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 R14.0282 per $1.00, which was the R/$ exchange rate reported by Oanda.com as at September 30, 2015.
Second quarter and first half highlights:
- Subscribers increased by 13% year over year, bringing the total to over 540,000 subscribers at September 30, 2015
- Second quarter subscription revenue of R285 million ($20 million), grew 18% year over year
- First half subscription revenue of R557 million ($40 million), grew 16% year over year
- Second quarter Adjusted EBITDA of R63 million ($5 million), representing an 18% Adjusted EBITDA margin
- First half Adjusted EBITDA of R129 million ($9 million), representing an 18% Adjusted EBITDA margin
- The Company has entered into a multi-year agreement with Halliburton (NYSE: HAL), to provide fleet management, safety and compliance solutions for Halliburton’s North American fleet of more than 15,000 vehicles. Roll-out of these units is expected to commence during the third quarter of fiscal 2016.
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
second quarter and first half of fiscal year 2016, which ended
September 30, 2015.
“We had a very solid quarter highlighted by subscription revenue
growth of 18 percent, an adjusted EBITDA margin of 18 percent and
operating cash flow of 72 million Rand for the quarter,” said
Stefan Joselowitz, Chief Executive Officer of MiX Telematics. “We
also added 18,000 net new subscribers, up over 60 percent from the prior
quarter. Additionally, we continue to see strong uptake of our
solutions in the bus and coach vertical globally and are seeing
increased attachment of our MiX Vision add-on. We have built the
industry’s largest global distribution capability and with our broad
range of cloud-based solutions we remain confident we have what it takes
to capitalize on the growing demand for fleet and mobile asset
management solutions worldwide.”
Financial Performance for the three months ended September 30, 2015
Revenue: Total revenue was R358.3 million ($25.5 million), an
increase of 2.1% compared to R351.0 million ($25.0 million) for the
second quarter of fiscal year 2015. Subscription revenue was R284.9
million ($20.3 million), an increase of 17.8% compared with R241.8
million ($17.2 million) for the second quarter of fiscal year 2015.
Growth in subscription revenue was driven primarily by an increase of
over 62,000 subscribers, which resulted in an increase in subscribers of
12.9% from September 2014 to September 2015. Hardware and other revenue
was R73.4 million ($5.2 million), a decrease of 32.8% compared to R109.2
million ($7.8 million) for the second quarter of fiscal year 2015.
Gross Margin: Gross profit was R241.2 million ($17.2 million), as
compared to R240.1 million ($17.1 million) for the second quarter of
fiscal year 2015. Gross profit margin was 67.3%, compared to 68.4% for
the second quarter of fiscal year 2015.
Operating Margin: Operating profit was R27.2 million ($1.9
million), compared to R37.1 million ($2.6 million) for the second
quarter of fiscal year 2015. Operating margin was 7.6%, compared to
10.6% for the second quarter of fiscal year 2015. The group has
continued to invest in sales and marketing activities, particularly in
the Americas segment, and as a result sales and marketing costs were
13.5% of revenue compared to 11.9% in the second quarter of fiscal 2015.
Adjusted EBITDA: Adjusted EBITDA, a non-IFRS measure, was R63.5
million ($4.5 million) compared to R71.4 million ($5.1 million) for the
second quarter of fiscal year 2015. Adjusted EBITDA margin, a non-IFRS
measure, for the second quarter of fiscal year 2016 was 17.7%, compared
to 20.3% for the second quarter of fiscal year 2015.
Profit for the period and earnings per share: Profit for the
period was R79.7 million ($5.7 million), compared to R48.9 million ($3.5
million) in the second quarter of fiscal year 2015. Profit for the
period includes a net foreign exchange gain of R92.1 million ($6.6
million). The net foreign exchange gain includes R92.1 million ($6.6
million) related to a foreign exchange gain on the IPO proceeds which
are maintained in U.S. Dollars and are therefore sensitive to R:$
exchange rate movements. Earnings per diluted ordinary share were 10
South African cents, compared to 6 South African cents in the second
quarter of fiscal year 2015. For the second quarter of fiscal 2016, the
calculation was based on diluted weighted average ordinary shares in
issue of 799.2 million compared to 804.8 million diluted weighted
average ordinary shares in issue during the second quarter of fiscal
2015.
The Company's effective tax rate for the quarter was 34.2% in comparison
to 33.0% in the second quarter of fiscal 2015.
On a U.S. Dollar basis, and using the September 30, 2015 exchange rate
of R14.0282 per U.S. Dollar, and at a ratio of 25 ordinary shares to one
American Depositary Share ("ADS"), profit for the period was $5.7
million, or 18 U.S. cents per diluted ADS.
Adjusted earnings for the period and adjusted earnings per share:
Adjusted earnings for the period, a non-IFRS measure, was R18.7 million
($1.3 million), compared to R26.4 million ($1.9 million) in the second
quarter of the 2015 fiscal year and excludes a net foreign exchange gain
of R92.1 million ($6.6 million). Adjusted earnings per diluted ordinary
share, also a non-IFRS measure, were 2 South African cents, compared to
3 South African cents in the second quarter of fiscal year 2015.
On a U.S. Dollar basis, and using the September 30, 2015 exchange rate
of R14.0282 per U.S. Dollar, and at a ratio of 25 ordinary shares to one
ADS, adjusted earnings for the period was $1.3 million, or 4 U.S. cents
per diluted ADS.
Statement of Financial Position and Cash Flow: At September 30,
2015, the Company had R885.9 million ($63.2 million) of net cash and
cash equivalents, compared to R847.6 million ($60.4 million) at
September 30, 2014. The Company generated R71.6 million ($5.1 million)
in net cash from operating activities for the three months ended
September 30, 2015 and invested R60.9 million ($4.3 million) in capital
expenditures during the quarter, leading to free cash flow of R10.6
million ($0.8 million) for the second quarter of fiscal year 2016,
compared with free cash flow of R23.2 million ($1.7 million) for the
second quarter of fiscal year 2015. The Company utilized R171.4 million
($12.2 million) in financing activities, compared to R3.0 million
($0.2 million) generated during the second quarter of fiscal 2015. The
cash utilized in financing activities includes share repurchases of
R92.7 million ($6.6 million) and dividends paid of R79.2 million ($5.6
million).
An explanation of non-IFRS measures used in this press release is set
out in the Non-IFRS financial measures section of this press
release. A reconciliation of these non-IFRS measures to the most
directly comparable IFRS measures is provided in the financial tables
that accompany this release.
Financial Performance for the first half of fiscal year 2016
Revenue: Total revenue for the first half of fiscal year 2016 was
R702.4 million ($50.1 million), an increase of 4.8% compared to R670.2
million ($47.8 million) for the first half of fiscal year 2015.
Subscription revenue increased to R556.7 million ($39.7 million), up
16.4% from R478.4 million ($34.1 million) for the first half of fiscal
year 2015. Subscription revenue growth was driven primarily by an
increase of over 62,000 subscribers. Hardware and other revenue was
R145.7 million ($10.4 million), compared to R191.8 million ($13.7
million) for the first half of fiscal year 2015.
Gross margin: Gross profit for the first half of fiscal year 2016
was R483.1 million ($34.4 million), an increase compared to R451.7
million ($32.2 million) for the first half of fiscal year 2015. Gross
profit margin was 68.8%, up from 67.4% for the first half of fiscal year
2015. In the first half of fiscal 2016, subscription revenue, which
generates a higher gross profit margin than hardware and other revenue,
contributed 79.3% of total revenue compared to 71.4% in the first half
of fiscal 2015.
Operating margin: Operating profit for the first half of fiscal
year 2016 was R59.8 million ($4.3 million), compared to R59.7 million
($4.3 million) posted in the first half of fiscal year 2015. The
operating margin for the first half of fiscal year 2016 was 8.5%,
compared to the 8.9% posted in the first half of fiscal year 2015.
Administration and other costs included costs arising from investigating
strategic alternatives of R5.0 million ($0.4 million) in the first half
of fiscal 2016 while the first half of fiscal year 2015 included
non-recurring litigation costs of R8.6 million ($0.6 million).
Adjusted EBITDA: Adjusted EBITDA was R128.6 million ($9.2
million) compared to R124.1 million ($8.8 million) for the first half of
fiscal year 2015. The Adjusted EBITDA margin for the first half of
fiscal year 2016 was 18.3%, compared with 18.5% in the first half of
fiscal year 2015.
Profit for the period and earnings per share: Profit for the
first half of fiscal year 2016 was R110.8 million ($7.9 million),
compared to R65.0 million ($4.6 million) in the first half of fiscal
year 2015. Profit for the period includes a net foreign exchange gain of
R103.1 million ($7.4 million). The net foreign exchange gain includes
R102.9 million ($7.3 million ) relating to a foreign exchange gain on
the IPO proceeds which are maintained in U.S. Dollars and are therefore
sensitive to R:$ exchange rate movements. Earnings per diluted ordinary
share were 14 South African cents, compared to 8 South African cents in
the first half of fiscal year 2015. For the first half of fiscal year
2016, the calculation was based on diluted weighted average ordinary
shares in issue of 801.4 million compared to 804.7 million diluted
weighted average ordinary shares in issue during the first half of
fiscal year 2015.
The Company's effective tax rate for the first half of fiscal year 2016
was 33.5% in comparison to 32.9% in the first half of fiscal year 2015.
Adjusted earnings for the period and adjusted earnings per share: Adjusted
earnings for the first half of fiscal year 2016, a non-IFRS measure, was
R42.4 million ($3.0 million), compared to R42.8 million ($3.1 million)
in the first half of fiscal year 2015 and excludes a net foreign
exchange gain of R103.1 million ($7.4 million). Adjusted earnings per
diluted ordinary share were 5 South African cents, compared to 5 South
African cents in the first half of fiscal year 2015.
On a U.S. Dollar basis, and using the September 30, 2015 exchange rate
of R14.0282 per U.S. Dollar, and at a ratio of 25 ordinary shares to one
ADS, adjusted earnings for the first half of fiscal year 2016 were $3.0
million, or 9 U.S. cents per diluted ADS, compared to $3.1 million, or 9
U.S. cents per diluted ADS in the first half of fiscal year 2015.
