0001213900-23-048618 | 20-F | XBRL Viewer

R 3,376,916

R 2,730,749

(1,902,528)

(1,442,357)

Owned assets [Member] | Land and Property [Member]

1,474,388

1,288,392

Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items]

^[1]

147,607

141,873

^[1]

(26,422)

(21,858)

Owned assets [Member] | Plant, equipment and vehicles [Member]

^[1]

121,185

120,015

Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items]

134,813

132,870

(105,337)

(101,426)

Owned assets [Member] | IT equipment [Member]

29,476

31,444

Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items]

143,734

100,299

(79,563)

(50,932)

Owned assets [Member] | Capitalized telematics devices – Work-in- Progress [Member]

64,171

49,367

Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items]

202,425

138,405

Owned assets [Member] | Capitalized telematics devices – Uninstalled [Member]

202,425

138,405

Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items]

104,951

173,871

Owned assets [Member] | Capitalized telematics devices - Installed [Member]

104,951

173,871

Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items]

2,566,867

2,039,265

(1,691,206)

(1,268,141)

Owned assets [Member] | Construction in progress [Member]

875,661

771,124

Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items]

76,519

4,166

Right-of-use-assets [Member]

76,519

4,166

Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items]

246,408

176,537

(128,982)

(74,270)

117,426

102,267

Right-of-use-assets [Member] | Land and Property [Member]

1,591,814

1,390,659

Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items]

^[1]

172,155

112,516

^[1]

(88,208)

(48,128)

^[1]

83,947

64,388

Right-of-use-assets [Member] | Plant, equipment and vehicles [Member]

^[1]

205,132

184,403

Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items]

53,083

43,435

(19,928)

(10,927)

33,155

32,508

Right-of-use-assets [Member] | IT equipment [Member]

62,631

63,952

Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items]

21,170

20,586

(20,846)

(15,215)

324

5,371

Right-of-use-assets [Member] | Capitalized telematics devices – Work-in- Progress [Member]

64,495

54,738

Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items]

Right-of-use-assets [Member] | Capitalized telematics devices – Uninstalled [Member]

202,425

138,405

Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items]

Right-of-use-assets [Member] | Capitalized telematics devices - Installed [Member]

104,951

173,871

Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items]

Right-of-use-assets [Member] | Construction in progress [Member]

875,661

771,124

Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items]

Property, Plant and Equipment (Details) - Schedule of reconciliation of the carrying value of property, plant and equipment [Line Items]

R 76,519

R 4,166

[1]	Certain freehold land and building of the Group with a carrying amount of 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.

Basic and Diluted Earnings Per Share Information (Details) - Schedule of basic and diluted earnings per share - ZAR (R) R / shares in Units, shares in Thousands, R in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Basic earnings
Profit attributable to ordinary shareholder of Karooooo (ZAR ’000)	R 597,153	R 449,953	R 318,183
Weighted average number of ordinary shares issued	30,951,106	29,528,020	20,332,894
Basic earnings per share (ZAR)	R 19.29	R 15.24	R 15.65

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. 28, 2023

Feb. 28, 2022

Owned assets [Member]

R 1,288,392

R 1,045,493

114,472

579,656

552,634

(8,435)

(2,996)

(444,111)

(412,871)

4,155

^[1]

58,886

(12,495)

Reconciliation of the carrying value of property, plant and equipment [Member] | Land and Property [Member]

1,474,388

1,288,392

Property, Plant and Equipment (Details) - Schedule of reconciliation of the carrying value of property, plant and equipment [Line Items]

^[2]

64,388

52,633

^[2]

48,978

38,859

^[2]

(3,798)

^[2]

(698)

(146)

^[2]

(34,450)

(26,948)

^[2]

5,816

^[2]

5,729

(2,028)

^[2]

83,947

64,388

Reconciliation of the carrying value of property, plant and equipment [Member] | Plant, equipment and vehicles [Member]

^[2]

205,132

184,403

Property, Plant and Equipment (Details) - Schedule of reconciliation of the carrying value of property, plant and equipment [Line Items]

32,508

33,993

9,959

25,183

3,629

(187)

(528)

(9,517)

(14,123)

(14,620)

392

(1,026)

33,155

32,508

Reconciliation of the carrying value of property, plant and equipment [Member] | IT equipment [Member]

62,631

63,952

Property, Plant and Equipment (Details) - Schedule of reconciliation of the carrying value of property, plant and equipment [Line Items]

5,371

5,073

635

132

169

(2)

(20)

(5,710)

(4,339)

4,649

(293)

324

5,371

Reconciliation of the carrying value of property, plant and equipment [Member] | Capitalized telematics devices – Work-in- Progress [Member]

64,495

54,738

Property, Plant and Equipment (Details) - Schedule of reconciliation of the carrying value of property, plant and equipment [Line Items]

Reconciliation of the carrying value of property, plant and equipment [Member] | Capitalized telematics devices – Uninstalled [Member]

202,425

138,405

Property, Plant and Equipment (Details) - Schedule of reconciliation of the carrying value of property, plant and equipment [Line Items]

Reconciliation of the carrying value of property, plant and equipment [Member] | Capitalized telematics devices - Installed [Member]

104,951

173,871

Property, Plant and Equipment (Details) - Schedule of reconciliation of the carrying value of property, plant and equipment [Line Items]

Reconciliation of the carrying value of property, plant and equipment [Member] | Construction in progress [member]

875,661

771,124

Property, Plant and Equipment (Details) - Schedule of reconciliation of the carrying value of property, plant and equipment [Line Items]

Reconciliation of the carrying value of property, plant and equipment [Member] | Owned assets [Member] | Land and Property [Member]

76,519

4,166

Property, Plant and Equipment (Details) - Schedule of reconciliation of the carrying value of property, plant and equipment [Line Items]

^[2]

120,015

17,742

^[2]

110,000

^[2]

9,057

3,152

^[2]

^[2]

(3,230)

(108)

^[2]

(5,425)

(4,992)

^[2]

(5,816)

^[1],[2]

^[2]

768

Reconciliation of the carrying value of property, plant and equipment [Member] | Owned assets [Member] | Plant, equipment and vehicles [Member]

^[2]

121,185

120,015

Property, Plant and Equipment (Details) - Schedule of reconciliation of the carrying value of property, plant and equipment [Line Items]

31,444

20,151

7,513

5,940

(2,033)

(27)

(8,957)

(9,023)

14,620

^[1]

1,509

(262)

Reconciliation of the carrying value of property, plant and equipment [Member] | Owned assets [Member] | IT equipment [Member]

29,476

31,444

Property, Plant and Equipment (Details) - Schedule of reconciliation of the carrying value of property, plant and equipment [Line Items]

49,367

25,270

261

33,191

43,339

(282)

(470)

(25,152)

(14,798)

(4,649)

^[1]

7,047

414

Reconciliation of the carrying value of property, plant and equipment [Member] | Owned assets [Member] | Capitalized telematics devices – Work-in- Progress [Member]

64,171

49,367

Property, Plant and Equipment (Details) - Schedule of reconciliation of the carrying value of property, plant and equipment [Line Items]

138,405

104,475

142,586

212,940

(78,566)

(179,010)

^[1]

Reconciliation of the carrying value of property, plant and equipment [Member] | Owned assets [Member] | Capitalized telematics devices – Uninstalled [Member]

202,425

138,405

Property, Plant and Equipment (Details) - Schedule of reconciliation of the carrying value of property, plant and equipment [Line Items]

173,871

116,422

111,661

56,857

(189,160)

(47,825)

^[1]

50,355

8,579

(1,938)

Reconciliation of the carrying value of property, plant and equipment [Member] | Owned assets [Member] | Capitalized telematics devices - Installed [Member]

104,951

173,871

Property, Plant and Equipment (Details) - Schedule of reconciliation of the carrying value of property, plant and equipment [Line Items]

771,124

761,433

203,295

230,406

267,726

226,835

(2,890)

(2,391)

(404,577)

(384,058)

^[1]

(50,355)

40,983

(10,746)

Reconciliation of the carrying value of property, plant and equipment [Member] | Owned assets [Member] | Construction in progress [member]

875,661

771,124

Property, Plant and Equipment (Details) - Schedule of reconciliation of the carrying value of property, plant and equipment [Line Items]

4,166

4,166

72,353

^[1]

Right-of-use assets [member]

76,519

4,166

Property, Plant and Equipment (Details) - Schedule of reconciliation of the carrying value of property, plant and equipment [Line Items]

102,267

91,699

59,572

64,174

(887)

(694)

(49,677)

(45,410)

(4,155)

6,151

(3,347)

Property, Plant and Equipment (Details) - Schedule of reconciliation of the carrying value of property, plant and equipment [Line Items]

117,426

102,267

Owned assets [Member]

Disclosure Of Information About Key Management Personnel Text Block Abstract

R 1,591,814

R 1,390,659

[1]	During the financial year ended February 28, 2022, the Group has reclassified Capitalized telematics devices - Installed to Capitalized telematics devices - Uninstalled of ZAR 50.4 million to better reflect the underlying nature of these assets. The reclassification was corrected prospectively as the impact to the prior period is not material.
[2]	Certain freehold land and building of the Group with a carrying amount of 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.

Directors and Key Management Personnel Emoluments

12 Months Ended

Feb. 28, 2023

DIRECTORS AND KEY MANAGEMENT PERSONNEL EMOLUMENTS

34. DIRECTORS AND KEY MANAGEMENT PERSONNEL EMOLUMENTS

Key management personnel compensation comprised the following:

	Year ended February 28
Figures in Rand thousands	2023		2022		2021

Short-term employee benefits		16,557		13,109		27,775
Post-employment benefits		378		276		590
		16,935		13,385		28,365

The amounts disclosed in the table are the amounts recognized as an expense during the reporting period related to directors and key management personnel.

Revenue (Tables)

12 Months Ended

Feb. 28, 2022

Disclosure of Revenue Text Block [Abstract]

Schedule of disaggregation of revenue from contracts with customers

	Year ended February 28
Figures in Rand thousands	2023		2022		2021

Revenue from contracts with customers
Subscription revenue - Cartrack		3,003,931		2,565,745		2,209,017
Subscription revenue - Karooooo Logistics		6,141		2,420		–
Other revenue - Cartrack
Hardware sales		29,685		37,435		45,280
Installation revenue		29,278		21,321		20,511
Miscellaneous contract fees		13,746		12,299		15,735
Vehicle sales		250,845		67,310		–
Delivery service fees		173,441		39,621		–
Total revenue		3,507,067		2,746,151		2,290,543

Primary geographical markets
South Africa		2,730,401		2,123,153		1,681,928
Africa-Other		131,077		101,019		105,895
Europe		257,078		229,671		219,866
Asia-Pacific*, Middle East and USA		388,511		292,308		282,854
		3,507,067		2,746,151		2,290,543

Timing of revenue recognition
Products and services transferred at a point in time		323,554		177,986		81,526
Services transferred over time		3,183,513		2,568,165		2,209,017
Total revenue		3,507,067		2,746,151		2,290,543

*	Included in Asia-Pacific is revenue from Singapore amounted to ZAR 105.6 million (2022: ZAR 96.1 million, 2021: ZAR 98.6 million).

Commitments

12 Months Ended

Feb. 28, 2023

Commitments [Abstract]

COMMITMENTS

37. COMMITMENTS

Other than the lease commitments disclosed in Note 17, as at February 28, 2023, the Group has commitments for capital expenditure of ZAR 45.0 million (2022: ZAR 13.8 million), relating to the redevelopment of its head office suite for South Africa. The total estimated redevelopment cost is ZAR 294 million.

Fair value of Assets and liabilities (Details) - Schedule of loans to related party R in Thousands	Feb. 28, 2023 ZAR (R)
Schedule Of Loans To Related Party Abstract
Carrying amount, Loans to related party	R 25,800
Aggregate fair value, Loans to related party	R 24,112

Trade and Other Receivables and Prepayments (Tables)

12 Months Ended

Feb. 28, 2023

Trade and Other Receivables and Prepayments [Abstract]

Schedule of detailed information about trade and other receivables and prepayments

	As of February 28
Figures in Rand thousands	2023			2022

Amounts due from related parties		-			2,515
Trade receivables		485,740			448,212
Expected credit loss provision		(149,541	)		(161,683	)
		336,199			289,044
Other receivables
Deposits		11,811			6,386
Sundry debtors		24,739			9,131
Finance lease receivables		21,403			-
Subtotal		394,152			304,561

Prepayments		32,387			28,964
Other taxes		7,367			10,083
Total trade and other receivables and prepayments		433,906			343,608


Non-current		24,715			9,722
Current		409,191			333,886
		433,906			343,608

Schedule of reconciliation of the expected credit loss provision recognized with regard to trade and other receivables

	As of February 28
Figures in Rand thousands	2023			2022

At March 1		(161,683	)		(101,066	)
Allowance for expected credit losses, net		(87,541	)		(88,482	)
Amounts utilized		105,921			26,896
Translation adjustments		(6,238	)		969
At February 28		(149,541	)		(161,683	)

Schedule of maturity analysis of the undiscounted lease payments to be received

	As of February 28
Figures in Rand thousands	2023

Maturities analysis
– within one year		4,078
– within two to four years		14,525
– over four years		2,800
Present value of lease payments		21,403

Non-current asset		17,325
Current asset		4,078
		21,403

Segment Reporting (Details) - Schedule of reconciliation of information on reportable segments to the amounts reported in consolidated financial statements - ZAR (R) R in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Schedule of reconciliation of information on reportable segments to the amounts reported in consolidated financial statements [Abstract]
Total segment operating profits	R 881,915	R 699,125	R 726,562
IPO costs		(10,288)	(25,570)
Finance income	23,255	6,083	4,358
Finance cost	(10,095)	(12,331)	(9,302)
Fair value changes to derivative assets	(971)	(506)
Consolidated profit before taxation	R 894,104	R 682,083	R 696,048

Significant Accounting Policies (Tables)

12 Months Ended

Feb. 28, 2023

Disclosure Of Significant Accounting Policies Text Block Abstract

Schedule of property, plant and equipment useful lives

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 capitalized commission assets

Item		Amortization method		Average useful life
Capitalized commission assets		Straight line		5 years

Term Loans

12 Months Ended

Feb. 28, 2023

Disclosure Of Term Loans [Abstract]

TERM LOANS

16. TERM LOANS

					As of February 28
Figures in Rand thousands	Notes	Currency	Interest rate	Maturity	2023		2022

Non-current liabilities
Interest-bearing loans¹		ZAR	JIBAR + 2.05%	February 2024		-		20,003
Interest-bearing loans		ZAR	7.25%	February 2025		504		-
Interest-bearing loans		EUR	EURIBOR + 3%	December 2023		243		5,024
Mortgaged bonds	28	ZAR	Prime rate + 1.15%	December 2025		37,557		46,167
						38,304		71,194

Current liabilities
Interest-bearing loans		EUR	EURIBOR + 3%	December 2023		5,497		5,235
Mortgaged bonds	28	ZAR	Prime rate +1.15%	December 2025		16,146		12,921
						21,643		18,156
Total term loans						59,947		89,350

¹	The ZAR interest-bearing loans were fully repaid on December 8, 2022.

As at February 28, 2023 and February 28, 2022, the Group met the loan covenants.

