|
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 28 February 2005
ABRIDGED GROUP INCOME STATEMENT
- 28 February 2005
28 February 29 February
2005 2004
(R 000`s) Notes (reviewed) (audited)
Revenue 75 392 83 181
Operating loss before 1 (1 502) (3 542)
interest and revaluations
Revaluation of investment 13 475 1 689
property
Investment income 2 115 1 248
Finance cost (4 398) (4 796)
Operating profit/(loss) 9 690 (5 401)
Net negative goodwill 48 3 941
amortised or impaired
(Loss)/profit on sale of (1 522) 375
subsidiary
Profit/(loss) before 8 216 (1 085)
taxation
Taxation (2 776) (4 667)
(Loss)/profit after 5 440 (5 752)
taxation
Share of associated 1 (258)
companies` net
profit/(loss)
Profit/(loss) attributable 5 441 (6 010)
to shareholders
Notes to group income
statement
1. Operating profit/(loss)
before interest is stated
after:
Audit fees 169* 867
Legal fees 588 296
Depreciation 1 084 1 135
Amortisation of negative (48) (3 941)
goodwill and intangibles
Operating lease payments 7 785 7 883
Loss/(profit) on disposal 54 84
of property, equipment and
vehicles
* Audit fees have not been provided in the current year in terms of AC 130.
ABRIDGED GROUP CASH FLOW STATEMENT
- 28 February 2005
28 February 29 February
2005 2004
(R 000`s) (reviewed) (audited)
Cash generated (utilised) by 1 134 58
operations
Cash flows from investing
activities
Proceeds on sale of subsidiaries 838 2 582
and business activities
Acquisition of investments (681) (57)
Proceeds on sale of property, 100 1 463
equipment and vehicles
Acquisition of property, equipment (2 120) (101)
and vehicles
Net cash inflow from investing (1 863) 3 887
activities
Cash flows from financing
activities
Loans raised 16 726 11 203
Loans repaid (16 821) (8 734)
Net cash outflow from financing (95) 2 469
activities
Net increase in cash and cash (824) 6 414
equivalents
Cash and cash equivalents at the 1 372 (5 042)
beginning of the period
Cash and cash equivalents at the 548 1 372
end of the period
ABRIDGED GROUP STATEMENT OF CHANGES IN EQUITY
for the twelve months ended 28 February 2005
28 February 29 February
2005 2004
(R 000`s) (reviewed) (audited)
Balance at beginning of period 23 129 29 875
Movement for the year -
Treasury shares (22) -
Foreign currency translation 610 (736)
reserve
(Loss)/Income attributable to 5 441 (6 010)
ordinary shareholders
Change in accounting policy -
Non-distributable reserve 160 -
Balance at end of period 29 318 23 129
ABRIDGED GROUP BALANCE SHEET
as at 28 February 2005
28 February 29 February
2005 2004
(R 000`s) Notes (reviewed) (audited)
ASSETS
Non-current assets
Property, equipment and 2 592 2 022
vehicles
Investment properties 46 075 42 950
Goodwill and intangibles - (48)
Investments and loans 1 175 4 460
Deferred taxation 2 8 35
49 870 49 419
Current assets
Land and development costs 9 669 6 511
Accounts receivable 23 139 26 703
Bank balances and cash 4 842 3 193
Taxation 490 492
38 140 36 899
Total assets 88 010 86 318
EQUITY AND LIABILITIES
Share capital and reserves 29 318 23 129
Non-current liabilities
Long-term liabilities 22 033 34 455
Deferred income 46 101
Deferred taxation 3 946 1 626
Minority interest - 1
26 025 36 182
Current liabilities
Current portion of long- 3 984 342
term liabilities
Provisions 3 826 2 357
Accounts payable and 20 563 22 487
taxation
Bank overdraft 4 294 1 821
32 667 27 007
Total equity and 88 010 86 218
liabilities
SUPPLEMENTARY INFORMATION
as at 28 February 2005
28 February 29 February
2005 2004
(R 000`s) (reviewed) (audited)
Calculation of shares in issue
Number of ordinary shares in issue
- end of year (000`s) 63 064 63 086
Number of ordinary shares in issue
- beginning of year (000`s) 70 008 70 008
Less: Treasury shares (22)
Less: Held by subsidiary (6 922) (6 922)
Weighted average 63 064 63 086
Calculation of earnings per share:
Earnings/(loss) 5 441 (6 010)
Plus: Amortisation of goodwill (48) (3 941)
Less: Profit on sale of fixed 38 84
assets
(Profit)/loss on sale of 1 520 (375)
investments/subsidiaries
Loans written off 1 577 2 833
Revaluation on investment (11 155) (1 689)
property
Impairment/(revaluation) of 232 216
property, plant and equipment
Foreign currency translation 611 -
reserve realised
Headline (loss)/earnings (1 784) (8 883)
Earnings/(loss) per share (cents) 8,63 (9,53)
Headline earnings/(loss) per share (2,83) (14,08)
(cents)
Ordinary dividends per share - -
(cents)
Net asset value per share (cents) 46,49 36,66
Net tangible asset value per share 46,49 36,66
(cents)
Contingent liabilities (R`000) 64 681 68 531
Capital commitments (R`000) 14 000 14 000
REVIEW
The above results, which have been prepared in accordance with South African
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 net income before tax for the year is comprised of unrealised profit of
R13,475 million being the surplus on revaluation of investment properties less
operating losses and net finance costs totalling R5,3 million.
REVIEW OF OPERATIONS AND SEGMENTAL RESULTS
Operating profit/(loss) before taxation has been incurred by the group`s
divisions as follows:
28 February 29 February
R 000`s 2005 2004
Colliers Property division 9 424 898
Quyn Outsource division (1 208) (1 983)
8 216 (1 085)
COLLIERS PROPERTY DIVISION
The property services division had mixed fortunes during the year. The Broking
business whilst having a large number of buyers on its books found it difficult
to source stock as the majority of potential sellers adopted a holding pattern
waiting for values to appreciate even further as a result of the declining
interest rate. Property Management gained a number of new clients which has
enabled this business to see a commencement of a return to the desired profit
levels resulting from economies of scale. The year was extremely difficult for
the development business with delays in getting projects started mainly as a
result of much lengthened approval processes with numerous authorities.
QUYN OUTSOURCE DIVISION
This division has recovered from the negative impact of earlier changes in
labour legislation which resulted in large provisions and bad debt write-offs in
2004 and has performed in line with expectations.
FOREIGN OPERATIONS
The Mocambiquan operations were closed with effect from 1 March 2004 whilst the
Zambian operations broke even.
DIRECTORS
Mr JA Holland resigned as a director on 31 January 2005. The other directors
remained in service.
DIVIDEND DECLARATION
No dividend has been declared nor is any recommended in respect of the period
under review.
For and behalf of the board
RP Fertig
Chief executive officer
31 May 2005
Directors:
SF Cairns (Non-executive chairman), RP Fertig (CEO),
BW Kaiser, 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 Moela
Date: 31/05/2005 04:44:38 PM Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
