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Change Statement and Notice of Annual General Meeting
Workforce Holdings Limited
Incorporated in the Republic of South Africa
(Registration number 2006/018145/06)
Share code: WKF ISIN: ZAE000087847
(“Workforce” or “the company”)
CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING
Change Statement
Shareholders are advised that the integrated annual report for the year ended 31 December 2020, was
distributed to shareholders on 28 April 2021 and is also available on the Company’s website,
https://www.workforce.co.za/annual-reports/. The annual financial statements (“AFS”) forming part of the
integrated annual report contains no modifications to the reviewed provisional results published on SENS on
31 March 2021 (“Reviewed Results”), other than those detailed below:
Group Statement of Financial Position
As at 31 December 2020
Audited AFS Reviewed Results
(R’000) (R’000)
Assets
Non-current assets 448 525 448 525
Right-of-use assets 57 126 57 126
Property, plant and equipment 20 651 20 651
Goodwill 215 780 215 780
Intangible assets 77 325 77 325
Deferred tax assets 71 012 71 012
Other financial assets 6 631 6 631
Current assets 851 308 851 308
Trade and other receivables and advances 765 459 765 459
Inventories 3 907 3 907
Taxation 2 675 2 675
Cash and cash equivalents 79 267 79 267
Total assets 1 299 833 1 299 833
Equity and liabilities
Equity 734 242 734 242
Equity attributable to owners of the parent 730 564 730 564
Stated capital 234 051 234 051
Treasury shares (13 075) (13 075)
Foreign exchange differences on translation of foreign operations (2 444) (2 444)
Equity-settled employee benefits reserve 5 555 5 555
Retained earnings 506 477 506 477
Non-controlling interests 3 678 3 678
Non-current liabilities 70 730 37 870
Financial liabilities 21 026 21 026
Lease liabilities 47 313 14 453
Deferred tax liabilities 2 391 2 391
Current liabilities 494 861 527 721
Trade and other payables 226 616 226 616
Financial liabilities 253 807 253 807
Lease liabilities 14 438 47 298
Total equity and liabilities 1 299 833 1 299 833
The differences were owing to a liability of R 32.86 million that was incorrectly stated in current liabilities that
should have in fact been included in non-current liabilities.
Group Statement of Cashflows
For the year ended 31 December 2020
Audited AFS Reviewed
(R’000) Results
(R’000)
Cash generated from operations before net working capital 43 696 35 166
changes
Cash generated from operations 61 346 52 816
Finance income 745 745
Finance costs (14 602) (14 602)
Taxation paid (3 793) (3 793)
Increase/(decrease) in net working capital 129 087 129 087
Cashflow from operating activities 172 783 164 253
Cashflow from investing activities (27 924) (13 971)
Property, plant and equipment acquired (8 830) (8 830)
Proceeds on disposal of property, plant and equipment 293 293
Dividend income 644 644
Intangible assets acquired – maintaining operations (6 196) (6 196)
Payment of contingent consideration for business combinations (13 953) (13 953)
Acquisition of business 118 118
Cashflow from financing activities (114 600) (120 023)
Repayment of borrowings (90 778) (96 201)
Proceeds from borrowings 10 000 10 000
Payment of lease liabilities (25 741) (25 741)
Payment for buy-back of shares – –
Payment of contingent consideration for business combinations (7 415) (7 415)
Dividends paid (666) (666)
Net change in cash and cash equivalents 30 259 30 259
Cash and cash equivalents at the beginning of the year 49 008 49 008
Cash and cash equivalents at the end of the year 79 267 79 267
The net differences from the above changes to the Statement of Cashflows is zero.
There were no changes to the earnings per share, headline earnings per share, Statement of Comprehensive
Income and Statement of Changes in Equity from the Reviewed Results to the Audited AFS.
Notice of Annual General Meeting
Notice is hereby given that the annual general meeting of shareholders of Workforce will be held at 10:00 on
Thursday, 27 May 2021 at 11 Wellington Road, Parktown or via Microsoft Teams to transact the business
stated in the notice of the annual general meeting, which is contained in the integrated annual report.
The board of directors of the company determined that, in terms of section 62(3)(a), as read with section 59
of the Companies Act, 71 of 2008, as amended, the record date for the purposes of determining which
shareholders of the company are entitled to participate in and vote at the annual general meeting is Friday,
21 May 2021. Accordingly, the last day to trade Workforce shares in order to be recorded in the register to be
entitled to vote will be Tuesday, 18 May 2021.
Johannesburg
28 April 2021
Designated Adviser
Merchantec Capital
Date: 28-04-2021 11:00:00
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