Title of each class | Name of each exchange on which registered |
American Depositary Shares (“ADSs”), each representing 25 ordinary shares, no par value | New York Stock Exchange |
Ordinary Shares, no par value | New York Stock Exchange (for listing purposes only) |
Large accelerated filer o | Accelerated filer x | Non-accelerated filer o |
Emerging growth company x |
U.S. GAAP o | International Financial Reporting Standards as issued by the International Accounting Standards Board x | Other o |
Page | ||
Part I | ||
Part II | ||
Part III | ||
For the year ended March 31, | |||||||||||||||||||||||
2018 | 2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Revenue | $144,813 | R1,712,482 | R1,540,058 | R1,465,021 | R1,389,380 | R1,271,658 | |||||||||||||||||
Cost of sales | (49,635 | ) | (586,963 | ) | (498,785 | ) | (439,305 | ) | (449,663 | ) | (422,034 | ) | |||||||||||
Gross profit | 95,178 | 1,125,519 | 1,041,273 | 1,025,716 | 939,717 | 849,624 | |||||||||||||||||
Sales and marketing | (15,642 | ) | (184,978 | ) | (181,601 | ) | (203,767 | ) | (171,948 | ) | (148,012 | ) | |||||||||||
Administration and other charges (1) | (61,358 | ) | (725,589 | ) | (721,810 | ) | (682,865 | ) | (617,908 | ) | (530,114 | ) | |||||||||||
Operating profit | 18,178 | 214,952 | 137,862 | 139,084 | 149,861 | 171,498 | |||||||||||||||||
Finance (cost)/income - net | (6 | ) | (69 | ) | 10,391 | 150,327 | 80,778 | 40,660 | |||||||||||||||
Profit before taxation | 18,172 | 214,883 | 148,253 | 289,411 | 230,639 | 212,158 | |||||||||||||||||
Taxation | (2,849 | ) | (33,690 | ) | (26,812 | ) | (106,920 | ) | (81,623 | ) | (60,574 | ) | |||||||||||
Profit for the year | $15,323 | R181,193 | R121,441 | R182,491 | R149,016 | R151,584 | |||||||||||||||||
Attributable to: | |||||||||||||||||||||||
Owners of the parent | $15,318 | 181,134 | 121,458 | 182,989 | 149,622 | 151,589 | |||||||||||||||||
Non-controlling interests | 5 | 59 | (17 | ) | (498 | ) | (606 | ) | (5 | ) | |||||||||||||
$15,323 | R181,193 | R121,441 | R182,491 | R149,016 | R151,584 |
For the year ended March 31, | |||||||||||||||||
2018 | 2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||
Earnings per share (2) | |||||||||||||||||
Basic ($/R) | $0.03 | R0.32 | R0.19 | R0.24 | R0.19 | R0.21 | |||||||||||
Diluted ($/R) | $0.03 | R0.32 | R0.19 | R0.23 | R0.19 | R0.20 | |||||||||||
Adjusted earnings per share (3) | |||||||||||||||||
Basic ($/R) | $0.02 | R0.28 | R0.17 | R0.11 | R0.13 | R0.17 | |||||||||||
Diluted ($/R) | $0.02 | R0.27 | R0.17 | R0.11 | R0.13 | R0.16 | |||||||||||
Weighted average number of ordinary shares in issue | |||||||||||||||||
Basic (’000) | 561,088 | 561,088 | 629,626 | 775,139 | 789,316 | 732,171 | |||||||||||
Diluted (’000) | 573,981 | 573,981 | 631,819 | 783,414 | 804,385 | 768,306 | |||||||||||
Dividends per share (South African cents) (4) | 9.50 | 8.00 | 14.00 | — | 6.00 | ||||||||||||
Dividends per share (United States cents) (4) | 0.80 | 0.68 | 1.18 | — | 0.51 |
(1) | Includes other income/(expenses) - net. |
(2) | See note 29 to our consolidated financial statements for further details on earnings per share. |
(3) | Adjusted earnings per share is a non-IFRS financial measure. See “Adjusted earnings per share” as described on page 7 below. |
(4) | See note 30 to our consolidated financial statements for further details on dividends. |
For the year ended March 31, | |||||||||||||||||||||||
2018 | 2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||
(In thousands, except subscribers) | |||||||||||||||||||||||
Subscription revenue | $121,315 | R1,434,615 | R1,239,914 | R1,158,229 | R998,335 | R853,716 | |||||||||||||||||
Adjusted EBITDA (1) | $37,366 | R441,866 | R301,613 | R277,215 | R282,994 | R280,678 | |||||||||||||||||
Subscribers (2) | 676,866 | 676,866 | 622,062 | 566,177 | 512,344 | 450,502 |
(1) | See “Adjusted EBITDA and Adjusted EBITDA margin” below for our definition of Adjusted EBITDA and Adjusted EBITDA margin and a reconciliation of Adjusted EBITDA and Adjusted EBITDA margin to profit for the year, the most directly comparable financial measure presented in accordance with IFRS. |
(2) | As at March 31. |
For the year ended March 31, | |||||||||||||
2018 | 2018 | 2017 | 2016 | 2015 | 2014 | ||||||||
(In thousands) | |||||||||||||
Cash and cash equivalents | $26,067 | R308,258 | R375,782 | R877,136 | R945,381 | R830,449 | |||||||
Total assets | 168,559 | 1,993,325 | 1,906,689 | 2,378,281 | 2,228,608 | 1,977,100 | |||||||
Working capital | 27,797 | 328,689 | 340,659 | 931,696 | 996,085 | 849,204 | |||||||
Total indebtedness (1) | 1,498 | 17,720 | 19,449 | 17,477 | 20,469 | 31,551 | |||||||
Total equity (2) | $128,299 | R1,517,181 | R1,442,931 | R1,919,808 | R1,864,572 | R1,671,630 |
(1) | Total indebtedness includes amounts outstanding at the balance sheet date for bank overdraft and borrowings. |
(2) | Includes non-controlling interest. |
Reconciliation of Adjusted EBITDA to profit for the year | |||||||||||||||||||||||
For the year ended March 31, | |||||||||||||||||||||||
2018 | 2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Adjusted EBITDA | $37,366 | R441,866 | R301,613 | R277,215 | R282,994 | R280,678 | |||||||||||||||||
Add: | |||||||||||||||||||||||
Net profit on sale of property, plant and equipment and intangible assets | 107 | 1,264 | — | — | — | 97 | |||||||||||||||||
Insurance reimbursement (1) | — | — | — | — | 3,237 | — | |||||||||||||||||
Decrease in restructuring cost provision | 63 | 741 | — | 333 | — | — | |||||||||||||||||
Reversal of impairment (2) | — | — | 791 | — | — | — | |||||||||||||||||
Less: | |||||||||||||||||||||||
Depreciation (3) | (12,849 | ) | (151,945 | ) | (98,508 | ) | (75,037 | ) | (61,099 | ) | (47,887 | ) | |||||||||||
Amortization (4) | (5,406 | ) | (63,926 | ) | (44,734 | ) | (47,586 | ) | (46,294 | ) | (44,941 | ) | |||||||||||
Impairment (5) | (228 | ) | (2,696 | ) | (3,166 | ) | (4,776 | ) | (1,646 | ) | (379 | ) | |||||||||||
Share-based compensation costs | (875 | ) | (10,352 | ) | (3,311 | ) | (5,820 | ) | (7,578 | ) | (4,611 | ) | |||||||||||
Equity-settled share-based compensation costs | (761 | ) | (9,000 | ) | (2,247 | ) | (7,838 | ) | (5,220 | ) | (4,611 | ) | |||||||||||
Cash-settled share-based compensation costs (6) | (114 | ) | (1,352 | ) | (1,064 | ) | 2,018 | (2,358 | ) | — | |||||||||||||
Net loss on sale of property, plant and equipment and intangible assets | — | — | (262 | ) | (208 | ) | (456 | ) | — | ||||||||||||||
Increase in restructuring costs provision(7) | — | — | (14,561 | ) | — | (11,267 | ) | (2,745 | ) | ||||||||||||||
Non-recurring initial public offering costs | — | — | — | — | — | (8,503 | ) | ||||||||||||||||
Transaction costs arising from the acquisition of a business | — | — | — | — | (93 | ) | (211 | ) | |||||||||||||||
Transaction costs arising from investigating strategic alternatives (8) | — | — | — | (5,037 | ) | — | — | ||||||||||||||||
Net litigation costs (9) | — | — | — | — | (7,937 | ) | — | ||||||||||||||||
Operating profit | 18,178 | 214,952 | 137,862 | 139,084 | 149,861 | 171,498 | |||||||||||||||||
Finance (cost)/income - net | (6 | ) | (69 | ) | 10,391 | 150,327 | 80,778 | 40,660 | |||||||||||||||
Taxation | (2,849 | ) | (33,690 | ) | (26,812 | ) | (106,920 | ) | (81,623 | ) | (60,574 | ) | |||||||||||
Profit for the year | $15,323 | R181,193 | R121,441 | R182,491 | R149,016 | R151,584 |
(6) | Cash-settled share-based payments are described in note 20 to our consolidated financial statements. |
Reconciliation of Adjusted EBITDA margin to profit for the year margin | ||||||||||||||
For the year ended March 31, | ||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||
% | ||||||||||||||
Adjusted EBITDA | 25.8 | % | 19.6 | % | 18.9 | % | 20.4 | % | 22.1 | % | ||||
Add: | ||||||||||||||
Net profit on sale of property, plant and equipment and intangible assets | 0.1 | % | — | — | — | 0.0 | % | |||||||
Insurance reimbursement | — | — | — | 0.2 | % | — | ||||||||
Decrease in restructuring cost provision | 0.0 | % | — | 0.0 | % | — | — | |||||||
Reversal of impairment | — | 0.1 | % | — | — | — | ||||||||
Less: | ||||||||||||||
Depreciation | (8.9 | %) | (6.4 | %) | (5.1 | %) | (4.4 | %) | (3.8 | %) | ||||
Amortization | (3.6 | %) | (3.0 | %) | (3.3 | %) | (3.3 | %) | (3.5 | %) | ||||
Impairment | (0.2 | %) | (0.2 | %) | (0.3 | %) | (0.1 | %) | (0.0 | %) | ||||
Share-based compensation costs | (0.6 | %) | (0.2 | %) | (0.4 | %) | (0.6 | %) | (0.4 | %) | ||||
Equity-settled share-based compensation costs | (0.5 | %) | (0.1 | %) | (0.5 | %) | (0.4 | %) | (0.4 | %) | ||||
Cash-settled share-based compensation costs | (0.1 | %) | (0.1 | %) | 0.1 | % | (0.2 | %) | — | |||||
Net loss on sale of property, plant and equipment and intangible assets | — | (0.0 | %) | (0.0 | %) | (0.0 | %) | — | ||||||
Increase in restructuring costs provision | — | (0.9 | %) | — | (0.8 | %) | (0.2 | %) | ||||||
Non-recurring initial public offering costs | — | — | — | — | (0.7 | %) | ||||||||
Transaction costs arising from the acquisition of a business | — | — | — | (0.0 | %) | (0.0 | %) | |||||||
Transaction costs arising from investigating strategic alternatives | — | — | (0.3 | %) | — | — | ||||||||
Net litigation costs | — | — | — | (0.6 | )% | — | ||||||||
Operating profit | 12.6 | % | 9.0 | % | 9.5 | % | 10.8 | % | 13.5 | % | ||||
Finance (cost)/income - net | (0.0 | %) | 0.7 | % | 10.3 | % | 5.8 | % | 3.2 | % | ||||
Taxation | (2.0 | %) | (1.8 | %) | (7.3 | %) | (5.9 | %) | (4.8 | %) | ||||
Profit for the year | 10.6 | % | 7.9 | % | 12.5 | % | 10.7 | % | 11.9 | % |
• | although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; |
• | Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; |
• | Adjusted EBITDA does not consider the potentially dilutive impact of equity-based compensation; |
• | Adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available to the Company; and |
• | other companies, including companies in our industry, may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative measure. |
Reconciliation of adjusted earnings | |||||||||||||||||||||||
For the year ended March 31, | |||||||||||||||||||||||
2018 | 2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Profit attributable to owners of the parent | $15,318 | R181,134 | R121,458 | R182,989 | R149,622 | R151,589 | |||||||||||||||||
Net foreign exchange losses/(gains) | 429 | 5,073 | (1,476 | ) | (144,038 | ) | (73,525 | ) | (38,128 | ) | |||||||||||||
Income tax effect on the above component | (2,486 | ) | (29,403 | ) | (15,307 | ) | 48,647 | 25,873 | 10,458 | ||||||||||||||
Adjusted earnings attributable to owners of the parent | $13,261 | R156,804 | R104,675 | R87,598 | R101,970 | R123,919 | |||||||||||||||||
Weighted average number of ordinary shares in issue | |||||||||||||||||||||||
Basic (’000) | 561,088 | 561,088 | 629,626 | 775,139 | 789,316 | 732,171 | |||||||||||||||||
Diluted (’000) | 573,981 | 573,981 | 631,819 | 783,414 | 804,385 | 768,306 |
Reconciliation of earnings per share to adjusted earnings per share | |||||||||||
For the year ended March 31, | |||||||||||
2018 | 2018 | 2017 | 2016 | 2015 | 2014 | ||||||
Basic earnings per share ($/R) | $0.03 | R0.32 | R0.19 | R0.24 | R0.19 | R0.21 | |||||
Net foreign exchange losses/(gains) | # | 0.01 | # | (0.19) | (0.09) | (0.05) | |||||
Income tax effect on the above component | (0.01) | (0.05) | (0.02) | 0.06 | 0.03 | 0.01 | |||||
Basic adjusted earnings per share ($/R) | $0.02 | R0.28 | R0.17 | R0.11 | R0.13 | R0.17 |
High | Low | Average | Period-end | ||||
Fiscal year ended March 31, | |||||||
2018 | 14.4645 | 11.5526 | 12.9039 | 11.8255 | |||
2017 | 15.8673 | 12.4379 | 14.0340 | 13.4124 | |||
2016 | 16.8231 | 11.7694 | 13.8856 | 14.8330 | |||
2015 | 12.4792 | 10.3068 | 11.0646 | 12.0907 | |||
2014 | 11.3573 | 8.8762 | 10.2102 | 10.5953 | |||
Month | |||||||
June 2018 (through June 15, 2018) | 13.4287 | 12.5927 | 12.9662 | 13.4287 | |||
May 2018 | 12.7716 | 12.2748 | 12.5313 | 12.6025 | |||
April 2018 | 12.4553 | 11.8271 | 12.0962 | 12.4060 | |||
March 2018 | 12.0296 | 11.6548 | 11.8473 | 11.8255 | |||
February 2018 | 12.0949 | 11.5526 | 11.8212 | 11.7548 | |||
January 2018 | 12.4308 | 11.8627 | 12.2021 | 11.8922 |
• | the belief that our solutions are not required for their needs or are not cost-effective; |
• | a desire to reduce discretionary spending; |
• | a belief that our competitors’ solutions provide a better value; |
• | changes in our customers’ businesses, and regulations impacting our customers’ businesses that may decrease the need for our fleet and mobile asset management solutions; |
• | economic downturn in our customers’ industries; |
• | economic downturn in the geography in which our customers' operate; |
• | a reduction in discounts offered by insurers to vehicle owners who have installed our products; or |
• | a belief that a return on investment cannot be demonstrated. |
• | issue additional equity securities that would dilute our shareholders; |
• | use cash that we may need in the future to operate our business; |
• | incur debt on terms unfavorable to us or that we are unable to repay or that may place burdensome restrictions on our operations; |
• | incur large charges or substantial liabilities; or |
• | become subject to adverse tax consequences, or substantial depreciation or amortization, deferred compensation or other acquisition-related accounting charges. |
• | functionality and reliability; |
• | total cost of ownership; |
• | breadth and depth of application functionality for fleet deployments; |
• | product performance; |
• | interoperability; |
• | brand and reputation; |
• | customer service; |
• | distribution channels, including a global footprint and ability to service multinationals; |
• | regional geographic expertise, including localized language support, support for applicable government regulations and the ability to comply with local Internet and data privacy regulations; |
• | size of customer base and reference accounts within key industry segments; |
• | ability to deliver ongoing value and return on investment; |
• | ease of deployment and use; |
• | relevant industry domain expertise and functionality; and |
• | the financial resources of the vendor. |
• | the effectiveness and reliability of solutions; |
• | fluctuations in fuel and vehicle maintenance costs, which are significant drivers of customer demand for fleet management solutions; |
• | assumptions regarding general mobile workforce inefficiency and the extent to which efficiency can be improved through fleet management solutions; |
• | the level of governmental and regulatory burden on the fields of transportation and occupational health and safety; |
• | the price, performance, features and availability of products and services that compete with ours; |
• | our ability to maintain high levels of customer satisfaction; and |
• | the rate of acceptance of web-based solutions generally. |
• | accepting mobile asset location technologies such as ours as a preferred security product; |
• | providing premium discounts for using location and recovery products and services such as ours; and |
• | mandating the use of our products and services, or similar products and services, for certain vehicles. |
• | lack of familiarity with local markets, including legal and regulatory requirements; |
• | difficulties in finding and maintaining, or potentially replacing, local dealers and distributors; |
• | competing with established local competitors; |
• | laws favoring local competitors; |
• | the cost and burden of monitoring and complying with legal and regulatory requirements in new territories, and/or changes to existing legal and regulatory requirements, including those relating to the Internet and data privacy and security; |
• | fluctuations in currency exchange rates or restrictions on currency exchange; |
• | potentially adverse tax consequences, including the complexities of transfer pricing, value added or other tax systems, double taxation and restrictions and/or taxes on the repatriation of earnings; |
• | dependence on third parties, including some commercial partners with whom we may not have extensive experience; |
• | increased financial accounting and reporting burdens and complexities; |
• | political, social, and economic instability, terrorist attacks, and security concerns in general; |
• | reduced or varied protection for intellectual property rights in some countries; and |
• | increased exposure and vulnerability to claims that we have infringed on the intellectual property of third parties. |
• | political and economic instability, including higher rates of inflation and currency fluctuations; |
• | higher levels of corruption, including bribery of public officials; |
• | loss due to civil strife, acts of war or terrorism, guerrilla activities and insurrection; |
• | a lack of well-developed legal systems which could make it difficult for us to enforce our intellectual property and contractual rights; |
• | logistical and communications challenges; |
• | potential adverse changes in laws and regulatory practices, including import and export license requirements and restrictions, tariffs, legal structures and tax laws; |
• | difficulties in staffing and managing operations and ensuring the safety of our employees; |
• | restrictions on the right to convert or repatriate currency or export assets; |
• | greater risk of uncollectable accounts and longer collection cycles; and |
• | introduction or changes to indigenization and empowerment programs. |
• | actual or anticipated fluctuations in our financial results or the financial results of our competitors; |
• | loss of existing customers or inability to attract new customers; |
• | actual or anticipated changes in our growth rate; |
• | our announcement of results for a financial reporting period that are lower than expected, whether caused by our results of operations or by currency fluctuations; |
• | changes in estimates of our financial results or recommendations by securities analysts; |
• | failure of any of our solutions to achieve or maintain market acceptance; |
• | changes in market valuations of similar companies; |
• | changes in our capital structure, including issuances or repurchases of securities or the incurrence of debt; |
• | announcements by us or our competitors of significant products, technologies, services, contracts, acquisitions, or strategic alliances; |
• | success of competitive products or services; |
• | regulatory developments in South Africa, the United States or other countries; |
• | actual or threatened litigation involving us or our industry; |
• | additions or departures of key personnel; |
• | breaches of security; |
• | general perception of the future of the fleet and mobile asset management market or our solutions; |
• | sales of ADSs or ordinary shares by our shareholders; |
• | ADS price and volume fluctuations attributable to inconsistent trading volume levels of the ADSs; and |
• | changes in general economic, industry, and market conditions. |
• | the court that pronounced the judgement had jurisdiction to entertain the case according to the principles recognized by South African law with reference to the jurisdiction of foreign courts; |
• | the judgement is final and conclusive (that is, it cannot be altered by the court which pronounced it); |
• | the judgement has not lapsed or been satisfied; |
• | the recognition and enforcement of the judgement by South African courts would not be contrary to public policy, including observance of the rules of natural justice which require that the documents initiating the United States proceeding were properly served on the defendant and that the defendant was given the right to be heard and represented by counsel in a free and fair trial before an impartial tribunal; |
• | the judgement was not obtained by fraudulent means; |
• | the judgement does not involve the enforcement of a penal or revenue law of the foreign state; and |
• | the enforcement of the judgement is not otherwise precluded by the provisions of the South African Protection of Businesses Act of 1978, as amended. |
• | the last day of fiscal year 2019; |
• | the last day of the fiscal year in which our annual gross revenues are $1 billion or more; |
• | the date on which we have, during the previous three-year period, issued more than $1 billion in non-convertible debt securities; or |
• | the last day of any fiscal year in which the market value of our ordinary shares held by non-affiliates exceeded $700 million as of the end of the second quarter of that fiscal year. |
• | as an ADS holder, we will not treat you as one of our shareholders and you will not be able to exercise shareholder rights, except through the depositary as permitted by the deposit agreement; |
• | distributions on the ordinary shares represented by your ADSs will be paid to the depositary, and before the depositary makes a distribution to you on behalf of your ADSs, any withholding taxes that must be paid will be deducted. |
• | we and the depositary may amend or terminate the deposit agreement without the ADS holders’ consent in a manner that could prejudice ADS holders. |
Country | Office location |
South Africa | Midrand, Stellenbosch, Durban, Cape Town and Nelspruit |
United States | Boca Raton, Florida and Houston, Texas |
United Kingdom | Birmingham and Swindon |
Australia | Perth and Brisbane |
United Arab Emirates | Dubai |
Brazil | São Paulo |
Thailand | Bangkok |
Uganda | Kampala |
Romania | Bucharest |
• | Significant operating costs. Fuel costs represent a significant cost for fleet operators. For example, the American Transportation Research Institute estimates that fuel and oil, driver wages and benefits, repair and maintenance and truck insurance premium costs collectively represented approximately 79% of total trucking operational costs per mile in 2016. Certain driving behaviors, such as speeding, harsh acceleration, harsh braking and excessive idling contribute to poor fuel efficiency as well as increased wear and tear and maintenance costs. |
• | Poor visibility into fleet operations. Fleet operators frequently maintain vehicles across multiple geographic regions and often lack visibility into their fleets and oversight of their drivers. Poor fleet visibility makes it challenging to optimize fleet utilization, vehicle fleet size and miles driven while still meeting core business and customer servicing requirements. Poor driver oversight makes it difficult for operators to validate hours worked or customers visited, incentivize greater efficiency and discourage unproductive, undesirable or dangerous worker behavior. |
• | Challenges in maintaining regulatory compliance. Internal compliance and reporting is driven by legislative and regulatory requirements, which are often subject to change, from regulatory authorities in nearly every jurisdiction globally. This can be particularly burdensome for fleet operators managing large vehicle fleets in multiple jurisdictions. For example, in the United States, fleet operators can face numerous complex regulatory requirements, including mandatory hours of service compliance and fuel tax reporting and more recently electronic logging devices (“ELD”) legislation that requires truck drivers to log their hours of service electronically. |
• | Challenges in managing risk. Fleet operators are responsible for hiring, training and identifying risks associated with their drivers. Vehicle crashes are a leading cause of workplace injury and lead to significant costs for fleet operators, including financial liability and increased insurance premiums. Fleet operators need visibility into driving behavior to proactively identify and remediate drivers with poor driving habits. |
• | Inefficient data management. Fleet operators receive operational information from many disparate sources, including communications from their technicians and customers, paper-based reports, third-party receipts for items such as fuel purchases, vehicle maintenance logs and customer invoices. While simply collecting this unstructured data is burdensome, organizing and analyzing the data to identify trends and other actionable business intelligence can be even more challenging. |
• | Managing the impact of crime. Vehicle crime rates in developing regions of the world often far exceed those in the United States and Western Europe, resulting in potentially significant costs for fleet operators and consumers. For example, we estimate that the rate of vehicle theft in South Africa is more than double than that in the United States. |
• | Reducing insurance costs. In developed and developing regions, insurers often provide incentives for fleet operators and consumers who subscribe to a safety and security mobile asset management solution. Some insurance providers will not insure vehicles that lack a tracking solution, or will make the insurance premium cost prohibitive without one. Furthermore, insurance provider interest in safety and security solutions has increased following the introduction of driver performance monitoring solutions, which can enable innovative usage-based insurance and claims management initiatives. |
• | Complying with regulatory mandates. The growing introduction of stringent occupational health and safety legislation in developing markets is adding pressure to fleet operators, who need to fulfill their duty of care while also complying with laws regulating driving hours, rest time, fuel taxes, etc. |
• | Highly scalable solutions. Our software solutions are built to scale and support geographically distributed fleets of any size. As of March 31, 2018 we provided services to more than 676,000 subscribers, with customers ranging from small fleet operators and consumers to large enterprise fleets with more than 10,000 subscribers. |
• | Robust portfolio of features addressing a full range of customer needs. We believe that we offer one of the broadest ranges of features for fleet and mobile asset management available. For example, for fleet efficiency, we offer vehicle tracking and analysis, fuel consumption and mileage analysis; for regulatory compliance, we offer compliance monitoring, hours of service tracking and fuel tax reporting; for driver improvement, we offer in-vehicle video monitoring and in-cab real-time driver feedback; for risk management, we offer driver scoring and analysis and journey management; and for safety and security, we offer vehicle and asset tracking, crash notifications and vehicle theft recovery. |
• | Insightful business intelligence and reporting. Our fleet management software is designed to provide our customers with insightful, actionable business intelligence on demand. For example, our premium fleet solution, MiX Fleet |
• | Easily accessible, intuitive applications. Our web-based solutions are accessible from fixed and mobile computing devices, and provide vehicle and fleet information, dashboard views and alerts and the ability to generate analytical reports from an office or a remote location. Our customers can choose to access our solution via an intuitive web-based interface or through our custom mobile applications developed for the Android and iOS mobile platforms. Fleet operators can also use our software development kits and application program interfaces to integrate our solution directly with their software systems, such as transportation management software, route planning systems and enterprise resource management software. |
• | Software-as-a-service powered by a proven, reliable infrastructure. Our use of a multi-tenant SaaS architecture allows us to deliver fleet management applications that are highly functional, flexible and fast while reducing the cost and complexity associated with customer adoption. We support our SaaS delivered solutions with a proven infrastructure of redundant servers and other hardware located in secure third-party data centers. We have continued to maintain overall system uptime of over 99.8%, calculated over a rolling period of 5 years. |
• | MiX Fleet Manager. MiX Fleet Manager is our premier commercial fleet management solution. It is built on a modern, scalable software platform for managing vehicle fleets of all sizes. Fleet management systems provide a wide variety of complex data pertaining to driver behavior and the location, status and operational activity of vehicles and fleets. MiX Fleet Manager is an interactive, web-based system providing secure access to this complex data in a simple, intuitive manner. MiX Fleet Manager gives users live and historical views of driver and vehicle performance information, including vehicle tracking and status information as well as alerts and notifications. Together with our integrated MiX Insight Reports, the solution provides fleet managers with actionable business intelligence in the form of reports and fleet analytics. Customers can also subscribe to premium subscription-based applications supported on MiX Fleet Manager, such as: |
◦ | MiX Insight Agility, an extension to the MiX Insight Reports suite that allows for dynamic data interaction in Microsoft Excel. Unlike static reports, users have the power to create and shape customized reports in the format they prefer. |
◦ | MyMiX, an innovative driver engagement platform that provides professional drivers with easy 24-hour access, via the web or a mobile device, to key information about their performance. Driver scoring, a module available on MyMiX, boasts a sleek, engaging and user-friendly interface accessible from iOS or Android mobile devices. |
◦ | MiX Vision, an on-road and in-vehicle video recording solution, that allows fleet managers to record video footage related to driving behavior and events. We believe MiX Vision addresses an important market need for in-vehicle surveillance, and MiX Vision is fully integrated with our premium fleet management solutions to enable event-driven or time based video recording. We have recently expanded the MiX Vision solution to optionally support two additional external cameras. |
◦ | MiX Rovi, an in-vehicle display and communications system allowing fleet operators to streamline their fleet operations through improved communication between drivers and their back offices. Customized data inputs are configured in MiX Fleet Manager and can be updated locally or remotely via the Internet. For example, a fleet operator of delivery vehicles can set custom data inputs for information relating to deliveries, such as quantities delivered and collected, times of arrival and departure or time spent at unscheduled stops. MiX Rovi is electronic logging devices legislation (“ELD”) compliant. |
◦ | MiX RIBAS, an in-cab driving aid that helps drivers improve their driving style. Using an unobtrusive system of symbols with red, amber and green status lights accompanied by audible warning tones, drivers receive feedback on their driving style in real-time, enabling customers to manage improvements in driver and vehicle performance and reductions in fuel consumption and accident rates. |
◦ | MiX Hours of Service (“Hours of Service”), allows for the real-time monitoring and compliance of legislated or regulated hours of work for the United States, Canada and Europe. Recently mandated ELD legislation in the United States requires truck drivers to log their hours of service electronically. European customers can also use our optional MiX 3D service to download and archive digital tachograph data as required by European law. This add-on has also been extended to accommodate regions with non-regulated driving hours legislation, such as the Middle East and Africa, allowing fleet operators to easily set their own driving hours rules and measure activity to reduce fatigue related incidents. |
◦ | MiX Journey Management, offers an easy-to-use electronic alternative to paper-based systems that ensures all risks relating to journeys are readily visible to decision makers when it matters most. MiX Journey Management suits fleet operators across diverse industries, and is ideal for those with large fleets of vehicles that travel long distances and carry passengers or cargo. |
◦ | MiX Go, is a mobile phone based task management solution for effective communication and engagement with mobile fieldworkers, combining all the benefits of navigation, tracking and template-driven e-forms. Managers can create tasks for their employees via the MiX Fleet Manager platform, and track the progress of these tasks from start to finish. |
• | Matrix. Our Matrix suite of mobile asset management solutions is designed for entry-level fleets and consumers. The Matrix range of solutions can provide real-time and historical vehicle tracking and positioning, unauthorized vehicle use alerts, panic emergency response, crash alerts, driver behavior alerts, fuel tax logbooks and vehicle maintenance notifications. Users can access their Matrix subscription functionality via a web-based interface or our mobile applications. |
• | Beam-e. Beam-e leverages our large network of subscribers as a crowdsourcing platform to locate vehicles without the expense of utilizing a traditional cellular network connection. Each Beam-e device communicates with other nearby devices in order to form a crowdsourced network that interfaces with our systems. Rental car companies, consumers and owners of high-value mobile assets can use Beam-e to provide entry-level tracking and recovery services at an upfront cost and monthly subscription price point that is well below the cost of traditional vehicle tracking solutions. We currently offer Beam-e in South Africa and are evaluating opportunities for expansion into other geographies which are similar to South Africa. |
• | MiX Asset Manager. We recently introduced a suite of wireless asset tracking products including MiX Tabs, which is a highly effective solution, based on our Beam-e technology. By keeping track of valuable assets including generators, light towers, storage tanks and pumps, our asset management solution allows for increased visibility of corporate assets, resulting in improved asset utilization and reduced loss. |
• | Vehicle tracking. Our vehicle tracking functionality allows our customers to pinpoint the exact locations of vehicles using real-time data. Notifications about vehicle activity and status are accessed through a web-based interface or our mobile applications. Our customers also have the ability to access historical tracking data for analysis. |
• | Location management. Our location management and geofencing features allow customers to easily designate geographic areas in which vehicles are allowed or not allowed to travel, or areas deemed dangerous or high risk. Customers receive notifications when a vehicle enters or exits unauthorized regions or locations. |
• | Vehicle security. Our vehicle security solution provides our customers with security options tailored to individual requirements. We offer vehicle tracking and recovery features, providing safety and security for our customers and their vehicles and helping to reduce the costs associated with theft. |
• | Reporting. We provide our customers with on-demand reports enabling access to a wide range of fleet data. Our reports contain detailed information about driver behavior, vehicle location, idle time, miles and hours driven, average speed, acceleration, crash analysis and vehicle diagnostics. We also offer premium data visualization and business intelligence tools. |
• | Regulatory compliance. Customers can use our solutions to assist in regulatory compliance, for example hours of service and fuel tax reporting. |
• | Vehicle and driver management. We provide functionality for customers to manage licenses, registrations, certifications, in-vehicle video monitoring and other vehicle and driver requirements. |
• | Messaging. With MiX Rovi and MiX Go, fleet operators can communicate efficiently and effectively with their drivers. Custom menus direct driver workflow, jobs and navigation, ensuring drivers arrive at the correct destination and improving communication between fleet operators and their drivers. |
• | Mobile access. We provide information to users via a variety of mobile platforms, including iOS and Android, and provide our customers with access to actionable business intelligence on their vehicles and mobile assets from the office or remotely. |
• | Application integration. Our software development kits allow our customers to integrate our applications with their existing enterprise software systems and allow for increased customization of our fleet reports, vehicle tracking alerts and location management features. |
• | Real time monitoring. We offer active real time driver behavior monitoring and risk management services. |
• | Globalized sales, distribution and support capabilities. We currently maintain a direct and indirect sales and support presence, with localized application support in multiple languages, in countries across Africa, Australasia, Europe, the Middle East, North America and South America. We believe our global presence gives us an important advantage in competing for business from multinational enterprise fleet customers such as Baker Hughes, Bechtel Corporation, BP, Chevron, DHL, G4S, Halliburton, LafargeHolcim, Nestlé, PepsiCo, Praxair, Scania, Schlumberger, Shell, The Linde Group, Total and Weatherford, who often prefer to consolidate disparate fleet management systems. |
• | Solutions adaptable to multiple customer segments. We believe that by leveraging our common core technologies, personnel and systems, we can cost-effectively develop and sell a range of subscription-based fleet and mobile asset management solutions that are designed to meet the functionality and price needs of multiple customer segments, including fleet operators and consumers. Our fleet management solutions include targeted functionality to address the distinct needs of key industry segments, including oil and gas, transportation and logistics, government and municipal, bus and coach, and rental and leasing, as well as for the needs of consumers. We believe that offering a range of subscription-based solutions maximizes our ability to serve the addressable market and offers an appealing value proposition to our customers, while distinguishing ourselves from competitors that offer a single, one-size-fits-all solution. |
• | Focus on safety and security. Most of our solutions incorporate safety and security features that enable our customers to enhance their drivers’ and passengers’ personal safety, encourage safe driving behavior and protect vehicle investments. We also offer web-based driver training, proactive journey management and other related services to provide a turnkey safety and security solution to manage risk and fatigue-related incidents. Our differentiated safety and security features have particularly strong appeal to customers in regulated industries, such as oil and gas, customers in industries exposed to liability concerns, such as bus and coach, and customers operating in high crime regions. We perform training and land transport assessments for customers to assist them in establishing and maintaining safety levels. We believe our safety and security offerings also help our customers to reduce operating costs associated with the training of drivers. |
• | Track record of innovation. Our investment in software development is core to our business strategy. Our software teams employ an agile software development methodology. We have made a significant investment in product development, and we have routinely been among the first to market with innovative solutions and features that cater to the needs of our customers. For example, in fiscal year 2016, we released MiX Insight Agility, an Iridium alternative |
• | Longstanding, established market position. We have a 22-year history, a geographically diverse sales and marketing footprint, a large established network of distributors and dealers, and a large base of satisfied customers. Our robust and referenceable customer base, including numerous Forbes Global 2000 enterprises, is a critical selling point to both large enterprise fleets and small fleet operators. |
• | Acquiring new customers and increasing sales to existing customers. We believe the market for fleet and mobile asset management solutions is large and growing, creating a significant opportunity for us to expand our customer base. Additionally, we believe we have the opportunity to expand our fleet management market share among our existing customer base by demonstrating our value proposition, growing with the customer, introducing new and innovative value-added solutions and displacing legacy fleet management solutions. |
• | Expanding our geographic presence. We market and distribute our solutions directly and through a global network of more than 120 dealers outside of South Africa. We are expanding our penetration in attractive geographic regions, such as Brazil, and continue to expand our network of strategic and sales distribution partners in other regions of the world. In addition to our primary hosted data centers that serve multiple geographies, we also established two hosted data centers in specific countries where local conditions require that the data be retained in-country. |
• | Broadening our customer segment focus. We currently have customers across numerous industry segments, with the resources of our direct sales organization focused on premium customers in certain key segments, including oil and gas, transportation and logistics, government and municipal, bus and coach, and rental and leasing. In the future, we may increase our product development initiatives and sales and distribution efforts in other industry segments, such as service fleets, and in other customer segments, such as small business fleets and as well as mobile asset management. We regularly evaluate opportunities to expand our target customer focus. |
• | Continuing to introduce new, innovative solutions to address market demand. In fiscal year 2016, we added Journey Management, MiX Insight Agility, MiX Go, an Iridium alternative in addition to our traditional Inmarsat Satcomms solution and extended our Hours of Service solution for non-regulated markets. In fiscal 2017, we introduced an innovative asset positioning system called MiX Tabs and extended our MiX Vision solution to support two additional external cameras. In fiscal year 2018, we extended our Hours of Service solution to support the requirements of the ELD legislation, revamped large parts of our back-end database system and completed the development of our new generation hardware platform which we plan to release in fiscal 2019. We are continually innovating and extending our solutions portfolio based on our assessment of market demand and trends. |
• | Pursuing strategic acquisitions. Our industry is highly fragmented. Including the OmniBridge acquisition, we have consummated six acquisitions worldwide since our listing on the JSE in November 2007. We intend to selectively evaluate acquisition opportunities in certain geographic regions and industry segments. |
• | Direct Sales. We focus our direct selling efforts on targeting, acquiring, servicing and upselling our premium solutions to large enterprise fleet operators and small fleet operators. We maintain sales offices in Australia, Brazil, South Africa, Thailand, Uganda, the United Arab Emirates, the United Kingdom and the United States. These offices sell directly to large enterprise fleet operators and small fleet operators in their respective regions and are also responsible for channel management of fleet solution distribution partners throughout their regions. Our sales and marketing approach with fleet customers is generally based on a combination of return on investment and the improvements in safety and security delivered by our solutions. Our South African sales offices also sell directly to consumers. |
• | Indirect Sales – Enterprise Fleet. We have over 130 fleet dealers supporting customers in approximately 120 countries worldwide. These dealers are responsible for sales, marketing, technical support, installation and training of customers in their regions. We operate a partner accreditation program in order to assure a consistent customer experience across our dealers worldwide. We also offer marketing and support services to our dealers in order to enhance their selling success. We believe our large network of dealers provides us with a geographically diverse, highly effective channel for reaching local customers in countries where we do not currently have a direct presence. |
• | Indirect Sales – Small Fleet Operators and Consumers. We currently manage a network of more than 900 distribution partners for our small fleet operator and consumer customers. Our distribution partners include automobile dealers, aftermarket automotive parts and service suppliers, automobile insurers and retailers. We believe our indirect distribution strategy for the small fleet operator and consumer markets provides us with a differentiated, cost-effective customer acquisition and sales model. |
• | Baker Hughes |
• | Barloworld |
• | Basic Energy |
• | Bidvest Group |
• | C&J Energy Services |
• | Chevron |
• | DHL |
• | Eskom |
• | Europcar |
• | G4S |
• | Go Ahead Group |
• | Halliburton |
• | PepsiCo |
• | Schlumberger |
• | Total |
• | Unitrans |
• | An extension to our Hours of Service solution to support the requirements of the ELD legislation in the United States. |
• | The revamp of a large part of our back-end database system to reduce cost while supporting scalability and growth. |
• | We completed the development of our new generation hardware platform which we will release in fiscal year 2019. |
• | More than 15 platform updates with enhancements and extensions to all major product lines including MiX Fleet Manager, MiX Hours of Service, MiX Insight Reports, MiX Journey Management and MiX Go. |
• | regional geographic expertise including localized language support and support for applicable government regulations; |
• | size of customer base and reference accounts within key industry segments; |
• | ability to deliver ongoing value and return on investment; |
• | ease of deployment and ease of use; |
• | relevant industry domain expertise and functionality; and |
• | the financial resources of the vendor. |
As of March 31, | ||||||||
2018 | 2017 | 2016 | ||||||
South Africa | 840 | 833 | 866 | |||||
United States | 58 | 51 | 62 | |||||
United Kingdom | 53 | 56 | 49 | |||||
United Arab Emirates | 34 | 47 | 52 | |||||
Australia | 35 | 36 | 37 | |||||
Brazil | 22 | 17 | 14 | |||||
Uganda | 4 | 5 | 5 | |||||
Romania | 5 | 10 | 3 | |||||
Thailand | 3 | 1 | 1 | |||||
Total | 1,054 | 1,056 | 1,089 | |||||
Full-time | 983 | 1,032 | 1,067 | |||||
Part-time | 71 | 24 | 22 | |||||
Total | 1,054 | 1,056 | 1,089 |
Property | Owned or Leased | Square Footage | |||
South Africa | |||||
Howick Close, Waterfall Park, Midrand, South Africa | Leased | 46,499 | |||
Howick Mews, Waterfall Park, Midrand, South Africa | Leased | 11,364 | |||
Blaauwklip Office Development & Park, Stellenbosch, South Africa | Owned | 17,158 | |||
Blaauwklip Office Development & Park, Stellenbosch, South Africa | Leased | 10,936 | |||
7/8 Holwood Crescent, La Lucia Ridge, South Africa | Leased | 6,953 | |||
Unit B6, Arden Grove, Montague Gardens, Cape Town, South Africa | Leased | 2,196 | |||
21 Van Rensburg Street, Nelspruit, South Africa | Leased | 915 | |||
United States | |||||
Suite 100 and 310, 750 Park of Commerce Blvd., Boca Raton, Florida, USA | Leased | 10,260 | |||
Suite 110, 16770 Imperial Valley Drive, Houston, Texas, USA | Leased | 2,500 | |||
Suite 27, 1181 S Rogers Circle, Boca Raton, Florida, USA | Leased | 2,326 | |||
United Kingdom | |||||
6170 & 6180, Birmingham Business Park, Solihull Parkway, Birmingham, UK | Leased | 5,280 | |||
Suites 39-40 Cherry Orchard North, Kembrey Park, Swindon, Wiltshire, UK | Leased | 2,906 | |||
Australia | |||||
Suite 3, 281 Hay Street, Subiaco, Australia | Leased | 5,091 | |||
Suite 1, 28 Fortescue Street, Spring Hill, Brisbane, Queensland, Australia | Leased | 1,679 | |||
United Arab Emirates | |||||
Building 6EA, Office 610, Dubai Airport, Freezone, Dubai, United Arab Emirates | Leased | 3,592 | |||
Brazil | |||||
543 Doutor Costa Junior Street, Sao Paulo, Brazil | Leased | 4,306 | |||
Thailand | |||||
9th Floor, 571 RSU Tower, Sukhumvit Road, Klong Ton Nue, Wattana, Bangkok, Thailand | Leased | 215 | |||
Uganda | |||||
7th Floor, Course View Towers, Kitane Road, Kampala, Uganda | Leased | 570 | |||
Romania | |||||
3rd floor, Office 314, Charles de Gaulle Plaza, 15th Charles de Gaulle Square, Sector 1, Bucharest, Romania | Leased | 91 |
Fiscal Year Ended March 31, | ||||||||||||||
2018 | 2018 | 2017 | 2016 | |||||||||||
(In thousands, unless otherwise indicated) | ||||||||||||||
Subscription revenue | $121,315 | R1,434,615 | R1,239,914 | R1,158,229 | ||||||||||
Subscription revenue growth (%) | 15.7 | % | 7.1 | % | 16.0 | % | ||||||||
Hardware and other revenue | 23,498 | 277,867 | 300,144 | 306,792 | ||||||||||
Hardware and other revenue decline (%) | (7.4 | %) | (2.2 | %) | (21.5 | %) | ||||||||
Total revenue | 144,813 | 1,712,482 | 1,540,058 | 1,465,021 | ||||||||||
Total revenue growth (%) | 11.2 | % | 5.1 | % | 5.4 | % | ||||||||
Operating profit | 18,178 | 214,952 | 137,862 | 139,084 | ||||||||||
Operating profit growth/(decline) (%) | 55.9 | % | (0.9 | %) | (7.2 | %) | ||||||||
Operating profit margin (%) | 12.6 | % | 9.0 | % | 9.5 | % | ||||||||
Adjusted EBITDA(1) | 37,366 | 441,866 | 301,613 | 277,215 | ||||||||||
Adjusted EBITDA growth/(decline) (%) | 46.5 | % | 8.8 | % | (2.0 | %) | ||||||||
Adjusted EBITDA margin (%) (1) | 25.8 | % | 19.6 | % | 18.9 | % | ||||||||
Profit for the year (2) | 15,323 | 181,193 | 121,441 | 182,491 | ||||||||||
Profit for the year growth/(decline) (%) | 49.2 | % | (33.5 | %) | 22.5 | % | ||||||||
