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TCS
TCS
TCS - Total Client Services Limited - Change Statement and Notice of Annual
General Meeting
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")
CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING
CHANGE STATEMENT
Shareholders are advised that the annual report for the year ended 28 February
2009 was dispatched to shareholders on 31 August 2009 and contains no material
modifications to the reviewed condensed consolidated results published on SENS
on 4 June 2009 other than those detailed below:
Impairment of the City of Cape Town contract
An impairment charge relating to the City of Cape Town contract has been raised.
The group`s bid to continue to provide traffic contravention systems and
services to the Cape Town municipality was unsuccessful. The existing contract
has been extended for an 18-month period, which commenced on 1 June 2009, in
order to finalise all activities relating to offences currently in the system.
The City of Cape Town contract has been disclosed as a cash generating unit in
accordance with IFRS 8 Operating Segments as it contributed 67% of the group`s
revenue. As a result of the potential loss of earnings, an impairment charge was
necessary. After performing an impairment test, the goodwill on the Cape Town
contract was found to be impaired by an amount of R5 149 273.
The above has resulted in a loss per share of 0.15 cents in 2009 compared to a
loss per share of 0.37 cents in 2008. However headline earnings per share has
increased to a profit 1.20 cents in 2009 from a loss of 0.38 cents per share in
2008.
The audited condensed consolidated results for the year ended 28 February 2009
below takes the impairment charge into account:
CONDENSED CONSOLIDATED INCOME STATEMENT
Reviewed Audited year
year ended ended
28-Feb-09 28-Feb-09
R R
Gross Revenue 99 771 049 99 771 049
Operating profit before interest and 12 998 728 7 849 455
taxation
Net interest paid (4 546 630) (4 628 324)
Profit before taxation 8 452 098 3 221 131
Taxation (3 835 762) (3 812 888)
Profit/(Loss) after tax 4 616 336 (591 757)
Attributable to:
Equity holders of the company 4 616 336 (591 757)
Minority interests - -
Reconciliation of earnings per ordinary
share to headline earnings per ordinary
share
Attributable earnings/(loss) 4 616 336 (591 757)
Adjusted for:
Goodwill impairment - 5 149 273
Surplus on disposal of property, plant and 111 964 155 506
equipment
Total tax effects of adjustments - (43 542)
Headline earnings for the year 4 728 300 4 669 480
Earnings/(Loss) per ordinary share 1.19 (0.15)
attributable to the equity holders of the
company (cents)
Weighted average number of ordinary shares 389 469 130 388 674 488
in issue
Headline earnings per ordinary share (cents) 1.21 1.20
CONDENSED CONSOLIDATED BALANCE SHEET
Reviewed Audited year
year ended ended
28-Feb-09 28-Feb-09
R R
ASSETS
Non-current assets 34 302 244 29 152 972
Current assets 44 735 757 44 654 063
TOTAL ASSETS 79 038 001 73 807 035
EQUITY AND LIABILITIES
Capital and reserves 23 142 264 17 934 171
Non-current liabilities (interest bearing) 27 441 582 27 441 582
Deferred taxation 4 075 281 4 075 281
Current liabilities 24 378 874 24 356 001
TOTAL EQUITY AND LIABILITIES 79 038 001 73 807 035
Total number of ordinary shares in issue at 390 134 690 390 134 690
year end
Net asset value per ordinary share (cents) 5.93 4.60
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
Reviewed Audited
year ended year ended
28-Feb-09 28-Feb-09
R R
Cash flows from operating activities 25 865 420 14 380 665
Cash flows from investing activities (2 074 367) (1 992 672)
Cash flows from financing activities (10 713 143) 689 917
Net movement in cash and cash equivalents 13 077 910 13 077 910
Cash and cash equivalents at the beginning 3 017 737 3 017 737
of the year
Cash and cash equivalents at the end of the 16 095 647 16 095 647
year
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
Share Share BEE Retained Total
capital premium reserve income
R R R R R
Reviewed
Balance as at 29 38 357 17 382 285 (9 923 397) 10 134 588 17 631 833
February 2008
Share issue - (1 621 480) - - (1 621 480)
costs written
off against
share premium
Profit/(Loss) - - - 4 616 336 4 616 336
for the year
Issue of shares 601 2 514 974 - - 2 515 575
Balance as at 28 38 958 18 275 779 (9 923 397) 14 750 924 23 142 264
February 2009
Audited
Balance as at 29 38 357 17 382 285 (9 923 397) 10 134 588 17 631 833
February 2008
Share issue - (1 621 480) - - (1 621 480)
costs written
off against
share premium
Profit/(Loss) - - - (591 757) (591 757)
for the year
Issue of shares 657 3 085 203 - - 3 085 860
Treasury shares (277) (570 008) - - (570 285)
Balance as at 28 38 737 18 276 000 (9 923 397) 9 542 831 17 934 171
February 2009
CONDENSED SEGMENT REPORT FOR THE
GROUP
Cape Town Other Total
R R R
2009 - Reviewed
Total revenue 67 207 549 32 563 500 99 771 049
Total profit/(loss) before tax for 35 975 690 (27 523 592) 8 452 098
reportable segments
2009 - Audited
Total revenue 67 207 549 32 563 500 99 771 049
Total profit/(loss) before tax for 30 826 418 (27 605 287) 3 221 131
reportable segments
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the annual general meeting of shareholders of TCS
will be held on Friday, 30 October 2009 at 10:00 at the offices of the company,
Top Floor, Route 21 Corporate Park, 20 Regency Drive, Irene, Pretoria to
transact the business stated in the notice of annual general meeting, which
notice forms part of the Annual Report.
Pretoria
31 August 2009
Auditors
PricewaterhouseCoopers Inc.
Company Secretary:
Probity Business Services (Proprietary) Limited
Designated Adviser
Merchantec (Proprietary) Limited
Date: 31/08/2009 16:12:02 Produced by the JSE SENS Department.
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