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ONELOGIX - AUDITED RESULTS FOR THE YEAR ENDED 31 MAY 2004
ONELOGIX GROUP LIMITED
(Registration number 1998/004519/06)
Share code OLG ISIN ZAE000026399
("OneLogix" or "the company")
AUDITED RESULTS FOR THE YEAR ENDED 31 MAY 2004
HIGHLIGHTS
* EBITDA FROM CONTINUING OPERATIONS UP 26%
* OPERATING PROFIT FROM CONTINUING OPERATIONS UP 30%
* HEPS FROM CONTINUING OPERATIONS UP 34%
* CASH GENERATED FROM OPERATIONS OF R22,2 MILLION
* SUCCESSFUL SHARE BUY-BACK OF 32% OF EQUITY, FUNDED FROM OPERATING CASH FLOW
* TRANSFER OF LISTING TO ALTX
CONDENSED CONSOLIDATED INCOME STATEMENT
Audited Audited
Twelve Twelve
months ended months ended
31 May 2004 31 May 2003
R"000 R"000
Revenue 72 884 61 112
Earnings before interest, taxation,
depreciation
and amortisation (EBITDA) 18 932 15 011
Depreciation 3 945 3 448
Operating profit 14 987 11 563
Amortisation of goodwill 3 114 3 098
Net interest paid 648 3 948
Exceptional items - 383
Profit before taxation 11 225 4 134
Taxation 3 561 2 537
Profit from continuing operations 7 664 1 597
(Profit)/Loss from discontinuing
operations (516) 5 519
Loss arising on discontinuance of
operations - 14 142
Net profit/(loss) attributable to
shareholders 8 180 (18 064)
Number of shares in issue ("000)
- Total 192 113 280 375
- Weighted 276 484 178 453
Headline earnings per share from
continuing
operations (cents)
- Basic 3,9 2,9
Headline earnings/(loss) per share (cents)
- Basic 4,1 (0,3)
Earnings per share from continuing
operations (cents)
- Basic 2,8 0,9
Earnings/(Loss) per share (cents)
- Basic 3,0 (10,1)
Calculation of headline earnings:
Net profit/(loss) attributable to
shareholders 8 180 (18 064)
Adjusted for:
Amortisation of goodwill 3 114 3 098
Exceptional items - 383
Loss arising on discontinuance of
operations - 14 142
Headline earnings/(loss) 11 294 (441)
(Profit)/Loss from discontinuing
operations (516) 5 519
Headline earnings from continuing
operations 10 778 5 078
SEGMENTAL REPORTING
Revenue
Continuing operations
Logistics 58 016 48 868
Services 14 868 12 244
72 884 61 112
EBITDA
Continuing operations
Logistics 18 239 15 533
Services 3 974 2 536
Corporate (3 281) (3 058)
18 932 15 011
Commitments
Operating lease commitments
- not exceeding five years 3 740 4 288
CONDENSED CONSOLIDATED BALANCE SHEET
Audited Audited
At At
31 May 2004 31 May 2003
R"000 R"000
ASSETS
Non-current assets 32 556 37 612
Property, plant and equipment 13 008 10 585
Intangible assets 18 976 22 111
Deferred taxation 572 4 916
Current assets 16 986 17 513
Trade and other receivables 10 103 12 932
Cash resources 6 883 4 581
Total assets 49 542 55 125
EQUITY AND LIABILITIES
Equity
Ordinary shareholders" funds 26 503 29 715
Liabilities
Non-current liabilities 4 648 7 404
Interest bearing borrowings 4 648 4 904
Vendor liabilities - 2 500
Current liabilities 18 391 18 006
Trade and other payables 11 570 8 959
Interest bearing borrowings 4 150 4 292
Vendor liabilities 2 500 4 123
Taxation 171 632
Total equity and liabilities 49 542 55 125
Net asset value per share (cents) 13,8 10,6
Net tangible asset value per share (cents) 3,9 2,7
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
Audited Audited
Twelve Twelve
months ended months ended
31 May 2004 31 May 2003
R"000 R"000
Net cash generated from operations 22 214 6 839
Net cash flows from investing activities (8 122) (5 741)
Net cash flows from financing activities (11 790) 10 003
Net increase in cash resources 2 302 11 101
Cash resources at beginning of year 4 581 (6 520)
Cash resources at end of year 6 883 4 581
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Audited Audited
Twelve Twelve
months ended months ended
31 May 2004 31 May 2003
R"000 R"000
Opening equity 29 715 38 179
New shares issued less costs - 9 600
Shares repurchased including costs (11 392) -
Net profit/(loss) 8 180 (18 064)
Closing equity 26 503 29 715
COMMENTS
The directors of OneLogix present the audited results for the year ended 31 May
2004 ("the year"). The audited annual financial statements have been audited by
PricewaterhouseCoopers Inc. and the audit opinion is available for inspection at
OneLogix"s registered office. The audited annual financial statements have been
prepared in accordance with South African Statements of Generally Accepted
Accounting Practice. The accounting policies used in the preparation of these
audited annual financial statements are consistent with those used in the
audited annual financial statements for the year ended 31 May 2003.
