Wrap Text
Unaudited Condensed Interim Financial Results
Workforce Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 2006/018145/06)
(JSE Share Code: WKF ISIN: ZAE000087847)
(“Workforce” or “the group”)
UNAUDITED CONDENSED INTERIM FINANCIAL RESULTS
for the six months ended 30 June 2014
Highlights
• Headline Earnings Per Share (HEPS), and Earnings Per Share (EPS) increased by 231% to 9.6
cents per share.
• Revenue from continuing operations increased by 12% to R872 million.
• Net asset value per share increased to 104 cents per share.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30 June 2014
6 months 6 months Year to
to 30 June to 30 June 31 December
2014 2013 2013
Notes R’000 R’000 R’000
Continuing operations
Revenue 7 871,840 779,265 1,658,802
Cost of sales (679,204) (605,594) (1,324,299)
Gross profit 192,636 173,671 334,503
Operating costs (154,285) (148,198) (304,949)
Earnings before impairment,
depreciation, amortisation,
interest and taxation (EBITDA) 38,351 25,473 29,554
Depreciation and amortisation
of non-financial assets (5,087) (4,245) (8,844)
Operating profit 7 33,264 21,228 20,710
Finance income 771 877 3,233
Finance costs (9,276) (7,442) (15,831)
Profit before taxation 7 24,759 14,663 8,112
Taxation (expense)/credit 8 (619) (1,246) 3,817
Profit for the period from
continuing operations 24,140 13,417 11,929
Loss from discontinued operations (1,924) (6,802) (8,297)
Profit for the period 22,216 6,615 3,632
Other comprehensive
(loss)/income for the period (184) 92 (185)
Fair value (losses)/gains on
available-for-sale financial instruments (184) 92 (185)
Total comprehensive income for the period 22,032 6,707 3,447
Profit for the period attributable to:
Owners of the parent 21,628 6,449 3,519
Non-controlling interests 588 166 113
22,216 6,615 3,632
Total comprehensive
income attributable to:
Owners of the parent 21,444 6,541 3,334
Non-controlling interests 588 166 113
22,032 6,707 3,447
Earnings per share (cents) 9
Basic and fully diluted 9.6 2.9 1.6
Headline 9.6 2.9 1.6
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
for the six months ended 30 June 2014
6 months 6 months Year to
to 30 June to 30 June 31 December
2014 2013 2013
Notes R’000 R’000 R’000
Assets
Non-current assets 97,931 81,958 97,807
Property, plant and equipment 5 7,910 6,945 8,001
Goodwill 41,280 41,340 41,280
Intangible assets 6 19,800 18,348 20,252
Deferred tax assets 27,294 13,617 26,443
Other financial assets 1,647 1,708 1,831
Current assets 447,557 424,012 434,994
Trade and other receivables 441,478 412,545 418,034
Inventories 2,855 3,324 2,581
Taxation 330 6,326 726
Cash and cash equivalents 10 2,894 1,817 13,653
Total assets 545,488 505,970 532,801
Equity and liabilities
Equity 234,238 216,016 212,206
Share capital and premium 236,867 236,867 236,867
Treasury shares (7,616) (7,616) (7,616)
IFRS 3 reverse acquisition adjustment (125,499) 125,499) (125,499)
Available for sale reserve (600) (139) (416)
Retained earnings 130,684 111,986 109,056
Equity attributable to owners
of the parent 233,836 215,599 212,392
Non-controlling interests 402 417 (186)
Non-current liabilities 14,840 12,777 14,736
Financial liabilities 8,998 8,605 8,970
Deferred tax liabilities 5,842 4,172 5,766
Current liabilities 296,410 277,177 305,859
Trade and other payables 103,041 78,982 100,583
Financial liabilities 192,826 198,190 204,578
Taxation 543 - 693
Bank overdrafts 10 - 5 5
Total equity and liabilities 545,488 505,970 532,801
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 June 2014
Attributable to owners of the parent
Share Reverse Available
capital and acquisition Treasury for sale
premium reserve shares reserve
R’000 R’000 R’000 R’000
for the six months ended 30 June 2014
Balance at 1 January 2014 236,867 (125,499) (7,616) (416)
Total comprehensive income
for the period - - - (184)
Balance at 30 June 2014 236,867 (125,499) (7,616) (600)
for the six months
ended 30 June 2013
Balance at 1 January 2013 236,867 (125,499) (7,616) (231)
