Wrap Text
Unaudited Results for the period ended 30 June 2013
BASIL READ HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number 1984/007758/06)
(“Basil Read” or “the group”)
ISIN: ZAE000029781
Share code: BSR
UNAUDITED RESULTS FOR THE PERIOD ENDED 30 JUNE 2013
- Revenue from continuing operations R3,0 billion (June 2012:
R2,7 billion)
- Operating profit from continuing operations R80,2 million
(June 2012: loss of R14,3 million)
- Order book of continuing operations R12,2 billion (December
2012: R10,2 billion)
- Net profit from discontinued operations R183,4 million (June
2012: R37,4 million)
Commentary
The consolidated abridged interim financial statements have
been prepared in terms of section 8.57 of the JSE Listings
Requirements, incorporating IAS 34 on Interim Financial
Reporting and the SAICA Financial Reporting Guides as issued
by the Accounting Practices Committee and Financial Reporting
Pronouncements as issued by Financial Reporting Standards
Council, and the Companies Act of South Africa. The principal
accounting policies used in the preparation of the unaudited
results for the six months ended 30 June 2013 are consistent
with those applied in the annual financial statements for the
year ended 31 December 2012 and for the unaudited results for
the six months ended 30 June 2012 in terms of IFRS.
Overall review
Results of the group?s operations showed a marked improvement
in the period under review evidenced by a return to
profitability, despite the tough trading environment in the
local construction sector. The continued slow roll out of
projects, endemic labour unrest and difficult contractual
environment have proven to be challenging and have contributed
to margins remaining compressed. Despite the prevailing
negativity, the group„s order book has increased by 20% to
R12,2 billion (December 2012: R10,2 billion), bolstered by new
awards across all divisions.
Revenue increased by 10% to R3,0 billion (June 2012: R2,7
billion) with operating profit from continuing operations at
a level of R80,2 million (June 2012: loss of R14,3 million).
Net profit attributable to equity shareholders was
R257,2 million (June 2012: R21,6 million), including the
profit on disposal of discontinued operations. Headline
earnings per share increased by 196% to 43,69 cents (June
2012: 14,75 cents) with operating margins improving to 2,7%
from a negative margin of 0,5% in the comparative period.
The group?s cash position improved to R1,3 billion (December
2012: R1,0 billion), largely as a result of the receipt of the
proceeds on disposal of TWP Holdings (Pty) Ltd of R877
million, inclusive of interest. The cash inflow was partially
offset by the payment of a dividend to shareholders in the
amount of R230 million and the repayment of debt to the value
of R251 million. Working capital continues to be closely
monitored, particularly as the timeous receipt of debtors and
settlement of claims continues to be a concern.
Total debt reduced to R639,1 million (December 2012: R877,2
million), a decrease of 27%, due to the repayment of
instalment sale agreements and the redemption of note BSR10
for an amount of R100 million. Two notes remain outstanding
at the statement of financial position date, BSR05 for R150
million and BSR09 for R125 million. BSR05 was settled on 1
July 2013, which further reduced the debt balance to R489,1
million, with BSR09 maturing in December 2013. The reduction
in debt further improved the debt equity ratio to 8,9%
(December 2012: 18,2%).
The statement of financial position remained steady with total
assets at R5,2 billion (December 2012: R5,4 billion) and
management consider it to be appropriately structured to
support future growth.
At the reporting date, the group had issued guarantees in the
amount of R2,6 billion (December 2012: R2,7 billion). These
guarantees have arisen in the ordinary course of business and
it is not expected that any loss will arise out of the issue
of these guarantees.
Basil Read (Pty) Ltd, the group?s main South African operating
company, maintained its level 2 BBBEE contributor ratings,
meaning that companies are entitled to recognise 125% of the
amounts spent with this company in calculating their
procurement spend. The entity was further rated as a value
added supplier, which affords a further 25% benefit.
Corporate activity
The disposal of TWP Holdings (Pty) Ltd (“TWP”) to
WorleyParsons was completed during March 2013 for an adjusted
sale consideration of R869,6 million, realising a profit on
disposal of R288,5 million. This translates into a net profit
on disposal of R226,8 million after providing for capital
gains tax.
As a result of the sale of TWP, the group closed its operation
in Australia, which led to the recognition of a loss of R31,2
million.
Operational review
Safety, health, environmental, risk management and quality
(SHERQ)
In keeping with international best practice, Basil Read?s
risk, safety, health, environmental and quality practices have
been incorporated into a transversal SHERQ division. This
ensures a risk-driven approach to safety, health and
environmental practices on project sites and the incorporation
of all these activities into the quality management system for
the consistent maintenance of quality standards.
