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 R13.0535 per $1.00, which was the R/$ exchange rate reported by Oanda.com as of June 30, 2017.
First Quarter Highlights:
- Subscription revenue of R335 million ($25.7 million), up over 15% on a constant currency basis
- Operating profit of R43 million ($3.3 million), up 88% year over year
- Adjusted EBITDA of R94 million ($7.2 million), up 55% year over year
- Adjusted EBITDA margin of 23.1% continues the quarterly improvement trend that was observed throughout the prior year. Reported Adjusted EBITDA margins were as follows: Q1 2017 15.9%, Q2 2017 18.0%, Q3 2017 21.9%, Q4 2017 22.3%, Q1 2018 23.1%
- Total subscriber base of 625,600, up 8% year over year
- Company raises quarterly dividend to 2.5 South African cents per ordinary share (4.8 U.S. cents per American Depositary Share)
- Company raises full year guidance for Adjusted EBITDA to R375 million to R395 million ($28.6 million to $30.1 million) and Adjusted earnings per diluted share to 19.7 to 21.8 South African cents. At a ratio of 25 ordinary shares to one ADS, this equates to adjusted earnings per diluted ADS of 38 to 42 U.S. cents. Reiterates guidance for subscription revenue and total revenue, for full fiscal 2018 year. Refer to the Business Outlook section below.
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 first quarter of fiscal year 2018, which ended June 30, 2017.
“We have booked a solid start to our new fiscal year. In particular,
we enjoyed strong performance from our premium fleet portfolio globally
which resulted in a return to mid-teen subscription revenue growth on a
constant currency basis,” said Stefan Joselowitz, Chief Executive
Officer of MiX Telematics. “As is evidenced by our steadily improving
bottom-line performance, the company has reached an inflection point in
regards to margin accretion, particularly as MiX is moving out of a
heavy investment cycle into a phase where we are starting to enjoy the
returns on these investments. Looking forward, we are confident in our
ability to execute our strategic initiatives to achieve our longer term
targeted adjusted EBITDA margin of 30% plus.”
Financial performance for the three months
ended June 30, 2017
Subscription revenue: Subscription revenue was R335.4 million
($25.7 million), an increase of 9.5% compared with R306.2 million ($23.5
million) for the first quarter of fiscal year 2017. Mid-teen
subscription revenue growth was achieved on a constant currency basis.
Subscription revenue benefited from an increase of over 47,000
subscribers, representing an increase in subscribers of 8.2% from June
2016 to June 2017.
Total revenue: Total revenue was R405.7 million ($31.1 million),
an increase of 7.0% compared to R379.1 million ($29.0 million) for the
first quarter of fiscal year 2017. Hardware and other revenue was R70.3
million ($5.4 million), a decrease of 3.6% compared to R72.9 million
($5.6 million) for the first quarter of fiscal year 2017.
Gross margin: Gross profit was R271.5 million ($20.8 million), as
compared to R255.8 million ($19.6 million) for the first quarter of
fiscal year 2017. Gross profit margin was 66.9%, compared to 67.5% for
the first quarter of fiscal year 2017.
Operating margin: Operating profit was R42.9 million ($3.3
million), compared to R22.9 million ($1.8 million) for the first quarter
of fiscal year 2017. Operating profit margin was 10.6%, compared to 6.0%
for the first quarter of fiscal year 2017. The margin expansion is
attributable primarily to the growth in revenue reported above and
strict cost management which began in fiscal 2017. Operating expenses of
R231.6 million ($17.7 million) have declined by R1.8 million ($0.1
million), or 0.8%, since the first quarter of fiscal 2017.
Adjusted EBITDA: Adjusted EBITDA, a non-IFRS measure, was R93.9
million ($7.2 million) compared to R60.4 million ($4.6 million) for the
first quarter of fiscal year 2017. Adjusted EBITDA margin, a non-IFRS
measure, for the first quarter of fiscal year 2018 was 23.1%, compared
to 15.9% for the first quarter of fiscal year 2017.
Profit for the period and earnings per share: Profit for the
period was R33.9 million ($2.6 million), compared to R31.9 million
($2.4 million) for the first quarter of fiscal year 2017. Profit for the
period includes a net foreign exchange loss of R5.0 million
($0.4 million) before tax, relating primarily to U.S. Dollar cash
reserves which are sensitive to R:$ exchange rate movements. A net
foreign exchange gain of R19.9 million ($1.5 million), also relating
primarily to U.S. Dollar cash reserves was recorded in the first quarter
of fiscal 2017. Earnings per diluted ordinary share were 6 South African
cents, compared to 4 South African cents in the first quarter of fiscal
year 2017. For the first quarter of fiscal year 2018, the calculation
was based on diluted weighted average ordinary shares in issue of 567.0
million compared to 763.5 million diluted weighted average ordinary
shares in issue during the first quarter of fiscal year 2017.
The Company's effective tax rate for the quarter was 14.0% compared to
33.5% for the first quarter of fiscal year 2017.
