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QUY
QUY
Quyn - Unaudited Interim Results For The Six Months Ended 31 August 2006
Quyn Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/012245/06)
Share code: QUY & ISIN: ZAE000017257
("Quyn")
Unaudited interim results for the six months ended 31 August 2006
- Up 1 200%
- ATTRIBUTABLE PROFIT
- R16,9 million
- (2005: R1,3 million)
- Up 115%
- NET ASSET VALUE
- R63,4 million
- (2005: R29,5 million)
- Down 56%
- INTEREST BEARING DEBT
- as % of shareholders" funds 51%
- (2005: 117%)
- Up 37%
- GROSS REVENUE
- R130 million
- (2005: R95 million)
ABRIDGED GROUP INCOME STATEMENTS
Six months ended 12 months
31 August ended
2006 2005 28 February
2006
(R000"s) (unaudited) (unaudited) (audited)
Revenue 130 051 94 960 217 776
Income before interest 16 909 4 148 13 654
and revaluations
Revaluation of 6 385 - 12 832
investment property
Interest received 1 341 661 1 539
Interest paid (3 678) (2 961) (7 648)
Net income before 20 957 1 848 20 377
taxation
Taxation (3 861) (476) (2 592)
Income after taxation 17 096 1 372 17 785
Income attributable to:
Shareholders of the 16 974 1 372 17 733
company
Minority shareholders 122 - 52
17 096 1 372 17 785
Income before interest
and revaluations is
arrived at after:
Audit fees 494 - 743
Depreciation 638 400 834
Operating lease 2 361 2 698 5 180
payments
(Profit)/loss on (13 476) - (163)
disposal of property,
equipment and vehicles
ABRIDGED GROUP BALANCE SHEETS
Six months ended 12 months
31 August ended
2006 2005 28 February
2006
(R000"s) (unaudited) (unaudited) (audited)
ASSETS
Non-current assets
Property, plant and 5 270 4 138 3 159
equipment
Investment properties 63 035 46 075 75 850
Investments and loans 2 459 3 302 4 500
Operating lease debtors 1 358 1 704 3 969
Deferred taxation 411 516 547
72 533 55 735 88 025
Current assets
Inventory 17 875 8 508 16 538
Accounts receivable 36 740 25 404 25 915
Cash and equivalents 11 113 5 409 3 409
65 728 39 321 45 862
Total assets 138 261 95 056 133 887
EQUITY AND LIABILITIES
Share capital and 63 455 29 493 46 359
reserves
Non-current liabilities
Borrowings 27 078 28 979 48 729
Deferred taxation 5 253 2 993 5 976
32 331 31 972 54 705
Current liabilities
Current portion of 3 165 3 704 9 151
borrowings
Provisions 11 462 3 740 2 856
Short-term loans 225 - 434
Accounts payable 22 665 21 852 16 454
Bank overdraft 1 961 1 898 2 572
Taxation 2 997 2 397 1 356
42 475 33 591 32 823
Total equity and 138 261 95 056 133 887
liabilities
ABRIDGED GROUP CASH FLOW STATEMENTS
Six months ended 12 months
31 August ended
2006 2005 28 February
2006
(R000"s) (unaudited) (unaudited) (audited)
Cash 16 308 2 562 (3 134)
generated/(utilised) by
operations
Net cash inflow from 21 949 2 910 (20 427)
investing activities
Net cash (29 942) (2 509) 23 850
inflow/(outflow) from
financing activities
Movement in cash and 8 315 2 963 289
cash equivalents
Cash and cash 837 548 548
equivalents at the
beginning of the period
Cash and cash 9 152 3 511 837
equivalents at the end
of the period
ABRIDGED GROUP STATEMENTS OF CHANGES IN EQUITY
Six months ended 12 months
31 August ended
2006 2005 28 February
2006
(R000"s) (unaudited) (unaudited) (audited)
Balance at the 46 359 28 121 28 574
beginning of the period
Income/(loss)
attributable to:
Ordinary shareholders 16 974 1 372 17 733
Minority shareholders 122 - 52
Balance at the end of 63 455 29 493 46 359
the period
SUPPLEMENTARY INFORMATION
Six months ended 12 months
31 August ended
2006 2005 28 February
2006
(unaudited) (unaudited) (audited)
Number of ordinary 54 089 61 259 61 259
shares in issue - end
of period (000"s)
Number of ordinary 70 007 70 007 70 007
shares in issue -
beginning of period
(000"s)
Less: Held by Quyn (1 826) (1 826) (1 826)
Share Trust (000"s)
Less: Treasury shares (6 922) (6 922) (6 922)
(000"s)
Less: Repurchased (7 170) - -
during period
Weighted average 60 094 61 259 61 259
(000"s)
Reconciliation of
headline earnings per
share
Earnings per share 28,2 2,2 29,0
(cents)
Profit/(loss) on (0,5) - (0,2)
sale of assets
Revaluation of (9,1) - (17,1)
investment property
Headline 18,6 2,2 11,7
profit/(loss) per
share (cents)
Dividends per share - - -
(cents)
Net asset value per 117,3 48,1 75,7
share (cents)
Net tangible asset 117,3 48,1 75,7
value per share
(cents)
Contingent 48 537 83 357 50 898
liabilities (R000"s)
Capital commitments - - -
(R000"s)
It was previously reported that 2 188 500 shares were held by the Quyn Share
Trust. A recent reconciliation of the Trust revealed that options on 362 653
shares had been exercised in 2000 resulting in 1 825 847 shares being held in
the Trust. Earnings and net asset value per share have accordingly been
restated in respect of the August 2005 and February 2006 figures given above.
