Wrap Text
DGC - Digicore Holdings Limited - Group interim results for the six months ended
31 December 2011
DIGICORE HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration number: 1998/012601/06
JSE code: DGC
ISIN: ZAE000016945
("DigiCore" or "the company" or "the group")
GROUP INTERIM RESULTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2011
R401 million
REVENUE
R71 million
EBITDA
41% UP
SYSTEMS SHIPPED
COMMENTARY
The board is pleased to announce that in the six months to 31 December 2011,
DigiCore delivered strong revenue growth of 24%, backed by even stronger system
shipment growth of 41%.
The company continues to consolidate its leadership position in fleet management
by introducing complete mobile asset and resource management solutions. Ctrack
market share is growing on the consumer side of the business, given our
technological advantage and insurance partnerships. DigiCore`s international
operations grew revenues by 51% for the six months, compared to the previous
interim period.
DigiCore has progressed well in converting to a service and subscription revenue
model, placing the company on a stronger and sustainable profit growth path. As
noted in our 2011 full-year results, this means a short-term lag in matching
revenue and profit growth - reflected in revenue (up 24%), EBITDA (up 12%) and
profit after tax (up 5%). We anticipate the lagged effect will substantially
turnaround from the next financial year.
Research and development (R&D) spend has been increased year on year by 33% to
drive our new product roll out and leadership in niche vertical markets, such as
mining, insurance, security, containerisation, public transport and fixed plant.
The manufacturing operations also turned around from a loss in the interim
period to a R10 million operational earnings contribution in the six months.
The senior management team has been restructured and strengthened under new CEO
Barney Esterhuyzen. The return of exceptional individuals Bruce Richards and Re
Voogt to the group further deepens our industry experience and skills level. The
UK and Ireland executive management teams have been completely restructured and
galvanised under the leadership of the highly experienced John Wisdom (managing
director) and Richard Brimelow (finance director).
Financial review
The six months ending 31 December 2011 was a period where the business base grew
strongly in number of shipped systems, building our future subscription and
service revenue streams. Substantial investment was made in
maintaining our technology leadership.
Revenue reflected attractive growth of 24% to R401 million compared to the prior
year of R322 million. On the back of 41% growth in systems shipped, the product
development and manufacturing segment (Engineering) grew revenue by 13%. The
foreign distribution segment lifted revenues by 51%, benefiting from the newly
acquired Australian operations not consolidated previously.
In-line with the group`s strategy, annuity revenue rose by R41,7 million (26%)
and now constitutes 50% of total revenue.
Compared to fixed overheads in the group, it is comforting that annuity revenue
almost covers this category expense.
EBITDA increased favourably during the period by 12% to R70,7 million compared
to the prior year.
Depreciation and amortisation charges for the current year have increased
against the prior year largely due to the increase in the rental assets to be
depreciated and the first time amortisation of the intangible assets in the UK.
Excluding exceptional items, operating expenses of the group were managed on
budget. The rise in operational expenses of 37% includes additional budgeted R&D
spend, further international expansion and a number of large extraordinary items
that fell into this period namely: first-time amortisation in the UK of R2,6
million, once-off management restructuring in UK and Europe at R2,6 million and
the launch of the insurance channel in South Africa at R4,4 million, which will
not be repeated in future. After-tax earnings increased 5% to R26,4 million for
the six months.
Earnings per share and headline earnings per share are essentially flat at 10,1
cents and 10,0 cents respectively, due to additional shares in issue.
Net cash generated by operations increased 47% to R24 million.
Cash reserves were used during the period to build a strong rental book of
future revenue streams. Working capital management was not optimal, given the
new systems being implemented, and management is working to improve in this
crucial area of operation.
Engineering review
The group`s engineering division comprises a manufacturing plant in Durban,
development teams in SA, UK and Australia, a worldwide product support team and
an internal information technology arm. In the first half of this financial
year, we completed development of a new-generation 3G telematics device aimed at
Japanese and Australian markets. The roll out of our new mobile web application
CtrackMobi2 took place in February 2012.
