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Restatement of interim results for the six months ended 31 August 2013
BRIKOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/013247/06)
(JSE code: BIK ISIN: ZAE000101945)
(“Brikor” or “the company”)
RESTATEMENT OF THE INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2013
The unaudited interim results for the six months ended 31 August 2013 that were released on SENS on 2 December 2013 have
been restated due to:
- elimination of intercompany trade debtors and creditors;
- recalculation of effective interest rate on loan settlements;
- increase in provisions for environmental restoration;
- adjustments to royalty tax provisions, income tax and deferred tax adjustments;
- reclassification of investment property, reclassification of borrowings due to recall from financiers;
- reclassification of equity due to shares changing from par value to non-par value;
- recalculation of effective interest rate on loan settlement, correct statement of expenses by function; and
- re-categorisation of cash flows to correct activities due to accrued interest.
The restated unaudited interim results for the six months ended 31 August 2013 are as follows:
Condensed Consolidated Statement of Comprehensive Income for the 6 months ended 31 August 2013
(Restated) (Unaudited)
6 months ended 6 months ended
31 August 2013 31 August 2013 Change
R’000 R’000 R’000
Revenue 155 392 155 392 -
Cost of sales (107 792) (102 681) (5 111)
Gross profit 47 600 52 711 (5 111)
Other income 830 830
Administrative expenses (13 075) (14 617) 1 542
Distribution expenses (1 892) (1 892) -
Other expenses (1 947) (405) (1 542)
Operating profit before
interest and taxation 31 517 36 627 (5 110)
Finance income 830 830 -
Finance costs (7 264) (7 276) 12
Profit before taxation 25 083 30 181 (5 098)
Taxation (4 132) (5 262) 1 130
Profit after taxation 20 951 24 919 (3 968)
Loss from discontinued operations (878) (878) -
Loss from disposal of discontinued
operation 41 41 -
Total profit for the period attributable
to equity holders 20 115 24 082 (3 967)
Total profit and other comprehensive
income for the period attributable to equity
holders of the company 20 115 24 082 (3 967)
Restated) (Unaudited)
6 months ended 6 months ended
31 August 2013 31 August 2013 Change
R’000 R’000 R’000
Headline earnings per share
Basic 3,1 3,8 (0,6)
Diluted 3,1 3,8 (0,6)
Reconciliation of
headline profit
Basic and diluted profit/(loss) 20 115 24 082 20 115
Profit on disposal of property,
plant and equipment (480) (480) -
Headline and diluted headline profit 19 635 23 602 20 271
The weighted average
number of ordinary
shares outstanding 629 342 629 342 -
Diluted weighted average
number of shares 629 342 629 342 -
Weighted average
number of shares 629 342 629 342 -
Consolidated Statement of Financial Position as at 31 August 2013
(Restated) (Unaudited)
as at as at
31 August 2013 31 August 2013 Change
R’000 R’000 R’000
ASSETS
Non-current assets 174 521 174 521 -
Property, Plant and equipment 131 290 116 948 14 342
Investment property - 14 342 (14 342)
Intangible assets 14 791 14 791 -
Other financial assets 28 440 28 440 -
Current assets 116 144 122 228 (6 084)
Inventories 48 607 48 607 -
Trade and other receivables 49 229 55 313 (6 084)
Cash and cash equivalents 18 308 18 308 -
Total assets 290 665 296 749 (6 084)
EQUITY AND LIABILITIES
Equity attributable to equity
holders of the company 47 805 57 307 (9 502)
Share capital - 63 (63)
Share premium - 228 179 (228 179)
Stated capital 228 242 - 228 242
Retained earnings (180 438) (170 935) (9 503)
Non-current liabilities 58 804 62 537 (3 733)
Borrowings 3 008 8 045 (5 037)
Shareholder loans 31 408 31 408 -
Provisions 21 771 18 889 2 882
Deferred taxation 2 618 4 195 (1 577)
Current liabilities 184 056 176 905 7 151
Borrowings 98 853 94 423 4 430
Trade and other payables 67 519 64 883 2 636
Taxation 11 388 11 303 85
Bank overdraft 6 296 6 296 -
Total equity and liabilities 290 665 296 749 (6 084)
Consolidated Statement of Cash Flows for the 6 months ended 31 August 2013:
(Restated) (Unaudited)
6 months ended 6 months ended
31 August 2013 31 August 2013 Change
R’000 R’000 R’000
Cash flows from operating activities 27 093 26 539 554
Cash flows from investing activities 269 270 (1)
Cash flows from financing activities (3 991) (3 438) (553)
Net increase in cash and cash
