Wrap Text
OneLogix Group Limited
(formerly VENMIL LIMITED)
(Registration number 1998/004519/06)
Highlights
* Results on track to meet annual forecasts
* Successful integration of Group businesses
INTERIM REPORT
for the period ended 30 November 2000
Consolidated income statement
Unaudited Unaudited Audited
six months six months nine months
ended ended ended
30 November 30 November 31 May
2000 1999 2000
R'000 R'000 R'000
Revenue 60 533 - -
Operating income before depreciation 6 267 (520) (727)
Depreciation 617 - -
Operating income 5 650 (520) (727)
Net interest received 5 635 7 913 9 968
Income before taxation 11 285 7 393 9 241
Taxation 3 386 2 218 2 864
Headline earnings 7 899 5 175 6 377
Amortisation of goodwill 550 - -
Net income 7 349 5 175 6 377
Number of shares in issue(000) 194 812 180 942 180 942
Headline earnings per share (cents) 4,05 2,86 3,52
Earnings per share (cents) 3,77 2,86 3,52
Notes:
1. The directors are of the opinion that an adequate number of shares have been
procured to settle any shares to be issued in terms of the acquisitions.
Accordingly there is currently no potential dilution of earnings per share.
2. The Group operates nationally within one industry segment.
3. The accounting policies applied are consistent with those disclosed in the
revised listing particulars dated 16 August 2000.
Condensed consolidated cash flow statement
Unaudited Audited
six months nine months
ended ended
30 November 31 May
2000 2000
R'000 R'000
Net cash utilised in operations (6 067) 6 694
Net cash flow from investing activities (799) (5 110)
Net cash flow from financing activities (17 690) (252)
Net (decrease)/increase in
cash resources (24 556) 1 332
Cash resources at beginning of period 122 186 120 854
Cash resources at end of period 97 630 122 186
Consolidated balance sheet
Unaudited Audited
30 November 31 May
2000 2000
R'000 R'000
Assets
Non-current assets 26 161 4 626
Property plant and equipment 3 596 3 414
Intangible assets 19 556 123
Other assets 1 920 -
Deferred tax 1 089 1 089
Current assets 131 369 132 337
Cash resources 97 630 122 186
Trade and other receivables 33 739 10 151
Total assets 157 530 136 963
Equity and liabilities
Equity
Ordinary shareholders' funds 95 320 87 971
Liabilities
Non-current liabilities
Vendor liabilities 19 798 5 798
Current liabilities 42 412 43 194
Trade and other payables 20 574 14 820
Vendor liabilities 15 400 25 170
Taxation 6 438 3 204
Total equity and liabilities 157 530 136 963
Net asset value per share (cents) 48,9 48,6
Net tangible asset value
per share (cents) 39,5 49,2
Condensed consolidated statement of changes in equity
Unaudited Audited
six months nine months
ended ended
30 November 31 May
2000 2000
R'000 R'000
Opening equity 87 971 117 919
Shares issued and to be issued
less costs - 99 422
Goodwill written-off - (135 747)
Net income 7 349 6 37
Closing equity 95 320 87 971
COMMENTS
INTRODUCTION
The directors of OneLogix Group Limited ("OneLogix" or "the Group") have
pleasure in presenting the maiden interim results for the six-month period
ended 30 November 2000. With effect from 31 May 2000 Venmil Limited acquired
the entire shareholders' interests in OneLogix (Pty) Limited following which,
on 11 September 2000, the listing of its shares was transferred from the
"Financial Investment Trust" sector to the Industrial - "Services" sector of
the JSE Securities Exchange South Africa. Venmil was formally renamed OneLogix
Group Limited.
PROFILE
OneLogix provides comprehensive supply chain management and logistics
fulfilment services through four integrated business pillars:
* ThinkLogix offers procurement management, logistics consulting and IT
solutions;
* GoLogix provides traditional third party logistics services ranging from
express delivery through freight distribution to mail management;
* DotLogix houses BizzNet, the small to medium enterprise (SME) internet portal
and services the fulfilment requirements of b2b and b2c electronic commerce; an
* DirectLogix focuses on direct consumer fulfilment through the nationwide
PostNet retail counter network.
During the period under review OneLogix has established equal partner joint
ventures with the IQ Business Group, SA's largest private information
technology company, Francotyp Postalia SA, Europe's leading mailroom technology
supplier and Independent Online, Independent Newspapers' online division,
thereby enhancing the quality and scope of its services.
During the period Onelogix acquired the business of Vehicle Delivery Services
(Pty) Limited, as disclosed in the press on 16 February 2001.
FINANCIAL RESULTS
OneLogix maiden interim results for the six months ended
30 November 2000 reflect turnover, operating income and earnings per share
("EPS") in line with expectations, and on track to meet the EPS forecast of 7
cents per share as set out in the revised listing particulars. As this is the
first year of operation as an integrated group, comparison with results for the
previous comparative period is inappropriate.
The group has extensive cash resources in hand.
PROSPECTS
Sustained organic growth is projected for all OneLogix existing business
divisions. In addition the Group will continue to grow acquisitively both to
enhance its service offering and to improve critical mass in its existing
services.
