Wrap Text
Audited Group financial results for the year ended 31 March 2013
MiX Telematics Limited
Incorporated in the Republic of South Africa.
Registration number 1995/013858/06
JSE code: MIX
ISIN: ZAE000125316
(MiX or the Company or the Group)
Audited Group financial results for the year ended 31 March 2013
HIGHLIGHTS
- Revenue R1 171 million up 15.0% - HEPS 20.1 cents per share up 26.4%
- Annuity revenue R687 million up 19.1% - Net cash R88 million up 93.5%
- EBITDA R285 million up 19.8% - Subscribers 359 000 up 30.5%
The audited Group financial results were prepared under the supervision of Megan Pydigadu CA(SA) in her capacity as
Group Financial Director and were made available on 10 June 2013.
Chief Executive Officers Report for Fiscal 2013
MiX Telematics is a leading global provider of fleet and mobile asset management solutions, delivered as
software as a service, or SaaS.
Fiscal 2013 proved to be another strong year for the MiX Telematics Group. Our overall subscriber base grew to over
359 000 active subscribers, an increase of over 30%. While total revenue was up 15% to R1 171 million, we have seen
acceleration in the growth of our recurring revenue component, which grew over 19% to R687 million. Our subscriber base is the
economic engine of our business and we believe the Groups strong performance in this area bodes well for the future.
EBITDA was up nearly 20% at R285 million. We finished the year with headline earnings of R132 million, up 26% over the
previous year. This translates to 20.1 cents per share (15.9 cents per share in 2012).
We derive the majority of our revenues from subscriptions to our fleet and mobile asset management solutions. Our
subscriptions generally include access to our SaaS solutions, connectivity, and in many cases, use of an in-vehicle device.
We also generate revenues from the sale of in-vehicle devices, which enable customers to use our subscription-based
solutions. Sales are generated through the efforts of our direct sales teams, staffed in our regional sales offices, and
through our global network of distributors and dealers. The direct sales teams focus on marketing our fleet solutions to
multi-national enterprise accounts and to other large customer accounts.
We have built our software solutions to be highly scalable and flexible to support geographically distributed fleets
of any size. We currently provide subscription services to customers ranging from small fleet operators and consumers to
large enterprise fleets of more than 10 000 vehicles.
We have globalised sales, distribution and support capabilities. We currently maintain a direct or indirect sales and
support presence, with localised application support in 24 languages, for customers in 112 countries across Africa,
Asia, Australia, Europe, the Middle East, North America and South America. In seven of those countries, we own and manage
regional operations and engage directly with our customers. In the balance of the countries we generally deal through
third-party distributors. Our regional operations source products and services from the business we call MiX International.
This operation, based in Stellenbosch, South Africa, is responsible for much of the design, development and procurement
of the MiX range of products and services. MiX International is a central services organisation that wholesales our
products and services to our regional distribution network. We believe our global presence gives us an important advantage
in competing for business from multi-national enterprise fleet customers.
Our solutions deliver a measurable return by enabling our customers to manage, optimise and protect their investments
in commercial fleets or personal vehicles. We generate actionable intelligence that allows a wide range of customers,
from large enterprise fleets to small fleet operators and consumers, to reduce fuel and other operating costs, improve
efficiency, enhance regulatory compliance, promote driver safety, manage risk and mitigate theft.
All of our regional fleet operations grew their subscriber bases but some fared better than others against plan. As a
consequence of our global subscriber growth, MiX International performed well during the year under review. At the
beginning of the year, we transferred the business relationship management of all of our third-party distributors based in
the Middle East from MiX International to our regional operation headquartered in Dubai - although this was an absolutely
logical move from an operational efficiency perspective, it has skewed the segmental picture from a year-on-year
comparative perspective by approximately $1 million of EBITDA in favour of MiX MEA.
Middle East - We have a well-established operation in place with a committed distributor channel in multiple
countries. Our experienced team has delivered a great performance with a series of solid wins that not only kept us ahead of
plan for the period, but also bode well for the future.
