|
TCS
TCS
TCS - Total Client Services Limited - Unaudited interim results of
the group for the six months ended 31 August 2008
Total Client Services Limited
Incorporated in the Republic of South Africa
(Registration Number 1998/025018/06)
Share code: TCS ISIN: ZAE000116208
("TCS" or "the group" or "the company")
UNAUDITED INTERIM RESULTS OF THE GROUP FOR THE SIX MONTHS ENDED 31
AUGUST 2008
These results are a re-release of the results posted on SENS on 30
October 2008. Due to technical issues, the results were not
received for release by all vendors. These results have been
amended from the original release based on the following:
The calculation of earnings per share and headline earnings per
share have been amended to account for the earnings attributable to
equity holders of the company; and
The 2007 reviewed figures have been restated to include the pro
forma weighted average number of shares as per the prospectus.
CONDENSED CONSOLIDATED BALANCE SHEET Unaudited Audited
six year
months 31 ended 29
August February
2008 2008
R`000 R`000
ASSETS
Non-current assets
37 443 40 493
Current assets
48 983 39 615
Total assets
86 426 80 108
EQUITY AND LIABILITIES
Capital and reserves 29 073 17 632
Non-current liabilities 33 155 34 385
Current liabilities 24 198 28 091
Total liabilities 57 353 62 476
Total equity and liabilities 86 426 80 108
Actual number of shares in issue at 390 135 383 569
period end (`000)
Net asset value per share (cents) 7.45 4.60
Net tangible asset value per share 1.99 (1.02)
(cents)
CONDENSED CONSOLIDATED INCOME STATEMENT Unaudited Reviewed
six six
months months
ended ended31
31 August August
2008 2007
R`000 R`000
Revenue
55 415 56 294
Operating profit
13 995 13 552
Profit before tax
11 798 12 705
Taxation (2 654) (3 345)
Profit for the period 9 144 9 360
Attributable to:
Equity holders of the company 9 144
5 645
Minority interest
- 3 715
9 144 9 360
Reconciliation of headline earnings
Profit for the period attributable to 9 144 5 645
equity holders of the company
Adjusted for:
- Loss on disposal of property, plant 13 -
and equipment
Headline earnings for the period 9 157 5 645
attributable to equity holders of the
company
Weighted average number of shares (`000) 388 856 383 569#
Earnings per share attributable to 2.35 1.47
equity holders of the company
Headline earnings per share attributable 2.35 1.47
to equity holders of the company
#The weighted average number of shares for the six months ended 31 August 2007
is based on the pro forma income statement set out in the prospectus dated 29
February 2008.
CONDENSED CONSOLIDATED CASH FLOW Unaudited Reviewed
STATEMENT six six
months months
ended ended31
31 August August
2008 2007
R`000 R`000
Cash flows from operating activities 8 081
6 309
Cash flows from investment activities (938)
(1 505)
Cash flows from financing activities 447
(2 536)
Net increase in cash and cash 7 590
equivalents 2 268
Cash and cash equivalents at the 3 018
beginning of the year 4 792
Cash and cash equivalents at the end of 10 608
the period 7 060
STATEMENT OF CHANGES Share Share BEE Reserve
IN EQUITY Capital Premium
Balance as at 1 * - -
March 2007 as
previously reported
Prior period - - -
adjustments
Balance as at 1 * - -
March 2007 -
restated
Net - (1 060) -
income/(expenses)
recognised directly
in equity
Profit /(Loss) for - - -
the year
Issue of shares 38 18 442 16 077
Share bought back - - (26 000)
Minorities bought - - -
out
Dividend paid - - -
Total changes for 38 17 382 (9 923)
the period
Balance at 29 38 17 382 (9 923)
February 2008
Opening 1 March 2008
Net income/(expense) - (827) -
recognised directly
in equity
Issue of shares 1.0 3 123 -
Profit for the - - -
period
Total changes for 1.0 2 296 -
the period
Balance at 31 August 39 19 678 (9 923)
2008
* Less than R1 000
STATEMENT OF CHANGES Retained Minority Total
IN EQUITY Income Interest Equity
Balance as at 1 18 994 3 319 22 313
March 2007 as
previously reported
Prior period 1 577 1 515 3 092
adjustments
Balance as at 1 20 571 4 834 25 405
March 2007 -
restated
Net - - (1 060)
income/(expenses)
recognised directly
in equity
Profit/(Loss) for (1 256) 2 840 1 584
the year
Issue of shares - - 34 557
Share bought back - - (26 000)
Minorities bought - 1 146 1 146
out
Dividend paid (9 180) (8 820) (18 000)
Total changes for (10 436) (4 834) (7 773)
the period
Balance at 29 10 135 - 17 632
February 2008
Opening 1 March 2008
Net income/(expense) - - (827)
