| Thu 14 Feb 2002, 0:00 | | Onelogix - Unaudited Interim Results |
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OneLogix Group Limited
(Registration number 1998/004519/06)
Share code OLG
ISIN ZAE000026399
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 NOVEMBER 2001
Highlights
* 70% rise in revenue
* EBITDA up 31%
* 20% increase in operating profit before amortisation of goodwill
Consolidated income statement
Unaudited Unaudited Audited
six months six months twelve months
ended ended ended
30 November 30 November 31 May
2001 2000 2001
R'000 R'000 R'000
Revenue 102 782 60 533 134 565
Continuing operations 102 614 60 212 132 654
Discontinued operations 168 321 1 911
Operating profit before
depreciation,
amortisation and impairment of
share trust loan 8 203 6 267 8 048
Continuing operations 9 507 6 903 10 132
Discontinued operations (1 304) (636) (2 084)
Depreciation 1 201 617 1 718
Amortisation of goodwill (note 3) 2 574 550 3 538
Impairment of the Onelogix
Share Incentive
Trust Loan 202 - 646
Operating profit/(loss) (note 3) 4 226 5 100 2 146
Continuing operations 5 568 5 774 4 366
Discontinued operations (1 342) (674) (2 220)
Net interest received 64 5 635 9 862
Profit before taxation 4 290 10 735 12 008
Taxation 2 120 3 386 2 466
Net profit 2 170 7 349 9 542
Number of shares ('000):
- Issued 128 283 194 812 194 812
- Weighted 134 968 194 812 194 812
- Diluted (note 4) 165 568 194 812 194 812
Headline earnings per share (cents)
- Basic 4,10 4,05 7,00
- Diluted 3,34 4,05 7,00
Earnings per share (cents)
- Basic 1,61 3,77 4,90
- Diluted 1,31 3,77 4,90
Calculation of headline earnings
Net profit 2 170 7 349 9 542
Adjusted for:
Amortisation of goodwill 2 574 550 3 538
Share trust write-down 202 - 646
Profit on sale of subsidiary - - (83)
Closure/Termination costs incurred on
discontinued operations 589 - -
Headline earnings 5 535 7 899 13 643
Condensed consolidated statement
of changes in equity
Unaudited Unaudited Audited
six months six months twelve months
ended ended ended
30 November 30 November 31 May
2001 2000 2001
R'000 R'000 R'000
Opening equity 100 719 87 971 87 971
Shares issued and to be issued
less costs 971 - (117)
Adjustment to goodwill write-off 8 065 - 3 323
Share repurchase (54 385) - -
Net profit 2 170 7 349 9 542
Closing equity 57 540 95 320 100 719
Notes:
1. The interim results have been compiled in accordance with South African
Statements of Generally Accepted Accounting Practice.
2. The accounting policies used in the preparation of the financial results
are consistent with those adopted in the annual financial statements for the
year ended 31 May 2001.
3. The increase in "amortisation of goodwill" is due to new acquistions.
4. Diluted shares include shares to be issued to vendors if future warranted
profits from various acquisitions are earned.
5. R19 000 000 of the "Vendor Liabilities" is to be settled by way of shares
in Onelogix Group Limited, which have been included in the "diluted" number
of shares. The balance of R7 950 000 is payable in cash.
