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MIX TELEMATICS LIMITED - Group financial results for the quarter and year ended March 31, 2017

Release Date: 25/05/2017 08:00
Code(s): MIX     PDF:  
Wrap Text
Group financial results for the quarter and year ended March 31, 2017

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")

GROUP FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2017

MiX Telematics announces financial results for fourth quarter and full fiscal year 2017

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 R13.4124 per $1.00, which was the R/$ exchange rate reported by Oanda.com 
as at March 31, 2017.

Highlights:
Fourth quarter fiscal 2017:
- Net subscriber additions of 16,700 
- Subscription revenue of R322 million ($24 million), ahead of guidance
- Adjusted EBITDA of R87 million ($7 million), representing a 22% Adjusted EBITDA margin
- Operating profit of R41 million ($3 million), representing a 10% margin
- Net cash from operating activities of R129 million ($10 million)

Fiscal year 2017:
- Net subscriber additions of over 55,800 bringing the total to over 622,000 subscribers at March 31, 2017, an increase of 10% year over year
- Subscription revenue of R1,240 million ($92 million), ahead of guidance 
- Adjusted EBITDA of R302 million ($22 million), representing a 20% margin and ahead of guidance. Reported Adjusted EBITDA margins have improved
  over the course of fiscal 2017 and were as follows: Q1 2017 15.9%, Q2 2017 18.0%, Q3 2017 21.9% and Q4 2017 22.3%.
- Operating profit of R138 million ($10 million), representing a 9% margin
- Net cash from operating activities of R324 million ($24 million)


Midrand, South Africa, May 25, 2017 - 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 fourth quarter and for its full fiscal year 2017, which ended March 31, 2017.

"Our fourth quarter marked a strong end to the year. MiX’s ability to exceed expectations was driven by ongoing strength 
across the portfolio globally which resulted in a return to double digit subscription revenue growth on a constant currency 
basis,” said Stefan Joselowitz, Chief Executive Officer of MiX Telematics. “During fiscal 2017, the company reached an 
inflection point in regards to margin accretion, particularly as MiX is moving out of a heavy investment cycle into a phase 
where we are starting to enjoy the returns on these investments. We are scaling the overall operations and have entered 
fiscal 2018 with very good momentum. We expect a year of strong subscription revenue growth and margin expansion, and 
looking forward we are confident in our ability to execute our strategic initiatives to achieve our targeted adjusted EBITDA
margin of 30% over the long term.”

Financial performance for the three months ended March 31, 2017

Subscription revenue: Subscription revenue was R321.7 million ($24.0 million), an increase of 4.8% compared with R307.1 million 
($22.9 million) for the fourth quarter of fiscal 2016. Double digit subscription revenue was achieved on a constant currency 
basis. Subscription revenue benefited from an increase of over 55,800 subscribers, which resulted in an increase in subscribers 
of 9.9% from March 2016 to March 2017. 

Total revenue: Total revenue was R391.4 million ($29.2 million), an increase of 1.9% compared to R384.0 million ($28.6 million) 
for the fourth quarter of fiscal 2016.  Hardware and other revenue was R69.7 million ($5.2 million), a decrease of 9.4% compared 
to R76.9 million ($5.7 million) for the fourth quarter of fiscal 2016. 

Gross margin: Gross profit was R265.0 million ($19.8 million), as compared to R285.0 million ($21.3 million) for the fourth 
quarter of fiscal 2016. Gross profit margin was 67.7%, compared to 74.2% for the fourth quarter of fiscal 2016. As reported 
in our previous results announcements for the first three quarters of fiscal 2017, infrastructure costs have increased due 
to the Company commencing its transition from legacy data centers, where we owned certain equipment, towards cloud-based 
infrastructure and services.  This transition also supports the roll out of our new back-end platform, MiX Lightning, and 
new products such as Journey Management, Hours of Service and MiX Go, which we expect to drive increased ARPU as well as 
accelerated subscriber growth. In the fourth quarter of fiscal 2016 hardware margins were higher than those achieved in the 
fourth quarter of fiscal 2017. These margins vary according to the geographic origin of the sale and the distribution channels 
through which the hardware revenue was generated.

Operating margin: Operating profit was R40.9 million ($3.1 million), compared to R45.7 million ($3.4 million) for the fourth 
quarter of fiscal 2016. Operating profit margin was 10.5%, compared to 11.9% for the fourth quarter of fiscal 2016. Despite 
the 6.5% decline in the gross profit margin described above the operating profit margin only declined by 1.4% as a result of 
strict cost management which has been implemented as management progress towards achieving accelerated growth in Adjusted EBITDA
margins. 

In the fourth quarter of fiscal 2017 administration and other costs included restructuring costs of R15.0 million ($1.1 million)
as a result of restructuring plans implemented in both the Europe and the Middle East and Australasia segments. The Company 
expects the related cost savings and resultant operating profit margin improvement to take effect in the first quarter of fiscal 2018.

Adjusted EBITDA: Adjusted EBITDA, a non-IFRS measure, was R87.1 million ($6.5 million) compared to R77.6 million ($5.8 million) 
for the fourth quarter of fiscal 2016. Adjusted EBITDA margin, a non-IFRS measure, for the fourth quarter of fiscal 2017 was 22.3%, 
compared to 20.2% for the fourth quarter of fiscal 2016.

Profit for the period and earnings per share: Profit for the period was R31.2 million ($2.3 million), compared to R13.8 million 
($1.0 million) in the fourth quarter of fiscal 2016. Profit for the period includes a net foreign exchange loss of R5.1 million 
($0.4 million) before tax, primarily relating to U.S. Dollar cash reserves which are sensitive to R:$ exchange rate movements. 
A net foreign exchange loss of R27.9 million ($2.1 million), also primarily relating to U.S Dollar cash reserves was incurred in 
the fourth quarter of fiscal 2016.

Earnings per diluted ordinary share were 5 South African cents, compared to 2 South African cents in the fourth quarter of fiscal 
2016. For the fourth quarter of fiscal 2017, the calculation was based on diluted weighted average ordinary shares in issue of 
568.2 million compared to 760.6 million diluted weighted average ordinary shares in issue during the fourth quarter of fiscal 2016. 
The diluted weighted average ordinary shares in issue during the fourth quarter of fiscal 2017 were lower than in the fourth quarter 
of fiscal 2016 primarily as a result of the repurchase of 200.8 million ordinary shares during the second quarter of fiscal 2017.

The Company’s effective tax rate for the quarter was 15.0% in comparison to 29.6% in the fourth quarter of fiscal 2016. During the 
fourth quarter of fiscal 2017 the Group recognized a deferred tax asset of R5.3 million ($0.4 million) in respect of a portion of 
the available tax losses in the Europe segment. These tax losses were incurred in prior years. An ongoing improvement in the region’s 
results has resulted in this deferred tax asset being recognized in respect of the future utilization of the historical tax loss 
considered probable at period end.  The recognition of this deferred tax asset reduced the Company’s effective tax rate in the quarter 
by 14.5%.

On a U.S. Dollar basis, and using the March 31, 2017 exchange rate of R13.4124 per U.S. Dollar, and at a ratio of 25 ordinary 
shares to one American Depositary Share ("ADS"), profit for the period was $2.3 million, or 10 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 
R30.0 million ($2.2 million), compared to R28.8 million ($2.1 million) in the fourth quarter of the 2016 fiscal year.  Adjusted 
earnings per diluted ordinary share, also a non-IFRS measure, were 5 South African cents, compared to 4 South African cents in 
the fourth quarter of fiscal 2016.

On a U.S. Dollar basis, and using the March 31, 2017 exchange rate of R13.4124 per U.S. Dollar, and at a ratio of 25 ordinary shares 
to one ADS, adjusted profit for the period was $2.2 million, or 10 U.S. cents per diluted ADS, compared to $2.1 million, or 7 U.S cents 
per diluted ADS in the fourth quarter of fiscal 2016.

Statement of financial position and cash flow: At March 31, 2017, the Company had R375.8 million ($28.0 million) of cash and cash 
equivalents, compared to R877.1 million ($65.4 million) at March 31, 2016. The decline in cash and cash equivalents is mainly 
attributable to the repurchase of 200.8 million ordinary shares which resulted in a cash outflow of R473.7 million ($35.3 million) 
during the second quarter of fiscal 2017.

The Company generated R129.0 million ($9.6 million) in net cash from operating activities for the three months ended March 31, 2017 
and invested R75.0 million ($5.6 million) in capital expenditures during the quarter, including investments in in-vehicle devices,
leading to free cash flow of R54.0 million ($4.0 million) for the fourth quarter of fiscal 2017, compared with free cash flow of 
R31.0 million ($2.3 million) for the fourth quarter of fiscal 2016. 

Financial performance for the fiscal year ended March 31, 2017

Subscription revenue: Subscription revenue increased to R1,239.9 million ($92.4 million), up 7.1% from R1,158.2 million ($86.4 million) 
for fiscal 2016. Subscription revenue benefited from an increase of over 55,800 subscribers since the end of fiscal 2016, which resulted 
in an increase in subscribers of 9.9% from March 2016 to March 2017. 

Total revenue: Total revenue for fiscal 2017 was R1,540.1 million ($114.8 million), an increase of 5.1% compared to R1,465.0 million 
($109.2 million) for fiscal 2016. Hardware and other revenue was R300.1 million ($22.4 million), compared to R306.8 million 
($22.9 million) for fiscal 2016, constituting a decrease of 2.2% year on year. 

Gross margin: Gross profit for fiscal 2017 was R1,041.3 million ($77.6 million), an increase compared to R1,025.7 million 
($76.5 million) for fiscal 2016. Gross profit margin was 67.6%, down from 70.0% for fiscal 2016. As reported above,
increased infrastructure costs due to the Company commencing its transition from legacy data centers, where we owned
equipment, towards cloud-based infrastructure and services have been the most significant contributor to the lower gross
margin in fiscal 2017. 

Operating margin: Operating profit for fiscal 2017 was R137.9 million ($10.3 million), compared to R139.1 million ($10.4 million) 
posted in fiscal 2016. The operating profit margin for fiscal 2017 was 9.0%, compared to the 9.5% posted in fiscal 2016. The 
decline in the gross profit margin of 2.4% described above was offset by strict cost management which has resulted in the operating 
profit margin decline being limited to 0.5%. Fiscal 2017 sales and marketing costs represented 11.8% of revenue compared to 13.9% 
of revenue in fiscal 2016, which are aligned with our estimates contained in our Form 20-F for the fiscal year ended March 31, 2016, 
where we advised that in future periods we expected these costs to remain relatively constant as a percentage of revenue i.e.11% to 
12% of revenue.

Adjusted EBITDA: Adjusted EBITDA was R301.6 million ($22.5 million) compared to R277.2 million ($20.7 million) for fiscal  2016. 
The Adjusted EBITDA margin for fiscal 2017 was 19.6%, compared with the 18.9% in fiscal 2016.

