Wrap Text
Summarised Consolidated Audited Results for the year ended 29 February 2020
Cartrack Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 2005/036316/06)
JSE share code: CTK
ISIN: ZAE000198305
("Cartrack" or the "Company" or the "Group")
SUMMARISED CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY, 2020 AND CASH DIVIDEND DECLARATION
YEAR-ON-YEAR HIGHLIGHTS
Robust year-on-year subscriber growth of 17% to 1,126,515 (FY19: 960,798)
FINANCIAL HIGHLIGHTS
Subscription revenue of R1,888 million (FY19: R1,521 million), up 24%
Subscription revenue is 97% of the total revenue and growing (FY19: 90%)
Total revenue of R1,942 million (FY19: R1,693 million), up 15%
Operating profit of R642 million (FY19: R500 million), up 28%
Operating profit margin of 33% (FY19: 30%)
EBITDA of R969 million (FY19: R761 million), up 27%
EBITDA margin of 50% (FY19: 45%)
Basic earnings per share ('EPS') of 148.3 cents, up 27%
Headline EPS ('HEPS') of 148.1 cents, up 28%
Cash generated from operating activities of R914 million (FY19: R472 million), up 94%
Final cash dividend per share of 54 cents (FY19: 12 cents), with full year dividend of 74 cents (FY19: 30 cents)
DIVIDEND DECLARATION
With the actions in place to mitigate the impact of COVID-19 on the financial performance of Cartrack for the year ahead, coupled with the inherently
strong cash flow of the Group as well as the access to funding, shareholders are advised that the board of directors is satisfied with the solvency and
liquidity of the Group and has declared a final gross cash dividend of 54 cents per ordinary share (43,2 cents net of dividend withholding tax) for the
year ended 29 February 2020 (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 analytic skills and distribution channels to expand and grow the subscriber
base significantly.
The cash dividend is in line with the current dividend policy, which provides for a cover of between 2 and 6 times HEPS, effective for FY20. Although the
COVID-19 pandemic has resulted in significant uncertainties in the market, the Group remains strongly cash generative notwithstanding the decline in new
contracts since lockdowns were implemented. Hence, in keeping with the Group's philosophy to invest cash generated from operations in growth opportunities
as its first priority and thereafter optimise dividend payments, the Group has decided to provide for more flexibility in its dividend policy. The policy
has accordingly been amended to provide for cover of between 1 and 8 times HEPS for FY21.
Share code CTK
ISIN ZAE000198305
Company registration number 2005/036316/06
Company tax reference number 9108121162
Dividend number 12
Gross cash dividend per share 54 cents
Issued share capital as at declaration date 300 000 000
Declaration date Wednesday, 13 May 2020
Last date to trade cum dividend Tuesday, 2 June 2020
Shares commence trading ex-dividend Wednesday, 3 June 2020
Record date Friday, 5 June 2020
Dividend payment date Monday, 8 June 2020
Share certificates may not be dematerialised or re-materialised between Wednesday, 3 June 2020, and Friday, 5 June 2020, both days inclusive.
TAX IMPLICATIONS
The cash dividend is likely to have tax implications for both resident and non-resident shareholders. Shareholders are therefore encouraged to consult
their professional tax advisers should they be in any doubt as to the appropriate action to take.
In terms of the Income Tax Act, the cash dividend will, unless exempt, be subject to dividend withholding tax ('DWT'). South African resident shareholders
that are liable for DWT, will be subject to DWT at a rate of 20% of the cash dividend and this amount will be withheld from the cash dividend. Non-resident
shareholders may be subject to DWT at a rate of less than 20% depending on their country of residence and the applicability of any double tax treaty
between South Africa and their country of residence.
This short-form announcement is the responsibility of the directors and was approved by the board on 13 May 2020. The content is extracted from the
audited financial statements but is itself not audited.
The full announcement is available on the Company's website at https://www.cartrack.co.za/pdf/2020/Cartrack_Results_Booklet_2020.pdf and can be accessed
directly using the following JSE link: https://senspdf.jse.co.za/documents/2020/jse/isse/ctke/FY2020.pdf
The consolidated annual financial statements including the audit opinion from Deloitte & Touche which sets out the key audit matters and
the basis for the unmodified opinion is furthermore available www.cartrack.co.za/investor -relations
The full announcement is available from the Company Secretary at no charge, by request via email at: anname.devilliers@cartrack.com, from Wednesday, 13 May
2020 to Wednesday, 20 May 2020 and at the registered office of the Company.
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
13 May 2020
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: 13-05-2020 07:05:00
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