Total comprehensive income
for the period - - - 92
Balance at 30 June 2013 236,867 (125,499) (7,616) (139)
for the year ended 31 December 2013
Balance at 1 January 2013 236,867 (125,499) (7,616) (231)
Payment of dividends - - - -
Total comprehensive income for the year - - - (185)
Balance at 31 December 2013 236,867 (125,499) (7,616) (416)
Non-
Retained controlling Total
earnings Total interests equity
R’000 R’000 R’000 R’000
for the six months ended 30 June 2014
Balance at 1 January 2014 109,056 212,392 (186) 212,206
Total comprehensive income
for the period 21,628 21,444 588 22,032
Balance at 30 June 2014 130,684 233,836 402 234,238
for the six months ended 30 June 2013
Balance at 1 January 2013 105,537 209,058 251 209,309
Total comprehensive income
for the period 6,449 6,541 166 6,707
Balance at 30 June 2013 111,986 215,599 417 216,016
for the year ended 31 December 2013
Balance at 1 January 2013 105,537 209,058 251 209,309
Payment of dividends - - (550) (550)
Total comprehensive income
for the year 3,519 3,334 113 3,447
Balance at 31 December 2013 109,056 212,392 (186) 212,206
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the six months ended 30 June 2014
6 months 6 months Year to
to 30 June to 30 June 31 December
2014 2013 2013
Notes R’000 R’000 R’000
Cash generated from operations
before net working capital changes 27,046 9,180 6,254
Cash generated from operations 16.1 35,951 16,151 18,554
Finance income 771 877 3,233
Finance costs (9,276) (7,442) (15,831)
Taxation paid (400) (406) 298
(Increase)/Decrease in net
working capital 16.2 21,532) (6,364) 10,184
Cash flows from operating activities 5,514 2,816 16,438
Cash flows from investing activities (4,544) (4,842) 12,831)
Property, plant and
equipment acquired
- maintaining operations 5 (1,765) (1,218) (4,329)
- expanding operations - - (55)
Acquisition of other financial assets - (60) (400)
Proceeds on disposal of property,
plant and equipment - 119 147
Intangible assets acquired
- maintaining operations 6 (2,779) (3,683) (8,194)
Cash flows from financing
activities (11,724) (10,222) (4,019)
Repayment of borrowings (11,724) (10,222) (3,469)
Dividends paid - - (550)
Net change in cash and
cash equivalents (10,754) (12,248) (412)
Cash and cash equivalents
at beginning of the period 13,648 14,060 14,060
Cash and cash equivalents
at end of the period 10 2,894 1,812 13,648
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
for the six months ended 30 June 2014
1. Nature of operations and general information
The principle activities of Workforce Holdings Limited and its subsidiaries are staff
outsourcing, recruitment and specialist staffing and human resources support services
(including the provision of financial and retail lending products).
The consolidated interim financial statements are presented in South African Rand (ZAR), which
is also the functional currency of the parent company.
The consolidated interim financial statements were approved for issue by the Board of
Directors on 22 August 2014
2. Basis of preparation and significant accounting policies
The condensed consolidated interim financial statements have been prepared in accordance with
the JSE Limited’s Listings Requirements for interim financial statements, International
Accounting Standard (IAS) 34, Interim Financial Reporting and the South African Companies Act,
No 71 of 2008, the SAICA Financial Reporting Guides, as issued by the Accounting Practice
Committee, as well as the SAICA Financial Reporting Pronouncements as issued by the Financial
Reporting Standards Council.
The condensed interim financial statements for the six months ended 30 June 2014 were compiled
under the supervision of W van Wyk, the Group Financial Director. The condensed consolidated
interim financial statements have been prepared in accordance with International Financial
Reporting Standards and have been applied consistently with the accounting policies applied in
the Annual Financial Statements for the year ended 31 December 2013.