On a U.S. Dollar basis, and using the June 30, 2017 exchange rate of
R13.0535 per U.S. Dollar, and at a ratio of 25 ordinary shares to one
American Depositary Share ("ADS"), profit for the period was $2.6
million, or 12 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 R30.7 million
($2.3 million), compared to R17.3 million ($1.3 million) for the first
quarter of fiscal year 2017 and excludes a net foreign exchange loss of
R5.0 million ($0.4 million). During the first quarter of fiscal year
2017, a net foreign exchange gain of R19.9 million ($1.5 million) was
recorded. Adjusted earnings per diluted ordinary share, also a non-IFRS
measure, were 5 South African cents, compared to 2 South African cents
in the first quarter of fiscal year 2017.
Ignoring the impact of net foreign exchange gains and losses, and
related tax consequences, the tax rate which is used in determining
adjusted earnings, was 30.8% compared to 38.5% in fiscal 2017. The tax
rate used in determining adjusted earnings in the first quarter of
fiscal 2018 has improved compared to the first quarter of fiscal 2017
due to the mix of profits made in the various jurisdictions in which we
operate. In the first quarter of fiscal 2017 the tax rate was elevated
due to losses made in our Middle East operation which is a low tax
jurisdiction.
On a U.S. Dollar basis, and using the June 30, 2017 exchange rate of
R13.0535 per U.S. Dollar, and at a ratio of 25 ordinary shares to one
ADS, adjusted earnings for the period was $2.3 million, or 10 U.S. cents
per diluted ADS.
Statement of financial position and cash flow: At June 30, 2017,
the Company had R290.2 million ($22.2 million) of cash and cash
equivalents, compared to R375.8 million ($28.8 million) at the end of
the fourth quarter of fiscal year 2017. The Company generated
R18.3 million ($1.4 million) in net cash from operating activities for
the three months ended June 30, 2017 and invested R82.3 million ($6.3
million) in capital expenditures during the quarter, including
investments in in-vehicle devices, leading to negative free cash flow, a
non-IFRS measure, of R64.0 million ($4.9 million) for the first quarter
of fiscal year 2018, compared with negative free cash flow of
R34.1 million ($2.6 million) for the first quarter of fiscal year 2017.
The Company utilized R30.0 million ($2.3 million) in financing
activities in the first quarter of fiscal 2018, compared to R10.7
million ($0.8 million) utilized during the first quarter of fiscal 2017.
The cash utilized in financing activities in the first quarter of fiscal
2018 includes share repurchases of R18.7 million ($1.4 million) and
dividends paid of R11.3 million ($0.9 million).
An explanation of non-IFRS measures used in this press release is set
out in the Non-IFRS financial measures section. A reconciliation
of these non-IFRS measures to the most directly comparable IFRS measures
is provided in the financial tables that accompany this press release.
Business Outlook
MiX Telematics has translated U.S. Dollar amounts in this Business
Outlook paragraph from South African Rand at the exchange rate of
R13.1130 per $1.00, which was the R/$ exchange rate reported by
Oanda.com as of July 31, 2017.
Based on information as of today, August 3, 2017, the Company is issuing
the following financial guidance for the full 2018 fiscal year:
-
Subscription revenue - R1,401 million to R1,421 million ($106.8
million to $108.4 million), which would represent subscription revenue
growth of 13.0% to 14.6% compared to fiscal year 2017.
-
Total revenue - R1,632 million to R1,662 million ($124.5 million to
$126.7 million), which would represent revenue growth of 6.0% to 7.9%
compared to fiscal year 2017.
-
Adjusted EBITDA - R375 million to R395 million ($28.6 million to $30.1
million), which would represent an increase in Adjusted EBITDA of
24.3% to 31.0% compared to fiscal year 2017.
-
Adjusted earnings per diluted ordinary share of 19.7 to 21.8 South
African cents based on 567 million diluted ordinary shares in issue,
and based on an effective tax rate of 28% to 31%. At a ratio of 25
ordinary shares to one ADS, this equates to adjusted earnings per
diluted ADS of 38 to 42 U.S. cents.
For the second quarter of fiscal year 2018 the Company expects
subscription revenue to be in the range of R339 million to R344 million
($25.9 million to $26.2 million) which would represent subscription
revenue growth of 12.5% to 14.2% compared to the second quarter of
fiscal year 2017.
The key assumptions used in deriving the forecast are as follows:
-
Growth in subscription revenue and subscribers 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.
-
An average forecast exchange rate for the 2018 fiscal year of R13.8000
per $1.00.
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
As a NYSE listed company, we have 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 August 3, 2017 to discuss the Company's financial
results and current business outlook:
-
To access the call, dial 1-800-289-0498 (within the United States) or
0-800-982-293 (within South Africa) or 1-719-457-2607 (outside of the
United States). The conference ID is 7193353.
-
A replay of this conference call will be available for a limited time
at 1-844-512-2921 (within the United States) or 1-412-317-6671 (within
South Africa or outside of the United States). The replay conference
ID is 7193353.
-
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 managing over
625,000 assets in approximately 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 second quarter and full year of fiscal 2018, 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, 2017, 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 finance income/(costs) including foreign exchange
gains/(losses), 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 and
certain litigation costs.
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 our 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,
our 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 our 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 period and our other results.
