|
Quyn - Unaudited interim results for the six months ended 31 August 2005
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 2005
ABRIDGED GROUP INCOME STATEMENTS
Six months ended
31 August
2005 2004
(R000"s) (unaudited) (unaudited)
Revenue 35 879 43 064
Operating income/(loss) before 4 148 3 676
interest and revaluations
Revaluation of fixed property - -
Interest received 661 596
Interest paid (2 961) (2 500)
Operating income/(loss) before 1 848 1 772
taxation
Taxation (476) (267)
Income/(loss) after taxation 1 372 1 505
Share of associated companies" net - -
income/(loss)
Income/(loss) attributable to 1 372 1 505
ordinary shareholders
Operating income/(loss) before
interest is stated after:
Depreciation 400 406
Amortisation of goodwill and - 405
intangibles
Operating lease payments 2 698 3 263
(Profit)/loss on disposal of - (609)
property, equipment and vehicles
(Profit)/loss on foreign currency - 611
translation
12 months ended
28 February 2005
(R000"s) (reviewed) (audited)
Revenue 75 392 75 785
Operating income/(loss) before (2 976) 118
interest and revaluations
Revaluation of fixed property 13 475 13 475
Interest received 2 115 2 115
Interest paid (4 398) (5 392)
Operating income/(loss) before 8 216 10 316
taxation
Taxation (2 776) (2 076)
Income/(loss) after taxation 5 440 8 240
Share of associated companies" net 1 1
income/(loss)
Income/(loss) attributable to 5 441 8 241
ordinary shareholders
Operating income/(loss) before
interest is stated after:
Depreciation 1 084 1 085
Amortisation of goodwill and (48) (48)
intangibles
Operating lease payments 7 785 7 785
(Profit)/loss on disposal of 54 55
property, equipment and vehicles
(Profit)/loss on foreign currency - -
translation
ABRIDGED GROUP CASH FLOW STATEMENTS
Six months ended
31 August
2005 2004
(R000"s) (unaudited) (unaudited)
Cash generated (utilised) by 2 562 1 526
operations
Net cash inflow from investing 2 910 (3 970)
activities
Net cash inflow/(outflow) from (2 509) 3 793
financing activities
Net increase in cash and cash 2 963 1 349
equivalents
Cash and cash equivalents at the 548 1 372
beginning of the period
Cash and cash equivalents at the 3 511 2 721
end of the period
12 months ended
28 February 2005
(R000"s) (reviewed) (audited)
Cash generated (utilised) by 1 134 1 381
operations
Net cash inflow from investing (1 863) (1 127)
activities
Net cash inflow/(outflow) from (95) (1 078)
financing activities
Net increase in cash and cash (824) (824)
equivalents
Cash and cash equivalents at the 1 372 1 372
beginning of the period
Cash and cash equivalents at the 548 548
end of the period
ABRIDGED GROUP STATEMENTS OF CHANGES IN EQUITY
Six months ended
31 August
2005 2004
(R000"s) (unaudited) (unaudited)
Balance at the beginning of the 28 121 23 129
period
Income/(loss) attributable to
ordinary shareholders 1 372 1 505
Other movements - 611
Balance at the end of the period 29 493 25 245
12 months ended
28 February 2005
(R000"s) (reviewed) (audited)
Balance at the beginning of the 23 129 23 129
period
Income/(loss) attributable to
ordinary shareholders 5 441 8 241
Other movements 748 (3 249)
Balance at the end of the period 29 318 28 121
ABRIDGED GROUP BALANCE SHEETS
31 August
2005 2004
(R000"s) (unaudited) (unaudited)
ASSETS
Non-current assets
Property, equipment and vehicles 4 138 4 727
Investment property 46 075 47 491
Investments and loans 3 302 876
Operating lease debtors 1 704 3 546
Deferred taxation 516 7
55 735 56 647
Current assets
Land and development costs 8 508 5 261
Accounts receivable 25 404 31 351
Bank balances and cash 5 409 2 947
Taxation 487 543
39 808 40 102
Total assets 95 543 96 749
EQUITY AND LIABILITIES
Share capital and reserves 29 493 25 245
Non-current liabilities
Long term liabilities 28 979 40 051
Deferred income - -
Outside shareholders` interest - 31
Deferred taxation 2 993 -
31 972 40 082
Current liabilities
Current portion of long-term 3 704 694
liabilities
Provisions 3 740 -
Short-term loans - 2 197
Accounts payable 21 852 27 076
Bank overdraft 1 898 226
Taxation 2 884 1 229
34 078 31 422
Total equity and liabilities 95 543 96 749
12 months ended
28 February 2005
(R000"s) (reviewed) (audited)
ASSETS
Non-current assets
Property, equipment and vehicles 2 432 2 432
Investment property 46 235 46 075
Investments and loans 1 175 5 581
Operating lease debtors - 2 625
Deferred taxation 28 675
49 870 57 388
Current assets
Land and development costs 9 669 9 669
Accounts receivable 23 139 23 139
Bank balances and cash 4 842 4 842
Taxation 490 490
38 140 38 140
Total assets 88 010 95 528
EQUITY AND LIABILITIES
Share capital and reserves 29 318 28 121
Non-current liabilities
Long term liabilities 22 033 30 856
Deferred income 46 46
Outside shareholders` interest - -
Deferred taxation 3 946 4 148
26 025 35 050
Current liabilities
Current portion of long-term 3 984 4 314
liabilities
Provisions 3 826 2 055
Short-term loans - 22
Accounts payable 19 891 21 000
Bank overdraft 4 294 4 294
Taxation 672 672
32 667 32 357
Total equity and liabilities 88 010 95 528
SUPPLEMENTARY INFORMATION
31 August
2005 2004
(R000"s) (unaudited) (unaudited)
Number of ordinary shares in issue 60 897 60 897
- end of period (000"s)
Number of ordinary shares in issue 70 008 70 008
- beginning of period (000"s)
Less: Held by subsidiary (6 922) (6 922)
