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Quyn Holdings Limited - Audited Results For The Seventeen Months Ended 28
Release Date: 01/10/2003 17:15:11 Code(s): QUY
QUYN HOLDINGS LIMITED - AUDITED RESULTS FOR THE SEVENTEEN MONTHS ENDED 28
FEBRUARY 2003 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
AUDITED RESULTS FOR THE SEVENTEEN MONTHS ENDED 28 FEBRUARY 2003 AND CAUTIONARY
ANNOUNCEMENT
ABRIDGED GROUP INCOME STATEMENTS
Year
ended
17 months ended 30
September
28 February 2003 2001
(R 000"s) Notes (audited) (reviewed) (audited)
Revenue 130 130 130 535 89 531
Operating 1 11 738 10 468 (4 074)
income/(loss) before
interest
Abnormal items 2 - - (5 882)
Net interest (8 166) (8 165) (9 292)
received/(paid)
Operating 3 572 2 303 (19 248)
income/(loss)
Profit on sale of - - 721
subsidiary
Income/(loss) before 3 3 572 2 303 (18 527)
taxation
Taxation 4 (244) (1 770) (975)
Income/(loss) after 3 328 533 (19 502)
taxation
Share of associated (280) (280) (52)
companies" net
income/(loss)
Income/(loss) 3 048 253 (19 554)
attributable to
ordinary
shareholders
Notes to group income statement
1. Operating income/(loss) before interest is stated after:
Depreciation 2 878 2 879 1 970
Amortisation of 224 655 428
goodwill and
intangibles
Operating lease 9 021 6 678 5 543
payments
(Profit)/loss on 7 43 20
disposal of
property, equipment
and vehicles
(Profit)/loss on 198 198 794
foreign currency
translation
2. Abnormal items: - - (5 882)
- Write-down of - - (3 658)
inventory to net
realisable value
before tax
- Write-down of - - (2 224)
deposit paid on
contract before tax
For purposes of calculating earnings per share and headline earnings per share
these items have been included in attributable profit.
3. Income before taxation increased from the reviewed results by approximately
R1,2 million as a result of a lower level of goodwill amortisation and
expenses being overstated in the reviewed results.
4. Taxation reduced by approximately 1,5 million from that given in the
reviewed results as a result of deferred taxation assets being recognised.
ABRIDGED GROUP CASH FLOW STATEMENTS
Year ended
17 months ended 30
September
28 February 2003 2001
(R 000"s) (audited) (reviewed) (audited)
Cash generated (utilised) 84 964 83 193 (38 422)
by operations
Cash flows from investing
activities
Proceeds on sale of - - 18 462
subsidies - net cash
forgone
Acquisition of goodwill - - (516)
and intangibles
Proceeds on sale of 15 718 15 725 1 049
property, equipment and
vehicles
Acquisition / (19 567) (8 239) (4 161)
reclassification of
property, plant and
equipment
Other (325) (2 273) (468)
Net cash inflow from (4 174) 5 213 14 366
investing activities
Cash flows from financing
activities
Redemption of preference (102) (102) -
shares
Long-term liabilities - - 31 046
raised
Liabilities repaid (79 128) (85 242) (5 502)
Net cash outflow from (79 230) (86 845) 25 544
financing activities
Net increase in cash and 1 560 1 561 1 488
cash equivalents
Cash and cash equivalents (6 602) (6 602) (8 090)
at the beginning of the
period
Cash and cash equivalents (5 042) (5 041) (6 602)
at the end of the period
ABRIDGED GROUP STATEMENTS OF CHANGES IN EQUITY
Year ended
17 months ended 30
September
28 February 2003 2001
(R 000"s) (audited) (reviewed) (audited)
Balance at beginning 21 755 21 755 48 430
of period
Cancellation of (476) (476) -
shares
Shares purchased by (1 126) (1 126) -
subsidiary
Redemption of (46) (46) -
preference shares
Income/(loss) 3 048 253 (19 554)
attributable to
ordinary
shareholders
Reversal of deferred - - (7 250)
tax asset
Prior year 2 263 2 841 -
consolidation error
corrected
Investment property 4 414 - -
revalued
Other movements 43 - 129
Balance at end of 29 875 23 201 21 755
period
ABRIDGED GROUP BALANCE SHEETS
30
September
28 February 2003 2001
(R 000"s) Notes (audited) (reviewed) (audited)
ASSETS
Non-current assets
Property, equipment 1 44 595 31 834 39 875
and vehicles
Land and development - - 11 167
costs
Goodwill and (3 873) 65 964
intangibles
Investments 5 159 4 959 2 978
Loans to joint 2 307 2 308 3 240
ventures
Deferred taxation 1 552 141 535
49 740 39 307 58 759
Current assets
Land and development 1 9 778 18 135 81 412
costs
Accounts receivable 33 050 33 094 26 176
Bank balances and 2 981 2 981 14 703
cash
45 809 54 210 122 291
Total assets 95 549 93 517 181 050
EQUITY AND
LIABILITIES
Share capital and 2 29 875 23 201 21 755
reserves
Non-current
liabilities
Long term 3 28 516 20 940 35 002
liabilities
Negative goodwill - 4 376 4 686
Provision for 936 936 3 882
onerous contracts
29 452 26 252 43 570
Current liabilities
Current portion of 1 322 - 56 213
long-term
liabilities
Provision for 222 222 375
onerous contracts
Short-term loans - 1 853 14 197
Accounts payable and 3 26 655 33 966 23 635
taxation
Bank overdraft 8 023 8 023 21 305
36 222 44 064 115 725
Total equity and 95 549 93 517 181 050
liabilities
Notes To Group Balance Sheet
1. Fixed assets have increased as a result of the revaluation of investment
property in terms of AC 135 by an amount of R4,4 million and the
reclassification of a developed property costing R8,3 million from current
assets to fixed assets.
