ONELOGIX GROUP LIMITED - Summary of the audited consolidated results for the year ended 31 May 2018

Release Date: 30/08/2018 07:05
Code(s): OLG
Wrap Text
Summary of the audited consolidated results for the year ended 31 May 2018

OneLogix Group Limited  
(Incorporated in the Republic of South Africa)
(Registration number 1998/004519/06)  
JSE share code: OLG  ISIN: ZAE000026399  
("OneLogix" or "the company" or "the group")

Provisional report
Summary of the audited consolidated results 
for the year ended 31 May 2018 ("the year")

- Revenue up 16%
- Profit before tax (excluding capital items) up 27%                                      
- EPS up 82% (continuing operations up 62%)
- HEPS and diluted HEPS up 14% (continuing operations up 40%)
- Core HEPS and diluted core HEPS up 9% (continuing operations up 31%)
- NAV up 13% to 359,5 cents per share
- Final dividend of 5 cents per share - total dividend of 11 cents per share
- DriveRisk disposal and Umlaas Road transaction concluded
- B-BBEE accreditation confirmed at Level 2

The OneLogix group has continued to sustain its growth trajectory with another year of ongoing 
improvement despite the protracted tough economic environment. The improved performance was further 
achieved against an accumulated higher base of earnings.

Earnings growth for the year was entirely organic in nature, once again affirming the strength of 
the group's business strategy and the resilient business models of the underlying businesses guided 
by skilled management teams. 

As previously reported in the interim results, the group successfully finalised the sale and 
leaseback of the Umlaas Road properties in KwaZulu-Natal ("Umlaas Road transaction") and the sale 
of its 49% minority shareholding in DriveRisk Proprietary Limited ("DriveRisk disposal") during 
the year.

Similarly reported, the group's Broad-Based Black Economic Empowerment ("B-BBEE") accreditation has 
been boosted to a Level 2. This, supported by the over 84% black and 39% black women ownership 
credentials, respectively, represents a competitive advantage which should enhance growth prospects.

Review of operations
Abnormal Logistics
Overall this segment performed well on the back of a moderate, although erratic upturn in the local 
and cross-border vehicle markets. OneLogix VDS performed well and OneLogix TruckLogix  (previously 
Commercial Vehicle Delivery Services) benefited from a successful, albeit small acquisition in the 
latter part of the year. OneLogix Projex experienced relatively tougher trading conditions but 
remains well positioned in its market.

Primary Product Logistics
OneLogix Jackson and OneLogix Buffelshoek performed well, not only due to a market recovering from 
a prolonged drought but equally due to perceptive management. OneLogix United Bulk was impacted by 
a listless market and attendant margin pressure but persists with judicious financial controls and 
the pursuit of new opportunities, while in contrast OneLogix Linehaul benefited from a marginal 
improvement in market conditions late in the year.

Other - Logistics Services
This smaller, non-reportable segment delivered a good performance. Atlas360 performed as expected, 
and OneLogix Cargo Solutions continued with its pleasing performance in the warehousing and 
specialised clearing and forwarding markets.

Financial results
Revenue increased by  16% to R2,31 billion. This was mainly attributable to an overall improved 
performance in the Abnormal Logistics businesses and growth on extended fleet capacity in the 
Primary Product Logistics segment.

Trading profit was up 4% to R168 million. Trading margins declined to 7,3% from 8,1%, largely as 
a result of the tough trading conditions experienced by OneLogix United Bulk, increased leased 
assets utilisation (which under the current lease accounting standards has the inherent financing 
cost thereof included in rental expense rather than in financing costs) and increased staff costs 
at Head Office to drive continued growth.

As in the prior year, trading profit was again impacted by a R14,3 million (2017: R15,7 million) 
charge relating to our ongoing skills upliftment programme. The vast majority of this charge will 
be recovered by learnership allowances afforded by the South African Revenue Services. This 
contributed to the effective tax charge of 19,6% on profit for the year.

Operating profit increased 17% from R148,1 million to R172,9 million. It was boosted by the 
R16,8 million profit realised on the Umlaas Road transaction and by a reduced non-cash flow, 
IFRS 2 share-based payment charge of R9,6 million (2017: R10,6 million) relating to the management 
and employee share participation schemes. Changes to assumptions around the core headline earnings 
per share ("HEPS") performance condition reduced the management participation scheme charge for 
the year.

