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TFX
TFX
TFX - Top Fix - Unaudited Results For The 6 Months Ended 31 December 2009
Top Fix Holdings Limited
Incorporated in the Republic of South Africa
Registration number: 2006/011359/06
Share code: TFX
ISIN code: ZAE000088423
("Top Fix" or "the Company")
UNAUDITED RESULTS FOR THE 6 MONTHS ENDED 31 DECEMBER 2009
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
6 months ended 31 December Year ended
R`000 2009 2008 30 June
2009
Unaudited Audited
Unaudited
Revenue 162 739 322 500
169 808
Cost of sales (109 457) (221 619)
(109 812)
Gross profit 53 282 100 881
59 996
Net operating (34 860) (64 892)
expenses (39 334)
Operating profit 18 422 35 989
20 662
Interest received 1 711 3 836
1 012
Interest paid (3 006) (8 079)
(2 496)
Profit before 17 127 31 746
taxation 19 178
Taxation (4 873) (9 318)
(5 430)
Profit attributable
to the equity holders
of
the parent 12 254 22 428
13 748
Other comprehensive - -
income -
Total comprehensive
income attributable to
the equity holders of 12 254 22 428
the parent 13 748
Weighted average 203 182 203 182
shares in issue (`000) 203 182
Earnings /diluted
earnings per share
(cents)
Earnings per share 6.0 11.0
6.8
Headline earnings per 6.0 11.0
share 6.8
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
31 December 30 June
R`000 2009 2008 2009
Audited
Unaudited Unaudited
ASSETS
Non-current assets
186 499 175 150 179 603
Property, plant and
equipment 126 340 116 827 120 493
Goodwill
58 014 58 014 58 014
Investment in joint
venture 1 459 - 567
Deferred taxation
686 309 529
Current assets
81 178 78 909 88 505
Inventories
10 652 1 486 4 791
Trade and other
receivables 64 780 76 987 81 905
Bank and call deposits
5 746 436 1 809
TOTAL ASSETS
267 677 254 059 268 108
EQUITY AND LIABILITIES
Capital and reserves
193 146 169 224 179 398
Non-current liabilities
15 914 21 899 22 794
Interest bearing
liabilities 6 004 15 635 14 774
Deferred taxation
9 910 6 264 8 020
65 916
Current liabilities
58 617 62 936 65 916
Interest bearing
liabilities 17 894 17 301 13 840
Bank overdrafts and
invoice discounting 11 828 6 319 16 752
Trade and other payables
22 998 31 514 28 837
Taxation payable
5 897 7 802 6 487
TOTAL EQUITY AND
LIABILITIES 267 677 254 059 268 108
-
Shares in issue (`000)
203 182 203 182 203 182
Net asset value per share
(cents) 95.1 83.3 88.3
Net tangible asset value
per share (cents) 66.5 54.7 59.7
CONSOLIDATED STATEMENT OF CASH FLOWS
6 months ended 31 Year
December ended
R`000 2009 2008 30 June
2009
Audited
Unaudited Unaudited
Cash flow from operations
23 408 6 359 8 439
Cash generated by
operations 29 179 7 704 15 762
Interest received
1 012 1 711 3 836
Interest paid
(2 496) (3 005) (6 837)
Taxation paid
(4 287) (51) (4 322)
Cash flow from investing
activities (9 831) (3 337) (10 155)
Investment in/disposal of
operations (892) - (234)
Net investment in
property, plant and
equipment
(8 939) (3 337) (9 921)
Cash flow from financing
activities
Movement in loans payable
(4 716) 6 155 1 833
Increase cash resources
8 861 9 177 117
Cash resources at
beginning of period (14 943) (15 060) (15 060)
Cash resources at end of
period (6 082) (5 883) (14 943)
Cash resources
(6 082) (5 883) (14 943)
Bank and call deposits
5 746 436 1 809
Bank overdraft and invoice
discounting (11 828) (6 319) (16 752)
CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
6 months ended 31 Year
December ended
R`000 2009 2008 30 June
2009
Audited
Unaudited Unaudited
Equity at beginning of
period 179 398 156 970 156 970
Total comprehensive income
for the period 13 748 12 254 22 428
Equity at end of period
193 146 169 224 179 398
SEGMENT REPORTING
6 months ended 31 Year
December ended
R`000 2009 2008 30 June
2009
Audited
Unaudited Unaudited
Revenue
Scaffolding
53 341 52 792 104 709
Personnel outsourcing
110 766 106 383 208 823
Total revenue
112 982 108 156 212 245
Internal
(2 216) (1 773) (3 422)
Safety surveillance
5 701 3 564 8 968
Total Group
169 808 162 739 322 500
Segment profit from
operations
Operating profit
20 662 18 422 35 989
Scaffolding
8 342 9 767 18 166
Personnel outsourcing
10 345 8 621 15 567
Safety surveillance
1 835 (30) 2 300
Head office
140 64 (44)
Net interest
(paid)/received (1 484) (1 295) (4 243)
Scaffolding
(2 077) (1 897) (4 481)
Personnel outsourcing
592 691 436
Safety surveillance
- (90) (202)
Head office
1 1 4
Profit before taxation
19 178 17 127 31 746
Scaffolding
6 265 7 870 13 685
Personnel outsourcing
10 937 9 312 16 003
Safety surveillance
1 835 (120) 2 098
Head office
141 65 (40)
COMMENTARY ON THE GROUP`S RESULTS
The Group achieved earnings for the 6 months ended 31 December 2009 of R13,7
million and earnings per share of 6,8 cents, a 12% increase on those achieved
for the corresponding period last year. This is despite the negative impact of
the recession which followed the global economic crisis which occurred in the
second half of 2008.