Profit for the year margin (%) | 10.6 | % | 7.9 | % | 12.5 | % |
(1) | Adjusted EBITDA and Adjusted EBITDA margin are non-IFRS financial measures. See “Item 3A. Selected financial and operating data” for a description of this measure and a reconciliation to profit for the year. |
(2) | Profit for the year includes net foreign exchange losses of R5.1 million, net foreign exchange gains of R1.5 million and net foreign exchange gains of R144.0 million in fiscal years 2018, 2017 and 2016, respectively. |
Fiscal Year Ended March 31, | ||||||||||||||||
2018 | 2018 | 2017 | 2016 | |||||||||||||
(In thousands, except basic adjusted earnings per share and subscriber data) | ||||||||||||||||
Subscription revenue | $121,315 | R1,434,615 | R1,239,914 | R1,158,229 | ||||||||||||
Adjusted EBITDA | 37,366 | 441,866 | 301,613 | 277,215 | ||||||||||||
Basic adjusted earnings per share ($/R) | $0.02 | R0.28 | R0.17 | R0.11 | ||||||||||||
Subscribers | 676,866 | 676,866 | 622,062 | 566,177 |
Fiscal Year Ended March 31, | ||||||||||||||||
2018 | 2018 | 2017 | 2016 | |||||||||||||
(In thousands, except subscriber data) | ||||||||||||||||
Hardware revenue | $19,260 | R227,752 | R222,315 | R221,306 | ||||||||||||
% movement | 2.4 | % | 0.5 | % | (25.9 | %) | ||||||||||
% of total revenue | 13.3 | % | 14.4 | % | 15.1 | % | ||||||||||
Hardware gross margin % | 50.6 | % | 53.7 | % | 54.9 | % |
Fiscal Year Ended March 31, | ||||||||||||||
2018 | 2018 | 2017 | 2016 | |||||||||||
(In thousands, unless otherwise indicated) | ||||||||||||||
Subscription revenue | $121,315 | R1,434,615 | R1,239,914 | R1,158,229 | ||||||||||
Subscription revenue growth (%) | 15.7 | % | 7.1 | % | 16.0 | % | ||||||||
Total revenue | 144,813 | 1,712,482 | 1,540,058 | 1,465,021 | ||||||||||
Total revenue growth (%) | 11.2 | % | 5.1 | % | 5.4 | % | ||||||||
Operating expenses | (77,359 | ) | (914,813 | ) | (903,837 | ) | (887,876 | ) | ||||||
Operating expenses growth (%) | 1.2 | % | 1.8 | % | 11.9 | % | ||||||||
Operating profit | 18,178 | 214,952 | 137,862 | 139,084 | ||||||||||
Operating profit growth/(decline) (%) | 55.9 | % | (0.9 | %) | (7.2 | %) | ||||||||
Operating profit margin (%) | 12.6 | % | 9.0 | % | 9.5 | % | ||||||||
Adjusted EBITDA (1) | 37,366 | 441,866 | 301,613 | 277,215 | ||||||||||
Adjusted EBITDA growth/(decline) (%) | 46.5 | % | 8.8 | % | (2.0 | %) | ||||||||
Adjusted EBITDA margin (%) (1) | 25.8 | % | 19.6 | % | 18.9 | % |
(1) | Adjusted EBITDA and Adjusted EBITDA margin are non-IFRS financial measures. See “Item 3A. Selected financial and operating data” for a description of these measures and a reconciliation to operating profit, profit and profit margin for the year. |
Average exchange rate for Fiscal Year Ended March 31, | ||||||||
2018 | 2017 | 2016 | ||||||
South African Rand for U.S. Dollars (per $1.00) | 12.99 | 14.06 | 13.78 | |||||
% movement | (7.6 | %) | 2.0 | % | 24.6 | % | ||
South African Rand for British Pound (per £1.00) | 17.21 | 18.42 | 20.63 | |||||
% movement | (6.6 | %) | (10.7 | %) | 15.8 | % |
For the year ended March 31, | |||||||||||||||
2018 | 2018 | 2017 | 2016 | ||||||||||||
(In thousands, unless otherwise indicated) | |||||||||||||||
Revenue | $144,813 | R1,712,482 | R1,540,058 | R1,465,021 | |||||||||||
Cost of sales | (49,635 | ) | (586,963 | ) | (498,785 | ) | (439,305 | ) | |||||||
Gross profit | 95,178 | 1,125,519 | 1,041,273 | 1,025,716 | |||||||||||
Sales and marketing | (15,642 | ) | (184,978 | ) | (181,601 | ) | (203,767 | ) | |||||||
Administration and other charges (1) | (61,358 | ) | (725,589 | ) | (721,810 | ) | (682,865 | ) | |||||||
Operating profit | 18,178 | 214,952 | 137,862 | 139,084 | |||||||||||
Finance (cost)/income - net | (6 | ) | (69 | ) | 10,391 | 150,327 | |||||||||
Profit before taxation | 18,172 | 214,883 | 148,253 | 289,411 | |||||||||||
Taxation | (2,849 | ) | (33,690 | ) | (26,812 | ) | (106,920 | ) | |||||||
Profit for the year | $15,323 | R181,193 | R121,441 | R182,491 | |||||||||||
Attributable to: | |||||||||||||||
Owners of the parent | $15,318 | 181,134 | 121,458 | 182,989 | |||||||||||
Non-controlling interests | 5 | 59 | (17 | ) | (498 | ) | |||||||||
$15,323 | R181,193 | R121,441 | R182,491 |
(1) | Includes other income/(expenses) – net. |
For the year ended March 31, | ||||||||||||||
2018 | 2018 | 2017 | % Change | |||||||||||
(In thousands, except for percentages) | ||||||||||||||
Subscription revenue | $121,315 | R1,434,615 | R1,239,914 | 15.7 | % | |||||||||
Hardware sales | 19,260 | 227,752 | 222,315 | 2.4 | % | |||||||||
Driver training, installation and other | 4,238 | 50,115 | 77,829 | (35.6 | %) | |||||||||
$144,813 | R1,712,482 | R1,540,058 | 11.2 | % |
• | Subscription revenue grew by R194.7 million, or 15.7% from fiscal year 2017 to fiscal year 2018. Subscription revenue represented 83.8% of our total revenue for fiscal year 2018 compared to 80.5% for the prior year. Our growth in subscription revenue is primarily attributable to both an increase in subscribers, which increased by 8.8% from 622,062 at March 31, 2017, to 676,866 at March 31, 2018 and an increase in average revenue per user (“ARPU”). We again saw ARPU expansion in certain regions such as Africa, Brazil and the Americas, where our fleet ARPUs have continued to increase as a result of bundled deals. Further information in this regard is shown below as part of the discussion of third party revenue and subscription revenue by geography. The growth in Subscription revenue was offset by a decline of R39.9 million or 3.2% as a result of the stronger South African Rand. On a constant currency basis, subscription revenue increased by 18.9% from fiscal year 2017 to fiscal year 2018. |
• | Hardware revenue increased by R5.4 million, or 2.4%, from fiscal year 2017 to fiscal year 2018. The increase in hardware revenues in fiscal year 2018 mainly resulted from the European segment, where hardware revenue was R12.9 million higher in fiscal year 2018 than in fiscal year 2017, due to increased sales through both the continental Europe and North African dealer channels. With the exception of Europe and Africa, where hardware revenue was higher, all of the other operating segments recognized lower hardware revenues in fiscal year 2018. |
• | Driver training, installation and other revenue declined by R27.7 million, or 35.6%, from fiscal year 2017 to fiscal year 2018. The decrease is primarily related to a decline in installation revenue of R8.4 million in Australia, a decline in driver training revenue of R7.2 million in the Middle East segment and a decline in other revenue of R8.1 million in the Africa segment. |
For the Year Ended March 31, | ||||||||||||||||||||||||
2018 | 2018 | 2017 | 2018 | 2018 | 2017 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Total Revenue | Subscription Revenue | |||||||||||||||||||||||
Africa | $80,968 | R957,478 | R859,169 | $73,794 | R872,646 | R772,224 | ||||||||||||||||||
Americas | 19,246 | 227,605 | 160,419 | 16,480 | 194,890 | 121,462 | ||||||||||||||||||
Middle East and Australasia | 23,565 | 278,665 | 304,450 | 16,933 | 200,241 | 199,474 | ||||||||||||||||||
Europe | 16,343 | 193,260 | 177,331 | 9,742 | 115,199 | 113,223 | ||||||||||||||||||
Brazil | 4,601 | 54,430 | 37,811 | 4,290 | 50,735 | 32,653 | ||||||||||||||||||
CSO | 90 | 1,044 | 878 | 76 | 904 | 878 | ||||||||||||||||||
Total | $144,813 | R1,712,482 | R1,540,058 | $121,315 | R1,434,615 | R1,239,914 |
For the year ended March 31, | ||||||||||||||
2018 | 2018 | 2017 | % Change | |||||||||||
(In thousands, except for percentages) | ||||||||||||||
Cost of sales | $49,635 | R586,963 | R498,785 | 17.7 | % | |||||||||
Gross profit margin | 65.7 | % | 65.7 | % | 67.6 | % | ||||||||
Gross profit margin - subscription | 70.1 | % | 70.1 | % | 72.7 | % | ||||||||
Gross profit margin - hardware | 50.6 | % | 50.6 | % | 53.7 | % |
For the year ended March 31, | |||||||||||
2018 | 2018 | 2017 | % Change | ||||||||
(In thousands, except for percentages) | |||||||||||
Taxation | $2,849 | R33,690 | R26,812 | 25.7 | % | ||||||
Effective tax rate | 15.7 | % | 15.7 | % | 18.1 | % |
For the year ended March 31, | ||||||||||
2017 | 2016 | % Change | ||||||||
(In thousands, except for percentages) | ||||||||||
Subscription revenue | R1,239,914 | R1,158,229 | 7.1 | % | ||||||
Hardware sales | 222,315 | 221,306 | 0.5 | % | ||||||
Other | 77,829 | 85,486 | (9.0 | %) | ||||||
R1,540,058 | R1,465,021 | 5.1 | % |
• | Subscription revenue, which grew by R81.7 million, or 7.1%. Subscription revenue represented 80.5% of our total revenue for fiscal year 2017 compared to 79.1% for the prior year. Our growth in subscription revenue was primarily attributable to an increase in subscribers, which increased by 9.9% from 566,177 at March 31, 2016, to 622,062 at March 31, 2017, and the effect of the weaker South African Rand, which added R5.3 million, or 0.5%, to our subscription revenue as a result of translating the results of our foreign operations to South African Rand at a higher average rate in the 2017 fiscal year (refer to “Factors Affecting our Performance” above). Overall, there was no significant fluctuation in our ARPU, on a constant currency basis. In certain regions, particularly Brazil and the Americas, our fleet ARPUs have started to increase as a result of higher levels of bundled deals. Further information in this regard is shown below as part of the discussion of third party revenue and subscription revenue by geography. |
• | Hardware revenue increased marginally by R1.0 million, or 0.5%, from fiscal year 2016 to fiscal year 2017. Due to certain large enterprise fleet orders received, hardware revenue was R12.5 million higher than in fiscal year 2016 in our Europe segment. With the exception of Europe and Brazil, where hardware revenue was marginally higher, all the other operating segments recognized lower hardware revenues in fiscal year 2017. |
• | Other revenue declined by R7.7 million, or 9.0%, from fiscal year 2017 to fiscal year 2016. The decrease is primarily related to a decline in installation revenue of R7.7 million, mainly resulting from the Africa segment. |
For the Year Ended March 31, | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
(In thousands) | ||||||||||||||||
Total Revenue | Subscription Revenue | |||||||||||||||
Africa | R859,169 | R807,907 | R772,224 | R711,208 | ||||||||||||
Europe | 177,331 | 161,987 | 113,223 | 110,251 | ||||||||||||
Americas | 160,419 | 156,940 | 121,462 | 115,413 | ||||||||||||
Middle East and Australasia | 304,450 | 313,927 | 199,474 | 202,163 | ||||||||||||
Brazil | 37,811 | 23,129 | 32,653 | 18,063 | ||||||||||||
CSO | 878 | 1,131 | 878 | 1,131 | ||||||||||||
Total | R1,540,058 | R1,465,021 | R1,239,914 | R1,158,229 |
For the year ended March 31, | ||||||||||
2017 | 2016 | % Change | ||||||||
(In thousands, except for percentages) | ||||||||||
Cost of sales | R498,785 | R439,305 | 13.5 | % | ||||||
Gross profit margin | 67.6 | % | 70.0 | % | ||||||
Gross profit margin - subscription | 72.7 | % | 75.8 | % | ||||||
Gross profit margin - hardware | 53.7 | % | 54.9 | % |
For the year ended March 31, | ||||||||
2017 | 2016 | % Change | ||||||
(In thousands, except for percentages) | ||||||||
Taxation | R26,812 | R106,920 | (74.9 | %) | ||||
Effective tax rate | 18.1 | % | 36.9 | % |
• | assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position; |
• | income and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); |
• | all resulting exchange differences are recognized in other comprehensive income; and |
• | equity items are measured in terms of historical cost at the time of recording, translated at the rate on the date of recording and are not retranslated to closing rates at reporting dates. |
– | Capitalized commission asset with a net book value of between R43.0 million and R48.0 million; and |
– | Additional recurring commission liability of between R6.0 million and R8.0 million. |
– | Right-of-use asset with a net book value of between R29.0 million and R32.0 million |
– | Lease liability (net of accruals/prepayments already recognized) of between R31.0 million and R35.0 million. |
IFRS 9 Assets | (R2.0 million to R4.0 million) |
IFRS 15 Assets | R44.0 million to R50.0 million |
IFRS 16 Assets | R29.0 million to R32.0 million |
Total Assets | R71.0 million to R78.0 million |
IFRS 15 Liabilities | R7.0 million to R11.0 million |
IFRS 16 Liabilities | R31.0 million to R35.0 million |
Deferred tax liabilities | R6.0 million to R10.0 million |
Total liabilities | R44.0 million to R56.0 million |
Net increase in retained income | R22.0 million to R27.0 million |
Fiscal Year Ended March 31, | ||||||||||||||||
2018 | 2018 | 2017 | 2016 | |||||||||||||
(In thousands) | ||||||||||||||||
Cash generated from operating activities | $29,869 | R353,208 | R323,571 | R240,434 | ||||||||||||
Cash used in investing activities | (28,931 | ) | (342,135 | ) | (292,894 | ) | (249,714 | ) | ||||||||
Cash used in financing activities | (5,286 | ) | (62,494 | ) | (519,576 | ) | (223,229 | ) | ||||||||
Effects of exchange rate (losses)/gains on cash | (1,216 | ) | (14,374 | ) | (15,530 | ) | 165,856 | |||||||||
Net decrease in cash and cash equivalents | ($5,564 | ) | (R65,795 | ) | (R504,429 | ) | (R66,653 | ) |
Fiscal Year Ended March 31, | ||||||||||||
2018 | 2018 | 2017 | ||||||||||
(In thousands) | ||||||||||||
Cash and cash equivalents, net of overdrafts | $24,569 | R290,538 | R356,333 |
For the Quarter Ended, | ||||||||||||||||||||||||
Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | |||||||||||||||||
Subscription Revenue (R’000) | 373,623 | 376,364 | 349,262 | 335,367 | 321,708 | 310,695 | 301,337 | 306,174 | ||||||||||||||||
Subscribers | 676,866 | 664,816 | 640,158 | 625,602 | 622,062 | 605,317 | 584,994 | 577,950 |
Total | Less than 1 Year | 1 – 3 Years | 3 – 5 Years | More than 5 Years | |||||||||||||||
(In thousands) | |||||||||||||||||||
Operating lease obligations | R27,778 | R14,625 | R10,894 | R2,259 | — | ||||||||||||||
Approved and committed capital commitments | 28,647 | 28,647 | — | — | — | ||||||||||||||
Outstanding purchase obligations | 23,663 | 23,579 | 84 | — | — | ||||||||||||||
Total | R80,088 | R66,851 | R10,978 | 2,259 | — |
Name | Age | Position | ||
Senior Management | ||||
Stefan Joselowitz | 59 | President and Chief Executive Officer / Director | ||
Paul Dell | 36 | Interim Chief Financial Officer / Director | ||
Charles Tasker | 54 | Chief Operating Officer / Director | ||
Catherine Lewis | 43 | Executive Vice President — Technology | ||
Gert Pretorius | 50 | Executive Vice President — Africa | ||
Non-Executive Directors | ||||
Robin Frew | 58 | Chairman | ||
Enos Banda | 52 | Director | ||
Richard Bruyns | 65 | Director | ||
Fundiswa Roji-Maplanka | 42 | Director | ||
Ian Jacobs | 41 | Director | ||
Anthony Welton | 70 | Director |
Annual Fee | ||||
Description | (In thousands) | |||
Director’s fee | R330 | |||
Audit and Risk Committee member * | 170 | |||
Nominations and Remuneration Committee member * | 70 | |||
Social and Ethics Committee member * | 55 | |||
Chairman of the Board * | 360 | |||
Lead Independent Director * | 240 | |||
Chairman of the Audit and Risk Committee ** | 240 | |||
Chairman of the Nominations and Remuneration Committee ** | 105 | |||
Chairman of the Social and Ethics Committee ** | 100 |
Fiscal Year ended March 31, | |||||||
2018 | 2018 | ||||||
Non-Executive Directors | (In thousands) | ||||||
Richard Bruyns (1) | $65 | R773 | |||||
Enos Banda | 41 | 486 | |||||
Christopher Ewing (1) (2) | 29 | 348 | |||||
Robin Frew (1) | 63 | 746 | |||||
Ian Jacobs | 33 | 386 | |||||
Anthony Welton | 52 | 614 | |||||
Fundiswa Roji-Maplanka (3) | 25 | 292 | |||||
Sub-total | 308 | 3,645 | |||||
Value-added tax (1) | 22 | 266 | |||||
Total | $330 | R3,911 |
(1) | Value-added tax included as part of certain invoices received. Directors’ fees shown exclude value-added tax. |
(2) | Resigned from the Board with effect from November 7, 2017. |
(3) | Appointed to the Board with effect from October 3, 2017. |
• | total rewards are set at levels that are considered to be responsible and competitive within the relevant market; |
• | total incentive-based rewards are earned through the achievement of demanding growth and return targets consistent with shareholder interests over the short, medium and long-term: |
• | Incentive plans, performance measures and targets are structured to operate soundly throughout the business cycle; and |
• | the design of long-term incentive plans is prudent and does not expose shareholders to unreasonable financial risk. |
• | basic salary and travel allowances; |
• | bi-annual incentive bonuses; |
• | share incentive plans; and |
• | retirement and other benefits including group life and health insurance. |
Fiscal Year ended March 31, 2018 | ||||||||||||||||||||
Salary and Allowances (2) | Other Benefits (3) | Retirement Benefits | Performance Bonuses (4) | Total | ||||||||||||||||
Executives (1) | (In thousands) | |||||||||||||||||||
Stefan Joselowitz (5) | R6,841 | — | — | R6,737 | R13,578 | |||||||||||||||
Charles Tasker (5) | 5,393 | — | — | 4,133 | 9,526 | |||||||||||||||
Paul Dell | 1,844 | 100 | 71 | 1,750 | 3,765 | |||||||||||||||
Gert Pretorius | 2,573 | 268 | 433 | 3,299 | 6,573 | |||||||||||||||
Catherine Lewis | 2,570 | 122 | 130 | 2,603 | 5,425 | |||||||||||||||
Total | R19,221 | R490 | R634 | R18,522 | R38,867 |
(1) | Each of the listed executives is party to an employment contract with us as described in “Executive Employment Contracts”. |
(2) | Allowances include cost of living and travel allowances. |
(3) | Other benefits represent group life and health insurance. |
(4) | Performance bonuses are based on actual amounts paid during the financial year. |
(5) | Individual paid in U.S. Dollars. The amounts paid to individuals in U.S. Dollars have been translated into South African Rand at the exchange rate applicable at the time of payment. |
Share options | November 7, 2012 (In thousands) | September 10, 2014 (In thousands) | Total (In thousands) | ||||||
Stefan Joselowitz (1) | 2,500 | — | 2,500 | ||||||
Charles Tasker (1) | 2,000 | 1,500 | 3,500 | ||||||
Gert Pretorius | 1,100 | 1,000 | 2,100 | ||||||
Catherine Lewis | — | 1,000 | 1,000 | ||||||
5,600 | 3,500 | 9,100 | |||||||
Option strike price (cents per share) | 246 | 411 | |||||||
JSE share price on grant date (cents per share) | 300 | 411 | |||||||
Expiry date | November 7, 2018 | September 10, 2020 | |||||||
Performance conditions | |||||||||
Minimum shareholder return of | 10 | % | 10 | % |
SARs | August 31, 2015 000s | May 30, 2016 000s | November 24, 2016 000s | May 30, 2017 000s | Total 000s | |||||||
Stefan Joselowitz (1) | 1,000 | 1,000 | — | 1,100 | 3,100 | |||||||
Charles Tasker (1) | 750 | 750 | 875 | 1,100 | 3,475 | |||||||
Paul Dell (1) | 200 | 200 | 875 | 1,100 | 2,375 | |||||||
Gert Pretorius | 500 | 500 | 875 | 1,100 | 2,975 | |||||||
Catherine Lewis | 500 | 500 | 875 | 1,100 | 2,975 | |||||||
2,950 | 2,950 | 3,500 | 5,500 | 14,900 | ||||||||
JSE share price on grant date (cents per share) | 319 | 289 | 328 | 345 | ||||||||
Expiry date | August 31, 2021 | May 30, 2022 | November 24, 2022 | May 30, 2023 | ||||||||
Performance conditions | ||||||||||||
Minimum shareholder return of | 10 | % | 10 | % | 10 | % | 10 | % |
• | Executives are eligible to receive, in addition to their annual cost to company salary package, an annual performance bonus that will be paid out on a semi-annual basis. The amount of the annual bonus varies from year to year and is determined by our Nominations and Remuneration Committee. Executives are entitled to participate in our equity incentive plans, and are provided with a mobile phone for business use. Certain broadband costs are also paid by us. |
• | Employment may be terminated at any time if executives are found guilty of misconduct or have committed a breach of a material obligation under the employment agreement. Contracts may also be terminated if executives consistently perform poorly, are incompatible with our culture or become incapacitated and unable to perform. |
• | The inclusion of confidentiality, assignment of inventions and restraint of trade agreements. |
• | Stefan Joselowitz. Stefan Joselowitz is paid an annual cost to company salary package of $536,954. |
• | Paul Dell. Paul Dell is paid an annual cost to company salary package of R2,120,000 ($179,274). |
• | Charles Tasker. Charles Tasker is paid an annual cost to company salary package of $423,300. |
• | Gert Pretorius. Gert Pretorius is paid an annual cost to company salary package of R3,605,000 ($304,850). |
• | Catherine Lewis. Catherine Lewis is paid an annual cost to company salary package of R2,991,357 ($252,958). |
• | advance expenses to a director, or directly or indirectly indemnify a director in respect of the defense of legal proceedings, as set forth in Section 78(4) of the Companies Act of South Africa; |
• | indemnify a director in respect of liability as set forth in Section 78(5) of the Companies Act; and |
• | purchase insurance to protect us or a director as set forth in Section 78(7) of the Companies Act. |
Non-Executive Director | Initial appointment to the Board of Directors | Year Current Term Expires | ||
Richard Bruyns | August 2007 | 2018* | ||
Enos Banda | May 2013 | 2019 | ||
Fundiswa Roji-Maplanka (1) | October 2017 | 2020 | ||
Robin Frew | January 1996 | 2019 | ||
Anthony Welton | February 2008 | 2020 | ||
Ian Jacobs | June 2016 | 2018* | ||
Executive Director | ||||
Stefan Joselowitz | January 1996 | Indefinite | ||
Paul Dell | February 2017 | Indefinite | ||
Charles Tasker | August 2007 | Indefinite |
* | Proposed re-election to be approved by shareholders at our annual general meeting to be held on September 26, 2018. |
(1) | Appointed to the board with effect from October 3, 2017. Appointment to be confirmed by shareholders at our annual general meeting to be held on September 26, 2018. |
• | reviewing internal control systems developed by management; |
• | evaluating the effectiveness of the internal audit process in terms of its scope, execution, coverage, independence, skills, performance and position within the organization; |
• | reviewing internal controls over financial reporting, which include disclosure controls and procedures; |
• | evaluation of the effectiveness of the internal control frameworks and reviewing whether recommendations made by the external and internal auditors and advisers have been implemented; |
• | considering the security of our computer systems and evaluating contingency plans in the event of systems breakdowns and disasters; |
• | annually recommending the appointment of a registered and independent external auditor and determining the scope of engagement, fees and considering their independence; |
• | overseeing the financial reporting process and reviewing the quarterly results announcements, interim financial statements, annual financial statements, the annual report, SEC filings including the Form 20-F, preliminary announcements and special documents prior to release; |
• | reviewing, with management and the external auditor, the financial statements, key accounting policies, practices and estimates, any changes to accounting policies and estimates and judgements, significant adjustments, unadjusted differences and any disagreements; |
• | reviewing processes to ensure that reliable and efficient risk management strategies (including a combined assurance model), policies and risk insurance programs are in place; and |
• | reviewing the process for monitoring compliance with laws and regulations, including the King IV Report on Corporate Governance in South Africa. |
• | overseeing that the Company’s remuneration strategy is market-related, competitive and business relevant in order to attract, retain and motivate diverse talent required to drive the desired behavior; |
• | reviewing and approving the Company’s Remuneration Policy and Implementation Report, based on principles of fair, responsible and transparent remuneration and as required by the King IV Report on Corporate Governance in South Africa; |
• | attending to the remuneration and benefits of senior executives and executive directors; |
• | advising on non-executive directors’ fees and fees for those directors who are members of Board committees, which are approved by shareholders at the annual general meeting; |
• | advising on senior executive and executive director appointments; |
• | reviewing succession planning at the executive level; |
• | confirming the share incentive plan and the allocation of awards under the plan; and |
• | selecting and recommending candidates for appointment to our Board of Directors. |
• | social and economic development, including our standing in terms of the goals and purposes of: (a) the ten principles set out in the United Nations Global Compact Principles; (b) the Organization for Economic Cooperation and Development recommendations regarding corruption; (c) the South African Employment Equity Act; and (d) the B-BBEE Act; |
• | good corporate citizenship; |
• | the environment, health and public safety, including the impact of our activities, products and services; |
• | consumer relationships, including our advertising, public relations and compliance with consumer protection laws; |
• | reviewing the process for monitoring compliance with laws, regulations and our Code of Ethics and Conduct; and |
• | labor and employment, including our standing in terms of the International Labor Organization Protocol on decent work and working conditions, our employment relationships and our contribution toward the educational development of our employees. |
As of March 31, | ||||||||
2018 | 2017 | 2016 | ||||||
South Africa | 840 | 833 | 866 | |||||
United States | 58 | 51 | 62 | |||||
United Kingdom | 53 | 56 | 49 | |||||
United Arab Emirates | 34 | 47 | 52 | |||||
Australia | 35 | 36 | 37 | |||||
Brazil | 22 | 17 | 14 | |||||
Uganda | 4 | 5 | 5 | |||||
Romania | 5 | 10 | 3 | |||||
Thailand | 3 | 1 | 1 | |||||
Total | 1,054 | 1,056 | 1,089 | |||||
Full-time | 983 | 1,032 | 1,067 | |||||
Part-time | 71 | 24 | 22 | |||||
Total | 1,054 | 1,056 | 1,089 |
June 15, 2018 | ||||||
Number of ordinary shares beneficially owned (In thousands) | Percentage of beneficial ownership | |||||
Non-executive | ||||||
Richard Bruyns (1) | 3,697 | * | ||||
Enos Banda | — | — | ||||
Robin Frew (2) | 63,847 | 11.3 | % | |||
Anthony Welton (3) | — | — | ||||
Fundiswa Roji-Maplanka | — | — | ||||
Ian Jacobs (4) | 241 | * | ||||
Executive | ||||||
Stefan Joselowitz (5) | 28,842 | 5.1 | % | |||
Charles Tasker (6) | 4,807 | * | ||||
Gert Pretorius (7) | 1,938 | * | ||||
Catherine Lewis (8) | 2,025 | * | ||||
Paul Dell | 1 | * | ||||
All directors and executive officers as a group (9) | 105,398 | 18.7 | % |
(1) | Includes 3,696,563 ordinary shares held by IS Wealth Creator SPI SR Bruyns. IS Wealth Creator SPI SR Bruyns is an endowment policy entity owned by Richard Bruyns. Voting and investment power over the ordinary shares held by IS Wealth Creator SPI SR Bruyns is exercised by Richard Bruyns. |
(2) | Includes 60,410,880 ordinary shares held by Masalini Capital Proprietary Limited and 799,366 ordinary shares held by Masalini Investments No. 3 Proprietary Limited. Masalini Capital Proprietary Limited is 100% owned by the Masalini Trust (previously known as the Robin Frew Family Trust), of which Robin Frew is one of three trustees and a beneficiary. Voting and investment power over the ordinary shares held by Masalini Capital Proprietary Limited is exercised by majority consent of Robin Frew and the other trustees, Philip Kilroe and Juanita Lou Koster. Voting and investment power over the ordinary shares held by Masalini Investments No. 3 Proprietary Limited is exercised by Robin Frew. Includes 2,637,040 ordinary shares held by Thynk Capital Proprietary Limited (“Thynk”). Thynk is now wholly owned by Robin Frew and he is also the sole director and therefore has full voting and investment power over the shares owned by Thynk. Excludes 70,261,440 ordinary shares held by the GAF Family Trust, as to which Robin Frew disclaims beneficial ownership as he is a discretionary beneficiary but not a trustee. |
(3) | Excludes 235,000 ordinary shares owned by Anthony Welton’s spouse, as to which he disclaims beneficial ownership. |
(4) | Ian Jacobs disclaims beneficial ownership with respect to any shares other than the shares owned directly and of record by Ian Jacobs. |
(5) | Includes options to purchase 2,500,000 ordinary shares that are currently or will be exercisable within 60 days after June 15 2018, provided that the performance conditions in respect of minimum shareholder return have been met. |
(6) | Includes options to purchase 2,750,000 ordinary shares that are currently or will be exercisable within 60 days after June 15, 2018, provided that the performance conditions in respect of minimum shareholder return have been met. Excludes 2,428,154 shares held by his spouse, to which Charles Tasker disclaims beneficial ownership. |
(7) | Includes options to purchase 1,600,000 ordinary shares that are currently or will be exercisable within 60 days after June 15, 2018, provided that the performance conditions in respect of minimum shareholder return have been met. |
(8) | Includes options to purchase 500,000 ordinary shares that are currently or will be exercisable within 60 days after June 15, 2018, provided that the performance conditions in respect of minimum shareholder return have been met. |
(9) | Includes options to purchase 7,350,000 ordinary shares that are currently or will be exercisable within 60 days after June 15, 2018, provided that the performance conditions in respect of minimum shareholder return have been met. |
Name of beneficial owner (1) | Total shareholding | % of shares in issue (2) | ||||
GAF Trust (3) | 70,261,440 | 11.6 | % | |||
Masalini Capital Proprietary Limited (4) | 60,410,880 | 10.0 | % | |||
MiX Telematics Investments Proprietary Limited (5) | 40,000,000 | 6.6 | % |
(1) | Shares shown in the table above include shares held in the beneficial owner’s name or jointly with others, or in the name of a bank, nominee or trustee for the beneficial owner’s account. |
(2) | The percentages shown are based on 604,586,438 ordinary shares issued and outstanding as of June 15, 2018. |
(3) | Liane Frew, an immediate family member of Robin Frew, is one of three trustees of the GAF Trust. The other trustees of the GAF Trust are Michael Bloom and David Nathan. Voting and investment power over the ordinary shares held by the GAF Trust is exercised by the majority consent of the trustees. |
(4) | Masalini Capital Proprietary Limited is 100% owned by the Masalini Trust (previously known as the Robin Frew Family Trust), of which Robin Frew is one of three trustees and a beneficiary. Voting and investment power over the ordinary shares held by Masalini Capital Proprietary Limited is exercised by majority consent of Robin Frew and the other trustees, Philip Kilroe and Juanita Lou Koster. |
(5) | 40,000,000 treasury shares are held by MiX Telematics Investments Proprietary Limited, a wholly owned subsidiary of the Group. |
JSE (“MIX”) | Average daily trading volume (1) | ||||||||
High | Low | ||||||||
(R) | (in shares) | ||||||||
Fiscal year ended March 31, | |||||||||
2018 | 7.51 | 2.92 | 385,715 | ||||||
2017 | 4.25 | 2.25 | 456,282 | ||||||
2016 | 3.90 | 2.10 | 250,250 | ||||||
2015 | 4.75 | 2.67 | 310,704 | ||||||
2014 | 6.50 | 3.10 | 323,455 | ||||||
Fiscal quarter ended | |||||||||
March 31, 2018 | 7.51 | 5.49 | 189,578 | ||||||
December 31, 2017 | 6.59 | 5.10 | 568,460 | ||||||
September 30, 2017 | 5.45 | 4.00 | 347,568 | ||||||
June 30, 2017 | 4.15 | 2.92 | 436,560 | ||||||
March 31, 2017 | 4.25 | 3.23 | 391,882 | ||||||
December 31, 2016 | 3.70 | 3.10 | 139,680 | ||||||
September 30, 2016 | 3.52 | 2.60 | 821,816 | ||||||
June 30, 2016 | 3.10 | 2.25 | 460,997 | ||||||
Month | |||||||||
June 2018 (through June 15, 2018) | 10.35 | 9.66 | 361,020 | ||||||
May 2018 | 9.99 | 8.44 | 545,512 | ||||||
April 2018 | 8.44 | 7.29 | 420,627 | ||||||
March 2018 | 7.51 | 6.00 | 415,380 | ||||||
February 2018 | 6.67 | 5.68 | 94,632 | ||||||
January 2018 | 6.60 | 5.49 | 70,618 | ||||||
December 2017 | 6.59 | 6.00 | 459,709 |
Source: | JSE |
NYSE (“MIXT”) | Average daily trading volume (1) | ||||||||
High | Low | ||||||||
($) | (in ADSs) | ||||||||
Fiscal year ended March 31, | |||||||||
2018 | 16.03 | 5.72 | 73,411 | ||||||
2017 | 8.02 | 3.79 | 46,321 | ||||||
2016 | 8.13 | 3.40 | 36,616 | ||||||
2015 | 11.70 | 5.49 | 39,273 | ||||||
2014 (from August 9, 2013) | 18.12 | 10.29 | 100,382 | ||||||
Fiscal quarter ended | |||||||||
March 31, 2018 | 16.03 | 11.46 | 91,921 | ||||||
December 31, 2017 | 12.95 | 9.69 | 62,227 | ||||||
September 30, 2017 | 9.94 | 7.66 | 80,230 | ||||||
June 30, 2017 | 8.25 | 5.72 | 59,852 | ||||||
March 31, 2017 | 8.02 | 6.30 | 98,913 | ||||||
December 31, 2016 | 6.74 | 5.74 | 27,948 | ||||||
September 30, 2016 | 6.39 | 4.52 | 28,833 | ||||||
June 30, 2016 | 5.18 | 3.79 | 30,946 | ||||||
Month | |||||||||
June 2018 (through June 15, 2018) | 20.08 | 17.65 | 174,091 | ||||||
May 2018 | 20.69 | 16.77 | 146,636 | ||||||
April 2018 | 16.90 | 15.43 | 87,281 | ||||||
March 2018 | 16.03 | 13.38 | 149,676 | ||||||
February 2018 | 14.00 | 12.68 | 78,868 | ||||||
January 2018 | 12.74 | 11.46 | 45,976 | ||||||
December 2017 | 12.95 | 11.11 | 58,620 |
Source: | NYSE |
(1) | Calculated based on the total volume traded over the number of trading days during the respective period. |
• | Agreement of Lease, dated October 2, 2007, between Thynk Industrial One Proprietary Limited and Matrix Vehicle Tracking Proprietary Limited (now MiX Telematics Africa Proprietary Limited) and the addendums thereto, the last of which took effect on April 1, 2017 (Exhibit numbers 4.3 and 4.15) |
• | Updated Terms and Conditions of Employment of Stefan Joselowitz, dated November 18, 2008 (Exhibit number 4.4) |
• | Offer of Employment and Standard Terms and Conditions, dated December 7, 2009, between the Company and Megan Pydigadu (Exhibit number 4.5) |
• | Standard Terms and Conditions of Employment, dated January 1, 2012, between the Company and Brendan Patrick Horan (Exhibit number 4.6) |
• | Restraint of Trade, dated January 1, 2012, between the Company and Brendan Patrick Horan (Exhibit number 4.7) |
• | Standard Terms and Conditions of Employment, effective October 1, 2016, between the Company and Gert Pretorius (Exhibit number 4.8) |
• | Restraint of Trade, dated January 1, 2012, between the Company and Gert Pretorius (Exhibit number 4.9) |
• | Standard Terms and Conditions of Employment, dated December 1, 2013, between the Company and Catherine Lewis (Exhibit number 4.14) |
• | Executive Employment Agreement entered into between the Company and Paul Dell, dated February 22, 2017 (Exhibit number 4.17) |
• | Restraint of Trade entered into between the Company and Paul Dell, dated February 22, 2017 (Exhibit number 4.18) |
• | Updated Terms and Conditions of Employment, effective April 1, 2017, between the Company and Charles Tasker (Exhibit number 4.19) |
• | Facility Letter, dated February 25, 2013, between The Standard Bank of South Africa Limited and the Company (Exhibit number 4.10) |
• | Facility Letter, dated March 25, 2013, between Nedbank Limited and MiX Telematics Africa Proprietary Limited (Exhibit number 4.11) |
• | Provision of Cellular Telephony Network Services Agreement, effective August 1, 2000, between Mobile Telephone Networks Proprietary Limited (“MTN”) and MiX Telematics Africa Proprietary Limited (“MiX Africa”), as amended by an addendum effective July 10, 2012 (Exhibit number 4.12) |
• | Agreement, effective October 1, 2017, between MiX Telematics Africa Proprietary Limited (“MiX Africa”) and Super Group Trading Proprietary Limited (“Super Group”) (Exhibit number 4.13) |
• | AWS Customer Agreement, effective October 1, 2014, between Amazon Web Services, Inc. (“AWS”) and MiX Telematics International Proprietary Limited (“MiX International”)(Exhibit number 4.20). |
• | Transfers of up to R2 billion per annum from the parent company (MiX Telematics Limited) to MiX Investments will be allowed without prior approval being required from the FSD. These amounts may be freely deployed to fund our foreign operations. Additional amounts will be subject to prior approval from the FSD; |
• | MiX Investments will be allowed to freely raise and deploy capital offshore, provided these funds are without recourse to South Africa. Additional domestic capital (i.e. in excess of the R2 billion per annum referred to above) and guarantees will be allowed to fund foreign direct investments in accordance with the current foreign direct investment allowance. This allowance is discussed in the foreign investments section; |
• | MiX Investments will be allowed to operate as our cash management center and cash pooling will be allowed without limitations; |
• | Local income generated from cash management will be freely transferable; and |
• | MiX Investments may operate foreign currency accounts as well as South African Rand-denominated accounts. |
• | Such individual is “ordinarily resident” in South Africa. This expression is not defined in the Income Tax Act, No. 58 of 1962, or the “Income Tax Act”, and therefore its meaning is determined according to guidelines established by the courts. Generally, a person’s ordinary residence will be “the country to which he would naturally and as a matter of course return from his wandering; as contrasted with other lands it might be called his usual or principal residence and it would be described more aptly than other countries as his real home”. |
• | The requirements of the physical presence test are met. If not ordinarily resident in South Africa, an individual is considered a South African resident if the individual is physically present in South Africa for more than 91 days, in aggregate, in the relevant tax year and each of the preceding five tax years, and also for more than 915 days, in aggregate, in the preceding five tax years. |
Type of Taxpayer | Inclusion Rate of the Capital Gain to be Included in Taxable Income | Statutory Income Tax Rate | Effective Rate | ||||||
(%) | (%) | (%) | |||||||
Individuals | 40.0 | 0 – 45.0 | 0 – 18.0 | ||||||
Trusts | |||||||||
Special | 40.0 | 0 – 45.0 | 0 – 18.0 | ||||||
Other | 80.0 | 45.0 | 36.0 | ||||||
Life assurers | |||||||||
Individual policyholder fund | 40.0 | 30.0 | 12.0 | ||||||
Company policyholder fund | 80.0 | 28.0 | 22.4 | ||||||
Risk policy or Corporate fund | 80.0 | 28.0 | 22.4 | ||||||
Untaxed policyholder fund | — | — | — | ||||||
Most companies | 80.0 | 28.0 | 22.4 | ||||||
Permanent establishments (branches) of non-resident companies | 80.0 | 28.0 | 22.4 | ||||||
Collective investment schemes | — | — | — |
• | certain financial institutions; |
• | insurance companies; |
• | dealers or traders in securities who use a mark-to-market method of tax accounting; |
• | persons holding ordinary shares or ADSs as part of a hedging transaction, straddle, wash sale, conversion transaction or integrated transaction or persons entering into a constructive sale with respect to the ordinary shares or ADSs; |
• | persons whose functional currency for U.S. federal income tax purposes is not the U.S. Dollar; |
• | entities classified as partnerships for U.S. federal income tax purposes; |
• | tax-exempt entities, including “individual retirement accounts” or “Roth IRAs”; |
• | persons holding ordinary shares or ADSs in connection with a trade or business conducted outside of the United States; or |
• | persons who own directly, indirectly, or constructively, 10% or more of the total combined voting power of all classes of our ordinary shares and/or ADSs. |
• | a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any state therein or the District of Columbia; |
• | a trust if (1) a court within the United States is able to exercise primary supervision for the administration of the trust, and one or more United States persons have the authority to control all substantial decisions of the trust; or (2) the trust has validly elected under applicable Treasury regulations to be treated as a United States person; or |
• | an estate the income of which is subject to U.S. federal income taxation regardless of its source. |
• | at least 75% of its gross income for such year is passive income; or |
• | at least 50% of the value of its assets (based on an average of the quarterly values of the assets) during such year is attributable to assets that produce passive income or are held for the production of passive income. |
• | the excess distribution or recognized gain will be allocated ratably over the U.S. Holder’s holding period for the ADSs or ordinary shares; |
• | the amount allocated to the current taxable year, and any taxable years in the U.S. Holder’s holding period prior to the first taxable year in which we were a PFIC, will be treated as ordinary income; and |
• | the amount allocated to each other taxable year will be subject to the highest tax rate in effect for individuals or corporations, as applicable, for each such year and the interest charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year. |
Persons depositing or withdrawing shares or ADS holders must pay the following fees: | In respect of the following services: | |
$5.00 (or less) per 100 ADSs (or portion of 100 ADSs) | Issuance of ADSs, including issuances resulting from a distribution of shares or rights or other property Cancellation of ADSs for the purpose of withdrawal, including if the deposit agreement terminates | |
$0.05 (or less) per ADS | Any cash distribution to ADS holders | |
A fee equivalent to the fee that would be payable if securities distributed to you had been shares and the shares had been deposited for issuance of ADSs | Distribution of securities distributed to holders of deposited securities which are distributed by the depositary to ADS holders | |
$0.05 (or less) per ADSs per calendar year | Depositary services | |
Registration or transfer fees | Transfer and registration of shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw shares | |
Expenses of the depositary | Cable, telex and facsimile transmissions (when expressly provided in the deposit agreement) Converting foreign currency to U.S. Dollars | |
Taxes and other governmental charges the depositary or the custodian have to pay on any ADS or share underlying an ADS, for example, stock transfer taxes, stamp duty or withholding taxes | As necessary | |
Any charges incurred by the depositary or its agents for servicing the deposited securities | As necessary |
In thousands ($) | |||
Proceeds received from IPO | 65,472 | ||
Interest received | 250 | ||
Share issue costs paid from the proceeds | (1,786 | ) | |
Loan to MiX Telematics Serviços De Telemetria E Rastreamento De Veículos Do Brazil Limitada (1) | (5,600 | ) | |
Loan to MiX Telematics Europe Limited (2) | (1,580 | ) | |
Loan to MiX Telematics North America, Inc. (2) | (16,039 | ) | |
ADS and share repurchases (3) | (7,817 | ) | |
Cash converted to South African Rand to facilitate specific repurchase of shares from related party (4) | (30,647 | ) | |
Provisional tax payment on foreign exchange gains arising from South African Rand bank accounts | (1,002 | ) | |
Settlement of loan from MiX Telematics Limited | (1,250 | ) | |
Bank charges | (1 | ) | |
Balance of remaining proceeds held in MiX Investments’ deposit accounts as at June 15, 2018 | — |
(1) | These loans were extended to our subsidiary in Brazil in order to facilitate the planned expansion in the region and to provide financing for in-vehicle devices for bundled deals. The loans are denominated in Brazilian Real. |
(2) | These loans were extended to these subsidiaries to facilitate growth, investments in infrastructure and sales and marketing and to provide financing for in-vehicle devices for bundled deals. The loan extended to MiX Telematics Europe Limited was denominated in British Pound while the loan extended to MiX Telematics North America, Inc. was denominated in U.S. Dollars. |
(3) | See below for further details on the fiscal year 2016 share repurchase program: |
• | The Group could repurchase its shares from time to time in its discretion through open-market transactions and block trades, based on ongoing assessments of the capital needs of the Group, the market price of its securities and general market conditions. |
• | This share repurchase program could be discontinued at any time by the Board of Directors, and the Group had no obligation to repurchase any amount of its securities under the program. |
• | The repurchase program was funded out of existing cash resources |
(4) | See note 13 to our consolidated financial statements for further details on the fiscal year 2017 specific share repurchase agreement from related party. |
• | Appointing key finance staff with extensive controls experience; |
• | Ongoing training of finance staff on control procedures; |
• | Ongoing testing and review of key controls by the group risk function; and |
• | Ongoing oversight from head office finance regarding monitoring controls. |
2018 | 2018 | 2017 | ||||||||||
(In thousands) | ||||||||||||
Audit fees (1) | $1,021 | R12,076 | R8,821 | |||||||||
Tax fees (2) | 62 | 730 | 721 | |||||||||
All other fees (3) | 14 | 167 | 583 | |||||||||
Total (4) | $1,097 | R12,973 | R10,125 |
(1) | In fiscal year 2018, audit fees include R2.2 million in respect of fees paid to PricewaterhouseCoopers Inc. and the balance relates to Deloitte & Touche. |
(2) | In fiscal year 2018, tax fees includes R0.2 million in respect of fees paid to PricewaterhouseCoopers Inc. and the balance relates to Deloitte & Touche. |
(3) | In fiscal year 2018, other fees includes R0.1 million in respect of fees paid to PricewaterhouseCoopers Inc. and the balance relates to Deloitte & Touche. |
(4) | In respect of our Audit and Risk Committee approval process, all of the non-audit and audit fees paid to Deloitte & Touche and PricewaterhouseCoopers Inc. have been pre-approved by the Audit and Risk Committee. |
Period | Total number of shares repurchased | Average price paid per share (1) | Shares canceled under the share repurchase program | Total number of shares purchased as part of publicly announced programs | Maximum number of shares that may yet be purchased under the programs | ||||||||||
Month | |||||||||||||||
August 2016 | 200,828,260 | 2.36 | (200,828,260 | ) | 200,828,260 | — | |||||||||
200,828,260 | (200,828,260 | ) | 200,828,260 |
Period | Total number of shares repurchased | Average price paid per share (1) | Shares canceled under the share repurchase program | Total value of shares purchased as part of publicly announced program | Maximum value of shares that may yet be purchased under the program | ||||||||||
Month | |||||||||||||||
June 2017 | 5,015,660 | 3.72 | 5,015,660 | 18,666,376 | 251,333,624 | ||||||||||
5,015,660 | 5,015,660 | 18,666,376 | 251,333,624 |
• | The NYSE Listing Standards require that the non-management directors of United States listed companies meet at regularly scheduled executive sessions without management. Although the JSE Listings Requirements do not require such meetings, the board ordinarily meets without executives on a biannual basis as it is a requirement of King IV. |
• | The NYSE Listing Standards require United States listed companies to have an audit committee composed of at least three independent directors. An FPI may be exempted from the requirement that all members of the audit committee qualify as independent under the NYSE Listing Standards provided, among other requirements, that the members of the audit committee are independent under Exchange Act Rule 10A-3. All of our Audit and Risk Committee members are independent, both under the NYSE Listing Standards and the JSE Listings Requirements. |
• | The NYSE Listing Standards require United States listed companies to have a nominating/corporate governance committee composed entirely of independent directors. The NYSE Listing Standards also require United States listed companies to have a compensation committee composed entirely of independent directors. The JSE Listings Requirements require the appointment of a remuneration committee, and stipulate that all members of this committee must be non-executive directors, the majority of whom must be independent. We have a combined Nominations and Remuneration Committee which currently comprises three non-executive directors, all of whom are independent under the NYSE Listings Requirements. One of these directors is not considered independent in terms of the JSE Listings Requirements due to his significant shareholding in the Company. |
• | Under NYSE Listing Standards, shareholders of United States companies must be given the opportunity to vote for the establishment of and material amendments to equity compensation plans, transactions involving below market price issuances in private placements of more than 20% of outstanding shares, or issuances that result in a change in control, with limited exceptions set forth in the NYSE Listing Standards. The JSE Listings Requirements provides that a share incentive plan and material amendments thereto must be approved by shareholders passing an ordinary resolution (requiring a 75% majority of the votes cast in favor of such a resolution). The JSE Listings Requirements further specifies the information that must be included in the share incentive plan and includes inter alia provisions relating to who is an eligible participant, the aggregate number of shares that may be utilized for the purposes of the share incentive plan, the maximum number of shares for any one participant, the amount that is payable upon acceptance and conditions for awarding of shares. The JSE Listings Requirements requires any issue of shares for cash (both general or specific) to be approved by shareholders passing an ordinary resolution (requiring a 75% majority of the votes cast in favor of such a resolution) and limits the number of shares that may be issued and the discount at which the shares are issued. |
