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COL
COL
COL - Colliers South Africa Holdings Limited - Reviewed provisional results for
the year ended 28 February 2009
Colliers South Africa Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/012245/06)
("Colliers")
(Share code: COL ISIN: ZAE000099461)
REVIEWED PROVISIONAL RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2009
CONDENSED GROUP INCOME STATEMENTS
Year ended
28 February 29 February
2009 2008
R`000 (reviewed) (audited)
Revenue 386 372 325 348
Income before interest and 2 066 11 290
revaluations
Revaluation of investment property 34 060 46 729
Interest received 3 594 2 281
Interest paid (12 793) (12 127)
Net income before taxation 26 927 48 173
Taxation (10 180) (7 089)
Income after taxation 16 747 41 084
Income attributable to:
Shareholders of the company 16 728 40 975
Minority shareholders 19 109
16 747 41 084
Income before interest and
revaluations is arrived at after:
Audit fees 1 191 942
Depreciation 1 892 2 152
Operating lease payments 7 999 5 065
(Profit)/loss on disposal of (556) (253)
property, equipment, vehicles and
investment property
CONDENSED GROUP BALANCE SHEETS
Year ended
28 February 29 February
2009 2008
R`000 (reviewed) (audited)
ASSETS
Non-current assets
Intangible asset 865 -
Property, plant and equipment 5 773 4 806
Investment properties 191 367 175 585
Investments and loans 797 24
Operating lease debtors 2 355 2 385
Deferred taxation 10 698 9 359
211 855 192 159
Current assets
Inventory 43 364 52 384
Accounts receivable 55 456 50 755
Cash and equivalents 7 445 4 882
106 265 108 021
Total assets 318 120 300 180
EQUITY AND LIABILITIES
Share capital and reserves 133 952 117 502
Non-current liabilities
Borrowings 107 695 61 556
Deferred taxation 16 206 7 642
123 901 69 198
Current liabilities
Current portion of borrowings 1 835 66 721
Accounts payable 38 309 30 091
Bank overdraft 12 494 11 519
Taxation 7 629 5 149
60 267 113 480
Total equity and liabilities 318 120 300 180
CONDENSED GROUP CASH FLOW STATEMENTS
Year ended
28 February 29 February
2009 2008
R`000 (reviewed) (audited)
Cash generated/(utilised) by 5 152 (37 717)
operations
Net cash inflow/(outflow) from 15 183 (16 901)
investing activities
Net cash inflow/(outflow) from (18 747) 38 579
financing activities
Movement in cash and cash 1 588 (16 039)
equivalents
Cash and cash equivalents at the (6 637) 9 402
beginning of the period
Cash and cash equivalents at the (5 049) (6 637)
end of the period
CONDENSED GROUP STATEMENTS OF CHANGES IN EQUITY
Year ended
28 February 29 February
2009 2008
R`000 (reviewed) (audited)
Ordinary share capital 558 559
Share premium 8 8
Reserves
Retained income
Balance at the beginning of period 116 730 75 819
Income attributable to ordinary 16 728 40 975
shareholders
Share repurchase (91) (64)
Balance at the end of the period 133 367 116 730
Reserves attributable to ordinary 133 367 116 730
shareholders
Reserves attributable to minority 19 205
shareholders
Total reserves 133 386 116 935
Total equity 133 952 117 502
SUPPLEMENTARY INFORMATION
Year ended
28 February 29 February
2009 2008
R`000 (reviewed) (audited)
Number of ordinary shares in issue 55 749 55 881
- end of period (000`s)
Number of ordinary shares in issue 55 881 62 837
- beginning of period (000`s)
Less: Treasury shares (000`s)* - (6 922)
Less: Repurchased during period (132) (34)
Earnings and diluted earnings per 30,0 73,5
share (cents)
Weighted average (000`s) 55 815 55 914
* These shares have been cancelled
and delisted
Reconciliation of headline
earnings per share
Net profit per income statement 16,747 41 084
- Profit/(loss) on sale of (556) (253)
assets/investment properties
- Revaluation of investment (23 387) (39 978)
property (net of taxation)
- Impairment of investments - 2 516
Headline earnings/(loss) and (7 196) 3 369
diluted headline earnings per
share
Headline earnings/(loss) and (12,9) 6,0
diluted headline earnings per
share (cents)
Dividends per share (cents) - -
Net asset value per share (cents) 240,3 210,3
Net tangible asset value per share 238,7 210,3
(cents)
Contingent liabilities (R000`s) - -
There are no instruments in issue that have a dilutive effect on earnings and
diluted earnings per share have not been reported.