Operating profit at R20,7 million increased 12% from R18,4 million for the 6
months to 31 December 2008. With net interest paid of R1,5 million for the
period to December 09, in line with the prior year, profit before taxation also
increased 12% to R19,2 million. These earnings increases occurred on a 4%
increase in revenue to R170 million.
Significant improvements have been made in debtors levels which have decreased
by R17 million since 30 June 2009 to R65 million. Recovery procedures are
continuing against a former partner in a scaffolding joint venture agreement as
well as other large debtors, still currently outstanding, that were recorded at
30 June 2008. As noted in previous financial announcements these debtors`
balances have been impaired and any recoveries thereon will result in additional
attributable earnings to the Group.
With the improvement in the debtors balance, the Group achieved a net cash
inflow from operations of R23,4 million for the current interim financial
period.
Scaffolding
Affected by the current recession, Scaffolding`s operating profit of R8,3
million for the 6 months to 31 December 2009 compares to R9,8 million for the 6
months to 31 December 2008. The Scaffolding operation has recently been awarded
contracts in Richards Bay estimated at turnover of R100 million spread over 3
years with positive earnings potential for the second half of the financial
year.
Personnel Outsourcing
Personnel Outsourcing achieved an operating profit for the interim period to 31
December 2009 of R10,3 million, compared to interim profits of R8,6 million to
31 December 2008. Contracts awarded in the year to 30 June 2009 in the power
generation sector (new power stations) and maintenance of mechanical mining
equipment in the coal mining industry (existing power stations and exports)
continued to grow and contributed significantly to the performance in the
personnel outsourcing division.
Safety Surveillance
The Safety Surveillance operating profit of R1,8 million for the 6 months ended
31 December 2009, compares to a break even position for the comparable period
last year. Price escalations on standing contracts awarded in the second half of
the prior year are partly responsible for this improvement. In addition,
accruals have been raised for services rendered, but not invoiceable until the
second half of the year.
RELATED PARTY TRANSACTIONS
An amount of R14,4 million is due by the Group to MBM Technical Services
(Proprietary) Limited, a company controlled by Mr BW Marais. R9,5 million of the
loan is unsecured, interest free and is repayable subject to 12 months notice,
which notice was given on 1 July 2009. The remaining R4,9 million which bears
interest at the prime overdraft rate plus 1% is repayable on demand. Interest
charges of R1,1 million have been raised on this loan for the 6 months to 31
December 2009, including an imputed interest charge of R0,6 million on the
interest-free portion.
FUTURE PROSPECTS
The recent Scaffolding expansion programme and local shortage of skilled
artisans leave both the Scaffolding and Personnel Outsourcing operations well
placed to take advantage of opportunities in South Africa. In addition, with the
Scaffolding operation`s recently awarded contracts in Richards Bay, the Group
expects to achieve satisfactory results for the year to 30 June 2010, should
there be no further economic deterioration.
BASIS OF PREPARATION AND ACCOUNTING POLICIES
The results for the 6 months ended 31 December 2009 have been prepared in
accordance with International Financial Reporting Standards, IAS34, the JSE
Listing Requirements and the Companies Act of South Africa. The financial
information for the 6 months ended 31 December 2009 has been prepared adopting
the same accounting policies used in the most recent annual financial
statements.
CAPITAL COMMITMENTS AND CONTINGENCIES
The Group had no significant outstanding capital commitments or contingencies as
at 31 December 2009.
DIVIDEND DECLARATION
In line with current Group policy, no dividend has been declared for the period.
For and on behalf of the Board
BT Ngcuka (Chairman) BW Marais (Chief Executive)
2 February 2010
Bryanston
Designated Advisor: QuestCo Sponsors (Pty) Limited
Date: 02/02/2010 14:00:02 Produced by the JSE SENS Department.
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