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MIX TELEMATICS LIMITED - Unaudited group consolidated interim financial results for period ended September 30, 2014

Release Date: 06/11/2014 08:00
Code(s): MIX     PDF:  
Wrap Text
Unaudited group consolidated interim financial results for period ended September 30, 2014

Mix Telematics Limited
(Incorporated in the Republic of South Africa)
(Registration number 1995/013858/06)
JSE share code: MIX   NYSE code: MIXT ISIN: ZAE000125316
(“MiX Telematics” or “the Company” or “the Group”)

Unaudited group consolidated interim financial results for period ended September 30, 2014

MiX Telematics announces financial results for second quarter and first half of fiscal year 2015
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 R11.2416 per $1.00, which was the R/$ exchange rate reported by the South African Reserve Bank as of
September 30, 2014.

Second quarter and first half highlights:            
- Subscribers increased by 19% year over year, bringing the total to over 479,000 subscribers at 
  September 30, 2014  
- Second quarter subscription revenue of R241.8 million ($21.5 million), grew 17% year over year
- Second quarter Adjusted EBITDA of R70.7 million ($6.3 million), representing a 20% Adjusted EBITDA margin
- First half subscription revenue of R478.4 million ($42.6 million), grew 19% year over year
- First half Adjusted EBITDA of R122.7 million ($10.9 million), representing a 18% Adjusted EBITDA margin 

Midrand, South Africa, November 6, 2014 - MiX Telematics Limited (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 second quarter and first half of fiscal year 2015, which ended September 30, 2014.

“Relative to the first quarter, we experienced an improved demand environment and saw a 35% sequential increase in net
subscriber additions. For the six months we added close to 29,000 subscribers, finishing the half year with a total
base of over 479,000. However, our cumulative adds for the year remain well behind our internal plan, and consequently we
have lowered our revenue and earnings targets for the fiscal year,” said Stefan Joselowitz, Chief Executive Officer of
MiX Telematics.   “While we continue to face macroeconomic headwinds in South Africa, our business is growing and is
handsomely profitable. Comparing the first half of fiscal year 2015 to the comparative period last year, all of our regions
showed year over year subscriber growth. The Americas and Europe grew subscribers at around 10%, with the balance of our
operations growing at around 20% or better. Additionally, we are taking advantage of strategic opportunities: We acquired
a key reseller in South Africa, which will be immediately accretive to both our top and bottom lines, and we are winning
major contracts. We continue to believe that MiX Telematics is well positioned to be a prime beneficiary of telematics
market growth as we have already achieved meaningful scale, built a global distribution network and offer state of the
art solutions that yield a powerful ROI for our customers.”

Financial Performance for the three months ended September 30, 2014
Revenue: Total revenue was R351.0 million ($31.2 million), an increase of 11.4% compared to R315.0 million ($28.0
million) for the second quarter of fiscal year 2014.  Subscription revenue was R241.8 million ($21.5 million), an increase
of 16.8% compared with R207.1 million ($18.4 million) for the second quarter of fiscal year 2014. Growth in subscription
revenue was driven primarily by an increase of over 75,000 subscribers, which resulted in an increase in subscribers of
18.6% from September 2013 to September 2014. Hardware and other revenue was R109.2 million ($9.7 million), an increase
of 1.2% compared to R107.9 million ($9.6 million) for the second quarter of fiscal year 2014. 

Gross Margin: Gross profit was R240.1 million ($21.4 million), as compared to R204.2 million ($18.2 million) for the
second quarter of fiscal year 2014.  Gross profit margin was 68.4%, compared to 64.8% for the second quarter of fiscal
year 2014. 

Operating Margin: Operating profit was R37.1 million ($3.3 million), compared to R34.7 million ($3.1 million) for the
second quarter of fiscal year 2014.  Operating margin was 10.6%, compared to 11.0% for the second quarter of fiscal year
2014. The Company is executing its strategy of investing in sales and marketing and as a result sales and marketing
costs for the second quarter of fiscal 2015 increased by R7.6 million ($0.7 million) from the second quarter of fiscal
2014.  Administration and other charges increased by R24.5 million ($2.2 million) primarily as a result of investments in
headcount necessary to support the Company's growth initiatives and increased regulatory and reporting compliance
requirements for U.S. listed public companies. Administration and other costs included non-recurring litigation costs of R6.5
million ($0.6 million) in the second quarter of fiscal year 2015 while the second quarter of fiscal year 2014 included
non-recurring initial public offering costs of R8.5 million ($0.8 million).

Adjusted EBITDA: Adjusted EBITDA, a non-IFRS measure, was R70.7 million ($6.3 million) compared to R66.9 million
($5.9 million) for the second quarter of fiscal year 2014. Adjusted EBITDA margin, a non-IFRS measure, for the second
quarter of fiscal year 2015 was 20.2%, compared to 21.2% for the second quarter of fiscal year 2014.

Profit for the period and earnings per share: Profit for the period was R48.9 million ($4.4 million), compared to 
R30.3 million ($2.7 million) in the second quarter of fiscal year 2014.  Earnings per diluted ordinary share were 6
South African cents, compared to 4 South African cents in the second quarter of fiscal year 2014.  For the second quarter
of fiscal 2015, the calculation was based on diluted weighted average ordinary shares in issue of 804.8 million compared
to 755.7 million diluted weighted average ordinary shares in issue during the second quarter of fiscal 2014. 

The Company's effective tax rate for the quarter was 33.0% in comparison to 31.9% in the second quarter of fiscal
2014.

On a U.S. Dollar basis, and using the September 30, 2014 exchange rate of R11.2416 per U.S. Dollar, and at a ratio of
25 ordinary shares to one American Depositary Share ("ADS"), profit for the period was $4.4 million, or 14 U.S. cents
per diluted ADS.

Adjusted earnings for the period and adjusted earnings per share:  Adjusted earnings for the period, a non-IFRS
measure, was R26.4 million ($2.4 million), compared to R23.4 million ($2.1 million) in the second quarter of the 2014 fiscal
year and excludes a net foreign exchange gain of R34.2 million ($3.0 million). The net foreign exchange gain includes
R38.6 million ($3.4 million) relating to a foreign exchange gain on the IPO proceeds which are maintained in U.S. Dollars
and are therefore sensitive to R:$ exchange rate movements. Adjusted earnings per diluted ordinary share, also a non-IFRS
measure, were   3 South African cents, compared to 3 South African cents in the second quarter of fiscal year 2014.

On a U.S. Dollar basis, and using the September 30, 2014 exchange rate of R11.2416 per U.S. Dollar, and at a ratio of
25 ordinary shares to one ADS, adjusted profit for the period was $2.4 million, or 7 U.S. cents per diluted ADS.

Statement of Financial Position and Cash Flow: At September 30, 2014, the Company had R904.6 million ($80.5 million)
of cash and cash equivalents, compared to R767.8 million ($68.3 million) at September 30, 2013. The Company generated
R61.1 million ($5.4 million) in net cash from operating activities for the three months ended September 30, 2014 and
invested R37.9 million ($3.4 million) in capital expenditures during the quarter, leading to free cash flow of R23.2 million
($2.1 million) for the second quarter of fiscal year 2015, compared with free cash flow of R11.5 million ($1.0 million)
for the second quarter of fiscal year 2014. Free cash flow is determined as net cash generated from operating activities
less capital expenditure per investing activities.

An explanation of non-IFRS measures used in this press release is set out in the Non-IFRS financial measures section
of this press release. A reconciliation of these non-IFRS measures to the most directly comparable IFRS measures is
provided in the financial tables that accompany this release.

Financial Performance for the first half of fiscal year 2014
Revenue: Total revenue for the first half of fiscal year 2015 was R670.2 million ($59.6 million), an increase of 9.3%
compared to R613.4 million ($54.6 million) for the first half of fiscal year 2014. Subscription revenue increased to
R478.4 million ($42.6 million), up 19.2% from R401.3 million ($35.7 million) for the first half of fiscal year 2014.
Subscription revenue growth was driven primarily by the increase in subscribers since the end of the first half of fiscal
2014. Hardware and other revenue was R191.8 million ($17.1 million), compared to R212.1 million ($18.9 million) for the
first half of fiscal year 2014. 

Gross margin: Gross profit for the first half of fiscal year 2015 was R451.7 million ($40.2 million), an increase
compared to R402.4 million ($35.8 million) for the first half of fiscal year 2014. Gross profit margin was 67.4%, up from
65.6% for the first half of fiscal year 2014. In the first half of fiscal 2015, subscription revenue, which generates a
higher gross profit margin than hardware and other revenue, contributed 71.4% of total revenue compared to 65.4% in the
first half of fiscal 2014.