3. Events after reporting date
No material events occurred between the reporting date and the date of approval of these
condensed financial statements.
4. Auditor’s responsibility
These condensed consolidated interim financial results have not been audited nor reviewed by
the group’s auditors. This is not a requirement of the JSE Listings Requirements.
The auditors are responsible for monitoring compliance with the disclosure requirements of the
JSE.
5. Property, plant and equipment
Motor Computer Industrial Office
vehicles equipment equipment equipment
R’000 R’000 R’000 R’000
6 months to June 2014
Carrying amount at 1 January 2014 2,387 1,800 234 1,797
Additions 620 576 304 81
Depreciation (479) (612) (59) (360)
Carrying amount at 30 June 2014 2,528 1,764 479 1,518
6 months to June 2013
Carrying amount at 1 January 2013 1,101 2,364 133 2,118
Additions 103 386 129 160
Disposals (110) (9) - -
Depreciation (259) (714) (12) (406)
Carrying amount at 30 June 2013 835 2,027 250 1,872
Year to 31 December 2013
Carrying amount at 1 January 2013 1,101 2,364 133 2,118
Additions 2,235 858 180 478
Disposals (109) (11) - (59)
Depreciation (840) (1,411) (79) (740)
Carrying amount at 31 December 2013 2,387 1,800 234 1,797
Leasehold Training Total
improvements manuals
R’000 R’000 R’000
6 months to June 2014
Carrying amount at 1 January 2014 338 1,445 8,001
Additions 18 166 1,765
Depreciation (67) (279) (1,856)
Carrying amount at 30 June 2014 289 1,332 7,910
6 months to June 2013
Carrying amount at 1 January 2013 377 1,564 7,657
Additions 34 406 1,218
Disposals - - (119)
Depreciation (45) (375) (1,811)
Carrying amount at 30 June 2013 366 1,595 6,945
Year to 31 December 2013
Carrying amount at 1 January 2013 377 1,564 7,657
Additions 85 548 4,384
Disposals - - (179)
Depreciation (124) (667) (3,861)
Carrying amount at 31 December 2013 338 1,445 8,001
6. Intangible assets
Computer
Brands software Total
R’000 R’000 R’000
6 months to June 2014
Carrying amount at 1 January 2014 156 20,096 20,252
Additions - 2,779 2,779
Amortisation 25) (3,206) (3,231)
Carrying amount at 30 June 2014 131 19,669 19,800
6 months to June 2013
Carrying amount at 1 January 2013 - 17,224 17,224
Additions - 3,683 3,683
Amortisation - 2,559) (2,559)
Carrying amount at 30 June 2013 - 18,348 18,348
Year to 31 December 2013
Carrying amount at 1 January 2013 - 17,224 17,224
Additions 182 8,012 8,194
Amortisation (26) (5,140) (5,166)
Carrying amount at 31 December 2013 156 20,096 20,252
7. Segment analysis
The group’s segment analysis is based on the following five core business segments:
- Staffing and Recruitment comprises staff outsourcing, which provides human resources to
clients on both a short and long term basis, recruitment and specialist staffing, which
includes permanent and temporary placements, ad-response handling, executive search, call
centre staffing and importing and exporting of skills;
- Financial and Lifestyle Products, which offers a range of lifestyle products and support
services to employees;
- Training and Consulting offers a range of training skills development interventions on a
national basis. These include full qualifications, skills programmes and short courses
specifically tailored to the needs of each sector it serves.
- Employee Health Management, which offers a comprehensive range of on-site and off-site
primary and occupational healthcare management services.
- Process Outsourcing, which focuses on delivering productive and functional business process
outsourcing solutions, including the statutory and legal elements associated therewith.
These operating segments are monitored and strategic decisions are made on the basis of
adjusted segment operating results.