Profit for the year and earnings per share: Profit for fiscal 2017 was R121.4 million ($9.1 million), compared to
R182.5 million ($13.6 million) in fiscal 2016. Profit for the year includes a net foreign exchange gain of R1.5 million
($0.1 million) before tax. During the fiscal 2016 year, a net foreign exchange gain of R144.0 million ($10.7 million) was
recorded which included R143.6 million ($10.7 million) relating to a foreign exchange gain on U.S. Dollar cash reserves.

Earnings per diluted ordinary share were 19 South African cents, compared to 23 South African cents in fiscal 2016.
For fiscal 2017, the calculation was based on diluted weighted average ordinary shares in issue of 631.8 million, compared
to 783.4 million diluted weighted average ordinary shares in issue during fiscal 2016. The diluted weighted average
ordinary shares in issue during fiscal 2017 were lower than in fiscal 2016 due to the weighted average impact of both the
repurchase of 40.0 million ordinary shares in fiscal 2016 and the repurchase of 200.8 million ordinary shares during the
second quarter of fiscal 2017.

The Company’s effective tax rate for fiscal 2017 was 18.1% in comparison to 36.9% in fiscal 2016.

Adjusted earnings for the year and adjusted earnings per share: Adjusted earnings for fiscal 2017, a non-IFRS measure,
was R104.7 million ($7.8 million), compared to R87.6 million ($6.5 million) in fiscal 2016. Adjusted earnings per
diluted ordinary share were 17 South African cents, compared to 11 South African cents in fiscal 2016.

On a U.S. Dollar basis, and using the March 31, 2017 exchange rate of R13.4124 per U.S. Dollar, and at a ratio of 25
ordinary shares to one ADS, adjusted profit for fiscal 2017 was $7.8 million, or 31 U.S. cents per diluted ADS, compared
to $6.5 million, or 21 U.S. cents per diluted ADS in fiscal 2016.

Ignoring the impact of net foreign exchange gains and losses, and related tax consequences, the effective tax rate, which is used 
in calculating adjusted earnings, was 28.7% compared to 40.1% in fiscal 2016. The recognition of the deferred tax asset in respect 
of historical tax losses in the Europe segment  of R5.3 million ($0.4 million) and a R9.7 million ($0.7 million) benefit from 
Section 11D research and development allowances, as described in the financial tables, reduced the effective tax rate by 10.2%. 

Cash flow: The Company generated R323.6 million ($24.1 million) in net cash from operating activities for fiscal 2017 and invested 
R295.5 million ($22.0 million) in capital expenditures during the period, leading to free cash flow of R28.0 million ($2.1 million) 
for fiscal 2017, compared with negative free cash flow of R1.4 million ($0.1 million) for fiscal 2016. 

Capital expenditure payments increased by R53.7 million ($4.0 million) in fiscal 2017 compared to fiscal 2016 due to increased 
investments in both development costs and in-vehicle devices.

The Company utilized R519.6 million ($38.7 million) in financing activities, compared to R223.2 million ($16.6 million) utilized 
during fiscal 2016. The cash utilized in financing activities in fiscal 2017 includes the repurchase of 200.8 million ordinary 
shares which resulted in a cash outflow of R473.7 million ($35.3 million) and dividends paid of R53.0 million ($3.9 million). In 
fiscal 2016, the cash utilized in financing activities included share repurchases of R123.8 million ($9.2 million) and dividends 
paid of R107.2 million ($8.0 million).

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.

Segment commentary for the fiscal year ended March 31, 2017

The segment results below are presented on an integral margin basis. In respect of revenue, this method of measurement
entails reviewing the segmental results based on external revenue only. In respect of Adjusted EBITDA (the profit measure 
identified by the Group), the margin generated by our Central Services Organization ("CSO"), net of any unrealized 
inter-company profit, is allocated to the geographic region where the external revenue is recorded by our Regional Sales 
Offices ("RSOs").

CSO continues as a central services organization that wholesales our products and services to our RSOs who, in turn, interface 
with our end-customers and distributors. CSO is also responsible for the development of our hardware and software platforms and 
provides common marketing, product management, technical and distribution support to each of our other operating segments. CSO’s 
operating expenses are not allocated to each RSO.

Each RSO’s results reflect the external revenue earned, as well as the Adjusted EBITDA earned (or loss incurred) by each operating 
segment before the CSO and corporate costs allocations.

For further information in this regard please refer to note 3 of the Group financial results for the fiscal year ended
March 31, 2017.
                                                                               Total
                                 Subscription Revenue                        Revenue       Adjusted EBITDA                Adjusted EBITDA 
                                               Fiscal       % change          Fiscal                Fiscal    % change             Margin 
                                                 2017       on prior            2017                  2017    on prior             Fiscal
Segment                                         R’000           year           R’000                 R’000        year               2017

Africa                                        772,224           8.6%         859,169               344,077        7.4%              40.0%
                                 The subscriber base has grown by 11.2% since March 31, 2016. This resulted in subscription revenue growth 
                                 of 8.6% which was the primary driver of revenue growth in the segment. Total revenue increased by 6.3%. 
                                 The region reported an Adjusted EBITDA margin of 40% which is consistent with the margin achieved in the 
                                 2016 fiscal year.

Europe                                        113,223           2.7%         177,331                52,369       48.1%              29.5%    
                                 The region’s subscriber base grew by 6.9% since March 31, 2016 and, in constant currency, subscription 
                                 revenue growth was 8.9%. Total revenue increased on a constant currency basis by 16.0% due to higher 
                                 hardware revenues compared to fiscal 2016. The revenue growth resulted in a 48.1% increase in Adjusted 
                                 EBITDA. The region reported an Adjusted EBITDA margin of 29.5%, an improvement of 7.7% from fiscal 2016.

Americas                                      121,462           5.2%         160,419                26,804      821.7%              16.7%    
                                 The region’s subscriber base declined by 0.2% since March 31, 2016 due to customer fleet size contraction 
                                 mainly in the oil and gas vertical in the first half of fiscal 2017. Despite this contraction, constant 
                                 currency subscription revenue growth was 3.2% as subscription revenue was assisted by the market’s 
                                 preference for bundled deals across new and existing customers. Total revenue grew by 0.2% on a constant 
                                 currency basis. In fiscal 2017 the region reported an Adjusted EBITDA margin of 16.7% compared to a margin 
                                 of 1.9% in fiscal 2016. The improvement is primarily due to stringent cost control measures, which have been 
                                 implemented due to the economic climate in the oil and gas sector which resulted in subscriber contraction 
                                 in fiscal 2016 and the first half of fiscal 2017. In the second half of fiscal 2017 trading conditions in 
                                 the oil and gas sector have improved and as a consequence the subscriber base grew by 11.4% during this 
                                 period.

Middle East and Australasia                   199,474          (1.3%)        304,450                91,149      (15.0%)             29.9%    
                                 The region’s subscriber base grew by 2.5% from March 31, 2016 while subscription revenue declined by 4.2% 
                                 on a constant currency basis. The overall decline in subscription revenue is attributable to economic 
                                 headwinds experienced by the segment, due to its primary focus being on the mining and oil and 
                                 gas sectors. Total revenue in constant currency declined by 5.9% as hardware revenue was also lower than 
                                 in fiscal 2016. The region reported an Adjusted EBITDA margin of 29.9%, compared to the fiscal 2016 
                                 Adjusted EBITDA margin of 34.2%. During the fourth quarter of fiscal 2017 management have implemented 
                                 restructuring plans in the Middle East and Australasia segment which are expected to drive increased 
                                 Adjusted EBITDA margins in this region going forward. 
 
Brazil                                         32,653          80.8%          37,811                 9,394      386.5%              24.8%
                                 Subscribers increased by 40.3% since March 31, 2016 and subscription revenue, on a constant currency basis, 
                                 increased by 63.0%, due to an increase in the number of bundled subscriptions. On a constant currency basis, 
                                 total revenue increased by 47.4%. The segment reported Adjusted EBITDA of R9.4 million in fiscal 2017, at 
                                 an Adjusted EBITDA margin of 24.8%, compared to fiscal 2016 Adjusted EBITDA of R1.9 million which represented 
                                 an Adjusted EBITDA margin of 8.3%. 

Central Services Organization                     878         (22.4%)            878              (127,828)     (12.7%)                 -
                                 CSO is responsible for the development of our hardware and software platforms and provides common
                                 marketing, product management, technical and distribution support to each of our other operating
                                 segments. The negative Adjusted EBITDA reported arises as a result of operating expenses carried by
                                 the segment.

Business Outlook
MiX Telematics has translated U.S. Dollar amounts in this Business Outlook paragraph from South African Rand at the
exchange rate of R13.2154 per $1.00, which was the R/$ exchange rate reported by Oanda.com as at May 22, 2017.

Based on information as of today, May 25, 2017, the Company is issuing the following financial guidance for the full
2018 fiscal year:

- Subscription revenue - R1,401 million to R1,421 million ($106.0 million to $107.5 million), which would represent
  subscription revenue growth of 13.0% to 14.6% compared to fiscal 2017. 
- Total revenue - R1,632 million to R1,662 million ($123.5 million to $125.8 million), which would represent revenue
  growth of 6.0% to 7.9% compared to fiscal 2017. 
- Adjusted EBITDA - R364 million to R383 million ($27.5 million to $29.0 million), which would represent Adjusted EBITDA
  growth of 20.7% to 27.0% compared to fiscal 2017. 
- Adjusted earnings per diluted ordinary share of 18.2 to 20.2 South African cents based on a weighted average of 
  571 million diluted ordinary shares in issue, and based on an effective tax rate of 28.0% to 31.0%. At a ratio of 25 
  ordinary shares to one ADS, this equates to adjusted earnings per diluted ADS of 34 to 38 U.S. cents.

For the first quarter of fiscal 2018 the Company expects subscription revenue to be in the range of R331 million to
R336 million ($25.0 million to $25.4 million) which would represent subscription revenue growth of 8.2% to 9.8% compared
to the first quarter of fiscal 2017. 

The key assumptions used in deriving the forecast are as follows:
- Growth in subscription revenue and subscribers 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. 
- An average forecast exchange rate for the 2018 fiscal year of R13.8000 per $1.00.

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 Daylight Time) and
2:00 p.m. (South African Time) on May 25, 2017 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 1-877-857-6177 (within the United States) or 0 800 982 293 (within South Africa) or
  1-719-325-4773 (outside of the United States). The conference ID is 6590202.
- A replay of this conference call will be available for a limited time at 1-844-512-2921 (within the United States) or
  1-412-317-6671 (within South Africa or outside of the United States). The replay conference ID is 6590202. 
- 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 
managing over 622,000 assets in approximately 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, Romania,
Thailand 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 first quarter
and full year of fiscal 2018, 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, 2016, 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 the Company’s 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 finance
income/(costs) including foreign exchange gains/(losses), depreciation of property, plant and equipment including capitalized
customer in-vehicle devices, amortization of intangible assets including capitalized in-house development costs and intangible
assets identified as part of a business combination, share-based compensation costs, transaction costs arising from the
acquisition of a business or investigating strategic alternatives, restructuring costs, profits/(losses) on the
disposal or impairments of assets or subsidiaries, insurance reimbursements relating to impaired assets and certain litigation
costs.