Cash Flow: The Company generated R106.8 million ($7.6 million) in
net cash from operating activities for the first half of fiscal year
2016 and invested R99.2 million ($7.1 million) in capital expenditures
during the period, leading to free cash flow of R7.6 million ($0.5
million) for the first half of fiscal year 2016, compared with free cash
flow of R1.2 million ($0.1 million) for the first half of fiscal year
2015. The increase in free cash flow is primarily attributable to an
increase in cash generated from operating activities.
|
Segment commentary for the first half of fiscal year 2016
|
|
|
|
|
|
|
|
Segment
|
|
Subscription Revenue
Half-year
2016
R'000
|
|
% change on prior year
|
|
Total Revenue
|
|
Adjusted EBITDA
Half-year
2016
R'000
|
|
% change on prior year
|
|
Adjusted EBITDA Margin
Half-year
2016
R'000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Africa
|
|
351,354
|
|
|
16.0
|
%
|
|
400,204
|
|
|
112,720
|
|
|
15.2
|
%
|
|
28.2
|
%
|
|
|
The subscriber base has grown by 14.4% since September 30, 2014.
This, together with the additional subscription revenue arising from
the Compass acquisition in November 2014, resulted in subscription
revenue growth of 16.0% which was the primary driver of revenue
growth in the segment. Total revenue of R400.2 million ($28.5
million) increased by 17.2%. The region also performed well at an
Adjusted EBITDA level, growing Adjusted EBITDA by R14.9 million
($1.1 million) or 15.2% and delivering an Adjusted EBITDA margin of
28.2%.
|
|
Europe
|
|
50,808
|
|
|
19.3
|
%
|
|
74,717
|
|
|
1,931
|
|
|
(44.3
|
%)
|
|
2.6
|
%
|
|
|
The region's subscriber base grew by 19.1% from September 30, 2014
and, in constant currency, subscription revenue growth was 14.8%.
Total revenue declined on a constant currency basis by 11.7% due to
lower hardware revenues compared to the first half of fiscal year
2015. In Rand terms total revenue was R74.7 million ($5.3 million)
and the decline was only 8.9% due to the weakening of the Rand
against the British Pound. Despite the decline in revenues, the
region continued to report a positive Adjusted EBITDA margin.
|
|
Americas
|
|
52,878
|
|
|
13.2
|
%
|
|
73,740
|
|
|
(12,039
|
)
|
|
(1,055.4
|
%)
|
|
(16.3
|
%)
|
|
|
The America’s segment subscriber base declined by 6.1% from
September 30, 2014 due to customer fleet size contraction in the oil
and gas vertical. Subscription revenue declined by 3.8% on a
constant currency basis, while total revenue declined by 25.1% on a
constant currency basis due primarily to lower hardware sales. The
Americas have historically sold hardware and associated services
into their oil & gas customers. For the first time we have seen two
of these large customers re-sign their contracts but on a bundled
basis, as well as the new Halliburton contract being a bundled
services contract. These bundled deals are expected to drive
subscription revenue growth in the second half of fiscal 2016. This
has directly resulted in a reduction of hardware revenue. The region
has strengthened its management and sales and distribution capacity
in order to position itself for future growth.
|
|
Middle East and Australasia
|
|
93,396
|
|
|
17.0
|
%
|
|
144,122
|
|
|
14,104
|
|
|
—
|
|
|
9.8
|
%
|
|
|
Subscribers increased by 9.6% from September 30, 2014. On a constant
currency basis, revenue declined by 10.1% due to lower hardware
sales. Due to Rand weakness, the decline in Rand terms was only
4.1%. The segment reported total revenue of R144.1 million ($10.3
million). Following restructuring activities in the second half of
fiscal 2015 the region has returned to profitability and posted an
adjusted EBITDA margin of 9.8% compared to negative 0.2% in the
first half of fiscal 2015.
|
|
Brazil
|
|
7,821
|
|
|
31.9
|
%
|
|
9,500
|
|
|
(4,936
|
)
|
|
28.0
|
%
|
|
(52.0
|
%)
|
|
|
Subscribers increased by 30.1% since September 30, 2014 and
subscription revenue, on a constant currency basis, increased by
63.9% due to an increase in the number of bundled subscriptions.
On a constant currency basis, revenue declined by 2.9% following a
decline in hardware revenues. A significant swing from upfront
hardware sales to bundled deals has also been seen in this region.
In Rand terms the strengthening of the Rand against the Brazilian
Real was a major contributor to the reported revenue of R9.5
million ($0.7 million) declining by 21.8%. The Brazil operation
has not yet reached critical mass and recorded an expected
Adjusted EBITDA loss.
|
|
Central Services Organization ("CSO")
|
|
88,734
|
|
|
2.1
|
%
|
|
209,234
|
|
|
52,759
|
|
|
(5.3
|
%)
|
|
25.2
|
%
|
|
|
CSO is a central services organization that wholesales our products
and services to our regional operations who, in turn, interface with
our end-customers and distributors. CSO is also responsible for the
development of our hardware and software platforms. CSO’s total
revenue of R209.2 million ($14.9 million) grew by 9.3% and delivered
an Adjusted EBITDA margin of 25.2%.
|
Business Outlook
MiX Telematics has translated U.S. Dollar amounts in this Business
Outlook paragraph from South African Rand at the exchange rate of
R13.7828 per $1.00, which was the R/$ exchange rate reported by
Oanda.com as at November 3, 2015.
Based on information as of today, November 5, 2015, the Company is
issuing the following financial guidance for the full 2016 fiscal year:
-
Revenue - R1,440 million to R1,468 million ($104.5 million to $106.5
million), which would represent revenue growth of 4% to 6% compared to
fiscal year 2015.
-
Subscription revenue - R1,155 million to R1,172 million ($83.8 million
to $85.0 million), which would represent subscription revenue growth
of 16% to 17% compared to fiscal year 2015.
-
Adjusted EBITDA - R278 million to R296 million ($20.2 million to $21.5
million), which would result in a decline of 2% at the lower end and
5% growth at the higher end compared to fiscal year 2015 Adjusted
EBITDA, on the revised basis.
-
Adjusted earnings per diluted ordinary share of 11.0 to 12.5 South
African cents based on 788 million diluted ordinary shares in issue,
and based on an effective tax rate of 31.0% to 35.0%. At a ratio of 25
ordinary shares to one ADS, this equates to adjusted earnings per
diluted ADS of 20 to 23 U.S. cents.
For the third quarter of fiscal year 2016 the Company expects
subscription revenue to be in the range of R294 million to R300 million
($21.3 million to $21.8 million) which would represent subscription
revenue growth of 16% to 18% compared to the third quarter of fiscal
year 2015.
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.
-
Achieving hardware sales according to expectations. Hardware sales are
dependent on the volumes of bundled solutions selected by customers.
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 Listings 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 Standard Time) and 3:00 p.m. (South
African Time) on November 5, 2015 to discuss the Company's financial
results and current business outlook:
-
To access the call, dial 1-888-430-8705 (within the United States) or
0 800 999 558 (within South Africa) or 1-719-325-2428 (outside of the
United States). The conference ID is 5383284.
-
A replay of this conference call will be available for a limited time
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 5383284.
-
A replay of the webcast will also be available for a limited time at http://investor.mixtelematics.com.
About MiX Telematics Limited
MiX Telematics is a leading global provider of fleet and mobile asset
management solutions delivered as SaaS to customers in more than 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, Romania, Thailand 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 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 third quarter and full year of fiscal year 2016, our
position to execute on our growth strategy, and our ability to expand
our leadership position. 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. 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, those described under the caption “Risk
Factors” in the Company’s Annual Report on Form 20-F filed with the
Securities and Exchange Commission (the "SEC") for the fiscal year ended
March 31, 2015, as updated by other reports that the Company files with
or furnishes to 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 its financial
results, the Company has disclosed within this press release, Adjusted
EBITDA and Adjusted EBITDA margin. Adjusted EBITDA is a non-IFRS
financial measure, it does not represent cash flows from operations for
the periods indicated and should not be considered an alternative to net
income as an indicator of the Company's results of operations or as an
alternative to cash flows from operations as an indicator of liquidity.
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 and intangible assets identified as part of a business
combination, share-based compensation costs, transaction costs arising
from the acquisition of a business or investigating strategic
alternatives, restructuring costs, profits/(losses) on the disposal or
impairments of assets or subsidiaries, insurance reimbursements relating
to impaired assets, certain litigation costs and foreign exchange
gains/(losses).
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
budget; 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 provides useful information to investors and others in
understanding and evaluating its operating results.
The Company's use of Adjusted EBITDA has limitations as an analytical
tool, and you 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; 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, you should consider Adjusted EBITDA
alongside other financial performance measures, including operating
profit, profit for the year 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 period has been included in the financial results
section of this announcement.
Adjusted Earnings and Adjusted Earnings Per Share
Adjusted earnings per share is defined as profit attributable to owners
of the parent, MiX Telematics Limited, excluding net foreign exchange
gains/(losses) net of tax, divided by the weighted average number of
ordinary shares in issue during the period.
We have included Adjusted earnings per share in this press release
because it provides a useful measure for period-to-period comparisons of
the Company's core business by excluding net foreign exchange
gains/(losses) from earnings. Accordingly, we believe that Adjusted
earnings per share provides useful information to investors and others
in understanding and evaluating the Company's operating results.
Free cash flow
Free cash flow is determined as net cash generated from operating
activities less capital expenditure per investing activities.
