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QUY
QUY
QUY - Quyn - Reviewed Preliminary Results: year ended 28 February 2007
Quyn Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/012245/06)
("Quyn")
(Share code: QUY & ISIN: ZAE000017257)
Reviewed Preliminary Results for the year ended 28 February 2007
UP 89%
ATTRIBUTABLE PROFIT
R34 million (2006: R18 million)
UP 65%
NET ASSET VALUE
R76 million (2006: R46 million)
UP 21%
GROSS REVENUE
R264 million (2006: R218 million)
ABRIDGED GROUP INCOME STATEMENT
YEAR ENDED 28 FEBRUARY
2007 2006
R`000 (reviewed) (audited)
Revenue 263 816 217 776
Income before interest and 22 356 13 654
revaluations
Revaluation of investment property 16 912 12 832
Interest received 1 381 1 539
Interest paid (10 463) (7 648)
Net income before taxation 30 186 20 377
Taxation 3 818 (2 592)
Income after taxation 34 004 17 786
Income attributable to:
Shareholders of the company 33 960 17 734
Minority shareholders 44 52
34 004 17 785
Income before interest and
revaluations is arrived at after:
Audit fees 826 743
Depreciation 966 834
Operating lease payments 5 791 5 180
(Profit)/loss on disposal of (52) (163)
property, equipment and vehicles
ABRIDGED GROUP BALANCE SHEETS
YEAR ENDED 28 FEBRUARY
2007 2006
R`000 (reviewed) (audited)
ASSETS
Non-current assets
Property, plant and equipment 5 268 3 159
Investment properties 112 598 75 850
Investments and loans 783 4 500
Operating lease debtors - 3 969
Deferred taxation 8 887 547
127 536 88 025
Current assets
Inventory 15 493 16 538
Accounts receivable 70 131 25 915
Cash and equivalents 13 415 3 409
99 039 45 862
Total assets 226 575 133 887
EQUITY AND LIABILITIES
Share capital and reserves 76 484 46 359
Non-current liabilities
Borrowings 21 230 48 729
Deferred taxation 885 5 976
22 115 54 705
Current liabilities
Current portion of borrowings 64 458 9 151
Provisions 9 384 2 856
Short-term loans 3 002 434
Accounts payable 40 097 16 454
Bank overdraft 4 013 2 572
Taxation 7 022 1 356
127 976 32 823
Total equity and liabilities 226 575 133 887
ABRIDGED GROUP CASH FLOW STATEMENT
YEAR ENDED 28 FEBRUARY
2007 2006
R`000 (reviewed) (audited)
Cash generated/(utilised) by (12 109) (3 134)
operations
Net cash inflow from investing (3 187) (20 427)
activities
Net cash inflow/(outflow) from 23 861 23 850
financing activities
Movement in cash and cash 8 564 289
equivalents
Cash and cash equivalents at the 837 548
beginning of the period
Cash and cash equivalents at the end 9 402 837
of the period
ABRIDGED GROUP STATEMENTS OF CHANGE IN EQUITY
YEAR ENDED 28 FEBRUARY
2007 2006
R`000 (reviewed) (audited)
Ordinary share capital 559 609
Share premium 8 8
Reserves
Retained income
Balance at the beginning of period 45 690 27 956
Income attributable to ordinary 34 004 17 734
shareholders
Share repurchase (3 875) -
Balance at the end of the period 75 819 45 690
Non-distributable reserve
Balance at beginning of period - (124)
Foreign currency translation reserve - 124
realised
Balance at the end of the period - -
Reserves attributable to ordinary 75 819 45 690
shareholders
Reserves attributable to minority 98 52
shareholders
Total reserves 75 917 45 742
Total equity 76 484 46 359
SUPPLEMENTARY INFORMATION
YEAR ENDED 28 FEBRUARY
2007 2006
R`000 Notes (reviewed) (audited)
Number of ordinary shares in
issue - end of period 55 915 61 259
(000`s)
Number of ordinary shares in 70 007 70 007
issue - beginning of period
(000`s)
Less: Held by Quyn Share (i) - (1 826)
Trust (000`s)
Less: Treasury shares (ii) (6 922) (6 922)
(000`s)
Less: Repurchased during (iii) (7 170) -
period
Weighted average (000`s) (57 617) 61 259
Reconciliation of headline
earnings per share
Earnings per share (cents) 59,0 29,0
- Profit/(loss) on sale of (0,1) (0,2)
assets
- Revaluation of investment (25,1) (17,1)
property
Impairment investments 7,5 -
Headline profit/(loss) per 41,3 11,7
share (cents)
Dividends per share (cents) -
Net asset value per share 136,8 75,7
(cents)
Net tangible asset value per 136,8 75,7
share (cents)
Contingent liabilities - 50 898
(R000`s)
(i) All of the outstanding options held by employees were exercised on 20
November 2006.
