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Quyn - Unaudited Interim Results For The Twelve Months Ended 30 September 2002
Release Date: 02/12/2002 17:05:16 Code(s): QUY
Quyn - Unaudited interim results for the twelve months ended 30 September 2002
and cautionary announcement
Quyn Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/012245/06)
("Quyn") (Share code: QUY ISIN code: ZAE000017257)
Unaudited interim results for the twelve months ended 30 September 2002 and
cautionary announcement
ABRIDGED GROUP INCOME STATEMENT
for the twelve months ended 30 September 2002
30 30
September September
2002 2001
(unaudited) (audited)
R 000`s Notes
Revenue 95 964 89 531
Operating income/(loss)
before interest 1 8 322 (4 074)
Abnormal items 2 - (5 882)
Net interest (7 669) (9 292)
(paid)/received
Operating income/(loss) 653 (19 248)
Profit on sale of 46 721
subsidiary
Income/(loss) before 699 (18 527)
taxation
Taxation (437) (975)
Income/(loss) after 262 (19 502)
taxation
Share of associated
companies` net income - (52)
Income/(loss) attributable
to ordinary shareholders 262 (19 554)
Notes to the abridged group income statement
1. Operating income/(loss)
before interest is stated
after:
Depreciation 2 651 1 970
Amortisation of goodwill and
intangibles 731 428
Operating lease payments 4 550 5 543
(Profit)/loss on disposal of
property, equipment and
vehicles 27 20
(Profit)/loss on foreign
currency translation (586) 794
Provision for onerous
contract written back 1 593 -
Recovery of prior years`
expenses 1 386 -
2. Abnormal items:
- Write-down of inventory to
net realisable value before
tax - (3 658)
- Write-down of deposit paid
on contract before tax
- (2 224)
(5 882)
For purposes of calculating
earnings per share and
headline earnings per share
these items have been
included in attributable
profit.
ABRIDGED GROUP cash flow statement
for the twelve months ended 30 September 2002
30 30
September September
2002 2001
(unaudited) (audited)
R 000`s Notes
Cash
generated/(utilised)
by operations 1 84 959 (38 422)
Cash flows from
investing activities
Proceeds on sale of
subsidiaries, net cash
forgone 18 462 -
Acquisition of
goodwill and (516) -
intangibles
Proceeds on sale of
property, equipment
and vehicles 17 505 1 049
Acquisition of
property, equipment (12 935) (4 161)
and vehicles
Other (78) (468)
Net cash inflow from
investing activities 4 492 14 366
Cash flows from
financing activities
Redemption of
preference shares (46) -
Shares repurchased (1 602) -
Long-term liabilities
raised - 31 046
Long-term liabilities
repaid 2 (76 579) (5 502)
Net cash
inflow/(outflow) from
financing activities (78 227) 25 544
Net increase in cash
and cash equivalents 11 224 1 488
Cash and cash
equivalents at
beginning of period (6 602) (8 090)
Cash and cash
equivalents at end of
period 4 622 (6 602)
Notes to the abridged group cash flow statement
1. Includes reclassification of land to inventory and sale thereof.
2. Includes repayment of loans from sale of inventory
ABRIDGED GROUP statement of changes in equity
for the twelve months ended 30 September 2002
30 30 September
September
2002 2001
(unaudited) (audited)
R 000`s
Balance at beginning of period 21 755 48 430
Cancellation of shares (476) -
Shares purchased by subsidiary (1 126) -
Redemption of preference shares (46) -
Income/(loss) attributable to
ordinary shareholders 262 (19 554)
Reversal of deferred tax asset - (7 250)
Other movements - 129
Balance at end of period 20 369 21 755
ABRIDGED GROUP balance sheet as at 30 September 2002
30 30
September September
2002 2001
(unaudited) (audited)
R 000`s
ASSETS
Non-current assets
Property, equipment and vehicles 32 627 39 875
Land and development costs - 11 167
Goodwill and intangibles 233 964
Investments 5 086 2 978
Loans to joint ventures 1 744 3 240
Deferred taxation - 535
39 690 58 759
Current assets
Land and development costs 12 828 81 412
Accounts receivable 25 375 26 176
Bank balances and cash 6 162 14 703
44 365 122 291
Total assets 84 055 181 050
EQUITY AND LIABILITIES
Share capital and reserves 20 369 21 755
Non-current liabilities
Long-term liabilities 21 567 35 002
Negative goodwill 4 686 4 686
Provision for onerous contracts 1 420 3 882
27 673 43 570
Current liabilities
Current portion of long-term
liabilities 4 060 56 213
Provision for onerous contracts 375 375
Short-term loans 3 143 14 197
Accounts payable and taxation 26 895 23 635
Bank overdraft 1 540 21 305
36 013 115 725
Total equity and liabilities 84 055 181 050
SUPPLEMENTARY INFORMATION
Number of ordinary shares in issue
- end of year (000`s) 63 086 72 391
Number of ordinary shares in issue
- beginning of year (000`s) 72 391 72 391
Conversion of preference shares 784 -
Less: Shares repurchased and (3 167) -
cancelled
Less: Held by subsidiary (6 922) -
Weighted average 71 493 73 175
Number of convertible redeemable
shares in issue - end of year - 5 366
(000`s)
Earnings per share (cents)
Profit/(loss) per share (cents) 0,4 (27,0)
Plus: Amortisation of goodwill 1,2 0,7
Profit on sale of fixed assets (0,1) -
Profit on sale of investments - (1,0)
Write-down of investments - 0,3
Headline profit/(loss) per share
(cents) 1,5 (27,0)
Ordinary dividends per share - -
(cents)
Preference dividends per share - -
(cents)
Net asset value per share (cents) 32,3 30,1
Net tangible asset value per share
(cents) 39,4 35,2
Contingent liabilities (R`000) 101 830 192 105
Capital commitments (R`000) 16 483 26 496
Review of results
The financial year of the group has been changed to 28 February and accordingly
the results for the year under review are unaudited interim results for the 12
months ended 30 September 2002. Audited results will be published for the 17
months ended 28 February 2003. Except for AC135, which will be implemented in
February 2003, the results have been prepared in accordance with South African
Statements of Generally Accepted Accounting Practice and the group`s accounting
policies and reflect a continuation of the improvement reported at 31 March
2002. The group achieved a profit attributable to ordinary shareholders of R262
000 for the year compared to a loss of R19,5 million for the year ended 30
September 2001. Properties held as non-current assets have been valued at cost
as in prior years and have not been depreciated, land and developments have been
sold and group debt has been reduced considerably from the extremely high levels
reported last year.