Revenues, profits, assets and liabilities generated for each of the group’s business segments
are summarised as follows:
Staffing Training Financial Employee
and and and Health
Recruitment Consulting Lifestyle Management
R’000 R’000 R’000 R’000
6 Months to June 2014
Segment revenues 758,250 18,466 27,178 13,439
Cost of sales (601,853) (7,731) (8,201) (5,106)
Operating costs (92,390) (9,908) (16,808) (6,899)
EBITDA 64,007 827 2,169 1,434
Depreciation and
amortisation of
non-financial assets (1,028) (410) (1,482) (157)
Segment Operating Profit 62,979 417 687 1,277
Capital expenditure 899 256 312 445
Segment total assets 282,171 12,821 129,092 8,283
Segment total liabilities (67,026) (13,323) (118,161) (5,367)
Net Segment Assets/(Liabilities) 215,145 (502) 10,931 2,916
6 Months to June 2013
Segment Revenues 724,211 16,100 26,475 12,405
Cost of sales (582,924) (6,857) (8,440) (4,682)
Operating costs (94,991) (10,446) (12,555) (7,467)
EBITDA 46,296 (1,203) 5,480 256
Depreciation and amortisation
of non-financial assets (898) (520) (1,122) (83)
Segment Operating Profit 45,398 (1,723) 4,358 173
Capital expenditure 838 567 1,539 75
Segment total assets 315,208 8,568 107,266 6,632
Segment total liabilities (45,331) (2,836) (26,048) (1,527)
Net Segment Assets/(Liabilities) 269,877 5,732 81,218 5,105
Year to 31 December 2013
Segment revenues 1,499,881 33,252 55,983 25,114
Cost of sales (1,239,184) (14,038) (13,984) (9,551)
Operating costs (198,625) (16,284) (29,444) (13,529)
EBITDA 70,148 2,930 12,555 2,034
Depreciation and
amortisation of
non-financial assets (1,885) (931) (2,285) (191)
Segment Operating Profit 67,901 1,999 10,270 1,843
Capital expenditure 3,886 936 3,284 325
Segment total assets 277,613 3,088 121,734 5,978
Segment total liabilities (66,565) (7,152) (119,492) (5,700)
Net Segment
Assets/(Liabilities) 236,774 (4,064) 2,242 278
Process Central Consolidation Total
Outsourcing Cost Entries
R’000 R’000 R’000 R’000
6 Months to June 2014
Segment revenues 57,712 - (3,205) 871,840
Cost of sales (56,313) - - 679,204)
Operating costs (1,901) (29,584) 3,205 (154,285)
EBITDA (502) (29,584) - 38,351
Depreciation and amortisation
of non-financial assets (42) (1,968) - (5,087)
Segment Operating Profit (544) (31,552) - 33,264
Capital expenditure 7 2,625 - 4,544
Segment total assets 17,796 95,325 - 545,488
Segment total liabilities (26,638) (80,735) - (311,250)
Net Segment Assets/
(Liabilities) (8,842) 14,590 - 234,238
6 Months to June 2013
Segment Revenues 4,218 - (4,144) 779,265
Cost of sales (2,691) - - 605,594)
Operating costs (2,021) (24,862) 4,144 (148,198)
EBITDA (494) (24,862) - 25,473
Depreciation and amortisation
of non-financial assets (184) (1,438) - (4,245)
Segment Operating Profit (678) (26,300) - 21,228
Capital expenditure - 1,882 - 4,901
Segment total assets 602 67,694 - 505,970
Segment total liabilities (1,688) (212,524) - (289,954)
Net Segment Assets/(Liabilities) (1,086) (144,830) - 216,016
Year to 31 December 2013
Segment revenues 52,157 - (7,585) 1,658,802
Cost of sales (47,542) - - 1,324,299)
Operating costs (3,174) (51,478) 7,585 (304,949)
EBITDA 1,441 (51,478) - 29,554
Depreciation and amortisation
of non-financial assets (77) (3,475) - (8,844)
Segment Operating Profit 1,364 (54,953) - 20,710
Capital expenditure 306 3,659 - 12,396
Segment total assets 8,292 116,096 - 532,801
Segment total liabilities (8,390) (113,296) - (320,595)
Net Segment Assets/(Liabilities) (98) 2,800 - 212,206
8.Taxation
The effective tax rate of 2.5% (2013: 8.5%) for the period was based on the anticipated
weighted average tax rate for the full financial year. The low tax rate is due to learnership
allowances as well as employment tax incentive income.
