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TFX
TFX
TFX - Topfix - Restated results for the 6 months ended 31 December 2007 and for
the year ended 30 June 2007
TFX - TOPFIX HOLDINGS LIMITED
(Registration number 2006/011359/06)
JSE code: TFX ISIN: ZAE000088423
("Topfix" or "Group" or "Company")
RESTATED RESULTS FOR THE 6 MONTHS ENDED 31 DECEMBER 2007 AND FOR THE YEAR
ENDED 30 JUNE 2007
INTRODUCTION
In the Group`s interim results for the 6 months ended 31 December 2007,
published on SENS on 13 February 2008 and results for the year ended 30 June
2007, published on 6 December 2007, statements were made regarding the
recording and disclosure of an accounts receivable balance on which the
auditors, PKF (Jhb) Inc., had issued a qualified review/audit opinion.
Shareholders are hereby advised that in compliance with Listings Requirements
8.57 and 8.62 of the JSE Limited ("JSE"), the Company, on request from the JSE,
has restated the interim financial results for the period ended 31 December
2007 and for the year ended 30 June 2007 in order to comply with International
Financial Reporting Standards ("IFRS").
The company will release the reviewed results for the year ended 30 June
2008, on SENS, on or before 30 September 2008.
INCOME STATEMENT
6 months ended 31 Year
R`000 December ended
30 June
2007 2006 2007
Restated* Restated* Restated*
Turnover 121,840 93,074 192,580
Cost of sales (74,143) (72,915) (141,326)
Gross profit 47,697 20,159 51,254
Net operating expenses (26,835) (20,382) (43,495)
Operating profit/(loss) 20,862 (223) 7,759
Net Interest Paid (2,447) (23) (2,273)
Profit before taxation 18,415 (246) 5,486
Taxation (5,780) 824 (1,450)
Loss from associate (558) - -
Profit for the period 12,077 578 4,036
Shares in issue (`000) 185,000 185,000 185,000
Weighted average shares
in issue (`000)
- Basic 185,000 164,167 174,110
- Fully diluted 185,000 164,167 174,110
Restated earnings per
share/headline earnings
per share (cents)
- Basic 6.5 0.4 2.3
- Fully diluted 6.5 0.4 2.3
As previously stated
- Basic 6.5 3.0 4.8
- Fully diluted 6.5 3.0 4.8
BALANCE SHEETS
R`000 31 December 30 June
2007 2006 2007
Restated* Restated* Restated*
ASSETS
Non-current assets 156,680 89,153 117,602
Property, plant and
equipment 90,080 30,455 58,999
Intangible assets 58,014 58,014 58,014
Associate investment 8,061 - -
Deferred taxation asset 525 684 589
Current assets 56,318 54,948 46,045
Inventories 93 1,714 1,710
Accounts receivable 55,921 34,497 42,474
Bank and call deposits 304 18,737 1,861
TOTAL ASSETS 212,998 144,101 163,647
EQUITY AND LIABILITIES
Shareholders` equity 113,700 98,101 101,623
Non-current liabilities 16,535 3,665 5,641
Interest bearing debt 11,152 2,984 4,163
Deferred taxation
liability 5,383 681 1,478
Current liabilities 82,763 42,335 56,383
Interest bearing debt 36,137 14,002 13,153
Accounts payable and
provisions 38,135 19,954 34,584
Taxation 8,491 8,379 8,646
TOTAL EQUITY AND
LIABILITIES 212,998 144,101 163,647
Restated net asset
value per share (cents) 61.5 53.0 54.9
Restated net tangible
asset value per share
(cents)
As previously stated:
Net asset value per
share (cents) 63.8 55.4 57.3
Net tangible asset
value per share (cents) 32.5 24.1 26.0
CONDENSED CASH FLOW STATEMENT
R`000 6 months ended 31 Year
2007 2006 30 June
Restated* Restated* Restated*
Net Interest Paid (23) (2,273)
Taxation paid (437)
Cash flow from
Cash flow from investing (41,153)
Investment in associate (8,210)
Movement in loans
Net investment in
equipment (34,837) (11,574) (41,979)
Cash flow from financing
Shareholder funding
Increase in interest
(Increase)/decrease in (3,933) (1,480)
Opening net borrowings (9,804) (8,324) (8,324)
Closing net (13,737) (9,804)
Net (borrowings)/cash (13,737) (9,804)
Bank and call deposits
Bank overdrafts and (14,041) (12,003) (11,665)
STATEMENT OF CHANGES IN
EQUITY
R`000 6 months ended 31 Year
December ended
30 June
2007 2006 2007
Restated* Restated* Restated*
Equity at beginning of
period 101,623 74,126 74,126
Share issues - 23,397 23,461
Attributable profit for
the period 12,077 578 4,036
Equity at end of period 113,700 98,101 101,623
SEGMENT ANALYSIS
R`000
6 months ended 31 Year
December ended
R`000
30 June
2007 2006 2007
Restated* Restated* Restated*
Turnover
Scaffolding 54,288 26,177 51,307
Personnel outsourcing 65,547 64,626 136,845
Safety surveillance 3,411 3,679 7,284
Internal/head
office/consolidation (1,406) (1,408) (2,856)
Total Group 121,840 93,074 192,580
Operating income/(loss)
Scaffolding 16,485 (8,149) (6,335)
Personnel outsourcing 4,509 6,772 12,999
Safety surveillance 367 1,155 1,544
Internal/head
office/consolidation (499) (1) (449)
Total Group 20,862 (223) 7,759
RESTATEMENT OF PRIOR PERIOD PUBLISHED RESULTS
As at 30 June 2008, the debtors` balance referred to above has still not been
finalised. The Directors still intend to pursue recovery of this account, but
have decided, given the length of time involved in the recovery process, and in
compliance with IFRS, to fully impair the amount and restate the financial
figures previously published.