Reconciliation of movement of liabilities to cash flows arising from financing activities

Figures in Rand thousands	Loans from related parties			Other loans and borrowings			Lease liabilities			Total

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

Balance at March 1, 2021		891,977			15,930			98,684			1,006,591
Changes from financing cash flows		(845,003	)		8,292			(47,201	)		(883,912	)
Proceeds from borrowings		–			110,000			–			110,000
Repayment of related parties loans		(845,003	)		–			–			(845,003	)
Repayment of term loans		–			(101,708	)		–			(101,708	)
Payment of lease liabilities		–			–			(47,201	)		(47,201	)
Acquisition of a subsidiary		–			66,047			–			66,047
The effect of changes in foreign exchange rates		(43,110	)		(919	)		(2,609	)		(46,638	)

Other changes		(1,730	)		–			63,204			61,474
Interest paid		(1,730	)		(4,317	)		(6,249	)		(12,296	)
New leases		–			–			63,204			63,204
Interest expense		–			4,317			6,249			10,566
Balance at February 28, 2022		2,134			89,350			112,078			203,562

Goodwill (Tables)

12 Months Ended

Feb. 28, 2023

Goodwill Table [Abstract]

Schedule of goodwill is allocated cash generating units

		Cartrack											Karooooo
Figures in Rand thousands	Note	Mozambique		Portugal			Spain			Other			Logistics		Total

At March 1, 2021			57,232		32,192			22,818			11,910			–		124,152
Acquisition of subsidiary	28		–		–			–			–			58,314		58,314
Translation adjustments			7,849		(2,028	)		(1,437	)		(466	)		–		3,918
At February 28, 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

Schedule of key estimates used for the fair value

		As of February 28
Key estimates	CGU	2023			2022
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		16	%		17	%
	Portugal		15	%		10	%
	Spain		19	%		16	%
	Karooooo Logistics		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 consistent with 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		8	%		8	%
	Portugal		2	%		1	%
	Spain		2	%		1	%
	Karooooo Logistics		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 Capital Asset pricing model and adjusting for risk. The rate is a pre-tax rate.	Mozambique		31	%		30	%
	Portugal		19	%		16	%
	Spain		19	%		17	%
	Karooooo Logistics		38	%		-

Related Parties (Details) - Schedule of transaction with related parties - ZAR (R) R in Thousands	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Schedule of Transaction With Related Parties [Abstract]
Sales to related parties	R (20,139)	R (28,915)	R (24,901)
Purchases from related parties	92,520	98,032	54,470
Rent paid to related parties	6,121	13,697	18,260
Interest paid to related party			R 2,048

Deferred Revenue (Details) - Schedule of deferred revenue - ZAR (R) R in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022
Schedule Of Deferred Revenue Abstract
Beginning balance	R 326,404	R 246,765
Acquisition of subsidiary		2,678
Amounts deferred in current financial year	353,719	355,873
Amounts released to revenue in the current financial year	(304,541)	(277,939)
Translation adjustments	20,285	(973)
Ending balance	395,867	326,404
Non-current liabilities	112,185	108,256
Current liabilities	283,682	218,148
Total	R 395,867	R 326,404

Trade and Other Payables (Tables)

12 Months Ended

Feb. 28, 2023

Trade and Other Payables [Abstract]

Schedule of trade and other payables

	As of February 28
Figures in Rand thousands	2023		2022

Trade payables
Amounts due to related parties		13,081		8,963
Trade payables		137,400		90,387
Accrued expenses		121,784		115,198
		272,265		214,548

Other payables
Sundry creditors		22,918		14,754
Other taxes		44,566		30,896
Dividend payable to NCI		34,298		21,668
		374,047		281,866

Analysis of Assets and Liabilities by Financial Instrument Classification (Tables)

12 Months Ended

Feb. 28, 2023

Analysis of Assets and Liabilities by Financial Instrument Classification [Abstract]

Schedule of classification of financial assets and financial liabilities

			As of February 28
Figures in Rand thousands	Notes		2023		2022

Financial assets (at amortized cost)
Loans to related party		12		25,800		19,400
Trade and other receivables (excludes prepayments and other taxes)		11		376,827		304,561
Cash and cash equivalents		13		965,790		731,748
				1,368,417		1,055,709

Financial assets (at fair value)
Other financial assets		14		388		16,664

Financial liabilities (at amortized cost)
Loans from related parties		12		607		2,134
Trade and other payables (excludes other taxes)		19		329,481		250,970
Term loans		16		59,947		89,350
Bank overdraft		13		40		13,722
				390,075		356,176

Revenue (Details) - ZAR (R) R in Millions	12 Months Ended
Revenue (Details) - ZAR (R) R in Millions	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Revenue [Abstract]
Revenue	R 105.6	R 96.1	R 98.6

Fair value of Assets and liabilities (Tables)

12 Months Ended

Feb. 28, 2023

Disclosure Of Fair Value Of Financial Instruments Text Block Abstract

Schedule of loans to related party

As of February 28, 2023

Figures in Rand thousands

Notes

Carrying amount

Aggregate fair value

Loan to related party

25,800

24,112

Finance Income

12 Months Ended

Feb. 28, 2023

Finance Income [Abstract]

FINANCE INCOME

22. FINANCE INCOME

	Year ended February 28
Figures in Rand thousands	2023		2022		2021

Interest income from bank balances		23,255		6,083		4,358

Deferred Revenue

12 Months Ended

Feb. 28, 2023

Disclosure Of Deferred Income Text Block Abstract

DEFERRED REVENUE

18. DEFERRED REVENUE

	As of February 28
Figures in Rand thousands	2023			2022

Beginning balance		326,404			246,765
Acquisition of subsidiary		–			2,678
Amounts deferred in current financial year		353,719			355,873
Amounts released to revenue in the current financial year		(304,541	)		(277,939	)
Translation adjustments		20,285			(973	)
Ending balance		395,867			326,404

Non-current liabilities		112,185			108,256
Current liabilities		283,682			218,148
		395,867			326,404

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 28
Figures in Rand thousands	2023		2022

Maturities analysis
– within one year		283,682		218,148
– within two to four years		107,558		103,026
– over four years		4,627		5,230
Present value of amounts received in advance		395,867		326,404

Operating Profit (Tables)

12 Months Ended

Feb. 28, 2023

Operating Profit [Abstract]

Schedule of operating profit

		Year ended February 28
Figures in Rand thousands	Notes	2023		2022		2021

Operating profit is stated after accounting for the following charges:

Depreciation of property, plant and equipment	5		493,788		458,281		372,936
Amortization of capitalized commission assets	6		64,707		64,566		46,957
Amortization of intangible assets	7		51,143		39,078		25,856
Employee benefits expense ¹			865,831		720,606		396,369
Defined contribution plan			44,681		26,534		21,742

¹	After offsetting government grant received ZAR nil (2022: ZAR 6.7 million, 2021: ZAR 16.7 million).

Term Loans (Tables)

12 Months Ended

Feb. 28, 2023

Disclosure Of Term Loans Abstract

Schedule of financial liabilities

					As of February 28
Figures in Rand thousands	Notes	Currency	Interest rate	Maturity	2023		2022

Non-current liabilities
Interest-bearing loans¹		ZAR	JIBAR + 2.05%	February 2024		-		20,003
Interest-bearing loans		ZAR	7.25%	February 2025		504		-
Interest-bearing loans		EUR	EURIBOR + 3%	December 2023		243		5,024
Mortgaged bonds	28	ZAR	Prime rate + 1.15%	December 2025		37,557		46,167
						38,304		71,194

Current liabilities
Interest-bearing loans		EUR	EURIBOR + 3%	December 2023		5,497		5,235
Mortgaged bonds	28	ZAR	Prime rate +1.15%	December 2025		16,146		12,921
						21,643		18,156
Total term loans						59,947		89,350

¹	The ZAR interest-bearing loans were fully repaid on December 8, 2022.

Schedule of reconciliation of movement of liabilities to cash flows arising from financing activities

Figures in Rand thousands	Loans from related parties			Other loans and borrowings			Lease liabilities			Total

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

Balance at March 1, 2021		891,977			15,930			98,684			1,006,591
Changes from financing cash flows		(845,003	)		8,292			(47,201	)		(883,912	)
Proceeds from borrowings		–			110,000			–			110,000
Repayment of related parties loans		(845,003	)		–			–			(845,003	)
Repayment of term loans		–			(101,708	)		–			(101,708	)
Payment of lease liabilities		–			–			(47,201	)		(47,201	)
Acquisition of a subsidiary		–			66,047			–			66,047
The effect of changes in foreign exchange rates		(43,110	)		(919	)		(2,609	)		(46,638	)

Other changes		(1,730	)		–			63,204			61,474
Interest paid		(1,730	)		(4,317	)		(6,249	)		(12,296	)
New leases		–			–			63,204			63,204
Interest expense		–			4,317			6,249			10,566
Balance at February 28, 2022		2,134			89,350			112,078			203,562

Material Non-Controlling Interest

12 Months Ended

Feb. 28, 2023

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 28, 2023 and February 28, 2022.

The following table summarizes the information relating to the Group’s subsidiary that has a material NCI, before intra-group eliminations as at February 28, 2021:

	Cartrack Holdings Proprietary Limited
Figures in Rand thousands	As of February 28, 2021

NCI percentage		31.9	%
Principal place of business		South Africa

Revenue		2,290,543
Profit for the year after tax		542,338
Other comprehensive income		(12,942	)
Total comprehensive income		529,396

Profit attributable to NCI		179,237
Other comprehensive income attributable to NCI		(8,094	)
Total comprehensive income attributable to NCI		171,143

Non-current assets		1,588,204
Current assets		453,576
Current liabilities		(533,914	)
Non-current liabilities		(198,430	)
Net assets		1,309,436
Net assets attributable to NCI		427,133

Cash flows from operating activities		955,309
Cash flows from investing activities		(517,691	)
Cash flows from financing activities		(500,629	)
Net decrease in cash and cash equivalents		(63,011	)

Dividends paid to NCI		(145,859	)

Related Parties

12 Months Ended

Feb. 28, 2023

Disclosure of related party [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 28
Figures in Rand thousands	2023			2022			2021

Sales to related parties		(20,139	)		(28,915	)		(24,901	)
Purchases from related parties		92,520			98,032			54,470
Rent paid to related parties		6,121			13,697			18,260
Interest paid to related party		–			–			2,048

Information regarding the key management and prescribed officers is detailed in Note 34.

Inventories (Tables)

12 Months Ended

Feb. 28, 2023

Disclosure Of Inventories [Abstract]

Schedule of inventories

	As of February 28
Figures in Rand thousands	2023		2022

Vehicles		75,843		25,369
Other consumables		3,316		-
Total inventories		79,159		25,369

Inventories recognized as an expense in cost of sales		218,847		59,213

Risk Management (Details) - Schedule of a factor change of 10% has been applied to the exchange rates - ZAR (R) R in Thousands	Feb. 28, 2023	Feb. 28, 2022
Schedule of a factor change of 10% has been applied to the exchange rates [Abstract]
Total strengthening	R (5,043)	R (22,763)
Total weakening	5,043	22,763
USD [Member]
Schedule of a factor change of 10% has been applied to the exchange rates [Abstract]
Total strengthening	(74)	(12,664)
Total weakening	74	12,664
EUR [Member]
Schedule of a factor change of 10% has been applied to the exchange rates [Abstract]
Total strengthening	(7,687)	(7,655)
Total weakening	7,687	7,655
SGD [Member]
Schedule of a factor change of 10% has been applied to the exchange rates [Abstract]
Total strengthening	2,718	(2,444)
Total weakening	R (2,718)	R 2,444

Basic and Diluted Earnings Per Share Information

12 Months Ended

Feb. 28, 2023

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 28
Figures in Rand	2023		2022		2021

Basic earnings
Profit attributable to ordinary shareholder of Karooooo (ZAR ’000)		597,153		449,953		318,183

Weighted average number of ordinary shares issued		30,951,106		29,528,020		20,332,894

Basic and diluted earnings per share (ZAR)		19.29		15.24		15.65

Diluted earnings per share

There are no dilutive instruments and therefore diluted earnings per share is the same as basic earnings per share.

Share Capital

12 Months Ended

Feb. 28, 2023

Disclosure Of Classes Of Share Capital Text Block Abstract

SHARE CAPITAL

15. SHARE CAPITAL

	As of February 28
Figures in Rand thousands	2023		2022

Issued and fully paid 30,951,106 (2022: 30,951,106) ordinary shares of no par value		7,142,853		7,142,853

As discussed in Note 1, Karooooo acquired control of Cartrack when the loan from Zak to Karooooo was extinguished through the issuance of shares. The acquisition of control of Cartrack has been accounted for as a transaction under common control. The Company’s authorized and issued number of ordinary shares increased on November 18, 2020 to 20,332,894 shares as of February 28, 2021.

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.

Capitalized Commission Assets (Details) R in Millions	Feb. 28, 2023 ZAR (R)
Capitalized Commission Assets Abstract
Write-off of capitalized commission assets	R 15.3

Presentation of Consolidated Financial Statements (Details) R / shares in Units, $ / shares in Units, R in Millions, $ in Millions			1 Months Ended	12 Months Ended
	Apr. 01, 2021 USD ($) $ / shares shares	Nov. 18, 2020	Apr. 16, 2021	Feb. 28, 2023 ZAR (R) R / shares	Feb. 28, 2022 ZAR (R)	Feb. 28, 2021 ZAR (R)	Jul. 17, 2019
Presentation of Consolidated Financial Statements (Details) [Line Items]
Acquired interest							68.00%
Equivalent price per share (in Rand per share) \| R / shares				R 13.44
Description of financial statements		On this date, 20,331,894 shares were issued to Zak and Karooooo registered ZAR 2,739,619,000 paid-up capital which resulted in a common control reserve of ZAR 2,709,236,000 arising due to the common control transaction.
Gross cash (in Dollars) \| $	$ 33.8
Shares issued (in Shares) \| shares	1,207,500
Offer price per share (in Dollars per share) \| $ / shares	$ 28
Costs incurred				R 85.1
Issuance of shares				R 49.2
Invested percentage			99.00%
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 28, 2022, 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 (Details) [Line Items]
Cost expensed					R 10.3	R 25.6

Share Capital (Details) - Schedule of share capital - ZAR (R) R in Thousands	Feb. 28, 2023	Feb. 28, 2022
Schedule Of Share Capital Abstract
Issued and fully paid 30,951,106 (2022: 30,951,106) ordinary shares of no par value	R 7,142,853	R 7,142,853

Deferred Revenue (Tables)

12 Months Ended

Feb. 28, 2023

Disclosure Of Deferred Income Text Block Abstract

Schedule of deferred revenue

	As of February 28
Figures in Rand thousands	2023			2022

Beginning balance		326,404			246,765
Acquisition of subsidiary		–			2,678
Amounts deferred in current financial year		353,719			355,873
Amounts released to revenue in the current financial year		(304,541	)		(277,939	)
Translation adjustments		20,285			(973	)
Ending balance		395,867			326,404

Non-current liabilities		112,185			108,256
Current liabilities		283,682			218,148
		395,867			326,404

Schedule of estimated revenue expected to be recognized in the future related to performance obligations

	As of February 28
Figures in Rand thousands	2023		2022

Maturities analysis
– within one year		283,682		218,148
– within two to four years		107,558		103,026
– over four years		4,627		5,230
Present value of amounts received in advance		395,867		326,404

Trade and Other Receivables and Prepayments (Details)	12 Months Ended
Trade and Other Receivables and Prepayments (Details)	Feb. 28, 2023	Feb. 28, 2022
Trade and Other Receivables and Prepayments [Abstract]
Recognized loss allowance	100.00%	100.00%
Average term of finance leases	5 years

Material Non-Controlling Interest (Details) - Schedule of information relating to the group’s subsidiary material NCI - Cartrack Holdings Proprietary Limited [Member] R in Thousands	12 Months Ended
	Feb. 28, 2021 ZAR (R)
Material Non-Controlling Interest (Details) - Schedule of information relating to the group’s subsidiary material NCI [Line Items]
NCI percentage	31.90%
Principal place of business	South Africa
Revenue	R 2,290,543
Profit for the year after tax	542,338
Other comprehensive income	(12,942)
Total comprehensive income	529,396
Profit attributable to NCI	179,237
Other comprehensive income attributable to NCI	(8,094)
Total comprehensive income attributable to NCI	171,143
Non-current assets	1,588,204
Current assets	453,576
Current liabilities	(533,914)
Non-current liabilities	(198,430)
Net assets	1,309,436
Net assets attributable to NCI	427,133
Cash flows from operating activities	955,309
Cash flows from investing activities	(517,691)
Cash flows from financing activities	(500,629)
Net decrease in cash and cash equivalents	(63,011)
Dividends paid to NCI	R (145,859)

Segment Reporting (Details) - Schedule of information about geographical areas - ZAR (R)
R in Thousands

12 Months Ended

Feb. 28, 2023

Feb. 28, 2022

Schedule of information about geographical areas [Abstract]

Schedule of information about geographical areas [Abstract]

R 2,184,381

R 1,895,333

South Africa [Member]

Schedule of information about geographical areas [Abstract]

^[1]

1,417,103

1,295,683

Africa-Other [Member]

Schedule of information about geographical areas [Abstract]

^[1]

116,463

92,517

Europe [Member]

Asia-Pacific, Middle East & USA [Member]

^[1]

270,379

192,712

Schedule of information about geographical areas [Abstract]

Disclosure Of Classes Of Share Capital Text Block Abstract

^[1],[2]

R 380,436

R 314,421

[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 140.0 million (2022: ZAR 113.0 million).

Interest in Subsidiaries (Details)	12 Months Ended
Interest in Subsidiaries (Details)	Feb. 28, 2023
Maximum [Member]
Interest in Subsidiaries (Details) [Line Items]
Share capital percentage	90.00%
Minimum [Member]
Interest in Subsidiaries (Details) [Line Items]
Share capital percentage	10.00%
Picup Technologies Proprietary Limited [Member]
Interest in Subsidiaries (Details) [Line Items]
Description of disposal	On September 1, 2021, Cartrack Holdings (Pty) Ltd acquired 70.1% of the shares and voting interests in Picup Technologies Proprietary Limited for a consideration of ZAR 70.1 million (see Note 28).
Cartrack Tanzania Limited [Member]
Interest in Subsidiaries (Details) [Line Items]
Description of disposal	On September 24, 2021, Cartrack Technologies Pte. Limited acquired 49% of the shares and voting interest in Cartrack Technologies PHL. INC., for a cash consideration of PHP 9.2 million. As a result, the equity interest in Cartrack Technologies PHL. INC. increased from 51% to 100%.
Purple rain Properties No.444 Proprietary Limited [Member]
Interest in Subsidiaries (Details) [Line Items]
Business combination, description	On February 28, 2022, Cartrack acquired 100% of the shares and voting interests in Purple Rain Properties No. 444 Proprietary Limited for a consideration of ZAR 100 (see Note 28).
Karooooo Kenya Limited [Member]
Interest in Subsidiaries (Details) [Line Items]
Business combination, description	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.

Share Capital (Tables)

12 Months Ended

Feb. 28, 2023

Schedule of share capital

	As of February 28
Figures in Rand thousands	2023		2022

Issued and fully paid 30,951,106 (2022: 30,951,106) ordinary shares of no par value		7,142,853		7,142,853

Funding Facilities

12 Months Ended

Feb. 28, 2023

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 revolving credit funding facility (the “Loan”), of which ZAR 75.0 million is committed and ZAR 850 million is uncommitted. The final repayment date of the Loan is three years from the commencement date. Interest is levied at a rate of 3 months JIBAR plus margin. A guarantee has been provided by Cartrack and Cartrack Manufacturing Proprietary Limited (“CTM”). Security has been provided by Cartrack, 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. At February 28, 2023, ZAR Nil (2022: ZAR 20 million) was utilized.

