Wrap Text
Unaudited condensed consolidated interim results for the six months ended 30 November 2014
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")
Unaudited Condensed Consolidated Interim Results for the six months ended 30 November 2014
Highlights
- Revenue up 9%
- Trading profit up 13%
- HEPS and EPS up 14%
- Core HEPS up 12%
- Diluted core HEPS up 16%
- Cash generated from operations up 11%
- Dividend of 8 cents per share
- Umlaas Road development in KwaZulu-Natal completed on time and within budget
Condensed consolidated statement of comprehensive income
Unaudited Unaudited
6 months 6 months Audited
ended ended year ended
30 November 30 November 31 May
2014 2013 2014
% R'000 R'000 R'000
Continuing operations
Revenue 9 703 028 647 841 1 272 071
Operating and administration
costs 7 (596 957) (558 613) (1 101 240)
Depreciation and amortisation 32 (37 863) (28 611) (61 792)
Trading profit 13 68 208 60 617 109 039
(Loss)/profit on sale of assets (114) 83 9 572
Operating profit 12 68 094 60 700 118 611
Share of profits from associate (36) 1 698 2 633 4 190
Finance income 9 668 611 1 330
Finance costs 50 (13 135) (8 777) (21 442)
Profit before taxation 4 57 325 55 167 102 689
Taxation 8 (16 093) (14 834) (26 308)
Profit from continuing
operations 2 41 232 40 333 76 381
Profit from discontinued
operations 5 417 5 038 10 075
Profit for the period 3 46 649 45 371 86 456
Other comprehensive income
Movement in foreign currency
translation reserve* 75 27 41
Revaluation of owner
occupied properties - - 16 270
Total comprehensive income
for the period 3 46 724 45 398 102 767
* The component of other
comprehensive income may
subsequently be reclassified
to profit and loss during
future reporting periods
Profit attributable to:
- Non-controlling interest (30) 3 840 5 508 10 367
- Owners of the parent 7 42 809 39 863 76 089
3 46 649 45 371 86 456
Other comprehensive income
attributable to:
- Non-controlling interest - - -
- Owners of the parent 75 27 16 311
75 27 16 311
Total comprehensive income
attributable to:
- Non-controlling interest (30) 3 840 5 508 10 367
- Owners of the parent 8 42 884 39 890 92 400
3 46 724 45 398 102 767
Total comprehensive income
attributable to owners of the
parent arises from:
- Continuing operations 8 37 467 34 852 82 325
- Discontinued operations 8 5 417 5 038 10 075
8 42 884 39 890 92 400
Number of shares in issue
('000):
- Total issued less
treasury shares 214 759 231 595 207 402
- Weighted 214 370 225 858 217 411
- Diluted 214 813 231 595 217 411
Basic and headline
earnings per share (cents)
Basic earnings per share
(cents) 14 20,0 17,6 35,0
Continuing operations 14 17,5 15,4 30,4
Discontinued operations 14 2,5 2,2 4,6
Diluted basic earnings
per share (cents) 16 19,9 17,2 35,0
Continuing operations 16 17,4 15,0 30,4
Discontinued operations 14 2,5 2,2 4,6
Headline earnings per
share (cents) 14 20,0 17,6 31,2
Continuing operations 14 17,5 15,4 26,6
Discontinued operations 14 2,5 2,2 4,6
Diluted headline earnings
per share (cents) 16 20,0 17,2 31,2
Continuing operations 17 17,5 15,0 26,6
Discontinued operations 14 2,5 2,2 4,6
Core headline earnings
per share (cents) 12 20,8 18,5 33,3
Continuing operations 12 18,3 16,3 28,7
Discontinued operations 14 2,5 2,2 4,6
Diluted core headline
earnings per share (cents) 16 20,8 18,0 33,3
Continuing operations 16 18,3 15,8 28,7
Discontinued operations 14 2,5 2,2 4,6
Calculation of headline
earnings and core headline
earnings
Profit attributable to owners
of the parent 7 42 809 39 863 76 089
Loss/(profit) on disposal
of property, plant and