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. We believe
that free cash flow provides useful information to investors and others
in understanding and evaluating the Company’s cash flows as it provides
detail of the amount of cash the Company generates or utilizes after
accounting for all capital expenditures including investments in
in-vehicle devices and development expenditure.
|
MIX TELEMATICS LIMITED
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED INCOME STATEMENTS
|
|
|
|
|
South African Rand
|
|
United States Dollar
|
|
|
|
Three months
|
|
Three months
|
|
Three months
|
|
Three months
|
|
|
|
ended
|
|
ended
|
|
ended
|
|
ended
|
|
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
Figures are in thousands unless otherwise stated
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Revenue
|
|
405,662
|
|
|
379,096
|
|
|
31,077
|
|
|
29,042
|
|
|
Cost of sales
|
|
(134,132
|
)
|
|
(123,319
|
)
|
|
(10,276
|
)
|
|
(9,447
|
)
|
|
Gross profit
|
|
271,530
|
|
|
255,777
|
|
|
20,801
|
|
|
19,595
|
|
|
Other income/(expenses) - net
|
|
2,943
|
|
|
459
|
|
|
225
|
|
|
35
|
|
|
Operating expenses
|
|
(231,559
|
)
|
|
(233,366
|
)
|
|
(17,739
|
)
|
|
(17,878
|
)
|
|
-Sales and marketing
|
|
(48,979
|
)
|
|
(48,530
|
)
|
|
(3,752
|
)
|
|
(3,718
|
)
|
|
-Administration and other charges
|
|
(182,580
|
)
|
|
(184,836
|
)
|
|
(13,987
|
)
|
|
(14,160
|
)
|
|
Operating profit
|
|
42,914
|
|
|
22,870
|
|
|
3,287
|
|
|
1,752
|
|
|
Finance (costs)/income - net
|
|
(3,485
|
)
|
|
25,115
|
|
|
(267
|
)
|
|
1,924
|
|
|
-Finance income
|
|
2,001
|
|
|
25,401
|
|
|
153
|
|
|
1,946
|
|
|
-Finance costs
|
|
(5,486
|
)
|
|
(286
|
)
|
|
(420
|
)
|
|
(22
|
)
|
|
Profit before taxation
|
|
39,429
|
|
|
47,985
|
|
|
3,020
|
|
|
3,676
|
|
|
Taxation
|
|
(5,523
|
)
|
|
(16,065
|
)
|
|
(423
|
)
|
|
(1,231
|
)
|
|
Profit for the period
|
|
33,906
|
|
|
31,920
|
|
|
2,597
|
|
|
2,445
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
|
|
|
Owners of the parent
|
|
33,837
|
|
|
31,925
|
|
|
2,592
|
|
|
2,445
|
|
|
Non-controlling interests
|
|
69
|
|
|
(5
|
)
|
|
5
|
|
|
*
|
|
|
|
|
33,906
|
|
|
31,920
|
|
|
2,597
|
|
|
2,445
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Amounts less than $1,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MIX TELEMATICS LIMITED
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
|
|
|
|
|
|
South African Rand
|
|
United States Dollar
|
|
|
|
June 30,
|
|
March 31,
|
|
June 30,
|
|
March 31,
|
|
Figures are in thousands unless otherwise stated
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
|
|
Unaudited
|
|
Audited
|
|
Unaudited
|
|
Unaudited
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment
|
|
308,312
|
|
|
294,120
|
|
|
23,619
|
|
|
22,532
|
|
|
Intangible assets
|
|
889,794
|
|
|
881,900
|
|
|
68,165
|
|
|
67,560
|
|
|
Finance lease receivable
|
|
6
|
|
|
22
|
|
|
*
|
|
2
|
|
|
Deferred tax assets
|
|
30,364
|
|
|
28,130
|
|
|
2,326
|
|
|
2,155
|
|
|
Total non-current assets
|
|
1,228,476
|
|
|
1,204,172
|
|
|
94,110
|
|
|
92,249
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Inventory
|
|
40,811
|
|
|
26,449
|
|
|
3,126
|
|
|
2,026
|
|
|
Trade and other receivables
|
|
295,143
|
|
|
260,576
|
|
|
22,610
|
|
|
19,962
|
|
|
Finance lease receivable
|
|
96
|
|
|
140
|
|
|
7
|
|
|
11
|
|
|
Taxation
|
|
24,411
|
|
|
26,302
|
|
|
1,870
|
|
|
2,015
|
|
|
Restricted cash
|
|
13,701
|
|
|
13,268
|
|
|
1,050
|
|
|
1,016
|
|
|
Cash and cash equivalents
|
|
290,161
|
|
|
375,782
|
|
|
22,229
|
|
|
28,788
|
|
|
Total current assets
|
|
664,323
|
|
|
702,517
|
|
|
50,892
|
|
|
53,818
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
1,892,799
|
|
|
1,906,689
|
|
|
145,002
|
|
|
146,067
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
|
|
Stated capital
|
|
835,679
|
|
|
854,345
|
|
|
64,020
|
|
|
65,449
|
|
|
Other reserves
|
|
(14,887
|
)
|
|
(4,370
|
)
|
|
(1,140
|
)
|
|
(335
|
)
|
|
Retained earnings
|
|
617,080
|
|
|
594,514
|
|
|
47,273
|
|
|
45,544
|
|
|
Equity attributable to owners of the parent
|
|
1,437,872
|
|
|
1,444,489
|
|
|
110,153
|
|
|
110,658
|
|
|