Operating margin: Operating profit for the first half of fiscal year 2015 was R59.7 million ($5.3 million), compared
to R72.0 million ($6.4 million) posted in the first half of fiscal year 2014. The operating margin for the first half of
fiscal year 2015 was 8.9%, compared to the 11.7% posted in the first half of fiscal year 2014. The Company is executing
its strategy of investing in sales and marketing and as a result sales and marketing costs for the first half of fiscal
2015 increased by R18.7 million ($1.7 million) from the first half of fiscal 2014. Administration and other costs
increased by R42.0 million ($3.7 million) primarily as a result of investments in headcount necessary to support the Company's
growth initiatives and additional costs pertaining to regulatory and reporting compliance requirements for U.S. listed
public companies. Administration and other costs included non-recurring litigation costs of R8.6 million ($0.8 million)
in the first half of fiscal year 2015 while the first half of fiscal year 2014 included non-recurring initial public
offering costs of R8.5 million ($0.8 million).

Adjusted EBITDA: Adjusted EBITDA was R122.7 million ($10.9 million) compared to R132.1 million ($11.8 million) for the
first half of fiscal year 2014. The Adjusted EBITDA margin for the first half of fiscal year 2015 was 18.3%, compared
with the 21.5% in the first half of fiscal year 2014.

Profit for the year and earnings per share: Profit for the first half of fiscal year 2015 was R65.0 million ($5.8
million), compared to R56.6 million ($5.0 million) in the first half of fiscal year 2014. Earnings per diluted ordinary
share were 8 South African cents, which was unchanged from the first half of fiscal year 2014. For the first half of fiscal
year 2015, the calculation was based on diluted weighted average ordinary shares in issue of 804.7 million compared to
727.3 million diluted weighted average ordinary shares in issue during the first half of fiscal year 2014.

The Company's effective tax rate for the first half of fiscal year 2015 was 32.9% in comparison to 30.2% in the first
half of fiscal year 2014.

Adjusted earnings for the period and adjusted earnings per share: Adjusted profit for the first half of fiscal year
2015, a non-IFRS measure, was R42.8 million ($3.8 million), compared to R50.5 million ($4.5 million) in the first half of
fiscal year 2014 and excludes a net foreign exchange gain of R34.0 million ($3.0 million). The net foreign exchange gain
includes R39.3 million ($3.5 million) relating to a foreign exchange gain on the IPO proceeds which are maintained in
U.S. Dollars and are therefore sensitive to R:$ exchange rate movements. Adjusted earnings per diluted ordinary share
were 5 South African cents, compared to 7 South African cents in the first half of fiscal year 2014.

On a U.S. Dollar basis, and using the September 30, 2014 exchange rate of R11.2416 per U.S. Dollar, and at a ratio of
25 ordinary shares to one ADS, adjusted profit for the first half of fiscal year 2015 was $3.8 million, or 12 U.S. cents
per diluted ADS, compared to $4.5 million, or 15 U.S. cents per diluted ADS in the first half of fiscal year 2014.

Cash Flow: The Company generated R67.3 million ($6.0 million) in net cash from operating activities for the first half
of fiscal year 2015 and invested R66.1 million ($5.9 million) in capital expenditures during the period, leading to
free cash flow of R1.2 million ($0.1 million) for the first half of fiscal year 2015, compared with free cash flow of R7.1
million ($0.6 million) for the first half of fiscal year 2014. The decrease in free cash flow is primarily attributable
to a decrease in cash generated from operating activities of R3.7 million ($0.3 million) as a result of increased
working capital investments and an increase in capital expenditure of R2.2 million ($0.2 million) in the first half of fiscal
year 2015.

Segment commentary for the first half of fiscal year 2015
                                                                                                                Adjusted                                                                                                                                                                                                                                                                
     Segment                      Revenue       % change on       Adjusted EBITDA       % change on        EBITDA Margin     
                                Half-year        prior year             Half-year        prior year            Half-year                  
                                     2015                                    2015                                   2015                       
                                    R’000                                   R’000                                  R’000  

 Africa                           341,595           5.2%                   97,788              1.8%                28.6% 
 
 The subscriber base has grown by 20.9% since September 30, 2013. Modest revenue growth of 5.2% is attributable to lower hardware 
 revenue caused by a revenue mix shift towards bundled sales for fleet products. The segment delivered a strong Adjusted EBITDA 
 margin of 28.6%.                                                                                                                     
                                                                                                                                                                 
 Europe                           82,017           19.3%                    2,675            168.8%                 3.3%
 
  Revenue was flat on a constant currency basis with lower hardware sales offsetting subscription revenue growth of about 8% on a 
  constant currency basis. The subscriber base grew 9% from September 30, 2013.                                                                                                                    
  Operating cost savings, as a result of the European business undertaking a restructuring in the first quarter of fiscal 2014, 
  resulted in the reported Adjusted EBITDA growth.                                                                                                                    
                                                                                                                                                                 
  Americas                         83,633          33.5%                   (1,061)            50.0%                (1.3%) 
  
 The subscriber base increased by 20.1% from September 30, 2013 - 12.1% of the increase relates to a transfer of Latin American 
 subscribers from the Middle East operation during the second quarter of fiscal 2015. Subscription revenue growth was 13.0% on a 
 constant currency basis. Investments in our sales and distribution capacity are being made in order to position the segment for 
 future growth in both North and South America. As a result the segment posted a negative Adjusted EBITDA margin.                                                                                                                     
                                                                                                                                                                 
 Middle East and Australasia       150,234         (2.9%)                    (798)               -                 (0.5%) 
 
  Subscribers increased 12.5% from September 30, 2013 despite the aforementioned subscriber transfer to the Americas segment.
  While subscription revenue increased by 19.4% on a constant currency basis, total revenue declined as a result of lower hardware 
  revenue in the Middle East. As a result of this and additional investments in sales and marketing, headcount and infrastructure 
  necessary to support future growth, the region reported a negative Adjusted EBITDA margin of 0.5%.                                                                                                                    
                                                                                                                                                                 
  Brazil                           12,152         209.5%                    (6,897)          (27.9%)              (56.8%) 
  
 The Brazil operation has not yet reached critical mass and therefore, despite revenue growth in excess of 200%, the region 
 recorded an expected Adjusted EBITDA loss.                                                                                                                     
                                                                                                                                                                 
 International central services organization    
                                  191,391         10.6%                     55,804              18.6%              29.2% 

  International CSO is a central services organization that wholesales our products and services to our regional operations 
  and distributors who, in turn, interface with our end-customers. International CSO is also responsible for the developement 
  of our hardware and software platforms. International CSO continues to benefit from the subscriber growth throughout the 
  Company and reported growth at both the revenue and Adjusted EBITDA level.                                                                                                                    
                                                                                                                                                                 

Business Outlook 
MiX Telematics has translated U.S. Dollar amounts in this Business Outlook paragraph from South African Rand at the
exchange rate of R11.0385 per $1.00, which was the R/$ exchange rate reported by the South African Reserve Bank as of
November 4, 2014.

Based on information as of today, November  6, 2014, the Company is issuing the following financial guidance for the
full 2015 fiscal year: 

- Revenue - R1,325 million to R1,350 million ($120.0 million to $122.3 million), which would represent revenue growth
  of 4% to 6% compared to fiscal year 2014. 
- Subscription revenue - R980 million to R990 million ($88.8 million to $89.7 million), which would represent
  subscription revenue growth of 15% to 16% compared to fiscal year 2014. 
- Adjusted EBITDA - R237 million to R252 million ($21.5 million to $22.8 million), which would represent a decline in
  Adjusted EBITDA of 16% to 11% compared to fiscal year 2014. 
- Adjusted earnings per diluted ordinary share of 12.0 to 13.5 South African cents based on 810 million diluted
  ordinary shares in issue, and based on an effective tax rate of 29.0% to 33.0%.  At a ratio of 25 ordinary shares to one ADS,
  this equates to adjusted earnings per diluted ADS of 27 to 31 U.S. cents.

For the third quarter of fiscal year 2015 the Company expects subscription revenue to be in the range of R246 million
to R250 million ($22.3 million to $22.6 million) which would represent subscription revenue growth of 12% to 14%
compared to the third quarter of fiscal year 2014. 

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.
- Achieving hardware sales according to expectations. Hardware sales are dependent on the volumes of bundled solutions
  selected by customers. 
- 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 U.S. listed company. 

The forecast is the responsibility of the board of directors and has not been reviewed or reported on by the Company’s
external auditors. The Company’s policy is to give guidance on a quarterly basis, if necessary, and does not update
guidance between quarters.

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. 

Quarterly Reporting Policy in respect of JSE Listings Requirements
Following the listing of the Company’s ADSs on the New York Stock Exchange, the Company has adopted a quarterly
reporting policy. As a result of such quarterly reporting the Company is, in terms of paragraph 3.4(b)(ix) of the JSE Listings
Requirements, not required to publish trading statements in terms of paragraph 3.4(b)(i) to (viii) of the JSE Listings
Requirements.