equivalents 23 371 23 371 -
Cash and cash equivalents at
beginning of period (11 359) (11 359) -
Cash and cash equivalents
at end of period 12 012 12 012 -
Consolidated Statement of Changes in Equity for the 6 months ended 31 August 2013:
(Restated) (Unaudited)
6 months ended 6 months ended
31 August 2013 31 August 2013 Change
R’000 R’000 R’000
Total balance at beginning of the period 27 691 33 225 (5 534)
Profit/(loss) and total comprehensive
income for the period 20 115 24 082 (3 967)
Total balance at end of the period 47 806 57 307 (9 501)
(Restated) (Unaudited)
6 months ended 6 months ended
31 August 2013 31 August 2013 Change
R’000 R’000 R’000
Revenue from
external customers 155 392 155 392 -
Operating profit
before impairments 31 517 36 627 (5 110)
Operating profit
before interest and taxation 31 517 36 627 (5 110)
Segment assets and liabilities
Segment assets 278 654 296 749 (18 095)
Segment liabilities (106 619) (82 482) (24 137)
Reconciliation of assets:-
Total assets for reportable
segments 278 654 296 749 (18 095)
Other assets 12 012 - 12 012
Total assets 290 665 296 749 (6 084)
Reconciliation of liabilities:-
Total liabilities for reportable
segments (106 619) (82 482) (24 137)
Corporate liabilities - (94 423) 94 423
Other liabilities (136 242) (62 537) (73 705)
Total liabilities (242 860) (239 442) (3 418)
(Restated) (Unaudited)
6 months ended 6 months ended
31 August 2013 31 August 2013 Change
(cents) (cents) (cents)
Earnings per share 3.2 3.9 (0.7)
Headline earnings per share 3.1 3.8 (0.6)
Net asset value per share** 7.6 - 7.6
Net tangible asset value per share** 5.2 - 5.2
** Previously not disclosed
The detail pertaining to the changes made are as follows:
Statement of profit or loss and other comprehensive income
Previously Recal- Increase of Adjustment Correction Restated
Reported culation environ- of of legal value
of mental royalties expenses
effective provisions tax by
interest provisions function
rate on
loan
settlement
R’000 R’000 R’000 R’000 R’000 R’000
Cost of sales (102 681) - (2 881) (2 230) - (107 792)
Administrative
expenses (14 617) - - - 1 542 (13 075)
Other
expenses (405) - - - (1 542) (1 947)
Finance costs (7 276) 607 (1) (594) - (7 264)
Taxation (5 262) - 510 620 - (4 132)
Statement of financial position
Previously Reclassification Elimination Restated
reported of investment of value
property intercompany
trade
debtors and
creditors
R'000 R'000 R'000 R'000
ASSETS
Non-current assets
Property, plant
and equipment 116 948 14 342 - 131 290
Investment
property 14 342 (14 342) - -
Current Assets
Trade and
other
receivables 55 313 - (6 084) 49 229
Statement of financial position (continued)
Previously Reclassi - Recla- Increase Adjustment Restated
reported fication culation of to value
of equity of environ- royalties
due to effective mental tax
shares interest provision provisions
changing rate
from par on loan
value to settlements
non-par
value
R'000 R'000 R'000 R'000 R'000 R'000
EQUITY
Equity
Share capital 63 (63) - - - -
Share premium 228 179 (228 179) - - - -
Stated capital - 228 242 - - - 228 242
Accumulated
loss (170 935) - 607 (2 372) (7 738) (180 438)
Statement of financial position (continued)
Previously Reclassi- Increase of Reclassi- Restated
reported fication environ- fication value
of mental of taxation
borrowings provisions between
due to current
recall from and deferred
financiers provisions
R’000 R’000 R’000 R’000 R’000
LIABILITIES
Non-current
liabilities
Long term
borrowings 8 045 (5 037) - - 3 008
Provisions 18 889 - 2 882 - 21 771
Deferred
taxation 4 195 - (510) (1 067) 2 618
Statement of financial position (continued)
Previously Reclassi- Recal- Elimination Adjustment Reclassi- Restated
reported fication culation of of royalties fication of value
of of intercom- tax taxation
borrowings effective pany provisions between
due to interest trade current
recall from rate debtors and
financiers on loan and deferred
settlements creditors provisions
R’000 R’000 R’000 R’000 R’000 R’000 R’000
Current
liabilities
Short-term
borrowings 94 423 5 037 (607) - - - 98 853
Trade and
other
payables 64 883 - - (6 084) 8 720 - 67 519
Taxation 11 303 - - - (982) 1 067 11 388
7 September 2016
Nigel
Designated Advisor
Exchange Sponsors
Date: 07/09/2016 04:57:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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