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Summary of the audited consolidated results for the year ended 31 May 2018
OneLogix Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/004519/06)
JSE share code: OLG ISIN: ZAE000026399
("OneLogix" or "the company" or "the group")
Provisional report
Summary of the audited consolidated results
for the year ended 31 May 2018 ("the year")
HIGHLIGHTS
- Revenue up 16%
- Profit before tax (excluding capital items) up 27%
- EPS up 82% (continuing operations up 62%)
- HEPS and diluted HEPS up 14% (continuing operations up 40%)
- Core HEPS and diluted core HEPS up 9% (continuing operations up 31%)
- NAV up 13% to 359,5 cents per share
- Final dividend of 5 cents per share - total dividend of 11 cents per share
- DriveRisk disposal and Umlaas Road transaction concluded
- B-BBEE accreditation confirmed at Level 2
COMMENTARY
The OneLogix group has continued to sustain its growth trajectory with another year of ongoing
improvement despite the protracted tough economic environment. The improved performance was further
achieved against an accumulated higher base of earnings.
Earnings growth for the year was entirely organic in nature, once again affirming the strength of
the group's business strategy and the resilient business models of the underlying businesses guided
by skilled management teams.
As previously reported in the interim results, the group successfully finalised the sale and
leaseback of the Umlaas Road properties in KwaZulu-Natal ("Umlaas Road transaction") and the sale
of its 49% minority shareholding in DriveRisk Proprietary Limited ("DriveRisk disposal") during
the year.
Similarly reported, the group's Broad-Based Black Economic Empowerment ("B-BBEE") accreditation has
been boosted to a Level 2. This, supported by the over 84% black and 39% black women ownership
credentials, respectively, represents a competitive advantage which should enhance growth prospects.
Review of operations
Abnormal Logistics
Overall this segment performed well on the back of a moderate, although erratic upturn in the local
and cross-border vehicle markets. OneLogix VDS performed well and OneLogix TruckLogix (previously
Commercial Vehicle Delivery Services) benefited from a successful, albeit small acquisition in the
latter part of the year. OneLogix Projex experienced relatively tougher trading conditions but
remains well positioned in its market.
Primary Product Logistics
OneLogix Jackson and OneLogix Buffelshoek performed well, not only due to a market recovering from
a prolonged drought but equally due to perceptive management. OneLogix United Bulk was impacted by
a listless market and attendant margin pressure but persists with judicious financial controls and
the pursuit of new opportunities, while in contrast OneLogix Linehaul benefited from a marginal
improvement in market conditions late in the year.
Other - Logistics Services
This smaller, non-reportable segment delivered a good performance. Atlas360 performed as expected,
and OneLogix Cargo Solutions continued with its pleasing performance in the warehousing and
specialised clearing and forwarding markets.
Financial results
Revenue increased by 16% to R2,31 billion. This was mainly attributable to an overall improved
performance in the Abnormal Logistics businesses and growth on extended fleet capacity in the
Primary Product Logistics segment.
Trading profit was up 4% to R168 million. Trading margins declined to 7,3% from 8,1%, largely as
a result of the tough trading conditions experienced by OneLogix United Bulk, increased leased
assets utilisation (which under the current lease accounting standards has the inherent financing
cost thereof included in rental expense rather than in financing costs) and increased staff costs
at Head Office to drive continued growth.
As in the prior year, trading profit was again impacted by a R14,3 million (2017: R15,7 million)
charge relating to our ongoing skills upliftment programme. The vast majority of this charge will
be recovered by learnership allowances afforded by the South African Revenue Services. This
contributed to the effective tax charge of 19,6% on profit for the year.
Operating profit increased 17% from R148,1 million to R172,9 million. It was boosted by the
R16,8 million profit realised on the Umlaas Road transaction and by a reduced non-cash flow,
IFRS 2 share-based payment charge of R9,6 million (2017: R10,6 million) relating to the management
and employee share participation schemes. Changes to assumptions around the core headline earnings
per share ("HEPS") performance condition reduced the management participation scheme charge for
the year.
