arising from Financing Activities | Reconciliation of movement of liabilities to cash flows arising from financing activities Figures in Rand thousands Loans from Other Lease Total Balance at March 1, 2023 607 59,947 120,727 181,281 Changes from financing cash flows 290 (12,018 ) (57,892 ) (69,620 ) Proceeds from borrowings 342 – – 342 Repayment of related parties loans (52 ) – – (52 ) Repayment of term loans – (12,018 ) (12,018 ) Payment of lease liabilities – – (57,892 ) (57,892 ) The effect of changes in foreign exchange rates 27 250 5,011 5,288 Other changes – – 126,494 126,494 Interest paid – (194 ) (11,371 ) (11,565 ) New leases – – 156,085 156,085 Disposal – – (29,591 ) (29,591 ) Interest expense – 194 11,371 11,565 Balance at February 29, 2024 924 48,179 194,340 243,443 Balance at March 1, 2022 2,134 89,350 112,078 203,562 Changes from financing cash flows (1,625 ) (30,532 ) (56,617 ) (88,774 ) Proceeds from borrowings 315 502 – 817 Repayment of related parties loans (1,940 ) – – (1,940 ) Repayment of term loans – (31,034 ) – (31,034 ) Payment of lease liabilities – – (56,617 ) (56,617 ) The effect of changes in foreign exchange rates 98 1,129 5,694 6,921 Other changes – – 59,572 59,572 Interest paid – (797 ) (8,199 ) (8,996 ) New leases – – 59,572 59,572 Interest expense – 797 8,199 8,996 Balance at February 28, 2023 607 59,947 120,727 181,281 |
Lease Liabilities (Tables)
Lease Liabilities (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Lease Liabilities [Abstarct] | |
Schedule of Lease Liabilities | As of February 29/28 Figures in Rand thousands 2024 2023 Maturities analysis – within one year 63,055 52,843 – within two to four years 123,387 57,930 – over four years 7,898 9,954 Present value of lease payments 194,340 120,727 Non-current liabilities 131,285 67,882 Current liabilities 63,055 52,845 194,340 120,727 |
Deferred Revenue (Tables)
Deferred Revenue (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Deferred Revenue [Abstract] | |
Schedule of Deferred Revenue | As of February 29/28 Figures in Rand thousands 2024 2023 Beginning balance 395,867 326,404 Amounts deferred in current financial year 474,706 353,719 Amounts released to revenue in the current financial year (382,081 ) (304,541 ) Translation adjustments (41,342 ) 20,285 Ending balance 447,150 395,867 Non-current liabilities 121,302 112,185 Current liabilities 325,848 283,682 447,150 395,867 |
Schedule of Estimated Revenue Expected to be Recognized in Future Related to Performance Obligations | The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially satisfied at the end of the reporting period. As of February 29/28 Figures in Rand thousands 2024 2023 Maturities analysis – within one year 325,848 283,682 – within two to four years 115,801 107,558 – over four years 5,501 4,627 Present value of amounts received in advance 447,150 395,867 |
Trade and Other Payables (Table
Trade and Other Payables (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Trade and Other Payables [Abstract] | |
Schedule of Trade and Other Payables | As of February 29/28 Figures in Rand thousands 2024 2023 Trade payables Amounts due to related parties 12,230 13,081 Trade payables 207,308 137,400 Accrued expenses 149,251 121,784 368,789 272,265 Other payables Sundry creditors 19,639 22,918 Other taxes 48,131 44,566 Dividend payable to NCI 9,725 34,298 446,284 374,047 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Disclosure of Revenue Text Block [Abstract] | |
Schedule of Disaggregation of Revenue from Contracts with Customers | In the following table, revenue from contract with customers is disaggregated by revenue streams, primary geographical markets and timing of revenue recognition. Year ended February 29/28 Figures in Rand thousands 2024 2023 2022 Revenue from contracts with customers Subscription revenue - Cartrack 3,522,816 3,003,931 2,565,745 Subscription revenue - Karooooo Logistics 12,989 6,141 2,420 Other revenue - Cartrack 90,879 72,709 71,055 Hardware sales 43,250 29,685 37,435 Installation revenue 29,186 29,278 21,321 Miscellaneous contract fees 18,443 13,746 12,299 Vehicle sales 274,787 250,845 67,310 Delivery service fees 304,040 173,441 39,621 Total revenue 4,205,511 3,507,067 2,746,151 Primary geographical markets South Africa 3,171,851 2,730,401 2,123,153 Africa-Other 144,020 131,077 101,019 Europe 347,628 257,078 229,671 Asia-Pacific*, Middle East and USA 542,012 388,511 292,308 4,205,511 3,507,067 2,746,151 Timing of revenue recognition Products and services transferred at a point in time 669,706 323,554 177,986 Services transferred over time 3,535,805 3,183,513 2,568,165 Total revenue 4,205,511 3,507,067 2,746,151 * Included in Asia-Pacific is revenue from Singapore amounted to ZAR 132.4 million (2023: ZAR 105.6 million, 2022: ZAR 96.1 million). |
Operating Profit (Tables)
Operating Profit (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Operating Profit [Abstract] | |
Schedule of Operating Profit | Year ended February 29/28 Figures in Rand thousands Notes 2024 2023 2022 Operating profit is stated after accounting for the following charges: Depreciation of property, plant and equipment 5 588,660 493,788 458,281 Amortization of capitalized commission assets 6 83,155 64,707 64,566 Amortization of intangible assets 7 59,482 51,143 39,078 Employee benefits expense 1 1,076,244 865,831 720,606 Defined contribution plan 45,468 44,681 26,534 1 After offsetting government grant received ZAR Nil Nil |
Finance Income (Tables)
Finance Income (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Finance Income [Abstract] | |
Schedule of Finance Income | Year ended February 29/28 Figures in Rand thousands 2024 2023 2022 Interest income from bank balances 39,418 23,255 6,083 |
Finance Costs (Tables)
Finance Costs (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Finance Cost [Abstract] | |
Schedule of Finance Costs | Year ended February 29/28 Figures in Rand thousands 2024 2023 2022 Lease liabilities 11,371 8,199 6,249 Term loans 194 797 4,317 Overdraft 2,296 291 794 Others 1,961 808 971 15,822 10,095 12,331 |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Taxation [Abstract] | |
Schedule of Taxation | Year ended February 29/28 Figures in Rand thousands Note 2024 2023 2022 Major components of the tax expense: Current tax Current year 297,546 250,606 208,141 Prior year (120 ) (4,671 ) 8,573 297,426 245,935 216,714 Deferred tax Current year (12,964 ) 15,972 (16,370 ) Prior year 6,464 1,257 (3,394 ) 9 (6,500 ) 17,229 (19,764 ) Withholding tax 20,628 22,134 8,526 Total tax expense 311,554 285,298 205,476 Reconciliation between accounting profit and tax expense: Profit before taxation 1,065,710 894,104 682,083 Tax at the applicable tax rate of 17% 1 1 1 181,171 151,998 115,954 Effect of different tax rates in foreign jurisdictions 90,081 91,841 66,257 Taxation effect of adjustments on taxable income: Utilization of previously unrecognized tax losses (10,811 ) (2,239 ) (982 ) Tax incentive (6,549 ) (5,975 ) (2,709 ) Income not subject to tax (1,414 ) (4,184 ) (270 ) Non-deductible expenses 15,898 20,789 12,556 Recognition of previously unrecognized tax losses – (1,794 ) (2,060 ) Current year losses for which no deferred tax asset is recognized 19,223 14,085 1,040 Withholding tax 20,628 22,134 8,526 Prior year tax under/(over) provision 6,344 (3,414 ) 5,179 Tax effect of deferred tax on decrease in tax rate – (594 ) – Others (3,017 ) 2,651 1,985 Total tax expense 311,554 285,298 205,476 1 This is the corporate tax rate in Singapore. |
Taxation Paid (Tables)
Taxation Paid (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Taxation Paid [Abstract] | |
Schedule of Taxation Paid | Year ended February 29/28 Figures in Rand thousands 2024 2023 2022 Balance payable at beginning of the year (47,369 ) (32,100 ) (10,203 ) Acquisition of subsidiary – – 477 Current tax for the year recognized in profit or loss (318,054 ) (268,069 ) (225,240 ) Translation adjustments (1,195 ) (3,821 ) 341 Balance payable at end of the year 64,661 47,369 32,100 (301,957 ) (256,621 ) (202,525 ) |
Dividend (Tables)
Dividend (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Dividends Paid [Abstract] | |
Schedule of Dividend Paid | Dividend paid by the Company to owner of the Company Year ended February 29/28 2024 2023 Figures in Rand thousands Per share (ZAR) Amount Per share (ZAR) Amount Interim dividend 16.14 499,518 10.70 331,252 |
Interest in Subsidiaries (Table
Interest in Subsidiaries (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Interest in Subsidiaries [Abstract] | |
Schedule of Following Table Lists the Entities which are Controlled by the Group | The following table lists the entities which are controlled by the Group. Company Name Held by Country of % holding % holding Cartrack Holdings Proprietary Limited 4 Karooooo Ltd South Africa 100.0 100.0 Carzuka.com Pte Ltd 1 Karooooo Ltd Singapore 100.0 100.0 Karooooo Management Company Pte. Ltd. Karooooo Ltd Singapore 100.0 100.0 Karooooo Software Pte. Ltd. Karooooo Ltd Singapore 100.0 100.0 Karooooo Proprietary Ltd Karooooo Ltd South Africa 100.0 100.0 Karooooo Cartrack Limited 10 Karooooo Ltd Uganda 100.0 100.0 Cartrack (Cambodia) Co. Ltd Karooooo Management Company Pte. Ltd. Cambodia 100.0 100.0 Cartrack Swaziland (Pty) Ltd 11 Karooooo Management Company Pte. Ltd. Kingdom of Eswatini 76.0 - Carzuka Pte Ltd 1 Carzuka.com Pte. Ltd. Singapore 100.0 100.0 Karooooo Technologies Proprietary Limited 2 Karooooo Proprietary Ltd South Africa 100.0 100.0 Cartrack Management Services Proprietary Limited Cartrack Holdings Proprietary Limited South Africa 100.0 100.0 Cartrack Proprietary Limited Cartrack Holdings Proprietary Limited South Africa 100.0 100.0 Cartrack Manufacturing Proprietary Limited Cartrack Holdings Proprietary Limited South Africa 100.0 100.0 Cartrack Insurance Agency Proprietary Limited 3 Cartrack Holdings Proprietary Limited South Africa 100.0 100.0 Cartrack Namibia Proprietary Limited Cartrack Holdings Proprietary Limited Namibia 100.0 100.0 Cartrack Technologies Pte. Limited Cartrack Holdings Proprietary Limited Singapore 100.0 100.0 Carzuka Proprietary Limited Cartrack Holdings Proprietary Limited South Africa 100.0 100.0 Purple rain Properties No.444 Proprietary Limited Cartrack Holdings Proprietary Limited South Africa 100.0 100.0 Karooooo Logistics (Pty) Ltd 6 Cartrack Holdings Proprietary Limited South Africa 70.1 70.1 Cartrack Telematics Proprietary Limited 9 Cartrack Proprietary Limited South Africa 49.0 49.0 CTK Shell 1 (Pty) Ltd 1,7 Cartrack Proprietary Limited South Africa 100.0 100.0 Karu Holdings Proprietary Limited Cartrack Proprietary Limited South Africa 100.0 100.0 Combined Telematics Services Proprietary Limited 1, 9 Cartrack Proprietary Limited South Africa 49.0 49.0 CTK Shell 2 (Pty) Ltd 1,8 Cartrack Proprietary Limited South Africa 100.0 100.0 Cartrack Tanzania Limited Cartrack Technologies Pte. Limited Tanzania 100.0 100.0 Karooooo Kenya Limited 5 Cartrack Technologies Pte. Limited Kenya 70.0 70.0 Cartrack Engineering Technologies Limited Cartrack Technologies Pte. Limited Nigeria 100.0 100.0 PT. Cartrack Technologies Indonesia Cartrack Technologies Pte. Limited Indonesia 100.0 100.0 Company Name Held by Country of % holding % holding Cartrack Investments UK Limited 1 Cartrack Technologies Pte. Limited United Kingdom 100.0 100.0 Cartrack Technologies (China) Limited Cartrack Technologies Pte. Limited Hong Kong 100.0 100.0 Cartrack Malaysia SDN.BHD Cartrack Technologies Pte. Limited Malaysia 100.0 100.0 Cartrack Technologies LLC Cartrack Technologies Pte. Limited U.A.E 100.0 100.0 Cartrack Technologies PHL.INC. Cartrack Technologies Pte. Limited Philippines 100.0 100.0 Cartrack Technologies South East Asia Pte. Limited Cartrack Technologies Pte. Limited Singapore 100.0 100.0 Cartrack Ireland Limited Cartrack Technologies Pte. Limited Republic of Ireland 100.0 100.0 Cartrack Technologies (Thailand) Company Limited Cartrack Technologies Pte. Limited Thailand 100.0 100.0 Cartrack New Zealand Limited Cartrack Technologies Pte. Limited New Zealand 51.0 51.0 Cartrack (Australia) Proprietary Limited Cartrack Technologies Pte. Limited Australia 100.0 100.0 Cartrack Technologies Zambia Limited 1 Cartrack Technologies Pte. Limited Zambia 100.0 100.0 Cartrack (Mauritius) Ltd 1 Cartrack Technologies Pte. Limited Mauritius 100.0 100.0 Cartrack Vietnam Limited Liability Company 1 Cartrack Technologies Pte. Limited Vietnam 100.0 100.0 Cartrack INC. Cartrack Ireland Limited U.S.A 100.0 100.0 Cartrack Polska.Sp.zo.o Cartrack Ireland Limited Poland 90.9 90.9 Cartrack Portugal S.A. Cartrack Ireland Limited Portugal 100.0 100.0 Cartrack Espana. S.L.U. Cartrack Ireland Limited Spain 100.0 100.0 Karu.Com. Unipessoal. Lda Cartrack Portugal S.A. Portugal 100.0 100.0 Cartrack Limitada 9 Cartrack Technologies LLC Mozambique 50.0 50.0 Auto Club LDA Cartrack Technologies LLC Mozambique 90.0 80.0 Cartrack for Information Technology Company 1 Cartrack Technologies LLC Kingdom of Saudi Arabia 51.0 51.0 1 Dormant 2 Previously known as Cartrack Technologies Proprietary Limited 3 Previously known as Drive and Save Proprietary Limited 4 Previously known as Cartrack Holdings Limited 5 Previously known as Retriever Limited 6 Previously known as Picup Technologies Proprietary Limited 7 Previously known as Veraspan Proprietary Limited 8 Previously known as Zonke Bonke Telecoms Proprietary Limited 9 The Group considers Cartrack Limitada, Combined Telematics Services Proprietary Limited and Cartrack Telematics Proprietary Limited as subsidiaries of the Group as the Group has the right to appoint majority of the directors on the Board of Directors of these entities through contractual shareholders’ agreement. The Board of Directors of the companies direct the relevant activities of these entities. Accordingly, the Group is exposed to and has the rights to variable returns, and has the ability to affect those returns through the Board of Directors. 10 90% of the share capital of Karooooo Cartrack Limited is held by Karooooo Limited and the remainder 10% of the share capital is held by Karooooo Management Company Pte Limited. 11 74% of the share capital of Cartrack Swaziland (Pty) Ltd is held by Karooooo Management Company Pte. Ltd. and 2% is held by Cartrack Holdings Proprietary Limited. |