Conference Call Information
MiX Telematics management will also host a conference call and audio webcast at 8:00 a.m. (Eastern Standard Time) and
3:00 p.m. (South African Time) on November 6, 2014 to discuss the Company's financial results and current business
outlook: 
 
- The live webcast of the call will be available at the “Investor Information” page of the Company’s website, 
  http://investor.mixtelematics.com. 
- To access the call, dial 1-888-516-2435 (within the United States) or 0 800 980 989 (within South Africa) or
  1-719-325-2313 (outside of the United States). The conference ID is 2212525.
- A replay of this conference call will be available for a limited time at 1-877-870-5176 (within the United States)
  or 1-858-384-5517 (within South Africa or outside of the United States). The replay conference ID is 2212525. 
- A replay of the webcast will also be available for a limited time at http://investor.mixtelematics.com.

About MiX Telematics Limited
MiX Telematics is a leading global provider of fleet and mobile asset management solutions delivered as SaaS to
customers in more than 120 countries. The Company’s products and services provide enterprise fleets, small fleets and
consumers with solutions for safety, efficiency, risk 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 without limitation, statements concerning our financial guidance for the third quarter
and full year of fiscal year 2015, our position to execute on our growth strategy, and our ability to expand our
leadership position. 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. 

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, those described under the
caption “Risk Factors” in the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission (the
"SEC") for the fiscal year ended March 31, 2014, as updated by other reports that the Company files with or furnishes to 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
Adjusted EBITDA
To provide investors with additional information regarding its financial results, the Company has disclosed within
this press release, Adjusted EBITDA and Adjusted EBITDA margin.  Adjusted EBITDA is a non-IFRS financial measure, it does
not represent cash flows from operations for the periods indicated and should not be considered an alternative to net
income as an indicator of our results of operations or as an alternative to cash flows from operations as an indicator of
liquidity.  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 or
subsidiaries, certain litigation costs, certain non-recurring initial public offering or "IPO" costs, unrealized foreign
exchange gains/(losses) and foreign exchange gains/(losses) related to the cash proceeds raised through the IPO. Adjusted
EBITDA does not have a standardized meaning and, accordingly, the Company's definition of Adjusted EBITDA may not be
comparable to Adjusted EBITDA as used by other companies.

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 provides useful information to investors and others in understanding and evaluating its
operating results.

The Company's use of Adjusted EBITDA has limitations as an analytical tool, and you 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, our 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 our debt;
- Adjusted EBITDA does not include interest earned on cash and cash equivalents and other financial assets;
- Adjusted EBITDA does not include certain foreign currency transaction gains and losses;
- Adjusted EBITDA does not include certain non-recurring IPO and litigation costs; and
- other companies, including companies in our industry, may calculate Adjusted EBITDA differently, which reduces its
  usefulness as a comparative measure.

Because of these limitations, you should consider Adjusted EBITDA and Adjusted EBITDA margin alongside other financial
performance measures, including operating profit, profit for the period and our other results.

Headline Earnings
Headline earnings is a profit measure required for JSE-listed companies as defined by the South African Institute of
Chartered Accountants. The profit measure is determined by taking the profit for the year prior to separately
identifiable re-measurements of the carrying amount of an asset or liability that arose after the initial recognition of such 
asset or liability net of related tax (both current and deferred) and related non-controlling interest. A reconciliation of
headline earnings to profit for the period has been included in the financial results section of this announcement.  

Adjusted Profit and Adjusted Earnings Per Share
Adjusted profit and adjusted earnings per share is defined as profit attributable to owners of the parent excluding
net foreign exchange gains/(losses) net of tax for the relevant period.  A reconciliation of adjusted earnings to profit
for the period has been included in the financial results section of this announcement.

Investor Contact:
Sheila Ennis
ICR for MiX Telematics 
ir@mixtelematics.com
1-855-564-9835 

  CONDENSED CONSOLIDATED INCOME STATEMENTS                                                                                
  South African Rand                                        Six months ended                  Three months ended                                            
  Figures are in thousands unless otherwise stated     September 30,    September 30,    September 30,    September 30,              
                                                               2014             2013             2014             2013        
                                                          Unaudited        Unaudited        Unaudited        Unaudited   
                                                                                                                          
  Revenue                                                  670,210          613,408          351,000          314,961     
  Cost of sales                                           (218,559)        (211,036)        (110,931)        (110,756)   
  Gross profit                                             451,651          402,372          240,069          204,205     
  Other income/(expenses) - net                                784            1,609              215            1,540       
  Operating expenses                                      (392,767)        (331,998)        (203,144)        (171,083)   
  -Sales and marketing                                     (86,938)         (68,203)         (41,632)         (34,051)    
  -Administration and other charges                       (305,829)        (263,795)        (161,512)        (137,032)   
  Operating profit                                          59,668           71,983           37,140           34,662      
  Finance income/(costs) - net (note 3)                     37,213            9,124           35,897            9,772       
  -Finance income                                           38,582           10,390           36,699           10,454      
  -Finance costs                                            (1,369)          (1,266)            (802)            (682)       
  Profit before taxation                                    96,881           81,107           73,037           44,434      
  Taxation                                                 (31,874)         (24,519)         (24,089)         (14,181)    
  Profit for the period                                     65,007           56,588           48,948           30,253      
                                                                                                                          
  Attributable to:                                                                                                        
  Owners of the parent                                      65,191           56,588           49,109           30,253      
  Non-controlling interests                                   (184)               *             (161)               *           
                                                            65,007           56,588           48,948           30,253      
                                                                                                                          
  Attributable earnings per share                                                                                         
   -basic (R)                                                 0.08             0.08             0.06             0.04        
   -diluted (R)                                               0.08             0.08             0.06             0.04        
                                                                                                                          
  Earnings per American Depositary Share                                                                                  
   -basic (R)                                                 2.07             2.05             1.56             1.05        
   -diluted (R)                                               2.03             1.95             1.53             1.00        
                                                                                                                          
  Ordinary shares ('000)                                                                                                  
   -in issue at September 30                               790,788          772,950          790,788          772,950     
   -weighted average                                       786,468          688,787          788,220          717,059     
   -diluted weighted average                               804,660          727,259          804,825          755,739     
                                                                                                                          
  Weighted average American Depositary Share ('000)                                                                       
   -in issue at September 30                                31,632           30,918           31,632           30,918      
   -weighted average                                        31,459           27,551           31,529           28,682      
   -diluted weighted average                                32,186           29,090           32,193           30,230      
                            
* Amounts less than $1,000/R1,000

  CONDENSED CONSOLIDATED INCOME STATEMENTS                                                                                
  United States Dollar                                      Six months ended                  Three months ended                                                         
  Figures are in thousands unless otherwise stated    September 30,    September 30,    September 30,    September 30,               
                                                              2014             2013             2014             2013        
                                                         Unaudited        Unaudited        Unaudited        Unaudited   
                                                                                                                          
  Revenue                                                   59,619           54,566           31,223           28,017      
  Cost of sales                                            (19,442)         (18,773)          (9,868)          (9,852)     
  Gross profit                                              40,177           35,793           21,355           18,165      
  Other income/(expenses) - net                                 70              143               19              137         
  Operating expenses                                       (34,939)         (29,533)         (18,070)         (15,219)    
  -Sales and marketing                                      (7,734)          (6,067)          (3,703)          (3,029)     
  -Administration and other charges                        (27,205)         (23,466)         (14,367)         (12,190)    
  Operating profit                                           5,308            6,403            3,304            3,083       
  Finance income/(costs) - net (note 3)                      3,310              811            3,194              869         
  -Finance income                                            3,432              924            3,265              930         
  -Finance costs                                              (122)            (113)             (71)             (61)        
  Profit before taxation                                     8,618            7,214            6,498            3,952       
  Taxation                                                  (2,835)          (2,181)          (2,143)          (1,261)     
  Profit for the period                                      5,783            5,033            4,355            2,691       
                                                                                                                          
  Attributable to:                                                                                                        
  Owners of the parent                                       5,799            5,033            4,369            2,691       
  Non-controlling interests                                    (16)               *              (14)               *           
                                                             5,783            5,033            4,355            2,691       
                                                                                                                          
  Attributable earnings per share                                                                                         
   -basic ($)                                                 0.01             0.01             0.01                #           
   -diluted ($)                                               0.01             0.01             0.01                #           
                                                                                                                          
  Earnings per American Depositary Share                                                                                  
   -basic ($)                                                 0.18             0.18             0.14             0.09        
   -diluted ($)                                               0.18             0.17             0.14             0.09        
                                                                                                                          
  Ordinary shares ('000)                                                                                                  
   -in issue at September 30                               790,788          772,950          790,788          772,950     
   -weighted average                                       786,468          688,787          788,220          717,059     
   -diluted weighted average                               804,660          727,259          804,825          755,739     
                                                                                                                          
  Weighted average American Depositary Share ('000)                                                                       
   -in issue at September 30                                31,632           30,918           31,632           30,918      
   -weighted average                                        31,459           27,551           31,529           28,682      
   -diluted weighted average                                32,186           29,090           32,193           30,230      

