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COL
COL
COL - Colliers South Africa Holdings Limited - Reviewed provisional results for
the year ended 28 February 2011
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 2011
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
Year ended
28 February 28 February
2011 2010
R`000 (reviewed) (audited)
Revenue 67 042 66 415
Operating income/(loss) before interest 4 272 (8 035)
and fair value adjustments
Fair value adjustment on investment 2 207 1 776
property
Investment income 1 026 1 505
Finance costs (12 015) (14 880)
Net loss before taxation (4 510) (19 634)
Taxation 4 667 384
Income/(loss) after taxation from 157 (19 250)
continuing operations
Profit from discontinued operations - 2 682
Net income/(loss) for the year 157 (16 568)
Income/(loss) attributable to:
Shareholders of the company 307 (16 844)
Non-controlling interests (150) 276
157 (16 568)
Other comprehensive income:
- Foreign currency translation reserve (6) 1
- Share of right of use reserve - 5 666
- Sale of group companies - 154
Total comprehensive income/(loss)
attributable to:
- Shareholders of the company 304 (11 023)
- Non-controlling interests (153) 276
151 (10 747)
Operating income/(loss) before interest
and revaluations is arrived at after:
Audit fees 1 886 1 069
Depreciation 1 147 1 067
Operating lease payments 6 198 4 814
Profit on disposal of property, plant and 1 1
equipment
CONDENSED STATEMENT OF FINANCIAL POSITION
Year ended
28 February 28 February
2011 2010
R`000 (reviewed) (audited)
ASSETS
Non-current assets
Property, plant and equipment 5 197 5 505
Investment properties 228 583 209 276
Investments and loans 15 746 6 590
Operating lease debtors - 422
Deferred taxation 15 340 12 507
264 866 234 300
Current assets
Inventory 44 750 49 949
Accounts receivable 6 938 11 542
Operating lease debtors 696 113
Cash and equivalents 3 596 16 229
55 980 77 833
Total assets 320 846 312 133
EQUITY AND LIABILITIES
Share capital and reserves 140 777 137 625
Non-current liabilities
Borrowings 105 076 107 504
Deferred taxation 20 303 19 496
125 379 127 000
Current liabilities
Current portion of borrowings 32 419 19 271
Accounts payable 8 593 13 679
Operating lease creditors 20 -
Bank overdraft 11 727 11 667
Taxation 1 931 2 891
54 690 47 508
Total equity and liabilities 320 846 312 133
CONDENSED GROUP CASH FLOW STATEMENTS
Year ended
28 February 28 February
2011 2010
R`000 (reviewed) (audited)
Cash generated/(utilised) by operations (126) (6 890)
Net cash inflow/(outflow) from investing (23 287) (6 487)
activities
Net cash inflow/(outflow) from financing 10 720 22 988
activities
Movement in cash and cash equivalents (12 693) 9 611
Cash and cash equivalents at the beginning 4 562 (5 049)
of the period
Cash and cash equivalents at the end of (8 131) 4 562
the period
CONDENSED GROUP STATEMENTS OF CHANGES IN EQUITY
Year ended
28 February 28 February
2011 2010
R`000 (reviewed) (audited)
Ordinary share capital 558 558
Share premium 8 8
Reserves
Retained income
Balance at the beginning of period 122 348 133 371
Income/(loss) attributable to ordinary 304 (11 023)
shareholders
Balance at the end of the period 122 652 122 348
Reserves attributable to ordinary 122 652 122 348
shareholders
Reserves attributable to non-controlling 17 559 14 711
interests
Total reserves 140 211 137 059
Total equity 140 777 137 625
SUPPLEMENTARY INFORMATION
Year ended
28 February 28 February
2011 2010
R`000 (reviewed) (audited)
Number of ordinary shares in issue - end 55 915 55 915
of period (000`s)
Number of ordinary shares in issue - 55 915 55 915
beginning of period (000`s)
Less: Treasury shares (000`s) (133) (133)
Weighted average (000`s) 55 782 55 782
* These shares have been cancelled and
delisted
Reconciliation of headline earnings per
share
Net income/(loss) per statement of 304 (16 844)
comprehensive income
- Attributable to continuing operations 304 (19 250)
- Attributable to discontinued operations - 2 682
- Profit on sale of assets/investment (1) (1)
properties
- Fair value adjustment of investment (1 898) (4 622)
property (net of taxation)
- Impairment of investments 201 18 587
(1 394) (2 880)
Earnings/(loss) and diluted earnings per
share
- Continuing operations 0,54 (34,5)
- Discontinued operations - 4,8
Headline earnings/(loss) and diluted
headline earnings per share (cents)
- Continuing operations (2,5) (10,0)
- Discontinued operations - 4,8
Dividends per share (cents) - -
Net asset value per share (cents) 220,9 220,5
Net tangible asset value per share (cents) 220,9 220,5
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, 1973, 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.
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.
GENERAL REVIEW AND FINANCIAL RESULTS
Despite the continued depressed state of the market in which the group operates
stringent controls resulted in the net loss after taxation incurred in 2010
being reversed resulting in a small profit after taxation in 2011.
The group remains stable and well positioned to grow when the expected recovery
in the property market gains momentum.
SEGMENTAL REPORTING
Operating revenue and income/(loss) before taxation (after elimination of intra-
group transactions and balances) has been incurred by the segments as follows:
28 February 28 February
2011 2010
R`000 (reviewed) (audited)
Revenue
Investment Property Holdings 20 304 21 480
Property Related Services 38 236 30 030
Property Held for Resale 4 654 193
Head Office Administration 3 848 14 712
67 042 66 415
Income/(loss) before taxation
Investment Property Holdings 4 189 3 725
Property Related Services 7 782 777
Property Held for Resale (6 248) (6 378)
Head Office Administration (10 233) (17 758)
(4 510) (19 634)
Total assets
Investment Property Holdings 268 469 258 299
Property Related Services 11 697 9 140
Property Held for Resale 12 832 17 544
Head Office Administration 27 848 27 150
320 846 312 133
Total liabilities
Investment Property Holdings 120 842 144 651
Property Related Services 7 978 7 283
Property Held for Resale 37 220 6 667
Head Office Administration 14 028 15 907
180 068 174 508
A geographical segmental report is not presented as the majority of the group`s
operations are carried out in the Gauteng area.
Prior to 2010 the group`s operations comprised two distinct segments, namely
Property Holdings and Related Services, and Payroll Services. With the disposal
of the latter, in the 2010 year, operations are now focused solely within the
property sector. During the current year of review, the Property Holding segment
was subdivided into four significant and distinct contributors to the
consolidated revenue of the group, as noted below.
Segmental aggregation is based on the main sources of revenue generated from
Investment Property Holding, Property Related Services, Property Sales and Head
Office Administration. Comparative figures for the 2010 year have been restated
in accordance with this segmentation.
SUBSEQUENT EVENTS
No material matters have occurred subsequent to 28 February 2011 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
SPONSOR:
ARCAY MOELA SPONSORS (PTY) LIMITED
Date: 10/06/2011 16:00:02 Produced by the JSE SENS Department.
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