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, the Company’s working capital needs;
- Adjusted EBITDA does not consider the potentially dilutive impact of equity-based compensation;
- Adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available to the Company; and
- other companies, including companies in the Company’s industry, may calculate Adjusted EBITDA differently, which
  reduces its usefulness as a comparative measure.

Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures,
including operating profit, profit for the year and the Company’s other results.

Headline Earnings
Headline earnings per share is a profit measure required for JSE-listed companies and is calculated in accordance with
circular 2/2015 issued by the South African Institute of Chartered Accountants. The profit measure is determined by
taking the profit for the year prior to certain 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.

Adjusted Profit and Adjusted Earnings Per Share
Adjusted earnings per share is defined as profit attributable to owners of the parent, MiX Telematics Limited, excluding 
net foreign exchange gains/(losses) net of tax, divided by the weighted average number of ordinary shares in issue during 
the period.

We have included Adjusted earnings per share in this press release because it provides a useful measure for period-to-period 
comparisons of the Company’s core business by excluding net foreign exchange gains/(losses) from earnings. Accordingly, we 
believe that Adjusted earnings per share provides useful information to investors and others in understanding and evaluating 
the Company’s operating results.

Free cash flow
Free cash flow is determined as net cash generated from operating activities less capital expenditure per investing
activities.

Constant currency and US Dollar financial information
Financial information presented in United States Dollars ("U.S. Dollars" and "$") and constant currency financial
information presented as part of the segment commentary constitute pro forma financial information under the JSE Listings
Requirements. Unless otherwise stated, MiX Telematics has translated U.S. Dollar amounts from South African Rand ("R") at
the exchange rate of R13.4124 per $1.00, which was the R/$ exchange rate reported by Oanda.com as at March 31, 2017. 

Constant currency information has been presented to illustrate the impact of changes in currency rates on the Group’s
results. The constant currency information has been determined by adjusting the current financial reporting year’s
results to the prior year’s average exchange rates, determined as the average of the monthly exchange rates applicable 
to the year. The measurement has been performed for each of the Group’s currencies, including the U.S. Dollar and British
Pound. The constant currency growth percentage has been calculated by utilizing the constant currency results compared to
the prior year results.

This pro forma financial information is the responsibility of the Group’s board of directors and is presented for
illustrative purposes. Because of its nature, the pro forma financial information may not fairly present MiX Telematics’s
financial position, changes in equity, results of operations or cash flows. The pro forma financial information does not
constitute pro forma information in accordance with the requirements of Regulation S-X of the SEC or generally accepted
accounting principles in the United States. In addition, the rules and regulations related to the preparation of pro
forma financial information in other jurisdictions may also vary significantly from the requirements applicable in South
Africa. An assurance report has been prepared and issued by our auditors, PricewaterhouseCoopers Inc., in respect of the
pro forma financial information included in this announcement that is available at the registered office of the Company.
The reporting on the pro forma financial information by PricewaterhouseCoopers Inc. has not been carried out in
accordance with the auditing standards generally accepted in the United States ("U.S.") and accordingly should not be 
relied upon by U.S. Investors as if it had been carried out in accordance with those standards or any other standards besides
the South African requirements mentioned above.

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

Sponsor
Java Capital




MIX TELEMATICS LIMITED
SUMMARY CONSOLIDATED INCOME STATEMENTS
                                                                         South African Rand                United States Dollar
                                                                       Year ended      Year ended      Year ended      Year ended    
Figures are in thousands unless otherwise stated                        March 31,       March 31,       March 31,       March 31,    
                                                                             2017            2016            2017            2016    
                                                                          Audited         Audited       Unaudited       Unaudited    
Revenue                                                                 1,540,058       1,465,021         114,823         109,229    
Cost of sales                                                            (498,785)       (439,305)        (37,188)        (32,754)   
Gross profit                                                            1,041,273       1,025,716          77,635          76,475    
Other income/(expenses) - net                                                 426           1,244              32              93    
Operating expenses                                                       (903,837)       (887,876)        (67,388)        (66,198)   
-Sales and marketing                                                     (181,601)       (203,767)        (13,540)        (15,192)   
-Administration and other charges                                        (722,236)       (684,109)        (53,848)        (51,006)   
Operating profit                                                          137,862         139,084          10,279          10,370    
Finance income/(costs) - net                                               10,391         150,327             775          11,208    
-Finance income                                                            16,068         152,164           1,198          11,345    
-Finance costs                                                             (5,677)         (1,837)           (423)           (137)   
Profit before taxation                                                    148,253         289,411          11,054          21,578    
Taxation                                                                  (26,812)       (106,920)         (1,999)         (7,972)   
Profit for the year                                                       121,441         182,491           9,055          13,606    
Attributable to:                                                                                                                     
Owners of the parent                                                      121,458         182,989           9,056          13,643    
Non-controlling interests                                                     (17)           (498)             (1)            (37)   
                                                                          121,441         182,491           9,055          13,606    
Earnings per share                                                                                                                   
 -basic (R/$)                                                                0.19            0.24            0.01            0.02    
 -diluted (R/$)                                                              0.19            0.23            0.01            0.02    
Earnings per American Depositary Share (Unaudited)                                                                                   
 -basic (R/$)                                                                4.82            5.90            0.36            0.44    
 -diluted (R/$)                                                              4.81            5.84            0.36            0.44    
Ordinary shares (‘000)(1)                                                                                                            
 -in issue at March 31                                                    563,435         759,138         563,435         759,138    
 -weighted average                                                        629,626         775,139         629,626         775,139    
 -diluted weighted average                                                631,819         783,414         631,819         783,414    
Weighted average American Depositary Shares (‘000)(1) (Unaudited)                                                                    
 -in issue at March 31                                                     22,537          30,366          22,537          30,366    
 -weighted average                                                         25,185          31,006          25,185          31,006    
 -diluted weighted average                                                 25,273          31,337          25,273          31,337    
(1) Excludes 40,000,000 treasury shares held by MiX Telematics Investments Proprietary Limited ("MiX Investments"), a wholly owned 
    subsidiary of the Group (March 2016: 40,000,000).


MIX TELEMATICS LIMITED
SUMMARY CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                                                                           South African Rand           United States Dollar             
                                                                       Year ended      Year ended      Year ended      Year ended 
Figures are in thousands unless otherwise stated                        March 31,       March 31,       March 31,       March 31, 
                                                                             2017            2016            2017            2016 
                                                                          Audited         Audited       Unaudited       Unaudited 
Profit for the year                                                       121,441         182,491           9,055          13,606 
Other comprehensive income:                                                                                                       
Items that may be subsequently reclassified to profit or loss                                                                     
Exchange differences on translating foreign operations                    (80,870)         90,665          (6,030)          6,760 
- Attributable to owners of the parent                                    (80,820)         90,784          (6,026)          6,769 
- Attributable to non-controlling interests                                   (50)           (119)             (4)             (9)
Taxation relating to components of other comprehensive income                 (59)         (2,466)             (4)           (184)
Other comprehensive (loss)/income for the year, net of tax                (80,929)         88,199          (6,034)          6,576 
Total comprehensive income for the year                                    40,512         270,690           3,021          20,182 
Attributable to:                                                                                                                  
Owners of the parent                                                       40,579         271,307           3,026          20,228 
Non-controlling interests                                                     (67)           (617)             (5)            (46)
Total comprehensive income for the year                                    40,512         270,690           3,021          20,182 


MIX TELEMATICS LIMITED             
HEADLINE EARNINGS                  
Reconciliation of headline earnings
                                                                           South African Rand             United States Dollar
                                                                       Year ended      Year ended      Year ended      Year ended 
Figures are in thousands unless otherwise stated                        March 31,       March 31,       March 31,       March 31, 
                                                                             2017            2016            2017            2016 
                                                                          Audited         Audited       Unaudited       Unaudited 
                                                                                                                                  
                                                                                                                                  
Profit for the year attributable to owners of the parent                  121,458         182,989           9,056          13,643 
Adjusted for:                                                                                                                     
Loss on disposal of property, plant and equipment and intangible assets       262             208              20              16 
Impairment of intangible assets                                             3,166           2,871             236             214 
(Reversal of impairment)/impairment of property, plant and equipment         (791)          1,905             (59)            142 
Non-controlling interest effects on the above components                        8            (244)              1             (18)
Income tax effect on the above components                                    (661)              2             (50)              * 
Headline earnings attributable to owners of the parent                    123,442         187,731           9,204          13,997 
Headline earnings                                                                                                                 
Headline earnings per share                                                                                                       
-basic (R/$)                                                                 0.20            0.24            0.01            0.02 
-diluted (R/$)                                                               0.20            0.24            0.01            0.02 
Headline earnings per American Depositary Share (Unaudited)                                                                        
-basic (R/$)                                                                 4.90            6.05            0.37            0.45 
-diluted (R/$)                                                               4.88            5.99            0.36            0.45 
* Amount less than $1,000.