• | Under NYSE Listing Standards, each related party transaction is to be reviewed and evaluated by an appropriate group within the listed company involved. While the NYSE does not specify who should review related party transactions, the NYSE believes that the audit committee or another comparable body might be considered as an appropriate forum for this task. The NYSE Listing Standards state that, following the aforementioned review, the Company should determine whether or not a particular relationship serves the best interest of the Company and its shareholders and whether the relationship should be continued or eliminated. The NYSE’s related party guidance applies to listed companies acquiring their own shares or conducting repurchases through affiliates. In general, the NYSE Listing Standards are not otherwise implicated with respect to share repurchases. The JSE Listings Requirements allow for the acquisition by a company of its own securities or the acquisition by a subsidiary of securities in its holding company, in accordance with the Companies Act. The JSE Listings Requirements requires any repurchase of shares (both general or specific) to be approved by shareholders passing a special resolution (requiring a 75% majority of the votes cast in favor of such a resolution). The requirements for a repurchase differ depending upon whether the repurchase takes the form of a general authority to repurchase securities, or a specific authority to repurchase securities. |
Page | ||
Report of Independent Registered Public Accounting Firm: Deloitte & Touche | ||
Report of Independent Registered Public Accounting Firm: PricewaterhouseCoopers Inc. | ||
Statement of Financial Position at March 31, 2018 and March 31, 2017 | * | |
Income Statement for the years ended March 31, 2018, March 31, 2017 and March 31, 2016 | * | |
Statement of Comprehensive Income for the years ended March 31, 2018, March 31, 2017 and March 31, 2016 | * | |
Statement of Changes in Equity for the years ended March 31, 2018, March 31, 2017 and March 31, 2016 | * | |
Statement of Cash Flows for the years ended March 31, 2018, March 31, 2017 and March 31, 2016 | * | |
Notes to the Financial Statements | * |
Exhibit number | Description | |
1.1* | Memorandum of Incorporation of the Company as amended | |
4.1** | Form of Deposit Agreement among the Company, The Bank of New York Mellon, as depositary, and the holders from time to time of American depositary shares issued thereunder, including the form of American depositary receipts | |
4.2** | TeliMatrix Group Executive Incentive Scheme, adopted by TeliMatrix Limited, dated October 8, 2007, including the Deed of Amendment, dated January 31, 2011, and the Second Deed of Amendment, dated September 13, 2011 | |
4.3** | Agreement of Lease, dated October 2, 2007, between Thynk Industrial One Proprietary Limited and Matrix Vehicle Tracking Proprietary Limited and addendum thereto | |
4.4** | Updated Terms and Conditions of Employment of Stefan Joselowitz, dated November 18, 2008 | |
4.5** | Offer of Employment and Standard Terms and Conditions, dated December 7, 2009, between the Company and Megan Pydigadu | |
4.6** | Standard Terms and Conditions of Employment, dated January 1, 2012, between the Company and Brendan Patrick Horan | |
4.7** | Restraint of Trade, dated January 1, 2012, between the Company and Brendan Patrick Horan | |
4.8†† | Standard Terms and Conditions of Employment, effective October 1, 2016, between the Company and Gert Pretorius | |
4.9** | Restraint of Trade, dated January 1, 2012, between the Company and Gert Pretorius | |
4.10** | Facility Letter, dated February 25, 2013, between The Standard Bank of South Africa Limited and the Company | |
4.11** | Facility Letter, dated March 25, 2013, between Nedbank Limited and MiX Telematics Africa Proprietary Limited | |
4.12†*** | Provision of Cellular Telephony Network Services Agreement, effective August 1, 2000, between Mobile Telephone Networks Proprietary Limited and the Company, as amended by Addendum effective July 10, 2012 | |
4.13† | ||
4.14** | Standard Terms and Conditions of Employment, dated December 1, 2013, between the Company and Catherine Lewis | |
4.15 | ||
4.16**** | MiX Telematics Limited Long-Term Incentive Plan | |
4.17†† | Executive Employment Agreement, dated February 22, 2017, between the Company and Paul Dell | |
4.18†† | Restraint of Trade Agreement, dated February 22, 2017, between the Company and Paul Dell | |
4.19†† | Updated Terms and Conditions of Employment, effective April 1, 2017, between the Company and Charles Tasker | |
4.20†† | AWS Customer Agreement, effective October 1, 2014, between Amazon Web Services, Inc. (“AWS”) and MiX Telematics International Proprietary Limited (“MiX International”) | |
8.1 | ||
12.1 | ||
12.2 | ||
13.1 | ||
15.1 | ||
15.2 | ||
99.1 | ||
99.2 | ||
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema Document | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
Exhibit number | Description | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
* | Incorporated by reference to the Registrant’s Annual Report on Form 20-F for the year ended March 31, 2014 filed on July 30, 2014 (File No. 001-36027). |
** | Previously filed with the Registration Statement on Form F-1 (Registration No. 333-189799) filed by the Registrant on July 3, 2013. |
*** | Previously filed with Amendment No. 1 to the Registration Statement filed by the Registrant on July 22, 2013. |
**** | Previously filed with Registration Statement on Form S-8 (Registration No. 333-199908) filed by the Registrant on November 6, 2014. |
† | Portions of this exhibit have been omitted pursuant to a request for confidential treatment. |
†† | Incorporated by reference to the Registrant’s Annual Report on Form 20-F for the year ended March 31, 2017 filed on July 14, 2017 (File No. 001-36027). |
1.1 | In this Agreement, unless otherwise required or indicated by the context, the singular shall include the plural and vice versa and masculine gender shall include all other genders and vice versa, natural persons shall include legal and juristic persons and vice versa. |
1.2 | The annexures attached to this Agreement form part hereof and words and expressions defined in this Agreement shall bear, unless the context otherwise indicates, the same meanings in such annexures. |
1.3 | The headings used in this Agreement shall be deemed not be part of the Agreement and will not be taken into consideration in the interpretation or construction of this Agreement. |
1.4 | In this Agreement, unless otherwise required or indicated by the context, the following expressions and words shall have the meanings assigned to them hereunder:- |
1.4.1 | “Agreement” means this Agreement and all annexures hereto; |
1.4.2 | “Ancillary Services” means those services supplied by agreement between the parties as recorded in annexure E; |
1.4.3 | “Anti-Bribery Law” means any bribery, fraud, kickback, or other similar anti-corruption law or regulation of South Africa; |
1.4.4 | “B-BBEE Act” means the Broad-Based Black Economic Empowerment Act, 53 of 2003, as amended from time to time; |
1.4.5 | “B-BBEE Certification” means a valid and current B-BBEE certificate in the case of a Generic Enterprise and a Level 3 B-BBEE contributor Qualifying Small Enterprise or a certified affidavit for all Exempted Micro Enterprises or Level 1 and Level 2 B-BBEE contributor Qualifying Small Enterprises; |
1.4.6 | “B-BBEE Codes” means the Department of Trade and Industry’s Revised B-BBEE Codes of Good Practice 2013, issued in terms of the B-BBEE Act; |
1.4.7 | “B-BBEE Minimum Requirements” means at least the following level, depending on the turnover of the Supplier, as per the B-BBEE Codes; |
1.4.7.1 | Level 3 B-BBEE contributor for a Generic Enterprise (turnover of R50 million and above); |
1.4.7.2 | Level 3 B-BBEE contributor for a Qualifying Small Enterprise (turnover of between R10 million and R50 million); and |
1.4.7.3 | Level 2 B-BBEE contributor for an Exempted Micro Enterprise (turnover of less than R10 million) |
1.4.8 | “business day” means any day which is not a Saturday, Sunday or public holiday in the Republic of South Africa; |
1.4.9 | “Customer” shall mean any party who has an agreement with MiX for the supply of tracking and/or recovery services; |
1.4.10 | “Equipment” shall mean the direction finding antennae and devices associated with tracking and monitoring; |
1.4.11 | “Helicopter Services” shall mean a Helicopter no smaller than a Robinson 44 type, fitted with Equipment and piloted by a suitably qualified commercial pilot. The pilot shall also have been trained in the use of the Equipment, failing which an observer shall be supplied with each helicopter team to operate the Equipment (if applicable); |
1.4.12 | “Installed Vehicle” shall mean any motor vehicles or other trackable asset in which a MiX trackable unit has been installed; |
1.4.13 | “Intellectual Property” shall mean all intellectual property of every nature whatever owned and/or controlled by MiX including, without limiting the generality of the aforegoing, the trade marks, marks, logos and trade names and all of MiX’s right, title and interest in and to all technology, trade secrets, insignias, designs, patents and copyrights relating to MiX’s trackable units and products, whether registered or not; |
1.4.14 | “Public Announcement” shall mean any communication whether written or oral, whether conveyed by an employee, manager or contractor, which is intended or could reasonably be anticipated to result in any information about MiX or any Customer of MiX appearing in any media; |
1.4.15 | “Recovery Dispatcher” shall mean a person nominated by the Contractor as their representative for operational management of the Services; |
1.4.16 | “Recovery Team” shall mean a motor vehicle in good working order which is manned by no less than 2 (two) fully trained security officers; |
1.4.17 | “Services” shall mean: |
1.4.17.1 | the supply of Recovery Teams as set out in annexure A; |
1.4.17.2 | the supply of the Helicopter Services set out in annexure E; |
1.4.17.3 | the tracking and recovery of Installed Vehicles; |
1.4.17.4 | such additional services as may be agreed between the Parties from time to time; |
1.4.18 | “Standard Procedures” shall mean the standard procedures with regard to the Services as may be agreed in writing between MiX and the Contractor and which procedure shall form an integral part of this Agreement; |
1.4.19 | “System/System Software” means the software owned by and/or licensed to MiX and used by MiX to track MiX’s tracking units; |
1.4.20 | “Targeted Level” means a B-BBEE compliance Level 2 for a Generic Enterprise and Level 2 for a Qualifying Small Enterprise and Exempted Micro Enterprise; |
1.4.21 | “Uncontrollable Costs” means those costs which are outside the control of the Contractor and are specified as such in the annexures; |
1.4.22 | “VAT” means Value Added Tax in terms of the VAT Act of the Republic of South Africa; |
1.4.23 | “VAT Act” means the Value Added Tax Act, No 89 of 1991, as amended; |
1.5 | any reference to any legislation is to such legislation as at the signature date and as amended or re-enacted from time to time; |
1.6 | if any provision in a definition is a substantive provision conferring any right or imposing any obligation on any party, then notwithstanding that it is only in the interpretation clause, effect shall be given to it as if it were a substantive provision in this Agreement; and |
1.7 | when any number of days is prescribed, such number shall exclude the first and include the last day unless the last day falls on a Saturday, Sunday or public holiday in the Republic of South Africa, in which case the last day shall be the next succeeding day which is not a Saturday, Sunday or public holiday in the Republic of South Africa. |
2. | Introduction |
2.1 | MiX Telematics Africa (Proprietary) Limited (“MiX”) is a company with limited liability duly incorporated in terms of the company laws of the Republic of South Africa. |
2.2 | The Contractor, Super Group Trading (Proprietary) Limited, is a company with limited liability duly incorporated in terms of the company laws of the Republic of South Africa. |
2.3 | MiX requires the Contractor to render the Services. |
2.4 | The Contractor has the necessary expertise and experience to render the Services to MiX. |
2.5 | The parties herein record the terms and conditions by which they wish their relationship to be governed. |
3. | Commencement and Term |
3.1 | This Agreement shall commence on 1 October 2017 (“Commencement Date”) and shall endure indefinitely until terminated in terms of clause 9 or clause 11 hereof. |
4. | Price and Payment |
4.1 | The prices to be paid by MiX for the Services are set out in the annexures hereto and shall remain as such until altered by mutual written agreement between the parties, once per year on the anniversary of the Commencement Date, which increase shall be at the Consumer Price Index, but not less than ***. |
4.2.1 | monthly in advance for all fixed monthly retainers, provided suitable tax invoices have been furnished to MiX by the Contractor; and |
4.2.2 | after receipt of taxation invoices, which invoices must have attached the basis upon which the amount has been calculated. Details to be disclosed on the invoice for each service provided include, inter-alia: |
4.2.2.1 | type of Service; |
4.2.2.2 | date and time; |
4.2.2.3 | duration; |
4.2.2.4 | description of the incident; |
to enable MiX to verify proof of delivery of Service together with any other documents that may be relevant and payment shall be made thirty (30) days after the date of the statement which shall show all the invoices due for payment. |
4.3 | Statements must be dated the last day of the month in which relevant invoices were raised and received by MiX. |
4.4 | The Contractor will provide MiX with its banking details, VAT registration documents and a cancelled cheque together with the first invoice sent to MiX. |
5. | Obligations of the Contractor |
5.1 | The Contractor undertakes:- |
5.1.1 | to provide all necessary labour, materials and equipment necessary to effectively render the Services to the standards as specified in the annexures; |
5.1.2 | to take all reasonable and necessary precautions to ensure the safety of its employees; |
5.1.3 | to operate with the highest ethical standards and take all reasonable and necessary steps to ensure the honesty and integrity of all employees and sub-contractors, including, inter-alia, polygraph testing every twelve (12) months and rigorous background checking; |
5.1.4 | take the utmost care to avoid injuring any third party, employee or sub-contractor or damaging any property during the execution of the Services; |
5.1.5 | to ensure that the quality of the Services is and will remain in accordance with industry standards and the requirements specified herein; |
5.1.6 | to execute the Services in terms of this Agreement and in compliance with the laws, regulations or any other statutory or Government Act governing the Contractor and the Services; |
5.1.7 | to use all reasonable endeavours to track MiX tracking units as directed by MiX and recover the Installed Vehicles in good condition; |
5.1.8 | to comply with all reasonable instructions of MiX; |
5.1.9 | that recovery resources dedicated to MiX shall sorely be used for MiX’s work unless MiX expressly agrees to the contrary in writing; |
5.1.10 | that when there are conflicting demands on recovery resources, the Contractor and all his sub-contractors, shall at all times give preference to MiX’s requirements; |
5.1.11 | that Recovery Vehicles shall be unbranded, until such time as MiX decides to brand such vehicles, which branding shall be determined with input from the Contractor, with the costs of any such branding being paid by MiX; |
5.1.12 | the Contractor shall ensure that no Customer shall interact with any Recovery Team bearing the brand of any competitor of MiX; |
5.1.13 | to allow any authorised representative of MiX access to any facilities, maintained by the Contractor and from which the Services are provided, to evaluate the quality of the operations of the Contractor; |
5.1.14 | not to do, permit or omit to do anything which might have the effect of prejudicing or impeding the bona fide activities of MiX or its Customers and bring it into disrepute; |
5.1.15 | not to provide any service to any third party other than those listed in annexure D without the prior written permission of MiX, which permission shall be given or withheld at MiX’s absolute discretion; |
5.1.16 | not to make, or allow any employee or agent to make, any Public Announcement without the express written permission of MiX; |
5.1.17 | to be responsible for the security and maintenance of the Equipment supplied by MiX, other than any costs resulting from fair wear and tear which shall be borne by MiX; |
5.1.18 | to, during the currency of this Agreement and for thirty six (36) months thereafter, maintain the confidentiality of all know-how which it may acquire in relation to- |
5.1.18.1 | the intellectual property; |
5.1.18.2 | the MiX tracking units and the Services; |
5.1.18.3 | MiX’s software; |
5.1.18.4 | MiX’s business operations and its relationship with any business |
5.1.18.5 | MiX employees, |
6. | Contractor warranties |
6.1 | The Contractor warrants: |
6.1.1 | that it has the necessary licenses, approvals and authority to render the Services to MiX, and the Contractor indemnifies MiX from all claims by any third party to the contrary; |
6.1.2 | that it has suitable insurance cover in place including public liability insurance; |
6.1.3 | that the Contractor specifically indemnifies and holds MiX harmless from and against any loss, claim, action, damage or expense suffered or sustained by any member of the Contractor’s personnel in the course of effecting the Services and the Contractor |
6.1.4 | that the Contractor specifically indemnifies and holds MiX harmless from and against any claim or action from a Customer as a consequence of the actions or inaction of the Contractor. This includes an indemnity against claims arising from damage to, or loss of, any Customer’s vehicle during the course of any recovery procedure; |
6.1.5 | that the Contractor shall at all times have a suitable contingency plan which will enable the Contractor to continue to deliver the Services without disruption. |
7. | MiX’s Obligations |
7.1.1 | provide the necessary Equipment and software which is proprietary to MiX, and which is required to facilitate the tracking of MiX’s tracking units, in the quantities which the Contractor may reasonably require to provide the Services; |
7.1.2 | timeously report all incidents which require the Contractor to supply Services in order to maximize the chances of recovery and reduce the costs of providing the Services; |
7.1.3 | communicate all material information to the Contractor to assist the Contractor to efficiently provide the Services; |
7.1.4 | allow all reasonable access to MiX’s sites so that the Contractor may provide the Services and to allow the Contractor to connect and/or remove its Systems should this Agreement terminate; |
7.1.5 | during the currency of this Agreement and for thirty six (36) months thereafter, maintain the confidentiality of all know-how which it may acquire in relation to- |
7.1.5.1 | the Contractor’s business operations and its relationship with any business Associate and client; |
7.1.5.2 | the Contractor’s employees; |
7.1.6 | timeously pay all amounts owing to the Contractor for Services which have been rendered in accordance with the terms of this Agreement. |
8. | Impossibility of performance |
8.1 | Should any party (“the requisitionist”) be prevented or delayed from fulfilling any of its obligations in terms of this Agreement as a result of any circumstances beyond its control, the requisitionist shall, subject to the provisions if clauses 6.1.5 and 8.3, be excused from performing that particular obligation or part thereof for so long as such circumstances exist, |
8.2 | For the purposes of this clause 8 “circumstances beyond its control” shall mean vis major (including without limiting the generality of the aforegoing, any act of God and any other occurrence that is generally understood as constituting vis major including war, hostilities, insurrection, embargo, riot, fire, flood, cyclone, earthquake, landslide or explosion). |
8.3 | The requisitionist shall not be excused from performing any obligation in terms of this Agreement as a result of any such circumstances beyond its control if – |
8.3.1 | the requisitionist fails to inform the other party of such circumstances as soon as is reasonably possible after any such circumstances occurs; and |
8.3.2 | the requisitionist fails to take all steps reasonably possible to prevent, avoid or limit the duration and effects of any such circumstances; or |
8.3.3 | any act or omission on that part if the requisitionist caused the circumstances envisaged in clause 8.1 to arise. |
9. | Breach |
9.1 | If either party breaches any provision or term of this Agreement and fails to remedy such breach within seven (7) days of the date of receipt of written notice requiring it to do so, then the aggrieved party may declare a dispute in writing whereupon the parties will arrange to meet forthwith to resolve the dispute and failing the resolution of the dispute then the aggrieved party shall be entitled, in addition to any other remedy available to it at law, to cancel this Agreement on thirty (30) days’ written notice or to hold the other party to the terms of this Agreement and claim specific performance, in either event without prejudice to the aggrieved party’s rights to claim damages. |
10.1 | Save where otherwise provided in this Agreement, in the event of any dispute or difference arising between the parties hereto relating to or arising out of this Agreement, including the validity, implementation, execution, interpretation, rectification, termination, or cancellation of this Agreement, the parties shall forthwith meet to attempt to settle such dispute or difference and shall, on written demand by any party to the dispute, be submitted to arbitration in Johannesburg in accordance with the rules of the Arbitration Foundation of Southern Africa (“the Foundation”) by an arbitrator or arbitrators appointed by the Foundation and agreed to by the parties. |
10.2 | Should the parties fail to agree in writing on an arbitrator within ten (10) days after arbitration has been demanded, the arbitrator shall be nominated at the request of any party to the dispute by the Foundation. |
10.3 | The parties irrevocably agree that the submission to arbitration in terms of this clause is subject to the parties’ rights of appeal set out hereunder. |
10.3.1 | Any party to the arbitration may appeal the decision of the arbitrator within a period of twenty one (21) days after the arbitrator’s ruling has been handed down by giving written notice to that effect to the party or parties to the arbitration. The appeal shall be dealt with in accordance with the rules of the Foundation by a panel of three (3) arbitrators appointed by the Foundation. |
10.3.2 | The decision of the arbitrator shall be final and binding on the parties to the arbitration after the expiry of the period of twenty-one (21) days from date of the arbitrator’s ruling if no appeal has been lodged by any party. A decision which becomes final and binding in terms of the clause 10.3.2 may be made an order of court at the instance of any party to the arbitration. |
10.4 | Nothing herein contained shall be deemed to prevent or prohibit any party from applying to the appropriate Court for urgent relief. |
11.2 | Either party may terminate this Agreement upon ninety (90) days’ written notice to the other party, however, such notice may not be given before 31 January 2018. |
12.1 | Each party chooses as its domicilium citandi et executandi (“domicilium”) for all purposes under this Agreement, whether for serving any court process or documents, giving any notice, or making any other communications of whatsoever nature and for any other purpose arising from this Agreement (“notice”) as follows:- |
12.2 | Any notice required or permitted to be given under this Agreement shall be valid and effective only if in writing. |
12.3 | Any party may by notice to the other party change its domicilium to another physical address in the Republic of South Africa and such change shall take effect on the seventh day after the date of the receipt by the other party of the notice. |
12.4 | Any notice to a party contained in a correctly addressed envelope and delivered by hand to a responsible person during ordinary business hours at its domicilium shall be deemed to have been received on the date of delivery. |
12.5 | Notwithstanding anything to the contrary herein, a written notice actually received by a party, including a notice sent by e-mail (“the first notice”) shall be adequate notice to it notwithstanding that it was not sent or delivered to its chosen domicilium, provided that, within the next three (3) succeeding business days a copy of the first notice is delivered to the chosen domicilium accompanied by a notice giving the following particulars:- |
12.5.1 | where the first notice was sent by e-mail, the date and time of dispatch and the e-mail address to which it was sent; and |
12.5.2 | where the first notice was delivered in a manner other than by e-mail, the date on which it was delivered. |
13. | B-BBEE |
13.1 | It is hereby recorded that, as at the Commencement Date, the Contractor’s B-BBEE rating is a Level 2 (“Initial Level”) and that the Contractor complies with the B-BBEE Minimum Requirements. The Contractor shall submit valid and current B-BBEE Certification to MiX and such certification will constitute a warranty by the Contractor of such Initial Level status. |
13.2 | The Contractor shall be B-BBEE compliant and maintain at least the Targeted Level for the purposes of this Agreement. |
13.3 | The Contractor shall use its best endeavours to maintain its Initial Level. |
13.4 | The Contractor shall furthermore, for the duration of the Agreement, submit to MiX valid B-BBEE Certification every twelve (12) months, on expiry of the then current B-BBEE Certification or an “in process” letter from the verification agency two (2) months prior to the expiry of the then current B-BBEE Certification, stating that a recertification process has been initiated, if applicable. |
13.5 | The Contractor hereby undertakes to comply with the Preferential Procurement Policies of MiX (as revised from time to time). |
13.6 | Should the Contractor’s B-BBEE contribution Level be downgraded for whatsoever reason, MiX shall give the Contractor a period of twelve (12) months from the date of its downgrade, to meet or better the contribution Level held before such downgrade or such level as may be expressly agreed by MiX in writing. In the event of such a downgrade, the Contractor shall submit a transformation plan to MiX within three (3) months of such downgrade, which clearly demonstrates the steps that shall be taken by the Contractor to comply with this clause, including the proposed time frames by which the Contractor shall satisfy the required contribution Level. The transformation plan must be acceptable to MiX, at its sole and absolute discretion, and recorded in writing by the parties. |
13.7 | In the event that the Contractor subcontracts its services, it must ensure that each of the sub-contractors will at least maintain the B-BBEE contributor Level evidenced by their respective verification certificates or affidavits as at the Commencement Date of this Agreement. |
13.8 | MiX hereby reserves the right to unilaterally amend the B-BBEE commitments provided for in this Agreement or its Preferential Procurement Policy, in the event of any change in the B-BBEE Codes or any applicable laws. |
13.9 | MiX shall further be entitled to terminate this Agreement, at its sole discretion, in the event that: |
13.9.1 | the representations made by the Contractor relating to its Initial Level or future B-BBEE contributor Levels are false; |
13.9.2 | the Contractor fails to maintain valid B-BBEE Certification in the case of a Generic Enterprise or Qualifying Small Enterprise that is less than 51% black owned; |
13.9.3 | the Contractor’s B-BBEE contributor Level changes during the duration of the Agreement and an agreed transformation plan is not submitted within the three (3) month period from date of change in status; |
13.9.4 | the Contractor breaches any of its obligations in terms of the B-BBEE clause contained in this Agreement; or |
13.9.5 | the Contractor fails to inform MiX, within a period of thirty (30) days from the date of material change, which implies a decline in its B-BBEE ownership status. |
14.1 | The parties agree not to violate any applicable Anti-Bribery Laws. |
14.2 | Each party has and must at all times implement adequate procedures designed to prevent it or any associated person (a person who, by reference to all the relevant circumstances, performs services for or on a party’s behalf in any capacity and including, without limitation, employees, agents, subsidiaries, representatives and subcontractors) from engaging in any activity which would constitute an offence under any applicable Anti-Bribery Law. |
14.3 | Each party represents that, in connection with this Agreement, no improper financial or other advantage has been, will be or is agreed to be given to any person (whether working for or engaged by the other party or any third party) by or on behalf of the other party or its associated persons. |
14.4 | Breach of any of the provisions in this clause or of any applicable Anti- Bribery Law is a material breach of this Agreement for the purpose of clause 11 and, without prejudice to any other right, relief or remedy, entitles the non-breaching party to terminate this Agreement immediately and without further notice. |
15. | Economic Sanctions |
15.1 | Neither party shall engage in any business or dealings with any embargoed countries, blocked persons, United States Bureau of Industry and Security (“BIS”) restricted parties, or individuals or entities listed as a sanctions target by the United States (for example, the United States Department of the Treasury's Office of Foreign Assets Control (OFAC)), United Kingdom and/or European Union legislation (including to facilitate transactions with third parties that involve embargoed countries, blocked persons or BIS restricted parties). |
15.2 | Breach by a party of any of the provisions in this clause or of any applicable economic sanction laws and/or provisions is a material breach of this Agreement for the purpose of clause 11 and, without prejudice to any other right, relief or remedy, entitles the non-breaching party to terminate this Agreement immediately and without further notice. |
16. | Non-Solicitation |
16.1 | Both parties undertake that they will not during the term of this Agreement and for a period of twelve (12) months after the termination thereof for any reason, directly or indirectly employ or persuade, induce, encourage or procure any officer or employee of the other, or any person who was an officer or employee of the other during the previous twelve (12) months, to become employed by or through them or to terminate his or her employment with the other party or any of its affiliates. |
16.2 | The provisions of clause 16.1 do not prohibit either of the parties from giving consideration to any application for employment submitted on an unsolicited basis or response to a general advertisement of employment opportunities. |
17. | General |
17.1 | This Agreement and its annexures constitute the sole record of the Agreement between the parties in relation to the subject matter hereof. |
17.2. | No party shall be bound by any representation, warranty, promise or the like not recorded herein. |
17.3 | The parties will at all times owe each other a duty of the utmost good faith. |
17.4 | No addition to, variation, or agreed cancellation of this Agreement shall be of any force or effect unless in writing and signed by or on behalf of the parties. |
17.5 | No indulgence which either party may grant to the other shall constitute a waiver of any of the rights of the grantor, who shall not thereby be precluded from exercising any rights against the grantee which may have arisen in the past or which might arise in the future. |
17.6 | This Agreement supersedes prior agreements, undertakings and arrangements existing between the parties relating to the subject matter hereof. |
17.7 | Nothing in this Agreement shall be constructed as creating a partnership between the parties or as creating an agency or employment relationship between the parties. |
17.8 | Neither party may cede or assign that party’s rights or delegate that party’s obligations without the prior written consent of the other party which consent shall not be unreasonably withheld or delayed. |
17.9 | Each party represents that it has authority to enter into this Agreement and to do all things necessary to procure the fulfilment of its obligations in terms of this Agreement. |
18. | Governing law |
18.1 | This Agreement and the relationship of the parties in connection with the subject matter of this Agreement and each other shall be governed and determined in accordance with the laws of the Republic of South Africa. |
18.2 | The parties hereby submit to the non-exclusive jurisdiction of the Gauteng High Court, Johannesburg Division. |
19. | Severability |
19.1 | In the event of any one or more of the provisions of this Agreement being held for any reason to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement and this Agreement shall be constructed as if such invalid, illegal or unenforceable provision was not a part of this Agreement, and the Agreement shall be carried out as nearly as possible in accordance with its original terms and intent. |
For: MiX Telematics Africa (Proprietary) Limited | Warranting authority hereto |
For: Super Group Trading (Proprietary) Limited | Warranting authority hereto |
REGION | CURRENT RETAINER COST EX VAT | 50% SPLIT EX VAT |
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*** | *** | *** |
OTHER AREAS - NATIONAL | *** | *** |
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OTHER AREAS - CROSS BORDER | ||
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• | Temporary variation, which, if necessary, will be implemented after the monthly review meeting of the parties, to cater for current hotspots (i.e. when and where active car syndicates are identified). The Contractor shall notify MiX of any such additional costs in writing within five (5) days of MiX’s request for the site variation. Temporary relocations only apply to the *** Recovery Teams; or |
• | Permanent variation, which shall require thirty (30) days’ notice. |
• | *** (to be provided by ***) |
• | *** (to be provided by ***) |
• | *** (to be provided by ***) |
• | *** (to be provided by ***) |
• | *** for *** (to be provided by ***) |
• | *** (to be provided by ***) |
• | *** (to be provided by ***) |
• | *** Hourly Rate = *** |
• | *** Hourly Rate (Other Areas as per table)(excluding ***) = *** |
• | *** Hourly Rate = *** |
• | *** Hourly Rate = *** |
• | *** Hourly rate = *** (*** Ad Hoc) |
• | Other areas Ad Hoc = *** |
• | *** Hourly Rate = *** |
1 | The Contractor shall ensure that Recovery Teams and the Recovery Dispatcher are available twenty four (24) hours per day seven (7) days per week and at least *** percent (***%) of telephone calls from MiX shall be answered within *** (***) seconds. |
3 | The Contractor shall provide a detailed written recovery report to MiX by *** hrs on the business day immediately after any incident. |
1 | MiX shall despatch the appropriate Recovery Team or teams. If MiX deems it appropriate, it will instruct the Recovery Despatcher to use the Helicopter Services. |
2 | MiX shall contact the Recovery Dispatcher telephonically and inform him of the incident to enable the Contractor to ensure the appropriate service levels are maintained. |
3 | MiX, the Recovery Dispatcher and the Recovery Team will be in constant contact for updates and / or positional changes throughout the recovery process. |
4 | The Recovery Dispatcher shall be responsible for enlisting the necessary support from the various police services however it shall be at MiX’s sole discretion to authorise the use of Helicopter Services or any other air support, which might be deemed appropriate |
5 | MiX will decide when the Recovery Team and the Helicopter are to stand down. |
6 | Once a vehicle has been recovered the Contractor and/or its sub-contractors will return the said vehicle to the rightful owner, unless the South African Police Service demands possession of the vehicle. Should a vehicle towing service be required, the Contractor shall, upon MiX’s authorization and at MiX’s expense, organize with the Customer for the vehicle to be taken to a safe place as determined by MiX. |
1. | A Helicopter Service shall be permanently available to MiX, from ***, twenty four (24) hours per day, seven (7) days per week. |
2. | The dedicated helicopter shall be airborne within *** (***) minutes for at least *** percent (***%) of call outs. If a second helicopter is required for a recovery after the first helicopter has had to land for whatsoever reason, the second helicopter will be airborne within *** (***) minutes from the time the first helicopter lands. |
3. | The sub-contractor shall endeavour to have additional suitably equipped helicopters available should more than *** (***) helicopter be required at any *** (***) time. The helicopter will be airborne within *** (***) minutes for at least *** (***%) of call outs. |
4. | The Helicopter Service shall be terminable upon ninety (90) days’ written notice. |
5. | The costs (excluding VAT) which shall be: |
5.1 | Monthly retainer to be charged monthly in advance, which retainer may be reviewed every six months: As from 1st October 2017 option 2 will apply. |
5.1.2 | Fixed Monthly Lease rate: *** - *** hours per month (with no rollover) ***, *** |
5.1.3 | Fixed Monthly Lease rate: *** – *** hours per month (with no rollover) |
5.3 | Any landing fees incurred when MiX requires that a helicopter lands for refuelling at any airport other than the home base airport. |
5.4 | In the event that MiX exceeds the retainer hours/fees stipulated at clause 5.1 or if MiX requires a bigger helicopter, the following hourly charge per hour flown, charged monthly in arrears, will apply: |
5.4.1 | Hourly rate for Robinson 44 = *** |
6. | Subject to proof satisfactory to MiX, the rates may be adjusted from time to time to allow for any increase in the price of fuel used by the helicopter for the purposes of conducting the Helicopter Service, this review shall happen monthly. |
1. | Introduction |
1.1. | The Parties previously entered in to the Lease Agreement and the First Addendum to Agreement of Lease. |
1.2. | The Landlord and the Tenant would like to extend the duration of the First Addendum to Agreement of Lease, and record further amendments to same in writing. |
1.3. | Accordingly, the Parties agree as set out below herein. |
2. | Definitions and Interpretation |
2.1. | In this Second Addendum to Agreement of Lease the following terms and expressions shall, unless otherwise stated or inconsistent with the context in which they appear, bear the following meanings and other words derived from the same origins as such words shall bear corresponding meanings: |
2.1.1. | “First Addendum to Agreement of Lease” means the document entitled “Addendum to Agreement of Lease” and signed by both of the parties in and during 2012; |
2.1.2. | “Second Addendum to Agreement of Lease” means this written document entitled “Second Addendum to Agreement of Lease” as well as any schedules or annexures to this document, as well as documents incorporated by reference, which are all deemed to form part of hereof, as amended from time to time in accordance with the terms hereof; and |
2.1.3. | “Signature Date of this Second Addendum to Agreement of Lease” means, when this Second Addendum to Agreement of Lease has been signed by each party hereto, the latest of the date on which this Second Addendum to Agreement of Lease was signed by such party signing latest in time. |
2.2. | Unless the context requires otherwise, all words defined in the Lease Agreement and the First Addendum to Agreement of Lease (but not herein defined) and used in this Second Addendum to Agreement of Lease shall have the meanings ascribed to them in the Lease Agreement and the First Addendum to Agreement of Lease, respectively. |
2.3. | The amendments to the Lease Agreement and the First Addendum to Agreement of Lease, respectively, as provided for in this Second Addendum to Agreement of Lease shall constitute an integral part of each of the Lease Agreement and the First Addendum to Agreement of Lease, respectively, and must be read together. Other than amendments effected to the Lease Agreement and the First Addendum to Agreement of Lease, respectively, all of the provisions of the Lease Agreement and the First Addendum to Agreement of Lease, respectively, shall remain unchanged, and be of full force and effect. |
2.4. | If there is any conflict between either: |
2.4.1. | the Lease Agreement and this Second Addendum to Agreement of Lease, or |
2.4.2. | the First Addendum to Agreement of Lease and this Second Addendum to Agreement of Lease; |
2.5. | The interpretation of this Second Addendum to Agreement of Lease will be subject to the same rules of interpretation as are applicable to the Lease Agreement. |
3. | Renewal & Extension of Duration of Lease |
3.1. | Notwithstanding that the First Addendum to Agreement of Lease provided in clause 4.1 that the term of the lease would be terminating on 31 March 2017, it is hereby agreed that the lease period will be deemed to have been renewed as from 01 April 2017. |
3.2. | Notwithstanding anything to the contrary in the Lease Agreement or the First Addendum to Agreement of Lease, the lease of the premises will be deemed to have continued as from 01 April 2017, up to the end of the calendar month in which the Signature Date of this Second Addendum to Agreement of Lease has occurred, and will thereafter continue in force for further successive periods of 1 (one) calendar month each, unless terminated by either party on 1 (one) calendar months’ prior written notice to the other party. |
4. | Rental |
4.1. | Notwithstanding clause 4.2 (Rental) of the First Addendum to Agreement of Lease, the net monthly rental payable exclusive of VAT, on and with effect from the Signature Date of this Second Addendum to Agreement of Lease is R479, 546.96 per month. |
4.2. | Accordingly, the escalation provided for in clause 4.3 of the First Addendum to Agreement of Lease will not continue to operate with regards to the rental payable by the Tenant, and there will be no escalation in the rental or any other amount paid by the Tenant to the Landlord, unless otherwise agreed in writing between the Tenant and the Landlord. |
5. | New Clauses to Apply as between the Landlord and the Tenant |
5.1. | Clause 6 (Anti-Corruption and Anti-Bribery) and clause 7 (Economic Sanctions), below, will as of the Signature Date of this Second Addendum to Agreement of Lease apply and be of full force and effect for the whole duration of the period of the lease between the parties. |
6. | Anti-Corruption and Anti-Bribery |
6.1. | The Landlord agrees not to violate any applicable means any bribery, fraud, kickback, or other similar anti-corruption law or regulation of any relevant country (hereafter “Anti-Bribery Law”). |
6.2. | The Landlord has and must at all times implement adequate procedures designed to prevent it or any associated person (a person who, by reference to all the relevant circumstances, performs services for or on the Promoters behalf in any capacity and including, without limitation, employees, agents, subsidiaries, representatives and subcontractors) from engaging in any activity which would constitute an offence under any applicable Anti-Bribery Law. |
6.3. | The Landlord represents that, in connection with this Addendum, and the Agreement of Lease, and / or the Offer to Lease, no improper financial or other advantage has been, will be or is agreed to be given to any person (whether working for or engaged by the Tenant or any third party) by or on behalf of the Tenant or its associated persons. |
6.4. | Breach of any of the provisions in this clause 6 or of any applicable Anti-Bribery Law is a material breach of this Addendum and the Agreement of Lease, and / or the Offer to Lease, and without prejudice to any other right, relief or remedy, entitles the Tenant to terminate this Addendum immediately and without further notice. |
7. | Economic Sanctions |
7.1. | Each of the Tenant and the Landlord shall comply with all applicable laws pertaining to its respective obligations under this Addendum, and the Agreement of Lease, and the Offer to Lease, with respect to the import, export, distribution, sales and marketing of its equipment, services, products, software and the like. |
7.2. | Furthermore, the Landlord shall not engage in any business or dealings with any embargoed countries, blocked persons, United States Bureau of Industry and Security (“BIS”) restricted parties, or individuals or entities listed as a sanctions target by the United States (for example, the United States Department of the Treasury's Office of Foreign Assets Control (OFAC)), United Kingdom and/or European Union legislation (including to facilitate transactions with third parties that involve embargoed countries, blocked persons or BIS restricted parties). |
7.3. | Breach by the Landlord of any of the provisions in this clause 7 or of any applicable economic sanction laws and/or provisions is a material breach of this Addendum and the Agreement of Lease, and / or the Offer to Lease and, without prejudice to any other right, relief or remedy, entitles the Tenant to terminate this Addendum immediately and without further notice. |
8. | General |
8.1. | This Second Addendum to Agreement of Lease constitutes the whole of the agreement between the Parties hereto relating to the subject matter hereof and the Parties will not be bound by any terms, conditions or representations whether written, oral or by conduct and whether express or tacit not recorded herein. |
8.2. | The Parties warrant that they have not been induced to enter into this Second Addendum to Agreement of lease by any prior representations, warranties or guarantees, whether oral or in writing, except as expressly contained in this Second Addendum to Agreement of Lease. |
8.3. | No variation, addition to or cancellation of this Second Addendum to Agreement of Lease and no waiver of any right under this Second Addendum to Agreement of Lease will be of any force or effect unless reduced to writing and signed by or on behalf of the Parties in pen and ink, and excluding by electronic communication. |
8.4. | The signatories hereto acting in representative capacities warrant that they are authorised to act in such capacities. |
8.5. | The failure by any party to enforce any provision of this Second Addendum to Agreement of Lease will not affect in any way that party's right to require performance of the provision at any time in the future, nor will the waiver of any subsequent breach nullify the effectiveness of the provision. No waiver will be effective unless it is expressly stated in writing and signed by the party giving it. |
8.6. | Clause and sub-clause headings have been inserted for convenience only and will not be used for nor assist or affect the interpretation of this Second Addendum to Agreement of Lease. |
8.7. | This Second Addendum to Agreement of Lease may be executed in any number of counterparts (including electronic or faxed counterparts) and all of such counterparts taken together will be deemed to constitute one and the same instrument. |
Name of Subsidiary | Jurisdiction of Incorporation |
MIX TELEMATICS AFRICA PROPRIETARY LIMITED | Republic of South Africa |
MIX TELEMATICS INTERNATIONAL PROPRIETARY LIMITED | Republic of South Africa |
MIX TELEMATICS EUROPE LIMITED | United Kingdom |
MIX TELEMATICS NORTH AMERICA INCORPORATED | United States of America |
MIX TELEMATICS AUSTRALASIA PROPRIETARY LIMITED | Australia |
MIX TELEMATICS MIDDLE EAST FZE | United Arab Emirates |
MIX TELEMATICS ENTERPRISE SA PROPRIETARY LIMITED | Republic of South Africa |
MIX TELEMATICS SERVIÇOS DE TELEMETRIA E RASTREAMENTO DE VEÍCULOS DO BRAZIL LIMITADA | Brazil |
MIX TELEMATICS FLEET SUPPORT PROPRIETARY LIMITED | Republic of South Africa |
MIX TELEMATICS EAST AFRICA LIMITED | Uganda |
MIX TELEMATICS INVESTMENTS PROPRIETARY LIMITED | Republic of South Africa |
MIX TELEMATICS ROMANIA SRL | Romania |
MIX TELEMATICS (THAILAND) LIMITED | Thailand |
1. | I have reviewed this annual report on Form 20-F of MiX Telematics Limited; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report; |
4. | The company’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting; and |
5. | The company’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company’s auditors and the audit committee of the company’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the company’s internal control over financial reporting. |
1. | I have reviewed this annual report on Form 20-F of MiX Telematics Limited; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report; |
4. | The company’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting; and |