|
CONDENSED CONSOLIDATED INCOME STATEMENTS
|
|
South African Rand
|
|
Six months
ended
|
|
Six months
ended
|
|
Three months
ended
|
|
Three months ended
|
|
Figures are in thousands unless otherwise stated
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
702,382
|
|
|
670,210
|
|
|
358,254
|
|
|
351,000
|
|
|
Cost of sales
|
|
(219,280
|
)
|
|
(218,559
|
)
|
|
(117,034
|
)
|
|
(110,931
|
)
|
|
Gross profit
|
|
483,102
|
|
|
451,651
|
|
|
241,220
|
|
|
240,069
|
|
|
Other income/(expenses) - net
|
|
343
|
|
|
784
|
|
|
941
|
|
|
215
|
|
|
Operating expenses
|
|
(423,675
|
)
|
|
(392,767
|
)
|
|
(214,958
|
)
|
|
(203,144
|
)
|
|
-Sales and marketing
|
|
(94,884
|
)
|
|
(86,938
|
)
|
|
(48,303
|
)
|
|
(41,632
|
)
|
|
-Administration and other charges
|
|
(328,791
|
)
|
|
(305,829
|
)
|
|
(166,655
|
)
|
|
(161,512
|
)
|
|
Operating profit
|
|
59,770
|
|
|
59,668
|
|
|
27,203
|
|
|
37,140
|
|
|
Finance income/(costs) - net
|
|
106,840
|
|
|
37,213
|
|
|
93,883
|
|
|
35,897
|
|
|
-Finance income
|
|
107,627
|
|
|
38,582
|
|
|
94,316
|
|
|
36,699
|
|
|
-Finance costs
|
|
(787
|
)
|
|
(1,369
|
)
|
|
(433
|
)
|
|
(802
|
)
|
|
Profit before taxation
|
|
166,610
|
|
|
96,881
|
|
|
121,086
|
|
|
73,037
|
|
|
Taxation
|
|
(55,814
|
)
|
|
(31,874
|
)
|
|
(41,361
|
)
|
|
(24,089
|
)
|
|
Profit for the period
|
|
110,796
|
|
|
65,007
|
|
|
79,725
|
|
|
48,948
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
|
|
Owners of the parent
|
|
111,120
|
|
|
65,191
|
|
|
79,882
|
|
|
49,109
|
|
|
Non-controlling interests
|
|
(324
|
)
|
|
(184
|
)
|
|
(157
|
)
|
|
(161
|
)
|
|
|
|
110,796
|
|
|
65,007
|
|
|
79,725
|
|
|
48,948
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable earnings per share
|
|
|
|
|
|
|
|
|
|
-basic (R)
|
|
0.14
|
|
|
0.08
|
|
|
0.10
|
|
|
0.06
|
|
|
-diluted (R)
|
|
0.14
|
|
|
0.08
|
|
|
0.10
|
|
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per American Depositary Share
|
|
|
|
|
|
|
|
|
|
-basic (R)
|
|
3.51
|
|
|
2.07
|
|
|
2.53
|
|
|
1.56
|
|
|
-diluted (R)
|
|
3.47
|
|
|
2.03
|
|
|
2.50
|
|
|
1.53
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares ('000)1
|
|
|
|
|
|
|
|
|
|
-in issue at September 30
|
|
763,976
|
|
|
790,788
|
|
|
763,976
|
|
|
790,788
|
|
|
-weighted average
|
|
790,782
|
|
|
786,468
|
|
|
788,748
|
|
|
788,220
|
|
|
-diluted weighted average
|
|
801,435
|
|
|
804,660
|
|
|
799,226
|
|
|
804,825
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average American Depositary Shares ('000)1
|
|
|
|
|
|
|
|
|
|
-in issue at September 30
|
|
30,559
|
|
|
31,632
|
|
|
30,559
|
|
|
31,632
|
|
|
-weighted average
|
|
31,631
|
|
|
31,459
|
|
|
31,550
|
|
|
31,529
|
|
|
-diluted weighted average
|
|
32,057
|
|
|
32,186
|
|
|
31,969
|
|
|
32,193
|
|
1 Excludes 29,348,850 treasury shares held in MIX
Telematics Investments Proprietary Limited (September 2014: Nil) and
250,000 held in terms of the TeliMatrix Group Executive Incentive Scheme
(the "Plan") on behalf of a plan participant (September 2014: Nil).
|
CONDENSED CONSOLIDATED INCOME STATEMENTS
|
|
United States Dollar
|
|
Six months
ended
|
|
Six months
ended
|
|
Three months
ended
|
|
Three months ended
|
|
Figures are in thousands unless otherwise stated
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
50,069
|
|
|
47,776
|
|
|
25,538
|
|
|
25,021
|
|
|
Cost of sales
|
|
(15,631
|
)
|
|
(15,580
|
)
|
|
(8,343
|
)
|
|
(7,908
|
)
|
|
Gross profit
|
|
34,438
|
|
|
32,196
|
|
|
17,195
|
|
|
17,113
|
|
|
Other income/(expenses) - net
|
|
24
|
|
|
56
|
|
|
67
|
|
|
15
|
|
|
Operating expenses
|
|
(30,202
|
)
|
|
(27,998
|
)
|
|
(15,323
|
)
|
|
(14,481
|
)
|
|
-Sales and marketing
|
|
(6,764
|
)
|
|
(6,197
|
)
|
|
(3,443
|
)
|
|
(2,968
|
)
|
|
-Administration and other charges
|
|
(23,438
|
)
|
|
(21,801
|
)
|
|
(11,880
|
)
|
|
(11,513
|
)
|
|
Operating profit
|
|
4,260
|
|
|
4,254
|
|
|
1,939
|
|
|
2,647
|
|
|
Finance income/(costs) - net
|
|
7,616
|
|
|
2,652
|
|
|
6,692
|
|
|
2,559
|
|
|
-Finance income
|
|
7,672
|
|
|
2,750
|
|
|
6,723
|
|
|
2,616
|
|
|
-Finance costs
|
|
(56
|
)
|
|
(98
|
)
|
|
(31
|
)
|
|
(57
|
)
|
|
Profit before taxation
|
|
11,876
|
|
|
6,906
|
|
|
8,631
|
|
|
5,206
|
|
|
Taxation
|
|
(3,978
|
)
|
|
(2,272
|
)
|
|
(2,948
|
)
|
|
(1,717
|
)
|
|
Profit for the period
|
|
7,898
|
|
|
4,634
|
|
|
5,683
|
|
|
3,489
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
|
|
Owners of the parent
|
|
7,921
|
|
|
4,647
|
|
|
5,694
|
|
|
3,501
|
|
|
Non-controlling interests
|
|
(23
|
)
|
|
(13
|
)
|
|
(11
|
)
|
|
(12
|
)
|
|
|
|
7,898
|
|
|
4,634
|
|
|
5,683
|
|
|
3,489
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable earnings per share
|
|
|
|
|
|
|
|
|
|
-basic ($)
|
|
0.01
|
|
|
0.01
|
|
|
0.01
|
|
|
#
|
|
-diluted ($)
|
|
0.01
|
|
|
0.01
|
|
|
0.01
|
|
|
#
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per American Depositary Share
|
|
|
|
|
|
|
|
|
|
-basic ($)
|
|
0.25
|
|
|
0.15
|
|
|
0.18
|
|
|
0.11
|
|
|
-diluted ($)
|
|
0.25
|
|
|
0.14
|
|
|
0.18
|
|
|
0.11
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares ('000)1
|
|
|
|
|
|
|
|
|
|
-in issue at September 30
|
|
763,976
|
|
|
790,788
|
|
|
763,976
|
|
|
790,788
|
|
|
-weighted average
|
|
790,782
|
|
|
786,468
|
|
|
788,748
|
|
|
788,220
|
|
|
-diluted weighted average
|
|
801,435
|
|
|
804,660
|
|
|
799,226
|
|
|
804,825
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average American Depositary Shares ('000)1
|
|
|
|
|
|
|
|
|
|
-in issue at September 30
|
|
30,559
|
|
|
31,632
|
|
|
30,559
|
|
|
31,632
|
|
|
-weighted average
|
|
31,631
|
|
|
31,459
|
|
|
31,550
|
|
|
31,529
|
|
|
-diluted weighted average
|
|
32,057
|
|
|
32,186
|
|
|
31,969
|
|
|
32,193
|
|
# Amounts less than $0.01
1 Excludes 29,348,850 treasury shares held in MIX
Telematics Investments Proprietary Limited (September 2014: Nil) and
250,000 held in terms of the Plan on behalf of a plan participant
(September 2014: Nil).
|
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
|
|
|
South African Rand
|
|
United States Dollar
|
|
|
|
Six months
ended
|
|
Six months
ended
|
|
Six months
ended
|
|
Six months
ended
|
|
Figures are in thousands unless otherwise stated
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period
|
|
110,796
|
|
|
65,007
|
|
|
7,898
|
|
|
4,634
|
|
|
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
Items that may be subsequently reclassified to profit or loss
|
|
|
|
|
|
|
|
|
|
Exchange differences on translating foreign operations
|
|
55,694
|
|
|
14,831
|
|
|
3,970
|
|
|
1,057
|
|
|
Attributable to owners of the parent
|
|
55,578
|
|
|
14,831
|
|
|
3,962
|
|
|
1,057
|
|
|
Attributable to non-controlling interests
|
|
116
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
Exchange differences on net investments in foreign operations
|
|
11,351
|
|
|
3,661
|
|
|
809
|
|
|
261
|
|
|
Taxation relating to components of other comprehensive income
|
|
(587
|
)
|
|
291
|
|
|
(42
|
)
|
|
21
|
|
|
Other comprehensive income for the period, net of tax
|
|
66,458
|
|
|
18,783
|
|
|
4,737
|
|
|
1,339
|
|
|
Total comprehensive income for the period
|
|
177,254
|
|
|
83,790
|
|
|
12,635
|
|
|
5,973
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
|
|
Owners of the parent
|
|
177,462
|
|
|
83,974
|
|
|
12,650
|
|
|
5,986
|
|
|
Non-controlling interests
|
|
(208
|
)
|
|
(184
|
)
|
|
(15
|
)
|
|
(13
|
)
|
|
Total comprehensive income for the period
|
|
177,254
|
|
|
83,790
|
|
|
12,635
|
|
|
5,973
|
|
|
HEADLINE EARNINGS
|
|
Reconciliation of headline earnings
|
|
|
|
|
|
|
|
|
|
|
|
South African Rand
|
|
United States Dollar
|
|
|
|
Six months
ended
|
|
Six months
ended
|
|
Six months
ended
|
|
Six months
ended
|
|
Figures are in thousands unless otherwise stated
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period attributable to owners of the parent
|
|
111,120
|
|
|
65,191
|
|
|
7,921
|
|
|
4,647
|
|
|
Adjusted for:
|
|
|
|
|
|
|
|
|
|
(Loss)/profit on disposal of property, plant and equipment and
intangible assets
|
|
(116
|
)
|
|
126
|
|
|
(8
|
)
|
|
9
|
|
|
Impairment of property, plant and equipment (note 4)
|
|
—
|
|
|
649
|
|
|
—
|
|
|
46
|
|
|
Impairment of product development costs capitalized (note 4)
|
|
—
|
|
|
456
|
|
|
—
|
|
|
33
|
|
|
Income tax effect on the above components
|
|
16
|
|
|
(343
|
)
|
|
1
|
|
|
(24
|
)
|
|