The Mercantile facility comprises an unsecured short-term overdraft facility of ZAR 75.0 million at the bank’s prime lending rate of 11.75% (2022: 7%) per annum. No security is provided on this facility. At February 28, 2023, ZAR Nil (2022: ZAR 13.7 million) was utilized.

Segment Reporting

12 Months Ended

Feb. 28, 2023

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.

Prior to the financial year ended February 28, 2022, the Group was organized into geographical business units and had four reportable segments by geography. There was only one reportable business segment, the Cartrack business segment. However, with the new business setup and new business acquired in the previous financial year, for management purposes, 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.

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 28, 2023 and February 28, 2022 as follows:

Figures in Rand thousands	Cartrack		Carzuka			Karooooo Logistics			Total
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

For financial year ended February 28, 2021, the Group only has one business segment, the Cartrack business segment and hence, it is not separately presented in this note.

Reconciliation of information on reportable segments to the amounts reported in consolidated financial statements

	Year ended February 28
Figures in Rand thousands	2023			2022			2021
Total segment operating profits		881,915			699,125			726,562
IPO costs		-			(10,288	)		(25,570	)
Finance income		23,255			6,083			4,358
Finance cost		(10,095	)		(12,331	)		(9,302	)
Fair value changes to derivative assets		(971	)		(506	)		–
Consolidated profit before taxation		894,104			682,083			696,048

Information about geographical areas:

	As of February 28
Non-current operating assets¹	2023		2022

South Africa		1,417,103		1,295,683
Africa-Other		116,463		92,517
Europe		270,379		192,712
Asia-Pacific², Middle East & USA		380,436		314,421
		2,184,381		1,895,333

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 140.0 million (2022: ZAR 113.0 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 28, 2023, February 28, 2022 and February 28, 2021.

Deferred tax (Details) - ZAR (R) R in Millions	12 Months Ended
Deferred tax (Details) - ZAR (R) R in Millions	Feb. 28, 2023	Feb. 28, 2022
Disclosure Of Deferred Taxes Text Block Abstract
Unrecognized deferred tax assets	R 116.2	R 6.2
Unrecognized deferred tax liabilities	R 1,194.7	R 1,484.7

Consolidated Statement of Financial Position - ZAR (R) R in Thousands	Feb. 28, 2023	Feb. 28, 2022
Non-current assets
Property, plant and equipment	R 1,591,814	R 1,390,659
Capitalized commission assets	287,054	231,537
Intangible assets	85,642	77,031
Goodwill	212,481	186,384
Loans to related parties	25,800	19,400
Long-term other receivables and prepayments	24,715	9,722
Non-current financial asset	388	1,359
Deferred tax assets	60,919	58,383
Total non-current assets	2,288,813	1,974,475
Current assets
Inventories	79,159	25,369
Trade and other receivables and prepayments	409,191	333,886
Income tax receivables	8,627	8,818
Other financial asset		15,305
Cash and cash equivalents	965,790	731,748
Total current assets	1,462,767	1,115,126
Total assets	3,751,580	3,089,601
Equity
Share capital	7,142,853	7,142,853
Capital reserve	(3,582,568)	(3,587,640)
Common control reserve	(2,709,236)	(2,709,236)
Foreign currency translation reserve	245,109	28,776
Retained earnings	1,564,809	1,276,523
Equity attributable to equity holders of parent	2,660,967	2,151,276
Non-controlling interest	30,908	22,905
Total equity	2,691,875	2,174,181
Non-current liabilities
Term loans	38,304	71,194
Lease liabilities	67,882	64,784
Deferred revenue	112,185	108,256
Deferred tax liabilities	51,894	47,063
Total non-current liabilities	270,265	291,297
Current liabilities
Term loans	21,643	18,156
Trade and other payables	374,047	281,866
Loans from related parties	607	2,134
Lease liabilities	52,845	47,294
Deferred revenue	283,682	218,148
Bank overdraft	40	13,722
Income tax payables	55,996	40,918
Provision for warranties	580	1,885
Total current liabilities	789,440	624,123
Total liabilities	1,059,705	915,420
Total equity and liabilities	R 3,751,580	R 3,089,601

Goodwill (Details) - ZAR (R) R in Billions	12 Months Ended
Goodwill (Details) - ZAR (R) R in Billions	Feb. 28, 2023	Feb. 28, 2022
Disclosure Of Goodwill Text Block Abstract
Value of equity	R 11.8	R 12.6

Acquisition of Subsidiary

12 Months Ended

Feb. 28, 2023

Disclosure of Subsidiaries Text Block [Abstract]

ACQUISITION OF SUBSIDIARY

28. ACQUISITION OF SUBSIDIARY

(i)

Karooooo Logistics (Pty) Ltd (formerly known as Picup Technologies Proprietary Limited)

On September 1, 2021, the Group acquired 70.1% of the shares and voting interests in Picup, for a consideration of ZAR 70.1 million, recognizing a goodwill of ZAR 58.3 million. The principal activity of Picup is that of providing a technology platform focused on last mile delivery.

From the date of acquisition to February 28, 2022, Picup contributed revenue of ZAR 42.0 million and net loss of ZAR 2.1 million to the Group’s results. If the acquisition had occurred on March 1, 2021, management estimates the contribution to the Group’s revenue and net loss would have been ZAR 68.9 million and ZAR 10.6 million respectively.

The fair values of identifiable net assets and the cash outflows on the acquisition were as follows:

Figures in Rand thousands	Notes	As of February 28, 2022

Intangible assets ¹	7		13,385
Other non-current assets			5,055
Cash and cash equivalents			2,140
Other current assets (excluding cash and cash equivalents)			11,090
Non-current liabilities			(13,478	)
Current liabilities			(3,967	)

Net identifiable assets acquired			14,225
Add: Goodwill	8		58,314
Add: Other financial asset ²			1,865
Less: NCI based on proportionate interest			(4,253	)
Cash consideration transferred for the business			70,151

Less: cash and cash equivalents acquired			(2,140	)
Net outflow of cash			68,011

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 distribution networks. The primary reason for these acquisitions is to enhance capability and broaden product offering to customers.

The fair value and gross contractual amount of trade and other receivables is ZAR 11.0 million.

The intangible assets comprised of computer software, trade name and customer relationships estimated at ZAR 13.4 million. The computer software was valued based on replacement cost following review of the useful life. In measuring the fair value of the trade name and customer-related intangibles, relief-from-royalty method and multi-period excess earnings method were used. The relief-from-royalty method considers the discounted estimated royalty payments that are expected to be avoided as a result of the technical know-how being owned. The multi-period excess earnings method considers the present value of net cash flows expected to be generated by the customer relationships, by excluding any cash flows related to contributory assets.

² This relates to a call option agreement with the non-controlling shareholders of Picup to acquire additional 13% interest in Karooooo Logistics. The option is exercisable from September 1, 2024 and expires on February 29, 2028. The value of the call option as of February 28, 2023 is disclosed in Note 14.

(ii)

Purple Rain Properties No.444 Proprietary Limited

On February 28, 2022, the Group acquired 100% of the shares and voting interests in Purple Rain Properties No. 444 Proprietary Limited (“Purple Rain”) for a consideration of ZAR 100. The acquisition was accounted for as an asset acquisition as based on the concentration test, substantially all of the fair values of the gross assets is concentrated in properties of Purple Rain.

The fair values of identifiable net assets and the net cash inflows on the acquisition were as follows:

Figures in Rand thousands	Note	As of February 28, 2022

Property, plant and equipment			114,166
Cash and cash equivalents			1,404
Other current assets (excluding cash and cash equivalents)			1,476
Term loans	16		(59,088	)
Other non-current liabilities			(14,387	)
Current liabilities			(1,167	)

Net identifiable assets acquired			42,404
Settlement of amounts due from Purple Rain			(42,404	)
Cash consideration transferred for acquisition of asset				*

Less: cash and cash equivalents acquired			(1,404	)
Net inflow of cash			(1,404	)

*	Amount is less than a thousand Rand.

Acquisition of Subsidiary (Details) - Schedule of net assets and the cash outflows on the acquisition
R in Thousands

12 Months Ended

Feb. 28, 2022

ZAR (R)

Picup Technologies Proprietary Limited [Member]

Schedule of Net Assets and the Cash Outflows on the Acquisition [Abstract]

Intangible assets

R 13,385

^[1]

Other non-current assets

5,055

Cash and cash equivalents

2,140

Other current assets (excluding cash and cash equivalents)

11,090

Non-current liabilities

(13,478)

Current liabilities

(3,967)

Net identifiable assets acquired

14,225

Add: Goodwill

58,314

Add: Other financial asset

1,865

^[2]

Less: NCI based on proportionate interest

(4,253)

Cash consideration transferred for the business

70,151

Less: cash and cash equivalents acquired

(2,140)

Net outflow of cash

68,011

Purple Rain Properties No.444 Proprietary Limited [Member]

Schedule of Net Assets and the Cash Outflows on the Acquisition [Abstract]

Cash and cash equivalents

1,404

Other current assets (excluding cash and cash equivalents)

1,476

Term loans

(59,088)

Other non-current liabilities

(14,387)

Current liabilities

(1,167)

Net identifiable assets acquired

42,404

Settlement of amounts due from Purple Rain

(42,404)

Cash consideration transferred for acquisition of asset

^[3]

Less: cash and cash equivalents acquired

(1,404)

Net inflow of cash

(1,404)

Property, plant and equipment

R 114,166

[1]	The intangible assets comprised of computer software, trade name and customer relationships estimated at ZAR 13.4 million. The computer software was valued based on replacement cost following review of the useful life. In measuring the fair value of the trade name and customer-related intangibles, relief-from-royalty method and multi-period excess earnings method were used. The relief-from-royalty method considers the discounted estimated royalty payments that are expected to be avoided as a result of the technical know-how being owned. The multi-period excess earnings method considers the present value of net cash flows expected to be generated by the customer relationships, by excluding any cash flows related to contributory assets.
[2]	This relates to a call option agreement with the non-controlling shareholders of Picup to acquire additional 13% interest in Karooooo Logistics. The option is exercisable from September 1, 2024 and expires on February 29, 2028. The value of the call option as of February 28, 2023 is disclosed in Note 14.
[3]	Amount is less than a thousand Rand.

Dividends Paid (Tables)

12 Months Ended

Feb. 28, 2023

Dividends Paid [Abstract]

Schedule of dividend paid

	Year ended February 28
Figures in Rand thousands	2023			2022		2021

Dividend paid by the Company to owner of the Company		(331,252	)		–		(272,235	)
Dividend paid by subsidiaries to NCI		–			–		(145,859	)
Total dividend paid		(331,252	)		–		(418,094	)

	Year ended February 28
	2023				2021
Figures in Rand thousands	Per share (ZAR)		Amount		Per share (ZAR)		Amount
Interim dividend		10.70		331,252		104,385.00		104,385
Final dividend		–		–		8.26		167,850
				331,252				272,235

Year ended February 28

Figures in Rand thousands

2023

2021

Subsidiary

Per share (ZAR)

Amount

Per share (ZAR)

Amount

Cartrack Holdings Proprietary Limited

–

0.54

51,536

Cartrack Holdings Proprietary Limited

–

0.87

83,030

Cartrack Limitada

–

5.68

9,090

Found Proprietary Limited

–

20,000.00

1,020

Cartrack Polska.Sp.zo.o

–

119,019.27

1,183

–

145,859

Standards Issued But Not Yet Effective (Tables)

12 Months Ended

Feb. 28, 2023

Standards Issued But Not Yet Effective [Abstract]

Schedule of significant impact on the groups consolidated financial statements

Details of amendment		Annual periods beginning on/after
IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts		January 1, 2023
Amendments to IAS 8: Definition of Accounting Estimates		January 1, 2023
Amendments to IAS 12 Income Taxes: Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction		January 1, 2023
Amendments to IAS 1 and IFRS Practice Statement 2: Disclosure of Accounting Policies		January 1, 2023
Initial Application of IFRS 17 and IFRS 9 – Comparative information (Amendments to IFRS 17)		January 1, 2023
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 IFRS 1: Non-current Liabilities with Covenants		January 1, 2024
Amendments to IAS 28 and IFRS 10: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture		To be determined

Consolidated Statement of Profit and Loss - ZAR (R) R in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Profit or loss [abstract]
Revenue	R 3,507,067	R 2,746,151	R 2,290,543
Cost of sales	(1,234,672)	(922,561)	(670,523)
Gross profit	2,272,395	1,823,590	1,620,020
Other income	9,828	1,841	2,166
Operating expenses	(1,400,308)	(1,126,306)	(895,624)
Sales and marketing	(431,140)	(333,259)	(238,110)
General and Administration	(704,603)	(555,327)	(476,534)
Research and development	(177,024)	(149,238)	(100,138)
Expected credit losses on financial assets	(87,541)	(88,482)	(80,842)
Operating profit	881,915	699,125	726,562
Initial public offering costs (“IPO”)		(10,288)	(25,570)
Finance income	23,255	6,083	4,358
Finance costs	(10,095)	(12,331)	(9,302)
Fair value changes to derivative assets	(971)	(506)
Profit before taxation	894,104	682,083	696,048
Taxation	(285,298)	(205,476)	(198,628)
Profit for the year	608,806	476,607	497,420
Profit attributable to:
Owners of the parent	597,153	449,953	318,183
Non-controlling interest	11,653	26,654	179,237
Total Profit	R 608,806	R 476,607	R 497,420
Earnings per share
Basic earnings per share (ZAR) (in Rand per share)	R 19.29	R 15.24	R 15.65

Directors and Key Management Personnel Emoluments (Tables)

12 Months Ended

Feb. 28, 2023

Disclosure Of Information About Key Management Personnel Text Block Abstract

Schedule of directors and key management personnel emoluments

	Year ended February 28
Figures in Rand thousands	2023		2022		2021

Short-term employee benefits		16,557		13,109		27,775
Post-employment benefits		378		276		590
		16,935		13,385		28,365

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 28
Figures in Rand thousands	2023			2022

Cash on hand		398			2,175
Bank balances		318,630			717,935
Short-term deposits		646,762			11,638
Cash and cash equivalents in the consolidated statement of financial position		965,790			731,748
Bank overdrafts		(40	)		(13,722	)
Cash and cash equivalents in the consolidated statement of cash flows		965,750			718,026

Current assets		965,790			731,748
Current liabilities		(40	)		(13,722	)
		965,750			718,026

Other Financial Assets (Details) - Schedule of other financial assets - ZAR (R)
R in Thousands

Feb. 28, 2023

Feb. 28, 2022

Non-current assets

Derivative – call option

^[1]

R 388

R 1,359

Current assets

Derivative – put option

^[2]

15,305

Cartrack Holdings Proprietary Limited [Member]

R 388

R 16,664

[1]	Relates to the acquisition of Picup. See Note 28 for details.
[2]	Relates to the put option agreement entered with ultimate controlling shareholder to grant the Group the right to sell all its interest in Picup. 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.

- Definition

The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose the entity’s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]

+ References + Details

Risk Management (Details) - Schedule of a factor of 1% has been applied to the interest rates - ZAR (R) R in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022
Schedule of a factor of 1% has been applied to the interest rates [Abstract]
Effect on profit before tax (1% increase)	R (599)	R (893)
Effect on profit before tax (1% decrease)	R 599	R 893

Deferred Revenue (Details) - Schedule of estimated revenue expected to be recognized in the future related to performance obligations - ZAR (R) R in Thousands	Feb. 28, 2023	Feb. 28, 2022
Maturities analysis
– within one year	R 283,682	R 218,148
– within two to four years	107,558	103,026
– over four years	4,627	5,230
Present value of amounts received in advance	R 395,867	R 326,404

Standards Issued But Not Yet Effective (Details) - Schedule of significant impact on the groups consolidated financial statements	12 Months Ended
	Feb. 28, 2022
IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts [Member]
Standards Issued But Not Yet Effective (Details) - Schedule of significant impact on the groups consolidated financial statements [Line Items]
Details of amendment	January 1, 2023
Definition of Accounting Estimates [Member]
Standards Issued But Not Yet Effective (Details) - Schedule of significant impact on the groups consolidated financial statements [Line Items]
Details of amendment	January 1, 2023
Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction [Member]
Standards Issued But Not Yet Effective (Details) - Schedule of significant impact on the groups consolidated financial statements [Line Items]
Details of amendment	January 1, 2023
Disclosure of Accounting Policies [member]
Standards Issued But Not Yet Effective (Details) - Schedule of significant impact on the groups consolidated financial statements [Line Items]
Details of amendment	January 1, 2023
Initial Application of IFRS 17 and IFRS 9 – Comparative information [Member]
Standards Issued But Not Yet Effective (Details) - Schedule of significant impact on the groups consolidated financial statements [Line Items]
Details of amendment	January 1, 2023
Classification of Liabilities as Current or Non-current [member]
Standards Issued But Not Yet Effective (Details) - 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]
Standards Issued But Not Yet Effective (Details) - Schedule of significant impact on the groups consolidated financial statements [Line Items]
Details of amendment	January 1, 2024
Non-current Liabilities with Covenants [Member]
Standards Issued But Not Yet Effective (Details) - Schedule of significant impact on the groups consolidated financial statements [Line Items]
Details of amendment	January 1, 2024
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture [Member]
Standards Issued But Not Yet Effective (Details) - Schedule of significant impact on the groups consolidated financial statements [Line Items]
Details of amendment	To be determined

Lease Liabilities

12 Months Ended

Feb. 28, 2023

Lease Liabilities [Abstarct]

LEASE LIABILITIES

17. LEASE LIABILITIES

	As of February 28
Figures in Rand thousands	2023		2022

Maturities analysis
– within one year		52,843		47,294
– within two to four years		57,930		56,868
– over four years		9,954		7,916
Present value of lease payments		120,727		112,078

Non-current liabilities		67,882		64,784
Current liabilities		52,845		47,294
		120,727		112,078

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 64.8 million (2022: ZAR 53.5 million, 2021: ZAR 52.3 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 28, 2023, the Group recognized lease payments of ZAR 6.2 million (2022: ZAR 8.2 million, 2021: ZAR 11.2 million) associated with these short-term leases as an expense on a straight-line basis over the lease term.

