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COL
COL
COL - Colliers - Unaudited Interim Results For The Six Months Ended 31 August
2008
Colliers South Africa 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 2008
ABRIDGED GROUP INCOME STATEMENTS
Six months ended 31 August 12 months
ended
29 February
2008 2007 2008
(R000`s) (unaudited) (unaudited) (audited)
Revenue 187 690 157 593 325 348
Income before interest and 9 014 7 869 11 290
revaluations
Revaluation of investment - 23 739 46 729
property
Interest received 3 914 920 2 281
Interest paid (3 591) (1 663) (12 127)
Net income before taxation 9 337 30 865 48 173
Taxation (519) (1 147) (7 089)
Income after taxation 8 818 29 718 41 084
Income attributable to:
Shareholders of the company 8 818 29 718 40 975
Minority shareholders - - 109
8 818 29 718 41 084
Income before interest and
revaluations is arrived at
after:
Audit fees 857 460 942
Depreciation 678 663 2 152
Operating lease payments 2 836 2 822 5 065
(Profit)/loss on disposal of - - (253)
property, equipment and
vehicles
ABRIDGED GROUP BALANCE SHEETS
Six months ended 31 August 12 months
ended
29 February
2008 2007 2008
(R000`s) (unaudited) (unaudited) (audited)
ASSETS
Non-current assets
Property, plant and 4 243 4 722 4 806
equipment
Investment properties 152 237 139 285 175 585
Investments and loans 785 782 24
Operating lease debtors 2 385 - 2 385
Deferred taxation 711 8 302 9 359
160 361 153 091 192 159
Current assets
Inventory 77 111 43 997 52 384
Accounts receivable 71 574 50 465 50 755
Cash and equivalents 5 053 5 874 4 882
153 738 100 336 108 021
Total assets 314 099 253 427 300 180
EQUITY AND LIABILITIES
Share capital and reserves 126 162 106 200 117 502
Non-current liabilities
Borrowings 91 410 13 819 61 556
Deferred taxation - 2 649 7 642
91 410 16 468 69 198
Current liabilities
Current portion of 40 787 80 663 66 721
borrowings
Accounts payable 42 456 32 297 30 091
Bank overdraft 7 799 10 401 11 519
Taxation 5 485 7 398 5 149
96 527 130 759 113 480
Total equity and liabilities 314 099 253 427 300 180
ABRIDGED GROUP CASH FLOW STATEMENTS
Six months ended 31 12 months
August ended
29 February
2008 2007 2008
(R000`s) (unaudited) (unaudited) (audited)
Cash generated/(utilised) by 5 443 (19 776) (38 983)
operations
Net cash inflow from (4 637) (1 939) (1 113)
investing activities
Net cash inflow/(outflow) 3 763 7 786 38 579
from financing activities
Movement in cash and cash 3 891 (13 929) (16 039)
equivalents
Cash and cash equivalents at (6 637) 9 402 9 402
the beginning of the period
Cash and cash equivalents at (2 746) (4 527) (6 637)
the end of the period
ABRIDGED GROUP STATEMENTS OF CHANGES IN EQUITY
Six months ended 31 12 months
August ended
29 February
2008 2007 2008
(R000`s) (unaudited) (unaudited) (audited)
Balance at the beginning of 117 502 76 386 76 386
the period
Shares repurchased (158) - -
Income/(loss) attributable
to:
Ordinary shareholders 8 818 29 718 40 911
Minority shareholders _ 96 205
Balance at the end of the 126 162 106 200 117 502
period
SUPPLEMENTARY INFORMATION
Six months ended 31 12 months
August ended
29 February
2008 2007 2008
(unaudited) (unaudited) (audited)
Number of ordinary shares in 55 748 55 915 55 881
issue - end of period
(000`s)
Number of ordinary shares in 55 914 62 837 62 837
issue - beginning of period
(000`s)
Less: Held by Quyn Share
Trust (000`s)
Less: Treasury shares - (6 922) (6 922)
(000`s)
Less: Repurchased during 166 - (34)
period
Weighted average (000`s) 55 876 55 915 55 914
Reconciliation of headline
earnings per share
Earnings per share (cents) 15,8 53,1 73,5
Profit/(loss) on sale of - - (0,5)
assets
Revaluation of investment - (36,3) (71,5)
property
Impairment of investments - - 4,5
Headline profit/(loss) per 15,8 16,8 6,0
share (cents)
Dividends per share (cents) - - -
Net asset value per share 226,3 189,9 210,3
(cents)
Net tangible asset value per 226,3 189,9 210,3
share (cents)
Contingent liabilities - - -
(R000`s)
Capital commitments (R000`s) - - -
NOTES TO THE INTERIM REPORT
Accounting policies
These interim consolidated financial statements have been prepared in accordance
with IAS 34, Interim Financial Reporting, under the historical cost convention
as modified by the revaluation of investments, the requirements of the Companies
Act of South Africa and the Listings Requirements of the JSE Limited.
