Wrap Text
MiX Telematics announces financial results for the first quarter of fiscal 2014
MiX Telematics Limited
(Incorporated in the Republic of South Africa)
(Registration number 1995/013858/06)
JSE share code: MIX ISIN: ZAE000125316
(“MiX” or “MiX Telematics” or “the Company” or “the Group”)
MIX TELEMATICS ANNOUNCES FINANCIAL RESULTS FOR THE FIRST QUARTER OF FISCAL 2014
References in this announcement to “R” are to South African rand and references to “U.S. dollars” and “$” are to
United States dollars. Unless otherwise stated MiX Telematics has translated U.S. dollar amounts from South
African rand at the exchange rate of R9.9655 per $1.00, which was the R/$ exchange rate reported by the South
African Reserve Bank as of June 30, 2013.
- Total subscription revenue of R194.2 million ($19.5 million), grew 22% year over year
- Total vehicles under subscription increased by 29% year over year, bringing the total to over
376,900 subscribers at June 30, 2013
- Total revenue of R298.4 million ($29.9 million), grew 6% year over year
- Adjusted EBITDA of R65.2 million ($6.5 million), representing a 22% Adjusted EBITDA margin
- In August 2013, the Company raised R652.5 million ($65.5 million) in proceeds before expenses
through the initial public offering of ADSs on the NYSE
Boca Raton, Fla. and Midrand, South Africa, Sept. 10, 2013 — MiX Telematics (NYSE: MIXT, JSE: MIX), a
leading global provider of fleet and mobile asset management solutions delivered as Software-as-a-Service
(SaaS), today announced financial results for its first quarter of fiscal 2014, which ended June 30, 2013.
“We are pleased with our first quarter fiscal 2014 results, which were highlighted by an acceleration in our
subscription revenue growth to 22% as well as a 29% increase in vehicles under subscription,” said Stefan
Joselowitz, Chief Executive Officer of MiX Telematics. “Our momentum is being driven by strong customer
demand in a substantial and highly underpenetrated market. In addition, we believe MiX Telematics is highly
differentiated by our leadership position in both fleet and passenger vehicle management, proven history of
innovation and powerful global distribution model. The proceeds from our U.S. initial public offering will enable
MiX Telematics to better capitalize on these strengths as we now have greater resources to execute our growth
strategy and further expand our global market leadership position.”
Revenue: Total revenue was R298.4 million ($29.9 million), an increase of 6.4% compared to R280.4 million
($28.1 million) for the first quarter of fiscal 2013. Subscription revenue was R194.2 million ($19.5 million), an
increase of 21.8% compared with R159.4 million ($16.0 million) for the first quarter of fiscal 2013. Hardware and
other revenue was R104.2 million ($10.5 million), a decrease of 13.8% compared to R121.0 million ($12.1 million)
for the first quarter of fiscal 2013 due primarily to the expected elimination of connection incentive revenue
associated with our old cellular data package which ended in July 2012.
Gross Profit: Gross profit was R198.2 million ($19.9 million), an increase compared to R167.9 million ($16.9
million) for the first quarter of fiscal 2013. Gross profit margin was 66.4%, an increase from 59.9% for the first
quarter of fiscal 2013 due primarily to the increase in subscription revenue and the elimination of higher costs
relating to the cellular connection incentive plan mentioned above.
Operating Profit: Operating profit was R36.1 million ($3.6 million), representing an operating margin of 12.1%
and an increase compared to R34.8 million ($3.5 million) for the first quarter of fiscal 2013 when the operating
margin was 12.4%.
Profit for the period: Profit for the period was R26.3 million, an increase compared to R24.6 million in the first
quarter of fiscal 2013. Earnings per diluted ordinary share, was 4 South African cents, consistent with the first
quarter of fiscal 2013.
On a US dollar basis, and at a ratio of 25 ordinary shares to one ADS, profit for the period was $2.6 million, or 10
US cents per diluted ADS.
Adjusted EBITDA: Adjusted EBITDA, a non-IFRS measure, was R65.2 million ($6.5 million), representing an
increase in Adjusted EBITDA compared to R60.6 million ($6.1 million) for the first quarter of fiscal 2013.
Operating profit was R36.1 million ($3.6 million), representing an operating margin of 12.1% and an increase
compared to R34.8 million ($3.5 million) for the first quarter of fiscal 2013 when the operating margin was 12.4%.