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group

12 Months Ended

Feb. 28, 2023

Feb. 28, 2022

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

^[1]

Karooooo Ltd

^[1]

South Africa

Carzuka.com Pte Ltd [Member]

^[1]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

^[2]

Karooooo Ltd

^[2]

Singapore

Karooooo Management Company Pte. Ltd. [Member]

^[2]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

Karooooo Ltd

Singapore

Karooooo Software Pte. Ltd. [Member]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

Karooooo Ltd

Singapore

Karooooo Proprietary Ltd [Member]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

Karooooo Ltd

South Africa

Karooooo Cartrack Limited 11 [Member]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

^[3]

Karooooo Ltd

^[3]

Uganda

Cartrack (Cambodia) Co. Ltd [Member]

^[3]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

Karooooo Management Company Pte. Ltd.

Cambodia

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

100.00%

Carzuka Pte Ltd [Member]

^[2]

Carzuka.com Pte. Ltd.

^[2]

Singapore

Karooooo Technologies Proprietary Limited [Member]

^[2]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

^[4]

Karooooo Proprietary Ltd

^[4]

South Africa

Cartrack Management Services Proprietary Limited [Member]

^[4]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

Cartrack Holdings Proprietary Limited

South Africa

Cartrack Proprietary Limited [Member]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

Cartrack Holdings Proprietary Limited

South Africa

Cartrack Manufacturing Proprietary Limited [Member]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

Cartrack Holdings Proprietary Limited

South Africa

Cartrack Insurance Agency Proprietary Limited [Member]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

^[5]

Cartrack Holdings Proprietary Limited

^[5]

South Africa

Cartrack Namibia Proprietary Limited [Member]

^[5]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

Cartrack Holdings Proprietary Limited

Namibia

Cartrack Technologies Pte. Limited [Member]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

Cartrack Holdings Proprietary Limited

Singapore

Carzuka Proprietary Limited [Member]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

Cartrack Holdings Proprietary Limited

South Africa

Purple rain Properties No.444 Proprietary Limited [Member]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

Cartrack Holdings Proprietary Limited

South Africa

Karooooo Logistics (Pty) Ltd [Member]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

^[6]

Cartrack Holdings Proprietary Limited

^[6]

South Africa

Cartrack Telematics Proprietary Limited [Member]

^[6]

70.10%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

^[7]

Cartrack Proprietary Limited

^[7]

South Africa

CTK Shell 1 (Pty) Ltd [Member]

^[7]

49.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

^[2],[8]

Cartrack Proprietary Limited

^[2]

South Africa

Karu Holdings Proprietary Limited [Member]

^[2]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

Cartrack Proprietary Limited

South Africa

Combined Telematics Services Proprietary Limited [Member]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

^[2],[7]

Cartrack Proprietary Limited

^[2]

South Africa

CTK Shell 2 (Pty) Ltd [Member]

^[2]

49.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

^[2],[9]

Cartrack Proprietary Limited

^[2]

South Africa

Cartrack Tanzania Limited [Member]

^[2]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

Cartrack Technologies Pte. Limited

Tanzania

Karooooo Kenya Limited [Member]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

^[2],[7],[10]

Cartrack Technologies Pte. Limited

^[10]

Kenya

Cartrack Engineering Technologies Limited [Member]

^[10]

70.00%

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

Cartrack Technologies Pte. Limited

Nigeria

PT. Cartrack Technologies Indonesia [Member]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

Cartrack Technologies Pte. Limited

Indonesia

Cartrack Investments UK Limited [Member]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

^[2]

Cartrack Technologies Pte. Limited

^[2]

United Kingdom

Cartrack Technologies (China) Limited [Member]

^[2]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

Cartrack Technologies Pte. Limited

Hong Kong

Cartrack Malaysia SDN.BHD [Member]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

Cartrack Technologies Pte. Limited

Malaysia

Cartrack Technologies LLC [Member]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

Cartrack Technologies Pte. Limited

U.A.E

Cartrack Technologies PHL.INC [Member]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

Cartrack Technologies Pte. Limited

Philippines

Cartrack Technologies South East Asia Pte. Limited [Member]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

Cartrack Technologies Pte. Limited

Singapore

Cartrack Ireland Limited [Member]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

Cartrack Technologies Pte. Limited

Republic of Ireland

Cartrack Technologies (Thailand) Company Limited [Member]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

Cartrack Technologies Pte. Limited

Thailand

Cartrack New Zealand Limited [Member]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

Cartrack Technologies Pte. Limited

New Zealand

Cartrack (Australia) Proprietary Limited [Member]

51.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

Cartrack Technologies Pte. Limited

Australia

Cartrack Technologies Zambia Limited [Member]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

^[2]

Cartrack Technologies Pte. Limited

^[2]

Zambia

Cartrack (Mauritius) Ltd [Member]

^[2]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

^[2]

Cartrack Technologies Pte. Limited

^[2]

Mauritius

Cartrack Vietnam Limited Liability Company [Member]

^[2]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

^[2]

Cartrack Technologies Pte. Limited

^[2]

Vietnam

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

^[2]

100.00%

Cartrack INC. [Member]

Cartrack Ireland Limited

U.S.A

Cartrack Polska.Sp.zo.o [Member]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

Cartrack Ireland Limited

Poland

Cartrack Portugal S.A.[Member]

90.90%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

Cartrack Ireland Limited

Portugal

Cartrack Espana. S.L.U.[Member]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

Cartrack Ireland Limited

Spain

Karu.Com. Unipessoal. Lda [Member]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

Cartrack Portugal S.A.

Portugal

Cartrack France SAS {Member]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

^[11]

Cartrack Portugal S.A.

^[11]

France

Cartrack Limitada [Member]

^[11]

100.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

^[7]

Cartrack Technologies LLC

^[7]

Mozambique

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

^[7]

50.00%

Auto Club LDA [Member]

Cartrack Technologies LLC

Mozambique

Cartrack for Information Technology Company [Member]

80.00%

Interest in Subsidiaries (Details) - Schedule of following table lists the entities which are controlled by the group [Line Items]

^[2]

Cartrack Technologies LLC

^[2]

Kingdom of Saudi Arabia

Capitalized Commission Assets Abstract

^[2]

51.00%

[1]	Previously known as Cartrack Holdings Limited
[2]	Dormant
[3]	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.
[4]	Previously known as Cartrack Technologies Proprietary Limited
[5]	Previously known as Drive and Save Proprietary Limited
[6]	Previously known as Picup Technologies Proprietary Limited
[7]	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.
[8]	Previously known as Veraspan Proprietary Limited
[9]	Previously known as Zonke Bonke Telecoms Proprietary Limited
[10]	Previously known as Retriever Limited
[11]	Liquidated on May 19, 2022

Risk Management (Details) - Schedule of currency risk € in Thousands, $ in Thousands, $ in Thousands	Feb. 28, 2023 USD ($)	Feb. 28, 2023 EUR (€)	Feb. 28, 2023 SGD ($)	Feb. 28, 2022 USD ($)	Feb. 28, 2022 EUR (€)	Feb. 28, 2022 SGD ($)
Schedule of currency risk [Abstract]
Trade and other receivables	$ 104,583	€ 40	$ 433	$ 62,247	€ 228
Loan from related parties	114,186	80,342		86,159	71,994	32,085
Loan to related parties	(229,229)		(20,040)	(112,334)		(7,227)
Cash and cash equivalents	61,780	2,337	560	144,173	9,618	1,880
Trade and other payables	(50,581)	(5,846)	(8,135)	(53,609)	(5,286)	(2,299)
Total exposure to currency risk	$ 739	€ 76,873	$ (27,182)	$ 126,636	€ 76,554	$ 24,439

Capitalized Commission Assets

12 Months Ended

Feb. 28, 2023

CAPITALIZED COMMISSION ASSETS

6. CAPITALIZED COMMISSION ASSETS

	As of February 28
Figures in Rand thousands	2023			2022

Cost		537,367			413,240
Accumulated amortization		(250,313	)		(181,703	)
Carrying value		287,054			231,537

Reconciliation of the carrying value of capitalized sales commissions

	As of February 28
Figures in Rand thousands	2023			2022

At March 1		231,537			201,075
Additions		112,738			112,639
Amortization		(64,707	)		(64,566	)
Write off		–			(15,301	)
Translation adjustments		7,486			(2,310	)
At February 28		287,054			231,537

The Group capitalizes sales commission costs arising from activated subscription contracts.

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 28, 2023.

Trade and Other Receivables and Prepayments (Details) - Schedule of maturity analysis of the undiscounted lease payments to be received R in Thousands	12 Months Ended
	Feb. 28, 2023 ZAR (R)
Maturities analysis
within one year	R 4,078
within two to four years	14,525
over four years	2,800
Present value of lease payments	21,403
Non-current asset	17,325
Current asset	4,078
Total non-current asset	R 21,403

Loans to/(From) Related Parties

12 Months Ended

Feb. 28, 2023

Loans to/(From) Related Parties [Abstract]

LOANS TO/(FROM) RELATED PARTIES

12. LOANS TO/(FROM) RELATED PARTIES

	As of February 28
Figures in Rand thousands	2023			2022

Non-current assets
Loans to related party		25,800			19,400

Current liabilities
Loans from related parties		(607	)		(2,134	)

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.

Significant Accounting Policies (Details) R in Millions	12 Months Ended
Significant Accounting Policies (Details) R in Millions	Feb. 28, 2023 ZAR (R)
Disclosure Of Significant Accounting Policies Text Block Abstract
Offers warrant amount	R 1.0

Acquisition of Subsidiary (Tables)

12 Months Ended

Feb. 28, 2023

Disclosure Of Subsidiaries Text Block Abstract

Schedule of net assets and the cash outflows on the acquisition

Figures in Rand thousands	Notes	As of February 28, 2022

Intangible assets ¹	7		13,385
Other non-current assets			5,055
Cash and cash equivalents			2,140
Other current assets (excluding cash and cash equivalents)			11,090
Non-current liabilities			(13,478	)
Current liabilities			(3,967	)

Net identifiable assets acquired			14,225
Add: Goodwill	8		58,314
Add: Other financial asset ²			1,865
Less: NCI based on proportionate interest			(4,253	)
Cash consideration transferred for the business			70,151

Less: cash and cash equivalents acquired			(2,140	)
Net outflow of cash			68,011

This relates to a call option agreement with the non-controlling shareholders of Picup to acquire additional 13% interest in Karooooo Logistics. The option is exercisable from September 1, 2024 and expires on February 29, 2028. The value of the call option as of February 28, 2023 is disclosed in Note 14.

Figures in Rand thousands	Note	As of February 28, 2022

Property, plant and equipment			114,166
Cash and cash equivalents			1,404
Other current assets (excluding cash and cash equivalents)			1,476
Term loans	16		(59,088	)
Other non-current liabilities			(14,387	)
Current liabilities			(1,167	)

Net identifiable assets acquired			42,404
Settlement of amounts due from Purple Rain			(42,404	)
Cash consideration transferred for acquisition of asset				*

Less: cash and cash equivalents acquired			(1,404	)
Net inflow of cash			(1,404	)

*	Amount is less than a thousand Rand.

Basic and Diluted Earnings Per Share Information (Tables)

12 Months Ended

Feb. 28, 2023

Basic and Diluted Earnings Per Share Information [Abstract]

Schedule of basic and diluted earnings per share

	Year ended February 28
Figures in Rand	2023		2022		2021

Basic earnings
Profit attributable to ordinary shareholder of Karooooo (ZAR ’000)		597,153		449,953		318,183

Weighted average number of ordinary shares issued		30,951,106		29,528,020		20,332,894

Basic and diluted earnings per share (ZAR)		19.29		15.24		15.65

Property, Plant and Equipment (Tables)

12 Months Ended

Feb. 28, 2023

Disclosure Of Property Plant And Equipment Text Block Abstract

Schedule of property, plant and equipment

	Land and Property ³			Plant, equipment and vehicles			IT equipment			Capitalized telematics devices – Work-in- Progress		Capitalized telematics devices – Uninstalled		Capitalized telematics devices - Installed			Construction in progress		Total
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

At February 28, 2022
Owned assets
Cost		141,873			132,870			100,299			138,405		173,871		2,039,265			4,166		2,730,749
Accumulated depreciation		(21,858	)		(101,426	)		(50,932	)		-		-		(1,268,141	)		-		(1,442,357	)
Carrying value		120,015			31,444			49,367			138,405		173,871		771,124			4,166		1,288,392

*Right-of-use assets*
Cost		112,516			43,435			20,586			–		–		–			–		176,537
Accumulated depreciation		(48,128	)		(10,927	)		(15,215	)		–		–		–			–		(74,270	)
Carrying value		64,388			32,508			5,371			–		–		–			–		102,267

Total		184,403			63,952			54,738			138,405		173,871		771,124			4,166		1,390,659

During the financial year ended February 28, 2022, the Group has reclassified capitalized telematics devices - installed to capitalized telematics devices - uninstalled of ZAR 50.4 million to better reflect the underlying nature of these assets. The reclassification was corrected prospectively as the impact to the prior period is not material.

Amount is net of the provision for unconverted motor dealership units amounting to ZAR 13.3 million.

Certain freehold land and building of the Group with a carrying amount of 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.

Schedule of reconciliation of the carrying value of property, plant and equipment

	Land and Property ³			Plant, equipment and vehicles			IT equipment			Capitalized telematics devices – Work-in- Progress			Capitalized telematics devices – Uninstalled			Capitalized telematics devices - Installed			Construction in progress		Total

At February 28, 2023
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

Figures in Rand thousands	Land and Property			Plant, equipment and vehicles			IT equipment			Capitalized telematics devices – Work-in- Progress			Capitalized telematics devices – Uninstalled			Capitalized telematics devices - Installed			Construction in progress		Total
At February 28, 2022
Owned assets
Beginning balance		17,742			20,151			25,270			104,475			116,422			761,433			-		1,045,493
Acquisition of subsidiary		110,000			45			261			-			-			-			4,166		114,472
Additions		3,152			5,940			43,339			212,940			56,857	²		230,406			-		552,634
Transfer		-			-			-			(179,010	)		(47,825	)		226,835			-		-
Disposals		(108	)		(27	)		(470	)		-			-			(2,391	)		-		(2,996	)
Depreciation		(4,992	)		(9,023	)		(14,798	)		-			-			(384,058	)		-		(412,871	)
Reclassification (to)/ from right-of-use assets		(5,816	)		14,620			(4,649	)		-			-			-			-		4,155
Reclassification¹		-			-			-			-			50,355			(50,355	)		-		-
Translation adjustments		37			(262	)		414			-			(1,938	)		(10,746	)		-		(12,495	)
Ending balance		120,015			31,444			49,367			138,405			173,871			771,124			4,166		1,288,392

Right-of-use assets
Beginning balance		52,633			33,993			5,073			-			-			-			-		91,699
Additions		38,859			25,183			132			-			-			-			-		64,174
Transfer		(3,798	)		3,629			169			-			-			-			-		-
Disposals		(146	)		(528	)		(20	)		-			-			-			-		(694	)
Depreciation		(26,948	)		(14,123	)		(4,339	)		-			-			-			-		(45,410	)
Reclassification from/(to) owned assets		5,816			(14,620	)		4,649			-			-			-			-		(4,155	)
Translation adjustments		(2,028	)		(1,026	)		(293	)		-			-			-			-		(3,347	)
Ending balance		64,388			32,508			5,371			-			-			-			-		102,267

Total		184,403			63,952			54,738			138,405			173,871			771,124			4,166		1,390,659

Amount is net of the provision for unconverted motor dealership units amounting to ZAR 13.3 million.

