INTERIM RESULTS

6 - 7 February 2014

For the six months ended 30 November 2013

Presentation overview

Group overview and financial highlights

Environment and industry trends

Financial performance

Prospects

2

GROUP OVERVIEW

Group overview

4

Individual thinking, collective success

Specialist logistics service provider

Group overview

Specialised TransportVehicle Delivery Services

Commercial Vehicle Delivery Services

OneLogix Projex

Madison

Onelogix Linehaul

United Bulk

5

RetailPostNet

Other – Logistics Services

Atlas PanelbeatersQSADrive Report

Evolution of OneLogix

6

African Footprint

7

The OneLogix way

Well established niche logistics provider

Footprint across South Africa and neighbouring countries

Strong market position

Customer service focused / good staff relations

Cash generative

Company structure (empowering, entrepreneurial)

Structured to assimilate acquisitions

Management capabilities

Management shareholding

8

FINANCIAL HIGHLIGHTS

Financial highlights

10

Five consecutive periods of growth since downturn of 2008/2009

United Bulk and Drive Report included for full six months

Two months contribution from Madison and one from OneLogix Linehaul

Revenue

33% to R664.9 m

Operating profit

34% to R67.8 m

Core HEPS (cps)

35% to 18.5

HEPS(cps)

29% to 17.6

Net cash(operating activities)

93% to R63.3 m

Period under review

Continued strong organic growth

Strong customer retention / new customers gained

Margin squeeze experienced

No labour action

Ability to successfully integrate companies (United Bulk and Drive Report)

Established one start-up operation and made one acquisition

Focus on Specialised Transport segment

11

Period under review (cont)

Corporate actions

Repurchase of shares

10% shareholding sold to OneLogix Projex management

Looking to increase revenue from southern Africa

Rail issued closely monitored

Continued evaluation of acquisition opportunities

12

Honing a competence to identify companies which fit the OneLogix culture and performance expectation

Ratios

13

RatioUnaudited

Nov 2013Unaudited

Nov 2012Audited

May 2013

Return on equity (ROE) (%) 25.0 27.9 23.5

Headline return on equity (%) 25.0 21.9 20.3

Core headline return on equity (%) 26.2 22.2 20.8

Gearing ratio (excl cash) (%) 45.1 38.6 44.3

Interest cover (times) 8.2 9.8 7.1

Segmental contribution from operations

14

Rm

600.9

17.1 46.9

664.9

0

100

200

300

400

500

600

700

Specialised Transport

Retail Other (Logistics Services)

Total

Revenue

ENVIRONMENT AND INDUSTRY

TRENDS

Car and truck sales

Category growth:Trucks – 11.9%

Motorcars – 2.8%

16

602 778

619 823

26 707

29 876

570 000

580 000

590 000

600 000

610 000

620 000

630 000

640 000

650 000

660 000

2012 2013

Un

its

Market Sales (Jan-Dec)

Motorcars Trucks

Source: NAAMSA (excludes Bus Sales)

Transnet action update

Continue to monitor closely

Rail infrastructure spend primarily a replacement of existing rolling stock

Inefficiencies persist (beneficial to OneLogix)

Permit issue

Resolution is protracted due to bureaucratic delays

17

30% - 40% of vehicles manufactured are transported by rail – trend for the past 15 years

Durban harbour

Major infrastructure development at Maydon Wharf

EIA is causing delays

Inefficiencies persist (beneficial to OneLogix)

Handles more than 80 million tonnes pa

Largest throughput category – containers

18

•Durban and Richards Bay together account for over 65% of all throughput•Durban and Saldanha together account for nearly 84% of liquid bulk•Durban and East London together account for 98% of all vehicle imports and exports•Durban and Cape Town together account for over 85% of all container trade

Source: Development Bank of Southern Africa

SME registrations

19

Growth not without difficulty

SME’s are entrepreneurial and so PostNet continues to innovate

700 000

737 000

590 000

640 000

690 000

740 000

790 000

2012 2013

Un

its

Employers (SME’s)