recognised directly
in equity
Issue of shares - - 3 124
Profit for the 9 144 - 9 144
period
Total changes for 9 144 - 11 441
the period
Balance at 31 August 19 279 - 29 073
2008
* Less than R1 000
BASIS OF PREPARATION
Accounting Policies
The condensed unaudited consolidated interim financial statements comprise a
consolidated balance sheet at 31 August 2008, and consolidated income statement,
statement of changes in equity and cash flow statement for the six months ended
31 August 2008.
The accounting policies applied in the preparation of these condensed financial
statements, which are based on reasonable judgments and estimates, are in
accordance with International Financial Reporting Standards ("IFRS") and are
consistent with those applied in the annual financial statements for the year
ended 29 February 2008. These condensed financial statements as set out in this
report have been prepared in terms of IAS 34 - Interim Financial Reporting, the
Companies Act (Act 61 of 1973), as amended and the Listings Requirements of JSE
Limited.
The interim results have not been audited or reviewed by the group`s auditors.
Basis of Measurement
The condensed financial statements have been prepared on the historical cost
basis except for certain financial instruments measured at fair value.
The accounting policies are consistent with those used in the annual financial
statements for the year ended 29 February 2008.
SEGMENT INFORMATION
Segment information has not been presented as the group is at present a single
segment business. The group is collectively managed and, as such, management
does not review performance based on separate segments and management reporting
is on a group, uni-segment basis. The directors are of the opinion that no
meaningful information can be presented on a segment basis.
COMMENTARY
FINANCIAL PERFORMANCE
The unaudited interim results for the six months ended 31 August 2008 represent
a satisfactory performance given the economic environment prevailing in the
country, specifically the pressures felt at household level on disposable income
due to the high levels of interest and inflation.
OPERATIONAL PERFORMANCE
The TCS module and strategy, which has been extensively promoted and marketed
has been accepted within the industry which supports our functional methodology.
The economic climate has to an extent reduced the compliancy by the public in
relation to the payment of fines and we have implemented measures to ensure that
our objectives and performance are maintained. Political instability at all
levels of government has affected our client performance requiring us to manage
the process to a greater extent as evidenced by the approximately 14 tenders
which are still outstanding, awaiting adjudication.
We have extended our business offering and value add, by way of our strategic
alignment and diversification into revenue management within local government,
via a joint venture agreement entered into with MBD, a local industry player.
The profile of the organisation is being promoted on a national basis via the
establishment of a fully fledged Marketing and Business development team.
PROSPECTS AND FUTURE PERFORMANCE
TCS has positioned itself strategically for the AARTO system and project and
believe that the successful implementation is largely dependent on our offering
and proposal extended to the Road Traffic Management Corporation ("RTMC").
Furthermore, we are part of a very strong consortium on the implementation of
the Open Road Tolling Systems to be supplied to the National Road Agency and
await the pre-qualification in this regard, expected by 1 November 2008.
The revenue management component extended to local authorities is an exceptional
value added product and while the success in this area is still very much in the
infant stages, the future prospects appear very promising.
Acquisitions are being evaluated to compliment the future strategic vision set
by the organisation in order to reach the objectives.
We further anticipate that a large number of outstanding tenders will be
finalised within the next few months.
CHANGES TO THE BOARD OF DIRECTORS
DeVilliers Engelbrecht was appointed as an alternate director on 25 August 2008.
POST BALANCE SHEET EVENTS
There have been no material events that have occurred between the date of the
financial statements as presented above and the date of this report.
DIVIDENDS
No interim dividend has been proposed or declared for the period.
A S Mohamed M Reichenberg
Chief Executive Officer Financial Director
4 November 2008
REGISTERED OFFICE
1st Floor, 20 Regency Drive
Route 21 Corporate Park
Irene
DIRECTORS
GN Sam*(Chairman), AS Mohamed (CEO), BN Birkholtz, M Reichenberg, LW Sipoyo*,
JH Taljaard, D Engelbrecht* (Alternate) * Non Executive
COMPANY SECRETARY
Probity Business Services (Proprietary) Limited (appointed with effect from 22
August 2008)
DESIGNATED ADVISER
Merchantec (Proprietary) Limited
Date: 04/11/2008 15:29:01 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.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
