|
COL
COL
COL - Colliers - Unaudited Interim Results For The Six Months Ended
31 August 2007
Colliers South Africa Holdings Limited
(formerly Quyn Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1998/012245/06)
("Colliers") (Share code: COL & ISIN: ZAE000099461)
Unaudited Interim Results for the six months ended 31 August 2007
- UP 76%
- ATTRIBUTABLE PROFIT
- R30 million
- (2006: R17 million)
- UP 68%
- NET ASSET VALUE
- R106 million
- (2006: R63 million)
- UP 21%
- GROSS REVENUE
- R157 million
- (2006: R130 million)
ABRIDGED GROUP INCOME STATEMENT
SIX MONTHS SIX MONTHS 12 MONTHS
ENDED ENDED ENDED
31 AUG 2007 31 AUG 2006 28 FEB 2007
R`000 (unaudited) (unaudited) (audited)
Revenue 157 593 130 051 263 816
Income before interest and 7 869 16 909 22 400
revaluations
Revaluation of investment 23 739 6 385 16 912
property
Investment income 920 1 341 1 381
Finance costs (1 663) (3 678) (10 463)
Net income before taxation 30 865 20 957 30 230
Taxation (1 147) (3 861) 3 818
Income after taxation 29 718 17 096 34 048
Income attributable to:
Shareholders of the company 29 718 16 974 34 004
Minority shareholders - 122 44
29 718 17 096 34 048
Income before interest and
revaluations is arrived at
after:
Audit fees 460 494 862
Contributions to retirement 1 628 1 585 3 107
funds
Depreciation 663 638 966
Operating lease payments 2 822 2 361 5 791
Professional fees 3 013 5 976
(Profit)/loss on disposal of - - (52)
property, equipment and
vehicles
Staff costs 21 428 22 156 35 856
ABRIDGED GROUP BALANCE SHEETS
SIX MONTHS SIX MONTHS 12 MONTHS
ENDED ENDED ENDED
31 AUG 2007 31 AUG 2006 28 FEB 2007
R`000 (unaudited) (unaudited) (audited)
ASSETS
Non-current assets
Property, plant and 4 722 5 270 5 268
equipment
Investment properties 139 285 63 035 112 598
Investments 782 2 459 1 791
Operating lease debtors - 1 358 -
Deferred taxation 8 302 411 9 073
153 091 72 533 128 730
Current assets
Inventory 43 997 17 875 15 493
Accounts receivable 50 465 36 740 71 793
Cash and equivalents 5 874 11 113 13 415
100 336 65 728 100 701
Total assets 253 427 138 261 229 431
EQUITY AND LIABILITIES
Share capital and reserves 106 200 63 455 76 484
Non-current liabilities
Borrowings 13 819 27 078 21 938
Deferred taxation 2 649 5 253 3 070
16 468 32 331 25 008
Current liabilities
Current portion of 80 663 3 165 64 758
borrowings
Accounts payable 32 297 34 352 52 146
Bank overdraft 10 401 1 961 4 013
Taxation 7 398 2 997 7 022
130 759 42 475 127 939
Total equity and liabilities 253 427 138 261 229 431
ABRIDGED GROUP CASH FLOW STATEMENT
SIX MONTHS SIX MONTHS 12 MONTHS
ENDED ENDED ENDED
31 AUG 2007 31 AUG 2006 28 FEB 2007
R`000 (unaudited) (unaudited) (audited)
Cash generated/(utilised) by (19 776) 16 308 1 105
operations
Net cash inflow/(outflow) (1 939) 21 949 (20 202)
from investing activities
Net cash inflow/(outflow) 7 786 (29 942) 27 662
from financing activities
Movement in cash and cash (13 929) 8 315 8 565
equivalents
Cash and cash equivalents at 9 402 837 837
the beginning of the period
Cash and cash equivalents at (4 527) 9 152 9 402
the end of the period
ABRIDGED GROUP STATEMENTS OF CHANGE IN EQUITY
SIX MONTHS SIX MONTHS 12 MONTHS
ENDED ENDED ENDED
31 AUG 2007 31 AUG 2006 28 FEB 2007
R`000 (unaudited) (unaudited) (audited)
SHARE CAPITAL
Ordinary share capital
Balance at beginning of 559 609 609
period
Share repurchase - - (72)
Share trust shares released - - 22
to participants
Balance at the end of the 559 609 559
period
SHARE PREMIUMS
Balance at beginning of 8 8 8
period
Balance at end of period 8 8 8
RESERVES
Retained income
Balance at beginning of 75 819 45 690 45 690
period
Share repurchased - - (3 875)
75 819 45 690 41 815
Income attributable to 29 718 16 974 34 004
ordinary shareholders
Balance at the end of period 105 537 62 664 75 819