5. | The company’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company’s auditors and the audit committee of the company’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the company’s internal control over financial reporting. |
1. | the report, as filed with the Securities and Exchange Commission, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Consolidated statement of financial position | ||
at March 31, 2018 and March 31, 2017 |
Notes | March 31, 2018 | March 31, 2017 | |||||
R’000 | R’000 | ||||||
ASSETS | |||||||
Non-current assets | |||||||
Property, plant and equipment | 6 | 334,038 | 294,120 | ||||
Intangible assets | 7 | 898,527 | 881,900 | ||||
Finance lease receivable | 8 | — | 22 | ||||
Deferred tax assets | 18 | 40,717 | 28,130 | ||||
Total non-current assets | 1,273,282 | 1,204,172 | |||||
Current assets | |||||||
Assets classified as held for sale | 6 | 17,058 | — | ||||
Inventory | 9 | 57,013 | 26,449 | ||||
Trade and other receivables | 10 | 286,406 | 260,576 | ||||
Finance lease receivable | 8 | — | 140 | ||||
Taxation | 28 | 30,373 | 26,302 | ||||
Restricted cash | 11 | 20,935 | 13,268 | ||||
Cash and cash equivalents | 12 | 308,258 | 375,782 | ||||
Total current assets | 720,043 | 702,517 | |||||
Total assets | 1,993,325 | 1,906,689 | |||||
EQUITY | |||||||
Stated capital | 13 | 846,405 | 854,345 | ||||
Other reserves | 14 | (51,614 | ) | (4,370 | ) | ||
Retained earnings | 722,380 | 594,514 | |||||
Equity attributable to owners of the parent | 1,517,171 | 1,444,489 | |||||
Non-controlling interest | 10 | (1,558 | ) | ||||
Total equity | 1,517,181 | 1,442,931 | |||||
LIABILITIES | |||||||
Non-current liabilities | |||||||
Deferred tax liabilities | 18 | 82,658 | 100,067 | ||||
Provisions | 19 | 2,132 | 1,833 | ||||
Total non-current liabilities | 84,790 | 101,900 | |||||
Current liabilities | |||||||
Trade and other payables | 16 | 350,519 | 309,110 | ||||
Taxation | 2,832 | 4,521 | |||||
Provisions | 19 | 20,283 | 28,778 | ||||
Bank overdraft | 12 | 17,720 | 19,449 | ||||
Total current liabilities | 391,354 | 361,858 | |||||
Total liabilities | 476,144 | 463,758 | |||||
Total equity and liabilities | 1,993,325 | 1,906,689 | |||||
Consolidated income statement | ||
for the years ended March 31, 2018, March 31, 2017 and March 31, 2016 |
Notes | March 31, 2018 | March 31, 2017 | March 31, 2016 | ||||||||
R’000 | R’000 | R’000 | |||||||||
Revenue | 21 | 1,712,482 | 1,540,058 | 1,465,021 | |||||||
Cost of sales | (586,963 | ) | (498,785 | ) | (439,305 | ) | |||||
Gross profit | 1,125,519 | 1,041,273 | 1,025,716 | ||||||||
Other income/(expenses) — net | 22 | 4,246 | 426 | 1,244 | |||||||
Operating expenses | (914,813 | ) | (903,837 | ) | (887,876 | ) | |||||
Sales and marketing | (184,978 | ) | (181,601 | ) | (203,767 | ) | |||||
Administration and other charges | (729,835 | ) | (722,236 | ) | (684,109 | ) | |||||
Operating profit | 23 | 214,952 | 137,862 | 139,084 | |||||||
Finance (costs)/income — net | (69 | ) | 10,391 | 150,327 | |||||||
Finance income | 24 | 8,951 | 16,068 | 152,164 | |||||||
Finance costs | 25 | (9,020 | ) | (5,677 | ) | (1,837 | ) | ||||
Profit before taxation | 214,883 | 148,253 | 289,411 | ||||||||
Taxation | 28 | (33,690 | ) | (26,812 | ) | (106,920 | ) | ||||
Profit for the year | 181,193 | 121,441 | 182,491 | ||||||||
Attributable to: | |||||||||||
Owners of the parent | 181,134 | 121,458 | 182,989 | ||||||||
Non-controlling interests | 59 | (17 | ) | (498 | ) | ||||||
181,193 | 121,441 | 182,491 | |||||||||
Earnings per share | |||||||||||
Basic (R) | 29 | 0.32 | 0.19 | 0.24 | |||||||
Diluted (R) | 29 | 0.32 | 0.19 | 0.23 | |||||||
Consolidated statement of comprehensive income | ||
for the years ended March 31, 2018, March 31, 2017 and March 31, 2016 |
March 31, 2018 | March 31, 2017 | March 31, 2016 | |||||||||
Notes | R’000 | R’000 | R’000 | ||||||||
Profit for the year | 181,193 | 121,441 | 182,491 | ||||||||
Other comprehensive income: | |||||||||||
Items that may be subsequently reclassified to profit or loss | |||||||||||
Exchange differences on translating foreign operations | (60,331 | ) | (80,870 | ) | 90,665 | ||||||
Attributable to owners of the parent | 14 | (60,339 | ) | (80,820 | ) | 90,784 | |||||
Attributable to non-controlling interests | 8 | (50 | ) | (119 | ) | ||||||
Taxation relating to components of other comprehensive income | 14, 18, 28 | (237 | ) | (59 | ) | (2,466 | ) | ||||
Other comprehensive (loss)/income for the year, net of tax | (60,568 | ) | (80,929 | ) | 88,199 | ||||||
Total comprehensive income for the year | 120,625 | 40,512 | 270,690 | ||||||||
Attributable to: | |||||||||||
Owners of the parent | 120,558 | 40,579 | 271,307 | ||||||||
Non-controlling interests | 67 | (67 | ) | (617 | ) | ||||||
Total comprehensive income for the year | 120,625 | 40,512 | 270,690 | ||||||||
Consolidated statement of changes in equity | ||
for the years ended March 31, 2018, March 31, 2017 and March 31, 2016 |
Attributable to owners of the parent | |||||||||||||||||||
Notes | Stated capital R’000 | Other reserves* R’000 | Retained earnings R’000 | Total R’000 | Non- controlling interest R’000 | Total equity R’000 | |||||||||||||
Balance at April 1, 2015 | 1,436,993 | (21,894 | ) | 450,347 | 1,865,446 | (874 | ) | 1,864,572 | |||||||||||
Total comprehensive income | — | 88,318 | 182,989 | 271,307 | (617 | ) | 270,690 | ||||||||||||
Profit for the year | — | — | 182,989 | 182,989 | (498 | ) | 182,491 | ||||||||||||
Other comprehensive income/(loss) | — | 88,318 | — | 88,318 | (119 | ) | 88,199 | ||||||||||||
Total transactions with owners | (116,038 | ) | 7,838 | (107,254 | ) | (215,454 | ) | — | (215,454 | ) | |||||||||
Shares issued in relation to share options exercised | 7,722 | — | — | 7,722 | — | 7,722 | |||||||||||||
Share-based payment transaction | — | 7,838 | — | 7,838 | — | 7,838 | |||||||||||||
Dividends declared | 30 | — | — | (107,254 | ) | (107,254 | ) | — | (107,254 | ) | |||||||||
Share repurchase | (123,760 | ) | — | — | (123,760 | ) | — | (123,760 | ) | ||||||||||
Balance at March 31, 2016 | 1,320,955 | 74,262 | 526,082 | 1,921,299 | (1,491 | ) | 1,919,808 | ||||||||||||
Total comprehensive income | — | (80,879 | ) | 121,458 | 40,579 | (67 | ) | 40,512 | |||||||||||
Profit for the year | — | — | 121,458 | 121,458 | (17 | ) | 121,441 | ||||||||||||
Other comprehensive loss | — | (80,879 | ) | — | (80,879 | ) | (50 | ) | (80,929 | ) | |||||||||
Total transactions with owners | (466,610 | ) | 2,247 | (53,026 | ) | (517,389 | ) | — | (517,389 | ) | |||||||||
Shares issued in relation to share options exercised | 13 | 7,072 | — | — | 7,072 | — | 7,072 | ||||||||||||
Share-based payment transaction | 14 | — | 2,247 | — | 2,247 | — | 2,247 | ||||||||||||
Dividends declared | 30 | — | — | (53,026 | ) | (53,026 | ) | — | (53,026 | ) | |||||||||
Share repurchase | 13 | (473,682 | ) | — | — | (473,682 | ) | — | (473,682 | ) | |||||||||
Balance at March 31, 2017 | 854,345 | (4,370 | ) | 594,514 | 1,444,489 | (1,558 | ) | 1,442,931 | |||||||||||
Consolidated statement of changes in equity | ||
for the years ended March 31, 2018, March 31, 2017 and March 31, 2016 |
Attributable to owners of the parent | |||||||||||||||||||
Notes | Stated capital R’000 | Other reserves* R’000 | Retained earnings R’000 | Total R’000 | Non- controlling interest R’000 | Total equity R’000 | |||||||||||||
Total comprehensive income | — | (60,576 | ) | 181,134 | 120,558 | 67 | 120,625 | ||||||||||||
Profit for the year | — | — | 181,134 | 181,134 | 59 | 181,193 | |||||||||||||
Other comprehensive (loss)/income | — | (60,576 | ) | — | (60,576 | ) | 8 | (60,568 | ) | ||||||||||
Total transactions with owners | (7,940 | ) | 13,332 | (53,268 | ) | (47,876 | ) | 1,501 | (46,375 | ) | |||||||||
Shares issued in relation to share options and share appreciation rights exercised | 13 | 10,726 | — | — | 10,726 | — | 10,726 | ||||||||||||
Share-based payment transaction | 14 | — | 9,000 | — | 9,000 | — | 9,000 | ||||||||||||
Share-based payment — excess tax benefit | 14 | — | 5,833 | — | 5,833 | — | 5,833 | ||||||||||||
Transactions with non-controlling interests | 20 | — | (1,501 | ) | — | (1,501 | ) | 1,501 | — | ||||||||||
Dividends declared | 30 | — | — | (53,268 | ) | (53,268 | ) | — | (53,268 | ) | |||||||||
Share repurchase | 13 | (18,666 | ) | — | — | (18,666 | ) | — | (18,666 | ) | |||||||||
Balance at March 31, 2018 | 846,405 | (51,614 | ) | 722,380 | 1,517,171 | 10 | 1,517,181 |
Consolidated statement of cash flows | ||
for the years ended March 31, 2018, March 31, 2017 and March 31, 2016 | ||
March 31, 2018 | March 31, 2017 | March 31, 2016 | |||||||||
Notes | R’000 | R’000 | R’000 | ||||||||
Cash flows from operating activities | |||||||||||
Cash generated from operations | 31.2 | 413,025 | 377,115 | 293,808 | |||||||
Interest received | 8,576 | 14,737 | 7,936 | ||||||||
Interest paid | (3,731 | ) | (5,680 | ) | (1,831 | ) | |||||
Taxation paid | (64,662 | ) | (62,601 | ) | (59,479 | ) | |||||
Net cash generated from operating activities | 353,208 | 323,571 | 240,434 | ||||||||
Cash flows from investing activities | |||||||||||
Purchases of property, plant and equipment | 6 | (238,646 | ) | (180,230 | ) | (155,584 | ) | ||||
Proceeds on sale of property, plant and equipment and intangible assets | 4,388 | 369 | 633 | ||||||||
Purchases of intangible assets | 7 | (99,615 | ) | (115,293 | ) | (86,276 | ) | ||||
Acquisition of business, net of cash acquired | — | — | (18,000 | ) | |||||||
Deferred consideration paid | — | (1,103 | ) | (1,361 | ) | ||||||
Decrease in restricted cash | 127 | 6,951 | 19,346 | ||||||||
Increase in restricted cash | (8,389 | ) | (3,588 | ) | (8,472 | ) | |||||
Net cash used in investing activities | (342,135 | ) | (292,894 | ) | (249,714 | ) | |||||
Cash flows from financing activities | |||||||||||
Proceeds from issuance of shares | 13 | 10,726 | 7,072 | 7,722 | |||||||
Share repurchase | 13 | (18,666 | ) | (473,682 | ) | (123,760 | ) | ||||
Dividends paid to Company’s owners | (53,201 | ) | (52,966 | ) | (107,150 | ) | |||||
Repayments of borrowings | — | — | (41 | ) | |||||||
Acquisition of non-controlling interest | 20 | (1,353 | ) | — | — | ||||||
Net cash used in financing activities | (62,494 | ) | (519,576 | ) | (223,229 | ) | |||||
Net decrease in cash and cash equivalents | (51,421 | ) | (488,899 | ) | (232,509 | ) | |||||
Net cash and cash equivalents at the beginning of the year | 356,333 | 860,762 | 927,415 | ||||||||
Exchange (losses)/gains on cash and cash equivalents | (14,374 | ) | (15,530 | ) | 165,856 | ||||||
Net cash and cash equivalents at the end of the year | 12 | 290,538 | 356,333 | 860,762 | |||||||
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
2.1 | Basis of preparation |
• | International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”); |
• | IFRS Interpretations Committee (“IFRIC”) interpretations applicable to companies reporting under IFRS; |
• | SAICA Financial Reporting guides as issued by the Accounting Practices Committee; |
• | Financial Pronouncements as issued by the Financial Reporting Standards Council (“FRSC”); |
• | the requirements of the South African Companies Act, No. 71 of 2008; and |
• | the JSE Listings Requirements. |
2.1.1 | Changes in accounting policy and disclosures |
2.1.1.1 | New standards, amendments and interpretations adopted by the Group |
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
Standards and amendments | Executive summary |
IFRS 9 Financial Instruments (“IFRS 9”) | IFRS 9 addresses classification and measurement of financial assets and replaces the multiple classification and measurement models in IAS 39 Financial Instruments: Recognition and Measurement with a single model that has only two classification categories: amortized cost and fair value. IFRS 9 also introduces a new impairment model and aligns hedge accounting more closely with an entity’s risk management. The standard is effective for the Group from April 1, 2018. The most relevant change to the Group is the requirement to use an expected loss model instead of the incurred loss model, which is currently being used, when assessing the recoverability of trade and other receivables. Based on the expected loss model contained in IFRS 9, the expected increase in the provision for doubtful debts at April 1, 2018 is between R2.0 million and R4.0 million. |
IFRS 15 Revenue from Contracts with Customers (“IFRS 15”) | IFRS 15 replaces IAS 18 Revenue and IAS 11 Construction Contracts. It is a single, comprehensive revenue recognition model for all contracts with customers and has the objective of achieving greater consistency in the recognition and presentation of revenue. In terms of the new standard, revenue is recognized based on the satisfaction of performance obligations, which occurs when control of goods or services transfers to a customer. The revenue standard is effective for annual periods beginning on or after January 1, 2018 and therefore is applicable for the Group from April 1, 2018. The standard permits a modified retrospective cumulative catch-up approach for the adoption, which the Group has decided to apply. Under this approach the Group will recognize transitional adjustments in retained earnings on the date of initial application (i.e. April 1, 2018), without restating the comparative period. Under the practical expedient, the new requirements only need to be applied to contracts that are not completed as of April 1, 2018. The Group has assessed the impact of applying IFRS 15 on its financial statements and has identified the following areas that will be affected: Costs incurred in obtaining a contract: Commissions incurred to acquire contracts need to be capitalized and amortized, unless the amortization period is 12 months or less. Currently, the Group expenses commissions. Under IFRS 15, the amortization expense reflects the settlement of the related performance obligations, which, depending on the specific contract, may include hardware, installation, training and/or service. To the extent commission capitalized is commensurate, the commission attributable to service will be amortized over the minimum contractual period or, if shorter, the expected life of the contract. To the extent it is not commensurate, the commission capitalized that is attributable to service will be amortized over the expected life of the contract. The expected impact on the Group at April 1, 2018 is as follows: — Capitalized commission asset with a net book value of between R43.0 million and R48.0 million; and — Additional recurring commission liability of between R6.0 million and R8.0 million. Recurring commission is commission which is payable for each month the customer remains with the Group. Since the commission relates to acquiring a customer contract, as part of the adoption of IFRS 15, a recurring commission liability will be recognized at the date on which the contract is acquired. The measurement will reflect the total commission payable over the minimum contractual period or, if shorter, the expected life of the contract, together with the effect of the time value of money, where significant. Under current accounting the recurring commissions are accrued for on a monthly basis. Amortization expense of external commissions capitalized under IFRS 15 will be recognized in cost of sales, while that of internal commissions will be recognized in sales and marketing costs. Commissions not capitalized under the 12-month practical expedient will also be classified in the same manner. This is in line with the current income statement presentation of the commission expense. The impact of IFRS 15 on both cost of sales and sales and marketing costs for fiscal 2019 is not expected to be material based on current forecasts. |
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
Standards and amendments | Executive summary |
IFRS 15 Revenue from Contracts with Customers (“IFRS 15”) | Significant financing: In respect of contracts for which the Group receives payment more than 12 months in advance, interest expense will need to be accrued on the income received in advance liability. This will result in the revenue being measured at a higher amount when it is recognized, compared to current accounting. At April 1, 2018, it is expected that the income received in advance liability (which will be disclosed as ‘liabilities related to contracts with customers’) will be between R1.0 million and R3.0 million higher than the balance at March 31, 2018. Fixed escalations: Fixed escalations will need to be spread evenly over the contract period resulting in the related revenue being different to what is actually billed. In the earlier part of the contract, revenue will be higher than the amount billed, while in the latter part it will be lower. Currently, the Group recognizes the increase in revenue due to fixed escalations only once the escalations are effective. A contract asset of between R1.0 million and R2.0 million is expected to be recognized on April 1, 2018, reflecting the amount by which revenue should have been higher under IFRS 15 in periods prior to March 31, 2018 as a result of straight-lining the fixed escalations. |
IFRS 16 Leases (“IFRS 16”) | IFRS 16 replaces IAS 17 Leases and addresses the accounting and disclosures for leases. The standard provides a single lessee accounting model, requiring lessees to recognize right-of-use assets and lease liabilities for all leases, unless the lease term is 12 months or less or the underlying asset is a low-value asset. Lessors continue to classify leases as operating or finance, with IFRS 16’s approach to lessor accounting remaining substantially unchanged from its predecessor, IAS 17. IFRS 16 applies to annual reporting periods beginning on or after January 1, 2019, but can be early adopted. Given that the Group will be applying IFRS 15 from April 1, 2018, the Group decided to also adopt IFRS 16 from this date. The Group has chosen to apply the ‘simplified approach’ on adoption of IFRS 16 that includes certain relief related to the measurement of the right-of-use asset and the lease liability at April 1, 2018, rather than full retrospective application. Furthermore, the ‘simplified approach’ does not require a restatement of comparatives. The Group leases land and buildings, office equipment and vehicles which are currently treated as operating leases. The expected impact on the Group at April 1, 2018 is as follows: — Right-of-use asset with a net book value of between R29.0 million and R32.0 million; and — Lease liability (net of accruals/prepayments already recognized) of between R31.0 million and R35.0 million. |
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
IFRS 9 assets | (R2.0 million to R4.0 million) |
IFRS 15 assets | R44.0 million to R50.0 million |
IFRS 16 assets | R29.0 million to R32.0 million |
Total assets | R71.0 million to R78.0 million |
IFRS 15 liabilities | R7.0 million to R11.0 million |
IFRS 16 liabilities | R31.0 million to R35.0 million |
Deferred tax liabilities | R6.0 million to R10.0 million |
Total liabilities | R44.0 million to R56.0 million |
Net increase in retained income | R22.0 million to R27.0 million |
2.2 | Consolidation |
(a) | Subsidiaries |
(b) | Business combinations |
• | fair values of the assets transferred; |
• | liabilities incurred to the former owners of the acquired business; |
• | equity interests issued by the Group; |
• | fair value of any asset or liability resulting from a contingent consideration arrangement; and |
• | fair value of any pre-existing equity interest in the subsidiary. |
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
• | consideration transferred; |
• | amount of any non-controlling interest in the acquired entity; and |
• | acquisition-date fair value of any previous equity interest in the acquired entity |
(c) | Changes in ownership interests in subsidiaries without a change of control |
2.3 | Segment reporting |
2.4 | Foreign currency translation |
(a) | Functional and presentation currency |
(b) | Transactions and balances |
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
(c) | Group companies |
(i) | Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position; |
(ii) | Income and expenses for each income statement presented are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); |
(iii) | All resulting exchange differences are recognized in other comprehensive income; and |
(iv) | Equity items are measured at historical cost at the time of recording, translated at the rate on the date of the recording and are not retranslated to closing rates at reporting dates. |
2.5 | Property, plant and equipment |
Property: Buildings | 50 years |
Plant and equipment | 3 — 20 years |
Motor vehicles | 3 — 7 years |
Other: Furniture, fittings and equipment | 1 — 10 years |
Computer and radio equipment | 2 — 6 years |
In-vehicle devices installed | 1 — 5 years |
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
2.6 | Intangible assets |
(a) | Goodwill |
(b) | Patents and trademarks |
(c) | Customer relationships |
(d) | Computer software, technology, in-house software and product development costs |
• | It is technically feasible to complete the software or product so that it will be available for use; |
• | Management intends to complete the software or product and use or sell it; |
• | There is an ability to use or sell the software or product; |
• | It can be demonstrated how the software or product will generate probable future economic benefits; |
• | Adequate technical, financial and other resources to complete the development and use or sell the software or product are available; and |
• | The expenditure attributable to the software or product during its development can be reliably measured. |
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
2.7 | Impairment of non-financial assets |
2.8 | Financial assets |
2.8.1 | Classification |
2.8.2 | Recognition and derecognition |
2.8.3 | Measurement |
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
2.8.4 | Impairment of financial assets |
2.9 | Fair value |
• | Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities; |
• | Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either |
• | Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). |
2.10 | Offsetting financial instruments |
2.11 | Inventories |
2.12 | Trade receivables |
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
2.13 | Net cash and cash equivalents |
2.14 | Restricted cash |
2.15 | Stated capital |
2.16 | Trade and other payables |
2.17 | Non-current assets held for sale |
2.18 | Taxation |
2.18.1. | Current and deferred income taxes |
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
• | Deferred tax liabilities are recognized, except to the extent that the Group is able to control the timing of the reversal of the temporary differences, and it is probable that they will not reverse in the foreseeable future. |
• | Deferred tax assets are recognized only to the extent that it is probable the temporary differences will reverse in the foreseeable future and there is sufficient taxable profit available against which the temporary differences can be utilized. |
2.18.2. | Dividends tax |
2.19 | Employee benefits |
(a) | Short-term benefits |
(b) | Defined contribution plan |
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
(c) | Short-term incentives — bonus plans |
(d) | Termination benefits |
2.20 | Share-based payments |
• | Including any market performance conditions; |
• | Excluding the impact of any service and non-market performance vesting conditions (for example, remaining an employee of the entity over a specified time period); and |
• | Including the impact of any non-vesting conditions. |
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
2.21 | Provisions |
2.22 | Revenue recognition |
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
(a) | Subscription revenue |
(b) | Hardware sales |
(c) | Driver training and other services |
(d) | Rental revenue |
(e) | Installation revenue |
2.23 | Interest income |
2.24 | Dividend income |
2.25 | Leases |
2.25.1. | The Group as a lessor |
2.25.2. | The Group as a lessee |
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
2.26 | Dividend distribution |
3. | Financial risk management |
3.1 | Financial risk factors |
(a) | Market risk |
(i) | Foreign exchange risk |
(ii) | Interest rate risk |
(iii) | Price risk |
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
(b) | Credit risk |
(c) | Liquidity risk |
3.2 | Capital risk management |
4. | Critical accounting estimates and judgements |
(a) | Warranty claims |
(b) | Maintenance provision |
(c) | Current and deferred income taxes |
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
(d) | Impairment estimates |
(e) | Customer relationships |
(f) | Product development cost |
(g) | Provision for impairment of trade receivables |
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
Subscription revenue R'000 | Hardware and other revenue R'000 | Total revenue R’000 | Adjusted EBITDA R’000 | ||||||||||||
Regional Sales Offices | |||||||||||||||
Africa | 872,646 | 84,832 | 957,478 | 440,900 | |||||||||||
Europe | 115,199 | 78,061 | 193,260 | 65,326 | |||||||||||
Americas | 194,890 | 32,715 | 227,605 | 79,127 | |||||||||||
Middle East and Australasia | 200,241 | 78,424 | 278,665 | 106,835 | |||||||||||
Brazil | 50,735 | 3,695 | 54,430 | 16,747 | |||||||||||
Total Regional Sales Offices | 1,433,711 | 277,727 | 1,711,438 | 708,935 | |||||||||||
Central Services Organization | 904 | 140 | 1,044 | (149,878 | ) | ||||||||||
Total Segment Results | 1,434,615 | 277,867 | 1,712,482 | 559,057 | |||||||||||
Corporate and consolidation entries | — | — | — | (117,191 | ) | ||||||||||
Total | 1,434,615 | 277,867 | 1,712,482 | 441,866 | |||||||||||
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
Subscription revenue R'000 | Hardware and other revenue R'000 | Total revenue R’000 | Adjusted EBITDA R’000 | |||||||||||
Regional Sales Offices | ||||||||||||||
Africa | 772,224 | 86,945 | 859,169 | 344,077 | ||||||||||
Europe | 113,223 | 64,108 | 177,331 | 52,369 | ||||||||||
Americas | 121,462 | 38,957 | 160,419 | 26,804 | ||||||||||
Middle East and Australasia | 199,474 | 104,976 | 304,450 | 91,149 | ||||||||||
Brazil | 32,653 | 5,158 | 37,811 | 9,394 | ||||||||||
Total Regional Sales Offices | 1,239,036 | 300,144 | 1,539,180 | 523,793 | ||||||||||
Central Services Organization | 878 | — | 878 | (127,828 | ) | |||||||||
Total Segment Results | 1,239,914 | 300,144 | 1,540,058 | 395,965 | ||||||||||
Corporate and consolidation entries | — | — | — | (94,352 | ) | |||||||||
Total | 1,239,914 | 300,144 | 1,540,058 | 301,613 |
Subscription revenue R'000 | Hardware and other revenue R'000 | Total revenue R’000 | Adjusted EBITDA R’000 | |||||||||||
Regional Sales Offices | ||||||||||||||
Africa | 711,208 | 96,699 | 807,907 | 320,466 | ||||||||||
Europe | 110,251 | 51,736 | 161,987 | 35,359 | ||||||||||
Americas | 115,413 | 41,527 | 156,940 | 2,908 | ||||||||||
Middle East and Australasia | 202,163 | 111,764 | 313,927 | 107,279 | ||||||||||
Brazil | 18,063 | 5,066 | 23,129 | 1,931 | ||||||||||
Total Regional Sales Offices | 1,157,098 | 306,792 | 1,463,890 | 467,943 | ||||||||||
Central Services Organization | 1,131 | — | 1,131 | (113,403 | ) | |||||||||
Total Segment Results | 1,158,229 | 306,792 | 1,465,021 | 354,540 | ||||||||||
Corporate and consolidation entries | — | — | — | (77,325 | ) | |||||||||
Total | 1,158,229 | 306,792 | 1,465,021 | 277,215 |
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
March 31, 2018 | March 31, 2017 | March 31, 2016 | |||||||
R’000 | R’000 | R’000 | |||||||
Reconciliation of Adjusted EBITDA to profit for the year | |||||||||
Adjusted EBITDA | 441,866 | 301,613 | 277,215 | ||||||
Add: | |||||||||
Net profit on sale of property, plant and equipment and intangible assets | 1,264 | — | — | ||||||
Reversal of impairment(1) | — | 791 | — | ||||||
Decrease in restructuring cost provision | 741 | — | 333 | ||||||
Less: | |||||||||
Depreciation(2) | (151,945 | ) | (98,508 | ) | (75,037 | ) | |||
Amortization(3) | (63,926 | ) | (44,734 | ) | (47,586 | ) | |||
Impairment(4) | (2,696 | ) | (3,166 | ) | (4,776 | ) | |||
Share-based compensation costs | (10,352 | ) | (3,311 | ) | (5,820 | ) | |||
Equity-settled share-based compensation costs | (9,000 | ) | (2,247 | ) | (7,838 | ) | |||
Cash-settled share-based compensation costs(5) | (1,352 | ) | (1,064 | ) | 2,018 | ||||
Net loss on sale of property, plant and equipment and intangible assets | — | (262 | ) | (208 | ) | ||||
Increase in restructuring cost provision(6) | — | (14,561 | ) | — | |||||
Transaction costs arising from investigating strategic alternatives(7) | — | — | (5,037 | ) | |||||
Operating profit | 214,952 | 137,862 | 139,084 | ||||||
Add: Finance (costs)/income — net | (69 | ) | 10,391 | 150,327 | |||||
Less: Taxation | (33,690 | ) | (26,812 | ) | (106,920 | ) | |||
Profit for the year | 181,193 | 121,441 | 182,491 | ||||||
(1) | The reversal of impairment of R0.8 million in fiscal 2017 related to in-vehicle devices in the Brazil segment. |
(2) | Includes depreciation of property, plant and equipment (including in-vehicle devices). |
(3) | Includes amortization of intangible assets (including capitalized in-house development costs and intangible assets identified as part of a business combination). |
(4) | In fiscal 2018, asset impairments relate to the impairment of capitalized product development costs of R2.3 million in the Africa segment and R0.4 million in the CSO segment. In fiscal 2017, asset impairments related to the impairment of capitalized product development costs of R2.6 million in the Africa segment and R0.5 million in the CSO segment. In fiscal 2016 includes R2.9 million impairment of in-house software and R1.9 million related to in-vehicle devices. |
(5) | Cash-settled share-based payments are described in note 20. |
(6) | Restructuring costs incurred in fiscal 2017 are described in note 19. |
(7) | Transaction costs incurred in 2016 arising from investigating strategic alternatives are described in note 23. |
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
Notes to the annual financial statements | ||
for the year ended March 31, 2018 |
Property R’000 | Plant, equipment, vehicles and other R’000 | Computer and radio equipment R’000 | In-vehicle devices uninstalled R’000 | In-vehicle devices installed R’000 | Total owned R’000 | |||||||||||||
At April 1, 2016 | ||||||||||||||||||
Cost | 22,288 | 51,474 | 65,160 | 61,989 | 216,862 | 417,773 | ||||||||||||
Accumulated depreciation and impairments | (4,324 | ) | (33,759 | ) | (51,186 | ) | (387 | ) | (92,533 | ) | (182,189 | ) | ||||||
Net book amount | 17,964 | 17,715 | 13,974 | 61,602 | 124,329 | 235,584 | ||||||||||||
Year ended March 31, 2017 | ||||||||||||||||||
Opening net book amount | 17,964 | 17,715 | 13,974 | 61,602 | 124,329 | 235,584 | ||||||||||||
Additions | — | 4,712 | 6,698 | 158,600 | — | 170,010 | ||||||||||||
Transfers | — | — | — | (161,532 | ) | 161,532 | — | |||||||||||
Reversal of impairment (notes 5, 23, 29, 31.2) | — | — | — | — | 791 | 791 | ||||||||||||
Disposals* | — | (181 | ) | (80 | ) | — | (370 | ) | (631 | ) | ||||||||
Depreciation charge (notes 5, 23, 31.2) | (453 | ) | (6,759 | ) | (7,785 | ) | — | (83,511 | ) | (98,508 | ) | |||||||
Currency translation differences | — | (616 | ) | (487 | ) | (3,200 | ) | (8,823 | ) | (13,126 | ) | |||||||
Closing net book amount | 17,511 | 14,871 | 12,320 | 55,470 | 193,948 | 294,120 | ||||||||||||
At March 31, 2017 | ||||||||||||||||||
Cost | 22,288 | 48,186 | 58,048 | 55,470 | 333,057 | 517,049 | ||||||||||||
Accumulated depreciation and impairments | (4,777 | ) | (33,315 | ) | (45,728 | ) | — | (139,109 | ) | (222,929 | ) | |||||||
Net book amount | 17,511 | 14,871 | 12,320 | 55,470 | 193,948 | 294,120 | ||||||||||||
Year ended March 31, 2018 | ||||||||||||||||||
Opening net book amount | 17,511 | 14,871 | 12,320 | 55,470 | 193,948 | 294,120 | ||||||||||||
Additions | — | 4,090 | 4,630 | 229,528 | — | 238,248 | ||||||||||||
Transfers | — | (613 | ) | 613 | (232,050 | ) | 232,050 | — | ||||||||||
Assets classified as held for sale | (17,058 | ) | — | — | — | — | (17,058 | ) | ||||||||||
Impairment (notes 5, 23, 29, 31.2) | — | (6 | ) | (3 | ) | — | — | (9 | ) | |||||||||
Disposals** | — | (606 | ) | (165 | ) | — | (1,165 | ) | (1,936 | ) | ||||||||
Depreciation charge (notes 5, 23, 31.2) | (453 | ) | (5,237 | ) | (6,772 | ) | — | (139,483 | ) | (151,945 | ) | |||||||
Currency translation differences | — | (280 | ) | (253 | ) | (2,777 | ) | (24,072 | ) | (27,382 | ) | |||||||
Closing net book amount | — | 12,219 | 10,370 | 50,171 | 261,278 | 334,038 | ||||||||||||
Notes to the annual financial statements | ||
for the year ended March 31, 2018 |
Property R’000 | Plant, equipment, vehicles and other R’000 | Computer and radio equipment R’000 | In-vehicle devices uninstalled R’000 | In-vehicle devices installed R’000 | Total owned R’000 | |||||||||||||
Year ended March 31, 2018 | ||||||||||||||||||
Cost | — | 47,066 | 46,735 | 50,171 | 470,545 | 614,517 | ||||||||||||
Accumulated depreciation and impairments | — | (34,847 | ) | (36,365 | ) | — | (209,267 | ) | (280,479 | ) | ||||||||
Net book amount | — | 12,219 | 10,370 | 50,171 | 261,278 | 334,038 | ||||||||||||
Notes to the annual financial statements | ||
for the year ended March 31, 2018 |
March 31, 2018 R’000 | March 31, 2017 R’000 | |||||
Non-current assets | ||||||
Property, plant and equipment | 334,038 | 294,120 | ||||
Current assets | ||||||
Assets classified as held for sale | 17,058 | — | ||||
Total property, plant and equipment | 351,096 | 294,120 | ||||
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
Goodwill R’000 | Patents and trademarks R’000 | Customer relationships R’000 | Product development costs R’000 | Computer software, technology, in-house software and other R’000 | Total R’000 | |||||||||||||
At April 1, 2016 | ||||||||||||||||||
Cost | 654,329 | 3,036 | 40,165 | 206,836 | 93,801 | 998,167 | ||||||||||||
Accumulated amortization and impairments | — | (1,413 | ) | (10,180 | ) | (76,875 | ) | (62,848 | ) | (151,316 | ) | |||||||
Net book amount | 654,329 | 1,623 | 29,985 | 129,961 | 30,953 | 846,851 | ||||||||||||
Year ended March 31, 2017 | ||||||||||||||||||
Opening net book amount | 654,329 | 1,623 | 29,985 | 129,961 | 30,953 | 846,851 | ||||||||||||
Additions | — | 119 | — | 78,020 | 41,269 | 119,408 | ||||||||||||
Disposals* | — | — | — | — | — | — | ||||||||||||
Amortization charge (notes 23 and 31.2) | — | (816 | ) | (6,762 | ) | (28,847 | ) | (8,309 | ) | (44,734 | ) | |||||||
Impairment loss (notes 5, 23, 29 and 31.2) | — | — | — | (3,166 | ) | — | (3,166 | ) | ||||||||||
Currency translation differences | (35,419 | ) | — | — | (179 | ) | (861 | ) | (36,459 | ) | ||||||||
Closing net book amount | 618,910 | 926 | 23,223 | 175,789 | 63,052 | 881,900 | ||||||||||||
At March 31, 2017 | ||||||||||||||||||
Cost | 618,910 | 3,155 | 40,165 | 265,637 | 130,131 | 1,057,998 | ||||||||||||
Accumulated amortization and impairments | — | (2,229 | ) | (16,942 | ) | (89,848 | ) | (67,079 | ) | (176,098 | ) | |||||||
Net book amount | 618,910 | 926 | 23,223 | 175,789 | 63,052 | 881,900 | ||||||||||||
Year ended March 31, 2018 | ||||||||||||||||||
Opening net book amount | 618,910 | 926 | 23,223 | 175,789 | 63,052 | 881,900 | ||||||||||||
Additions | — | 31 | 5,300 | 65,342 | 23,965 | 94,638 | ||||||||||||
Transfers | — | — | — | (365 | ) | 365 | — | |||||||||||
Disposals** | — | — | — | (1,188 | ) | — | (1,188 | ) | ||||||||||
Amortization charge (notes 23 and 31.2) | — | (513 | ) | (7,516 | ) | (37,639 | ) | (18,258 | ) | (63,926 | ) | |||||||
Impairment loss (notes 5, 23, 29, 31.2) | — | — | — | (2,687 | ) | — | (2,687 | ) | ||||||||||
Currency translation differences | (7,266 | ) | — | (356 | ) | (235 | ) | (2,353 | ) | (10,210 | ) | |||||||
Closing net book amount | 611,644 | 444 | 20,651 | 199,017 | 66,771 | 898,527 | ||||||||||||
At March 31, 2018 | ||||||||||||||||||
Cost | 611,644 | 1,031 | 44,990 | 312,338 | 145,387 | 1,115,390 | ||||||||||||
Accumulated amortization and impairments | — | (587 | ) | (24,339 | ) | (113,321 | ) | (78,616 | ) | (216,863 | ) | |||||||
Net book amount | 611,644 | 444 | 20,651 | 199,017 | 66,771 | 898,527 | ||||||||||||
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
Year ended March 31, | ||||||||||||||||||||
2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |||||||||||
R’000 | 1,694 | 611 | 748 | 457 | 334 | 303 | 158 | 106 | 106 | 27 |
March 31, 2017 R’000 | Foreign currency translation differences R'000 | March 31, 2018 R’000 | |||||||
Central Services Organization | 103,119 | — | 103,119 | ||||||
Europe | 109,610 | (986 | ) | 108,624 | |||||
Middle East and Australasia | 53,131 | (6,280 | ) | 46,851 | |||||
Africa | 353,050 | — | 353,050 | ||||||
Total | 618,910 | (7,266 | ) | 611,644 | |||||
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
2018 | Central Services Organization | Africa | Europe | Middle East and Australasia | ||||
Discount rate | ||||||||
– pre-tax discount rate applied to the cash flow projections (%) | 17.1 | 17.3 | 9.2 | 13.3 | ||||
Growth rate | ||||||||
– growth rate used to extrapolate cash flow beyond the budget period (%) | 5.4 | 5.4 | 2.2 | 2.9 | ||||
2017 | Central Services Organization | Africa | Europe | Middle East and Australasia | ||||
Discount rate | ||||||||
– pre-tax discount rate applied to the cash flow projections (%) | 17.6 | 18.6 | 9.8 | 16.0 | ||||
Growth rate | ||||||||
– growth rate used to extrapolate cash flow beyond the budget period (%) | 5.5 | 5.5 | 2.3 | 2.5 | ||||
March 31, 2018 R’000 | March 31, 2017 R’000 | |||||
Total finance lease receivable | — | 162 | ||||
Short-term portion receivable within 12 months | — | 140 | ||||
Long-term portion receivable after 12 months | — | 22 | ||||
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
March 31, 2018 R’000 | March 31, 2017 R’000 | |||||
Gross finance lease receivable – minimum lease payments: | ||||||
Not later than one year | — | 145 | ||||
Later than one year but not later than five years | — | 22 | ||||
— | 167 | |||||
Unearned finance income | — | (5 | ) | |||
Net investment in finance leases | — | 162 | ||||
March 31, 2018 R’000 | March 31, 2017 R’000 | |||||
Not later than one year | — | 140 | ||||
Later than one year but not later than five years | — | 22 | ||||
Net investment in finance leases | — | 162 | ||||
March 31, 2018 R’000 | March 31, 2017 R’000 | |||||
Inventory – finished goods | 57,013 | 26,449 | ||||
March 31, 2018 R’000 | March 31, 2017 R’000 | |||||
Trade receivables | 248,878 | 220,402 | ||||
Less: Provision for impairment of trade receivables | (17,523 | ) | (8,783 | ) | ||
Trade receivables — net | 231,355 | 211,619 | ||||
Pre-payments | 27,240 | 24,772 | ||||
Sundry debtors | 27,811 | 24,185 | ||||
286,406 | 260,576 | |||||
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
Gross R’000 | Provision for impairment R’000 | Net R'000 | |||||||
2018 | |||||||||
Not past due | 145,346 | (334 | ) | 145,012 | |||||
Past due by 1 to 30 days | 51,844 | (2,518 | ) | 49,326 | |||||
Past due by 31 to 60 days | 24,763 | (3,732 | ) | 21,031 | |||||
Past due by more than 60 days | 26,925 | (10,939 | ) | 15,986 | |||||
Total | 248,878 | (17,523 | ) | 231,355 | |||||
Gross R’000 | Provision for impairment R’000 | Net R'000 | |||||||
2017 | |||||||||
Not past due | 129,121 | (920 | ) | 128,201 | |||||
Past due by 1 to 30 days | 54,340 | (1,350 | ) | 52,990 | |||||
Past due by 31 to 60 days | 20,999 | (1,854 | ) | 19,145 | |||||
Past due by more than 60 days | 15,942 | (4,659 | ) | 11,283 | |||||
Total | 220,402 | (8,783 | ) | 211,619 | |||||
March 31, 2018 R’000 | March 31, 2017 R’000 | |||||
South African Rand | 98,148 | 80,037 | ||||
Australian Dollar | 24,016 | 21,754 | ||||
Brazilian Real | 19,129 | 15,684 | ||||
Euro | 28,192 | 24,411 | ||||
Great Britain Pound | 18,883 | 18,535 | ||||
United Arab Emirates Dirham | 2,578 | 3,354 | ||||
United States Dollar | 91,105 | 94,441 | ||||
Other | 4,355 | 2,360 | ||||
286,406 | 260,576 | |||||
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
March 31, 2018 R’000 | March 31, 2017 R’000 | |||||
Opening balance | (13,346 | ) | (12,438 | ) | ||
Increase in provision for impairment (note 31.2) | (24,143 | ) | (17,713 | ) | ||
Receivables written off during the year as irrecoverable — net | 19,354 | 16,429 | ||||
Foreign currency translation differences | 612 | 376 | ||||
Closing balance | (17,523 | ) | (13,346 | ) | ||
The Group’s provision for impairment of trade and other receivables includes: | ||||||
Trade receivables | (17,523 | ) | (8,783 | ) | ||
Sundry debtors | — | (4,563 | ) | |||
Closing balance | (17,523 | ) | (13,346 | ) | ||
March 31, 2018 R’000 | March 31, 2017 R’000 | |||||
Cash securing guarantee issued in terms of the Mobile Telephone Networks Proprietary Limited incentive agreement (denominated in South African Rand) | 1,000 | 1,000 | ||||
Cash securing guarantees issued in respect of lease agreements entered into (denominated in South African Rand) | 393 | 393 | ||||
Tax refund received erroneously (denominated in South African Rand) | 7,188 | — | ||||
Cash securing guarantees issued in respect of products sold by MiX Telematics Europe Limited (denominated in Euro) | 1,447 | 1,422 | ||||
Cash securing guarantees issued in respect of MiX Telematics Middle East FZE relating to employee visas in the UAE (denominated in UAE Dirham) | 3,616 | 4,192 | ||||
Cash held for purposes of distribution to MiX Telematics Enterprise BEE Trust and MiX Telematics Fleet Support Trust beneficiaries (denominated in South African Rand) | 6,257 | 5,118 | ||||
Cash securing guarantees issued in respect of property lease agreements entered into by MiX Telematics Australasia (denominated in Australian Dollar) | 1,034 | 1,143 | ||||
20,935 | 13,268 | |||||
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
March 31, 2018 R’000 | March 31, 2017 R’000 | March 31, 2016 R’000 | |||||||
Cash and cash equivalents | 308,258 | 375,782 | 877,136 | ||||||
Bank overdraft (note 15) | (17,720 | ) | (19,449 | ) | (16,374 | ) | |||
290,538 | 356,333 | 860,762 | |||||||
March 31, 2018 R’000 | March 31, 2017 R’000 | March 31, 2016 R’000 | |||||||
Cash and cash equivalents | |||||||||
AA | 110,854 | 197,873 | 743,600 | ||||||
A | 82,738 | 78,605 | 48,757 | ||||||
BBB | 33,962 | 99,304 | 84,779 | ||||||
BB | 80,704 | — | — | ||||||
308,258 | 375,782 | 877,136 | |||||||
March 31, 2018 R’000 | March 31, 2017 R’000 | March 31, 2016 R’000 | |||||||
Great Britain Pound | 37,209 | 48,540 | 45,017 | ||||||
Brazilian Real | 3,787 | 2,987 | 3,625 | ||||||
South African Rand | 171,223 | 100,721 | 87,675 | ||||||
Australian Dollar | 22,912 | 19,574 | 25,451 | ||||||
United States Dollar | 48,354 | 178,768 | 698,166 | ||||||
Euro | 4,300 | 4,649 | (55 | ) | |||||
Other | 2,753 | 1,094 | 883 | ||||||
290,538 | 356,333 | 860,762 | |||||||
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
Number of shares 000s | Stated capital R’000 | |||||
At April 1, 2016 | 759,138 | 1,320,955 | ||||
Shares issued in relation to share options exercised | 5,125 | 7,072 | ||||
Share repurchase from Imperial Corporate Services Proprietary Limited | (200,828 | ) | (473,682 | ) | ||
Balance at March 31, 2017 | 563,435 | 854,345 | ||||
Shares issued in relation to share options and share appreciation rights exercised | 6,001 | 10,726 | ||||
Share repurchase under the Share Repurchase Program | (5,016 | ) | (18,666 | ) | ||
Balance at March 31, 2018 | 564,420 | 846,405 | ||||
Total number of shares repurchased 000s | Average price paid per share (1) R | Shares canceled under the share repurchase program 000s | Total value of shares purchased as part of publicly announced program R’000 | Maximum value of shares that may yet be purchased under the program R’000 | ||||||
June 2017 | 5,015,660 | 3.72 | 5,015,660 | 18,666 | 251,334 | |||||
5,015,660 | 5,015,660 | 18,666 | 251,334 | |||||||
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
R’000 | |||
Aggregate repurchase consideration | 473,955 | ||
Impact of discounting related to the fiscal 2017 share repurchase transaction (note 25) | (3,222 | ) | |
Transaction costs capitalized | 2,949 | ||
Total share repurchase costs | 473,682 | ||
Number of awards | ||
Reconciliation of number of awards available for issue under the LTIP | ||
Maximum number of awards that may be issued during the life of the LTIP | 120,000,000 | |
Issued in fiscal 2015 | (2,900,000 | ) |
Number of awards available for issue as at March 31, 2015 | 117,100,000 | |
Issued in fiscal 2016 | (11,835,000 | ) |
Number of awards available for issue as at March 31, 2016 | 105,265,000 | |
Issued in fiscal 2017 | (13,950,000 | ) |
Number of awards available for issue as at March 31, 2017 | 91,315,000 | |
Issued in fiscal 2018 | (10,000,000 | ) |
Number of awards available for issue as at March 31, 2018 | 81,315,000 | |
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
Weighted average exercise price 2018 cents per share | Number of options 2018 000s | Weighted average exercise price 2017 cents per share | Number of options 2017 000s | |||||||||
Outstanding at the beginning of the year | 266 | 14,613 | 235 | 28,913 | ||||||||
Exercised | 195 | (5,513 | ) | 138 | (5,125 | ) | ||||||
Forfeited | — | — | 312 | (5,875 | ) | |||||||
Expired | — | — | 112 | (3,300 | ) | |||||||
Outstanding at the end of the year | 309 | 9,100 | 266 | 14,613 | ||||||||
Exercisable at the end of the year | 285 | 7,350 | 217 | 8,825 | ||||||||
March 31, 2018 000's | March 31, 2017 000's | ||||||||||||
Annual shareholder return | Grant date | Expiry date | Exercise price | ||||||||||
5% | September 13, 2011 | September 13, 2017 | 130 | cents | — | 263 | |||||||
10% | January 3, 2012 | January 3, 2018 | 154 | cents | — | 2,750 | |||||||
10% | November 7, 2012 | November 7, 2018 | 246 | cents | 5,600 | 8,100 | |||||||
10% | September 10, 2014 | September 10, 2020 | 411 | cents | 3,500 | 3,500 | |||||||
9,100 | 14,613 | ||||||||||||
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
Weighted average award price 2018 cents per share | Number of options 2018 000s | Weighted average award price 2017 cents per share | Number of options 2017 000s | |||||||||
Outstanding at the beginning of the year | 309 | 20,810 | 311 | 14,435 | ||||||||
Granted on May 30, 2016 | — | — | 294 | 9,950 | ||||||||
Granted on November 24, 2016 | — | — | 328 | 4,000 | ||||||||
Granted on May 30, 2017 | 346 | 10,000 | — | — | ||||||||
Exercised | 310 | (1,709 | ) | — | — | |||||||
Forfeited | 314 | (1,062 | ) | 303 | (7,575 | ) | ||||||
Outstanding at the end of the year | 322 | 28,039 | 309 | 20,810 | ||||||||
Exercisable at the end of the year | 313 | 1,306 | 305 | 725 | ||||||||
March 31, 2018 000's | March 31, 2017 000's | ||||||||||||
Annual shareholder return | Grant date | Expiry date | Award price | ||||||||||
10% | December 16, 2014 | December 16, 2020 | 305 | — | 725 | ||||||||
10% | August 31, 2015 | August 31, 2021 | 313 | 7,764 | 9,160 | ||||||||
10% | May 30, 2016 | May 30, 2022 | 294 | 6,525 | 6,925 | ||||||||
10% | November 24, 2016 | November 24, 2022 | 328 | 4,000 | 4,000 | ||||||||
10% | May 30, 2017 | May 30, 2023 | 346 | 9,750 | — | ||||||||
28,039 | 20,810 | ||||||||||||
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
Total shareholder return | ||||||
Grant date | May 30, 2017 | |||||
Fair value (cents per share) | 128.4 | |||||
Award price (cents per share) | 346 | |||||
JSE share price on grant date (cents per share) | 345 | |||||
Expiry date | May 30, 2023 | |||||
Performance conditions | ||||||
– Total shareholder return of (%) | 10.0 | |||||
Remaining contractual life at March 31, 2018 | 5.17 | |||||
Valuation assumptions and drivers | ||||||
Volatility (%) | 41.5 | |||||
Anticipated forfeiture rate (%) | 5.0 | |||||
Anticipated dividend yield (%) | 3.84 | |||||
Annual risk-free interest rate (%) | 7.51 | |||||
Total shareholder return | Total shareholder return | ||||||
Grant date | November 24, 2016 | May 30, 2016 | |||||
Fair value (cents per share) | 131.5 | 111.9 | |||||
Award price (cents per share) | 328 | 294 | |||||
JSE share price on grant date (cents per share) | 328 | 289 | |||||
Expiry date | November 24, 2022 | May 30, 2022 | |||||
Performance conditions | |||||||
– Total shareholder return of (%) | 10.0 | 10.0 | |||||
Remaining contractual life at March 31, 2018 | 4.65 | 4.17 | |||||
Valuation assumptions and drivers | |||||||
Volatility (%) | 41.8 | 40.3 | |||||
Anticipated forfeiture rate (%) | 5.0 | 5.0 | |||||
Anticipated dividend yield (%) | 2.98 | 3.57 | |||||
Annual risk-free interest rate (%) | 8.20 | 8.74 | |||||
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
November 7, 2012 000s | September 10, 2014 000s | Total 000s | |||||||||
S Joselowitz(1) | 2,500 | — | 2,500 | ||||||||
C Tasker(1) | 2,000 | 1,500 | 3,500 | ||||||||
G Pretorius | 1,100 | 1,000 | 2,100 | ||||||||
C Lewis | — | 1,000 | 1,000 | ||||||||
5,600 | 3,500 | 9,100 | |||||||||
Option strike price (cents per share) | 246 | 411 | |||||||||
JSE share price on grant date (cents per share) | 300 | 411 | |||||||||
Expiry date | November 7, 2018 | September 10, 2020 | |||||||||
Performance condition | |||||||||||
Minimum shareholder return of | 10 | % | 10 | % |
August 31, 2015 000s | May 30, 2016 000s | November 24, 2016 000s | May 30, 2017 000s | Total 000s | |||||||||||
S Joselowitz(1) | 1,000 | 1,000 | — | 1,100 | 3,100 | ||||||||||
C Tasker(1) | 750 | 750 | 875 | 1,100 | 3,475 | ||||||||||
P Dell(1) | 200 | 200 | 875 | 1,100 | 2,375 | ||||||||||
G Pretorius | 500 | 500 | 875 | 1,100 | 2,975 | ||||||||||
C Lewis | 500 | 500 | 875 | 1,100 | 2,975 | ||||||||||
2,950 | 2,950 | 3,500 | 5,500 | 14,900 | |||||||||||
JSE share price on grant date (cents per share) | 319 | 289 | 328 | 345 | |||||||||||
Expiry date | August 31, 2021 | May 30, 2022 | November 24, 2022 | May 30, 2023 | |||||||||||
Performance condition | |||||||||||||||
Minimum shareholder return of | 10 | % | 10 | % | 10 | % | 10 | % |
