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COL
COL
COL - Colliers South Africa Holdings Limited - Unaudited Interim Results
for the six months ended 31 August 2011
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 2011
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
Six months ended 12 months
ended
31 August 31 August 28 February
2011 2010 2011
R`000 (unaudited) (unaudited) (audited)
Revenue 28 476 35 294 67 042
Operating income before 4 766 2 248 6 333
interest and fair value
adjustments
Fair value adjustments (15) - 2 207
Investment income 104 466 1 026
Finance costs (4 689) (6 097) (12 015)
Net income/(loss) before 166 (3 383) (2 449)
taxation
Taxation (1 723) 767 2 606
(Loss)/income after taxation (1 557) (2 616) 157
(1 557) (2 616) 157
(Loss)/income attributable
to:
Ordinary shareholders (1 519) (2 311) 307
Non-controlling interests (38) (305) (150)
(1 557) (2 616) 157
Other comprehensive income:
Foreign currency translation 6 3 (6)
reserve
Sale of group companies 848 - -
Total comprehensive
(loss)/income attributable
to:
Ordinary shareholders (665) (2 308) 304
Non-controlling interests (38) (305) (153)
(704) (2 613) 151
CONDENSED STATEMENT OF FINANCIAL POSITION
Six months ended 12 months
ended
31 August 31 August 28 February
2011 2010 2011
R`000 (unaudited) (unaudited) (audited)
ASSETS
Non-current assets
Property, plant and equipment 4 515 6 290 5 197
Investment properties 204 239 213 032 228 583
Investments and loans 16 369 11 364 15 746
Deferred taxation 13 551 10 256 15 340
238 674 240 942 264 866
Current assets
Inventory 45 370 49 949 44 750
Accounts receivable 18 385 18 083 6 937
Operating lease debtors 696 535 696
Taxation receivable 58 - -
Cash and equivalents 1 817 4 135 3 596
66 326 72 702 55 979
Total assets 305 000 313 644 320 845
EQUITY AND LIABILITIES
Share capital and reserves 122 644 135 012 140 777
Non-current liabilities
Borrowings 94 749 129 701 105 076
Deferred taxation 20 299 17 278 20 303
115 048 146 979 125 379
Current liabilities
Current portion of borrowings 34 621 3 763 32 419
Accounts payable 18 832 13 969 8 592
Operating lease creditors 20 - 20
Bank overdraft 11 902 11 701 11 727
Taxation payable 1 933 2 220 1 931
67 308 31 653 54 689
Total equity and liabilities 305 000 313 644 320 845
CONDENSED GROUP CASH FLOW STATEMENTS
Six months ended 12 months
ended
31 August 31 August 28 February
2011 2010 2011
R`000 (unaudited) (unaudited) (audited)
Cash generated/(utilised) by (81) (3 870) (125)
operations
Net cash inflow/(outflow) 6 252 (9 315) (22 688)
from investing activities
Net cash inflow/(outflow) (8 125) 6 690 10 120
from financing activities
Movement in cash and cash (1 954) (12 128) (12 693)
equivalents
Cash and cash equivalents at (8 131) 4 562 4 562
the beginning of the period
Cash and cash equivalents at (10 085) (7 566) (8 131)
the end of the period
CONDENSED GROUP STATEMENTS OF CHANGES IN EQUITY
Six months ended 12 months
ended
31 August 31 August 28 February
2011 2010 2011
R`000 (unaudited) (unaudited) (audited)
Ordinary share capital 558 558 558
Share premium 8 8 8
Reserves
Retained income
Balance at the beginning of 122 652 122 348 122 348
period
(Loss)/income attributable to (665) (2 308) 304
ordinary shareholders
Balance at the end of the 121 987 120 040 122 652
period
Reserves attributable to 121 987 120 040 122 652
ordinary shareholders
Reserves attributable to 91 14 406 17 559
minority shareholders
Total reserves 122 078 134 446 140 211
Total equity 122 644 135 012 140 777
SUPPLEMENTARY INFORMATION
Six months ended 12 months
ended
31 August 31 August 28 February
2011 2010 2011
(unaudited) (unaudited) (audited)
Number of ordinary shares in 55 782 55 782 55 782
issue - end of period (000`s)
Number of ordinary shares in 55 915 55 915 55 915
issue - beginning of period
(000`s)
Less: Treasury shares (000`s) (133) (133) (133)
Weighted average (000`s) 55 782 55 782 55 782
Reconciliation of headline
earnings per share
Net (loss)/profit per (665) (2 308) 304
statement of comprehensive
income
Profit on sale of property, - - (1)
plant and equipment
Profit on sale of rights - - (2 061)
Fair value adjustment (net of 13 - (1 898)
taxation)
Impairment of investments - - 201
(652) (2 308) (3 455)
Earnings/(loss) and diluted (1,19) (4,1) 0,54
earnings per share
Headline earnings/(loss) and (1,17) (4,1) (6,19)
diluted headline earnings per
share (cents)
Dividends per share (cents) - - -
Net asset value per share 219,7 216,3 220,9
(cents)
Net tangible asset value per 219,7 216,3 220,9
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 unaudited 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.