Net finance costs decreased by 30% to R40,6 million as debt related to the Umlaas Road properties
was settled, allocation of financing costs inherent in leased assets was included in operating
expenses and the cash flow position was enhanced post the Umlaas Road transaction and the
DriveRisk disposal. Interest cover on trading profit of 4,1 times (May 2017: 2,8 times) is greatly
improved on the back of the Umlaas Road transaction and an improved trading performance.
Profit before tax, excluding capital items, increased 27% to R117,8 million due to a reduction in
net financing costs. Pleasingly, profit before tax margins, excluding capital items, increased to
5,1% from 4,7% in the previous year.
In accordance with IFRS 5 (Non-current Assets Held for Sale and Discontinued Operations) the
effects of the DriveRisk disposal on the group's results have been presented as a discontinued
operation.
Earnings per share ("EPS") increased 82% from 29 cents to 52,7 cents due to the once-off post tax
profits from the Umlaas Road transaction and DriveRisk disposal of R12,7 million (equivalent to
5,1 cents per share), and R36,5 million (equivalent to 14,7 cents per share), respectively.
HEPS and diluted HEPS of 33,7 cents were 14% higher year-on-year, on the back of an enhanced
overall trading result, reduced net finance costs and the reduced IFRS 2 charge. HEPS from
continuing operations increased 40% as DriveRisk's contribution of 5,6 cents per share to HEPS in
the prior year has now been disclosed as a discontinued operation.
Core HEPS and diluted core HEPS increased by 9% to 40,2 cents. Core HEPS and diluted core HEPS
from continuing operations increased by 31%. A reconciliation of headline earnings to core
headline earnings is provided in the financial results. There was no dilutionary effect on core
HEPS in the year as the volume weighted average share price for the year is below the
consideration due from the employee participation schemes (to which potential dilution in issued
ordinary shares relates).
Cash generated from operations before working capital changes, net finance costs, taxation and
dividends remains strong and increased by 3% to R303,2 million, in line with trading profit
growth. Increased investment in net working capital of R65,7 million was in line with increased
trading activity in the months leading up to May 2018 as well as the pre-payment of fuel
supplies to mitigate the recent large increases being experienced in fuel prices.
During the year the group invested R140,2 million in operational infrastructure as follows:
R89,1 million in fleet (of which R72,4 million relates to expansion), R40,6 million in property,
R6,1 million in IT-related assets and R4,4 million for other assets.
Net proceeds of R106,3 million, R69,7 million and R20,3 million were received on the Umlaas Road
transaction, DriveRisk disposal and sale of fleet, respectively. R133,7 million of the gross
proceeds from the Umlaas Road transaction were paid directly to the finance provider on transfer.
New interest-bearing borrowings of R74,7 million were raised to fund fleet financing, offset by
the repayment of interest-bearing borrowings of R165 million. Direct Umlaas Road interest-bearing
debt of R22,7 million was settled in the year prior to the disposal date.
Dividends paid in the year amounted to R39,1 million, of which R11,7 million was paid to
non-controlling interests in various subsidiaries. A further R17,8 million was outlaid on
acquiring additional stakes in various subsidiaries from non-controlling interests, and
R15,8 million was expended on the general share repurchase of OneLogix shares (see "Corporate
transactions").
Net cash resources at the reporting date amounted to R124,7 million.
Net debt of R245 million at 31 May 2018 is significantly less than the previous year-end (2017:
R365,9 million) mainly due to new truck tractors being acquired on an operating lease model.
At year-end 134 vehicles were utilised on an operating lease structure. The entire debt of the
group is related to tangible asset-based finance. The carrying value of gross interest-bearing
debt is covered 2,7 times (2017: 2,2 times) by the carrying value of property, plant and
equipment.
The group's healthy financial position at year-end, strategic funding structure for assets
utilised by the operations and available resources have successfully reinforced a solid platform
for the next phase of growth.
Corporate transactions
As announced on 1 September 2017, the group disposed of its 49% minority stake in DriveRisk
for an amount of R65,4 million, a sale necessitated by the growing complexity resulting from the
group being a natural competitor to the expanding DriveRisk customer base.