equipment less taxation and
non-controlling interests 57 (57) (8 163)
Headline earnings 8 42 866 39 806 67 926
Amortisation of intangible
assets acquired as part of
a business combination
less taxation and non-
controlling interests 1 781 1 905 4 443
Core headline earnings 7 44 647 41 711 72 369
Segmental split of
amortisation of intangible
assets acquired in a business
combination less taxation
and non-controlling interests
Specialised Logistics (2) 877 891 1 810
Other - 80 80 161
Share in associate (12) 824 934 2 472
(7) 1 781 1 905 4 443
Condensed consolidated statement of financial position
Unaudited at Unaudited at Audited at
30 November 30 November 31 May
2014 2013 2014
R'000 R'000 R'000
ASSETS
Non-current assets 31% 822 843 629 784 665 288
Property, plant and equipment 696 175 505 490 532 672
Intangible assets 75 711 71 417 77 257
Investment in associate 41 851 36 567 38 125
Loans and receivables 7 767 14 836 15 033
Deferred taxation 1 339 1 474 2 201
Current assets 9% 292 102 269 037 260 935
Inventories 10 436 10 975 10 376
Trade and other receivables 208 483 189 333 179 455
Taxation 764 5 727 781
Non-current assets
held-for-sale 16 832 - -
Cash resources 55 587 63 002 70 323
Total assets 24% 1 114 945 898 821 926 223
EQUITY AND LIABILITIES
Equity 13% 406 102 359 813 371 577
Ordinary shareholders' funds 378 834 327 279 334 978
Non-controlling interests 27 268 32 534 36 599
Liabilities
Non-current liabilities 48% 338 177 227 898 234 812
Interest-bearing borrowings 272 044 172 008 168 165
Deferred tax 66 133 55 890 66 647
Current liabilities 19% 370 666 311 110 319 834
Trade and other payables 196 256 191 023 182 939
Interest-bearing borrowings 119 575 87 488 90 134
Vendor liability - 9 000 9 000
Non-controlling interest
put option - 16 206 -
Taxation 7 438 7 393 1 371
Non-current liabilities
held-for-sale 3 449 - -
Bank overdrafts 43 948 - 36 390
Total equity and liabilities 24% 1 114 945 898 821 926 223
Net asset value per
share (cents) 25 176,4 141,3 161,5
Net tangible asset value
per share (cents) 28 141,1 110,5 124,3
Segmental analysis
Unaudited at Unaudited at Audited at
30 November 30 November 31 May
2014 2013 2014
R'000 R'000 R'000
Revenue
Specialised Transport 8 649 091 600 896 1 183 153
Reportable segment 8 649 091 600 896 1 183 153
Other 15 53 937 46 945 88 918
9 703 028 647 841 1 272 071
Segment results
Specialised Logistics 13 82 374 73 033 141 783
Reportable segment 13 82 374 73 033 141 783
Other (25) 3 124 4 148 7 277
Corporate items 6 (17 404) (16 481) (30 449)
12 68 094 60 700 118 611
Unallocated:
Share of profits from associate (36) 1 698 2 633 4 190
Finance income 9 668 611 1 330
Finance costs 50 (13 135) (8 777) (21 442)
4 57 325 55 167 102 689
Total assets
Specialised Logistics 29 990 845 768 814 805 822
Discontinued operations -
Retail 24 33 165 26 683 25 291
Reportable segments 29 1 024 010 795 497 831 113
Other 53 39 848 26 101 25 362
Corporate items (79) 7 133 33 455 28 641
Investment in associate 14 41 851 36 567 38 125
Unallocated: Taxation and
deferred taxation (71) 2 103 7 201 2 982
24 1 114 945 898 821 926 223
Total liabilities
Specialised Logistics 30 527 551 404 292 392 617
Discontinued operations -
Retail 9 19 896 18 200 18 888
Reportable segments 30 547 447 422 492 411 505
Other 95 23 451 12 013 12 160
Corporate items 56 64 374 41 220 62 963
Unallocated: Taxation
and deferred taxation 16 73 571 63 283 68 018
32 708 843 539 008 554 646
The group has authorised
capital expenditure over
the next 6 months of
R51 million. R43 million
is already committed.