Significant Accounting Policies (Details) - Schedule of property, plant and equipment useful lives	12 Months Ended
	Feb. 28, 2023
Property [Member]
Significant Accounting Policies (Details) - Schedule of property, plant and equipment useful lives [Line Items]
Depreciation method	Straight line
Property - Right of use assets [Member]
Significant Accounting Policies (Details) - Schedule of property, plant and equipment useful lives [Line Items]
Depreciation method	Straight line
Average useful life	Lease term or useful life whichever is shorter
Property - Leasehold improvements [Member]
Significant Accounting Policies (Details) - Schedule of property, plant and equipment useful lives [Line Items]
Depreciation method	Straight line
Average useful life	3
Plant, equipment and vehicles [Member]
Significant Accounting Policies (Details) - Schedule of property, plant and equipment useful lives [Line Items]
Depreciation method	Straight line
IT equipment [Member]
Significant Accounting Policies (Details) - Schedule of property, plant and equipment useful lives [Line Items]
Depreciation method	Straight line
Average useful life	3
Capitalized telematics devices - Installed [Member]
Significant Accounting Policies (Details) - Schedule of property, plant and equipment useful lives [Line Items]
Depreciation method	Straight line
Average useful life	5
Minimum [Member] \| Property [Member]
Significant Accounting Policies (Details) - Schedule of property, plant and equipment useful lives [Line Items]
Average useful life	20
Minimum [Member] \| Plant, equipment and vehicles [Member]
Significant Accounting Policies (Details) - Schedule of property, plant and equipment useful lives [Line Items]
Average useful life	4
Maximum [Member] \| Property [Member]
Significant Accounting Policies (Details) - Schedule of property, plant and equipment useful lives [Line Items]
Average useful life	50
Maximum [Member] \| Plant, equipment and vehicles [Member]
Significant Accounting Policies (Details) - Schedule of property, plant and equipment useful lives [Line Items]
Average useful life	5

Material Non-Controlling Interest (Tables)

12 Months Ended

Feb. 28, 2023

Material Non-Controlling Interest [Abstract]

Schedule of information relating to the group’s subsidiary material NCI

	Cartrack Holdings Proprietary Limited
Figures in Rand thousands	As of February 28, 2021

NCI percentage		31.9	%
Principal place of business		South Africa

Revenue		2,290,543
Profit for the year after tax		542,338
Other comprehensive income		(12,942	)
Total comprehensive income		529,396

Profit attributable to NCI		179,237
Other comprehensive income attributable to NCI		(8,094	)
Total comprehensive income attributable to NCI		171,143

Non-current assets		1,588,204
Current assets		453,576
Current liabilities		(533,914	)
Non-current liabilities		(198,430	)
Net assets		1,309,436
Net assets attributable to NCI		427,133

Cash flows from operating activities		955,309
Cash flows from investing activities		(517,691	)
Cash flows from financing activities		(500,629	)
Net decrease in cash and cash equivalents		(63,011	)

Dividends paid to NCI		(145,859	)

Accounting Policies, by Policy (Policies)

12 Months Ended

Feb. 28, 2023

Accounting Policies [Abstract]

Basis of consolidation

a)	Basis of consolidation

The consolidated financial statements comprises the financial statement 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 acquire, that are present ownership interests and entitled their holders to a proportionate share of net assets of the acquire 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 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 expires. 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 initially 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 relationship

Customer relationship 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.

Sales tax

Revenues, expenses and assets are recognized net of the amount of sales tax except:

●

Where the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case the sales 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 sales tax included.

The net amount of sales 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.

Other Financial Assets

12 Months Ended

Feb. 28, 2023

Other Financial Assets [Abstract]

OTHER FINANCIAL ASSETS

14. OTHER FINANCIAL ASSETS

	As of February 28
Figures in Rand thousands	2023		2022

Non-current assets
Derivative – call option ¹		388		1,359

Current assets
Derivative – put option ²		-		15,305
		388		16,664

¹	Relates to the acquisition of Picup. See Note 28 for details.

² Relates to the put option agreement entered with ultimate controlling shareholder to grant the Group the right to sell all its interest in Picup. 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.

Other Financial Assets (Tables)

12 Months Ended

Feb. 28, 2023

Other Financial Assets [Abstract]

Schedule of other financial assets

	As of February 28
Figures in Rand thousands	2023		2022

Non-current assets
Derivative – call option ¹		388		1,359

Current assets
Derivative – put option ²		-		15,305
		388		16,664

¹	Relates to the acquisition of Picup. See Note 28 for details.

Relates to the put option agreement entered with ultimate controlling shareholder to grant the Group the right to sell all its interest in Picup. 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.

Risk Management (Tables)

12 Months Ended

Feb. 28, 2023

Risk Management [Abstract]

Schedule of expected credit losses on financial assets recognized in profit or loss

	Year ended February 28
Figures in Rand thousands	2023		2022		2021

Expected credit loss provision on trade receivables arising from contracts with customers		87,541		88,482		80,842

Schedule of provides information about the expected credit loss rate for trade receivables by ageing category

Figures in Rand thousands	Expected credit loss rate			Gross carrying amount		Impairment loss allowance

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

Figures in Rand thousands	Expected credit loss rate			Gross carrying amount		Impairment loss allowance

At February 28, 2022
Since invoicing		7	%		148,625		10,139
1 month since invoicing date		14	%		47,681		6,661
2 months since invoicing date		22	%		26,329		5,729
3 months since invoicing date		61	%		228,092		139,154
Total		36	%		450,727		161,683

Schedule of contractual undiscounted cash flows and contractual interest payments

Figures in Rand thousands	Less than 1 year		2 years		3 years		4 years		>5 years		Total

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

At February 28, 2022
Term loans		22,408		43,884		17,938		16,036		–		100,266
Lease obligations		50,821		42,853		17,305		4,733		8,333		124,045
Trade and other payables		250,970		–		–		–		–		250,970
Loans from related parties		2,134		–		–		–		–		2,134
Bank overdraft		13,722		–		–		–		–		13,722

Schedule of currency risk

Figures in Rand thousands	USD			EUR			SGD

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	)

At February 28, 2022
Trade and other receivables	62,247		228		–
Loan from related parties	86,159		71,994		32,085
Loan to related parties	(112,334	)	–		(7,227	)
Cash and cash equivalents	144,173		9,618		1,880
Trade and other payables	(53,609	)	(5,286	)	(2,299	)
	126,636		76,554		24,439

Schedule of a factor change of 10% has been applied to the exchange rates

Figures in Rand thousands	Strengthening of ZAR			Weakening of ZAR

February 28, 2023
USD		(74	)		74
EUR		(7,687	)		7,687
SGD		2,718			(2,718	)
		(5,043	)		5,043

February 28, 2022
USD	(12,664	)	12,664
EUR	(7,655	)	7,655
SGD	(2,444	)	2,444
	(22,763	)	22,763

Schedule of a factor of 1% has been applied to the interest rates

	As of February 28
Figures in Rand thousands	2023			2022

Effect on profit before tax (1% increase)		(599	)		(893	)
Effect on profit before tax (1% decrease)		599			893

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. 28, 2023	Feb. 28, 2022
Schedule of Reconciliation of the Expected Credit Loss Provision Recognized With Regard to Trade and Other Receivables [Abstract]
Beginning balance	R (161,683)	R (101,066)
Allowance for expected credit losses, net	(87,541)	(88,482)
Amounts utilized	105,921	26,896
Translation adjustments	(6,238)	969
Ending balance	R (149,541)	R (161,683)

Significant Accounting Policies

12 Months Ended

Feb. 28, 2023

Disclosure Of Significant Accounting Policies Text Block Abstract

SIGNIFICANT ACCOUNTING POLICIES

2. SIGNIFICANT ACCOUNTING POLICIES

2.1 Significant accounting judgements, estimates and assumptions

The preparation of the Group’s consolidated financial statements requires management to make judgements, 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.

Judgements

Management is of the opinion that there is no significant judgement 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 value-in-use calculations. These 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 Group’s goodwill is subjected to impairment assessment for the financial year ended February 28, 2023. Management assesses goodwill impairment annually. For impairment assessment, management uses a discounted cash flow model which involves significant judgement in estimating the recoverable values of these assets. Any shortfall of the recoverable values against the carrying amounts of these assets will be recognized as impairment losses. The recoverable amount 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 value-in-use including a sensitivity analysis, are disclosed and further explained in Note 8 to the financial statements.

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

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

Goodwill is initially measured at cost. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses.

Subsidiaries

Non-controlling interest

b)	Foreign currency

i.	*Functional and presentation currency*

ii.

Transactions and balances

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

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.

Subsequent measurement

Amortized cost

Fair value through other comprehensive income (“FVOCI”)

Fair value through profit or loss (“FVPL”)

Derecognition

ii.

Financial liabilities

Initial recognition and measurement

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

Derecognition

d)	Derivative financial instruments

e)	Impairment of financial assets

f)	Property, plant and equipment

i.	*Recognition and measurement*

The cost of telematic devices is capitalized as property, plant and equipment.

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.

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 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

The useful lives of intangible assets are assessed as either finite or indefinite.

i.	*Product development costs*

●

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.

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

iii.

Brand name

iv.

Customer relationship

i)	Impairment of non-financial assets

The impairment losses are recognized in profit or loss.

j)	Taxation

i.	*Current income tax*

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 liabilities are recognized for all temporary differences, except:

●

iii.

Sales tax

Revenues, expenses and assets are recognized net of the amount of sales tax except:

●

Receivables and payables that are stated with the amount of sales tax included.

The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position.

k)	Leases

i.	*As Lessee*

Right-of-use assets

The Group’s right-of-use assets are presented in property, plant and equipment in the consolidated statement of financial position.

Lease liabilities

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

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.

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.

l)	Inventories

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.

m)	Cash and cash equivalents

n)	Borrowing costs

o)	Employee benefits

i.	*Defined contribution plans*

ii.

Employee leave entitlement

p)	Provisions and contingencies

q)	Revenue

Hardware revenue

Installation revenue

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.

Miscellaneous contract fees

Motor Dealership Embedded Devices

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.

r)	Government grants

Government grant relates to Research and Development (“R&D”) incentives and various COVID-19 relief government initiatives.

s)	Earnings per share

Basic earnings per share

Diluted earnings per share

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.

u)	Treasury shares

v)	Contingencies

A contingent liability is:

●

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.

Contingent liabilities and assets are not recognized on the statement of financial position of the Group.

Risk Management (Details) - Schedule of contractual undiscounted cash flows and contractual interest payments - ZAR (R) R in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022
Risk Management (Details) - Schedule of contractual undiscounted cash flows and contractual interest payments [Line Items]
Term loans	R 73,692	R 100,266
Lease obligations	130,500	124,045
Trade and other payables	329,481	250,970
Loans from related parties	607	2,134
Bank overdraft	40	13,722
Less than 1 year [Member]
Risk Management (Details) - Schedule of contractual undiscounted cash flows and contractual interest payments [Line Items]
Term loans	21,993	22,408
Lease obligations	56,511	50,821
Trade and other payables	329,481	250,970
Loans from related parties	607	2,134
Bank overdraft	40	13,722
2 years [Member]
Risk Management (Details) - Schedule of contractual undiscounted cash flows and contractual interest payments [Line Items]
Term loans	18,352	43,884
Lease obligations	37,454	42,853
Trade and other payables
Loans from related parties
Bank overdraft
3 years [Member]
Risk Management (Details) - Schedule of contractual undiscounted cash flows and contractual interest payments [Line Items]
Term loans	17,596	17,938
Lease obligations	15,084	17,305
Trade and other payables
Loans from related parties
Bank overdraft
4 years [Member]
Risk Management (Details) - Schedule of contractual undiscounted cash flows and contractual interest payments [Line Items]
Term loans	15,751	16,036
Lease obligations	11,180	4,733
Trade and other payables
Loans from related parties
Bank overdraft
>5 years [Member]
Risk Management (Details) - Schedule of contractual undiscounted cash flows and contractual interest payments [Line Items]
Term loans
Lease obligations	10,271	8,333
Trade and other payables
Loans from related parties
Bank overdraft

Fair value of Assets and liabilities

12 Months Ended

Feb. 28, 2023

Disclosure Of Fair Value Of Financial Instruments Text Block 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.

The fair value of the underlying share of Picup 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 28, 2023, 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 28, 2023

Figures in Rand thousands

Notes

Carrying amount

Aggregate fair value

Loan to related party

25,800

24,112

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.

Dividends Paid

12 Months Ended

Feb. 28, 2023

Dividends Paid [Abstract]

DIVIDENDS PAID

26. DIVIDEND PAID

During the financial year ended February 28, 2022, no dividends were paid.

	Year ended February 28
Figures in Rand thousands	2023			2022		2021

Dividend paid by the Company to owner of the Company		(331,252	)		–		(272,235	)
Dividend paid by subsidiaries to NCI		–			–		(145,859	)
Total dividend paid		(331,252	)		–		(418,094	)

Dividend per share

Dividend paid by the Company to owner of the Company

	Year ended February 28
	2023				2021
Figures in Rand thousands	Per share (ZAR)		Amount		Per share (ZAR)		Amount
Interim dividend		10.70		331,252		104,385.00		104,385
Final dividend		–		–		8.26		167,850
				331,252				272,235

Dividend paid by subsidiaries to NCI

Year ended February 28

Figures in Rand thousands

2023

2021

Subsidiary

Per share (ZAR)

Amount

Per share (ZAR)

Amount

Cartrack Holdings Proprietary Limited

–

0.54

51,536

Cartrack Holdings Proprietary Limited

–

0.87

83,030

Cartrack Limitada

–

5.68

9,090

Found Proprietary Limited

–

20,000.00

1,020

Cartrack Polska.Sp.zo.o

–

119,019.27

1,183

–

145,859

Finance Income (Tables)

12 Months Ended

Feb. 28, 2023

Finance Income [Abstract]

Schedule of finance income

	Year ended February 28
Figures in Rand thousands	2023		2022		2021

Interest income from bank balances		23,255		6,083		4,358

Taxation (Tables)

12 Months Ended

Feb. 28, 2023

Taxation [Abstract]

Schedule of taxation

		Year ended February 28
Figures in Rand thousands	Note	2023			2022			2021

Major components of the tax expense:
Current tax
Current year			250,606			208,141			160,751
Prior year			(4,671	)		8,573			5,725
Other – Securities Transfer tax			–			–			200
			245,935			216,714			166,676

Deferred tax
Current year			15,972			(16,370	)		36,184
Prior year			1,257			(3,394	)		(19,188	)
	9		17,229			(19,764	)		16,996

Withholding tax			22,134			8,526			14,956

Total tax expense			285,298			205,476			198,628

Reconciliation between accounting profit and tax expense:
Profit before taxation			894,104			682,083			696,048
Tax at the applicable tax rate of 17% ¹ (2022: 17%¹, 2021: 17%¹)			151,998			115,954			118,328
Effect of different tax rates in foreign jurisdictions			91,841			66,257			71,122

Taxation effect of adjustments on taxable income:
Utilization of previously unrecognized tax losses			(2,239	)		(982	)		(1,332	)
Tax incentive			(5,975	)		(2,709	)		(5,827	)
Income not subject to tax			(4,184	)		(270	)		(219	)
Non-deductible expenses			20,789			12,556			12,072
Recognition of previously unrecognized tax losses			(1,794	)		(2,060	)		–
Current year losses for which no deferred tax asset is recognized			14,085			1,040			2,791
Withholding tax			22,134			8,526			14,956
Securities transfer tax			–			–			200
Prior year tax under/(over) provision			(3,414	)		5,179			(13,463	)
Tax effect of deferred tax on decrease in tax rate			(594	)		–			–
Others			2,651			1,985			–
Total tax expense			285,298			205,476			198,628

¹	This is the corporate tax rate in Singapore.