Consolidated balance sheet
Unaudited Unaudited Audited
30 November 30 November 31 May
2001 2000 2001
R'000 R'000 R'000
ASSETS
Non-current assets 61 049 26 161 60 719
Property, plant and equipment 10 620 3 596 6 397
Intangible assets 47 387 19 556 50 595
Other assets 1 125 1 920 1 164
Deferred tax 1 917 1 089 2 563
Current assets 64 925 131 369 120 290
Cash resources 7 387 97 630 81 928
Trade and other receivables 57 538 33 739 38 362
Total assets 125 974 157 530 181 009
EQUITY AND LIABILITIES
Equity
Ordinary shareholders' funds 57 540 95 320 100 719
Liabilities
Non-current liabilities
Interest bearing borrowings 5 137 - 4 315
Vendor liabilities - 19 798 3 000
Current liabilities 63 297 42 412 72 975
Trade and other payables 25 501 20 574 24 517
Vendor liabilities (note 5) 26 950 15 400 40 948
Taxation 2 610 6 438 -
Bank overdraft 8 236 - 7 510
Total equity and liabilities 125 974 157 530 181 009
Net asset value per share (cents) 44,9 48,9 51,7
Net tangible asset value per
issued share (cents) 7,9 38,9 25,7
Net tangible asset value per
diluted share (cents) (note 5) 17,6 38,9 25,7
Condensed consolidated
cash flow statement
Unaudited Unaudited Audited
six months six months twelve months
ended ended ended
30 November 30 November 31 May
2001 2000 2001
R'000 R'000 R'000
Net cash utilised in operations (8 575) (6 067) (1 953)
Net cash flow from
investing activities (13 129) (799) (45 991)
Net cash flow from
financing activities
(incl. share repurchase) (53 563) (17 690) 176
Net decrease in cash resources (75 267) (24 556) (47 768)
Cash resources at beginning
of period 74 418 122 186 122 186
Cash resources at end of period (849) 97 630 74 418
Segmental analysis
Revenue EBITDA
Unaudited six months Unaudited six months
30 November 30 November 30 November 30 November
2001 2000 2001 2000
Logistics 93% 90% 69% 65%
Services 7% 10% 31% 35%
COMMENTS
* INTRODUCTION
The directors of OneLogix Group Limited ("OneLogix" or "the group") are
pleased to present the unaudited interim results for the six-month period
ended 30 November 2001 ("the interim period").
Interest received was reduced following the pro rata share repurchase of 67
500 000 shares for R54 million, effective 20 June 2001. Notwithstanding the
reduction in interest received to R64 000 from R5,6 million in the previous
interim period, basic headline earnings per share increased marginally,
reflecting strong operating growth of 31% in the group's EBITDA.
* FINANCIAL RESULTS
Despite difficult trading conditions and expansion of the group's supply
chain logistics offering, OneLogix financial results for the interim period
reflect revenue of R102,8 million, 70% ahead of the previous corresponding
interim period, EBITDA of R8,2 million up 31% and a 20% increase in
operating income before amortisation of goodwill to R6,8 million.
Cash resources were utilised during the interim period for the share
repurchase and settlement of vendor liabilities. The group has unutilised
facilities of R20 million which, together with operating cash flows, will be
partially utilised to settle cash vendor liabilities of R7,95 million.
* PROFILE
OneLogix provides comprehensive supply chain management and logistics
fulfilment services through four integrated business pillars - ThinkLogix
strategic consulting; GoLogix third party physical logistics; DotLogix
logistics e-fulfilment and DirectLogix direct-to-consumer logistics and
services.
The group operates from 25 sites throughout sub-Saharan Africa and controls
the nationwide PostNet network of more than 220 stores, a reach that is
second only to the SA Post Office. Its PostNet-to-PostNet courier product
for the first time offers consumers a cost-effective courier alternative.
A managed fleet of 600 vehicles and warehouses in all major cities in
Southern Africa underpin the group's logistics and e-fulfilment capability.
* REVIEW OF OPERATIONS
Logistics
This division, which includes ThinkLogix and GoLogix, met expectations.
Established businesses Vehicle Delivery Services, the sub-Saharan leader in
auto logistics and GoLogix Media Couriers, the leader in express
distribution of printed material, performed exceptionally. Start-up
businesses GoLogix Distribution and GoLogix Courier showed strong growth in
revenues.
Services
Encompassing DotLogix and DirectLogix, this division exceeded expectations.
PostNet continued its robust performance and was recently awarded the
prestigious "Franchisor of the Year" award, while DotLogix established
itself as a leading e-fulfilment partner with high-profile customers such as
flySAA.com, Digitalmall, MegaShopper and McCarthy Online, facilitators for
Spar.