Net finance costs decreased by 30% to R40,6 million as debt related to the Umlaas Road properties 
was settled, allocation of financing costs inherent in leased assets was included in operating 
expenses and the cash flow position was enhanced post the Umlaas Road transaction and the 
DriveRisk disposal. Interest cover on trading profit of 4,1 times (May 2017: 2,8 times) is greatly 
improved on the back of the Umlaas Road transaction and an improved trading performance.

Profit before tax, excluding capital items, increased  27% to R117,8 million due to a reduction in 
net financing costs. Pleasingly, profit before tax margins, excluding capital items, increased to 
5,1% from 4,7% in the previous year. 

In accordance with IFRS 5 (Non-current Assets Held for Sale and Discontinued Operations) the 
effects of the DriveRisk disposal on the group's results have been presented as a discontinued 

Earnings per share ("EPS") increased 82% from 29 cents to 52,7 cents due to the once-off post tax 
profits from the Umlaas Road transaction and DriveRisk disposal of R12,7 million (equivalent to 
5,1 cents per share), and R36,5 million (equivalent to 14,7 cents per share), respectively.

HEPS and diluted HEPS of 33,7 cents were 14% higher year-on-year, on the back of an enhanced 
overall trading result, reduced net finance costs and the reduced IFRS 2 charge. HEPS from 
continuing operations increased 40% as DriveRisk's contribution of 5,6 cents per share to HEPS in 
the prior year has now been disclosed as a discontinued operation.

Core HEPS and diluted core HEPS increased by 9% to 40,2 cents. Core HEPS and diluted core HEPS 
from continuing operations increased by 31%. A reconciliation of headline earnings to core 
headline earnings is provided in the financial results. There was no dilutionary effect on core 
HEPS in the year as the volume weighted average share price for the year is below the 
consideration due from the employee participation schemes (to which potential dilution in issued 
ordinary shares relates).

Cash generated from operations before working capital changes, net finance costs, taxation and 
dividends remains strong and increased by 3% to R303,2 million, in line with trading profit 
growth. Increased investment in net working capital of R65,7 million was in line with increased 
trading activity in the months leading up to May 2018 as well as the pre-payment of fuel 
supplies to mitigate the recent large increases being experienced in fuel prices.

During the year the group invested R140,2 million in operational infrastructure as follows: 
R89,1 million in fleet (of which R72,4 million relates to expansion), R40,6 million in property, 
R6,1 million in IT-related assets and R4,4 million for other assets.

Net proceeds of R106,3 million, R69,7 million and R20,3 million were received on the Umlaas Road 
transaction, DriveRisk disposal and sale of fleet, respectively. R133,7 million of the gross 
proceeds from the Umlaas Road transaction were paid directly to the finance provider on transfer.

New interest-bearing borrowings of R74,7 million were raised to fund fleet financing, offset by 
the repayment of interest-bearing borrowings of R165 million. Direct Umlaas Road interest-bearing 
debt of R22,7 million was settled in the year prior to the disposal date.

Dividends paid in the year amounted to R39,1 million, of which R11,7 million was paid to 
non-controlling interests in various subsidiaries. A further R17,8 million was outlaid on 
acquiring additional stakes in various subsidiaries from non-controlling interests, and 
R15,8 million was expended on the general share repurchase of OneLogix shares (see "Corporate 

Net cash resources at the reporting date amounted to R124,7 million.

Net debt of R245 million at 31 May 2018 is significantly less than the previous year-end (2017: 
R365,9 million) mainly due to new truck tractors being acquired on an operating lease model. 
At year-end 134 vehicles were utilised on an operating lease structure. The entire debt of the 
group is related to tangible asset-based finance. The carrying value of gross interest-bearing 
debt is covered 2,7 times (2017: 2,2 times) by the carrying value of property, plant and 

The group's healthy financial position at year-end, strategic funding structure for assets 
utilised by the operations and available resources have successfully reinforced a solid platform 
for the next phase of growth.

Corporate transactions
As announced on  1 September  2017, the group disposed of its  49% minority stake in DriveRisk 
for an amount of R65,4 million, a sale necessitated by the growing complexity resulting from the 
group being a natural competitor to the expanding DriveRisk customer base.