The group supplied leading-edge insurance telematics solutions in the period.
The devices (systems) are used to calculate a driver score which, in turn, is
used to unlock certain benefits for the policyholder. Massive growth is expected
in this consumer insurance sector internationally on which DigiCore aims to
capitalise.
Operational highlights
South Africa
The South African consumer business underperformed against budget for the first
six months, reflecting the exceptional demands on resources of the Discovery
insurance project. On the fleet management side, the launch of FleetConnect in
SA was a resounding success and the business is well prepared to launch this
exciting product to the international market in 2012.
The integrated fare-collection system project costs and launch delays impacted
financial performance, but the successful launch of a pilot project in
cooperation with Absa and the Peninsula Taxi Association is pleasing.
Europe
Our efforts to consolidate and build an integrated and cohesive pan-European
business are developing well.
In terms of corporate governance and company structure, we have made much
progress in restructuring the European companies under a single holding company,
Ctrack European Holdings Limited.
The UK and Ireland were operationally profitable, but net profit was affected by
exceptional charges, as noted above. The European economic crisis has had a
marginal negative effect to date and system sales were flat on last year.
Sweden, Italy and Belgium have recorded strong increases in sales. Our core
markets in the Netherlands and Germany reflect lower sales volumes compared to
the previous year. In most countries, pricing pressure is still prevalent and
customers are becoming more demanding in terms of technology.
We progressed our European insurance roll out over the period by leveraging off
the invaluable experience gained in South Africa and technology first-mover
advantage in driver behaviour-related insurance telematics.
Africa
Our African operations beyond SA have recorded exceptional growth in the past
six months. Ctrack Africa is currently present in 22 countries, with
distributors located in 16 of these countries.
The African business unit exceeded budget for the first six months of the
financial year, rolling out some large projects with a few of the biggest mining
houses in the world (BHP Billiton and Rio Tinto).
As we expand our footprint in the mining sector in various countries, we will
train and use local distributors for first-line support, helping them grow their
own businesses.
Australia
The Australian and New Zealand operations (VMS) were substantially ahead of
budget for the six months. Major new Ctrack product launches and a rebranding
drive are planned for February 2012.
VMS continues to work with Transport Certification Australia on the electronic
work diary (EWD) project and has also started on a new trial, partnering with
Telstra and the federal government, on a new road tax project.
Sales opportunities in the region are growing. Discussions have started with
notable insurance companies while targeting vertical marketing silos, as
identified by global opportunities.
Industry comments
DigiCore is positioning itself to lead the industry shift away from selling
tracking services, towards a service-and-subscription revenue model supported by
an ongoing value-add solutions offering.
A new division, strategic and special projects, has been formed as part of the
group`s recent restructuring. This division is tasked to identify and define
innovative applications and future telematic trends. Insurance telematics is
just one example of this approach, with our success in this field reflected in
DigiCore`s insurance telematics solutions being duplicated in other countries.
Working on a number of other telematics initiatives outside the traditional
vehicle and fleet management areas, this is a key part of DigiCore`s strategy to
be a leader in reshaping the telematics industry.
Outlook
The European economic crisis remains a concern, but we are cautiously optimistic
that the group will show improved revenue and earnings growth for the full year
to 30 June 2012.
For and on behalf of the board.