Acquisition of Subsidiary (Tabl
Acquisition of Subsidiary (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Acquisition of Subsidiary [Abstract] | |
Schedule of Fair Values of Identifiable Net Assets and the Cash Outflows on the Acquisition | The fair values of identifiable net assets and the cash outflows on the acquisition were as follows: Figures in Rand thousands Notes As of Other non-current assets 2,868 Cash and cash equivalents 3,778 Other current assets (excluding cash and cash equivalents) 203 Non-current liabilities (354 ) Current liabilities (2,683 ) Net identifiable assets acquired 3,812 Add: Goodwill 8 6,223 Less: NCI based on proportionate interest (915 ) Cash consideration transferred for the business 9,120 Less: cash and cash equivalents acquired (3,778 ) Less: cash consideration payable (240 ) Net outflow of cash 5,102 |
Related Parties (Tables)
Related Parties (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Disclosure of related party [Abstract] | |
Schedule of Transaction with Related Parties | Transactions with related parties Year ended February 29/28 Figures in Rand thousands 2024 2023 2022 Sales to related parties (30,730 ) (20,139 ) (28,915 ) Purchases from related parties 137,107 92,520 98,032 Rent paid to related parties 8,468 6,121 13,697 |
Risk Management (Tables)
Risk Management (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Risk Management [Abstract] | |
Schedule of Expected Credit Losses on Financial Assets Recognized in Profit or Loss | Expected credit losses on financial assets recognized in profit or loss were as follows: Year ended February 29/28 Figures in Rand thousands 2024 2023 2022 Expected credit loss provision on trade receivables arising from contracts with customers 109,422 87,541 88,482 |
Schedule of Provides Information About the Expected Credit Loss Rate for Trade Receivables by Ageing Category | The following table provides information about the expected credit loss rate for trade receivables by ageing category: Figures in Rand thousands Expected Gross Impairment At February 29, 2024 Since invoicing 6 % 201,762 12,844 1 month since invoicing date 14 % 64,098 8,988 2 months since invoicing date 22 % 39,487 8,627 3 months since invoicing date 54 % 248,760 134,781 Total 30 % 554,107 165,240 Figures in Rand thousands Expected Gross Impairment At February 28, 2023 Since invoicing 7 % 195,058 13,177 1 month since invoicing date 18 % 51,655 9,434 2 months since invoicing date 25 % 29,777 7,328 3 months since invoicing date 57 % 209,250 119,602 Total 31 % 485,740 149,541 |
Schedule of ConContractual Undiscounted Cash Flows and Includes Contractual Interest Payments | The amounts disclosed in the table are the contractual undiscounted cash flows and includes contractual interest payments. Figures in Rand thousands Less than 2 years 3 years 4 years >5 years Total At February 29, 2024 Term loans 11,313 45,089 – – – 56,402 Lease obligations 74,161 63,876 34,842 31,868 15,033 219,780 Trade and other payables 398,153 – – – – 398,153 Loans from related parties 924 – – – – 924 Bank overdraft 23,362 – – – – 23,362 At February 28, 2023 Term loans 21,993 18,352 17,596 15,751 – 73,692 Lease obligations 56,511 37,454 15,084 11,180 10,271 130,500 Trade and other payables 329,481 – – – – 329,481 Loans from related parties 607 – – – – 607 Bank overdraft 40 – – – – 40 |
Schedule of Currency Risk | The summarized quantitative data about the Group’s exposure to currency risk as reported to the management of the Group is as follows: Figures in Rand thousands USD EUR SGD At February 29, 2024 Trade and other receivables 326,060 5,213 1,306 Loan from related parties 127,802 86,824 – Loan to related parties (236,878 ) – (20,869 ) Cash and cash equivalents 70,015 2,590 1,868 Trade and other payables (230,793 ) (5,318 ) (15,639 ) 56,206 89,309 (33,334 ) At February 28, 2023 Trade and other receivables 104,583 40 433 Loan from related parties 114,186 80,342 – Loan to related parties (229,229 ) – (20,040 ) Cash and cash equivalents 61,780 2,337 560 Trade and other payables (50,581 ) (5,846 ) (8,135 ) 739 76,873 (27,182 ) |
Schedule of Measurement Financial Instruments Denominated in a Foreign Currency | The analysis assumes that all other variables remain constant. A factor change of 10% has been applied to the exchange rates. Figures in Rand thousands Strengthening Weakening of February 29, 2024 USD (5,621 ) 5,621 EUR (8,931 ) 8,931 SGD 3,333 (3,333 ) (11,219 ) 11,219 February 28, 2023 USD (74 ) 74 EUR (7,687 ) 7,687 SGD 2,718 (2,718 ) (5,043 ) 5,043 |
Schedule of Illustrates the Effects on Group’s Earnings and Equity, all Other Factors Remaining Constant | The following table illustrates the effects on Group’s earnings and equity, all other factors remaining constant. A factor of 1% has been applied to the interest rates: As of February 29/28 Figures in Rand thousands 2024 2023 Effect on profit before tax (1% increase) (479 ) (599 ) Effect on profit before tax (1% decrease) 479 599 |
Analysis of Assets and Liabil_2
Analysis of Assets and Liabilities by Financial Instrument Classification (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Analysis of Assets and Liabilities by Financial Instrument Classification [Abstract] | |
Schedule of Classification of Financial Assets and Financial Liabilities | The following table shows the carrying amounts and classification of financial assets and financial liabilities. The carrying amounts approximate their fair values. As of February 29/28 Figures in Rand thousands Notes 2024 2023 Financial assets (at amortized cost) Loans to related party 12 28,200 25,800 Trade and other receivables (excludes prepayments and other taxes) 11 931,495 394,152 Cash and cash equivalents 13 459,527 965,790 1,419,222 1,385,742 Financial assets (at fair value) Other financial assets 14 - 388 Financial liabilities (at amortized cost) Loans from related parties 12 924 607 Trade and other payables (excludes other taxes) 19 398,153 329,481 Term loans 16 48,179 59,947 Bank overdraft 13 23,362 40 470,618 390,075 |
Fair value of Assets and Liab_2
Fair value of Assets and Liabilities (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Fair value of Assets and Liabilities [Abstract] | |
Schedule of Loans to Related Party | the fair value of loan to related party as disclosed in the table below is based on significant unobservable inputs (Level 3) As of February 29, 2024 Figures in Rand thousands Notes Carrying Aggregate Loan to related party 12 28,200 29,258 |
Directors and Key Management _2
Directors and Key Management Personnel Emoluments (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Directors and Key Management Personnel Emoluments [Abstract] | |
Schedule of Key Management Personnel Compensation | Key management personnel compensation comprised the following: Year ended February 29/28 Figures in Rand thousands 2024 2023 2022 Short-term employee benefits 18,094 16,557 13,109 Post-employment benefits 430 378 276 18,524 16,935 13,385 |
Basic and Diluted Earnings Pe_2
Basic and Diluted Earnings Per Share Information (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Basic and Diluted Earnings Per Share Information [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | The calculation of basic and diluted earnings per share has been based on the profit attributable to ordinary shareholders and the weighted average number of ordinary shares in issue. Year ended February 29/28 Figures in Rand 2024 2023 2022 Basic earnings Profit attributable to ordinary shareholder of Karooooo (ZAR ’000) 738,191 597,153 449,953 Weighted average number of ordinary shares issued 30,948,470 30,951,106 29,528,020 Basic and diluted earnings per share (ZAR) 23.85 19.29 15.24 |
Presentation of Consolidated _2
Presentation of Consolidated Financial Statements (Details) $ / shares in Units, R in Millions, $ in Millions | 12 Months Ended | ||||||
Apr. 16, 2021 | Apr. 01, 2021 USD ($) $ / shares shares | Feb. 29, 2024 ZAR (R) shares | Feb. 28, 2023 ZAR (R) | Feb. 28, 2022 ZAR (R) | Feb. 28, 2021 ZAR (R) | Jul. 17, 2019 | |
Presentation of Consolidated Financial Statements [Line Items] | |||||||
Acquired interest | 68% | ||||||
Gross cash (in Dollars) | $ | $ 33.8 | ||||||
Shares issued (in Shares) | shares | 1,207,500 | 14,637 | |||||
Offer price per share (in Dollars per share) | $ / shares | $ 28 | ||||||
Costs incurred | R 85.1 | ||||||
Cost expensed | R 267.3 | R 218.8 | R 59.2 | ||||
Issuance of shares | 49.2 | ||||||
Invested percentage | 99% | ||||||
Shareholders description | Karooooo, as listed on the NASDAQ and inward listed on the JSE on April 21, 2021, owns 100% of Cartrack. As at February 29, 2024, Zak is the ultimate controlling shareholder of the Group, holding 20,028,811 shares (65.0% shareholdings) of Karooooo. | ||||||
IPO [Member] | |||||||
Presentation of Consolidated Financial Statements [Line Items] | |||||||
Cost expensed | R 10.3 | R 25.6 |
Material Accounting Policy In_3
Material Accounting Policy Information (Details) R in Millions | 12 Months Ended |
Feb. 29, 2024 ZAR (R) | |
Material Accounting Policy Information [Abstract] | |
Offers warrant amount | R 1 |
Material Accounting Policy In_4
Material Accounting Policy Information (Details) - Schedule of Depreciation Computed on Straight-Line over Estimated Useful Lives of Property, Plant and Equipment | 12 Months Ended |
Feb. 29, 2024 | |
Property [Member] | |
Schedule of Depreciation Computed on Straight-Line over Estimated Useful Lives of Property, Plant and Equipment [Line Items] | |
Depreciation method | Straight line |
Average useful life | 20-50 years |
Property - Right of use assets [Member] | |
Schedule of Depreciation Computed on Straight-Line over Estimated Useful Lives of Property, Plant and Equipment [Line Items] | |
Depreciation method | Straight line |
Average useful life | Lease term or useful life whichever is shorter |
Property - Leasehold improvements [Member] | |
Schedule of Depreciation Computed on Straight-Line over Estimated Useful Lives of Property, Plant and Equipment [Line Items] | |
Depreciation method | Straight line |
Average useful life | 3 years or lease term |
Plant, equipment and vehicles [Member] | |
Schedule of Depreciation Computed on Straight-Line over Estimated Useful Lives of Property, Plant and Equipment [Line Items] | |
Depreciation method | Straight line |
Average useful life | 4-5 years |
IT equipment [Member] | |
Schedule of Depreciation Computed on Straight-Line over Estimated Useful Lives of Property, Plant and Equipment [Line Items] | |
Depreciation method | Straight line |
Average useful life | 3 years |
Capitalized telematics devices - Installed [Member] | |
Schedule of Depreciation Computed on Straight-Line over Estimated Useful Lives of Property, Plant and Equipment [Line Items] | |
Depreciation method | Straight line |