9.Earnings Per Share
6 months 6 months year to
30 June 30 June December
2014 2013 2013
Basic Earnings Per Share
Profit attributable to equity shareholders
of the parent company (R ‘000) 21,628 6,449 3,519
Weighted average number of shares
in issue (R‘000) 225,630 225,630 225,630
Basic earnings per share (cents) 9.6 2.9 1.6
There are no potential dilutive shares,
therefore diluted earnings per share equates
to basic earnings per share.
Headline Earnings Per Share
The earnings used in the calculation of
headline earnings per share are as follows:
Profit after taxation (R’000) 21,628 6,449 3,519
Headline earnings adjustment (R’000)
- Loss on disposal of property,
plant and equipment - 198 33
Tax effect of adjustments - (55) (9)
Total headline earnings (R’000) 21,628 6,592 3,543
Weighted average number of
shares in issue (‘000) 225,630 225,630 225,630
Headline Earnings Per Share (cents) 9.6 2.9 1.6
Headline Earnings Per Share
from Continuing operations
The earnings used in the calculation
of headline earnings from continuing
operations are as follows:
Headline earnings (R’000) 21,628 6,592 3,543
- Loss from discontinued operation 1,924 6,802 8,297
Total headline earnings (R’000) 23,552 13,394 11,840
Weighted average number of shares
in issue (‘000) 225,630 225,630 225,630
Headline earnings per share (cents)
from Continuing operations 10.4 5.9 5.2
10.Cash and cash equivalents
6 months 6 months year to
30 June 30 June December
2014 2013 2013
Cash and cash equivalents include
the following components:
Cash at bank and on hand 2,894 1,817 13,653
Bank overdraft - (5) (5)
2,894 1,812 13,648
11.Dividends
No dividend was declared relating to the period under review.
12.Business combinations
There were no business combinations during the period under review.
13.Related party transactions
The group, in the ordinary course of business, entered into various sale and purchase
transactions on an arm’s length basis at market rates with related parties.
14.Changes to the Board
There have been no changes to the Board in the current period.
15.Other significant matter
The employment tax incentive introduced in January 2014 incentivises companies that employ
young job seekers. The effect of this incentive on the group’s results has been substantial
and has been treated as a deduction of the relevant wage expense in terms of IAS20 :
Accounting for government grants and disclosure of government assistance.
16. Notes to the Condensed Consolidated Statement of cash flows
16.1 Cash generated from operations
Profit before taxation from
continuing operations 24,759 14,663 8,112
Loss before taxation from
discontinued operations (2,672) (9,447) (11,523)
Interest and dividend income (771) (877) (3,233)
Finance costs 9,276 7,442 15,831
Adjustment for non-cash items:
Depreciation and amortisation of
non-financial assets 5,087 4,370 9,026
Loss on disposal of property,
plant and equipment - - 33
Share option grants 272 - 308
35,951 16,151 18,554
16.2 Working capital changes
Change in trade and other receivables (23,444) (12,287) (17,773)
Change in inventories (274) (126) 617
Change in share-based payment (272) - (308)
Change in trade payables 2,458 6,049 27,648
(21,532) (6,364) 10,184
17.Discontinued Operations
As previously communicated to shareholders, the Programmed Construction business has been
discontinued. The 2014 costs represents bad debt write-offs relating to this business, as
shown below:
6 months to 6 months to Year to 31
30 June 30 June December
2014 2013 2013
R’000 R’000 R’000
Analysis of profit/(loss) for the
year from discontinued operations
The comparative profit and cash flows
from discontinued operations have been
represented to include those operations
classified in the current year.