NH Vlok BC Esterhuyzen
Chairman Chief Executive Officer
21 February 2012
ABRIDGED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
at 31 December 2011
31 Dec 11 31 Dec 10 30 Jun 11
R`000 Notes (Unaudited) (Unaudited) (Audited)
Assets
Non-current assets 447 953 360 321 417 021
Property, plant and equipment 2 181 859 130 380 158 265
Goodwill 156 512 174 874 156 234
Intangible assets 3 58 402 38 728 53 626
Investments in associates 6 813 2 494 4 525
Other financial assets 18 821 7 165 19 901
Deferred tax 25 546 6 680 24 470
Current assets 406 141 389 882 365 916
Inventories 116 629 98 437 93 859
Other financial assets 5 930 - -
Current tax receivable 2 046 4 650 2 046
Trade and other receivables 237 303 216 419 216 919
Cash and cash equivalents 44 233 70 376 53 092
Total assets 854 094 750 203 782 937
Equity and liabilities
Equity attributable to equity
holders of parent 624 997 492 871 613 982
Share capital and premium 166 215 82 585 166 215
Foreign currency translation reserve (18 253) (30 725) (14 194)
Share-based payment reserve 7 288 4 484 7 288
Retained income 469 747 436 527 454 673
Non-controlling interest 20 345 14 732 17 322
Non-current liabilities 39 048 35 826 35 130
Other financial liabilities 26 543 31 896 26 324
Finance lease obligation 4 10 430 3 418 6 731
Deferred tax 2 075 512 2 075
Current liabilities 169 704 206 774 116 503
Other financial liabilities 5 16 936 6 299 6 560
Current tax payable 19 907 10 130 12 214
Finance lease obligation 4 5 616 2 686 4 923
Trade and other payables 93 230 89 714 81 412
Provisions 12 015 9 286 10 871
Bank overdraft 22 000 88 659 523
Total equity and liabilities 854 094 750 203 782 937
Net asset value per share (cents) 252,4 226,4 247,9
Net tangible asset value per share (cents) 165,6 128,3 163,1
ABRIDGED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
for the six months ended 31 December 2011
Six months Six months Year
ended ended ended
31 Dec 11 Growth 31 Dec 10 30 Jun 11
R`000 (Unaudited) % (Unaudited) (Audited)
Revenue 400 504 24 322 442 712 248
Earnings before interest,
impairments, taxation,
depreciation and amortisation
(EBITDA) 70 722 12 63 157 130 715
Depreciation and
amortisation (32 744) 43 (22 889) (46 661)
Impairment of intangible assets - - (139)
Operating profit 37 978 (6) 40 268 83 915
Investment revenue 142 75 85
Income/(Loss) from
equity-accounted investments 288 (583) 436
Finance costs (1 309) (3 667) (6 283)
Profit before taxation 37 099 3 36 093 78 153
Taxation (10 719) (2) (10 943) (23 733)
Profit after tax 26 380 5 25 150 54 420
Profit attributable to:
Equity holders of the
parent 23 804 5 22 774 49 454
Non-controlling interest 2 576 2 376 4 966
26 380 25 150 54 420
Other comprehensive
(loss)/income:
Exchange differences on
translating foreign
operations (4 059) (8 981) 7 550
Total comprehensive
income for the period 22 321 38 16 169 61 970
Total comprehensive
income for the period
attributable to:
Equity holders of the parent 19 745 43 13 793 57 004
Non-controlling interest 2 576 2 376 4 966
22 321 16 169 61 970
Six months
Six months ended
ended Growth 31 Dec 10
Earnings per share (Note 6) 31 Dec 11 % Restated*
Earnings per share (cents) 10,1 (6) 10,7
Diluted earnings per share (cents) 10,1 (6) 10,7
Headline earnings per share (cents) 10,0 (4) 10,5
Diluted headline earnings per share (cents) 10,0 (4) 10,5
Interim dividend per share (cents) 3,0 3,0
Final dividend per share (cents)
Number of ordinary shares in issue (`000) 247 669 217 669
Weighted average number of ordinary
shares in issue (`000) 235 464 210 018
Prior period adjusted for effect
of rights issue (`000) 2 100
Weighted number of shares in issue
to be used in the calculation of basic
and diluted earnings per share (`000) 235 464 212 118
Reconciliation of headline earnings:
Basic and diluted earnings 23 804 22 774
Adjusted for:
Profit on sale of fixed assets (209) (770)
Impairment of intangible assets - -
23 595 22 004
Tax effect on adjustments 58 216
Basic and diluted headline earnings 23 653 22 220
Six months
ended
31 Dec 10 Year
(As previously ended
Earnings per share reported) 30 Jun 11
Earnings per share (cents) 10,8 22,4
Diluted earnings per share (cents) 10,8 22,4
Headline earnings per share (cents) 10,5 22,2
Diluted headline earnings per share (cents) 10,5 22,2
Interim dividend per share (cents) 3,0
Final dividend per share (cents) 3,0
Number of ordinary shares in issue (`000) 247 669
Weighted average number of ordinary
shares in issue (`000) 220 756
Prior period adjusted for effect of rights issue (`000)
Weighted number of shares in issue
to be used in the calculation of basic
and diluted earnings per share (`000) 220 756
Reconciliation of headline earnings:
Basic and diluted earnings 49 454
Adjusted for:
Profit on sale of fixed assets (749)
Impairment of intangible assets 139
48 844
Tax effect on adjustments 210
Basic and diluted headline earnings 49 054
*Earnings per share and diluted earnings per share have been restated for 2010
financial period due to the rights issue of shares.