Headline earnings attributable to owners of the parent
|
|
111,020
|
|
|
66,079
|
|
|
7,914
|
|
|
4,711
|
|
|
Headline earnings
|
|
|
|
|
|
|
|
|
|
Headline earnings per share
|
|
|
|
|
|
|
|
|
|
-basic (R/$)
|
|
0.14
|
|
|
0.08
|
|
|
0.01
|
|
|
0.01
|
|
|
-diluted (R/$)
|
|
0.14
|
|
|
0.08
|
|
|
0.01
|
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
Headline earnings per American Depositary Share
|
|
|
|
|
|
|
|
|
|
-basic (R/$)
|
|
3.51
|
|
|
2.10
|
|
|
0.25
|
|
|
0.15
|
|
|
-diluted (R/$)
|
|
3.46
|
|
|
2.05
|
|
|
0.25
|
|
|
0.15
|
|
|
ADJUSTED EARNINGS
|
|
Reconciliation of adjusted earnings
|
|
South African Rand
|
|
Six months
ended
|
|
Six months
ended
|
|
Three months
ended
|
|
Three months
ended
|
|
Figures are in thousands unless otherwise stated
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period attributable to owners of the parent
|
|
111,120
|
|
|
65,191
|
|
|
79,882
|
|
|
49,109
|
|
|
Net foreign exchange gains
|
|
(103,138
|
)
|
|
(33,980
|
)
|
|
(92,094
|
)
|
|
(34,164
|
)
|
|
Income tax effect on the above component
|
|
34,442
|
|
|
11,630
|
|
|
30,960
|
|
|
11,502
|
|
|
Adjusted earnings attributable to owners of the parent
|
|
42,424
|
|
|
42,841
|
|
|
18,748
|
|
|
26,447
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings
|
|
|
|
|
|
|
|
|
|
Attributable adjusted earnings per share
|
|
|
|
|
|
|
|
|
|
-basic (R)
|
|
0.05
|
|
|
0.05
|
|
|
0.02
|
|
|
0.03
|
|
|
-diluted (R)
|
|
0.05
|
|
|
0.05
|
|
|
0.02
|
|
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per American Depositary Share
|
|
|
|
|
|
|
|
|
|
-basic (R)
|
|
1.34
|
|
|
1.36
|
|
|
0.59
|
|
|
0.84
|
|
|
-diluted (R)
|
|
1.32
|
|
|
1.33
|
|
|
0.59
|
|
|
0.82
|
|
|
|
|
|
|
|
|
|
|
|
|
United States Dollar
|
|
|
|
|
|
|
|
|
|
Figures are in thousands unless otherwise stated
|
|
|
|
|
|
|
|
|
|
Profit for the period attributable to owners of the parent
|
|
7,921
|
|
|
4,647
|
|
|
5,694
|
|
|
3,501
|
|
|
Net foreign exchange gains
|
|
(7,352
|
)
|
|
(2,422
|
)
|
|
(6,565
|
)
|
|
(2,435
|
)
|
|
Income tax effect on the above component
|
|
2,455
|
|
|
829
|
|
|
2,207
|
|
|
820
|
|
|
Adjusted earnings attributable to owners of the parent
|
|
3,024
|
|
|
3,054
|
|
|
1,336
|
|
|
1,886
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable adjusted earnings per share
|
|
|
|
|
|
|
|
|
|
-basic ($)
|
|
#
|
|
#
|
|
#
|
|
#
|
|
-diluted ($)
|
|
#
|
|
#
|
|
#
|
|
#
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per American Depositary Share
|
|
|
|
|
|
|
|
|
|
-basic ($)
|
|
0.10
|
|
|
0.10
|
|
|
0.04
|
|
|
0.06
|
|
|
-diluted ($)
|
|
0.09
|
|
|
0.09
|
|
|
0.04
|
|
|
0.06
|
|
|
# Amounts less than $0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
|
|
|
|
South African Rand
|
|
United States Dollar
|
|
Figures are in thousands unless otherwise stated
|
|
September 30,
|
|
March 31,
|
|
September 30,
|
|
March 31,
|
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
|
|
Unaudited
|
|
Audited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment
|
|
168,925
|
|
|
135,844
|
|
|
12,042
|
|
|
9,684
|
|
|
Intangible assets
|
|
823,754
|
|
|
778,518
|
|
|
58,721
|
|
|
55,497
|
|
|
Available-for-sale financial asset
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Finance lease receivable
|
|
413
|
|
|
1,002
|
|
|
29
|
|
|
71
|
|
|
Deferred tax assets
|
|
34,955
|
|
|
23,607
|
|
|
2,492
|
|
|
1,683
|
|
|
Total non-current assets
|
|
1,028,047
|
|
|
938,971
|
|
|
73,284
|
|
|
66,935
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Inventory
|
|
52,467
|
|
|
38,934
|
|
|
3,740
|
|
|
2,775
|
|
|
Trade and other receivables
|
|
280,579
|
|
|
261,574
|
|
|
20,001
|
|
|
18,646
|
|
|
Finance lease receivable
|
|
3,789
|
|
|
5,607
|
|
|
270
|
|
|
400
|
|
|
Taxation
|
|
11,309
|
|
|
7,602
|
|
|
806
|
|
|
542
|
|
|
Restricted cash
|
|
12,739
|
|
|
30,539
|
|
|
908
|
|
|
2,178
|
|
|
Cash and cash equivalents
|
|
934,529
|
|
|
945,381
|
|
|
66,618
|
|
|
67,392
|
|
|
Total current assets
|
|
1,295,412
|
|
|
1,289,637
|
|
|
92,343
|
|
|
91,933
|
|
|
Total assets
|
|
2,323,459
|
|
|
2,228,608
|
|
|
165,627
|
|
|
158,868
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
|
|
Stated capital (note 6)
|
|
1,344,864
|
|
|
1,436,993
|
|
|
95,869
|
|
|
102,436
|
|
|
Other reserves
|
|
47,886
|
|
|
(21,894
|
)
|
|
3,414
|
|
|
(1,560
|
)
|
|
Retained earnings
|
|
482,172
|
|
|
450,347
|
|
|
34,371
|
|
|
32,103
|
|
|
Equity attributable to owners of the parent
|
|
1,874,922
|
|
|
1,865,446
|
|
|
133,654
|
|
|
132,979
|
|
|
Non-controlling interest
|
|
(1,082
|
)
|
|
(874
|
)
|
|
(78
|
)
|
|
(63
|
)
|
|
Total equity
|
|
1,873,840
|
|
|
1,864,572
|
|
|
133,576
|
|
|
132,916
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
|
Borrowings
|
|
373
|
|
|
1,104
|
|
|
27
|
|
|
79
|
|
|
Deferred tax liabilities
|
|
104,173
|
|
|
63,425
|
|
|
7,426
|
|
|
4,521
|
|
|
Provisions
|
|
4,743
|
|
|
4,005
|
|
|
338
|
|
|
285
|
|
|
Share-based payment liability
|
|
1,794
|
|
|
1,950
|
|
|
128
|
|
|
139
|
|
|
Total non-current liabilities
|
|
111,083
|
|
|
70,484
|
|
|
7,919
|
|
|
5,024
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
Trade and other payables
|
|
263,058
|
|
|
247,361
|
|
|
18,751
|
|
|
17,635
|
|
|
Borrowings
|
|
1,426
|
|
|
1,399
|
|
|
102
|
|
|
100
|
|
|
Taxation
|
|
344
|
|
|
3,586
|
|
|
25
|
|
|
255
|
|
|
Provisions
|
|
25,066
|
|
|
23,240
|
|
|
1,787
|
|
|
1,657
|
|
|
Bank overdraft
|
|
48,642
|
|
|
17,966
|
|
|
3,467
|
|
|
1,281
|
|
|
Total current liabilities
|
|
338,536
|
|
|
293,552
|
|
|
24,132
|
|
|
20,928
|
|
|
Total liabilities
|
|
449,619
|
|
|
364,036
|
|
|
32,051
|
|
|
25,952
|
|
|
Total equity and liabilities
|
|
2,323,459
|
|
|
2,228,608
|
|
|
165,627
|
|
|
158,868
|
|
|
Net cash (note 7)
|
|
884,088
|
|
|
924,912
|
|
|
63,022
|
|
|
65,932
|
|
|
Net asset value per share (R/$)
|
|
2.45
|
|
|
2.35
|
|
|
0.17
|
|
|
0.17
|
|
|
Net tangible asset value per share (R/$)
|
|
1.38
|
|
|
1.37
|
|
|
0.10
|
|
|
0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditure
|
|
|
|
|
|
|
|
|
|
-incurred
|
|
105,952
|
|
|
125,429
|
|
|
7,553
|
|
|
8,941
|
|
|
-authorized but not spent
|
|
85,520
|
|
|
64,175
|
|
|
6,096
|
|
|
4,575
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
South African Rand
|
|
United States Dollar
|
|
Figures are in thousands unless otherwise stated
|
|
Six months
ended
September 30,
2015
Unaudited
|
|
Six months
ended
September 30,
2014
Unaudited
|
|
Six months
ended
September 30,
2015
Unaudited
|
|
Six months
ended
September 30,
2014
Unaudited
|
|
Operating activities
|
|
|
|
|
|
|
|
|
|
Cash generated from operations
|
|
136,634
|
|
|
92,955
|
|
|
9,740
|
|
|
6,626
|
|
|
Net financing income
|
|
3,632
|
|
|
3,151
|
|
|
259
|
|
|
225
|
|
|
Taxation paid
|
|
(33,513
|
)
|
|
(28,844
|
)
|
|
(2,389
|
)
|
|
(2,056
|
)
|
|
Net cash generated from operating activities
|
|
106,753
|
|
|
67,262
|
|
|
7,610
|
|
|
4,795
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
Capital expenditure
|
|
(99,195
|
)
|
|
(66,095
|
)
|
|
(7,071
|
)
|
|
(4,712
|
)
|
|
Deferred consideration paid
|
|
(664
|
)
|
|
(608
|
)
|
|
(47
|
)
|
|
(43
|
)
|
|
Proceeds on sale of property, plant and equipment and intangible
assets
|
|
420
|
|
|
397
|
|
|
30
|
|
|
28
|
|
|
Contingent consideration paid (note 12)
|
|
(18,000
|
)
|
|
—
|
|
|
(1,283
|
)
|
|
—
|
|
|
Decrease/(increase) in restricted cash
|
|
18,845
|
|
|
(3,009
|
)
|
|
1,343
|
|
|
(214
|
)
|
|
Net cash used in investing activities
|
|
(98,594
|
)
|
|
(69,315
|
)
|
|
(7,028
|
)
|
|
(4,941
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of ordinary shares
|
|
555
|
|
|
5,783
|
|
|
40
|
|
|
412
|
|
|
Share repurchase (note 8)
|
|
(92,684
|
)
|
|
—
|
|
|
(6,607
|
)
|
|
—
|
|
|
Repayment of borrowings
|
|
(41
|
)
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
Dividends paid
|
|
(79,193
|
)
|
|
—
|
|
|
(5,645
|
)
|
|
—
|
|
|
Net cash (utilized)/generated from financing activities
|
|
(171,363
|
)
|
|
5,783
|
|
|
(12,215
|
)
|
|
412
|
|
|
Net (decrease)/increase in cash and cash equivalents
|
|
(163,204
|
)
|
|
3,730
|
|
|
(11,633
|
)
|
|
266
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash and cash equivalents at the beginning of the period
|
|
927,415
|
|
|
802,639
|
|
|
66,111
|
|
|
57,216
|
|
|
Exchange gains on cash and cash equivalents
|
|
121,676
|
|
|
41,239
|
|
|
8,673
|
|
|
2,940
|
|
|