* Amounts less than $1,000/R1,000
# Amounts less than $0.01

  CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME          South African Rand                  United States Dollar                                                                                                                                                                                                                      
                                                                     Six months ended                      Six months ended                        
  Figures are in thousands unless otherwise stated           September 30,      September 30,      September 30,   September 30,   
                                                                     2014               2013               2014            2013            
                                                                Unaudited          Unaudited          Unaudited       Unaudited       
                                                                                                                                         
  Profit for the period                                            65,007             56,588             5,783           5,033           
  Other comprehensive income:                                                                                                            
  Items that may be subsequently reclassified to profit or loss                                                                          
  Exchange differences on translating foreign operations           14,831             27,586             1,319           2,454           
  Exchange differences on net investments in foreign operations     3,661              2,737               326             244             
  Taxation relating to components of other comprehensive income       291                  -                26               -               
  Other comprehensive income for the period, net of tax            18,783             30,323             1,671           2,698           
  Total comprehensive income for the period                        83,790             86,911             7,454           7,731           
                                                                                                                                         
  Attributable to:                                                                                                                       
  Owners of the parent                                             83,974             86,911             7,470           7,731           
  Non-controlling interests                                          (184)                 *               (16)              *               
  Total comprehensive income for the period                        83,790             86,911             7,454           7,731           
    
* Amounts less than $1,000/R1,000

  HEADLINE EARNINGS                                                                                                                                                           
  Reconciliation of headline earnings                                                                                                                                         
                                                                South African Rand              United States Dollar                        
                                                                 Six months ended                 Six months ended                            
  Figures are in thousands unless otherwise stated      September 30,    September 30,    September 30,      September 30,   
                                                                2014             2013             2014               2013            
                                                           Unaudited        Unaudited        Unaudited          Unaudited       
                                                                                                                                     
  Profit for the period attributable to owners of the 
  parent                                                      65,191           56,588            5,799              5,033           
  Adjusted for:                                                                                                                      
  Profit on disposal of property, plant and equipment 
  and intangible assets                                          126               54               11                  5               
  Impairment of property, plant and equipment (note 5)           649                -               58                  -               
  Impairment of product development costs capitalized (note 5)   456                -               41                  -               
  Income tax effect on the above components                     (343)             (14)             (31)                (1)             
  Headline earnings attributable to owners of the parent      66,079           56,628            5,878              5,037           
                                                                                                                                     
  Headline earnings                                                                                                                  
  Headline earnings per share                                                                                                        
   -basic (R/$)                                                 0.08             0.08             0.01               0.01            
   -diluted (R/$)                                               0.08             0.08             0.01               0.01            
                                                                                                                                     
  Headline earnings per American Depositary Share                                                                                    
   -basic (R/$)                                                 2.10             2.06             0.19               0.18            
   -diluted (R/$)                                               2.05             1.95             0.18               0.17            
                                                                                                                                                                     

  ADJUSTED EARNINGS                                                                                                                                
  Reconciliation of adjusted earnings                                                                                                              
  South African Rand                                         Six months ended             Three months ended                                                                           
  Figures are in thousands unless otherwise stated   September 30,   September 30,  September 30,   September 30,   
                                                             2014            2013           2014            2013            
                                                        Unaudited       Unaudited      Unaudited       Unaudited       
                                                                                                                       
  Profit for the period attributable to owners of 
  the parent                                               65,191         56,588          49,109          30,253          
  Net foreign exchange gains (note 9)                     (33,980)        (8,290)        (34,164)         (9,501)         
  Income tax effect on the above component                 11,630          2,187          11,502           2,643           
  Adjusted earnings attributable to owners of the         
  parent                                                   42,841         50,485          26,447          23,395          
                                                                                                                                                                                                                                               
  Adjusted earnings                                                                                                     
  Attributable adjusted earnings per share                                                                              
   -basic (R)                                                0.05           0.07            0.03            0.03            
   -diluted (R)                                              0.05           0.07            0.03            0.03            
                                                                                                                        
  Adjusted earnings per American Depositary Share                                                                       
   -basic (R)                                                1.36           1.83            0.84            0.82            
   -diluted (R)                                              1.33           1.74            0.82            0.77            
                                                                                                                        
  United States Dollar                                                                                                  
  Figures are in thousands unless otherwise stated                                                                      
                                                                                                                                                                                                                                               
  Profit for the period attributable to owners of the     
  parent                                                    5,799          5,033           4,369           2,691           
  Net foreign exchange gains (note 9)                      (3,023)          (737)         (3,039)           (845)           
  Income tax effect on the above component                  1,035            195           1,023             235             
  Adjusted earnings attributable to owners of the parent    3,811          4,491           2,353           2,081
                                                                                                                                       
  Attributable adjusted earnings per share                                                                                  
   -basic ($)                                                   #           0.01               #               #               
   -diluted ($)                                                 #           0.01               #               #               
                                                                                                                            
  Adjusted earnings per American Depositary Share                                                                           
   -basic ($)                                                0.12           0.16            0.07            0.07            
   -diluted ($)                                              0.12           0.15            0.07            0.07            
   
# Amounts less than $0.01

  CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION                                                                       
                                                               South African Rand           United States Dollar                                                       
  Figures are in thousands unless otherwise stated     September 30,        March 31,   September 30,        March 31,                
                                                               2014             2014            2014             2014        
                                                          Unaudited          Audited       Unaudited        Unaudited                                                                                                                                   
  ASSETS                                                                                                                   
  Non-current assets                                                                                                       
  Property, plant and equipment                             132,914          129,079          11,823           11,482      
  Intangible assets                                         707,836          692,190          62,966           61,574      
  Available-for-sale financial asset                              -                -               -                -           
  Finance lease receivable                                    3,295            6,677             293              594         
  Deferred tax assets                                        27,116           19,825           2,412            1,764       
  Total non-current assets                                  871,161          847,771          77,494           75,414      
                                                                                                                           
  Current assets                                                                                                           
  Inventory                                                  46,192           39,774           4,109            3,538       
  Trade and other receivables                               260,108          234,839          23,138           20,890      
  Finance lease receivable                                    6,816            6,652             606              592         
  Taxation                                                   13,148            7,336           1,170              653         
  Restricted cash                                            13,480           10,279           1,199              915         
  Cash and cash equivalents                                  904,620         830,449          80,471           73,874      
  Total current assets                                     1,244,364       1,129,329         110,693          100,462     
  Total assets                                             2,115,525       1,977,100         188,187          175,876     
                                                                                                                           
  EQUITY                                                                                                                   
  Stated capital                                           1,435,033       1,429,250         127,653          127,139     
  Other reserves                                             (36,761)        (58,335)         (3,269)          (5,189)     
  Retained earnings                                          365,916         300,725          32,551           26,752      
  Equity attributable to owners of the parent              1,764,188       1,671,640         156,935          148,702     
  Non-controlling interest                                      (651)            (10)            (57)               *           
  Total equity                                             1,763,537       1,671,630         156,878          148,702     
                                                                                                                           
  LIABILITIES                                                                                                              
  Non-current liabilities                                                                                                  
  Borrowings                                                   1,799           2,462             160              219         
  Deferred tax liabilities                                    38,486          20,601           3,424            1,833       
  Provisions                                                   2,800           2,282             249              203         
  Share-based payment liability (note 11)                      1,950               -             173                -           
  Total non-current liabilities                               45,035          25,345           4,006            2,255       
                                                                                                                           
  Current liabilities                                                                                                      
  Trade and other payables                                   228,470         228,961          20,322           20,368      
  Borrowings                                                   1,309           1,279             116              114         
  Taxation                                                       744           2,912              66              258         
  Provisions                                                  19,418          19,163           1,727            1,705       
  Bank overdraft                                              57,012          27,810           5,072            2,474       
  Total current liabilities                                  306,953         280,125          27,303           24,919      
  Total liabilities                                          351,988         305,470          31,309           27,174      
  Total equity and liabilities                             2,115,525       1,977,100         188,187          175,876     
  Net cash (note 7)                                          844,500         798,898          75,123           71,067      
  Net asset value per share (R/$)                               2.23            2.13            0.20             0.19        
  Net tangible asset value per share (R/$)                      1.33            1.25            0.12             0.11        
                                                                                                                           
  Capital expenditure                                                                                                      
  -incurred                                                   63,544           135,309          5,653          12,036      
  -authorized but not spent                                   45,044           60,115           4,007           5,348       
 
* Amounts less than $1,000/R1,000

  CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS                                                                                               
                                                                   South African Rand           United States Dollar
                                                                   Six months ended              Six months ended
  Figures are in thousands unless otherwise stated         September 30,    September 30,   September 30,    September 30,                
                                                                   2014             2013            2014             2013        
                                                              Unaudited        Unaudited       Unaudited        Unaudited   
                                                                                                                                