Commitments
Operating lease commitments
(not exceeding five years) 62 761 64 437 71 964
Condensed consolidated statement of cash flows
Unaudited Unaudited
6 months 6 months Audited
ended ended year ended
30 November 30 November 31 May
2014 2013 2014
R'000 R'000 R'000
Net cash generated
from operations 11 70 096 63 292 133 434
Continuing operations 62 875 57 968 119 072
Discontinued operations 7 221 5 324 14 362
Net cash flows from
investing activities >100 (67 347) (15 236) 1 265
Continuing operations (67 817) (16 563) 1 252
Discontinued operations 470 1 327 13
Net cash flows from
financing activities (24) (25 107) (32 971) (148 680)
Continuing operations (24 883) (32 872) (148 304)
Discontinued operations (224) (99) (376)
Net movement in
cash resources (22 358) 15 085 (13 981)
Cash resources at
beginning of period 33 933 47 899 47 899
Exchange gain on
cash resources 64 18 15
Cash resources at
end of period 11 639 63 002 33 933
The statement of comprehensive income and cash flows distinguish discontinued operations
from continuing operations.
Comparative figures have been restated.
Condensed consolidated statement of changes in equity
Stated Treasury Retained Revaluation
capital shares income reserve
R'000 R'000 R'000 R'000
At 1 June 2013 - audited 37 691 (8 431) 271 779 13 258
Dividends declared to
non-controlling interests - - - -
Dividend paid to OneLogix
shareholders - - (11 580) -
Non-controlling interest
acquired as a result of a
business combination - - - -
Share-based compensation
reserve movement - - - -
Transactions with non-
controlling interests - - - -
Treasury shares becoming
unrestricted on vesting to BEE
share scheme participants - 8 431 - -
Share-based payment
scheme completed - - 8 075 -
Profit for the period - - 39 863 -
Other comprehensive income - - - -
At 30 November 2013 -
unaudited 37 691 - 308 137 13 258
Dividends declared to
non-controlling interests - - - -
Specific share repurchase - - (60 168) -
Non-controlling interest
acquired as a result of a
business combination - - - -
Treasury shares becoming
unrestricted on vesting to
BEE share scheme
participants not allocated - (629) - -
Transfer to retained income
on disposal - - 1 488 (1 488)
Transactions with non-
controlling interests - - - -
Profit for the period - - 36 226 -
Other comprehensive income - - - 16 270
At 31 May 2014 - audited 37 691 (629) 285 683 28 040
Dividends declared to
non-controlling interests - - - -
Transactions with
non-controlling interests 29 019 - - -
Profit for the period - - 42 809 -
Other comprehensive income - - - -
At 30 November 2014 -
unaudited 66 710 (629) 328 492 28 040
Foreign
Share-based currency
Other compensation translation
reserves reserve reserve
R'000 R'000 R'000
At 1 June 2013 - audited 153 7 286 288
Dividends declared to
non-controlling interests - - -
Dividend paid to OneLogix
shareholders - - -
Non-controlling interest
acquired as a result of a
business combination - - -
Share-based compensation
reserve movement - 789 -
Transactions with non-
controlling interests - - -
Treasury shares becoming
unrestricted on vesting to BEE
share scheme participants - - -
Share-based payment
scheme completed - (8 075) -
Profit for the period - - -
Other comprehensive income - - 27
At 30 November 2013 -
unaudited 153 - 315
Dividends declared to
non-controlling interests - - -
Specific share repurchase - - -
Non-controlling interest
acquired as a result of a
business combination - - -
Treasury shares becoming
unrestricted on vesting
to BEE share scheme
participants not allocated - - -
Transfer to retained income
on disposal - - -
Transactions with non-
controlling interests - - -
Profit for the period - - -
Other comprehensive income - - 14
At 31 May 2014 - audited 153 - 329
Dividends declared to
non-controlling interests - - -
Transactions with non-
controlling interests - - -
Profit for the period - - -
Other comprehensive income - - 75
At 30 November 2014 -
unaudited 153 - 404
Transactions
with non- Non-
controlling controlling
interests interests Total
R'000 R'000 R'000
At 1 June 2013 - audited (29 752) 17 184 309 456
Dividends declared to
non-controlling interests - (1 250) (1 250)
Dividend paid to OneLogix