The group adopted International Financial Reporting Standards (IFRS) with effect
from 1 March 2005 and are consistent with those of the previous year, save that
the company did not revalue investment property at 31 August 2008. These interim
financial results, together with the comparatives for the financial period ended
31 August 2005, have not been reviewed nor audited by the company`s external
auditors.
REVIEW OF OPERATIONS AND SEGMENTAL RESULTS
Operating revenue and income/(loss) before taxation has been incurred by the
group`s divisions as follows:
Six months ended 31 August 12 months
ended
29 February
2008 2007 2008
(R000`s) (unaudited) (unaudited) (audited)
Revenue
Colliers Property division 33 492 37 751 71 355
Quyn Outsource division 156 883 121 172 258 580
Intergroup income (2 685) (1 330) (4 587)
187 690 157 593 325 348
Profit before taxation
Colliers Property division 4 398 26 685 40 705
Quyn Outsource division 4 939 4 180 7 468
9 337 30 865 48 173
COLLIERS PROPERTY SERVICES
Despite high interest rates and the global financial crisis, there has been
little impact on the operating income of the business divisions. The values of
investment properties have remained constant due to the conservative approach
adopted by the directors in February 2008. The Property and Facilities
Management division has shown exceptional growth in profits from last year. The
Development division continues to give acceptable returns and the Broking
division, after years of poor results, is operating profitably. The new
Auctioneering division is showing losses for the first six months as was
anticipated, but will be in a profitable position within the first full year of
operation. The Residential division, having recorded losses as expected for the
first six months due to the current depressed residential market, is now holding
its own, and should become profitable in the next financial year.
A new International Property Asset Management division has been established and
will be fully operational before this financial year end. The division, having
minimal start-up costs, is expected to contribute annuity income to the group in
the years going forward.
The property services division incurred certain non-recurring expenses in excess
of R3,5 million relating to legal expenses in respect of finalising the dispute
with the former broking team and fees in respect of advisory services regarding
the group`s operations and future growth.
QUYN OUTSOURCE DIVISION
Quyn Outsource division has as expected increased its earnings. The high level
of its services and the demand for the skills within its employ continues to be
strong. The new industrial cleaning division has picked up substantial contracts
and is already profitable.
PROPERTY INVESTMENTS/DEVELOPMENTS
The Nelspruit, Red Sails and Salt Rock developments have been completed with
transfers to end users being currently executed. This will result in a
substantial decrease in project debt by year end. The redevelopment of Colliers
Business Park in Cape Town is ongoing, with development work being undertaken on
the strength of long-term leases being concluded with large corporations. The
redevelopment of this property will continue to show increased capital and
income profits over the next 18 months.
PROSPECTS
The group will at least match the headline earnings achieved in the first six
months in the second financial period, and the directors are confident of
carrying this momentum forward into the next financial year.
DIVIDEND DECLARATION
No dividend has been declared in respect of the six months ended 31 August 2008.
DIRECTORS
S F Cairns (Non-executive chairman), R P Fertig (Chief executive officer), W P
Alcock, B W Kaiser
B Mothelesi (Non-executive), M Moela (Non-executive)
REGISTERED OFFICE
36 Fricker Road, Illovo, Sandton, 2196
TRANSFER SECRETARIES
Computershare Investor Services (Pty) Limited,
70 Marshall Street, Johannesburg, 2001
28 November 2008
SPONSOR
ARCAY MOELA
(PTY) LIMITED
Date: 27/11/2008 16:00:02 Produced by the JSE SENS Department.
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