  Operating activities                                                                                                          
  Cash generated from operations                                 92,955          100,565           8,269           8,946       
  Net financing income                                            3,151              413             280              37          
  Taxation paid                                                 (28,844)         (30,028)         (2,566)         (2,671)     
  Net cash generated from operating activities                   67,262           70,950           5,983           6,312       
                                                                                                                                
  Cash flows from investing activities                                                                                          
  Capital expenditure                                           (66,095)         (63,855)         (5,880)         (5,680)     
  Deferred consideration paid                                      (608)               -             (54)              -           
  Proceeds on sale of property, plant and equipment 
  and intangible assets                                             397               48              35               4           
  Increase in restricted cash                                    (3,009)          (1,399)           (268)           (124)       
  Net cash used in investing activities                         (69,315)         (65,206)         (6,167)         (5,800)     
                                                                                                                                
  Cash flows from financing activities                                                                                          
  Proceeds from issuance of ordinary shares                       5,783           652,632            514          58,055      
  Share issue expenses paid                                           -           (15,444)             -          (1,374)     
  Repayment of borrowings                                             -            (3,542)             -            (315)       
  Dividends paid                                                      -           (39,570)             -          (3,520)     
  Net cash generated from financing activities                    5,783           594,076            514          52,846      
  Net increase in cash and cash equivalents                       3,730           599,820            330          53,358      
                                                                                                                                
  Net cash and cash equivalents at the beginning of the period  802,639            91,697         71,400           8,157       
  Exchange gains on cash and cash equivalents                    41,239            11,769          3,669           1,046       
  Net cash and cash equivalents at the end of the period         847,608          703,286         75,399          62,561      
                                                                                                                                                 
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY                                                                                                                     
                                                                     Attributable to owners of the parent                                                                                                   
  South African Rand                                                                                                                                                        
  Figures are in thousands unless otherwise stated         Stated          Other              Retained         Total   Non-controlling            Total   
                                                           capital         reserves           earnings                       interest            Equity 
  Balance at April 1, 2013 (Audited)                       790,491         (111,362)          188,750        867,879              (5)           867,874        
  Total comprehensive income                                     -           30,323            56,588         86,911               *             86,911         
  Profit for the period                                          -                -            56,588         56,588               *             56,588         
  Other comprehensive income                                     -           30,323                 -         30,323               -             30,323         
  Transactions with owners                                 626,182            2,578           (39,614)       589,146               -            589,146        
  Shares issued in relation to share options exercised       3,430                -                 -          3,430               -              3,430          
  Share-based payment                                            -            2,578                 -          2,578               -              2,578          
  Proceeds from shares issued, net of share issue costs    622,752                -                 -        622,752               -            622,752        
  Dividend declared of 6 cents per share (note 8)                -                -           (39,614)       (39,614)              -            (39,614)       
  Balance at September 30, 2013 (Unaudited)              1,416,673          (78,461)          205,724      1,543,936              (5)         1,543,931      
  Total comprehensive income                                     -           18,093            95,001        113,094              (5)           113,089        
  Profit for the period                                          -                -            95,001         95,001              (5)            94,996         
  Other comprehensive income                                     -           18,093                 -         18,093               -             18,093         
  Transactions with owners                                  12,577            2,033                 -         14,610               -             14,610         
  Shares issued in relation to share options exercised      12,346                -                 -         12,346               -             12,346         
  Share-based payment                                            -            2,033                 -          2,033               -              2,033          
  Proceeds from shares issued, net of share issue costs        231                -                 -            231               -                231            
  Balance at March 31, 2014 (Audited)                    1,429,250          (58,335)          300,725      1,671,640             (10)         1,671,630      
  Total comprehensive income                                     -           18,783            65,191         83,974            (184)            83,790         
  Profit for the period                                          -                -            65,191         65,191            (184)            65,007         
  Other comprehensive income                                     -           18,783                 -         18,783               -             18,783         
  Transactions with owners                                   5,783            2,791                 -          8,574            (457)             8,117          
  Shares issued in relation to share options exercised       5,783                -                 -          5,783               -              5,783          
  Share-based payment                                            -            2,334                 -          2,334               -              2,334          
  Transactions with non-controlling interest                     -              457                 -            457            (457)                 -              
  Balance at September 30, 2014 (Unaudited)              1,435,033          (36,761)          365,916      1,764,188            (651)         1,763,537      
  * Amounts less than R1,000                                                                                                                                  
                                                                                                                                                                            

  CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY                                                                                                                   
                                                                                                                                                                      
  United States Dollar                                             Attributable to owners of the parent                                                                                           
  Figures are in thousands unless otherwise stated          Stated            Other           Retained          Total   Non-controlling           Total   
                                                           capital         reserves           earnings                      interest             Equity
  Balance at April 1, 2013 (Unaudited)                      70,318          (9,905)             16,791         77,204              *             77,204         
  Total comprehensive income                                    -            2,698               5,033          7,731              *              7,731          
  Profit for the period                                         -                -               5,033          5,033              *              5,033          
  Other comprehensive income                                    -            2,698                   -          2,698              -              2,698          
  Transactions with owners                                 55,702              229              (3,524)        52,407              -             52,407         
  Shares issued in relation to share options exercised        305                -                   -            305              -                305            
  Share-based payment                                           -              229                   -            229              -                229            
  Proceeds from shares issued, net of share issue costs    55,397                -                   -         55,397              -             55,397         
  Dividend declared of 0.5 cents per share (note 8)             -                -              (3,524)        (3,524)             -             (3,524)        
  Balance at September 30, 2013 (Unaudited)               126,020           (6,978)             18,300        137,342              *            137,342        
  Total comprehensive income                                    -            1,608               8,452         10,060              *             10,060         
  Profit for the period                                         -                -               8,452          8,452              *              8,452          
  Other comprehensive income                                    -            1,608                   -          1,608              -              1,608          
  Transactions with owners                                  1,119              181                   -          1,300              -              1,300          
  Shares issued in relation to share options exercised      1,098                -                   -          1,098              -              1,098          
  Share-based payment                                           -              181                   -            181              -                181            
  Proceeds from shares issued, net of share issue costs        21                -                   -             21              -                 21             
  Balance at March 31, 2014 (Unaudited)                   127,139           (5,189)             26,752        148,702              *            148,702        
  Total comprehensive income                                    -            1,671               5,799          7,470            (16)             7,454          
  Profit for the period                                         -                -               5,799          5,799            (16)             5,783          
  Other comprehensive income                                    -            1,671                   -          1,671              -              1,671          
  Transactions with owners                                    514              249                   -            763            (41)               722            
  Shares issued in relation to share options exercised        514                -                   -            514              -                514            
  Share-based payment                                           -              208                   -            208              -                208            
  Transactions with non-controlling interest                    -               41                   -             41            (41)                 -              
  Balance at September 30, 2014 (Unaudited)               127,653           (3,269)             32,551        156,935            (57)           156,878        
  * Amounts less than $1,000                                                                                                                                                      
                                                                                                                                                                          

NOTES TO CONDENSED CONSOLIDATED FINANCIAL RESULTS

1. Basis of preparation and accounting policies
Condensed unaudited Group interim financial results for the half year ended September 30, 2014
These condensed unaudited Group interim financial results for the half year ended September 30, 2014 have been
prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS), 
as issued by the International Accounting Standards Board and are in compliance with IAS 34: Interim Financial Reporting,
SAICA Financial Reporting Guidelines as issued by the Accounting Practices Committee, Section 8.57 of the Listings
Requirements of the JSE Limited and the requirements of the Companies Act of South Africa, 2008. The interim financial results
have not been audited or reviewed by the Group’s external auditors. 

The condensed unaudited Group interim financial results do not include all the information and disclosures required in
the annual financial statements and should be read in conjunction with the Group’s annual financial statements for the
year ended March 31, 2014, which have been prepared in accordance with IFRS. No new or revised accounting standards have
been adopted by the Group in fiscal 2015.

The preparation of interim financial results requires management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. In
preparing these condensed interim financial results, the significant judgements made by management in applying the
Group’s accounting policies and the key sources of estimation and uncertainty were the same as those applied to the
consolidated financial statements for the year ended March 31, 2014.

Financial results for the second quarter of fiscal year 2015
In addition to the Group’s interim financial results for the half year ended September 30, 2014, additional financial
information in respect of the second quarter of fiscal year 2015 has been presented together with the relevant
comparative information. The quarterly information comprises a condensed consolidated income statement, a reconciliation of
adjusted earnings to profit for the period, a reconciliation of Adjusted EBITDA to profit for the period (note 5) and other
financial and operating data (note 12).

The accounting policies used in preparing the financial results for the second quarter of fiscal year 2015 are
consistent in all material respects with those applied in the preparation of the Group’s annual financial statements for the
year ended March 31, 2014.

The quarterly financial results have not been audited or reviewed by the Group’s external auditors. 