Source: ABSA SME Index

• Impediments to SME growth• Local economic conditions (18%)• Lack of skilled staff (15%)• Lack of finance (14%)•Burdensome regulations (13%)

Source: SME Growth Index, February 2013

Infrastructure spend

20

262 265 284 571

297 637

100 000

150 000

200 000

250 000

300 000

350 000

2012/2013 2013/2014 2014/2015

R’m

SA Infrastructure spend

81 167

88 584

92 292

74 000 76 000 78 000 80 000 82 000 84 000 86 000 88 000 90 000 92 000 94 000

2012/2013 2013/2014 2014/2015

Transport and Logistics

Source: Development Bank of Southern Africa

•SADC and Sub-Saharan Africa:•SADC is South Africa’s 2nd largest export market after EU•Over coming 5 years, SADC exports expected to rise (currently 21.8% of

manufactured exports) •Sub-Saharan African projected growth is around 5.7% with Mozambique,

Ghana and Zambia expected to grow to average above 7.5%

Source: 2012 Medium Term Budget Policy Statement (SA Treasury)

FINANCIAL PERFORMANCE

Income statement

22

R’mUnaudited Nov 2013

Unaudited Nov 2012 *

Change (%)

Audited May 2013 *

Revenue 664.9 498.9 33.3 1 040.3

Operating profit 67.7 50.7 33.5 92.5

Operating profit margin 10.2 10.2 - 8.9

Profit before taxation 62.2 45.6 36.4 84.3

Taxation (16.8) (13.0) 29.2 (22.2)

Total comprehensive income 45.4 41.4 9.6 70.9

* Includes R8.5million profit realised on disposal of Magscene in October 2012

Income statement (cont) (continuing operations)

23

21

7.5

33

3.0

44

9.8

49

9.0

66

4.9

25

4.1 3

40

.5 41

4.3

54

1.3

0.0

200.0

400.0

600.0

800.0

1000.0

1200.0

2010 2011 2012 2013 2014

Revenue (Rm)

29

.6

39

.8

54

.9

50

.7

67

.7

22

.0

31

.3

35

.5

41

.8

11.911.7

10.9

10.2 10.2

9

9.5

10

10.5

11

11.5

12

12.5

0

10

20

30

40

50

60

70

80

90

100

2010 2011 2012 2013 2014

Operating profit (Rm) (excluding profit on sale of assets) and margin (%)

1st half 2nd half 1st half 2nd half Margin

HEPS

24

7.0

10.3

12.213.6

17.6

7.6

10.5

12.313.7

18.5

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

2009 2010 2011 2012 2013

HEPS Core HEPS

Interim period

Cash flows from operations

25

24.4

49.9

68.2

32.7

63.3

0

10

20

30

40

50

60

70

80

2009 2010 2011 2012 2013

R’m

Interim period

Cash utilisation

No interim dividend declared

Prudent cash management

26

CapexFleet R70.0m

Replacement R20.8m

Expansion R49.2m

Property Development R0.7m

IT R2.0m

Other R3.9m

Total R76.6m

Statement of financial position - assets

27

R’mUnaudited Nov 2013

Unaudited Nov 2012

Change (%)

Audited May 2013

Non-current assets 629.8 389.6 61.6 555.3

Property, plant and equipment 505.5 350.8 44.1 446.4

Intangible assets 71.4 31.2 >100 66.3

Investment in associate 36.6 - - 34.0

Loans and receivables 14.8 6.2 >100 7.2

Deferred taxation 1.5 1.4 - 1.4

Current assets 269.0 262.4 2.5 219.3

Inventories 11.0 10.2 7.8 10.1

Trade and other receivables 189.3 155.0 22.1 149.0

Taxation 5.7 1.9 >100 5.5

Cash resources 63.0 95.3 (33.9) 54.7

Total assets 898.8 652.0 37.9 774.6

Statement of financial position – equity and liabilities

28

R’mUnaudited Nov 2013

Unaudited Nov 2012

Change (%)