shareholders - - (11 580)
Non-controlling interest
acquired as a result of a
business combination - 8 015 8 015
Share-based compensation
reserve movement - - 789
Transactions with non-
controlling interests 5 908 3 077 8 985
Treasury shares becoming
unrestricted on vesting to BEE
share scheme participants (8 431) - -
Share-based payment
scheme completed - - -
Profit for the period - 5 508 45 371
Other comprehensive income - - 27
At 30 November 2013 -
unaudited (32 275) 32 534 359 813
Dividends declared to
non-controlling interests - (691) (691)
Specific share repurchase - - (60 168)
Non-controlling interest
acquired as a result of a
business combination - 344 344
Treasury shares becoming
unrestricted on vesting to
BEE share scheme
participants not allocated 629 - -
Transfer to retained income
on disposal - - -
Transactions with non-
controlling interests 15 357 (447) 14 910
Profit for the period - 4 859 41 085
Other comprehensive income - - 16 284
At 31 May 2014 - audited (16 289) 36 599 371 577
Dividends declared to
non-controlling interests - (3 200) (3 200)
Transactions with non-
controlling interests (28 047) (9 971) (8 999)
Profit for the period - 3 840 46 649
Other comprehensive income - - 75
At 30 November 2014 -
unaudited (44 336) 27 268 406 102
Commentary
Despite numerous challenges, the group has continued its uninterrupted growth trajectory
with a satisfactory performance for the interim period while further consolidating for
continued growth, including undertaking significant preparatory work for identifiable
future opportunities.
Review of operations
The group's existing businesses largely performed well. Recent acquisitions have been
successfully integrated and throughout the group, activity is continually focused on
the present and future requirements of a strong customer base.
Specialised Logistics
The largest business segment in the group, Specialised Logistics, has been earmarked as
a growth opportunity for OneLogix.
The recent completion of a R130 million vehicle storage facility for 5 000 vehicles for
OneLogix Vehicle Delivery Services ("VDS"), located between Durban and Pietermaritzburg,
offers additional facilities to be utilised by all group companies such as offices,
workshops, fuel tanks, driver accommodation and truck parking areas and reflects the
group's investment strategy. VDS remains an important component within OneLogix.
A mature business in a mature industry, VDS nonetheless continues to exceed expectations
despite difficult trading conditions which manifest in margin pressure. Its strong and
motivated management team has mastered a complex business model, and continues to focus
on business opportunities and improving operational efficiencies.
OneLogix Commercial Vehicle Delivery Services ("CVDS") also performed beyond expectations
in a relatively quiet market. Marginal market share growth was complemented by increased
revenue from storage. CVDS has maintained its exceptional delivery standards track record
of nearly 100% on-time deliveries.
OneLogix United Bulk ("United Bulk") has a strong customer base in the southern African
liquid bulk delivery market. A recent expansion into the dry bulk market capitalised on this
advantage. Performance for the period was satisfactory, especially given the impact of the
platinum and metalworkers strike most keenly felt at the start of the period.
OneLogix Projex ("Projex") managed to trade well in challenging market circumstances.
It is a significant player in the Durban harbour freight logistics market, with the
capacity to project manage the movement of large shipments of abnormal or general freight
within tight deadlines. The acquisition at end May 2014 of OneLogix Projex Cargo Solutions
("Cargo Solutions") extended Projex's capability with import and export warehouse handling
and storage, loading/offloading and railway siding capabilities. Cargo Solutions has a warehouse
presence in the Durban and Cape Town harbours and offers several synergies to Projex and other
group companies.
Madison recovered well from the negative impact of the platinum belt strikes. It specialises in
the movement of heavy and abnormal equipment, especially heavy crane loads.