A 10 October 2017 SENS announcement disclosed the conclusion of the Umlaas Road transaction for 
a cash consideration of R240 million, which extinguished property-related debt of 
R133,7 million and boosted cash on hand by R106,3 million.

As announced on 17 January 2018, the group repurchased 5,2 million OneLogix shares on the open 
market for a cash consideration of R15,8 million. These shares represented 1,8% of the company's 
issued share  capital and have been delisted and returned to authorised but unissued share 

Effective February 2018, an adjoining property to the OneLogix VDS Pomona facility was purchased 
for R16,5 million and improvements of R11,0 million have been made ensuring additional office 
and vehicle storage facilities. We anticipate that further value-add customer-service offerings 
will be developed on the site.

During the year OneLogix concluded three transactions with non-controlling interest in 
subsidiaries which saw the group increase its stake in several group companies. In this respect, 
OneLogix acquired a further:
- 5,16% shareholding in OneLogix Projex for a cash consideration of R4,6 million. OneLogix now 
  owns 92,1% of OneLogix Projex with OneLogix Projex management holding the balance;
- 8% shareholding in OneLogix Buffelshoek for a cash consideration of R2,8 million. OneLogix now 
  owns 82% of OneLogix Buffelshoek with OneLogix Buffelshoek management holding the balance;
- 28,7% in Atlas360 for a purchase consideration of R10,4 million paid in cash. OneLogix held 
  100% of Atlas360 prior to the transaction with AWCA Investment Holdings Proprietary Limited 
  ("AWCA Investment") (see business combinations).
In all instances, synergies between OneLogix and the companies concerned will be maximised and 
management interests will be more closely aligned with those of shareholders. The excess 
consideration paid over and above the carrying value of the non-controlling interests in 
question acquired is recognised in equity.

Business combinations
With effect from 1 January 2018, OneLogix purchased the business of Siyaduma Auto Ferriers 
Proprietary Limited for R16,0 million, of which R2,0 million is payable on the successful 
granting of additional work. The business was fully and successfully incorporated into 
OneLogix TruckLogix.

The purchase price allocation has resulted in the following assets and liabilities being 
recognised: property, plant and equipment of R0,7 million; borrowings of R0,6 million; trade 
and other payables of R0,5 million; and R16,4 million to goodwill.

With effect from 30 April 2018, OneLogix vendor-financed the sale of 25% of Atlas360 for 
R11,2 million to black women-owned AWCA Investment, through a special purpose vehicle known as 
Fuzitrax Proprietary Limited, which simultaneously purchased 60% of Cranbourne Panel Beaters and 
Spray Painters Proprietary Limited ("Cranbourne") for a cash consideration of R4,3 million. The 
latter is a Benoni-based passenger vehicle panelbeating business. This small acquisition has 
enabled OneLogix VDS and Atlas360 to extend their customer proposition into this adjacent market.

The purchase price allocation of Cranbourne has resulted in the following assets and liabilities 
being recognised: property, plant and equipment of R0,6 million; trade and other receivables of 
R3,3 million; cash and cash equivalents of R2,2 million; taxation payable of R0,1 million; trade 
and other payables of R3,5 million; and R2,8 million to goodwill. A non-controlling interest of 
R1 million was recognised at the acquisition date, measured using the proportionate share of the 
identifiable net assets.

Both businesses represent bolt-on opportunities that complement the group's existing businesses.

The primary factor contributing to the goodwill recognised in these acquisitions is the 
synergies expected to arise in conjunction with existing group businesses. This goodwill is not 
expected to be deductible for income tax purposes.

The businesses did not contribute revenue or profits to the group for the year due to the timing 
of the Cranbourne transaction at the end of the year and because Siyaduma's business was 
combined through OneLogix TruckLogix systems and infrastructure from inception, making it not 
possible to identify separately.

Had Cranbourne been acquired effective 1 June 2017, the effect on the statement of comprehensive 
income would have been an increase in revenue of R29,6 million and an increase in profits after 
tax of R0,6 million.

The accounting of these businesses combinations is based on best estimates and provisional fair 
values. The group has not yet completed its assessment of the fair value of all identifiable 
assets, liabilities and/or contingent liabilities. The fair values will be accurately determined 
within twelve months from the date of acquisitions.

Post year-end events
With a view to accommodating market demand and entrenching a strategic advantage, effective 
12 June 2018, OneLogix purchased an additional 40 hectares of property adjacent to the group's 
present Umlaas Road facility in KwaZulu-Natal for a cash consideration of R43 million.