2. Shareholders" equity increased from the reviewed figures as a result of the
investment property revaluation and the increase in retained earnings.
3. The movements between long-term liabilities and accounts payable resulted
from the reclassification of certain loans.
SUPPLEMENTARY INFORMATION
30
September
28 February 2003 2001
(R 000"s) (audited) (reviewed) (audited)
Number of ordinary shares 70 008 63 086 72 391
in issue - end of year
(000"s)
Number of ordinary shares 72 391 72 391 72 391
in issue - beginning of
year (000"s)
Conversion of preference 784 784 -
shares
Less: Shares repurchased (3 167) (3 167) -
and cancelled
Held by subsidiary (6 922) (6 922) -
Weighted average 71 871 69 021 73 175
Number of convertible - - 5 366
redeemable shares in issue
- end of year (000"s)
Profit/(loss) per share 4,2 0,4 (27,0)
(cents)
Plus: Amortisation of 0,3 1,0 0,7
goodwill
Profit on sale of fixed - - -
assets
Loss on sale of investments 0,6 - (1,0)
Write-down of investments - - 0,3
Headline profit/(loss) per 5,1 1,4 (27,0)
share (cents)
Ordinary dividends per - - -
share (cents)
Preference dividends per - - -
share (cents)
Net asset value per share 42,7 36,8 30,1
(cents)
Net tangible asset value 48,2 43,6 35,2
per share (cents)
Contingent liabilities 72 980 48 644 192 105
Capital commitments 14 000 16 483 26 496
The above results, which have been prepared in accordance with GAAP on a basis
consistent with prior years, have been audited by BDO Spencer Steward
(Johannesburg) Inc. who have issued an unqualified audit report, which is
available for inspection at the company"s registered offices. Full financial
statements were distributed to shareholders on 29 September 2003. The audited
results above are being published in addition to the reviewed results which were
published on 17 June 2003, together with explanations for significant
differences arising on finalisation of the audit.
REVIEW OF OPERATIONS AND SEGMENTAL RESULTS
Operating income/(loss) before taxation has been incurred by the group"s
divisions as follows:
17 months ended Year ended
R000"s 28 February 2003 30 September 2001
Colliers Property 6 660 (15 173)
division
Quyn Outsource (1 912) 1 714
division
Holding company (1 015) (3 427)
Foreign operations (161) (2 362)
3 572 (19 248)
COLLIERS PROPERTY SERVICES DIVISION
This division is steadily growing its client base to a level where the division
will benefit from economies of scale and attain the desired profitability level.
QUYN OUTSOURCE DIVISION
The payroll administration division has seen slightly higher than expected
attrition during the period but has maintained a steady core of clients and is
set for expansion. Financial Services has performed better than expected and
looks set for further growth in the year ahead.
FOREIGN OPERATIONS
Mozambique has shown steady growth during the period under review and prospects
look good for the future.
CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the cautionary announcement published on 10
September 2003 and are reminded to continue exercising caution in their dealings
in Quyn shares pending the publication of further information.
DIVIDEND DECLARATION
No dividend has been declared nor is recommended in respect of the period under
review (2001: nil).
DIRECTORS
SF Cairns (Non-executive chairman), RP Fertig (CEO), JN Alcock, BW Kaiser, JA
Holland, WP Alcock (Alternate director)
REGISTERED OFFICE
36, Fricker Road, Illovo, Sandton
TRANSFER SECRETARIES
Computershare Limited, Investor Services Division, 70 Marshall Street,
Johannesburg, 2001
Illovo, Johannesburg
1 October 2003
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