CONDENSED SEGMENT RESULTS
Operating revenue and income/(loss) before taxation (after elimination
of intra-group transactions and balances) has been incurred by the
segments as follows:
Six months ended 12 months ended
31 August 31 August 28 February
2011 2010 2011
R`000 (unaudited) (unaudited) (audited)
Revenue
Investment Property Holding 9 237 10 925 20 303
Property-related services 17 184 20 118 38 236
Property held for resale 90 2 300 4 655
Head office administration 1 965 1 951 3 848
28 476 35 294 67 042
Income/(loss) before taxation
Investment Property Holding 3 060 990 4 189
Property-related services 261 3 291 7 782
Property held for resale (286) (1 973) (4 187)
Head office administration (2 869) (5 691) (10 233)
166 (3 383) (2 449)
Total assets
Investment Property Holding 245 102 259 704 268 469
Property-related services 17 431 16 951 11 696
Property held for resale 12 812 17 536 12 833
Head office administration 29 655 19 453 27 847
305 000 313 644 320 845
Total liabilities
Investment Property Holding 144 923 127 071 120 842
Property related services 13 897 7 799 7 978
Property held for resale 2 155 22 534 37 221
Head office administration 21 381 21 228 14 027
182 356 178 632 180 068
GENERAL REVIEW AND FINANCIAL RESULTS
When compared to the six months ended 31 August 2010 and the 12 months
ended 28 February 2011 the group`s net income/loss before taxation
reflected a marked improvement, buoyed primarily by a well-performing
investment property segment and extensive cost-cutting exercises across
the entire group.
The directors continue to seek opportunities to increase the property
portfolio within the group and to reduce existing borrowings.
At the commencement of the current financial year the directors took the
decision to focus entirely on local operations, thus resulting in the
group disposing of its interest in a foreign subsidiary, yielding an
accounting profit of approximately R848,000. This disposal has resulted
in a negligible decrease in the Net Asset Value of the group when
compared to the year ended 28 February 2011, but contributed a
significant reduction in the value of non-controlling interest.
As previously stated the directors will continue to focus on the
generation of additional Net Asset Value through the growth of the
property portfolio, coupled with continuing efforts to reduce
unnecessary overheads.
SUBSEQUENT EVENTS
Post 31 August 2011, negotiations for the sale of an additional unit in
the Salt Rock development were concluded with the intention of using a
portion of the proceeds to reduce borrowings and the remainder to be
retained as a reserve for future use. At the date of authorisation of
these condensed interim results, the sales proceeds had not been
received nor had a final decision regarding utilisation thereof been
made. The sale will result in a decrease in inventory of R2,5 million
and will yield neither an accounting profit nor accounting loss. No
reliable estimate can be made of the effect on borrowings as a final
decision regarding the use of the proceeds has not yet been reached.
In addition to the event mentioned above, as advised in the annual
report for the year ended 28 February 2011, the directors are evaluating
a restructure of the group so as to result in the group being focussed
on the ownership of income-producing properties.
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
2969 William Nicol Drive, Wedgewood Link, Bryanston 2021
TRANSFER SECRETARIES
Computershare Investor Services (Pty) Limited
70 Marshall Street, Johannesburg, 2001
SPONSOR:
ARCAY MOELA SPONSORS (PTY) LIMITED
4 November 2011
Date: 04/11/2011 17:49:01 Produced by the JSE SENS Department.
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