New board member
We officially extend a warm welcome to Lebogang Mosiane as an alternate director to 
Kgotso Schoeman. This appointment was effective 23 November 2017 and is subject to approval by 
shareholders at the Annual General Meeting due to be held on 22 November 2018.

Shareholders are advised that the company's board of directors  ("the board") has declared a 
final gross dividend, Number  9, of  5,00000 cents per share in respect of the six months ended 
31 May 2018. This results in an annual dividend of 11 cents per share, comprising an interim 
dividend of 6 cents per share together with the final dividend. 

This is a dividend as defined in the Income Tax Act,  1962, and is payable from income 
reserves. The South African dividends tax ("DT") rate is 20%. The net dividend payable to 
shareholders who are subject to DT is 4,00000 cents per share. The income tax reference number 
of the company is 9361229710.

At the declaration date, the issued share capital, excluding treasury shares held in relation to 
the employee and management share participation scheme, was 246 740 749 ordinary shares of no 
par value.

The salient dates in respect of the final dividend are as follows:

Last day to trade cum dividend                                               Tuesday, 2 October
Shares will trade ex dividend                                              Wednesday, 3 October
Record date                                                                   Friday, 5 October
Payment of dividend                                                           Monday, 8 October

Shareholders may not dematerialise or rematerialise their shares between Wednesday, 
3 October 2018 and Friday, 5 October 2018, both dates inclusive.

The dividend will be transferred to dematerialised shareholders' CSDP accounts/broker accounts 
on Monday, 8 October 2018. Certificated shareholders' dividend payments will be paid to 
certificated shareholders' bank accounts on or about Monday, 8 October 2018.

The final dividend, amounting to R12,3 million, has not been recognised as a liability in the 
consolidated financial statements. It will be recognised in shareholders' equity for the year 
ending 31 May 2019.

It is the group's preference to continue declaring a dividend. However, future declarations 
will continue to be evaluated in the context of the board's ongoing review of trading, growth 
prospects and related business demands facing the company.

OneLogix continues to prioritise building high-quality, high-performance teams with an enabling 
culture. The re-award to OneLogix of the international honour of "Top Employer" for 2018 by the 
Top Employer Institute is testament to our success in this regard.

We remain deeply appreciative of our management team and staff who continue to perform at the 
highest levels of excellence.

We further thank all our business partners, customers, suppliers, business advisors and 
shareholders for their continued invaluable support.

Trading conditions for all group companies are expected to remain consistently challenging for 
the foreseeable future, notwithstanding minor and irregular upticks experienced in certain 
markets during the year.

OneLogix will continue to focus on extracting maximum efficiencies from existing businesses to 
protect and grow their individual market shares in their respective niche markets. The 
executive management team maintains full confidence in our experienced, stable management teams 
with their proven entrepreneurial skills, and fully expects them to continue guiding our 
businesses to ongoing growth. Our tested business models have ensured that each group business 
is well-placed within its respective market and is well-equipped to both withstand economic 
headwinds and to exploit emerging opportunities.

As always OneLogix remains mindful of start-up and acquisitive opportunities and will continue 
to assess these appropriately. Our stronger financial position and improved B-BBEE accreditation 
provide an ideal springboard for the pursuit of growth.

Basis of presentation
The summary consolidated financial statements for the year ended 31 May 2018 have been prepared 
in accordance with the requirements of the JSE Listings Requirements for provisional reports, 
and the requirements of the Companies Act 71 of 2008, applicable to summary financial 
statements. The JSE Listings Requirements require provisional reports to be prepared in 
accordance with the framework concepts and the measurement and recognition requirements of 
International Financial Reporting Standards ("IFRS") and the SAICA Financial Reporting Guides as 
issued by the Accounting Practices Committee containing, as a minimum, the information required 
by IAS 34: Interim  Financial Reporting. The accounting policies applied in the preparation of 
the consolidated financial statements from which the summary consolidated financial statements 
were derived are in terms of IFRS and are consistent with those accounting policies applied in 
the preparation of the previous consolidated financial statements. These results have been 
compiled under the supervision of the Financial Director, GM Glass CA(SA).