Overall the OneLogix customer-base increased substantially to 2 500 SA
corporates, with the resultant wider industry spread minimising reliance on
any particular market sector. The group also continues to interact daily
online with 30 000 SMEs, providing essential day-to-day business services
including courier and distribution.
* ACQUISITION
As announced on 6 December 2001 OneLogix entered into an ongoing customer
referral agreement with Roadway Logistics (Pty) Ltd ("Roadway"), a leading
parcel distributor. This agreement took effect on 27 August 2001. The
growing 300-strong customer base increased the volume of business serviced
by the group's existing infrastructure with no material concomitant
investment in assets. The successful integration of the customer base into
the operations of GoLogix Distribution enabled this division to expand its
market share locally.
* DISCONTINUED OPERATIONS
Two small start-up operations were discontinued following underperformance
against projected business plans and budgets. FPLogix, a mail management
joint venture with Francotyp Postalia SA, was terminated with effect from 30
September 2001. ThinkLogix Strategic Sourcing, which implemented Total Cost
of Ownership procurement solutions, was closed effective 31 August 2001.
* PROSPECTS
The group continues to show good growth prospects.
* PEOPLE
Ian Lourens, formerly Group Executive Director, has been appointed as Chief
Operating Officer with effect from 1 January 2002. Danie Meyer resigned as
Group Financial Director with effect from 25 January 2002 and the group
extends its appreciation to him for his contribution. Cameron McCulloch
formerly of PricewaterhouseCoopers has been appointed as the new Group
Financial Director effective from 18 March 2002.
OneLogix thanks its management, employees, PostNet franchisees and business
partners for their continued dedication and enthusiasm. The group also
thanks its business advisors, and its shareholders and customers for their
invaluable support.
* INTERIM DIVIDEND
In line with group policy, no dividend has been declared for the interim
period.
By order of the Board.
Tony Wiese (CEO) Ian Lourens (COO)
14 February 2002
OneLogix Business Units
IQLOGIX
An equal partner joint venture with the IQ Business Group, which implements
customised IT logistics solutions compatible with both domestic and
international systems
GOLOGIX COURIERS
A specialist in the delivery of time-sensitive material, distinguished by
its delivery to the nationwide PostNet counter network in addition to
"direct-to-door", and supported by the IQLogix track-and-trace system
GOLOGIX MEDIA COURIERS
The Southern African leader in the express distribution of printed material,
moving more than 300 tons per month including the major local and
international newspaper and business magazine publications
GOLOGIX DISTRIBUTION
A growing freight distribution services provider offering road freight,
parcel delivery and chain store distribution underpinned by warehousing and
linehaul
V D S
The sub-Saharan leader in auto logistics, which transports vehicles and
commercial trucks from SA to all major cities in Southern Africa for an
entrenched customer base
BIZZ NET
A prominent online SME directory and services listing, which offers price-
competitive e-enablement services to the niche SME market
DOTLOGIX e-FULFILMENT
A leading e-fulfilment partner to high-profile SA players including
flySAA.com; MegaShopper; DigitalMall and McCarthy Online, facilitators for
Spar, that demonstrates the group's ability to integrate viable e-commerce
solutions with physical logistics
POSTNET
The "Franchisor of the Year 2001" with an extraordinary nationwide counter
network of 220 stores. Its PostNet-to-PostNet courier product for the first
time offers SA consumers a cost-effective courier alternative
Directors:
Tony Wiese (Chief Executive Officer); Peter Forshaw; Alec Grant*;
Benjamin Liebmann*; Ian Lourens (Chief Operating Officer); Joe Modibane*
*Non-executive directors
Registered office:
4 Struwig Street, Jet Park (PO Box 14410, Witfield 1467)
Transfer secretaries:
Mercantile Registrars, 11 Diagonal Street, Johannesburg 2001
(PO Box 1053, Johannesburg 2000)
Company secretary:
Probity Business Services (Pty) Ltd, Unit C1, The Guild Office Park,
2 Guild Road, Parktown (PO Box 85392, Emmarentia 2029)