Condensed Consolidated Statement
of comprehensive income
Revenue - 3,219 1,964
Cost of sales (7,785) (8,144)
Gross loss - (4,566) (6,180)
Operating costs (2,672) (4,756) (5,161)
Loss before impairment, depreciation,
amortisation, interest and taxation (2,672) (9,322) (11,341)
Depreciation and amortisation of
non-financial assets - (125) (182)
Operating loss (2,672) (9,447) (11,523)
Loss before taxation (2,672) (9,447) (11,523)
Taxation 748 2,645 3,226
Loss for the year from
discontinued operations (1,924) (6,802) (8,297)
Condensed Consolidated Statement of
financial position
Total assets 7,477 17,019 11,727
Trade and other receivables 685 11,911 5,683
Taxation 6,792 4,722 6,044
Property, plant and equipment - 362 -
Cash and cash equivalents - 24 -
Total equity and liabilities 7,477 17,019 11,727
Retained earnings (20,285) (16,866) (18,361)
Loan from group companies 26,022 32,713 29,483
Trade and other payables 1,740 1,172 605
6 months to 6 months to Year to 31
30 June 30 June December
2014 2013 2013
R’000 R’000 R’000
Condensed Consolidated Statement
of Cash flows
Net cash flows from operating activities 3,461 (709) 2,466
Net cash flows from investing activities - (32) -
Net cash flows from financing activities (3,461) 735 (2,496)
Net cash flows from discontinuing operations - (6) (30)
18.Group net asset value per share (cents per share)
6 months to 6 months to Year to 31
30 June 30 June December
2014 2013 2013
R’000 R’000 R’000
The net asset value per share and weighted
average number of ordinary shares used
in the calculation of basic earnings per
share are as follows:
Group net asset value 233,836 215,599 212,392
Weighted average number of
ordinary shares in issue (‘000) 225,630 225,630 225,630
104 96 94
The results for Workforce Holdings Limited for the first 6 months of 2014 are pleasing.
Consolidated revenue for the year increased by 12% to R872 million. Gross margins remained
consistent at 22% and operating expenses increased marginally by 4.1%. EBITDA as adjusted to
reflect continuing operations closed at R38.4 million, an increase of 51% on the same period
last year. Debtors days outstanding reduced to 49 days down from 51 days in the comparative
period. Cash flows from operating activities improved marginally to R5.5 million (2013: R2.8
million). Net interest bearing debt remained static at R199 million compared to December 2013.
Net debt to equity improved to 0.85:1 (2013: 0.95:1). Interest cover remains healthy at 4.5
times. Earnings per share increased by 231% to 9.6 cents per share.
The Group’s staffing and recruitment segment delivered average growth which is typical of the
first 6 months of the year. The impending legislative changes affected volumes negatively in
some clients, however these losses were mitigated by securing sizeable contracts which will
realise full value during the next reporting period.
The Training and Consulting segment of the Group continued with its recovery. Training Force,
the Group’s training subsidiary, increased revenue by 21% and reported a R3.7 million
turnaround in EBITDA.
The Financial and Lifestyle Products segment reported flat revenue growth with increased
operational costs as a result of investment in collection and debt recovery resources and
systems. The segment is expected to perform favourably against budget for the remainder of the
year.
Employee Health Management, trading under the brand Workforce Healthcare realised operational
cost savings through the implementation of new business processes and systems, which increased
EBITDA to R1.4 million. The Group made further investment in the Process Outsourcing segment
and managed to secure major contracts in this market. Earnings in this segment are expected to
increase during the next reporting period.
Incentives with regard to job creation and training will be to the advantage of the Group
given the significant role that we play in this regard. In January 2014 the employment tax
incentive (ETI) was introduced which seeks to incentivise companies that employ young job
seekers. The Group is already benefiting from these incentives and will continue to do so for
as long as these remain in place. In addition to this the Group continues to deliver on
learnerships and benefits from the associated tax incentives.
Management expects the positive trends developed in this reporting period to continue for the
rest of the year.
For and on behalf of the board,
RS Katz LH Diamond WP van Wyk
(Chairman) (Chief Executive Officer) (Group Financial Director)
Johannesburg
25 August 2014
Executive directors
RS Katz, LH Diamond, WP van Wyk
Non-executive directors
NM Anderson, JR Macey*, L Letlape*, K Vundla*
Designated Adviser
Merchantec Capital
Company secretary
S van Schalkwyk
Registered office
The registered office, which is also its principal place of business, is 11 Wellington Road,
Parktown, 2193.
Transfer secretaries
Link Market Services South Africa Proprietary Limited
11 Diagonal Street, Johannesburg, 2001
Date: 25/08/2014 03:07:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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