Non-distributable reserve
Balance at beginning of - - -
period
Balance at end of period - - -
Reserves attributable to 105 537 62 664 75 819
ordinary shareholders
Reserves attributable to 96 174 96
minority shareholders
Total reserves 105 633 62 838 75 915
Total equity 106 200 63 455 76 484
SUPPLEMENTARY INFORMATION
SIX MONTHS SIX MONTHS 12 MONTHS
ENDED ENDED ENDED
31 AUG 2007 31 AUG 2006 28 FEB 2007
R`000 (unaudited) (unaudited) (audited)
Number of ordinary shares in 55 915 53 727 55 915
issue - end of period
(000`s)
Number of ordinary shares in 62 837 70 007 70 007
issue - beginning of period
(000`s)
Less: Treasury shares (6 922) (6 922) (6 922)
(000`s)
Less: Held by share trust - (2 188) -
(000`s)
Less: Repurchased during - (7 170) (7 170)
period
Weighted average (000`s) 55 915 59 732 57 254
Reconciliation of headline
earnings per share
Earnings per share (cents) 53,1 28,6 59,0
- Profit on sale of assets - (0,5) -
- Revaluation of investment (36,3) (10,6) (24,8)
property (net on taxation)
Headline profit per share 16,8 17,5 34,2
(cents)
Dividends per share (cents) - - -
Net asset value per share 189,9 118,1 136,8
(cents)
Net tangible asset value per 189,9 118,1 136,8
share (cents)
Contingent liabilities - 48 537 -
(R000`s)
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.
Unaudited Results
These summarised consolidated financial statements have not been audited or
reviewed by our auditors, BDO Spencer Steward (Jhb) Inc.
Overview of Group Performance
All operations within the group performed satisfactorily during the period
under review, with personnel broking and recruiting, and the property
development divisions, showing excellent growth.
Review of Operations and Segmental Results
Operating revenue and income before taxation has been incurred by the group`s
divisions as follows:
SIX MONTHS SIX MONTHS 12 MONTHS
ENDED ENDED ENDED
31 AUG 2007 31 AUG 2006 28 FEB 2007
R`000 (unaudited) (unaudited) (audited)
Revenue
Colliers Property division 37 751 46 287 90 622
Quyn Outsource division 121 172 85 367 177 539
Intergroup income (1 330) (1 603) (4 345)
157 593 130 051 263 816
Profit before taxation
Colliers Property division 26 685 19 192 25 404
Quyn Outsource division 4 180 1 765 4 826
30 865 20 957 30 230
Colliers Property Division
Whilst Broking and Property Management made positive contributions, these
were below target. The Development division performed very well and a number
of projects are expected to be finalised during the next six months, with
their profits being brought to account when realised. The values of certain
investment properties were greatly enhanced during the six months under
review, as a result of ongoing refurbishment and retenanting.
Quyn Outsource Division
The Personnel Broking and Recruiting operations continue to grow at a rate
exceeding that which was achieved in the last financial year. The number of
payslips prepared on behalf of clients is showing a similar growth. Economies
of scale will result in these operations yielding higher returns in the
future.
Colliers Residential
The roll-out in Residential broking, which was launched in May, has gained
momentum, and the number of regions covered is expected to double by the end
of the year.
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 (Chairman)*, R P Fertig (Chief Executive Officer),
W P Alcock, B W Kaiser, B Mothelesi*, M Moela*
*Independent non-executive
REGISTERED OFFICE
36 Fricker Road, Illovo, Sandton, 2196
TRANSFER SECRETARIES
Computershare Investor Services 2004 (Pty) Limited
70 Marshall Street, Johannesburg 2001
SPONSOR:
ARCAY MOELA (PTY) LIMITED
Date: 02/10/2007 17:00:02 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.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
