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CARTRACK HOLDINGS LIMITED - Interim Financial Results and Dividend Declaration

Release Date: 23/10/2019 07:05
Code(s): CTK     PDF:  
 
Wrap Text
Interim Financial Results and Dividend Declaration

Cartrack Holdings Limited
(Incorporated in the Republic of South Africa)|(Registration number 2005/036316/06) 
Share code: CTK|ISIN: ZAE000198305
("Cartrack" or "the Company" or "the Group")

CONDENSED CONSOLIDATED INTERIM FINANCIAL RESULTS AND DIVIDEND DECLARATION FOR THE HALF YEAR ENDED 31 AUGUST 2019

Year-on-year highlights

- Robust year-on-year subscriber growth of 22% to 1 038 970 (HY19: 849 772)
- Year-on-year net subscriber additions of 189 198 (HY19: 183 350)

Half-year financial highlights

- Subscription revenue up 26% to R897 million (HY19: R710 million)
- Subscription revenue is 96% of the total revenue and growing (HY19: 90%)
- Total revenue up 19% to R938 million (HY19: R788 million)
- Cash generated from operating activities of R446 million (HY19: R262 million), up 70%
- EBITDA of R480 million (HY19: R376 million), up 28%
- EBITDA margin of 51% (HY19: 48%)
- Operating profit of R316 million (HY19: R255 million), up 24%
- Operating profit margin of 34% (HY19: 32%)
- Basic earnings per share ('EPS') of 72,3 cents, up 28%
- Headline EPS ('HEPS') of 72,2 cents, up 28%
- Half-year dividend per share of 20 cents (HY19: 18 cents)

Dividend declaration

Ordinary shareholders are advised that the board of directors has declared an interim
gross cash dividend of 20 cents per ordinary share (16 cents net of dividend withholding
tax) for the 6 months ended 31 August 2019 (the cash dividend). The cash dividend will
be paid out of profits of the Company.

The Group will continue to invest heavily in research and development, data analysis
skills and distribution channels to expand and grow the subscriber base significantly.
The increased sales are expected to generate a greater number of bundled contracts
which will require funding. The Group will continue to be highly cash generative going
forward but will require the retention of funding necessary to enable Cartrack to invest
for growth.

The cash dividend is in line with the revised dividend policy, which provides for a cover of
between 2 and 6 times HEPS, effective for FY20.

Share code                                        CTK
ISIN                                              ZAE000198305
Company registration number                       2005/036316/06
Company tax reference number                      9108121162
Dividend number                                   11
Gross cash dividend per share                     20 cents
Net cash dividend per share                       16 cents
Issued share capital as at declaration date       300 000 000
Declaration date                                  Wednesday, 23 October, 2019
Last date to trade cum dividend                   Tuesday, 7 January 2020
Shares commence trading ex-dividend               Wednesday, 8 January 2020
Record date                                       Friday, 10 January 2020
Dividend payment date                             Monday, 13 January 2020

Share certificates may not be dematerialised or re-materialised between
Wednesday, 8 January 2020, and Friday, 10 January 2020, both days inclusive.

This short-form announcement is the responsibility of the directors. The contents were approved by the board on 22 October
2019 and has not been audited or reviewed by the Company's external auditors. The short-form announcement is a summary of
the full announcement which is available on the Company's website at https://www.cartrack.co.za/investor-relations and can
be accessed directly using the following JSE link:

https://senspdf.jse.co.za/documents/2019/jse/isse/ctke/HY_2019.pdf

The full announcement is available for inspection at the registered offices of the Company and its sponsor, at no charge,
during office hours from Tuesday, 23 October 2019 to Tuesday, 30 October 2019. Any investment decision should be based on
the full announcement available on the Company's website.

On behalf of the board

David Brown     Zak Calisto                       Sponsor
Chairman        Group Chief Executive Officer     The Standard Bank of South Africa Limited

Johannesburg

23 October 2019

Registered office
Cartrack Corner, 11 Keyes Road, Rosebank, Johannesburg, 2196
(PO Box 4709, Rivonia, 2128)

Directors
Independent non-executive directors
David Brown (Independent Chairman)
Thebe Ikalafeng
Kim White 
Sharoda Rapeti

Executive directors
Isaias Jose Calisto (Group Chief Executive Officer)
Morne Grundlingh (Group Chief Financial Officer)

Company Secretary
Anname de Villiers
Cartrack Corner, 11 Keyes Road, Rosebank, Johannesburg, 2196
(PO Box 4709, Rivonia, 2128)

Sponsor
The Standard Bank of South Africa Limited
30 Baker Street, Rosebank, 2109
(PO Box 61344, Marshalltown,2107)

Transfer Secretary
Computershare Investor Services Proprietary Limited
Rosebank Towers, 15 Biermann Street, Rosebank, Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107)

Date: 23/10/2019 07:05:00
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