References in this announcement to “R” are to South African rand and references to “U.S. dollars” and “$” are to United States dollars. Unless otherwise stated MiX Telematics has translated U.S. dollar amounts from South African rand at the exchange rate of R10.5953 per $1.00, which was the R/$ exchange rate reported by the South African Reserve Bank as of March 31, 2014.
Fourth Quarter and Fiscal Year 2014 Highlights:
- Fourth quarter subscription revenue of R232.6 million ($22.0 million) grew 24.9% year on year
- Fourth quarter Adjusted EBITDA of R84.6 million ($8.0 million), representing a 24.3% Adjusted EBITDA margin
- Fiscal Year subscription revenue of R853.7 million ($80.6 million) grew 24.3%
- Fiscal Year Adjusted EBITDA of R282.2 million ($26.6 million), representing a 22.2% Adjusted EBITDA margin
- Total vehicles under subscription increased by 25.3% in the full fiscal year 2014, bringing the total to over 450,000 subscribers at March 31, 2014
- In the second quarter of fiscal year 2014, the Company raised R649.9 million ($65.5 million) in proceeds before expenses through the initial public offering of ADSs on the NYSE
MIDRAND, South Africa--(BUSINESS WIRE)--MiX Telematics Limited (NYSE: MIXT, JSE: MIX), a leading global provider
of fleet and mobile asset management solutions delivered as
Software-as-a-Service (SaaS), today announced financial results for its
fourth quarter and full fiscal year 2014 which ended March 31, 2014.
"We are pleased to report strong fourth quarter and year end results,
which were highlighted by 25% year over year growth in subscribers and
better than expected subscription revenue. We continued to see a shift
to fully-bundled deals as enterprise customers increasingly opt for the
pure subscription structure rather than pay for the hardware up front,”
said Stefan Joselowitz, Chief Executive Officer of MiX Telematics.
Mr Joselowitz continued, “It was an exciting year for MiX with the
listing on the NYSE being one of the highlights. The increased
visibility this yielded to our brand drove increased RFP volume and
importantly aided in our success in attracting key new sales hires
particularly in the Americas. We continue to believe MiX Telematics is
well positioned to be a prime beneficiary of telematics market growth as
we have already achieved meaningful scale, built a global distribution
network, and offer state-of-the-art solutions that yield a powerful
return on investment for our customers.”
Financial Performance for the three months
ended March 31, 2014
Revenue: Total revenue was R348.4 million ($32.9 million), an
increase of 12.9% compared to R308.5 million ($29.1 million) for the
fourth quarter of fiscal year 2013. Subscription revenue was R232.6
million ($22.0 million), an increase of 24.9% compared with R186.3
million ($17.6 million) for the fourth quarter of fiscal year 2013.
Growth in subscription revenue was driven primarily by an increase of
over 90,800 vehicles under subscription, which resulted in an increase
of 25.3% in total vehicles under subscription from March 2013 to March
2014. Hardware and other revenue was R115.8 million ($10.9 million), a
decrease of 5.2% compared to R122.2 million ($11.5 million) for the
fourth quarter of fiscal year 2013.
Gross profit margin: Gross profit was R241.0 million ($22.7
million) compared to R207.0 million ($19.5 million) for the fourth
quarter of fiscal year 2013. Gross profit margin was 69.2%, up from
67.1% for the fourth quarter of fiscal year 2013. In the fourth quarter
of fiscal 2014, subscription revenue, which generates a higher gross
profit margin than hardware and other revenue, contributed 66.8% of
total revenue compared to 60.4% in the fourth quarter of fiscal 2013.
The margin was also positively impacted by a R4.4 million ($0.4 million)
reduction in the amortization expense after the Company reassessed the
useful life of certain development costs in March 2014.
Operating profit margin: Operating profit was R61.1 million ($5.8
million), representing an operating margin of 17.5%, compared to R64.2
million ($6.1 million) for the fourth quarter of fiscal year 2013 when
the operating margin was 20.8%. The Company continued its strategy of
investing in sales and marketing and as a result sales and marketing
costs for the fourth quarter of fiscal 2014 increased by R11.5 million
($1.1 million) from the fourth quarter of fiscal 2013.
Adjusted EBITDA: Adjusted EBITDA, a non-IFRS measure, was R84.6
million ($8.0 million) compared to R91.7 million ($8.7 million) for the
fourth quarter of fiscal year 2013. Adjusted EBITDA margin, also a
non-IFRS measure, for the fourth quarter of fiscal year 2014 was 24.3%,
compared to a 29.7% Adjusted EBITDA margin in the fourth quarter of
fiscal year 2013.
Profit for the period and earnings per share: Profit for the
fourth quarter was R50.4 million ($4.8 million), compared to R45.6
million ($4.3 million) in the fourth quarter of fiscal year 2013.
Earnings per diluted ordinary share were 6 South African cents, compared
to 7 South African cents in the fourth quarter of fiscal year 2013. For
the fourth quarter of 2014, the calculation was based on diluted
weighted average ordinary shares in issue of 808.9 million compared to
680.4 million diluted weighted average ordinary shares in issue during
the fourth quarter of fiscal 2013.
The Company's effective tax rate for the quarter was 25.6% in comparison
to 27.8% in the fourth quarter of fiscal 2013.
On a U.S. dollar basis, and using the March 31, 2014 exchange rate of
10.5953 rand per U.S. dollar, and at a ratio of 25 ordinary shares to
one ADS, profit for the period was $4.8 million, or 15 U.S. cents per
diluted ADS compared to 16 U.S. cents per diluted ADS in the fourth
quarter of fiscal year 2013.
Adjusted profit for the period and adjusted earnings per share:
Adjusted profit for the period, a non-IFRS measure, was R46.6 million
($4.4 million), compared to R46.5 million ($4.4 million) in the 2013
fiscal year and excludes a net foreign exchange gain of R5.4 million
($0.5 million). The net foreign exchange gain included R6.1 million
($0.6 million) relating to a foreign exchange gain on the IPO proceeds
which are maintained in U.S. dollars and are therefore sensitive to R:$
exchange rate movements. Adjusted earnings per diluted ordinary share,
also a non-IFRS measure, were 6 South African cents, compared to 7 South
African cents in the fourth quarter of fiscal year 2013.
On a U.S. dollar basis, and using the March 31, 2014 exchange rate of
10.5953 rand per U.S. dollar, and at a ratio of 25 ordinary shares to
one ADS, adjusted profit for the period was $4.4 million, or 14 U.S.
cents per diluted ADS compared to $4.4 million, or 16 U.S. cents per
diluted ADS in the fourth quarter of fiscal year 2013.
An explanation of non-IFRS measures used in this release, including
Adjusted profit for the period, Adjusted earnings per share, Adjusted
EBITDA and Adjusted EBITDA margin, and a reconciliation of such measures
to the most directly comparable IFRS measures for the three months and
year ended March 31, 2014 and 2013 are provided in the financial tables
that accompany this release.
Statement of Financial Position and Cash Flow: At March 31, 2014,
the Company had R830.5 million ($78.4 million) of cash and cash
equivalents, an increase from R792.6 million ($74.8 million) in the
third quarter of fiscal year 2014. The Company generated R82.7 million
($7.8 million) in net cash from operating activities for the three
months ended March 31, 2014 and invested R31.9 million ($3.0 million) in
capital expenditures during the quarter, leading to free cash flow of
R50.8 million ($4.8 million) for the fourth quarter of fiscal year 2014,
compared with free cash flow of R66.2 million ($6.3 million) for the
fourth quarter of fiscal year 2013. Free cash flow is determined as net
cash generated from operating activities less capital expenditure per
investing activities.
Financial Performance for the Fiscal Year ended
March 31, 2014
Revenue: Total revenue for the full fiscal year 2014 was R1,271.7
million ($120.0 million), an increase of 8.6% compared to R1,171.5
million ($110.6 million) for the full fiscal year 2013. Subscription
revenue increased to R853.7 million ($80.6 million), up 24.3% from
R686.7 million ($64.8 million) for fiscal year 2013. Subscription
revenue growth was driven primarily by the increase in vehicles under
subscription since March 2013. Hardware and other revenue was R417.9
million ($39.4 million), compared to R484.8 million ($45.8 million) for
fiscal year 2013. The decrease in hardware and other revenue is
primarily attributable to a combination of factors which include a
significant increase in the number of fully-bundled subscriptions in
fiscal 2014 compared to fiscal 2013 as well as the ongoing decline in
hardware prices. Hardware and other revenue was also elevated in fiscal
year 2013 as a result of upfront hardware purchases associated with two
major contracts in the Americas fleet solutions segment. Fiscal 2013
revenue also included cellular connection incentives of R10.7 million.
In July 2012, the Company opted to forgo receiving cellular connection
incentives in favor of lower monthly data fees.
Gross profit margin: Gross profit for fiscal year 2014 was R849.6
million ($80.2 million), an increase compared to R746.9 million ($70.5
million) for fiscal year 2013. Gross profit margin was 66.8%, up from
63.8% for fiscal year 2013. In fiscal 2014, subscription revenue, which
generates a higher gross profit margin than hardware and other revenue,
contributed 67.1% of total revenue compared to 58.6% in fiscal 2013.
Operating profit margin: Operating profit for fiscal year 2014
was R171.5 million ($16.2 million), compared to R185.9 million ($17.5
million) posted in the 2013 fiscal year. The operating margin for fiscal
year 2014 was 13.5%, compared to the 15.9% posted in fiscal year 2013.
This was primarily due to the impact of the expected losses incurred by
the start-up operation in Brazil. In addition, operating costs increased
as a result of investments in headcount and sales and marketing in order
to support the Company's growth initiatives.
Adjusted EBITDA: Adjusted EBITDA was R282.2 million ($26.6
million) compared to R290.8 million ($27.4 million) for fiscal 2013. The
Adjusted EBITDA margin for fiscal 2014 was 22.2%, compared with the
24.8% posted in fiscal 2013.
Profit for the year and earnings per share: Profit for the fiscal
year was R151.6 million ($14.3 million), compared to R128.5 million
($12.1 million) in the 2013 fiscal year. Earnings per diluted ordinary
share were 20 South African cents, compared to 19 South African cents in
fiscal year 2013. For fiscal 2014, the calculation was based on diluted
weighted average ordinary shares in issue of 768.3 million compared to
674.8 million diluted weighted average ordinary shares in issue during
fiscal 2013.
The Company's effective tax rate was 28.6% in both fiscal 2013 and
fiscal 2014.
Adjusted profit for the year and adjusted earnings per share:
Adjusted profit for the year, a non-IFRS measure, was R123.9 million
($11.7 million), compared to R132.1 million ($12.5 million) in the 2013
fiscal year and excludes a net foreign exchange gain of R38.1 million
($3.6 million). The net foreign exchange gain included R42.3 million
($4.0 million) relating to a foreign exchange gain on the IPO proceeds
which are maintained in U.S dollars and are therefore sensitive to R:$
exchange rate movements. Adjusted earnings per diluted ordinary share
were 16 South African cents, compared to 20 South African cents in
fiscal year 2013.
On a U.S. dollar basis, and using the March 31, 2014 exchange rate of
10.5953 rand per U.S. dollar, and at a ratio of 25 ordinary shares to
one ADS, adjusted profit for the 2014 fiscal year was $11.7 million, or
38 U.S. cents per diluted ADS, compared to $12.5 million, or 46 U.S.
cents per diluted ADS in fiscal year 2013.
Cash Flow: The Company generated R203.8 million ($19.2 million)
in net cash from operating activities for the fiscal year ended March
31, 2014 and invested R128.7 million ($12.2 million) in capital
expenditures during the year, leading to free cash flow of R75.0 million
($7.1 million) for fiscal 2014, compared with free cash flow of R117.8
million ($11.1 million) for fiscal 2013. The decrease in free cash flow
is primarily attributable to an increase in capital expenditure of R36.8
million ($3.5 million) in fiscal year 2014. As a result of the
significant increase in the number of bundled deals during fiscal 2014,
additions to in-vehicle devices increased by R25.1 million ($2.4
million) in comparison to fiscal 2013.
Segment Commentary for Fiscal Year ended March
31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
|
|
|
Revenue Fiscal 2014 R'000
|
|
|
% change on prior year
|
|
|
Adjusted EBITDA Fiscal 2014 R'000
|
|
|
% change on prior year
|
|
|
Adjusted EBITDA Margin Fiscal 2014
|
|
|
Comments
|
|
Africa consumer solutions
|
|
|
355,084
|
|
|
3.3
|
%
|
|
|
105,162
|
|
|
21.0
|
%
|
|
|
29.6
|
%
|
|
|
Vehicles under subscription grew by 30.2% during fiscal 2014.