Africa - This operation enjoyed a great year with growth at both top-line and profit level. The team delivered
substantial subscriber growth, winning prize contracts in the midst of tough competition. New product offerings, which
include a trailer-tracking solution, are being viewed favorably by customers. As we reported at the half-year, we are also
pleased with our recent acquisition of Intellichain, which has bedded down nicely. Intellichains integrated supply-chain
management software dovetails with our MiX Fleet Manager offerings and enhances our ability to further grow the SaaS
component of our annuity stream.
North America - Although we did see strong subscriber and annuity revenue growth out of this operation, this was
mainly due to the rollout of two large deals that had been won in the previous fiscal year. Our North America segment has
historically been focused on the oil-and-gas industry, which is generally characterised by large fleet sales
opportunities but relatively long sales cycles. We are currently competing for a number of high value tenders on which we are
cautiously optimistic but in the meantime, the team is seeking new vertical opportunities to complement the oil-and-gas
vertical. In addition, we are gaining momentum in our efforts to develop the Latin American market.
Europe - Although this business was behind plan for the year primarily due to difficult trading conditions, we did
achieve some slow but steady improvement as the year progressed. We won a sizeable bus deal in Ireland and this, coupled
with the ongoing rollout of a leading bus operator in Belgium and a four-year contract extension by Go-Ahead Bus in the
UK, has firmly positioned us as a leading supplier to the bus and coach industry in the region. The business delivered
double-digit subscriber growth for the year but Sterling revenue is down on the previous comparative period for two
reasons:
- In the comparative period we still had revenue from One Stop Shop (the business we disposed of in the 2012
financial year).
- We converted the legacy Datatrak subscribers onto our core MiX platform and then closed down the Datatrak network
in fiscal 2012. This conversion resulted in lower average revenue per subscriber carrying forward into our latest fiscal
year.
Australia - This operation has delivered excellent performance for the year and in the process has concluded a
number of large deals both in the resource sector and most notably, a sizeable deal with a bus operator, which is our first
regional beachhead in the bus and coach market, a vertical in which we have developed significant expertise.
Consumer Solutions - The activities of this operation are not strictly restricted to the Business-to-Consumer (B2C)
market - there is also a large Business-to-Business (B2B) component to this operation. Through our widely recognised
Matrix and Beam-e brands, we provide our customers with a broad range of value-added safety and convenience features such as
Crash Alert, No-Go-Zones, and even an automated Tax Logbook which is accessed by our customers online through our
SaaS platform. In addition, we provide our business customers with location-based services for fleet movement and depot
management purposes. This division delivered strong performance this year particularly at the subscriber growth level.
As we reported at the half-year, there has been broad market acceptance of our new Beam-e offering. Analysis of the
numbers will reveal that the subscriber growth in our Consumer Solutions business does not appear to have flowed through to
the revenue line - this is not the case; earlier this fiscal year, we renegotiated the cellular data package that we use
in this division to a non-CIB (connection incentive bonus) package. The quid pro quo for foregoing this CIB (and the
resultant negative impact on our revenue line) is that our monthly cellular data costs have reduced and the overall effect
is that this change is earnings enhancing. Our Consumer Solutions division currently operates primarily in South Africa
but our team is in the process of taking the first steps towards globalisation.
Moving onto a few additional indicators:
Annuity revenue
We are pleased to again show strong growth at a subscriber level with an overall increase in our active base (net of
churn) of over 30% year-on-year. Although some subscriber growth is attributable to our lower ARPU
(average revenue per user) services such as Beam-e, we have seen good growth flowing through to the annuity revenue line,
which totalled R687 million for the period, a year-on-year rise of over 19%. Our annuity revenue has risen to close to
60% of total revenue.
Cash
The Group delivered a strong performance in the second half of the year and generated cash from operations of close to
R288 million for the year (R192 million in 2012) and we concluded the year in a net cash position (net cash on hand
minus outstanding debt) of R88 million. This was achieved even after paying out dividends of R79 million to shareholders
this year. As a consequence of the continued strong generation of cash and profitability the Board has approved a final
dividend of 6 cents per share. When added to the interim dividend of 4 cents per share paid in December, this gives a
total distribution of 10 cents per share (an increase of 25% over the prior year).
