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Trading statement
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”)
TRADING STATEMENT
Shareholders are advised that OneLogix expects earnings and diluted earnings per share (“EPS”), headline and
diluted headline earnings per share (“HEPS”) and core headline and diluted earnings per share (“Core HEPS”) for
the six months ended 30 November 2021 (“current period”) to vary within the ranges reflected below:
Previously reported 30 November 2021 expected 30 November 2021
30 November 2020 range expected range
(cents per share) (cents per share)
EPS 10.0 Decrease of between 75% and 95% 0.5 to 2.5
HEPS 10.1 Decrease of between 85% and 105% (0.5) to 1.5
Core HEPS* 11.5 Decrease of between 80% and 100% 0.0 to 2.3
* Consistent with prior reporting, the company aims to present to shareholders the same information that
management utilises to evaluate the performance of the group’s operations. Accordingly, we present Core HEPS,
which is headline earnings (as calculated based on SAICA Circular 1/2021) adjusted for the amortisation charge
of intangible assets recognised on business combinations.
The decreased EPS and HEPS compared to the prior period was partly attributable to a freak hailstorm in September
2021 which caused considerable damage to passenger vehicles stored at the group’s Umlaas Road facility. The
group warehouses a particularly large quantum of vehicles and the current insurance cover available is only for
significant damage to passenger vehicles in effect requiring the group to carry the risk for all minor repairs. At the
time of the hailstorm, we were unfortunately processing a few large shipments of passenger vehicles into the Umlaas
Road open staging facility, resulting in an estimated cost net of insurance proceeds of between R20 million and
R25 million. The exercise in repairing and finalising the claims with insurers is ongoing and expected to be
completed before the end of January 2022.
Another contributing factor was the civil unrest which as previously communicated resulted in the group
experiencing greatly reduced activity for approximately two weeks ending on 19 July 2021. The productivity lost
over the period of the unrest as well as costs incurred to secure our operations resulted in a decline in revenue and
profitability of an estimated R20 million and R10 million, respectively.
VDS and TruckLogix continue to be hamstrung by depressed storage volumes resulting from global supply chain
disruptions impacting the supply and delivery of passenger and commercial vehicles. This has been compounded
by the onboarding of our additional vehicle storage facilities in KwaZulu-Natal (upon the completion of the new
Umlaas Road Phase 3 storage facilities in January 2021) contributing to an additional R32 million in lease related
costs as per IFRS 16 in the period compared to the prior period.
Notwithstanding the impacts above, all operations within the group are in a sound position having endured the past
18 months of Covid-19 pandemic induced conditions. Some operations have produced an improved profit
performance, while others remain fundamentally relevant with a strong underlying business strategy, solid customer
base as well as adept, resilient and innovative management teams that will ensure their sustainability.
Existing covenants with finance providers, based on the anticipated results used in the compiling of this trading
statement, are projected to be met with a sufficient amount of headroom and the group has adequate resources and
access to facilities to fund operations for the foreseeable future.
The weighted average number of shares in issue, excluding shares held by staff participation schemes that are
classified as treasury shares, is 2% lower than the prior period at 223 920 689 shares due to the repurchases of
shares in the open market in terms of the company’s general authority to repurchase shares during the year.
The estimated financial information contained in this announcement has not been audited, reviewed or reported
upon by the group's external auditors. A further trading statement will be released, if necessary, once the group
has a greater degree of certainty with regards to its financial results for the six months ended 30 November 2021.
The group's unaudited results for the current period are scheduled to be released on or about 3 February 2022.
6 December 2021
Sponsor
Java Capital
Date: 06-12-2021 11:10:00
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