A 10 October 2017 SENS announcement disclosed the conclusion of the Umlaas Road transaction for
a cash consideration of R240 million, which extinguished property-related debt of
R133,7 million and boosted cash on hand by R106,3 million.
As announced on 17 January 2018, the group repurchased 5,2 million OneLogix shares on the open
market for a cash consideration of R15,8 million. These shares represented 1,8% of the company's
issued share capital and have been delisted and returned to authorised but unissued share
capital.
Effective February 2018, an adjoining property to the OneLogix VDS Pomona facility was purchased
for R16,5 million and improvements of R11,0 million have been made ensuring additional office
and vehicle storage facilities. We anticipate that further value-add customer-service offerings
will be developed on the site.
During the year OneLogix concluded three transactions with non-controlling interest in
subsidiaries which saw the group increase its stake in several group companies. In this respect,
OneLogix acquired a further:
- 5,16% shareholding in OneLogix Projex for a cash consideration of R4,6 million. OneLogix now
owns 92,1% of OneLogix Projex with OneLogix Projex management holding the balance;
- 8% shareholding in OneLogix Buffelshoek for a cash consideration of R2,8 million. OneLogix now
owns 82% of OneLogix Buffelshoek with OneLogix Buffelshoek management holding the balance;
- 28,7% in Atlas360 for a purchase consideration of R10,4 million paid in cash. OneLogix held
100% of Atlas360 prior to the transaction with AWCA Investment Holdings Proprietary Limited
("AWCA Investment") (see business combinations).
In all instances, synergies between OneLogix and the companies concerned will be maximised and
management interests will be more closely aligned with those of shareholders. The excess
consideration paid over and above the carrying value of the non-controlling interests in
question acquired is recognised in equity.
Business combinations
With effect from 1 January 2018, OneLogix purchased the business of Siyaduma Auto Ferriers
Proprietary Limited for R16,0 million, of which R2,0 million is payable on the successful
granting of additional work. The business was fully and successfully incorporated into
OneLogix TruckLogix.
The purchase price allocation has resulted in the following assets and liabilities being
recognised: property, plant and equipment of R0,7 million; borrowings of R0,6 million; trade
and other payables of R0,5 million; and R16,4 million to goodwill.
With effect from 30 April 2018, OneLogix vendor-financed the sale of 25% of Atlas360 for
R11,2 million to black women-owned AWCA Investment, through a special purpose vehicle known as
Fuzitrax Proprietary Limited, which simultaneously purchased 60% of Cranbourne Panel Beaters and
Spray Painters Proprietary Limited ("Cranbourne") for a cash consideration of R4,3 million. The
latter is a Benoni-based passenger vehicle panelbeating business. This small acquisition has
enabled OneLogix VDS and Atlas360 to extend their customer proposition into this adjacent market.
The purchase price allocation of Cranbourne has resulted in the following assets and liabilities
being recognised: property, plant and equipment of R0,6 million; trade and other receivables of
R3,3 million; cash and cash equivalents of R2,2 million; taxation payable of R0,1 million; trade
and other payables of R3,5 million; and R2,8 million to goodwill. A non-controlling interest of
R1 million was recognised at the acquisition date, measured using the proportionate share of the
identifiable net assets.
Both businesses represent bolt-on opportunities that complement the group's existing businesses.
The primary factor contributing to the goodwill recognised in these acquisitions is the
synergies expected to arise in conjunction with existing group businesses. This goodwill is not
expected to be deductible for income tax purposes.
The businesses did not contribute revenue or profits to the group for the year due to the timing
of the Cranbourne transaction at the end of the year and because Siyaduma's business was
combined through OneLogix TruckLogix systems and infrastructure from inception, making it not
possible to identify separately.
Had Cranbourne been acquired effective 1 June 2017, the effect on the statement of comprehensive
income would have been an increase in revenue of R29,6 million and an increase in profits after
tax of R0,6 million.
