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COL
COL
COL - Colliers South Africa Holdings Limited - Reviewed provisional results for
the year ended 28 February 2010
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 2010
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
Year ended
28 February 28 February
2010 2009
R`000 (reviewed) (restated)
Revenue 66 415 386 375
(Loss)/income before interest and fair value (11 634) 2 069
adjustments
Fair value adjustment on investment property 5 375 34 060
Interest received 1 505 3 594
Interest paid (14 880) (12 833)
Net (loss)/income before taxation (19 634) 26 890
Taxation 384 (10 551)
(Loss)/income after taxation from continuing (19 250) 16 339
operations
Profit from discontinued operations 2 682 -
(16 568) 16 339
(Loss)/income attributable to:
Shareholders of the company (16 844) 16 320
Minority shareholders 276 19
(16 568) 16 339
Total comprehensive (loss)/income (16 844) 16 320
attributable to shareholders of the company
Minority shareholders 276 19
(16 568) 16 339
(Loss)/income before interest and
revaluations is arrived at after:
Audit fees 1 069 1 191
Depreciation 1 067 1 892
Operating lease payments 4 814 7 999
(Profit)/loss on disposal of property, 1 (556)
equipment, vehicles and investment property
CONDENSED STATEMENT OF FINANCIAL POSITION
Year ended
28 February 28 February 29 February
2010 2009 2008
R`000 (reviewed) (restated) (restated)
ASSETS
Non-current assets
Intangible asset - 865 -
Property, plant and equipment 5 505 5 773 4 806
Investment properties 209 276 191 367 175 585
Investments and loans 7 113 797 806
Operating lease debtors 113 994 1 490
Deferred taxation 10 288 11 072 9 610
232 295 210 868 192 297
Current assets
Inventory 49 949 43 364 52 384
Accounts receivable 12 337 55 456 49 973
Cash and equivalents 16 229 7 445 4 882
78 515 106 265 107 239
Total assets 310 810 317 133 299 536
EQUITY AND LIABILITIES
Share capital and reserves 137 625 133 801 117 773
Non-current liabilities
Borrowings 107 504 107 778 61 556
Deferred taxation 17 277 16 647 7 642
124 781 124 425 69 198
Current liabilities
Current portion of borrowings 19 271 1 835 66 721
Accounts payable 14 575 38 309 30 091
Bank overdraft 11 667 12 494 11 519
Taxation 2 891 6 269 4 234
48 404 58 907 112 565
Total equity and liabilities 310 810 317 133 299 536
CONDENSED GROUP CASH FLOW STATEMENTS
Year ended
28 February 28 February
2010 2009
R`000 (reviewed) (restated)
Cash generated/(utilised) by operations (6 890) 5 152
Net cash inflow/(outflow) from investing (6 487) 15 316
activities
Net cash inflow/(outflow) from financing 22 988 (18 880)
activities
Movement in cash and cash equivalents 9 611 1 588
Cash and cash equivalents at the beginning of (5 049) (6 637)
the period
Cash and cash equivalents at the end of the 4 562 (5 049)
period
CONDENSED GROUP STATEMENTS OF CHANGES IN EQUITY
Year ended
28 February 28 February
2010 2009
R`000 (reviewed) (restated)
Ordinary share capital 558 558
Share premium 8 (147)
Reserves
Retained income
Balance at the beginning of period 133 371 117 142
(Loss)/income attributable to ordinary (16 844) 16 320
shareholders
Share repurchase scheme 0 (91)
Foreign currency translation reserve 1 0
Share of right of use reserve 5 666 0
Sale of group companies 154 0
Balance at the end of the period 122 348 133 371
Reserves attributable to ordinary 122 348 133 371
shareholders
Reserves attributable to minority 14 711 19
shareholders
Total reserves 137 059 133 390
Total equity 137 625 133 801
SUPPLEMENTARY INFORMATION
Year ended
28 February 28 February 28 February
2010 2009 2008
R`000 (reviewed) (restated) (restated)
Number of ordinary shares in 55 749 55 749 55 881
issue - end of period (000`s)
Number of ordinary shares in 55 881 55 881 62 837
issue - beginning of period
(000`s)
Less: Treasury shares (000`s) (132) - (6 922)*
Less: Repurchased during - (132) (34)
period
Weighted average (000`s) 55 749 55 815 53 914
* These shares have been
cancelled and delisted
Reconciliation of headline
earnings per share
Net (loss)/profit per (16 844) 16 320 40 975
statement of comprehensive
income
- Profit/(loss) on sale of (1) (556) (253)
assets/investment properties
- Fair value adjustment of (4 622) (23 387) (39 978)
investment property (net of
taxation)
- Impairment of investments 18 857 - 2 516
(2 880) (7 623) 3 260
Earnings/(loss) and diluted (30,2) 29,2 76,0
earnings per share
Headline earnings/(loss) and (5,2) (13,7) 6,0
diluted headline earnings per
share (cents)
Dividends per share (cents) - - -
Net asset value per share 220,5 240,3 210,4
(cents)
Net tangible asset value per 220,5 238,8 210,4
share (cents)
Contingent liabilities - - -
(R000`s)
There are no instruments in issue that have a dilutive effect on earnings.