Audited May 2013

Total equity 359.8 299.9 19.9 309.5

Borrowings and bank overdrafts 259.5 184.6 40.6 230.6

Deferred tax 55.9 26.7 >100 51.6

Trade and other payables 191.0 137.0 39.4 156.1

Taxation 7.4 3.8 94.7 1.6

Vendor liability 9.0 - - 9.0

Non-controlling interest put option 16.2 - - 16.2

Total equities and liabilities 898.8 652.0 37.9 774.6

Segmental breakdown

29

90%

3%7%

Specialised Transport Retail Other

87%

8%5%

Specialised Transport Retail Other

Revenue Operating profit

Specialised Transport

Constituents:Vehicle Delivery Services

Commercial Vehicle Delivery Services

OneLogix Projex

Madison

Onelogix Linehaul

United Bulk

30

600.9

444.6

400.0

500.0

600.0

700.0

2013 2012

R’m

73.0

54.6

12.1 12.3

10

11

12

13

14

15

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

2013 2012

%R’m

Revenue

Operating Profit

VDS

31

VDS - customers

32

VDS – fleet information

33

Age Number % of total

Trucks

0 – 2 yrs 76 31

3 – 4 yrs 83 34

> 4 yrs 84 35

Total 243 100

Age Number % of total

Trailers

3-4 car carriers 14 6

5-6 car carriers 89 37

7-8 car carriers 26 10

9-11 car carriers 114 47

Total 243 100

CVDS

34

CVDS - customers

35

CVDS

36

OneLogix Projex

37

OneLogix Projex - customers

38

OneLogix Projex - fleet

39

Trucks and Trailers

0 – 2 yrs

3 – 4 yrs

> 4yrs

Extendable 5

Flatdeck 5 6

Lowbed 3 2

Skeltel 4

Stepdeck 2 12 8

Superdeck 2 2

Superlink 4

Total 2 22 31

United Bulk

40

United Bulk – fleet information

41

Age Trucks % of total Tankers % of total

0 – 2 yrs 22 18 14 14

3 – 4 yrs 21 18 9 8

> 4 yrs 77 64 78 78

Total 120 100 101 100

Madison

42

Madison

43

Madison – fleet information

44

Fleet - Trailers < 4 yrs > 4 yrs

Lowbed 1 5

Superdecks 0 2

Stepdecks 0 3

Triaxels 2 5

Superlinks 0 13

Ridged crane trucks 0 7

Extendables 0 3

Total 3 38

Fleet < 4 yrs > 4 yrs

Trucks 1 32

OneLogix Linehaul

Transportation of general freight into southern Africa as well as intra southern African logistics

30 trucks and Inter-link trailers

45

Retail

ConstituentPostNet

46

17.1

15.7

15.0

15.5

16.0

16.5

17.0

17.5

2013 2012

R’m

7.1

5.741.5

36.3

34

36

38

40

42

0.01.02.03.04.05.06.07.08.0

2013 2012

%R’m

Revenue

Operating Profit

PostNet

47

PostNet - customers

48

Other – Logistics Services

Constituents:Atlas Panelbeaters

QSA

Drive Report (equity accounted)

49

46.9

38.7

0.0

10.0

20.0

30.0

40.0

50.0

2013 2012

R’m

4.1

0.9

8.7

2.3

0

2

4

6

8

10

0.0

1.0

2.0

3.0

4.0

5.0

2013 2012

%R’m

Revenue

Operating Profit

Atlas Panelbeaters

50

Atlas Panelbeaters - customers

51

Drive Report

52

Drive Report

53

QSA

54

PROSPECTS

Prospects

Continued organic growth

Focus on regional growth (opportunity for all group companies)

Continue to investigate acquisitions

RisksRail

Margin squeeze

Dependency on vehicle market

Labour relations

Normal operational risks

56

THANK YOU

QUESTIONS & ANSWERS