MIX TELEMATICS LIMITED
ADJUSTED EARNINGS     
Reconciliation of adjusted earnings
                                                                           South African Rand              United States Dollar
                                                                       Year ended      Year ended      Year ended      Year ended  
Figures are in thousands unless otherwise stated                        March 31,       March 31,       March 31,       March 31,  
                                                                             2017            2016            2017            2016  
                                                                          Audited         Audited       Unaudited       Unaudited  
Profit for the year attributable to owners of the parent                  121,458         182,989           9,056          13,643  
Net foreign exchange gains                                                 (1,476)       (144,038)           (110)        (10,739) 
Income tax effect on the above component                                  (15,307)         48,647          (1,141)          3,627  
Adjusted earnings attributable to owners of the parent                    104,675          87,598           7,805           6,531  
Adjusted earnings                                                                                                                  
Adjusted earnings per share                                                                                                        
 -basic (R/$)                                                                0.17            0.11            0.01            0.01  
 -diluted (R/$)                                                              0.17            0.11            0.01            0.01  
Adjusted earnings per American Depositary Share (Unaudited)                                                                        
 -basic (R/$)                                                                4.16            2.83            0.31            0.21  
 -diluted (R/$)                                                              4.14            2.80            0.31            0.21  


MIX TELEMATICS LIMITED
SUMMARY CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
                                                                            South African Rand               United States Dollar
Figures are in thousands unless otherwise stated                        March 31,       March 31,       March 31,       March 31,     
                                                                             2017            2016            2017            2016     
                                                                          Audited         Audited       Unaudited       Unaudited     
ASSETS                                                                                                                                
Non-current assets                                                                                                                    
Property, plant and equipment                                             294,120         235,584          21,929          17,565     
Intangible assets                                                         881,900         846,851          65,753          63,139     
Finance lease receivable                                                       22             167               2              12     
Deferred tax assets (note 14)                                              28,130          30,005           2,097           2,237     
Total non-current assets                                                1,204,172       1,112,607          89,781          82,953     
Current assets                                                                                                                        
Inventory (note 6)                                                         26,449          64,489           1,972           4,808     
Trade and other receivables                                               260,576         293,045          19,428          21,849     
Finance lease receivable                                                      140             984              10              73     
Taxation (note 14)                                                         26,302           8,886           1,961             663     
Restricted cash                                                            13,268          21,134             989           1,576     
Cash and cash equivalents                                                 375,782         877,136          28,018          65,397     
Total current assets                                                      702,517       1,265,674          52,378          94,366     
Total assets                                                            1,906,689       2,378,281         142,159         177,319     
EQUITY                                                                                                                                
Stated capital                                                            854,345       1,320,955          63,698          98,488     
Other reserves                                                             (4,370)         74,262            (324)          5,538     
Retained earnings                                                         594,514         526,082          44,326          39,224     
Equity attributable to owners of the parent                             1,444,489       1,921,299         107,700         143,250     
Non-controlling interest                                                   (1,558)         (1,491)           (118)           (113)    
Total equity                                                            1,442,931       1,919,808         107,582         143,137     
LIABILITIES                                                                                                                           
Non-current liabilities                                                                                                               
Deferred tax liabilities (note 14)                                        100,067         120,981           7,461           9,020     
Provisions                                                                  1,833           3,514             137             262     
Total non-current liabilities                                             101,900         124,495           7,598           9,282     
Current liabilities                                                                                                                   
Trade and other payables (note 12)                                        309,110         282,647          23,046          21,073     
Borrowings                                                                      -           1,103               -              82     
Taxation (note 14)                                                          4,521           2,795             337             208     
Provisions (note 12)                                                       28,778          31,059           2,146           2,316     
Bank overdraft                                                             19,449          16,374           1,450           1,221     
Total current liabilities                                                 361,858         333,978          26,979          24,900     
Total liabilities                                                         463,758         458,473          34,577          34,182     
Total equity and liabilities                                            1,906,689       2,378,281         142,159         177,319     
Net cash (note 7)                                                         356,333         859,659          26,568          64,094     
Net asset value per share (R/$)                                              2.56            2.53            0.19            0.19     
Net tangible asset value per share (R/$)                                     1.00            1.42            0.07            0.11     
Capital expenditure                                                                                                                   
-incurred                                                                 289,418         252,734          21,578          18,843     
-authorized but not spent                                                 132,836         119,375           9,904           8,900     


MIX TELEMATICS LIMITED
SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                                            South African Rand            United States Dollar
                                                                       Year ended      Year ended      Year ended      Year ended  
                                                                        March 31,       March 31,       March 31,       March 31,  
Figures are in thousands unless otherwise stated                             2017            2016            2017            2016  
                                                                          Audited         Audited       Unaudited       Unaudited  
Cash flows from operating activities                                                                                               
Cash generated from operations                                            377,115         293,808          28,117          21,906  
Net finance income received                                                 9,057           6,105             675             455  
Taxation paid                                                             (62,601)        (59,479)         (4,667)         (4,435) 
Net cash generated from operating activities                              323,571         240,434          24,125          17,926  
Cash flows from investing activities                                                                                               
Capital expenditure payments                                             (295,523)       (241,860)        (22,034)        (18,033) 
Proceeds on sale of property, plant and equipment and intangible assets       369             633              28              47  
Acquisition of business, net of cash acquired                                   -         (18,000)              -          (1,342) 
Deferred consideration paid                                                (1,103)         (1,361)            (82)           (101) 
Decrease in restricted cash                                                 6,951          19,346             518           1,442  
Increase in restricted cash                                                (3,588)         (8,472)           (268)           (632) 
Net cash used in investing activities                                    (292,894)       (249,714)        (21,838)        (18,619) 
Cash flows from financing activities                                                                                               
Proceeds from issuance of ordinary shares                                   7,072           7,722             527             576  
Share repurchase (note 8)                                                (473,682)       (123,760)        (35,317)         (9,227) 
Dividends paid to Company’s owners                                        (52,966)       (107,150)         (3,949)         (7,989) 
Repayment of borrowings                                                         -             (41)              -              (3) 
Net cash used in financing activities                                    (519,576)       (223,229)        (38,739)        (16,643) 
Net decrease in cash and cash equivalents                                (488,899)       (232,509)        (36,452)        (17,336) 
Net cash and cash equivalents at the beginning of the year                860,762         927,415          64,177          69,146  
Exchange (losses)/gains on cash and cash equivalents                      (15,530)        165,856          (1,158)         12,367  
Net cash and cash equivalents at the end of the year                      356,333         860,762          26,567          64,177  


FREE CASH FLOW
Reconciliation of free cash flow to net cash generated from operating activities
                                                                            South African Rand            United States Dollar
                                                                       Year ended      Year ended      Year ended      Year ended           
Figures are in thousands unless otherwise stated                        March 31,       March 31,       March 31,       March 31,           
                                                                             2017            2016            2017            2016           
                                                                        Unaudited       Unaudited       Unaudited       Unaudited           
Net cash generated from operating activities                              323,571         240,434          24,125          17,926           
Capital expenditure payments                                             (295,523)       (241,860)        (22,034)        (18,033)    
Free cash flow                                                             28,048          (1,426)          2,091            (107)    


MIX TELEMATICS LIMITED
SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED MARCH 31, 2017
                                                               Attributable to owners of the parent
South African Rand                                                                                                              Non-
Figures are in thousands unless otherwise stated             Stated          Other        Retained                       controlling           Total  
                                                            capital       reserves        earnings            Total         interest          equity  
Balance at March 31, 2015 (Audited)                       1,436,993        (21,894)        450,347        1,865,446             (874)      1,864,572  
Total comprehensive income                                        -         88,318         182,989          271,307             (617)        270,690  
Profit for the year                                               -              -         182,989          182,989             (498)        182,491  
Other comprehensive income                                        -         88,318               -           88,318             (119)         88,199  
Total transactions with owners                             (116,038)         7,838        (107,254)        (215,454)               -        (215,454) 
Shares issued in relation to share options exercised          7,722              -               -            7,722                -           7,722  
Share-based payment                                               -          7,838               -            7,838                -           7,838  
Dividends declared                                                -              -        (107,254)        (107,254)               -        (107,254) 
Share repurchase                                           (123,760)             -               -         (123,760)               -        (123,760) 
Balance at March 31, 2016 (Audited)                       1,320,955         74,262         526,082        1,921,299           (1,491)      1,919,808  
Total comprehensive income                                        -        (80,879)        121,458           40,579              (67)         40,512  
Profit for the year                                               -              -         121,458          121,458              (17)        121,441  
Other comprehensive loss                                          -        (80,879)              -          (80,879)             (50)        (80,929) 
Total transactions with owners                             (466,610)         2,247         (53,026)        (517,389)               -        (517,389) 
Shares issued in relation to share options exercised          7,072              -               -            7,072                -           7,072  
Share-based payment                                               -          2,247               -            2,247                -           2,247  
Dividends declared (note 9)                                       -              -         (53,026)         (53,026)               -         (53,026) 
Share repurchase (note 8)                                  (473,682)             -               -         (473,682)               -        (473,682) 
Balance at March 31, 2017 (Audited)                         854,345         (4,370)        594,514        1,444,489           (1,558)      1,442,931  


MIX TELEMATICS LIMITED
SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED MARCH 31, 2017
                                                                      Attributable to owners of the parent
United States Dollar                                                                                                        Non-               
Figures are in thousands unless otherwise stated                 Stated        Other      Retained                   controlling         Total 
                                                                capital     reserves      earnings          Total       interest        equity 
Balance at March 31, 2015 (Unaudited)                           107,139       (1,631)       33,577        139,085            (67)      139,018 
Total comprehensive income                                            -        6,585        13,643         20,228            (46)       20,182 
Profit for the year                                                   -            -        13,643         13,643            (37)       13,606 
Other comprehensive income                                            -        6,585             -          6,585             (9)        6,576 
Total transactions with owners                                   (8,651)         584        (7,996)       (16,063)             -       (16,063)
Shares issued in relation to share options exercised                576            -             -            576              -           576 
Share-based payment                                                   -          584             -            584              -           584 
Dividends declared                                                    -            -        (7,996)        (7,996)             -        (7,996)
Share repurchase                                                 (9,227)           -             -         (9,227)             -        (9,227)
Balance at March 31, 2016 (Unaudited)                            98,488        5,538        39,224        143,250           (113)      143,137 
Total comprehensive income                                            -       (6,030)        9,056          3,026             (5)        3,021 
Profit for the year                                                   -            -         9,056          9,056             (1)        9,055 
Other comprehensive loss                                              -       (6,030)            -         (6,030)            (4)       (6,034)
Total transactions with owners                                  (34,790)         168        (3,954)       (38,576)             -       (38,576)
Shares issued in relation to share options exercised                527            -             -            527              -           527 
Share-based payment                                                   -          168             -            168              -           168 
Dividends declared (note 9)                                           -            -        (3,954)        (3,954)             -        (3,954)
Share repurchase (note 8)                                       (35,317)           -             -        (35,317)             -       (35,317)
Balance at March 31, 2017 (Unaudited)                            63,698         (324)       44,326        107,700           (118)      107,582 


NOTES TO SUMMARY CONSOLIDATED FINANCIAL RESULTS

1. Basis of preparation and accounting policies
The summary consolidated financial statements are prepared in accordance with the requirements of the JSE Limited
Listings Requirements for preliminary reports and the requirements of the Companies Act applicable to summary financial
statements. The Listings Requirements require preliminary 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 and Financial Pronouncements as issued by the
Financial Reporting Standards Council and to also, as a minimum, contain 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 International Financial Reporting Standards and are consistent with those 
accounting policies applied in the preparation of the previous consolidated annual financial statements, unless otherwise stated.

The summary consolidated financial statements do not include all the information and disclosures required in the financial 
statements and should be read in conjunction with the Group’s financial statements for the year ended March 31, 2017, which have 
been prepared in accordance with IFRS.

The Group has adopted all the new, revised or amended accounting pronouncements as issued by the International Accounting 
Standards Board (IASB) which were effective for the Group from April 1, 2016, none of which had a material impact on the Group.