OneLogix Linehaul, the third successful group start-up, specialises in the cross-border movement
of commodities and general freight. It has established a loyal customer base, built a good reputation
based on quality performance and traded ahead of expectations in the period.
Retail
The company disposed of its entire shareholding in PostNet Holdings (Pty) Ltd ("PostNet") in early
December 2014 (see Post year-end events). During the interim period PostNet traded well, benefitting
in particular from the Post Office strike towards the end of the 2014 calendar year. In accordance
with IFRS 5 (Non-current Assets Held for Sale and Discontinued Operations) the results of PostNet
have been presented as a discontinued operation during the reporting period.
Other - Logistics Services
The remaining businesses are involved in providing services to the logistics industry.
These businesses do not meet the recognition criteria of a separately reportable segment
and include:
- Atlas 360 ("Atlas") was recently renamed from Atlas Panelbeaters on the extension of
its services beyond traditional panelbeating into adjacent markets. It performed well
and will be relocating to expanded premises in the next few months; and
- DriveRisk (a 49%-owned associate), which performed well in an increasingly competitive
market. It maintains a market leading position and has a solid customer base. The results
for DriveRisk have been equity-accounted.
Corporate transactions
As announced on 23 April 2014 and 30 May 2014, respectively, and with effect from 1 June 2014,
OneLogix concluded three related party transactions which resulted in the group acquiring:
- A further 10% shareholding in Projex for a purchase consideration of R7,5 million.
The purchase price was settled by way of a cash payment of R3,75 million and by the issue
of 1 071 428 fully paid up OneLogix shares for the balance. OneLogix now owns 90% of Projex
with Projex management holding the remaining 10% interest.
- A further 25% shareholding in CVDS for a purchase consideration of R14,25 million, payable
by way of a cash payment of R5,25 million and by the issue of 2 571 428 fully paid up
OneLogix shares for the balance. OneLogix now owns 100% of CVDS; and
- A further 14% in United Bulk for a purchase consideration of R13 million, payable by way of
the issue of 3 714 285 fully paid up OneLogix shares. OneLogix now owns 74% of United Bulk.
In all instances synergies between OneLogix and the companies concerned will be maximised and
management interests will be more closely aligned with those of shareholders.
On 4 November 2014, the group fulfilled a contingent payment condition in terms of the
original purchase agreement with DriveRisk (then Drive Report) as announced on 21 December 2012.
Simultaneously with this, an additional 9% of DriveRisk equity was acquired for an aggregate
amount of R11 million, resulting in the group owning 49% of the issued shares of DriveRisk.
Financial results
Revenue from continuing operations increased by 9% to R703 million on the back of the maiden
contributions for a full reporting period from OneLogix Linehaul, Madison and Cargo Solutions.
Organic growth was subdued in tough trading conditions.
The trading margin from continuing operations increased from 9,4% to 9,7%. This is reassuring
as it underpins the commercial practices that manage input costs in line with top-line growth.
During the prior period the group extended the estimated useful lives of a portion of the
fleet based on past experience of fleet replacement, resulting in an once-off reduction
in the depreciation charge of approximately R4 million.
Net finance costs increased by 52% from R8,2 million to R12,5 million as a result of the group's
increased investment in fleet as well as the reduced cash on hand due to the funding of the
specific share repurchase from Izingwe Holdings (Pty) Ltd ("Izingwe") for R60,8 million in
December 2013. Interest cover from continuing operations of 5,5 times (November 2013: 7,4 times)
remains comfortably within set parameters and allows for ongoing additional funding should
opportunities arise.
Headline earnings per share (HEPS) and earnings per share (EPS) rose 14% from 17,6 cents to
20 cents. This is mainly as a result of the reduced shares in issue during the interim period.
As previously communicated, we aim to present stakeholders with the same information that
management uses to evaluate the performance of the group's operations. Accordingly we present
core headline earnings, which are headline earnings (as calculated based on SAICA Circular 2/2013)
adjusted for the amortisation charge of intangibles recognised on acquisitions. Core HEPS increased
12% and diluted core HEPS increased 16% to 20,8 cents. Reconciliation between headline earnings
and core headline earnings is provided.