Having put another solid year behind us, our team is excited about the new opportunities and challenges that we face
in the year ahead. Despite a turbulent economic outlook in many of the territories in which we operate, we believe we
have the passion, talent, technologies, geographic spread and strategies in place to meet our growth objectives.
On behalf of the Board of Directors, we would like to extend our gratitude to our employees for their ongoing hard
work and commitment. Thank you!
Summary consolidated income statement
Year ended Year ended
31 March 31 March
2013 2012
Audited Audited
R000 R000
Revenue 1 171 480 1 018 482
Cost of sales (424 545) (390 926)
Gross profit 746 935 627 556
Other (expenses)/income - net (421) 7 008
Operating expenses (565 318) (488 176)
Operating profit (note 4) 181 196 146 388
Finance income 2 018 2 392
Finance cost (3 348) (5 265)
Profit before taxation 179 866 143 515
Taxation (51 400) (40 275)
Profit for the year 128 466 103 240
Attributable to:
Shareholders of the parent 128 471 103 240
Non-controlling interests (5) -
128 466 103 240
Summary consolidated statement of comprehensive income
Year ended Year ended
31 March 31 March
2013 2012
Audited Audited
R000 R000
Profit for the year 128 466 103 240
Other comprehensive income/(losses):
Exchange differences on translating
foreign operations 37 090 29 816
Exchange differences on net investments
in foreign operations 3 142 (6 718)
Other comprehensive income for the year, 40 232 23 098
net of tax
Total comprehensive income for the year 168 698 126 338
Attributable to:
Shareholders of the parent 168 703 126 338
Non-controlling interests (5) -
168 698 126 338
Ordinary shares (000)
- in issue 659 963 657 200
- weighted average 658 456 657 045
- diluted weighted average 674 772 662 322
Attributable earnings per share (cents)
- basic 19.5 15.7
- diluted 19.0 15.6
Summary consolidated statement of financial position
31 March 31 March 1 April
2013 2012 2011
(Restated) (Restated)
Audited Audited Audited
R000 R000 R000
ASSETS
Non-current assets
Property, plant and equipment 96 547 85 207 81 038
Intangible assets 645 736 643 086 647 013
Finance lease receivable 6 359 - -
Deferred tax assets 13 868 13 266 11 302
Total non-current assets 762 510 741 559 739 353
Current assets
Inventory 38 927 35 903 26 355
Trade and other receivables 186 987 163 125 114 744
Loan to external party - 6 001 -
Finance lease receivable 3 604 - -
Taxation 4 823 - 1 897
Restricted cash 8 235 3 133 1 852
Cash and cash equivalents 147 702 118 695 110 007
Total current assets 390 278 326 857 254 855
Total assets 1 152 788 1 068 416 994 208
EQUITY AND LIABILITIES
Capital and reserves
Stated capital 790 491 - -
Share capital - 13 13
Share premium - 787 589 787 353
Other reserves (111 362) (154 745) (179 844)
Retained earnings 188 750 139 233 75 413
Equity attributable to shareholders
of the parent 867 879 772 090 682 935
Non-controlling interest (5) - -
Total equity 867 874 772 090 682 935
Non-current liabilities
Borrowings - - 36 070
Deferred tax liabilities 8 605 25 816 28 170
Provisions 283 - 1 092
Total non-current liabilities 8 888 25 816 65 332
Current liabilities
Trade and other payables 184 397 157 038 133 190
Borrowings 3 472 22 941 27 508
Taxation 10 691 11 403 4 669
Provisions 21 461 28 963 40 606
Bank overdraft 56 005 50 165 39 968
Total current liabilities 276 026 270 510 245 941
Total equity and liabilities 1 152 788 1 068 416 994 208
Net cash (note 6) 88 225 45 589 6 461
Net asset value per share (cents) 131.5 117.5 103.9
Net tangible asset value per
share (cents) 33.7 19.6 5.5
Capital expenditure
- incurred for the year ended 94 147 77 466 -
- authorised but not spent 44 497 37 304 34 815
Summary consolidated statement of changes in equity
Year ended 31 March 2013 Stated Share Share Other Retained Total Non- Total
capital capital premium reserves earnings R000 controlling equity
R000 R000 R000 R000 R000 interest R000
R000