The group?s disabling injury frequency rate has reduced to
0,23 at June 2013 from 0,31 at December 2012.The group?s
target is to continually reduce this rate to a level of 0,1.
Progress towards this target is monitored on a monthly basis
with immediate action taken where necessary.
Regrettably, the group recorded one fatality in the period
under review and we extend our condolences to family, friends
and colleagues of the deceased. All incidents are rigorously
investigated and lessons learned distributed to all sites to
prevent similar events from recurring.
The electronic SHERQ management system provides the framework
to perform adequate, real-time trend analysis with graphs and
automated notifications as part of our proactive approach.
Awareness programmes and posters are distributed monthly to
ensure that all employees are made aware of their SHERQ
responsibilities and to align behaviour to the group?s “do it
right first time” principle. Basil Read is committed to
ensuring that all employees are competent and equipped with
both technical and practical skills to better perform their
duties.
Basil Read regards the health of its employees to be just as
important as their safety. To this end, entry and exit
medicals are performed on all employees and a periodical
review system is in place. All deficiencies are noted and
followed up to ensure that our workforce remains healthy.
Construction
June 2013 June 2012 Dec 2012
Revenue (R'000) 2 108 110 2 127 365 3 981 860
Operating profit/(loss)
before provision
for Competition
Commission (R'000) 28 134 (51 237) (212 225)
Provision for
Competition
Commission (R'000) (20 000) - (65 000)
Operating profit/
(loss) (R'000) 8 134 (51 237) (277 225)
Operating margin
before provision
for Competition
Commission (%) 1,33% (2,41%) (5,33%)
Operating margin (%) 0,39% (2,41%) (6,96%)
Share of profits
from jointly controlled
entities (R'000) 3 382 963 1 312
Share of (losses)/
profits from
associates (R'000) (2 238) (218) 72
Order book (R'000) 10 013 000 8 000 000 7 645 000
The results of the construction division in the six month
review period were a reflection of the prevailing tough
conditions. Margins remained under pressure as loss-making
contracts neared completion. Contractual risk continues to be
of concern as routine claims take longer to be resolved which
places pressure on cash flows. Liquidity is being further
affected by delayed or non-payment of debtors which in turn,
is hampering growth.
Despite the negativity, the division has successfully grown
the order book by 31% and margins on new work are improving,
particularly in the roads arena.
The division?s flagship project, the construction of an
airport on St Helena Island, is performing to expectations
with the construction of the airport terminal buildings set to
commence during the second half of 2013. The division is also
in negotiations with the client for further work on the island
to support the increase in tourism that is expected as a
result.
Mining
June 2013 June 2012 Dec 2012
Revenue (R'000) 444 353 497 232 1 020 448
Operating profit (R'000) 25 951 39 059 82 390
Operating margin (%) 5,84% 7,86% 8,07%
Share of profits
from jointly controlled
entities (R'000) - - -
Share of profits
from associates (R'000) 15 729 14 778 49 025
Order book (R'000) 1 737 000 1 900 000 1 500 000
The performance of the mining division was negatively affected
by the volatile labour environment in the South African mining
industry, which led to several unprotected strike actions at
the division?s local sites, resulting in decreased
productivity. Labour relations continue to be fragile and are
being managed on an ongoing basis.
The division?s solid relationship with client Debswana in
Botswana continued, with work progressing well at Orapa,
Letlhakane, Damtshaa and Jwaneng mines. With the full
complement of plant delivered to site, the Majwe Mining Joint
Venture contract for phase 2 at Jwaneng mine is in the process
of ramping up to full production. The contract with Discovery
Metals has been extended and the division continues to grow
its foot print in the region.
The division is in the process of signing a three-year load
and haul contract with Venetia Mine, to supplement the drill
and blast contract already in place. The contract will
comprise waste removal, loading of Kimberlite and feeding of
the crushers.
Weatherly International plc has secured the necessary funding
for the Tschudi Copper Project in Namibia and the award to the
mining division to perform contract mining services is
imminent. This award has not been included in the group?s
order book.