Cash flows from operations increased by 11% in line with trading profit growth, to R70,1 million,
due to ongoing focus on working capital management and the demonstrated capability of the group
to translate profits into cash.
During the interim period, the group invested R213,4 million in operational infrastructure
as follows: R125,7 million in property, R83 million in fleet (of which R68,8 million relates
to expansionary spend), R2,5 million in IT-related assets, and R2,2 million for other assets.
Net proceeds of R3,3 million were received on the disposal of tangible assets. Additional
investments of R20 million in subsidiaries and DriveRisk were settled in cash during the period.
Post interim period events
As announced on 28 November 2014, OneLogix shareholders approved agreements for the implementation
of an Employee Share Participation transaction in terms of which eligible employees of OneLogix
(other than directors and prescribed officers of the group) will obtain a 10% indirect shareholding
interest in OneLogix, as well as a Management Share Participation transaction in terms of which
management and executive directors of OneLogix will obtain a 5% indirect shareholding in OneLogix.
These participation schemes have been implemented during January/February 2015.
It was further announced on 2 December 2014, that as a result of the effect of Izingwe's exit
on the group's ownership structures, OneLogix had entered into a subscription agreement with
Kagiso Capital (Pty) Ltd ("Kagiso Capital"), a wholly-owned subsidiary of the well-respected
Kagiso Charitable Trust, in terms of which Kagiso Capital will subscribe for, and the company
will issue, 28 086 585 OneLogix ordinary shares at a subscription price of R3,60 per share,
for an aggregate amount of R101 111 706. This transaction results in an improved ownership
element of the OneLogix BEE scorecard. An announcement on 20 January 2015 confirmed
shareholders' approval of this agreement.
On 15 December 2014 it was also announced that the group, through its wholly-owned
subsidiary OneLogix (Pty) Ltd, concluded an agreement to dispose of its 100% shareholding
in PostNet to Aramex (UK) Ltd, for a disposal consideration of R190,6 million. Proceeds net
of cash balances disposed of amounted to R177,2 million and after tax profit on the disposal
is expected to amount to approximately R143 million.
It was becoming increasingly clear that the skills required to optimise the growth of PostNet
were becoming removed from the evolving core competencies of the group. This posed risks to
both PostNet and OneLogix and the sale was deemed to be in the best interests of all parties.
The company confirms that the proceeds of both the Kagiso Capital and PostNet transactions
will be used for paying down short-term debt and the balance to fund the group's growth
through acquisitions and organic activities, as well as further investment in revenue-
generating property investments.
As announced on 9 February 2015 the group, subject to the fulfilment of certain conditions,
acquired a 74% interest in four specialised logistics companies (known as "Jackson and
Buffelshoek") for a purchase consideration of R110 million to be settled through the issue
of R20 million worth of OneLogix shares at the issue price of R6,14 per share and a cash
payment of R90 million funded from internal cash resources.
Jackson and Buffelshoek are leading logistics operators within the refrigerated fresh produce,
industrial food and related markets both within the South African and greater Southern African
region. The acquisition complements the group's specialised logistics operations and represents
the continued and systematic progression of the group's acquisition strategy of further reducing
dependence on auto-logistics. Further, Jacques du Randt, a respected entrepreneur, will remain
vested in the business with interests in Jackson and Buffelshoek of 26% and 16%, respectively.
Dividend
Shareholders are advised that an interim gross dividend, No.4, of 8 cents per share in respect
of the six months ended 30 November 2014, was declared on Tuesday, 10 February 2015.
This is a dividend as defined in the Income Tax Act, 1962, and is payable from income reserves.
The South African dividends tax ("DT") rate is 15%. The net dividend payable to shareholders
who are subject to DT is 6,8 cents per share, while it is 8 cents per share for those shareholders
who are exempt from dividends tax. The income tax reference number of the company is 9361229710.