The accounting of these businesses combinations is based on best estimates and provisional fair
values. The group has not yet completed its assessment of the fair value of all identifiable
assets, liabilities and/or contingent liabilities. The fair values will be accurately determined
within twelve months from the date of acquisitions.
Post year-end events
With a view to accommodating market demand and entrenching a strategic advantage, effective
12 June 2018, OneLogix purchased an additional 40 hectares of property adjacent to the group's
present Umlaas Road facility in KwaZulu-Natal for a cash consideration of R43 million.
New board member
We officially extend a warm welcome to Lebogang Mosiane as an alternate director to
Kgotso Schoeman. This appointment was effective 23 November 2017 and is subject to approval by
shareholders at the Annual General Meeting due to be held on 22 November 2018.
Dividend
Shareholders are advised that the company's board of directors ("the board") has declared a
final gross dividend, Number 9, of 5,00000 cents per share in respect of the six months ended
31 May 2018. This results in an annual dividend of 11 cents per share, comprising an interim
dividend of 6 cents per share together with the final dividend.
This is a dividend as defined in the Income Tax Act, 1962, and is payable from income
reserves. The South African dividends tax ("DT") rate is 20%. The net dividend payable to
shareholders who are subject to DT is 4,00000 cents per share. The income tax reference number
of the company is 9361229710.
At the declaration date, the issued share capital, excluding treasury shares held in relation to
the employee and management share participation scheme, was 246 740 749 ordinary shares of no
par value.
The salient dates in respect of the final dividend are as follows:
2018
Last day to trade cum dividend Tuesday, 2 October
Shares will trade ex dividend Wednesday, 3 October
Record date Friday, 5 October
Payment of dividend Monday, 8 October
Shareholders may not dematerialise or rematerialise their shares between Wednesday,
3 October 2018 and Friday, 5 October 2018, both dates inclusive.
The dividend will be transferred to dematerialised shareholders' CSDP accounts/broker accounts
on Monday, 8 October 2018. Certificated shareholders' dividend payments will be paid to
certificated shareholders' bank accounts on or about Monday, 8 October 2018.
The final dividend, amounting to R12,3 million, has not been recognised as a liability in the
consolidated financial statements. It will be recognised in shareholders' equity for the year
ending 31 May 2019.
It is the group's preference to continue declaring a dividend. However, future declarations
will continue to be evaluated in the context of the board's ongoing review of trading, growth
prospects and related business demands facing the company.
People
OneLogix continues to prioritise building high-quality, high-performance teams with an enabling
culture. The re-award to OneLogix of the international honour of "Top Employer" for 2018 by the
Top Employer Institute is testament to our success in this regard.
We remain deeply appreciative of our management team and staff who continue to perform at the
highest levels of excellence.
We further thank all our business partners, customers, suppliers, business advisors and
shareholders for their continued invaluable support.
Prospects
Trading conditions for all group companies are expected to remain consistently challenging for
the foreseeable future, notwithstanding minor and irregular upticks experienced in certain
markets during the year.
OneLogix will continue to focus on extracting maximum efficiencies from existing businesses to
protect and grow their individual market shares in their respective niche markets. The
executive management team maintains full confidence in our experienced, stable management teams
with their proven entrepreneurial skills, and fully expects them to continue guiding our
businesses to ongoing growth. Our tested business models have ensured that each group business
is well-placed within its respective market and is well-equipped to both withstand economic
headwinds and to exploit emerging opportunities.
As always OneLogix remains mindful of start-up and acquisitive opportunities and will continue
to assess these appropriately. Our stronger financial position and improved B-BBEE accreditation
provide an ideal springboard for the pursuit of growth.
