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Quyn Holdings Limited - Reviewed preliminary results for the twelve months ended
29 February 2004
Quyn Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/012245/06)
(`Quyn`)
(Share code: QUY ISIN code: ZAE000017257)
Reviewed preliminary results for the twelve months ended 29 February 2004
ABRIDGED GROUP INCOME STATEMENT
- 29 February 2004
17 months
29 February ended
2004 2003
(R 000`s) Notes (reviewed) (audited)
Revenue 85 217 130 130
Operating (loss)/income before interest 1 (2 183) 11 738
Net interest (paid)/received (3 274) (8 165)
Operating (loss)/income (5 457) 3 573
Net goodwill amortised or impaired 3 541 -
Profit on sale of subsidiary 375 -
Loss/(income) before taxation (1 541) 3 573
Taxation (4 685) (245)
(Loss)/income after taxation (6 226) 3 328
Share of associated companies`
net (loss)/income 115 (280)
(Loss)/income attributable to
ordinary shareholders (6 111) 3 048
Notes to group income statement
1. Operating income/(loss) before
interest is stated after:
Audit fees 867 1 420
Legal fees 266 733
Depreciation 1 004 2 879
Amortisation of goodwill and intangibles (3 527) 224
Operating lease payments 10 891 9 021
Loss/(profit) on disposal of property,
equipment and vehicles 2 438 7
Loss/(profit) on foreign currency - 198
translation
ABRIDGED GROUP CASH FLOW STATEMENT
- 29 February 2004
17 months
29 February ended
2004 2003
(R 000`s) (reviewed) (audited)
Cash generated (utilised) by operations (5 635) 84 964
Cash flows from investing activities
Proceeds on sale of subsidies 2 582 -
Acquisition investments (57) -
Proceeds on sale of property, equipment
and vehicles 1 463 15 718
Acquisition of property, equipment
and vehicles (101) (19 567)
Net cash inflow from investing activities 3 887 (3 849)
Cash flows from financing activities
Redemption of preference shares - (102)
Shares repurchased - (1 501)
Change in long term liabilities 8 161 7 7952
Net cash outflow from financing
activities 8 161 (79 555)
Net increase in cash and cash equivalents 6 413 1 560
Cash and cash equivalents at the
beginning of the period (5 042) (6 602)
Cash and cash equivalents at the
end of the period 1 371 (5 042)
ABRIDGED GROUP STATEMENT OF CHANGES IN EQUITY
for the twelve months ended 29 February 2004
17 months
29 February ended
2004 2003
(R 000`s) (reviewed) (audited)
Balance at beginning of period 29 875 21 755
Cancellation of shares - (476)
Shares purchased by subsidiary - (1 126)
Redemption of preference shares - (46)
Foreign currency translation reserve (711) -
(Loss)/Income attributable to ordinary
shareholders (6 111) 3 091
Change in accounting policy - 4 414
Prior year adjustment - 2 263
Balance at end of period 23 053 29 875
ABRIDGED GROUP BALANCE SHEET
as at 29 February 2004
29 February 28 February
2004 2003
(R 000`s) Notes (reviewed) (audited)
ASSETS
Non-current assets
Property, equipment and vehicles 2 022 3 345
Investment Properties 42 980 41 250
Goodwill and intangibles (48) (3 873)
Investments and loans 2 464 5 159
Loans to joint ventures 1 184 2 307
Deferred taxation 28 1 552
48 630 49 740
Current assets
Land and development costs 6 482 9 778
Accounts receivable 26 663 31 904
Bank balances and cash 3 193 2 981
Taxation 492 1 146
36 830 45 809
Total assets 85 460 95 549
EQUITY AND LIABILITIES
Share capital and reserves 23 053 29 875
Non-current liabilities
Long-term liabilities 32 826 28 516
Deferred income 101 176
Provision for onerous contracts - 936
Deferred taxation 1 683 -
Minority interest 26 -
34 636 29 628
Current liabilities
Current portion of long-term liabilities 313 1 322
Provision for onerous contracts - 222
Accounts payable and taxation 25 637 26 479
Bank overdraft 1 821 8 023
27 771 36 046
Total equity and liabilities 85 460 95 549
SUPPLEMENTARY INFORMATION
as at 29 February 2004
29 February 28 February
2004 2003
(R 000`s) Notes (reviewed) (audited)
Number of ordinary shares in issue
- end of year (000`s) 63 086 63 086
Number of ordinary shares in issue
- beginning of year (000`s) 70 008 72 391
Conversion of preference shares 784
Less: Shares repurchased and cancelled (3 167)
Less: Held by subsidiary (6 922) (6 922)
Weighted average 63 086 71 871
Earnings/(loss) (6 111) 3 048
Plus: Amortisation of goodwill (3 543) 224
Profit on sale of fixed assets (30) 7
Profit on sale of investments/subsidiaries (375) 356
Loans written-off 1 132 -
Revaluation on investment property (1 689) -
Impairment/(revaluation) of property,
plant and equipment 214 -
Headline (loss)/earnings (10 402) 3 635
Earnings/(loss) per share (cents) (9,69) 4,24
Headline earnings/(loss) per share (cents) (16,49) 5,06
Ordinary dividends per share (cents) - -
Net asset value per share (cents) 27,12 41,57
Net tangible asset value per share (cents) 27,12 46,96
Contingent liabilities (R`000) 72 038 72 980
Capital commitments (R`000) 14 000 14 000
REVIEW
The above results, which have been prepared in accordance with statements of
Generally Accepted Accounting Practice, have been reviewed but not audited by
BDO Spencer Steward (Johannesburg) Inc. and are available for inspection at the
company`s registered offices.
COMMENTARY
The group recorded a loss before taxation of R1,5 million compared to a profit
of R3,6 million before taxation in the seventeen months ended 28 February 2003.
REVIEW OF OPERATIONS AND SEGMENTAL RESULTS
Operating income/(loss) before taxation has been incurred by the group`s
divisions as follows:
12 months 17 months
ended ended
29 February 28 February
R000`s 2004 2003
Colliers Property division 538 6 660
Quyn Outsource division (3661) (1 912)
Holding company (704) (1 015)
Foreign operations 277 (160)
(3 550) 3 573
Eliminations 2 009 -
(1 541) 3 573
HOLDING COMPANY
The pre-tax loss recorded by Head Office was a result of the write-off of loan
accounts to a previous subsidiary which was disposed of during the year.
COLLIERS PROPERTY SERVICES DIVISION
The internal restructure within this division has been completed resulting in
three separate focused companies each operating in its field of specialisation.
Colliers RMS, which is the holding company of the above three operations, is now
purely an investment holding company with three operating subsidiaries and a
portfolio of property investments.
The directors of Colliers in addition resolved to write off certain debtors and
other investments which, in their opinion, were not recoverable. The losses
incurred in this regard were negated by the write up of investment properties in
terms of AC135.
In addition the previous nett negative goodwill figure and a large portion of
the non-distributable reserves (which are no longer represented by underlying
assets) have been eliminated.
The property management division continues to grow its client base whilst the
broking division has grown its broker base significantly and is performing above
expectations. The development division has, in addition to the much publicised
Madagascan project, secured a number of development projects and expects to turn
soil on at least three sites during the current financial year. Income from
these projects will flow over a period of 18 to 30 months.
QUYN OUTSOURCE DIVISION
Recent changes in legislation regarding labour brokers had the effect of Quyn
International Outsourcing needing to make provisions for leave pay which
together with bad debts in the order of R1 million resulted in this division
recording a loss before deferred taxation. A large portion of bad debts are
expected to be recovered subsequent to the financial year end and all labour
broking contracts have been re-negotiated to result in profitable margins being
achieved. The Payroll Bureau division is growing its client base and is
performing profitably.
FOREIGN OPERATIONS
This division has performed satisfactorily.
DIRECTORS
Mrs JN Alcock resigned as a director of the company during the year under review
in order to pursue personal interests and Mr WP Alcock who was previously an
alternate director was appointed a director in her place.
DIVIDEND DECLARATION
No dividend has been declared nor is recommended in respect of the period under
review.
For and behalf of the board
RP Fertig
Chief executive officer
30 June 2004
DIRECTORS:
SF Cairns (Non-executive chairman), RP Fertig (CEO),BW Kaiser,
JA Holland, WP Alcock
REGISTERED OFFICE:
36, Fricker Road, Illovo
Sandton
TRANSFER SECRETARIES:
Computershare Investor Services 2004 (Pty) Limited
70 Marshall Street
Johannesburg
2001
SPONSOR
LPC Manhattan
Date: 01/07/2004 08:07:09 AM
Produced by the JSE SENS Department
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