The condensed unaudited Group quarterly financial results do not include all the information and disclosures required
in the annual financial statements and should be read in conjunction with the Group’s annual financial statements for
the year ended March 31, 2014, which have been prepared in accordance with IFRS.

Presentation currency and convenience translation
The Group’s presentation currency is South African Rand. In addition to presenting these interim financial results in
South African Rand, supplementary information in U.S. Dollars has been prepared for the convenience of users of the
Group interim financial results. Unless otherwise stated, the Group has translated U.S. Dollars amounts from South African
Rand at the exchange rate of R11.2416 per $1.00, which was the R/$ exchange rate reported by the South African Reserve
Bank as of September 30, 2014. The U.S. Dollar figures may not compute as they are rounded independently.

2. Accounting policies
The accounting policies are consistent in all material respects with those applied in the preparation of the annual
financial statements for the year ended March 31, 2014. 

3. Reclassification
Net foreign exchange gains/(losses)
During the 2014 fiscal year, the Group changed its classification of foreign exchange gains and losses in the income
statement. Foreign exchange gains and losses, which were previously classified as part of “Other income/(expenses) -
net”, are now classified as part of “Finance income/(costs) - net”. The change is considered a more relevant presentation of
such items in the income statement since the majority of foreign exchange gains and losses relate to translation
differences on foreign currency cash and cash equivalents arising from the initial public offering proceeds. 

The reclassification has been adopted retrospectively and the comparative amounts for the six and three months ended
September 30, 2013 have been adjusted accordingly. The reclassification was applied for the first time during the three
months ended December 31, 2013.

The impact of the reclassification results in a decrease of R8.3 million ($0.7 million) and R9.5 million ($0.8
million) in "Operating profit" with corresponding additional income in “Finance income/(costs) - net" for the six and three
months months ended September 30, 2013, respectively. Profit before taxation and profit for the period remain unchanged for
the periods disclosed.

4. Segment information
As reported in our Annual Report on Form 20-F, during the 2014 fiscal year the Group saw strong uptake of both its
high-end fleet management solutions and the low-end Beam-e track and trace solution (a consumer product) in the Africa
fleet solutions segment. Given the convergence among the brands in Africa consumer solutions and Africa fleet solutions
these businesses were combined in June 2014 and we are reporting Africa as a whole from fiscal 2015 onwards. This is
consistent with the manner in which segment information is reviewed by the chief operating decision maker. 

Additionally, the Group has noted a blending of product and service types in the various geographies in which it
operates. As a result, the segment descriptions have been updated to only refer to the geography and not to a specific
product or service. This does not represent a change to the segment reporting as the chief operating decision maker continues
to assess performance based on geography. The Group's product range consists of asset tracking and fleet solutions.

The tables below present the segment information on this revised basis, with the prior year amended to conform to the
current year presentation as shown below.

  CONDENSED SEGMENTAL ANALYSIS                                                                                                                        
                                                                                                                                                      
  South African Rand                                           Total          Inter-             Adjusted              Assets          
  Figures are in thousands unless otherwise stated           revenue         segment               EBITDA                                  
                                                                             revenue                                                                                                                                                                                                     
  Six months ended September 30, 2014 (unaudited)                                                                                    
  Africa                                                     341,595              -                97,788             420,375         
  Europe                                                      82,017           (293)                2,675              86,993          
  Americas                                                    83,633              -                (1,061)             83,972          
  Middle East and Australasia                                150,234            (12)                 (798)            162,890         
  Brazil                                                      12,152             (5)               (6,897)             12,111          
  International Central Services Organization                191,391       (190,502)               55,804             306,699         
  Total                                                      861,022       (190,812)              147,511           1,073,040       
  Corporate and consolidation entries                              -              -               (24,767)          1,265,509       
  Inter-segment elimination                                 (190,812)       190,812                     -            (223,024)       
  Total                                                      670,210              -               122,744           2,115,525                                                                                                                                                                                                                                                                                                                
                                                                                                                                  
  Six months ended September 30, 2013 - Restated (unaudited)                                                                      
  Africa                                                     324,734         (2,354)               96,092             386,092         
  Europe                                                      68,777           (311)                  995              66,817          
  Americas                                                    62,627              -                (2,120)             57,498          
  Middle East and Australasia                                154,693           (875)               17,569             145,470         
  Brazil                                                       3,926              -                (5,394)              4,970           
  International Central Services Organization                173,088       (170,897)               47,043             255,244         
  Total                                                      787,845       (174,437)              154,185             916,091         
  Corporate and consolidation entries                              -              -               (22,075)          1,093,321       
  Inter-segment elimination                                 (174,437)       174,437                     -            (151,141)       
  Total                                                      613,408              -               132,110           1,858,271       
                                                                                                                                                   

  CONDENSED SEGMENTAL ANALYSIS                                                                                                                                        
                                                                                                                                                                      
  United States Dollar                                        Total          Inter-             Adjusted               Assets         
  Figures are in thousands unless otherwise stated          revenue         segment               EBITDA                                                                 
                                                                            revenue                                                                       
  Six months ended September 30, 2014 (unaudited)                                                                                              
  Africa                                                     30,387              -                 8,699              37,395         
  Europe                                                      7,296            (27)                  238               7,738          
  Americas                                                    7,440              -                   (94)              7,470          
  Middle East and Australasia                                13,364             (1)                  (71)             14,490         
  Brazil                                                      1,081              -                  (614)              1,077          
  International Central Services Organization                17,025         (16,946)               4,964              27,283         
  Total                                                      76,593         (16,974)              13,122              95,453         
  Corporate and consolidation entries                             -               -               (2,203)            112,574        
  Inter-segment elimination                                 (16,974)         16,974                    -             (19,840)       
  Total                                                      59,619               -               10,919             188,187        
                                                                                                                                         
  Six months ended September 30, 2013 - Restated
  (unaudited)                                                                                  
  Africa                                                     28,887            (209)               8,548              34,345         
  Europe                                                      6,118             (28)                  89               5,944          
  Americas                                                    5,571               -                 (189)              5,115          
  Middle East and Australasia                                13,761             (78)               1,563              12,940         
  Brazil                                                        349               -                 (480)                442            
  International Central Services Organization                15,397         (15,202)               4,185              22,705         
  Total                                                      70,083         (15,517)              13,716              81,491         
  Corporate and consolidation entries                             -               -               (1,964)             97,257         
  Inter-segment elimination                                 (15,517)         15,517                    -             (13,445)       
  Total                                                      54,566               -                11,752            165,303        

The prior year segment information has been amended to conform to the current year presentation as follows:

  South African Rand                                                   Total               Inter-         Adjusted         Assets      
  Figures are in thousands unless otherwise stated                   revenue     segment revenue            EBITDA                                                                                                               
                                                                                                                                                                                        
  Six months ended September 30, 2013 (unaudited)                                                                                                                                     
  Africa (As previously reported)          Consumer solutions        173,173              (7,298)            49,134        272,233     
                                           Fleet solutions           159,580              (3,075)            47,776        120,059     
                                                                     332,753             (10,373)            96,910        392,292     
  Adjustments:                                                                                                                                           
  Inter-segment revenue eliminations                                 (8,019)               8,019                  -              -           
  Inter-segment unrealized profit eliminations                            -                    -               (818)          (537)       
  Inter-segment investments and intercompany receivable eliminations      -                    -                  -         (5,663)     
  Africa (Restated)                                                 324,734               (2,354)            96,092        386,092     
                                                                                                                                                            
  Corporate and consolidation entries (As previously reported)            -                    -            (22,893)     1,092,784   
  Adjustments:                                                                                                                                              
  Inter-segment unrealized profit eliminations                            -                    -                818            537         
  Corporate and consolidation entries (Restated)                          -                    -            (22,075)     1,093,321   
                                                                                                                                                            
  Inter-segment elimination (As previously reported)               (182,456)             182,456                  -       (156,804)   
  Adjustments:                                                                                                                                              
  Inter-segment revenue eliminations                                  8,019               (8,019)                 -              -           
  Inter-segment investments and intercompany receivable eliminations      -                    -                  -          5,663       
  Inter-segment elimination (Restated)                             (174,437)             174,437                  -       (151,141)   
                                                                                                                                                           

  United States Dollar                                                 Total              Inter-           Adjusted         Assets      
  Figures are in thousands unless otherwise stated                   revenue     segment revenue             EBITDA                                                                                                                     
                                                                                                                                                                                     
  As previously reported:                                                                                                                                                            
                                                                                                                                                                                     
  Africa (As previously reported)            Consumer solutions       15,405               (648)              4,371        24,217     
                                             Fleet solutions          14,195               (274)              4,250        10,680     
                                                                      29,600               (922)              8,621        34,897     
  Adjustments:                                                                                                                                                                       
  Inter-segment revenue eliminations                                    (713)               713                   -             -          
  Inter-segment unrealized profit eliminations                             -                  -                 (73)          (48)       
  Inter-segment investments and intercompany receivable eliminations       -                  -                   -          (504)     

  Africa (Restated)                                                   28,887               (209)              8,548        34,345     
                                                                                                                                                                                     

  Corporate and consolidation entries (As previously reported)             -                  -              (2,037)       97,209     
  Adjustments:                                                                                                                                                                            
  Inter-segment unrealized profit eliminations                             -                  -                  73            48         
  Corporate and consolidation entries (Restated)                           -                  -              (1,964)       97,257                                                                                                                                                                                                                                       
                                                                                                                                                          
  Inter-segment elimination (As previously reported)                 (16,230)             16,230                  -       (13,949)   
  Adjustments:                                                                                                                        
  Inter-segment revenue eliminations                                     713                (713)                 -             -          
  Inter-segment investments and intercompany receivable               
  eliminations                                                             -                   -                  -           504        
  Inter-segment elimination (Restated)                               (15,517)             15,517                  -       (13,445)   
                                                                                                                                             

  5. Reconciliation of Adjusted EBITDA to Profit for the Period                                                                                                 
  South African Rand                                               Six months ended                         Three months ended                        
  Figures are in thousands unless otherwise stated        September 30,        September 30,       September 30,        September 30,   
                                                                  2014                 2013                2014                 2013            
                                                             Unaudited            Unaudited           Unaudited            Unaudited       
                                                                                                                                              
  Adjusted EBITDA                                              122,744              132,110              70,739               66,876          
  Add:                                                                                                                                        
  Net realized foreign exchange losses                           1,366                    -                 671                    -               
  Decrease in provision for restructuring costs                      -                    -                   -                  109             
                                                                                                                                              
  Less:                                                                                                                                       
  Depreciation (1)                                             (28,409)             (21,671)            (14,753)             (11,438)        
  Amortization (2)                                             (21,880)             (24,458)            (10,611)              (9,868)         
  Impairment of property, plant and equipment (3)                 (649)                   -                (649)                   -               
  Impairment of product development costs capitalized             (456)                   -                (456)                   -               
  Share-based compensation costs                                (4,284)              (2,577)             (1,264)              (1,269)         
  Net loss on sale of property, plant and equipment 
  and intangible assets                                           (126)                 (54)                 (8)                 (63)            
  Restructuring costs                                                -               (2,762)                  -                    -               
  Non-recurring initial public offering costs                        -               (8,500)                  -               (8,500)         
  Net realized foreign exchange gains                                -                 (105)                  -               (1,185)         
  Net litigation costs (4)                                      (8,638)                   -              (6,529)                   -               
  Operating profit                                              59,668               71,983              37,140               34,662          
  Add: Finance income/(costs) - net                             37,213                9,124              35,897                9,772           
  Less: Taxation                                               (31,874)             (24,519)            (24,089)             (14,181)        
  Profit for the period                                         65,007               56,588              48,948               30,253          

(1) Includes depreciation of property, plant and equipment (including in-vehicle devices).
(2) Includes amortization of intangible assets (including product development costs).
(3) Includes R0.6 million ($0.1 million) impairment of the helicopter asset.
(4) Net costs relating to litigation and the related settlement described in note 14: Subsequent events -
    Litigation settlement.

  5. Reconciliation of Adjusted EBITDA to Profit for the Period (continued)                                                                                       
  United States Dollar                                           Six months ended                            Three months ended                        
  Figures are in thousands unless otherwise stated         September 30,        September 30,       September 30,        September 30,   
                                                                   2014                 2013                2014                 2013            
                                                              Unaudited            Unaudited           Unaudited            Unaudited       
                                                                                                                                                
  Adjusted EBITDA                                                10,919               11,752               6,293                5,949           
  Add:                                                                                                                                          
  Net realized foreign exchange losses                              122                    -                  60                    -               
  Decrease in provision for restructuring costs                       -                    -                   -                   10              
                                                                                                                                                
  Less:                                                                                                                                         
  Depreciation (1)                                               (2,527)              (1,928)             (1,312)              (1,017)         
  Amortization (2)                                               (1,946)              (2,176)               (944)                (878)           
  Impairment of property, plant and equipment (3)                   (58)                   -                 (58)                   -               
  Impairment of product development costs capitalized               (41)                   -                 (41)                   -               
  Share-based compensation costs                                   (381)                (229)               (112)                (113)           
  Net loss on sale of property, plant and equipment            
  and intangible assets                                             (11)                  (5)                 (1)                  (6)             
  Restructuring costs                                                 -                 (246)                  -                    -               
  Non-recurring initial public offering costs                         -                 (756)                  -                 (757)           
  Net realized foreign exchange gains                                 -                   (9)                  -                 (105)           
  Net litigation costs (4)                                         (769)                   -                (581)                   -               
  Operating profit                                                5,308                6,403               3,304                3,083           
  Add: Finance income/(costs) - net                               3,310                  811               3,194                  869             
  Less: Taxation                                                 (2,835)              (2,181)             (2,143)              (1,261)         
  Profit for the period                                           5,783                5,033               4,355                2,691                                                                                                                                                               

(1) Includes depreciation of property, plant and equipment (including in-vehicle devices).
(2) Includes amortization of intangible assets (including product development costs).
(3) Includes R0.6 million ($0.1 million) impairment of the helicopter asset.
(4) Net costs relating to litigation and the related settlement described in note 14: Subsequent events -
    Litigation settlement.

  6. Reconciliation of Adjusted EBITDA margin to Profit for the Period margin                                                                                       
                                                                 Six months ended                             Three months ended                        
                                                          September 30,        September 30,        September 30,        September 30,   
                                                                  2014                 2013                 2014                 2013            
                                                             Unaudited            Unaudited            Unaudited            Unaudited       
                                                                                                                                                
  Adjusted EBITDA margin                                         18.3%                21.5%                20.2%                21.2%           
  Add:                                                                                                                                          
  Net realized foreign exchange losses                            0.2%                   -                  0.2%                   -               
  Decrease in provision for restructuring costs                     -                    -                    -                  0.0%            
                                                                                                                                                
  Less:                                                                                                                                         
  Depreciation                                                   (4.2%)               (3.5%)               (4.2%)               (3.6%)          
  Amortization                                                   (3.3%)               (4.0%)               (3.0%)               (3.1%)          
  Impairment of property, plant and equipment                    (0.1%)                  -                 (0.2%)                  -               
  Impairment of product development costs capitalized            (0.1%)                  -                 (0.1%)                  -               
  Share-based compensation costs                                 (0.6%)               (0.4%)               (0.4%)               (0.4%)          
  Net loss on sale of property, plant and equipment              
  and intangible assets                                          (0.0%)               (0.0%)               (0.0%)               (0.0%)          
  Restructuring costs                                               -                 (0.4%)                  -                    -               
  Non-recurring initial public offering costs                       -                 (1.4%)                  -                 (2.7%)          
  Net realized foreign exchange gains                               -                 (0.1%)                  -                 (0.4%)          
  Net litigation costs                                           (1.3%)                  -                 (1.9%)                  -               
  Operating profit margin                                         8.9%                11.7%                10.6%                11.0%           
  Add: Finance income/(costs) - net                               5.6%                 1.5%                10.2%                 3.1%            
  Less: Taxation                                                 (4.8%)               (4.0%)               (6.9%)               (4.5%)          
  Profit for the period margin                                    9.7%                 9.2%                13.9%                 9.6%            
                                                                                                                                                

7. Net Cash 
Net cash is calculated as being net cash and cash equivalents, excluding restricted cash less interest bearing
borrowings.

8. Dividends
No dividend was declared during the period. A final dividend of R39.6 million or $3.5 million was declared during the
first half of fiscal 2014 and paid on July 8, 2013. Using shares in issue of 660.2 million this equated to a dividend of
6.0 or $0.5 cents per share.  

Following the completion of its initial public offering of ADSs, the Company discontinued its policy of declaring
regular dividends in order to increase the funds available to pursue opportunities for more rapid growth.

9. Finance income/(costs) - net
As detailed in note 3 above, the Group changed its classification of foreign exchange gains and losses in the income
statement. Finance income/(costs) - net includes the following net foreign exchange gains:

  South African Rand                                Six months ended          Six months ended        Three months ended        Three months ended                                                                                                                                                   
  Figures are in thousands unless otherwise stated      September 30,             September 30,             September 30,             September 30,        
                                                                2014                      2013                      2014                      2013                 
                                                           Unaudited                 Unaudited                 Unaudited                 Unaudited            
                                                                                                                                                      
  Net foreign exchange gains                                  33,980                     8,290                    34,164                     9,501                
                                                                                                                                                        
                                                                                                                                                     
  United States Dollar                              Six months ended           Six months ended       Three months ended        Three months ended                                                                                                                                             
  Figures are in thousands unless otherwise stated      September 30,              September 30,            September 30,             September 30,        
                                                                2014                       2013                     2014                      2013                 
                                                           Unaudited                  Unaudited                Unaudited                 Unaudited            
                                                                                                                                                      
  Net foreign exchange gains                                  3,023                         737                    3,039                      845                  
    

10. Contingent Liabilities
Service 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. No connection incentives will
be received in terms of the amended network services agreement. The maximum potential liability under the arrangement is
R54.6 million ($4.9 million). No loss is considered probable under this arrangement.

