Sharenet Sites 
Sharenet Sites
TRADING STATEMENT
Basil Read Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration Number 1984/007758/06)
Share Code: BSR ISIN: ZAE 000029781
(“Basil Read” or “Group”)
TRADING STATEMENT
In terms of paragraph 3.4(b) of the Listings Requirements of JSE Limited
(“JSE”), a listed company is required to publish a trading statement as soon
as it is satisfied that a reasonable degree of certainty exists that the financial
results for the period to be reported on next will differ by at least 20% from
those of the previous corresponding period.
Shareholders are advised that Basil Read expects its earnings and headline
earnings for the six months ending 30 June 2012 to be between 75% and
85% lower compared to the previously reported corresponding period.
Earnings for the year have been negatively affected by difficult trading
conditions in the construction sector which have led to the Group raising
provisions for further end of site losses. In addition, following the Group’s loss
of an arbitration process relating to a buildings contract, the Group further
realised a loss of R27 million. The Group has a signed settlement letter from
the Free State Provincial Government relating to two roads contracts in the
Free State Province which has resulted in the recognition of a R25 million
loss on these contracts. The Group has been awarded a significant
adjudicator’s award relating to a railway contract, in excess of R140 million.
The client has however indicated that it intends to appeal the adjudicator’s
decision and refer the matter for arbitration. This award has not been
accounted for in the results to June 2012.
Despite the poor performance in the first half of the 2012 financial year,
shareholders are advised that Basil Read expects its earnings for the 12
months ending 31 December 2012 to be between 15% and 25% lower
compared to the previously reported corresponding period and headline
earnings for the 12 months ending 31 December 2012 to be between 30%
and 40% lower compared to the previously reported corresponding period.
The abovementioned adjudicator’s award has not been included in the above
calculation of earnings and headline earnings.
The financial information on which this trading statement is based has not
been reviewed or reported on by Basil Read’s auditors.
The Group’s interim results for the six months ending 30 June 2012 is
expected to be published on or about 23 August 2012.
Johannesburg
15 August 2012
JSE Sponsor
Macquarie First South Capital (Pty) Limited
Date: 15/08/2012 04:40:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