Balance at 1 April 2011 - 13 787 353 (179 844) 75 413 682 935 - 682 935
Total comprehensive income for the year - - - 23 098 103 240 126 338 - 126 338
Dividend declared of 6 cents per share (note 8) - - - - (39 420) (39 420) - (39 420)
Shares issued in relation to share options exercised - * 236 - - 236 - 236
Share-based payment - - - 2 001 - 2 001 - 2 001
Balance at 31 March 2012 - 13 787 589 (154 745) 139 233 772 090 - 772 090
Total comprehensive income for the year - - - 40 232 128 471 168 703 (5) 168 698
Dividends declared of 8 cents and 4 cents per share,
respectively (note 8) - - - - (78 954) (78 954) - (78 954)
Shares issued in relation to share options exercised 464 * 2 425 - - 2 889 - 2 889
Share-based payment - - - 3 151 - 3 151 - 3 151
Transfer from share capital and share premium to
stated capital 790 027 (13) (790 014) - - - - -
Balance at 31 March 2013 790 491 - - (111 362) 188 750 867 879 (5) 867 874
*Amount less than R1 000
Reconciliation of headline and adjusted headline earnings
Year ended Year ended
31 March 31 March
2013 2012
Audited Audited
R000 R000
Profit for the year attributable
to shareholders of the parent 128 471 103 240
Adjusted for:
(Profit)/loss on disposal of property,
plant and equipment and intangible assets (314) 430
Impairment of product development
costs capitalised 5 158 1 332
Foreign currency translation reserve
released due to liquidation of
intermediary subsidiary holding company 394 -
Tax effect on the above components (1 357) (323)
Headline earnings attributable
to shareholders of the parent 132 352 104 679
Headline earnings per share (cents)
- basic 20.1 15.9
- diluted 19.6 15.8
Headline earnings attributable to shareholders
of the parent 132 352 104 679
Amortisation of intangible assets arising
out of business combinations 10 421 18 500
Trading loss from business unit disposed of - 3 509
Tax effect on the amortisation of intangible
assets arising out of business combinations (1 644) (3 235)
Adjusted headline earnings attributable
to shareholders of the parent 141 129 123 453
Adjusted headline earnings per share (cents)
- basic 21.4 18.8
- diluted 20.9 18.6
Summary consolidated statement of cash flows
Year ended Year ended
31 March 31 March
2013 2012
(Restated)
Audited Audited
R000 R000
Operating activities
Cash generated from operations 287 847 192 477
Net financing costs (1 541) (3 632)
Taxation paid (74 388) (35 769)
Net cash generated from operating activities 211 918 153 076
Investing activities
Capital expenditure, net of government
grant received (91 940) (77 466)
Loan granted to external party - (5 486)
Acquisition of business, net of cash acquired 23 -
Proceeds on sale of property, plant and
equipment and intangible assets 966 867
Increase in restricted cash (5 103) -
Net cash used in investing activities (96 054) (82 085)
Financing activities
Proceeds from issuance of ordinary shares 2 889 236
Repayment of borrowings (19 701) (41 548)
Dividends paid to companys shareholders (78 874) (39 374)
Net cash used in financing activities (95 686) (80 686)
Net increase/(decrease) in cash and cash equivalents 20 178 (9 695)
Net cash and cash equivalents at beginning
of the year 68 530 70 039
Exchange gains on cash and cash equivalents 2 989 8 186
Net cash and cash equivalents at end of the year 91 697 68 530
Summary segment analysis
Total Intersegment
revenue revenue EBITDA Assets
R000 R000 R000 R000
Year ended 31 March 2013
Africa Consumer solutions 343 578 (11 910) 86 580 279 239
Fleet solutions 281 937 (5 838) 92 429 83 047
Europe Fleet solutions 128 116 (576) (4 796) 60 078
North America Fleet solutions 155 657 - 2 271 53 067
Middle East and Australasia Fleet solutions 265 598 - 32 445 129 133
Brazil Fleet solutions - - (2 062) 4 529
International Fleet solutions and development 330 755 (315 837) 92 728 243 284
Total 1 505 641 (334 161) 299 595 852 377
Corporate and consolidation entries - - (15 055) 415 493
Inter-segment elimination (334 161) 334 161 - (115 082)