We aim to present stakeholders with the same information that management utilises to evaluate 
the performance of the group's operations. Accordingly, we present core HEPS, which is HEPS 
(as calculated based on SAICA Circular 4/2018) adjusted for the amortisation charge of 
intangibles recognised on business combinations and charges relating to share-based payments. 
Please note that core HEPS is not an IFRS defined measure.

The group adopted all new and amended accounting pronouncements that were effective for 
OneLogix during the current year. None of these had a material impact on the group's results.

This summarised report is extracted from audited information but is not itself audited. The 
auditor, Mazars Gauteng, has expressed an unmodified opinion on the consolidated financial 
statements from which these summary consolidated financial statements were derived. A copy of 
the auditor's report on the annual financial statements is available at the company's 
registered office, together with the financial statements identified in the auditor's reports.

The directors take full responsibility for the preparation of these provisional condensed 
consolidated financial statements and for ensuring that the financial information has been 
correctly extracted from the underlying audited annual financial statements.

The auditor's report does not necessarily report on all of the information contained in this 
provisional report. Shareholders are therefore advised that to obtain a full understanding of 
the nature of the auditor's engagement they should obtain a copy of their report together with 
the accompanying financial information from the company's registered office.

These summary consolidated financial statements were approved by the board on 30 August 2018.

The audited summary consolidated financial statements are available on the company's website

By order of the board

30 August 2018


                                                                          Audited       Audited
                                                                               at            at
                                                                           31 May        31 May
                                                                             2018          2017
                                                                  %         R'000         R'000
Non-current assets                                                -     1 187 677     1 182 371
Property, plant and equipment                                           1 011 359     1 018 770
Intangible assets                                                         166 707       155 868
Loans and receivables                                                       8 280         6 425
Deferred tax                                                                1 331         1 308
Current assets                                                   37       564 572       412 201
Inventories                                                                23 457        22 914
Trade and other receivables                                               414 386       292 016
Taxation                                                                    2 065         2 255
Cash resources                                                            124 664        95 016
Non-current assets held-for-sale                                                -       256 380
Total assets                                                     (5)    1 752 249     1 850 952
EQUITY AND LIABILITIES                                                               
Equity                                                           10       925 749       845 070
Ordinary shareholders' funds                                              886 979       799 775
Non-controlling interests                                                  38 770        45 295
Non-current liabilities                                         (16)      369 394       438 519
Interest-bearing borrowings                                               232 529       309 997
Deferred tax                                                              136 865       128 522
Current liabilities                                              11       457 106       410 947
Trade and other payables                                                  316 552       256 797
Interest-bearing borrowings                                               137 175       150 878
Taxation                                                                    3 379         3 272
Non-current liabilities held-for-sale                                           -       156 416
Total equity and liabilities                                     (5)    1 752 249     1 850 952
Notes to statement of financial position                                             
Net asset value per share (cents)                                13         359,5         317,4
Net tangible asset value per share (cents)                       14         291,9         255,6


                                                                          Audited       Audited
                                                                       year ended    year ended
                                                                           31 May        31 May
                                                                             2018          2017
                                                                  %         R'000         R'000
Revenue                                                          16     2 310 112     1 995 888
Operating and administration costs                               18    (2 016 539)   (1 712 294)
Depreciation and amortisation                                     2      (135 173)     (132 875)
Profit/(loss) on disposal of property, plant and equipment                 14 481        (2 573)
Operating profit                                                 17       172 881       148 146
Net finance costs                                               (30)      (40 583)      (57 625)
Profit before taxation                                           46       132 298        90 521
Taxation                                                                  (25 966)      (20 958)
Profit from continuing operations                                53       106 332        69 563
Profit from discontinued operation                                              -        14 213
Profit on disposal of discontinued operation                               36 526             -
Profit for the year                                              71       142 858        83 776
Other comprehensive income
Movement in foreign currency translation reserve*                             (76)          700
Revaluation of land and buildings                                               -        13 968
Total comprehensive income for the year                          45       142 782        98 444
Profit attributable to:
- Non-controlling interest                                        9        11 779        10 808
- Owners of the parent                                           80       131 079        72 968
                                                                 71       142 858        83 776
Total comprehensive income attributable to:
- Non-controlling interest                                        9        11 779        10 808
- Owners of the parent                                           49       131 003        87 636
                                                                 45       142 782        98 444
Basic and diluted basic earnings per share (cents)               82          52,7          29,0
Continuing operations                                            62          38,0          23,4
Discontinued operations                                                      14,7           5,6

* The component of other comprehensive income may subsequently be reclassified to profit and 
  loss during future reporting years.

Notes to statement of comprehensive income
                                                                          Audited       Audited
                                                                       year ended    year ended
                                                                           31 May        31 May
                                                                             2018          2017
                                                                  %         R'000         R'000
Number of shares in issue ('000)                                                    
- Total issued less treasury shares                              (2)      246 741       251 946
- Weighted                                                       (1)      248 902       251 946
- Diluted                                                        (1)      248 902       251 946
- Diluted measure for core earnings purposes                     (1)      248 902       251 946
Earnings per share measures (cents)                                                 
Headline and diluted headline earnings per share (cents)         14          33,7          29,6
Continuing operations                                            40          33,7          24,0
Discontinued operations                                                         -           5,6
Core and diluted core headline earnings per share (cents)         9          40,2          36,9
Continuing operations                                            31          40,2          30,6
Discontinued operations                                                         -           6,3
Reconciliation of headline earnings and core                                        
headline earnings                                                                   
Profit attributable to owners of the parent                      80       131 079        72 968
(Profit)/loss on disposal of property, plant and                                    
equipment less taxation                                                             
and non-controlling interests                                             (10 603)        1 649
Profit on disposal of discontinued operation                              (36 526)            -
Headline earnings                                                13        83 950        74 617
Share-based payments                                                        9 622        10 555
Amortisation of intangible assets acquired as part of                               
a business                                                                          
combination less taxation and non-controlling interests                     6 483         7 826
Core headline earnings                                            8       100 055        92 998

Analysis of reconciling amounts between earnings, headline earnings and core headline earnings
                                                    Gross    Income   controlling           Net
                                                   amount       tax      interest        amount
                                                    R'000     R'000         R'000         R'000
(Profit)/loss on disposal of property, plant                                            
and equipment                                     (14 481)    4 062          (184)      (10 603)
Profit on disposal of discontinued operation      (36 526)        -             -       (36 526)
Share-based payments                                9 622         -             -         9 622
Amortisation of intangible assets acquired                                              
as part of a business combination                  10 334    (2 894)         (957)        6 483

                                                                          Audited       Audited
                                                                       year ended    year ended
                                                                           31 May        31 May
                                                                             2018          2017
                                                                  %         R'000         R'000
Net cash generated from operating activities                    (33)      137 303       205 099
Cash generated from operations before changes in                                    
working capital                                                   3       303 195       294 149
Changes in working capital                                                (65 714)        9 714
Net finance costs                                                         (42 981)      (57 625)
Taxation paid                                                             (18 144)      (18 626)
Dividends paid                                                            (39 053)      (22 513)
Net cash flows from investing activities                       >100       105 062       (36 068)
Purchase of property, plant and equipment                                 (70 345)      (69 547)
Purchase of intangible assets                                              (3 832)       (5 303)
Proceeds on disposal of property, plant and equipment                      20 318        20 266
Acquisition of business combinations                                      (16 097)            -
Movement in non-current receivables                                        (1 006)          693
Proceeds from disposal of Umlaas Road properties                                    
(non-current asset held-for-sale)                                         106 322             -
Cash flows from associate (non-current asset held-for-sale)                69 702        17 823
Net cash flows from financing activities                         22      (212 639)     (174 752)
Borrowings raised                                                           8 738        20 677
Repayment of borrowings                                                  (164 981)     (195 429)
Repayment of non-current liabilities held-for-sale                        (22 744)            -
Acquisition of non-controlling interests                                  (17 841)            -
Share repurchase                                                          (15 811)            -
Net movement in cash resources                                             29 726        (5 721)
Cash resources at beginning of the year                                    95 016       100 012
Exchange (loss)/gain on cash resources                                        (78)          725
Cash resources at end of the year                                31       124 664        95 016

