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TFX
TFX
TFX - Top Fix - Abridged, Unaudited Interim Results for the Six Months Ended
31 December 2006
TOP FIX HOLDINGS LIMITED
(formerly Nutcreek Investments (Proprietary) Limited)
(Incorporated in the Republic of South Africa)
(Registration number 2006/011359/06)
JSE code: TFX
ISIN: ZAE000088423
("Top Fix", or "the Group")
ABRIDGED, UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED
31 DECEMBER 2006
INCOME STATEMENTS
R`000 Six months *Pro forma
ended Year ended
31 December 30 June
2006 2006
Turnover 99,918 163,158
Cost of sales -72,915 -112,196
Gross profit 27,003 50,962
Operating expenses -16,256 -25,018
Operating profit 10,747 25,944
Fair value adjustment 3,435 -
Net interest paid -1,375 -2,441
Profit before taxation 12,807 23,503
Taxation -2,962 -7,350
Profit for the period 9,845 16,153
Shares in issue (`000) 185,000 160,000
Weighted average shares in issue
issue (`000)
- Basic 164,167 160,000
- Fully diluted 164,167 160,000
Earnings per share/headline
earnings
per share (cents)
- Basic 6.0 10.1
- Fully diluted 6.0 10.1
BALANCE SHEETS
R`000 31 December 30 June
2006 2006
ASSETS
Non-current assets 88,469 78,816
Property, plant and equipment 30,455 20,802
Intangible assets 58,014 58,014
Current assets 68,001 41,894
Inventories 1,714 5,773
Accounts receivable 47,550 36,035
Bank and call deposits 18,737 86
TOTAL ASSETS 156,470 120,710
EQUITY AND LIABILITIES
Shareholders` equity 107,368 74,126
Non-current liabilities 5,162 5,399
Interest bearing debt 2,984 2,333
Deferred taxation (net) 2,178 3,066
Current liabilities 43,940 41,185
Interest bearing debt 14,002 10,997
Accounts payable and provisions 19,954 23,617
Taxation 9,984 6,571
TOTAL EQUITY AND LIABILITIES 156,470 120,710
Net asset value per share (cents) 58.0 46.3
Net tangible asset value per share
(cents) 26.7 10.1
CASH FLOW STATEMENTS
R`000 Six months
ended Year ended
31 December 30 June
2006 2006
Cash from operating activities 4,984 -
Net interest paid -1,375 -
Taxation paid -437 -
Cash flow from operations 3,172 -
Cash flow from investing activities -11,574 -8,200
Investment in new operations -8,200
Net investment in property, plant
and equipment -11,574 -
Cash flow from financing activities 23,460 -124
Shareholder funding 23,397 -124
Increase in interest bearing
liabilities 63 -
Increase/(decrease) in net cash 15,058 -8,324
Net cash resources/(borrowings) 6,734 -8,324
Bank and call deposits 18,737 86
Bank overdrafts and debtors
discounting -12,003 -8,410
STATEMENTS OF CHANGES IN EQUITY
R`000 Six months
ended Year ended
31 December 30 June
2006 2006
Equity at beginning of period 74,126 -
Share issues 23,397 74,126
Attributable profit for the period 9,845 -
Equity at end of period 107,368 74,126
SEGMENT ANALYSIS
R`000 Six months *Pro forma
ended Year ended
31 December 30 June
2006 2006
Turnover
Scaffolding 33,021 77,177
Personnel outsourcing 64,626 81,089
Safety surveillance 3,679 4,892
Internal/head office -1,408 -
Total group 99,918 163,158
Operating income
Scaffolding 4,904 19,933
Personnel outsourcing 4,689 4,824
Safety surveillance 1,155 1,187
Internal/head office -1 -
Total group 10,747 25,944
*The Top Fix Holdings Group did not trade for the year ended 30 June 2006 -
these are pro forma results of the individual subsidiaries prior to acquistion
by the Group in June 2006 as per the pre-listing statement
Results:
Top Fix Holdings acquired the shares in its Scaffolding, Personnel Outsourcing
and Safety Surveillance operations on 29 June 2006 and listed on the JSE
Limited`s Alternative Exchange ("ALTx") on 7 December 2006. Top Fix also
raised R25 million of capital at that date to fund the planned change in focus
of the Scaffolding division as detailed below.
As expected, operating results of the Scaffolding operation to December 2006
were adversely affected by the expiry of joint venture contracts where Top Fix
provided personnel and the partners provided scaffolding equipment. Prior to
expiry of these joint ventures, marketing efforts were aimed at replacing them
with contracts providing a complete service, supplying both scaffolding and
personnel. Scaffolding stock has been increased to meet equipment requirements
for orders received. Capital expenditure of R12 million has been incurred since
listing from the capital raised.
Both the Personnel Outsourcing and Safety Surveillance divisions have achieved
exceptional results for the half year, achieving earnings almost equal to their
full prior financial year earnings.
The fair value adjustment arises from a claim against SA Revenue Services,
included as an asset of the Personnel Outsourcing operation at 30 June 2006 at
a value of R0,8 million (full value R1,6 million) which has been recovered in
full, plus interest and penalties previously levied of R2,7 million.
Basis of Preparation:
The results have been prepared in terms of International Financial Reporting
Standards ("IFRS").
Prospects:
Personnel Outsourcing and Safety Surveillance are expected to maintain their
first half performance in the six month period to June 2007.With the additional
scaffolding equipment brought into service for the half year to date, plus
additional scaffolding to be manufactured in the second six months from the
proceeds of the share issue in December 2006, the Scaffolding operation has
orders in place to achieve profits more than double those of the first half.
The Group is confident of achieving an operating profit of R31 million as
forecast in the pre-listing statement. This represents a 19% improvement on the
results achieved by the individual operating companies in the previous year.
Declaration of dividend:
In line with Group policy, no dividend has been declared for the period.
Cautionary announcement:
Shareholders are reminded of the cautionary announcement issued on 8 February
2007 in which shareholders were advised that Top Fix has entered into
negotiations which, if successfully concluded, may have a material effect on
the price of Top Fix`s securities. Accordingly shareholders are advised to
exercise caution when dealing in Top Fix`s securities until a full
announcement is made.
For and on behalf of the Board
BT Ngcuka (Chairman) BW Marais (Chief Executive)
Directors:
BT Ngcuka* (Chairman); BW Marais (CEO); JA Barker (Financial Director);
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 Advisor:
Ernst & Young Sponsors (Pty) Ltd, Wanderers Office Park, 52
Corlett Drive, Illovo 2196 (PO Box 2322, Johannesburg 2000)
Date: 14/03/2007 15:15:01 Produced by the JSE SENS Department.
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