Total 1 171 480 - 284 540 1 152 788
Year ended 31 March 2012
Africa Consumer solutions 342 324 (8 546) 73 523 253 162
Fleet solutions 232 542 (2 953) 79 040 79 082
Europe Fleet solutions 126 782 - (6 541) 71 110
North America Fleet solutions 156 013 (298) 13 532 54 365
Middle East and Australasia Fleet solutions 131 393 - 14 528 72 333
International Fleet solutions and development 286 433 (245 208) 83 450 258 692
Total 1 275 487 (257 005) 257 532 788 744
Corporate and consolidation entries - - (19 980) 408 349
Inter-segment elimination (257 005) 257 005 - (128 677)
Total 1 018 482 - 237 552 1 068 416
Notes to the summary consolidated financial results 1. Independent audit
These summary consolidated financial results have been audited by our independent auditors, PricewaterhouseCoopers Inc., who have performed
their audit in accordance with the International Standards on Auditing. A copy of their unqualified audit report is available for inspection
at the Companys registered office.
2. Basis of preparation and accounting policies
These summary consolidated financial statements have been derived from the audited consolidated financial statements of MiX Telematics Limited
for the year ended 31 March 2013, and have been prepared in accordance with the recognition and measurement criteria of International Financial
Reporting Standards (IFRS) and are in compliance with Section 8.57 of the Listings Requirements of the JSE Limited and the requirements of the
Companies Act of South Africa. A copy of the full set of consolidated financial statements is available for inspection at the Companys registered
office.
The accounting policies are consistent in all material respects with those applied in the preparation of the consolidated financial statements for
the year ended 31 March 2012, except for the reclassification of in-vehicle devices from inventory held in client vehicles (installed) and inventory
(uninstalled) to property, plant and equipment (note 12). The Group has adopted all the new, revised or amended accounting pronouncements as issued
by the International Accounting Standards Board (IASB) which were effective for the Group from 1 April 2012. None of the adopted pronouncements
had a material impact on the consolidated results for the year ended 31 March 2013.
3. Operating segments
The MiX Telematics businesses are managed primarily on a geographic and also on a product basis. This is in accordance with the profit measures as
evaluated by the chief operating decision-maker of the Group. A reconciliation of EBITDA to operating profit is set out in note 4.
4. Operating profit and EBITDA
Year Year
ended ended
31 March 31 March
2013 2012
Audited Audited
R000 R000
Operating profit and EBITDA
Operating profit 181 196 146 388
Add depreciation, amortisation and impairments (note 5) 103 344 91 164
EBITDA per segmental analysis 284 540 237 552
5. Depreciation, amortisation and impairment
Year Year
ended ended
31 March 31 March
2013 2012
Audited Audited
R000 R000
Depreciation, amortisation and impairments
Depreciation and amortisation 87 765 71 332
Amortisation of intangible assets arising out of business combinations 10 421 18 500
Impairment of intangible assets 5 158 1 332
Total 103 344 91 164
6. Net cash
Net cash is calculated as being net cash and cash equivalents, excluding restricted cash less interest-bearing borrowings.
7. Borrowings
Borrowings decreased from R22.9 million to R3.5 million at 31 March 2013. The decrease in borrowings is due to repayments of R26.0 million during
the year offset by draw downs of R6.5 million. The reduction in borrowings has contributed to a decrease in finance costs as compared to the
prior financial year.
8. Dividends
Final dividend
A final dividend of R52.6 million (2012: R39.4 million) was declared during the year and paid on 9 July 2012. Using shares in issue of 657.2 million
(2012: 657.0 million) this equates to a dividend of 8.0 (2012: 6.0) cents per share.