Less: Treasury shares (2 189) (2 189)
Weighted average 60 897 60 897
Profit/(loss) per share (cents) 2,1 2,4
Plus: Amortisation of goodwill - 0,6
Loss on sale of investments - -
Profit/loss on sale of assets - (0,9)
Impairment/(revaluation) of - -
property
Loans written off - -
Foreign currency reserve - -
realised
Headline profit/(loss) per share 2,1 2,1
(cents)
Ordinary dividends per share - -
(cents)
Net asset value per share (cents) 48,4 41,4
Net tangible asset value per share 48,4 41,4
(cents)
Contingent liabilities (000"s) 83 357 87 869
Capital commitments (000"s) - 14 000
28 February 2005
(R000"s) (reviewed) (audited)
Number of ordinary shares in issue 60 897 60 897
- end of period (000"s)
Number of ordinary shares in issue 70 008 70 008
- beginning of period (000"s)
Less: Held by subsidiary (6 922) (6 922)
Less: Treasury shares (2 189) (2 189)
Weighted average 60 897 60 897
Profit/(loss) per share (cents) 8,9 13,5
Plus: Amortisation of goodwill - -
Loss on sale of investments 2,5 2,9
Profit/loss on sale of assets - -
Impairment/(revaluation) of (17,9) (17,9)
property
Loans written off 2,6 -
Foreign currency reserve 1,0 -
realised
Headline profit/(loss) per share (2,9) (1,5)
(cents)
Ordinary dividends per share - -
(cents)
Net asset value per share (cents) 48,1 46,2
Net tangible asset value per share 48,1 46,2
(cents)
Contingent liabilities (000"s) 64 681 86 055
Capital commitments (000"s) 14 000 14 000
NOTES TO THE INTERIM REPORT
Accounting policies
These interim consolidated financial statements have been prepared in accordance
with IAS34, Interim Financial Reporting, under the historical cost convention as
modified by the revaluation of investments.
The group adopted International Financial Reporting Standards (IFRS) with effect
from 1 March 2005. Comparative amounts have been restated accordingly.
Comparative amounts in respect of the financial period ended 31 August 2004 are
reflected as "unaudited" as IFRS adjustments have not been reviewed nor audited
by the company"s external auditors.
Effect of the adoption of IFRS on the group"s
balance sheet:
(R000"s) 31 August 2004
Equity as previously reported 24 543
Adjustments on adoption of IFRS:
Retained earnings 702
Equity as reported under IFRS 25 245
Adjustments to assets and liabilities:
Non-current assets 3 546
Non-current liabilities (2 625)
Effect of the adoption of IFRS on the group"s net
income:
Six months ended
(R000"s) 31 August 2004
Net income after taxation as previously reported 803
After taxation adjustment for accounting for 654
operating losses on straight-line basis
Negative goodwill written off to income statement 48
Net income as restated 1 505
FUNDAMENTAL ERROR AND CHANGE IN ACCOUNTING POLICY
In reviewing the results for the year ended 28 February 2005 the directors
determined that a fundamental accounting error had been made in the treatment of
a financing structure and lease in one of the joint ventures in the group. This,
together with compliance with AC 105: leases, which requires the accounting for
operating lease payments on a straight-line basis, resulted in the restatement
of certain of the items in the groups audited financial statements when compared
with the reviewed results which were published in the press on 31 May 2005. The
effects of these corrections are clearly set out in notes 2 and 3 to the
financial statements, which were distributed on 30 September 2005.
For the convenience of shareholders the reviewed figures together with the final
audited figures are set out in this announcement.
REVIEW OF OPERATIONS AND SEGMENTAL RESULTS
Operating revenue and income/(loss) before taxation has been incurred by the
group"s divisions as follows:
Six months ended
31 August
2005 2004
Revenue (R000"s) (unaudited) (unaudited)
Colliers Property division 27 042 34 186
Quyn Outsource division 8 837 8 878
35 879 43 064
Operating profit (R000"s)
Colliers Property division 1 082 1 930
Quyn Outsource division 766 (158)
1 848 1 772
12 months ended
28 February 2005
Revenue (R000"s) (reviewed) (audited)
Colliers Property division 59 417 59 810
Quyn Outsource division 15 975 15 975
75 392 75 785
Operating profit (R000"s)
Colliers Property division 9 424 11 010
Quyn Outsource division (1 208) (694)
8 216 10 316
COLLIERS PROPERTY SERVICES
This division continued to perform satisfactorily with property management
increasing its contribution. Broking is still suffering from a shortage of stock
whilst developments is experiencing delays in obtaining the approvals necessary
to proceed with its numerous opportunities.
QUYN OUTSOURCE DIVISION
Both the payroll and labour broking divisions contributed positive earnings
while the financial services product line has been withdrawn from the market.
DIVIDEND DECLARATION
No dividend has been declared nor is recommended in respect of the period under
review (2004: nil).
DIRECTORS
SF Cairns (Non-executive chairman), RP Fertig (Chief executive officer), WP
Alcock, BW Kaiser
REGISTERED OFFICE
36 Fricker Road, Illovo, Sandton
TRANSFER SECRETARIES
Computershare Investor Services 2004 (Pty) Limited
70 Marshall Street, Johannesburg, 2001
1 December 2005
Date: 01/12/2005 11:48:56 AM 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 ] | |||||||||||||
|
|||||||||||||