Non-controlling interest
|
|
(1,367
|
)
|
|
(1,558
|
)
|
|
(105
|
)
|
|
(119
|
)
|
|
Total equity
|
|
1,436,505
|
|
|
1,442,931
|
|
|
110,048
|
|
|
110,539
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
|
Deferred tax liabilities
|
|
98,222
|
|
|
100,067
|
|
|
7,525
|
|
|
7,666
|
|
|
Provisions
|
|
1,840
|
|
|
1,833
|
|
|
141
|
|
|
140
|
|
|
Total non-current liabilities
|
|
100,062
|
|
|
101,900
|
|
|
7,666
|
|
|
7,806
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
Trade and other payables
|
|
291,749
|
|
|
309,110
|
|
|
22,349
|
|
|
23,681
|
|
|
Taxation
|
|
8,634
|
|
|
4,521
|
|
|
661
|
|
|
346
|
|
|
Provisions
|
|
22,847
|
|
|
28,778
|
|
|
1,750
|
|
|
2,205
|
|
|
Bank overdraft
|
|
33,002
|
|
|
19,449
|
|
|
2,528
|
|
|
1,490
|
|
|
Total current liabilities
|
|
356,232
|
|
|
361,858
|
|
|
27,288
|
|
|
27,722
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
456,294
|
|
|
463,758
|
|
|
34,954
|
|
|
35,528
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity and liabilities
|
|
1,892,799
|
|
|
1,906,689
|
|
|
145,002
|
|
|
146,067
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Amounts less than $1,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MIX TELEMATICS LIMITED
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
South African Rand
|
|
United States Dollar
|
|
|
|
Three months
|
|
Three months
|
|
Three months
|
|
Three months
|
|
|
|
ended
|
|
ended
|
|
ended
|
|
ended
|
|
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
Figures are in thousands unless otherwise stated
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Operating activities
|
|
|
|
|
|
|
|
|
|
Cash generated from operations
|
|
20,562
|
|
|
29,073
|
|
|
1,575
|
|
|
2,227
|
|
|
Net financing income
|
|
1,511
|
|
|
3,354
|
|
|
116
|
|
|
257
|
|
|
Taxation paid
|
|
(3,749
|
)
|
|
(4,326
|
)
|
|
(287
|
)
|
|
(331
|
)
|
|
Net cash generated from operating activities
|
|
18,324
|
|
|
28,101
|
|
|
1,404
|
|
|
2,153
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
Capital expenditure
|
|
(82,344
|
)
|
|
(62,227
|
)
|
|
(6,308
|
)
|
|
(4,767
|
)
|
|
Deferred consideration paid
|
|
—
|
|
|
(362
|
)
|
|
—
|
|
|
(28
|
)
|
|
Proceeds on sale of property, plant and equipment
|
|
581
|
|
|
—
|
|
|
45
|
|
|
—
|
|
|
Decrease in restricted cash
|
|
35
|
|
|
16
|
|
|
3
|
|
|
1
|
|
|
Increase in restricted cash
|
|
(603
|
)
|
|
(1,570
|
)
|
|
(46
|
)
|
|
(120
|
)
|
|
Net cash used in investing activities
|
|
(82,331
|
)
|
|
(64,143
|
)
|
|
(6,306
|
)
|
|
(4,914
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of ordinary shares
|
|
—
|
|
|
4,528
|
|
|
—
|
|
|
347
|
|
|
Share repurchase (Note 8)
|
|
(18,666
|
)
|
|
—
|
|
|
(1,430
|
)
|
|
—
|
|
|
Dividends paid to Company's shareholders (Note 9)
|
|
(11,292
|
)
|
|
(15,212
|
)
|
|
(865
|
)
|
|
(1,165
|
)
|
|
Net cash used in financing activities
|
|
(29,958
|
)
|
|
(10,684
|
)
|
|
(2,295
|
)
|
|
(818
|
)
|
|
Net decrease in cash and cash equivalents
|
|
(93,965
|
)
|
|
(46,726
|
)
|
|
(7,197
|
)
|
|
(3,579
|
)
|
|
Net cash and cash equivalents at the beginning of the period
|
|
356,333
|
|
|
860,762
|
|
|
27,298
|
|
|
65,941
|
|
|
Exchange (losses)/gains on cash and cash equivalents
|
|
(5,209
|
)
|
|
19,145
|
|
|
(400
|
)
|
|
1,466
|
|
|
Net cash and cash equivalents at the end of the period
|
|
257,159
|
|
|
833,181
|
|
|
19,701
|
|
|
63,828
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MIX TELEMATICS LIMITED
|
|
|
|
|
|
|
|
|
|
OTHER FINANCIAL AND OPERATING DATA
|
|
|
|
South African Rand
|
|
United States Dollar
|
|
|
|
Three months
|
|
Three months
|
|
Three months
|
|
Three months
|
|
|
|
ended
|
|
ended
|
|
ended
|
|
ended
|
|
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
Figures are in thousands except for subscribers
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Subscription revenue
|
|
335,367
|
|
|
306,174
|
|
|
25,692
|
|
|
23,455
|
|
Adjusted EBITDA
|
|
93,880
|
|
|
60,449
|
|
|
7,190
|
|
|
4,632
|
|
Cash and cash equivalents
|
|
290,161
|
|
|
845,804
|
|
|
22,229
|
|
|
64,795
|
|
Net cash (1)
|
|
257,159
|
|
|
832,440
|
|
|
19,701
|
|
|
63,771
|
|
