Change Statement and AGM Notice BRIKOR LIMITED (Incorporated in the Republic of South Africa) (Registration number 1998/013247/06) JSE code: BIK ISIN: ZAE000101945 (“the company”) NOTICE OF ANNUAL GENERAL MEETING Shareholders are advised that the annual financial statements for the year ended 29 February 2012, which are included in the company’s Integrated Report for that year, was dispatched to shareholders today. CHANGE STATEMENT Shareholders are referred to the release on SENS of Brikor’s reviewed, condensed consolidated financial results for the year ended 29 February 2012 on 27 June 2012 (“the provisional results”): This announcement details the following changes to the provisional results: - Non-current liabilities borrowings decreased by R5,7 million as a result of reclassification to current liabilities borrowings which increased by R5,7 million in the “Consolidated Statement of Financial Position”; - Cash flows from operating activities changed by R2,4 million and cash flows from investing activities changed by R2,4 million due to a reclassification of the current portion of the deed of sale debtor to operating activities of R2,3 million and a reclassification of a loss on scrapping of R0,1 million in the “Consolidated Statement of Cash Flows”; - Olifantsfontein impairments were reduced by R7,9 million and Vereeniging’s impairments were increased by R7,9 million due to a misallocation of Vereeniging’s impairments to Olifantsfontein on the initial draft in note 20 “ Non-current Assets Classified as Held for Sale and Discontinued Operations”; and - Brikor Main’s current liabilities classification changed by R5,7 million as a result of the reclassification from non-current borrowings to current borrowings in note 23 “Segmental Reporting”. The aforementioned changes are set out below as follows: Condensed Statement of Financial Position as at 29 February 2012 Audited Reviewed Change R’000 R’000 R’000 ASSETS Non-current assets 116 446 116 446 - Property, plant and equipment 80 718 80 718 - Intangible assets 8 350 8 350 - Other financial assets 27 378 27 378 - Current assets 59 115 59 115 - Inventories 38 380 38 380 - Trade and other receivables 18 317 18 317 - Cash and cash equivalents 2 418 2 418 - Non-current assets held for sale 60 159 60 159 - Total assets 235 720 235 720 - EQUITY AND LIABILITIES Equity attributable to equity holders of the Company 296 296 - Share capital 63 63 - Share premium 228 179 228 179 - Accumulated loss (227 946) (227 946) - Non-current liabilities 47 706 53 393 (5 687) Borrowings 9 946 15 633 (5 687) Shareholder loans 27 574 27 574 - Deferred taxation – – - Provisions 10 186 10 186 - Current liabilities 187 718 182 031 5 687 Borrowings 114 081 108 394 5 687 Trade and other payables 29 546 29 546 - Taxation 15 040 15 040 - Bank overdraft 29 051 29 051 - Total equity and liabilities 235 720 235 720 - Number of shares in issue at year-end 645 242 031 645 242 031 - Number of shares in issue (excluding treasury shares) 629 342 031 629 342 031 - Consolidated Statement of Cash Flows for the year ended 29 February 2012 Audited Reviewed Change R’000 R’000 R’000 Cash flows from operating activities (10 724) (8 290) 2 434 Cash flows from investing activities 27 484 25 049 2 435 Cash flows from financing activities (23 236) (23 235) 1 Net decrease in cash and cash equivalents (6 476) (6 476) - Cash and cash equivalents at beginning of year (20 157) (20 157) - Cash and cash equivalents at end of year (26 633) (26 633) - Note 20 Change NON-CURRENT ASSETS CLASSIFIED AS HELD FOR SALE AND DISCONTINUED OPERATIONS On 18 March 2011, the Board decided to sell the Stanger division. This division was sold on 30 November 2011. On 10 October 2011, the Board decided to sell the operations in Olifantsfontein, Vereeniging and Bronkhorstspruit. The table below analyses key amounts relating to the discontinued operations: Olifants- Vereen- Bronkhorst fontein iging spruit Stanger Total R’000 R’000 R’000 R’000 R’000 2012 Revenue - - - - - Expenses - - - - - Impairments (7 878) 7 878 – - - Net financing costs – – – - - Loss before taxation (7 878) 7 878 - - - Taxation – – – – – Loss from discontinued operations (7 878) 7 878 - - - Profit on disposal of discontinued operations – – – - - Profit on disposal – – – - - Taxation – – – – – Total (loss)/profit from discontinued operations (7 878) 7 878 - - - Note 23 Change Segment profit reconciliation Brikor Brikor Main Donkerhoek Total R’000 R’000 R’000 2012 Revenue - - - Operating profit before impairments - - - Impairments - – - Operating profit before interest and taxation - - - Interest received – – - Finance costs – – - Loss before taxation – – - Taxation – – – Loss after taxation – – - Segment assets and liabilities Segment assets - - - Segment current liabilities 5 687 - 5 687 Other segment information Depreciation and amortisation included in cost of sales and operating expenditure - - - Additions to non-current assets - - - Notice of annual general meeting: Notice is hereby given that the annual general meeting of shareholders of the company will be held on Friday, 2 November 2012 at 10:00 at Oppiedam, Balfour Road R550, Nigel, to transact the business as stated in the notice of annual general meeting forming part of the company’s Integrated Report. 28 September 2012 Designated Adviser Exchange Sponsors (2008)(Pty)Limited Date: 28/09/2012 04:57:00 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.