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
Date of exercise | Options exercised | Grant date | Strike price (cents per share) | Performance condition (R share price or % minimum shareholder return) | Exercise date share price (cents per share) | |||||||||||
C Tasker | November 29, 2017 | 2,000,000 | January 3, 2012 | 154 | 10 | % | 628 | |||||||||
G Pretorius | August 8, 2017 | 400,000 | November 7, 2012 | 246 | 10 | % | 451 | |||||||||
G Pretorius | November 22, 2017 | 750,000 | January 3, 2012 | 154 | 10 | % | 648 | |||||||||
C Lewis | March 2, 2018 | 1,500,000 | November 7, 2012 | 246 | 10 | % | 600 |
January 3, 2012 000s | November 7, 2012 000s | September 10, 2014 000s | Total 000s | |||||||||
S Joselowitz(1) | — | 2,500 | — | 2,500 | ||||||||
C Tasker(1) | 2,000 | 2,000 | 1,500 | 5,500 | ||||||||
G Pretorius | 750 | 1,500 | 1,000 | 3,250 | ||||||||
C Lewis | — | 1,500 | 1,000 | 2,500 | ||||||||
2,750 | 7,500 | 3,500 | 13,750 | |||||||||
Option strike price (cents per share) | 154 | 246 | 411 | |||||||||
JSE share price on grant date (cents per share) | 160 | 300 | 411 | |||||||||
Expiry date | January 3, 2018 | November 7, 2018 | September 10, 2020 | |||||||||
Performance condition | ||||||||||||
Minimum shareholder return of | 10 | % | 10 | % | 10 | % |
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
August 31, 2015 000s | May 30, 2016 000s | November 24, 2016 000s | Total 000s | |||||||||
S Joselowitz(1) | 1,000 | 1,000 | — | 2,000 | ||||||||
C Tasker(1) | 750 | 750 | 875 | 2,375 | ||||||||
P Dell(1) | 200 | 200 | 875 | 1,275 | ||||||||
G Pretorius | 500 | 500 | 875 | 1,875 | ||||||||
C Lewis | 500 | 500 | 875 | 1,875 | ||||||||
2,950 | 2,950 | 3,500 | 9,400 | |||||||||
JSE share price on grant date (cents per share) | 319 | 289 | 328 | |||||||||
Expiry date | August 31, 2021 | May 30, 2022 | November 24, 2022 | |||||||||
Performance condition | ||||||||||||
Minimum shareholder return of | 10 | % | 10 | % | 10 | % |
Date of exercise | Options exercised | Grant date | Strike price (cents per share) | Performance condition (R share price or % minimum shareholder return) | Exercise date share price (cents per share) | |||||||||||
M Pydigadu(1) | May 30, 2016 | 600,000 | June 4, 2010 | 112 | 10 | % | 289 | |||||||||
M Pydigadu(1) | November 07, 2016 | 750,000 | November 07, 2012 | 246 | 10 | % | 323 | |||||||||
S Joselowitz | June 03, 2016 | 1,500,000 | June 4, 2010 | 112 | 10 | % | 301 | |||||||||
B Horan(2) | June 07, 2016 | 250,000 | January 3, 2012 | 154 | 10 | % | 300 |
Date of exercise | Options exercised | Grant date | Strike price (cents per share) | Performance condition (R share price or % minimum shareholder return) | Exercise date share price (cents per share) | |||||||||||
R Botha | June 1, 2016 | 1,375,000 | June 4, 2010 | 112 | 10 | % | 308 |
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
March 31, 2018 R’000 | March 31, 2017 R’000 | |||||
Opening balance | (4,370 | ) | 74,262 | |||
Foreign currency translation* | (60,576 | ) | (80,879 | ) | ||
– Movement for the year — Gross | (60,339 | ) | (80,820 | ) | ||
– Tax effect of movement | (237 | ) | (59 | ) | ||
Share-based payments (notes 23 and 31.2) | 14,833 | 2,247 | ||||
– Transaction | 9,000 | 2,247 | ||||
– Excess tax benefit | 5,833 | — | ||||
Transaction with non-controlling interests** | (1,501 | ) | — | |||
Closing balance | (51,614 | ) | (4,370 | ) | ||
Foreign currency translation* | 42,226 | 102,802 | ||||
Reserve on transaction with non-controlling interest** | (138,939 | ) | (137,438 | ) | ||
Share-based payments | 45,099 | 30,266 | ||||
Closing balance | (51,614 | ) | (4,370 | ) | ||
Interest rate | March 31, 2018 R’000 | March 31, 2017 R’000 | ||||||
Undrawn borrowing facilities at floating rates include: | ||||||||
— Standard Bank Limited: | ||||||||
Overdraft | Prime less 1.2% | 52,280 | 50,551 | |||||
Vehicle and asset finance | Prime less 1.2% | 8,500 | 8,500 | |||||
— Nedbank Limited overdraft | Prime less 2% | 10,000 | 10,000 | |||||
70,780 | 69,051 | |||||||
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
• | an unrestricted cession of book debts by the following entities: |
March 31, 2018 R’000 | March 31, 2017 R’000 | |||||
Trade payables | 98,094 | 79,892 | ||||
Accruals | 176,963 | 152,323 | ||||
Revenue received in advance | 66,120 | 62,990 | ||||
Value added taxes | 6,646 | 6,624 | ||||
Other | 2,696 | 7,281 | ||||
350,519 | 309,110 | |||||
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
March 31, 2018 R’000 | March 31, 2017 R’000 | |||||
Deferred tax liabilities | ||||||
Capital allowances for tax purposes | 42,828 | 33,616 | ||||
Intangible assets | 57,084 | 49,807 | ||||
Pre-payments | 2,857 | 2,815 | ||||
Deferred foreign currency gains | 33,858 | 61,616 | ||||
Other | 887 | 1,106 | ||||
Gross deferred tax liabilities | 137,514 | 148,960 | ||||
Set-off of deferred tax balances | (54,856 | ) | (48,893 | ) | ||
Net deferred tax liabilities | 82,658 | 100,067 | ||||
Deferred tax assets | ||||||
Revenue received in advance | 15,730 | 14,304 | ||||
Capital allowances for tax purposes | 30,556 | 22,107 | ||||
Provisions, accruals and lease straight-lining | 33,910 | 28,731 | ||||
Assessable losses | 5,892 | 10,736 | ||||
Share-based payments | 8,187 | — | ||||
Other | 1,298 | 1,145 | ||||
Gross deferred tax assets | 95,573 | 77,023 | ||||
Set-off of deferred tax balances | (54,856 | ) | (48,893 | ) | ||
Net deferred tax assets | 40,717 | 28,130 | ||||
Net deferred tax liability | (41,941 | ) | (71,937 | ) | ||
The gross movement in net deferred tax assets/(liabilities) is as follows: | ||||||
Beginning of the year | (71,937 | ) | (90,976 | ) | ||
Foreign currency translations | (578 | ) | (878 | ) | ||
Credited/(charged) to equity (note 14) | 5,596 | (59 | ) | |||
Income statement charge (note 28) | 24,978 | 19,976 | ||||
End of the year | (41,941 | ) | (71,937 | ) | ||
• | South Africa 28% (2017: 28%) |
• | Australia 30% (2017: 30%) |
• | Brazil 34% (2017: 34%) |
• | Romania 16% (2017: 16%) |
• | Thailand 20% (2017: 20%) |
• | Uganda 30% (2017: 30%) |
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
• | United Arab Emirates 0% (2017: 0%) |
• | United Kingdom 19% (2017: 19%) |
• | United States of America 27% (2017: 34%) |
March 31, 2017 | Charged/ (credited) to the income statement (note 28) | Charged/ (credited) directly to equity (note 14) | Foreign currency translation differences | March 31, 2018 | |||||||||||
R’000 | R’000 | R’000 | R’000 | R’000 | |||||||||||
Deferred tax liabilities | |||||||||||||||
Capital allowances for tax purposes | 33,616 | 9,185 | — | 27 | 42,828 | ||||||||||
Intangible assets | 49,807 | 7,279 | — | (2 | ) | 57,084 | |||||||||
Pre-payments | 2,815 | 68 | — | (26 | ) | 2,857 | |||||||||
Deferred foreign currency gains | 61,616 | (28,318 | ) | 237 | 323 | 33,858 | |||||||||
Other | 1,106 | 105 | — | (324 | ) | 887 | |||||||||
148,960 | (11,681 | ) | 237 | (2 | ) | 137,514 | |||||||||
Deferred tax assets | |||||||||||||||
Revenue received in advance | (14,304 | ) | (1,426 | ) | — | — | (15,730 | ) | |||||||
Capital allowances for tax purposes | (22,107 | ) | (8,503 | ) | — | 54 | (30,556 | ) | |||||||
Provisions, accruals and lease straight-lining | (28,731 | ) | (5,572 | ) | — | 393 | (33,910 | ) | |||||||
Assessable losses | (10,736 | ) | 4,713 | — | 131 | (5,892 | ) | ||||||||
Share-based payments | — | (2,354 | ) | (5,833 | ) | — | (8,187 | ) | |||||||
Other | (1,145 | ) | (155 | ) | — | 2 | (1,298 | ) | |||||||
(77,023 | ) | (13,297 | ) | (5,833 | ) | 580 | (95,573 | ) | |||||||
Net deferred tax liability | 71,937 | (24,978 | ) | (5,596 | ) | 578 | 41,941 | ||||||||
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
March 31, 2016 | Charged/ (credited) to the income statement (note 28) | Charged/ (credited) directly to equity (note 14) | Foreign currency translation differences | March 31, 2017 | |||||||||||
R’000 | R’000 | R’000 | R’000 | R’000 | |||||||||||
Deferred tax liabilities | |||||||||||||||
Capital allowances for tax purposes | 27,603 | 6,013 | — | — | 33,616 | ||||||||||
Intangible assets | 39,088 | 10,721 | — | (2 | ) | 49,807 | |||||||||
Pre-payments | 1,970 | 845 | — | — | 2,815 | ||||||||||
Deferred foreign currency gains | 87,878 | (25,834 | ) | (428 | ) | — | 61,616 | ||||||||
Other | 1,268 | (163 | ) | — | 1 | 1,106 | |||||||||
157,807 | (8,418 | ) | (428 | ) | (1 | ) | 148,960 | ||||||||
Deferred tax assets | |||||||||||||||
Revenue received in advance | (13,166 | ) | (1,138 | ) | — | — | (14,304 | ) | |||||||
Capital allowances for tax purposes | (25,609 | ) | 3,478 | — | 24 | (22,107 | ) | ||||||||
Provisions, accruals and lease straight-lining | (25,617 | ) | (3,495 | ) | — | 381 | (28,731 | ) | |||||||
Assessable losses | (1,043 | ) | (10,178 | ) | — | 485 | (10,736 | ) | |||||||
Deferred foreign currency losses | (487 | ) | — | 487 | — | — | |||||||||
Other | (909 | ) | (225 | ) | — | (11 | ) | (1,145 | ) | ||||||
(66,831 | ) | (11,558 | ) | 487 | 879 | (77,023 | ) | ||||||||
Net deferred tax liability | 90,976 | (19,976 | ) | 59 | 878 | 71,937 | |||||||||
March 31, 2018 R’000 | March 31, 2017 R’000 | |||||
Product warranties | ||||||
Beginning of the year | 11,538 | 16,564 | ||||
Income statement charge | 5,772 | 1,797 | ||||
Utilized | (3,452 | ) | (5,476 | ) | ||
Foreign currency translation differences | (73 | ) | (1,347 | ) | ||
End of the year | 13,785 | 11,538 | ||||
Non-current portion | (516 | ) | — | |||
Current portion | 13,269 | 11,538 | ||||
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
March 31, 2018 R’000 | March 31, 2017 R’000 | |||||
Maintenance provision | ||||||
Beginning of the year | 3,511 | 4,413 | ||||
Income statement charge | 13,695 | 15,182 | ||||
Utilized | (12,604 | ) | (15,944 | ) | ||
Foreign currency translation differences | (173 | ) | (140 | ) | ||
End of the year | 4,429 | 3,511 | ||||
Non-current portion | — | (409 | ) | |||
Current portion | 4,429 | 3,102 | ||||
March 31, 2018 R’000 | March 31, 2017 R’000 | |||||
Decommissioning provision | ||||||
Beginning of the year | 1,424 | 1,812 | ||||
Finance costs | 213 | — | ||||
Foreign currency translation differences | (21 | ) | (388 | ) | ||
End of the year | 1,616 | 1,424 | ||||
Non-current portion | (1,616 | ) | (1,424 | ) | ||
Current portion | — | — | ||||
March 31, 2018 R’000 | March 31, 2017 R’000 | |||||
Restructuring provision | ||||||
Beginning of the year | 11,465 | 523 | ||||
Income statement (reversal)/charge (note 23) | (741 | ) | 14,561 | |||
Utilized | (10,653 | ) | (2,834 | ) | ||
Foreign currency translation differences | (47 | ) | (785 | ) | ||
End of the year | 24 | 11,465 | ||||
Non-current portion | — | — | ||||
Current portion | 24 | 11,465 | ||||
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
March 31, 2018 R’000 | March 31, 2017 R’000 | ||||||
Other provisions | |||||||
Beginning of the year | 2,673 | 11,261 | |||||
Income statement charge | 224 | 281 | |||||
Utilized | — | (8,600 | ) | ||||
Foreign currency translation differences | (336 | ) | (269 | ) | |||
End of the year | 2,561 | 2,673 | |||||
Non-current portion | — | — | |||||
Current portion | 2,561 | — | 2,673 | ||||
March 31, 2018 R’000 | March 31, 2017 R’000 | |||||
Total provisions | ||||||
Product warranties | 13,785 | 11,538 | ||||
Maintenance provision | 4,429 | 3,511 | ||||
Decommissioning provision | 1,616 | 1,424 | ||||
Restructuring provision | 24 | 11,465 | ||||
Other provisions | 2,561 | 2,673 | ||||
Total provision | 22,415 | 30,611 | ||||
Non-current portion | (2,132 | ) | (1,833 | ) | ||
Current provision | 20,283 | 28,778 | ||||
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
March 31, 2018 R’000 | March 31, 2017 R’000 | |||||
Movement in share-based payment liability for the year | ||||||
Opening balance | — | — | ||||
Share-based payment expense recognized during the year | 1,352 | 1,064 | ||||
Payment made in settlement of the share-based payment liability | (1,353 | ) | (1,064 | ) | ||
Foreign currency translation differences | 1 | — | ||||
Closing balance | — | — | ||||
March 31, 2017 | |
Discount rate | |
– pre-tax discount rate applied to the cash flow projections (%) | 21.0 |
Growth rate | |
– growth rate used to extrapolate cash flow beyond the budget period (%) | 4.5 |
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
March 31, 2018 R’000 | March 31, 2017 R’000 | March 31, 2016 R’000 | |||||||
Subscription revenue | 1,434,615 | 1,239,914 | 1,158,229 | ||||||
Hardware sales | 227,752 | 222,315 | 221,306 | ||||||
Driver training, installation and other | 50,115 | 77,829 | 85,486 | ||||||
1,712,482 | 1,540,058 | 1,465,021 | |||||||
March 31, 2018 R’000 | March 31, 2017 R’000 | March 31, 2016 R’000 | |||||||
Insurance reimbursement relating to operating costs | 2,500 | — | — | ||||||
Profit/(loss) on disposal of property, plant and equipment and intangible assets (note 31.2) | 1,264 | (262 | ) | (208 | ) | ||||
Other | 482 | 688 | 1,452 | ||||||
4,246 | 426 | 1,244 | |||||||
March 31, 2018 R’000 | March 31, 2017 R’000 | March 31, 2016 R’000 | |||||||
Operating profit is stated after accounting for the following charges: | |||||||||
Amortization (notes 7 and 31.2) | 63,926 | 44,734 | 47,586 | ||||||
Depreciation (notes 6 and 31.2) | 151,945 | 98,508 | 75,037 | ||||||
Impairment of intangible assets (notes 7 and 31.2) | 2,687 | 3,166 | 2,871 | ||||||
Impairment/(reversal of impairment) of property, plant and equipment (notes 6 and 31.2) | 9 | (791 | ) | 1,905 | |||||
Operating lease charges — premises, vehicles and equipment | 24,622 | 24,690 | 23,536 | ||||||
Restructuring costs (note 19) | (741 | ) | 14,561 | (333 | ) | ||||
Write-down of inventory to net realizable value (notes 9 and 31.2) | 9,294 | 9,967 | 5,317 | ||||||
Research expenditure | 1,624 | 2,398 | 1,540 | ||||||
Transaction costs arising from investigating strategic alternatives | — | — | 5,037 | ||||||
Professional fees | 32,689 | 22,358 | 24,940 | ||||||
Staff costs | 601,656 | 587,474 | 573,165 | ||||||
– Salaries, wages and other costs | 564,207 | 554,793 | 540,227 | ||||||
– Pension costs (note 17) | 27,097 | 29,370 | 27,118 | ||||||
– Equity-settled share-based payments (notes 14 and 31.2) | 9,000 | 2,247 | 7,838 | ||||||
– Cash-settled share-based payments (note 20) | 1,352 | 1,064 | (2,018 | ) | |||||
Number of employees at the end of the year | 1,054 | 1,056 | 1,089 | ||||||
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
March 31, 2018 R’000 | March 31, 2017 R’000 | March 31, 2016 R’000 | |||||||
Current accounts and short-term bank deposits | 8,508 | 14,052 | 7,292 | ||||||
Finance lease receivable income | 3 | 20 | 267 | ||||||
Other | 440 | 520 | 567 | ||||||
8,951 | 14,592 | 8,126 | |||||||
Net foreign exchange gains | — | 1,476 | 144,038 | ||||||
8,951 | 16,068 | 152,164 | |||||||
March 31, 2018 R’000 | March 31, 2017 R’000 | March 31, 2016 R’000 | |||||||
Overdraft | (2,324 | ) | (2,259 | ) | (1,490 | ) | |||
Impact of discounting related to the fiscal 2017 share repurchase transaction (note 13) | — | (3,222 | ) | — | |||||
Other long-term loans | — | (50 | ) | (186 | ) | ||||
Decommissioning provision (note 19) | (213 | ) | — | — | |||||
Other | (1,410 | ) | (146 | ) | (161 | ) | |||
(3,947 | ) | (5,677 | ) | (1,837 | ) | ||||
Net foreign exchange losses | (5,073 | ) | — | — | |||||
(9,020 | ) | (5,677 | ) | (1,837 | ) | ||||
March 31, 2018 R’000 | March 31, 2017 R’000 | March 31, 2016 R’000 | |||||||
Auditors’ remuneration | 12,076 | 8,821 | 7,426 | ||||||
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
Group | Directors’ fees R’000 | Salary and allowances R’000 | Other benefits R’000 | Retirement fund R’000 | Performance bonuses(1) R’000 | 12 months R’000 | ||||||||||||
2018 | ||||||||||||||||||
Non-executive directors | ||||||||||||||||||
R Bruyns(2) | 773 | — | — | — | — | 773 | ||||||||||||
C Ewing(2),(3) | 348 | — | — | — | — | 348 | ||||||||||||
R Frew(2) | 746 | — | — | — | — | 746 | ||||||||||||
E Banda | 486 | — | — | — | — | 486 | ||||||||||||
A Welton | 614 | — | — | — | — | 614 | ||||||||||||
I Jacobs | 386 | — | — | — | — | 386 | ||||||||||||
F Roji-Maplanka(4) | 292 | — | — | — | — | 292 | ||||||||||||
3,645 | — | — | — | — | 3,645 | |||||||||||||
Value added tax(2) | 266 | — | — | — | — | 266 | ||||||||||||
Executive committee(5) | ||||||||||||||||||
S Joselowitz(6) | — | 6,841 | — | — | 6,737 | 13,578 | ||||||||||||
C Tasker(6) | — | 5,393 | — | — | 4,133 | 9,526 | ||||||||||||
P Dell(7) | — | 1,844 | 100 | 71 | 1,750 | 3,765 | ||||||||||||
G Pretorius | — | 2,573 | 268 | 433 | 3,299 | 6,573 | ||||||||||||
C Lewis | — | 2,570 | 122 | 130 | 2,603 | 5,425 | ||||||||||||
3,911 | 19,221 | 490 | 634 | 18,522 | 42,778 | |||||||||||||
2017 | ||||||||||||||||||
Non-executive directors | ||||||||||||||||||
R Bruyns | 794 | — | — | — | — | 794 | ||||||||||||
C Ewing(3) | 570 | — | — | — | — | 570 | ||||||||||||
R Frew(2) | 566 | — | — | — | — | 566 | ||||||||||||
E Banda | 470 | — | — | — | — | 470 | ||||||||||||
A Welton | 650 | — | — | — | — | 650 | ||||||||||||
M Lamberti(2), (8) | 115 | — | — | — | — | 115 | ||||||||||||
I Jacobs(9) | 277 | — | — | — | — | 277 | ||||||||||||
G Nakos(10) | — | — | — | — | — | — | ||||||||||||
3,442 | — | — | — | — | 3,442 | |||||||||||||
Value added tax(2) | 95 | — | — | — | — | 95 | ||||||||||||
Executive committee(5) | ||||||||||||||||||
S Joselowitz(6) | — | 7,219 | — | — | 3,404 | 10,623 | ||||||||||||
M Pydigadu(11) | — | 2,101 | 98 | 80 | 1,206 | 3,485 | ||||||||||||
C Tasker(6) | — | 3,612 | 178 | 256 | 1,511 | 5,557 | ||||||||||||
B Horan(12) | — | 1,215 | 63 | 47 | 1,456 | 2,781 | ||||||||||||
P Dell(7) | — | 275 | 14 | 11 | — | 300 | ||||||||||||
G Pretorius | — | 2,096 | 129 | 335 | 1,147 | 3,707 | ||||||||||||
C Lewis | — | 2,328 | — | 144 | 1,099 | 3,571 | ||||||||||||
3,537 | 18,846 | 482 | 873 | 9,823 | 33,561 | |||||||||||||
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
Group | Directors’ fees R’000 | Salary and allowances R’000 | Other benefits R’000 | Retirement fund R’000 | Performance bonuses(1) R’000 | 12 months R’000 | ||||||||||||
2016 | ||||||||||||||||||
Non-executive directors | ||||||||||||||||||
R Bruyns | 910 | — | — | — | — | 910 | ||||||||||||
C Ewing(3) | 538 | — | — | — | — | 538 | ||||||||||||
R Frew(2) | 387 | — | — | — | — | 387 | ||||||||||||
E Banda | 442 | — | — | — | — | 442 | ||||||||||||
A Welton | 604 | — | — | — | — | 604 | ||||||||||||
M Lamberti(2), (8) | 286 | — | — | — | — | 286 | ||||||||||||
3,167 | — | — | — | — | 3,167 | |||||||||||||
Value added tax(2) | 94 | — | — | — | — | 94 | ||||||||||||
Executive committee(5) | ||||||||||||||||||
S Joselowitz(6) | — | 7,006 | — | — | 3,806 | 10,812 | ||||||||||||
R Botha(13), (14) | — | 390 | 1,979 | 15 | 728 | 3,112 | ||||||||||||
M Pydigadu(11) | — | 2,304 | 109 | 87 | 1,299 | 3,799 | ||||||||||||
H Scott(13), (15) | — | 586 | 100 | — | 1,054 | 1,740 | ||||||||||||
C Tasker(6) | — | 3,288 | 45 | 264 | 1,691 | 5,288 | ||||||||||||
B Horan(12) | — | 2,292 | 118 | 90 | 1,365 | 3,865 | ||||||||||||
G Pretorius | — | 1,906 | 118 | 308 | 1,120 | 3,452 | ||||||||||||
C Lewis | — | 2,026 | 52 | 180 | 1,446 | 3,704 | ||||||||||||
3,261 | 19,798 | 2,521 | 944 | 12,509 | 39,033 |
(1) | Performance bonuses are based on actual amounts paid during the fiscal year. |
(2) | Value added tax (“VAT”) included as part of certain invoices received. Directors’ fees shown exclude VAT. |
(3) | Resigned from the Board with effect from November 7, 2017. |
(4) | Appointed to the Board with effect from October 3, 2017. |
(5) | All prescribed officers of the Company are included as part of the executive committee. |
(6) | Executive director as at March 31, 2018, March 31, 2017 and March 31, 2016. |
(7) | Appointed as Group executive committee member from February 1, 2017 and to the Board with effect from February 9, 2017. Executive director as at March 31, 2018 and March 31, 2017. |
(8) | Appointed to the Board with effect from November 19, 2014, resigned from the Board with effect from August 18, 2016. |
(9) | Appointed to the Board with effect from June 1, 2016. |
(10) | Appointed as alternate director to Mark Lamberti with effect from November 4, 2015. Subsequently resigned as alternate director to Mark Lamberti with effect from August 18, 2016. |
(11) | Resigned from the Board with effect from February 9, 2017. |
(12) | Resigned with effect from September 30, 2016. |
(13) | Resigned from the Board with effect from August 9, 2013 but remained as Group executive committee member. Subsequently retired from the Group executive committee on May 31, 2015. |
(14) | Other benefits paid to R Botha include notice pay, severance pay and gratuity payments made as compensation for loss of office. Refer to note 13 for further details of share options held and exercised by this retired executive. |
(15) | Other benefits paid to H Scott comprise gratuity payments made upon retirement. |
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
March 31, 2018 R’000 | March 31, 2017 R’000 | March 31, 2016 R’000 | |||||||
Major components of taxation expense | |||||||||
Normal taxation | (58,668 | ) | (46,788 | ) | (57,545 | ) | |||
– Current | (55,385 | ) | (43,434 | ) | (53,626 | ) | |||
– Over-provision prior years | 325 | 589 | 175 | ||||||
– Foreign tax paid | (2,880 | ) | (3,711 | ) | (3,768 | ) | |||
– Withholding tax | (728 | ) | (232 | ) | (326 | ) | |||
Deferred taxation (note 18) | 24,978 | 19,976 | (49,375 | ) | |||||
– Current year | 25,658 | 20,748 | (49,365 | ) | |||||
– Under-provision prior years | (680 | ) | (772 | ) | (10 | ) | |||
(33,690 | ) | (26,812 | ) | (106,920 | ) | ||||
Before tax R’000 | Tax impact R’000 | After tax R’000 | |||||||
2018 | |||||||||
Exchange differences on translating foreign operations | (60,331 | ) | (237 | ) | (60,568 | ) | |||
(60,331 | ) | (237 | ) | (60,568 | ) | ||||
Before tax R’000 | Tax impact R’000 | After tax R’000 | |||||||
2017 | |||||||||
Exchange differences on translating foreign operations | (80,870 | ) | (59 | ) | (80,929 | ) | |||
(80,870 | ) | (59 | ) | (80,929 | ) |
Before tax R’000 | Tax impact R’000 | After tax R’000 | |||||||
2016 | |||||||||
Exchange differences on translating foreign operations | 90,665 | (2,466 | ) | 88,199 | |||||
90,665 | (2,466 | ) | 88,199 |
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
March 31, 2018 R’000 | March 31, 2017 R’000 | March 31, 2016 R’000 | |||||||
Profit before taxation | 214,883 | 148,253 | 289,411 | ||||||
Tax at the applicable tax rate of 28% | 60,167 | 41,511 | 81,035 | ||||||
Tax effect of: | (26,477 | ) | (14,699 | ) | 25,885 | ||||
– Income not subject to tax | (552 | ) | — | (398 | ) | ||||
– Expenses not deductible for tax purposes(1) | 6,460 | 7,409 | 6,869 | ||||||
– (Non-taxable)/non-deductible foreign exchange movements(2) | ` | (28,184 | ) | (15,884 | ) | 9,376 | |||
– Withholding tax | 728 | 232 | 326 | ||||||
– Utilization of prior year assessed losses(3) | (6,452 | ) | (1,461 | ) | — | ||||
– Foreign tax paid(4) | 2,880 | 3,711 | 3,768 | ||||||
– Tax rate differential | (2,546 | ) | 1,281 | (6,551 | ) | ||||
– Deferred tax not recognized on assessed losses | 517 | 4,049 | 12,833 | ||||||
– Deferred tax asset previously not recognized | (1,122 | ) | (5,342 | ) | (531 | ) | |||
– Under/(over)-provision prior years | 355 | 183 | (165 | ) | |||||
– Tax incentives in addition to incurred cost(5) | (3,258 | ) | (10,387 | ) | — | ||||
– Share-based payment expense previously not deductible | (1,049 | ) | — | — | |||||
– Imputation of controlled foreign company income | 2,365 | 1,453 | 358 | ||||||
– Transfer pricing imputation | 3,381 | 57 | — | ||||||
33,690 | 26,812 | 106,920 | |||||||
(1) | These non-deductible expenses consist primarily of items of a capital nature and costs attributable to exempt income. |
(2) | The (non-taxable)/non-deductible foreign exchange movements arise as a result of the Group’s internal loan structures. |
(3) | The utilization of assessed losses arises mainly in Europe, the Americas and Brazil where historical assessed losses are being utilized, as these entities are now generating taxable profits. During prior years, deferred tax assets have not been recorded for assessed losses in the Americas and Brazil. |
(4) | The foreign tax paid relates primarily to withholding taxes on revenue earned in jurisdictions where the Group does not have a legal entity. |
(5) | The tax incentives relate mainly to the section 11D allowance detailed below. |
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
March 31, 2018 R’000 | March 31, 2017 R’000 | March 31, 2016 R’000 | |||||||
Profit attributable to owners of the parent | 181,134 | 121,458 | 182,989 | ||||||
Weighted average number of ordinary shares in issue (000s) | 561,088 | 629,626 | 775,139 | ||||||
Basic earnings per share (R) | 0.32 | 0.19 | 0.24 | ||||||
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
March 31, 2018 R’000 | March 31, 2017 R’000 | March 31, 2016 R’000 | |||||||
Diluted profit attributable to owners of the parent | 181,134 | 121,458 | 182,989 | ||||||
Weighted average number of ordinary shares in issue (000s) | 561,088 | 629,626 | 775,139 | ||||||
Adjusted for: | |||||||||
— potentially dilutive effect of share appreciation rights | 7,230 | — | — | ||||||
— potentially dilutive effect of share options | 5,663 | 2,193 | 8,275 | ||||||
Diluted weighted average number of ordinary shares in issue (000s) | 573,981 | 631,819 | 783,414 | ||||||
Diluted earnings per share (R) | 0.32 | 0.19 | 0.23 | ||||||
March 31, 2018 R’000 | March 31, 2017 R’000 | March 31, 2016 R’000 | |||||||
Reconciliation of adjusted earnings | |||||||||
Profit attributable to owners of the parent | 181,134 | 121,458 | 182,989 | ||||||
Net foreign exchange losses/(gains) | 5,073 | (1,476 | ) | (144,038 | ) | ||||
Income tax effect on the above component(1) | (29,403 | ) | (15,307 | ) | 48,647 | ||||
Adjusted earnings attributable to owners of the parent | 156,804 | 104,675 | 87,598 | ||||||
(1) | The income tax effect is mainly influenced by the Group’s internal loan structures (note 28). |
March 31, 2018 R’000 | March 31, 2017 R’000 | March 31, 2016 R’000 | |||||||
Adjusted earnings attributable to owners of the parent | 156,804 | 104,675 | 87,598 | ||||||
Weighted average number of ordinary shares in issue (000s) | 561,088 | 629,626 | 775,139 | ||||||
Basic adjusted earnings per share (R) | 0.28 | 0.17 | 0.11 | ||||||
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
March 31, 2018 R’000 | March 31, 2017 R’000 | March 31, 2016 R’000 | |||||||
Diluted adjusted earnings attributable to owners of the parent | 156,804 | 104,675 | 87,598 | ||||||
Diluted adjusted weighted average number of ordinary shares in issue (000s) | 573,981 | 631,819 | 783,414 | ||||||
Diluted adjusted earnings per share (R) | 0.27 | 0.17 | 0.11 | ||||||
March 31, 2018 R’000 | March 31, 2017 R’000 | March 31, 2016 R’000 | |||||||
Reconciliation of headline earnings | |||||||||
Profit attributable to owners of the parent | 181,134 | 121,458 | 182,989 | ||||||
(Profit)/loss on disposal of property, plant and equipment and intangible assets (note 31.2) | (1,264 | ) | 262 | 208 | |||||
Impairment of intangible assets (notes 5, 7 and 31.2) | 2,687 | 3,166 | 2,871 | ||||||
Impairment/(reversal of impairment) of property, plant and equipment (notes 5, 6 and 31.2) | 9 | (791 | ) | 1,905 | |||||
Non-controlling interest effects of adjustments | — | 8 | (244 | ) | |||||
Income tax effect on the above components | (380 | ) | (661 | ) | 2 | ||||
Headline earnings attributable to owners of the parent | 182,186 | 123,442 | 187,731 | ||||||
March 31, 2018 R’000 | March 31, 2017 R’000 | March 31, 2016 R’000 | |||||||
Headline earnings attributable to owners of the parent | 182,186 | 123,442 | 187,731 | ||||||
Weighted average number of ordinary shares in issue (000s) | 561,088 | 629,626 | 775,139 | ||||||
Basic headline earnings per share (R) | 0.32 | 0.20 | 0.24 | ||||||
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
March 31, 2018 R’000 | March 31, 2017 R’000 | March 31, 2016 R’000 | |||||||
Diluted headline earnings attributable to owners of the parent | 182,186 | 123,442 | 187,731 | ||||||
Diluted weighted average number of ordinary shares in issue (000s) | 573,981 | 631,819 | 783,414 | ||||||
Diluted headline earnings per share (R) | 0.32 | 0.20 | 0.24 | ||||||
March 31, 2018 R’000 | March 31, 2017 R’000 | March 31, 2016 R’000 | |||||||
Dividends declared | 53,268 | 53,026 | 107,254 | ||||||
• | In respect of the fourth quarter of fiscal 2017, a dividend of R11.3 million was declared on May 23, 2017 and paid on June 19, 2017. Using shares in issue of 563,514,561 (excluding 40,000,000 treasury shares), this equated to a dividend of 2 cents per share. |
• | In respect of the first quarter of fiscal 2018, a dividend of R14.0 million was declared on August 1, 2017 and paid on August 28, 2017. Using shares in issue of 558,498,901 (excluding 40,000,000 treasury shares), this equated to a dividend of 2.5 cents per share. |
• | In respect of the second quarter of fiscal 2018, a dividend of R14.0 million was declared on October 31, 2017 and paid on November 27, 2017. Using shares in issue of 559,418,095 (excluding 40,000,000 treasury shares), this equated to a dividend of 2.5 cents per share. |
• | In respect of the third quarter of fiscal 2018, a dividend of R14.0 million was declared on January 30, 2018 and paid on February 26, 2018. Using shares in issue of 562,320,145 (excluding 40,000,000 treasury shares), this equated to a dividend of 2.5 cents per share. |
• | In respect of the fourth quarter of fiscal 2016, a dividend of R15.2 million was declared on May 24, 2016 and paid on June 20, 2016. Using shares in issue of 761,337,500 (excluding 40,000,000 treasury shares), this equated to a dividend of 2 cents per share. |
• | In respect of the first quarter of fiscal 2017, a dividend of R15.3 million was declared on August 4, 2016 and paid on August 29, 2016. Using shares in issue of 763,087,500 (excluding 40,000,000 treasury shares), this equated to a dividend of 2 cents per share. |
• | In respect of the second quarter of fiscal 2017, a dividend of R11.3 million was declared on November 3, 2016 and paid on November 28, 2016. Using shares in issue of 563,434,240 (excluding 40,000,000 treasury shares), this equated to a dividend of 2 cents per share. |
• | In respect of the third quarter of fiscal 2017, a dividend of R11.2 million was declared on February 2, 2017 and paid on February 27, 2017. Using shares in issue of 563,434,240 (excluding 40,000,000 treasury shares), this equated to a dividend of 2 cents per share. |
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
• | In respect of fiscal 2015, a dividend of R61.5 million was declared on August 25, 2015 and paid on September 21, 2015. Using shares in issue of 768,601,150 (excluding 24,573,850 treasury shares), this equated to a dividend of 8 cents per share. |
• | In respect of the first quarter of fiscal 2016, a dividend of R15.4 million was declared on August 25, 2015 and paid on September 21, 2015. Using shares in issue of 768,601,150 (excluding 24,573,850 treasury shares), this equated to a dividend of 2 cents per share. |
• | In respect of the second quarter of fiscal 2016, a dividend of R15.3 million was declared on November 5, 2015 and paid on November 30, 2015. Using shares in issue of 764,140,181 (excluding 30,334,819 treasury shares), this equated to a dividend of 2 cents per share. |
• | In respect of the third quarter of fiscal 2016, a dividend of R15.1 million was declared on February 4, 2016 and paid on February 29, 2016. Using shares in issue of 755,137,500 (excluding 40,000,000 treasury shares), this equated to a dividend of 2 cents per share. |
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
March 31, 2018 R’000 | March 31, 2017 R’000 | March 31, 2016 R’000 | |||||||
Profit before taxation | 214,883 | 148,253 | 289,411 | ||||||
Adjustments | 279,727 | 197,023 | 33,779 | ||||||
– (Profit)/loss on disposal of property, plant and equipment and intangible assets (note 22) | (1,264 | ) | 262 | 208 | |||||
– Depreciation (notes 6 and 23) | 151,945 | 98,508 | 75,037 | ||||||
– Amortization (notes 7 and 23) | 63,926 | 44,734 | 47,586 | ||||||
– Impairment of intangible assets (notes 7 and 23) | 2,687 | 3,166 | 2,871 | ||||||
– Impairment/(reversal of impairment) of property, plant and equipment (notes 6 and 23) | 9 | (791 | ) | 1,905 | |||||
– Finance income (note 24) | (8,951 | ) | (14,592 | ) | (8,126 | ) | |||
– Finance costs (note 25) | 3,947 | 5,677 | 1,837 | ||||||
– Equity-settled share-based payments (notes 14 and 23) | 9,000 | 2,247 | 7,838 | ||||||
– Cash-settled share-based payments (notes 20 and 23) | 1,352 | — | (2,018 | ) | |||||
– Foreign exchange losses/(gains) (notes 24 and 25) | 5,073 | (1,476 | ) | (144,038 | ) | ||||
– Impairment of receivables (note 10) | 24,143 | 17,713 | 14,735 | ||||||
– Write-down of inventory to net realizable value (notes 9 and 23) | 9,294 | 9,967 | 5,317 | ||||||
– Increase in provisions | 18,950 | 31,821 | 29,731 | ||||||
– Lease straight-line adjustment | (384 | ) | (213 | ) | (174 | ) | |||
– Finance lease fair value adjustment | — | — | 1,070 | ||||||
Cash generated from operations before working capital changes | 494,610 | 345,276 | 323,190 | ||||||
Changes in working capital | (81,585 | ) | 31,839 | (29,382 | ) | ||||
– (Increase)/decrease in inventories | (39,858 | ) | 28,073 | (30,872 | ) | ||||
– (Increase)/decrease in trade and other receivables | (49,601 | ) | 17,404 | (46,297 | ) | ||||
– Decrease in finance lease receivable | 165 | 1,009 | 4,655 | ||||||
– Increase in trade and other payables | 8,519 | 21,993 | 46,712 | ||||||
– Decrease in provisions | (26,709 | ) | (32,854 | ) | (24,669 | ) | |||
– Foreign currency translation differences on working capital | 25,899 | (3,786 | ) | 21,089 | |||||
Cash generated from operations | 413,025 | 377,115 | 293,808 | ||||||
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
March 31, 2018 | March 31, 2017 | |||||||||||||||||
Direct 000s | Indirect 000s | Associate 000s | Direct 000s | Indirect 000s | Associate 000s | |||||||||||||
Non-executive | ||||||||||||||||||
R Bruyns | — | 3,697 | — | — | 3,697 | — | ||||||||||||
C Ewing(1) | — | — | — | — | — | — | ||||||||||||
R Frew | — | 63,848 | 70,261 | — | 63,848 | 70,261 | ||||||||||||
A Welton | — | — | 235 | — | — | 235 | ||||||||||||
E Banda | — | — | — | — | — | — | ||||||||||||
I Jacobs(2) | 241 | 14,296 | — | 191 | — | 14,281 | ||||||||||||
F Roji-Maplanka(3) | — | — | — | — | — | — | ||||||||||||
Executive | ||||||||||||||||||
S Joselowitz | 26,342 | — | — | 26,342 | — | — | ||||||||||||
C Tasker | 2,057 | — | 2,428 | 900 | — | 2,428 | ||||||||||||
P Dell | 1 | — | — | 1 | — | — | ||||||||||||
G Pretorius | 338 | — | — | 35 | — | — | ||||||||||||
C Lewis | 1,525 | — | — | 1,525 | — | — | ||||||||||||
30,504 | 81,841 | 72,924 | 28,994 | 67,545 | 87,205 | |||||||||||||
(1) | Resigned from the Board with effect from November 7, 2017. |
(2) | Appointed to the Board with effect from June 1, 2016. |
(3) | Appointed to the Board with effect from October 3, 2017. |
Name of director | Related party | Nature of relationship with the Group | ||
R Bruyns | Insight Consultancy Close Corporation | Provides directors’ services | ||
R Frew | TPF Investments Proprietary Limited | Lease agreement: Midrand office | ||
R Frew | Masalini Capital Proprietary Limited | Provides directors’ services |
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
March 31, 2018 R’000 | March 31, 2017 R’000 | March 31, 2016 R’000 | |||||||
Sales of goods and services | — | 22,263 | 78,564 | ||||||
– Imperial Group Limited* | — | 22,263 | 78,564 | ||||||
Purchases of goods and services | 8,277 | 11,206 | 35,595 | ||||||
– TPF Investments Proprietary Limited** | 8,277 | 5,277 | 7,148 | ||||||
– Imperial Group Limited* | — | 5,929 | 28,447 | ||||||
Corporate and social investment | — | — | 257 | ||||||
– Heartbeat centre for community development*** | — | — | 257 | ||||||
Year-end balance of receivables (included in trade and other receivables – note 10) | — | — | 11,144 | ||||||
– Imperial Group Limited* | — | — | 11,144 | ||||||
Year-end balance of payables (included in trade and other payables – note 16) | — | — | 3,209 | ||||||
– TPF Investments Proprietary Limited** | — | — | — | ||||||
– Imperial Group Limited* | — | — | 842 | ||||||
– C Tasker**** | — | — | 2,367 | ||||||
* | Related party until August 1, 2016. See “Fiscal 2017 specific share repurchase” in note 13 for additional information. |
** | Previously known as Thynk Property Fund Proprietary Limited. |
March 31, 2018 R’000 | March 31, 2017 R’000 | March 31, 2016 R’000 | |||||||
Property, plant and equipment | — | — | — | ||||||
Intangible assets | 56,406 | 58,036 | 63,670 | ||||||
56,406 | 58,036 | 63,670 | |||||||
March 31, 2018 R’000 | March 31, 2017 R’000 | March 31, 2016 R’000 | |||||||
Property, plant and equipment | 11,601 | 50,074 | 22,471 | ||||||
Intangible assets | 17,046 | 24,726 | 33,234 | ||||||
28,647 | 74,800 | 55,705 | |||||||
March 31, 2018 R’000 | March 31, 2017 R’000 | March 31, 2016 R’000 | |||||||
Land and buildings | |||||||||
Within one year | 12,324 | 15,201 | 19,896 | ||||||
One to five years | 10,862 | 20,354 | 9,767 | ||||||
23,186 | 35,555 | 29,663 | |||||||
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
March 31, 2018 R’000 | March 31, 2017 R’000 | March 31, 2016 R’000 | |||||||
Office equipment | |||||||||
Within one year | 716 | 853 | 874 | ||||||
One to five years | 674 | 495 | 1,032 | ||||||
1,390 | 1,348 | 1,906 | |||||||
Vehicles | |||||||||
Within one year | 1,585 | 1,507 | 836 | ||||||
One to five years | 1,617 | 1,626 | 167 | ||||||
3,202 | 3,133 | 1,003 | |||||||
March 31, 2018 R’000 | March 31, 2017 R’000 | ||||||
USD denominated instruments | Increase of 10 basis points | * | 143 | ||||
Decrease of 10 basis points | * | (143 | ) | ||||
ZAR denominated instruments | Increase of 100 basis points | 1,811 | 1,000 | ||||
Decrease of 100 basis points | (1,811 | ) | (1,000 | ) | |||
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
Increase/(decrease) in profit before taxation | |||||||||
Change in exchange rate % | Result of weakening in functional currency R’000 | Result of strengthening in functional currency R’000 | |||||||
2018 | |||||||||
Denominated currency: Functional currency | |||||||||
EUR:GBP | 5 | 710 | (710 | ) | |||||
USD:GBP | 5 | (149 | ) | 149 | |||||
USD:ZAR | 5 | 814 | (814 | ) | |||||
EUR:ZAR | 5 | 368 | (368 | ) | |||||
GBP:ZAR | 5 | (78 | ) | 78 | |||||
ZAR:USD | 5 | 2 | (2 | ) | |||||
EUR:USD | 5 | 231 | (231 | ) | |||||
USD:AUD | 5 | (33 | ) | 33 | |||||
AUD:ZAR | 5 | 598 | (598 | ) | |||||
ZAR:GBP | 5 | (22 | ) | 22 | |||||
USD:BRL | 5 | (33 | ) | 33 | |||||
2017 | |||||||||
Denominated currency: Functional currency | |||||||||
EUR:GBP | 5 | 152 | (152 | ) | |||||
USD:GBP | 5 | (19 | ) | 19 | |||||
USD:ZAR | 5 | 8,028 | (8,028 | ) | |||||
EUR:ZAR | 5 | 422 | (422 | ) | |||||
GBP:ZAR | 5 | (25 | ) | 25 | |||||
ZAR:USD | 5 | (41 | ) | 41 | |||||
EUR:USD | 5 | 29 | (29 | ) | |||||
USD:AUD | 5 | (73 | ) | 73 | |||||
EUR:AUD | 5 | (3 | ) | 3 | |||||
AUD:ZAR | 5 | 320 | (320 | ) | |||||
ZAR:GBP | 5 | (9 | ) | 9 | |||||
ZAR:AUD | 5 | (43 | ) | 43 | |||||
USD:BRL | 5 | (124 | ) | 124 | |||||
ZAR:BRL | 5 | (2 | ) | 2 | |||||
NGN:ZAR | 5 | 228 | (228 | ) |
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
March 31, 2018 R’000 | March 31, 2017 R’000 | |||||
Cash and cash equivalents, net of overdrafts (note 12) | 290,538 | 356,333 | ||||
Payable within 1 month or on demand R’000 | Between 1 month and 1 year R’000 | Between 1 year and 2 years R’000 | Between 2 years and 5 years R’000 | More than 5 years R’000 | |||||||||||
March 31, 2018 | |||||||||||||||
Trade payables | 58,085 | 40,009 | — | — | — | ||||||||||
Accruals and other payables | 92,318 | 68,646 | — | — | — | ||||||||||
Bank overdraft | 17,720 | — | — | — | — | ||||||||||
Total | 168,123 | 108,655 | — | — | — | ||||||||||
March 31, 2017 | |||||||||||||||
Trade payables | 42,720 | 37,172 | — | — | — | ||||||||||
Accruals and other payables | 92,353 | 47,610 | — | — | — | ||||||||||
Bank overdraft | 19,449 | — | — | — | — | ||||||||||
Total | 154,522 | 84,782 | — | — | — |
March 31, 2018 | March 31, 2017 | March 31, 2016 | |||||||||
ZAR:USD | – closing | 11.83 | 13.41 | 14.83 | |||||||
– average | 12.99 | 14.06 | 13.78 | ||||||||
ZAR:GBP | – closing | 16.60 | 16.75 | 21.31 | |||||||
– average | 17.21 | 18.42 | 20.63 | ||||||||
Notes to the consolidated financial statements | ||
for the year ended March 31, 2018 |
Name | Principal activity | Place of incorporation | Legal % ownership | ||||||
March 31, 2018 % | March 31, 2017 % | ||||||||
Direct | |||||||||
MiX Telematics Investments Proprietary Limited | Treasury company | RSA | 100 | 100 | |||||
MiX Telematics Africa Proprietary Limited | Asset tracking and fleet management products and services | RSA | 100 | 100 | |||||
MiX Telematics International Proprietary Limited | Fleet management products and services and research and development | RSA | 100 | 100 | |||||
MiX Telematics Europe Limited | Fleet management products and services | UK | 100 | 100 | |||||
MiX Telematics North America Incorporated | Fleet management products and services | USA | 100 | 100 | |||||
MiX Telematics Serviços De Telemetria E Rastreamento De Veículos Do Brazil Limitada | Fleet management products and services | Brazil | 95 | 95 | |||||
Indirect | |||||||||
MiX Telematics Technology Holdings Proprietary Limited | Deregistered | RSA | — | 100 | |||||
MiX Telematics Middle East FZE | Fleet management products and services | UAE | 100 | 100 | |||||
MiX Telematics Enterprise SA Proprietary Limited (1) | Fleet management products and services | RSA | 85.1 | 85.1 | |||||
MiX Telematics Fleet Support Services Proprietary Limited | Fleet management products and services | RSA | 100 | 100 | |||||
MiX Telematics East Africa Limited | Fleet management products and services | Uganda | 99.9 | 99.9 | |||||
MiX Telematics Romania SRL(2) | Fleet management services | Romania | 99 | 99 | |||||
MiX Telematics (Thailand) Limited | Fleet management products and services | Thailand | 100 | 100 | |||||
MiX Telematics Australasia Proprietary Limited | Fleet management products and services | Australia | 100 | 100 | |||||
MiX Telematics Serviços De Telemetria E Rastreamento De Veículos Do Brazil Limitada(3) | Fleet management products and services | Brazil | 5 | — | |||||
(1) | The remaining shareholding in this company is owned by a structured entity, the MiX Telematics Enterprise BEE Trust (which holds a 14.9% interest in MiX Telematics Enterprise SA Proprietary Limited), which has been fully consolidated. Control of the structured entity was assessed when IFRS 10 Consolidated Financial Statements was adopted with effect from April 1, 2013 and there was no change to the historical accounting treatment applied by the Group. This trust was set up in prior years to invest in the specified Group company and to hold such investment for its beneficiaries. |
(2) | During fiscal 2015, MiX Telematics Middle East FZE incorporated MiX Telematics Romania SRL and obtained a 99% interest therein. The 1% non-controlling interest is held by management. |
(3) | MiX Investments Proprietary Limited acquired Edge’s 5% equity interest in MiX Brazil during the year. See note 20 for more information. |
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Document and entity information |
12 Months Ended |
---|---|
Mar. 31, 2018
shares
| |
Document and Entity Information [Abstract] | |
Entity Registrant Name | MiX Telematics Ltd |
Entity Central Index Key | 0001576914 |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2018 |
Current Fiscal Year End Date | --03-31 |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Entity Well-Known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Common Stock, Shares Outstanding | 604,420,145 |
Consolidated income statement - ZAR (R) R in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Profit or loss [abstract] | |||
Revenue | R 1,712,482 | R 1,540,058 | R 1,465,021 |
Cost of sales | (586,963) | (498,785) | (439,305) |
Gross profit | 1,125,519 | 1,041,273 | 1,025,716 |
Other income/(expenses) — net | 4,246 | 426 | 1,244 |
Operating expenses | (914,813) | (903,837) | (887,876) |
Sales and marketing | (184,978) | (181,601) | (203,767) |
Administration and other charges | (729,835) | (722,236) | (684,109) |
Operating profit | 214,952 | 137,862 | 139,084 |
Finance (costs)/income — net | (69) | 10,391 | 150,327 |
Finance income | 8,951 | 16,068 | 152,164 |
Finance costs | (9,020) | (5,677) | (1,837) |
Profit before taxation | 214,883 | 148,253 | 289,411 |
Taxation | (33,690) | (26,812) | (106,920) |
Profit for the year | 181,193 | 121,441 | 182,491 |
Attributable to: | |||
Owners of the parent | 181,134 | 121,458 | 182,989 |
Non-controlling interests | 59 | (17) | (498) |
Profit for the year | R 181,193 | R 121,441 | R 182,491 |
Earnings per share | |||
Basic (R) (in ZAR per share) | R 0.32 | R 0.19 | R 0.24 |
Diluted (R) (in ZAR per share) | R 0.32 | R 0.19 | R 0.23 |
Consolidated statement of comprehensive income - ZAR (R) R in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Statement of comprehensive income [abstract] | |||
Profit for the year | R 181,193 | R 121,441 | R 182,491 |
Other comprehensive income: | |||
Exchange differences on translating foreign operations | (60,331) | (80,870) | 90,665 |
Attributable to owners of the parent | (60,339) | (80,820) | 90,784 |
Attributable to non-controlling interests | 8 | (50) | (119) |
Taxation relating to components of other comprehensive income | (237) | (59) | (2,466) |
Other comprehensive (loss)/income for the year, net of tax | (60,568) | (80,929) | 88,199 |
Total comprehensive income for the year | 120,625 | 40,512 | 270,690 |
Attributable to: | |||
Owners of the parent | 120,558 | 40,579 | 271,307 |
Non-controlling interests | 67 | (67) | (617) |
Total comprehensive income for the year | R 120,625 | R 40,512 | R 270,690 |
Consolidated statement of changes in equity - ZAR (R) R in Thousands |
Total |
Stated capital |
Other reserves |
Retained earnings |
Total equity attributable to owners of the parent |
Non-controlling interest |
---|---|---|---|---|---|---|
Balance at Mar. 31, 2015 | R 1,864,572 | R 1,436,993 | R (21,894) | R 450,347 | R 1,865,446 | R (874) |
Total comprehensive income for the year | 270,690 | 88,318 | 182,989 | 271,307 | (617) | |
Profit for the year | 182,491 | 182,989 | 182,989 | (498) | ||
Other comprehensive income/(loss) | 88,199 | 88,318 | 88,318 | (119) | ||
Total transactions with owners | (215,454) | (116,038) | 7,838 | (107,254) | (215,454) | 0 |
Shares issued in relation to share options and share appreciation rights exercised | 7,722 | 7,722 | 7,722 | |||
Share-based payment transaction | 7,838 | 7,838 | 7,838 | |||
Dividends declared | (107,254) | (107,254) | (107,254) | |||
Share repurchase | (123,760) | (123,760) | (123,760) | |||
Balance at Mar. 31, 2016 | 1,919,808 | 1,320,955 | 74,262 | 526,082 | 1,921,299 | (1,491) |
Total comprehensive income for the year | 40,512 | (80,879) | 121,458 | 40,579 | (67) | |
Profit for the year | 121,441 | 121,458 | 121,458 | (17) | ||
Other comprehensive income/(loss) | (80,929) | (80,879) | (80,879) | (50) | ||
Total transactions with owners | (517,389) | (466,610) | 2,247 | (53,026) | (517,389) | 0 |
Shares issued in relation to share options and share appreciation rights exercised | 7,072 | 7,072 | 7,072 | |||
Share-based payment transaction | 2,247 | 2,247 | 2,247 | |||
Transactions with non-controlling interests | 0 | |||||
Dividends declared | (53,026) | (53,026) | (53,026) | |||
Share repurchase | (473,682) | (473,682) | (473,682) | |||
Balance at Mar. 31, 2017 | 1,442,931 | 854,345 | (4,370) | 594,514 | 1,444,489 | (1,558) |
Total comprehensive income for the year | 120,625 | (60,576) | 181,134 | 120,558 | 67 | |
Profit for the year | 181,193 | 181,134 | 181,134 | 59 | ||
Other comprehensive income/(loss) | (60,568) | (60,576) | (60,576) | 8 | ||
Total transactions with owners | (46,375) | (7,940) | 13,332 | (53,268) | (47,876) | 1,501 |
Shares issued in relation to share options and share appreciation rights exercised | 10,726 | 10,726 | 10,726 | |||
Share-based payment transaction | 9,000 | 9,000 | 9,000 | |||
Share-based payment — excess tax benefit | 5,833 | 5,833 | 5,833 | |||
Transactions with non-controlling interests | 0 | (1,501) | (1,501) | 1,501 | ||
Dividends declared | (53,268) | (53,268) | (53,268) | |||
Share repurchase | (18,666) | (18,666) | (18,666) | |||
Balance at Mar. 31, 2018 | R 1,517,181 | R 846,405 | R (51,614) | R 722,380 | R 1,517,171 | R 10 |
General information |
12 Months Ended |
---|---|
Mar. 31, 2018 | |
General Information About Financial Statements [Abstract] | |
General information | General information MiX Telematics Limited (the “Company”) is a public company which is incorporated and domiciled in South Africa. The Company’s ordinary shares are publicly traded on the Johannesburg Stock Exchange (JSE: MIX) and its American Depositary Shares are listed on the New York Stock Exchange (NYSE: MIXT). The activities of the Company and its subsidiaries (the “Group”) focus on fleet and mobile asset management solutions delivered as Software-as-a-Service. The address of the Company’s registered office is Matrix Corner, Howick Close, Bekker Road, Waterfall Park, Midrand, South Africa, 1686. The financial statements were approved by the Board of Directors on July 2, 2018. |
Summary of significant accounting policies |
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List Of Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of significant accounting policies | Summary of significant accounting policies The principal accounting policies applied in the preparation of these financial statements are set out below. These accounting policies have been consistently applied to all the years presented, unless otherwise stated.