Capital expenditure incurred
|
|
79,124
|
|
|
62,830
|
|
|
6,061
|
|
|
4,813
|
|
Property, plant and equipment expenditure
|
|
54,606
|
|
|
39,292
|
|
|
4,183
|
|
|
3,010
|
|
Intangible asset expenditure
|
|
24,518
|
|
|
23,538
|
|
|
1,878
|
|
|
1,803
|
|
Total development costs incurred
|
|
33,175
|
|
|
37,230
|
|
|
2,541
|
|
|
2,852
|
|
Development costs capitalized
|
|
16,656
|
|
|
19,309
|
|
|
1,276
|
|
|
1,479
|
|
Development costs expensed within administration and other charges
|
|
16,519
|
|
|
17,921
|
|
|
1,265
|
|
|
1,373
|
|
Subscribers (number)
|
|
625,602
|
|
|
577,950
|
|
|
625,602
|
|
|
577,950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Net cash is calculated as being net cash
and cash equivalents, excluding restricted cash less interest
bearing borrowings.
|
|
|
Notes to condensed consolidated income statements, statements of
financial position, statements of cash flows and other financial and
operating data
1. Accounting policies
The condensed consolidated statements of financial position, income
statements and statements of cash flows included in these financial
results have been prepared in accordance with IFRS accounting policies.
The accounting policies are consistent in all material respects with
those applied in the preparation of the consolidated financial
statements for the year ended March 31, 2017. No new or revised
accounting pronouncements that became effective during fiscal year 2018
have had a material impact on the Group.
The results have not been audited or reviewed by the Group's external
auditors.
2. Presentation currency and convenience translation
The Group’s presentation currency is South African Rand. In addition to
presenting these condensed consolidated financial results for the
quarter ended June 30, 2017 in South African Rand, supplementary
information in U.S. Dollars has been prepared for the convenience of
users of these financial results. Unless otherwise stated, the Group has
translated U.S. Dollar amounts from South African Rand at the exchange
rate of R13.0535 per $1.00, which was the R/$ exchange rate reported by
Oanda.com as of June 30, 2017. The U.S. Dollar figures may not compute
as they are rounded independently.
|
3. Earnings per share/ADS data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South African Rand
|
|
United States Dollar
|
|
|
|
Three months
|
|
Three months
|
|
Three months
|
|
Three months
|
|
|
|
ended
|
|
ended
|
|
ended
|
|
ended
|
|
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Earnings per share
|
|
|
|
|
|
|
|
|
|
Basic (R/$)
|
|
0.06
|
|
|
0.04
|
|
|
#
|
|
#
|
|
Diluted (R/$)
|
|
0.06
|
|
|
0.04
|
|
|
#
|
|
#
|
|
Earnings per American Depositary Share
|
|
|
|
|
|
|
|
|
|
Basic (R/$)
|
|
1.50
|
|
|
1.05
|
|
|
0.12
|
|
|
0.08
|
|
Diluted (R/$)
|
|
1.49
|
|
|
1.05
|
|
|
0.11
|
|
|
0.08
|
|
Adjusted earnings per share
|
|
|
|
|
|
|
|
|
|
Basic (R/$)
|
|
0.05
|
|
|
0.02
|
|
|
#
|
|
#
|
|
Diluted (R/$)
|
|
0.05
|
|
|
0.02
|
|
|
#
|
|
#
|
|
Adjusted earnings per American Depositary Share
|
|
|
|
|
|
|
|
|
|
Basic (R/$)
|
|
1.36
|
|
|
0.57
|
|
|
0.10
|
|
|
0.04
|
|
Diluted (R/$)
|
|
1.35
|
|
|
0.57
|
|
|
0.10
|
|
|
0.04
|
|
Ordinary shares ('000)(1)
|
|
|
|
|
|
|
|
|
|
In issue at June 30
|
|
558,499
|
|
|
763,088
|
|
|
558,499
|
|
|
763,088
|
|
Weighted average
|
|
562,552
|
|
|
760,078
|
|
|
562,552
|
|
|
760,078
|
|
Diluted weighted average
|
|
567,033
|
|
|
763,479
|
|
|
567,033
|
|
|
763,479
|
|
American Depositary Shares ('000)(1)
|
|
|
|
|
|
|
|
|
|
In issue at June 30
|
|
22,340
|
|
|
30,524
|
|
|
22,340
|
|
|
30,524
|
|
Weighted average
|
|
22,502
|
|
|
30,403
|
|
|
22,502
|
|
|
30,403
|
|
Diluted weighted average
|
|
22,681
|
|
|
30,539
|
|
|
22,681
|
|
|
30,539
|
|
#
|
|
Amounts less than $0.01
|
|
|
|
|
|
(1)
|
|
June 30, 2017 figure excludes 40,000,000 treasury shares held
by MiX Telematics Investments Proprietary Limited ("MiX
Investments"), a wholly owned subsidiary of the Group, and
5,015,660 shares repurchased by the Company under the share
repurchase program (Note 8). June 30, 2016 excluded 40,000,000
treasury shares held by MiX Investments.