Lease Liabilities (Details) - ZAR (R) R in Millions	12 Months Ended
Lease Liabilities (Details) - ZAR (R) R in Millions	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Lease Liabilities (Details) [Line Items]
Total cash outflows for leases	R 64.8	R 53.5	R 52.3
Lease payments	R 6.2	R 8.2	R 11.2
Minimum [Member]
Lease Liabilities (Details) [Line Items]
Average term	3 years
Maximum [Member]
Lease Liabilities (Details) [Line Items]
Average term	4 years

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. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
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 87,541	R 88,482	R 80,842

Intangible Assets (Details) - Schedule of reconciliation of the carrying value of intangible assets - ZAR (R) R in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022
Intangible Assets (Details) - Schedule of reconciliation of the carrying value of intangible assets [Line Items]
Beginning balance	R 77,031	R 59,339
Acquisition of subsidiary		13,385
Additions	46,653	43,816
Amortization	(51,143)	(39,078)
Translation adjustments	13,101	(431)
Ending balance	85,642	77,031
Product development costs [Member]
Intangible Assets (Details) - Schedule of reconciliation of the carrying value of intangible assets [Line Items]
Beginning balance	59,737	53,644
Acquisition of subsidiary
Additions	38,837	40,787
Amortization	(42,638)	(34,288)
Translation adjustments	12,365	(406)
Ending balance	68,301	59,737
Computer software [member]
Intangible Assets (Details) - Schedule of reconciliation of the carrying value of intangible assets [Line Items]
Beginning balance	11,321	5,695
Acquisition of subsidiary		6,218
Additions	7,816	3,029
Amortization	(6,115)	(3,596)
Translation adjustments	736	(25)
Ending balance	13,758	11,321
Trade name [Member]
Intangible Assets (Details) - Schedule of reconciliation of the carrying value of intangible assets [Line Items]
Beginning balance	652
Acquisition of subsidiary		782
Additions
Amortization	(261)	(130)
Translation adjustments
Ending balance	391	652
Customer relationship [Member]
Intangible Assets (Details) - Schedule of reconciliation of the carrying value of intangible assets [Line Items]
Beginning balance	5,321
Acquisition of subsidiary		6,385
Additions
Amortization	(2,129)	(1,064)
Translation adjustments
Ending balance	R 3,192	R 5,321

Commitments (Details) - ZAR (R) R in Millions	12 Months Ended
Commitments (Details) - ZAR (R) R in Millions	Feb. 28, 2023	Feb. 28, 2022
Commitments [Abstract]
Commitments for capital expenditure	R 45.0
Capital expenditure		R 13.8
Redevelopment cost	R 294.0

Deferred tax (Tables)

12 Months Ended

Feb. 28, 2023

Disclosure Of Deferred Taxes Text Block Abstract

Schedule of deferred tax

		As of February 28
Figures in Rand thousands	Note	2023			2022

Deferred tax liabilities			(51,894	)		(47,063	)
Deferred revenue			59,402			58,137
Property, plant and equipment and capitalized commission assets			(144,007	)		(144,782	)
Lease obligations			4,812			4,690
ECL provision on trade receivables			17,238			21,887
Other			10,661			13,005

Deferred tax assets			60,919			58,383
Deferred revenue			4,856			540
Property, plant and equipment and capitalized commission assets			25,233			27,059
Tax losses			8,795			19,710
Lease obligations			2,903			1,303
ECL provision on trade receivables			8,890			3,953
Other			10,242			5,818

Total net deferred tax assets			9,025			11,320

Reconciliation of deferred tax assets/(liabilities)
At March 1			11,320			5,022
Acquisition of subsidiaries			-			(13,386	)
Increase in deferred revenue temporary differences			5,417			13,912
Decrease in property, plant and equipment and capitalized commission assets temporary differences			(469	)		(23,479	)
(Decrease)/increase in tax losses temporary differences			(13,076	)		8,887
Increase/(decrease) in lease obligation temporary differences			1,659			(6,365	)
(Decrease)/increase in ECL provision on trade receivables temporary differences			(430	)		13,855
Increase in other temporary differences			1,504			12,954
Translation adjustments			3,100			(80	)
At February 28			9,025			11,320

Reconciliation of deferred tax balances
At March 1			11,320			5,022
Acquisition of subsidiaries			–			(13,386	)
(Charge)/credit to income statement	24		(17,229	)		19,764
Others			14,570			-
Translation adjustments			364			(80	)
At February 28			9,025			11,320

Taxation Paid (Tables)

12 Months Ended

Feb. 28, 2023

Taxation Paid Abstract

Schedule of taxation paid

	Year ended February 28
Figures in Rand thousands	2023			2022			2021

Balance payable at beginning of the year		(32,100	)		(10,203	)		(16,458	)
Acquisition of subsidiary		–			477			–
Current tax for the year recognized in profit or loss		(268,069	)		(225,240	)		(181,632	)
Translation adjustments		(3,821	)		341			–
Balance payable at end of the year		47,369			32,100			10,203
		(256,621	)		(202,525	)		(187,887	)

Operating Profit (Details) - Schedule of operating profit - ZAR (R)
R in Thousands

12 Months Ended

Feb. 28, 2023

Feb. 28, 2022

Feb. 28, 2021

Operating profit is stated after accounting for the following charges:

Depreciation of property, plant and equipment

R 493,788

R 458,281

R 372,936

Amortization of capitalized commission assets

64,707

64,566

46,957

Amortization of intangible assets

51,143

39,078

25,856

Employee benefits expense

^[1]

865,831

720,606

396,369

Defined contribution plan

R 44,681

R 26,534

R 21,742

[1]	After offsetting government grant received ZAR nil (2022: ZAR 6.7 million, 2021: ZAR 16.7 million).

Operating Profit (Details) - ZAR (R) R in Millions	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Operating Profit [Abstract]
Offsetting government grant		R 6.7	R 16.7

Dividends Paid (Details) - Schedule of dividend paid - ZAR (R) R / shares in Units, R in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Dividends Paid (Details) - Schedule of dividend paid [Line Items]
Dividend paid by the Company to owner of the Company	R (331,252)		R (272,235)
Dividend paid by subsidiaries to NCI			(145,859)
Total dividend paid	R (331,252)		R (418,094)
Interim Dividend [Member]
Dividends Paid (Details) - Schedule of dividend paid [Line Items]
Dividend per share (in Rand per share)	R 10.7		R 104,385
Dividend	R 331,252		R 104,385
Final Dividend [Member]
Dividends Paid (Details) - Schedule of dividend paid [Line Items]
Dividend per share (in Rand per share)			R 8.26
Dividend			R 167,850
Total Dividend [Member]
Dividends Paid (Details) - Schedule of dividend paid [Line Items]
Dividend	R 331,252		R 272,235
Cartrack Holdings Proprietary Limited [Member]
Dividends Paid (Details) - Schedule of dividend paid [Line Items]
Subsidiary per share (in Rand per share)			R 0.54
Subsidiary			R 51,536
Cartrack Holdings Proprietary Limited [Member]
Dividends Paid (Details) - Schedule of dividend paid [Line Items]
Subsidiary per share (in Rand per share)			R 0.87
Subsidiary			R 83,030
Cartrack Limitada [Member]
Dividends Paid (Details) - Schedule of dividend paid [Line Items]
Subsidiary per share (in Rand per share)			R 5.68
Subsidiary			R 9,090
Found Proprietary Limited [Member]
Dividends Paid (Details) - Schedule of dividend paid [Line Items]
Subsidiary per share (in Rand per share)			R 20,000
Subsidiary			R 1,020
Cartrack Polska.Sp.zo.o [Member]
Dividends Paid (Details) - Schedule of dividend paid [Line Items]
Subsidiary per share (in Rand per share)			R 119,019.27
Subsidiary			R 1,183
Total Subsidiary [Member]
Dividends Paid (Details) - Schedule of dividend paid [Line Items]
Subsidiary			R 145,859

Inventories

12 Months Ended

Feb. 28, 2023

Disclosure Of Inventories [Abstract]

INVENTORIES

10. INVENTORIES

	As of February 28
Figures in Rand thousands	2023		2022

Vehicles		75,843		25,369
Other consumables		3,316		-
Total inventories		79,159		25,369

Inventories recognized as an expense in cost of sales		218,847		59,213

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. 28, 2023	Feb. 28, 2022
Schedule of provides information about the expected credit loss rate for trade receivables by ageing category [Abstract]
Expected credit loss rate	31.00%	36.00%
Gross carrying amount	R 485,740	R 450,727
Impairment loss allowance	R 149,541	R 161,683
Since invoicing [Member]
Schedule of provides information about the expected credit loss rate for trade receivables by ageing category [Abstract]
Expected credit loss rate	7.00%	7.00%
Gross carrying amount	R 195,058	R 148,625
Impairment loss allowance	R 13,177	R 10,139
1 month since invoicing date [Member]
Schedule of provides information about the expected credit loss rate for trade receivables by ageing category [Abstract]
Expected credit loss rate	18.00%	14.00%
Gross carrying amount	R 51,655	R 47,681
Impairment loss allowance	R 9,434	R 6,661
2 months since invoicing date [Member]
Schedule of provides information about the expected credit loss rate for trade receivables by ageing category [Abstract]
Expected credit loss rate	25.00%	22.00%
Gross carrying amount	R 29,777	R 26,329
Impairment loss allowance	R 7,328	R 5,729
3 months since invoicing date [Member]
Schedule of provides information about the expected credit loss rate for trade receivables by ageing category [Abstract]
Expected credit loss rate	57.00%	61.00%
Gross carrying amount	R 209,250	R 228,092
Impairment loss allowance	R 119,602	R 139,154

Finance Costs (Tables)

12 Months Ended

Feb. 28, 2023

Disclosure Of Finance Cost Text Block Abstract

Schedule of finance costs

	Year ended February 28
Figures in Rand thousands	2023		2022		2021

Lease liabilities		8,199		6,249		5,588
Term loans		797		4,317		2,711
Overdraft		291		794		870
Others		808		971		133
		10,095		12,331		9,302

Intangible Assets (Details) - Schedule of intangible assets - ZAR (R) R in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Cost	R 186,128	R 154,883
Accumulated amortization	(100,486)	(77,852)
Carrying value	85,642	77,031
Product development costs [Member]
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Cost	144,922	123,036
Accumulated amortization	(76,621)	(63,299)
Carrying value	68,301	59,737
Computer software [Member]
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Cost	34,039	24,680
Accumulated amortization	(20,281)	(13,359)
Carrying value	13,758	11,321
Trade name [Member]
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Cost	782	782
Accumulated amortization	(391)	(130)
Carrying value	391	652
Customer relationship [Member]
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Cost	6,385	6,385
Accumulated amortization	(3,193)	(1,064)
Carrying value	R 3,192	R 5,321

Consolidated Statement of Changes in Equity - ZAR (R)
R in Thousands

Share capital

Common control reserve

Foreign currency translation

Investment by owner

Retained earnings

Total attributable to owner of the parent

Non- controlling interest

Share capital

Total

Balance at Feb. 29, 2020

R 10

R 11,851

R 30,383

R 835,978

R 878,222

R 346,913

R 1,225,135

Profit for the year

318,183

179,237

497,420

Other comprehensive income

(2,146)

(8,094)

(10,240)

Total comprehensive income for the year

(2,146)

318,183

316,037

171,143

487,180

Dividends

(272,235)

(145,859)

(418,094)

Common control reserve

^[1]

2,739,619

(2,709,236)

(30,383)

Total contribution by and distributions to owner

2,739,619

(2,709,236)

(30,383)

(272,235)

(145,859)

(418,094)

Total transactions with owner

^[2]

(58,671)

58,671

2,739,619

(2,709,236)

(30,383)

(330,906)

(87,188)

(418,094)

Acquiring interest in subsidiaries without change in control

(7,893)

(3,666)

(11,559)

Disposal of interest in subsidiaries without change in control

(147)

(69)

(216)

Total changes in ownership interest in subsidiaries

(8,040)

(3,735)

(11,775)

Balance at Feb. 28, 2021

2,739,629

(2,709,236)

9,705

815,215

855,313

427,133

1,282,446

Profit for the year

449,953

26,654

476,607

Other comprehensive income

19,071

(1,116)

17,955

Total comprehensive income for the year

19,071

449,953

469,024

25,538

494,562

Issuance of share capital

4,452,423

IPO costs off set against share capital

(49,199)

Dividends

(6,726)

^[3]

(6,726)

Derivative – put option

15,305

Total contribution by and distributions to owner

4,403,224

15,305

4,418,529

(6,726)

4,411,803

Total transactions with owner

^[2]

(3,950)

3,950

4,403,224

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)

28,776

1,276,523

2,151,276

22,905

(3,587,640)

2,174,181

Profit for the year

597,153

11,653

608,806

Other comprehensive income

216,333

4,138

220,471

Total comprehensive income for the year

216,333

597,153

813,486

15,791

829,277

Dividends

(293,562)

(8,518)

^[5]

(302,080)

Derivative – put option

(15,305)

Total transactions with owner

(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

R 7,142,853

R (2,709,236)

R 245,109

R 1,564,809

R 2,660,967

R 30,908

R (3,582,568)

R 2,691,875

[1]	Karooooo Ltd (“Karooooo”) acquired control of Cartrack Holdings Limited (“Cartrack”) on November 18, 2020 when the loan from Isaias Jose Calisto to Karooooo was extinguished through the issuance of shares.
[2]	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 year ended February 28, 2021 and February 28, 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.
[3]	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 as of February 28, 2022.
[4]	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.
[5]	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 as of February 28, 2023.

Share Capital (Details) - shares	1 Months Ended			12 Months Ended
Share Capital (Details) - shares	Apr. 30, 2021	Apr. 21, 2021	Nov. 18, 2020	Feb. 28, 2022
Share Capital (Details) [Line Items]
Number of ordinary shares issue increase	20,332,894		20,332,894
Issued additional shares	1,207,500
Other ordinary shares issued		9,410,712
Bottom of range [member]
Share Capital (Details) [Line Items]
Company’s authorized shares				20,332,894
Top of range [member]
Share Capital (Details) [Line Items]
Number of ordinary shares issue increase				30,951,106

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. 28, 2023	Feb. 28, 2022
Schedule of Detailed Information About Trade and Other Receivables and Prepayments [Abstract]
Amounts due from related parties		R 2,515
Trade receivables	485,740	448,212
Expected credit loss provision	(149,541)	(161,683)
Total trade receivables	336,199	289,044
Other receivables
Deposits	11,811	6,386
Sundry debtors	24,739	9,131
Finance lease receivables	21,403
Subtotal	394,152	304,561
Prepayments	32,387	28,964
Other taxes	7,367	10,083
Total trade and other receivables and prepayments	433,906	343,608
Non-current	24,715	9,722
Current	409,191	333,886
Total non-current	R 433,906	R 343,608

Lease Liabilities (Details) - Schedule of lease liabilities - ZAR (R) R in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022
Maturities analysis
– within one year	R 52,843	R 47,294
– within two to four years	57,930	56,868
– over four years	9,954	7,916
Present value of lease payments	120,727	112,078
Non-current liabilities	67,882	64,784
Current liabilities	52,845	47,294
Total liabilities	R 120,727	R 112,078

Capitalized Commission Assets (Details) - Schedule of capitalized commission assets - ZAR (R) R in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022
Schedule of capitalized commission assets [Abstract]
Cost	R 537,367	R 413,240
Accumulated amortization	(250,313)	(181,703)
Carrying value	R 287,054	R 231,537

Trade and Other Payables (Details) - Schedule of trade and other payables - ZAR (R) R in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022
Trade payables
Amounts due to related parties	R 13,081	R 8,963
Trade payables	137,400	90,387
Accrued expenses	121,784	115,198
Trade payables total	272,265	214,548
Other payables
Sundry creditors	22,918	14,754
Other taxes	44,566	30,896
Dividend payable to NCI	34,298	21,668
Other payables total	R 374,047	R 281,866

Loans to/(From) Related Parties (Tables)

12 Months Ended

Feb. 28, 2023

Loans to/(From) Related Parties [Abstract]

Schedule of loans to related parties

	As of February 28
Figures in Rand thousands	2023			2022

Non-current assets
Loans to related party		25,800			19,400

Current liabilities
Loans from related parties		(607	)		(2,134	)

Goodwill (Details) - Schedule of key estimates used for the fair value	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022
Goodwill (Details) - Schedule of key estimates used for the fair value [Line Items]
Revenue growth rate, description	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 consistent with reported global telematics growth forecasts for the medium to long term and with the assumptions that a market participant would make.
Mozambique [Member]
Goodwill (Details) - Schedule of key estimates used for the fair value [Line Items]
Revenue growth rate, description	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.
Revenue growth rate	16.00%	17.00%
Terminal growth rate description	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.
Terminal growth rate	8.00%	8.00%
Discount rate, description	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 Capital Asset pricing model and adjusting for risk. The rate is a pre-tax rate.
Percentage of Discount rate	31.00%	30.00%
Portugal [Member]
Goodwill (Details) - Schedule of key estimates used for the fair value [Line Items]
Revenue growth rate	15.00%	10.00%
Terminal growth rate	2.00%	1.00%
Percentage of Discount rate	19.00%	16.00%
Spain [Member]
Goodwill (Details) - Schedule of key estimates used for the fair value [Line Items]
Revenue growth rate	19.00%	16.00%
Terminal growth rate	2.00%	1.00%
Percentage of Discount rate	19.00%	17.00%
Karooooo Logistics [Member]
Goodwill (Details) - Schedule of key estimates used for the fair value [Line Items]
Revenue growth rate	51.00%
Terminal growth rate	5.00%
Percentage of Discount rate	38.00%
CGU [Member] \| Mozambique [Member]
Goodwill (Details) - Schedule of key estimates used for the fair value [Line Items]
Revenue growth rate, description	Mozambique
Terminal growth rate description	Mozambique
Discount rate, description	Mozambique
CGU [Member] \| Portugal [Member]
Goodwill (Details) - Schedule of key estimates used for the fair value [Line Items]
Revenue growth rate, description	Portugal
Terminal growth rate description	Portugal
Discount rate, description	Portugal
CGU [Member] \| Spain [Member]
Goodwill (Details) - Schedule of key estimates used for the fair value [Line Items]
Revenue growth rate, description	Spain
Terminal growth rate description	Spain
Discount rate, description	Spain
CGU [Member] \| Karooooo Logistics [Member]
Goodwill (Details) - Schedule of key estimates used for the fair value [Line Items]
Revenue growth rate, description	Karooooo Logistics
Terminal growth rate description	Karooooo Logistics
Discount rate, description	Karooooo Logistics

Capitalized Commission Assets (Details) - Schedule of reconciliation of the carrying value of capitalized sales commissions - ZAR (R) R in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022
Schedule of reconciliation of the carrying value of capitalized sales commissions [Abstract]
Opening balance	R 231,537	R 201,075
Additions	112,738	112,639
Amortization	(64,707)	(64,566)
Write off		(15,301)
Translation adjustments	7,486	(2,310)
Closing balance	R 287,054	R 231,537

Subsequent Events

12 Months Ended

Feb. 28, 2023

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

38. SUBSEQUENT EVENTS

In March 2023, for strategic reasons, the group acquired 76% of Cartrack Swaziland (Proprietary) Limited, from its existing franchisees for a purchase consideration of ZAR 9.1 million.

On May 8, 2023, the Board of Directors declared an interim dividend of 85 U.S. cents per ordinary shares which shall be payable entirely out of the Karooooo Ltd’s retained earnings.