Presentation currency and convenience translation
The Group’s presentation currency is South African Rand. In addition to presenting these summary consolidated financial results 
in South African Rand, supplementary information in U.S. Dollars has been prepared for the convenience of users of the Group 
financial results. Unless otherwise stated, the Group has translated U.S. Dollar amounts from South African Rand at the exchange 
rate of R13.4124 per $1.00, which was the R/$ exchange rate reported by Oanda.com as at March 31, 2017. The U.S. Dollar figures 
may not compute as they are rounded independently.

The supplementary information prepared in U.S. Dollars constitutes pro forma financial information under the JSE Listings 
Requirements. This pro forma financial information is the responsibility of the Group’s board of directors and is
presented for illustrative purposes. Because of its nature, the pro forma financial information may not fairly present MiX
Telematics’s financial position, changes in equity, results of operations or cash flows. The pro forma financial
information does not constitute pro forma information in accordance with the requirements of Regulation S-X of the SEC or
generally accepted accounting principles in the United States. In addition, the rules and regulations related to the
preparation of pro forma financial information in other jurisdictions may also vary significantly from the requirements
applicable in South Africa. An assurance report has been prepared and issued by our auditors, PricewaterhouseCoopers Inc., 
in respect of the pro forma financial information included in this announcement that is available at the registered office
of the Company. The reporting on the pro forma financial information by PricewaterhouseCoopers Inc. has not been carried
out in accordance with the auditing standards generally accepted in the U.S. and accordingly should not be relied upon
by U.S. investors as if it had been carried out in accordance with those standards or any other standards besides the
South African requirements mentioned above.

The Group’s summary consolidated financial statements were prepared under the supervision of the Interim Group Chief
Financial Officer, P Dell CA(SA). The results were made available on May 25, 2017.

2. Independent audit
The summary consolidated financial statements (excluding the commentary, pro forma financial information presented in
U.S. Dollars, basic and diluted earnings and basic and diluted headline earnings information relating to American
Depository Shares, the free cash flow reconciliation to net cash generated from operating activities and the disclosure
included in notes 5 and 15 (relating to subscriber numbers) and the Unaudited Group financial results for the quarter ended
March 31, 2017 hereinafter defined as audited summary consolidated financial statements, for the year ended March 31, 2017
have been derived from the audited consolidated financial statements. The directors of MiX Telematics Limited take full
responsibility for the preparation of the summary consolidated financial statements and that the financial information
has been correctly derived from the underlying audited consolidated financial statements. These audited summary
consolidated financial statements for the year ended March 31, 2017 have been audited by PricewaterhouseCoopers Inc., who
expressed an unmodified opinion thereon. The auditor also expressed an unmodified opinion on the financial statements from
which these audited summary consolidated financial statements were derived.

A copy of the auditor’s report on the audited summary consolidated financial statements and of the auditor’s report on
the consolidated financial statements are available for inspection at MiX Telematics Limited’s registered office,
together with the financial statements identified in the respective auditor’s reports.

The auditor’s report does not necessarily report on all of the information contained in these financial results.
Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditor’s engagement
they should obtain a copy of the auditor’s report together with the accompanying financial information from MiX Telematics
Limited’s registered office.

3. Segment information
Our operating segments are based on the geographical location of our Regional Sales Offices ("RSOs") and  also include
our Central Services Organization ("CSO"). CSO is our central services organization that wholesales our products and
services to our RSOs who, in turn, interface with our end-customers, distributors and dealers. CSO is also responsible for
the development of our hardware and software platforms and provides common marketing, product management, technical and
distribution support to each of our other operating segments.

The chief operating decision maker ("CODM") reviews the segment results on an integral margin basis as defined by
management.  In respect of revenue, this method of measurement entails reviewing the segmental results based on external
revenue only.  In respect of Adjusted EBITDA (the profit measure identified by the CODM), the margin generated by CSO, net
of any unrealized intercompany profit, is allocated to the geographic region where the external revenue is recorded by
our RSOs.  The costs remaining in CSO relate mainly to research and development of hardware and software platforms,
common marketing, product management and technical and distribution support to each of the RSOs.  CSO is a reportable segment
of the Group because it produces discrete financial information which is reviewed by the CODM and has the ability to
generate external revenues.

Each RSO’s results therefore reflect the external revenue earned, as well as the Adjusted EBITDA earned (or loss
incurred) by each operating segment before the remaining CSO and corporate costs allocations.  Segment assets are not
disclosed as segment information is not reviewed on such a basis by the CODM.

SUMMARY SEGMENTAL ANALYSIS
                                                       Subscription       Hardware and          Total        Adjusted 
South African Rand                                          revenue      other revenue        revenue          EBITDA
Figures are in thousands unless otherwise stated                                                       
Year ended March 31, 2017 (Audited)                                                                    
Regional Sales Offices                                                                                 
Africa                                                      772,224             86,945        859,169         344,077  
Europe                                                      113,223             64,108        177,331          52,369  
Americas                                                    121,462             38,957        160,419          26,804  
Middle East and Australasia                                 199,474            104,976        304,450          91,149  
Brazil                                                       32,653              5,158         37,811           9,394  
Total Regional Sales Offices                              1,239,036            300,144      1,539,180         523,793  
Central Services Organization                                   878                  -            878        (127,828) 
Total Segment Results                                     1,239,914            300,144      1,540,058         395,965  
Corporate and consolidation entries                               -                  -              -         (94,352) 
Total                                                     1,239,914            300,144      1,540,058         301,613  


South African Rand                                        Subscription       Hardware and         Total        Adjusted
Figures are in thousands unless otherwise stated               revenue      other revenue       revenue          EBITDA
Year ended March 31, 2016 (Audited)
Regional Sales Offices
Africa                                                         711,208             96,699       807,907         320,466  
Europe                                                         110,251             51,736       161,987          35,359  
Americas                                                       115,413             41,527       156,940           2,908  
Middle East and Australasia                                    202,163            111,764       313,927         107,279  
Brazil                                                          18,063              5,066        23,129           1,931  
Total Regional Sales Offices                                 1,157,098            306,792     1,463,890         467,943  
Central Services Organization                                    1,131                  -         1,131        (113,403) 
Total Segment Results                                        1,158,229            306,792     1,465,021         354,540  
Corporate and consolidation entries                                  -                  -             -         (77,325) 
Total                                                        1,158,229            306,792     1,465,021         277,215  


SUMMARY SEGMENTAL ANALYSIS
                                                        Subscription       Hardware and         Total        Adjusted
United States Dollar                                         revenue      other revenue       revenue          EBITDA
Figures are in thousands unless otherwise stated                                                                        
Year ended March 31, 2017 (Unaudited)                                                                                     
Regional Sales Offices                                                                                                 
Africa                                                       57,575               6,482        64,057          25,654  
Europe                                                        8,442               4,780        13,222           3,905  
Americas                                                      9,056               2,905        11,961           1,998  
Middle East and Australasia                                  14,872               7,827        22,699           6,796  
Brazil                                                        2,435                 384         2,819             700  
Total Regional Sales Offices                                 92,380              22,378       114,758          39,053  
Central Services Organization                                    65                   -            65          (9,530) 
Total Segment Results                                        92,445              22,378       114,823          29,523  
Corporate and consolidation entries                               -                   -             -          (7,034) 
Total                                                        92,445              22,378       114,823          22,489  


United States Dollar                                  Subscription       Hardware and           Total        Adjusted 
Figures are in thousands unless otherwise stated           revenue      other revenue         revenue          EBITDA
Year ended March 31, 2016 (Unaudited)                                                                                      
Regional Sales Offices                                                                                                   
Africa                                                      53,026              7,210          60,236          23,893 
Europe                                                       8,220              3,857          12,077           2,636 
Americas                                                     8,605              3,096          11,701             217 
Middle East and Australasia                                 15,073              8,333          23,406           7,998 
Brazil                                                       1,347                379           1,726             144 
Total Regional Sales Offices                                86,271             22,875         109,146          34,888 
Central Services Organization                                   83                  -              83          (8,455)
Total Segment Results                                       86,354             22,875         109,229          26,433 
Corporate and consolidation entries                              -                  -               -          (5,765)
Total                                                       86,354             22,875         109,229          20,668 

4. Reconciliation of Adjusted EBITDA to Profit for the year
                                                                             South African Rand              United States Dollar
                                                                        Year ended      Year ended       Year ended     Year ended   
Figures are in thousands unless otherwise stated                         March 31,       March 31,        March 31,      March 31,   
                                                                              2017            2016             2017           2016   
                                                                           Audited         Audited        Unaudited      Unaudited   
Adjusted EBITDA                                                            301,613         277,215           22,489         20,668   
Add:                                                                                                                                
Decrease in restructuring costs provision                                        -             333                -             25   
Reversal of impairment (1)                                                     791               -               59              -   
Less:                                                                                                                                
Depreciation (2)                                                           (98,508)        (75,037)          (7,345)        (5,594)  
Amortization (3)                                                           (44,734)        (47,586)          (3,335)        (3,548)  
Impairment (4)                                                              (3,166)         (4,776)            (236)          (355)  
Share-based compensation costs                                              (3,311)         (5,820)            (247)          (434)  
Equity-settled share-based compensation costs                               (2,247)         (7,838)            (168)          (584)  
Cash-settled share-based compensation costs                                 (1,064)          2,018              (79)           150   
Net loss on sale of property, plant and equipment and intangible assets       (262)           (208)             (20)           (16)  
Increase in restructuring costs provision (5)                              (14,561)              -           (1,086)             -   
Transaction costs arising from investigating strategic alternatives              -          (5,037)               -           (376)  
Operating profit                                                           137,862         139,084           10,279         10,370   
Add: Finance income/(costs) - net                                           10,391         150,327              775         11,208   
Less: Taxation                                                             (26,812)       (106,920)          (1,999)        (7,972)  
Profit for the year                                                        121,441         182,491            9,055         13,606   
(1) The reversal of impairment of R0.8 million ($0.06 million) relates to in-vehicle devices in the Brazil segment. The
    improvement in trading conditions in the Brazil segment resulted in the re-assessment of its recoverable amount in fiscal
    2017. In fiscal 2017 the assessment indicated that the recoverable amount was higher than its carrying value which led to
    the aforementioned impairment reversal. A 1% increase in the discount rate or 5% decrease in the cash flows 
    utilized in the value in use calculation would have resulted in an impairment of R2.7 million ($0.2 million) or R0.5 million
    ($0.04 million), respectively, rather than the reversal recorded.
(2) Includes depreciation of property, plant and equipment (including in-vehicle devices).
(3) Includes amortization of intangible assets (including capitalized in-house development costs and intangible assets 
    identified as part of a business combination).
(4) Asset impairments relate to the impairment of capitalized product development costs of R2.6 million ($0.2 million) in
    the Africa segment and R0.5 million ($0.04 million) in the CSO segment.  In 2016, includes R2.9 million ($0.2 million)
    impairment of in-house software and R1.9 million ($0.1 million) related to in-vehicle devices.  
(5) Restructuring costs incurred are described in note 12.

