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ONELOGIX GROUP LIMITED - UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED
30 NOVEMBER 2003 AND FURTHER CAUTIONARY ANNOUNCEMENT
OneLogix Group Limited
(Registration number 1998/004519/06)
JSE Share code: OLG
ISIN: ZAE000026399
("OneLogix" or "the group")
HIGHLIGHTS
* Return to overall profitability
* Operating profit from continuing operations up 27%
* HEPS from continuing operations up 18%
* Cash generated from operations of R13,5 million
* Cash resources on hand of R9,5 million
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 NOVEMBER 2003
AND FURTHER CAUTIONARY ANNOUNCEMENT
CONDENSED CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Audited
Six months Six months Twelve months
ended ended ended
30 Nov 2003 30 Nov 2002 31 May 2003
R"000 R"000 R"000
Revenue 38 036 30 551 61 112
Earnings before interest, taxation,
depreciation and amortisation (EBITDA) 10 244 8 191 15 011
Depreciation 1 892 1 627 3 448
Operating profit 8 352 6 564 11 563
Amortisation of goodwill 1 557 1 541 3 098
Net interest paid 401 2 175 3 948
Exceptional items - 3 252 383
Profit before taxation 6 394 (404) 4 134
Taxation 2 393 1 283 2 537
Net profit/(loss) from continuing
operations 4 001 (1 687) 1 597
(Profit)/Loss from discontinuing
operations (410) 4 505 5 519
Loss arising on discontinuance of
Operations - 4 198 14 142
Net profit/(loss) attributable to
shareholders 4 411 (10 390) (18 064)
Number of shares in issue ("000):
- Total 280 375 180 374 280 375
- Weighted 280 375 178 452 178 453
Headline earnings per share from
continuing operations (cents)
- Basic 2,0 1,7 2,9
Headline earnings/(loss) per share (cents)
- Basic 2,1 (0,8) (0,3)
Earnings/(Loss) per share from
continuing operations (cents)
- Basic 1,4 (0,9) 0,9
Earnings/Loss per share (cents)
- Basic 1,6 (5,8) (10,1)
Calculation of headline earnings
Net profit/(loss) attributable to
shareholders 4 411 (10 390) (18 064)
Adjusted for:
Amortisation of goodwill 1 557 1 541 3 098
Exceptional items - 3 252 383
Loss arising on discontinuance of
operations - 4 198 14 142
Headline earnings/(loss) 5 968 (1 399) (441)
(Profit)/Loss from discontinuing
operations (410) 4 505 5 519
Headline earnings from continuing
operations 5 558 3 106 5 078
SEGMENTAL REPORTING
Revenue
Continuing
Logistics 30 990 24 466 48 868
Services 7 046 6 085 12 244
38 036 30 551 61 112
Discontinuing operations
GoLogix Courier - 12 942 12 942
Ebitda
Continuing
Logistics 10 552 7 614 15 533
Services 1 505 1 738 2 536
Corporate (1 813) (1 161) (3 058)
10 244 8 191 15 011
Discontinuing operations
GoLogix Courier 586 (6 273) (7 056)
Commitments
Operating lease commitments
(not exceeding five years) 3 711 4 360 4 288
CONDENSED CONSOLIDATED BALANCE SHEET
Unaudited Unaudited Audited
at at at
30 Nov 2003 30 Nov 2002 31 May 2003
R"000 R"000 R"000
ASSETS
Non-current assets 33 616 51 806 37 612
Property, plant and equipment 10 725 14 167 10 585
Intangible assets 20 544 23 885 22 111
Other assets - 7 859 -
Deferred tax 2 347 5 895 4 916
Current assets 21 487 20 098 17 513
Trade and other receivables 11 936 18 453 12 932
Cash resources 9 551 1 645 4 581
Total assets 55 103 71 904 55 125
EQUITY AND LIABILITIES
Equity
Ordinary shareholders" funds 34 127 27 790 29 716
Liabilities
Non-current liabilities 3 301 15 029 7 404
Interest-bearing borrowings 3 301 8 329 4 904
Vendor liabilities - 6 700 2 500
Current liabilities 17 675 29 085 18 005
Trade and other payables 11 746 13 646 8 958
Interest-bearing borrowings 3 429 7 177 4 292
Vendor liabilities 2 500 2 664 4 123
Bank overdraft - 4 586 -
Taxation - 1 012 632
Total equity and liabilities 55 103 71 904 55 125
Net asset value per share (cents) 12,2 15,4 10,6
Net tangible asset value per share (cents) 4,8 2,2 2,7
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited Audited
Six months Six months Twelve months
ended ended ended
30 Nov 2003 30 Nov 2002 31 May 2003
R"000 R"000 R"000
Net cash generated/(utilised) from
operations 13 540 (981) 6 839
Net cash flows from investing
activities (1 981) (1 710) (5 740)
Net cash flows from financing
activities (6 589) 6 271 10 003
Net increase in cash resources 4 970 3 580 11 102
Cash resources at beginning of period 4 581 (6 521) (6 521)
Cash resources at end of period 9 551 (2 941) 4 581
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Unaudited Unaudited Audited
Six months Six months Twelve months
ended ended ended
30 Nov 2003 30 Nov 2002 31 May 2003
R"000 R"000 R"000
Opening equity 29 716 38 180 38 180
New shares issued less costs
(including the issue of treasury shares) - - 9 600
Net profit/(loss) 4 411 (10 390) (18 064)
Closing equity 34 127 27 790 29 716
COMMENTS
INTRODUCTION
The directors of OneLogix present the unaudited interim results for the six-
month period ended 30 November 2003 ("the interim period"). The unaudited
interim results have been prepared in accordance with South African Statements
of Generally Accepted Accounting Practice. The accounting policies used in the
preparation of these results are consistent with those used in the audited
annual financial statements for the year ended 31 May 2003.