ABRIDGED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
for the six months ended 31 December 2011
Six months Six months Year
ended ended ended
31 Dec 11 31 Dec 10 30 Jun 11
R`000 (Unaudited) (Unaudited) (Audited)
Share capital and premium
Share capital and premium at the
beginning of the period 166 215 82 585 82 585
Issue of shares - - 83 630
Share capital and premium at the end
of the period 166 215 82 585 166 215
Reserves
Foreign currency translation reserve
Balance at the beginning of the period (14 194) (21 744) (21 744)
Translation differences for the period (4 059) (8 981) 7 550
Balance at the end of the period (18 253) (30 725) (14 194)
Equity-settled share-based payment
reserve
Balance at the beginning of the period 7 288 4 484 4 484
Share-based payment cost for the period - - 2 804
Balance at the end of the period 7 288 4 484 7 288
Reserves at the end of the period (10 965) (26 241) (6 906)
Retained income
Retained income at the beginning of
the period 454 673 420 065 420 065
Profit for the period 23 804 22 774 49 454
Dividends paid (8 730) (6 312) (14 846)
Retained income at the end of the
period 469 747 436 527 454 673
Non-controlling interest
Balance at the beginning of the period 17 322 12 356 12 356
Non-controlling interest on
acquisitions made during the period 447
Profit for the period 2 576 2 376 4 966
Balance at the end of the period 20 345 14 732 17 322
ABRIDGED CONSOLIDATED STATEMENTS OF CASH FLOWS
for the six months ended 31 December 2011
Six months Six months Year
ended ended ended
31 Dec 11 31 Dec 10 30 Jun 11
R`000 (Unaudited) (Unaudited) (Audited)
Cash flows from operating activities 24 118 16 452 64 853
Cash generated from operations 37 041 30 139 109 713
Interest income 142 75 85
Dividends paid (8 730) (6 312) (14 846)
Finance costs (1 309) (3 667) (6 283)
Tax paid (3 026) (3 783) (23 816)
Cash flows from investing activities (69 442) (34 679) (108 456)
Cash flows from financing activities 14 988 (12 367) 83 854
Total cash and cash equivalents
movement for the period (30 336) (30 594) 40 251
Cash and cash equivalents at the
beginning of the period 52 569 12 311 12 318
Total cash and cash equivalents at
the end of the period 22 233 (18 283) 52 569
SEGMENTAL ANALYSIS
for the six months ended 31 December 2011
Six months Six months Year
ended ended ended
31 Dec 11 31 Dec 10 30 Jun 11
R`000 (Unaudited) (Unaudited) (Audited)
Revenue
SA Distribution 271 433 249 313 523 397
External Revenue 257 762 220 158 480 049
Internal Segment Revenue 13 671 29 155 43 348
Foreign Distribution 128 140 84 615 198 040
External Revenue 122 881 84 615 198 040
Internal Segment Revenue 5 259 - -
Product Development and Manufacturing 108 275 95 481 206 157
External Revenue 15 477 9 548 26 770
Internal Segment Revenue 92 798 85 933 179 387
Group Services 6 862 10 581 20 109
External Revenue 4 384 8 121 7 389
Internal Segment Revenue 2 478 2 460 12 720
514 710 439 990 947 703
Inter Segmental Revenue (114 206) (117 548) (235 455)
400 504 322 442 712 248
Operating profit/(loss)
SA Distribution 26 125 33 520 58 812
Foreign Distribution (Note 7) (1 218) 3 204 3 008
Product Development and Manufacturing 10 948 (3 119) 14 661
Group Services 2 123 6 663 7 434
37 978 40 268 83 915
Investment revenue 142 75 85
Income/(Loss) from equity-accounted
investments 288 (583) 436
Finance costs (1 309) (3 667) (6 283)
Profit before taxation 37 099 36 093 78 153
Segment assets
SA Distribution 305 479 271 590 287 701
Foreign Distribution 171 201 109 817 135 771
Product Development and Manufacturing 168 194 161 027 161 814
Group Services 266 377 239 132 246 808
