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Johannesburg - Logistics company Super Group posted full headline loss per share of 170.9 cents compared to headline earnings of 11.9 cents and said consumer spending would remain under pressure.
The firm, which manages vehicle fleets and dealerships, said its total operating loss for the year ended June was R741.7m versus R523.2m in 2008.
The company said revenue fell by 9.2% to R11.3bn.
The cash-strapped company has proposed a recapitalisation and debt restructuring strategy, which it expects to ease liquidity pressure.
Shares in the company have fallen by about 77% over the last year, according to Reuters data.
The group as a whole generated cash from operations of R1.19bn, a slight increase on the R1.14bn generated in 2008.
"We are very pleased with the cash generated from operations for the year as a result of a concerted effort made by the group to convert earnings into cash," said CEO, Peter Mountford.
He said he expected the cash-generating abilities of the group to improve after the disposal of non-core operations.
Mountford said once the restructuring was complete, Super Group would comprise three operating divisions the core Supply Chain division, made up of the South African operations and African Logistics; the Automotive division containing the remaining profitable motor dealerships and the Fleet Solutions division, which combined the FleetAfrica operations and fleet in Australia.
Discontinued operations include the Super Group Industrial Products division, made up of Hermans Truck Accident Repairs, MMS Mobile Cranes, Powerstar commercial vehicles and Cargolite, the group said.
In the Retail Supply Chain division, AutoZone was being disposed of while some Mica operations had been sold and the remainder is to be bought by a company which includes Mica members.
In corporate services, the Emerald Insurance Group had been sold to Santam.
Super Group said it had already substantially reduced its debt, with net debt decreasing by R769m.
A recapitalisation process currently underway will put the group on a firm financial footing.
The group said no decision had yet been announced on the two recapitalisation options open to the group.
It already has a bank recapitalisation agreement signed with lenders and Allan Gray in July, which would lead to a fully underwritten R1bn rights issue through the issue of 2.2 billion shares at 45 cents.
Discussions are still underway with an international logistics group, concerning an alternative proposal involving the issue of 1.4 billion shares at 70 cents.
- Reuters & I-Net Bridge