Adjusted EBITDA is defined as profit for the period before income taxes, net interest income/(expense),
depreciation of property, plant and equipment including capitalized customer in-vehicle-devices, amortization of
intangible assets including capitalized in-house development costs, share-based compensation costs, transaction
costs arising from the acquisition of a business, restructuring costs, profits/(losses) on the disposal or
impairments of assets, certain non-recurring initial public offering costs, and unrealized foreign exchange
profits/(losses).
A reconciliation of Adjusted EBITDA and Adjusted EBITDA margin for the three months ended June 30, 2013 and
2012 and twelve months ended March 31, 2013 are provided in the financial tables that accompany this release.
Statement of Financial Position and Cash Flow: At June 30, 2013, MiX Telematics had R150.3 million ($15.1
million) of cash and cash equivalents, an increase from R147.7 million ($14.8 million) at
March 31, 2013.
MiX Telematics generated R26.7 million ($2.7 million) in cash from operating activities for the three months ended
June 30, 2013 and invested R31.1 million ($3.1 million) in capital expenditures during the quarter, leading to
negative free cash flow of R4.4 million ($441,423) for the first quarter of fiscal 2014 compared with negative free
cash flow of R2.1 million ($207,215) for the first quarter of fiscal 2013. Free cash flow is determined as cash
generated from operating activities less capital expenditure per investing activities.
The Company’s cash and cash equivalents balance at the end of the first quarter fiscal of 2014 does not include
the net proceeds raised from its initial public offering in the U.S., which was completed after the end of the
quarter.
Other First Quarter of Fiscal 2014 and Recent Highlights:
- At June 30, 2013, MiX Telematics had over 376,900 vehicles under subscription, an increase of 29%
compared to 291,500 at June 30, 2012.
- Launched MiX Vision, a highly configurable video recording system that integrates with MiX Telematics’
flagship fleet management solution.
- Opened a new office in São Paulo, Brazil. The establishment of the new office signifies the Company’s
focus on increasing its market penetration and growing its market share in Brazil as well as the greater
Latin America region.
- Successful U.S. initial public offering of American Depositary Shares (ADSs), raising R652.5 million (US
$65.5 million) for the Company in net proceeds before expenses through the sale of 4,400,000 ADSs,
each representing 25 ordinary shares of the Company. Selling shareholders sold an additional 2,840,512
ADSs, resulting in a total raise prior to underwriting discount of R1,154.5 million (US $115.8 million).
Business Outlook
MiX Telematics has translated U.S. dollar amounts in this Business Outlook paragraph from South African rand at
the exchange rate of R10.3348 per $1.00, which was the R/$ exchange rate reported by the South African
Reserve Bank as of August 31, 2013.
Based on information as of today, September 10, 2013, the Company is issuing the following financial guidance
for the full 2014 fiscal year:
- Revenue - R1,269 million to R1,299 million ($122.8 million to $125.7 million), which would represent
revenue growth of 8% to 11% compared to fiscal year 2013.
- Subscription revenue - R814 million to R829 million ($78.8 million to $80.2 million), which would represent
subscription revenue growth of 19% to 21% compared to fiscal year 2013.
- Adjusted EBITDA - R270 million to R280 million, ($26.1 million to $27.1 million).
- Earnings per diluted ordinary share of 15 to 16 South African cents based on 770 million diluted ordinary
shares in issue, and based on a effective tax rate of 28 to 31%. At a ratio of 25 ordinary shares to one ADS,
this equates to earnings per diluted ADS of 36 to 39 U.S. cents.
For the second quarter of fiscal 2014 the Company expects subscription revenue to be in the range of
R198 million to R203 million ($19.2 million to $19.6 million), which would represent subscription revenue growth
of 20% to 23% compared to the second quarter of fiscal year 2013.
The key assumptions used in deriving the forecast are as follows:
- Growth in subscription revenue and vehicles under subscription are based on expected growth rates
related to market conditions and takes into account growth rates achieved previously.
- Costs have been increased to take into account the Company's strategy of investing in sales and
marketing and development and also include costs necessary to operate as a US listed company.
The forecast is the responsibility of the board of directors and has not been reviewed or reported on by the
Company’s auditors.
The information disclosed in this “Business Outlook” paragraph complies with the disclosure requirements in
terms of paragraph 8.38 of the JSE Listings Requirements which deals with profit forecasts.