The annual financial statements of the Group for the year ended March 31, 2018 have been prepared in accordance with:
The financial statements have been prepared in thousands of Rand (R’000) under the historical cost convention except for certain financial instruments that have been measured at fair value. The preparation of financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions or estimates are significant to the financial statements, are disclosed in note 4.
Standards, amendments and interpretations which are effective for the financial year beginning on or after April 1, 2017 did not have a material impact on the Group. 2.1.1.2 New standards, amendments and interpretations not yet effective Certain new accounting standards and interpretations have been published that are not mandatory for the March 31, 2018 reporting period and have not been early adopted by the Group in fiscal 2018. The effect of adopting IFRS 9, IFRS 15 and IFRS 16 is set out below. Management is in the final stages of its project to adopt IFRS 9, IFRS 15 and IFRS 16 and as such the figures mentioned below represent our current expectations of the impact from these standards.
Summary of the expected impact at April 1, 2018 of adopting IFRS 9, IFRS 15 and IFRS 16:
Summary of the expected impact on fiscal 2019 results of adopting IFRS 9, IFRS 15 & IFRS 16: The impact on profit after tax for fiscal 2019 is not expected to be material.
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the relevant activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Inter-company transactions, balances and unrealized gains on transactions between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been adjusted where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated income statement, statement of comprehensive income, statement of changes in equity and statement of financial position, respectively.
The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the:
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest’s proportionate share of the acquired entity’s net identifiable assets. Acquisition-related costs are expensed as incurred, except if related to the issue of equity securities, in which case these costs are also included in equity. The excess of the:
over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the subsidiary acquired, the difference is recognized directly in the income statement as a bargain purchase gain. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of acquisition. The discount rate used is the entity’s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Unwinding of the interest element is recognized in the income statement. Contingent consideration is measured at fair value on acquisition date and classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognized in the income statement.
The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group, that is, transactions with the owners in their capacity as owners. For purchases from non-controlling interests, the difference between the fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (“CODM”). The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified collectively as the executive committee and the Chief Executive Officer who make strategic decisions. Sales between segments are carried out at cost plus a margin.
Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The consolidated financial statements are presented in South African Rand (“R”), which is the Group’s presentation currency.
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are recognized in the income statement. Foreign exchange gains/(losses) are classified as “Finance income/(cost) — net”. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on non-monetary financial assets and liabilities such as equities classified as available-for-sale, are included in other comprehensive income.
The results and financial position of foreign operations (none of which has the currency of a hyper-inflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:
On consolidation, exchange differences arising from the translation of net investments in foreign operations are recognized in other comprehensive income. When a foreign operation is fully disposed of or sold (i.e., control is lost), exchange differences that were recorded in equity are recognized in the income statement as part of the gain or loss on sale. A repayment/capitalization of a net investment loan therefore does not result in any exchange differences being transferred from equity to the income statement unless it is part of a transaction resulting in a loss of control. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Exchange differences are recognized in other comprehensive income.
Property, plant and equipment is stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes all expenditure directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. Repairs and maintenance are charged to the income statement in the reporting period in which they are incurred. The cost of in-vehicle devices installed in vehicles (including installation and shipping costs) as well as the cost of uninstalled in-vehicle devices, is capitalized as property, plant and equipment. The Group depreciates installed in-vehicle devices on a straight-line basis over their expected useful lives, commencing upon installation, whereas uninstalled in-vehicle devices are not depreciated until installed. The related depreciation expense is recorded as part of cost of sales in the income statement. Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to reduce their cost to their residual values over their estimated useful life, as follows:
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount (note 2.7). Gains and losses on disposal of an asset are determined by comparing the proceeds with the carrying amount and are recognized within “Other income/(expenses) — net” in the income statement.
Goodwill arises on the acquisition of businesses and represents the excess of consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the acquirer’s interest in the net fair value of the net assets acquired. Goodwill on acquisition of businesses is included in intangible assets. Gains and losses on the disposal of an entity include the carrying amount of the goodwill relating to the entity sold. Goodwill is not amortized but is tested annually for impairment, or more frequently if events or changes in circumstances indicate a potential impairment, and is carried at cost less accumulated impairment losses. Goodwill is allocated to cash-generating units (“CGUs”) for the purpose of impairment testing. The allocation is made to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level. The carrying amount of the CGU containing the goodwill is compared to the recoverable amount, which is the higher of value-in-use and the fair value less costs to sell. Impairment losses recognized as an expense in relation to goodwill are not subsequently reversed.
Separately acquired patents and trademarks are shown at historical cost. Patents and trademarks acquired in a business combination are recognized at fair value at the acquisition date. Patents and trademarks have a finite useful life and are subsequently carried at cost less accumulated amortization and accumulated impairment losses. Amortization is calculated using the straight-line method to allocate the cost of patents and trademarks over their estimated useful lives (three to 20 years).
Customer relationships acquired in a business combination are recognized at fair value at the acquisition date. Customer relationships have a finite useful life and are subsequently carried at cost less accumulated amortization and accumulated impairment losses. Amortization is calculated over the expected useful life of the customer relationship (two to 15.5 years) and reflects the pattern in which future economic benefits of the customer relationship are expected to be consumed. The useful life principally reflects management’s view of the average economic life of the customer base and is assessed by reference to factors such as customer churn rates.
Acquired computer software licenses are capitalized on the basis of costs incurred to acquire and bring the software into use. The acquired computer software licenses have a finite useful life and are subsequently carried at cost less accumulated amortization and accumulated impairment losses. These costs are amortized over their estimated useful lives (two to five years). In-house software and product development costs that are directly attributable to the design, testing and development of identifiable and unique software and products, controlled by the Group, are recognized as intangible assets when the following criteria are met:
Directly attributable costs that are capitalized as part of the intangible assets include software and product development employee costs and an appropriate portion of relevant overheads. Other development expenditures that do not meet the criteria are recognized as an expense as incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period if the criteria are subsequently met. Costs, including annual licenses, associated with maintaining computer software programs are recognized as an expense as incurred. Technology, in-house software and product development costs are capitalized on the basis of costs incurred to acquire and bring them into use. The recognized assets have a finite useful life and are subsequently carried at cost less accumulated amortization and accumulated impairment losses. In addition, they are amortized over their estimated useful lives (one to 15 years).
Assets that have an indefinite useful life, goodwill and intangible assets that are not ready to use are not subject to amortization but are tested annually for impairment or more frequently if events or changes in circumstances indicate that they might be impaired. Assets that are subject to amortization or depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less cost to sell, and value-in-use. In assessing the value-in-use, the estimated future cash flows are discounted to their present value using the pre-tax discount rate that reflects current market assessments on the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs, i.e. operating segments). Non-financial assets other than goodwill that have suffered impairment are reviewed for possible reversal of the impairment at each reporting date.
The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for those with maturities greater than 12 months after the end of the reporting period, which are classified as non-current assets. The Group’s loans and receivables comprise trade and other receivables, finance lease receivables, restricted cash and cash and cash equivalents in the statement of financial position.
Regular way purchases and sales of financial assets are recognized on the trade date (the date on which the Group commits to purchase or sell the asset). Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership.
Financial assets are initially recognized at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets carried at fair value through profit or loss are initially recognized at fair value, and transaction costs are expensed in the income statement. Loans and receivables Loans and receivables are subsequently carried at amortized cost using the effective interest method, less any impairment losses.
The Group assesses, at the end of each reporting period, whether there is objective evidence that a financial asset or a group of financial assets is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a “loss event”) and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated. Loans and receivables Evidence of impairment may include indications that the debtors or a group of debtors is experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganization and where observable data indicates that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults. For the loans and receivables category, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred), discounted at the financial asset’s original effective interest rate. The asset’s carrying amount is reduced and the amount of the loss is recognized in the income statement. If a loan has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. As a practical expedient, the Group may measure impairment on the basis of an instrument’s fair value using an observable market price. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, the reversal of the previously recognized impairment loss is recognized in the income statement.
Fair value is determined in accordance with IFRS 13 Fair Value Measurement and is categorized as follows:
directly (that is, as prices) or indirectly (that is, derived from prices); and
The carrying amounts for cash and cash equivalents, restricted cash, trade and other receivables (excluding pre-payments), trade and other payables (excluding leave pay) and the current portion of leases approximate fair value due to their short-term nature.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Group or the counterparty.
Inventories are stated at the lower of cost and net realizable value. Cost is determined on a first-in, first-out (“FIFO”), actual cost or weighted average cost basis, depending on the nature of the Group entity in which it is held. The cost of finished goods includes the cost of manufacturing as charged by third parties. It excludes borrowing costs. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs necessary to make the sale.
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. If collection is expected in one year or less they are classified as current assets. If not, they are presented as non-current assets. Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less provision for impairment.
Net cash and cash equivalents included in the statement of cash flows include cash on hand, deposits held on call with banks and bank overdrafts; all of which are available for use by the Group and have an original maturity of less than three months. Bank overdrafts are included within current liabilities on the statement of financial position.
Restricted cash includes short-term deposits and amounts held that are not highly liquid and is accounted for as loans and receivables.
Ordinary shares are classified as equity. Incremental external costs directly attributable to the issue of new shares or the exercise of share options are shown in equity as a deduction, net of tax, from the proceeds. Where any Group company purchases the Company’s equity instruments (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the owners of the parent as treasury shares until the shares are canceled or reissued. Where such ordinary shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the owners of the parent.
Trade and other payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade and other payables are initially recognized at fair value and are subsequently measured at amortized cost using the effective interest method.
Non-current assets are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets such as deferred tax assets, assets arising from employee benefits, and financial assets, which are specifically exempt from this requirement. An impairment loss is recognized for any initial or subsequent write-down of the asset to fair value less costs to sell. A gain is recognized for any subsequent increases in fair value less costs to sell of an asset, but not in excess of any cumulative impairment loss previously recognized. A gain or loss not previously recognized by the date of the sale of the non-current asset is recognized at the date of derecognition. Non-current assets are not depreciated or amortized while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognized. Non-current assets classified as held for sale are presented separately from the other assets in the statement of financial position.
The tax expense for the year comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. In addition, to the extent the tax deduction in respect of equity-settled share-based payments exceeds the cumulative share-based payment expense, the tax is recognized directly in equity. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill; and neither are deferred tax liabilities nor deferred tax assets accounted for if they arise from the initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences can be utilized. Deferred tax (‘outside basis’ deferred tax) relating to temporary differences arising from investments in subsidiaries is considered as follows:
Temporary differences arising from investments in subsidiaries in the consolidated financial statements are different from those arising in the Company financial statements. This is because in the Company financial statements, an investment in a subsidiary is carried at cost; whereas the carrying amount in the consolidated financial statements is the consolidated net assets of the subsidiary. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred tax asset is realized or the deferred tax liability is settled. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
Dividend withholding tax is currently payable at a rate of 20% (a rate of 15% was applicable for dividends paid before February 22, 2017) on dividends distributed to shareholders. This tax is not attributable to the Company but rather paid to the tax authorities on behalf of the shareholders through use of regulatory intermediaries, with only the net amount of the dividend being remitted to the shareholder.
Remuneration to employees in respect of services rendered during a reporting period is recognized as an expense in that reporting period. Provision is made for accumulated leave and for short-term benefits when there is no realistic alternative other than to settle the liability, and there is a formal plan and the amounts to be paid are determined before the time of issuing the financial statements.
The Group operates defined contribution plans. A defined contribution plan is one under which the Group pays a fixed percentage of employees’ remuneration as contributions into a separate fund, and the Group will have no further legal or constructive obligations to pay additional contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans in respect of services rendered during a period are recognized as staff costs when they are due.
The Group recognizes a liability and an expense for bonuses based on the achievement of defined key performance criteria. An accrual is recognized where the Group is contractually obliged or where there is a past practice that has created a constructive obligation.
Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits at the earlier of the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the entity recognizes costs for a restructuring that is within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets, and involves payment of termination benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to their present value.
Equity-settled The Group operates equity-settled share-based compensation plans, under which the entity receives services from employees as consideration for equity instruments of the Company. The equity instruments that may be issued in terms of the plans include share options, retention shares, performance shares and share appreciation rights. The fair value, determined at grant date, of the employee services received in exchange for the grant of equity instruments is recognized as an expense at Group level with a corresponding credit to equity. The total amount to be expensed is determined by reference to the grant date fair value of the equity instruments granted:
Non-market performance and service conditions are included in the assumptions about the number of equity instruments that are expected to vest. The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each reporting period, the Group revises its estimates of the number of equity instruments that are expected to vest based on the non-market vesting and service conditions. It recognizes the impact of the revision to original estimates, if any, in the income statement, with a corresponding entry to equity. When equity-settled instruments are exercised, the Company may elect to issue new shares or use treasury shares to settle its resultant obligations. For share options, the proceeds received, net of any directly attributable transaction costs, are credited to stated capital (as there are no par value shares). The grant by the Company of equity-settled instruments to the employees of subsidiary undertakings in the Group is treated as a capital contribution to those subsidiaries. The fair value of employee services received, measured by reference to the grant date fair value, is recognized over the vesting period as an increase to investment in subsidiary undertakings, with a corresponding credit to equity in the parent entity financial statements. During fiscal 2018, the Company implemented a recharge agreement with its South African subsidiaries, whereby the Company will recharge the relevant subsidiary an amount equal to the market value, at exercise date, of the shares issued to the participants of the plan upon exercise. A recharge asset is recognized in the parent entity financial statements from grant date of the equity-settled instruments for the expected recharge amount based on the proportion of the vesting period that has passed. The expected recharge amount reflects expected attrition and the current share price. The contra entry to the recharge asset is recognized against the relevant investment in subsidiary undertakings as it is considered a return of the afore-mentioned capital contribution. Once the carrying value of an investment in subsidiary undertakings has been reduced to nil, further recharges from that subsidiary are recognized in profit or loss as distributions. The Group classifies awards issued with settlement alternatives as equity-settled when the Group holds the choice of settlement and there is no past practice of settling in cash. If the counterparty holds the choice of settlement, the award is classified as cash-settled. Cash-settled For cash-settled share-based payment transactions, the Group measures goods or services acquired and the liability incurred at the fair value of the liability. Until the liability is settled, the Group shall remeasure the fair value of the liability at each reporting date and at the date of settlement, with any changes in fair value recognized in the income statement.
Provisions are recognized when the Group has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are not recognized for future operating losses. Provisions which are expected to be settled in a period greater than 12 months are discounted to their present value using a pre-tax discount rate that reflects current market assessment of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognized as an interest expense. Provision for the estimated liability on all products under warranty is made on the basis of claims experience. Provision for the estimated liability for maintenance costs is made on a per unit basis when the obligation to repair occurs. Provision for the anticipated costs associated with the restoration of leasehold property (decommissioning provision) is based on the Group’s best estimate of those costs required to restore the property to its original condition. Restructuring provisions are recognized when the Group has developed a detailed formal plan for restructuring and has raised a valid expectation that it will carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring and is recorded in administration and other charges in the income statement.
Revenue is measured at the fair value of the consideration received or receivable for the sale of goods or services in the ordinary course of the Group’s activities. Revenue mainly includes amounts earned on the sale of hardware units, subscription service sales to customers and installation revenue. Revenue is shown net of discounts, value added tax, returns and after eliminating sales within the Group. The Group offers certain arrangements whereby the customer can purchase a combination of the products and services as referred to above. Where such multiple element arrangements exist, the amount of revenue allocated to each element is based on the relative fair values of the various elements offered in the arrangement. When applying the relative fair value approach, the fair values of each element are determined based on the current market price of each of the elements when sold separately. The Group recognizes revenue when the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the Group’s activities, as outlined below. The Group bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement. Invoicing for the various products and services, when sold separately or as part of a multiple element revenue arrangement, occurs based on the specific contractual terms and conditions. The Group distributes products to certain small fleet operators and consumers through distributors. Distributors act as agents and hardware revenue is only recognized when the distributor sells the hardware unit to the end customer. Once a unit is sold to a customer, the customer enters into a service agreement directly with the Group for the product. The obligation to supply the service and the credit risk rests with the Group. The service revenue is recognized when the service is rendered (i.e. on a monthly basis). The Group also sells hardware to motor vehicle dealerships for fitment into their vehicle trading stock. These dealerships purchase the hardware from the Group and are considered principals because they obtain title to the hardware and bear the risks and rewards of ownership. The buyer of the vehicle then enters into a service-only contract with the Group. Revenue is recognized upon sale of the hardware to the dealership and subscription revenue is recognized as the services are provided to the customer. The Group distributes products to enterprise fleet customers through dealers. Dealers are considered principals in respect of the sale of hardware and revenue is recognized upon sale of the hardware unit to the dealer. Similar to the relationship with consumers and small fleet customers originated through distributors, the responsibility for providing services rests with the Group and revenue is recognized as the service is rendered.
Subscription revenue is recognized over the term of the agreement as it is earned. When contracted services are performed through a number of repetitive acts over the contract period, revenue is recognized on a straight-line basis over the contract period.
All hardware has value on a standalone basis. Revenue from hardware sales is recognized once the risks and rewards of ownership have transferred.
Revenue is recognized at the contractual hourly/daily rate as the training is performed.
Where hardware is provided as part of a service contract the risk and rewards of ownership do not transfer and service revenue from the rental unit is recognized over the period of the service and included in subscription revenue.
Revenue earned from the installation of hardware in customer vehicles is recognized once the installation has been completed. (f) Repair services Revenue in respect of repair services, which forms part of the monthly subscription, is recognized on a monthly basis over the period of the service arrangement.
Interest income is recognized on a time-proportion basis with reference to the principal amount receivable and the effective interest rate applicable.
Dividend income is recognized when the right to receive payment is established.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.
When assets are leased out under a finance lease, the present value of the minimum lease payments is recognized as a receivable. The difference between the gross receivable and the present value of the receivable is recognized as unearned finance income. The method for allocating gross earnings is referred to as the actuarial method. The actuarial method allocates rentals between finance income and repayment of capital in each accounting period in such a way that finance income will emerge as a constant rate of return on the lessor’s net investment in the lease. Assets leased under operating leases are included under the appropriate category of assets in the statement of financial position. Lease income on operating leases is recognized over the term of the lease on a straight-line basis.
Payments made under operating leases are charged to the income statement on a straight-line basis over the term of the lease.
Any dividend distribution to the Company’s shareholders is recognized as a liability in the financial statements in the period in which the dividends are approved by the Company’s Board of Directors. |
Financial risk management |
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List Of Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||
Financial risk management | Financial risk management
The Group’s activities expose it to a variety of financial risks: market risk (including foreign exchange risk, interest rate risk, and price risk), credit risk, and liquidity risk. The Group’s overall risk management program focuses on the unpredictability of financial markets as it relates to financial risks and seeks to minimize potential adverse effects on the Group’s financial performance. Risk management is carried out under policies approved by the Board of Directors. The Board has provided approved formal policies covering specific areas, such as foreign exchange risk as well as cash management and banking facilities.
The Group operates internationally and is exposed to foreign exchange risk arising from various currencies, primarily with respect to the United States Dollar, the South African Rand, the Euro, the Australian Dollar, the Brazilian Real and the British Pound. Foreign exchange risk arises when future commercial transactions or recognized assets and liabilities and net investments in foreign operations are denominated in a currency that is not the entity’s functional currency. The Group has implemented a foreign currency hedging policy to limit the Group’s exposure to fluctuations in foreign currencies. The foreign currency policy reduces exchange rate risk on certain recognized assets and liabilities based on economic hedging principles as opposed to using derivative financial instruments. The Group has certain investments in foreign operations, whose net assets are exposed to foreign currency translation risk. Currency exposure arising from the assets of the Group’s foreign operations is reduced as a result of assets and liabilities being denominated in the same foreign currencies. As a result of our cash reserves being held in multiple currencies, the Group has significant foreign currency exposure. A financial risk sensitivity analysis is presented in note 36.
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market interest rates. The Group’s cash flow interest rate risk arises from restricted cash, cash and cash equivalents and the bank overdraft. Bank overdrafts issued at variable rates expose the Group to cash flow interest rate risk, which is partly offset by financial assets held at variable rates (i.e. cash and cash equivalents and restricted cash). At March 31, 2018 and 2017 the Group had no interest-bearing borrowings. The Group is not exposed to fair value interest rate risk as the Group does not have any fixed rate interest-bearing financial instruments carried at fair value. Interest rates are constantly monitored and appropriate steps are taken to ensure that the Group’s exposure to interest rate fluctuations is limited. This includes obtaining approval from the Board for all changes to and new borrowing facilities entered into. Refer to note 36 for an interest rate risk sensitivity analysis.
Currently the Group does not have significant price risk. The Group is not exposed to commodity price risk.
Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation and cause the Group to incur a financial loss. Credit risk arises from restricted cash, cash and cash equivalents as well as credit exposures to customers. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the statement of financial position, net of impairment losses where relevant. Credit risk relating to accounts receivable balances is managed by each local entity which is responsible for managing and analyzing the credit risk for each of their new clients before standard payment and delivery terms and conditions are offered. The Group has a policy in place governing the allowance for credit losses. Cash investments are only placed with reputable financial institutions rated BB and above (note 12). All changes in or new banking arrangements entered into are in line with the Board’s approval framework. Refer to note 10 for further disclosure on credit risk.
Liquidity risk is the risk that there will be insufficient funds available to settle obligations when they are due. The Group has limited liquidity risk due to surplus cash balances and the recurring nature of its income, which generates strong cash inflows. The level of cash balances in the Group is monitored weekly and cash generated from operations is reviewed against planned cash flows on a monthly basis. In addition, working capital reviews are performed monthly. Surplus cash is invested in interest-bearing current accounts and time deposits that are expected to readily generate cash inflows for managing liquidity risk. In addition, the Group maintains headroom on its undrawn borrowing facilities to ensure that the Group does not breach borrowing limits on its borrowing facilities. Refer to note 37 for further disclosure on liquidity risk.
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern while enhancing the returns for shareholders and ensuring benefits for other stakeholders. The Board of Directors monitors capital by reviewing the net cash position. The Company currently has no long-term borrowings and none of its overdraft facilities, as set out in note 15, were subject to any financial covenants during fiscal 2018 and fiscal 2017. In order to maintain the capital structure, the Group may return capital to shareholders, issue new shares or sell assets to reduce debt, where applicable. |
Critical accounting estimates and judgements |
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List Of Accounting Policies [Abstract] | |||||||||||||||||||||||||||||
Critical accounting estimates and judgements | Critical accounting estimates and judgements Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities during fiscal 2018 are outlined below:
The Group generally offers warranties on its hardware units. Management estimates the related provision for future warranty claims based on historical warranty claim information, as well as recent trends that might suggest that past cost information may differ from future claims.
The Group, in some instances, offers maintenance services as part of its revenue contracts. Management estimates the related provision for maintenance costs per vehicle when the obligation to repair occurs.
The Group is subject to income taxes in numerous jurisdictions. Significant judgement is required in determining the worldwide provision for income taxes. Where applicable tax legislation is subject to interpretation, management makes assessments, based on expert tax advice, of the relevant tax that is likely to be paid and provides accordingly. When the final outcome is determined and there is a difference, this is recognized in the period in which the final outcome is determined. Determining how much tax to recognize when an uncertain tax position exists requires judgement. The Group applies the measurement principle in IAS 12 Income Taxes, when measuring the amount of tax to recognize related to an uncertain tax position. Therefore, the Group measures uncertain tax positions based on a weighted average estimate, taking into account all of the tax uncertainties related to the tax position taken. The Company's interests in subsidiaries include certain loans denominated in foreign currencies which are repayable by agreement of both parties. Realization of such loans will result in taxable foreign exchange differences in accordance with prevailing legislation in South Africa. Although the Company controls the timing of the reversal of these temporary differences, given the volatility of the South African Rand and based on the Group's current assessment, it is not considered probable that the temporary difference relating to a loan between the Company and a South Africa subsidiary will not reverse in the foreseeable future. Hence, a deferred tax liability has been recognized in respect of these temporary differences (note 18). The Group applies judgement when recognizing deferred tax assets in respect of tax losses. Deferred tax assets in respect of tax losses are recognized for the carry forward of unused tax losses to the extent that it is probable that future taxable profit will be available against which the unused tax losses can be utilized. In determining the level of future taxable profit that will be available the Group considers both an entity's historical profitability and estimates of future profitability and recognizes deferred tax for the whole or the part of the temporary difference that is more likely than not to be recovered. Where an entity has incurred historical losses, deferred tax assets are only recognized when the particular entity has shown a reasonable period of starting to return to profitability.
The Group tests annually whether goodwill has suffered any impairment in accordance with the accounting policy stated in note 2.7. Other assets are tested for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. For the purposes of assessing impairment, assets are grouped into CGUs at the lowest levels for which there are separately identifiable cash flows. The recoverable amount is based on the CGU’s value-in-use. These calculations require the use of estimates (see notes 6 and 7).
The useful life applied principally reflects management’s view of the average economic life of the customer base and is assessed by reference to factors such as customer churn rates. An increase in churn rates may lead to a reduction in the estimated useful life.
Product development cost directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recorded as intangible assets by the Group when the criteria in note 2.6 have been met. The assessment as to when these criteria have been met is subjective and capitalization has been based on management’s best judgement of facts and circumstances in existence at year-end. The useful lives of development costs capitalized are reviewed on an at least annual basis. The useful life estimates are based on historical experience with similar assets as well as anticipation of future events such as technological changes, which may impact the useful life. The residual values of product development costs are estimated to be zero.
The provision for impairment of trade receivables reflects the Group’s estimates of losses arising from the failure or inability of the Group’s customers to make required payments. The provision is based on the ageing of customer accounts, customer creditworthiness and the Group’s historical write-off experience. Changes to the allowance may be required if the financial condition of the Group’s customers improves or deteriorates. An improvement in financial condition may result in lower actual write-offs. Historically, changes to the estimate of losses have not been material to the Group’s financial position and results. (h) Allocation between in-vehicle devices and inventory The allocation between in-vehicle devices and inventory reflects the Group’s estimates of how units are expected to be sold, thereby it is a significant area of judgement for the Group. |
Segment information |
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Operating Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment information Our operating segments are based on the geographical location of our Regional Sales Offices (“RSOs”) and also include our Central Services Organization (“CSO”). CSO is our central services organization that wholesales our products and services to our RSOs who, in turn, interface with our end-customers, distributors and dealers. CSO is also responsible for the development of our hardware and software platforms and provides common marketing, product management, technical and distribution support to each of our other operating segments. The chief operating decision maker (“CODM”) reviews the segment results on an integral margin basis as defined by management. The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified collectively as the executive committee and the Chief Executive Officer who make strategic decisions. In respect of revenue, this method of measurement entails reviewing the segmental results based on external revenue only. In respect of Adjusted EBITDA (the profit measure identified by the CODM), the margin generated by CSO, net of any unrealized intercompany profit, is allocated to the geographic region where the external revenue is recorded by our RSOs. The costs remaining in CSO relate mainly to research and development of hardware and software platforms, common marketing, product management and technical and distribution support to each of the RSOs. CSO is a reportable segment of the Group because it produces discrete financial information which is reviewed by the CODM and has the ability to generate external revenues. Each RSO's results therefore reflect the external revenue earned, as well as the Adjusted EBITDA earned (or loss incurred) by each operating segment before the remaining CSO and corporate costs allocations. Segment assets are not disclosed as segment information is not reviewed on such a basis by the CODM. The Group’s CODM assesses the performance of the operating segments based on Adjusted EBITDA. Adjusted EBITDA is defined as the profit for the period before income taxes, net finance income/(costs) including foreign exchange gains/(losses), depreciation of property, plant and equipment including capitalized customer in-vehicle devices, amortization of intangible assets including capitalized in-house development costs and intangible assets identified as part of a business combination, share-based compensation costs, transaction costs arising from the acquisition of a business or investigating strategic alternatives, restructuring costs, profits/(losses) on the disposal or impairments of assets or subsidiaries, insurance reimbursements relating to impaired assets and certain litigation costs. The segment information provided to the Group’s CODM for the reportable segments for the year ended March 31, 2018 is as follows:
The segment information provided to the Group’s CODM for the reportable segments for the year ended March 31, 2017 is as follows:
The segment information provided to the Group’s CODM for the reportable segments for the year ended March 31, 2016 is as follows:
The revenue from external parties reported to the Group’s CODM is measured in a manner consistent with that in the income statement. There are no material non-cash items provided to the Group’s CODM other than disclosed in the reconciliation of profit for the year to Adjusted EBITDA below. During fiscal 2018, impairments to capitalized product development costs of R2.3 million within the Africa segment and R0.4 million within the CSO segment were recognized in profit or loss. During fiscal 2017, impairments to capitalized product development costs of R2.6 million within the Africa segment and R0.5 million within the CSO segment were recognized in profit or loss. During fiscal 2017, the Brazil segment recognized a reversal of impairment in respect of in-vehicle devices of R0.8 million in profit or loss. During fiscal 2016, impairments to in-house software of R2.9 million were recognized in profit or loss within corporate and consolidation entries and the Brazil segment recognized an impairment to in-vehicle devices of R1.9 million in profit or loss. Operating segments are reported in a manner consistent with the internal reporting provided to the Group’s CODM. A reconciliation of Adjusted EBITDA to profit for the year is disclosed below.
Revenue generated by the South African-based operating segments of the Group (i.e. Central Services Organization and Africa, excluding East Africa) to its local and foreign-based customers amounted to R931.7 million (2017: R836.2 million, 2016: R784.5 million) for fiscal 2018, whereas revenue generated by the foreign-based segments of the Group (i.e. Europe, Americas, East Africa, Middle East, Brazil and Australasia) to its local and foreign-based customers amounted to R780.8 million (2017: R703.9 million, 2016: R680.5 million). Total non-current assets other than financial instruments and deferred tax assets located in South Africa is R615.9 million (2017: R621.0 million, 2016: R533.8 million), and the total of these non-current assets located in foreign countries is R260.8 million (2017: R174.6 million, 2016: R120.8 million). These assets are allocated based on the physical location of the asset and are stated before any inter-company eliminations. The numbers above exclude assets classified as held for sale disclosed in note 6. |
Property, plant and equipment |
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Property, plant and equipment [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment | Property, plant and equipment
* The historical costs and accumulated depreciation on fully depreciated assets which were retired and removed from the accounting records during fiscal 2017 included R5.2 million relating to plant, equipment, vehicles and other, R10.1 million relating to computer and radio equipment and R31.9 million relating to in-vehicle devices installed. ** The historical costs and accumulated depreciation on fully depreciated assets which were retired and removed from the accounting records during fiscal 2018 included R1.2 million relating to plant, equipment, vehicles and other, R14.7 million relating to computer and radio equipment and R63.9 million relating to in-vehicle devices installed. Additions of R238.2 million made in fiscal 2018 include non-cash additions of uninstalled in-vehicle devices of R1.4 million relating to the Central Services Organization segment. R1.9 million was paid in the current fiscal year which related to uninstalled in-vehicle devices which were accrued and accounted for as non-cash additions in fiscal 2017 by the Central Services Organization. Additions of R170 million made in 2017 included non-cash additions of uninstalled in-vehicle devices of R1.7 million and plant, equipment, vehicles and other of R0.2 million relating to the Central Services Organization segment. R12.1 million was paid in fiscal 2017 which related to uninstalled in-vehicle devices which were accrued and accounted for as non-cash additions in fiscal 2016 by the Central Services Organization. Depreciation expense of R141.6 million (2017: R85.8 million, 2016: R60.2 million) has been charged to cost of sales. The remainder has been included in administration and other charges in the income statement. During fiscal 2017, a reversal of impairment of R0.8 million in respect of in-vehicle devices which were impaired in fiscal 2016 was recognized in profit or loss by the Brazil segment. The improvement in trading conditions in the Brazil segment resulted in the reassessment of its recoverable amount in fiscal 2017. In fiscal 2017 the assessment indicated that the recoverable amount was higher than its carrying value which led to the aforementioned impairment reversal. Assets classified as held for sale The assets classified as held for sale relate to the property held by the CSO segment. No impairment loss was recognized on reclassification of the property as held for sale as the fair value (estimated based on the recent market prices of similar properties in similar locations) less costs to sell is higher than the carrying amount. Management anticipate that the sale will be completed within 12 months.
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Intangible assets |
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Intangible Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets | Intangible assets
* The historical costs and accumulated amortization on fully depreciated assets which were retired and removed from the accounting records during the 2017 year included R16.4 million relating to product development costs and R1.7 million relating to computer software, technology, in-house software and other. ** The historical costs and accumulated amortization on fully depreciated assets which were retired and removed from the accounting records during the 2018 year included R2.2 million relating to patents and trademarks, R13.9 million relating to product development costs and R4.3 million relating to computer software, technology, in-house software and other. In fiscal 2018, staff costs of R46.4 million (2017: R54.6 million, 2016: R45.2 million) have been capitalized to product development costs. In fiscal 2018, no staff costs were capitalized to in-house software (2017: R1.6 million, 2016: R1.3 million). Additions of R94.6 million were made during fiscal 2018. In addition, R1.9 million relating to capitalized development costs and R3.1 million related to computer software, technology, in-house software and other intangibles were paid in the current fiscal year which were accrued and accounted for as non-cash additions in 2017. Additions of R119.4 million made during 2017 included non-cash additions of R5.0 million as described above. R0.9 million relating to capitalized development costs were paid in fiscal 2017 which were accrued and accounted for as non-cash additions in 2016. Amortization expense of R44.1 million (2017: R30.1 million, 2016: R24.9 million) has been charged to cost of sales. The remainder has been included in administration and other charges in the income statement. During fiscal 2018, impairments to capitalized product development costs of R0.4 million within the CSO segment and R2.3 million within the Africa segment were recognized in profit or loss. During fiscal 2017, impairments to capitalized product development costs of R0.5 million within the CSO segment and R2.6 million within the Africa segment were recognized in profit or loss. The impairment losses have been included in administration and other charges in the income statement. Included in product development costs is product development assets in progress with a net book amount of R32.1 million (2017: R51.1 million, 2016: R43.6 million). Computer software, technology, in-house software and other included no internally generated in-house software in progress (2017: R42.8 million, 2016: R18.3 million). Change in estimate of useful lives of product development costs capitalized During fiscal 2018, the CSO segment reassessed the useful lives of certain projects where, on average, the useful lives were increased from 5.0 years to 6.5 years. The reassessment of the useful lives resulted in a R4.5 million reduction in the product development amortization expense relative to what it would have been in fiscal 2018 had the change not occurred. The amortization reduction expected to be charged to the income statement over the future fiscal years is as follows:
Impairment tests for goodwill Goodwill is allocated to the Group’s CGUs identified within its operating segments. It should be noted that, as disclosed in note 5, while CSO is reported as a reportable segment excluding any inter-company revenue and related costs, it remains a CGU, as there remains an active market for the output produced by CSO. The impairment tests for goodwill have been performed on the same basis as the previous financial years. A summary of the goodwill at operating segment level is presented below:
The recoverable amounts of all CGUs are determined based on value-in-use calculations, which use pre-tax cash flow projections based on approved financial budgets covering a three to five-year period. A five-year period was used to ensure that in respect of the Europe and Middle East and Australasia segments, stable cash flows are used for purposes of calculating terminal values included in the value-in-use calculations. These cash flows are based on the current market conditions and near-term expectations. The key assumptions used for the value-in-use calculations are as follows:
The discount rates were calculated using the capital asset pricing model. These rates reflect specific risks relating to the relevant CGUs. The growth rate has been determined based on the expected long-term inflation outlook. Goodwill sensitivity Given the significant headroom that exists in the CGUs, management believes that a reasonable change in assumptions would not result in any goodwill impairments. |
Finance lease receivable |
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Leases 1 [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance lease receivable | Finance lease receivable
The Group had entered into certain finance lease arrangements with customers to supply fleet management products and services. The terms of the leases varied between 24 and 36 months and the leases were denominated in Euro. The unguaranteed residual values of the assets leased under finance lease were considered negligible. At March 31, 2017 the finance lease receivables were neither past due nor impaired and were fully settled at March 31, 2018. In determining the recoverability of the finance lease receivables, the Group considered any change in the credit quality of the finance lease receivable from the date the leases were initially entered into until the end of the fiscal 2017 reporting year.
