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TFX
TFX
TFX - Top Fix - No Change Statement and Notice of Annual General Meeting
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")
NO CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING
Shareholders are advised that the Annual Report for the year ended 30 June 2010
was dispatched on or about 30 December 2011 and contains no modifications to the
reviewed provisional results published on 3 October 2011 (the "Reviewed
Results") other than those below.
Two changes were made to the Reviewed Results, but profits are NOT affected:
* A R1,5 million improved operating cash flow, offset by the same amount
increasing the investing outflow. Refurbishment costs on scaffolding
equipment sold, previously treated as an operating cash outflow has now
been treated as an offset against disposal proceeds; and
* An increase in inventories/current assets off R300 000, offset by a
decrease in Long Term Assets Held for Sale - impairment provisions
previously offset against inventories have been transferred to Long Term
Assets Held for Sale.
TOP FIX HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
Reviewed Audited Change
R`000 Year Year
ended ended
30 June 30 June
2011 2011
Revenue 316 200 316 200 -
Cost of sales ( 236 ( 236 -
505) 505)
Gross profit 79 695 79 695 -
Net operating expenses ( 62 127) ( 62 127) -
Operating profit 17 568 17 568 -
Impairment of goodwill - - -
Interest received 28 28 -
Interest paid ( 3 492) ( 3 492) -
Profit/(loss) before 14 104 14 104 -
taxation
Taxation ( 4 187) ( 4 187) -
Profit/(loss) attributable -
to the equity
holders of the parent 9 917 9 917 -
Other comprehensive income - - -
Total comprehensive -
income/(loss)
attributable to equity 9 917 9 917 -
holders of the parent
Weighted average shares in 203 182 203 182 -
issue (`000)
Earnings/headline earnings
per share
(cents)
Earnings/(loss) per share 4,9 4,9 -0,0
Headline earnings per share 6,8 6,8 0,0
Calculation of headline
earnings
Attributable earnings/(loss) 9 917 9 917 -
Impairment of goodwill - - -
Loss on disposal of
property,plant and
equipment (after taxation) 3 943 3 943 ( )
Headline earnings 13 860 13 860 -0
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
Reviewed Audited Change
R`000 30 June 30 June
2011 2011
ASSETS
Non-current assets 126 283 126 283 -
Property, plant and 109 741 109 741 -
equipment
Goodwill 13 980 13 980 -
Investment in and loans to 1 124 1 124 -
joint ventures
Deferred taxation 1 438 1 438 -
Current assets 70 546 70 846 ( 300)
Inventories 6 879 7 179 ( 300)
Trade and other receivables 62 422 62 422 -
Bank and call deposits 1 245 1 245 -
Non-current assets held for
sale
Property, plant and 2 080 1 780 300
equipment (scaffolding)
TOTAL ASSETS 198 909 205 801 ( 6 892)
EQUITY AND LIABILITIES
Capital and reserves 151 639 151 639 -
Non-current liabilities 1 879 1 879 -
Interest bearing liabilities 1 846 1 846 -
Deferred taxation 33 33 -
Current liabilities 45 391 45 391 -
Interest bearing liabilities 5 956 5 956 -
Bank overdrafts and invoice 18 216 18 216 -
discounting
Trade and other payables 19 174 19 174 -
Taxation payable 2 045 2 045 -
TOTAL EQUITY AND LIABILITIES 198 909 198 909 -
Shares in issue (`000) 203 182 203 182 -
Net asset value per share 74,6 74,6 0,0
(cents)
Net tangible asset value per 67,8 67,8 -0,0
share (cents)
CONSOLIDATED STATEMENT OF CASH FLOWS
Reviewed Audited Change
R`000 Year Year
ended ended
30 June 30 June
2011 2011
Cash flows from operating 8 316 9 812 ( 1 496)
activities
Cash generated by operations 20 432 21 928 ( 1 496)
Interest received 28 28 -
Interest paid ( 3 492) ( 3 492) -
Taxation paid ( 8 652) ( 8 652) -
Cash flows from investing ( 336) ( 1 832) 1 496
activities
Investment in/disposal of 821 821 -
operations
Investment in/disposal of
property,
plant and equipment ( 1 157) ( 2 653) 1 496
Cash flows from financing
activities
Movement in loans payable ( 12 008) ( 12 008) -
(Decrease)/ncrease in cash ( 4 028) ( 4 028) -
resources
Cash resources at beginning ( 12 943) ( 12 943) -
of year
Cash resources at end of ( 16 971) ( 16 971) -
year
Cash resources ( 16 971) ( 16 971) -
Bank and call deposits 1 245 1 245 -
Bank overdraft and invoice ( 18 216) ( 18 216) -
discounting
CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
Reviewed Audited Change
R`000 Year Year
ended ended
30 June 30 June
2011 2011
Equity at beginning of year 141 722 141 722 -
Attributable profit/(loss) 9 917 9 917 -
for the year
Equity at end of year 151 639 151 639 -
SEGMENT ANALYSIS
Reviewed Audited Change
R`000 Year Year
ended ended
30 June 30 June
2011 2011
REVENUE
Scaffolding 56 943 56 943 -
Personnel outsourcing 247 524 247 524 -
Total revenue 252 475 252 475 -
Internal ( 4 951) ( 4 951) -
Safety surveillance 11 733 11 733 -
Total Group 316 200 316 200 -
SEGMENT PROFIT FROM
OPERATIONS
Operating profit/(loss) 17 568 17 568 -
Scaffolding ( 14 430) ( 14 430) -
Personnel outsourcing 29 051 29 051 -
Safety surveillance 2 948 2 948 -
Head office ( 1) ( 1) -
Impairments
Scaffolding goodwill - - -
Net interest (paid)/received ( 3 464) ( 3 464) -
Scaffolding ( 3 428) ( 3 428) -
Personnel outsourcing 28 28 -
Safety surveillance ( 64) ( 64) -
Head office - - -
Profit/(loss) before 14 104 14 104 -
taxation
Scaffolding ( 17 858) ( 17 858) -
Personnel outsourcing 29 079 29 079 -
Safety surveillance 2 884 2 884 -
Head office ( 1) ( 1) -
The Annual Report will also be available to download from the Top Fix website at
www.topfixholdings.co.za.
Notice is hereby given that the annual general meeting of shareholders of TopFix
will be held at the Protea Hotel, Midrand at 10:00 on Wednesday, 29 February
2012, to conduct the business stated in the notice of the annual general
meeting, which is contained in the Annual Report.
Pretoria
3 January 2012
Designated advisor
QuestCo Sponsors (Pty) Limited
Date: 03/01/2012 08:48:01 Produced by the JSE SENS Department.
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