911 251 781 566 832 094
Eliminations (57 157) (31 363) (49 157)
Total assets 854 094 750 203 782 937
Segment liabilities
SA Distribution (60 348) (77 448) (50 845)
Foreign Distribution (113 181) (74 429) (33 994)
Product Development and Manufacturing (19 061) (40 733) (25 864)
Group Services (73 319) (81 353) (90 087)
(265 909) (273 963) (200 790)
Eliminations 57 157 31 363 49 157
Total liabilities (208 752) (242 600) (151 633)
NOTES TO THE ABRIDGED GROUP INTERIM FINANCIAL STATEMENTS
1. Basis of preparation and presentation of interim financial statements
The abridged group interim financial statements have been prepared in accordance
and comply with International Financial Reporting Standards and are presented in
terms of disclosure requirements set out in IAS 34: Interim Financial Reporting,
as well the AC 500 standards as issued by the Accounting Practices Board or its
successor, the JSE Limited ("JSE") Listings Requirements, and the requirements
of the Companies Act, 2008.
The financial statements are based on appropriate accounting policies,
consistently applied with those used in the audited annual financial statements
for the year ended 30 June 2011, which are supported by reasonable and prudent
judgements and estimates.
The board has approved the group interim financial statements which have been
abridged for purposes of this report. The interim financial statements were
compiled under the supervision of Mr FJ Schindehutte CA(SA), the Group Chief
Financial Officer and Mr V Venkatkumar CA(SA), the Group Financial Manager.
The group interim financial statements have not been audited or reviewed by the
group`s auditors, PKF (Gauteng) Incorporated.
Any reference to future financial performance included in this announcement has
not been reviewed or reported on by the group`s auditors.
2. Property, plant and equipment
Property, plant and equipment has increased over the six-month period due to
significant investment into the motor vehicle fleet of R7,4 million and into
rental assets of R36,4 million. The group`s overseas operations also increased
their asset base by R6,1 million over the same period.
3. Intangible assets
During the six-month period a further R5,9 million worth of development costs
were capitalised to the statement of financial position for development of
vehicle tracking solutions to be sold in the future. Of this amount R2,5 million
relates to the integrated fare collection project.
4. Finance lease obligations
Finance lease obligations have increased by R4,4 million over the six-month
period due to the expansion of the group`s motor vehicle fleet.
5. Other financial liabilities
Other financial liabilities include the unsecured overdraft facilities granted
to the group by Grindrod Bank which bears interest at prime plus 1%, the bond
over group`s head office property in the Route 21 Corporate Park, and the Euro-
denominated loan with Barclays Bank.
6. Earnings per share
The difference between the total number of shares in issue and the weighted
number of shares in issue relates to treasury shares, held by the share trust to
provide share options to employees that will convert in future.
The weighted number of shares in issue for the prior interim period has
increased from the amount previously reported by 2,1 million shares due to the
rights offer.
This has had a reducing effect on the reported earnings per share for the prior
interim period from 10,8 cents per share to 10,7 cents per share. Headline
earnings per share has stayed constant for the prior interim period at 10,5
cents per share.