Average useful life | 5 years |
Material Accounting Policy In_5
Material Accounting Policy Information (Details) - Schedule of Useful Life of Capitalized Commission Assets - Capitalized commission assets [Member] | 12 Months Ended |
Feb. 29, 2024 | |
Schedule of Useful Life of Capitalized Commission Assets [Line Items] | |
Amortization method, Capitalized commission assets | Straight line |
Average useful life, Capitalized commission assets | 5 years |
Standards Issued But Not Yet _3
Standards Issued But Not Yet Effective (Details) - Schedule of Significant Impact on the Groups Consolidated Financial Statements | 12 Months Ended |
Feb. 29, 2024 | |
Classification of Liabilities as Current or Non-current [member] | |
Schedule of Significant Impact on the Groups Consolidated Financial Statements [Line Items] | |
Details of amendment | January 1, 2024 |
Lease Liability in a Sale and Leaseback [member] | |
Schedule of Significant Impact on the Groups Consolidated Financial Statements [Line Items] | |
Details of amendment | January 1, 2024 |
Non-current Liabilities with Covenants [member] | |
Schedule of Significant Impact on the Groups Consolidated Financial Statements [Line Items] | |
Details of amendment | January 1, 2024 |
Supplier Finance Arrangement [Member] | |
Schedule of Significant Impact on the Groups Consolidated Financial Statements [Line Items] | |
Details of amendment | January 1, 2024 |
Lack of Exchangeability [Member] | |
Schedule of Significant Impact on the Groups Consolidated Financial Statements [Line Items] | |
Details of amendment | January 1, 2024 |
Amendments to the Classification and Measurement of Financial Instruments [Member] | |
Schedule of Significant Impact on the Groups Consolidated Financial Statements [Line Items] | |
Details of amendment | January 1, 2026 |
Presentation and Disclosure in Financial Statements [Member] | |
Schedule of Significant Impact on the Groups Consolidated Financial Statements [Line Items] | |
Details of amendment | January 1, 2027 |
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture [Member] | |
Schedule of Significant Impact on the Groups Consolidated Financial Statements [Line Items] | |
Details of amendment | To be determined |
Segment Reporting (Details)
Segment Reporting (Details) - ZAR (R) R in Millions | 12 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 28, 2022 | |
Segment Reporting (Details) [Line Items] | |||
Non-current assets (in Rand) | R 226.2 | R 140 | |
Contribute excess percentage | 10% | 10% | 10% |
South Africa [Member] | |||
Segment Reporting (Details) [Line Items] | |||
Segments | The segment information provided to the Group CEO, for the reportable segments for the financial year ended February 29, 2024, February 28, 2023 and February 28, 2022 as follows: |
Segment Reporting (Details) - S
Segment Reporting (Details) - Schedule of Segment Information Provided to the Group CEO - ZAR (R) R in Thousands | 12 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 28, 2022 | |
Schedule of Segment Information Provided to the Group CEO [Line Items] | |||
Subscription revenue | R 3,535,805 | R 3,010,072 | R 2,568,165 |
Other revenue | 90,879 | 72,709 | 71,055 |
Vehicle sales | 274,787 | 250,845 | 67,310 |
Delivery service | 304,040 | 173,441 | 39,621 |
Segment revenue | 4,205,511 | 3,507,067 | 2,746,151 |
Segment operating profit/ (loss) | 1,042,502 | 881,915 | 699,125 |
Depreciation and amortization | 648,142 | 544,931 | 497,359 |
Capital expenditure | 927,568 | 626,309 | 596,450 |
Cartrack [Member] | |||
Schedule of Segment Information Provided to the Group CEO [Line Items] | |||
Subscription revenue | 3,522,816 | 3,003,931 | 2,565,745 |
Other revenue | 90,879 | 72,709 | 71,055 |
Vehicle sales | |||
Delivery service | |||
Segment revenue | 3,613,695 | 3,076,640 | 2,636,800 |
Segment operating profit/ (loss) | 1,069,313 | 914,981 | 715,336 |
Depreciation and amortization | 640,419 | 541,238 | 497,161 |
Capital expenditure | 923,579 | 605,716 | 594,171 |
Carzuka [Member] | |||
Schedule of Segment Information Provided to the Group CEO [Line Items] | |||
Subscription revenue | |||
Other revenue | |||
Vehicle sales | 274,787 | 250,845 | 67,310 |
Delivery service | |||
Segment revenue | 274,787 | 250,845 | 67,310 |
Segment operating profit/ (loss) | (52,907) | (37,813) | (13,302) |
Depreciation and amortization | 5,386 | 2,133 | 97 |
Capital expenditure | 317 | 12,074 | 1,916 |
Karooooo Logistics [Member] | |||
Schedule of Segment Information Provided to the Group CEO [Line Items] | |||
Subscription revenue | 12,989 | 6,141 | 2,420 |
Other revenue | |||
Vehicle sales | |||
Delivery service | 304,040 | 173,441 | 39,621 |
Segment revenue | 317,029 | 179,582 | 42,041 |
Segment operating profit/ (loss) | 26,096 | 4,747 | (2,909) |
Depreciation and amortization | 2,337 | 1,560 | 101 |
Capital expenditure | R 3,672 | R 8,519 | R 363 |
Segment Reporting (Details) -_2
Segment Reporting (Details) - Schedule of Reconciliation of Information on Reportable Segments to Amounts Reported in Consolidated Financial Statements - ZAR (R) R in Thousands | 12 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 28, 2022 | |
Schedule of Reconciliation of Information on Reportable Segments to the Amounts Reported in Consolidated Financial Statements [Abstract] | |||
Total segment operating profits | R 1,042,502 | R 881,915 | R 699,125 |
IPO costs | (10,288) | ||
Finance income | 39,418 | 23,255 | 6,083 |
Finance cost | (15,822) | (10,095) | (12,331) |
Fair value changes to derivative assets | (388) | (971) | (506) |
Consolidated profit before taxation | R 1,065,710 | R 894,104 | R 682,083 |
Segment Reporting (Details) -_3
Segment Reporting (Details) - Schedule of Information about Geographical Areas - ZAR (R) R in Thousands | 12 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | ||
Schedule of Information about Geographical Areas [Line Items] | |||
Total | [1] | R 2,723,761 | R 2,184,381 |
South Africa [Member] | |||
Schedule of Information about Geographical Areas [Line Items] | |||
Total | [1] | 1,714,719 | 1,417,103 |
Africa-Other [Member] | |||
Schedule of Information about Geographical Areas [Line Items] | |||
Total | [1] | 154,777 | 116,463 |
Europe [Member] | |||
Schedule of Information about Geographical Areas [Line Items] | |||
Total | [1] | 355,904 | 270,379 |
Asia-Pacific, Middle East & USA [Member] | |||
Schedule of Information about Geographical Areas [Line Items] | |||
Total | [1],[2] | R 498,361 | R 380,436 |
[1] Non-current operating assets consist of property, plant and equipment, capitalized commission assets, intangible assets, goodwill and prepayments. Included in Asia-Pacific is non-current assets from Singapore amount to ZAR 226.2 million (2023: ZAR 140.0 million). |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - ZAR (R) R in Millions | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Property, Plant and Equipment [Abstract] | ||
Freehold land and building amount | R 376.9 | R 186.5 |
Carrying amount property under construction | 376.9 | 186.5 |
Borrowing costs capitalized amount | R 5.3 | R 4.6 |
Capitalization prime rate percentage | 1.15% |
Property, Plant and Equipment_3
Property, Plant and Equipment (Details) - Schedule of Property, Plant and Equipment - ZAR (R) R in Thousands | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Owned assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | R 4,233,017 | R 3,376,916 |
Accumulated depreciation | (2,389,323) | (1,902,528) |
Carrying value | 1,843,694 | 1,474,388 |
Right-of-use-assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 327,458 | 246,408 |
Accumulated depreciation | (138,358) | (128,982) |
Carrying value | 189,100 | 117,426 |
Total | 2,032,794 | 1,591,814 |
Land and Property [Member] | Owned assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 153,962 | 147,607 |
Accumulated depreciation | (31,245) | (26,422) |
Carrying value | 122,717 | 121,185 |
Land and Property [Member] | Right-of-use-assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 202,367 | 172,155 |
Accumulated depreciation | (89,275) | (88,208) |
Carrying value | 113,092 | 83,947 |
Total | 235,809 | 205,132 |
Plant, equipment and vehicles [Member] | Owned assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 129,567 | 134,813 |
Accumulated depreciation | (95,097) | (105,337) |
Carrying value | 34,470 | 29,476 |
Plant, equipment and vehicles [Member] | Right-of-use-assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 105,692 | 53,083 |
Accumulated depreciation | (29,797) | (19,928) |
Carrying value | 75,895 | 33,155 |
Total | 110,365 | 62,631 |
IT equipment [Member] | Owned assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 161,133 | 143,734 |
Accumulated depreciation | (119,796) | (79,563) |
Carrying value | 41,337 | 64,171 |
IT equipment [Member] | Right-of-use-assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 19,399 | 21,170 |
Accumulated depreciation | (19,286) | (20,846) |
Carrying value | 113 | 324 |
Total | 41,450 | 64,495 |
Capitalized telematics devices – Work-in- Progress [Member] | Owned assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 130,511 | 202,425 |
Accumulated depreciation | ||
Carrying value | 130,511 | 202,425 |
Capitalized telematics devices – Work-in- Progress [Member] | Right-of-use-assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | ||
Accumulated depreciation | ||
Carrying value | ||
Total | 130,511 | 202,425 |
Capitalized telematics devices – Uninstalled [Member] | Owned assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 215,539 | 104,951 |
Accumulated depreciation | ||
Carrying value | 215,539 | 104,951 |
Capitalized telematics devices – Uninstalled [Member] | Right-of-use-assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | ||
Accumulated depreciation | ||
Carrying value | ||
Total | 215,539 | 104,951 |
Capitalized telematics devices - Installed [Member] | Owned assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 3,175,435 | 2,566,867 |
Accumulated depreciation | (2,143,185) | (1,691,206) |
Carrying value | 1,032,250 | 875,661 |
Capitalized telematics devices - Installed [Member] | Right-of-use-assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | ||
Accumulated depreciation | ||
Carrying value | ||
Total | 1,032,250 | 875,661 |
Construction in progress [Member] | Owned assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 266,870 | 76,519 |
Accumulated depreciation | ||
Carrying value | 266,870 | 76,519 |
Construction in progress [Member] | Right-of-use-assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | ||
Accumulated depreciation | ||
Carrying value | ||
Total | R 266,870 | R 76,519 |
Property, Plant and Equipment_4
Property, Plant and Equipment (Details) - Schedule of Reconciliation of the Carrying Value of Property, Plant and Equipment - ZAR (R) R in Thousands | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Right-of-use assets [member] | ||
Schedule of Reconciliation of the Carrying Value of Property, Plant and Equipment [Line Items] | ||
Beginning balance | R 117,426 | R 102,267 |
Additions | 156,085 | 59,572 |
Disposals | (29,591) | (887) |
Depreciation | (59,149) | (49,677) |
Translation adjustments | 4,329 | 6,151 |
Ending balance | 189,100 | 117,426 |
Owned assets [Member] | ||
Schedule of Reconciliation of the Carrying Value of Property, Plant and Equipment [Line Items] | ||
Total | 2,032,794 | 1,591,814 |
Owned assets [Member] | ||
Schedule of Reconciliation of the Carrying Value of Property, Plant and Equipment [Line Items] | ||
Beginning balance | 1,474,388 | 1,288,392 |
Acquisition of subsidiary | 545 | |
Additions | 876,354 | 579,656 |
Transfer | ||
Disposals | (5,942) | (8,435) |
Depreciation | (529,511) | (444,111) |
Translation adjustments | 27,860 | 58,886 |
Ending balance | 1,843,694 | 1,474,388 |
Land and Property [Member] | Reconciliation of the carrying value of property, plant and equipment [Member] | ||
Schedule of Reconciliation of the Carrying Value of Property, Plant and Equipment [Line Items] | ||
Beginning balance | 83,947 | 64,388 |
Additions | 90,523 | 48,978 |
Disposals | (21,499) | (698) |
Depreciation | (43,622) | (34,450) |
Translation adjustments | 3,743 | 5,729 |
Ending balance | 113,092 | 83,947 |
Total | 235,809 | 205,132 |
Land and Property [Member] | Owned assets [Member] | Reconciliation of the carrying value of property, plant and equipment [Member] | ||
Schedule of Reconciliation of the Carrying Value of Property, Plant and Equipment [Line Items] | ||
Beginning balance | 121,185 | 120,015 |
Acquisition of subsidiary | ||