Conference Call Information
MiX Telematics’ management will host a conference call today, September 10, 2013, at 8:00 a.m. (Eastern Time)/
2:00 p.m. (South African time) to discuss the Company's financial results and current business outlook. A live
webcast of the call will be available at the “Investor Relations” page of the Company’s website,
http://mixtelematics.com/investor-relations. To access the call, dial 888-224-1164 from within the U.S. or
+1913-312-0710 from South Africa and other countries. A replay of this conference call will be available for a
limited time at 877-870-5176 (within the U.S.) or 858-384-5517 (from South Africa and other countries). The
replay conference ID is 6251125. A replay of the webcast will also be available for a limited time at
http://mixtelematics.com/investor-relations.
About MiX Telematics Limited
MiX Telematics is a leading global provider of fleet and mobile asset management solutions delivered as SaaS to
customers in 112 countries. The Company’s products and services provide enterprise fleets, small fleets and
consumers with solutions for safety, efficiency and security. MiX Telematics was founded in 1996 and has offices
in South Africa, the United Kingdom, the United States, Uganda, Brazil, Australia and the United Arab Emirates
as well as a network of more than 130 fleet partners worldwide. MiX Telematics shares are publicly traded on the
Johannesburg Stock Exchange (JSE: MIX) and MiX Telematics American Depositary Shares are listed on the
New York Stock Exchange (NYSE: MIXT). For more information visit www.mixtelematics.com.
Forward-Looking Statements
This press release includes certain “forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995, including statements concerning our financial guidance for the second quarter of
fiscal 2014 and the full year of fiscal 2014, our position to execute on our growth strategy, and our ability to
expand our leadership position. These forward-looking statements include, but are not limited to, plans,
objectives, expectations and intentions and other statements contained in this press release that are not historical
facts and statements identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks,"
"estimates" or words of similar meaning. These forward-looking statements reflect our current views about our
plans, intentions, expectations, strategies and prospects, which are based on the information currently available
to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies
and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no
assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual
results may differ materially from those described in the forward-looking statements and will be affected by a
variety of risks and factors that are beyond our control including, without limitation, the Company's ability to
attract, sell to and retain customers; the Company's anticipated growth strategies, including its ability to increase
sales to existing customers, the introduction of new solutions and international expansion; the Company's ability
to adapt to rapid technological change in its industry; competition from industry consolidation; loss of key
personnel or the Company's failure to attract, train and retain other highly qualified personnel; the Company's
ability to integrate any businesses it acquires; the Company's dependence on its network of dealers and
distributors to sell its solutions; the Company's dependence on key suppliers and vendors to manufacture its
hardware; businesses may not continue to adopt fleet management solutions; the Company's future business
development, results of operations and financial condition; expected changes in the Company's profitability and
certain cost or expense items as a percentage of its revenue; changes in the practices of insurance companies;
the impact of laws and regulations relating to the Internet and data privacy; the Company's ability to protect its
intellectual property and proprietary technologies and address any infringement claims; significant disruption in
service on, or security breaches of, the Company's websites or computer systems; the Company's dependence
on third-party technology; fluctuations in the value of the South African rand; economic, social, political, labour
and other conditions and developments in South Africa and globally; the Company's ability to issue securities and
access the capital markets in the future; and other risks set forth under the caption “Risk Factors” in the
Company’s final prospectus related to its initial public offering filed pursuant to Rule 424b under the Securities Act
of 1933, as amended, with the Securities and Exchange Commission (the "SEC") on August 12, 2013, as
updated by the Company's filings that it makes with the SEC. The Company assumes no obligation to update any
forward-looking statements contained in this press release as a result of new information, future events or
otherwise.
Non - IFRS financial measures
To provide investors with additional information regarding the Company's financial results, it has disclosed within
this press release Adjusted EBITDA, which is a non-IFRS financial measure. Adjusted EBITDA is defined as the
profit for the period before income taxes, net interest income/(expense), depreciation of property, plant and
equipment including capitalized customer in-vehicle-devices, amortization of intangible assets including
capitalized in-house development costs, share-based compensation costs, transaction costs arising from the
acquisition of a business, restructuring costs, profits/(losses) on the disposal or impairments of assets, certain
non-recurring initial public offering costs and unrealized foreign exchange profits/(losses). The Company presents
in the financial tables that accompany this release a reconciliation of Adjusted EBITDA to profit for the period and
Adjusted EBITDA margin to profit for the period margin, the most directly comparable financial measures
presented in accordance with IFRS.