7. Segment information
There has been no change in the basis of segmentation or the measurement of
segment profit since the last interim or annual financial statements.
Included in the operating profit of the product development and manufacturing
segment is R2,5 million relating to C-Track Africa. C-Track Africa is a division
of this segment and focuses on the distribution of fleet management and vehicle
tracking solutions to the African consumer market, excluding South Africa.
8. Business combinations
Vehicle Management Systems (Proprietary) Limited
On 1 July 2011 the group purchased a further 41,9% interest in Vehicle
Management Systems (Proprietary) Limited ("VMS") taking the group`s shareholding
in VMS to 67% which resulted in the group obtaining control over VMS. The fair
value purchase consideration of R1 487 055 was paid in cash. The group
previously owned 25,1% of the issued share capital of VMS and the results of VMS
were accounted for using the equity method up until 30 June 2011. VMS is
principally involved in the distribution of fleet management and vehicle
tracking solutions to the Australian and New Zealand consumer market. As a
result of the acquisition, the group is expecting to increase their market share
in that area. It is also expecting to reduce costs through economies of scale.
Goodwill of R736 020 arising from the acquisition consists largely of the
synergies and economies of scale expected from combining the operations of the
entities, as well as from intangible assets which did not qualify for separate
recognition.
Goodwill is not deductible for income tax purposes.
Fair value of assets acquired and liabilities assumed
(figures in R`000)
Property, plant and equipment 799
Deferred tax 691
Inventories 1 987
Trade and other receivables 7 427
Cash and cash equivalents 2 050
Trade and other payables (6 214)
Other financial liabilities (5 179)
Current tax payable (121)
Total identifiable net assets on 1 July 2011 1 440
Fair value of non-controlling interest on 1 July 2011 (447)
Goodwill 736
1 729
Acquisition date fair value of consideration paid
Cash (1 487)
Fair value of investment in VMS at 30 June 2011 (242)
Revenue and profit or loss of VMS
Revenue of R30 million and profits of R3,1 million of VMS have been incorporated
into the group`s results for the six months ended 31 December 2011.
The acquisition of VMS is based on provisional fair values as the group has not
yet determined the fair values of the identifiable assets, liabilities and or
contingent liabilities. The fair value of the business will be accurately
determined by the next reporting date.
9. Goodwill
The goodwill amount per the statement of financial position is
reconciled as follows: (figures in R`000)
Balance at 30 June 2011 156 234
Additions through business combinations 736
Foreign exchange movements (458)
Balance at 31 December 2011 156 512
10. Post period-end events
As announced on the SENS on 13 January 2012, the group has entered into a
transaction to purchase the remaining 30% of the issued share capital of
DigiCore Fleet Management SA (Proprietary) Limited. The fair value consideration
for the transaction is set at R13,2 million and is payable within 24 months from
25 July 2011. In terms of the transaction the 30% shareholding will vest in
DigiCore only once the consideration is paid in full, therefore the effective
date of this transaction is 25 July 2013.
Other than those disclosed above, there have been no significant events
subsequent to the reporting date and up to the date of this report that would
require adjustment to the interim financial statements or further disclosure.
CORPORATE GOVERNANCE
The board of directors aspires to conduct the group`s business with
responsibility, accountability, fairness and transparency and strives to be a
good corporate citizen.
The directors agree with the spirit and principles of corporate governance set
out in the King Report on Governance in South Africa (2009) (King III). The
board is committed to applying appropriate corporate governance policies and
practices in each company in the group.
The JSE mandates certain disclosure requirements on corporate governance and
DigiCore complies in all material aspects to the regulations and codes of the
exchange.
SUSTAINABILITY
Sustainability forms the cornerstone of our values and is part of our board`s
mandate. The group understands that its business is part of the greater
environment in which we live, so our actions are shaped by national and
international trends in sustainable development. DigiCore is a long-term
business and this determines our actions as the group strive to be a responsible
corporate citizen and respect the society and environment in which we operate.