Additions | 8,823 | 9,057 |
Transfer | ||
Disposals | (3,230) | |
Depreciation | (7,557) | (5,425) |
Translation adjustments | 266 | 768 |
Ending balance | 122,717 | 121,185 |
Plant, equipment and vehicles [Member] | Reconciliation of the carrying value of property, plant and equipment [Member] | ||
Schedule of Reconciliation of the Carrying Value of Property, Plant and Equipment [Line Items] | ||
Beginning balance | 33,155 | 32,508 |
Additions | 64,529 | 9,959 |
Disposals | (8,092) | (187) |
Depreciation | (14,282) | (9,517) |
Translation adjustments | 585 | 392 |
Ending balance | 75,895 | 33,155 |
Total | 110,365 | 62,631 |
Plant, equipment and vehicles [Member] | Owned assets [Member] | Reconciliation of the carrying value of property, plant and equipment [Member] | ||
Schedule of Reconciliation of the Carrying Value of Property, Plant and Equipment [Line Items] | ||
Beginning balance | 29,476 | 31,444 |
Acquisition of subsidiary | 512 | |
Additions | 14,672 | 7,513 |
Transfer | ||
Disposals | (251) | (2,033) |
Depreciation | (10,977) | (8,957) |
Translation adjustments | 1,038 | 1,509 |
Ending balance | 34,470 | 29,476 |
IT equipment [Member] | Reconciliation of the carrying value of property, plant and equipment [Member] | ||
Schedule of Reconciliation of the Carrying Value of Property, Plant and Equipment [Line Items] | ||
Beginning balance | 324 | 5,371 |
Additions | 1,033 | 635 |
Disposals | (2) | |
Depreciation | (1,245) | (5,710) |
Translation adjustments | 1 | 30 |
Ending balance | 113 | 324 |
Total | 41,450 | 64,495 |
IT equipment [Member] | Owned assets [Member] | Reconciliation of the carrying value of property, plant and equipment [Member] | ||
Schedule of Reconciliation of the Carrying Value of Property, Plant and Equipment [Line Items] | ||
Beginning balance | 64,171 | 49,367 |
Acquisition of subsidiary | 33 | |
Additions | 13,123 | 33,191 |
Transfer | ||
Disposals | (2,147) | (282) |
Depreciation | (35,441) | (25,152) |
Translation adjustments | 1,598 | 7,047 |
Ending balance | 41,337 | 64,171 |
Capitalized telematics devices – Work-in- Progress [Member] | Reconciliation of the carrying value of property, plant and equipment [Member] | ||
Schedule of Reconciliation of the Carrying Value of Property, Plant and Equipment [Line Items] | ||
Beginning balance | ||
Additions | ||
Disposals | ||
Depreciation | ||
Translation adjustments | ||
Ending balance | ||
Total | 130,511 | 202,425 |
Capitalized telematics devices – Work-in- Progress [Member] | Owned assets [Member] | Reconciliation of the carrying value of property, plant and equipment [Member] | ||
Schedule of Reconciliation of the Carrying Value of Property, Plant and Equipment [Line Items] | ||
Beginning balance | 202,425 | 138,405 |
Acquisition of subsidiary | ||
Additions | 153,425 | 142,586 |
Transfer | (225,339) | (78,566) |
Disposals | ||
Depreciation | ||
Translation adjustments | ||
Ending balance | 130,511 | 202,425 |
Capitalized telematics devices – Uninstalled [Member] | Reconciliation of the carrying value of property, plant and equipment [Member] | ||
Schedule of Reconciliation of the Carrying Value of Property, Plant and Equipment [Line Items] | ||
Beginning balance | ||
Additions | ||
Disposals | ||
Depreciation | ||
Translation adjustments | ||
Ending balance | ||
Total | 215,539 | 104,951 |
Capitalized telematics devices – Uninstalled [Member] | Owned assets [Member] | Reconciliation of the carrying value of property, plant and equipment [Member] | ||
Schedule of Reconciliation of the Carrying Value of Property, Plant and Equipment [Line Items] | ||
Beginning balance | 104,951 | 173,871 |
Acquisition of subsidiary | ||
Additions | 208,683 | 111,661 |
Transfer | (101,722) | (189,160) |
Disposals | ||
Depreciation | ||
Translation adjustments | 3,627 | 8,579 |
Ending balance | 215,539 | 104,951 |
Capitalized telematics devices - Installed [Member] | Reconciliation of the carrying value of property, plant and equipment [Member] | ||
Schedule of Reconciliation of the Carrying Value of Property, Plant and Equipment [Line Items] | ||
Beginning balance | ||
Additions | ||
Disposals | ||
Depreciation | ||
Translation adjustments | ||
Ending balance | ||
Total | 1,032,250 | 875,661 |
Capitalized telematics devices - Installed [Member] | Owned assets [Member] | Reconciliation of the carrying value of property, plant and equipment [Member] | ||
Schedule of Reconciliation of the Carrying Value of Property, Plant and Equipment [Line Items] | ||
Beginning balance | 875,661 | 771,124 |
Acquisition of subsidiary | ||
Additions | 287,277 | 203,295 |
Transfer | 327,061 | 267,726 |
Disposals | (3,544) | (2,890) |
Depreciation | (475,536) | (404,577) |
Translation adjustments | 21,331 | 40,983 |
Ending balance | 1,032,250 | 875,661 |
Construction in progress [member] | Reconciliation of the carrying value of property, plant and equipment [Member] | ||
Schedule of Reconciliation of the Carrying Value of Property, Plant and Equipment [Line Items] | ||
Beginning balance | ||
Additions | ||
Disposals | ||
Depreciation | ||
Translation adjustments | ||
Ending balance | ||
Total | 266,870 | 76,519 |
Construction in progress [member] | Owned assets [Member] | Reconciliation of the carrying value of property, plant and equipment [Member] | ||
Schedule of Reconciliation of the Carrying Value of Property, Plant and Equipment [Line Items] | ||
Beginning balance | 76,519 | 4,166 |
Acquisition of subsidiary | ||
Additions | 190,351 | 72,353 |
Transfer | ||
Disposals | ||
Depreciation | ||
Translation adjustments | ||
Ending balance | R 266,870 | R 76,519 |
Capitalized Commission Assets_2
Capitalized Commission Assets (Details) - Schedule of Capitalized Commission Assets - ZAR (R) R in Thousands | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Schedule of Capitalized Commission Assets [Abstract] | ||
Cost | R 702,540 | R 537,367 |
Accumulated amortization | (328,019) | (250,313) |
Carrying value | R 374,521 | R 287,054 |
Capitalized Commission Assets_3
Capitalized Commission Assets (Details) - Schedule of Reconciliation of the Carrying Value of Capitalized Sales Commissions - ZAR (R) R in Thousands | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Schedule of Reconciliation of the Carrying Value of Capitalized Sales Commissions [Abstract] | ||
Opening balance | R 287,054 | R 231,537 |
Additions | 163,716 | 112,738 |
Amortization | (83,155) | (64,707) |
Translation adjustments | 6,906 | 7,486 |
Closing balance | R 374,521 | R 287,054 |
Intangible Assets (Details)
Intangible Assets (Details) - ZAR (R) R in Millions | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Intangible Assets [Abstract] | ||
Staff costs capitalized to product development costs | R 48.8 | R 38.8 |
Intangible Assets (Details) - S
Intangible Assets (Details) - Schedule of Intangible Assets - ZAR (R) R in Thousands | Feb. 29, 2024 | Feb. 28, 2023 | Feb. 28, 2022 |
Schedule of Intangible Assets [Line Items] | |||
Cost | R 247,507 | R 186,128 | |
Accumulated amortization | (164,384) | (100,486) | |
Carrying value | 83,123 | 85,642 | R 77,031 |
Product development costs [Member] | |||
Schedule of Intangible Assets [Line Items] | |||
Cost | 200,994 | 144,922 | |
Accumulated amortization | (129,377) | (76,621) | |
Carrying value | 71,617 | 68,301 | |
Computer software [Member] | |||
Schedule of Intangible Assets [Line Items] | |||
Cost | 36,937 | 34,039 | |
Accumulated amortization | (28,164) | (20,281) | |
Carrying value | 8,773 | 13,758 | 11,321 |
Trade name [Member] | |||
Schedule of Intangible Assets [Line Items] | |||
Cost | 882 | 782 | |
Accumulated amortization | (752) | (391) | |
Carrying value | 130 | 391 | R 652 |
Customer relationship [Member] | |||
Schedule of Intangible Assets [Line Items] | |||
Cost | 8,694 | 6,385 | |
Accumulated amortization | (6,091) | (3,193) | |
Carrying value | R 2,603 | R 3,192 |
Intangible Assets (Details) -_2
Intangible Assets (Details) - Schedule of Reconciliation of the Carrying Value of Intangible Assets - ZAR (R) R in Thousands | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Schedule of Reconciliation of the Carrying Value of Intangible Assets [Line Items] | ||
Beginning balance | R 85,642 | R 77,031 |
Acquisition of subsidiary | 2,410 | |
Additions | 51,214 | 46,653 |
Amortization | (59,482) | (51,143) |
Translation adjustments | 3,339 | 13,101 |
Ending balance | 83,123 | 85,642 |
Product development costs [Member] | ||
Schedule of Reconciliation of the Carrying Value of Intangible Assets [Line Items] | ||
Beginning balance | 68,301 | 59,737 |
Acquisition of subsidiary | ||
Additions | 48,792 | 38,837 |
Amortization | (48,605) | (42,638) |
Translation adjustments | 3,129 | 12,365 |
Ending balance | 71,617 | 68,301 |
Computer software [member] | ||
Schedule of Reconciliation of the Carrying Value of Intangible Assets [Line Items] | ||
Beginning balance | 13,758 | 11,321 |
Acquisition of subsidiary | 100 | |
Additions | 2,422 | 7,816 |
Amortization | (7,717) | (6,115) |
Translation adjustments | 210 | 736 |
Ending balance | 8,773 | 13,758 |
Trade name [Member] | ||
Schedule of Reconciliation of the Carrying Value of Intangible Assets [Line Items] | ||
Beginning balance | 391 | 652 |
Acquisition of subsidiary | ||
Additions | ||
Amortization | (261) | (261) |
Translation adjustments | ||
Ending balance | 130 | 391 |
Customer relationship [Member] | ||
Schedule of Reconciliation of the Carrying Value of Intangible Assets [Line Items] | ||
Beginning balance | 3,192 | 5,321 |
Acquisition of subsidiary | 2,310 | |
Additions | ||
Amortization | (2,899) | (2,129) |
Translation adjustments | ||
Ending balance | R 2,603 | R 3,192 |
Goodwill (Details)
Goodwill (Details) - ZAR (R) R in Billions | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Goodwill [Abstract] | ||
Market capitalisation of the Group exceeded the value of equity by | R 11.3 | R 11.8 |
Goodwill (Details) - Schedule o
Goodwill (Details) - Schedule of Goodwill is Allocated Cash Generating Units - ZAR (R) R in Thousands | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Schedule of Goodwill is Allocated Cash Generating Units [Line Items] | ||
Balance, at beginning | R 212,481 | R 186,384 |
Acquisition of subsidiary | 6,223 | |
Translation adjustments | 8,676 | 26,097 |
Balance, at ending | 227,380 | 212,481 |
Mozambique [Member] | ||
Schedule of Goodwill is Allocated Cash Generating Units [Line Items] | ||
Balance, at beginning | 82,277 | 65,081 |
Acquisition of subsidiary | ||
Translation adjustments | 4,027 | 17,196 |
Balance, at ending | 86,304 | 82,277 |
Portugal [Member] | ||
Schedule of Goodwill is Allocated Cash Generating Units [Line Items] | ||
Balance, at beginning | 34,469 | 30,164 |
Acquisition of subsidiary | ||
Translation adjustments | 2,346 | 4,305 |
Balance, at ending | 36,815 | 34,469 |
Spain [Member] | ||
Schedule of Goodwill is Allocated Cash Generating Units [Line Items] | ||
Balance, at beginning | 24,432 | 21,381 |
Acquisition of subsidiary | ||
Translation adjustments | 1,663 | 3,051 |
Balance, at ending | 26,095 | 24,432 |
Other [Member] | ||
Schedule of Goodwill is Allocated Cash Generating Units [Line Items] | ||
Balance, at beginning | 12,989 | 11,444 |
Acquisition of subsidiary | 6,223 | |
Translation adjustments | 640 | 1,545 |
Balance, at ending | 19,852 | 12,989 |
Karooooo Logistics [Member] | ||
Schedule of Goodwill is Allocated Cash Generating Units [Line Items] | ||
Balance, at beginning | 58,314 | 58,314 |
Acquisition of subsidiary | ||
Translation adjustments | ||
Balance, at ending | R 58,314 | R 58,314 |
Goodwill (Details) - Schedule_2
Goodwill (Details) - Schedule of Key Estimates Used for the Fair Value | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Schedule of Key Estimates Used for the Fair Value [Line Items] | ||
Revenue growth rate | ||
CGU [Member] | ||
Schedule of Key Estimates Used for the Fair Value [Line Items] | ||
Revenue growth rate, description | ||
Mozambique [Member] | ||
Schedule of Key Estimates Used for the Fair Value [Line Items] | ||
Revenue growth rate | 16% | |
Terminal growth rate | 8% | |
Percentage of Discount rate | 31% | |
Mozambique [Member] | CGU [Member] | ||
Schedule of Key Estimates Used for the Fair Value [Line Items] | ||
Revenue growth rate, description | ||
Terminal growth rate description | ||
Discount rate, description | ||
Portugal [Member] | ||
Schedule of Key Estimates Used for the Fair Value [Line Items] | ||
Revenue growth rate | 15% | |
Terminal growth rate | 2% | |
Percentage of Discount rate | 19% | |
Portugal [Member] | CGU [Member] | ||