                             capital                            Attri-
                              net of                           butable          Non-
                            treasury   Retained              to equity   controlling
                              shares     income   Reserves     holders     interests      Total
                               R'000      R'000      R'000       R'000         R'000      R'000
At 1 June 2016 - audited     282 445    456 465    (16 835)    722 075        36 509    758 584
Dividends paid                     -    (20 156)         -     (20 156)       (2 357)   (22 513)
Non-controlling interest                                                
acquired as a result of a                                               
business combination               -          -       (335)       (335)          335          -
Share-based payment                                                     
reserve movement                   -          -     10 555      10 555             -     10 555
Profit for the year                -     72 968          -      72 968        10 808     83 776
Other comprehensive                                                     
income for the year                -          -     14 668      14 668             -     14 668
At 31 May 2017 - audited     282 445    509 277      8 053     799 775        45 295    845 070
Dividends paid                     -    (27 402)         -     (27 402)      (11 651)   (39 053)
Non-controlling interest                                                
acquired as a result of a                                               
business combination               -          -          -           -           980        980
Share-based payment                                                     
reserve movement                   -          -      9 622       9 622             -      9 622
Transactions with                                                       
non-controlling interests          -          -    (10 208)    (10 208)       (7 633)   (17 841)
Shares repurchased                 -    (15 811)         -     (15 811)            -    (15 811)
Profit for the year                -    131 079          -     131 079        11 779    142 858
Other comprehensive                                                     
income for the year                -          -        (76)        (76)            -        (76)
At 31 May 2018 -                                                        
audited                      282 445    597 143      7 391     886 979        38 770    925 749


                                                                          Audited       Audited
                                                                       year ended    year ended
                                                                           31 May        31 May
                                                                             2018          2017
                                                                  %         R'000         R'000
Abnormal logistics                                               21     1 126 899       933 245
Primary products logistics                                       12     1 019 277       907 394
Reportable segments                                              17     2 146 176     1 840 639
Other                                                             6       163 936       155 249
                                                                 16     2 310 112     1 995 888
Segment results                                                                      
Abnormal logistics                                               26       121 644        96 519
Primary products logistics                                       (6)       95 155       100 739
Reportable segments                                              10       216 799       197 258
Other                                                            15        14 859        12 882
Corporate items                                                  30       (63 636)      (48 866)
Trading profit                                                    4       168 022       161 274
Share-based payments - employees                                 (9)       (9 622)      (10 555)
(Profit)/loss on disposal of property, plant and equipment     >100        14 481        (2 573)
Operating profit                                                          172 881       148 146
Total assets                                                                         
Abnormal logistics                                               10       712 315       645 763
Primary products logistics                                        6       876 944       827 158
Reportable segments                                               8     1 589 259     1 472 921
Non-current assets held-for-sale                                                -       256 380
Other                                                            50        99 478        66 291
Corporate items                                                  16        60 116        51 797
Taxation and deferred taxation                                   (5)        3 396         3 563
                                                                 (5)    1 752 249     1 850 952
Total liabilities                                                                    
Abnormal logistics                                              (16)      216 143       258 159
Primary products logistics                                       (9)      354 225       391 389
Reportable segments                                             (12)      570 368       649 548
Non-current liabilities held-for-sale                                           -       156 416
Other                                                            95        93 881        48 136
Corporate items                                                  10        22 007        19 988
Taxation and deferred taxation                                    6       140 244       131 794
                                                                (18)      826 500     1 005 882
The Group has authorised capital expenditure over the next 
year of R88,9 million.
Operating lease commitments
Property                                                                  343 209       106 588
Vehicles                                                                  149 843        54 087
Other assets                                                                1 114         2 490
Operating lease commitments                                               494 166       163 165
Operating lease commitments future minimum lease payments:                           
Payable not later than one year                                            92 871        36 027
Payable later than one year and not later than five years                 337 021       118 806
Payable later than five years                                              64 274         8 332
Operating lease commitments                                               494 166       163 165

SM Pityana (Chairman)*#                              
NJ Bester                                            
GM Glass (FD)                                        
AJ Grant*#                                           
IK Lourens (CEO)                                     
B Mathews*#
CV McCulloch (COO)
K Schoeman* (alternate: L Mosiane)
LJ Sennelo*#
* Non-executive                      
# Independent
Registered office                                    
46 Tulbagh Road                                      
Kempton Park                                         
PostNet Suite 10
Private Bag X27                                      
Kempton Park                                         

Company secretary
CIS Company Secretaries (Pty) Ltd
Rosebank Towers
15 Biermann Avenue

PO Box 61673

Transfer secretaries
Computershare Investor Services (Pty) Ltd
Rosebank Towers
15 Biermann Avenue

PO Box 61051

Java Capital
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