The net investment in finance leases may be analyzed as follows:
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Inventory |
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Inventory | Inventory
During the current year an amount of R9.3 million (2017: R10.0 million) was recognized as a charge in cost of sales as a result of the write-down of inventory to net realizable value (notes 23 and 31.2). |
Trade and other receivables |
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Subclassifications of assets, liabilities and equities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and other receivables | Trade and other receivables
The ageing of trade receivables at the reporting date is as follows:
The trade receivables above, which are past due and not impaired, relate to a number of independent customers for whom there is no recent history of default. As at March 31, 2018, sundry debtors are neither past due nor impaired. The carrying amounts of trade and other receivables are denominated in the following currencies:
Movements in the Group’s provision for impairment of trade and other receivables are as follows:
The creation of the provision for impairment of trade and other receivables is included in administration and other charges in the income statement. In determining the recoverability of a receivable, the Group considers any change in the credit quality of the receivable from the date credit was initially granted until the end of the reporting year. Amounts provided for are generally written off when there is no expectation of recovering the amount. A single sundry debtor of R4.6 million which was past due and fully impaired in fiscal 2017 was recovered in fiscal 2018. Trade receivables of R17.9 million (2017: R11.1 million) are pledged as security for the Group’s overdraft facilities (note 12, 15). The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned above. Other than 11% of the gross receivable balance relating to two debtors at the end of fiscal 2018 (2017: 11% of the gross receivable balance relating to two debtors), the Group has no significant concentration of credit risk, due to its spread of customers across various operations and geographical locations. The Group does not hold any collateral as security. |
Restricted cash |
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Subclassifications of assets, liabilities and equities [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted cash | Restricted cash
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Net cash and cash equivalents |
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Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash and cash equivalents | Net cash and cash equivalents Net cash and cash equivalents included in the statement of cash flow comprise the following amounts which are included in the statement of financial position:
The credit quality of cash and cash equivalents that are not impaired can be assessed by reference to external credit ratings, based on the Fitch rating scales, as follows:
The carrying amounts of net cash and cash equivalents are denominated in the following currencies:
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Stated capital |
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Stated Capital [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated capital | Stated capital
The total authorized number of ordinary shares at the end of the financial year amounted to 1 billion shares (2017: 1 billion) with no par value. All issued shares are fully paid up and carry one vote per share and the right to dividends. There were no changes to the authorized number of ordinary shares during the current or prior financial year. In terms of a special resolution approved in fiscal 2014 a new class of no par value shares, consisting of 100 million preference shares, was created. No preference shares have been issued to date. Share repurchases Fiscal 2018 On May 23, 2017, the MiX Telematics Board of Directors approved a share repurchase program of up to R270 million under which the Company may repurchase its ordinary shares, including American Depositary Shares (“ADSs”). The Company may repurchase its shares from time to time at its discretion through open market transactions and block trades, based on ongoing assessments of the capital needs of the Company, the market price of its securities and general market conditions. This share repurchase program may be discontinued at any time by the Board of Directors, and the Company has no obligation to repurchase any amount of its securities under the program. The repurchase program will be funded out of existing cash resources. As at March 31, 2018, the following purchases had been made under the share repurchase program:
(1) Including transaction costs. Subsequent to the repurchase, the shares were delisted and now form part of the authorized unissued share capital of the Company. Fiscal 2017 On April 29, 2016, the Company entered into an agreement (the “share repurchase agreement”) with Imperial Holdings Limited (“Imperial Holdings”) and Imperial Corporate Services Proprietary Limited (“Imperial Corporate Services”), a wholly owned subsidiary of Imperial Holdings, to repurchase all 200,828,260 of the Company’s shares held by Imperial Corporate Services (the “repurchase shares”) at R2.36 per repurchase share, for an aggregate repurchase consideration of R474.0 million (the “repurchase”). At the general meeting held on August 1, 2016, shareholders of the Company approved the repurchase in terms of the JSE Listings Requirements and the South African Companies Act, No. 71 of 2008, at which point the transaction was accounted for in terms of IFRS. The repurchase was implemented on August 29, 2016. Subsequent to the repurchase, the shares were delisted and now form part of the authorized unissued share capital of the Company. In fiscal 2017, the financial effect of the transaction was as follows:
Equity incentive plans The Group has issued share incentives under two equity incentive plans, the TeliMatrix Group Executive Incentive Scheme and the MiX Telematics Long-Term Incentive Plan (“LTIP”), to directors and certain key employees within the Group. With the introduction of the LTIP, which was approved by shareholders in terms of an ordinary resolution during 2014, no further awards will be made in terms of the TeliMatrix Group Limited Executive Incentive Scheme going forward. The LTIP is now being used to issue share incentives to employees and executive members within the Group. The LTIP provides for three types of grants to be issued, namely performance shares, retention shares or share appreciation rights (“SARs”). To date only SARs have been issued. The table below indicates the total number of awards under the LTIP which are available for issue:
Both equity incentive plans are discussed in further detail in the sections that follow. Share options under the TeliMatrix Group Executive Incentive Scheme Share options have been granted to directors and certain key employees within the Group. The exercise price of the options granted is equal to the weighted average market value of ordinary shares for the 20 days preceding the date of the grant. The options vest in tranches of 25% per annum, commencing on the second anniversary of the grant date and expire 6 years after the grant date. In addition to these vesting periods, the vesting of the share options granted are conditional on certain performance conditions being met, namely the share price on the associated measurement date being in excess of the target, after being reduced by the aggregate amount of dividends paid, or an annual total shareholder return in excess of 10% and 5%, taking into account any dividends paid during the vesting period, being achieved. The Group has no legal or constructive obligation to repurchase or settle the options in cash. Movements in the total number of share options outstanding and their related weighted average exercise prices are as follows:
The weighted average remaining contractual life on share options outstanding at year-end is 1.31 years (2017: 1.87 years). Options exercised in 2018 resulted in 5,512,500 shares (2017: 5,125,000 shares) being issued at a weighted average exercise price of 195 cents per share (2017: 138 cents per share). The related weighted average share price at the time of exercise was 608 cents per share (2017: 307 cents per share). Refer to note 23 for the total expense recognized in fiscal year 2018 in respect of equity-settled instruments granted to employees and directors. Share options outstanding at the end of the fiscal year have the following exercise prices:
No share options were granted during fiscal 2018 or fiscal 2017 under this scheme. Share appreciation rights Under the LTIP, SARs may be issued to certain directors and key employees. The award price of the SARs granted is equal to the closing market value of ordinary shares on the day preceding the date of the grant. The SARs granted vest in tranches of 25% per annum, commencing on the second anniversary of the grant date and expire six years after the grant date. In addition to these vesting periods, the vesting of the SARs granted are conditional on a performance condition of an annual total shareholder return in excess of 10%, taking into account any dividends paid during the vesting period, being achieved. Upon exercise of the SARs by participants, the Group will settle the value of the difference between the award and grant price by delivering shares, alternatively as a fall back provision only, by settling the value in cash. Movements in the total number of SARs outstanding and their related weighted average award prices are as follows:
The weighted average remaining contractual life on SARs outstanding at year-end is 4.38 years (2017: 4.88). SARs exercised in 2018 resulted in 1,708,750 awards (2017: Nil) being issued at a weighted average exercise price of 310 cents per award (2017: nil). The related weighted average share price at the time of exercise was 464 cents per award (2017: nil). No SARs were exercised by Group executives during fiscal 2018 and fiscal 2017. SARs outstanding at the end of the fiscal year have the following award prices:
The weighted average fair value of SARs granted during fiscal 2018 and fiscal 2017 was determined using a combination of the Monte Carlo Simulation option pricing model and the Binomial Tree option pricing model. The key drivers and assumptions input into the valuation models used to determine these values are disclosed below. The volatility was calculated using a mixture of the Company's historical data as well as the share data of comparable companies for grants made in all financial years preceding 2018 and the Company's historical share data for grants made in the current year. The salient details of SARs granted during fiscal 2018 are provided in the table below:
The salient details of SARs granted during fiscal 2017 are provided in the table below:
Refer to note 23 for the total expense recognized in fiscal 2018 in respect of equity-settled instruments granted to employees and directors. Group executives held the following share options outstanding at March 31, 2018 (summarized by grant date):
(1) Executive director at March 31, 2018. Group executives held the following SARs outstanding at March 31, 2018 (summarized by grant date):
(1) Executive director at March 31, 2018. No options were held by retired executives as at March 31, 2018. The following share options were exercised by Group executives during fiscal 2018:
Group executives held the following share options outstanding at March 31, 2017 (summarized by grant date):
(1) Executive director at March 31, 2017. Group executives held the following SARs outstanding at March 31, 2017 (summarized by grant date):
(1) Executive director at March 31, 2017. In respect of R Botha who retired on May 31, 2015, the Board had resolved, as permitted by the share plan rules, that the options not exercised by this former executive prior to the retirement date could be exercised upon vesting before the expiry date of the option. No options were held by retired executives as at March 31, 2017. The following share options were exercised by Group executives during fiscal 2017:
(1) Resigned as at February 9, 2017. (2) Resigned as at September 30, 2016. The following share options were exercised during fiscal 2017 by retired Group executives:
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Other reserves |
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Share Capital, Reserves And Other Equity Interest [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other reserves | Other reserves
* The foreign currency translation reserve mainly results from the translation of the Group's foreign subsidiaries for which it is considered probable that temporary differences will not reverse in the foreseeable future. Refer to note 18 for details about deferred taxes recognized for related temporary differences. ** During fiscal 2008, the Group acquired a non-controlling equity interest held by a minority shareholder in one of its subsidiaries in exchange for a share consideration. R137.9 million (2017: R137.9 million) of the reserve represents the difference between the consideration paid and the Group’s share in the net asset value of the subsidiary acquired which has been recorded in equity. The reserve on transaction with non-controlling interests represented the transfer of Edge Gestao Empresarial Ltda's (“Edge”) share of the historical losses of MiX Telematics Servicos De Tlematria E Rastremento De Veiculos Do Brazil Limitada (“MiX Brazil”) from distributable reserves to non-controlling interests. R0.5 million, representing a reduction of the reserve, relates to the transaction with Edge in fiscal 2015, whereby Edge increased its non-controlling interest in MiX Brazil from 0.0025% to 5.0%. R1.5 million of the non-controlling interest relates to the acquisition of Edge's 5% interest in MiX Brazil by MiX Investments (Proprietary) Limited (“MiX Investments”) during fiscal 2018 (note 20). |
Borrowings |
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Borrowings | Borrowings The Group and its subsidiaries have unlimited borrowing capacity as specified in their respective Memorandums of Incorporation. Other than bank overdrafts, no new borrowings were raised by the Group during fiscal 2018 and fiscal 2017.
The Standard Bank and Nedbank facilities have no fixed renewal date and are repayable on demand. Included in the bank overdraft (note 12) is the following Standard Bank Limited facility which was secured by the following at March 31, 2018 and at March 31, 2017: •cross suretyships between the following Group companies: – MiX Telematics Africa Proprietary Limited; – MiX Telematics International Proprietary Limited; and – MiX Telematics Limited.
– MiX Telematics Limited; and – MiX Telematics International Proprietary Limited. The facility from Nedbank Limited is unsecured. |
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Trade and other payables | Trade and other payables
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Retirement benefits |
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Employee Benefits [Abstract] | |
Retirement benefits | Retirement benefits It is the policy of the Group to provide retirement benefits to all its South African, United Kingdom, United States, Brazilian, Romanian and Australian employees. All these retirement benefits are defined contribution plans and are held in separate trustee-administered funds. These plans are funded by members as well as company contributions. The South African plan is subject to the Pension Funds Act of 1956, the UK plan is subject to the United Kingdom Pensions Act 2008 and the Australian plan is subject to the Superannuation Guarantee Administration Act of 1992. In Brazil, the Group contributes to a mandatory state social contribution plan known as Regime Geral de Previdência Social (“RGPS”). In Romania there is a mandatory social security contribution paid to the state budget, as defined by the Pension Law (Law 263/2010) and the Fiscal Code (Law 227/2015). For the United States employees, a voluntary Internal Revenue Service section 401(k) tax-deferred defined contribution scheme is offered. The full extent of the Group’s liability, in respect of the retirement benefits offered, is the contributions made, which are charged to the income statement as they are incurred. The total Group contribution to such schemes in 2018 was R27.1 million (2017: R29.4 million, 2016: R27.1 million) (note 23). |
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Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax | Deferred tax
Deferred foreign currency gains Deferred foreign currency gains comprise of taxable temporary differences arising on investments in subsidiaries in respect of which deferred tax has been recognized. Recognition of deferred tax Deferred tax at year-end has been recognized using the following corporate tax rates:
Deferred tax assets are recognized for tax losses carried forward to the extent that the realization of the related tax benefit through future taxable profits is probable. The Group did not recognize deferred tax assets of R61.3 million (2017: R34.3 million) in respect of losses amounting to R237.3 million (2017: R133.8 million) at year-end. During fiscal 2018 the Group raised a further deferred tax asset of R0.6 million (2017: R5.3 million) in respect of a portion of the tax losses available in the Europe segment. These tax losses were incurred in prior years. Since fiscal 2015, the entity started returning to profitability resulting in a reassessment of its ability to utilize the tax losses and the recognition of a deferred tax asset for a portion thereof since fiscal 2017. The movement in deferred tax assets and liabilities during the year, prior to taking into account the offsetting of deferred tax balances within the same tax jurisdiction, is as follows:
The movement in deferred tax assets and liabilities during the prior year, prior to taking into account the offsetting of deferred tax balances within the same tax jurisdiction, is as follows:
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Provisions |
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Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provisions | Provisions
The Group provides warranties on certain products and undertakes to repair or replace items that fail to perform satisfactorily. Management estimates the related provision for future warranty claims based on historical warranty claim information, the product lifetime, as well as recent trends that might suggest that past cost information may differ from future claims.
The Group provides for maintenance required related to ongoing contracts when the obligation to repair occurs. Management estimates the related provision for maintenance costs per unit based on the estimated costs expected to be incurred to repair the respective units.
The Group provides for the anticipated present value of costs associated with the restoration of leasehold property to its condition at inception of the lease, including the removal of items included in plant and equipment that is erected on leased land. The final cash outflow of these costs is not expected to occur in the next 12 months.
Restructuring costs 2018 R10.7 million of the restructuring provision was utilized in respect of the restructuring plans implemented during fiscal 2017, as described below. R0.7 million was released during the current financial year. The remaining restructuring provision is expected to be utilized within the first quarter of fiscal 2019. 2017 During March 2017, restructuring plans were implemented by the Europe and Middle East and Australasia segments. The total cost of the restructuring plans was expected to approximate R15.0 million. These costs consisted of estimated staff costs in respect of affected employees. By March 31, 2017, R2.7 million of the expected restructuring costs had been incurred and the remaining provision of R11.5 million was expected to be fully utilized within 12 months. In respect of a restructuring plan implemented during fiscal 2015, the Africa segment incurred R0.1 million in respect of lease termination costs and reversed the remaining balance of R0.4 million of the restructuring provision during fiscal 2017.
Other provisions The provision in fiscal 2018 relates to taxation matters which may not be resolved in a manner that is favorable to the Group. The Group has raised provisions in respect of these matters based on estimates and the probability of an outflow of economic benefits and this should not be construed as an admission of legal liability. At March 31, 2016, the Group was involved in a supplier dispute and certain taxation matters specific to the respective jurisdictions in which the Group operates. During fiscal 2017, R8.6 million was paid in full settlement of the supplier obligations provided for in fiscal 2016.
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Share-based payment liability |
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Share-Based Payment Arrangements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based payment liability | Share-based payment liability
MiX Brazil In June 2014, the Group entered into a quotaholders agreement with Edge, whereby Edge was granted a 5% holding in the equity interest of MiX Brazil. Prior to this quotaholders agreement Edge held a non-controlling interest in MiX Brazil of 0.0025%. Edge is a Brazilian-based investment company controlled by Luiz Munhoz, the Managing Director of MiX Brazil. The increase in the equity interests granted to Edge was in respect of services provided by Luiz Munhoz to MiX Brazil, in his role as Managing Director of MiX Brazil. In terms of the quotaholders agreement, Edge had an option to transfer its interest in MiX Brazil back to the Group at fair value. The quotaholders agreement with Edge represented a cash-settled share-based payment. In September 2017, Edge exercised the put option in the quotaholders agreement. In terms of the subsequent sale agreement MiX Investments (Proprietary) Limited acquired Edge’s 5% equity interest in MiX Brazil for R1.4 million which increased the Group's interest in MiX Brazil to 100%. As a result, the Group recognized a cash-settled share-based payment expense and liability of R1.4 million, which was subsequently settled. The non-controlling interest related to MiX Brazil of R1.5 million was also transferred to other reserves within equity (note 14). At March 31, 2017, the share-based payment liability was valued using discounted cash flow analysis. The fair value was determined by the use of cash flow projections based on approved budgets covering a five-year period. These cash flows were based on the current market conditions and near-term expectations. On a stand-alone basis at the end of fiscal 2017, the cash flow projections including debt revealed that the liability was unlikely to result in a cash outflow for the Group and as such its carrying amount was zero. The key assumptions used in the discounted cash flow analysis in fiscal 2017 were:
MiX Fleet Support Trust The cash-settled share-based payment expense incurred in 2017 was in respect of the sale of the MiX Telematics Fleet Support Trust's 51% interest in MiX Telematics Fleet Support Services Proprietary Limited to MiX Telematics Africa Proprietary Limited. The proceeds from this transaction were distributed to certain employees who are beneficiaries of the trust. The Group has no further obligations in respect of this transaction. |
Revenue |
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue
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Other income/(expenses) - net |
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Analysis of income and expense [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income/(expenses) - net | Other income/(expenses) — net
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Operating profit |
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Analysis of income and expense [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating profit | Operating profit
Investigating strategic alternatives During fiscal 2016, the Board of Directors entered into a process of investigating strategic alternatives relating to the Group. This extensive review, conducted with guidance from external advisers, included the optimization of capital structures and an evaluation of various ownership options. |
Finance income |
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Analysis of income and expense [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance income | Finance income
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Finance costs |
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Analysis of income and expense [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance costs | Finance costs
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Auditors' remuneration |
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Additional information [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Auditors' remuneration | Auditors’ remuneration
In fiscal 2018, auditors' remuneration includes R2.2 million in respect of fees paid to PricewaterhouseCoopers Inc. and the balance relates to Deloitte & Touche. |
Directors' and executive committee emoluments |
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Directors' and Executive Committee Emoluments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Directors' and executive committee emoluments | Directors’ and executive committee emoluments
The remaining related party transactions are set out in note 32. |
Taxation |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxation | Taxation
Taxation recognized in other comprehensive income
Tax rate reconciliation The tax on the Group’s profit before taxation differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the entities as follows:
The Group’s weighted average tax rate is 15.7% (2017: 18.1%, 2016: 36.9%). Section 11D allowances relating to tax assets recognized MiX Telematics International Proprietary Limited (“MiX International”), a subsidiary of the Group, historically claimed a 150% allowance for research and development spend in terms of section 11D (“S11D”) of the South African Income Tax Act No. 58 of 1962 (“the Act”). As of October 1, 2012, the legislation relating to the allowance was amended. The amendment requires pre-approval of development project expenditure on a project specific basis by the South African Department of Science and Technology (“DST”) in order to claim a deduction of the additional 50% over and above the expenditure incurred (150% allowance). Since the amendments to S11D of the Act, MiX International had been claiming the 150% deduction resulting in a recognized tax benefit. MiX International has complied with the amended legislation by submitting all required documentation to the DST in a timely manner, commencing in October 2012. In June 2014, correspondence was received from the DST indicating that the research and development expenditure on certain projects for which the 150% allowance was claimed in fiscal 2013 and fiscal 2014 did not, in the DST’s opinion, constitute qualifying expenditure in terms of the Act. MiX International, through due legal process, had formally requested a review of the DST’s decision not to approve this expenditure. While approvals were obtained for a portion of this project expenditure as a result of a further review performed by the DST in February 2017, we continue to seek approval for the remaining projects and as such the legal process is ongoing. In addition to the approvals that were subject to the legal process, further approvals have been obtained for certain project expenditure, relating to both current and prior financial years. However, at period end, an uncertain tax position remains in relation to S11D deductions in respect of which approvals remain pending. Since the introduction of the DST pre-approval process, the Group has recognized in the income statement cumulative tax incentives in addition to the incurred cost of R20.5 million in respect of S11D deductions, of which R2.3 million was recognized in the current financial year. R17.7 million relates to deductions in respect of development project expenditure which has been approved by the DST. R2.8 million relates to an uncertain tax position in respect of projects where approvals have not yet been received from the DST. If the Group is unsuccessful in this regard, the Group will not recover the R2.8 million raised at March 31, 2018. The taxation receivable includes amounts due of R17.7 million in respect of S11D tax incentives at March 31, 2018 (2017: R14.9 million). |
Earnings per share |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share | Earnings per share Basic Basic earnings per share is calculated by dividing the profit attributable to owners of the parent by the weighted average number of ordinary shares in issue during the year.
Diluted Diluted earnings per share is calculated by dividing the diluted profit attributable to owners of the parent by the diluted weighted average number of ordinary shares in issue during the year. Share options and share appreciation rights granted to employees under the TeliMatrix Group Executive Incentive Scheme and the MiX Telematics Long-Term Incentive Plan (“LTIP”), as disclosed in note 13, are considered to be potential ordinary shares. They have been included in the determination of diluted earnings per share if the required target share price or annual shareholder return hurdles (as applicable) would have been met based on the Company's performance up to the reporting date, and to the extent to which they are dilutive. Details relating to the share options and share appreciation rights are set out in note 13. Share appreciation rights were issued for the first time during fiscal 2015 and there were no potentially dilutive share appreciation rights at March 31, 2017 and March 31, 2016.
Adjusted earnings per share Adjusted earnings per share is defined as profit attributable to owners of the parent, MiX Telematics Limited, excluding net foreign exchange gains/(losses) net of tax, divided by the weighted average number of ordinary shares in issue during the year.
Basic Basic adjusted earnings per share is calculated by dividing the adjusted earnings attributable to owners of the parent by the weighted average number of ordinary shares in issue during the year.
Diluted Adjusted diluted earnings per share is calculated by dividing the diluted adjusted earnings attributable to owners of the parent by the diluted weighted average number of ordinary shares in issue during the year.
Headline earnings per share Headline earnings per share is a profit measure required for JSE-listed companies and is calculated in accordance with circular 2/2015 issued by the South African Institute of Chartered Accountants. The profit measure is determined by taking the profit for the year prior to certain separately identifiable remeasurements of the carrying amount of an asset or liability that arose after the initial recognition of such asset or liability net of related tax (both current and deferred) and related non-controlling interest.
Basic Basic headline earnings per share is calculated by dividing the headline earnings attributable to owners of the parent by the weighted average number of ordinary shares in issue during the year.
Diluted Diluted headline earnings per share is calculated by dividing the diluted headline earnings attributable to owners of the parent by the diluted weighted average number of ordinary shares in issue during the year.
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Dividends |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of changes in equity [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends | Dividends
During fiscal 2016 the Board decided to reintroduce the Company’s policy of paying regular dividends. Dividend payments are currently considered on a quarter-by-quarter basis. The following dividends were declared by the Company in fiscal 2018 (excluding dividends paid on treasury shares):
The following dividends were declared by the Company in fiscal 2017:
The following dividends were declared by the Company in fiscal 2016:
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Cash flow statement |
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Cash Flow Statement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow statement | Cash flow statement 31.1 The following convention applies to figures other than adjustments: Outflows of cash are represented by figures in brackets. Inflows of cash are represented by figures without brackets. 31.2 Reconciliation of profit for the year before taxation to cash generated from operations:
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Related party transactions |
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Related party transactions [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related party transactions | Related party transactions Directors’ and executive committee members’ interest The list of directors and executive committee members and their beneficial interests declared in the Company’s share capital at year-end held directly, indirectly and by associates were as follows:
Interests in contracts During the year under review, the following were disclosed as contractual arrangements that existed between the Group and parties outside of the Group, in which certain of the directors and executive committee members had interests:
A list of subsidiaries has been included in note 39. Transactions with related parties and balances outstanding at year-end are as follows (excluding key management personnel emoluments):
*** Related party transactions up to May 31, 2015, when R Botha retired from the Group executive committee, have been disclosed. **** Cash held by MiX Telematics Limited to be paid to C Tasker, a participant of the TeliMatrix Group Executive Incentive Scheme in respect of share options exercised. Refer to note 27 for key management personnel emoluments disclosure. Key management personnel include executive committee members. The related parties included above are related to the Group due to certain shares in these entities being held by executive or non-executive directors of the Company or due to common directorships held. There were no receivables from related parties at March 31, 2018 and 2017. The receivables from related parties historically arose from sales transactions, were unsecured and bore no interest. At March 31, 2016, the provision held against receivables from related parties amounted to R1.0 million. There were no payables to related parties at March 31, 2018 and 2017. The payable in respect of C Tasker in fiscal 2016 is described above. The remaining payables in fiscal 2016 to related parties arose mainly from purchase transactions and bore no interest. |
Contingencies |
12 Months Ended |
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Mar. 31, 2018 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Contingencies | Contingencies Service agreement In terms of an amended network services agreement with Mobile Telephone Networks Proprietary Limited (“MTN”), MTN is entitled to claw back payments from MiX Telematics Africa Proprietary Limited, a subsidiary of the Group, in the event of early cancellation of the agreement or certain base connections not being maintained over the term of the agreement. No connection incentives will be received in terms of the amended network services agreement. The maximum potential liability under the arrangement is R43.7 million (2017: R48.4 million). No loss is considered probable under this arrangement. |
Commitments |
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Additional information [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments | Commitments Capital commitments At March 31, the Group had approved, but not yet contracted, capital commitments for:
At March 31, the Group had approved and contracted capital commitments for:
Capital commitments will be funded out of a mixture of working capital and cash and cash equivalents. Operating leases The Group leases various offices under operating lease agreements. The leases have various terms and escalation clauses and renewal rights. The future minimum lease payments in respect of land and buildings under non-cancellable operating leases are as follows:
The Group leases various office equipment and vehicles under non-cancellable operating lease agreements. The lease terms are between one and five years with annual escalations up to 10% per annum. The Group is required to give up to three months’ notice for the termination of these agreements. The future minimum lease payments of office equipment and vehicles under non-cancellable operating leases are as follows:
The lease expenditure charged to the income statement during the year is disclosed in note 23. |
Events after the reporting period |
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Mar. 31, 2018 | |
Events After The Reporting Period [Abstract] | |
Events after the reporting period | Events after the reporting period Other than the item below, the directors are not aware of any matter material or otherwise arising since March 31, 2018 and up to the date of this report, not otherwise dealt with herein. Dividend declared On May 8, 2018 the Board declared in respect of the fourth quarter of fiscal 2018 which ended on March 31, 2018, a dividend of 3 South African cents per ordinary share that was paid on June 4, 2018. |
Financial risk sensitivity analysis |
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Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial risk sensitivity analysis | Financial risk sensitivity analysis Interest rate sensitivity A change in the interest rate at the reporting date of 100 basis points for ZAR denominated instruments and 10 basis points for USD denominated instruments would have increased/(decreased) profit or loss before tax by the amounts shown below. This analysis assumes that all other variables remain constant. The analysis is performed on the same basis for the year ended March 31, 2017.
* Amount less than R1,000. Foreign currency sensitivity The Group has used a sensitivity analysis technique that measures the estimated change to profit or loss and equity of an instantaneous 5% strengthening or weakening in the functional currency against all other currencies, from the rate applicable at March 31, 2018, for each class of financial instrument with all other variables remaining constant. This analysis is for illustrative purposes only as, in practice, market rates rarely change in isolation. The Group is exposed mainly to fluctuations in foreign exchange rates in respect of the South African Rand, Australian Dollar, United States Dollar, the British Pound, the Brazilian Real and the Euro. This analysis considers the impact of changes in foreign exchange rates on profit or loss. A change in the foreign exchange rates to which the Group is exposed at the reporting date would have increased/(decreased) profit before taxation by the amounts shown below. The analysis has been performed on the basis of the change occurring at the end of the reporting period.
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Liquidity risk |
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Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liquidity risk | Liquidity risk Liquidity risk is the risk that there will be insufficient funds available to settle obligations when they are due. The Group has limited risk due to the recurring nature of its income and the availability of liquid resources. The Group meets its financing requirements through a mixture of cash generated from its operations and its access to undrawn borrowing facilities (note 15). In addition, the Group holds the following cash resources:
The table below analyzes the Group’s financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.
There have been no significant changes in the Group’s financial risk management described above relative to the prior year. |
Exchange rates |
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Effects Of Changes In Foreign Exchange Rates [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange rates | Exchange rates The following major rates of exchange were used in the preparation of the consolidated financial statements:
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List of Group companies |
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List of Group Companies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
List of Group companies | List of Group companies MiX Telematics Limited is the parent company of the MiX Telematics Group of companies outlined below. All of the entities listed below have been consolidated.
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Summary of significant accounting policies (Policies) |
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||
List Of Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Basis of presentation | Basis of preparation The annual financial statements of the Group for the year ended March 31, 2018 have been prepared in accordance with:
The financial statements have been prepared in thousands of Rand (R’000) under the historical cost convention except for certain financial instruments that have been measured at fair value. The preparation of financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions or estimates are significant to the financial statements, are disclosed in note 4. |
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Changes in accounting policy and disclosures | Changes in accounting policy and disclosures
Standards, amendments and interpretations which are effective for the financial year beginning on or after April 1, 2017 did not have a material impact on the Group. 2.1.1.2 New standards, amendments and interpretations not yet effective Certain new accounting standards and interpretations have been published that are not mandatory for the March 31, 2018 reporting period and have not been early adopted by the Group in fiscal 2018. The effect of adopting IFRS 9, IFRS 15 and IFRS 16 is set out below. Management is in the final stages of its project to adopt IFRS 9, IFRS 15 and IFRS 16 and as such the figures mentioned below represent our current expectations of the impact from these standards.
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Business combinations | Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the:
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest’s proportionate share of the acquired entity’s net identifiable assets. Acquisition-related costs are expensed as incurred, except if related to the issue of equity securities, in which case these costs are also included in equity. The excess of the:
over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the subsidiary acquired, the difference is recognized directly in the income statement as a bargain purchase gain. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of acquisition. The discount rate used is the entity’s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Unwinding of the interest element is recognized in the income statement. Contingent consideration is measured at fair value on acquisition date and classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognized in the income statement. |
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Changes in ownership interests in subsidiaries without a change of control | Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the relevant activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Inter-company transactions, balances and unrealized gains on transactions between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been adjusted where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated income statement, statement of comprehensive income, statement of changes in equity and statement of financial position, respectively. Changes in ownership interests in subsidiaries without a change of control The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group, that is, transactions with the owners in their capacity as owners. For purchases from non-controlling interests, the difference between the fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity. |
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Segment reporting | Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (“CODM”). The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified collectively as the executive committee and the Chief Executive Officer who make strategic decisions. Sales between segments are carried out at cost plus a margin. |
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Functional and presentation currency | Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The consolidated financial statements are presented in South African Rand (“R”), which is the Group’s presentation currency. |
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Transactions and balances and group companies | Group companies The results and financial position of foreign operations (none of which has the currency of a hyper-inflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:
On consolidation, exchange differences arising from the translation of net investments in foreign operations are recognized in other comprehensive income. When a foreign operation is fully disposed of or sold (i.e., control is lost), exchange differences that were recorded in equity are recognized in the income statement as part of the gain or loss on sale. A repayment/capitalization of a net investment loan therefore does not result in any exchange differences being transferred from equity to the income statement unless it is part of a transaction resulting in a loss of control. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Exchange differences are recognized in other comprehensive income. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are recognized in the income statement. Foreign exchange gains/(losses) are classified as “Finance income/(cost) — net”. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on non-monetary financial assets and liabilities such as equities classified as available-for-sale, are included in other comprehensive income. |
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Property, plant and equipment | Property, plant and equipment Property, plant and equipment is stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes all expenditure directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. Repairs and maintenance are charged to the income statement in the reporting period in which they are incurred. The cost of in-vehicle devices installed in vehicles (including installation and shipping costs) as well as the cost of uninstalled in-vehicle devices, is capitalized as property, plant and equipment. The Group depreciates installed in-vehicle devices on a straight-line basis over their expected useful lives, commencing upon installation, whereas uninstalled in-vehicle devices are not depreciated until installed. The related depreciation expense is recorded as part of cost of sales in the income statement. Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to reduce their cost to their residual values over their estimated useful life, as follows:
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount (note 2.7). Gains and losses on disposal of an asset are determined by comparing the proceeds with the carrying amount and are recognized within “Other income/(expenses) — net” in the income statement. |
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Intangible assets | Intangible assets
Goodwill arises on the acquisition of businesses and represents the excess of consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the acquirer’s interest in the net fair value of the net assets acquired. Goodwill on acquisition of businesses is included in intangible assets. Gains and losses on the disposal of an entity include the carrying amount of the goodwill relating to the entity sold. Goodwill is not amortized but is tested annually for impairment, or more frequently if events or changes in circumstances indicate a potential impairment, and is carried at cost less accumulated impairment losses. Goodwill is allocated to cash-generating units (“CGUs”) for the purpose of impairment testing. The allocation is made to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level. The carrying amount of the CGU containing the goodwill is compared to the recoverable amount, which is the higher of value-in-use and the fair value less costs to sell. Impairment losses recognized as an expense in relation to goodwill are not subsequently reversed.
Separately acquired patents and trademarks are shown at historical cost. Patents and trademarks acquired in a business combination are recognized at fair value at the acquisition date. Patents and trademarks have a finite useful life and are subsequently carried at cost less accumulated amortization and accumulated impairment losses. Amortization is calculated using the straight-line method to allocate the cost of patents and trademarks over their estimated useful lives (three to 20 years).
Customer relationships acquired in a business combination are recognized at fair value at the acquisition date. Customer relationships have a finite useful life and are subsequently carried at cost less accumulated amortization and accumulated impairment losses. Amortization is calculated over the expected useful life of the customer relationship (two to 15.5 years) and reflects the pattern in which future economic benefits of the customer relationship are expected to be consumed. The useful life principally reflects management’s view of the average economic life of the customer base and is assessed by reference to factors such as customer churn rates.
Acquired computer software licenses are capitalized on the basis of costs incurred to acquire and bring the software into use. The acquired computer software licenses have a finite useful life and are subsequently carried at cost less accumulated amortization and accumulated impairment losses. These costs are amortized over their estimated useful lives (two to five years). In-house software and product development costs that are directly attributable to the design, testing and development of identifiable and unique software and products, controlled by the Group, are recognized as intangible assets when the following criteria are met:
Directly attributable costs that are capitalized as part of the intangible assets include software and product development employee costs and an appropriate portion of relevant overheads. Other development expenditures that do not meet the criteria are recognized as an expense as incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period if the criteria are subsequently met. Costs, including annual licenses, associated with maintaining computer software programs are recognized as an expense as incurred. Technology, in-house software and product development costs are capitalized on the basis of costs incurred to acquire and bring them into use. The recognized assets have a finite useful life and are subsequently carried at cost less accumulated amortization and accumulated impairment losses. In addition, they are amortized over their estimated useful lives (one to 15 years). |
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Impairment of non-financial assets | Impairment of non-financial assets Assets that have an indefinite useful life, goodwill and intangible assets that are not ready to use are not subject to amortization but are tested annually for impairment or more frequently if events or changes in circumstances indicate that they might be impaired. Assets that are subject to amortization or depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less cost to sell, and value-in-use. In assessing the value-in-use, the estimated future cash flows are discounted to their present value using the pre-tax discount rate that reflects current market assessments on the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs, i.e. operating segments). Non-financial assets other than goodwill that have suffered impairment are reviewed for possible reversal of the impairment at each reporting date. |
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Financial assets | Financial assets
The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for those with maturities greater than 12 months after the end of the reporting period, which are classified as non-current assets. The Group’s loans and receivables comprise trade and other receivables, finance lease receivables, restricted cash and cash and cash equivalents in the statement of financial position.
Regular way purchases and sales of financial assets are recognized on the trade date (the date on which the Group commits to purchase or sell the asset). Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership.
Financial assets are initially recognized at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets carried at fair value through profit or loss are initially recognized at fair value, and transaction costs are expensed in the income statement. Loans and receivables Loans and receivables are subsequently carried at amortized cost using the effective interest method, less any impairment losses. |
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Impairment of financial assets | Impairment of financial assets The Group assesses, at the end of each reporting period, whether there is objective evidence that a financial asset or a group of financial assets is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a “loss event”) and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated. Loans and receivables Evidence of impairment may include indications that the debtors or a group of debtors is experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganization and where observable data indicates that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults. For the loans and receivables category, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred), discounted at the financial asset’s original effective interest rate. The asset’s carrying amount is reduced and the amount of the loss is recognized in the income statement. If a loan has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. As a practical expedient, the Group may measure impairment on the basis of an instrument’s fair value using an observable market price. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, the reversal of the previously recognized impairment loss is recognized in the income statement. |
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Fair value | Fair value Fair value is determined in accordance with IFRS 13 Fair Value Measurement and is categorized as follows:
directly (that is, as prices) or indirectly (that is, derived from prices); and
The carrying amounts for cash and cash equivalents, restricted cash, trade and other receivables (excluding pre-payments), trade and other payables (excluding leave pay) and the current portion of leases approximate fair value due to their short-term nature. |
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Offsetting financial instruments | Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Group or the counterparty. |
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Inventories | Inventories Inventories are stated at the lower of cost and net realizable value. Cost is determined on a first-in, first-out (“FIFO”), actual cost or weighted average cost basis, depending on the nature of the Group entity in which it is held. The cost of finished goods includes the cost of manufacturing as charged by third parties. It excludes borrowing costs. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs necessary to make the sale. |
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Trade receivables | Trade receivables Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. If collection is expected in one year or less they are classified as current assets. If not, they are presented as non-current assets. Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less provision for impairment. |
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Net cash and cash equivalents | Net cash and cash equivalents Net cash and cash equivalents included in the statement of cash flows include cash on hand, deposits held on call with banks and bank overdrafts; all of which are available for use by the Group and have an original maturity of less than three months. Bank overdrafts are included within current liabilities on the statement of financial position. |
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Restricted cash | Restricted cash Restricted cash includes short-term deposits and amounts held that are not highly liquid and is accounted for as loans and receivables. |
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Stated capital | Stated capital Ordinary shares are classified as equity. Incremental external costs directly attributable to the issue of new shares or the exercise of share options are shown in equity as a deduction, net of tax, from the proceeds. Where any Group company purchases the Company’s equity instruments (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the owners of the parent as treasury shares until the shares are canceled or reissued. Where such ordinary shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the owners of the parent. |
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Trade and other payables | Trade and other payables Trade and other payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade and other payables are initially recognized at fair value and are subsequently measured at amortized cost using the effective interest method. |
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Non-current assets held for sale | Non-current assets held for sale Non-current assets are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets such as deferred tax assets, assets arising from employee benefits, and financial assets, which are specifically exempt from this requirement. An impairment loss is recognized for any initial or subsequent write-down of the asset to fair value less costs to sell. A gain is recognized for any subsequent increases in fair value less costs to sell of an asset, but not in excess of any cumulative impairment loss previously recognized. A gain or loss not previously recognized by the date of the sale of the non-current asset is recognized at the date of derecognition. Non-current assets are not depreciated or amortized while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognized. Non-current assets classified as held for sale are presented separately from the other assets in the statement of financial position. |
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Taxation | Taxation
The tax expense for the year comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. In addition, to the extent the tax deduction in respect of equity-settled share-based payments exceeds the cumulative share-based payment expense, the tax is recognized directly in equity. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill; and neither are deferred tax liabilities nor deferred tax assets accounted for if they arise from the initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences can be utilized. Deferred tax (‘outside basis’ deferred tax) relating to temporary differences arising from investments in subsidiaries is considered as follows:
Temporary differences arising from investments in subsidiaries in the consolidated financial statements are different from those arising in the Company financial statements. This is because in the Company financial statements, an investment in a subsidiary is carried at cost; whereas the carrying amount in the consolidated financial statements is the consolidated net assets of the subsidiary. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred tax asset is realized or the deferred tax liability is settled. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. |
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Dividend tax | Dividends tax Dividend withholding tax is currently payable at a rate of 20% (a rate of 15% was applicable for dividends paid before February 22, 2017) on dividends distributed to shareholders. This tax is not attributable to the Company but rather paid to the tax authorities on behalf of the shareholders through use of regulatory intermediaries, with only the net amount of the dividend being remitted to the shareholder. |
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Employee benefits | Employee benefits
Remuneration to employees in respect of services rendered during a reporting period is recognized as an expense in that reporting period. Provision is made for accumulated leave and for short-term benefits when there is no realistic alternative other than to settle the liability, and there is a formal plan and the amounts to be paid are determined before the time of issuing the financial statements.
The Group operates defined contribution plans. A defined contribution plan is one under which the Group pays a fixed percentage of employees’ remuneration as contributions into a separate fund, and the Group will have no further legal or constructive obligations to pay additional contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans in respect of services rendered during a period are recognized as staff costs when they are due.
The Group recognizes a liability and an expense for bonuses based on the achievement of defined key performance criteria. An accrual is recognized where the Group is contractually obliged or where there is a past practice that has created a constructive obligation.
Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits at the earlier of the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the entity recognizes costs for a restructuring that is within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets, and involves payment of termination benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to their present value. |
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Share-based payments | Share-based payments Equity-settled The Group operates equity-settled share-based compensation plans, under which the entity receives services from employees as consideration for equity instruments of the Company. The equity instruments that may be issued in terms of the plans include share options, retention shares, performance shares and share appreciation rights. The fair value, determined at grant date, of the employee services received in exchange for the grant of equity instruments is recognized as an expense at Group level with a corresponding credit to equity. The total amount to be expensed is determined by reference to the grant date fair value of the equity instruments granted:
Non-market performance and service conditions are included in the assumptions about the number of equity instruments that are expected to vest. The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each reporting period, the Group revises its estimates of the number of equity instruments that are expected to vest based on the non-market vesting and service conditions. It recognizes the impact of the revision to original estimates, if any, in the income statement, with a corresponding entry to equity. When equity-settled instruments are exercised, the Company may elect to issue new shares or use treasury shares to settle its resultant obligations. For share options, the proceeds received, net of any directly attributable transaction costs, are credited to stated capital (as there are no par value shares). The grant by the Company of equity-settled instruments to the employees of subsidiary undertakings in the Group is treated as a capital contribution to those subsidiaries. The fair value of employee services received, measured by reference to the grant date fair value, is recognized over the vesting period as an increase to investment in subsidiary undertakings, with a corresponding credit to equity in the parent entity financial statements. During fiscal 2018, the Company implemented a recharge agreement with its South African subsidiaries, whereby the Company will recharge the relevant subsidiary an amount equal to the market value, at exercise date, of the shares issued to the participants of the plan upon exercise. A recharge asset is recognized in the parent entity financial statements from grant date of the equity-settled instruments for the expected recharge amount based on the proportion of the vesting period that has passed. The expected recharge amount reflects expected attrition and the current share price. The contra entry to the recharge asset is recognized against the relevant investment in subsidiary undertakings as it is considered a return of the afore-mentioned capital contribution. Once the carrying value of an investment in subsidiary undertakings has been reduced to nil, further recharges from that subsidiary are recognized in profit or loss as distributions. The Group classifies awards issued with settlement alternatives as equity-settled when the Group holds the choice of settlement and there is no past practice of settling in cash. If the counterparty holds the choice of settlement, the award is classified as cash-settled. Cash-settled For cash-settled share-based payment transactions, the Group measures goods or services acquired and the liability incurred at the fair value of the liability. Until the liability is settled, the Group shall remeasure the fair value of the liability at each reporting date and at the date of settlement, with any changes in fair value recognized in the income statement. |
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Provisions | Provisions Provisions are recognized when the Group has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are not recognized for future operating losses. Provisions which are expected to be settled in a period greater than 12 months are discounted to their present value using a pre-tax discount rate that reflects current market assessment of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognized as an interest expense. Provision for the estimated liability on all products under warranty is made on the basis of claims experience. Provision for the estimated liability for maintenance costs is made on a per unit basis when the obligation to repair occurs. Provision for the anticipated costs associated with the restoration of leasehold property (decommissioning provision) is based on the Group’s best estimate of those costs required to restore the property to its original condition. Restructuring provisions are recognized when the Group has developed a detailed formal plan for restructuring and has raised a valid expectation that it will carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring and is recorded in administration and other charges in the income statement. |
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Revenue recognition | Revenue recognition Revenue is measured at the fair value of the consideration received or receivable for the sale of goods or services in the ordinary course of the Group’s activities. Revenue mainly includes amounts earned on the sale of hardware units, subscription service sales to customers and installation revenue. Revenue is shown net of discounts, value added tax, returns and after eliminating sales within the Group. The Group offers certain arrangements whereby the customer can purchase a combination of the products and services as referred to above. Where such multiple element arrangements exist, the amount of revenue allocated to each element is based on the relative fair values of the various elements offered in the arrangement. When applying the relative fair value approach, the fair values of each element are determined based on the current market price of each of the elements when sold separately. The Group recognizes revenue when the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the Group’s activities, as outlined below. The Group bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement. Invoicing for the various products and services, when sold separately or as part of a multiple element revenue arrangement, occurs based on the specific contractual terms and conditions. The Group distributes products to certain small fleet operators and consumers through distributors. Distributors act as agents and hardware revenue is only recognized when the distributor sells the hardware unit to the end customer. Once a unit is sold to a customer, the customer enters into a service agreement directly with the Group for the product. The obligation to supply the service and the credit risk rests with the Group. The service revenue is recognized when the service is rendered (i.e. on a monthly basis). The Group also sells hardware to motor vehicle dealerships for fitment into their vehicle trading stock. These dealerships purchase the hardware from the Group and are considered principals because they obtain title to the hardware and bear the risks and rewards of ownership. The buyer of the vehicle then enters into a service-only contract with the Group. Revenue is recognized upon sale of the hardware to the dealership and subscription revenue is recognized as the services are provided to the customer. The Group distributes products to enterprise fleet customers through dealers. Dealers are considered principals in respect of the sale of hardware and revenue is recognized upon sale of the hardware unit to the dealer. Similar to the relationship with consumers and small fleet customers originated through distributors, the responsibility for providing services rests with the Group and revenue is recognized as the service is rendered.