In line with the trading statement issued on 27 November 2003 the interim
results have exceeded expectations, with a substantial increase in earnings and
headline earnings per share compared with the previous corresponding interim
period ("the previous interim period").
The balance sheet has been significantly improved by the R10,0 million proceeds
from the rights issue successfully completed on 26 May 2003, together with the
cash generated by the group"s businesses.
The disposal of GoLogix Distribution and the closure of GoLogix Courier, as
previously announced, have been substantially finalised. Commitments and
undertakings on behalf of the group to these divisions have been further reduced
during the interim period to R0,4 million from the original exposure of
approximately R22,0 million.
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 continued to
perform above expectations and secured an extended foothold in the local market.
GoLogix Media Express continues to offer efficient service in a highly cost-
conscious environment while PostNet completed a rigorous review of its business
proposition and a subsequent restructuring in order to sustain its market
dominance going forward.
FINANCIAL RESULTS
The group"s financial results for the interim period reflect revenue of
R38,0 million, 25% up on the previous interim period. EBITDA of R10,2 million
also increased by 25% and operating income rose by 27% to R8,4 million.
Strong trading and continued focus on working capital management resulted in
cash generated from operations of R13,5 million. The group reduced its interest-
bearing debt and vendor obligations by R6,6 million, and ended the year with
R9,5 million cash on hand. This, together with a reduction in lending rates, has
reduced net interest paid by R1,8 million compared with the previous interim
period.
The R0,4 million after-tax profit from discontinuing operations relates mainly
to commissions received from the sale of the GoLogix Courier customer-base and
the recouping of certain GoLogix Courier bad debts previously provided for on
the closure of the division.
PROSPECTS
While a greater portion of revenue is traditionally realised in the first half
of the financial year, prospects for an improvement of the group"s annual
financial results are good. Management will maintain focus on expanding the
efficiencies and growth opportunities of the group"s businesses.
PEOPLE
OneLogix thanks its management, employees, PostNet franchisees and business
partners. The group also thanks its customers, business advisors and
shareholders for their ongoing support.
DIVIDEND
In line with group policy no dividend has been declared for the interim period.
FURTHER CAUTIONARY
Shareholders are referred to the cautionary announcement of 26 November 2003 and
are advised to continue to exercise caution in their dealings in OneLogix
shares. The group expects to make a further announcement in this regard in the
next 14 days.
By order of the Board.
Ian Lourens (CEO)
Cameron McCulloch (FD)
22 January 2004
Directors:
Ian Lourens (Chief Executive Officer); Cameron McCulloch (Financial Director);
Neville Bester; Alec Grant*; Benjamin Liebmann*; Joe Modibane*; Tony Wiese*
(*Non-executive director)
Registered office:
C/o Probity Business Services (Pty) Ltd
Unit C1, The Guild Office Park
2 Guild Road, Parktown 2193
(PO Box 85392, Emmarentia 2029)
Transfer secretaries:
Computershare Limited
70 Marshall Street
Johannesburg 2001
(PO Box 1053, Johannesburg 2000)
Company secretary:
Probity Business Services (Pty) Ltd
Unit C1, The Guild Office Park
2 Guild Road, Parktown 2193
(PO Box 85392, Emmarentia 2029)
Date: 22/01/2004 04:07:12 PM Supplied by www.sharenet.co.za
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