The impact is negligible with earnings per share for the year ended 28
February 2006 declining from the previously stated 29,2 to 29,0 cents per
share. Net asset value has likewise declined from 76,1 cents per share to 75,7
cents per share. The holders of the remaining options have indicated that they
intend exercising their options.
NOTES TO THE INTERIM REPORT
Accounting policies
These interim consolidated financial statements have been prepared in
accordance with IAS 34, 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.
These interim financial results, together with the comparatives for the
financial period ended 31 August 2005, have not been reviewed nor audited by
the company"s external auditors.
OVERVIEW OF GROUP PERFORMANCE
The group"s performance over the first six months of the current financial
year was up to expectation, continuing the trend of the second half of the
previous financial year, which resulted from actions taken by the directors
during 2005.
This performance is attributable to a focus on improvements in efficiencies
and margins as well as the selection of sound development opportunities. With
a continued focus on efficiencies and margins, together with the execution of
rewarding development opportunities, this trend will continue into the
foreseeable future.
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 12 months
31 August ended
2006 2005 28 February
2006
(R000"s) (unaudited) (unaudited) (audited)
Revenue
Colliers Property 46 287 27 042 65 238
division
Quyn Outsource 85 367 69 826 157 966
division
Intergroup income (1 603) (1 908) (5 428)
130 051 94 960 217 776
Profit before
taxation
Colliers Property 19 192 1 082 17 580
division
Quyn Outsource 1 765 766 2 797
division
20 957 1 848 20 377
COLLIERS PROPERTY SERVICES
The property division has performed up to expectation with the broking
division performing strongly. The property management division is steadily
increasing its operations and will soon fully recover from the loss of clients
suffered late in the previous financial year. Developments is performing
soundly with a number of projects underway with a substantial number of
projects having been secured for development over the next 36 to 60 months.
QUYN OUTSOURCE DIVISION
The Quyn Outsource division performed to expectation in the first six months
and indications are that this trend will continue for the foreseeable future.
Share repurchase
As announced in the press on 23 October 2006 the company has repurchased, in
terms of a general authority granted on 26 October 2005 and renewed on 29
September 2006, a total of 7 170 338 of its own shares at an average price of
50 cents per share. These shares, together with the 6 922 314 shares held by a
subsidiary, will be cancelled. It is the intention of the company to re-issue
these shares in order to introduce an empowerment partner into the group and
the repurchase will enable this introduction without a major dilution for
existing shareholders.
Empowerment
The directors of Quyn are in the process of concluding an agreement with an
empowerment partner in terms of which this partner will inject assets as well
as additional development and other opportunities into the Quyn Group in
exchange for shares in Quyn.
In addition Quyn will establish a Broad-Based Black Economic Empowerment Trust
for the benefit of Black employees of the group. The Trust will also provide
an education scheme for the benefit of Black employees and their children. It
is intended that the empowerment shareholding in the company will be in excess
of 25% of the company"s issued share capital.
CIRCULAR TO SHAREHOLDERS
A circular to shareholders dealing with the issue of shares for empowerment
purposes will be prepared upon finalisation of these transactions and, once
approved by the JSE Limited, will be mailed to shareholders.
DIVIDEND DECLARATION
No dividend has been declared in respect of the six months ended 31 August
2006.
Directors
S F Cairns (Non-executive chairman), R P Fertig (Chief executive officer), W P
Alcock, B W Kaiser
Registered office
36 Fricker Road, Illovo, Sandton, 2196
Transfer secretaries
Computershare Investor Services 2004 (Pty) Limited, 70 Marshall Street,
Johannesburg, 2001
3 November 2006
SPONSOR
ARCAY MOELA (PTY) LIMITED
CORPORATE ADVISOR
HATLEY MYLES (PTY) LIMITED
Colliers International
International Property Consultants
Date: 03/11/2006 04:00:12 PM Produced by the JSE SENS Department
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