Taxation
MiX Telematics International Proprietary Limited ("MiX International"), a subsidiary of the Group, claims a 150%
allowance for research and development spend in terms of section 11D ("S11D") of the South African Income Tax Act of 1962
("the Act"). As of October 1, 2012, the legislation relating to the allowance was amended. The amendment requires
pre-approval of development project expenditure on a project specific basis by the South African Department of Science and
Technology ("DST") in order to claim a deduction of the additional 50% over and above the expenditure incurred (150%
allowance). Since the amendments to S11D of the Act, MiX International had been claiming the 150% deduction resulting in a
recognized tax benefit of R8.5 million ($0.8 million). MiX International has complied with the amended legislation by
submitting all required documentation to the DST in a timely manner, commencing in October 2012. 

In June 2014, correspondence was received from the DST indicating that the research and development expenditure on
certain projects for which the 150% allowance was claimed did not constitute qualifying expenditure in terms of the Act.
MiX International is currently in the process of formally objecting to the DST’s decision to disallow the expenditure (for
which a tax asset benefit of R2.7 million ($0.2 million) has been recognized). If the Group is unsuccessful in
defending this specific matter, and if the same principles are applied to other projects, the Group may incur an additional
taxation expense of up to R8.5 million ($0.8 million) relating to the additional 50% claimed, with a corresponding increase
in current taxation payable. 

11. Share-based payment transaction
In June 2014, the Group entered into an agreement with Edge Gestao Empresarial Ltda. (“Edge”), whereby Edge has been
granted a 5% holding in the equity interests of MiX Telematics Serviços De Telemetria E Rastreamento De Veículos Do
Brazil Limitada (“MiX Brazil”). At March 31, 2014 Edge held a non-controlling interest in MiX Brazil of 0.0025%.  Edge is a
Brazilian based investment company controlled by Luiz Munhoz, the Managing Director of MiX Brazil. The increase in the
equity interests granted to Edge is in respect of services provided by Luiz Munhoz to MiX Brazil, in his role as Managing
Director of MiX Brazil.

The above transaction falls into the ambit of IFRS 2: Share-based payments, and qualifies for recognition as a
cash-settled share-based payment. The cost of this share-based payment award recorded during the period amounted to R2.0
million ($0.2 million). 


  12. Other operating and financial data                                                                                                
  South African Rand                                        Six months ended                         Three months ended                        
  Figures are in thousands except for subscribers   September 30,        September 30,        September 30,        September 30,   
                                                            2014                 2013                 2014                 2013            
                                                       Unaudited            Unaudited            Unaudited            Unaudited       
                                                                                                                                        
  Subscription revenue                                   478,382              401,272              241,769              207,064         
  Adjusted EBITDA                                        122,744              132,110               70,739               66,876          
  Cash and cash equivalents                              904,620              767,770              904,620              767,770         
  Net cash                                               844,500              703,286              844,500              703,286         
  Capital expenditure                                     63,544               63,855               35,347               32,793          
  Subscribers                                            479,318              404,034              479,318              404,034         
                                                                                                                                                                                                                                                
  Exchange Rates                                                                                         
  The following major rates of exchange were used:                                                       
  South African Rand: United States Dollar                                                               
   -closing                                               11.24                10.10                 11.24                10.10   
   -average                                               10.65                 9.73                 10.76                 9.99    
  South African Rand: British Pound                                                                                               
   -closing                                               18.29                16.28                 18.29                16.28   
   -average                                               17.85                15.02                 17.97                15.49   
                                                                                                                      
  United States Dollar                                       Six months ended                       Three months ended                                                                
  Figures are in thousands except for subscribers  September 30,        September 30,         September 30,        September 30,  
                                                           2014                 2013                  2014                 2013        
                                                      Unaudited            Unaudited             Unaudited            Unaudited   
                                                                                                                                     
  Subscription revenue                                   42,555               35,695                21,506               18,419      
  Adjusted EBITDA                                        10,919               11,752                 6,293                5,949       
  Cash and cash equivalents                              80,471               68,297                80,471               68,297      
  Net cash                                               75,123               62,561                75,123               62,561      
  Capital expenditure                                     5,653                5,680                 3,144                2,917       
  Subscribers                                            479,318             404,034               479,318              404,034     

13. Fair value of financial assets and liabilities measured at amortized cost
The fair values of trade and other receivables, trade payables, accruals and other payables approximate their book
values as the impact of discounting is not considered material due to the short-term nature of both the receivables and
payables.

14. Subsequent events
Other than the litigation settlement, business combination and changes to the board discussed below, the directors are
not aware of any matter material or otherwise arising since September 30, 2014 and up to the date of this report, not
otherwise dealt with herein.

Litigation settlement
On June 6, 2014, Inthinc Technology Solutions, Inc.  (“Inthinc”) commenced a lawsuit in the U.S. District Court,
District of Utah, Central Division, against our wholly-owned subsidiary, MiX Telematics North America, Inc. (“MiX North
America”) and Charles “Skip” Kinford,  whom we hired in May 2014 as President and CEO of MiX North America. Inthinc is Mr.
Kinford’s previous employer. The claims against MiX North America included misappropriation of trade secrets under Utah
state law and tortious interference with a contract. The claims against Mr. Kinford included breach of a non-competition,
non-solicitation and confidentiality provisions in his employment agreement with Inthinc, misappropriation of trade
secrets under Utah state law and breach of contract. Inthinc voluntarily dismissed MiX North America without prejudice on
June 12, 2014, due to its decision to file the lawsuit in Texas discussed below.  

On June 12, 2014, Inthinc commenced a lawsuit in the 48th Judicial District of Tarrant County, Texas against MiX North
America ("Texas Lawsuit"). Inthinc alleged that MiX North America tortuously interfered with Mr. Kinford’s employment
agreement and post-employment restrictive covenants and misappropriated unidentified trade secrets when MiX North America
hired Mr. Kinford.

On August 21, 2014, the parties agreed to consolidate the related lawsuits into the Texas Lawsuit. In both of the
lawsuits discussed above, Inthinc sought injunctive relief and unspecified money damages.

On or about October 17, 2014, the parties entered into a confidential settlement and release agreement. Pursuant to
the terms of the agreement, the parties have filed an Agreed Motion to Dismiss to effectuate the dismissal of all claims,
with prejudice, in the Texas Lawsuit as well as the dissolution of any injunctions as issued to Mr. Kinford and MiX
North America. The settlement costs, net of insurance proceeds, have been fully provided for at September 30, 2014. 

Business combination
Subsequent to the period end, the Group acquired the operating business of Compass Fleet Management Proprietary
Limited,(“Compass”), a provider of specialized fleet management solutions delivered off the Group’s hardware and software
platform. The purchase consideration is a cash consideration of R58.0 million ($5.2 million) of which, R18.0 million ($1.6
million), will be held in trust and is contingent on the achievement of agreed revenue and profit targets for the period
November 1, 2014 to March 31, 2015.

Due to the transaction only becoming effective shortly prior to the release of the interim results the identification
and allocation of fair values to the assets and liabilities acquired have not yet been finalized. This process will be
completed within 12 months after transaction date, as allowed in accordance with IFRS.

Changes to the board
The following changes to the board of directors were effective from November 5, 2014:
- Hubert Brody (non-independent non-executive director) who has served on the board since August 2010 is relocating to
  Cape Town and will be retiring from the board of directors of MiX Telematics due to other commitments; and 
- Fundiswa Roji who has been a member of the board since August 2007 and who has more recently served as Hubert
  Brody's  alternate on behalf of Imperial Holdings Limited (“Imperial”), has resigned from Imperial and therefore from the
  board of MiX Telematics as well.

  For and on behalf of the board:                        
                                                         
  SR Bruyns                              SB Joselowitz   
  Midrand                                                
  November 4, 2014                                       

For more information please visit our website at: www.mixtelematics.com

Mix Telematics Limited
(Incorporated in the Republic of South Africa)
(Registration number 1995/013858/06)
JSE share code: MIX   NYSE code: MIXT ISIN: ZAE000125316
(“MiX Telematics” or “the Company” or “the Group”)

Registered office
Matrix Corner, Howick Close, Waterfall Park, Midrand

Directors
SR Bruyns* (Chairman), SB Joselowitz (CEO), EN Banda*, CH Ewing*, RA Frew*, ML Pydigadu, CWR Tasker, 
AR Welton*
* Non-executive

Company secretary
Java Capital Trustees and Sponsors Proprietary Limited

Auditors
PricewaterhouseCoopers Inc.

Sponsor
Java Capital

November 6, 2014

Date: 06/11/2014 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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