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COL
COL
COL - Colliers South Africa Holdings Limited - Unaudited interim results for the
six months ended 31 August 2010
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 2010
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
Six months ended 12 months ended
31 August 31 August 28 February
2010 2009 2010
R`000 (unaudited) (unaudited) (audited)
Revenue 35 294 187 690 66 415
(Loss)/income before interest 2 248 9 014 (8 035)
and fair value adjustments
Fair value adjustment on - - 1 776
investment property
Interest received 466 3 914 1 505
Interest paid (6 097) (3 591) (14 880)
Net (loss)/income before (3 383) 9 337 (19 634)
taxation
Taxation 767 (519) 384
(Loss)/income after taxation (2 616) 8 818 (19 250)
from continuing operations
Profit from discontinued - - 2 682
operations
(2 616) 8 818 (16 568)
(Loss)/income attributable
to:
Shareholders of the company (2 311) 8 818 (16 844)
Minority shareholders (305) - 276
(2 616) 8 818 (16 568)
Share repurchase scheme - (158) -
Foreign currency translation 3 - 1
reserve
Share of right of use reserve - - 5 666
Sale of group companies - - 154
Total comprehensive (2 308) 8 660 (11 023)
(loss)/income attributable to
shareholders of the company
Minority shareholders (305) - 276
(2 613) 8 660 (10 747)
CONDENSED STATEMENT OF FINANCIAL POSITION
Six months ended 12 months ended
31 August 31 August 28 February
2010 2009 2010
R`000 (unaudited) (unaudited) (audited)
ASSETS
Non-current assets
Property, plant and equipment 6 290 4 243 5 505
Investment properties 213 032 152 237 209 276
Investments and loans 11 364 785 6 590
Operating lease debtors - 2 385 422
Deferred taxation 10 256 711 12 507
240 942 160 361 234 300
Current assets
Inventory 49 949 77 111 49 949
Accounts receivable 18 083 71 574 11 542
Operating lease debtors 535 - 113
Cash and equivalents 4 135 5 053 16 229
72 702 153 738 77 833
Total assets 313 644 314 099 312 133
EQUITY AND LIABILITIES
Share capital and reserves 135 012 126 162 137 625
Non-current liabilities
Borrowings 129 701 91 410 107 504
Deferred taxation 17 278 - 19 496
146 979 91 410 127 000
Current liabilities
Current portion of borrowings 3 763 40 787 19 271
Accounts payable 13 969 42 456 13 679
Bank overdraft 11 701 7 799 11 667
Taxation 2 220 5 485 2 891
31 653 96 527 47 508
Total equity and liabilities 313 644 314 099 312 133
CONDENSED GROUP CASH FLOW STATEMENTS
Six months ended 12 months ended
31 August 31 August 28 February
2010 2009 2010
R`000 (unaudited) (unaudited) (audited)
Cash generated/(utilised) by (3 870) 5 443 8 065
operations
Net cash inflow/(outflow) (9 315) (4 637) (6 487)
from investing activities
Net cash inflow/(outflow) 6 690 3 763 22 988
from financing activities
Movement in cash and cash (12 128) 3 891 9 611
equivalents
Cash and cash equivalents at 4 562 (6 637) (5 049)
the beginning of the period
Cash and cash equivalents at (7 566) (2 746) 4 562
the end of the period
CONDENSED GROUP STATEMENTS OF CHANGES IN EQUITY
Six months ended 12 months ended
31 August 31 August 28 February
2010 2009 2010
R`000 (unaudited) (unaudited) (audited)
Ordinary share capital 558 558 558
Share premium 8 8 8
Reserves
Retained income
Balance at the beginning of 122 348 116 936 133 371
period
(Loss)/income attributable to (2 308) 8 660 (11 023)
ordinary shareholders
Balance at the end of the 120 040 125 596 122 348
period
Reserves attributable to 120 040 125 596 122 348
ordinary shareholders
Reserves attributable to 14 406 - 14 711
minority shareholders
Total reserves 134 446 125 596 137 059
Total equity 135 012 126 162 137 625
SUPPLEMENTARY INFORMATION
Six months ended 12 months ended
31 August 31 August 28 February
2010 2009 2010
(unaudited) (unaudited) (audited)
Number of ordinary shares in 55 749 55 748 55 749
