| Mon 14 Dec 2009, 15:07 | | COL - Colliers South Africa Holdings Limited - Unaudited interim results for the |
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COL
COL
COL - Colliers South Africa Holdings Limited - Unaudited interim results for the
six months ended 31 august 2009
Colliers South Africa Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/012245/06)
("Colliers" or "the group")
(Share code: COL ISIN: ZAE000099461)
International Property Consultants
QUYN
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2009
ABRIDGED GROUP INCOME STATEMENTS
Six months ended 31 August
2009 2008
(R000`s) (unaudited) (unaudited)
Revenue 160 658 187 690
Income before interest and revaluations 7 714 9 014
Revaluation of investment property - -
Interest received 1 316 3 914
Interest paid (6 768) (3 591)
Net income before taxation 2 262 9 337
Taxation (496) (519)
Income after taxation 1 766 8 818
Income attributable to:
Shareholders of the company 1 766 8 818
Minority shareholders - -
1 766 8 818
Income before interest and revaluations is
arrived at after:
Audit fees 1 284 857
Depreciation 384 678
Operating lease payments 1 875 2 836
(Profit)/Loss on disposal of property,
equipment and vehicles - -
ABRIDGED GROUP BALANCE SHEETS
Six months ended 31 August
2009 2008
(R000`s) (unaudited) (unaudited)
ASSETS
Non-current assets
Property, plant and equipment 5 654 4 243
Investment properties 191 410 152 237
Investments and loans 22 993 785
Operating lease debtors 4 216 2 385
Deferred taxation 3 688 711
227 961 160 361
Current assets
Inventory 41 448 77 111
Accounts receivable 59 542 71 574
Cash and equivalents 5 565 5 053
106 555 153 738
Total assets 334 516 314 099
EQUITY AND LIABILITIES
Share capital and reserves 135 718 126 162
Non-current liabilities
Borrowings 123 507 91 410
Deferred taxation 10 681 -
134 188 91 410
Current liabilities
Current portion of borrowings 984 40 787
Accounts payable 44 401 42 456
Bank overdraft 16 996 7 799
Taxation 2 229 5 485
64 610 96 527
Total equity and liabilities 334 516 314 099
ABRIDGED GROUP CASH FLOW STATEMENTS
Six months ended 31 August
2009 2008
(R000`s) (unaudited) (unaudited)
Cash generated/(utilised) by operations (23 216) 5 443
Net cash inflow/(outflow) from investing
activities 1 873 (4 637)
Net cash inflow from financing activities 14 961 3 763
Movement in cash and cash equivalents (6 382) 3 891
Cash and cash equivalents at the beginning of
the period (5 049) (6 637)
Cash and cash equivalents at the end of the period (11 431) (2 746)
ABRIDGED GROUP STATEMENTS OF CHANGES IN EQUITY
Six months ended 31 August
2009 2008
(R000`s) (unaudited) (unaudited)
Balance at the beginning of the period 133 952 117 502
Shares repurchased - (158)
Income attributable to:
Ordinary shareholders 1 766 8 818
Balance at the end of the period 135 718 126 162
SUPPLEMENTARY INFORMATION
Six months ended 31 August
2009 2008
(unaudited) (unaudited)
Number of ordinary shares in issue - end of
period (000`s) 55 748 55 748
Number of ordinary shares in issue - beginning
of period (000`s) 55 748 55 914
Less: Treasury shares (000`s) - -
LessRepurchased during period - 166
- Weighted average (000`s) - 55 876
Reconciliation of headline earnings per share:
Earnings per share (cents) 3,2 15,8
Profit/(Loss) on sale of assets - -
Revaluation of investment property - -
Impairment of investments - -
Headline profit per share (cents) 3,2 15,8
Dividends per share (cents) - -
Net asset value per share (cents) 243,5 226,3
Net tangible asset value per share (cents) 243,5 226,3
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 which are consistent with those of the previous
year, save that the group did not revalue investment property at 31 August
2009. These interim financial results, together with the comparatives for the
financial period ended 31 August 2009, have not been reviewed nor audited by
the external auditors of Colliers.
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
2009 2008
(R000`s) (unaudited) (unaudited)
Revenue
Colliers Property division 38 848 33 492
Quyn Outsource division 125 501 156 883
Inter-group income (3 690) (2 685)
160 658 187 690
Profit before taxation
Colliers Property division 176 4 398
Quyn Outsource division 2 086 4 939
2 262 9 337
COLLIERS PROPERTY SERVICES
The negative impact of the global financial crisis of 2008 has filtered through
to the operations within this division. Whilst still operating profitably the
property management business has experienced a decline in its revenue, which is
based to a large degree on rental collections, as a result of rental arrears
and defaulting tenants. The broking, residential and auctioneering operations
have all had a very slow period which were aggravated by the financial sectors`
reluctance to grant significant loan finance.
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.
QUYN OUTSOURCE DIVISION
This division has also experienced a slowdown in business due to the decline in
private infrastructure spending which has resulted in a decline in the demand
for certain skills. As previously advised this division has been disposed of to
management with effect from 1 September 2009.
PROPERTY INVESTMENTS/DEVELOPMENTS
The residential components of the group`s property portfolio have not, as a
result of the economy, resulted in the anticipated level of sales being
achieved and this has caused the executives to resolve to hold the unsold units
until the market has recovered. The redevelopment of the Colliers Business Park
in Cape Town is ongoing with development work being undertaken on the strength
of the finalisation of long-term leases with strong tenants.
PROSPECTS
In the current trying times it is difficult to be optimistic regarding the
short-term prospects of the group.
However, the directors are confident that, with careful management of expenses
and operations, the group will be poised to take advantage of a return to
better trading conditions.
DIVIDEND DECLARATION
No dividend has been declared in respect of the six months ended 31 August
2009.
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)
(Mr S F Cairns resigned as a director with effect from 5 November 2009.)
REGISTERED OFFICE
36 Fricker Road, Illovo, Sandton, 2196
TRANSFER SECRETARIES
Computershare Investor Services (Pty) Limited, 70 Marshall Street,
Johannesburg, 2001
14 December 2009
SPONSORS
ARCAY MOELA SPONSORS
(PTY) LIMITED
Date: 14/12/2009 15:07:03 Produced by the JSE SENS Department.
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