Basis of presentation
The summary consolidated financial statements for the year ended 31 May 2018 have been prepared
in accordance with the requirements of the JSE Listings Requirements for provisional reports,
and the requirements of the Companies Act 71 of 2008, applicable to summary financial
statements. The JSE Listings Requirements require provisional reports to be prepared in
accordance with the framework concepts and the measurement and recognition requirements of
International Financial Reporting Standards ("IFRS") and the SAICA Financial Reporting Guides as
issued by the Accounting Practices Committee containing, as a minimum, the information required
by IAS 34: Interim Financial Reporting. The accounting policies applied in the preparation of
the consolidated financial statements from which the summary consolidated financial statements
were derived are in terms of IFRS and are consistent with those accounting policies applied in
the preparation of the previous consolidated financial statements. These results have been
compiled under the supervision of the Financial Director, GM Glass CA(SA).
We aim to present stakeholders with the same information that management utilises to evaluate
the performance of the group's operations. Accordingly, we present core HEPS, which is HEPS
(as calculated based on SAICA Circular 4/2018) adjusted for the amortisation charge of
intangibles recognised on business combinations and charges relating to share-based payments.
Please note that core HEPS is not an IFRS defined measure.
The group adopted all new and amended accounting pronouncements that were effective for
OneLogix during the current year. None of these had a material impact on the group's results.
This summarised report is extracted from audited information but is not itself audited. The
auditor, Mazars Gauteng, has expressed an unmodified opinion on the consolidated financial
statements from which these summary consolidated financial statements were derived. A copy of
the auditor's report on the annual financial statements is available at the company's
registered office, together with the financial statements identified in the auditor's reports.
The directors take full responsibility for the preparation of these provisional condensed
consolidated financial statements and for ensuring that the financial information has been
correctly extracted from the underlying audited annual financial statements.
The auditor's report does not necessarily report on all of the information contained in this
provisional report. Shareholders are therefore advised that to obtain a full understanding of
the nature of the auditor's engagement they should obtain a copy of their report together with
the accompanying financial information from the company's registered office.
These summary consolidated financial statements were approved by the board on 30 August 2018.
The audited summary consolidated financial statements are available on the company's website
http://onelogix.com/documents/annualResults/OneLogix-year-end-results-booklet-2018.pdf.
By order of the board
30 August 2018
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Audited Audited
at at
31 May 31 May
2018 2017
% R'000 R'000
ASSETS
Non-current assets - 1 187 677 1 182 371
Property, plant and equipment 1 011 359 1 018 770
Intangible assets 166 707 155 868
Loans and receivables 8 280 6 425
Deferred tax 1 331 1 308
Current assets 37 564 572 412 201
Inventories 23 457 22 914
Trade and other receivables 414 386 292 016
Taxation 2 065 2 255
Cash resources 124 664 95 016
Non-current assets held-for-sale - 256 380
Total assets (5) 1 752 249 1 850 952
EQUITY AND LIABILITIES
Equity 10 925 749 845 070
Ordinary shareholders' funds 886 979 799 775
Non-controlling interests 38 770 45 295
Liabilities
Non-current liabilities (16) 369 394 438 519
Interest-bearing borrowings 232 529 309 997
Deferred tax 136 865 128 522
Current liabilities 11 457 106 410 947
Trade and other payables 316 552 256 797
Interest-bearing borrowings 137 175 150 878
Taxation 3 379 3 272
Non-current liabilities held-for-sale - 156 416
Total equity and liabilities (5) 1 752 249 1 850 952
Notes to statement of financial position
Net asset value per share (cents) 13 359,5 317,4
Net tangible asset value per share (cents) 14 291,9 255,6
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Audited Audited
year ended year ended
31 May 31 May
2018 2017
% R'000 R'000
Revenue 16 2 310 112 1 995 888
Operating and administration costs 18 (2 016 539) (1 712 294)
Depreciation and amortisation 2 (135 173) (132 875)
Profit/(loss) on disposal of property, plant and equipment 14 481 (2 573)
Operating profit 17 172 881 148 146
Net finance costs (30) (40 583) (57 625)
Profit before taxation 46 132 298 90 521
Taxation (25 966) (20 958)
Profit from continuing operations 53 106 332 69 563
Profit from discontinued operation - 14 213
Profit on disposal of discontinued operation 36 526 -
Profit for the year 71 142 858 83 776
Other comprehensive income
Movement in foreign currency translation reserve* (76) 700
Revaluation of land and buildings - 13 968
Total comprehensive income for the year 45 142 782 98 444
Profit attributable to:
- Non-controlling interest 9 11 779 10 808
- Owners of the parent 80 131 079 72 968
71 142 858 83 776
Total comprehensive income attributable to:
- Non-controlling interest 9 11 779 10 808
- Owners of the parent 49 131 003 87 636
45 142 782 98 444
Basic and diluted basic earnings per share (cents) 82 52,7 29,0
Continuing operations 62 38,0 23,4
Discontinued operations 14,7 5,6
* The component of other comprehensive income may subsequently be reclassified to profit and
loss during future reporting years.