Contingent liabilities
Contingent liabilities have been reduced by the removal of the suretyship for
R50 million in favour of Standard Corporate and Merchant Bank by Quyn Holdings
Ltd for the Benoni Lakeside Mall development. The directors are still of the
opinion that the company has minimal exposure in respect of the unsubstantiated
notice of assessment received from SARS in the previous financial year in
respect of employees` taxation.
Purchase and cancellation of shares
At a general meeting of shareholders held on 30 July 2002 the purchase of 10 090
308 shares by the company and a subsidiary and the cancellation of 3 167 994
shares was approved.
Review of operations and segmental results
Operating income/(loss) has been incurred by the group`s divisions as follows:
Year ended Year ended
30 September 30 September
2002 2001
(unaudited) (audited)
R 000`s
Colliers Property 2 089 (15 173)
division
Quyn Outsource division 1 658 1 714
Holding company (2 049) (3 427)
Foreign operations (1 045) (2 362)
653 (19 248)
Colliers Property division
The internal restructure within Colliers is now complete, resulting in the
establishment of three separate autonomous companies operating in the
specialised areas of Property Management, Broking and Developments on a national
basis.
The year under review reflects an operating loss before the sale of land due
mainly to retrenchment costs and the costs of winding down certain non-
profitable operations incurred in the first six months, but the company has,
through careful realisation of some of its non-core assets, returned an overall
profit for the twelve-month period.
Quyn Outsource division
The Quyn Outsource group (the merged advisory and human resource divisions) has
produced significantly improved financial results since the merger of operations
in March 2002. The group posted a slightly smaller profit compared to the prior
year, but the current year`s profits were reduced by once-off expenditure that
includes retrenchment, consolidation and relocation costs amounting to R1,4
million. The group`s diverse range of services and operations have grown
steadily during the year under review and the outlook for the coming year is
very favourable. Subsequent to September, the group has further extended its
range of services with the incorporation of Quyn Integrated Solutions (Pty) Ltd
(previously Colliers Facility Management) providing facilities management
services to all clients of the enlarged Quyn group.
Foreign operations
The Mozambique operations continue to grow, and profitability on a monthly basis
has been achieved. An operating loss of R690 000 was incurred, which is
significantly less than that incurred in the previous year and which includes
foreign exchange adjustments, relocation and retrenchment costs amounting to
R280 000. The Mozambique operation is expected to be profitable going forward
and continues to play an integral role within the Quyn Outsource division. The
Zambian business was negatively affected by the uncertainty in Zambia and
incurred a further loss in the year.
Prospects
Management structures in the main operating divisions have settled down after
extensive restructuring and rationalisation. The directors are confident of
positive results at 28 February 2003 showing a turnaround in earnings and
positive cash flow.
Change in auditors
During the year under review KPMG Inc resigned as auditors and BDO Spencer
Steward (Johannesburg) Inc has been appointed in their stead.
Cautionary announcement
Shareholders are advised that the directors of Quyn are considering proposals,
the implementation of which may affect the price of Quyn shares on the JSE
Securities Exchange South Africa. Shareholders are advised to exercise caution
in their dealings in Quyn shares until a further announcement is made in this
regard.
Dividend declaration
No dividend has been declared nor is recommended in respect of the period under
review.
For and behalf of the board
R P Fertig, Chief executive officer
2 December 2002
Directors
R P Fertig (Chairman and CEO), J N Alcock, J A Holland, V Schroeder (non-
executive), W P Alcock (alternate)
Registered office
36 Fricker Road, Illovo, Johannesburg
Transfer secretaries
Computershare Investor Services Limited, Edura House, 41 Fox Street,
Johannesburg
Date: 02/12/2002 05:05:00 PM Produced by the JSE SENS Department
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