|
|
4. Reconciliation of Adjusted Earnings
|
|
Reconciliation of Adjusted Earnings to Profit for the Period
|
|
|
|
|
|
|
|
|
|
South African Rand
|
|
United States Dollar
|
|
|
|
Three months
|
|
Three months
|
|
Three months
|
|
Three months
|
|
|
|
ended
|
|
ended
|
|
ended
|
|
ended
|
|
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
Figures are in thousands unless otherwise stated
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Profit for the period attributable to owners of the parent
|
|
33,837
|
|
|
31,925
|
|
|
2,592
|
|
|
2,445
|
|
|
Net foreign exchange loss/(gain)
|
|
4,992
|
|
|
(19,917
|
)
|
|
382
|
|
|
(1,526
|
)
|
|
Income tax effect on the above component
|
|
(8,161
|
)
|
|
5,256
|
|
|
(625
|
)
|
|
403
|
|
|
Adjusted earnings attributable to owners of the parent
|
|
30,668
|
|
|
17,264
|
|
|
2,349
|
|
|
1,322
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of earnings per share to adjusted earnings per
share
|
|
Basic earnings per share (R/$)
|
|
0.06
|
|
|
0.04
|
|
|
#
|
|
#
|
|
Net foreign exchange loss/(gain)
|
|
0.01
|
|
|
(0.03
|
)
|
|
#
|
|
#
|
|
Income tax effect on the above component
|
|
(0.02
|
)
|
|
0.01
|
|
|
#
|
|
#
|
|
Basic adjusted earnings per share (R/$)
|
|
0.05
|
|
|
0.02
|
|
|
#
|
|
#
|
|
|
|
|
|
|
|
|
|
|
|
|
|
# Amount less than $0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5. Reconciliation of Adjusted EBITDA to Profit for the Period
|
|
|
|
|
|
South African Rand
|
|
United States Dollar
|
|
|
|
Three months
|
|
Three months
|
|
Three months
|
|
Three months
|
|
|
|
ended
|
|
ended
|
|
ended
|
|
ended
|
|
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
Figures are in thousands unless otherwise stated
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Adjusted EBITDA
|
|
93,880
|
|
|
60,449
|
|
|
7,190
|
|
|
4,632
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
Net profit on sale of property, plant and equipment and intangible
assets
|
|
333
|
|
|
—
|
|
|
26
|
|
|
—
|
|
|
Decrease in restructuring costs provision
|
|
—
|
|
|
431
|
|
|
—
|
|
|
33
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Depreciation (1)
|
|
(34,476
|
)
|
|
(20,939
|
)
|
|
(2,641
|
)
|
|
(1,604
|
)
|
|
Amortization (2)
|
|
(14,564
|
)
|
|
(13,532
|
)
|
|
(1,116
|
)
|
|
(1,037
|
)
|
|
Impairment of product development costs capitalized
|
|
(95
|
)
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
Share-based compensation costs
|
|
(2,146
|
)
|
|
(3,479
|
)
|
|
(164
|
)
|
|
(267
|
)
|
|
Equity-settled share-based compensation costs
|
|
(2,146
|
)
|
|
(2,415
|
)
|
|
(164
|
)
|
|
(185
|
)
|
|
Cash-settled share-based compensation costs
|
|
—
|
|
|
(1,064
|
)
|
|
—
|
|
|
(82
|
)
|
|
Net loss on sale of property, plant and equipment
|
|
—
|
|
|
(60
|
)
|
|
—
|
|
|
(5
|
)
|
|
Increase in restructuring costs provision
|
|
(18
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
Operating profit
|
|
42,914
|
|
|
22,870
|
|
|
3,287
|
|
|
1,752
|
|
|
Add: Finance (costs)/income - net
|
|
(3,485
|
)
|
|
25,115
|
|
|
(267
|
)
|
|
1,924
|
|
|
Less: Taxation
|
|
(5,523
|
)
|
|
(16,065
|
)
|
|
(423
|
)
|
|
(1,231
|
)
|
|
Profit for the period
|
|
33,906
|
|
|
31,920
|
|
|
2,597
|
|
|
2,445
|
|
|
(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).