Loans to/(From) Related Parties (Details) - Schedule of loans to related parties - ZAR (R) R in Thousands	Feb. 28, 2023	Feb. 28, 2022
Non-current assets
Loans to related party	R 25,800	R 19,400
Current liabilities
Loans from related parties	R (607)	R (2,134)

Capitalized Commission Assets (Tables)

12 Months Ended

Feb. 28, 2023

Capitalized Commission Assets Abstract

Schedule of capitalized commission assets

	As of February 28
Figures in Rand thousands	2023			2022

Cost		537,367			413,240
Accumulated amortization		(250,313	)		(181,703	)
Carrying value		287,054			231,537

Schedule of reconciliation of the carrying value of capitalized sales commissions

	As of February 28
Figures in Rand thousands	2023			2022

At March 1		231,537			201,075
Additions		112,738			112,639
Amortization		(64,707	)		(64,566	)
Write off		–			(15,301	)
Translation adjustments		7,486			(2,310	)
At February 28		287,054			231,537

Taxation

12 Months Ended

Feb. 28, 2023

Taxation [Abstract]

TAXATION

24. TAXATION

		Year ended February 28
Figures in Rand thousands	Note	2023			2022			2021

Major components of the tax expense:
Current tax
Current year			250,606			208,141			160,751
Prior year			(4,671	)		8,573			5,725
Other – Securities Transfer tax			–			–			200
			245,935			216,714			166,676

Deferred tax
Current year			15,972			(16,370	)		36,184
Prior year			1,257			(3,394	)		(19,188	)
	9		17,229			(19,764	)		16,996

Withholding tax			22,134			8,526			14,956

Total tax expense			285,298			205,476			198,628

Reconciliation between accounting profit and tax expense:
Profit before taxation			894,104			682,083			696,048
Tax at the applicable tax rate of 17% ¹ (2022: 17%¹, 2021: 17%¹)			151,998			115,954			118,328
Effect of different tax rates in foreign jurisdictions			91,841			66,257			71,122

Taxation effect of adjustments on taxable income:
Utilization of previously unrecognized tax losses			(2,239	)		(982	)		(1,332	)
Tax incentive			(5,975	)		(2,709	)		(5,827	)
Income not subject to tax			(4,184	)		(270	)		(219	)
Non-deductible expenses			20,789			12,556			12,072
Recognition of previously unrecognized tax losses			(1,794	)		(2,060	)		–
Current year losses for which no deferred tax asset is recognized			14,085			1,040			2,791
Withholding tax			22,134			8,526			14,956
Securities transfer tax			–			–			200
Prior year tax under/(over) provision			(3,414	)		5,179			(13,463	)
Tax effect of deferred tax on decrease in tax rate			(594	)		–			–
Others			2,651			1,985			–
Total tax expense			285,298			205,476			198,628

¹	This is the corporate tax rate in Singapore.

Basic and Diluted Earnings Per Share Information (Details) - Schedule of basic and diluted earnings per share (Parentheticals) - shares	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Schedule Of Basic And Diluted Earnings Per Share Abstract
Diluted earnings per share (ZAR)	19,290	15,240	15,650

Subsequent Events (Details) - Subsequent Events [Member] - ZAR (R) R in Millions	May 08, 2023	Mar. 31, 2023
Subsequent Events (Details) [Line Items]
Proprietary acquired percentage		76.00%
Purchase consideration amount		R 9.1
Subsequent event description	the Board of Directors declared an interim dividend of 85 U.S. cents per ordinary shares which shall be payable entirely out of the Karooooo Ltd’s retained earnings.

Funding Facilities (Details) - ZAR (R) R in Millions	12 Months Ended
Funding Facilities (Details) - ZAR (R) R in Millions	Feb. 28, 2023	Feb. 28, 2022
Funding Facilities (Details) [Line Items]
Credit funding facility amount	R 925.0
Commitment amount	45.0
Uncommitted amount	R 850.0
Loan term	3 years
Utilized amount		R 20.0
Unsecured short-term overdraft facility	R 75.0
Prime lending rate	11.75%	7.00%
Funding Agreements [Member]
Funding Facilities (Details) [Line Items]
Commitment amount	R 75.0
Mercantile facility [Member]
Funding Facilities (Details) [Line Items]
Utilized amount		R 13.7

Consolidated Statement of Cash Flows - ZAR (R)
R in Thousands

12 Months Ended

Feb. 28, 2023

Feb. 28, 2022

Feb. 28, 2021

Cash flows from operating activities

Profit before taxation

R 894,104

R 682,083

R 696,048

Adjustments

591,190

583,734

448,804

Depreciation on property, plant and equipment

493,788

458,281

372,936

Amortization of capitalized commission assets

64,707

64,566

46,957

Amortization of intangible assets

51,143

39,078

25,856

Capitalized commission assets written off

15,301

Gain on disposal of property, plant and equipment

(4,954)

(1,150)

(1,191)

Finance income

(23,255)

(6,083)

(4,358)

Finance costs

10,095

12,331

9,302

Provision for warranties charge

(1,305)

904

(698)

Fair value changes to derivative assets

971

506

Working capital adjustments

Inventories

(53,790)

(25,369)

Trade and other receivables and prepayments

(62,833)

(52,053)

(78,625)

Trade and other payables

67,940

(11,677)

115,179

Deferred revenue

46,251

78,130

43,227

Capitalized commission assets

(112,738)

(112,639)

(95,999)

Cash generated from operating activities

1,370,124

1,142,209

1,128,634

Interest received

23,255

6,083

4,358

Interest paid

(10,095)

(14,061)

(7,254)

Income tax paid

(256,621)

(202,525)

(187,887)

Net cash generated from operating activities

1,126,663

931,706

937,851

Cash flows from investing activities

Purchase of property, plant and equipment

(579,656)

(552,634)

(478,036)

Purchase of property, plant and equipment – Telematics devices and equipment on hand

(457,542)

(500,203)

(445,377)

Purchase of property, plant and equipment – Other

(122,114)

(52,431)

(32,659)

Proceeds on disposal of property, plant and equipment

10,499

4,840

14,362

Investment in intangible assets

(46,653)

(43,816)

(45,630)

Acquisition of subsidiary, net of cash acquired

(66,607)

Advances of loans to related party

(6,400)

(8,400)

Repayment of loans from related party

Net cash utilized by investing activities

(622,210)

(658,217)

(517,691)

Cash flows from financing activities

Proceeds from related parties loans

315

857,367

Repayment of related parties loans

(1,940)

(845,003)

(1,512)

Cash transferred from/(to) restricted cash

^[1]

834,543

(857,216)

Acquiring interest in subsidiaries without change in control

(66,386)

(11,559)

Net proceeds from issuance of share capital

^[2]

450,727

Proceeds from term loans obtained

502

110,000

Repayment of term loans

(31,034)

(101,708)

(8,247)

Payments of lease liabilities

(56,617)

(47,201)

(46,751)

Dividends paid

(331,252)

(418,094)

Net cash (utilized by)/ generated from financing activities

(420,026)

334,972

(486,012)

Net increase/(decrease) in cash and cash equivalents

84,427

608,461

(65,852)

Cash and cash equivalents at the beginning of the year

718,026

76,098

146,591

Effect of exchange rate changes on cash and cash equivalents

163,297

33,467

(4,641)

Cash and cash equivalents at the end of the year

R 965,750

R 718,026

R 76,098

[1]

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.

[2]

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.

Standards Issued But Not Yet Effective

12 Months Ended

Feb. 28, 2023

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, 2023. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.

Based on an initial assessment, the following new and amended standards are not expected to have a significant impact on the Group’s consolidated financial statements.

Details of amendment		Annual periods beginning on/after
IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts		January 1, 2023
Amendments to IAS 8: Definition of Accounting Estimates		January 1, 2023
Amendments to IAS 12 Income Taxes: Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction		January 1, 2023
Amendments to IAS 1 and IFRS Practice Statement 2: Disclosure of Accounting Policies		January 1, 2023
Initial Application of IFRS 17 and IFRS 9 – Comparative information (Amendments to IFRS 17)		January 1, 2023
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 IFRS 1: Non-current Liabilities with Covenants		January 1, 2024
Amendments to IAS 28 and IFRS 10: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture		To be determined

Taxation Paid (Details) - Schedule of taxation paid - ZAR (R) R in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Schedule of Taxation Paid [Abstract]
Balance payable at beginning of the year	R (32,100)	R (10,203)	R (16,458)
Acquisition of subsidiary		477
Current tax for the year recognized in profit or loss	(268,069)	(225,240)	(181,632)
Translation adjustments	(3,821)	341
Balance payable at end of the year	47,369	32,100	10,203
Taxation paid	R (256,621)	R (202,525)	R (187,887)

Finance Income (Details) - Schedule of finance income - ZAR (R) R in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Schedule of Finance Income [Abstract]
Interest income from bank balances	R 23,255	R 6,083	R 4,358

Finance Costs

12 Months Ended

Feb. 28, 2023

Disclosure Of Finance Cost Text Block Abstract

FINANCE COSTS

23. FINANCE COSTS

	Year ended February 28
Figures in Rand thousands	2023		2022		2021

Lease liabilities		8,199		6,249		5,588
Term loans		797		4,317		2,711
Overdraft		291		794		870
Others		808		971		133
		10,095		12,331		9,302

Related Parties (Tables)

12 Months Ended

Feb. 28, 2023

Disclosure of related party [Abstract]

Schedule of transaction with related parties

	Year ended February 28
Figures in Rand thousands	2023			2022			2021

Sales to related parties		(20,139	)		(28,915	)		(24,901	)
Purchases from related parties		92,520			98,032			54,470
Rent paid to related parties		6,121			13,697			18,260
Interest paid to related party		–			–			2,048

Intangible Assets (Tables)

12 Months Ended

Feb. 28, 2023

Disclosure Of Intangible Assets Text Block Abstract

Schedule of intangible assets

Figures in Rand thousands	Product development costs			Computer software			Trade name			Customer relationship			Total

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

At February 28, 2022
Cost		123,036			24,680			782			6,385			154,883
Accumulated amortization		(63,299	)		(13,359	)		(130	)		(1,064	)		(77,852	)
Carrying value		59,737			11,321			652			5,321			77,031

Schedule of reconciliation of the carrying value of intangible assets

Figures in Rand thousands	Note	Product development costs			Computer software			Trade name			Customer relationship			Total

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

At February 28, 2022
Beginning balance			53,644			5,695			–			–			59,339
Acquisition of subsidiary	28		–			6,218			782			6,385			13,385
Additions			40,787			3,029			–			–			43,816
Amortization			(34,288	)		(3,596	)		(130	)		(1,064	)		(39,078	)
Translation adjustments			(406	)		(25	)		–			–			(431	)
Ending balance			59,737			11,321			652			5,321			77,031

Consolidated Statement of Comprehensive Income - ZAR (R) R in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Consolidated Statement Of Comprehensive Income Abstract
Profit for the year	R 608,806	R 476,607	R 497,420
Items that may be reclassified to profit or loss in future periods:
Exchange differences on translating foreign operations	220,471	17,955	(10,240)
Other comprehensive income for the year	220,471	17,955	(10,240)
Total comprehensive income for the year net of income tax	829,277	494,562	487,180
Total comprehensive income attributable to:
Owners of the parent	813,486	469,024	316,037
Non-controlling interest	15,791	25,538	171,143
Total comprehensive income	R 829,277	R 494,562	R 487,180

Document And Entity Information	12 Months Ended
Document And Entity Information	Feb. 28, 2023 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	30,951,106
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. 28, 2023
Document Fiscal Year Focus	2023
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 Accounting Standard	International Financial Reporting Standards
Auditor Firm ID	1051
Auditor Name	KPMG LLP
Auditor Location	Singapore
Auditor One
Document Information Line Items
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

Trade and Other Receivables and Prepayments

12 Months Ended

Feb. 28, 2023

Trade and Other Receivables and Prepayments [Abstract]

TRADE AND OTHER RECEIVABLES AND PREPAYMENTS

11. TRADE AND OTHER RECEIVABLES AND PREPAYMENTS

	As of February 28
Figures in Rand thousands	2023			2022

Amounts due from related parties		-			2,515
Trade receivables		485,740			448,212
Expected credit loss provision		(149,541	)		(161,683	)
		336,199			289,044
Other receivables
Deposits		11,811			6,386
Sundry debtors		24,739			9,131
Finance lease receivables		21,403			-
Subtotal		394,152			304,561

Prepayments		32,387			28,964
Other taxes		7,367			10,083
Total trade and other receivables and prepayments		433,906			343,608


Non-current		24,715			9,722
Current		409,191			333,886
		433,906			343,608

Amounts due from related parties are unsecured, interest-free and repayable on demand.

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% (2022: 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 (2022: 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 28
Figures in Rand thousands	2023			2022

At March 1		(161,683	)		(101,066	)
Allowance for expected credit losses, net		(87,541	)		(88,482	)
Amounts utilized		105,921			26,896
Translation adjustments		(6,238	)		969
At February 28		(149,541	)		(161,683	)

During the year ended February 28, 2023, the Group entered into a finance leasing arrangement as a lessor for a property 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 28
Figures in Rand thousands	2023

Maturities analysis
– within one year		4,078
– within two to four years		14,525
– over four years		2,800
Present value of lease payments		21,403

Non-current asset		17,325
Current asset		4,078
		21,403

Presentation of Consolidated Financial Statements

12 Months Ended

Feb. 28, 2023

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.

Through a flow of funds arrangement, Karooooo’s acquisition of control of Cartrack was facilitated by Zak capitalizing Karooooo, which resulted in a loan from Zak that was repayable on demand in either cash or through the receipt of that number of Cartrack shares where the Cartrack share price is the equivalent of ZAR 13.44 per share, being the share price at which a mandatory public offer was made pursuant to the acquisition. Subsequent to the acquisition, Karooooo was the legal and beneficial owner of the Cartrack shares. As a consequence of the call option embedded within the loan, Karooooo did not acquire control as defined by IFRS 10 Consolidated Financial Statements of Cartrack at that time; instead, control remained with Zak.

On November 18, 2020, the loan from Zak was converted into Karooooo share capital and as a consequence, Karooooo acquired control of Cartrack. On this date, 20,331,894 shares were issued to Zak and Karooooo registered ZAR 2,739,619,000 paid-up capital which resulted in a common control reserve of ZAR 2,709,236,000 arising due to the common control transaction. Since the loan was eliminated as part of the common control transaction, it is not presented as a financial liability in the consolidated annual financial statements.

The acquisition of control of Cartrack by Karooooo is considered to be a transaction under common control as ultimately both entities were controlled by Zak before and after the transaction. Therefore, the consolidated financial statements was retrospectively recast to reflect Karooooo’s controlling interest in Cartrack for all previous periods presented prior to the date of acquisition. For the period prior to the incorporation of Karooooo the consolidated financial statements reflect Zak’s controlling interest in Cartrack, which he held through another personal holding company with no other operations that does not form part of the consolidated Group. There is currently no specific guidance on accounting for common control transactions under International Financial Reporting Standards (IFRS) issued by the the International Accounting Standards Board (IASB). In the absence of specific guidance Karooooo elected to apply the “pooling of interests” method of accounting. Under “pooling of interests” the assets and liabilities of Cartrack are carried over at their book values with no adjustment made for the acquisition price and prior periods are restated as if the common control transaction had occurred at the beginning of the earliest period presented.

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 28, 2022, 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 International Financial Reporting 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, 2022.

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, 2023.

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).

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. 28, 2023	Feb. 28, 2022
Loans from related parties [Member]
Financial assets (at fair value)
Financial liabilities	R 607	R 2,134
Trade and other payables (excludes other taxes) [Member]
Financial assets (at fair value)
Financial liabilities	329,481	250,970
Term loans [Member]
Financial assets (at fair value)
Financial liabilities	59,947	89,350
Bank overdraft [Member]
Financial assets (at fair value)
Financial liabilities	40	13,722
Total financial liabilities (other financial liabilities) [Member]
Financial assets (at fair value)
Financial liabilities	390,075	356,176
Loans to related party [Member]
Financial assets (at amortized cost)
Financial assets	25,800	19,400
Trade and other receivables (excludes prepayments and other taxes) [Member]
Financial assets (at amortized cost)
Financial assets	376,827	304,561
Cash and cash equivalents [Member]
Financial assets (at amortized cost)
Financial assets	965,790	731,748
Total financial assets (at amortized cost) [Member]
Financial assets (at amortized cost)
Financial assets	1,368,417	1,055,709
Other Financial asset [Member]
Financial assets (at fair value)
Other financial assets	R 388	R 16,664

Interest in Subsidiaries

12 Months Ended

Feb. 28, 2023

Disclosure Of Interests In Subsidiaries Text Block 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 incorporation

% holding 2023

% holding 2022

Cartrack Holdings Proprietary Limited⁴

Karooooo Ltd

South Africa

100.0

Carzuka.com Pte Ltd¹

Karooooo Ltd

Singapore

100.0

Karooooo Management Company Pte. Ltd.

Karooooo Ltd

Singapore

100.0

Karooooo Software Pte. Ltd.

Karooooo Ltd

Singapore

100.0

Karooooo Proprietary Ltd

Karooooo Ltd

South Africa

100.0

Karooooo Cartrack Limited ¹¹

Karooooo Ltd

Uganda

100.0

Cartrack (Cambodia) Co. Ltd

Karooooo Management Company Pte. Ltd.

Cambodia

100.0

Carzuka Pte Ltd¹

Carzuka.com Pte. Ltd.

Singapore

100.0

Karooooo Technologies Proprietary Limited²

Karooooo Proprietary Ltd

South Africa

100.0

Cartrack Management Services Proprietary Limited

Cartrack Holdings Proprietary Limited

South Africa

100.0

Cartrack Proprietary Limited

Cartrack Holdings Proprietary Limited

South Africa

100.0

Cartrack Manufacturing Proprietary Limited

Cartrack Holdings Proprietary Limited

South Africa

100.0

Cartrack Insurance Agency Proprietary Limited³

Cartrack Holdings Proprietary Limited

South Africa

100.0

Cartrack Namibia Proprietary Limited

Cartrack Holdings Proprietary Limited

Namibia

100.0

Cartrack Technologies Pte. Limited

Cartrack Holdings Proprietary Limited

Singapore

100.0

Carzuka Proprietary Limited

Cartrack Holdings Proprietary Limited

South Africa

100.0

Purple rain Properties No.444 Proprietary Limited

Cartrack Holdings Proprietary Limited

South Africa

100.0

Karooooo Logistics (Pty) Ltd⁶

Cartrack Holdings Proprietary Limited

South Africa

70.1

Cartrack Telematics Proprietary Limited¹⁰

Cartrack Proprietary Limited

South Africa

49.0

CTK Shell 1 (Pty) Ltd^1,7

Cartrack Proprietary Limited

South Africa

100.0

Karu Holdings Proprietary Limited

Cartrack Proprietary Limited

South Africa

100.0

Combined Telematics Services Proprietary Limited^{1, 10}

Cartrack Proprietary Limited

South Africa

49.0

CTK Shell 2 (Pty) Ltd^1,8

Cartrack Proprietary Limited

South Africa

100.0

Cartrack Tanzania Limited

Cartrack Technologies Pte. Limited

Tanzania

100.0

Karooooo Kenya Limited⁵

Cartrack Technologies Pte. Limited

Kenya

70.0

100.0

Cartrack Engineering Technologies Limited

Cartrack Technologies Pte. Limited

Nigeria

100.0

PT. Cartrack Technologies Indonesia

Cartrack Technologies Pte. Limited

Indonesia

100.0

Company Name

Held by

Country of incorporation %

holding 2023

% holding 2022

Cartrack Investments UK Limited¹

Cartrack Technologies Pte. Limited

United Kingdom

100.0

Cartrack Technologies (China) Limited

Cartrack Technologies Pte. Limited

Hong Kong

100.0

Cartrack Malaysia SDN.BHD

Cartrack Technologies Pte. Limited

Malaysia

100.0

Cartrack Technologies LLC

Cartrack Technologies Pte. Limited

U.A.E

100.0

Cartrack Technologies PHL.INC.

Cartrack Technologies Pte. Limited

Philippines

100.0

Cartrack Technologies South East Asia Pte. Limited

Cartrack Technologies Pte. Limited

Singapore

100.0

Cartrack Ireland Limited

Cartrack Technologies Pte. Limited

Republic of Ireland

100.0

Cartrack Technologies (Thailand) Company Limited

Cartrack Technologies Pte. Limited

Thailand

100.0

Cartrack New Zealand Limited

Cartrack Technologies Pte. Limited

New Zealand

51.0

Cartrack (Australia) Proprietary Limited

Cartrack Technologies Pte. Limited

Australia

100.0

Cartrack Technologies Zambia Limited¹

Cartrack Technologies Pte. Limited

Zambia

100.0

Cartrack (Mauritius) Ltd¹

Cartrack Technologies Pte. Limited

Mauritius

100.0

Cartrack Vietnam Limited Liability Company¹

Cartrack Technologies Pte. Limited

Vietnam

100.0

Cartrack INC.

Cartrack Ireland Limited

U.S.A

100.0

Cartrack Polska.Sp.zo.o

Cartrack Ireland Limited

Poland

90.9

Cartrack Portugal S.A.

Cartrack Ireland Limited

Portugal

100.0

Cartrack Espana. S.L.U.

Cartrack Ireland Limited

Spain

100.0

Karu.Com. Unipessoal. Lda

Cartrack Portugal S.A.

Portugal

100.0

Cartrack France SAS⁹

Cartrack Portugal S.A.

France

100.0

Cartrack Limitada¹⁰

Cartrack Technologies LLC

Mozambique

50.0

Auto Club LDA

Cartrack Technologies LLC

Mozambique

80.0

Cartrack for Information Technology Company¹

Cartrack Technologies LLC

Kingdom of Saudi Arabia

51.0

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 Liquidated on May 19, 2022

¹⁰
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.

¹¹ 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.

Loans provided to subsidiary companies which require financial support have been subordinated in favour of third- party creditors of the underlying companies.

On September 1, 2021, Cartrack Holdings (Pty) Ltd acquired 70.1% of the shares and voting interests in Picup Technologies Proprietary Limited for a consideration of ZAR 70.1 million (see Note 28).

On September 24, 2021, Cartrack Technologies Pte. Limited acquired 49% of the shares and voting interest in Cartrack Technologies PHL. INC., for a cash consideration of PHP 9.2 million. As a result, the equity interest in Cartrack Technologies PHL. INC. increased from 51% to 100%.

On February 28, 2022, Cartrack acquired 100% of the shares and voting interests in Purple Rain Properties No. 444 Proprietary Limited for a consideration of ZAR 100 (see Note 28).

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.

Consolidated Statement of Profit and Loss (Parentheticals) - R / shares	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Profit or loss [abstract]
Diluted earnings per share (ZAR)	R 19.29	R 15.24	R 15.65

Property, Plant and Equipment (Details) - ZAR (R) R in Millions	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022
Disclosure Of Property Plant And Equipment Text Block Abstract
Capitalized telematics devices		R 50.4
Unconverted motor dealership	R 13.3
Mortgaged	186.5
Carrying amount	186.5
Capitalized borrowing cost	R 4.6
Prime rate percentage	1.15%

Property, Plant and Equipment

12 Months Ended

Feb. 28, 2023

Disclosure Of Property Plant And Equipment Text Block Abstract

Property, plant and equipment

5. PROPERTY, PLANT AND EQUIPMENT

	Land and Property ³			Plant, equipment and vehicles			IT equipment			Capitalized telematics devices – Work-in- Progress		Capitalized telematics devices – Uninstalled		Capitalized telematics devices - Installed			Construction in progress		Total
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

At February 28, 2022
Owned assets
Cost		141,873			132,870			100,299			138,405		173,871		2,039,265			4,166		2,730,749
Accumulated depreciation		(21,858	)		(101,426	)		(50,932	)		-		-		(1,268,141	)		-		(1,442,357	)
Carrying value		120,015			31,444			49,367			138,405		173,871		771,124			4,166		1,288,392

*Right-of-use assets*
Cost		112,516			43,435			20,586			–		–		–			–		176,537
Accumulated depreciation		(48,128	)		(10,927	)		(15,215	)		–		–		–			–		(74,270	)
Carrying value		64,388			32,508			5,371			–		–		–			–		102,267

Total		184,403			63,952			54,738			138,405		173,871		771,124			4,166		1,390,659

Reconciliation of the carrying value of property, plant and equipment

	Land and Property ³			Plant, equipment and vehicles			IT equipment			Capitalized telematics devices – Work-in- Progress			Capitalized telematics devices – Uninstalled			Capitalized telematics devices - Installed			Construction in progress		Total

At February 28, 2023
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

Figures in Rand thousands	Land and Property			Plant, equipment and vehicles			IT equipment			Capitalized telematics devices – Work-in- Progress			Capitalized telematics devices – Uninstalled			Capitalized telematics devices - Installed			Construction in progress		Total
At February 28, 2022
Owned assets
Beginning balance		17,742			20,151			25,270			104,475			116,422			761,433			-		1,045,493
Acquisition of subsidiary		110,000			45			261			-			-			-			4,166		114,472
Additions		3,152			5,940			43,339			212,940			56,857	²		230,406			-		552,634
Transfer		-			-			-			(179,010	)		(47,825	)		226,835			-		-
Disposals		(108	)		(27	)		(470	)		-			-			(2,391	)		-		(2,996	)
Depreciation		(4,992	)		(9,023	)		(14,798	)		-			-			(384,058	)		-		(412,871	)
Reclassification (to)/ from right-of-use assets		(5,816	)		14,620			(4,649	)		-			-			-			-		4,155
Reclassification¹		-			-			-			-			50,355			(50,355	)		-		-
Translation adjustments		37			(262	)		414			-			(1,938	)		(10,746	)		-		(12,495	)
Ending balance		120,015			31,444			49,367			138,405			173,871			771,124			4,166		1,288,392

Right-of-use assets
Beginning balance		52,633			33,993			5,073			-			-			-			-		91,699
Additions		38,859			25,183			132			-			-			-			-		64,174
Transfer		(3,798	)		3,629			169			-			-			-			-		-
Disposals		(146	)		(528	)		(20	)		-			-			-			-		(694	)
Depreciation		(26,948	)		(14,123	)		(4,339	)		-			-			-			-		(45,410	)
Reclassification from/(to) owned assets		5,816			(14,620	)		4,649			-			-			-			-		(4,155	)
Translation adjustments		(2,028	)		(1,026	)		(293	)		-			-			-			-		(3,347	)
Ending balance		64,388			32,508			5,371			-			-			-			-		102,267

Total		184,403			63,952			54,738			138,405			173,871			771,124			4,166		1,390,659

Amount is net of the provision for unconverted motor dealership units amounting to ZAR 13.3 million.

The carrying amount of the property under construction at February 28, 2023 was ZAR 186.5 million. The amount of borrowing costs capitalized during the year ended February 28, 2023 was ZAR 4.6 million. The rate used to determine the amount of borrowing costs eligible for capitalization was prime rate plus 1.15%, which is the effective interest rate (“EIR”) of the specific borrowings.

Taxation Paid

12 Months Ended

Feb. 28, 2023

Taxation Paid Abstract

TAXATION PAID

25. TAXATION PAID

	Year ended February 28
Figures in Rand thousands	2023			2022			2021

Balance payable at beginning of the year		(32,100	)		(10,203	)		(16,458	)
Acquisition of subsidiary		–			477			–
Current tax for the year recognized in profit or loss		(268,069	)		(225,240	)		(181,632	)
Translation adjustments		(3,821	)		341			–
Balance payable at end of the year		47,369			32,100			10,203
		(256,621	)		(202,525	)		(187,887	)

Segment Reporting (Details) - Schedule of segment information provided to the Group CEO - ZAR (R) R in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022
Schedule of segment information provided to the Group CEO [Abstract]
Subscription revenue	R 3,010,072	R 2,568,165
Other revenue	72,709	71,055
Vehicle sales	250,845	67,310
Delivery service	173,441	39,621
Segment revenue	3,507,067	2,746,151
Segment operating profit/ (loss)	881,915	699,125
Depreciation and amortization	544,931	497,359
Capital expenditure	626,309	596,450
Cartrack [Member]
Schedule of segment information provided to the Group CEO [Abstract]
Subscription revenue	3,003,931	2,565,745
Other revenue	72,709	71,055
Vehicle sales
Delivery service
Segment revenue	3,076,640	2,636,800
Segment operating profit/ (loss)	914,981	715,336
Depreciation and amortization	541,238	497,161
Capital expenditure	605,716	594,171
Carzuka [Member]
Schedule of segment information provided to the Group CEO [Abstract]
Subscription revenue
Other revenue
Vehicle sales	250,845	67,310
Delivery service
Segment revenue	250,845	67,310
Segment operating profit/ (loss)	(37,813)	(13,302)
Depreciation and amortization	2,133	97
Capital expenditure	12,074	1,916
Karooooo Logistics [Member]
Schedule of segment information provided to the Group CEO [Abstract]
Subscription revenue	6,141	2,420
Other revenue
Vehicle sales
Delivery service	173,441	39,621
Segment revenue	179,582	42,041
Segment operating profit/ (loss)	4,747	(2,909)
Depreciation and amortization	1,560	101
Capital expenditure	R 8,519	R 363

Cash and Cash Equivalents and Bank Overdraft

12 Months Ended

Feb. 28, 2023

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 28
Figures in Rand thousands	2023			2022

Cash on hand		398			2,175
Bank balances		318,630			717,935
Short-term deposits		646,762			11,638
Cash and cash equivalents in the consolidated statement of financial position		965,790			731,748
Bank overdrafts		(40	)		(13,722	)
Cash and cash equivalents in the consolidated statement of cash flows		965,750			718,026

Current assets		965,790			731,748
Current liabilities		(40	)		(13,722	)
		965,750			718,026

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.

Segment Reporting (Details) - ZAR (R) R in Millions	12 Months Ended
Segment Reporting (Details) - ZAR (R) R in Millions	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Segment Reporting (Details) [Line Items]
Non-current assets (in Rand)	R 140.0	R 113.0
Contribute excess percentage	10.00%	10.00%	10.00%
South Africa [Member]
Segment Reporting (Details) [Line Items]
Segments	Prior to the financial year ended February 28, 2022, the Group was organized into geographical business units and had four reportable segments by geography.

Intangible Assets

12 Months Ended

Feb. 28, 2023

Disclosure Of Intangible Assets Text Block Abstract

INTANGIBLE ASSETS

7. INTANGIBLE ASSETS

Figures in Rand thousands	Product development costs			Computer software			Trade name			Customer relationship			Total

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

At February 28, 2022
Cost		123,036			24,680			782			6,385			154,883
Accumulated amortization		(63,299	)		(13,359	)		(130	)		(1,064	)		(77,852	)
Carrying value		59,737			11,321			652			5,321			77,031

Staff costs of ZAR 38.8 million (2022: ZAR 40.8 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 development costs			Computer software			Trade name			Customer relationship			Total

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

At February 28, 2022
Beginning balance			53,644			5,695			–			–			59,339
Acquisition of subsidiary	28		–			6,218			782			6,385			13,385
Additions			40,787			3,029			–			–			43,816
Amortization			(34,288	)		(3,596	)		(130	)		(1,064	)		(39,078	)
Translation adjustments			(406	)		(25	)		–			–			(431	)
Ending balance			59,737			11,321			652			5,321			77,031

Lease Liabilities (Tables)

12 Months Ended

Feb. 28, 2023

Lease Liabilities [Abstarct]

Schedule of lease liabilities

	As of February 28
Figures in Rand thousands	2023		2022

Maturities analysis
– within one year		52,843		47,294
– within two to four years		57,930		56,868
– over four years		9,954		7,916
Present value of lease payments		120,727		112,078

Non-current liabilities		67,882		64,784
Current liabilities		52,845		47,294
		120,727		112,078

Risk Management (Details) - ZAR (R) R in Millions	12 Months Ended
Risk Management (Details) - ZAR (R) R in Millions	Feb. 28, 2023	Feb. 28, 2022
Risk Management [Abstract]
Cash and cash equivalents (in Rand)	R 965.8	R 731.7
Exchange rate sensitivity, percentage	10.00%
S.A attracts interest rate	3.00%
Interest at rate	2.05%
Interest rate percentage	1.15%
Factor interest rate	1.00%

Finance Costs (Details) - Schedule of finance costs - ZAR (R) R in Thousands	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Schedule of Finance Costs [Abstract]
Lease liabilities	R 8,199	R 6,249	R 5,588
Term loans	797	4,317	2,711
Overdraft	291	794	870
Others	808	971	133
Total	R 10,095	R 12,331	R 9,302

Cash and Cash Equivalents and Bank Overdraft (Details) - Schedule of cash and cash equivalents and bank overdraft - ZAR (R) R in Thousands	Feb. 28, 2023	Feb. 28, 2022
Schedule of Cash and Cash Equivalents and Bank Overdraft [Abstract]
Cash on hand	R 398	R 2,175
Bank balances	318,630	717,935
Short-term deposits	646,762	11,638
Cash and cash equivalents in the consolidated statement of financial position	965,790	731,748
Bank overdrafts	(40)	(13,722)
Cash and cash equivalents in the consolidated statement of cash flows	965,750	718,026
Current assets	965,790	731,748
Current liabilities	(40)	(13,722)
Total cash and cash equivalents	R 965,750	R 718,026

Revenue (Details) - Schedule of disaggregation of revenue from contracts with customers - ZAR (R)
R in Thousands

12 Months Ended

Feb. 28, 2023

Feb. 28, 2022

Feb. 28, 2021

Revenue from contracts with customers

Subscription revenue - Cartrack

R 3,003,931

R 2,565,745

R 2,209,017

Subscription revenue - Karooooo Logistics

6,141

2,420

Other revenue - Cartrack

Hardware sales

29,685

37,435

45,280

Installation revenue

29,278

21,321

20,511

Miscellaneous contract fees

13,746

12,299

15,735

Vehicle sales

250,845

67,310

Delivery service fees

173,441

39,621

Total revenue

3,507,067

2,746,151

2,290,543

South Africa [Member]

2,730,401

2,123,153

1,681,928

Africa-Other [Member]

131,077

101,019

105,895

Europe [Member]

Asia-Pacific, Middle East and USA [Member]

257,078

229,671

219,866

Primary geographical markets [Member]

^[1]

388,511

292,308

282,854