(ii) It is the intention of Quyn Holdings to acquire these shares from its
wholly-owned subsidiary and cancel and de-list these shares.
(iii)During the year under review, the company acquired 7 170 338 of its own
shares through the open market mechanism of the JSE Limited. These shares have
subsequently been cancelled and de-listed.
NOTES
Basis of Preparation
These abridged consolidated financial statements have been prepared in
accordance with IAS34: Interim Financial Reporting, the requirements of the
Company`s Act of South Africa and the listing requirements of the JSE Limited.
The accounting policies applied are in compliance with International Financial
Reporting Standards and are consistent with those of the previous year.
Reviewed Results
These summarised consolidated annual financial statements have been reviewed by
our auditors, BDO Spencer Stewart Inc. A copy of their unmodified reviewed
report is available for inspection at the company`s registered offices.
Overview of Group Performance
The group`s performance over the second six months of the financial year
continued the trend evidenced in the first six months to August 2006 and clearly
illustrates the stability of earnings achieved in its operations. The directors
are confident that with a continuing focus on efficiencies and margins, together
with the selection and execution of rewarding development opportunities, this
trend will continue into the foreseeable future.
Review of Operations and Segmental Results
Operating revenue and income/(loss) before taxation has been incurred by the
group`s divisions as follows:
YEAR ENDED 28 FEBRUARY
2007 2006
R`000 (reviewed) (audited)
Revenue
Colliers Property division 90 622 65 238
Quyn Outsource division 177 539 157 966
Intergroup income (4 345) (5 428)
263 816 217 776
Profit before taxation
Colliers Property division 25 404 17 580
Quyn Outsource division 4 782 2 797
30 186 20 377
Colliers Property Division
As set out above, the largest contributor to group profits was the Colliers
Property Division with pre-tax profits of R25,4 million made up of operating
profits of R8,5 million, including realized profits on the disposal of property
investments with revaluations of investment properties contributing a further
R16,9 million. The development division is currently active in six separate
developments which are owned within the group and will generate substantial
management fee income over the next eighteen to twenty-four months, as well as
result in sound income producing assets for the group in the future. The company
is also actively pursuing other development opportunities on behalf of outside
property owners, and for its own account, with the objective of retaining some
of the developments as part of an overall strategy to develop and own a
substantial income producing portfolio within the group.
Quyn Outsource Division
The Outsource Division has shown substantial growth in earnings and a steady
increase in client base which will result in continued income growth in the
future.
Launch of Colliers Residential
The Colliers Property Division announced an additional offering of services with
the launch of Colliers Residential in early May 2007. Through this arm, Colliers
will be able to offer successful residential estate agents the unique
opportunity to join an established international brand while retaining the
strength of their own name-based brands. As a truly international brand that
operates within all facets of real estate, Colliers is now in a position to
provide a property solution that satisfies every need.
Share Repurchase
As advised at the time of publication of the interim results, the company has
acquired 7 170 338 of its own shares through the market. These shares were
cancelled and de-listed during May 2007.
Change of Name
Over the past few years, the focus of operations within the group has gravitated
towards the Colliers Property Services Division with the larger percentage of
assets and earnings emanating from property. The directors of the company have
accordingly resolved that the name of the company should be changed to one which
more correctly reflects its core operations of developing investing in and
realising fixed properties. Subject to approval of the shareholders, the name
will change to Colliers Holding Limited. Simultaneous application will be made
for the transfer of the company`s listing to the Real Estate Holdings and
Development Sector of the JSE Limited`s lists to more accurately reflect its
underlying core business.
Circular to Shareholders
A circular to shareholders regarding the proposed change of name has been
prepared and, once approved by the JSE Limited, will be mailed to shareholders.
Dividend Declaration
No dividend has been declared as the directors are confident that reinvesting
the profits in rewarding developments will result in substantially higher
returns for shareholders in the form of earnings growth.
DIRECTORS
S F Cairns (Non-executive Chairman),
R P Fertig (Chief Executive Officer),
W P Alcock, B W Kaiser
REGISTERED OFFICE
36 Fricker Road, Illovo, Sandton, 2196
TRANSFER SECRETARIES
Computershare Investor Services 2004 (Pty) Limited,
70 Marshall Street, Johannesburg 2001
SPONSOR: CORPORATE ADVISOR:
ARCAY MOELA (PTY) LIMITED HATLEY MILES (PTY) LIMITED
Date: 08/06/2007 13:57:22 Produced by the JSE SENS Department.
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