issue - end of period (000`s)
Number of ordinary shares in 55 749 55 914 55 748
issue - beginning of period
(000`s)
Less: Treasury shares (000`s) - - -
Less: Repurchased during - (166) 1
period
Weighted average (000`s) - 55 876 55 749
Reconciliation of headline
earnings per share
Net (loss)/profit per (2 308) 8 818 (16 844)
statement of comprehensive
income
- Attributable to continued (2 308) 8 818 (19 250)
operations
- Attributable to - - 2 682
discontinued operations
Profit on sale of property, - - (1)
plant and equipment
Fair value adjustment of - - (4 622)
investment property (net of
taxation)
Impairment of investments - - 18 587
(2 308) 8 818 (2 880)
Earnings/(loss) and diluted
earnings per share
- Continued operations (4,1) 15,8 (34,5)
- Discontinued operations - - 4,8
Headline earnings/(loss) and
diluted headline earnings per
share (cents)
- Continued operations (4,1) 15,8 (10,0)
- Discontinued operations - - 4,8
Dividends per share (cents) - - -
Net asset value per share 216,3 226,3 220,5
(cents)
Net tangible asset value per 216,3 226,3 220,5
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.
SEGMENTAL RESULTS
Operating revenue and income/(loss) before taxation has been incurred by the
group`s divisions as follows:
Six months ended 12 months ended
31 August 31 August 28 February
2010 2009 2010
R`000 (unaudited) (unaudited) (audited)
Revenue
Colliers Property division 35 294 33 492 66 415
Quyn Outsource division - 156 883 -
Intergroup income - (2 685) -
35 294 187 690 66 415
(Loss)/profit before
taxation
Colliers Property division (3 383) 4 398 (19 634)
Quyn Outsource division - 4 939 2 682
(3 383) 9 337 (16 952)
Total assets
Colliers Property division 313 644 280 944 312 133
Quyn Outsource division - - -
Total liabilities
Colliers Property division (178 632) (169 350) (174 508)
Quyn Outsource division - - -
Net assets
Colliers Property division 135 012 111 594 137 625
Quyn Outsource division - - -
135 012 111 594 137 625
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
When compared to the six months ended 31 August 2009 the group`s results for the
six months ended 31 August 2010 reflected a deterioration. In this regard
cognisance should be taken of the fact that the 2009 figures included
approximately R5 million profits before taxation in respect of the Quyn
Outsourcing division which was disposed-of during the previous year. Ignoring
the contribution from the disposed of operations, the decline in earnings for
the six months ended 31 August 2010 is significantly smaller than that
experienced in the second half of the year to end February 2010.
Post 31 August 2010 there has been a positive turnaround in the business of the
group and there is every indication that the operating entities should make
positive contributions.
In addition two units in the Salt Rock development have been sold with the total
proceeds being utilised to reduce borrowings as is the case with the sale of a
further unit in Houtbay. This will reduce the interest payable by the owners of
these properties. There have been further additions to the industrial park in
Cape Town which has had the effect of increasing the value of investment
properties as well as the income on this property.
As previously advised the directors are looking at means of increasing the
property portfolio within the group as well as a further restructuring of the
group which will have a positive impact on the future of the group.
SUBSEQUENT EVENTS
No material matters have occurred subsequent to 31 August 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 KaiserB 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
SPONSOR:
ARCAY MOELA SPONSORS (PTY) LIMITED
29 November 2010
Date: 29/11/2010 15:06:02 Produced by the JSE SENS Department.
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