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QUY
QUY
Quyn - Audited preliminary results for the twelve months ended 28 February 2006
Quyn Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/012245/06)
("Quyn")
(Share code: QUY
ISIN code: ZAE000017257)
Audited preliminary results for the twelve months ended 28 February 2006
ABRIDGED GROUP INCOME STATEMENT
for the twelve months ended 28 February 2006
28 28
February February
2006 2005
(R 000"s) (audited) (audited)
Revenue 217 776 204 214
Profit before interest and fair 13 654 41
value adjustments
Investment income 2 31
Fair value adjustments 12 832 13 571
Interest received 1 537 2 115
Interest paid (7 648) (5 392)
Profit before taxation 20 377 10 366
Taxation (2 592) (2 090)
Profit after taxation 17 785 8 276
Minority interest (52) -
Profit attributable to shareholders 17 733 8 276
Earnings per share (cents) 29,2 13,6
Diluted earnings per share (cents) 29,2 13,6
Notes to group income statement
1. Profit before interest is stated
after:
Audit fees 743 168
Legal fees 256 588
Depreciation 834 1 035
Operating lease payments 5 180 7 785
Loss/(profit) on disposal of (163) 55
property, equipment and vehicles
ABRIDGED GROUP CASH FLOW STATEMENT
for the twelve months ended 28 February 2006
28 28
February February
2006 2005
(R 000"s) (audited) (audited)
Cash generated/(utilised) by (3 134) 1 381
operations
Net cash (inflow)/outflow from (20 426) (1 127)
investing activities
Net cash inflow/(outflow) from 23 850 (1 078)
financing activities
Net increase in cash and cash 290 (824)
equivalents
Cash and cash equivalents at the 548 1 372
beginning of the period
Cash and cash equivalents at the end 838 548
of the period
ABRIDGED GROUP STATEMENT OF CHANGES IN EQUITY
for the twelve months ended 28 February 2006
28 28
February February
2006 2005
(R 000"s) (audited) (audited)
Balance at beginning of period 28449 20 027
Income attributable to shareholders 17 785 8 276
Other movements 125 146
Balance at end of period 46 359 28 449
ABRIDGED GROUP BALANCE SHEET
as at 28 February 2006
28 28
February February
2006 2005
(R 000"s) (audited) (audited)
ASSETS
Non-current assets
Investment properties 74 050 46 075
Property, plant and equipment 4 959 2 895
Investments and loans 5 461 5 687
Operating lease debtors 3 969 2 625
88 439 57 282
Current assets
Inventories 16 538 9 669
Current tax receivable - 398
Trade and receivables 25 915 23 139
Cash and equivalents 3 409 4 842
45 862 38 048
Total assets 134 301 95 330
EQUITY AND LIABILITIES
Share capital and reserves 46 307 28 449
Minority interest 52 -
46 359 28 449
Non-current liabilities
Borrowings 48 704 30 857
Deferred taxation 5 429 3 607
54 133 34 464
Current liabilities
Current portion of borrowings 10 548 4 420
Current taxation 1 356 580
Short-term loans 23 23
Deferred income - 46
Trade and other payables 16 454 21 000
Provisions 2 857 2 054
Bank overdraft 2 571 4 294
33 809 32 417
Total equity and liabilities 134 301 95 330
SUPPLEMENTARY INFORMATION
as at 28 February 2006
28 28
February February
2006 2005
(R 000"s) (audited) (audited)
Calculation of shares in issue
Number of ordinary shares in issue - 60 897 60 897
end of year (000"s)
Number of ordinary shares in issue - 70 008 70 008
beginning of year (000"s)
Less: Treasury shares (6 922) (6 922)
Less: Held by the Quyn Share Trust (2 189) (2 189)
Weighted average 60 897 60 897
Calculation of earnings per share:
Earnings/(loss) 29,2 13,6
Less: Profit on sale of fixed (0,2) (0,5)
assets
(Profit)/loss on sale of - 2,9
investments/subsidiaries
Revaluation of investment (17,1) (18,3)
properties
Headline (loss)/earnings 11,9 (2,3)
Earnings per share (cents) 29,2 13,6
Diluted earnings per share (cents) 29,2 13,6
Headline earnings/(loss) per share 11,9 (2,3)
(cents)
Diluted headline earnings/(loss) per 11,9 (2,3)
share (cents)
Ordinary dividends per share (cents) - -
Net asset value per share (cents) 76,1 46,7
Net tangible asset value per share 76,1 46,7
(cents)
Contingent liabilities (R"000) 50 898 86 055
Capital commitments (R"000) - 14 000
AUDIT
The above results, which have been prepared in accordance with International
Financial Reporting Standards (IFRS) and have been audited by BDO Spencer
Steward (Johannesburg) Inc. are available for inspection at the company"s
registered offices.
Review of operations and segmental results
Operating revenue and profit before taxation has been achieved as follows:
28 28
February February
2006 2005
R000"s (audited) (audited)
Revenue
Colliers Property Division 65 238 59 810
Quyn Outsource Division 157 966 148 196
Intergroup income (5 248) (4 016)
217 776 202 214
Profit BEFORE TAXATION
Colliers Property Division 17 580 11 060
Quyn Outsource Division 2 797 (694)
20 377 10 366
COMMENT
As can be seen from the above reconciliation of earnings the group has (as with
last year) benefited from a revaluation of its investments. The group has
nevertheless achieved positive trading profits as indicated by the headline
earnings per share.
The group"s financial statements for the year ended 28 February 2006 will be the
first annual financial statements that comply with IFRS. The group has applied
IFRS 1 in preparing these consolidated interim financial statements.
Quyn Holdings" transition date is 1 March 2004. The group prepared its opening
IFRS balance sheet at that date. In preparing these consolidated financial
statements in accordance with IFRS 1, the group has applied the mandatory
exceptions and certain of the optional exemptions from full retrospective
application of IFRS.
Quyn Holdings has applied the business combinations exemption in IFRS 1. It has
not restated business combinations that took place prior to the 1 March 2004
transition date, and at transition date goodwill had been fully amortised.
Quyn Holdings has applied the financial instruments exemption in IFRS 1
regarding the restatement of comparative information. The effect would be an
adjustment to the method in calculating doubtful debts and is immaterial to the
group.
The reconciliations of equity and income arising from the adoption of IFRS have
not been presented as the adjustments are not material.
COLLIERS PROPERTY SERVICES DIVISION
This division performed well during the year with property management making a
significant operating profit contribution. Broking is still experiencing a
shortage of stock whilst, towards the end of the financial year under review,
Developments entered into a number of contracts which will result in a positive
contribution in the current and succeeding years.
QUYN OUTSOURCE DIVISION
The payroll and labour broking operations have both stabilised and have returned
sound results with a solid positive contribution.
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
12 June 2006
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: 13/06/2006 02:46:57 PM Produced by the JSE SENS Department
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