Fleet at year end

10

18

28

40

54

Vehicles added in year

10

8

10

12

14

Average operating fleet

5.43

14.34

23.44

34.52

47.57

Fleet availability

92%

93%

94%

94%

94%

Round trips per truck per month

1.55

1.75

1.88

1.98

2.05

Round trips completed

93

280

497

771

1 100

Northbound fill rate

62%

68%

72%

75%

78%

Revenue per round trip, US$

8 698

8 827

8 861

8 848

8 888

Variable cost per round trip, US$

5 376

5 393

5 412

5 447

5 496

Contribution per round trip, US$

3 322

3 434

3 449

3 401

3 392

Revenue

0.81

2.47

4.40

6.82

9.78

Variable cost of operations

(0.50)

(1.51)

(2.69)

(4.20)

(6.05)

Contribution

0.31

0.96

1.71

2.62

3.73

Contribution margin

38.3%

38.9%

38.9%

38.4%

38.1%

Overheads

(0.43)

(0.58)

(0.78)

(0.96)

(1.12)

EBITDA

(0.12)

0.38

0.93

1.66

2.61

EBITDA margin

-14.8%

15.4%

21.1%

24.3%

26.7%

Depreciation

(0.26)

(0.43)

(0.64)

(0.88)

(1.14)

Interest

(0.23)

(0.39)

(0.53)

(0.69)

(0.85)

Profit / (loss) before tax

(0.61)

(0.44)

(0.24)

0.09

0.62

Taxation

—

—

—

—

—

Profit / (loss) after tax

(0.61)

(0.44)

(0.24)

0.09

0.62

Cumulative profit / (deficit)

(0.61)

(1.05)

(1.29)

(1.20)

(0.58)

Capital expenditure

(2.85)

(1.89)

(2.39)

(2.65)

(2.98)

Asset finance drawn

1.46

1.17

1.46

1.75

2.05

Debt service

(0.41)

(0.73)

(1.05)

(1.44)

(1.90)

Debt service cover

-0.29x

0.52x

0.89x

1.15x

1.37x

Total debt outstanding

2.17

2.96

3.84

4.74

5.58

Closing cash

3.34

2.23

1.16

0.46

0.18

Total assets

5.98

6.38

7.08

8.15

9.70

Total equity

3.79

3.35

3.11

3.20

3.82

Gearing

36.4%

46.9%

55.3%

59.7%

59.4%