Net cash and cash equivalents at the end of the period
|
|
885,887
|
|
|
847,608
|
|
|
63,151
|
|
|
60,422
|
|
|
FREE CASH FLOW
|
|
Reconciliation of free cash flow to net cash generated from
operating activities
|
|
|
|
Six months
ended
|
|
Six months
ended
|
|
Three months
ended
|
|
Three months
ended
|
|
South African Rand
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
Figures are in thousands unless otherwise stated
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
Net cash generated from operating activities
|
|
106,753
|
|
|
67,262
|
|
|
71,562
|
|
|
61,133
|
|
|
Capital expenditure payments
|
|
(99,195
|
)
|
|
(66,095
|
)
|
|
(60,918
|
)
|
|
(37,898
|
)
|
|
Free cash flow
|
|
7,558
|
|
|
1,167
|
|
|
10,644
|
|
|
23,235
|
|
|
|
|
|
|
|
|
|
|
|
|
United States Dollar
|
|
|
|
|
|
|
|
|
|
Figures are in thousands unless otherwise stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash generated from operating activities
|
|
7,610
|
|
|
4,795
|
|
|
5,101
|
|
|
4,358
|
|
|
Capital expenditure payments
|
|
(7,071
|
)
|
|
(4,712
|
)
|
|
(4,343
|
)
|
|
(2,702
|
)
|
|
Free cash flow
|
|
539
|
|
|
83
|
|
|
758
|
|
|
1,656
|
|
|
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
|
|
|
|
|
|
|
|
|
|
Attributable to owners of the parent
|
|
|
|
|
|
South African Rand
Figures are in thousands unless otherwise stated
|
|
Stated
capital
|
|
Other
reserves
|
|
Retained
earnings
|
|
Total
|
|
Non-
controlling
interest
|
|
Total
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at April 1, 2014 (Audited)
|
|
1,429,250
|
|
|
(58,335
|
)
|
|
300,725
|
|
|
1,671,640
|
|
|
(10
|
)
|
|
1,671,630
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income
|
|
—
|
|
|
18,783
|
|
|
65,191
|
|
|
83,974
|
|
|
(184
|
)
|
|
83,790
|
|
|
Profit for the period
|
|
—
|
|
|
—
|
|
|
65,191
|
|
|
65,191
|
|
|
(184
|
)
|
|
65,007
|
|
|
Other comprehensive income
|
|
—
|
|
|
18,783
|
|
|
—
|
|
|
18,783
|
|
|
—
|
|
|
18,783
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners
|
|
5,783
|
|
|
2,791
|
|
|
—
|
|
|
8,574
|
|
|
(457
|
)
|
|
8,117
|
|
|
Shares issued in relation to share options exercised
|
|
5,783
|
|
|
—
|
|
|
—
|
|
|
5,783
|
|
|
—
|
|
|
5,783
|
|
|
Share-based payment
|
|
—
|
|
|
2,334
|
|
|
—
|
|
|
2,334
|
|
|
—
|
|
|
2,334
|
|
|
Transactions with non-controlling interests
|
|
—
|
|
|
457
|
|
|
—
|
|
|
457
|
|
|
(457
|
)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at September 30, 2014 (Unaudited)
|
|
1,435,033
|
|
|
(36,761
|
)
|
|
365,916
|
|
|
1,764,188
|
|
|
(651
|
)
|
|
1,763,537
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income
|
|
—
|
|
|
11,981
|
|
|
84,431
|
|
|
96,412
|
|
|
(223
|
)
|
|
96,189
|
|
|
Profit for the period
|
|
—
|
|
|
—
|
|
|
84,431
|
|
|
84,431
|
|
|
(422
|
)
|
|
84,009
|
|
|
Other comprehensive income
|
|
—
|
|
|
11,981
|
|
|
—
|
|
|
11,981
|
|
|
199
|
|
|
12,180
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners
|
|
1,960
|
|
|
2,886
|
|
|
—
|
|
|
4,846
|
|
|
—
|
|
|
4,846
|
|
|
Shares issued in relation to share options exercised
|
|
1,960
|
|
|
—
|
|
|
—
|
|
|
1,960
|
|
|
—
|
|
|
1,960
|
|
|
Share-based payment
|
|
—
|
|
|
2,886
|
|
|
—
|
|
|
2,886
|
|
|
—
|
|
|
2,886
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2015 (Audited)
|
|
1,436,993
|
|
|
(21,894
|
)
|
|
450,347
|
|
|
1,865,446
|
|
|
(874
|
)
|
|
1,864,572
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income
|
|
—
|
|
|
66,342
|
|
|
111,120
|
|
|
177,462
|
|
|
(208
|
)
|
|
177,254
|
|
|
Profit for the period
|
|
—
|
|
|
—
|
|
|
111,120
|
|
|
111,120
|
|
|
(324
|
)
|
|
110,796
|
|
|
Other comprehensive income
|
|
—
|
|
|
66,342
|
|
|
—
|
|
|
66,342
|
|
|
116
|
|
|
66,458
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners
|
|
(92,129
|
)
|
|
3,438
|
|
|
(79,295
|
)
|
|
(167,986
|
)
|
|
—
|
|
|
(167,986
|
)
|
|
Shares issued in relation to share options exercised
|
|
555
|
|
|
—
|
|
|
—
|
|
|
555
|
|
|
—
|
|
|
555
|
|
|
Share-based payment
|
|
—
|
|
|
3,438
|
|
|
—
|
|
|
3,438
|
|
|
—
|
|
|
3,438
|
|
|
Dividends declared of 8 and 2 cents per share (note 9)
|
|
—
|
|
|
—
|
|
|
(79,295
|
)
|
|
(79,295
|
)
|
|
—
|
|
|
(79,295
|
)
|
|
Share repurchase (note 8)
|
|
(92,684
|
)
|
|
—
|
|
|
—
|
|
|
(92,684
|
)
|
|
—
|
|
|
(92,684
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at September 30, 2015 (Unaudited)
|
|
1,344,864
|
|
|
47,886
|
|
|
482,172
|
|
|
1,874,922
|
|
|
(1,082
|
)
|
|
1,873,840
|
|
|
MIX TELEMATICS LIMITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
|
|
|
|
|
|
|
Attributable to owners of the parent
|
|
|
|
|
|
United States Dollar
Figures are in thousands unless otherwise stated
|
|
Stated
capital
|
|
Other
reserves
|
|
Retained
earnings
|
|
Total
|
|
Non-
controlling
interest
|
|
Total
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at April 1, 2014 (Unaudited)
|
|
101,884
|
|
|
(4,158
|
)
|
|
21,437
|
|
|
119,163
|
|
|
(1
|
)
|
|
119,162
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income
|
|
—
|
|
|
1,339
|
|
|
4,647
|
|
|
5,986
|
|
|
(13
|
)
|
|
5,973
|
|
|
Profit for the period
|
|
—
|
|
|
—
|
|
|
4,647
|
|
|
4,647
|
|
|
(13
|
)
|
|
4,634
|
|
|
Other comprehensive income
|
|
—
|
|
|
1,339
|
|
|
—
|
|
|
1,339
|
|
|
—
|
|
|
1,339
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners
|
|
412
|
|
|
199
|
|
|
—
|
|
|
611
|
|
|
(33
|
)
|
|
578
|
|
|
Shares issued in relation to share options exercised
|
|
412
|
|
|
—
|
|
|
—
|
|
|
412
|
|
|
—
|
|
|
412
|
|
|
Share-based payment
|
|
—
|
|
|
166
|
|
|
—
|
|
|
166
|
|
|
—
|
|
|
166
|
|
|
Transactions with non-controlling interests
|
|
—
|
|
|
33
|
|
|
—
|
|
|
33
|
|
|
(33
|
)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at September 30, 2014 (Unaudited)
|
|
102,296
|
|
|
(2,620
|
)
|
|
26,084
|
|
|
125,760
|
|
|
(47
|
)
|
|
125,713
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income
|
|
—
|
|
|
854
|
|
|
6,019
|
|
|
6,873
|
|
|
(16
|
)
|
|
6,857
|
|
|
Profit for the period
|
|
—
|
|
|
—
|
|
|
6,019
|
|
|
6,019
|
|
|
(30
|
)
|
|
5,989
|
|
|
Other comprehensive income
|
|
—
|
|
|
854
|
|
|
—
|
|
|
854
|
|
|
14
|
|
|
868
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners
|
|
140
|
|
|
206
|
|
|
—
|
|
|
346
|
|
|
—
|
|
|
346
|
|
|
Shares issued in relation to share options exercised
|
|
140
|
|
|
—
|
|
|
—
|
|
|
140
|
|
|
—
|
|
|
140
|
|
|
Share-based payment
|
|
—
|
|
|
206
|
|
|
—
|
|
|
206
|
|
|
—
|
|
|
206
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2015 (Unaudited)
|
|
102,436
|
|
|
(1,560
|
)
|
|
32,103
|
|
|
132,979
|
|
|
(63
|
)
|
|
132,916
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income
|
|
—
|
|
|
4,729
|
|
|
7,921
|
|
|
12,650
|
|
|
(15
|
)
|
|
12,635
|
|
|
Profit for the period
|
|
—
|
|
|
—
|
|
|
7,921
|
|
|
7,921
|
|
|
(23
|
)
|
|
7,898
|
|
|
Other comprehensive income
|
|
—
|
|
|
4,729
|
|
|
—
|
|
|
4,729
|
|
|
8
|
|
|
4,737
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners
|
|
(6,567
|
)
|
|
245
|
|
|
(5,653
|
)
|
|
(11,975
|
)
|
|
—
|
|
|
(11,975
|
)
|
|
Shares issued in relation to share options exercised
|
|
40
|
|
|
—
|
|
|
—
|
|
|
40
|
|
|
—
|
|
|
40
|
|
|
Share-based payment
|
|
—
|
|
|
245
|
|
|
—
|
|
|
245
|
|
|
—
|
|
|
245
|
|
|
Dividends declared of 0.6 and 0.1 cents per share (note 9)
|
|
—
|
|
|
—
|
|
|
(5,653
|
)
|
|
(5,653
|
)
|
|
—
|
|
|
(5,653
|
)
|
|
Share repurchase (note 8)
|
|
(6,607
|
)
|
|
—
|
|
|
—
|
|
|
(6,607
|
)
|
|
—
|
|
|
(6,607
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at September 30, 2015 (Unaudited)
|
|
95,869
|
|
|
3,414
|
|
|
34,371
|
|
|
133,654
|
|
|
(78
|
)
|
|
133,576
|
|
NOTES TO CONDENSED CONSOLIDATED FINANCIAL RESULTS
1. Basis of preparation and accounting policies
Condensed unaudited Group interim financial results for the half year
ended September 30, 2015
These condensed unaudited Group interim financial results for the half
year ended September 30, 2015 have been prepared in accordance with
International Financial Reporting Standard (IAS) 34: Interim financial
reporting, the SAICA Financial Reporting Guides as issued by the
Accounting Practices Committee, Financial Pronouncements as issued by
the Financial Reporting Standards Council (FRSC), the JSE Listings
Requirements and the requirements of the South African Companies Act, No
71 of 2008. The interim financial results have not been audited or
reviewed by the Group’s external auditors.