Developments
June 2013 June 2012 Dec 2012
Revenue (R'000) 35 998 9 184 25 028
Operating profit/
(loss) (R'000) 9 352 701 (30 036)
Operating margin (%) 25,98% 7,63% (120,01%)
Share of profits
from jointly controlled
entities (R'000) - - -
Share of profits
from associates (R'000) - - -
Order book (R'000) 100 000 200 000 50 000
The improved performance in the developments division was
largely due to the sale of further stands at Klipriver
Business Park, an industrial park in the south of
Johannesburg. Interest in the development is improving with
several blue chip companies expressing an interest in larger
stands.
Basil Read Developments continues to focus on its three large-
scale integrated housing developments, Cosmo City, Malibongwe
Ridge and Savanna City. The division has completed feasibility
studies at two sites in Cosmo City with a view to developing
social housing, in partnership with a social housing institute
who will own, operate and maintain the facility. Initial
investigations reveal that there is potential for more than
300 walk-up units.
Servicing of phase 1 of Malibongwe Ridge, which covers 484
residential stands, is progressing well and two show units
have been built. With all regulatory approvals now in place at
Savanna City, the division expects to commence with the
installation of internal services in the second half. The
combined value of construction work that will be realised over
the life of these projects is in excess of R4,5 billion, which
is not reflected in the current order book.
Engineering
June 2013 June 2012 Dec 2012
Revenue (R'000) 400 393 75 722 466 129
Operating profit/
(loss) (R'000) 36 716 (2 848) 54 008
Operating margin (%) 9,17% (3,76%) 11,59%
Share of losses from
jointly controlled
entities (R'000) - (2 424) (5 597)
Share of profits
from associates (R'000) - - -
Order book (R'000) 400 000 600 000 1 050 000
The disposal of TWP Holdings (Pty) Ltd to WorleyParsons was
concluded during March 2013, realising a profit before tax of
R288,5 million and generating R877 million in cash. The
remaining entities within the engineering division are well
integrated into the Basil Read group and generated good
results in the six months under review.
Basil Read Matomo, the group?s engineering, procurement and
construction (“EPC”) company continues to record steady growth
and is fast developing a reputation for being a quality
service provider in the EPC space, particularly in the
renewable energy sector and the provision of turnkey process
plants for the mining sector. The division?s flagship project,
the Metrowind Van Stadens wind farm project is progressing
well and is on schedule to begin commercial operation in 2014.
LYT Architecture?s results have shown a marked improvement due
to a general uptick in most of its active sectors. A permanent
office has been established in Lagos driven by the enormous
potential in Nigeria and West Africa, particularly in the
hospitality industry. To this end, LYT is starting with the
design of a property for City Lodge in Ghana, and has begun
work on two new hotels for the Rezidor group in Lagos.
Prospects
Trading conditions in the construction sector remain
challenging and the roll out of public sector work remains
slow. Tender activity has improved to some extent and margins
are approaching normalised levels. The group?s loss-making
contracts are nearing completion, and the order book has been
secured at improved margins. The group is targeting further
expansion into Africa, where significant opportunities exist.
With a dire need for schools across the country, it is
expected that the awards of schools in the Gauteng region will
be announced in late-2013. The rest of the provinces are
expected to initiate their respective projects in the
foreseeable future which will boost the buildings sector as a
whole.
Current local market conditions in the civils sector remain
quiet with few projects out to tender and continued pressure
on margins. Future prospects appear better with significant
work planned by the parastatals, Eskom, PRASA, Transnet, TCTA
and the various water boards. These projects are expected to
begin rolling out in the second half of 2014. The private
sector and mining houses remain reluctant to invest in new
capital projects, particularly in South Africa, but projects
are coming out to tender cross-border.
The roads sector remains under pressure with margins improving
only slightly. The uncertainty surrounding the implementation
of toll roads is delaying key projects, including the N1/N2
Winelands project. Basil Read is a member of the consortium
that has been named as preferred bidder for this project.
Declining commodity prices and the persistent global economic
uncertainty have made it difficult for mining companies to
anticipate future demand. Expansion projects are being
deferred in the face of waning demand from China and rising
capital and operational costs are leading mining companies to
switch their focus from production volumes to project returns.
Project pipelines and capital allocations are being reassessed
and capital projects are being re-prioritised to focus on core
high margin projects.
The lack of tender activity in the mining sector is of
concern, despite the fact that the group receives enquiries on
a regular basis, as mining companies look to reduce costs
through alternative methods or suppliers. The group remains
selective in deciding which opportunities to price and is
largely restricted by the relevant capital requirements.
The growth in the mining division?s order book bodes well for
the foreseeable future, although key risks that will have to
be managed include difficult labour relations and the
continued market uncertainty.