The segment delivered strong Adjusted EBITDA growth of 21.0% and a
margin of 29.6% for the year. Revenue grew a modest 3.3% due to
our decision to forgo connection incentive bonuses from our
cellular network provider, from July 2012, in favor of lower data
costs. Fiscal 2013 revenue included R10.7 million ($1.0 million)
of connection incentive revenue.
|
|
Africa fleet solutions
|
|
|
325,400
|
|
|
15.4
|
%
|
|
|
95,209
|
|
|
|
0.7
|
%
|
|
|
29.3
|
%
|
|
|
The segment continued to show top line growth as vehicles under
subscription increased by 29.3% in fiscal 2014. While fleets are
now supplementing their FM systems with lower ARPU Beam-e
installations, subscription revenue grew by 22.3%. Adjusted EBITDA
margin was 29.3% even as the segment invested in sales and
marketing, headcount and infrastructure.
|
|
Europe fleet solutions
|
|
|
160,639
|
|
|
25.4
|
%
|
|
|
7,285
|
|
|
-
|
|
|
|
4.5
|
%
|
|
|
Total revenue growth was approximately 5% on a constant currency
basis, while subscription revenue grew by about 11% on a constant
currency basis. The European business undertook a restructuring in
the first quarter to streamline its business and ensure renewed
focus on our core services and growth opportunities going forward.
The segment reported Adjusted EBITDA of R7.3 million in the current
year compared to an Adjusted EBITDA loss of R4.6 million in the
prior year.
|
|
Americas fleet solutions
|
|
|
134,213
|
|
|
(13.8
|
%)
|
|
|
(6,550)
|
|
|
-
|
|
|
|
(4.9
|
%)
|
|
|
We believe the Americas premium fleet market is highly
under-penetrated and are investing in our sales and distribution
capacity in the region. In fiscal 2013, hardware revenue was
elevated as a result of upfront hardware purchases associated with
two major contracts. Vehicles under subscription grew by 16.1%
during fiscal 2014, driving subscription revenue up by approximately
18% on a constant currency basis.
|
|
Middle East and Australasia fleet solutions
|
|
|
306,450
|
|
|
15.4
|
%
|
|
|
21,834
|
|
|
|
(33.7
|
%)
|
|
|
7.1
|
%
|
|
|
While total revenue growth was 15.4%, the segment's total vehicles
under subscription increased by 32.5% resulting in over 45%
subscription revenue growth (on a constant currency basis). Adjusted
EBITDA declined by 33.7% as the segment invested in the headcount
and infrastructure necessary to support continued growth in the
region.
|
|
Brazil fleet solutions
|
|
|
11,901
|
|
|
-
|
|
|
|
(11,621)
|
|
|
(463.6
|
%)
|
|
|
(97.6
|
%)
|
|
|
This was the Brazil fleet operation's first full year of operations
and despite reporting modest revenue of R11.9 million ($1.1 million)
the region posted a planned Adjusted EBITDA loss.
|
|
International CSO fleet solutions and development
|
|
|
358,538
|
|
|
8.4
|
%
|
|
|
102,778
|
|
|
8.4
|
%
|
|
|
28.7
|
%
|
|
|
International CSO is a central services organization that
wholesales our products and services to our regional operations
and distributors who in turn, interface with our end-customers.
International CSO benefited from the subscriber growth throughout
the Company and reported growth at both the revenue and Adjusted
EBITDA level.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Outlook
MiX Telematics has translated U.S. dollar amounts in this Business
Outlook paragraph from South African rand at the exchange rate of
R10.6638 per $1.00, which was the R/$ exchange rate reported by the
South African Reserve Bank as of June 3, 2014.
Based on information as of today, June 5, 2014, the Company is issuing
the following financial guidance for the full 2015 fiscal year:
-
Revenue – R1,385 million to R1,410 million ($129.9 million to $132.2
million), which would represent revenue growth of 8.9% to 10.9%
compared to fiscal year 2014.
-
Subscription revenue - R1,020 million to R1,030 million ($95.7 million
to $96.6 million), which would represent subscription revenue growth
of 19.5% to 20.6% compared to fiscal year 2014.
-
Adjusted EBITDA - R295 million to R305 million ($27.7 million to $28.6
million), which would represent Adjusted EBITDA growth of 4.5% to 8.1%
compared to fiscal year 2014.
-
Adjusted earnings per diluted ordinary share of 17 to 18 South African
cents based on 810 million diluted ordinary shares in issue, and based
on an effective tax rate of 27% to 31%. At a ratio of 25 ordinary
shares to one ADS, this equates to adjusted earnings per diluted ADS
of 40 to 42 U.S. cents.
For the first quarter of fiscal year 2015, the Company expects
subscription revenue to be in the range of R237 million to R240 million
($22.2 million to $22.5 million) which would represent subscription
revenue growth of 22.0% to 23.6% compared to the first quarter of fiscal
year 2014.
The key assumptions used in deriving the forecast are as follows:
-
Growth in subscription revenue and vehicles under subscription are
based on expected growth rates related to market conditions and takes
into account growth rates achieved previously.
-
Costs have been increased to take into account the Company's strategy
of investing in sales and marketing and development and also include
costs necessary to operate as a U.S.-listed company.
The forecast is the responsibility of the board of directors and has not
been reviewed or reported on by the Company’s external auditors. The
Company’s policy is to give guidance on a quarterly basis, if necessary,
and does not update guidance between quarters.
The information disclosed in this “Business Outlook” paragraph complies
with the disclosure requirements in terms of paragraph 8.38 of the JSE
Listings Requirements which deals with profit forecasts.
Quarterly Reporting Policy in respect of JSE
Listing Requirements
Following the listing of the Company’s ADSs on the New York Stock
Exchange, the Company has adopted a quarterly reporting policy. As a
result of such quarterly reporting the Company is, in terms of paragraph
3.4(b)(ix) of the JSE Listings Requirements, not required to publish
trading statements in terms of paragraph 3.4(b)(i) to (viii) of the JSE
Listings Requirements.
Conference Call Information
MiX Telematics management will also host a conference call and audio
webcast at 8:00 a.m. (Eastern Daylight Time) and 2:00 p.m. (South
African Time) on June 5, 2014 to discuss the Company's financial results
and current business outlook.
-
The live webcast of the call will be available at the “Investor
Information” page of the Company’s website, http://investor.mixtelematics.com.
-
To access the call, dial 1-888-378-4350 (within the United States) or
0 800 980 989 (within South Africa) or 1-719-457-2639 (outside of the
United States and South Africa). The conference ID is 3228218.
-
A replay of this conference call will be available at 11:00 a.m.
(Eastern Daylight Time) and 5:00 p.m. (South African Time) for one
week at 1-877-870-5176 (within the United States) or 1-858-384-5517
(within South Africa or outside of the United States). The replay
conference ID is 3228218.
-
A replay of the webcast will also be available for a limited time at http://investor.mixtelematics.com.
About MiX Telematics
MiX Telematics is a leading global provider of fleet and mobile asset
management solutions delivered as SaaS to customers in over 120
countries. The Company’s products and services provide enterprise
fleets, small fleets and consumers with solutions for safety,
efficiency, risk and security. MiX Telematics was founded in 1996 and
has offices in South Africa, the United Kingdom, the United
States, Uganda, Brazil, Australia and the United Arab Emirates as well
as a network of more than 130 fleet partners worldwide. MiX Telematics
shares are publicly traded on the Johannesburg Stock Exchange (JSE: MIX)
and MiX Telematics American Depositary Shares ("ADSs") are listed on the
New York Stock Exchange (NYSE: MIXT). For more information visit www.mixtelematics.com.
Forward-Looking Statements
This press release includes certain “forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995,
including without limitation, statements concerning our financial
guidance for the first quarter of fiscal year 2015 and the full year of
fiscal year 2015, our position to execute on our growth strategy, and
our ability to expand our leadership position. These forward-looking
statements include, but are not limited to, plans, objectives,
expectations and intentions and other statements contained in this press
release that are not historical facts and statements identified by words
such as "expects," "anticipates," "intends," "plans," "believes,"
"seeks," "estimates" or words of similar meaning. These forward-looking
statements reflect our current views about our plans, intentions,
expectations, strategies and prospects, which are based on the
information currently available to us and on assumptions we have made.
Although we believe that our plans, intentions, expectations, strategies
and prospects as reflected in or suggested by those forward-looking
statements are reasonable, we can give no assurance that the plans,
intentions, expectations or strategies will be attained or achieved.
Furthermore, actual results may differ materially from those described
in the forward-looking statements and will be affected by a variety of
risks and factors that are beyond our control including, without
limitation, the Company's ability to attract, sell to and retain
customers; the Company's anticipated growth strategies, including its
ability to increase sales to existing customers, the introduction of new
solutions and international expansion; the Company's ability to adapt to
rapid technological change in its industry; competition from industry
consolidation; loss of key personnel or the Company's failure to
attract, train and retain other highly qualified personnel; the
Company's ability to integrate any businesses it acquires; the Company's
dependence on its network of dealers and distributors to sell its
solutions; the Company's dependence on key suppliers and vendors to
manufacture its hardware; businesses may not continue to adopt fleet
management solutions; the Company's future business development, results
of operations and financial condition; expected changes in the Company's
profitability and certain cost or expense items as a percentage of its
revenue; changes in the practices of insurance companies; the impact of
laws and regulations relating to the Internet and data privacy; the
Company's ability to protect its intellectual property and proprietary
technologies and address any infringement claims; significant disruption
in service on, or security breaches of, the Company's websites or
computer systems; the Company's dependence on third-party technology;
fluctuations in the value of the South African rand; economic, social,
political, labour and other conditions and developments in South Africa
and globally; the Company's ability to issue securities and access the
capital markets in the future; and other risks set forth under the
caption “Risk Factors” in the Company’s final prospectus related to its
initial public offering filed pursuant to Rule 424(b) under the
Securities Act of 1933, as amended, with the Securities and Exchange
Commission (the "SEC") on August 12, 2013, as updated by the Company's
filings that it makes with the SEC. The Company assumes no obligation to
update any forward-looking statements contained in this press release as
a result of new information, future events or otherwise.
Non-IFRS financial measures
Adjusted EBITDA
To provide investors with additional information regarding the Company's
financial results, it has disclosed within this press release Adjusted
EBITDA, which is a non-IFRS financial measure. Adjusted EBITDA is
defined as the profit for the period before income taxes, net interest
income/(expense), depreciation of property, plant and equipment
including capitalized customer in-vehicle devices, amortization of
intangible assets including capitalized in-house development costs,
share-based compensation costs, transaction costs arising from the
acquisition of a business, restructuring costs, profits/(losses) on the
disposal or impairments of assets and subsidiaries, certain
non-recurring initial public offering costs, unrealized foreign exchange
gains/(losses) and foreign exchange gains/(losses) related to the cash
proceeds raised through the IPO. The Company presents in the financial
tables that accompany this release a reconciliation of Adjusted EBITDA
to profit for the period and Adjusted EBITDA margin to profit for the
period margin, the most directly comparable financial measures presented
in accordance with IFRS.
The Company has included Adjusted EBITDA and Adjusted EBITDA margin in
this press release because they are key measures that the Company's
management and Board of Directors use to understand and evaluate its
core operating performance and trends; to prepare and approve its annual
forecast; and to develop short-and long-term operational plans. In
particular, the exclusion of certain expenses in calculating Adjusted
EBITDA and Adjusted EBITDA margin can provide a useful measure for
period-to-period comparisons of the Company's core business.
Accordingly, the Company believes that Adjusted EBITDA and Adjusted
EBITDA margin provide useful information to investors and others in
understanding and evaluating its operating results.
The Company's use of Adjusted EBITDA (and measures such as Adjusted
EBITDA margin that are derived from it) has limitations as an analytical
tool, and investors should not consider this performance measure in
isolation from, or as a substitute for, analysis of the Company's
results as reported under IFRS. Some of these limitations are:
-
although depreciation and amortization are non-cash charges, the
assets being depreciated and amortized may have to be replaced in the
future, and Adjusted EBITDA does not reflect cash capital expenditure
requirements for such replacements or for new capital expenditure
requirements;
-
Adjusted EBITDA does not reflect changes in, or cash requirements for,
the Company's working capital needs;
-
Adjusted EBITDA does not consider the potentially dilutive impact of
equity-based compensation;
-
Adjusted EBITDA does not reflect tax payments that may represent a
reduction in cash available to the Company;
-
Adjusted EBITDA does not reflect the interest expense or the cash
requirements necessary to service interest payments on the Company's
debt or any losses on the extinguishment of its debt;
-
Adjusted EBITDA does not include unrealized foreign currency
transaction gains and losses;
-
Adjusted EBITDA does not include certain non-recurring initial public
offering costs; and
-
other companies, including companies in the Company's industry, may
calculate Adjusted EBITDA differently, which reduces its usefulness as
a comparative measure.
Because of these limitations, investors should consider Adjusted EBITDA
and Adjusted EBITDA margin alongside other financial performance
measures, including operating profit, profit for the period, profit for
the period margin and the Company's other results.
Headline Earnings
Headline earnings is a profit measure required for JSE-listed companies
as defined by the South African Institute of Chartered Accountants. The
profit measure is determined by taking the profit for the year prior to
separately identifiable re-measurements of the carrying amount of an
asset or liability that arose after the initial recognition of such
asset or liability net of related tax (both current and deferred) and
related non-controlling interest.
A reconciliation of headline earnings to profit for the year has been
included in the financial results section of this announcement.
Adjusted Profit and Adjusted Earnings Per Share
Adjusted profit and adjusted earnings per share is defined as profit
attributable to owners of the parent excluding net foreign exchange
gains/(losses) for the relevant period.
Accounting policies
The Company's consolidated full year and quarterly results included in
this announcement have been prepared in accordance with IFRS accounting
policies. The basis of preparation and accounting policies have been set
out in the financial tables that accompany this press release.
AUDITED GROUP FINANCIAL RESULTS FOR THE YEAR ENDED MARCH 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MiX TELEMATICS LIMITED
SUMMARY CONSOLIDATED INCOME
STATEMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South African rand
|
|
|
|
United States dollar
|
|
Figures are stated in thousands unless otherwise stated
|
|
|
|
|
Year ended
|
|
|
Year ended
|
|
|
|
Year ended
|
|
|
Year ended
|
|
|
|
|
|
|
March 31, 2014
|
|
|
March 31, 2013
|
|
|
|
March 31, 2014
|
|
|
March 31, 2013
|
|
|
|
|
|
|
Audited
|
|
|
Audited
|
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
1,271,658
|
|
|
1,171,480
|
|
|
|
120,021
|
|
|
110,566
|
|
Cost of sales
|
|
|
|
|
(422,034)
|
|
|
(424,545)
|
|
|
|
(39,832)
|
|
|
(40,069)
|
|
Gross profit
|
|
|
|
|
849,624
|
|
|
746,935
|
|
|
|
80,189
|
|
|
70,497
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income/(expenses) - net
|
|
|
|
|
2,151
|
|
|
4,260
|
|
|
|
203
|
|
|
402
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
(680,277)
|
|
|
(565,318)
|
|
|
|
(64,206)
|
|
|
(53,355)
|
|
Sales and marketing
|
|
|
|
|
(148,012)
|
|
|
(132,849)
|
|
|
|
(13,970)
|
|
|
(12,538)
|
|
Administrative and other charges
|
|
|
|
|
(532,265)
|
|
|
(432,469)
|
|
|
|
(50,236)
|
|
|
(40,817)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
|
|
|
171,498
|
|
|
185,877
|
|
|
|
16,186
|
|
|
17,544
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance income/(cost) - net (note 12)
|
|
|
|
|
40,660
|
|
|
(6,011)
|
|
|
|
3,837
|
|
|
(568)
|
|
Finance income
|
|
|
|
|
43,264
|
|
|
2,018
|
|
|
|
4,083
|
|
|
190
|
|
Finance cost
|
|
|
|
|
(2,604)
|
|
|
(8,029)
|
|
|
|
(246)
|
|
|
(758)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before taxation
|
|
|
|
|
212,158
|
|
|
179,866
|
|
|
|
20,023
|
|
|
16,976
|
|
Taxation
|
|
|
|
|
(60,574)
|
|
|
(51,400)
|
|
|
|
(5,717)
|
|
|
(4,851)
|
|
Profit for the year
|
|
|
|
|
151,584
|
|
|
128,466
|
|
|
|
14,306
|
|
|
12,125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the parent
|
|
|
|
|
151,589
|
|
|
128,471
|
|
|
|
14,306
|
|
|
12,125
|
|
Non-controlling interests
|
|
|
|
|
(5)
|
|
|
(5)
|
|
|
|
*
|
|
|
*
|
|
|
|
|
|
|
151,584
|
|
|
128,466
|
|
|
|
14,306
|
|
|
12,125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-basic (R/$)
|
|
|
|
|
0.21
|
|
|
0.20
|
|
|
|
0.02
|
|
|
0.02
|
|
-diluted (R/$)
|
|
|
|
|
0.20
|
|
|
0.19
|
|
|
|
0.02
|
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per American Depositary Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-basic (R/$)
|
|
|
|
|
5.18
|
|
|
4.88
|
|
|
|
0.49
|
|
|
0.46
|
|
-diluted (R/$)
|
|
|
|
|
4.93
|
|
|
4.76
|
|
|
|
0.47
|
|
|
0.45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares ('000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-in issue at March 31
|
|
|
|
|
784,150
|
|
|
659,963
|
|
|
|
784,150
|
|
|
659,963
|
|
-weighted average
|
|
|
|
|
732,171
|
|
|
658,456
|
|
|
|
732,171
|
|
|
658,456
|
|
-diluted weighted average
|
|
|
|
|
768,306
|
|
|
674,772
|
|
|
|
768,306
|
|
|
674,772
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average American Depositary Share ('000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-in issue at March 31
|
|
|
|
|
31,366
|
|
|
26,399
|
|
|
|
31,366
|
|
|
26,399
|
|
-weighted average
|
|
|
|
|
29,287
|
|
|
26,338
|
|
|
|
29,287
|
|
|
26,338
|
|
-diluted weighted average
|
|
|
|
|
30,732
|
|
|
26,991
|
|
|
|
30,732
|
|
|
26,991
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Amounts less than R1000/$1000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South African rand amounts for fiscal 2014 and fiscal 2013 financial
information have been translated to U.S. dollars at the exchange rate of
R10.5953 per $1.00, which was the R/$ exchange rate reported by the
South African Reserve Bank as of March 31, 2014. The U.S. dollar figures
may not compute as they are rounded independently.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MiX TELEMATICS LIMITED
|
|
SUMMARY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South African rand
|
|
|
|
United States dollar
|
|
Figures are in thousands unless otherwise stated
|
|
|
|
|
Year ended
|
|
|
Year ended
|
|
|
|
Year ended
|
|
|
Year ended
|
|
|
|
|
|
|
March 31, 2014
|
|
|
March 31, 2013
|
|
|
|
March 31, 2014
|
|
|
March 31, 2013
|
|
|
|
|
|
|
Audited
|
|
|
Audited
|
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year
|
|
|
|
|
151,584
|
|
|
128,466
|
|
|
|
14,306
|
|
|
12,125
|
|
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items that may be subsequently reclassified to profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange differences on translating foreign operations
|
|
|
|
|
45,475
|
|
|
37,090
|
|
|
|
4,292
|
|
|
3,501
|
|
Exchange differences on net investments in foreign operations
|
|
|
|
|
3,540
|
|
|
3,142
|
|
|
|
334
|
|
|
297
|
|
Taxation relating to components of other comprehensive income
|
|
|
|
|
(599)
|
|
|
-
|
|
|
|
(57)
|
|
|
-
|
|
Other comprehensive income for the year, net of tax
|
|
|
|
|
48,416
|
|
|
40,232
|
|
|
|
4,569
|
|
|
3,798
|
|
Total comprehensive income for the year
|
|
|
|
|
200,000
|
|
|
168,698
|
|
|
|
18,875
|
|
|
15,923
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the parent
|
|
|
|
|
200,005
|
|
|
168,703
|
|
|
|
18,875
|
|
|
15,923
|
|
Non-controlling interests
|
|
|
|
|
(5)
|
|
|
(5)
|
|
|
|
*
|
|
|
*
|
|
Total comprehensive income for the year
|
|
|
|
|
200,000
|
|
|
168,698
|
|
|
|
18,875
|
|
|
15,923
|
|
*Amounts less than R1000/$1000
|
|
|
South African rand amounts for fiscal 2014 and fiscal 2013 financial
information have been translated to U.S. dollars at the exchange rate of
R10.5953 per $1.00, which was the R/$ exchange rate reported by the
South African Reserve Bank as of March 31, 2014. The U.S. dollar figures
may not compute as they are rounded independently.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MiX TELEMATICS LIMITED
|
|
HEADLINE EARNINGS AND ADJUSTED EARNINGS PER SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South African rand
|
|
|
|
United States dollar
|
|
Figures are in thousands unless otherwise stated
|
|
|
|
|
Year ended
|
|
|
Year ended
|
|
|
|
Year ended
|
|
|
Year ended
|
|
|
|
|
|
|
March 31, 2014
|
|
|
March 31, 2013
|
|
|
|
March 31, 2014
|
|
|
March 31, 2013
|
|
Headline earnings per share
|
|
|
|
|
Audited
|
|
|
Audited
|
|
|
|
Unaudited
|
|
|
Unaudited
|
|
Reconciliation of headline earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year attributable to owners of the parent
|
|
|
|
|
151,589
|
|
|
128,471
|
|
|
|
14,306
|
|
|
12,125
|
|
Adjusted for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit on disposal of property, plant and equipment and intangible
assets
|
|
|
|
|
(97)
|
|
|
(314)
|
|
|
|
(9)
|
|
|
(30)
|
|
Impairment of furniture and fittings (note 4)
|
|
|
|
|
316
|
|
|
-
|
|
|
|
30
|
|
|
-
|
|
Impairment of product development costs capitalized (note 4)
|
|
|
|
|
63
|
|
|
5,158
|
|
|
|
6
|
|
|
487
|
|
Foreign currency translation reserve released due to liquidation of
intermediary subsidiary holding company (note 4)
|
|
|
|
|
-
|
|
|
394
|
|
|
|
-
|
|
|
37
|
|
Income tax effect on the above components
|
|
|
|
|
(85)
|
|
|
(1,357)
|
|
|
|
(7)
|
|
|
(128)
|
|
Headline earnings attributable to owners of the parent
|
|
|
|
|
151,786
|
|
|
132,352
|
|
|
|
14,326
|
|
|
12,491
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Headline earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-basic (R/$)
|
|
|
|
|
0.21
|
|
|
0.20
|
|
|
|
0.02
|
|
|
0.02
|
|
-diluted (R/$)
|
|
|
|
|
0.20
|
|
|
0.20
|
|
|
|
0.02
|
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Headline earnings per American Depositary Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-basic (R/$)
|
|
|
|
|
5.18
|
|
|
5.03
|
|
|
|
0.49
|
|
|
0.47
|
|
-diluted (R/$)
|
|
|
|
|
4.94
|
|
|
4.90
|
|
|
|
0.47
|
|
|
0.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the 2014 fiscal year, a new profit measure was implemented,
Adjusted earnings per share. Adjusted earnings per share is defined
as profit attributable to owners of the parent excluding net foreign
exchange gains/(losses) divided by the weighted average number of
ordinary shares in issue during the year.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of adjusted earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year attributable to owners of the parent
|
|
|
|
|
151,589
|
|
|
128,471
|
|
|
|
14,306
|
|
|
12,125
|
|
Net foreign exchange (gains)/losses (note 12)
|
|
|
|
|
(38,128)
|
|
|
4,681
|
|
|
|
(3,599)
|
|
|
442
|
|
Income tax effect on the above component
|
|
|
|
|
10,458
|
|
|
(1,098)
|
|
|
|
988
|
|
|
(104)
|
|
Adjusted earnings attributable to owners of the parent
|
|
|
|
|
123,919
|
|
|
132,054
|
|
|
|
11,695
|
|
|
12,463
|
|
Adjusted earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Basic (R/$)
|
|
|
|
|
0.17
|
|
|
0.20
|
|
|
|
0.02
|
|
|
0.02
|
|
-Diluted (R/$)
|
|
|
|
|
0.16
|
|
|
0.20
|
|
|
|
0.02
|
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per American Depositary Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Basic (R/$)
|
|
|
|
|
4.23
|
|
|
5.01
|
|
|
|
0.40
|
|
|
0.47
|
|
-Diluted (R/$)
|
|
|
|
|
4.03
|
|
|
4.89
|
|
|
|
0.38
|
|
|
0.46
|
|
South African rand amounts for fiscal 2014 and fiscal 2013
financial information have been translated to U.S. dollars at the
exchange rate of R10.5953 per $1.00, which was the R/$ exchange
rate reported by the South African Reserve Bank as of March 31,
2014. The U.S. dollar figures may not compute as they are rounded
independently.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MiX TELEMATICS LIMITED
|
|
SUMMARY CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South African rand
|
|
|
|
United States dollar
|
|
Figures are in thousands unless otherwise stated
|
|
|
|
|
March 31, 2014
|
|
|
March 31, 2013
|
|
|
|
March 31, 2014
|
|
|
March 31, 2013
|
|
|
|
|
|
|
Audited
|
|
|
Audited
|
|
|
|
Unaudited
|
|
|
Unaudited
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment
|
|
|
|
|
129,079
|
|
|
96,547
|
|
|
|
12,183
|
|
|
9,112
|
|
Intangible assets
|
|
|
|
|
692,190
|
|
|
645,736
|
|
|
|
65,330
|
|
|
60,946
|
|
Available-for-sale financial asset
|
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
Finance lease receivable
|
|
|
|
|
6,677
|
|
|
6,359
|
|
|
|
630
|
|
|
600
|
|
Deferred tax assets
|
|
|
|
|
19,825
|
|
|
13,868
|
|
|
|
1,871
|
|
|
1,309
|
|
Total non-current assets
|
|
|
|
|
847,771
|
|
|
762,510
|
|
|
|
80,014
|
|
|
71,967
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory
|
|
|
|
|
39,774
|
|
|
38,927
|
|
|
|
3,754
|
|
|
3,674
|
|
Trade and other receivables
|
|
|
|
|
234,839
|
|
|
186,987
|
|
|
|
22,164
|
|
|
17,648
|
|
Finance lease receivable
|
|
|
|
|
6,652
|
|
|
3,604
|
|
|
|
628
|
|
|
340
|
|
Taxation
|
|
|
|
|
7,336
|
|
|
4,823
|
|
|
|
692
|
|
|
455
|
|
Restricted cash
|
|
|
|
|
10,279
|
|
|
8,235
|
|
|
|
970
|
|
|
778
|
|
Cash and cash equivalents (note 6)
|
|
|
|
|
830,449
|
|
|
147,702
|
|
|
|
78,380
|
|
|
13,941
|
|
Total current assets
|
|
|
|
|
1,129,329
|
|
|
390,278
|
|
|
|
106,588
|
|
|
36,836
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
|
1,977,100
|
|
|
1,152,788
|
|
|
|
186,602
|
|
|
108,803
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stated capital
|
|
|
|
|
1,429,250
|
|
|
790,491
|
|
|
|
134,895
|
|
|
74,608
|
|
Other reserves
|
|
|
|
|
(58,335)
|
|
|
(111,362)
|
|
|
|
(5,506)
|
|
|
(10,510)
|
|
Retained earnings
|
|
|
|
|
300,725
|
|
|
188,750
|
|
|
|
28,381
|
|
|
17,814
|
|
Equity attributable to owners of the parent
|
|
|
|
|
1,671,640
|
|
|
867,879
|
|
|
|
157,770
|
|
|
81,912
|
|
Non-controlling interest
|
|
|
|
|
(10)
|
|
|
(5)
|
|
|
|
*
|
|
|
*
|
|
Total equity
|
|
|
|
|
1,671,630
|
|
|
867,874
|
|
|
|
157,770
|
|
|
81,912
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings
|
|
|
|
|
2,462
|
|
|
-
|
|
|
|
232
|
|
|
-
|
|
Deferred tax liabilities
|
|
|
|
|
20,601
|
|
|
8,605
|
|
|
|
1,944
|
|
|
812
|
|
Provisions
|
|
|
|
|
2,282
|
|
|
283
|
|
|
|
215
|
|
|
27
|
|
Total non-current liabilities
|
|
|
|
|
25,345
|
|
|
8,888
|
|
|
|
2,391
|
|
|
839
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade and other payables
|
|
|
|
|
228,961
|
|
|
184,397
|
|
|
|
21,610
|
|
|
17,404
|
|
Borrowings
|
|
|
|
|
1,279
|
|
|
3,472
|
|
|
|
121
|
|
|
328
|
|
Taxation
|
|
|
|
|
2,912
|
|
|
10,691
|
|
|
|
276
|
|
|
1,008
|
|
Provisions
|
|
|
|
|
19,163
|
|
|
21,461
|
|
|
|
1,809
|
|
|
2,026
|
|
Bank overdraft
|
|
|
|
|
27,810
|
|
|
56,005
|
|
|
|
2,625
|
|
|
5,286
|
|
Total current liabilities
|
|
|
|
|
280,125
|
|
|
276,026
|
|
|
|
26,441
|
|
|
26,052
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
|
|
305,470
|
|
|
284,914
|
|
|
|
28,832
|
|
|
26,891
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity and liabilities
|
|
|
|
|
1,977,100
|
|
|
1,152,788
|
|
|
|
186,602
|
|
|
108,803
|
|
Net Cash (note 6)
|
|
|
|
|
798,898
|
|
|
88,225
|
|
|
|
75,402
|
|
|
8,327
|
|
Net asset value per share (R/$)
|
|
|
|
|
2.13
|
|
|
1.32
|
|
|
|
0.20
|
|
|
0.12
|
|
Net tangible asset value per share (R/$)
|
|
|
|
|
1.25
|
|
|
0.34
|
|
|
|
0.12
|
|
|
0.03
|
|
Capital Expenditure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incured
|
|
|
|
|
135,309
|
|
|
94,147
|
|
|
|
12,771
|
|
|
8,886
|
|
Authorized but not spent
|
|
|
|
|
60,115
|
|
|
44,497
|
|
|
|
5,674
|
|
|
4,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South African rand amounts for fiscal 2014 and fiscal 2013 financial
information have been translated to U.S. dollars at the exchange rate of
R10.5953 per $1.00, which was the R/$ exchange rate reported by the
South African Reserve Bank as of March 31, 2014. The U.S. dollar figures
may not compute as they are rounded independently.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MiX TELEMATICS LIMITED
|
|
SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South African rand
|
|
|
|
United States dollar
|
|
Figures are in thousands unless otherwise stated
|
|
|
|
|
Year ended
|
|
|
Year ended
|
|
|
|
Year ended
|
|
|
Year ended
|
|
|
|
|
|
|
March 31, 2014
|
|
|
March 31, 2013
|
|
|
|
March 31, 2014
|
|
|
March 31, 2013
|
|
|
|
|
|
|
Audited
|
|
|
Audited
|
|
|
|
Unaudited
|
|
|
Unaudited
|
|
Operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash generated from operations
|
|
|
|
|
266,169
|
|
|
287,847
|
|
|
|
25,121
|
|
|
27,167
|
|
Net financing income/(costs)
|
|
|
|
|
1,474
|
|
|
(1,541)
|
|
|
|
139
|
|
|
(145)
|
|
Taxation paid
|
|
|
|
|
(63,866)
|
|
|
(74,388)
|
|
|
|
(6,028)
|
|
|
(7,021)
|
|
Net cash generated from operating activities
|
|
|
|
|
203,777
|
|
|
211,918
|
|
|
|
19,232
|
|
|
20,001
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditure, net of government grant received
|
|
|
|
|
(128,745)
|
|
|
(91,940)
|
|
|
|
(12,151)
|
|
|
(8,677)
|
|
Acquisition of business, net of cash acquired (note 10)
|
|
|
|
|
(3,606)
|
|
|
23
|
|
|
|
(340)
|
|
|
2
|
|
Deferred consideration paid
|
|
|
|
|
(295)
|
|
|
-
|
|
|
|
(28)
|
|
|
-
|
|
Proceeds on sale of property, plant and equipment
|
|
|
|
|
978
|
|
|
966
|
|
|
|
92
|
|
|
91
|
|
Increase in restricted cash
|
|
|
|
|
(1,508)
|
|
|
(5,103)
|
|
|
|
(142)
|
|
|
(482)
|
|
Net cash used in investing activities
|
|
|
|
|
(133,176)
|
|
|
(96,054)
|
|
|
|
(12,569)
|
|
|
(9,066)
|
|
Financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from share capital issued
|
|
|
|
|
665,710
|
|
|
2,889
|
|
|
|
62,831
|
|
|
273
|
|
Share issue expenses paid
|
|
|
|
|
(26,951)
|
|
|
-
|
|
|
|
(2,544)
|
|
|
-
|
|
Repayment of borrowings
|
|
|
|
|
(3,436)
|
|
|
(19,701)
|
|
|
|
(324)
|
|
|
(1,859)
|
|
Dividends paid
|
|
|
|
|
(39,610)
|
|
|
(78,874)
|
|
|
|
(3,738)
|
|
|
(7,444)
|
|
Net cash generated from/(used) in financing activities
|
|
|
|
|
595,713
|
|
|
(95,686)
|
|
|
|
56,225
|
|
|
(9,030)
|
|
Net increase in cash and cash equivalents
|
|
|
|
|
666,314
|
|
|
20,178
|
|
|
|
62,888
|
|
|
1,905
|
|
Net cash and cash equivalents at the beginning of the year
|
|
|
|
|
91,697
|
|
|
68,530
|
|
|
|
8,655
|
|
|
6,468
|
|
Exchange gains on cash and cash equivalents
|
|
|
|
|
44,628
|
|
|
2,989
|
|
|
|
4,212
|
|
|
282
|
|
Net cash and cash equivalents at the end of the year
|
|
|
|
|
802,639
|
|
|
91,697
|
|
|
|
75,755
|
|
|
8,655
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South African rand amounts for fiscal 2014 and fiscal 2013 financial
information have been translated to U.S. dollars at the exchange rate of
R10.5953 per $1.00, which was the R/$ exchange rate reported by the
South African Reserve Bank as of March 31, 2014. The U.S. dollar figures
may not compute as they are rounded independently.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MiX TELEMATICS LIMITED
|
|
SUMMARY CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South African rand
|
|
|
|
|
Attributable to owners of the parent
|
|
|
|
|
|
|
|
Figures are in thousands unless
otherwise stated
|
|
|
|
|
Stated
capital
|
|
|
Share
capital
|
|
|
Share
premium
|
|
|
Other
reserves
|
|
|
Retained
earnings
|
|
|
Total
|
|
|
Non-
controlling
interest
|
|
|
Total
equity
|
|
Balance at April 1, 2012 (Audited)
|
|
|
|
|
-
|
|
|
13
|
|
|
787,589
|
|
|
(154,745)
|
|
|
139,233
|
|
|
772,090
|
|
|
-
|
|
|
772,090
|
|
Total comprehensive income
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
40,232
|
|
|
128,471
|
|
|
168,703
|
|
|
(5)
|
|
|
168,698
|
|
- Profit for the year
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
128,471
|
|
|
128,471
|
|
|
(5)
|
|
|
128,466
|
|
- Other comprehensive income
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
40,232
|
|
|
-
|
|
|
40,232
|
|
|
-
|
|
|
40,232
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total transactions with owners
|
|
|
|
|
464
|
|
|
*
|
|
|
2,425
|
|
|
3,151
|
|
|
(78,954)
|
|
|
(72,914)
|
|
|
-
|
|
|
(72,914)
|
|
- Shares issued in relation to share options exercised
|
|
|
|
|
464
|
|
|
*
|
|
|
2,425
|
|
|
-
|
|
|
-
|
|
|
2,889
|
|
|
-
|
|
|
2,889
|
|
- Share-based payment
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
3,151
|
|
|
-
|
|
|
3,151
|
|
|
-
|
|
|
3,151
|
|
- Dividend declared of 8 cents per share (note 8)
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(52,576)
|
|
|
(52,576)
|
|
|
-
|
|
|
(52,576)
|
|
- Interim dividend declared of 4 cents per share (note 8)
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(26,378)
|
|
|
(26,378)
|
|
|
-
|
|
|
(26,378)
|
|
Transfer from share capital and share premium to stated capital
|
|
|
|
|
790,027
|
|
|
(13)
|
|
|
(790,014)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Balance at March 31, 2013 (Audited)
|
|
|
|
|
790,491
|
|
|
-
|
|
|
-
|
|
|
(111,362)
|
|
|
188,750
|
|
|
867,879
|
|
|
(5)
|
|
|
867,874
|
|
Total comprehensive income
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
48,416
|
|
|
151,589
|
|
|
200,005
|
|
|
(5)
|
|
|
200,000
|
|
- Profit for the year
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
151,589
|
|
|
151,589
|
|
|
(5)
|
|
|
151,584
|
|
- Other comprehensive income
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
48,416
|
|
|
-
|
|
|
48,416
|
|
|
-
|
|
|
48,416
|
|
Total transactions with owners
|
|
|
|
|
638,759
|
|
|
-
|
|
|
-
|
|
|
4,611
|
|
|
(39,614)
|
|
|
603,756
|
|
|
-
|
|
|
603,756
|
|
- Shares issued in relation to share options exercised
|
|
|
|
|
15,776
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
15,776
|
|
|
-
|
|
|
15,776
|
|
- Share-based payment
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
4,611
|
|
|
-
|
|
|
4,611
|
|
|
-
|
|
|
4,611
|
|
- Proceeds from shares issued, net of share issue costs
|
|
|
|
|
622,983
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
622,983
|
|
|
-
|
|
|
622,983
|
|
- Dividend declared of 6 cents per share (note 8)
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(39,614)
|
|
|
(39,614)
|
|
|
-
|
|
|
(39,614)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2014 (Audited)
|
|
|
|
|
1,429,250
|
|
|
-
|
|
|
-
|
|
|
(58,335)
|
|
|
300,725
|
|
|
1,671,640
|
|
|
(10)
|
|
|
1,671,630
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MiX TELEMATICS LIMITED
|
|
SUMMARY CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States dollar
|
|
|
|
|
Attributable to owners of the parent
|
|
|
|
|
|
|
|
Figures are stated in thousands unless otherwise stated
|
|
|
|
|
Stated
capital
|
|
|
Share
capital
|
|
|
Share
premium
|
|
|
Other
reserves
|
|
|
Retained
earnings
|
|
|
Total
|
|
|
Non-
controlling
interest
|
|
|
Total
equity
|
|
Balance at April 1, 2012 (Unaudited)
|
|
|
|
|
-
|
|
|
1
|
|
|
74,334
|
|
|
(14,605)
|
|
|
13,141
|
|
|
72,871
|
|
|
-
|
|
|
72,871
|
|
Total comprehensive income
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
3,798
|
|
|
12,125
|
|
|
15,923
|
|
|
*
|
|
|
15,923
|
|
- Profit for the year
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
12,125
|
|
|
12,125
|
|
|
*
|
|
|
12,125
|
|
- Other comprehensive income
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
3,798
|
|
|
-
|
|
|
3,798
|
|
|
-
|
|
|
3,798
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total transactions with owners
|
|
|
|
|
44
|
|
|
*
|
|
|
229
|
|
|
297
|
|
|
(7,452)
|
|
|
(6,882)
|
|
|
-
|
|
|
(6,882)
|
|
- Shares issued in relation to share options exercised
|
|
|
|
|
44
|
|
|
*
|
|
|
229
|
|
|
-
|
|
|
-
|
|
|
273
|
|
|
-
|
|
|
273
|
|
- Share-based payment
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
297
|
|
|
-
|
|
|
297
|
|
|
-
|
|
|
297
|
|
- Dividend declared of 0.8 cents per share (note 8)
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(4,962)
|
|
|
(4,962)
|
|
|
-
|
|
|
(4,962)
|
|
- Interim dividend declared of 0.4 cents per share (note 8)
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(2,490)
|
|
|
(2,490)
|
|
|
-
|
|
|
(2,490)
|
|
-Transfer from share capital and share premium to stated capital
|
|
|
|
|
74,564
|
|
|
(1)
|
|
|
(74,563)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Balance at March 31, 2013 (Unaudited)
|
|
|
|
|
74,608
|
|
|
-
|
|
|
-
|
|
|
(10,510)
|
|
|
17,814
|
|
|
81,912
|
|
|
*
|
|
|
81,912
|
|
Total comprehensive income
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
4,569
|
|
|
14,306
|
|
|
18,875
|
|
|
*
|
|
|
18,875
|
|
- Profit for the year
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
14,306
|
|
|
14,306
|
|
|
*
|
|
|
14,306
|
|
- Other comprehensive income
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
4,569
|
|
|
-
|
|
|
4,569
|
|
|
-
|
|
|
4,569
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total transactions with owners
|
|
|
|
|
60,287
|
|
|
-
|
|
|
-
|
|
|
435
|
|
|
(3,739)
|
|
|
56,983
|
|
|
-
|
|
|
56,983
|
|
- Shares issued in relation to share options exercised
|
|
|
|
|
1,489
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1,489
|
|
|
-
|
|
|
1,489
|
|
- Share-based payment
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
435
|
|
|
-
|
|
|
435
|
|
|
-
|
|
|
435
|
|
- Proceeds from shares issued, net of share issue costs
|
|
|
|
|
58,798
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
58,798
|
|
|
-
|
|
|
58,798
|
|
- Dividend declared of 0.6 cents per share (note 8)
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(3,739)
|
|
|
(3,739)
|
|
|
-
|
|
|
(3,739)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2014 (Unaudited)
|
|
|
|
|
134,895
|
|
|
-
|
|
|
-
|
|
|
(5,506)
|
|
|
28,381
|
|
|
157,770
|
|
|
*
|
|
|
157,770
|
|
*Amounts less than R1000/$1000
|
|
|
South African rand amounts for fiscal 2014 and fiscal 2013 financial
information have been translated to U.S. dollars at the exchange rate of
R10.5953 per $1.00, which was the R/$ exchange rate reported by the
South African Reserve Bank as of March 31, 2014. The U.S. dollar figures
may not compute as they are rounded independently.
|
|
|
MiX TELEMATICS LIMITED
|
|
SUMMARY SEGMENTAL ANALYSIS
|
|
|
|
|
|
South African rand
|
|
Figures are in thousands unless otherwise stated
|
|
Year ended March 31, 2014 (Audited)
|
|
|
|
|
Total
revenue
|
|
|
Inter-
segment
revenue
|
|
|
Adjusted
EBITDA
|
|
|
Assets
|
|
Africa
|
|
|
Consumer solutions
|
|
|
|
|
355,084
|
|
|
(17,632)
|
|
|
105,162
|
|
|
276,643
|
|
|
|
|
Fleet solutions
|
|
|
|
|
325,400
|
|
|
(5,500)
|
|
|
95,209
|
|
|
131,286
|
|
Europe
|
|
|
Fleet solutions
|
|
|
|
|
160,639
|
|
|
(977)
|
|
|
7,285
|
|
|
88,086
|
|
Americas
|
|
|
Fleet solutions
|
|
|
|
|
134,213
|
|
|
-
|
|
|
(6,550)
|
|
|
74,970
|
|
Middle East and Australasia
|
|
|
Fleet solutions
|
|
|
|
|
306,450
|
|
|
(1,569)
|
|
|
21,834
|
|
|
162,848
|
|
Brazil
|
|
|
Fleet solutions
|
|
|
|
|
11,901
|
|
|
(56)
|
|
|
(11,621)
|
|
|
9,695
|
|
International
|
|
|
Fleet solutions and development
|
|
|
|
|
358,538
|
|
|
(354,833)
|
|
|
102,778
|
|
|
285,825
|
|
Total
|
|
|
|
|
1,652,225
|
|
|
(380,567)
|
|
|
314,097
|
|
|
1,029,353
|
|
Corporate and consolidation entries
|
|
|
|
|
-
|
|
|
-
|
|
|
(31,874)
|
|
|
1,136,564
|
|
Inter-segment elimination
|
|
|
|
|
(380,567)
|
|
|
380,567
|
|
|
-
|
|
|
(188,817)
|
|
Total
|
|
|
|
|
1,271,658
|
|
|
-
|
|
|
282,223
|
|
|
1,977,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended March 31, 2013 (Audited)
|
|
|
|
|
Total
revenue
|
|
|
Inter-
segment
revenue
|
|
|
Adjusted
EBITDA
|
|
|
Assets
|
|
Africa
|
|
|
Consumer solutions
|
|
|
|
|
343,578
|
|
|
(11,910)
|
|
|
86,943
|
|
|
279,239
|
|
|
|
|
Fleet solutions
|
|
|
|
|
281,937
|
|
|
(5,838)
|
|
|
94,541
|
|
|
83,047
|
|
Europe
|
|
|
Fleet solutions
|
|
|
|
|
128,116
|
|
|
(576)
|
|
|
(4,608)
|
|
|
60,078
|
|
Americas
|
|
|
Fleet solutions
|
|
|
|
|
155,657
|
|
|
-
|
|
|
3,039
|
|
|
53,067
|
|
Middle East and Australasia
|
|
|
Fleet solutions
|
|
|
|
|
265,598
|
|
|
-
|
|
|
32,952
|
|
|
129,133
|
|
Brazil
|
|
|
Fleet solutions
|
|
|
|
|
-
|
|
|
-
|
|
|
(2,062)
|
|
|
4,529
|
|
International
|
|
|
Fleet solutions and development
|
|
|
|
|
330,755
|
|
|
(315,837)
|
|
|
94,784
|
|
|
243,284
|
|
Total
|
|
|
|
|
1,505,641
|
|
|
(334,161)
|
|
|
305,589
|
|
|
852,377
|
|
Corporate and consolidation entries
|
|
|
|
|
-
|
|
|
-
|
|
|
(14,768)
|
|
|
415,493
|
|
Inter-segment elimination
|
|
|
|
|
(334,161)
|
|
|
334,161
|
|
|
-
|
|
|
(115,082)
|
|
Total
|
|
|
|
|
1,171,480
|
|
|
-
|
|
|
290,821
|
|
|
1,152,788
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARY SEGMENTAL ANALYSIS
|
|
United States dollar
|
|
Figures are in thousands unless otherwise stated
|
|
Year ended March 31, 2014 (Unaudited)
|
|
|
|
|
Total
revenue
|
|
|
Inter-
segment
revenue
|
|
|
Adjusted
EBITDA
|
|
|
Assets
|
|
Africa
|
|
|
Consumer solutions
|
|
|
|
|
33,513
|
|
|
(1,664)
|
|
|
9,925
|
|
|
26,110
|
|
|
|
|
Fleet solutions
|
|
|
|
|
30,713
|
|
|
(519)
|
|
|
8,986
|
|
|
12,390
|
|
Europe
|
|
|
Fleet solutions
|
|
|
|
|
15,161
|
|
|
(92)
|
|
|
688
|
|
|
8,314
|
|
Americas
|
|
|
Fleet solutions
|
|
|
|
|
12,667
|
|
|
-
|
|
|
(618)
|
|
|
7,076
|
|
Middle East and Australasia
|
|
|
Fleet solutions
|
|
|
|
|
28,923
|
|
|
(148)
|
|
|
2,061
|
|
|
15,370
|
|
Brazil
|
|
|
Fleet solutions
|
|
|
|
|
1,123
|
|
|
(5)
|
|
|
(1,097)
|
|
|
915
|
|
International
|
|
|
Fleet solutions and development
|
|
|
|
|
33,839
|
|
|
(33,490)
|
|
|
9,700
|
|
|
26,977
|
|
Total
|
|
|
|
|
155,939
|
|
|
(35,918)
|
|
|
29,645
|
|
|
97,152
|
|
Corporate and consolidation entries
|
|
|
|
|
-
|
|
|
-
|
|
|
(3,008)
|
|
|
107,271
|
|
Inter-segment elimination
|
|
|
|
|
(35,918)
|
|
|
35,918
|
|
|
-
|
|
|
(17,821)
|
|
Total
|
|
|
|
|
120,021
|
|
|
-
|
|
|
26,637
|
|
|
186,602
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended March 31, 2013 (Unaudited)
|
|
|
|
|
Total
revenue
|
|
|
Inter-
segment
revenue
|
|
|
Adjusted
EBITDA
|
|
|
Assets
|
|
Africa
|
|
|
Consumer solutions
|
|
|
|
|
32,427
|
|
|
(1,124)
|
|
|
8,206
|
|
|
26,356
|
|
|
|
|
Fleet solutions
|
|
|
|
|
26,609
|
|
|
(551)
|
|
|
8,923
|
|
|
7,839
|
|
Europe
|
|
|
Fleet solutions
|
|
|
|
|
12,092
|
|
|
(54)
|
|
|
(435)
|
|
|
5,670
|
|
Americas
|
|
|
Fleet solutions
|
|
|
|
|
14,691
|
|
|
-
|
|
|
287
|
|
|
5,009
|
|
Middle East and Australasia
|
|
|
Fleet solutions
|
|
|
|
|
25,068
|
|
|
-
|
|
|
3,110
|
|
|
12,188
|
|
Brazil
|
|
|
Fleet solutions
|
|
|
|
|
-
|
|
|
-
|
|
|
(195)
|
|
|
427
|
|
International
|
|
|
Fleet solutions and development
|
|
|
|
|
31,217
|
|
|
(29,809)
|
|
|
8,946
|
|
|
22,962
|
|
Total
|
|
|
|
|
142,104
|
|
|
(31,538)
|
|
|
28,842
|
|
|
80,451
|
|
Corporate and consolidation entries
|
|
|
|
|
-
|
|
|
-
|
|
|
(1,393)
|
|
|
39,215
|
|
Inter-segment elimination
|
|
|
|
|
(31,538)
|
|
|
31,538
|
|
|
-
|
|
|
(10,863)
|
|
Total
|
|
|
|
|
110,566
|
|
|
-
|
|
|
27,449
|
|
|
108,803
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South African rand amounts for fiscal 2014 and fiscal 2013 financial
information have been translated to U.S. dollars at the exchange rate of
R10.5953 per $1.00, which was the R/$ exchange rate reported by the
South African Reserve Bank as of March 31, 2014. The U.S. dollar figures
may not compute as they are rounded independently.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MiX TELEMATICS LIMITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER FINANCIAL AND OPERATING DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South African rand
|
|
|
|
United States dollar
|
|
|
|
|
|
|
Year ended
|
|
|
Year ended
|
|
|
|
Year ended
|
|
|
Year ended
|
|
|
|
|
|
|
March 31, 2014
|
|
|
March 31, 2013
|
|
|
|
March 31, 2014
|
|
|
March 31, 2013
|
|
Figures are in thousands except for vehicle data
|
|
|
|
|
Audited
|
|
|
Audited
|
|
|
|
Unaudited
|
|
|
Unaudited
|
|
Subscription revenue
|
|
|
|
|
853,716
|
|
|
686,720
|
|
|
|
80,575
|
|
|
64,814
|
|
Adjusted EBITDA (note 4)
|
|
|
|
|
282,223
|
|
|
290,821
|
|
|
|
26,637
|
|
|
27,449
|
|
Cash and cash equivalents
|
|
|
|
|
830,449
|
|
|
147,702
|
|
|
|
78,380
|
|
|
13,941
|
|
Net cash
|
|
|
|
|
798,898
|
|
|
88,225
|
|
|
|
75,402
|
|
|
8,327
|
|
Capital expenditure
|
|
|
|
|
135,309
|
|
|
94,147
|
|
|
|
12,771
|
|
|
8,886
|
|
Vehicles under subscription (Unaudited)
|
|
|
|
|
450,502
|
|
|
359,643
|
|
|
|
450,502
|
|
|
359,643
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange Rates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following major rates of exchange were used:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SA rand : United States dollar - closing
|
|
|
|
|
10.60
|
|
|
9.24
|
|
|
|
|
|
|
|
|
- average
|
|
|
|
|
10.12
|
|
|
8.50
|
|
|
|
|
|
|
|
|
SA rand : British pound - closing
|
|
|
|
|
17.60
|
|
|
14.04
|
|
|
|
|
|
|
|
|
- average
|
|
|
|
|
16.11
|
|
|
13.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South African rand amounts for fiscal 2014 and fiscal 2013 financial
information have been translated to U.S. dollars at the exchange rate of
R10.5953 per $1.00, which was the R/$ exchange rate reported by the
South African Reserve Bank as of March 31, 2014. The U.S. dollar figures
may not compute as they are rounded independently.
NOTES TO THE AUDITED GROUP FINANCIAL RESULTS FOR THE YEAR ENDED MARCH
31, 2014
1. Independent audit
These summary consolidated financial statements for the year ended March
31, 2014 have been audited by PricewaterhouseCoopers Inc., who expressed
an unmodified opinion thereon. The auditor also expressed an unmodified
opinion on the annual financial statements from which these summary
consolidated financial statements were derived.
A copy of the auditor’s report on the summary consolidated financial
statements and of the auditor’s report on the annual consolidated
financial statements are available for inspection at MiX Telematics
Limited’s registered office, together with the financial statements
identified in the respective auditor’s reports.
The auditor's report does not necessarily report on all of the
information contained in these financial results. Shareholders are
therefore advised that in order to obtain a full understanding of the
nature of the auditor's engagement they should obtain a copy of the
auditor's report together with the accompanying financial information
from MiX Telematics Limited's registered office.
2. Basis of preparation and accounting policies
The summary consolidated financial statements are prepared in accordance
with the requirements of the JSE Limited Listings Requirements for
preliminary reports, and the requirements of the Companies Act
applicable to summary financial statements. The JSE Limited Listings
Requirements require preliminary reports to be prepared in accordance
with the framework concepts and the measurement and recognition
requirements of International Financial Reporting Standards and the
SAICA Financial Reporting Guides as issued by the Accounting Practices
Committee and Financial Pronouncements as issued by the Financial
Reporting Standards Council and to also, as a minimum, contain the
information required by IAS 34 Interim Financial Reporting. The
accounting policies applied in the preparation of the consolidated
financial statements from which the summary consolidated financial
statements were derived are in terms of International Financial
Reporting Standards and are consistent with those accounting policies
applied in the preparation of the previous consolidated annual financial
statements, with the exception of foreign exchange gains and losses,
which were previously classified as part of “Other income/(expenses) –
net”, and now are classified as part of “Finance income/(costs) - net”
and where the Group has adopted new or revised accounting standards, as
described below.
IFRS 10 Consolidated financial statements - Under IFRS 10, subsidiaries
are all entities (including structured entities) over which the Group
has control. The Group controls an entity when the Group has power over
an entity, is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect these returns
through its power over the entity. Subsidiaries are fully consolidated
from the date on which control is transferred to the Group. The Group
has applied IFRS 10 retrospectively in accordance with the transition
provisions of IFRS 10. This has not had any impact on the Group.
IFRS 13, Fair value measurement - IFRS 13 measurement and disclosure
requirements are applicable for the March 31, 2014 financial year end.
The Group has included the disclosures required by IAS 34. Refer to note
13.
The audited Group financial results were prepared under the supervision
of the Group Financial Director, M Pydigadu CA(SA).
Presentation currency and convenience translation
The Group’s presentation currency is South African Rand. In addition to
presenting these summary consolidated financial results for the year
ended March 31, 2014 in South African Rand, supplementary information in
U.S. Dollars has been prepared for the convenience of users of the Group
financial results. Unless otherwise stated, the Group has translated
U.S. Dollar amounts from South African Rand at the exchange rate of
R10.5953 per $1.00, which was the R/$ exchange rate reported by the
South African Reserve Bank as of March 31, 2014. The U.S. Dollar
information does not comply with the International Financial Reporting
Standards and has not been audited.
3. Operating segments
The Group’s businesses are managed primarily on a geographic and also on
a product basis. During the year under review, a new profit measure was
implemented, namely Adjusted EBITDA. Adjusted EBITDA, which has replaced
the EBITDA profit measure previously presented, is defined as follows:
profit for the year before income taxes, net finance income/(expense),
depreciation of property, plant and equipment including capitalised
customer in-vehicle devices, amortization of intangible assets including
capitalised in-house development costs, share-based compensation costs,
transaction costs arising from the acquisition of a business,
restructuring costs, profits/(losses) on the disposal or impairments of
assets or subsidiaries, certain non-recurring initial public offering
costs, unrealised foreign exchange gain/(losses) and foreign exchange
gains/(losses) related to the cash proceeds raised through the initial
public offering. A reconciliation of Adjusted EBITDA to profit for the
year is disclosed in note 4.
4. Reconciliation of Adjusted EBITDA to profit for the year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South African rand
|
|
|
|
United States dollar
|
|
Figures are in thousands unless otherwise stated
|
|
|
|
|
Year ended
|
|
|
Year ended
|
|
|
|
Year ended
|
|
|
Year ended
|
|
|
|
|
|
|
March 31, 2014
|
|
|
March 31, 2013
|
|
|
|
March 31, 2014
|
|
|
March 31, 2013
|
|
|
|
|
|
|
Audited
|
|
|
Audited
|
|
|
|
Unaudited
|
|
|
Unaudited
|
|
Adjusted EBITDA
|
|
|
|
|
282,223
|
|
|
290,821
|
|
|
|
26,637
|
|
|
27,449
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized foreign exchange losses
|
|
|
|
|
-
|
|
|
1,669
|
|
|
|
-
|
|
|
158
|
|
Net profit on disposal of property, plant and equipment and
intangible assets
|
|
|
|
|
97
|
|
|
314
|
|
|
|
9
|
|
|
30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation (1)
|
|
|
|
|
(47,887)
|
|
|
(41,201)
|
|
|
|
(4,520)
|
|
|
(3,890)
|
|
Amortization (2)
|
|
|
|
|
(44,941)
|
|
|
(56,985)
|
|
|
|
(4,242)
|
|
|
(5,378)
|
|
Impairment (3)
|
|
|
|
|
(379)
|
|
|
(5,158)
|
|
|
|
(36)
|
|
|
(487)
|
|
Share-based compensation costs
|
|
|
|
|
(4,611)
|
|
|
(3,151)
|
|
|
|
(435)
|
|
|
(297)
|
|
Foreign currency translation reserve released due to liquidation of
intermediary subsidiary holding company
|
|
|
|
|
-
|
|
|
(394)
|
|
|
|
-
|
|
|
(37)
|
|
Restructuring costs
|
|
|
|
|
(2,745)
|
|
|
-
|
|
|
|
(259)
|
|
|
-
|
|
Transaction costs arising from the acquisition of a business
|
|
|
|
|
(211)
|
|
|
(38)
|
|
|
|
(20)
|
|
|
(4)
|
|
Non-recurring initial public offering costs (4)
|
|
|
|
|
(8,503)
|
|
|
-
|
|
|
|
(802)
|
|
|
-
|
|
Net realized foreign exchange gains
|
|
|
|
|
(1,545)
|
|
|
-
|
|
|
|
(146)
|
|
|
-
|
|
Operating profit
|
|
|
|
|
171,498
|
|
|
185,877
|
|
|
|
16,186
|
|
|
17,544
|
|
Add: Finance income/(cost) - net
|
|
|
|
|
40,660
|
|
|
(6,011)
|
|
|
|
3,837
|
|
|
(568)
|
|
Less: Taxation
|
|
|
|
|
(60,574)
|
|
|
(51,400)
|
|
|
|
(5,717)
|
|
|
(4,851)
|
|
Profit for the year
|
|
|
|
|
151,584
|
|
|
128,466
|
|
|
|
14,306
|
|
|
12,125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Amounts less than R1000/$1000
(1) Includes depreciation of property, plant and equipment (including
in-vehicle devices)
(2) Includes amortization of intangible assets (including product
development costs).
(3) Includes impairment of product development costs and furniture and
fittings.
(4) Includes R7.7 million in staff costs and R0.8 million in audit fees.
South African rand amounts have been translated to U.S. dollars at the
exchange rate of R10.5953 per $1.00, which was the R/$ exchange rate
reported by the South African Reserve Bank as of March 31, 2014. The
U.S. dollar figures may not compute as they are rounded independently.
5. Reconciliation of Adjusted EBITDA margin to profit for the
year margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
|
|
|
Year ended
|
|
|
|
|
|
|
March 31, 2014
|
|
|
March 31, 2013
|
|
|
|
|
|
|
Audited
|
|
|
Audited
|
|
Adjusted EBITDA margin
|
|
|
|
|
22.2%
|
|
|
24.8%
|
|
Add:
|
|
|
|
|
|
|
|
|
|
Net realized foreign exchange losses
|
|
|
|
|
-
|
|
|
0.2%
|
|
Net profit on disposal of property, plant and equipment and
intangible assets
|
|
|
|
|
0.0%
|
|
|
0.0%
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
(3.8%)
|
|
|
(3.5%)
|
|
Amortization
|
|
|
|
|
(3.5%)
|
|
|
(4.9%)
|
|
Impairment
|
|
|
|
|
(0.0%)
|
|
|
(0.4%)
|
|
Share-based compensation costs
|
|
|
|
|
(0.4%)
|
|
|
(0.3%)
|
|
Foreign currency translation reserve released due to liquidation of
intermediary subsidiary holding company
|
|
|
|
|
-
|
|
|
(0.0%)
|
|
Restructuring costs
|
|
|
|
|
(0.2%)
|
|
|
-
|
|
Transaction costs arising from the acquisition of a business
|
|
|
|
|
(0.0%)
|
|
|
(0.0%)
|
|
Non-recurring initial public offering costs
|
|
|
|
|
(0.7%)
|
|
|
-
|
|
Net realized foreign exchange gains
|
|
|
|
|
(0.1%)
|
|
|
-
|
|
Operating profit margin
|
|
|
|
|
13.5%
|
|
|
15.9%
|
|
Add: Finance income/(cost) - net
|
|
|
|
|
3.2%
|
|
|
(0.5%)
|
|
Less: Taxation
|
|
|
|
|
(4.8%)
|
|
|
(4.4%)
|
|
Profit for the year margin
|
|
|
|
|
11.9%
|
|
|
11.0%
|
|
|
|
|
|
|
|
|
|
|
6. Net cash
Net cash is calculated as being net cash and cash equivalents, excluding
restricted cash less interest bearing borrowings. Proceeds from the New
York Stock Exchange listing have significantly increased cash and cash
equivalents. Refer to note 14.
7. Restructuring
During June 2013, the Europe fleet solutions segment implemented a
restructuring plan. The total cost of the restructuring was R2.7 million
($0.3 million). The restructuring has resulted in operating cost savings
for the segment in the current year and is expected to continue to do so
in future years.
8. Dividends
A final dividend of R39.6 million or $3.7 million (2013: R52.6 million
or $5.0 million) was declared during the year and paid on July 8, 2013.
Using shares in issue of 660.2 million (2012: 657.2 million) this
equated to a dividend of 6.0 or $0.6 (2013: 8.0 or $0.8) cents per share.
Following the completion of its initial public offering of American
Depositary Shares (ADSs), the Company discontinued its policy of
declaring regular dividends in order to increase the funds available to
pursue opportunities for more rapid growth. As a result no interim
dividend was declared in Fiscal 2014 (2013: 4.0 or $0.4 cents per share).
9. Contingent liabilities
Network Services Agreement
In terms of a network services agreement with Mobile Telephone Networks
Proprietary Limited ("MTN"), MTN is entitled to claw back payments from
MiX Telematics Africa Proprietary Limited in the event of early
cancellation of the agreement or certain base connections not being
maintained over the term of the agreement. The maximum potential
liability under the arrangement is R58.1 million ($5.5 million) (2013:
R65.1 million or $6.1 million). No loss is considered probable under
this arrangement.
10. Business Combination
Acquisition of proprietary software development business
On December 19, 2013, the Group acquired a proprietary software
development business constituting employees and specific assets and
liabilities from Roitech Proprietary Limited. The business acquired has
developed customizable software which comprises of a smartphone
application and a web-based user interface, and uses mobile and
geographic information systems (GIS) technologies for the effective
management of in-field data collection, distribution and tracking which
may be applied to areas such as sales teams, research teams, meter
readers and vehicle tracking and driver monitoring. The services offered
by the business complement the Group's existing fleet management
solutions and the acquisition broadens the array of services offered to
current and future fleet management customers.
The acquisition was considered to be a business combination as defined
by International Financial Reporting Standards, and as a result has been
accounted for under the requirements of IFRS 3. The Group acquired the
power to control the operating and financial activities of the acquired
business on December 19, 2013, and the assets acquired and liabilities
assumed have been recorded at their fair values.
From the acquisition date, no revenue has been recorded by the business
acquired and losses of R0.6 million ($0.1 million) have been included in
profit or loss. Had the software business been consolidated from April
1, 2013 the consolidated income statement would show nil pro-forma
revenue and a net loss of R2.4 million ($0.2 million) in respect of this
business.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
R'000
|
|
|
$'000
|
|
Consideration at December 19, 2013
|
|
|
|
|
|
|
|
|
|
Total consideration payable
|
|
|
|
|
7,606
|
|
|
718
|
|
Cash consideration transferred at effective date
|
|
|
|
|
(3,606)
|
|
|
(340)
|
|
Deferred consideration payable
|
|
|
|
|
4,000
|
|
|
378
|
|
|
|
|
|
|
|
|
|
|
|
Recognized amounts of identifiable assets acquired and
liabilities assumed
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value
|
|
|
|
|
|
|
R'000
|
|
|
$'000
|
|
Software
|
|
|
|
|
4,000
|
|
|
378
|
|
Deferred tax asset
|
|
|
|
|
1,032
|
|
|
97
|
|
Trade and other payables
|
|
|
|
|
(82)
|
|
|
(8)
|
|
Total identifiable net assets
|
|
|
|
|
4,950
|
|
|
467
|
|
Goodwill
|
|
|
|
|
2,656
|
|
|
251
|
|
Acquisition date fair value of consideration paid
|
|
|
|
|
7,606
|
|
|
718
|
|
|
|
|
|
|
|
|
|
|
Acquisition-related expenses of R0.2 million ($0.02 million) were
incurred and have been charged to administrative and other expenses in
the consolidated income statement for the 2014 fiscal year. The goodwill
of R2.7 million ($0.3 million) arising from the acquisition is
attributable to the workforce acquired and the synergies expected from
combining the business acquired and the Group.
By year-end, R0.1 million ($0.01 million) interest on the deferred
consideration was charged to profit or loss for the 2014 fiscal year.
11. Reclassification
During the current fiscal year, the Group changed its classification of
foreign exchange gains and losses in the income statement. Foreign
exchange gains and losses, which were previously classified as part of
“Other income/(expenses) – net”, are now classified as part of
“Finance income/(cost) - net”. The change is considered a more relevant
presentation of such items in the income statement since the majority of
foreign exchange gains and losses in 2014 relate to translation
differences on foreign currency cash and cash equivalents arising from
the initial public offering proceeds.
The reclassification has been adopted retrospectively, and the
comparative amounts for the year ended March 31, 2013 have been adjusted
accordingly. The impact of the reclassification results in an increase
of R4.7 million ($0.4 million) in "Operating profit" with a
corresponding additional cost in "Finance income/(cost)" of R4.7 million
($0.4 million). Profit before taxation and profit for the year remains
unchanged.
12. Finance income/(cost) - net
As detailed in note 11 above, the Group changed its classification of
foreign exchange gains and losses in the income statement."Finance
income/(cost) - net" includes the following net foreign exchange
gains/(losses) :
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South African rand
|
|
|
|
United States dollar
|
|
|
|
|
|
|
Year ended
|
|
|
Year ended
|
|
|
|
Year ended
|
|
|
Year ended
|
|
Figures are in thousands unless otherwise stated
|
|
|
|
|
March 31, 2014
|
|
|
March 31, 2013
|
|
March 31, 2014
|
|
|
March 31, 2013
|
|
|
|
|
|
|
Audited
|
|
|
Audited
|
|
|
|
Unaudited
|
|
|
Unaudited
|
|
Net foreign exchange gains/(losses)
|
|
|
|
|
38,128
|
|
|
(4,681)
|
|
|
|
3,599
|
|
|
(442)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13. Fair value of financial assets and liabilities measured at
amortized cost
The fair value of the Group’s financial assets and liabilities
approximate their carrying amounts at March 31, 2014.
14. New York Stock Exchange listing and proceeds from shares
issued
On August 9, 2013, following a successful U.S. initial public offering
of American Depositary Shares or “ADSs”, each of which represents 25
ordinary shares at no par value, the Company’s ADSs were listed on the
NYSE and are traded under the symbol MIXT. As part of the U.S. initial
public offering of ADSs, the Company issued 4,400,000 ADSs on August 14,
2013 and raised R650 million ($65.5 million) for the Company (before
expenses). Selling shareholders sold an additional 2,840,512 ADSs,
resulting in a total capital raise by the Company and selling
shareholders, prior to underwriting discount, of R1,150 million ($115.8
million). The Company did not receive any proceeds from ADSs that were
sold by the selling shareholders.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South African
rands
|
|
|
United States
dollar
|
|
|
|
|
|
|
'000
|
|
|
'000
|
|
|
|
|
|
|
Audited
|
|
|
Unaudited
|
|
Reconciliation of initial public offering price and proceeds
received, net of expenses:
|
|
|
|
|
|
|
|
|
|
Initial public offering price
|
|
|
|
|
1,150,013
|
|
|
115,848
|
|
Underwriting discount
|
|
|
|
|
(80,501)
|
|
|
(8,109)
|
|
Proceeds received by selling shareholders (before expenses)
|
|
|
|
|
(419,578)
|
|
|
(42,267)
|
|
Proceeds received by Company (before expenses)
|
|
|
|
|
649,934
|
|
|
65,472
|
|
Share issue expenses
|
|
|
|
|
(26,951)
|
|
|
(2,715)
|
|
Proceeds from shares issued, net of share issue costs
|
|
|
|
|
622,983
|
|
|
62,757
|
|
|
|
|
|
|
|
|
|
|
The Group has translated the above U.S. dollar amounts from South
African rand at the exchange rate of R9.9269 per $1.00, which was the
R/$ exchange rate on August 14, 2013, the date that the shares were
settled on the JSE Limited.
15. Subsequent events
The directors are not aware of any matter material or otherwise arising
since March 31, 2014 and up to the date of this report, not otherwise
dealt with herein.
16. Preference share capital
In terms of a special resolution approved on August 1, 2013 a new class
of no par value shares, consisting of 100 million preference shares was
created. No preference shares have been issued to date.
17. Changes to the Board
On May 13, 2013, E Banda was appointed as an independent non-executive
director and as a member of the Audit and Risk Committee. F Roji
resigned as non-executive director of the Board of Directors and has
been appointed as an alternate director to H Brody with effect from May
13, 2013.
The following Board of Director members resigned, with effect from
August 9, 2013:
-
R Shough, an independent non-executive director;
-
R Botha, executive director responsible for special projects;
-
T Buzer, executive director responsible for development and
engineering; and
-
H Scott, executive director responsible for strategy and acquisition.
R Botha, T Buzer and H Scott continued to serve as full-time Group
executive committee members.
With effect from April 3, 2014, C Ewing stepped down as Chairman of the
Audit and Risk Committee but remains a member of the committee. A
Welton, an independent non-executive director of the company, replaced C
Ewing as Chairman of the committee. C Ewing then assumed the
chairmanship of the Social and Ethics Committee from A Welton.
18. Annual general meeting
The annual general meeting of shareholders of MiX Telematics Limited
will be held at Matrix Corner, Howick Close, Waterfall Park, Midrand,
Johannesburg on Wednesday, September 17, 2014 at 11.30 a.m. (South
African time). For South African shareholders, the last day to trade in
order to be eligible to participate in and vote at the annual general
meeting is Friday, September 5, 2014 and the record date for voting
purposes is Friday, September 12, 2014.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For and behalf of the Board:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SR Bruyns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SB Joselowitz
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Midrand
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 3, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED GROUP CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER
ENDED MARCH 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MiX TELEMATICS LIMITED
|
|
CONDENSED CONSOLIDATED INCOME STATEMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South African rand
|
|
|
|
United States dollar
|
|
Figures are stated in thousands unless otherwise stated
|
|
|
|
|
Three
months
ended
|
|
|
Three
months
ended
|
|
|
|
Three
months
ended
|
|
|
Three
months
ended
|
|
|
|
|
|
|
March 31,
2014
|
|
|
March 31,
2013
|
|
|
|
March 31,
2014
|
|
|
March 31,
2013
|
|
|
|
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
348,427
|
|
|
308,540
|
|
|
|
32,882
|
|
|
29,118
|
|
Cost of sales
|
|
|
|
|
(107,471)
|
|
|
(101,566)
|
|
|
|
(10,142)
|
|
|
(9,585)
|
|
Gross profit
|
|
|
|
|
240,956
|
|
|
206,974
|
|
|
|
22,740
|
|
|
19,533
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income/(expenses) - net
|
|
|
|
|
236
|
|
|
(1,753)
|
|
|
|
22
|
|
|
(165)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
(180,080)
|
|
|
(141,008)
|
|
|
|
(16,995)
|
|
|
(13,307)
|
|
Sales and marketing
|
|
|
|
|
(42,594)
|
|
|
(31,113)
|
|
|
|
(4,020)
|
|
|
(2,936)
|
|
Administrative and other charges
|
|
|
|
|
(137,486)
|
|
|
(109,895)
|
|
|
|
(12,975)
|
|
|
(10,371)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
|
|
|
61,112
|
|
|
64,213
|
|
|
|
5,767
|
|
|
6,061
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance income/(cost) - net
|
|
|
|
|
6,614
|
|
|
(1,098)
|
|
|
|
624
|
|
|
(103)
|
|
Finance income
|
|
|
|
|
7,219
|
|
|
579
|
|
|
|
681
|
|
|
55
|
|
Finance cost
|
|
|
|
|
(605)
|
|
|
(1,677)
|
|
|
|
(57)
|
|
|
(158)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before taxation
|
|
|
|
|
67,726
|
|
|
63,115
|
|
|
|
6,391
|
|
|
5,958
|
|
Taxation
|
|
|
|
|
(17,347)
|
|
|
(17,532)
|
|
|
|
(1,637)
|
|
|
(1,655)
|
|
Profit for the period
|
|
|
|
|
50,379
|
|
|
45,583
|
|
|
|
4,754
|
|
|
4,303
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the parent
|
|
|
|
|
50,384
|
|
|
45,588
|
|
|
|
4,754
|
|
|
4,303
|
|
Non-controlling interests
|
|
|
|
|
(5)
|
|
|
(5)
|
|
|
|
*
|
|
|
*
|
|
|
|
|
|
|
50,379
|
|
|
45,583
|
|
|
|
4,754
|
|
|
4,303
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-basic (R/$)
|
|
|
|
|
0.06
|
|
|
0.07
|
|
|
|
0.01
|
|
|
0.01
|
|
-diluted (R/$)
|
|
|
|
|
0.06
|
|
|
0.07
|
|
|
|
0.01
|
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per American Depositary Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-basic (R/$)
|
|
|
|
|
1.62
|
|
|
1.73
|
|
|
|
0.15
|
|
|
0.16
|
|
-diluted (R/$)
|
|
|
|
|
1.56
|
|
|
1.68
|
|
|
|
0.15
|
|
|
0.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable adjusted earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-basic (R/$)
|
|
|
|
|
0.06
|
|
|
0.07
|
|
|
|
0.01
|
|
|
0.01
|
|
-diluted (R/$)
|
|
|
|
|
0.06
|
|
|
0.07
|
|
|
|
0.01
|
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per American Depositary Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-basic (R/$)
|
|
|
|
|
1.50
|
|
|
1.76
|
|
|
|
0.14
|
|
|
0.17
|
|
-diluted (R/$)
|
|
|
|
|
1.44
|
|
|
1.71
|
|
|
|
0.14
|
|
|
0.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares ('000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-in issue at March 31
|
|
|
|
|
784,150
|
|
|
659,963
|
|
|
|
784,150
|
|
|
659,963
|
|
-weighted average
|
|
|
|
|
778,720
|
|
|
659,803
|
|
|
|
778,720
|
|
|
659,803
|
|
-diluted weighted average
|
|
|
|
|
808,871
|
|
|
680,399
|
|
|
|
808,871
|
|
|
680,399
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average American Depositary Share ('000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-in issue at March 31
|
|
|
|
|
31,366
|
|
|
26,399
|
|
|
|
31,366
|
|
|
26,399
|
|
-weighted average
|
|
|
|
|
31,149
|
|
|
26,392
|
|
|
|
31,149
|
|
|
26,392
|
|
-diluted weighted average
|
|
|
|
|
32,355
|
|
|
27,216
|
|
|
|
32,355
|
|
|
27,216
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Amounts less than R1000/$1000
South African rand amounts have been translated to U.S. dollars at the
exchange rate of R10.5953 per $1.00, which was the R/$ exchange rate
reported by the South African Reserve Bank as of March 31, 2014. The
U.S. dollar figures may not compute as they are rounded independently.
NOTES TO THE UNAUDITED GROUP CONSOLIDATED FINANCIAL RESULTS FOR THE
QUARTER ENDED MARCH 31, 2014
1. Basis of preparation and accounting policies
Financial results for the fourth quarter of fiscal year 2014
In addition to the Group’s financial results for the year ended March
31, 2014, additional financial information in respect of the fourth
quarter of fiscal year 2014 has been presented together with the
relevant comparative information. The quarterly information comprises a
condensed consolidated income statement, a reconciliation of Adjusted
EBITDA to profit for the period and other financial and operating data.
The accounting policies used in preparing the financial results for the
fourth quarter of fiscal year 2014 are consistent in all material
respects with those applied in the preparation of the condensed audited
Group financial results for the year ended March 31, 2014.
The quarterly financial results have not been audited or reviewed by the
Group’s external auditors.
The condensed unaudited Group quarterly financial results do not include
all the information and disclosures required in the annual financial
statements and should be read in conjunction with the Group’s annual
financial statements for the year ended March 31, 2014, which have been
prepared in accordance with IFRS.
2. Reclassification
The reclassification, set out in full in note 11 to the audited Group
financial results, has been applied retrospectively, and the comparative
amounts for the 3 months ended March 31, 2013 have been adjusted
accordingly. The impact of the reclassification results in an increase
of R1.2 million ($0.1 million) in "Operating profit" with a
corresponding additional cost in "Finance income/(cost) - net" of R1.2
million ($0.1 million) for the 3 months ended March 31, 2013. Profit
before taxation and profit for the period remain unchanged for the
period.
3. Reconciliation of adjusted earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South African rand
|
|
|
|
United States dollar
|
|
Figures are in thousands unless otherwise stated
|
|
|
|
|
Three
months
ended
|
|
|
Three
months
ended
|
|
|
|
Three
months
ended
|
|
|
Three
months
ended
|
|
|
|
|
|
|
March 31,
2014
|
|
|
March 31,
2013
|
|
|
|
March 31,
2014
|
|
|
March 31,
2013
|
|
Reconciliation of adjusted earnings
|
|
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
|
Unaudited
|
|
|
Unaudited
|
|
Profit for the period attributable to owners of the parent
|
|
|
|
|
50,384
|
|
|
45,588
|
|
|
|
4,754
|
|
|
4,303
|
|
Net foreign exchange (gains)/losses
|
|
|
|
|
(5,408)
|
|
|
1,223
|
|
|
|
(510)
|
|
|
115
|
|
Income tax effect on the above component
|
|
|
|
|
1,619
|
|
|
(262)
|
|
|
|
153
|
|
|
(25)
|
|
Adjusted earnings attributable to owners of the parent
|
|
|
|
|
46,595
|
|
|
46,549
|
|
|
|
4,397
|
|
|
4,393
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South African rand amounts have been translated to U.S. dollars at the
exchange rate of R10.5953 per $1.00, which was the R/$ exchange rate
reported by the South African Reserve Bank as of March 31, 2014. The
U.S. dollar figures may not compute as they are rounded independently.
4. Reconciliation of Adjusted EBITDA to profit for the period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South African rand
|
|
|
|
United States dollar
|
|
Figures are in thousands unless otherwise stated
|
|
|
|
|
Three
months
ended
|
|
|
Three
months
ended
|
|
|
|
Three
months
ended
|
|
|
Three
months
ended
|
|
|
|
|
|
|
March 31,
2014
|
|
|
March 31,
2013
|
|
|
|
March 31,
2014
|
|
|
March 31,
2013
|
|
|
|
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
|
Unaudited
|
|
|
Unaudited
|
|
Adjusted EBITDA
|
|
|
|
|
84,601
|
|
|
91,735
|
|
|
|
7,984
|
|
|
8,660
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit on disposal of property, plant and equipment and
intangible assets
|
|
|
|
|
-
|
|
|
300
|
|
|
|
-
|
|
|
28
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation (1)
|
|
|
|
|
(12,803)
|
|
|
(12,173)
|
|
|
|
(1,208)
|
|
|
(1,149)
|
|
Amortization (2)
|
|
|
|
|
(8,343)
|
|
|
(13,166)
|
|
|
|
(787)
|
|
|
(1,243)
|
|
Impairment (3)
|
|
|
|
|
35
|
|
|
(1,092)
|
|
|
|
3
|
|
|
(103)
|
|
Share-based compensation costs
|
|
|
|
|
(843)
|
|
|
(1,140)
|
|
|
|
(79)
|
|
|
(108)
|
|
Foreign currency translation reserve released due to liquidation of
intermediary subsidiary holding company
|
|
|
|
|
-
|
|
|
5
|
|
|
|
-
|
|
|
*
|
|
Restructuring costs
|
|
|
|
|
17
|
|
|
-
|
|
|
|
1
|
|
|
-
|
|
Transaction costs arising from the acquisition of a business
|
|
|
|
|
(166)
|
|
|
(12)
|
|
|
|
(16)
|
|
|
(1)
|
|
Net loss on sale of property, plant and equipment and intangible
assets
|
|
|
|
|
(74)
|
|
|
-
|
|
|
|
(7)
|
|
|
-
|
|
Net realized foreign exchange gains
|
|
|
|
|
(1,312)
|
|
|
(244)
|
|
|
|
(124)
|
|
|
(23)
|
|
Operating profit
|
|
|
|
|
61,112
|
|
|
64,213
|
|
|
|
5,767
|
|
|
6,061
|
|
Add: Finance income/(cost) - net
|
|
|
|
|
6,614
|
|
|
(1,098)
|
|
|
|
624
|
|
|
(103)
|
|
Less: Taxation
|
|
|
|
|
(17,347)
|
|
|
(17,532)
|
|
|
|
(1,637)
|
|
|
(1,655)
|
|
Profit for the period
|
|
|
|
|
50,379
|
|
|
45,583
|
|
|
|
4,754
|
|
|
4,303
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Amounts less than R1000/$1000
(1) Includes depreciation of property, plant and equipment (including
in-vehicle devices)
(2) Includes amortization of intangible assets (including product
development costs).
(3) Includes impairment of product development costs and furniture and
fittings.
South African rand amounts have been translated to U.S. dollars at the
exchange rate of R10.5953 per $1.00, which was the R/$ exchange rate
reported by the South African Reserve Bank as of March 31, 2014. The
U.S. dollar figures may not compute as they are rounded independently.
5. Reconciliation of Adjusted EBITDA margin to profit for the
period margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States dollar
|
|
Figures are in thousands unless otherwise stated
|
|
|
|
|
Three
months
ended
|
|
|
Three
months
ended
|
|
|
|
|
|
|
March 31,
2014
|
|
|
March 31,
2013
|
|
|
|
|
|
|
Unaudited
|
|
|
Unaudited
|
|
Adjusted EBITDA margin
|
|
|
|
|
24.3%
|
|
|
29.7%
|
|
Add:
|
|
|
|
|
|
|
|
|
|
Net profit on disposal of property, plant and equipment and
intangible assets
|
|
|
|
|
-
|
|
|
0.1%
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
(3.7%)
|
|
|
(3.9%)
|
|
Amortization
|
|
|
|
|
(2.4%)
|
|
|
(4.3%)
|
|
Impairment
|
|
|
|
|
(0.0%)
|
|
|
(0.4%)
|
|
Share-based compensation costs
|
|
|
|
|
(0.2%)
|
|
|
(0.4%)
|
|
Foreign currency translation reserve released due to liquidation of
intermediary subsidiary holding company
|
|
|
|
|
-
|
|
|
0.0%
|
|
Restructuring costs
|
|
|
|
|
0.0%
|
|
|
-
|
|
Transaction costs arising from the acquisition of a business
|
|
|
|
|
(0.0%)
|
|
|
(0.0%)
|
|
Net loss on sale of property, plant and equipment and intangible
assets
|
|
|
|
|
(0.0%)
|
|
|
-
|
|
Net realized foreign exchange gains
|
|
|
|
|
(0.4%)
|
|
|
(0.1%)
|
|
Operating profit margin
|
|
|
|
|
17.6%
|
|
|
20.7%
|
|
Add: Finance income/(cost) - net
|
|
|
|
|
1.9%
|
|
|
(0.4%)
|
|
Taxation
|
|
|
|
|
(5.0%)
|
|
|
(5.8%)
|
|
Profit for the period margin
|
|
|
|
|
14.5%
|
|
|
14.5%
|
|
|
|
|
|
|
|
|
|
|
6. Other Financial and Operating Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South African rand
|
|
|
|
United States dollar
|
|
Figures are in thousands except for vehicle data
|
|
|
|
|
Three months
ended
|
|
|
Three months
ended
|
|
|
|
Three months
ended
|
|
|
Three months
ended
|
|
|
|
|
|
|
March 31,
|
|
|
March 31,
|
|
|
|
March 31,
|
|
|
March 31,
|
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscription revenue
|
|
|
|
|
232,609
|
|
|
186,294
|
|
|
|
21,954
|
|
|
17,583
|
|
Adjusted EBITDA
|
|
|
|
|
84,601
|
|
|
91,735
|
|
|
|
7,984
|
|
|
8,660
|
|
Cash and cash equivalents
|
|
|
|
|
830,449
|
|
|
147,702
|
|
|
|
78,380
|
|
|
13,941
|
|
Net cash
|
|
|
|
|
798,898
|
|
|
88,225
|
|
|
|
75,402
|
|
|
8,327
|
|
Capital expenditure
|
|
|
|
|
31,925
|
|
|
47,953
|
|
|
|
3,013
|
|
|
4,526
|
|
Vehicles under subscription
|
|
|
|
|
450,502
|
|
|
359,643
|
|
|
|
450,502
|
|
|
359,643
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South African rand amounts have been translated to U.S. dollars at the
exchange rate of R10.5953 per $1.00, which was the R/$ exchange rate
reported by the South African Reserve Bank as of March 31, 2014. The
U.S. dollar figures may not compute as they are rounded independently.
For more information on our results, please visit our website at: www.mixtelematics.com
Mix Telematics Limited
Incorporated in the Republic of South
Africa
Registration number 1995/013858/06
JSE code: MIX NYSE
code: MIXT ISIN:ZAE000125316
(“MiX Telematics” or “the Company” or
“the Group”)
Registered office
Matrix Corner, Howick Close, Waterfall
Park, Midrand
Directors
SR Bruyns* (Chairman), SB Joselowitz (CEO), E
Banda*, HR Brody*, CH Ewing*, RA Frew*,
ML Pydigadu, F Roji
(Alternate to HR Brody)*, CWR Tasker, AR Welton*
* Non-executive
Company secretary
Java Capital Trustees and Sponsors
Proprietary Limited
Auditors
PricewaterhouseCoopers Inc.
Sponsor
Java Capital
Contact: