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Quyn Holdings Limited - Unaudited Results For The Six Months Ended 31 August
Release Date: 28/11/2003 17:05:00 Code(s): QUY
Quyn Holdings Limited - Unaudited results for the six months ended 31 August
2003 and removal of cautionary
(Incorporated in the Republic of South Africa) (Registration number
1998/012245/06) ("Quyn") (Share code: QUY ISIN code: ZAE000017257)
Unaudited results for the six months ended 31 August 2003 and removal of
cautionary
ABRIDGED GROUP INCOME STATEMENTS
17 months
ended
Six months ended 28 February
31 August 2003 2003
(R 000"s) (unaudited) (audited)
Revenue 4 026 130 130
Operating income/(loss) 2 433 11 738
before interest
Net interest received/(paid) (1 400) (8 166)
Operating income/(loss) 1 033 3 572
Income/(loss) before 1 033 3 572
taxation
Taxation (2) (244)
Income/(loss) after taxation 1 031 3 328
Share of associated - (280)
companies" net income/(loss)
Income/(loss) attributable 1 031 3 048
to ordinary shareholders
Operating income/(loss)
before interest is stated
after:
Depreciation 690 2 878
Amortisation of goodwill and 718 224
intangibles
Operating lease payments 1 986 9 021
(Profit)/loss on disposal of - 7
property, equipment and
vehicles
(Profit)/loss on foreign (14) 198
currency translation
ABRIDGED GROUP CASH FLOW STATEMENTS
17 months
ended
Six months ended 28 February
31 August 2003 2003
(R 000"s) (unaudited) (audited)
Cash generated 1 133 84 964
(utilised) by operations
Net cash inflow from 5 305 (4 174)
investing activities
Net cash outflow from (1 761) (79 230)
financing activities
Net increase in cash and 4 677 1 560
cash equivalents
Cash and cash (5 042) (6 602)
equivalents at the
beginning of the period
Cash and cash (365) (5 042)
equivalents at the end
of the period
ABRIDGED GROUP STATEMENTS OF CHANGES IN EQUITY
17 months
ended
Six months ended 28 February
31 August 2003 2003
(R 000"s) (unaudited) (audited)
Balance at beginning of 29 875 21 755
period
Cancellation of shares - (476)
Shares purchased by - (1 126)
subsidiary
Redemption of preference - (46)
shares
Income/(loss) 1 031 3 048
attributable to ordinary
shareholders
Reversal of deferred tax - -
asset
Prior year consolidation - 2 263
error corrected
Investment property - 4 414
revalued
Other movements - 43
Balance at end of period 30 906 29 875
ABRIDGED GROUP BALANCE SHEETS
28 February
31 August 2003 2003
(R 000"s) (unaudited) (audited)
ASSETS
Non-current assets
Property, equipment and 44 057 44 595
vehicles
Goodwill and intangibles (3 669) (3 873)
Investments 4 704 5 159
Loans to joint ventures (1 420) 2 307
Deferred taxation 527 1 552
44 199 49 740
Current assets
Land and development costs 10 218 9 778
Accounts receivable 35 033 33 050
Bank balances and cash 5 905 2 981
51 156 45 809
Total assets 95 355 95 549
EQUITY AND LIABILITIES
Share capital and reserves 30 906 29 875
Non-current liabilities
Long term liabilities 28 350 28 516
Provision for onerous 206 936
contracts
28 556 29 452
Current liabilities
Current portion of long-term - 1 322
liabilities
Provision for onerous 232 222
contracts
Short-term loans 447 -
Accounts payable and 28 944 26 655
taxation
Bank overdraft 6 270 8 023
35 893 36 222
Total equity and liabilities 95 355 95 549
SUPPLEMENTARY INFORMATION
28 February
31 August 2003 2003
(R 000"s) (unaudited) (audited)
Number of ordinary shares in 63 086 70 008
issue - end of year (000"s)
Number of ordinary shares in 70 008 72 391
issue - beginning of year
(000"s)
Conversion of preference - 784
shares
Less: Shares repurchased and - (3 167)
cancelled
Held by subsidiary (6 922) (6 922)
Weighted average 63 086 71 871
Profit/(loss) per share 1,6 4,2
(cents)
Plus: Amortisation of 1,1 0,3
goodwill
Loss on sale of investments - 0,6
Headline profit/(loss) per 2,7 5,1
share (cents)
Ordinary dividends per share - -
(cents)
Net asset value per share 48,9 42,7
(cents)
Net tangible asset value per 54,8 48,2
share (cents)
Contingent liabilities 70 994 72 980
Capital commitments 14 000 14 000
The above results, which have been prepared in accordance with South African
Statements of Generally Accepted Accounting Practice on a basis consistent with
prior years, have not been audited or reviewed.
Interim comparative figures have not been provided as the company changed its
financial year end and the provision of comparatives would be meaningless.
REVIEW OF OPERATIONS AND SEGMENTAL RESULTS
Operating income/(loss) before taxation has been incurred by the group"s
divisions as follows:
Six months ended 17 months ended
R000"s 31 August 2003 28 February 2003
Colliers Property 426 6 660
division
Quyn Outsource division 93 (1 912)
Holding company 71 (1 015)
Foreign operations 443 (161)
1 033 3 572
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.
A negative aspect faced by this division over the past 24 months has been the
prevailing high interest rates which have not been conducive to the bringing of
numerous development projects to fruition which has resulted in a drain on
reserves and the resultant negative earnings in developments.
With the recent decreases in the bank rate market sentiment has changed
significantly and your directors look forward to a positive contribution from
developments over the next 24 months and beyond.
QUYN OUTSOURCE DIVISION
Operations within this division have stabilised and have returned to positive
earnings with future growth expected to be steady.
FOREIGN OPERATIONS
The Mocambique operation has settled down and has contributed positive earnings
to the bottom line.
REMOVAL OF CAUTIONARY
Shareholders are referred to previous cautionary announcements regarding the
possible termination of Quyn"s listing on the JSE Securities Exchange SA.
Whilst your directors are still of the belief that this is the correct decision,
implementation has been delayed and this decision will be re-evaluated in 2004.
Shareholders are accordingly advised that the cautionary under which Quyn has
been trading no longer applies.
DIVIDEND DECLARATION
No dividend has been declared nor is recommended in respect of the period under
review (February 2003: nil).
Directors
S F Cairns (Non-executive chairman), R P Fertig (CEO), W P Alcock, J A Holland,
B W Kaiser
Registered office
36 Fricker Road. Illovo, Sandton
Transfer secretaries
Computershare Limited, Investor Services Division, 70 Marshall Street,
Johannesburg, 2001
Illovo, Johannesburg
28 November 2003
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