Schedule of Key Estimates Used for the Fair Value [Line Items] | ||
Revenue growth rate, description | 16% | |
Terminal growth rate description | 2% | |
Discount rate, description | 16% | |
Spain [Member] | ||
Schedule of Key Estimates Used for the Fair Value [Line Items] | ||
Revenue growth rate | 19% | |
Terminal growth rate | 2% | |
Percentage of Discount rate | 19% | |
Spain [Member] | CGU [Member] | ||
Schedule of Key Estimates Used for the Fair Value [Line Items] | ||
Revenue growth rate, description | 19% | |
Terminal growth rate description | 2% | |
Discount rate, description | 16% | |
Karooooo Logistics [Member] | ||
Schedule of Key Estimates Used for the Fair Value [Line Items] | ||
Revenue growth rate | 51% | |
Terminal growth rate | 5% | |
Percentage of Discount rate | 38% | |
Karooooo Logistics [Member] | CGU [Member] | ||
Schedule of Key Estimates Used for the Fair Value [Line Items] | ||
Revenue growth rate, description | 27% | |
Terminal growth rate description | 5% | |
Discount rate, description | 35% |
Deferred Tax (Details)
Deferred Tax (Details) - ZAR (R) R in Millions | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Deferred Tax [Absrtact] | ||
Unrecognized deferred tax assets | R 113.1 | R 116.2 |
Unrecognized deferred tax liabilities | R 1,131.1 | R 1,194.7 |
Deferred Tax (Details) - Schedu
Deferred Tax (Details) - Schedule of Deferred Tax - ZAR (R) R in Thousands | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Schedule of Deferred Tax [Abstract] | ||
Deferred tax liabilities | R (69,840) | R (51,894) |
Deferred revenue | 63,934 | 59,402 |
Property, plant and equipment and capitalized commission assets | (158,592) | (144,007) |
Lease obligations | (2,411) | 4,812 |
ECL provision on trade receivables | 18,716 | 17,238 |
Other | 8,513 | 10,661 |
Deferred tax assets | 81,903 | 60,919 |
Deferred revenue | 5,791 | 4,856 |
Property, plant and equipment and capitalized commission assets | 41,842 | 25,233 |
Tax losses | 15,186 | 8,795 |
Lease obligations | 3,076 | 2,903 |
ECL provision on trade receivables | 6,504 | 8,890 |
Other | 9,504 | 10,242 |
Total net deferred tax assets | 12,063 | 9,025 |
Reconciliation of deferred tax assets/(liabilities) | ||
At March 1 | 9,025 | 11,320 |
Increase in deferred revenue temporary differences | 5,569 | 5,417 |
Decrease in ECL provision on trade receivables temporary differences | (393) | (430) |
Decrease in property, plant and equipment and capitalized commission assets temporary differences | 4,313 | (469) |
Increase/(decrease) in tax losses temporary differences | 6,370 | (13,076) |
(Decrease)/increase in lease obligation temporary differences | (7,120) | 1,659 |
(Decrease)/increase in other temporary differences | (3,051) | 1,504 |
Translation adjustments | (2,650) | 3,100 |
At February 29/28 | 12,063 | 9,025 |
Reconciliation of deferred tax balances | ||
At March 1 | 9,025 | 11,320 |
Credit/(charge) to income statement | 6,500 | (17,229) |
Others | 132 | 14,570 |
Translation adjustments | (3,594) | 364 |
At February 29/28 | R 12,063 | R 9,025 |
Inventories (Details)
Inventories (Details) - ZAR (R) R in Millions | 12 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 28, 2022 | |
Inventories [Abstract] | |||
Inventories recognised as expenses in cost of sales | R 267.3 | R 218.8 | R 59.2 |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of Inventories - ZAR (R) R in Thousands | Feb. 29, 2024 | Feb. 28, 2023 |
Schedule of Inventories [Abstract] | ||
Vehicles | R 2,083 | R 75,843 |
Other consumables | 4,499 | 3,316 |
Total inventories | R 6,582 | R 79,159 |
Trade and Other Receivables a_3
Trade and Other Receivables and Prepayments (Details) - ZAR (R) R in Millions | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Trade and Other Receivables and Prepayments [Abstract] | ||
Deposits amount (in Rand) | R 485.7 | |
Average term of finance leases | 5 years | |
Recognised loss allowance against age receivables | 100% | 100% |
Trade and Other Receivables a_4
Trade and Other Receivables and Prepayments (Details) - Schedule of Detailed Information About Trade and Other Receivables and Prepayments - ZAR (R) R in Thousands | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Schedule of Detailed Information About Trade and Other Receivables and Prepayments [Abstract] | ||
Trade receivables | R 554,107 | R 485,740 |
Expected credit loss provision | (165,240) | (149,541) |
Total trade receivables | 388,867 | 336,199 |
Other receivables | ||
Deposits | 500,646 | 11,811 |
Sundry debtors | 24,656 | 24,739 |
Finance lease receivables | 17,326 | 21,403 |
Subtotal | 931,495 | 394,152 |
Prepayments | 55,778 | 32,387 |
Other taxes | 16,956 | 7,367 |
Total trade and other receivables and prepayments | 1,004,229 | 433,906 |
Non-current | 18,831 | 24,715 |
Current | 985,398 | 409,191 |
Total non-current | R 1,004,229 | R 433,906 |
Trade and Other Receivables a_5
Trade and Other Receivables and Prepayments (Details) - Schedule of Maturity Analysis of the Undiscounted Lease Payments to be Received - ZAR (R) R in Thousands | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Maturities analysis | ||
– within one year | R 4,438 | R 4,078 |
– within two to four years | 12,888 | 14,525 |
– over four years | 2,800 | |
Present value of lease payments | 17,326 | 21,403 |
Non-current asset | 12,888 | 17,325 |
Current asset | 4,438 | 4,078 |
Total non-current asset | R 17,326 | R 21,403 |
Trade and Other Receivables a_6
Trade and Other Receivables and Prepayments (Details) - Schedule of Reconciliation of the Expected Credit Loss Provision Recognized with Regard to Trade and Other Receivables - ZAR (R) R in Thousands | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Schedule of Reconciliation of the Expected Credit Loss Provision Recognized With Regard to Trade and Other Receivables [Abstract] | ||
Beginning balance | R (149,541) | R (161,683) |
Allowance for expected credit losses, net | (109,422) | (87,541) |
Amounts utilized | 90,538 | 105,921 |
Translation adjustments | 3,185 | (6,238) |
Ending balance | R (165,240) | R (149,541) |
Loans to_(From) Related Parti_3
Loans to/(From) Related Parties (Details) - Schedule of Loans to Related Parties - ZAR (R) R in Thousands | Feb. 29, 2024 | Feb. 28, 2023 |
Non-current assets | ||
Loans to related party | R 28,200 | R 25,800 |
Current liabilities | ||
Loans from related parties | R (924) | R (607) |
Cash and Cash Equivalents and_3
Cash and Cash Equivalents and Bank Overdraft (Details) - Schedule of Cash and Cash Equivalents and Bank Overdraft - ZAR (R) R in Thousands | Feb. 29, 2024 | Feb. 28, 2023 |
Schedule of Cash and Cash Equivalents and Bank Overdraft [Abstract] | ||
Cash on hand | R 1,965 | R 398 |
Bank balances | 457,366 | 318,630 |
Short-term deposits | 196 | 646,762 |
Cash and cash equivalents in the consolidated statement of financial position | 459,527 | 965,790 |
Bank overdrafts | (23,362) | (40) |
Cash and cash equivalents in the consolidated statement of cash flows | 436,165 | 965,750 |
Current assets | 459,527 | 965,790 |
Current liabilities | (23,362) | (40) |
Total cash and cash equivalents | R 436,165 | R 965,750 |
Other Financial Assets (Details
Other Financial Assets (Details) | 12 Months Ended |
Feb. 29, 2024 | |
Karooooo Logistics [Member] | |
Other Financial Assets [Line Items] | |
Additional acquisition percentage | 13% |
Other Financial Assets (Detai_2
Other Financial Assets (Details) - Schedule of Other Financial Assets - ZAR (R) R in Thousands | Feb. 29, 2024 | Feb. 28, 2023 | |
Non-current assets | |||
Derivative – call option | [1] | R 388 | |
[1]This relates to a call option agreement with the non-controlling shareholders of Karooooo Logistics to acquire additional 13% interest in Karooooo Logistics. As at February 29, 2024, the non-controlling shareholders have removed all rights to exercise the call option. The call option was derecognized in profit or loss. |
Share Capital and Treasury Sh_3
Share Capital and Treasury Shares (Details) - ZAR (R) R in Millions | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2021 | Apr. 21, 2021 | Feb. 29, 2024 | Feb. 28, 2022 | Apr. 01, 2021 | |
Share Capital and Treasury Shares [Line Items] | |||||
Number of ordinary shares issue increase | 20,332,894 | ||||
Issued additional shares | 1,207,500 | ||||
Other ordinary shares issued | 9,410,712 | ||||
Treasury stock, share acquired | 51,106 | ||||
Trust held shares | 14,637 | 1,207,500 | |||
Acquire amount (in Rand) | R 23.8 | ||||
Bottom of range [member] | |||||
Share Capital and Treasury Shares [Line Items] | |||||
Number of ordinary shares issue increase | 20,332,894 | ||||
Top of range [member] | |||||
Share Capital and Treasury Shares [Line Items] | |||||
Number of ordinary shares issue increase | 30,951,106 |
Share Capital and Treasury Sh_4
Share Capital and Treasury Shares (Details) - Schedule of Share Capital - ZAR (R) R in Thousands | Feb. 29, 2024 | Feb. 28, 2023 |
Schedule of Share Capital [Abstract] | ||
Issued and fully paid 30,951,106 (2023: 30,951,106) ordinary shares of no par value | R 7,142,853 | R 7,142,853 |
Share Capital and Treasury Sh_5
Share Capital and Treasury Shares (Details) - Schedule of Share Capital (Parentheticals) - shares | Feb. 29, 2024 | Feb. 28, 2023 |
Schedule of Share Capital [Abstract] | ||
Issued and fully paid ordinary shares of no par value | 30,951,106 | 30,951,106 |
Share Capital and Treasury Sh_6
Share Capital and Treasury Shares (Details) - Schedule of Treasury Shares R in Thousands | 12 Months Ended |
Feb. 29, 2024 ZAR (R) | |
Schedule Of Treasury Shares Abstract | |
At March 1 | |
Treasury shares purchased | 23,816 |
At February | R 23,816 |
Term Loans (Details) - Schedule
Term Loans (Details) - Schedule of Term Loans - ZAR (R) R in Thousands | 12 Months Ended | |
Feb. 28, 2023 | Feb. 29, 2024 | |
Current liabilities | ||
Total term loans | R 59,947 | R 48,179 |
Non-current liabilities [Member] | ||
Non-current liabilities | ||
Total term loans | 38,304 | 41,645 |
Current liabilities [Member] | ||
Current liabilities | ||
Total term loans | R 21,643 | 6,534 |
Interest Bearing Loans [Member] | ZAR [Member] | ||
Non-current liabilities | ||
Interest rate | 7.25% | |
Maturity | September 2023 | |
Total term loans | R 504 | |
Current liabilities | ||
Interest rate | 7.25% | |
Maturity | September 2023 | |
Interest Bearing Loans [Member] | Current liabilities [Member] | EUR [Member] | ||
Non-current liabilities | ||
Interest rate | EURIBOR + 3% | |
Maturity | December 2023 | |
Current liabilities | ||
Interest rate | EURIBOR + 3% | |
Maturity | December 2023 | |
Total term loans | R 5,497 | |
Interest Bearing Loans One [Member] | EUR [Member] | ||
Non-current liabilities | ||
Interest rate | EURIBOR + 3% | |
Maturity | December 2023 | |
Total term loans | R 243 | |
Current liabilities | ||
Interest rate | EURIBOR + 3% | |
Maturity | December 2023 | |
Mortgaged Bonds [Member] | ZAR [Member] | ||
Non-current liabilities | ||
Interest rate | Prime rate -1.15% | |
Maturity | December 2025 | |
Total term loans | R 37,557 | 41,645 |
Current liabilities | ||
Interest rate | Prime rate -1.15% | |
Maturity | December 2025 | |
Mortgaged Bonds One [Member] | Current liabilities [Member] | ZAR [Member] | ||
Non-current liabilities | ||
Interest rate | Prime rate -1.15% | |
Maturity | December 2025 | |
Current liabilities | ||
Interest rate | Prime rate -1.15% | |
Maturity | December 2025 | |
Total term loans | R 16,146 | R 6,534 |
Term Loans (Details) - Schedu_2
Term Loans (Details) - Schedule of Reconciliation of Movement of Liabilities to Cash Flows Arising from Financing Activities - ZAR (R) R in Thousands | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Schedule of Reconciliation of Movement of Liabilities to Cash Flows Arising from Financing Activities [Line Items] | ||
Beginning balance | R 181,281 | R 203,562 |
Ending balance | 243,443 | 181,281 |
Changes from financing cash flows | (69,620) | (88,774) |
Proceeds from borrowings | 342 | 817 |
Repayment of related parties loans | (52) | (1,940) |
Repayment of term loans | (12,018) | (31,034) |
Payment of lease liabilities | (57,892) | (56,617) |
The effect of changes in foreign exchange rates | 5,288 | 6,921 |
Other changes | 126,494 | 59,572 |
Interest paid | (11,565) | (8,996) |
New leases | 156,085 | 59,572 |
Disposal | (29,591) | |
Interest expense | 11,565 | 8,996 |
Loans from related parties [Member] | ||
Schedule of Reconciliation of Movement of Liabilities to Cash Flows Arising from Financing Activities [Line Items] | ||
Beginning balance | 607 | 2,134 |
Ending balance | 924 | 607 |