At the declaration date, the issued share capital was 280 865 853 ordinary shares of no par value
(with no STC reserves available for utilisation).
The salient dates in respect of the interim dividend are as follows:
2015
Last day to trade cum dividend: Friday, 6 March
Shares will trade ex dividend: Monday, 9 March
Record date: Friday, 13 March
Payment of dividend: Monday, 16 March
Shareholders may not de-materialise or re-materialise their shares between Monday, 9 March 2015
and Friday, 13 March 2015, both dates inclusive.
The interim dividend, amounting to R22,5 million, has not been recognised as a liability in
the consolidated interim financial statements. It will be recognised in shareholders' equity
for the year ending 31 May 2015.
OneLogix will continue to assess the payment of interim and final dividends in light of
the board's ongoing review of earnings, after providing for long-term growth and cash/debt
resources, the amount of reserves available using a going concern assessment and the covenants
of facility providers.
Changes to the board
Ms Anuradha Sing has been appointed as a non-executive director to the board of directors
of OneLogix with effect from 21 January 2015. Anuradha is the Chief Investment Officer of
Kagiso Capital and the board welcomes her and looks forward to her contribution to the company.
Prospects
The group strategy remains unchanged - to continue to grow existing businesses, establish
in-house start-ups where aligned new opportunities arise and to seek appropriate acquisitions.
Most of this activity will take place within the Specialised Logistics segment of the business.
The existing group businesses are all well positioned as leaders within their niche markets.
The group understands the importance of superior customer interaction and much time and
effort is spent on ensuring the most productive manner in which to maintain and improve
this well-established company norm. Further, specific expansion opportunities have been
identified and capital will be prudently allocated to take advantage of these prospects.
People
We go to great lengths to ensure that we attract and retain high-quality people within a
healthy and enabling cultural environment at work, which supports the group in achieving
our strategic objectives. We therefore remain highly appreciative of our quality management
team and staff, who continue to perform at the highest levels of excellence.
We further thank our business partners, customers, suppliers, business advisors and
shareholders for their ongoing invaluable support.
Basis of presentation
The unaudited condensed consolidated interim financial statements have been prepared in
accordance with International Financial Reporting Standards ("IFRS") and are presented
in terms of the disclosure requirements set out in International Accounting Standards
("IAS") 34, as well the SAICA Financial Reporting Guides as issued by the Accounting Practices
Committee and Financial Reporting Pronouncements as issued by Financial Reporting Standards
Council, the JSE Limited Listings Requirements and the requirements of the Companies Act, 2008.
The unaudited condensed consolidated interim financial information should be read in conjunction
with the most recent audited annual financial statements for the year ended 31 May 2014.
Accounting policies and computations are consistently applied as in the annual financial
statements.
The following new and amended standards and interpretations of IFRS were effective for the
first time from 1 June 2014.
The following new standards were adopted during the period:
- Amendments to IFRS 10, IFRS 12 and IAS 27 - Investment entities
- Amendment to IAS 32 - Offsetting Financial Assets and Financial Liabilities
None of these standards had a material impact on these interim results.
The interim financial statements have been approved by the board of directors on 11 February 2015.
These results have been compiled under the supervision of the Financial Director, GM Glass (CA (SA)).
The interim results have not been audited or reviewed by the group auditors, PricewaterhouseCoopers Inc.
The unaudited condensed consolidated interim financial statements are available on the company's
website www.onelogix.com.
By order of the board
12 February 2015
Corporate information
Directors
SM Pityana (Chairman)*#,
NJ Bester,
GM Glass (FD),
AJ Grant*#,
DA Hirschowitz *#,
IK Lourens (CEO),
CV McCulloch (COO),
LJ Sennelo*#,
A Sing*
*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,
70 Marshall Street,
Johannesburg,
2001
PO Box 61673,
Marshalltown,
2107
Transfer secretaries
Computershare Investor Services (Pty) Ltd,
Ground Floor,
70 Marshall Street,
Johannesburg,
2001
PO Box 61051,
Marshalltown,
2107
Sponsor
Java Capital
Date: 12/02/2015 07:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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