(2) Includes amortization of intangible assets (including product development costs).
(3) Includes impairment of intangibles assets.
(4) As per our adjusted EBITDA definition, the profit measure is calculated before all unrealized foreign exchange gains/(losses) and foreign exchange gains/(losses) related to the cash proceeds raised through the initial public offering of ADRs on the NYSE. The remaining realized foreign exchange gains/(losses), which are included in adjusted EBITDA, have been included in the reconciliation of adjusted EBITDA to operating profit.
* Amounts less than $1,000/R1,000
South African rand amounts have been translated to U.S. dollars at the exchange rate of R10.4675 per $1.00, which was the R/$ echange rate reported by the South African Reserve Bank as of December 31, 2013. The U.S. dollar figures may not compute as they are rounded independently.
| MiX TELEMATICS LIMITED | |||||||||
| RECONCILIATION OF ADJUSTED EBITDA MARGIN TO PROFIT FOR THE PERIOD MARGIN | |||||||||
|
Three months
|
Three months
|
||||||||
| 2013 | 2012 | ||||||||
| Unaudited | Unaudited | ||||||||
| Adjusted EBITDA margin | 21.1 | % | 23.2 | % | |||||
| Add: | |||||||||
| Net profit on sale of property,plant and equipment and intangible assets | 0.1 | % | - | ||||||
| Less: | |||||||||
| Depreciation (1) | 4.3 | % | 3.3 | % | |||||
| Amortization (2) | 3.9 | % | 4.6 | % | |||||
| Impairment (3) | 0.2 | % | - | ||||||
| Share-based compensation costs | 0.4 | % | 0.3 | % | |||||
| Net loss on sale of property,plant and equipment and intangible assets | - | 0.0 | % | ||||||
|
Foreign currency translation reserve released due to liquidation
of intermediary subsidiary holding company |
- | 0.7 | % | ||||||
| Transaction costs arising from acquisition of a business | 0.0 | % | 0.0 | % | |||||
| Net realized foreign exchange gains/(losses) (4) | 0.0 | % | -0.1 | % | |||||
| Operating profit margin | 12.4 | % | 14.4 | % | |||||
| Add: Finance income/(costs) - net | 8.1 | % | -0.5 | % | |||||
| Less: Taxation | 6.1 | % | 4.0 | % | |||||
| Profit for the period margin | 14.4 | % | 9.9 | % | |||||