The Company has included Adjusted EBITDA and Adjusted EBITDA margin in this press release because they
are key measures that the Company's management and Board of Directors use to understand and evaluate its
core operating performance and trends; to prepare and approve its annual budget; and to develop short-and long-
term operational plans. In particular, the exclusion of certain expenses in calculating Adjusted EBITDA and
Adjusted EBITDA margin can provide a useful measure for period-to-period comparisons of the Company's core
business. Accordingly, the Company believes that Adjusted EBITDA and Adjusted EBITDA margin provide useful
information to investors and others in understanding and evaluating its operating results.
The Company's use of Adjusted EBITDA (and measures such as Adjusted EBITDA margin that are derived from
it) has limitations as an analytical tool, and investors should not consider this performance measure in isolation
from, or as a substitute for, analysis of the Company's results as reported under IFRS. Some of these limitations
are:
- although depreciation and amortization are non-cash charges, the assets being depreciated and
amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital
expenditure requirements for such replacements or for new capital expenditure requirements;
- Adjusted EBITDA does not reflect changes in, or cash requirements for, the Company's working capital
needs;
- Adjusted EBITDA does not consider the potentially dilutive impact of equity-based compensation;
- Adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available to the
Company;
- Adjusted EBITDA does not reflect the interest expense or the cash requirements necessary to service
interest payments on the Company's debt or any losses on the extinguishment of its debt;
- Adjusted EBITDA does not include unrealized foreign currency transaction gains and losses;
- Adjusted EBITDA does not include certain non-recurring initial public offering costs; and
- other companies, including companies in the Company's industry, may calculate Adjusted EBITDA
differently, which reduces its usefulness as a comparative measure.
Because of these limitations, investors should consider Adjusted EBITDA and Adjusted EBITDA margin alongside
other financial performance measures, including operating profit, profit for the period, profit for the period margin
and the Company's other results.
Accounting policies
The statements of financial position, income statements and statements of cash flows included in this announcement
have been prepared in accordance with IFRS accounting policies.
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 2013, except where the Company has adopted
new or revised accounting standards none of which had a material impact on the Company's results.
Investor Contact:
Sheila Ennis
ICR for MiX Telematics
ir@mixtelematics.com
(855) 564-9835
Media Contact:
Phil Denning
ICR for MiX Telematics
phil.denning@icrinc.com
203-682-8246
10 September 2013
Sponsor
Java Capital
MiX TELEMATICS LIMITED
CONSOLIDATED INCOME STATEMENTS
Three months Three months Twelve months Three months Three months Twelve months
ended June 30, ended June 30, ended March 31, ended June 30, ended June 30, ended March 31,
2013 2012 2013 2013 2012 2013
Unaudited Unaudited Audited Unaudited Unaudited Audited
R'000 R'000 R'000 $'000 $'000 $'000
Revenue 298 447 280 378 1 171 480 29 948 28 135 117 554
Cost of sales (100 280) (112 437) (424 545) (10 063) (11 283) (42 601)
Gross profit 198 167 167 941 746 935 19 885 16 852 74 953
Other (expenses)/income - net (1 142) 2 799 (421) (115) 281 (42)
Operating expenses (160 915) (135 955) (565 318) (16 146) (13 643) (56 728)
- Sales and marketing (34 152) (33 480) (132 849) (3 426) (3 360) (13 331)
- Administration and other charges (126 763) (102 475) (432 469) (12 720) (10 283) (43 397)
Operating profit 36 110 34 785 181 196 3 624 3 490 18 183
Finance income 1 147 765 2 018 115 77 202
Finance costs (584) (807) (3 348) (59) (81) (336)
Profit before taxation 36 673 34 743 179 866 3 680 3 486 18 049
Taxation (10 338) (10 119) (51 400) (1 037) (1 015) (5 158)
Profit for the period 26 335 24 624 128 466 2 643 2 471 12 891
Attributable to:
Shareholders of the parent 26 335 24 624 128 471 2 643 2 471 12 892
Non-controlling interests * - (5) * - (1)
26 335 24 624 128 466 2 643 2 471 12 891
Earnings per share
Basic (R/$) 0.04 0.04 0.20 # # 0.02
Diluted (R/$) 0.04 0.04 0.19 # # 0.02
Earnings per American Depositary Receipt
Basic (R/$) 1.00 0.94 4.88 0.10 0.09 0.49
Diluted (R/$) 0.97 0.92 4.76 0.10 0.09 0.48
Weighted average ordinary shares outstanding:
Basic ('000) 660 204 657 200 658 456 660 204 657 200 658 456
Diluted ('000) 679 153 668 854 674 772 679 153 668 854 674 772
Weighted average American Depositary Receipt
Basic ('000) 26 408 26 288 26 338 26 408 26 288 26 338
Diluted ('000) 27 166 26 754 26 991 27 166 26 754 26 991
* Amount less than R1000/$1000
# Amount less than R/$.01
South African rand amounts have been translated to US Dollars at the exchange rate of R9.9655 per $1.00, which was the R/$ exchange rate reported by the
South African Reserve Bank as of June 30, 2013.
