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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 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