5. Reconciliation of Adjusted EBITDA margin to Profit for the year margin

                                                                              Year ended        Year ended  
                                                                               March 31,         March 31,  
                                                                                    2017              2016  
                                                                               Unaudited         Unaudited  
Adjusted EBITDA margin                                                             19.6%             18.9%  
Add:                                                                                                        
Decrease in restructuring costs provision                                             -               0.0%  
Reversal of impairment                                                              0.1%                 -  
Less:                                                                                                       
Depreciation                                                                       (6.4%)            (5.1%) 
Amortization                                                                       (3.0%)            (3.3%) 
Impairment                                                                         (0.2%)            (0.3%) 
Share-based compensation costs                                                     (0.2%)            (0.4%) 
Equity-settled share-based compensation costs                                      (0.1%)            (0.5%) 
Cash-settled share-based compensation costs                                        (0.1%)             0.1%  
Net loss on sale of property, plant and equipment and intangible assets            (0.0%)            (0.0%) 
Increase in restructuring costs provision                                          (0.9%)                -  
Transaction costs arising from investigating strategic alternatives                    -             (0.3%) 
Operating profit margin                                                             9.0%              9.5%  
Add: Finance income/(costs) - net                                                   0.7%             10.3%  
Less: Taxation                                                                     (1.8%)            (7.3%) 
Profit for the year margin                                                          7.9%             12.5%  

6. Inventory
The decline in the inventory balance is primarily attributable to a shift towards bundled deals, in terms of which the
related hardware and accessories are accounted for as uninstalled in-vehicle devices under property, plant and
equipment.

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

8. Specific Share Repurchase from related party
On April 29, 2016, the Company entered into an agreement (the "share repurchase agreement") with Imperial Holdings
Limited ("Imperial Holdings") and Imperial Corporate Services Proprietary Limited ("Imperial Corporate Services"), a wholly
owned subsidiary of Imperial Holdings, to repurchase all 200,828,260 of the Company’s shares held by Imperial Corporate
Services (the "repurchase shares") at R2.36 ($0.18) per repurchase share, for an aggregate repurchase consideration of
R474.0 million or $35.3 million (the "repurchase"). At the general meeting held on August 1, 2016, shareholders of the
Company approved the repurchase in terms of the JSE Listings Requirements and the South African Companies Act, No. 71 of
2008 , at which point the transaction was accounted for in terms of IFRS. The repurchase was implemented on August 29,
2016. Subsequent to the repurchase, the shares were delisted and now form part of the authorized unissued share capital
of the Company.

The financial effect of the transaction is as follows:
                                                                                      Year ended                Year ended  
                                                                                       March 31,                 March 31,  
                                                                                            2017                      2017  
                                                                              South African Rand      United States Dollar  
                                                                                         Audited                 Unaudited  
Aggregate repurchase consideration                                                       473,955                    35,337  
Impact of discounting related to the fiscal 2017 share repurchase transaction             (3,222)                     (240) 
Transaction costs capitalized                                                              2,949                       220  
Total share repurchase cost                                                              473,682                    35,317  

9. Dividends
During fiscal 2016 the Board decided to reintroduce the Company’s policy of paying regular dividends.  Dividend
payments are currently considered on a quarter-by-quarter basis.

The following dividends were declared by the Company in fiscal 2017 (excluding dividends paid on treasury shares):
- In respect of the fourth quarter of fiscal 2016, a dividend of R15.2 million ($1.1 million) was declared on 
  May 24, 2016 and paid on June 20, 2016. Using shares in issue of 761,337,500 (excluding 40,000,000 treasury shares), 
  this equated to a dividend of 2 South African cents or 0.1 U.S. cents per share. 
- In respect of the first quarter of fiscal year 2017, a dividend of R15.3 million ($1.1 million) was declared on 
  August 4, 2016 and paid on August 29, 2016. Using shares in issue of 763,087,500 (excluding 40,000,000 treasury shares), 
  this equated to a dividend of 2 South African cents or 0.1 U.S. cents  per share. 
- In respect of the second quarter of fiscal year 2017, a dividend of R11.3 million ($0.8 million) was declared on
  November 3, 2016 and paid on November 28, 2016. Using shares in issue of 563,434,240 (excluding 40,000,000 treasury 
  shares), this equated to a dividend of 2 South African cents and 0.1 U.S. cents per share.
- In respect of the third quarter of fiscal year 2017, a dividend of R11.2 million ($0.8 million) was declared on
  February 2, 2017 and paid on February 27, 2017. Using shares in issue of 563,434,240 (excluding 40,000,000 treasury 
  shares), this equated to a dividend of 2 South African cents and 0.1 U.S. cents per share.

The following dividends were declared by the Company in fiscal 2016:
- In respect of the 2015 fiscal year, a dividend of R61.5 million ($4.6 million) was declared on August 25, 2015 and
  paid on September 21, 2015. Using shares in issue of 768,601,150 (excluding 24,573,850 treasury shares), this equated 
  to a dividend of 8 South African cents and 0.6 U.S. cents per share.
- In respect of the first quarter of fiscal year 2016 which ended on June 30, 2015, a dividend of R15.4 million
  ($1.1 million) was declared on August 25, 2015 and paid on September 21, 2015. Using shares in issue of 768,601,150 
  (excluding 24,573,850 treasury shares), this equated to a dividend of 2 South African cents and 0.1 U.S. cents per share.
- In respect of the second quarter of fiscal year 2016 which ended on September 30, 2015, a dividend of R15.3 million
  ($1.1 million) was declared on November 5, 2015 and paid on November 30, 2015. Using shares in issue of 764,140,181
  (excluding 30,334,819 treasury shares), this equated to a dividend of 2 South African cents and 0.1 U.S. cents per share.
- In respect of the third quarter of fiscal year 2016 which ended on December 31, 2015, a dividend of R15.1 million
  ($1.1 million) was declared on February 4, 2016 and paid on February 29, 2016. Using shares in issue of 755,137,500
  (excluding 40,000,000 treasury shares), this equated to a dividend of 2 South African cents and 0.1 U.S. cents per share.

10. Fair values of financial assets and liabilities measured at amortized cost
The fair values of trade and other receivables, restricted cash, cash and cash equivalents, trade payables, accruals,
bank overdrafts 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.

11. Contingencies
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
R48.4 million ($3.6 million). No loss is considered probable under this arrangement.

12. Provisions and trade and other payables
Provisions
During March 2017, restructuring plans were implemented by the Europe and Middle East and Australasia segments. The
total cost of the restructuring plans is expected to approximate R15.0 million ($1.1 million). These costs consist of
estimated staff costs in respect of affected employees. By March 31, 2017, R2.7 million ($0.2 million) of the expected
restructuring costs had been incurred and the remaining provision of R11.5 million ($0.9 million) is expected to be fully
utilized over the next 12 months.

Trade and other payables
The increase in trade and other payables is primarily attributable to an increase in accruals of R20.8 million ($1.6 million) 
relating to employee and third party costs.

13. Change in estimate of useful lives of product development costs capitalized
During fiscal 2017 the CSO segment extended the useful lives of certain projects where on average the useful lives
were increased from 4.9 years to 7.5 years. The extension of the useful lives resulted in a R9.0 million ($0.7 million)
reduction in the product development amortization expense relative to what it would have been in fiscal 2017 had the change
not occurred. R2.0 million ($0.1 million), R1.4 million ($0.1 million), R1.6 million ($0.1 million), R1.2 million 
($0.1 million), R0.9 million ($0.1 million), R0.9 million ($0.1 million), R0.8 million ($0.1 million) and R0.2 million 
($0.01 million) of this amortization reduction is expected to be charged to the income statement in the 2018, 2019, 2020,
2021, 2022, 2023, 2024 and 2025 fiscal years, respectively.

14. Taxation
Section 11D Allowances relating to tax assets recognized
MiX Telematics International Proprietary Limited ("MiX International"), a subsidiary of the Group, historically claimed a 
150% allowance for research and development spend in terms of section 11D ("S11D") of the South African Income Tax Act No. 58 
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. 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 in the 2013 and 2014 fiscal years did not, in the DST’s opinion,
constitute qualifying expenditure in terms of the Act. MiX International, through due legal process, had formally
requested a review of the DST’s decision not to approve this expenditure. While approvals were obtained for a portion of this
project expenditure as a result of a further review performed by the DST in February 2017, we continue to seek approval
for the remaining projects and as such the legal process is ongoing.  In addition to the approvals that were subject to
the legal process, further approvals have been obtained for certain project expenditure, relating to both current and
prior financial years. However, at period end, an uncertain tax position remains in relation to S11D deductions in respect
of which approvals remain pending.

Since the introduction of the DST pre-approval process, the Group has recognized in the income statement cumulative
tax incentives in addition to the incurred cost of R18.2 million ($1.4 million) in respect of S11D deductions, of which
R9.7 million ($0.7 million) was recognized in the current financial year. R15.4 million ($1.1 million) relates to
deductions in respect of development project expenditure which has been approved by the DST. R2.8 million ($0.2 million) relates
to an uncertain tax position in respect of projects where approvals have not yet been received from the DST. If the
Group is unsuccessful in this regard, the Group will not recover the R2.8 million ($0.2 million) raised at March 31, 2017.

Deferred tax asset on assessed loss
During fiscal 2017 the Group raised a deferred tax asset of R5.3 million ($0.4 million) in respect of a portion of the
tax losses available in the Europe segment. These tax losses were incurred in prior years. Since fiscal 2015, the
entity started returning to profitability resulting in a re-assessment of its ability to utilize the tax losses and the
recognition of a deferred tax asset for a portion thereof.

Taxation receivable
The taxation receivable includes amounts due of R14.9 million ($1.1 million) in respect of S11D tax incentives at
March 31, 2017.

Deferred tax liability
The decline in the deferred tax liability is primarily as a result of the effect of exchange rate movements.