|
|
|
|
|
|
6. Reconciliation of Adjusted EBITDA Margin to Profit for the
Period Margin
|
|
|
|
|
|
Three months
|
|
Three months
|
|
|
|
ended
|
|
ended
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
2017
|
|
2016
|
|
|
|
Unaudited
|
|
Unaudited
|
|
Adjusted EBITDA margin
|
|
23.1
|
%
|
|
15.9
|
%
|
|
Add:
|
|
|
|
|
|
Net profit on sale of property, plant and equipment and intangible
assets
|
|
0.1
|
%
|
|
—
|
|
|
Decrease in restructuring costs provision
|
|
—
|
|
|
0.1
|
%
|
|
Less:
|
|
|
|
|
|
Depreciation
|
|
(8.4
|
%)
|
|
(5.5
|
%)
|
|
Amortization
|
|
(3.7
|
%)
|
|
(3.6
|
%)
|
|
Impairment of product development costs capitalized
|
|
(0.0
|
%)
|
|
—
|
|
|
Share-based compensation costs
|
|
(0.5
|
%)
|
|
(0.9
|
%)
|
|
Equity-settled share-based compensation costs
|
|
(0.5
|
%)
|
|
(0.6
|
%)
|
|
Cash-settled share-based compensation costs
|
|
—
|
|
|
(0.3
|
%)
|
|
Net loss on sale of property, plant and equipment
|
|
—
|
|
|
(0.0
|
%)
|
|
Increase in restructuring cost provision
|
|
(0.0
|
%)
|
|
—
|
|
|
Operating profit margin
|
|
10.6
|
%
|
|
6.0
|
%
|
|
Add: Finance (costs)/income - net
|
|
(0.8
|
%)
|
|
6.6
|
%
|
|
Less: Taxation
|
|
(1.4
|
%)
|
|
(4.2
|
%)
|
|
Profit for the period margin
|
|
8.4
|
%
|
|
8.4
|
%
|
|
|
|
|
|
|
|
|
|
7. Reconciliation of Free Cash Flow to Net Cash Generated from
Operating Activities
|
|
|
|
|
|
South African Rand
|
|
United States Dollar
|
|
|
|
Three months
|
|
Three months
|
|
Three months
|
|
Three months
|
|
|
|
ended
|
|
ended
|
|
ended
|
|
ended
|
|
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
Figures are in thousands unless otherwise stated
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Net cash generated from operating activities
|
|
18,324
|
|
|
28,101
|
|
|
1,404
|
|
|
2,153
|
|
|
Capital expenditure
|
|
(82,344
|
)
|
|
(62,227
|
)
|
|
(6,308
|
)
|
|
(4,767
|
)
|
|
Free cash flow
|
|
(64,020
|
)
|
|
(34,126
|
)
|
|
(4,904
|
)
|
|
(2,614
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8. Share Repurchase
As of May 23, 2017, the MiX Telematics Board approved a share repurchase
program of up to R270 million ($20.7 million) under which the Company
may repurchase its ordinary shares, including American Depositary Shares
("ADSs"). The Company 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 Company, 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 Company 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 June 30, 2017, the following purchases had been made under the
share repurchase program:
|
Figures are in thousands unless otherwise stated
|
|
South African Rand
|
|
Period
|
|
Total number of shares repurchased
|
|
Average price paid per share
(1)
|
|
Shares canceled under the share repurchase program
|
|
Total value of shares purchased as part of publicly announced
program
|
|
Maximum value of shares that may yet be purchased under the
program
|
|
Month
|
|
|
|
|
|
|
|
|
|
|
|
June 2017
|
|
5,015,660
|
|
|
3.72
|
|
|
—
|
|
|
18,666
|
|
|
251,334
|
|
|
|
5,015,660
|
|
|
|
|
—
|
|
|
18,666
|
|
|
251,334
|
|
Figures are in thousands unless otherwise stated
|
|
United States Dollar
|
|
Period
|
|
Total number of shares repurchased
|
|
Average price paid per share
(1)
|
|
Shares canceled under the share repurchase program
|
|
Total value of shares purchased as part of publicly announced
program
|
|
Maximum value of shares that may yet be purchased under the
program
|
|
Month
|
|
|
|
|
|
|
|
|
|
|
|
June 2017
|
|
5,015,660
|
|
|
0.29
|
|
|
—
|
|
|
1,430
|
|
|
19,254
|
|
|
|
5,015,660
|
|
|
|
|
—
|
|
|
1,430
|
|
|
19,254
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Including transaction costs.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent to the repurchase, the shares were delisted and now form part
of the authorized unissued share capital of the Company, which results
in the Company having 558,498,901 ordinary shares of no par value in
issue (excluding 40,000,000 treasury shares held by MiX Investments).
9. Dividend Paid
In respect of the fourth quarter of fiscal year 2017 which ended on
March 31, 2017, a dividend of 2 South African cents (0.2 U.S. cents) per
ordinary share was declared during the period and paid on June 19, 2017.
In respect of the fourth quarter of fiscal year 2016, a dividend of 2
South African cents or 0.2 U.S. cents per share was paid on June 20,
2016.
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
R47.2 million or $3.6 million. No loss is considered probable under this
arrangement.
11. Taxation
Section 11D Allowances relating to tax assets recognized
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 No. 58 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. 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 in the 2013 and 2014 fiscal years did
not, in the DST’s opinion, constitute qualifying expenditure in terms of
the Act. MiX International, through due legal process, had formally
requested a review of the DST’s decision not to approve this
expenditure. While approvals were obtained for a portion of this project
expenditure as a result of a further review performed by the DST in
February 2017, we continue to seek approval for the remaining projects
and as such the legal process is ongoing. In addition to the approvals
that were subject to the legal process, further approvals have been
obtained for certain project expenditure, relating to both current and
prior financial years. However, at period end, an uncertain tax position
remains in relation to S11D deductions in respect of which approvals
remain pending.
