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Restatement of provisional results for the year ended 28 February 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 PROVISIONAL RESULTS FOR THE YEAR ENDED 28 FEBRUARY
2013
The reviewed provisional results for the year ended 28 February
2013 that were released on SENS on 26 June 2013 have been
restated due to:
- provisions for royalty tax;
- income tax adjustments;
- correction in allocation of expenses by function;
- and reclassification of investment property to property, plant
and equipment.
The restated provisional results for the year ended 28 February
2013 are as follows:
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE
YEAR ENDED 28 FEBRUARY 2013
2013 2013
(restated) (reviewed) Change
R’000 R’000 R’000
Revenue 223 755 223 755 -
Cost of sales (159 984) (155 861) (4 123)
Gross profit 63 771 67 894 (4 123)
Other income 1 100 1 100 -
Administrative expenses (26 495) (29 815) 3 320
Distribution expenses (3 943) (3 943) -
Other expenses (4 097) (777) (3 320)
Operating profit before
impairment reversals 30 336 34 459 (4 123)
Impairment reversals 32 299 32 299 -
Operating profit before
interest and taxation 62 635 66 758 (4 123)
Finance income 2 516 2 516 -
Finance costs (25 222) (23 449) (1 773)
Profit before taxation 39 929 45 825 (5 896)
Taxation (1 435) (1 797) 362
Profit after taxation 38 494 44 028 (5 534)
Loss from discontinued
operations (530) (530) -
Loss from disposal of
discontinued operation (10 569) (10 569) -
Total profit for the year
attributable to equity
holders 27 395 32 929 (5 534)
Total profit and other
comprehensive income for
the year attributable to
equity holders of the
company 27 395 32 929 (5 534)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT
28 FEBRUARY 2013
2013 2013
(restated) (reviewed) Change
R’000 R’000 R’000
ASSETS
Non-current assets 164 825 164 825 -
Property, plant and
equipment 124 376 110 034 14 342
Investment property - 14 342 (14 342)
Intangible assets 15 169 15 169 -
Other financial assets 25 280 25 280 -
Current assets 90 220 90 220 -
Inventories 47 195 47 195 -
Trade and other receivables 33 157 33 157 -
Cash and cash equivalents 9 868 9 868 -
Non-current assets
held-for-sale 14 959 14 959 -
Total assets 270 004 270 004 -
EQUITY AND LIABILITIES
Equity attributable to
equity holders of the
company 27 691 33 225 (5 534)
Share capital 63 63 -
Share premium 228 179 228 179 -
Accumulated loss (200 551) (195 017) (5 534)
Non-current liabilities 47 185 52 222 (5 037)
Borrowings - 5 037 (5 037)
Shareholder loans 29 430 29 430 -
Provisions 17 010 17 010 -
Deferred taxation 745 745 -
Current liabilities 195 128 184 557 10 571
Borrowings 107 831 102 794 5 037
Trade and other payables 54 904 49 008 5 896
Taxation 11 166 11 528 (362)
Bank overdraft 21 227 21 227 -
Total equity and liabilities 270 004 270 004 -
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED
28 FEBRUARY 2013
2013 2013
(restated) (reviewed) Change
R’000 R’000 R’000
Cash flows from operating
activities 8 208 8 208 -
Continuing operations 12 652 12 652 -
Discontinued operations (4 444) (4 444) -
Cash flows from investing
activities 21 406 21 406 -
Continuing operations (15 798) (15 798) -
Discontinued operations 37 204 37 204 -
Cash flows from financing
activities (14 340) (14 340) -
Continuing operations (14 340) (14 340) -
Discontinued operations - - -
Net increase in cash and
cash equivalents 15 274 15 274 -
Cash and cash equivalents
at beginning of year (26 633) (26 633) -
Cash and cash equivalents
at end of year (11 359) (11 359) -
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE
YEAR ENDED 28 FEBRUARY 2013
2013 2013
(restated) (reviewed) Change
R’000 R’000 R’000
Total balance at beginning
of the year 296 296 -
Profit/(loss) and total
comprehensive income for
the year 27 395 32 929 (5 534)
Total balance at end of
the year 27 691 33 225 (5 534)
CONDENSED SEGMENT REVENUE AND RESULTS FOR THE YEAR ENDED
28 FEBRUARY 2013
2013 2013
(restated) (reviewed) Change
R’000 R’000 R’000
Revenue from external
customers 223 755 223 755 -
Reportable segment revenue 223 755 223 755 -
Operating profit before
impairments 30 336 34 459 (4 123)
Impairment reversals
– property, plant and
equipment and intangibles 32 299 32 299 -
Operating profit before
interest and taxation 62 635 66 758 (4 123)
Segment assets and
liabilities
Segment assets 245 176 255 045 (9 869)
Segment current liabilities (71 914) (82 736) (10 822)
Reconciliation of assets
Total assets for reportable
segments 245 176 255 045 (9 869)
Other assets 24 828 14 959 9 869
Total assets 270 004 270 004 -
Reconciliation of liabilities
Total liabilities for
reportable segments (71 914) (82 736) (10 822)
Corporate liabilities - (101 821) (101 821)
Other liabilities (170 399) (52 222) 118 177
Total liabilities 242 313 236 779 5 534
2013 2013
(restated) (reviewed) Change
cents cents cents
Earnings per share 4,3 5,2 (0,9)
Headline earnings per share 0,4 1,3 (0,9)
Net asset value per share 4,4 5,3 (0,9)
Net tangible asset value
per share 2,0 2,9 (0,9)
8 April 2016
Nigel
Designated Advisor
Exchange Sponsors
Date: 08/04/2016 03:31:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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