15. Other operating and financial data
                                                                     South African Rand                    United States Dollar
                                                                   Year ended        Year ended        Year ended      Year ended  
Figures are in thousands except for subscribers                     March 31,         March 31,         March 31,       March 31,  
                                                                         2017              2016              2017            2016  
                                                                      Audited           Audited         Unaudited       Unaudited  
Subscription revenue                                                1,239,914         1,158,229            92,445          86,355  
Adjusted EBITDA                                                       301,613           277,215            22,489          20,668  
Cash and cash equivalents                                             375,782           877,136            28,018          65,397  
Net cash                                                              356,333           859,659            26,568          64,094  
Capital expenditure incurred                                          289,418           252,734            21,579          18,843  
Property, plant and equipment expenditure                             170,010           167,387            12,676          12,480  
Intangible asset expenditure                                          119,408            85,347             8,903           6,363  
Total development costs incurred                                      142,112           115,902            10,596           8,642  
Development costs capitalized                                          78,020            58,869             5,817           4,390  
Development costs expensed within administration and other charges     64,092            57,033             4,779           4,252  
Subscribers (Line unaudited)                                          622,062           566,177           622,062         566,177  

Exchange Rates                                                        
The following major rates of exchange were used:
South African Rand: United States Dollar
 -closing                                                               13.41             14.83
 -average                                                               14.06             13.78 
South African Rand: British Pound                                                  
 -closing                                                               16.75             21.31 
 -average                                                               18.42             20.63 


The Group’s functional and presentation currency is South African Rand. The strengthening of the closing rate of the
South African Rand against the functional currencies of the Group’s foreign operations contributed significantly to the
decrease in assets and liabilities and the resulting foreign currency translation reserve reduction of R80.9 million
($6.0 million) since March 31, 2016.

16. Changes to the Board
With effect from June 1, 2016, Ian Jacobs was appointed as an independent non-executive director to the Board of
Directors.

With effect from August 18, 2016, Mark Lamberti and George Nakos (non-executive alternate director to Mark Lamberti)
resigned from the Board of Directors in accordance with the terms of the specific repurchase of shares from Imperial
Corporate Services (note 8).

With effect from October 3, 2016, Robin Frew was appointed Chairman of the Board of Directors.  Richard Bruyns, the
outgoing Chairman, remained on the Board and was appointed to the new role of Lead Independent non-executive Director.
Richard Bruyns has also taken on the role of Chairman of the Remuneration and Nomination Committee.

With effect from February 9, 2017,  Paul Dell was appointed to the Board of Directors as Interim Group Chief Financial
Officer of the Company. Paul Dell replaced Megan Pydigadu who tendered her resignation as Group Chief Financial Officer
and member of the Board on November 15, 2016 to pursue a new career opportunity in a non-competitive industry.

17. Changes to the Company Secretary
With effect from January 3, 2017, Java Capital Trustees and Sponsors Proprietary Limited resigned as company secretary
to the Company and Jennifer de Vos was appointed as the new company secretary.

With effect from May 17, 2017, Jennifer de Vos resigned as company secretary to the Company and Java Capital Trustees
and Sponsors Proprietary Limited was appointed as the new company secretary on an interim basis with immediate effect,
until a new company secretary is appointed.

18. Events after the reporting period
Other than the items below, the directors are not aware of any matter material or otherwise arising since March 31, 2017 
and up to the date of this report, not otherwise dealt with herein.

Share Buy Back 

Shareholders are advised that the MiX Telematics Board has approved, on May 23, 2017, a share repurchase programme
of up to R270 million ($20.1 million) under which the Company may repurchase its ordinary shares, including American 
Depositary Shares ("ADSs"). The Company may repurchase its shares from time to time in its discretion through open market
transactions and block trades, based on ongoing assessments of the capital needs of the Company, the market price of its 
securities and general market conditions. This share repurchase programme may be discontinued at any time by the Board of 
Directors, and the Company has no obligation to repurchase any amount of its securities under the programme. The repurchase
programme will be funded out of existing cash resources. 
 

The repurchase programme will extend from May 29, 2017 unless and until discontinued by the Directors or the date when the
R270 million ($20.1 million) limit is exhausted. Any repurchases effected under the share repurchase programme will be in 
accordance with the general authority granted by special resolution of the Company’s shareholders passed at the Company’s 
annual general meeting held on September 14, 2016. Subject to the passing of a special resolution at the Company’s annual 
general meeting to be held on September 20, 2017, the repurchase programme will continue to be effected under the general 
authority granted by shareholders at that meeting. Should the special resolution, granting the general authority to 
repurchase shares, not be passed at the Company’s annual general meeting to be held on September 20, 2017, the repurchase 
programme will end on September 20, 2017.

Share repurchases may be made by the Company from time to time in open market transactions at prevailing market prices and
in accordance with the Company's insider trading policy. With respect to repurchases of ADSs on the New York Stock Exchange,
the Company will effect such transactions in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. 
In accordance with JSE listing rules, repurchases effected on the JSE will be at a price not greater than 10% above the 
volume weighted average trading price of the Company’s shares on the JSE over the five business days immediately preceding 
any particular repurchase.


Any repurchases made are subject to the Company performing the solvency and liquidity tests required by the Companies Act 
in South Africa.


Dividend declared
On May 23, 2017 the board declared in respect of the fourth quarter of fiscal 2017 which ended on March 31, 2017, a dividend 
of 2 South African cents (0.1 U.S. cents) per ordinary share to be paid on June 19, 2017.

Details of Dividend Declared
The details with respect to the dividends declared for ordinary shareholders are as follows:
Last day to trade cum dividend                                        Monday, June 12, 2017
Securities trade ex dividend                                         Tuesday, June 13, 2017
Record date                                                         Thursday, June 15, 2017
Payment date                                                          Monday, June 19, 2017

Share certificates may not be dematerialized or rematerialized between Tuesday, June 13, 2017 and Thursday, June 15, 2017, 
both days inclusive.

Shareholders are advised of the following additional information:
- the dividend has been declared out of income reserves;
- with effect from February 22, 2017, the local dividends tax rate increased from 15% to 20%;
- the gross local dividend amounts to 2 South African cents per ordinary share;
- the net local dividend amount is 1.6 South African cents per ordinary share for shareholders liable to pay dividends
  tax;
- the issued ordinary share capital of MiX Telematics is 603,434,240 ordinary shares of no par value; and
- the Company’s tax reference number is 9155/661/84/7.

The details with respect to the dividends declared for holders of our ADSs are as follows:
Ex dividend on New York Stock Exchange (NYSE)                      Monday, June 12, 2017
Record date                                                      Thursday, June 15, 2017
Approximate date of currency conversion                             Monday, June 19, 2017
Approximate dividend payment date                                  Monday, June 19, 2017

Annual general meeting
The annual general meeting of shareholders of MiX Telematics Limited will be held at Matrix Corner, Howick Close, Waterfall 
Park, Midrand, Johannesburg on Wednesday, September 20, 2017 at 11:30 a.m. (South African time). For South African
shareholders, the last day to trade in order to be eligible to participate in and vote at the annual general meeting is
Tuesday, September 12, 2017 and the record date for voting purposes is Friday, September 15, 2017.

Taxation
As advised in our March 2016 Annual Report on Form 20-F as filed with the SEC, the Group’s effective tax rate may be
impacted by certain non-deductible/(non-taxable) foreign exchange movements.  This has had a significant impact on our
tax rate in fiscal 2017.  The impact of these foreign exchange movements and related tax effects is shown below:


South African Rand                          Year ended March 2017                             Year ended March 2016
                                                    Unaudited                                      Unaudited      
                             Profit for    Foreign exchange       Adjusted           Profit for     Foreign exchange        Adjusted 
                             the period               gains       earnings           the period                gains        earnings
Profit before tax               148,253              (1,476)       146,777              289,411             (144,038)        145,373 
Taxation                        (26,812)            (15,307)       (42,119)            (106,920)              48,647         (58,273)
Profit after tax                121,441             (16,783)       104,658              182,491              (95,391)         87,100 
Attributable to:                                                                                                                     
Owners of the parent            121,458             (16,783)       104,675              182,989              (95,391)         87,598 
Minority Interest                   (17)                  -            (17)                (498)                   -            (498)
                                121,441             (16,783)       104,658              182,491              (95,391)         87,100 
Effective tax rate                18.1%                   -          28.7%                36.9%                   -            40.1% 


United States Dollar                       Year ended March 2017                            Year ended March 2016
                                                    Unaudited                                     Unaudited           
                            Profit for    Foreign exchange       Adjusted          Profit for     Foreign exchange        Adjusted
                            the period               gains       earnings          the period                gains        earnings
Profit before tax               11,054                (110)        10,944              21,578              (10,739)         10,839 
Taxation                        (1,999)             (1,141)        (3,140)             (7,972)               3,627          (4,345)
Profit after tax                 9,055              (1,251)         7,804              13,606               (7,112)          6,494 
Attributable to:                                                                                                                   
Owners of the parent             9,056              (1,251)         7,805              13,643               (7,112)          6,531 
Minority Interest                   (1)                  -             (1)                (37)                   -             (37)
                                 9,055              (1,251)         7,804              13,606               (7,112)          6,494 
Effective tax rate               18.1%                   -          28.7%               36.9%                    -           40.1% 


Excluding the impact of foreign exchange gains and losses and its related tax consequences, the effective tax rate is
11.4% lower than fiscal 2016.


For and on behalf of the board:

R Frew                         SB Joselowitz    

Midrand                                         
May 24, 2017                                    


MIX TELEMATICS LIMITED
CONDENSED CONSOLIDATED INCOME STATEMENTS
                                                              South African Rand                                 United States Dollar
                                                     Three months ended     Three months ended       Three months ended     Three months ended 
Figures are in thousands unless otherwise stated              March 31,              March 31,                March 31,              March 31, 
                                                                   2017                   2016                     2017                   2016 
                                                              Unaudited              Unaudited                Unaudited              Unaudited 
Revenue                                                         391,427                384,024                   29,184                 28,632     
Cost of sales                                                  (126,384)               (98,977)                  (9,423)                (7,380)    
Gross profit                                                    265,043                285,047                   19,761                 21,252     
Other income/(expenses) - net                                      (136)                   471                      (10)                    35     
Operating expenses                                             (223,994)              (239,861)                 (16,701)               (17,883)    
-Sales and marketing                                            (35,260)               (55,503)                  (2,629)                (4,138)    
-Administration and other charges                              (188,734)              (184,358)                 (14,072)               (13,745)    
Operating profit                                                 40,913                 45,657                    3,050                  3,404     
Finance income/(costs) - net                                     (4,142)               (26,110)                    (309)                (1,947)    
-Finance income                                                   1,790                  2,210                      133                    165     
-Finance costs                                                   (5,932)               (28,321)                    (442)                (2,112)    
Profit before taxation                                           36,771                 19,547                    2,741                  1,457     
Taxation                                                         (5,525)                (5,785)                    (412)                  (431)    
Profit for the period                                            31,246                 13,762                    2,329                  1,026     
Attributable to:                                                                                                                                   
Owners of the parent                                             31,246                 13,922                    2,329                  1,038     
Non-controlling interests                                             *                   (160)                       -                    (12)    
                                                                 31,246                 13,762                    2,329                  1,026     
Earnings per share                                                                                                                                 
 -basic (R/$)                                                      0.06                   0.02                        #                      #     
 -diluted (R/$)                                                    0.05                   0.02                        #                      #     
Earnings per American Depositary Share                                                                                                             
 -basic (R/$)                                                      1.39                   0.46                     0.10                   0.03     
 -diluted (R/$)                                                    1.37                   0.46                     0.10                   0.03     
Adjusted earnings per share                                                                                                                        
 -basic (R/$)                                                      0.05                   0.04                        #                      #     
 -diluted (R/$)                                                    0.05                   0.04                        #                      #     
Adjusted earnings per American Depositary Share                                                                                                    
 -basic (R/$)                                                      1.33                   0.95                     0.10                   0.07     
 -diluted (R/$)                                                    1.32                   0.95                     0.10                   0.07     
Ordinary shares (‘000)(1)                                                                                                                          
 -in issue at March 31                                          563,435                759,138                  563,435                759,138     
 -weighted average                                              563,435                755,940                  563,435                755,940     
 -diluted weighted average                                      568,216                760,629                  568,216                760,629     
Weighted average American Depositary Shares (‘000)(1)                                                                                              
 -in issue at March 31                                           22,537                 30,366                   22,537                 30,366     
 -weighted average                                               22,537                 30,238                   22,537                 30,238     
 -diluted weighted average                                       22,729                 30,425                   22,729                 30,425     
#   Amount less than $0.01.
*   Amount less than R1,000. 
(1) Excludes 40,000,000 treasury shares held by MiX Investments, a wholly owned subsidiary of the Group (March 2016: 40,000,000).