Notes to statement of comprehensive income
Audited Audited
year ended year ended
31 May 31 May
2018 2017
% R'000 R'000
Number of shares in issue ('000)
- Total issued less treasury shares (2) 246 741 251 946
- Weighted (1) 248 902 251 946
- Diluted (1) 248 902 251 946
- Diluted measure for core earnings purposes (1) 248 902 251 946
Earnings per share measures (cents)
Headline and diluted headline earnings per share (cents) 14 33,7 29,6
Continuing operations 40 33,7 24,0
Discontinued operations - 5,6
Core and diluted core headline earnings per share (cents) 9 40,2 36,9
Continuing operations 31 40,2 30,6
Discontinued operations - 6,3
Reconciliation of headline earnings and core
headline earnings
Profit attributable to owners of the parent 80 131 079 72 968
(Profit)/loss on disposal of property, plant and
equipment less taxation
and non-controlling interests (10 603) 1 649
Profit on disposal of discontinued operation (36 526) -
Headline earnings 13 83 950 74 617
Share-based payments 9 622 10 555
Amortisation of intangible assets acquired as part of
a business
combination less taxation and non-controlling interests 6 483 7 826
Core headline earnings 8 100 055 92 998
Analysis of reconciling amounts between earnings, headline earnings and core headline earnings
Non-
Gross Income controlling Net
amount tax interest amount
R'000 R'000 R'000 R'000
(Profit)/loss on disposal of property, plant
and equipment (14 481) 4 062 (184) (10 603)
Profit on disposal of discontinued operation (36 526) - - (36 526)
Share-based payments 9 622 - - 9 622
Amortisation of intangible assets acquired
as part of a business combination 10 334 (2 894) (957) 6 483
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Audited Audited
year ended year ended
31 May 31 May
2018 2017
% R'000 R'000
Net cash generated from operating activities (33) 137 303 205 099
Cash generated from operations before changes in
working capital 3 303 195 294 149
Changes in working capital (65 714) 9 714
Net finance costs (42 981) (57 625)
Taxation paid (18 144) (18 626)
Dividends paid (39 053) (22 513)
Net cash flows from investing activities >100 105 062 (36 068)
Purchase of property, plant and equipment (70 345) (69 547)
Purchase of intangible assets (3 832) (5 303)
Proceeds on disposal of property, plant and equipment 20 318 20 266
Acquisition of business combinations (16 097) -
Movement in non-current receivables (1 006) 693
Proceeds from disposal of Umlaas Road properties
(non-current asset held-for-sale) 106 322 -
Cash flows from associate (non-current asset held-for-sale) 69 702 17 823
Net cash flows from financing activities 22 (212 639) (174 752)
Borrowings raised 8 738 20 677
Repayment of borrowings (164 981) (195 429)
Repayment of non-current liabilities held-for-sale (22 744) -
Acquisition of non-controlling interests (17 841) -
Share repurchase (15 811) -
Net movement in cash resources 29 726 (5 721)
Cash resources at beginning of the year 95 016 100 012
Exchange (loss)/gain on cash resources (78) 725
Cash resources at end of the year 31 124 664 95 016
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Stated
capital Attri-
net of butable Non-
treasury Retained to equity controlling
shares income Reserves holders interests Total
R'000 R'000 R'000 R'000 R'000 R'000
At 1 June 2016 - audited 282 445 456 465 (16 835) 722 075 36 509 758 584
Dividends paid - (20 156) - (20 156) (2 357) (22 513)