NOTES
BASIS OF PREPARATION
These condensed consolidated financial statements have been prepared in
accordance with IAS34: Interim Financial Reporting, the requirements of the
Companies 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 applied in the most recent
annual financial statements.
REVIEWED RESULTS
These summarised consolidated annual financial statements have been reviewed by
our auditors, BDO Spencer Steward (Jhb) Inc. A copy of their unmodified review
report is available for inspection at the company`s registered offices.
SEGMENTAL RESULTS
Operating revenue and income/(loss) before taxation has been incurred by the
group`s divisions as follows:
Year ended
28 February 29 February
2009 2008
R`000 (reviewed) (audited)
Revenue
Colliers Property division 98 004 71 355
Quyn Outsource division 295 097 258 580
Intergroup income (6 729) (4 587)
386 372 325 348
Profit before taxation
Colliers Property division 24 030 40 705
Quyn Outsource division 2 897 7 468
26 927 48 173
Net assets
Colliers Property division 125 578 109 140
Quyn Outsource division 8 374 8 362
133 952 117 502
REVIEW OF GROUP PERFORMANCE
Whilst the overall performance of the group when compared to the results for the
previous financial year appears poor the directors of the company, taking into
account the current depressed local and global markets especially as regards
property, are pleased that the group has managed to stabilise its operating
entities which are currently being strengthened in order to be poised to grow
when the economy regains momentum.
Approximately 60% of the decline in pre-tax profits is attributable to a lower
level of fair value adjustments in respect of investment properties. These
properties have been valued on a conservative basis with some values having been
reduced when compared to the values recorded in 2008. Most of the properties
which were developed with a view to selling the developed properties are
practically complete with sales being made albeit at a much slower rate than
previously anticipated. The notable exception is the Industrial Park in
Nelspruit at which sales in the order of 90% had been achieved by balance sheet
date. The reduction of long-term loans and the increase in cash flow was a
result of the sale of developed industrial properties in Nelspruit.
The directors have formulated a soon to be implemented strategy, which involves
the fractionalisation of the units in Salt Rock and linking these to a similar
number of fractions relating to some of the units in Hout Bay for sale to
individual investors.
The Residential and Commercial and Industrial Broking divisions are still
suffering from the impact of the overall downturn in the economy. This has had a
knock-on effect on the operations of the Auction division. Costs in all of these
operations have been reduced to an acceptable level without affecting the
ability of these operations to function. The directors are confident of
meaningful positive contributions from these operations in the near future.
With regard to the Commercial and Industrial Broking Operations an agreement has
been concluded in terms of which the operations of Colliers Broking will be
merged with another broking operation. The immediate effect would be to increase
the number of brokers from 10 to 30, resulting in an increased presence in the
market.
The Property and Facilities Management division as well as the Quyn Outsource
division (labour recruitment and payroll services) have performed up to
expectation and will continue their good performances into the future.
SHARE BUY BACK
The group purchased 132 544 shares at an average price of R1,00.
SUBSEQUENT EVENTS
No material matters have occurred subsequent to 28 February 2009 that requires
disclosure.
DIVIDENDS
Taking into account the negative impacts of the depressed economy and related
problems in the property industry the directors have resolved to retain cash in
the group to ensure future growth. As such no dividend has been recommended.
29 June 2009
Johannesburg
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 (Pty) Limited
70 Marshall Street, Johannesburg, 2001
SPONSOR:
ARCAY MOELA SPONSORS (PTY) LIMITED
Date: 29/06/2009 16:26:01 Produced by the JSE SENS Department.
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