Since the introduction of the DST pre-approval process, the Group has
recognized in the income statement cumulative tax incentives in addition
to the incurred cost of R19.0 million ($1.5 million) in respect of S11D
deductions, of which R0.8 million ($0.1 million) was recognized in the
quarter ended June 30, 2017. R16.2 million ($1.2 million) relates to
deductions in respect of development project expenditure which has been
approved by the DST. R2.8 million ($0.2 million) relates to an uncertain
tax position in respect of projects where approvals have not yet been
received from the DST. If the Group is unsuccessful in this regard, the
Group will not recover the R2.8 million ($0.2 million) raised at June
30, 2017.
12. Dividend Declared
On August 1, 2017, the Board declared in respect of the first quarter of
fiscal year 2018, which ended on June 30, 2017, a dividend of 2.5 South
African cents (0.2 U.S. cents) per ordinary share to be paid on Monday,
August 28, 2017.
The details with respect to the dividends declared for ordinary
shareholders are as follows:
|
Last day to trade cum dividend
|
|
|
|
|
|
|
|
|
|
|
|
Tuesday, August 22, 2017
|
|
Securities trade ex dividend
|
|
|
|
|
|
|
|
|
|
|
|
Wednesday, August 23, 2017
|
|
Record date
|
|
|
|
|
|
|
|
|
|
|
|
Friday, August 25, 2017
|
|
Payment date
|
|
|
|
|
|
|
|
|
|
|
|
Monday, August 28, 2017
|
Share certificates may not be dematerialized or rematerialized between
Wednesday, August 23, 2017 and Friday, August 25, 2017, 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 20%;
-
the gross local dividend amounts to 2.5 South African cents per
ordinary share;
-
the net local dividend amount is 2.0 South African cents per ordinary
share for shareholders liable to pay dividends tax;
-
the issued ordinary share capital of MiX Telematics is 598,498,901
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)
|
|
|
|
|
|
|
|
|
|
|
Wednesday, August 23, 2017
|
|
Record date
|
|
|
|
|
|
|
|
|
|
|
Friday, August 25, 2017
|
|
Approximate date of currency conversion
|
|
|
|
|
|
|
|
|
|
|
Monday, August 28, 2017
|
|
Approximate dividend payment date
|
|
|
|
|
|
|
|
|
|
|
Tuesday, September 12, 2017
|
13. Development costs historical data
The table below sets out development costs incurred and capitalized for
each of the last eight quarters including the period ending June 30,
2017.
|
|
|
South African Rand
|
|
|
|
Three months ended
|
|
Figures are in thousands (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
June
|
|
March
|
|
December
|
|
September
|
|
June
|
|
March
|
|
December
|
|
September
|
|
|
|
30,
|
|
31,
|
|
31,
|
|
30,
|
|
30,
|
|
31,
|
|
31,
|
|
30,
|
|
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
Total development costs incurred
|
|
33,175
|
|
|
32,152
|
|
|
36,696
|
|
|
36,034
|
|
|
37,230
|
|
|
28,693
|
|
|
28,016
|
|
|
31,806
|
|
Development costs capitalized
|
|
16,656
|
|
|
17,268
|
|
|
20,415
|
|
|
21,028
|
|
|
19,309
|
|
|
12,136
|
|
|
16,308
|
|
|
18,892
|
|
Development costs expensed within administration and other charges
|
|
16,519
|
|
|
14,884
|
|
|
16,281
|
|
|
15,006
|
|
|
17,921
|
|
|
16,557
|
|
|
11,708
|
|
|
12,914
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States Dollar
|
|
|
|
|
|
|
Three months ended
|
|
Figures are in thousands (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
|
|
March
|
|
December
|
|
September
|
|
June
|
|
March
|
|
December
|
|
September
|
|
|
|
|
|
|
30,
|
|
31,
|
|
31,
|
|
30,
|
|
30,
|
|
31,
|
|
31,
|
|
30,
|
|
|
|
|
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
Total development costs incurred
|
|
|
|
|
2,541
|
|
|
2,463
|
|
|
2,811
|
|
|
2,761
|
|
|
2,852
|
|
|
2,198
|
|
|
2,146
|
|
|
2,436
|
|
Development costs capitalized
|
|
|
|
|
1,276
|
|
|
1,323
|
|
|
1,564
|
|
|
1,611
|
|
|
1,479
|
|
|
930
|
|
|
1,249
|
|
|
1,447
|
|
Development costs expensed within administration and other charges
|
|
|
|
|
1,265
|
|
|
1,140
|
|
|
1,247
|
|
|
1,150
|
|
|
1,373
|
|
|
1,268
|
|
|
897
|
|
|
989
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
RA Frew* (Chairman), SB Joselowitz (CEO), EN Banda*, CH Ewing*, SR
Bruyns* (Lead Independent Director), PM Dell, IV Jacobs, CWR
Tasker, AR Welton*
|
|
* Non-executive
|
Contact: