Wrap Text
Audited consolidated annual results for the year ended 31 May 2022
OneLogix Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/004519/06)
JSE share code: OLG
ISIN: ZAE000026399
("OneLogix" or "the company" or "the group")
Short-form announcement:
Audited consolidated annual results for the year ended 31 May 2022
Salient features
Revenue up 24% to R3,07 billion
EBITDA up 12% to R411,3 million
EPS down 72% to 3,5 cps
HEPS down 69% to 3,4 cps
Core HEPS down 60% to 5,4 cps
NAV down 1% to 408,1 cps
NTAV down 2% to 336,7 cps
No dividend declared
This short-form announcement is the responsibility of the directors and is only
a summary of the information in the full announcement. The full announcement
was released on SENS on Thursday, 25 August 2022 and can be found on the
company's website at
https://www.onelogix.com/documents/annualResults/OneLogix-year-end-results-booklet-2022.pdf
and can also be accessed using the following JSE link
https://senspdf.jse.co.za/documents/2022/jse/isse/OLG/FY2022.pdf.
Copies of the full announcement may also be requested at the company's
registered office and at the office of the sponsor, at no charge, during office
hours from Thursday, 25 August 2022 to Thursday, 1 September 2022. Any
investment decision should be based on the full announcement published on
SENS and on the company's website.
This financial year has been difficult for OneLogix. Despite the country's emergence
from the restrictions of the protracted Covid-19 lockdowns, the local and regional
economies remained comparatively listless. Within this sluggish economic
environment, it has become increasingly costly to conduct a logistics business in
South and southern Africa, primarily due to the inability to recover various rising
costs from our value chain.
This trading scenario was exacerbated by the reduced economic activity during
and after the civil unrest in KwaZulu-Natal in July 2021. This was later compounded
by the cyber-attack on Transnet's operations which further curtailed the flow of
goods into and out of South Africa. The persistent violent protests on South Africa's
national road network continued to present a serious challenge, while the extensive
infrastructural damage caused by flooding in KwaZulu-Natal in April 2022 further
aggravated an already strained trading scenario.
As previously reported, the hailstorm during September 2021, which mainly affected
OneLogix VDS, caused considerable damage to a few large shipments of passenger
vehicles being processed into the Umlaas Road open staging facility at the time,
resulting in the group having to carry the risk for all minor repairs.
In addition, OneLogix VDS and to a lesser extent OneLogix TruckLogix
experienced reduced storage volumes resulting from global supply chain disruptions
upon the completion of the new Umlaas Road phase 3 storage facility in January
2021.
The continued organisational and business process improvements at OneLogix
UB and Buffelshoek, extended during the year to particularly include OneLogix
VDS and OneLogix Projex, and the careful and critical review of all strategic and
operational aspects continues in all other group businesses.
Notwithstanding these considerable headwinds, some of the group's businesses
performed above expectations and on balance each of the group's businesses
remain well positioned in their respective markets with resilient and innovative
management teams together with a strong customer base that will ensure sustainability.
Dividend
After careful consideration and considering the prevailing circumstances, the
board has decided that no dividend be declared for the year (2021: Nil).
Prospects
Going forward, our strategy remains unaltered. Especially during these trying
economic times, we will continue to focus on extracting maximum efficiencies from
existing businesses in order to protect and grow their individual market shares in
their respective markets.
The executive management team maintains full confidence in our experienced,
stable management teams with their proven skills and fully expects them to
continue guiding our businesses through the prevailing tough market conditions.
Notwithstanding the difficult market conditions, our tested and continually refined
business models have ensured that each group business remains well-placed
within its respective market and is well-equipped to both withstand economic
headwinds and to exploit emerging opportunities. New opportunities will include
not only organic growth but acquisitions and further start-up activity, all of which
will be continually assessed to maximise the growth of the group.
By order of the board
Ian Lourens
CEO
Geoff Glass
FD
25 August 2022
Directors
LJ Sennelo (Chairperson)*#
NJ Bester
GM Glass (FD)
AJ Grant*#
IK Lourens (CEO)
CV McCulloch (COO)
IM Pule*#
KV Ratshefola*#
K Schoeman*
* Non-executive
# Independent
Registered office
46 Tulbagh Road, Pomona
Kempton Park
PostNet Suite 10
Private Bag X27
Kempton Park
1620
Company secretary
CIS Company Secretaries (Pty) Ltd
Rosebank Towers
15 Biermann Avenue
Rosebank
2191
PO Box X9000
Saxonwold
2132
Transfer secretaries
Computershare Investor Services (Pty) Ltd
Rosebank Towers
15 Biermann Avenue
Rosebank
2191
PO Box X9000
Saxonwold
2132
Sponsor
Java Capital
6th Floor
1 Park Lane
Wierda Valley
Sandton, 2196
PO Box 522606
Saxonwold
2132
Date: 25-08-2022 12:00:00
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