Interim dividend
An interim dividend of R26.4 million (2012: Nil) was declared during the year and paid on 10 December 2012. Using shares in issue of 659.5 million
this equates to a dividend of 4.0 (2012: Nil) cents per share.
9. Contingencies
Services Agreement
In terms of an amended network services agreement with Mobile Telephone Networks Proprietary Limited (MTN), MTN is entitled to claw back payments
from MiX Telematics Africa Proprietary Limited in the event of early cancellation of the agreement or certain base connections not being maintained
over the term of the agreement. Furthermore, no connection incentives will be received going forward. The maximum potential liability under the
arrangement is R65.1 million. No loss is expected under this arrangement.
Taxation
During the previous financial year, MiX Telematics Africa Proprietary Limited received a query and a subsequent reassessment of its tax liability
relating to the claiming of tax allowances in respect of section 24C of the South African Income Tax Act of 1962. In terms of this assessment,
the South African Revenue Services (SARS) disallowed the section 24C allowance going back to 2008 and charged interest thereon of approximately
R4 million. MiX Telematics Africa Proprietary Limited had been claiming the section 24C allowance on the basis of a legal opinion obtained from a
prominent South African law firm. The section 24C allowance had always been fully disclosed in its tax return and had been previously allowed by
SARS. At 31 March 2013, after a successful appeal of the revised assessment, SARS issued a letter informing the Company that they will waive the
amount of interest charged. As no connection incentives are received going forward, the section 24C allowance is not claimed any longer. The deferred
tax liability in respect of the section 24C allowance was transferred to current tax payable and paid over to SARS during the current financial year.
10. Exchange rates
The following major rates of exchange were used:
Year ended Year ended
31 March 31 March
2013 2012
Audited Audited
R000 R000
SA Rand:United States Dollar - closing 9.24 7.69
- average 8.50 7.43
SA Rand:British Pound - closing 14.04 12.29
- average 13.43 11.84
11. Business combination
On 1 May 2012, the Group acquired the business of Intellichain Proprietary Limited (Intellichain) (constituting employees and specific assets and
liabilities), a supply chain management software business. The services offered by Intellichain are compatible with the Groups existing fleet management
solutions and the acquisition broadens the array of services offered to current and future fleet management customers. The purchase consideration amounted
to the outstanding balance of the loan provided to Intellichain in the prior financial year including interest accrued. The fair values of the assets
acquired and liabilities assumed are as follows:
R000
Property, plant and equipment 182
Software 5 739
Trade receivables 756
Cash and cash equivalents 23
Trade and other payables (654)
Total identifiable assets 6 046
Acquisition date fair value of consideration paid 6 046
The Group has finalised the identification and allocation of fair values to all assets and liabilities acquired. The post-acquisition revenue of R6.6 million
and the post-acquisition loss of R1.6 million have been included in the consolidated results. Had Intellichain been consolidated from 1 April 2012, the
consolidated income would show pro-forma revenue of R7.1 million and a net loss of R1.8 million in respect of this business.
The at-acquisition fair value of trade receivables was R0.8 million of which none is expected to be uncollectible at 31 March 2013.
No material acquisition-related expenses were incurred in relation to the acquisition of the business.
12. Restatement
The Group has certain tracking devices which are installed in customer vehicles (in-vehicle devices). In prior years, the Group classified in-vehicle devices
installed as inventory held in client vehicles, which was included as a separate financial statement line item under current assets in the statement of financial
position. In addition, devices which were designated for installation in client vehicles were accounted for as inventory.
During the current year, the Group changed the classification of in-vehicle devices to property, plant and equipment, since they represent tangible items that are
held for use in the supply of services, and are expected to be used for more than one period. Management have adjusted their accounting policy accordingly.
The reclassification has been adopted retrospectively and the comparative amounts have been restated accordingly.
The Groups income statement continues to include a systematic allocation of the cost of installed in-vehicle devices in cost of sales in the form of depreciation
(previously rental units consumed), and the change in classification therefore has no impact on the Groups income statement or statement of comprehensive income
or any of the earnings per share measures for the year ended 31 March 2012.