Details regarding the aforementioned matter has been extracted from the SENS
announcement dated 13 February 2008 and are disclosed below:
"ACCOUNTS RECEIVABLE
Accounts receivable includes and amount of R 7,1 million, raised in previous
financial years, pertaining to under-recoveries on joint venture contracts,
where Top Fix Scaffolding provided personnel and the other partners provided
scaffolding equipment, which contracts expired approximately December 2006.
Legal opinion has been received that amounts in excess of this are still due
and payable, although denied by the joint venture partner, however, in the
interest of prudence additional accruals were not raised at 30 June 2007. The
directors are of the opinion that at least the amount raised in this regard
will be recovered. The joint venture party has agreed to arbitration in the
matter which will expedite finalisation of the dispute."
and
"QUALIFIED REVIEW OPINION
These results have been reviewed by Top Fix`s auditors, PKF (Jhb) Inc., and
their qualified review opinion is available for inspection at the company`s
registered office.
The qualification to the review opinion is in respect of collectability of the
debtor discussed under Accounts Receivable above, which if provided would
result in the following adjustments:
Reduction in Accounts Receivable by R6,2 million to R55,9 million,
Decrease in Deferred Taxation Liability by R1,8 million to R5,4
million,
Decrease in Shareholders Equity by R4,4 million to R 113,7 million, a
reduction in Opening Retained Income.
The qualified review opinion does not represent a qualification in respect of
the operating results for the 6 months ended 31 December 2007."
EFFECTS OF THE RESTATEMENT ON THE FINANCIAL RESULTS FOR THE SIX MONTHS
ENDED 31 DECEMBER 2007 AND FOR THE YEAR ENDED 30 JUNE 2007
As stated above the restatement is passed by means of a Prior Year Adjustment
and does not affect the operating results for the 6 months ended 31 December
2007.
The effect on the financial results previously published are reflected
below:
6 months ended 31 Year
R`000 December ended
30 June
2007* 2006* 2007*
Income statement
Decrease in operating
income and profit before
taxation - 6,209 6,209
Decrease in taxation
charge (deferred) - 1,801 1,801
Decrease in profit for
the period - 4,408 4,408
Decrease in
earnings/diluted
earnings
per share (cents) - 2.7 2.5
Balance sheet
Decrease in accounts
receivable 6,209 6,209 6,209
Decrease in deferred
taxation liability 1,801 1,801 1,801
Decrease in
shareholders` equity 4,408 4,408 4,408
Decrease in net asset
value/tangible
net asset value per
share (cents) 2.4 2.4 2.4
BASIS OF PREPARATION AND ACCOUNTING POLICIES:
The restated, financial information for the period ended 31 December 2007
(reviewed) and for the year ended 30 June 2007 (audited) have been prepared in
accordance with, and containing the information required by, IAS 34: Interim
Financial Reporting, IFRS and the Companies Act of South Africa. The accounting
policies and critical accounting estimates applied to these financial results
are consistent, in all material respects, with those used in the interim and
annual financial statements for the period ended 31 December 2007 and for the
year ended 30 June 2007 respectively, except as regards the adjustments noted
above.
*QUALIFIED REVIEW/AUDIT OPINIONS
Neither a revised review opinion in respect of the period ended 31 December
2007, nor a revised audit opinion in respect of the year ended 30 June 2007 has
been issued.
The restatement adjustments, although not audited, are, however, in line with
the adjustment requirements stated in the qualified review opinion in respect
of the period ended 31 December 2007, dated 13 February 2008, and the qualified
audit opinion in respect of the year ended 30 June 2007, dated 6 December 2007.
The adjustments to the financial results for the six month period ended 31
December 2006 have been disclosed for information purposes only. These results
have not been reviewed by the Company`s auditors.
For and on behalf of the Board
BT Ngcuka (Chairman) BW Marais (Chief Executive)
Johannesburg
29 August 2008
Directors:
BT Ngcuka# (Chairman); BW Marais (CEO); JA Barker (Financial Director);
KG Bodigelo#; FF Goosen; EMJ Groenewald; JJ Senekal#; PR Todd (#-non-
executive)
Secretary and Registered Office:
MN Hattingh, 6 Topaz Street, Littleton Manor, Centurion 0157
Transfer Secretaries:
Link Market Services South Africa (Pty) Ltd, 11 Diagonal Street,
Johannesburg 2000 (PO Box 4844, Johannesburg 2001)
Designated Adviser:
PSG Capital (Pty) Limited
Website:
www.topfix.co.za
Date: 29/08/2008 08:26:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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