The maintenance of its focused business strategy, strict financial discipline
and service excellence will be key to the Group's ongoing growth prospects.
Management expects OneLogix to meet its EPS forecast of 7 cents per share as
set out in the revised listing particulars.
Shareholders' attention is directed to the cautionary announcement dated 18
February 2000.
PEOPLE
OneLogix thanks its management, employees and PostNet franchisees for their
dedication and hard work during the Group's maiden six-month period. It also
thanks its shareholders and customers for their ongoing and invaluable support
during this period.
INTERIM DIVIDEND
In line with Group policy no interim dividend has been declared for the period
under review.
By order of the board
Tony Wiese (CEO)
Danie Meyer (Financial Director)
27 February 2001
Directors: Tony Wiese (Chief Executive Officer); Peter Forshaw; Alec Grant*;
Benjamin Liebmann*; Ian Lourens; Danie Meyer (Financial Director); Joe
Modibane*
(* non-executive)
Registered office: 4 Struwig Street, Jet Park (PO Box 14410, Witfield 1467)
Transfer secretaries: Mercantile Registrars, 11 Diagonal Street, Johannesburg,
2001 (PO Box 1053, Johannesburg 2000)
Company secretary: Probity Business Services (Pty) Limited, Unit C1, The Guild
Office Park, 2 Guild Road, Parktown (PO Box 85392, Emmarentia 2029)
ONELOGIX REPORTS SOLID MAIDEN INTERIM RESULTS
OneLogix, the JSE-listed end-to-end logistics and supply chain fulfilment
group, has reported maiden interim revenue of R60,5 million for the six months
ended 30 November 2000, in line with expectations.
With interim headline earnings of R7,9 million and headline earnings per share
(EPS) of 4,05 cents, the Group is firmly on track to meet the EPS forecast of
7,0 cents per share for the full year to May 2001, as set out in its revised
listing particulars.
Tony Wiese, CEO of OneLogix, says that the Group's initial success has
distinguished it in the logistics and supply chain fulfilment market. "While
the freight and express industry has experienced severe difficulty in the last
six months, GoLogix, our third party logistics services business, has sustained
exponential growth month-on-month and is anticipated to be a large profit
contributor moving forward," he says. "PostNet continues to expand its
national footprint and we are now concentrating on extracting group-wide
benefits from this exclusive counter-to-counter potential."
In order to sustain continuing growth OneLogix entered into a number of
strategic equal partner joint ventures in the period under review. IQLogix
with The IQ Business Group, SA's largest private IT company, provides world
class IT logistics process solutions to the Group and its customers, while
FPLogix with Francotyp Postalia SA, the leading mailroom technology supplier in
Europe, provides innovative mailroom management services. The joint venture
with Independent Online (IOL), Independent Newspapers' online division, aims to
develop the BizzNet portal into South Africa's most comprehensive online
directory and business services listing for SMEs.
OneLogix recently acquired Vehicle Delivery Services (Pty) Limited, a
well-established and highly regarded player in the automotive logistics arena.
"This acquisition is in line with our long-term growth strategy to consolidate
the Group's position in lucrative niche areas of the logistics and supply chain
management market," Wiese says. "GoLogix already offers market-leading
logistics expertise to the media sector, and VDS provides a similar point of
entry into the motoring market," he adds.
The group also installed a world-class track and trace system to offer its
customers superior delivery services, and developed software which enables
DotLogix to provide e-fulfilment services to high-profile online retailers
including Bid or Buy, Aucor Active and SAA.
Wiese expresses a positive outlook for the Group's future. "The lack of
e-logistics fulfilment has been exposed as the prime cause of 'e-tailer'
failure," says Wiese. "OneLogix is well-positioned to meet the resultant demand
for e-logistics and supply chain fulfilment services. The Group will also
continue to provide traditional logistics services, supported by advanced
technology capability, to our expanding client base."
"Corpcapital, our major shareholder, is a strategic partner continuously
assisting us to identify and implement organic and other growth initiatives
within the parameters of strict financial discipline. We are confident that
our sound growth strategy and experienced management team will ensure that we
meet our headline EPS forecast of 7,0 cents per share," Wiese says.
OneLogix operates through four integrated business pillars: ThinkLogix provides
strategic consulting, design and planning services around supply chain
management, supported by a world class IT capability; GoLogix offers
traditional third party logistics services ranging from express delivery
through freight distribution, warehousing, clearing, forwarding and linehaul to
mail management; DotLogix is the link between the virtual and real worlds that
enables e-logistics fulfilment and houses BizzNet, the OneLogix internet portal
serving SMEs; and DirectLogix encompasses the PostNet counter network providing
consumers with business communication tools including post, courier services
and home deliveries.
Ends.
Issued by: Fleishman-Hillard Vallun Wilkins
Nicole Sacks
(011) 706 8800/083 287 2771
On behalf of: OneLogix Group
Tony Wiese, CEO
(011) 823 1283/ 083 410 3918
Issue date: 26 February 2001
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