Changes from financing cash flows | 290 | (1,625) |
Proceeds from borrowings | 342 | 315 |
Repayment of related parties loans | (52) | (1,940) |
Repayment of term loans | ||
Payment of lease liabilities | ||
The effect of changes in foreign exchange rates | 27 | 98 |
Other changes | ||
Interest paid | ||
New leases | ||
Disposal | ||
Interest expense | ||
Other loans and borrowings [Member] | ||
Schedule of Reconciliation of Movement of Liabilities to Cash Flows Arising from Financing Activities [Line Items] | ||
Beginning balance | 59,947 | 89,350 |
Ending balance | 48,179 | 59,947 |
Changes from financing cash flows | (12,018) | (30,532) |
Proceeds from borrowings | 502 | |
Repayment of related parties loans | ||
Repayment of term loans | (12,018) | (31,034) |
Payment of lease liabilities | ||
The effect of changes in foreign exchange rates | 250 | 1,129 |
Other changes | ||
Interest paid | (194) | (797) |
New leases | ||
Disposal | ||
Interest expense | 194 | 797 |
Lease liabilities [member] | ||
Schedule of Reconciliation of Movement of Liabilities to Cash Flows Arising from Financing Activities [Line Items] | ||
Beginning balance | 120,727 | 112,078 |
Ending balance | 194,340 | 120,727 |
Changes from financing cash flows | (57,892) | (56,617) |
Proceeds from borrowings | ||
Repayment of related parties loans | ||
Repayment of term loans | ||
Payment of lease liabilities | (57,892) | (56,617) |
The effect of changes in foreign exchange rates | 5,011 | 5,694 |
Other changes | 126,494 | 59,572 |
Interest paid | (11,371) | (8,199) |
New leases | 156,085 | 59,572 |
Disposal | (29,591) | |
Interest expense | R 11,371 | R 8,199 |
Lease Liabilities (Details)
Lease Liabilities (Details) - ZAR (R) R in Millions | 12 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 28, 2022 | |
Lease Liabilities [Line Items] | |||
Total cash outflows for leases | R 69.3 | R 64.8 | R 53.3 |
Lease payments | R 7.3 | R 6.2 | R 8.2 |
Minimum [Member] | |||
Lease Liabilities [Line Items] | |||
Average term | 3 years | ||
Maximum [Member] | |||
Lease Liabilities [Line Items] | |||
Average term | 4 years |
Lease Liabilities (Details) - S
Lease Liabilities (Details) - Schedule of Lease Liabilities - ZAR (R) R in Thousands | Feb. 29, 2024 | Feb. 28, 2023 |
Maturities analysis | ||
Present value of lease payments | R 194,340 | R 120,727 |
Non-current liabilities | 131,285 | 67,882 |
Current liabilities | 63,055 | 52,845 |
Total liabilities | 194,340 | 120,727 |
Within one year [Member] | ||
Maturities analysis | ||
Present value of lease payments | 63,055 | 52,843 |
Total liabilities | 63,055 | 52,843 |
Within Two to Four Years [Member] | ||
Maturities analysis | ||
Present value of lease payments | 123,387 | 57,930 |
Total liabilities | 123,387 | 57,930 |
Over Four Years [Member] | ||
Maturities analysis | ||
Present value of lease payments | 7,898 | 9,954 |
Total liabilities | R 7,898 | R 9,954 |
Deferred Revenue (Details) - Sc
Deferred Revenue (Details) - Schedule of Deferred Revenue - ZAR (R) R in Thousands | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Schedule of Deferred Revenue [Line Items] | ||
Beginning balance | R 395,867 | R 326,404 |
Amounts deferred in current financial year | 474,706 | 353,719 |
Amounts released to revenue in the current financial year | (382,081) | (304,541) |
Translation adjustments | (41,342) | 20,285 |
Ending balance | 447,150 | 395,867 |
Non-current liabilities | 121,302 | 112,185 |
Current liabilities | 325,848 | 283,682 |
Total | R 447,150 | R 395,867 |
Deferred Revenue (Details) - _2
Deferred Revenue (Details) - Schedule of Estimated Revenue Expected to be Recognized in Future Related to Performance Obligations - ZAR (R) R in Thousands | Feb. 29, 2024 | Feb. 28, 2023 |
Maturities analysis | ||
– within one year | R 325,848 | R 283,682 |
– within two to four years | 115,801 | 107,558 |
– over four years | 5,501 | 4,627 |
Present value of amounts received in advance | R 447,150 | R 395,867 |
Trade and Other Payables (Detai
Trade and Other Payables (Details) | 12 Months Ended |
Feb. 29, 2024 | |
Bottom of range [Member] | |
Trade and Other Payables [Line Items] | |
Trade payables non-interest bearing | 30 days |
Top of range [Member] | |
Trade and Other Payables [Line Items] | |
Trade payables non-interest bearing | 60 days |
Trade and Other Payables (Det_2
Trade and Other Payables (Details) - Schedule of Trade and Other Payables - ZAR (R) R in Thousands | Feb. 29, 2024 | Feb. 28, 2023 |
Trade payables | ||
Amounts due to related parties | R 12,230 | R 13,081 |
Trade payables | 207,308 | 137,400 |
Accrued expenses | 149,251 | 121,784 |
Total trade payables | 368,789 | 272,265 |
Other payables | ||
Sundry creditors | 19,639 | 22,918 |
Other taxes | 48,131 | 44,566 |
Dividend payable to NCI | 9,725 | 34,298 |
Total other payables | R 446,284 | R 374,047 |
Revenue (Details)
Revenue (Details) - ZAR (R) R in Millions | 12 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 28, 2022 | |
Revenue [Abstract] | |||
Revenue | R 132.4 | R 105.6 | R 96.1 |
Revenue (Details) - Schedule of
Revenue (Details) - Schedule of Disaggregation of Revenue from Contracts with Customers - ZAR (R) R in Thousands | 12 Months Ended | |||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 28, 2022 | ||
Revenue from contracts with customers | ||||
Subscription revenue - Cartrack | R 3,522,816 | R 3,003,931 | R 2,565,745 | |
Subscription revenue - Karooooo Logistics | 12,989 | 6,141 | 2,420 | |
Other revenue - Cartrack | 90,879 | 72,709 | 71,055 | |
Hardware sales | 43,250 | 29,685 | 37,435 | |
Installation revenue | 29,186 | 29,278 | 21,321 | |
Miscellaneous contract fees | 18,443 | 13,746 | 12,299 | |
Vehicle sales | 274,787 | 250,845 | 67,310 | |
Delivery service fees | 304,040 | 173,441 | 39,621 | |
Total revenue | 4,205,511 | 3,507,067 | 2,746,151 | |
Products and services transferred at a point in time [Member] | ||||
Timing of revenue recognition | ||||
Timing of revenue recognition | 669,706 | 323,554 | 177,986 | |
Services transferred over time [Member] | ||||
Timing of revenue recognition | ||||
Timing of revenue recognition | 3,535,805 | 3,183,513 | 2,568,165 | |
Total Revenue [Member] | ||||
Timing of revenue recognition | ||||
Timing of revenue recognition | 4,205,511 | 3,507,067 | 2,746,151 | |
South Africa [Member] | ||||
Primary geographical markets | ||||
Primary geographical markets | 3,171,851 | 2,730,401 | 2,123,153 | |
Africa-Other [Member] | ||||
Primary geographical markets | ||||
Primary geographical markets | 144,020 | 131,077 | 101,019 | |
Europe [Member] | ||||
Primary geographical markets | ||||
Primary geographical markets | 347,628 | 257,078 | 229,671 | |
Asia-Pacific, Middle East and USA [Member] | ||||
Primary geographical markets | ||||
Primary geographical markets | [1] | 542,012 | 388,511 | 292,308 |
Primary geographical markets [Member] | ||||
Primary geographical markets | ||||
Primary geographical markets | R 4,205,511 | R 3,507,067 | R 2,746,151 | |
[1] Included in Asia-Pacific is revenue from Singapore amounted to ZAR 132.4 million (2023: ZAR 105.6 million, 2022: ZAR 96.1 million). |
Operating Profit (Details)
Operating Profit (Details) - ZAR (R) R in Millions | Feb. 29, 2024 | Feb. 28, 2023 | Feb. 28, 2022 |
Operating Profit [Abstract] | |||
Employee benefits expense after offsetting government grant | R 6.7 |
Operating Profit (Details) - Sc
Operating Profit (Details) - Schedule of Operating Profit - ZAR (R) R in Thousands | 12 Months Ended | |||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 28, 2022 | ||
Operating profit is stated after accounting for the following charges: | ||||
Depreciation of property, plant and equipment | R 588,660 | R 493,788 | R 458,281 | |
Amortization of capitalized commission assets | 83,155 | 64,707 | 64,566 | |
Amortization of intangible assets | 59,482 | 51,143 | 39,078 | |
Employee benefits expense | [1] | 1,076,244 | 865,831 | 720,606 |
Defined contribution plan | R 45,468 | R 44,681 | R 26,534 | |
[1]After offsetting government grant received ZAR nil (2023: ZAR nil million, 2022: ZAR 6.7 million). |
Finance Income (Details) - Sche
Finance Income (Details) - Schedule of Finance Income - ZAR (R) R in Thousands | 12 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 28, 2022 | |
Schedule of Finance Income [Abstract] | |||
Interest income from bank balances | R 39,418 | R 23,255 | R 6,083 |
Finance Costs (Details) - Sched
Finance Costs (Details) - Schedule of Finance Costs - ZAR (R) R in Thousands | 12 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 28, 2022 | |
Schedule of Finance Costs [Abstract] | |||
Lease liabilities | R 11,371 | R 8,199 | R 6,249 |
Term loans | 194 | 797 | 4,317 |
Overdraft | 2,296 | 291 | 794 |
Others | 1,961 | 808 | 971 |
Total | R 15,822 | R 10,095 | R 12,331 |
Taxation (Details) - Schedule o
Taxation (Details) - Schedule of Taxation - ZAR (R) R in Thousands | 12 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 28, 2022 | |
Current tax | |||
Current year | R 297,546 | R 250,606 | R 208,141 |
Prior year | (120) | (4,671) | 8,573 |
Total current taxation | 297,426 | 245,935 | 216,714 |
Deferred tax | |||
Current year | (12,964) | 15,972 | (16,370) |
Prior year | 6,464 | 1,257 | (3,394) |
Total deferred taxation | (6,500) | 17,229 | (19,764) |
Withholding tax | 20,628 | 22,134 | 8,526 |
Total tax expense | 311,554 | 285,298 | 205,476 |
Reconciliation between accounting profit and tax expense: | |||
Profit before taxation | 1,065,710 | 894,104 | 682,083 |
Tax at the applicable tax rate of 17% 1 (2023: 17%1, 2022: 17%1) | 181,171 | 151,998 | 115,954 |
Effect of different tax rates in foreign jurisdictions | 90,081 | 91,841 | 66,257 |
Taxation effect of adjustments on taxable income: | |||
Utilization of previously unrecognized tax losses | (10,811) | (2,239) | (982) |
Tax incentive | (6,549) | (5,975) | (2,709) |
Income not subject to tax | (1,414) | (4,184) | (270) |
Non-deductible expenses | 15,898 | 20,789 | 12,556 |
Recognition of previously unrecognized tax losses | (1,794) | (2,060) | |
Current year losses for which no deferred tax asset is recognized | 19,223 | 14,085 | 1,040 |
Withholding tax | 20,628 | 22,134 | 8,526 |
Prior year tax under/(over) provision | 6,344 | (3,414) | 5,179 |
Tax effect of deferred tax on decrease in tax rate | (594) | ||
Others | (3,017) | 2,651 | 1,985 |
Total tax expense | R 311,554 | R 285,298 | R 205,476 |
Taxation (Details) - Schedule_2
Taxation (Details) - Schedule of Taxation (Parentheticals) | 12 Months Ended | |||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 28, 2022 | ||
Schedule of Taxation [Abstract] | ||||
Applicable tax rate | [1] | 17% | 17% | 17% |
[1] This is the corporate tax rate in Singapore. |
Taxation Paid (Details) - Sched
Taxation Paid (Details) - Schedule of Taxation Paid - ZAR (R) R in Thousands | 12 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 28, 2022 | |
Schedule of Taxation Paid [Abstract] | |||
Balance payable at beginning of the year | R (47,369) | R (32,100) | R (10,203) |
Acquisition of subsidiary | 477 | ||
Current tax for the year recognized in profit or loss | (318,054) | (268,069) | (225,240) |
Translation adjustments | (1,195) | (3,821) | 341 |
Balance payable at end of the year | 64,661 | 47,369 | 32,100 |
Taxation paid | R (301,957) | R (256,621) | R (202,525) |
Dividend (Details) - Schedule o
Dividend (Details) - Schedule of Dividend Paid - Interim Dividend [Member] - ZAR (R) R / shares in Units, R in Thousands | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Schedule of Dividend Paid [Line Items] | ||
Per share price | R 16.14 | R 10.7 |
Total dividend paid | R 499,518 | R 331,252 |
Interest in Subsidiaries (Detai
Interest in Subsidiaries (Details) | 12 Months Ended | |||
Mar. 01, 2023 ZAR (R) | Jun. 15, 2022 USD ($) | Feb. 29, 2024 | Jun. 15, 2022 ZAR (R) | |
Karooooo Limited [Member] | ||||
Interest in Subsidiaries [Line Items] | ||||
Share capital percentage | 90% | |||
Karooooo Management Company Pte. Ltd. [Member] | ||||
Interest in Subsidiaries [Line Items] | ||||
Share capital percentage | 10% | |||
Cartrack Swaziland (Pty) Ltd [Member] | ||||
Interest in Subsidiaries [Line Items] | ||||
Share capital percentage | 74% | |||
Consideration interest amount | R 9,120,000 | |||
Voting interest | 76% | |||
Goodwill recognizing (in Rand) | R 6,200,000 | |||
Cartrack Holdings Proprietary Limited [Member] | ||||
Interest in Subsidiaries [Line Items] | ||||
Share capital percentage | 2% | |||
Karooooo Kenya Limited [Member] | ||||
Interest in Subsidiaries [Line Items] | ||||
Interest rate | 30% | |||
Consideration interest amount | $ | $ 380,000 | |||
Carrying amount of net assets (in Rand) | R 730,112 |
Interest in Subsidiaries (Det_2
Interest in Subsidiaries (Details) - Schedule of Following Table Lists the Entities which are Controlled by the Group | 12 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | ||
Cartrack Holdings Proprietary Limited [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | [1] | Karooooo Ltd | |
Country of incorporation | [1] | South Africa | |
% holding | [1] | 100% | 100% |
Carzuka.com Pte Ltd [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | [2] | Karooooo Ltd | |
Country of incorporation | [2] | Singapore | |
% holding | [2] | 100% | 100% |
Karooooo Management Company Pte. Ltd. [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | Karooooo Ltd | ||
Country of incorporation | Singapore | ||
% holding | 100% | 100% | |
Karooooo Software Pte. Ltd. [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | Karooooo Ltd | ||
Country of incorporation | Singapore | ||
% holding | 100% | 100% | |
Karooooo Proprietary Ltd [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | Karooooo Ltd | ||
Country of incorporation | South Africa | ||
% holding | 100% | 100% | |
Karooooo Cartrack Limited 11 [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | [3] | Karooooo Ltd | |
Country of incorporation | [3] | Uganda | |
% holding | [3] | 100% | 100% |
Cartrack (Cambodia) Co. Ltd [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | Karooooo Management Company Pte. Ltd. | ||
Country of incorporation | Cambodia | ||
% holding | 100% | 100% | |
Cartrack Swaziland (Pty) Ltd [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | [4] | Karooooo Management Company Pte. Ltd. | |
Country of incorporation | [4] | Kingdom of Eswatini | |
% holding | [4] | 76% | |
Carzuka Pte Ltd [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | [2] | Carzuka.com Pte. Ltd. | |
Country of incorporation | [2] | Singapore | |
% holding | [2] | 100% | 100% |
Karooooo Technologies Proprietary Limited [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | [5] | Karooooo Proprietary Ltd | |
Country of incorporation | [5] | South Africa | |
% holding | [5] | 100% | 100% |
Cartrack Management Services Proprietary Limited [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | Cartrack Holdings Proprietary Limited | ||
Country of incorporation | South Africa | ||
% holding | 100% | 100% | |
Cartrack Proprietary Limited [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | Cartrack Holdings Proprietary Limited | ||
Country of incorporation | South Africa | ||
% holding | 100% | 100% | |
Cartrack Manufacturing Proprietary Limited [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | Cartrack Holdings Proprietary Limited | ||
Country of incorporation | South Africa | ||
% holding | 100% | 100% | |
Cartrack Insurance Agency Proprietary Limited [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | [6] | Cartrack Holdings Proprietary Limited | |
Country of incorporation | [6] | South Africa | |
% holding | [6] | 100% | 100% |
Cartrack Namibia Proprietary Limited [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | Cartrack Holdings Proprietary Limited | ||
Country of incorporation | Namibia | ||
% holding | 100% | 100% | |
Cartrack Technologies Pte. Limited [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | Cartrack Holdings Proprietary Limited | ||
Country of incorporation | Singapore | ||
% holding | 100% | 100% | |
Carzuka Proprietary Limited [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | Cartrack Holdings Proprietary Limited | ||
Country of incorporation | South Africa | ||
% holding | 100% | 100% | |
Purple rain Properties No.444 Proprietary Limited [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | Cartrack Holdings Proprietary Limited | ||
Country of incorporation | South Africa | ||
% holding | 100% | 100% | |
Karooooo Logistics (Pty) Ltd [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | [7] | Cartrack Holdings Proprietary Limited | |
Country of incorporation | [7] | South Africa | |
% holding | [7] | 70.10% | 70.10% |
Cartrack Telematics Proprietary Limited [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | [8] | Cartrack Proprietary Limited | |
Country of incorporation | [8] | South Africa | |
% holding | [8] | 49% | 49% |
CTK Shell 1 (Pty) Ltd [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | [2],[9] | Cartrack Proprietary Limited | |
Country of incorporation | [2],[9] | South Africa | |
% holding | [2],[9] | 100% | 100% |
Karu Holdings Proprietary Limited [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | Cartrack Proprietary Limited | ||
Country of incorporation | South Africa | ||
% holding | 100% | 100% | |
Combined Telematics Services Proprietary Limited [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | [2],[8] | Cartrack Proprietary Limited | |
Country of incorporation | [2],[8] | South Africa | |
% holding | [2],[8] | 49% | 49% |
CTK Shell 2 (Pty) Ltd [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | [2],[10] | Cartrack Proprietary Limited | |
Country of incorporation | [2],[10] | South Africa | |
% holding | [2],[10] | 100% | 100% |
Cartrack Tanzania Limited [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | Cartrack Technologies Pte. Limited | ||
Country of incorporation | Tanzania | ||
% holding | 100% | 100% | |
Karooooo Kenya Limited [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | [11] | Cartrack Technologies Pte. Limited | |
Country of incorporation | [11] | Kenya | |
% holding | [11] | 70% | 70% |
Cartrack Engineering Technologies Limited [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | Cartrack Technologies Pte. Limited | ||
Country of incorporation | Nigeria | ||
% holding | 100% | 100% | |
PT. Cartrack Technologies Indonesia [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | Cartrack Technologies Pte. Limited | ||
Country of incorporation | Indonesia | ||
% holding | 100% | 100% | |
Cartrack Investments UK Limited [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | [2] | Cartrack Technologies Pte. Limited | |
Country of incorporation | [2] | United Kingdom | |
% holding | [2] | 100% | 100% |
Cartrack Technologies (China) Limited [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | Cartrack Technologies Pte. Limited | ||
Country of incorporation | Hong Kong | ||
% holding | 100% | 100% | |
Cartrack Malaysia SDN.BHD [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | Cartrack Technologies Pte. Limited | ||
Country of incorporation | Malaysia | ||
% holding | 100% | 100% | |
Cartrack Technologies LLC [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | Cartrack Technologies Pte. Limited | ||
Country of incorporation | U.A.E | ||
% holding | 100% | 100% | |
Cartrack Technologies PHL.INC [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | Cartrack Technologies Pte. Limited | ||
Country of incorporation | Philippines | ||
% holding | 100% | 100% | |
Cartrack Technologies South East Asia Pte. Limited [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | Cartrack Technologies Pte. Limited | ||
Country of incorporation | Singapore | ||
% holding | 100% | 100% | |
Cartrack Ireland Limited [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | Cartrack Technologies Pte. Limited | ||
Country of incorporation | Republic of Ireland | ||
% holding | 100% | 100% | |
Cartrack Technologies (Thailand) Company Limited [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | Cartrack Technologies Pte. Limited | ||
Country of incorporation | Thailand | ||
% holding | 100% | 100% | |
Cartrack New Zealand Limited [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | Cartrack Technologies Pte. Limited | ||
Country of incorporation | New Zealand | ||
% holding | 51% | 51% | |
Cartrack (Australia) Proprietary Limited [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | Cartrack Technologies Pte. Limited | ||
Country of incorporation | Australia | ||
% holding | 100% | 100% | |
Cartrack Technologies Zambia Limited [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | [2] | Cartrack Technologies Pte. Limited | |
Country of incorporation | [2] | Zambia | |
% holding | [2] | 100% | 100% |
Cartrack (Mauritius) Ltd [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | [2] | Cartrack Technologies Pte. Limited | |
Country of incorporation | [2] | Mauritius | |
% holding | [2] | 100% | 100% |
Cartrack Vietnam Limited Liability Company [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | [2] | Cartrack Technologies Pte. Limited | |
Country of incorporation | [2] | Vietnam | |
% holding | [2] | 100% | 100% |
Cartrack INC. [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | Cartrack Ireland Limited | ||
Country of incorporation | U.S.A | ||
% holding | 100% | 100% | |
Cartrack Polska.Sp.zo.o [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | Cartrack Ireland Limited | ||
Country of incorporation | Poland | ||
% holding | 90.90% | 90.90% | |
Cartrack Portugal S.A.[Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | Cartrack Ireland Limited | ||
Country of incorporation | Portugal | ||
% holding | 100% | 100% | |
Cartrack Espana. S.L.U.[Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | Cartrack Ireland Limited | ||
Country of incorporation | Spain | ||
% holding | 100% | 100% | |
Karu.Com. Unipessoal. Lda [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | Cartrack Portugal S.A. | ||
Country of incorporation | Portugal | ||
% holding | 100% | 100% | |
Cartrack Limitada [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | [8] | Cartrack Technologies LLC | |
Country of incorporation | [8] | Mozambique | |
% holding | [8] | 50% | 50% |
Auto Club LDA [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | Cartrack Technologies LLC | ||
Country of incorporation | Mozambique | ||
% holding | 90% | 80% | |
Cartrack for Information Technology Company [Member] | |||
Schedule of Following Table Lists the Entities which are Controlled by the Group [Line Items] | |||
Held by | [2] | Cartrack Technologies LLC | |
Country of incorporation | [2] | Kingdom of Saudi Arabia | |
% holding | [2] | 51% | 51% |
[1] Previously known as Cartrack Holdings Limited Dormant 90% of the share capital of Karooooo Cartrack Limited is held by Karooooo Limited and the remainder 10% of the share capital is held by Karooooo Management Company Pte Limited. 74% of the share capital of Cartrack Swaziland (Pty) Ltd is held by Karooooo Management Company Pte. Ltd. and 2% is held by Cartrack Holdings Proprietary Limited. Previously known as Cartrack Technologies Proprietary Limited Previously known as Drive and Save Proprietary Limited Previously known as Picup Technologies Proprietary Limited Previously known as Veraspan Proprietary Limited Previously known as Zonke Bonke Telecoms Proprietary Limited Previously known as Retriever Limited |
Acquisition of Subsidiary (Deta
Acquisition of Subsidiary (Details) - Cartrack Swaziland (Pty) Ltd [Member] R in Thousands | Mar. 08, 2023 ZAR (R) |
Acquisition of Subsidiary [Line Items] | |
Acquisition of shares and voting interests | 76% |
Consideration amount | R 9,120 |
Recognizing goodwill | R 6,200 |
Acquisition of Subsidiary (De_2
Acquisition of Subsidiary (Details) - Schedule of Fair Values of Identifiable Net Assets and the Cash Outflows on the Acquisition - Cartrack Swaziland (Pty) Ltd [Member] R in Thousands | 12 Months Ended |
Feb. 29, 2024 ZAR (R) | |
Schedule of Fair Values of Identifiable Net Assets and the Cash Outflows on the Acquisition [Line Items] | |
Other non-current assets | R 2,868 |
Cash and cash equivalents | 3,778 |
Other current assets (excluding cash and cash equivalents) | 203 |
Non-current liabilities | (354) |
Current liabilities | (2,683) |
Net identifiable assets acquired | 3,812 |
Add: Goodwill | 6,223 |
Less: NCI based on proportionate interest | (915) |
Cash consideration transferred for the business | 9,120 |
Less: cash and cash equivalents acquired | (3,778) |
Less: cash consideration payable | (240) |
Net outflow of cash | R 5,102 |
Material Non-Controlling Inte_2
Material Non-Controlling Interest (Details) - ZAR (R) R in Millions | 1 Months Ended | 12 Months Ended | |
Apr. 21, 2021 | Feb. 29, 2024 | Feb. 28, 2023 | |
Material Non-Controlling Interest [Line Items] | |||
Acquired equity interest | 31.90% | 31.90% | 31.90% |
Net assets (in Rand) | R 435.1 | ||
Bottom of Range [Member] | |||
Material Non-Controlling Interest [Line Items] | |||
Ownership percentage | 68.10% | ||
Top of Range [Member] | |||
Material Non-Controlling Interest [Line Items] | |||
Ownership percentage | 100% |
Related Parties (Details) - Sch
Related Parties (Details) - Schedule of Transaction with Related Parties - ZAR (R) R in Thousands | 12 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 28, 2022 | |
Related Parties [Abstract] | |||
Sales to related parties | R (30,730) | R (20,139) | R (28,915) |
Purchases from related parties | 137,107 | 92,520 | 98,032 |
Rent paid to related parties | R 8,468 | R 6,121 | R 13,697 |
Risk Management (Details)
Risk Management (Details) - ZAR (R) R in Millions | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Risk Management [Line Items] | ||
Cash and cash equivalents (in Rand) | R 459.5 | R 965.8 |
Short term deposits (in Rand) | R 485.7 | |
Exchange rate, percentage | 10% | |
Factor interest rate | 1% | |
Euro Interbank [Member] | ||
Risk Management [Line Items] | ||
S.A attracts interest rate | 3% | |
Johannesburg Interbank [Member] | ||
Risk Management [Line Items] | ||
S.A attracts interest rate | 2.05% | |
First National Bank [Member] | ||
Risk Management [Line Items] | ||
S.A attracts interest rate | 1.15% |
Risk Management (Details) - Sch
Risk Management (Details) - Schedule of Expected Credit Losses on Financial Assets Recognized in Profit or Loss - ZAR (R) R in Thousands | 12 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 28, 2022 | |
Schedule of Expected Credit Losses on Financial Assets Recognized in Profit or Loss [Abstract] | |||
Expected credit loss provision on trade receivables arising from contracts with customers | R 109,422 | R 87,541 | R 88,482 |
Risk Management (Details) - S_2
Risk Management (Details) - Schedule of Provides Information About the Expected Credit Loss Rate for Trade Receivables by Ageing Category - ZAR (R) R in Thousands | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Schedule of Provides Information About the Expected Credit Loss Rate for Trade Receivables by Ageing Category [Line Items] | ||
Expected credit loss rate | 30% | 31% |
Gross carrying amount | R 554,107 | R 485,740 |
Impairment loss allowance | R 165,240 | R 149,541 |
Since invoicing [Member] | ||
Schedule of Provides Information About the Expected Credit Loss Rate for Trade Receivables by Ageing Category [Line Items] | ||
Expected credit loss rate | 6% | 7% |
Gross carrying amount | R 201,762 | R 195,058 |
Impairment loss allowance | R 12,844 | R 13,177 |
1 month since invoicing date [Member] | ||
Schedule of Provides Information About the Expected Credit Loss Rate for Trade Receivables by Ageing Category [Line Items] | ||
Expected credit loss rate | 14% | 18% |
Gross carrying amount | R 64,098 | R 51,655 |
Impairment loss allowance | R 8,988 | R 9,434 |
2 months since invoicing date [Member] | ||
Schedule of Provides Information About the Expected Credit Loss Rate for Trade Receivables by Ageing Category [Line Items] | ||
Expected credit loss rate | 22% | 25% |
Gross carrying amount | R 39,487 | R 29,777 |
Impairment loss allowance | R 8,627 | R 7,328 |
3 months since invoicing date [Member] | ||
Schedule of Provides Information About the Expected Credit Loss Rate for Trade Receivables by Ageing Category [Line Items] | ||
Expected credit loss rate | 54% | 57% |
Gross carrying amount | R 248,760 | R 209,250 |
Impairment loss allowance | R 134,781 | R 119,602 |
Risk Management (Details) - S_3
Risk Management (Details) - Schedule of Contractual Undiscounted Cash Flows and Includes Contractual Interest Payments - ZAR (R) R in Thousands | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Schedule of Contractual Undiscounted Cash Flows and Includes Contractual Interest Payments [Line Items] | ||
Term loans | R 56,402 | R 73,692 |
Lease obligations | 219,780 | 130,500 |
Trade and other payables | 398,153 | 329,481 |
Loans from related parties | 924 | 607 |
Bank overdraft | 23,362 | 40 |
Less than 1 year [Member] | ||
Schedule of Contractual Undiscounted Cash Flows and Includes Contractual Interest Payments [Line Items] | ||
Term loans | 11,313 | 21,993 |
Lease obligations | 74,161 | 56,511 |
Trade and other payables | 398,153 | 329,481 |
Loans from related parties | 924 | 607 |
Bank overdraft | 23,362 | 40 |
2 years [Member] | ||
Schedule of Contractual Undiscounted Cash Flows and Includes Contractual Interest Payments [Line Items] | ||
Term loans | 45,089 | 18,352 |
Lease obligations | 63,876 | 37,454 |
Trade and other payables | ||
Loans from related parties | ||
Bank overdraft | ||
3 years [Member] | ||
Schedule of Contractual Undiscounted Cash Flows and Includes Contractual Interest Payments [Line Items] | ||
Term loans | 17,596 | |
Lease obligations | 34,842 | 15,084 |
Trade and other payables | ||
Loans from related parties | ||
Bank overdraft | ||
4 years [Member] | ||
Schedule of Contractual Undiscounted Cash Flows and Includes Contractual Interest Payments [Line Items] | ||
Term loans | 15,751 | |
Lease obligations | 31,868 | 11,180 |
Trade and other payables | ||
Loans from related parties | ||
Bank overdraft | ||
>5 years [Member] | ||
Schedule of Contractual Undiscounted Cash Flows and Includes Contractual Interest Payments [Line Items] | ||
Term loans | ||
Lease obligations | 15,033 | 10,271 |
Trade and other payables | ||
Loans from related parties | ||
Bank overdraft |
Risk Management (Details) - S_4
Risk Management (Details) - Schedule of Currency Risk € in Thousands, $ in Thousands, $ in Thousands | Feb. 29, 2024 USD ($) | Feb. 29, 2024 EUR (€) | Feb. 29, 2024 SGD ($) | Feb. 28, 2023 USD ($) | Feb. 28, 2023 EUR (€) | Feb. 28, 2023 SGD ($) |
Schedule of Currency Risk [Abstract] | ||||||
Trade and other receivables | $ 326,060 | € 5,213 | $ 1,306 | $ 104,583 | € 40 | $ 433 |
Loan from related parties | 127,802 | 86,824 | 114,186 | 80,342 | ||
Loan to related parties | (236,878) | (20,869) | (229,229) | (20,040) | ||
Cash and cash equivalents | 70,015 | 2,590 | 1,868 | 61,780 | 2,337 | 560 |
Trade and other payables | (230,793) | (5,318) | (15,639) | (50,581) | (5,846) | (8,135) |
Total exposure to currency risk | $ 56,206 | € 89,309 | $ (33,334) | $ 739 | € 76,873 | $ (27,182) |
Risk Management (Details) - S_5
Risk Management (Details) - Schedule of Measurement Financial Instruments Denominated in a Foreign Currency - ZAR (R) R in Thousands | Feb. 29, 2024 | Feb. 28, 2023 |
Schedule of Measurement Financial Instruments Denominated in a Foreign Currency [Line Items] | ||
Total strengthening | R (11,219) | R (5,043) |
Total weakening | 11,219 | 5,043 |
USD [Member] | ||
Schedule of Measurement Financial Instruments Denominated in a Foreign Currency [Line Items] | ||
Total strengthening | (5,621) | (74) |
Total weakening | 5,621 | 74 |
EUR [Member] | ||
Schedule of Measurement Financial Instruments Denominated in a Foreign Currency [Line Items] | ||
Total strengthening | (8,931) | (7,687) |
Total weakening | 8,931 | 7,687 |
SGD [Member] | ||
Schedule of Measurement Financial Instruments Denominated in a Foreign Currency [Line Items] | ||
Total strengthening | 3,333 | 2,718 |
Total weakening | R (3,333) | R (2,718) |
Risk Management (Details) - S_6
Risk Management (Details) - Schedule of Illustrates the Effects on Group’s Earnings and Equity, all Other Factors Remaining Constant - ZAR (R) R in Thousands | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Schedule of Illustrates the Effects on Group’s Earnings and Equity, all Other Factors Remaining Constant [Abstract] | ||
Effect on profit before tax (1% increase) | R (479) | R (599) |
Effect on profit before tax (1% decrease) | R 479 | R 599 |
Risk Management (Details) - S_7
Risk Management (Details) - Schedule of Illustrates the Effects on Group’s Earnings and Equity, all Other Factors Remaining Constant (Parentheticals) | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Schedule of Illustrates the Effects on Group’s Earnings and Equity, all Other Factors Remaining Constant [Abstract] | ||
Effect on profit before tax increase, percentage | 1% | 1% |
Effect on profit before tax decrease, percentage | 1% | 1% |
Analysis of Assets and Liabil_3
Analysis of Assets and Liabilities by Financial Instrument Classification (Details) - Schedule of Classification of Financial Assets and Financial Liabilities - ZAR (R) R in Thousands | Feb. 29, 2024 | Feb. 28, 2023 |
Loans to related party [Member] | ||
Financial assets (at amortized cost) | ||
Financial assets | R 28,200 | R 25,800 |
Trade and other receivables (excludes prepayments and other taxes) [Member] | ||
Financial assets (at amortized cost) | ||
Financial assets | 931,495 | 394,152 |
Cash and cash equivalents [Member] | ||
Financial assets (at amortized cost) | ||
Financial assets | 459,527 | 965,790 |
Total financial assets (at amortized cost) [Member] | ||
Financial assets (at amortized cost) | ||
Financial assets | 1,419,222 | 1,385,742 |
Other Financial Asset [Member] | ||
Financial assets (at fair value) | ||
Other financial assets | 388 | |
Loans from related parties [Member] | ||
Financial assets (at fair value) | ||
Financial liabilities | 924 | 607 |
Trade and other payables (excludes other taxes) [Member] | ||
Financial assets (at fair value) | ||
Financial liabilities | 398,153 | 329,481 |
Term loans [Member] | ||
Financial assets (at fair value) | ||
Financial liabilities | 48,179 | 59,947 |
Bank overdraft [Member] | ||
Financial assets (at fair value) | ||
Financial liabilities | 23,362 | 40 |
Total financial liabilities (other financial liabilities) [Member] | ||
Financial assets (at fair value) | ||
Financial liabilities | R 470,618 | R 390,075 |
Fair value of Assets and Liab_3
Fair value of Assets and Liabilities (Details) - Schedule of Loans to Related Party R in Thousands | Feb. 29, 2024 ZAR (R) |
Schedule of Loans to Related Party [Abstract] | |
Carrying amount, Loan to related party | R 28,200 |
Aggregate fair value, Loan to related party | R 29,258 |
Directors and Key Management _3
Directors and Key Management Personnel Emoluments (Details) - Schedule of Key Management Personnel Compensation - ZAR (R) R in Thousands | 12 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 28, 2022 | |
Schedule of Key Management Personnel Compensation [Abstract] | |||
Short-term employee benefits | R 18,094 | R 16,557 | R 13,109 |
Post-employment benefits | 430 | 378 | 276 |
Total directors and key management personnel emoluments | R 18,524 | R 16,935 | R 13,385 |
Basic and Diluted Earnings Pe_3
Basic and Diluted Earnings Per Share Information (Details) - Schedule of Basic and Diluted Earnings Per Share - ZAR (R) R / shares in Units, R in Thousands | 12 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 28, 2022 | |
Basic and Diluted Earnings Per Share Information [Abstract] | |||
Profit attributable to ordinary shareholder of Karooooo (ZAR ’000) | R 738,191 | R 597,153 | R 449,953 |
Weighted average number of ordinary shares issued | 30,948,470 | 30,951,106 | 29,528,020 |
Basic earnings per share (ZAR) | R 23.85 | R 19.29 | R 15.24 |
Basic and Diluted Earnings Pe_4
Basic and Diluted Earnings Per Share Information (Details) - Schedule of Basic and Diluted Earnings Per Share (Parentheticals) - R / shares | 12 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 28, 2022 | |
Basic and Diluted Earnings Per Share Information [Abstract] | |||
Diluted earnings per share (ZAR) | R 23.85 | R 19.29 | R 15.24 |
Funding Facilities (Details)
Funding Facilities (Details) - ZAR (R) R in Millions | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Funding Facilities [Line Items] | ||
Credit funding facility amount | R 925 | |
Commitment amount | 75 | |
Uncommitted amount | 850 | |
Utilized amount | ||
Unsecured short-term overdraft facility | R 275 | |
Prime lending rate | 11.75% | 11.75% |
Mercantile facility [Member] | ||
Funding Facilities [Line Items] | ||
Utilized amount | R 23.4 |
Commitments (Details)
Commitments (Details) - ZAR (R) R in Millions | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Commitments [Abstract] | ||
Capital expenditure | R 151.7 | R 45 |
Redevelopment cost | R 396 |
Subsequent Events (Details)
Subsequent Events (Details) R in Millions | 1 Months Ended |
Apr. 30, 2024 ZAR (R) | |
Non-Adjusting Event after Reporting Period [Member] | |
Subsequent Events [Line Items] | |
Ordinary shares at a purchase price (in Rand) | R 15.2 |
Non-adjusting events after reporting period [Member] | Bottom of range [Member] | |
Subsequent Events [Line Items] | |
Shareholding acquired percentage | 70.10% |
Non-adjusting events after reporting period [Member] | Top of range [Member] | |
Subsequent Events [Line Items] | |
Shareholding acquired percentage | 74.80% |