MiX TELEMATICS LIMITED
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
June 30, 2013 March 31, 2013 June 30, 2013 March 31, 2013
R'000 R'000 $'000 $'000
Unaudited Audited Unaudited Audited
ASSETS
Non-current assets
Property, plant and equipment 103 702 96 547 10 406 9 688
Intangible assets 654 508 645 736 65 677 64 797
Finance lease receivable 7 113 6 359 714 638
Deferred tax assets 15 753 13 868 1 581 1 392
Total non-current assets 781 076 762 510 78 378 76 515
Current assets
Inventory 52 905 38 927 5 309 3 906
Trade and other receivables 200 105 186 987 20 080 18 763
Finance lease receivable 4 524 3 604 454 362
Taxation 48 4 823 5 484
Restricted cash 10 298 8 235 1 033 827
Cash and cash equivalents 150 250 147 702 15 077 14 821
Total current assets 418 130 390 278 41 958 39 163
Total assets 1 199 206 1 152 788 120 336 115 678
EQUITY
Stated capital 790 719 790 491 79 346 79 323
Other reserves (93 903) (111 362) (9 423) (11 175)
Retained earnings 215 084 188 750 21 583 18 940
Equity attributable to shareholders of 911 900 867 879 91 506 87 088
the parent
Non-controlling interest (5) (5) (1) (1)
Total equity 911 895 867 874 91 505 87 087
LIABILITIES
Non-current liabilities
Deferred tax liabilities 11 940 8 605 1 198 863
Provisions 652 283 66 29
Total non-current liabilities 12 592 8 888 1 264 892
Current liabilities
Trade and other payables 173 909 184 397 17 451 18 504
Borrowings 4 592 3 472 461 348
Taxation 6 810 10 691 683 1 073
Provisions 21 214 21 461 2 129 2 154
Bank overdraft 68 194 56 005 6 843 5 620
Total current liabilities 274 719 276 026 27 567 27 699
Total liabilities 287 311 284 914 28 831 28 591
Total equity and liabilities 1 199 206 1 152 788 120 336 115 678
South African rand amounts have been translated to US Dollars at the exchange rate of R9.9655 per $1.00,
which was the R/$ exchange rate reported by the South African Reserve Bank as of June 30, 2013.
MiX TELEMATICS LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three months Three months Twelve months Three months Three months Twelve months
ended June 30, ended June 30, ended March 31, ended June 30, ended June 30, ended March 31,
2013 2012 2013 2013 2012 2013
Unaudited Unaudited Audited Unaudited Unaudited Audited
R'000 R'000 R'000 $'000 $'000 $'000
Cash flows from operating activities
Cash generated from operations 34 340 23 247 287 847 3 446 2 333 28 884
Interest received 846 689 1 880 85 69 189
Interest paid (576) (961) (3 421) (58) (96) (343)
Taxation paid (7 947) (5 086) (74 388) (797) (510) (7 465)
Net cash generated from operating activities 26 663 17 889 211 918 2 676 1 796 21 265
Cash flows from investing activities
Purchases of property, plant and equipment (17 148) (11 982) (51 499) (1 721) (1 202) (5 168)
Proceeds on sale of property, plant and equipment and intangible
assets 10 - 966 1 - 97
Purchases of intangible assets (13 914) (7 972) (42 648) (1 396) (800) (4 280)
Acquisition of business, net of cash acquired - 23 23 - 2 2
Government grant received with regards to development of
intangible assets - - 2 207 - - 221
Increase in restricted cash (2 063) - (5 103) (207) - (512)
Net cash used in investing activities (33 115) (19 931) (96 054) (3 323) (2 000) (9 640)
Cash flows from financing activities
Proceeds from issuance of ordinary shares 227 - 2 889 23 - 290
Share issue expenses incurred in anticipation of foreign listing (4 305) - - (432) - -
Dividends paid to company's shareholders - - (78 874) - - (7 915)
Proceeds from/(repayments of) borrowings 1 106 (15 705) (19 701) 111 (1 576) (1 977)
Net cash used in financing activities (2 972) (15 705) (95 686) (298) (1 576) (9 602)
Net (decrease)/increase in cash and cash equivalents (9 424) (17 747) 20 178 (945) (1 780) 2 023