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 reviewed condensed consolidated results have been prepared on the going
concern basis as the directors are of the view that the group has adequate
resources in place to continue in operation for the foreseeable future. The
accounting policies applied are in compliance with International Financial
Reporting Standards and the AC500 Standards as issued by the Accounting
Practices Board or its successor and are consistent with those applied in the
most recent annual financial statements.
PRIOR PERIOD ERROR
Operating lease debtors in prior years had been based on incorrect lease
payments resulting in incorrect balances being recorded. Accordingly certain
figures in the 2009 and 2008 comparatives have been restated. This has resulted
in a decrease in earnings after tax for the 2009 year of R408 000 (0,7 cent per
share). Non-current assets at the end of 2009 decreased by R986 000 (2008: R644
000). The net impact on net asset values per share was negligible.
REVIEWED RESULTS
These summarised consolidated annual financial statements have been reviewed by
our auditors, RSM Betty & Dickson (Johannesburg). 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 28 February
2010 2009
R`000 (reviewed) (restated)
Revenue
Colliers Property division 66 415 98 004
Quyn Outsource division 121 798 295 097
Intergroup income (1 860) (6 729)
120 118 386 372
(Loss)/profit before taxation
Colliers Property division (19 634) 23 993
Quyn Outsource division 2 682 2 897
(16 952) 26 890
Total assets
Colliers Property division 310 810 265 220
Quyn Outsource division - 51 914
Total liabilities
Colliers Property division (173 185) (153 579)
Quyn Outsource division - (29 556)
Net assets
Colliers Property division 137 625 125 625
Quyn Outsource division - 8 374
137 625 133 999
The above segmental analysis includes the revenue of the Quyn Outsource division
for the six months ended 31 August 2009 but excludes any assets relating thereto
as these had been disposed of.
GENERAL REVIEW AND FINANCIAL RESULTS
During the year under review the directors took the strategic decision that the
interests of shareholders would be best served by the group being focused on
property investments and property related services. With this in mind the board
agreed to the disposal of the group`s Human Resource and Payroll business to the
management thereof. Full details were set out in a circular to shareholders
dated 24 November 2009. The disposal was approved by shareholders in general
meeting on 9 December 2009.
As the disposal was effective from 1 September 2009 the financial information
contained in the group statement of comprehensive income includes the results of
the operations disposed of for the six months to 31 August 2009. The group
statement of financial position excludes any assets or liabilities relating to
the operations disposed of.
The continuing operations, property investments and property related services,
recorded a loss for the year of R16,8 million. This is after the impairment of
loans and inventory by an amount in excess of R18,5 million, the writing off of
bad debts of R2 million.
Despite the above mentioned loss the group remains stable and well positioned to
grow when the already evident recovery in the property market gains momentum.
The Directors are currently evaluating increasing the annuity income of the
group through the acquisition of income producing properties in order to
stabilise the property business.
On the operation side Auctions, Broking and Property and Facilities Management
all yielded positive returns while the Residential operations operated at a loss
but is currently showing good signs of recovery.
In general there are numerous opportunities which have arisen which, if
successful, will have a positive impact on the property services side of the
business.
SUBSEQUENT EVENTS
No material matters have occurred subsequent to 28 February 2010 that require
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.
DIRECTORS
R P Fertig (Chief Executive Officer)
W P Alcock+
B W Kaiser
B Mothelesi*
M Moela*
(*Independent non-executive)
(+Non-executive)
REGISTERED OFFICE
36 Fricker Road, Illovo, Sandton, 2196
TRANSFER SECRETARIES
Computershare Investor Services (Pty) Limited
70 Marshall Street, Johannesburg, 2001
15 June 2010
SPONSOR:
ARCAY MOELA SPONSORS (PTY) LIMITED
Date: 15/06/2010 12:30:05 Produced by the JSE SENS Department.
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