NOTES TO CONDENSED CONSOLIDATED FINANCIAL RESULTS

1. Basis of preparation and accounting policies
Financial results for the fourth quarter of fiscal year 2017
Further to the Group’s financial results for the year ended March 31, 2017, additional financial information in respect of 
the fourth quarter of fiscal year 2017 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 attributable to owners of the parent (note 3), a reconciliation of Adjusted EBITDA to profit for the period (note 4) 
and a reconciliation of Adjusted EBITDA margin to profit for the period margin (note 5) and other financial and operating 
data (note 6).

The accounting policies used in preparing the financial results for the fourth quarter of fiscal year 2017 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, 2016.

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, 2017, which have been prepared in accordance with IFRS.

2. Presentation currency and convenience translation
The Group’s presentation currency is South African Rand. In addition to presenting these condensed consolidated
financial results for the quarter ended March 31, 2017 in South African Rand, supplementary information in U.S. Dollars has
been prepared for the convenience of users of this report. Unless otherwise stated, the Group has translated U.S. Dollar
amounts from South African Rand at the exchange rate of R13.4124 per $1.00, which was the R/$ exchange rate reported by
Oanda.com as at March 31, 2017. The U.S. Dollar figures may not compute as they are rounded independently.

3. Reconciliation of adjusted earnings
                                                                        South African Rand                             United States Dollar
                                                          Three months ended     Three months ended      Three months ended       Three months ended 
Figures are in thousands unless otherwise stated                   March 31,              March 31,               March 31,                March 31, 
                                                                        2017                   2016                    2017                     2016 
                                                                   Unaudited              Unaudited               Unaudited                Unaudited 
Profit for the period attributable to owners of the parent            31,246                 13,922                   2,329                    1,038 
Net foreign exchange losses                                            5,106                 27,869                     381                    2,078 
Income tax effect on the above component                              (6,335)               (13,024)                   (472)                    (971)
Adjusted earnings attributable to owners of the parent                30,017                 28,767                   2,238                    2,145 
Adjusted earnings per share                                                                                                                          
 -basic (R/$)                                                           0.05                   0.04                       #                        # 
 -diluted (R/$)                                                         0.05                   0.04                       #                        # 
Adjusted earnings per American Depositary Share                                                                                                      
 -basic (R/$)                                                           1.33                   0.95                    0.10                     0.07 
 -diluted (R/$)                                                         1.32                   0.95                    0.10                     0.07 
# Amount less than $0.01.

4. Reconciliation of Adjusted EBITDA to Profit for the Period
                                                                                  South African Rand                      United States Dollar                
                                                                 Three months ended    Three months ended      Three months ended      Three months ended  
Figures are in thousands unless otherwise stated                          March 31,             March 31,               March 31,               March 31,  
                                                                               2017                  2016                    2017                    2016  
                                                                          Unaudited             Unaudited               Unaudited               Unaudited  
Adjusted EBITDA                                                              87,110                77,615                   6,495                   5,786  
Add:                                                                                                                                                       
Reversal of impairment (1)                                                      791                     -                      59                       -  
Less:                                                                                                                                                      
Depreciation (2)                                                            (27,100)              (21,207)                 (2,021)                 (1,581) 
Amortization (3)                                                             (5,514)               (5,247)                   (411)                   (391) 
Impairment (4)                                                               (3,011)               (4,776)                   (224)                   (356) 
Share-based compensation costs                                                3,746                  (147)                    279                     (11) 
Equity-settled share-based compensation costs(5)                              3,746                (2,165)                    279                    (161) 
Cash-settled share-based compensation costs                                       -                 2,018                       -                     150  
Net loss on sale of property, plant and equipment and intangible assets        (117)                 (131)                     (9)                    (10) 
Increase in restructuring costs provision(6)                                (14,992)                 (365)                 (1,118)                    (27) 
Transaction costs arising from investigating strategic alternatives               -                   (85)                      -                      (6) 
Operating profit                                                             40,913                45,657                   3,050                   3,404  
Add: Finance income/(costs) - net                                            (4,142)              (26,110)                   (309)                 (1,947) 
Less: Taxation                                                               (5,525)               (5,785)                   (412)                   (431) 
Profit for the period                                                        31,246                13,762                   2,329                   1,026  
(1) The reversal of impairment relates to the reversal of impairment of in-vehicle devices of R0.8 million ($0.06 million) in the Brazil 
    segment.
(2) Includes depreciation of property, plant and equipment (including in-vehicle devices).
(3) Includes amortization of intangible assets (including capitalized in-house development costs and intangible assets  identified as 
    part of a business combination).
(4) Includes impairment of capitalized product development costs of R2.6 million ($0.2 million) in the Africa segment and R0.4 million 
    ($0.04 million) in the CSO segment.
(5) The reversal of equity-settled share-based payment expense in the 4th quarter of fiscal 2017 is a result of share options forfeited by 
    participants.
(6) During March 2017, Europe and Middle East and Australasia segments implemented restructuring plans. The total cost of the restructuring 
    plans is expected to be approximately R15.0 million ($1.1 million) which was recognized in profit and loss during the period. 

5. Reconciliation of Adjusted EBITDA margin to Profit for the Period margin                                                    
                                                                      Three months ended    Three months ended            
                                                                               March 31,             March 31,            
                                                                                    2017                 2016            
                                                                               Unaudited            Unaudited            
Adjusted EBITDA margin                                                             22.3%                20.2%     
Add:                                                                                                           
Reversal of impairment                                                              0.2%                    -      
Less:                                                                                                             
Depreciation                                                                       (6.9%)               (5.5%)    
Amortization                                                                       (1.4%)               (1.4%)    
Impairment                                                                         (0.8%)               (1.2%)    
Share-based compensation costs                                                      1.0%                (0.1%)    
Equity-settled share-based compensation costs                                       1.0%                (0.6%)    
Cash-settled share-based compensation costs                                            -                 0.5%     
Net loss on sale of property, plant and equipment and intangible assets            (0.1%)               (0.0%)    
Increase in restructuring costs provision                                          (3.8%)               (0.1%)    
Transaction costs arising from investigating strategic alternatives                    -                (0.0%)    
Operating profit margin                                                            10.5%                11.9%     
Add: Finance income/(costs) - net                                                  (1.1%)               (6.8%)    
Less: Taxation                                                                     (1.4%)               (1.5%)    
Profit for the period margin                                                        8.0%                 3.6%     

6. Other operating and financial data
                                                                            South African Rand                             United States Dollar
                                                               Three months ended    Three months ended     Three months ended       Three months ended  
Figures are in thousands except for subscribers                         March 31,             March 31,              March 31,                March 31,  
                                                                             2017                  2016                   2017                     2016  
                                                                        Unaudited             Unaudited              Unaudited                Unaudited  
Subscription revenue                                                      321,708               307,095                 23,986                   22,896  
Adjusted EBITDA                                                            87,110                77,615                  6,495                    5,786  
Cash and cash equivalents                                                 375,782               877,136                 28,018                   65,397  
Net cash                                                                  356,333               859,659                 26,568                   64,094  
Capital expenditure incurred                                               81,617                77,357                  6,085                    5,768  
Total development costs incurred                                           32,152                28,693                  2,397                    2,139  
Development costs capitalized                                              17,268                12,136                  1,287                      905  
Development costs expensed within administration and other charges         14,884                16,557                  1,110                    1,234  
Subscribers                                                               622,062               566,177                622,062                  566,177  

                                                   Three months ended     Three months ended 
                                                            March 31,              March 31, 
                                                                 2017                   2016 
                                                            Unaudited              Unaudited 
Exchange Rates                                                        
The following major rates of exchange were used:                                             
South African Rand: United States Dollar                                                     
 -closing                                                       13.41                  14.83 
 -average                                                       13.23                  15.82 
South African Rand: British Pound                                                        
 -closing                                                       16.75                  21.31 
 -average                                                       16.38                  22.33 
                                                                      
7. Development costs historical data
The table below sets out development costs incurred and capitalized for each of the last eight quarters including the
period ended March 31, 2017.
                                                                                     South African Rand
Figures are in thousands (Unaudited)                                                 Three months ended
                                    March 31,   December 28,   September 30,    June 30,     March 31,      December 31,     September 30,      June 30,
                                         2017           2016           2016         2016          2016              2015              2015          2015
Total development costs incurred       32,152         36,696         36,034       37,230        28,693            28,016            31,806        27,387
Development costs capitalized          17,268         20,415         21,028       19,309        12,136            16,308            18,892        11,533
Development costs expensed within                                                                                                                
administration and other charges       14,884         16,281         15,006       17,921        16,557            11,708            12,914        15,854


                                                                                          United States Dollar
Figures are in thousands (Unaudited)                                                      Three months ended  
                                    March 31,    December 28,      September 30,    June 30,     March 31,     December 31,   September 30,   June 30,   
                                         2017            2016               2016        2016          2016             2015            2015       2015   
Total development costs incurred        2,397           2,736              2,687       2,776         2,139            2,089           2,372      2,042   
Development costs capitalized           1,287           1,522              1,568       1,440           905            1,216           1,409        860   
Development costs expensed within                                                                                                   
administration and other charges        1,110           1,214              1,119       1,336         1,234              873             963      1,182   


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

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

Directors
RA Frew* (Chairman), SB Joselowitz (CEO), EN Banda*, CH Ewing*, SR Bruyns* (Lead Independent Director), P Dell, I Jacobs*, 
CWR Tasker, AR Welton*
* Non-executive

Company secretary
Java Capital Trustees and Sponsors Proprietary Limited

Auditors
PricewaterhouseCoopers Inc.

Sponsor
Java Capital

May 25, 2017

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