Demand for affordable housing remains strong and is supported
by substantial government investment. The second home and
luxury estate market is depressed in general, with the
industrial property market still slow but showing positive
signs of recovery.
Basil Read Developments will continue to focus on growing
market share as a leader in large-scale integrated housing
developments. In addition, the division plans to diversify
into smaller-scale projects and top-structure housing
opportunities, as well as exploring growth in the rest of the
continent.
Against this background, Basil Read remains committed to
growth, underpinned by a strong order book and effective
management teams.
Corporate governance
The directors and senior management of the group endorse the
Code of Governance Principles and Report on Governance,
together referred to as King III. Having regard for the size
of the group, the board is of the opinion that the group
substantially complies with the Code as well as with the
Listings Requirements of the JSE Limited. The group performs
regular reviews of its corporate governance policies and
practices and strives for continuous improvement in this
regard.
The following changes to the board took effect in the year
under review:
- Mr Nigel Townshend resigned as an executive director,
effective 12 March 2013;
- Mr Connie Molusi was appointed as a non-executive director,
effective 14 March 2013;
- Mr Donny Gouveia resigned as an executive director and
financial director, effective 30 May 2013; and
- Mr Pieter Marais was appointed as executive director and
financial director, effective 30 May 2013.
Ms Andiswa Ndoni was appointed as company secretary to the
group on 14 March 2013, following Merchantec Capital (Pty)
Ltd?s resignation.
Competition Commission
The group reached a settlement agreement in the amount of R95
million with the Competition Commission as part of the
Commission?s fast track settlement programme. On 22 July 2013
the Competition Tribunal confirmed the amount as the group?s
penalty for anti-competitive transgressions to be paid in two
equal instalments, the first of which is to be paid within 30
days of the order, with the remainder payable 12 months
thereafter.
In an effort to strengthen corporate governance overall, the
group has implemented a wide range of measures including
workshops with senior employees to reinforce the terms of the
Competition Act and the amendment of the tendering process to
ensure that it provides for an appropriate division of duties
and responsibilities. The group is also in the process of
implementing a robust compliance and monitoring programme. As
a further measure, ongoing appropriate training has been
implemented for all employees to reinforce our commitment to
conducting our business responsibly.
Dividends
The board has reviewed the current period?s results and in
keeping with prior years, has decided not to declare an
interim dividend.
Post-statement of financial position review
No material events have occurred between the statement of
financial position date and the date of these results that
would have a material effect on the financial statements of
the group.
On behalf of the board
S L L Peteni (Chairman)
M L Heyns (Chief Executive Officer)
29 August 2013
Summarised consolidated income statement
Unaudited Unaudited Audited
6 months 6 months 12 months
30 June 30 June 31 December
R?000 2013 2012 2012
Continuing operations
Revenue 2 988 854 2 709 503 5 493 465
Operating profit/
(loss) for the period
before provision for
Competition Commission 100 153 (14 325) (105 863)
Provision for
Competition Commission (20 000) - (65 000)
Operating profit/
(loss) for the period 80 153 (14 325) (170 863)
Net finance costs (6 157) (29 019) (84 683)
Share of profits/(losses)
from jointly controlled
entities 3 382 (1 461) (4 285)
Share of profits from
associates 13 491 14 560 49 097
Profit/(loss) for the
period before taxation 90 869 (30 245) (210 734)
Taxation (18 488) 9 251 14 593
Profit/(loss) for the
period after taxation 72 381 (20 994) (196 141)
Discontinued operations
Net profit for the period
from discontinued operations 183 403 37 447 27 040
Net profit/(loss)
for the period 255 784 16 453 (169 101)
Profit/(loss) for the
period attributable
to the following:
Equity shareholders
of the company 257 150 21 556 (170 384)
Non-controlling interests (1 366) (5 103) 1 283
Net profit/(loss)
for the period 255 784 16 453 (169 101)
Earnings/(loss)
per share (cents) 195,28 17,41 (136,54)
Diluted earnings/
(loss) per share (cents) 195,28 17,41 (136,54)
Earnings/(loss) per
share from continuing
operations (cents) 56,01 (12,84) (158,21)
Diluted earnings/(loss)
per share from continuing
operations (cents) 56,01 (12,84) (158,21)
Earnings per share from
discontinued operations
(cents) 139,27 30,25 21,67
Diluted earnings per
share from discontinued
operations (cents) 139,27 30,25 21,67
Summarised consolidated statement of comprehensive income
Unaudited Unaudited Audited
6 months 6 months 12 months
30 June 30 June 31 December
R?000 2013 2012 2012
Net profit/(loss)
for the period 255 784 16 453 (169 101)
Other comprehensive
income for the period 3 939 (8 739) (4 194)
Movement in foreign currency
translation reserve 9 077 202 3 502
Movement in fair value
adjustment reserve (5 138) (8 941) (8 788)
Deferred tax effect on
other comprehensive income - - 1 092
Total comprehensive income
for the period 259 723 7 714 (173 295)
Total comprehensive income for the period
attributable to the following:
Equity shareholders
of the company 256 477 12 562 (175 162)
Retained income 257 150 21 556 (170 384)
Other reserves (673) (8 994) (4 778)
Non-controlling interests 3 246 (4 848) 1 867
Total comprehensive income
for the period 259 723 7 714 (173 295)
Summarised consolidated statement of financial position
Unaudited Unaudited Audited
30 June 30 June 31 December
R?000 2013 2012 2012
ASSETS
Non-current assets 1 907 381 1 855 285 2 016 019
Property, plant and
equipment 1 168 689 1 222 197 1 272 127
Intangible assets 412 259 413 119 412 689
Investments in jointly
controlled entities 56 112 86 071 83 236
Investments in associates 84 001 5 258 66 333
Available-for-sale
financial assets 51 295 4 759 56 433
Deferred income tax asset 135 025 93 881 125 201
Current assets 3 291 564 2 618 627 2 598 877
Inventories 107 436 77 513 81 236
Development land 391 690 413 513 402 375
Trade and other
receivables 1 085 385 908 388 780 354
Work in progress 255 315 285 879 202 461
Current income tax asset 39 990 47 081 53 764
Cash and cash equivalents 1 411 748 886 253 1 078 687
Non-current assets
held-for-sale - 776 147 773 540
5 198 945 5 250 059 5 388 436
EQUITY AND LIABILITIES
Capital and reserves 1 842 106 1 845 442 1 824 322
Stated capital 1 048 025 948 675 1 048 025
Retained income 777 339 882 055 750 654
Other reserves 5 900 (3 341) 875
Non-controlling interests 10 842 18 053 24 768
Non-current liabilities 208 439 653 931 376 266
Interest-bearing borrowings 164 251 598 667 314 187
Other borrowings - 20 435 13 250
Deferred income tax
liability 44 188 34 829 48 829
Current liabilities 3 148 400 2 562 150 2 992 185
Trade and other payables 1 045 473 1 135 462 1 122 659
Amounts due to customers 1 148 268 629 896 1 079 113
Current portion of
borrowings 474 858 369 875 562 980
Loans from associates 10 134 37 552 20 695
Provisions for other
liabilities and charges 310 258 288 129 162 915
Current income tax
liability 81 315 28 291 11 970
Bank overdraft 78 094 72 945 31 853
Liabilities directly associated with non-current
assets classified a
held-for-sale - 188 536 195 663
5 198 945 5 250 059 5 388 436
Statement of changes in equity
Unaudited Unaudited Audited
6 months 6 months 12 months
30 June 30 June 31 December
R?000 2013 2012 2012
Issued capital
Ordinary share capital
Balance at the beginning
of the period 1 048 025 948 668 948 668
Issued to share incentive
scheme (net of treasury shares) - 7 7
Issued in terms of
BBBEE transaction - - 99 350
Balance at the end
of the period 1 048 025 948 675 1 048 025
Retained income
Balance at the beginning
of the period 750 654 860 499 860 499
Total comprehensive
income for the period 257 150 21 556 (170 384)
Share-based payment –
equity settled - - 60 539
Dividend declared (230 465) - -
Balance at the end
of the period 777 339 882 055 750 654
Other reserves
Balance at the
beginning of the period 875 5 653 5 653
Total comprehensive
income for the period (673) (8 994) (4 778)
Disposal of subsidiary 5 698 - -
Balance at the end
of the period 5 900 (3 341) 875
Non-controlling interests 10 842 18 053 24 768
Summarised consolidated statement of cash flows
Unaudited Unaudited Audited
6 months 6 months 12 months
30 June 30 June 31 December
R?000 2013 2012 2012
Operating cash flow 229 642 168 755 240 130
Movements in working
capital (244 036) 246 566 793 368
Net cash generated by
operations (14 394) 415 321 1 033 498
Net finance costs (6 157) (31 156) (77 133)
Dividends paid (219 911) (100) (38)
Taxation paid (5 664) (49 818) (113 221)
Cash flow from operating
activities (246 126) 334 247 843 106
Cash flow from
investing activities 799 116 (49 518) (403 415)
Cash flow from
financing activities (251 308) (153 429) (50 781)
Effects of exchange
rates on cash and
cash equivalents (13 750) 2 550 3 059
Movement in cash
and cash equivalents 287 932 133 850 391 969
Cash and cash equivalents
at the beginning of
the period 1 045 722 653 753 653 753
Cash and cash
equivalents at the
end of the period 1 333 654 787 603 1 045 722
Included in cash
and cash equivalents
as per the statement
of financial position 1 333 654 813 308 1 046 834
Included in the assets
of the disposal group - (25 705) (1 112)
1 333 654 787 603 1 045 722
Additional information to the interim financial statements
Unaudited Unaudited Audited
6 months 6 months 12 months
30 June 30 June 31 December
2013 2012 2012
Ordinary and special
dividend paid per
share (cents) 175,00 - -
Ordinary and special
dividend declared
per share (cents)* 175,00 - -
*Based on the year to which the dividend relates
Number of ordinary
shares in issue ('000) 131 686 123 803 131 686
Headline earnings/
(loss) per share (cents) 43,69 14,75 (130,84)
Diluted headline earnings/
(loss) per share (cents) 43,69 14,75 (130,84)
Reconciliation of basic
earnings to headline
earnings R '000 R '000 R '000
Basic earnings/(loss) 257 150 21 556 (170 384)
Adjusted by
- (Profit)/loss on
sale of subsidiary (195 600) 268 253
- (Profit)/loss on sale
of jointly controlled entity - (1 185) 3 760
- Profit on sale of associate - - (359)
- Profit on sale of available
-for-sale financial asset - - (4 050)
- (Profit)/loss on sale
of property, plant and
equipment (4 018) (2 381) 451
- Impairment of fixed assets - - 7 052
Headline earnings/(loss) 57 532 18 258
(163 277)
Reconciliation between weighted average number of shares
and diluted average
number of shares '000 '000 '000
Weighted average
number of shares 131 686 123 798 124 787
Adjusted by –
Share Incentive Scheme - - -
Diluted average
number of shares 131 686 123 798 124 787
Net asset value per
share (cents) 1 390,63 1 476,05 1 366,55
Tangible net asset
value per share (cents) 1 077,57 1 142,36 1 053,16
Capital expenditure
for the period (R'000) 66 636 250 221 501 693
Depreciation (R'000) 153 997 136 179 300 436
Impairment of fixed
assets (R'000) - - 7 052
Amortisation of
intangible asset (R?000) 430 1 108 1 990
DISPOSALS
During March 2013, the group concluded its disposal of TWP
Holdings (Pty) Ltd to WorleyParsons. The company
is an engineering, procurement and construction management
company.
TWP Holdings (Pty) Ltd was included as part of the Engineering
segment.
Details of the disposal are as follows:
R '000
Sale consideration:
- cash received
877 709
- interest component of sale consideration
(8 112)
- cash costs of disposal
(31 495)
Net sale consideration
838 102
Carrying value of net assets disposed
(559 162)
Derecognition of non-controlling interest
15 272
Derecognition of fair value adjustment reserve
(709)
Derecognition of foreign currency translation reserve
(4 989)
Profit on disposal of discontinued operations
288 514
Net loss for the period from discontinued operations
(12 197)
Closure of TWP Australia
(31 182)
Net profit on disposal of discontinued operations before tax
245 135
Capital gains tax on disposal of discontinued operations
(61 732)
Net profit on disposal of discontinued operations after tax
as per income statement
183 403
Company Secretary: A Ndoni
Registered office: The Basil Read Campus, 7 Romeo Street,
Hughes Extension, Boksburg, 1459
Auditors: PricewaterhouseCoopers Inc
Transfer secretaries: Link Market Services South Africa (Pty)
Ltd
Sponsor: Macquarie First South Capital (Pty) Ltd
Directors: S L L Peteni*† (Chairman), M L Heyns (Chief
Executive Officer), P J Marais (Financial Director),
C P Davies*†, S S Ntsaluba*, T A Tlelai*, A C G Molusi*, Dr C
E Manning*†, N V Lila*†, P C Baloyi*†
(* Non-executive, † Independent)
www.basilread.co.za
communications@basilread.co.za
Date: 29/08/2013 02:04:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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