The effect on the consolidated statement of financial position as at 1 April 2011 (beginning of the comparative financial year) is an increase in property, plant
and equipment of R36.2 million (comprising both installed and uninstalled in-vehicle devices), the elimination of inventory held in client vehicles of R28.0 million
(representing installed in-vehicle devices) and a decrease in inventory of R8.2 million (representing uninstalled in-vehicle devices).
The effect on the consolidated statement of financial position at 31 March 2012 (comparative year) is an increase in property, plant and equipment of R39.8 million
(comprising both installed and uninstalled in-vehicle devices), the elimination of inventory held in client vehicles of R29.7 million (representing installed
in-vehicle devices) and a decrease in inventory of R10.1 million (representing uninstalled in-vehicle devices).
The Group classifies cash payments to acquire property, plant and equipment as investing activities, and the change in classification of in-vehicle devices from
inventory to property, plant and equipment therefore resulted in a change in classification of cash flows associated with the acquisition of such items. This is
because the Group now considers the expenditure associated with the acquisition of in-vehicle devices to have been made for resources intended to generate future
income and cash flows. The effects on the consolidated statement of cash flows for the year ended 31 March 2012 is an increase in cash generated from operations
of R26.7 million, and an increase in net cash used in investing activities of R26.7 million.
13. Subsequent events
Other than the items discussed below, the directors are not aware of any matter material or otherwise arising since year-end and up to the date of this report, not
otherwise dealt with herein.
Dividends declared
Shareholders are advised that, subsequent to 31 March 2013, a cash dividend of 6 cents per share has been declared by the Board. The dividend has been declared out
of income reserves in respect of the twelve months to 31 March 2013. The dividend will be subject to a dividend withholding tax at a rate of 15%, which will result
in a net dividend of 5.1 cents per share to those shareholders who are not exempt in terms of section 64F of the Income Tax Act. There are no Secondary Tax on Companies
credits utilised against the dividend. The stated capital of MiX Telematics Limited is 660 212 500 shares of no par value. MiX Telematics tax reference number is
9155/661/84/7. The dividend timetable is set out below:
Last date to trade cum dividend Friday, 28 June 2013
Trading ex dividend commences Monday, 1 July 2013
Record date Friday, 5 July 2013
Payment date Monday, 8 July 2013
Shares may not be dematerialised or rematerialised between Monday, 1 July 2013 and Friday, 5 July 2013, both dates inclusive.
Banking facilities Subsequent to year-end the Group obtained an overdraft facility of R10 million from Nedbank Limited. The facility is unsecured and bears interest at prime less 2%.
Restructuring
Subsequent to year-end, the Europe fleet solutions segment announced a restructuring plan. The total expected cost of the restructuring is approximately R2.7 million.
The restructuring will result in operating cost savings for the segment.
14. Changes to the Board of Directors
On 31 March 2013, R Friedman, a non-executive director, resigned from the Board of Directors.
On 13 May 2013, E Banda was appointed as an independent non-executive director and as a member of the audit and risk committee. F Roji has resigned as non-executive
director of the Board of Directors and has been appointed as an alternate director to H Brody with effect from 13 May 2013.
For and on behalf of the Board:
SR Bruyns SB Joselowitz
Midrand
4 June 2013
Registered office: Matrix Corner, Howick Close, Waterfall Park, Midrand
Directors: SR Bruyns* (Chairman); SB Joselowitz (CEO); EN Banda*; R Botha; HR Brody*; TE Buzer; CH Ewing*;
RA Frew*; ML Pydigadu; F Roji (Alternate); HG Scott, RA Shough*, CWR Tasker; AR Welton*
*Non-executive
Company secretary: Java Capital Trustees and Sponsors Proprietary Limited
Auditors: PricewaterhouseCoopers Inc.
Sponsor: Java Capital
For more information on our final results, please visit our website at: www.mixtelematics.com
10 June 2013
Date: 10/06/2013 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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