Net cash and cash equivalents at the beginning of the period 91 697 68 530 68 530 9 201 6 877 6 877
Exchange (losses)/gains on cash and cash equivalents (217) 787 2 989 (22) 78 301
Net cash and cash equivalents at the end of the period
82 056 51 570 91 697 8 234 5 175 9 201
South African rand amounts have been translated to US Dollars at the exchange rate of R9.9655 per $1.00, which was the R/$ exchange rate reported by the
South African Reserve Bank as of June 30, 2013
MiX TELEMATICS LIMITED
RECONCILIATIONS OF ADJUSTED EBITDA TO PROFIT FOR THE PERIOD AND ADJUSTED EBITDA MARGIN TO PROFIT FOR THE PERIOD MARGIN
Reconciliation of Adjusted EBITDA Margin to Profit for the Period
Reconciliation of Adjusted EBITDA to Profit for the Period
Margin
Three months Three months Twelve months Three months Three months Twelve months Three months Three months Twelve months
ended June 30, ended June 30, ended March 31, ended June 30, ended June 30, ended March 31, ended June 30, ended June 30, ended March 31,
2013 2012 2013 2013 2012 2013 2013 2012 2013
Unaudited Unaudited Unaudited (3) Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
R'000 R'000 R'000 $'000 $'000 $'000 % % %
Adjusted EBITDA 65 234 60 570 290 821 6 546 6 078 29 183 21.9% 21.6% 24.8%
Add:
Finance income 1 147 765 2 018 115 77 202 0.4% 0.3% 0.2%
Foreign exchange - unrealized - 204 - - 20 - - 0.1% -
Profit on sale of property,plant and equipment 9 - 314 1 - 32 0.0% - 0.0%
Less:
Depreciation and amortisation (1) 24 823 25 448 98 186 2 491 2 554 9 853 8.3% 9.1% 8.4%
Taxation 10 338 10 119 51 400 1 037 1 015 5 158 3.5% 3.6% 4.4%
Impairment (2) - - 5 158 - - 518 - - 0.4%
Finance costs 584 807 3 348 59 81 336 0.2% 0.3% 0.3%
Share-based compensation costs 1 309 534 3 151 131 53 316 0.4% 0.2% 0.3%
Loss on disposal of subsidiary - - 394 - - 40 - - 0.0%
Restructuring costs 2 870 - - 288 - - 1.0% - -
Transaction costs arising from acquisition of a business - 7 38 - 1 3 - 0.0% 0.0%
Foreign exchange - unrealized 131 - 3 012 13 - 302 0.0% - 0.3%
Profit for the period 26 335 24 624 128 466 2 643 2 471 12 891 8.8% 8.8% 11.0%
(1) Includes depreciation of property, plant and equipment (including in-vehicle devices) and amortization of intangible assets (including capitalized in-house development costs).
(2) Includes impairment of intangibles assets.
(3) For the year ended March 31, 2013, all the items included in the calculation of adjusted EBITDA can be derived from disclosures in our audited financial statements except for
transaction costs arising from the acquisition of a business which have been included under operating expenses.
South African rand amounts have been translated to US Dollars at the exchange rate of R9.9655 per $1.00, which was the R/$ exchange rate reported by the
South African Reserve Bank as of June 30, 2013
MiX TELEMATICS LIMITED
OTHER FINANCIAL AND OPERATING DATA
Three months Three months Twelve months Three months Three months Twelve months
ended June 30, ended June 30, ended March 31, ended June 30, ended June 30, ended March 31,
2013 2012 2013 2013 2012 2013
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
R'000 R'000 R'000 $'000 $'000 $'000
Subscription revenue 194 208 159 399 686 720 19 488 15 995 68 910
Adjusted EBITDA 65 234 60 570 290 821 6 546 6 078 29 183
Cash and cash equivalents 150 250 130 180 147 702 15 077 13 063 14 821
Capital expenditure 31 062 19 954 94 147 3 117 2 002 9 447
Vehicles under subscription 376 937 291 486 359 643 376 937 291 486 359 643
South African rand amounts have been translated to US Dollars at the exchange rate of R9.9655 per $1.00, which was the R/$ exchange rate reported by the
South African Reserve Bank as of June 30, 2013
Date: 10/09/2013 08:29:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
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