Non-controlling interest
acquired as a result of a
business combination - - (335) (335) 335 -
Share-based payment
reserve movement - - 10 555 10 555 - 10 555
Profit for the year - 72 968 - 72 968 10 808 83 776
Other comprehensive
income for the year - - 14 668 14 668 - 14 668
At 31 May 2017 - audited 282 445 509 277 8 053 799 775 45 295 845 070
Dividends paid - (27 402) - (27 402) (11 651) (39 053)
Non-controlling interest
acquired as a result of a
business combination - - - - 980 980
Share-based payment
reserve movement - - 9 622 9 622 - 9 622
Transactions with
non-controlling interests - - (10 208) (10 208) (7 633) (17 841)
Shares repurchased - (15 811) - (15 811) - (15 811)
Profit for the year - 131 079 - 131 079 11 779 142 858
Other comprehensive
income for the year - - (76) (76) - (76)
At 31 May 2018 -
audited 282 445 597 143 7 391 886 979 38 770 925 749
SEGMENTAL ANALYSIS
Audited Audited
year ended year ended
31 May 31 May
2018 2017
% R'000 R'000
Revenue
Abnormal logistics 21 1 126 899 933 245
Primary products logistics 12 1 019 277 907 394
Reportable segments 17 2 146 176 1 840 639
Other 6 163 936 155 249
16 2 310 112 1 995 888
Segment results
Abnormal logistics 26 121 644 96 519
Primary products logistics (6) 95 155 100 739
Reportable segments 10 216 799 197 258
Other 15 14 859 12 882
Corporate items 30 (63 636) (48 866)
Trading profit 4 168 022 161 274
Unallocated:
Share-based payments - employees (9) (9 622) (10 555)
(Profit)/loss on disposal of property, plant and equipment >100 14 481 (2 573)
Operating profit 172 881 148 146
Total assets
Abnormal logistics 10 712 315 645 763
Primary products logistics 6 876 944 827 158
Reportable segments 8 1 589 259 1 472 921
Non-current assets held-for-sale - 256 380
Other 50 99 478 66 291
Corporate items 16 60 116 51 797
Taxation and deferred taxation (5) 3 396 3 563
(5) 1 752 249 1 850 952
Total liabilities
Abnormal logistics (16) 216 143 258 159
Primary products logistics (9) 354 225 391 389
Reportable segments (12) 570 368 649 548
Non-current liabilities held-for-sale - 156 416
Other 95 93 881 48 136
Corporate items 10 22 007 19 988
Taxation and deferred taxation 6 140 244 131 794
(18) 826 500 1 005 882
The Group has authorised capital expenditure over the next
year of R88,9 million.
Operating lease commitments
Property 343 209 106 588
Vehicles 149 843 54 087
Other assets 1 114 2 490
Operating lease commitments 494 166 163 165
Operating lease commitments future minimum lease payments:
Payable not later than one year 92 871 36 027
Payable later than one year and not later than five years 337 021 118 806
Payable later than five years 64 274 8 332
Operating lease commitments 494 166 163 165
Directors
SM Pityana (Chairman)*#
NJ Bester
GM Glass (FD)
AJ Grant*#
IK Lourens (CEO)
B Mathews*#
CV McCulloch (COO)
K Schoeman* (alternate: L Mosiane)
LJ Sennelo*#
* Non-executive
# Independent
Registered office
46 Tulbagh Road
Pomona
Kempton Park
PostNet Suite 10
Private Bag X27
Kempton Park
1620
Company secretary
CIS Company Secretaries (Pty) Ltd
Rosebank Towers
15 Biermann Avenue
Rosebank
2191
PO Box 61673
Marshalltown
2107
Transfer secretaries
Computershare Investor Services (Pty) Ltd
Rosebank Towers
15 Biermann Avenue
Rosebank
2191
PO Box 61051
Marshalltown
2107
Sponsor
Java Capital
www.onelogix.com
Date: 30/08/2018 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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