The focus of the group going forward is to balance financial growth with our
focus on people, especially staff satisfaction, while ensuring we remain
committed to equal opportunity employment and stakeholder satisfaction. It
underpins our approach to attracting, retaining and developing our people. It
guides our actions in the contribution we make to preserving our environment. It
drives our continued cost-effective growth.
In support of the vision and strategy on sustainability, the group has adopted
the Global Reporting Initiative Framework for which a report has been prepared
in accordance with GRI G3.1 guidelines. With the release of the Integrated
Annual Report 2011 in October 2011, DigiCore obtained external assurance and the
application level C+ report is available. Please refer to the website for
further information on sustainability within the group.
CORPORATE PROFILE
DigiCore is a JSE-listed company that provides its global client base with
advanced mobile asset-tracking and management solutions. The company owns
proprietary technology that is ahead of the market thanks to 20 years of
extensive investment in research and development.
With over 600 000 systems sold globally, DigiCore is a leader in telematic
technology and delivers real efficiencies and cost savings to a host of blue-
chip companies from all corners of the globe, as well as tens of thousands of
satisfied private vehicle owners.
The company`s operations extend to six continents and it has more than 1 200
full-time employees, with another 1 000 partner staff involved with the Ctrack
product. DigiCore specialises in the entire telematics value chain from
research, design, development, manufacture, to sales and support of its
proprietary technology - a genuine end-to-end solution provider.
DigiCore`s core business is Telematics Technology:
- we supply superior mobile asset tracking and machine to machine communication
solutions for managing fleets, equipment, containers, private vehicles and
mobile field workers,
- we develop integrated software solutions for asset management, dispatching,
scheduling and information management to fleet owners, the insurance industry,
private vehicle owners and public transport operators.
- Contactless electronic fare collection systems for the public transport
industry,
and
- We are a 51% shareholder in MotorOne, a supplier of "after sales" accessories
to motor dealerships. Accessories include security and "infotainment" products
as well as Ctrack.
CHANGES TO THE BOARD OF DIRECTORS
The following changes to the board took place over the period:
- Mr Francois Schindehutte resigned as Group Chief Financial Officer with effect
from 10 February 2012; and
- Mr Andreas (Re) Voogt has been appointed as the Group Chief Financial Officer.
Shareholders are referred to the SENS announcement dated 27 January 2012.
CASH DIVIDEND DECLARATION
In line with company policy, the board has declared an interim dividend of 3
cents per share for the six months ended 31 December 2011 (2010: 3 cents per
share). Payment will be made on Monday, 14 May 2012 to shareholders recorded in
the register on Friday, 11 May 2012. The last day to trade to qualify for the
dividend will be Friday, 4 May 2012 and the shares will be traded ex dividend
from Monday, 7 May 2012.
Share certificates may not be dematerialised or rematerialised between Monday, 7
May 2012 and Friday, 11 May 2012.
Registered office
DigiCore Building, Regency Office Park, 9 Regency Drive, Route
21 Corporate Park, Irene Ext 30, Centurion, South Africa
P.O. Box 68270, Highveld Park, 0169, Tel: +27 (0)12 450 2222,
Fax: +27 (0)12 450 2497
Transfer secretaries
Computershare Investor Services (Pty) Limited, 70 Marshall Street,
Johannesburg, 2001
P.O. Box 61051, Marshalltown, 2107
Sponsor
PSG Capital (Pty) Limited
Auditors
PKF (Gauteng) Incorporated
Directorate
Executive
BC Esterhuyzen (Chief Executive Officer), SR Aberdein,
D du Rand, MD Rousseau, J Verster
Non-executive
NH Vlok (Non-executive Chairman),
NA Gasa (Lead independent), BS Khuzwayo, B Marx,
LG Msengana-Ndlela, SS Ntsaluba, G Pretorius, JD Wiese
Company secretary
DA Nieuwoudt
www.digicore.com
www.ctrack.co.za
Date: 21/02/2012 07:09:13 Supplied by www.sharenet.co.za
Produced by the JSE SENS Department.
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