Subscription revenue is recognized over the term of the agreement as it is earned. When contracted services are performed through a number of repetitive acts over the contract period, revenue is recognized on a straight-line basis over the contract period.
All hardware has value on a standalone basis. Revenue from hardware sales is recognized once the risks and rewards of ownership have transferred.
Revenue is recognized at the contractual hourly/daily rate as the training is performed.
Where hardware is provided as part of a service contract the risk and rewards of ownership do not transfer and service revenue from the rental unit is recognized over the period of the service and included in subscription revenue.
Revenue earned from the installation of hardware in customer vehicles is recognized once the installation has been completed. (f) Repair services Revenue in respect of repair services, which forms part of the monthly subscription, is recognized on a monthly basis over the period of the service arrangement. |
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Interest income | Interest income Interest income is recognized on a time-proportion basis with reference to the principal amount receivable and the effective interest rate applicable. |
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Dividend income | Dividend income Dividend income is recognized when the right to receive payment is established. |
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Leases | Leases Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.
When assets are leased out under a finance lease, the present value of the minimum lease payments is recognized as a receivable. The difference between the gross receivable and the present value of the receivable is recognized as unearned finance income. The method for allocating gross earnings is referred to as the actuarial method. The actuarial method allocates rentals between finance income and repayment of capital in each accounting period in such a way that finance income will emerge as a constant rate of return on the lessor’s net investment in the lease. Assets leased under operating leases are included under the appropriate category of assets in the statement of financial position. Lease income on operating leases is recognized over the term of the lease on a straight-line basis.
Payments made under operating leases are charged to the income statement on a straight-line basis over the term of the lease. |
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Dividend distribution | Dividend distribution Any dividend distribution to the Company’s shareholders is recognized as a liability in the financial statements in the period in which the dividends are approved by the Company’s Board of Directors. |
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Financial risk management | Financial risk management
The Group’s activities expose it to a variety of financial risks: market risk (including foreign exchange risk, interest rate risk, and price risk), credit risk, and liquidity risk. The Group’s overall risk management program focuses on the unpredictability of financial markets as it relates to financial risks and seeks to minimize potential adverse effects on the Group’s financial performance. Risk management is carried out under policies approved by the Board of Directors. The Board has provided approved formal policies covering specific areas, such as foreign exchange risk as well as cash management and banking facilities.
The Group operates internationally and is exposed to foreign exchange risk arising from various currencies, primarily with respect to the United States Dollar, the South African Rand, the Euro, the Australian Dollar, the Brazilian Real and the British Pound. Foreign exchange risk arises when future commercial transactions or recognized assets and liabilities and net investments in foreign operations are denominated in a currency that is not the entity’s functional currency. The Group has implemented a foreign currency hedging policy to limit the Group’s exposure to fluctuations in foreign currencies. The foreign currency policy reduces exchange rate risk on certain recognized assets and liabilities based on economic hedging principles as opposed to using derivative financial instruments. The Group has certain investments in foreign operations, whose net assets are exposed to foreign currency translation risk. Currency exposure arising from the assets of the Group’s foreign operations is reduced as a result of assets and liabilities being denominated in the same foreign currencies. As a result of our cash reserves being held in multiple currencies, the Group has significant foreign currency exposure. A financial risk sensitivity analysis is presented in note 36.
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market interest rates. The Group’s cash flow interest rate risk arises from restricted cash, cash and cash equivalents and the bank overdraft. Bank overdrafts issued at variable rates expose the Group to cash flow interest rate risk, which is partly offset by financial assets held at variable rates (i.e. cash and cash equivalents and restricted cash). At March 31, 2018 and 2017 the Group had no interest-bearing borrowings. The Group is not exposed to fair value interest rate risk as the Group does not have any fixed rate interest-bearing financial instruments carried at fair value. Interest rates are constantly monitored and appropriate steps are taken to ensure that the Group’s exposure to interest rate fluctuations is limited. This includes obtaining approval from the Board for all changes to and new borrowing facilities entered into. Refer to note 36 for an interest rate risk sensitivity analysis.
Currently the Group does not have significant price risk. The Group is not exposed to commodity price risk.
Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation and cause the Group to incur a financial loss. Credit risk arises from restricted cash, cash and cash equivalents as well as credit exposures to customers. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the statement of financial position, net of impairment losses where relevant. Credit risk relating to accounts receivable balances is managed by each local entity which is responsible for managing and analyzing the credit risk for each of their new clients before standard payment and delivery terms and conditions are offered. The Group has a policy in place governing the allowance for credit losses. Cash investments are only placed with reputable financial institutions rated BB and above (note 12). All changes in or new banking arrangements entered into are in line with the Board’s approval framework. Refer to note 10 for further disclosure on credit risk.
Liquidity risk is the risk that there will be insufficient funds available to settle obligations when they are due. The Group has limited liquidity risk due to surplus cash balances and the recurring nature of its income, which generates strong cash inflows. The level of cash balances in the Group is monitored weekly and cash generated from operations is reviewed against planned cash flows on a monthly basis. In addition, working capital reviews are performed monthly. Surplus cash is invested in interest-bearing current accounts and time deposits that are expected to readily generate cash inflows for managing liquidity risk. In addition, the Group maintains headroom on its undrawn borrowing facilities to ensure that the Group does not breach borrowing limits on its borrowing facilities. Refer to note 37 for further disclosure on liquidity risk. |
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Capital risk management | Capital risk management The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern while enhancing the returns for shareholders and ensuring benefits for other stakeholders. The Board of Directors monitors capital by reviewing the net cash position. The Company currently has no long-term borrowings and none of its overdraft facilities, as set out in note 15, were subject to any financial covenants during fiscal 2018 and fiscal 2017. In order to maintain the capital structure, the Group may return capital to shareholders, issue new shares or sell assets to reduce debt, where applicable. |
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Critical accounting estimates and judgements | Critical accounting estimates and judgements Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities during fiscal 2018 are outlined below:
The Group generally offers warranties on its hardware units. Management estimates the related provision for future warranty claims based on historical warranty claim information, as well as recent trends that might suggest that past cost information may differ from future claims.
The Group, in some instances, offers maintenance services as part of its revenue contracts. Management estimates the related provision for maintenance costs per vehicle when the obligation to repair occurs.
The Group is subject to income taxes in numerous jurisdictions. Significant judgement is required in determining the worldwide provision for income taxes. Where applicable tax legislation is subject to interpretation, management makes assessments, based on expert tax advice, of the relevant tax that is likely to be paid and provides accordingly. When the final outcome is determined and there is a difference, this is recognized in the period in which the final outcome is determined. Determining how much tax to recognize when an uncertain tax position exists requires judgement. The Group applies the measurement principle in IAS 12 Income Taxes, when measuring the amount of tax to recognize related to an uncertain tax position. Therefore, the Group measures uncertain tax positions based on a weighted average estimate, taking into account all of the tax uncertainties related to the tax position taken. The Company's interests in subsidiaries include certain loans denominated in foreign currencies which are repayable by agreement of both parties. Realization of such loans will result in taxable foreign exchange differences in accordance with prevailing legislation in South Africa. Although the Company controls the timing of the reversal of these temporary differences, given the volatility of the South African Rand and based on the Group's current assessment, it is not considered probable that the temporary difference relating to a loan between the Company and a South Africa subsidiary will not reverse in the foreseeable future. Hence, a deferred tax liability has been recognized in respect of these temporary differences (note 18). The Group applies judgement when recognizing deferred tax assets in respect of tax losses. Deferred tax assets in respect of tax losses are recognized for the carry forward of unused tax losses to the extent that it is probable that future taxable profit will be available against which the unused tax losses can be utilized. In determining the level of future taxable profit that will be available the Group considers both an entity's historical profitability and estimates of future profitability and recognizes deferred tax for the whole or the part of the temporary difference that is more likely than not to be recovered. Where an entity has incurred historical losses, deferred tax assets are only recognized when the particular entity has shown a reasonable period of starting to return to profitability.
The Group tests annually whether goodwill has suffered any impairment in accordance with the accounting policy stated in note 2.7. Other assets are tested for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. For the purposes of assessing impairment, assets are grouped into CGUs at the lowest levels for which there are separately identifiable cash flows. The recoverable amount is based on the CGU’s value-in-use. These calculations require the use of estimates (see notes 6 and 7).
The useful life applied principally reflects management’s view of the average economic life of the customer base and is assessed by reference to factors such as customer churn rates. An increase in churn rates may lead to a reduction in the estimated useful life.
Product development cost directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recorded as intangible assets by the Group when the criteria in note 2.6 have been met. The assessment as to when these criteria have been met is subjective and capitalization has been based on management’s best judgement of facts and circumstances in existence at year-end. The useful lives of development costs capitalized are reviewed on an at least annual basis. The useful life estimates are based on historical experience with similar assets as well as anticipation of future events such as technological changes, which may impact the useful life. The residual values of product development costs are estimated to be zero.
The provision for impairment of trade receivables reflects the Group’s estimates of losses arising from the failure or inability of the Group’s customers to make required payments. The provision is based on the ageing of customer accounts, customer creditworthiness and the Group’s historical write-off experience. Changes to the allowance may be required if the financial condition of the Group’s customers improves or deteriorates. An improvement in financial condition may result in lower actual write-offs. Historically, changes to the estimate of losses have not been material to the Group’s financial position and results. (h) Allocation between in-vehicle devices and inventory The allocation between in-vehicle devices and inventory reflects the Group’s estimates of how units are expected to be sold, thereby it is a significant area of judgement for the Group. |
Summary of significant accounting policies (Tables) |
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List Of Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impact of new standards, amendments, and interpretations not yet effective | Certain new accounting standards and interpretations have been published that are not mandatory for the March 31, 2018 reporting period and have not been early adopted by the Group in fiscal 2018. The effect of adopting IFRS 9, IFRS 15 and IFRS 16 is set out below. Management is in the final stages of its project to adopt IFRS 9, IFRS 15 and IFRS 16 and as such the figures mentioned below represent our current expectations of the impact from these standards.
Summary of the expected impact at April 1, 2018 of adopting IFRS 9, IFRS 15 and IFRS 16:
Summary of the expected impact on fiscal 2019 results of adopting IFRS 9, IFRS 15 & IFRS 16: The impact on profit after tax for fiscal 2019 is not expected to be material. |
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Estimated useful lives used in calculation of depreciation on assets | Depreciation on other assets is calculated using the straight-line method to reduce their cost to their residual values over their estimated useful life, as follows:
* The historical costs and accumulated depreciation on fully depreciated assets which were retired and removed from the accounting records during fiscal 2017 included R5.2 million relating to plant, equipment, vehicles and other, R10.1 million relating to computer and radio equipment and R31.9 million relating to in-vehicle devices installed. ** The historical costs and accumulated depreciation on fully depreciated assets which were retired and removed from the accounting records during fiscal 2018 included R1.2 million relating to plant, equipment, vehicles and other, R14.7 million relating to computer and radio equipment and R63.9 million relating to in-vehicle devices installed. |
Segment information (Tables) |
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Operating Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue information for reportable segments | The segment information provided to the Group’s CODM for the reportable segments for the year ended March 31, 2018 is as follows:
The segment information provided to the Group’s CODM for the reportable segments for the year ended March 31, 2017 is as follows:
The segment information provided to the Group’s CODM for the reportable segments for the year ended March 31, 2016 is as follows:
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Reconciliation of adjusted EBITDA to profit for the year | A reconciliation of Adjusted EBITDA to profit for the year is disclosed below.
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Property, plant and equipment (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment detail | Depreciation on other assets is calculated using the straight-line method to reduce their cost to their residual values over their estimated useful life, as follows:
* The historical costs and accumulated depreciation on fully depreciated assets which were retired and removed from the accounting records during fiscal 2017 included R5.2 million relating to plant, equipment, vehicles and other, R10.1 million relating to computer and radio equipment and R31.9 million relating to in-vehicle devices installed. ** The historical costs and accumulated depreciation on fully depreciated assets which were retired and removed from the accounting records during fiscal 2018 included R1.2 million relating to plant, equipment, vehicles and other, R14.7 million relating to computer and radio equipment and R63.9 million relating to in-vehicle devices installed. |
Intangible assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of intangible assets and goodwill |
* The historical costs and accumulated amortization on fully depreciated assets which were retired and removed from the accounting records during the 2017 year included R16.4 million relating to product development costs and R1.7 million relating to computer software, technology, in-house software and other. ** The historical costs and accumulated amortization on fully depreciated assets which were retired and removed from the accounting records during the 2018 year included R2.2 million relating to patents and trademarks, R13.9 million relating to product development costs and R4.3 million relating to computer software, technology, in-house software and other. A summary of the goodwill at operating segment level is presented below:
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Amortization reduction expected to be charged to the income statement over the future fiscal years | The amortization reduction expected to be charged to the income statement over the future fiscal years is as follows:
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Key assumptions used for value-in-use calculations | The key assumptions used for the value-in-use calculations are as follows:
The key assumptions used in the discounted cash flow analysis in fiscal 2017 were:
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Finance lease receivable (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases 1 [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current and non-current finance lease receivables |
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Net investment in finance leases |
The net investment in finance leases may be analyzed as follows:
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Inventory (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||
Inventories [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of Inventories |
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Trade and other receivables (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subclassifications of assets, liabilities and equities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying amounts of trade and other receivables |
The carrying amounts of trade and other receivables are denominated in the following currencies:
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Ageing of trade receivables | The ageing of trade receivables at the reporting date is as follows:
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Movements in the provision for impairment of trade and other receivables | Movements in the Group’s provision for impairment of trade and other receivables are as follows:
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Restricted cash (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subclassifications of assets, liabilities and equities [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted cash |
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Net cash and cash equivalents (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of cash and cash equivalents | Net cash and cash equivalents included in the statement of cash flow comprise the following amounts which are included in the statement of financial position:
The credit quality of cash and cash equivalents that are not impaired can be assessed by reference to external credit ratings, based on the Fitch rating scales, as follows:
The carrying amounts of net cash and cash equivalents are denominated in the following currencies:
In addition, the Group holds the following cash resources:
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Stated capital (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated Capital [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in shares issued and outstanding |
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Purchases made under the share repurchase program | As at March 31, 2018, the following purchases had been made under the share repurchase program:
(1) Including transaction costs. |
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Financial effect of share repurchase transaction | In fiscal 2017, the financial effect of the transaction was as follows:
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Total number of awards available for issue, award prices, and assumptions | The salient details of SARs granted during fiscal 2018 are provided in the table below:
The salient details of SARs granted during fiscal 2017 are provided in the table below:
The table below indicates the total number of awards under the LTIP which are available for issue:
SARs outstanding at the end of the fiscal year have the following award prices:
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Share options and SARs outstanding | Group executives held the following share options outstanding at March 31, 2018 (summarized by grant date):
(1) Executive director at March 31, 2018. Group executives held the following SARs outstanding at March 31, 2018 (summarized by grant date):
(1) Executive director at March 31, 2018. No options were held by retired executives as at March 31, 2018. The following share options were exercised by Group executives during fiscal 2018:
Group executives held the following share options outstanding at March 31, 2017 (summarized by grant date):
(1) Executive director at March 31, 2017. Group executives held the following SARs outstanding at March 31, 2017 (summarized by grant date):
(1) Executive director at March 31, 2017. Movements in the total number of share options outstanding and their related weighted average exercise prices are as follows:
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Exercise prices of share options outstanding | Share options outstanding at the end of the fiscal year have the following exercise prices:
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Movements in the total number of SARs outstanding and their weighted average award prices | Movements in the total number of SARs outstanding and their related weighted average award prices are as follows:
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Share options exercised by executives | The following share options were exercised by Group executives during fiscal 2017:
(1) Resigned as at February 9, 2017. (2) Resigned as at September 30, 2016. The following share options were exercised during fiscal 2017 by retired Group executives:
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Other reserves (Tables) |
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Mar. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Capital, Reserves And Other Equity Interest [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other reserves |
* The foreign currency translation reserve mainly results from the translation of the Group's foreign subsidiaries for which it is considered probable that temporary differences will not reverse in the foreseeable future. Refer to note 18 for details about deferred taxes recognized for related temporary differences. ** During fiscal 2008, the Group acquired a non-controlling equity interest held by a minority shareholder in one of its subsidiaries in exchange for a share consideration. R137.9 million (2017: R137.9 million) of the reserve represents the difference between the consideration paid and the Group’s share in the net asset value of the subsidiary acquired which has been recorded in equity. The reserve on transaction with non-controlling interests represented the transfer of Edge Gestao Empresarial Ltda's (“Edge”) share of the historical losses of MiX Telematics Servicos De Tlematria E Rastremento De Veiculos Do Brazil Limitada (“MiX Brazil”) from distributable reserves to non-controlling interests. R0.5 million, representing a reduction of the reserve, relates to the transaction with Edge in fiscal 2015, whereby Edge increased its non-controlling interest in MiX Brazil from 0.0025% to 5.0%. R1.5 million of the non-controlling interest relates to the acquisition of Edge's 5% interest in MiX Brazil by MiX Investments (Proprietary) Limited (“MiX Investments”) during fiscal 2018 (note 20). |
Borrowings (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Undrawn borrowing facilities |
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Trade and other payables (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subclassifications of assets, liabilities and equities [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and other payables |
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Deferred tax (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred taxation |
The movement in deferred tax assets and liabilities during the year, prior to taking into account the offsetting of deferred tax balances within the same tax jurisdiction, is as follows:
The movement in deferred tax assets and liabilities during the prior year, prior to taking into account the offsetting of deferred tax balances within the same tax jurisdiction, is as follows:
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Provisions (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provisions |
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Share-based payment liability (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Movement in share-based payment liability | Share options outstanding at the end of the fiscal year have the following exercise prices:
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Key assumptions used in the discounted cash flow analysis | The key assumptions used for the value-in-use calculations are as follows:
The key assumptions used in the discounted cash flow analysis in fiscal 2017 were:
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Revenue (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue |
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Other income/(expenses) - net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Analysis of income and expense [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income/(expenses) - net |
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Operating profit (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Analysis of income and expense [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating profit |
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Finance income (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Analysis of income and expense [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance income |
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Finance costs (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Analysis of income and expense [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance costs |
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Auditors' remuneration (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional information [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Auditors' remuneration |
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Directors' and executive committee emoluments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Directors' and Executive Committee Emoluments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Directors' and executive committee emoluments |
The remaining related party transactions are set out in note Transactions with related parties and balances outstanding at year-end are as follows (excluding key management personnel emoluments):
*** Related party transactions up to May 31, 2015, when R Botha retired from the Group executive committee, have been disclosed. **** Cash held by MiX Telematics Limited to be paid to C Tasker, a participant of the TeliMatrix Group Executive Incentive Scheme in respect of share options exercised. The list of directors and executive committee members and their beneficial interests declared in the Company’s share capital at year-end held directly, indirectly and by associates were as follows:
During the year under review, the following were disclosed as contractual arrangements that existed between the Group and parties outside of the Group, in which certain of the directors and executive committee members had interests:
|
Taxation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of major components of tax expense |
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Disclosure of taxation recognized in other comprehensive income | Taxation recognized in other comprehensive income
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Disclosure of taxation using the weighted average tax rate applicable | The tax on the Group’s profit before taxation differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the entities as follows:
|
Earnings per share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share |
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Dividends (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of changes in equity [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared |
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Cash flow statement (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flow Statement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of profit for the year before taxation to cash generated from operations | Reconciliation of profit for the year before taxation to cash generated from operations:
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Related party transactions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related party transactions [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related party transactions |
The remaining related party transactions are set out in note Transactions with related parties and balances outstanding at year-end are as follows (excluding key management personnel emoluments):
*** Related party transactions up to May 31, 2015, when R Botha retired from the Group executive committee, have been disclosed. **** Cash held by MiX Telematics Limited to be paid to C Tasker, a participant of the TeliMatrix Group Executive Incentive Scheme in respect of share options exercised. The list of directors and executive committee members and their beneficial interests declared in the Company’s share capital at year-end held directly, indirectly and by associates were as follows:
During the year under review, the following were disclosed as contractual arrangements that existed between the Group and parties outside of the Group, in which certain of the directors and executive committee members had interests:
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Commitments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional information [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital commitments | At March 31, the Group had approved, but not yet contracted, capital commitments for:
At March 31, the Group had approved and contracted capital commitments for:
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Future minimum lease payments under non-cancellable operating leases | The future minimum lease payments of office equipment and vehicles under non-cancellable operating leases are as follows:
The future minimum lease payments in respect of land and buildings under non-cancellable operating leases are as follows:
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Financial risk sensitivity analysis (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate and foreign currency sensitivity | A change in the interest rate at the reporting date of 100 basis points for ZAR denominated instruments and 10 basis points for USD denominated instruments would have increased/(decreased) profit or loss before tax by the amounts shown below. This analysis assumes that all other variables remain constant. The analysis is performed on the same basis for the year ended March 31, 2017.
* Amount less than R1,000. A change in the foreign exchange rates to which the Group is exposed at the reporting date would have increased/(decreased) profit before taxation by the amounts shown below. The analysis has been performed on the basis of the change occurring at the end of the reporting period.
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Liquidity risk (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash resources held | Net cash and cash equivalents included in the statement of cash flow comprise the following amounts which are included in the statement of financial position:
The credit quality of cash and cash equivalents that are not impaired can be assessed by reference to external credit ratings, based on the Fitch rating scales, as follows:
The carrying amounts of net cash and cash equivalents are denominated in the following currencies:
In addition, the Group holds the following cash resources:
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Financial liability maturity analysis | The table below analyzes the Group’s financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.
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Exchange rates (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effects Of Changes In Foreign Exchange Rates [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Major rates of exchanged used in the preparation of the consolidated financial statements | The following major rates of exchange were used in the preparation of the consolidated financial statements:
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List of Group companies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
List of Group Companies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated entities of MiX Telematics Limited | MiX Telematics Limited is the parent company of the MiX Telematics Group of companies outlined below. All of the entities listed below have been consolidated.
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Property, plant and equipment - Assets classified as held for sale (Details) - ZAR (R) R in Thousands |
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
---|---|---|---|
Non-current assets | |||
Property, plant and equipment | R 334,038 | R 294,120 | R 235,584 |
Current assets | |||
Assets classified as held for sale | 17,058 | 0 | |
Total assets | 1,993,325 | 1,906,689 | |
Property, plant and equipment | |||
Non-current assets | |||
Property, plant and equipment | 334,038 | 294,120 | |
Current assets | |||
Assets classified as held for sale | 17,058 | 0 | |
Total assets | R 351,096 | R 294,120 |
Finance lease receivable - Current and non-current finance lease receivables (Details) - ZAR (R) R in Thousands |
12 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||
Total finance lease receivable | R 0 | R 162 |
Short-term portion receivable within 12 months | 0 | 140 |
Long-term portion receivable after 12 months | R 0 | R 22 |
Bottom of range | ||
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||
Term of leases | 24 months | |
Top of range | ||
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||
Term of leases | 36 months |
Finance lease receivable - Net investment in finance leases (Details) - ZAR (R) R in Thousands |
Mar. 31, 2018 |
Mar. 31, 2017 |
---|---|---|
Disclosure of finance lease and operating lease by lessor [line items] | ||
Gross finance lease receivable – minimum lease payments | R 0 | R 167 |
Unearned finance income | 0 | (5) |
Net investment in finance leases | 0 | 162 |
Not later than one year | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Gross finance lease receivable – minimum lease payments | 0 | 145 |
Net investment in finance leases | 0 | 140 |
Later than one year but not later than five years | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Gross finance lease receivable – minimum lease payments | 0 | 22 |
Net investment in finance leases | R 0 | R 22 |
Inventory (Details) - ZAR (R) R in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
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Inventories [Abstract] | |||
Inventory – finished goods | R 57,013 | R 26,449 | |
Write-down of inventory to net realizable value | R 9,294 | R 9,967 | R 5,317 |
Trade and other receivables - Carrying amounts of trade and other receivables (Details) - ZAR (R) R in Thousands |
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
---|---|---|---|
Disclosure Of Trade And Other Receivable [Line Items] | |||
Trade receivables | R 231,355 | R 211,619 | |
Pre-payments | 27,240 | 24,772 | |
Sundry debtors | 27,811 | 24,185 | |
Trade and other current receivables | 286,406 | 260,576 | |
Cost | |||
Disclosure Of Trade And Other Receivable [Line Items] | |||
Trade receivables | 248,878 | 220,402 | |
Provision for impairment | |||
Disclosure Of Trade And Other Receivable [Line Items] | |||
Trade receivables | (17,523) | (8,783) | |
Sundry debtors | 0 | (4,563) | |
Trade and other current receivables | R (17,523) | R (13,346) | R (12,438) |
Trade and other receivables - Narrative (Details) - ZAR (R) R in Millions |
12 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Disclosure of credit risk exposure [line items] | ||
Recovery of sundry receivables previously fully impaired | R 4.6 | |
Trade receivables | ||
Disclosure of credit risk exposure [line items] | ||
Trade receivables pledged as security | R 17.9 | R 11.1 |
Trade and other receivables | Credit risk | Two largest debtors | ||
Disclosure of credit risk exposure [line items] | ||
Expected credit loss rate | 11.00% | 11.00% |
Net cash and cash equivalents - Composition of net cash and cash equivalents (Details) - ZAR (R) R in Thousands |
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
Mar. 31, 2015 |
---|---|---|---|---|
Financial Instruments [Abstract] | ||||
Cash and cash equivalents | R 308,258 | R 375,782 | R 877,136 | |
Bank overdraft (note 15) | (17,720) | (19,449) | (16,374) | |
Cash and cash equivalents, net of overdrafts | R 290,538 | R 356,333 | R 860,762 | R 927,415 |
Net cash and cash equivalents - Credit quality of cash and cash equivalents by external credit ratings (Details) - ZAR (R) R in Thousands |
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
---|---|---|---|
Disclosure of credit risk exposure [line items] | |||
Cash and cash equivalents | R 308,258 | R 375,782 | R 877,136 |
Credit risk | |||
Disclosure of credit risk exposure [line items] | |||
Cash and cash equivalents | 308,258 | 375,782 | 877,136 |
AA | Credit risk | |||
Disclosure of credit risk exposure [line items] | |||
Cash and cash equivalents | 110,854 | 197,873 | 743,600 |
A | Credit risk | |||
Disclosure of credit risk exposure [line items] | |||
Cash and cash equivalents | 82,738 | 78,605 | 48,757 |
BBB | Credit risk | |||
Disclosure of credit risk exposure [line items] | |||
Cash and cash equivalents | 33,962 | 99,304 | 84,779 |
BB | Credit risk | |||
Disclosure of credit risk exposure [line items] | |||
Cash and cash equivalents | R 80,704 | R 0 | R 0 |
Stated capital - Change in shares issued and outstanding (Details) - ZAR (R) shares in Thousands, R in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Aug. 29, 2016 |
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Number of shares | ||||
Balance (in shares) | 563,435 | 759,138 | ||
Shares issued (in shares) | 6,001 | 5,125 | ||
Share repurchase (in shares) | (5,016) | (200,828) | ||
Balance (in shares) | 564,420 | 563,435 | 759,138 | |
Stated capital | ||||
Balance | R 854,345 | R 1,320,955 | ||
Shares issued | 10,726 | 7,072 | ||
Share repurchase | R 3,222 | (18,666) | (473,682) | R (123,760) |
Balance | R 846,405 | R 854,345 | R 1,320,955 |
Stated capital - Purchases under share repurchase plan (Details) - ZAR (R) R / shares in Units, R in Thousands |
1 Months Ended | 10 Months Ended | ||
---|---|---|---|---|
Aug. 29, 2016 |
Apr. 29, 2016 |
Jun. 30, 2017 |
Mar. 31, 2018 |
|
Stated Capital [Abstract] | ||||
Total number of shares repurchased (in shares) | 5,015,660,000 | 5,015,660,000 | ||
Average price paid per share (in ZAR per share) | R 2.36 | R 3.72 | ||
Shares canceled under the share repurchase program (in shares) | 5,015,660,000 | 5,015,660,000 | ||
Total value of shares purchased as part of publicly announced program | R 473,682 | R 18,666 | R 18,666 | |
Maximum value of shares that may yet be purchased under the program | R 251,334 |
Stated capital - Financial effect of share repurchase transaction (Details) - ZAR (R) R in Thousands |
1 Months Ended | 10 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|
Aug. 29, 2016 |
Apr. 29, 2016 |
Jun. 30, 2017 |
Mar. 31, 2018 |
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Stated Capital [Abstract] | |||||||
Aggregate repurchase consideration | R 473,955 | R 474,000 | |||||
Impact of discounting related to the fiscal 2017 share repurchase transaction (note 25) | (3,222) | R 18,666 | R 473,682 | R 123,760 | |||
Transaction costs capitalized | 2,949 | ||||||
Total share repurchase costs | R 473,682 | R 18,666 | R 18,666 |
Stated capital - Awards available for issue under the LTIP (Details) - SARs - LTIP - shares |
12 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Number of awards | ||||
Number of awards available for issue (in shares) | 91,315,000 | 105,265,000 | 117,100,000 | 120,000,000 |
Issued during the period (in shares) | (10,000,000) | (13,950,000) | (11,835,000) | (2,900,000) |
Number of awards available for issue (in shares) | 81,315,000 | 91,315,000 | 105,265,000 | 117,100,000 |
Borrowings - Narrative (Details) - ZAR (R) |
12 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Borrowings [abstract] | ||
New borrowings raised | R 0 | R 0 |
Borrowings - Undrawn borrowing facilities (Details) - ZAR (R) R in Thousands |
Mar. 31, 2018 |
Mar. 31, 2017 |
---|---|---|
Disclosure of detailed information about borrowings [line items] | ||
Undrawn borrowing facilities | R 70,780 | R 69,051 |
Standard Bank Limited overdraft | ||
Disclosure of detailed information about borrowings [line items] | ||
Reduction to the basis used for interest rate | 1.20% | |
Undrawn borrowing facilities | R 52,280 | 50,551 |
Standard Bank Limited vehicle and asset finance | ||
Disclosure of detailed information about borrowings [line items] | ||
Reduction to the basis used for interest rate | 1.20% | |
Undrawn borrowing facilities | R 8,500 | 8,500 |
Nedbank Limited overdraft | ||
Disclosure of detailed information about borrowings [line items] | ||
Reduction to the basis used for interest rate | 2.00% | |
Undrawn borrowing facilities | R 10,000 | R 10,000 |
Trade and other payables (Details) - ZAR (R) R in Thousands |
Mar. 31, 2018 |
Mar. 31, 2017 |
---|---|---|
Subclassifications of assets, liabilities and equities [abstract] | ||
Trade payables | R 98,094 | R 79,892 |
Accruals | 176,963 | 152,323 |
Revenue received in advance | 66,120 | 62,990 |
Value added taxes | 6,646 | 6,624 |
Other | 2,696 | 7,281 |
Trade and other payables | R 350,519 | R 309,110 |
Retirement benefits (Details) - ZAR (R) R in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Employee Benefits [Abstract] | |||
Pension contributions | R 27,097 | R 29,370 | R 27,118 |
Share-based payment liability - Movement in share-based payment liability (Details) - ZAR (R) R in Thousands |
1 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Movement in share-based payment liability for the year | ||||
Opening balance | R 0 | R 0 | ||
Share-based payment expense recognized during the year | R 1,400 | 1,352 | 1,064 | R (2,018) |
Payment made in settlement of the share-based payment liability | (1,353) | (1,064) | ||
Foreign currency translation differences | 1 | 0 | ||
Closing balance | R 0 | R 0 | R 0 |
Share-based payment liability - Key assumptions used in the discounted cash flow analysis (Details) - Brazil segment |
Mar. 31, 2017 |
---|---|
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Pre-tax discount rate applied to the cash flow projections | 21.00% |
Growth rate used to extrapolate cash flow beyond the budget period (%) | 4.50% |
Revenue (Details) - ZAR (R) R in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Revenue [abstract] | |||
Subscription revenue | R 1,434,615 | R 1,239,914 | R 1,158,229 |
Hardware sales | 227,752 | 222,315 | 221,306 |
Driver training, installation and other | 50,115 | 77,829 | 85,486 |
Total revenue | R 1,712,482 | R 1,540,058 | R 1,465,021 |
Other income/(expenses) - net (Details) - ZAR (R) R in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Analysis of income and expense [abstract] | |||
Insurance reimbursement relating to operating costs | R 2,500 | R 0 | R 0 |
Profit/(loss) on disposal of property, plant and equipment and intangible assets (note 31.2) | 1,264 | (262) | (208) |
Other | 482 | 688 | 1,452 |
Total other income (expense) | R 4,246 | R 426 | R 1,244 |
Finance income (Details) - ZAR (R) R in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Analysis of income and expense [abstract] | |||
Current accounts and short-term bank deposits | R 8,508 | R 14,052 | R 7,292 |
Finance lease receivable income | 3 | 20 | 267 |
Other | 440 | 520 | 567 |
Finance income, gross | 8,951 | 14,592 | 8,126 |
Net foreign exchange gains | 0 | 1,476 | 144,038 |
Finance income | R 8,951 | R 16,068 | R 152,164 |
Finance costs (Details) - ZAR (R) R in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Analysis of income and expense [abstract] | |||
Overdraft | R (2,324) | R (2,259) | R (1,490) |
Impact of discounting related to the fiscal 2017 share repurchase transaction (note 13) | 0 | (3,222) | 0 |
Other long-term loans | 0 | (50) | (186) |
Decommissioning provision (note 19) | (213) | 0 | 0 |
Other | (1,410) | (146) | (161) |
Finance costs, gross | (3,947) | (5,677) | (1,837) |
Net foreign exchange losses | (5,073) | 0 | 0 |
Finance costs | R (9,020) | R (5,677) | R (1,837) |
Auditors' remuneration (Details) - ZAR (R) R in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Auditor's Remuneration [Line Items] | |||
Auditors’ remuneration | R 12,076 | R 8,821 | R 7,426 |
PriceWaterhouseCoopers, Inc. | |||
Auditor's Remuneration [Line Items] | |||
Auditors’ remuneration | R 2,200 |
Taxation - Major components of taxation expense (Details) - ZAR (R) R in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Income Taxes [Abstract] | |||
Normal taxation | R (58,668) | R (46,788) | R (57,545) |
– Current | (55,385) | (43,434) | (53,626) |
– Over-provision prior years | 325 | 589 | 175 |
– Foreign tax paid | (2,880) | (3,711) | (3,768) |
– Withholding tax | (728) | (232) | (326) |
Deferred taxation (note 18) | 24,978 | 19,976 | (49,375) |
– Current year | 25,658 | 20,748 | (49,365) |
– Under-provision prior years | (680) | (772) | (10) |
Tax expense (income), continuing operations | R (33,690) | R (26,812) | R (106,920) |
Taxation - Exchange differences on foreign exchange (Details) - ZAR (R) R in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Income Taxes [Abstract] | |||
Exchange differences on translating foreign operations, before tax | R (60,331) | R (80,870) | R 90,665 |
Exchange differences on translating foreign operations, tax impact | (237) | (59) | (2,466) |
Exchange differences on translating foreign operations | (60,568) | (80,929) | 88,199 |
Taxation recognized in other comprehensive income, before tax | (60,331) | (80,870) | 90,665 |
Taxation recognized in other comprehensive income, tax impact | (237) | (59) | (2,466) |
Other comprehensive (loss)/income for the year, net of tax | R (60,568) | R (80,929) | R 88,199 |
Taxation - Narrative (Details) - ZAR (R) R in Thousands |
12 Months Ended | 66 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
Mar. 31, 2018 |
|
Tax incentives [Line Items] | ||||
Average effective tax rate | 15.70% | 18.10% | 36.90% | |
Tax incentives in addition to incurred cost | R 3,258 | R 10,387 | R 0 | |
Taxation | 30,373 | 26,302 | R 30,373 | |
Section 11D Research and Development Incentives | ||||
Tax incentives [Line Items] | ||||
Tax incentives in addition to incurred cost | 2,300 | 20,500 | ||
Tax incentives in addition to incurred cost, approved expenditures | 17,700 | |||
Tax incentives in addition to incurred cost, uncertain tax position | 2,800 | |||
Taxation | R 17,700 | R 14,900 | R 17,700 |
Earnings per share - Basic earnings per share (Details) - ZAR (R) R / shares in Units, shares in Thousands, R in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Earnings per share [abstract] | |||
Profit attributable to owners of the parent | R 181,134 | R 121,458 | R 182,989 |
Weighted average number of ordinary shares in issue (in shares) | 561,088 | 629,626 | 775,139 |
Basic earnings per share (R) (in ZAR per share) | R 0.32 | R 0.19 | R 0.24 |
Earnings per share - Narrative (Details) - shares |
12 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Earnings per share [abstract] | ||
Dilutive effect of share options on number of ordinary shares (in shares) | 0 | 0 |
Earnings per share - Diluted earnings per share (Details) - ZAR (R) R / shares in Units, shares in Thousands, R in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Earnings per share [abstract] | |||
Profit attributable to owners of the parent | R 181,134 | R 121,458 | R 182,989 |
Weighted average number of ordinary shares in issue (in shares) | 561,088 | 629,626 | 775,139 |
Adjusted for: | |||
— potentially dilutive effect of share appreciation rights (in shares) | 7,230 | 0 | 0 |
— potentially dilutive effect of share options (in shares) | 5,663 | 2,193 | 8,275 |
Diluted weighted average number of ordinary shares in issue (in shares) | 573,981 | 631,819 | 783,414 |
Diluted earnings (loss) per share (in ZAR per share) | R 0.32 | R 0.19 | R 0.23 |
Earnings per share - Reconciliation of adjusted earnings (Details) - ZAR (R) R in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Earnings per share [abstract] | |||
Profit attributable to owners of the parent | R 181,134 | R 121,458 | R 182,989 |
Net foreign exchange losses/(gains) | 5,073 | (1,476) | (144,038) |
Income tax effect on the above component | (29,403) | (15,307) | 48,647 |
Adjusted earnings attributable to owners of the parent | R 156,804 | R 104,675 | R 87,598 |
Earnings per share - Basic adjusted earnings per share (Details) - ZAR (R) R / shares in Units, shares in Thousands, R in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Earnings per share [abstract] | |||
Adjusted earnings attributable to owners of the parent | R 156,804 | R 104,675 | R 87,598 |
Weighted average number of ordinary shares in issue (in shares) | 561,088 | 629,626 | 775,139 |
Basic adjusted earnings per share (R) (in ZAR per share) | R 0.28 | R 0.17 | R 0.11 |
Earnings per share - Diluted adjusted earnings per share (Details) - ZAR (R) R / shares in Units, shares in Thousands, R in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Earnings per share [abstract] | |||
Adjusted earnings attributable to owners of the parent | R 156,804 | R 104,675 | R 87,598 |
Diluted weighted average number of ordinary shares in issue (in shares) | 573,981 | 631,819 | 783,414 |
Diluted adjusted earnings per share (R) (in ZAR per share) | R 0.27 | R 0.17 | R 0.11 |
Earnings per share - Reconciliation of headline earnings (Details) - ZAR (R) R in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Earnings per share [abstract] | |||
Profit attributable to owners of the parent | R 181,134 | R 121,458 | R 182,989 |
Profit/(loss) on disposal of property, plant and equipment and intangible assets (note 31.2) | (1,264) | 262 | 208 |
Impairment of intangible assets (notes 5, 7 and 31.2) | 2,687 | 3,166 | 2,871 |
Impairment/(reversal of impairment) of property, plant and equipment (notes 5, 6 and 31.2) | 9 | (791) | 1,905 |
Non-controlling interest effects of adjustments | 0 | 8 | (244) |
Income tax effect on the above components | (380) | (661) | 2 |
Headline earnings attributable to owners of the parent | R 182,186 | R 123,442 | R 187,731 |
Earnings per share - Basic headline earnings per share (Details) - ZAR (R) R / shares in Units, shares in Thousands, R in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Earnings per share [abstract] | |||
Headline earnings attributable to owners of the parent | R 182,186 | R 123,442 | R 187,731 |
Weighted average number of ordinary shares in issue (in shares) | 561,088 | 629,626 | 775,139 |
Basic headline earnings per share (R) (in ZAR per share) | R 0.32 | R 0.20 | R 0.24 |
Earnings per share - Diluted headline earnings per share (Details) - ZAR (R) R / shares in Units, shares in Thousands, R in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Earnings per share [abstract] | |||
Headline earnings attributable to owners of the parent | R 182,186 | R 123,442 | R 187,731 |
Diluted weighted average number of ordinary shares in issue (in shares) | 573,981 | 631,819 | 783,414 |
Diluted headline earnings per share (R) (in ZAR per share) | R 0.32 | R 0.20 | R 0.24 |
Dividends - Dividends declared (Details) - ZAR (R) R in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Statement of changes in equity [abstract] | |||
Dividends declared | R 53,268 | R 53,026 | R 107,254 |
Dividends - Narrative (Details) - ZAR (R) R / shares in Units, R in Millions |
Feb. 26, 2018 |
Jan. 30, 2018 |
Nov. 27, 2017 |
Oct. 31, 2017 |
Aug. 28, 2017 |
Aug. 01, 2017 |
Jun. 19, 2017 |
May 23, 2017 |
Feb. 27, 2017 |
Feb. 02, 2017 |
Nov. 28, 2016 |
Nov. 03, 2016 |
Aug. 29, 2016 |
Aug. 04, 2016 |
Jun. 20, 2016 |
May 24, 2016 |
Feb. 29, 2016 |
Feb. 04, 2016 |
Nov. 30, 2015 |
Nov. 05, 2015 |
Sep. 21, 2015 |
Aug. 25, 2015 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Statement of changes in equity [abstract] | ||||||||||||||||||||||
Dividends declared | R 14.0 | R 14.0 | R 14.0 | R 11.3 | R 11.2 | R 11.3 | R 15.3 | R 15.2 | R 15.1 | R 15.3 | ||||||||||||
Dividends declared, relating to prior periods | R 61.5 | |||||||||||||||||||||
Dividends declared, relating to current period | R 15.4 | |||||||||||||||||||||
Dividends paid | R 14.0 | R 14.0 | R 14.0 | R 11.3 | R 11.2 | R 11.3 | R 15.3 | R 15.2 | R 15.1 | R 15.3 | ||||||||||||
Dividends paid, relating to prior periods | R 61.5 | |||||||||||||||||||||
Dividends paid, relating to current period | R 15.4 | |||||||||||||||||||||
Shares in issue (in shares) | 562,320,145 | 559,418,095 | 558,498,901 | 563,514,561 | 563,434,240 | 563,434,240 | 763,087,500 | 761,337,500 | 755,137,500 | 764,140,181 | 768,601,150 | |||||||||||
Treasury shares (in shares) | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 30,334,819 | 24,573,850 | |||||||||||
Dividends declared (in dollars per share) | R 0.025 | R 0.025 | R 0.025 | R 0.02 | R 0.02 | R 0.02 | R 0.02 | R 0.02 | R 0.02 | R 0.02 | ||||||||||||
Dividends declared, related to prior years (in ZAR per share) | R 0.08 | |||||||||||||||||||||
Dividends declared, related to current year (in ZAR per share) | R 0.02 |
Contingencies (Details) - ZAR (R) R in Millions |
Mar. 31, 2018 |
Mar. 31, 2017 |
---|---|---|
Contract termination | Top of range | ||
Disclosure of contingent liabilities [line items] | ||
Estimated of potential liability under arrangement | R 43.7 | R 48.4 |
Commitments - Capital commitments (Details) - ZAR (R) R in Thousands |
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
---|---|---|---|
Disclosure of contingent liabilities [line items] | |||
Capital commitments | R 56,406 | R 58,036 | R 63,670 |
Contracted capital commitments | 28,647 | 74,800 | 55,705 |
Property, plant and equipment | |||
Disclosure of contingent liabilities [line items] | |||
Capital commitments | 0 | 0 | 0 |
Contracted capital commitments | 11,601 | 50,074 | 22,471 |
Intangible assets | |||
Disclosure of contingent liabilities [line items] | |||
Capital commitments | 56,406 | 58,036 | 63,670 |
Contracted capital commitments | R 17,046 | R 24,726 | R 33,234 |
Events after the reporting period - Narrative (Details) - R / shares |
Jun. 04, 2018 |
May 08, 2018 |
---|---|---|
Disclosure of events after reporting period [Abstract] | ||
Dividends declared (in ZAR per share) | R 0.03 | |
Dividends paid (in ZAR per share) | R 0.03 |
Financial risk sensitivity analysis - Interest rate sensitivity (Details) - Interest rate risk - ZAR (R) R in Thousands |
12 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
USD | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Reasonably possible change in market risk variable, percent | 0.10% | |
Reasonably possible increase in market risk variable, impact on profit or loss | R 1 | R 143 |
Reasonably possible decrease in market risk variable, impact on profit or loss | R (1) | (143) |
ZAR | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Reasonably possible change in market risk variable, percent | 1.00% | |
Reasonably possible increase in market risk variable, impact on profit or loss | R 1,811 | 1,000 |
Reasonably possible decrease in market risk variable, impact on profit or loss | R (1,811) | R (1,000) |
Liquidity risk - Cash resources held (Details) - ZAR (R) R in Thousands |
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
Mar. 31, 2015 |
---|---|---|---|---|
Financial Instruments [Abstract] | ||||
Cash and cash equivalents, net of overdrafts (note 12) | R 290,538 | R 356,333 | R 860,762 | R 927,415 |
Exchange rates (Details) |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2018
R / $
|
Mar. 31, 2018
R / $
R / £
|
Mar. 31, 2017
R / $
|
Mar. 31, 2017
R / $
R / £
|
Mar. 31, 2016
R / $
|
Mar. 31, 2016
R / $
R / £
|
Mar. 31, 2018
R / £
|
Mar. 31, 2017
R / £
|
Mar. 31, 2016
R / £
|
|
Effects Of Changes In Foreign Exchange Rates [Abstract] | |||||||||
Closing foreign exchange rate (in ZAR) | 11.83 | 11.83 | 13.41 | 13.41 | 14.83 | 14.83 | 16.60 | 16.75 | 21.31 |
Average foreign exchange rate (in ZAR) | 12.99 | 17.21 | 14.06 | 18.42 | 13.78 | 20.63 |
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