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QUYN - UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2004
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 SIX MONTHS ENDED 31 AUGUST 2004
ABRIDGED GROUP INCOME STATEMENTS
Six months ended 31 August 12 months ended
2004 2003 29 February 2004
(R 000`s) (unaudited) (unaudited) (audited)
Revenue 43 064 40 260 83 181
Operating income/(loss) before 2 707 2 433 2 463
interest
Net interest received/(paid) (1 904) (1 400) (3 548)
Operating income/(loss) 803 1 033 (1 085)
Income/(loss) before taxation 803 1 033 (1 085)
Taxation - (2) (4 667)
Income/(loss) after taxation 803 1 031 (5 752)
Share of associated companies` - - (258)
net income/(loss)
Income/(loss) attributable to 803 1 031 (6 010)
ordinary shareholders
Operating income/(loss) before
interest is stated after:
Depreciation 406 690 1 135
Amortisation of goodwill and 405 718 (3 941)
intangibles
Operating lease payments 3 263 1 986 7 883
(Profit)/loss on disposal of (609) - 9
property, equipment and
vehicles
(Profit)/loss on foreign 611 (14) -
currency translation
ABRIDGED GROUP CASH FLOW STATEMENTS
Six months ended 31 August 12 months ended
2004 2003 29 February 2004
(R 000`s) (unaudited) (unaudited) (audited)
Cash generated (utilised) by 1 526 1 133 58
operations
Net cash inflow from investing (3 970) 5 305 3 887
activities
Net cash inflow/(outflow) from 3 793 (1 761) 2 469
financing activities
Net increase in cash and cash 1 349 4 677 6 414
equivalents
Cash and cash equivalents at 1 372 (5 042) (5 042)
the beginning of the period
Cash and cash equivalents at 2 721 (365) 1 372
the end of the period
ABRIDGED GROUP STATEMENTS OF CHANGES IN EQUITY
Six months ended 31 August 12 months ended
2004 2003 29 February 2004
(R 000`s) (unaudited) (unaudited) (audited)
Balance at beginning of period 23 129 29 875 29 875
Income/(loss) attributable to 803 1 031 (6 010)
ordinary shareholders
Other movements 611 - (736)
Balance at end of period 24 543 30 906 23 129
ABRIDGED GROUP BALANCE SHEETS
31 August 12 months ended
2004 2003 29 February 2004
(R 000`s) (unaudited) (unaudited) (audited)
ASSETS
Non-current assets
Property, equipment and 52 218 44 057 44 972
vehicles
Goodwill and intangibles (48) (3 669) (48)
Investments 2 191 4 704 2 143
Loans to joint ventures (1 315) (1 420) 2 317
Deferred taxation 7 527 35
53 053 44 199 49 419
Current assets
Land and development costs 5 261 10 218 6 511
Accounts receivable 31 894 35 033 27 195
Bank balances and cash 2 947 5 905 3 193
40 102 51 156 36 899
Total assets 93 155 95 355 86 318
EQUITY AND LIABILITIES
Share capital and reserves 24 543 30 906 23 129
Non-current liabilities
Long term liabilities 37 426 28 350 36 183
Provision for onerous contracts - 206 -
Outside shareholders` interest 31 - -
37 457 28 556 36 183
Current liabilities
Current portion of long-term 694 - 312
liabilities
Provision for onerous contracts - 232 -
Short-term loans 2 197 447 29
Accounts payable and taxation 28 038 28 944 24 844
Bank overdraft 226 6 270 1 821
31 155 35 893 27 006
Total equity and liabilities 93 155 95 355 86 318
SUPPLEMENTARY INFORMATION
31 August 29 February
2004 2003 2004
(R 000`s) (unaudited) (unaudited) (audited)
Number of ordinary shares in 63 086 63 086 63 086
issue - end of year (000`s)
Number of ordinary shares in 70 008 70 008 70 008
issue - beginning of year
(000`s)
Less: Held by subsidiary (6 922) (6 922) (6 922)
Weighted average 63 086 63 086 63 086
Profit/(loss) per share (cents) 1,3 1,6 (9,5)
Plus: Amortisation of goodwill 0,6 1,1 (6,3)
Loss on sale of investments - - (0,6)
Profit/loss on sale of assets (0,9) - 0,1
Impairment/(revaluation) of - _ (2,3)
property
Loans written off - - 4,5
Headline profit/(loss) per 1,0 2,7 (14,1)
share (cents)
Ordinary dividends per share - - -
(cents)
Net asset value per share 38,9 48,9 36,7
(cents)
Net tangible asset value per 39,0 54,8 36,7
share (cents)
Contingent liabilities (000`s) 87 869 70 994 91 132
Capital commitments (000`s) 14 000 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.
REVIEW OF OPERATIONS AND SEGMENTAL RESULTS
Operating income/(loss) before taxation has been incurred by the group`s
divisions as follows:
Six months ended 31 August 12 months ended
2004 2003 29 February 2004
(R 000`s) (unaudited) (unaudited) (audited)
Colliers Property division 1 009 426 (2 735)
Quyn Outsource division 449 93 (3 275)
Holding company (655) 71 -
Foreign operations - 443 -
803 1 033 (6 010)
COLLIERS PROPERTY SERVICES DIVISION
This division is performing satisfactorily with the first developments having
commenced, property management is remaining steady with a slow growth and
broking is performing in line with expectations.
QUYN OUTSOURCE DIVISION
This division has returned to profitability and it is anticipated it will
continue its recovery into the future.
FOREIGN OPERATIONS
The Mozambique operation has been discontinued mainly as a result of logistical
and exchange control problems. The Zambian operation yielded a small profit for
the period.
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 (Chief executive officer), W P
Alcock, J A Holland, B W Kaiser
REGISTERED OFFICE
36 Fricker Road. Illovo, Sandton
TRANSFER SECRETARIES
Computershare Investor Services 2004 (Pty) Limited,
70 Marshall Street, Johannesburg, 2001
17 November 2004
Date: 17/11/2004 10:18:06 AM
Produced by the JSE SENS Department
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