The group"s performance has shown a significant improvement over 2003.
REVIEW OF OPERATIONS
Vehicle Delivery Services ("VDS"), GoLogix Media Express and PostNet continue to
dominate their respective market niches of cross-border auto logistics, express
distribution of print material and business service solutions. VDS has secured
an extended foothold in the local market and continues to perform well. GoLogix
Media Express continues to offer efficient service in a highly cost conscious
environment, while PostNet is beginning to reap the benefits of an ongoing and
rigorous review of its business proposition.
The three businesses" strong cash flow and disciplined cost regime have resulted
in healthy operating margins.
EVENTS
Share buy-backs
Effective 14 May 2004, OneLogix repurchased 83 768 685 shares (equating to
approximately 30% of the company"s ordinary share capital) from Corpcapital
Limited at 12,416 cents per share. A further 4 492 505 shares (equating to 2,3%
of the company"s ordinary share capital) were repurchased at the same price as a
result of the consequent mandatory offer, effective 31 May 2004. All shares
repurchased have been delisted and cancelled, which will impact on future
earnings per share.
Transfer to AltX
As announced on 26 May 2004 the group transferred its listing from the main
board of the JSE Securities Exchange South Africa to AltX. The directors are
confident that the move will benefit the group by raising the profile of the
group within the investment community and reducing ongoing listing costs.
FINANCIAL RESULTS
The group"s financial results for the year reflect revenue of R72,9 million, 19%
up on the previous year. EBITDA of R18,9 million increased by 26% while
operating profit rose by 30% to R15,0 million.
Strong trading and continued focus on working capital management resulted in
cash generated from operations of R22,2 million. The group reduced its interest
bearing debt and vendor obligations by R4,5 million and ended the year with R6,9
million cash on hand, after investing R5,7 million to expand its vehicle fleet
and implementing the share buy-backs for a total of R11,4 million. This,
together with the reduction in interest rates, reduced net interest paid by R3,3
million against the previous year.
The R0,5 million after-tax profit from discontinued operations relates mainly to
commissions received from the sale of the GoLogix Courier customer base and the
recoupment of certain Gologix Courier bad debts previously provided for.
Included in the taxation charge of R3,6 million is a refund of R0,7 million
arising from an overpayment to SARS in a prior year.
PROSPECTS
The group will continue to focus on organic growth of its leading niche, high
margin cash-generative businesses, with group associate 4Logix well- positioned
to begin contributing to revenue growth in the year ahead. The directors will
continue to identify and, at their discretion, pursue appropriate acquisition
opportunities in line with the group"s growth strategy. In addition the
conclusion of an appropriate Black Economic Empowerment initiative will continue
to be an area of focus in the year ahead.
The board is aware of the lack of liquidity in trading of the company"s shares.
In an appropriate manner and context the board will address this issue and, in
the meantime, certain directors intend to release small portions of their
shareholdings.
The directors anticipate that the share buy-backs will have a positive impact on
the earnings per share for the 2005 financial year.
PEOPLE
As previously announced Andrew Brooking, a director of the group"s designated
advisor Java Capital (Proprietary) Limited, has been appointed as non-executive
Chairman with effect from 27 May 2004. Tony Wiese and Benji Liebmann have
resigned as non-executive directors of the company with effect from 13 February
2004.
OneLogix thanks its management, employees, PostNet franchisees and business
partners for their efforts during the year. The group also thanks its customers,
business advisors, suppliers and shareholders for their ongoing support.
DIVIDEND
In line with group policy no dividend has been declared for the year.
By order of the board
Ian Lourens (CEO) Cameron McCulloch (FD)
11 August 2004
Directors: AC Brooking* (Chairman); IK Lourens (Chief Executive Officer);
CV McCulloch (Financial Director); NJ Bester; AJ Grant*#;
JG Modibane*#; *Non-executive director; #Independent director
Registered office: 46 Tulbach Road,
Pomona,
Kempton Park, 1620
(PO Box 85392, Emmarentia, 2029)
Transfer secretaries: Computershare Investor Services 2004
(Proprietary) Limited,
Ground Floor,
70 Marshall Street,
Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107)
Date: 11/08/2004 03:03:15 PM Supplied by www.sharenet.co.za
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