The condensed unaudited Group interim 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, 2015, which have been
prepared in accordance with IFRS. Amendments to IFRSs effective for the
fiscal year ending March 31, 2016 are not expected to have a material
impact on the Group.
The preparation of interim financial results requires management to make
judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets and liabilities,
income and expenses. In preparing these condensed interim financial
results, the significant judgements made by management in applying the
Group’s accounting policies and the key sources of estimation and
uncertainty were the same as those applied to the consolidated financial
statements for the year ended March 31, 2015.
The Group’s condensed unaudited Group interim financial results were
prepared under the supervision of the Group Chief Financial Officer, ML
Pydigadu CA(SA).
Financial results for the second quarter of fiscal year 2016
In addition to the Group’s interim financial results for the half year
ended September 30, 2015, additional financial information in respect of
the second quarter of fiscal year 2016 has been presented together with
the relevant comparative information. The quarterly information
comprises a condensed consolidated income statement, a reconciliation of
adjusted earnings to profit for the period, a reconciliation of Adjusted
EBITDA to profit for the period (note 4) and other financial and
operating data (note 13).
The accounting policies used in preparing the financial results for the
second quarter of fiscal year 2016 are consistent in all material
respects with those applied in the preparation of the Group’s annual
financial statements for the year ended March 31, 2015.
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, 2015, which have been
prepared in accordance with IFRS.
Presentation currency and convenience translation
The Group’s presentation currency is South African Rand. In addition to
presenting these interim financial results in South African Rand,
supplementary information in U.S. Dollars has been prepared for the
convenience of users of the Group interim financial results. Unless
otherwise stated, the Group has translated U.S. Dollar amounts from
South African Rand at the exchange rate of R14.0282 per $1.00, which was
the R/$ exchange rate reported by Oanda.com as at September 30, 2015.
The U.S. Dollar figures may not compute as they are rounded
independently.
2. Accounting policies
The accounting policies are consistent in all material respects with
those applied in the preparation of the annual financial statements for
the year ended March 31, 2015.
3. Segment information
During the period under review, the Adjusted EBITDA definition was
amended to exclude all foreign exchange gains/losses. The amended
measure is the profit measure reviewed by the chief operating decision
maker ("CODM"). Prior year figures have been restated to reflect this
change. A reconciliation of Adjusted EBITDA to operating profit is set
out in note 4.
Subscription revenue, which is a key metric reviewed by the CODM, has
been included in the segment presentation for the current and
comparative periods.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South African Rand
Figures are in thousands unless
otherwise stated
|
|
Subscription
revenue
|
|
Hardware
and other
revenue
|
|
Total
revenue
|
|
Inter-
segment
revenue
|
|
Adjusted
EBITDA
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended September 30, 2015 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Africa
|
|
|
|
351,354
|
|
|
48,850
|
|
|
400,204
|
|
|
—
|
|
|
112,720
|
|
|
566,927
|
|
|
Europe
|
|
|
|
50,808
|
|
|
23,909
|
|
|
74,717
|
|
|
—
|
|
|
1,931
|
|
|
100,936
|
|
|
Americas
|
|
|
|
52,878
|
|
|
20,862
|
|
|
73,740
|
|
|
—
|
|
|
(12,039
|
)
|
|
95,905
|
|
|
Middle East and Australasia
|
|
|
|
93,396
|
|
|
50,726
|
|
|
144,122
|
|
|
(312
|
)
|
|
14,104
|
|
|
214,930
|
|
|
Brazil
|
|
|
|
7,821
|
|
|
1,679
|
|
|
9,500
|
|
|
—
|
|
|
(4,936
|
)
|
|
19,358
|
|
|
Central Services Organization
|
|
|
|
88,734
|
|
|
120,500
|
|
|
209,234
|
|
|
(208,823
|
)
|
|
52,759
|
|
|
326,434
|
|
|
Total
|
|
|
|
644,991
|
|
|
266,526
|
|
|
911,517
|
|
|
(209,135
|
)
|
|
164,539
|
|
|
1,324,490
|
|
|
Corporate and consolidation entries
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(35,985
|
)
|
|
1,312,316
|
|
|
Inter-segment elimination
|
|
|
|
(88,323
|
)
|
|
(120,812
|
)
|
|
(209,135
|
)
|
|
209,135
|
|
|
—
|
|
|
(313,347
|
)
|
|
Total
|
|
|
|
556,668
|
|
|
145,714
|
|
|
702,382
|
|
|
—
|
|
|
128,554
|
|
|
2,323,459
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended September 30, 2014 (unaudited)
|
|
|
|
Subscription
revenue
|
|
Hardware
and other
revenue
|
|
Total
revenue
|
|
Inter-
segment
revenue
|
|
Adjusted
EBITDA:
Restated
|
|
Assets
|
|
Africa
|
|
|
|
302,841
|
|
|
38,754
|
|
|
341,595
|
|
|
—
|
|
|
97,864
|
|
|
420,375
|
|
|
Europe
|
|
|
|
42,577
|
|
|
39,440
|
|
|
82,017
|
|
|
(293
|
)
|
|
3,467
|
|
|
86,993
|
|
|
Americas
|
|
|
|
46,701
|
|
|
36,932
|
|
|
83,633
|
|
|
—
|
|
|
(1,042
|
)
|
|
83,972
|
|
|
Middle East and Australasia
|
|
|
|
79,793
|
|
|
70,441
|
|
|
150,234
|
|
|
(12
|
)
|
|
(309
|
)
|
|
162,890
|
|
|
Brazil
|
|
|
|
5,928
|
|
|
6,224
|
|
|
12,152
|
|
|
(5
|
)
|
|
(6,860
|
)
|
|
12,111
|
|
|
Central Services Organization
|
|
|
|
86,881
|
|
|
104,510
|
|
|
191,391
|
|
|
(190,502
|
)
|
|
55,705
|
|
|
306,699
|
|
|
Total
|
|
|
|
564,721
|
|
|
296,301
|
|
|
861,022
|
|
|
(190,812
|
)
|
|
148,825
|
|
|
1,073,040
|
|
|
Corporate and consolidation entries
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(24,715
|
)
|
|
1,265,509
|
|
|
Inter-segment elimination
|
|
|
|
(86,339
|
)
|
|
(104,473
|
)
|
|
(190,812
|
)
|
|
190,812
|
|
|
—
|
|
|
(223,024
|
)
|
|
Total
|
|
|
|
478,382
|
|
|
191,828
|
|
|
670,210
|
|
|
—
|
|
|
124,110
|
|
|
2,115,525
|
|
|
3. Segment information (continued)
|
|
|
|
|
|
|
|
|
United States Dollar
Figures are in thousands unless
otherwise stated
|
|
Subscription
revenue
|
|
Hardware
and other
revenue
|
|
Total
revenue
|
|
Inter-
segment
revenue
|
|
Adjusted
EBITDA
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended September 30, 2015 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Africa
|
|
|
|
25,046
|
|
|
3,483
|
|
|
28,529
|
|
|
—
|
|
|
8,035
|
|
|
40,413
|
|
|
Europe
|
|
|
|
3,622
|
|
|
1,704
|
|
|
5,326
|
|
|
—
|
|
|
138
|
|
|
7,195
|
|
|
Americas
|
|
|
|
3,769
|
|
|
1,488
|
|
|
5,257
|
|
|
—
|
|
|
(859
|
)
|
|
6,837
|
|
|
Middle East and Australasia
|
|
|
|
6,658
|
|
|
3,616
|
|
|
10,274
|
|
|
(22
|
)
|
|
1,005
|
|
|
15,321
|
|
|
Brazil
|
|
|
|
558
|
|
|
119
|
|
|
677
|
|
|
—
|
|
|
(352
|
)
|
|
1,380
|
|
|
Central Services Organization
|
|
|
|
6,325
|
|
|
8,590
|
|
|
14,915
|
|
|
(14,887
|
)
|
|
3,761
|
|
|
23,270
|
|
|
Total
|
|
|
|
45,978
|
|
|
19,000
|
|
|
64,978
|
|
|
(14,909
|
)
|
|
11,728
|
|
|
94,416
|
|
|
Corporate and consolidation entries
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,565
|
)
|
|
93,548
|
|
|
Inter-segment elimination
|
|
(6,296
|
)
|
|
(8,613
|
)
|
|
(14,909
|
)
|
|
14,909
|
|
|
—
|
|
|
(22,337
|
)
|
|
Total
|
|
|
|
39,682
|
|
|
10,387
|
|
|
50,069
|
|
|
—
|
|
|
9,163
|
|
|
165,627
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended September 30, 2014 (unaudited)
|
|
|
|
Subscription
revenue
|
|
Hardware
and other
revenue
|
|
Total
revenue
|
|
Inter-
segment
revenue
|
|
Adjusted
EBITDA:
Restated
|
|
Assets
|
|
Africa
|
|
|
|
21,588
|
|
|
2,763
|
|
|
24,351
|
|
|
—
|
|
|
6,976
|
|
|
29,966
|
|
|
Europe
|
|
|
|
3,035
|
|
|
2,812
|
|
|
5,847
|
|
|
(21
|
)
|
|
247
|
|
|
6,201
|
|
|
Americas
|
|
|
|
3,329
|
|
|
2,633
|
|
|
5,962
|
|
|
—
|
|
|
(75
|
)
|
|
5,986
|
|
|
Middle East and Australasia
|
|
|
|
5,688
|
|
|
5,021
|
|
|
10,709
|
|
|
(1
|
)
|
|
(22
|
)
|
|
11,612
|
|
|
Brazil
|
|
|
|
423
|
|
|
443
|
|
|
866
|
|
|
*
|
|
(489
|
)
|
|
863
|
|
|
Central Services Organization
|
|
|
|
6,193
|
|
|
7,450
|
|
|
13,643
|
|
|
(13,580
|
)
|
|
3,971
|
|
|
21,863
|
|
|
Total
|
|
|
|
40,256
|
|
|
21,122
|
|
|
61,378
|
|
|
(13,602
|
)
|
|
10,608
|
|
|
76,491
|
|
|
Corporate and consolidation entries
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,762
|
)
|
|
90,212
|
|
|
Inter-segment elimination
|
|
|
|
(6,155
|
)
|
|
(7,447
|
)
|
|
(13,602
|
)
|
|
13,602
|
|
|
—
|
|
|
(15,898
|
)
|
|
Total
|
|
|
|
34,101
|
|
|
13,675
|
|
|
47,776
|
|
|
—
|
|
|
8,846
|
|
|
150,805
|
|
|
* Amounts less than $1,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3. Segment information (continued)
|
|
The prior year segment information has been amended to conform
with the current year presentation as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
South African Rand
Figures are in thousands unless otherwise stated
|
|
|
|
|
Adjusted
EBITDA:
As previously
reported
|
|
Realized
foreign
exchange
(gains)/losses
|
|
Adjusted
EBITDA:
Restated
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended September 30, 2014 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
Africa
|
|
|
|
|
97,788
|
|
|
76
|
|
|
97,864
|
|
|
Europe
|
|
|
|
|
2,675
|
|
|
792
|
|
|
3,467
|
|
|
Americas
|
|
|
|
|
(1,061
|
)
|
|
19
|
|
|
(1,042
|
)
|
|
Middle East and Australasia
|
|
|
|
|
(798
|
)
|
|
489
|
|
|
(309
|
)
|
|
Brazil
|
|
|
|
|
(6,897
|
)
|
|
37
|
|
|
(6,860
|
)
|
|
Central Services Organization
|
|
|
|
|
55,804
|
|
|
(99
|
)
|
|
55,705
|
|
|
Total
|
|
|
|
|
147,511
|
|
|
1,314
|
|
|
148,825
|
|
|
Corporate and consolidation entries
|
|
|
|
|
(24,767
|
)
|
|
52
|
|
|
(24,715
|
)
|
|
Inter-segment elimination
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total
|
|
|
|
|
122,744
|
|
|
1,366
|
|
|
124,110
|
|
|
|
|
|
|
|
|
|
|
|
|
United States Dollar
Figures are in thousands unless
otherwise stated
|
|
|
|
|
|
|
|
|
|
|
Africa
|
|
|
|
|
6,971
|
|
|
5
|
|
|
6,976
|
|
|
Europe
|
|
|
|
|
191
|
|
|
56
|
|
|
247
|
|
|
Americas
|
|
|
|
|
(76
|
)
|
|
1
|
|
|
(75
|
)
|
|
Middle East and Australasia
|
|
|
|
|
(57
|
)
|
|
35
|
|
|
(22
|
)
|
|
Brazil
|
|
|
|
|
(492
|
)
|
|
3
|
|
|
(489
|
)
|
|
Central Services Organization
|
|
|
|
|
3,978
|
|
|
(7
|
)
|
|
3,971
|
|
|
Total
|
|
|
|
|
10,515
|
|
|
93
|
|
|
10,608
|
|
|
Corporate and consolidation entries
|
|
|
|
|
(1,766
|
)
|
|
4
|
|
|
(1,762
|
)
|
|
Inter-segment elimination
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total
|
|
|
|
|
8,749
|
|
|
97
|
|
|
8,846
|
|
|
4. Reconciliation of Adjusted EBITDA to Profit for the Period
|
|
South African Rand
|
|
Six months
ended
|
|
Six months
ended
|
|
Three months
ended
|
|
Three months ended
|
|
Figures are in thousands unless otherwise stated
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
Restated
|
|
|
|
Restated
|
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Adjusted EBITDA
|
|
128,554
|
|
|
124,110
|
|
|
63,453
|
|
|
71,410
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
Decrease in restructuring cost provision
|
|
1,088
|
|
|
—
|
|
|
450
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Depreciation (1)
|
|
(33,809
|
)
|
|
(28,409
|
)
|
|
(17,239
|
)
|
|
(14,753
|
)
|
|
Amortization (2)
|
|
(27,557
|
)
|
|
(21,880
|
)
|
|
(14,573
|
)
|
|
(10,611
|
)
|
|
Impairment of property, plant and equipment
|
|
—
|
|
|
(649
|
)
|
|
—
|
|
|
(649
|
)
|
|
Impairment of product development costs capitalized
|
|
—
|
|
|
(456
|
)
|
|
—
|
|
|
(456
|
)
|
|
Share-based compensation costs
|
|
(3,438
|
)
|
|
(4,284
|
)
|
|
(1,862
|
)
|
|
(1,264
|
)
|
|
Net loss on sale of property, plant and equipment and intangible
assets
|
|
(116
|
)
|
|
(126
|
)
|
|
(114
|
)
|
|
(8
|
)
|
|
Transaction costs arising from investigating strategic alternatives
|
|
(4,952
|
)
|
|
—
|
|
|
(2,912
|
)
|
|
—
|
|
|
Net litigation costs
|
|
—
|
|
|
(8,638
|
)
|
|
—
|
|
|
(6,529
|
)
|
|
Operating profit
|
|
59,770
|
|
|
59,668
|
|
|
27,203
|
|
|
37,140
|
|
|
Add: Finance income/(costs) - net
|
|
106,840
|
|
|
37,213
|
|
|
93,883
|
|
|
35,897
|
|
|
Less: Taxation
|
|
(55,814
|
)
|
|
(31,874
|
)
|
|
(41,361
|
)
|
|
(24,089
|
)
|
|
Profit for the period
|
|
110,796
|
|
|
65,007
|
|
|
79,725
|
|
|
48,948
|
|
(1) Includes depreciation of property, plant and equipment
(including in-vehicle devices).
(2) Includes amortization of intangible assets (including
product development costs and intangible assets identified as part of a
business combination).
|
4. Reconciliation of Adjusted EBITDA to Profit for the Period
(continued)
|
|
United States Dollar
|
|
Six months
ended
|
|
Six months
ended
|
|
Three months
ended
|
|
Three months
ended
|
|
Figures are in thousands unless otherwise stated
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
Restated
|
|
|
|
Restated
|
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Adjusted EBITDA
|
|
9,163
|
|
|
8,846
|
|
|
4,524
|
|
|
5,090
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
Decrease in restructuring cost provision
|
|
78
|
|
|
—
|
|
|
32
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Depreciation (1)
|
|
(2,410
|
)
|
|
(2,025
|
)
|
|
(1,229
|
)
|
|
(1,052
|
)
|
|
Amortization (2)
|
|
(1,964
|
)
|
|
(1,560
|
)
|
|
(1,039
|
)
|
|
(756
|
)
|
|
Impairment of property, plant and equipment
|
|
—
|
|
|
(46
|
)
|
|
—
|
|
|
(46
|
)
|
|
Impairment of product development costs capitalized
|
|
—
|
|
|
(33
|
)
|
|
—
|
|
|
(33
|
)
|
|
Share-based compensation costs
|
|
(245
|
)
|
|
(305
|
)
|
|
(133
|
)
|
|
(90
|
)
|
|
Net loss on sale of property, plant and equipment and intangible
assets
|
|
(8
|
)
|
|
(9
|
)
|
|
(8
|
)
|
|
(1
|
)
|
|
Transaction costs arising from investigating strategic alternatives
|
|
(354
|
)
|
|
—
|
|
|
(208
|
)
|
|
—
|
|
|
Net litigation costs
|
|
—
|
|
|
(614
|
)
|
|
—
|
|
|
(465
|
)
|
|
Operating profit
|
|
4,260
|
|
|
4,254
|
|
|
1,939
|
|
|
2,647
|
|
|
Add: Finance income/(costs) - net
|
|
7,616
|
|
|
2,652
|
|
|
6,692
|
|
|
2,559
|
|
|
Less: Taxation
|
|
(3,978
|
)
|
|
(2,272
|
)
|
|
(2,948
|
)
|
|
(1,717
|
)
|
|
Profit for the period
|
|
7,898
|
|
|
4,634
|
|
|
5,683
|
|
|
3,489
|
|
(1) Includes depreciation of property, plant and equipment
(including in-vehicle devices).
(2) Includes amortization of intangible assets (including
product development costs and intangible assets identified as part of a
business combination).
|
5. Reconciliation of Adjusted EBITDA margin to Profit for the
Period margin
|
|
|
|
Six months
ended
|
|
Six months
ended
|
|
Three months
ended
|
|
Three months
ended
|
|
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
Restated
|
|
|
|
Restated
|
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin
|
|
18.3
|
%
|
|
18.5
|
%
|
|
17.7
|
%
|
|
20.3
|
%
|
|
Add:
|
|
|
|
|
|
|
|
|
|
Decrease in restructuring cost provision
|
|
0.1
|
%
|
|
—
|
|
|
0.1
|
%
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
(4.8
|
%)
|
|
(4.2
|
%)
|
|
(4.8
|
%)
|
|
(4.2
|
%)
|
|
Amortization
|
|
(3.9
|
%)
|
|
(3.3
|
%)
|
|
(4.1
|
%)
|
|
(3.0
|
%)
|
|
Impairment of property, plant and equipment
|
|
—
|
|
|
(0.1
|
%)
|
|
—
|
|
|
(0.2
|
%)
|
|
Impairment of product development costs capitalized
|
|
—
|
|
|
(0.1
|
%)
|
|
—
|
|
|
(0.1
|
%)
|
|
Share-based compensation costs
|
|
(0.5
|
%)
|
|
(0.6
|
%)
|
|
(0.5
|
%)
|
|
(0.3
|
%)
|
|
Net loss on sale of property, plant and equipment and intangible
assets
|
|
(0.0
|
%)
|
|
(0.0
|
%)
|
|
(0.0
|
%)
|
|
(0.0
|
%)
|
|
Transaction costs arising from investigating strategic alternatives
|
|
(0.7
|
%)
|
|
—
|
|
|
(0.8
|
%)
|
|
—
|
|
|
Net litigation costs
|
|
—
|
|
|
(1.3
|
%)
|
|
—
|
|
|
(1.9
|
%)
|
|
Operating profit margin
|
|
8.5
|
%
|
|
8.9
|
%
|
|
7.6
|
%
|
|
10.6
|
%
|
|
Add: Finance income/(costs) - net
|
|
15.2
|
%
|
|
5.6
|
%
|
|
26.2
|
%
|
|
10.2
|
%
|
|
Less: Taxation
|
|
(7.9
|
%)
|
|
(4.8
|
%)
|
|
(11.5
|
%)
|
|
(6.9
|
%)
|
|
Profit for the period margin
|
|
15.8
|
%
|
|
9.7
|
%
|
|
22.3
|
%
|
|
13.9
|
%
|
6. Stated Capital
Stated capital reduced by R92.7 million ($6.6 million) as a result of
the share repurchase program which commenced in September 2015 (note 8).
The acquirer of the shares, MiX Telematics Investments Proprietary
Limited ("MiX Investments"), is a wholly owned subsidiary of the Company.
7. Net Cash
Net cash is calculated as being net cash and cash equivalents, excluding
restricted cash less interest bearing borrowings.
8. Share Repurchase Program
As of September 11, 2015, the MiX Telematics Board approved a share
repurchase program under which the Group may repurchase up to 40,000,000
of its ordinary shares (up to 1,600,000 ADSs) through to March 15, 2016.
The Group may repurchase its shares from time to time in its discretion
through open market transactions and block trades, based on ongoing
assessments of the capital needs of the Group, the market price of its
securities and general market conditions. This share repurchase program
may be discontinued at any time by the Board of Directors, and the Group
has no obligation to repurchase any amount of its securities under the
program. The repurchase program will be funded out of existing cash
resources.
As of September 30, 2015 the following purchases had been made under the
share repurchase program:
-
973,954 ADSs (representing 24,348,850 ordinary shares) were purchased
by MiX Investments on September 17, 2015 at a price of $5.85 per ADS.
The ADSs were repurchased at a cost of R76.8 million ($5.5 million)
including transaction costs of R0.5 million ($0.04 million).
-
5,000,000 ordinary shares were purchased by MiX Investments on
September 17, 2015 at a price of R3.15 per share. The shares were
repurchased for R15.9 million ($1.1 million) including transaction
costs of R0.1 million ($0.01 million).
As of September 30, 2015 there are 10,651,150 ordinary shares (up to
426,046 ADSs) remaining for repurchase under the share repurchase
program.
9. Dividends Paid
On August 26, 2015 the Board declared the following dividends, which
were both paid on September 21, 2015:
-
In respect of the 2015 fiscal year which ended on March 31, 2015, a
final dividend of R63.4 million or $4.5 million which equated to 8
South African cents or 0.6 U.S. cents per ordinary share.
-
In respect of the first quarter of fiscal year 2016 which ended on
June 30, 2015, a dividend of R15.9 million or $1.1 million which
equated to 2 South African cents or 0.1 U.S. cents per ordinary share.
10. Contingent Liabilities
Service agreement
In terms of an amended 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. No connection
incentives will be received in terms of the amended network services
agreement. The maximum potential liability under the arrangement is
R47.6 million or $3.4 million (September 2014: R54.6 million or $3.9
million). No loss is considered probable under this arrangement.
11. Taxation
MiX Telematics International Proprietary Limited ("MiX International"),
a subsidiary of the Group, historically claimed a 150% allowance for
research and development spend in terms of section 11D ("S11D") of the
South African Income Tax Act of 1962 ("the Act"). As of October 1, 2012,
the legislation relating to the allowance was amended. The amendment
requires pre-approval of development project expenditure on a project
specific basis by the South African Department of Science and Technology
("DST") in order to claim a deduction of the additional 50% over and
above the expenditure incurred (150% allowance). Since the amendments to
S11D of the Act, MiX International had been claiming the 150% deduction
resulting in a recognized tax benefit of R8.5 million ($0.6 million).
MiX International has complied with the amended legislation by
submitting all required documentation to the DST in a timely manner,
commencing in October 2012.
In June 2014, correspondence was received from the DST indicating that
the research and development expenditure on certain projects for which
the 150% allowance was claimed did not, in the DST’s opinion, constitute
qualifying expenditure in terms of the Act. MiX International continues,
through due legal process, to formally seek a review of the DST’s
decision not to approve the expenditure. This process is unresolved.
Consequently, at September 30, 2015, MiX International has an uncertain
tax position relating to S11D deductions. MiX International has paid the
R8.5 million ($0.6 million) related to the S11D deductions to the South
African Revenue Service. The Group has considered this uncertain tax
position and recognized a tax asset of R8.5 million ($0.6 million) at
September 30, 2015. If the Group is unsuccessful in obtaining DST
approval in this specific matter, the Group will not recover the tax
asset and will incur an additional taxation expense of up to R8.5
million ($0.6 million) relating to the additional 50% claimed.
12. Contingent Consideration Paid
On November 1, 2014, the Group acquired the operating business of
Compass Fleet Management Proprietary Limited (“Compass”), a South Africa
based provider of specialized fleet management solutions in Southern
Africa that are delivered off the Group’s hardware and software
platform. During May 2015, R18.0 million ($1.3 million) previously held
in trust and disclosed within restricted cash was paid to the former
owners of Compass. The consideration was paid after it was determined
that the agreed revenue and profit targets for the period November 1,
2014 to March 31, 2015 had been achieved.
|
13. Other Operating and Financial Data
|
|
South African Rand
|
|
Six months
ended
|
|
Six months
ended
|
|
Three months
ended
|
|
Three months ended
|
|
Figures are in thousands except for subscribers
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
Subscription revenue
|
|
556,668
|
|
|
478,382
|
|
|
284,878
|
|
|
241,769
|
|
Adjusted EBITDA (comparative periods restated)
|
|
128,554
|
|
|
124,110
|
|
|
63,453
|
|
|
71,410
|
|
Cash and cash equivalents
|
|
934,529
|
|
|
904,620
|
|
|
934,529
|
|
|
904,620
|
|
Net cash
|
|
884,088
|
|
|
844,500
|
|
|
884,088
|
|
|
844,500
|
|
Capital expenditure incurred
|
|
105,952
|
|
|
63,544
|
|
|
68,867
|
|
|
35,347
|
|
Subscribers
|
|
541,346
|
|
|
479,318
|
|
|
541,346
|
|
|
479,318
|
|
|
|
|
|
|
|
|
|
|
|
United States Dollar
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscription revenue
|
|
39,682
|
|
|
34,101
|
|
|
20,308
|
|
|
17,234
|
|
Adjusted EBITDA (comparative periods restated)
|
|
9,163
|
|
|
8,846
|
|
|
4,524
|
|
|
5,090
|
|
Cash and cash equivalents
|
|
66,618
|
|
|
64,486
|
|
|
66,618
|
|
|
64,486
|
|
Net cash
|
|
63,022
|
|
|
60,200
|
|
|
63,022
|
|
|
60,200
|
|
Capital expenditure incurred
|
|
7,553
|
|
|
4,530
|
|
|
4,909
|
|
|
2,520
|
|
Subscribers
|
|
541,346
|
|
|
479,318
|
|
|
541,346
|
|
|
479,318
|
|
|
|
|
|
|
|
|
|
|
|
Exchange Rates
|
|
|
|
|
|
|
|
|
|
The following major rates of exchange were used:
|
|
|
|
|
|
|
|
|
|
South African Rand: United States Dollar
|
|
|
|
|
|
|
|
|
|
-closing
|
|
14.03
|
|
|
11.24
|
|
|
14.03
|
|
|
11.24
|
|
-average
|
|
12.53
|
|
|
10.65
|
|
|
12.98
|
|
|
10.76
|
|
South African Rand: British Pound
|
|
|
|
|
|
|
|
|
|
-closing
|
|
21.27
|
|
|
18.29
|
|
|
21.27
|
|
|
18.29
|
|
-average
|
|
19.31
|
|
|
17.85
|
|
|
20.11
|
|
|
17.97
|
14. Fair Value of Financial Assets and Liabilities Measured at
Amortized Cost
The fair values of trade and other receivables, trade payables,
accruals, borrowings and other payables approximate their book values as
the impact of discounting is not considered material due to the
short-term nature of both the receivables and payables.
15. Subsequent Events
The directors are not aware of any matter material or otherwise arising
since September 30, 2015 and up to the date of this report, not
otherwise dealt with herein.
16. Dividend Declared
On November 5, 2015 the board has declared that in respect of the second
quarter of fiscal year 2016 which ended on September 30, 2015 a dividend
of 2 South African cents (0.1 U.S. cents) per ordinary share to be paid
on November 30, 2015.
|
The details with respect to the dividends declared for ordinary
shareholders are as follows:
|
|
Last day to trade cum dividend
|
|
|
|
|
Friday, November 20, 2015
|
|
Securities trade ex dividend
|
|
|
|
|
Monday, November 23, 2015
|
|
Record date
|
|
|
|
|
Friday, November 27, 2015
|
|
Payment date
|
|
|
|
|
Monday, November 30, 2015
|
Share certificates may not be dematerialized or rematerialized between
Monday, November 23, 2015 and Friday, November 27, 2015, both days
inclusive.
Shareholders are advised of the following additional information:
-
the dividend has been declared out of income reserves;
-
the local dividends tax rate is 15%;
-
there are no Secondary Tax on Companies credits utilized against the
dividend;
-
the gross local dividend amounts to 2 South African cents per ordinary
share;
-
the net local dividend amount is 1.7 South African cents per ordinary
share for shareholders liable to pay dividends tax;
-
the issued ordinary share capital of MiX Telematics is 793,575,000
ordinary shares of no par value; and
-
the Company’s tax reference number is 9155/661/84/7.
|
The details with respect to the dividends declared for holders of
our ADSs are as follows:
|
|
Ex dividend on New York Stock Exchange (NYSE)
|
|
|
|
Monday, November 23, 2015
|
|
Record date
|
|
|
|
Friday, November 27, 2015
|
|
Approximate date of currency conversion
|
|
|
|
Monday, November 30, 2015
|
|
Approximate dividend payment date
|
|
|
|
Monday, November 30, 2015
|
17. Changes to the Board
With effect from November 3, 2015, Mohammed Akoojee resigned as an
alternate non-executive director to Mark Lamberti and George Nakos has
been appointed as an alternate non-executive director to Mark Lamberti.
|
For and on behalf of the board:
|
|
|
|
|
|
|
|
|
|
|
|
SR Bruyns
|
|
|
|
SB Joselowitz
|
|
Midrand
|
|
|
|
|
|
November 3, 2015
|
|
|
|
|
|
For more information please visit our website at: www.mixtelematics.com
|
|
|
|
MiX Telematics Limited
|
|
(Incorporated in the Republic of South Africa)
|
|
(Registration number 1995/013858/06)
|
|
JSE share 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), EN Banda*, CH Ewing*,
RA Frew*, MJ Lamberti* (Alternate G Nakos), ML Pydigadu (CFO), CWR
Tasker (COO), AR Welton*
|
|
* Non-executive
|
|
|
|
Company secretary
|
|
Java Capital Trustees and Sponsors Proprietary Limited
|
|
|
|
Auditors
|
|
PricewaterhouseCoopers Inc.
|
|
|
|
Sponsor
|
|
Java Capital
|
|
|
|
November 5, 2015
|
Contact: