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Summarised Audited Consolidated Abridged Financial Results for the years ended 28 February 2013, 2014 and 2015
BRIKOR LIMITED
Incorporated in the Republic of South Africa
Registration number: 1998/013247/06
JSE code: BIK
ISIN: ZAE000101945
(“Brikor” or “the group” or “the company”)
SUMMARISED AUDITED CONSOLIDATED ABRIDGED FINANCIAL RESULTS FOR
THE YEARS ENDED 28 FEBRUARY 2013, 2014 AND 2015
PREPARED BY
The summarised audited consolidated abridged financial results
(“abridged financial results” or “results”) for the years ended
28 February 2013, 2014 and 2015 were prepared by Laura Craig
CA(SA), group financial manager, under the supervision of the
former financial director, Hanleu Botha.
AUDITOR’S REPORT
This abridged financial results are extracted from audited
information but is not itself audited. The directors take full
responsibility for the preparation of the abridged financial
results and the correct extraction of the financial information
included herein from the underlying annual financial statements.
The financial statements were audited by KPMG Inc., and the audit
report thereon is available for inspection at the company’s
registered office. The auditor’s report contained the following
paragraph with respect to reportable irregularities:
“In accordance with our responsibilities in terms of section
44(2) and 44(3) of the Auditing Profession Act, we report that we
have identified reportable irregularities in terms of the
Auditing Profession Act. We have reported these matters to the
Independent Regulatory Board for Auditors.” The matters
pertaining to the reportable irregularities have been described
in note 10 to the abridged financial results.
HIGHLIGHTS
REVENUE increased by 12% to R318,2 million
GROSS PROFIT increased by 7% to R76,5 million
ATTRIBUTABLE PROFIT increased to R9,5 million from a loss of
R23,2 million
HEADLINE PROFIT increased by 41% to R16,9 million
EARNINGS PER SHARE increased to 1,5 cents from a loss of 3,7
cents
HEADLINE EARNINGS PER SHARE increased by 42% to 2,7 cents
CASH FLOWS FROM OPERATING ACTIVITIES increased by 114% to R73,5
million
CASH AND CASH EQUIVALENTS increased by 349% to R94,5 million
SUMMARISED AUDITED CONSOLIDATED ABRIDGED STATEMENTS OF FINANCIAL
POSITION
at 28 February 2013, 2014 and 2015
Restated
2015 2014 2013 2012
Notes R’000 R’000 R’000 R’000
ASSETS
Non–current assets 140 332 141 000 164 825 116 446
Property, plant and
equipment 114 393 117 079 124 376 80 718
Intangible assets 13 656 14 413 15 169 8 350
Other financial
assets 12 283 9 508 25 280 27 378
Current assets 169 770 106 878 90 220 59 115
Inventories 38 305 42 761 47 195 38 380
Trade and other
receivables 36 974 43 072 33 157 18 317
Cash and cash
equivalents 94 491 21 045 9 868 2 418
Non-current assets
held-for-sale 2 – – 14 959 60 159
Total assets 310 102 247 878 270 004 235 720
EQUITY AND
LIABILITIES
Equity attributable
to owners of
the company 14 007 4 531 27 691 296
Stated capital 6.1 228 242 228 242 228 242 –
Share capital 6.1 – – – 63
Share premium 6.1 – – – 228 179
Accumulated loss (214 235) (223 711) (200 551) (227 946)
Non–current
liabilities 85 860 65 604 47 185 47 706
Borrowings 8 884 1 933 – 9 946
Shareholder loans 35 134 32 592 29 430 27 574
Provisions 41 597 28 480 17 010 10 186
Deferred tax
liability 245 2 599 745 –
Current liabilities 210 235 177 743 195 128 187 718
Borrowings 109 004 99 448 107 831 114 081
Trade and other
payables 83 475 66 314 54 904 29 546
Taxation 17 756 11 981 11 166 15 040
Bank overdraft – – 21 227 29 051
Total equity and
liabilities 310 102 247 878 270 004 235 720
SUMMARISED AUDITED CONSOLIDATED ABRIDGED STATEMENTS OF PROFIT OR
LOSS AND OTHER COMPREHENSIVE INCOME
for the years ended 28 February 2013, 2014 and 2015
Restated
2015 2014 2013 2012
Notes R’000 R’000 R’000 R’000
CONTINUING
OPERATIONS
Revenue 318 229 283 936 223 755 134 807
Cost of sales (241 695) (212 375) (159 984) (93 388)
Gross profit 76 534 71 561 63 771 41 419
Other income 3 479 1 912 1 100 4 251
Administrative
expenses (37 827) (64 886) 5 804 (19 272)
Other
administrative
expenses (30 714) (29 699) (26 495) (27 821)
(Impairment
losses)/
impairment
reversals 3; 6.2 (7 113) (35 187) 32 299 8 549
Distribution
expenses (3 603) (3 532) (3 943) (4 092)
Other expenses (13 251) (9 921) (4 097) (224)
Operating profit/
(loss) before
interest
and taxation 25 332 (4 866) 62 635 22 082
Finance income 1 657 2 353 2 516 1 178
Finance costs (15 384) (16 168) (25 222) (29 654)
Profit/(loss)
before taxation 11 605 (18 681) 39 929 (6 394)
Taxation (2 129) (3 984) (1 435) –
Profit/(loss)
from continuing
operations 9 476 (22 665) 38 494 (6 394)
Discontinued
operations
Loss from
discontinued
operations 2; 6.3 – (495) (11 099) (26 358)
Profit/(loss) 9 476 (23 160) 27 395 (32 752)
Other comprehensive
income
Items that will not
be reclassified
to profit or loss – – – –
Total comprehensive
income attributable
to owners of
the company 9 476 (23 160) 27 395 (32 752)
EARNINGS PER SHARE 4 cents cents cents cents
Earnings/(loss)
per share
Basic
Continuing operations 1,5 (3,6) 6,1 (1,0)
Discontinued
operations – (0,1) (1,8) (4,2)
Total 1,5 (3,7) 4,3 (5,2)
Diluted
Continuing operations 1,5 (3,6) 6,1 (1,0)
Discontinued
operations – (0,1) (1,8) (4,1)
Total 1,5 (3,7) 4,3 (5,1)
SUMMARISED AUDITED CONSOLIDATED ABRIDGED STATEMENTS OF CHANGES IN
EQUITY
for the years ended 28 February 2013, 2014 and 2015
Share Share Stated
capital premium capital
R’000 R’000 R’000
Balance at 28 February 2011 65 228 179 –
Total comprehensive income for
the year – – –
Balance at 29 February 2012 65 228 179 –
Conversion of shares (65) (228 179) 244 142
Total comprehensive income for the
year (Restated) – – –
Balance at 28 February 2013 (Restated) – – 244 142
Total comprehensive income for
the year – – –
Balance at 28 February 2014 – – 244 142
Total comprehensive income for
the year – – –
Balance at 28 February 2015 – – 244 142
Notes 6.1 6.1 6.1
(Accumu-
lated loss)/
Treasury retained Total
shares earnings equity
R’000 R’000 R’000
Balance at 28 February 2011 (2) (195 194) 33 048
Total comprehensive income for
the year – (32 752) (32 752)
Balance at 29 February 2012 (2) (227 946) 296
Conversion of shares (15 898) – –
Total comprehensive income for the
year (Restated) – 27 395 27 395
Balance at
28 February 2013 (Restated) (15 900) (200 551) 27 691
Total comprehensive income for
the year – (23 160) (23 160)
Balance at 28 February 2014 (15 900) (223 711) 4 531
Total comprehensive income for
the year – 9 476 9 476
Balance at 28 February 2015 (15 900) (214 235) 14 007
Notes 6.1
SUMMARISED AUDITED CONSOLIDATED ABRIDGED STATEMENTS OF CASH FLOWS
for the years ended 28 February 2013, 2014 and 2015
Restated
2015 2014 2013 2012
Notes R’000 R’000 R’000 R’000
Cash flows from
operating
activities 73 525 34 407 10 720 (10 724)
Cash generated
from operations 6.4 83 536 48 274 37 268 17 775
Finance income 1 657 2 353 2 516 1 178
Finance costs 6.4 (11 668) (13 820) (24 911) (26 096)
Tax paid – (2 400) (4 153) (3 581)
Cash flows from
investing
activities (19 128) 1 285 18 894 27 484
Additions to
property, plant
and equipment (17 054) (12 515) (18 826) (5 713)
Proceeds on disposal
of property, plant
and equipment 701 – 1 533 10 200
Disposal of
discontinued
operations, net
of cash disposal 2 – 15 000 37 204 48 560
Additions to
intangible assets – – (606) (1 711)
(Acquisition)/
disposal of other
financial assets* 6.4 (2 775) (1 200) (411) (23 852)
Cash flows from
financing activities 19 049 (3 288) (14 340) (23 236)
Borrowings raised 21 326 14 091 1 856 2 288
Borrowings repaid (2 277) (17 379) (16 196) (25 524)
Net increase/(decrease)
in cash and cash
equivalents 73 446 32 404 15 274 (6 476)
Cash and cash
equivalents at
beginning of year 21 045 (11 359) (26 633) (20 157)
Cash and cash
equivalents at
end of year 94 491 21 045 (11 359) (26 633)
* Including short-term portions.
NOTES TO THE SUMMARISED AUDITED CONSOLIDATED ABRIDGED FINANCIAL
STATEMENTS
for the years ended 28 February 2013, 2014 and 2015
1. BASIS OF PREPARATION AND ACCOUNTING POLICIES
The abridged financial results are prepared in accordance
with the requirements of the JSE Limited Listings
Requirements for abridged reports, and the requirements of
the Companies Act applicable to summary financial statements.
The Listings Requirements require abridged reports to be
prepared in accordance with the framework concepts and the
measurement and recognition requirements of International
Financial Reporting Standards (IFRS) and the SAICA Financial
Reporting Guides as issued by the Accounting Practices
Committee and Financial Pronouncements as issued by the
Financial Reporting Standards Council and to also, as a
minimum, contain the information required by IAS 34 Interim
Financial Reporting.
The accounting policies applied in the preparation of the
consolidated financial statements, from which the abridged
financial results were derived, are in terms of International
Financial Reporting Standards and are consistent with the
accounting policies applied in the preparation of the
previous consolidated financial statements.
The abridged financial results have been prepared on the
historic cost conversion, except for certain financial
instruments, which are stated at fair value. The results are
presented in Rand rounded to the nearest thousand (R’000).
Brikor was placed under provisional liquidation on 30 July
2013 and did not publish any results since then except for
the provisional results which were published on 22 April
2016. Brikor’s last published integrated report was for the
financial year ended 28 February 2012. The abridged financial
results are therefore presented for the three years ended
28 February 2013, 2014 and 2015 with comparative information
for 2012.
2. NON-CURRENT ASSETS HELD-FOR-SALE AND DISCONTINUED OPERATIONS
The tables below analyse the results relating to the
discontinued operations:
Olifants-
fontein Total
2014 R’000 R’000
Revenue – –
Expenses (536) (536)
Net financing costs – –
Loss from operating activities
(no tax effect) (536) (536)
Profit on disposal of discontinued
operations (no tax effect) 41 41
Loss from discontinued operations (495) (495)
Bronk-
Olifants- Vereen- horst-
fontein iging spruit Total
2013 R’000 R’000 R’000 R’000
Revenue 1 574 1 385 - 2 959
Expenses (3 469) (3 336) (598) (7 403)
Impairment reversals/
(impairment) 7 517 1 256 (4 859) 3 914
Net financing costs – – – –
Profit/(loss) from
operating activities
(no tax effect) 5 622 (695) (5 457) (530)
Loss on disposal of
discontinued operations
(no tax effect) (3 010) (7 559) – (10 569)
Loss from discontinued
operations 2 612 (8 254) (5 457) (11 099)
Bronk-
Olifants- Vereen- horst-
fontein iging spruit Stanger Total
2012 R’000 R’000 R’000 R’000 R’000
Revenue 36 8 657 4 038 52 667 65 398
Expenses (4 121) (9 827) (6 213) (51 369) (71 530)
Impairments (14 004) (7 878) – (1 944) (23 826)
Net
financing
costs – – – (75) (75)
Loss from
operating
activities
(no tax
effect) (18 089) (9 048) (2 175) (721) (30 033)
Profit on
disposal of
discontinued
operations
(no tax
effect) – – – 3 675 3 675
Loss from
discontinued
operations (18 089) (9 048) (2 175) (2 954) (26 358)
The following tables summarise the carrying values of the
assets and liabilities that have been classified as held-
for-sale and the profit/(loss) on disposal of discontinued
operations:
Olifants-
fontein Total
2014 R’000 R’000
Property, plant and equipment (14 959) (14 959)
Proceeds on disposal 15 000 15 000
Profit on disposal of discontinued
operations (no tax effect) 41 41
Bronk-
Olifants- Vereen- horst-
fontein iging spruit Total
2013 R’000 R’000 R’000 R’000
Property, plant and
equipment –
opening balance 20 219 25 066 14 874 60 159
Impairment reversals/
(impairment) 7 517 1 256 (4 859) 3 914
Transferred back into
continuing operations (962) (379) – (1 341)
Carrying value of
property, plant and
equipment sold (11 815) (25 943) (10 015) (47 773)
Non-current assets
held-for-sale 14 959 – – 14 959
Carrying value of
property, plant and
equipment sold (11 815) (25 943) (10 015) (47 773)
Proceeds on disposal 8 805 18 384 10 015 37 204
Loss on disposal
of discontinued
operations (no
tax effect) (3 010) (7 559) – (10 569)
Bronk-
Olifants- Vereen- horst-
fontein iging spruit Total Stanger
2012 R’000 R’000 R’000 R’000 R’000
Property,
plant and
equipment 20 219 25 066 14 874 60 159 41 856
Inventories – – – – 5 080
Trade and
other
receivables – – – – 7 168
Cash and
cash
equivalents – – – – 1 440
Provisions – – – – (1 440)
Borrowings – – – – (1 615)
Trade and
other payables – – – – (6 164)
Non-current
assets held-
for-sale 20 219 25 066 14 874 60 159 46 325
Profit on
disposal of
discontinued
operations
(no tax effect) 3 675
Proceeds on disposal 50 000
Less: Cash and cash equivalents (1 440)
Cash proceeds 48 560
The following tables summarise the cash flow effects of the
discontinued operations:
Olifants-
fontein Total
2014 R’000 R’000
Cash flow
Net cash from operating activities (536) (536)
Net cash from investing activities 15 000 15 000
Net cash from financing activities – –
Net increase in cash and cash equivalents 14 464 14 464
Bronk-
Olifants- Vereen- horst-
fontein iging spruit Total
2013 R’000 R’000 R’000 R’000
Cash flow
Net cash flows from
operating
activities (1 895) (1 951) (598) (4 444)
Net cash flows from
investing activities 8 805 18 384 10 015 37 204
Net cash flows from
financing activities – – – –
Net increase in cash
and cash equivalents 6 910 16 433 9 417 32 760
Bronk-
Olifants- Vereen- horst-
fontein iging spruit Stanger Total
2012 R’000 R’000 R’000 R’000 R’000
Cash flow
Net cash
flows from
operating
activities (4 085) (1 170) (2 175) 1 223 (6 207)
Net cash
flows from
investing
activities – – – 48 560 48 560
Net cash flows
from financing
activities – – – – –
Net increase/
(decrease) in
cash and cash
equivalents (4 085) (1 170) (2 175) 49 783 42 353
On 18 August 2011 Brikor entered into an agreement for the
sale of the Stanger operations for R50 million to be settled
through the payment of R30 million in cash and the balance
of R20 million in 72 equal monthly instalments. The
agreement became unconditional on 30 November 2011.
On 10 October 2011 a decision was taken by the board to
dispose of the operations in Olifantsfontein, Vereeniging
and Bronkhorstspruit.
On 8 July 2012 Brikor held an auction for the sale of plant
and equipment of which R8,6 million was received for the
Vereeniging division and R0,5 million for the
Olifantsfontein division. On 17 August 2012 Brikor auctioned
the Vereeniging division’s fixed property for R9,8 million.
On 24 August 2012 Brikor auctioned the Bronkhorstspruit
division for R10,0 million. On 12 July 2012 Brikor disposed
of R8,3 million of the Olifantsfontein division’s plant and
equipment. On 14 August 2012 Brikor entered into an
agreement for the sale of the Olifantsfontein fixed property
for R15,0 million. As at 28 February 2013 the transfer of
the fixed property was still at the deeds office and
accordingly this sale had not yet been recorded, however, in
July 2013 transfer took place and the sale was consequently
accounted for in the 2014 financial year.
3. IMPAIRMENTS
The following table summarises the (impairments)/impairment
reversals relating to the continuing operations:
2015 2014 2013 2012
R’000 R’000 R’000 R’000
(Impairments)/impairment
reversals of property,
plant and equipment (7 113) (11 001) 25 858 8 549
Impairment of other
financial assets – (21 768) – –
Impairment of
other receivables – (1 287) – –
Impairment reversal
of intangible assets – – 6 441 –
Write-down of
raw material inventory – (1 131) – –
Total (7 113) (35 187) 32 299 8 549
(IMPAIRMENTS)/REVERSALS OF PROPERTY, PLANT AND EQUIPMENT AND
INTANGIBLE ASSETS
In 2015 impairments which were made to the aggregates
segment were as follows:
– Plant and equipment with a carrying value of R4,4 million
were valued downward by R3,7 million to a carrying value
of R0,7 million.
– In 2015 impairments which were made to the bricks segment
were as follows:
– Plant and equipment with a carrying value of R3,6 million
were valued downward by R3,4 million to a carrying value
of R0,2 million.
These impairments were as a result of assets no longer in
use by the respective segments and sold on auction
subsequent to year-end. The recoverable amount of these
assets were determined with reference to the price that
could be obtained for the respective assets at the auction.
In 2014 impairments which were made to the aggregates
segment were as follows:
– Plant and equipment with a carrying value of R0,3 million
were valued downward by R0,3 million to a carrying value
of Rnil.
– Capital projects with a carrying value of R0,9 million
were valued downward by R0,9 million to a value of Rnil.
In 2014 impairments made to the bricks segment were as
follows:
– Capital projects with a value of R9,8 million were valued
downward by R9,8 million to a value of Rnil.
These capital projects were ceased in the 2014 year.
In 2013 impairments which were made to the aggregates
segment in 2010 were reversed as follows:
– Mineral reserves with a carrying value of R11,4 million
were valued upward by R14,7 million to a carrying amount
of R26,2 million.
– Buildings with a carrying value of R0,6 million were
valued upward by R3,6 million to a carrying value of R4,2
million.
– Plant and equipment with a carrying value of R6,25
million were valued upward by R6,2 million to a carrying
value of R12,5 million.
These impairments were reversed due to valuations performed
by John Wyles (appointed appraiser to the Supreme Court of
South Africa) on property, plant and equipment based on
their market values as at 31 January 2013, which indicated
the impairment no longer applied. Value-in-use calculations
were performed to determine the value of future cash flows.
These calculations further supported the impairment
reversal. Reversals were performed up to the carrying values
that the assets would have been at 28 February 2013, had
they never been impaired.
In 2013 impairments, which were made to assets transferred
back from discontinued operations, were reversed as follows:
– Plant and equipment with a carrying value of R1,1 million
were valued upward by R1,3 million to a carrying value of
R2,4 million.
The aggregates segment was classified as a discontinued
operation during the 2010 financial year. In 2013
significant changes with a favourable effect on the segment
have taken place and management therefore changed its
intention to utilise these assets in the mining segment
instead of selling them. Reversals were performed up to the
carrying values that the assets would have been at 28
February 2013, had they never been impaired.
The recoverable amount of the assets were determined with
reference to valuations performed by an independent
appraiser as well as a value in use calculation of the
segment. The estimate of value in use was determined using a
pre-tax discount rate of 20% and a terminal value growth
rate of 6% from 2016 onwards. These impairment reversals
were made due to the change of intention to utilise these
assets in mining operations instead of selling them.
In 2012 projects with a carrying value of R8,5 million in
the bricks segment, which was impaired in 2011, were
revived.
IMPAIRMENT OF OTHER FINANCIAL ASSETS
Impairment of other financial assets in 2014 relates to the
deed of sale debtor, Huntrex 305 (Pty) Ltd, which resulted
from the sale of the Stanger Division in November 2011. The
last payment in respect of the loan was received in October
2012, however, Huntrex 305 (Pty) Ltd has subsequently been
placed under liquidation and management is of the opinion
that the full amount of R21,8 million will not be
recoverable.
4. EARNINGS PER SHARE
Restated
2015 2014 2013 2012
cents cents cents cents
BASIC
Continuing operations 1,5 (3,6) 6,1 (1,0)
Discontinued operations – (0,1) (1,8) (4,2)
Total 1,5 (3,7) 4,3 (5,2)
DILUTED
Continuing operations 1,5 (3,6) 6,1 (1,0)
Discontinued operations – (0,1) (1,8) (4,1)
Total 1,5 (3,7) 4,3 (5,1)
HEADLINE EARNINGS/(LOSS)
PER SHARE
Continuing operations 2,7 2,0 1,1 (2,4)
Discontinued operations – (0,1) (0,7) (1,0)
Total 2,7 1,9 0,4 (3,4)
DILUTED HEADLINE
EARNINGS/(LOSS) PER
SHARE
Continuing operations 2,7 2,0 1,1 (2,3)
Discontinued operations – (0,1) (0,7) (1,0)
Total 2,7 1,9 0,4 (3,3)
The calculations for earnings/(loss) per share attributable
to the ordinary equity holders are based on the following:
Reconciliation between basic earnings/(loss) and headline
earnings/(loss) as well as diluted earnings/(loss)
Discon-
Continuing tinued
operations operations Total
R’000 R’000 R’000
2015
Profit
Basic and diluted profit 9 476 – 9 476
Impairments of assets 7 113 – 7 113
Loss on scrapping of
property, plant and
equipment 268 – 268
Headline and diluted
headline profit 16 857 – 16 857
Discon-
Continuing tinued
operations operations Total
R’000 R’000 R’000
2014
Profit/(loss)
Basic and diluted loss (22 665) (495) (23 160)
Impairments of assets 35 187 – 35 187
Profit on disposal of
discontinued operations – (41) (41)
Headline and diluted
headline profit/(loss) 12 522 (536) 11 986
Discon-
Continuing tinued
operations operations Total
R’000 R’000 R’000
2013 (Restated)
Profit/(loss)
Basic and diluted
profit/(loss) 38 494 (11 099) 27 395
Impairment reversals
of assets (32 299) (3 914) (36 213)
Loss on scrapping of
property, plant and
equipment and disposal
of discontinued
operation 850 10 569 11 419
Headline and diluted
profit/(loss) 7 045 (4 444) 2 601
2012
Loss
Basic and diluted loss (6 394) (26 358) (32 752)
(Impairment reversals)/
impairment of assets (8 549) 23 826 15 277
(Profit)/loss on
scrapping of property,
plant and equipment
and disposal of
discontinued operations 18 (3 675) (3 657)
Headline and diluted
loss (14 925) (6 207) (21 132)
2015 2014 2013 2012
’000 ’000 ’000 ’000
Number of shares
The weighted average
number of shares
outstanding during
the year 629 342 629 342 629 342 629 342
Brikor Limited Share
Incentive Scheme Trust – – – 15 900
Diluted weighted average
number of shares 629 342 629 342 629 342 645 242
Weighted average number
of shares 629 342 629 342 629 342 629 342
5. RESTATEMENT OF FINANCIAL RESULTS FOR THE YEAR ENDED
28 FEBRUARY 2013
The financial results for the year ended 28 February 2013
have been restated due to:
– understatement of the provisions for royalty tax;
– income tax adjustments;
– correction in allocation of expenses by function;
– reclassification of investment property to property,
plant and equipment; and
– reclassification of segment assets and liabilities.
During 2013, Brikor incorrectly reclassified a portion of
property, plant and equipment to investment property and
understated the royalty taxation provision and interest on
late payment. Legal fees previously recognised in the other
administrative expense line item was re-allocated to the
other expense line item. The effect of these errors have
been corrected.
The effect of the restatement, when applied to the 28
February 2013 financial year, had the following impact:
Previously Adjust-
reported ment Restated
R‘000 R‘000 R‘000
INVESTMENT PROPERTY
Statement of financial
position
Investment property 14 342 (14 342) –
Property, plant and equipment 110 034 14 342 124 376
ROYALTY TAXATION
Statement of financial
position
Accumulated loss (195 017) (5 534) (200 551)
Trade and other payables 49 008 5 896 54 904
Taxation 11 528 (362) 11 166
Statement of profit or
loss and other
comprehensive income
Cost of sales (155 861) (4 123) (159 984)
Finance cost (23 449) (1 773) (25 222)
Taxation (1 797) 362 (1 435)
LEGAL FEES
Statement of profit or loss
and other comprehensive
income
Other administrative expenses 29 815 (3 320) 26 495
Other expenses 777 3 320 4 097
6. RECLASSIFICATIONS
The annual report for the years ended 28 February 2013, 2014
and 2015 (“annual report”) is being posted to shareholders
today, 25 July 2016, and save for the changes set out below,
contains no material modifications to the reviewed condensed
consolidated provisional financial results (“provisional
results”) which were published on the Stock Exchange News
Services of the JSE Limited (“JSE”) on 22 April 2016.
6.1 EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY
Brikor converted its ordinary share capital and share premium
on 15 January 2013 to stated capital. The above conversion
was, however, not reflected in the provisional results. The
annual report reflects the reclassifications. The net
aggregated amounts are unchanged.
PROVISIONAL RESULTS
Restated
2015 2014 2013 2012
R‘000 R‘000 R‘000 R‘000
Share capital 63 63 63 63
Share premium 228 179 228 179 228 179 228 179
ANNUAL REPORT
Restated
2015 2014 2013 2012
R‘000 R‘000 R‘000 R‘000
Stated capital 228 242 228 242 228 242 –
Share capital – – – 63
Share premium – – – 228 179
6.2 (IMPAIRMENT LOSSES)/IMPAIRMENT REVERSALS
The (impairment losses)/impairment reversals were disclosed
in the provisional results in a separate line item after
“Operating profit before impairments”. It was reclassified in
the annual report and included in “Administrative expenses”.
The net aggregated amounts are unchanged.
PROVISIONAL RESULTS
Restated
2015 2014 2013 2012
R‘000 R‘000 R‘000 R‘000
Administrative
expenses (30 714) (29 699) (26 495) (27 821)
Operating profit
before impairments 32 445 30 321 30 336 13 533
(Impairments)/
impairment reversals (7 113) (35 187) 32 299 8 549
Operating profit/(loss)
before interest and
taxation 25 332 (4 866) 62 635 22 082
ANNUAL REPORT
Restated
2015 2014 2013 2012
R‘000 R‘000 R‘000 R‘000
Administrative
expenses (37 827) (64 886) 5 804 (19 272)
Other administrative
expenses (30 714) (29 699) (26 495) (27 821)
(Impairment losses)/
impairment reversals (7 113) (35 187) 32 299 8 549
Operating profit/(loss)
before interest and
taxation 25 332 (4 866) 62 635 22 082
6.3 LOSS FROM DISCONTINUED OPERATIONS
The “Loss from discontinued operations” and “Profit/(loss) on
disposal of discontinued operations” were disclosed as
separate line items in the provisional results while they
have been disclosed as a single line item in the annual
report. The net aggregated amounts are unchanged.
PROVISIONAL RESULTS
Restated
2015 2014 2013 2012
R‘000 R‘000 R‘000 R‘000
Loss from discontinued
operations – (536) (530) (30 033)
Profit/(loss) on
disposal of
discontinued operations – 41 (10 569) 3 675
ANNUAL REPORT
Restated
2015 2014 2013 2012
R‘000 R‘000 R‘000 R‘000
Loss from
discontinued operations – (495) (11 099) (26 358)
6.4 CASH FLOW STATEMENTS
The following rounding adjustments and reclassifications were
made in order to achieve consistency between the years
presented. The net aggregated amounts are unchanged.
Restated
2015 2014 2013 2012
R‘000 R‘000 R‘000 R‘000
Cash generated from
operations
– Per provisional
results 83 534 48 225 35 479 17 775
– Per annual report 83 536 48 274 37 268 17 775
2 49 1 789 –
Finance cost
– Per provisional
results (11 665) (13 821) (25 633) (26 096)
– Per annual report (11 668) (13 820) (24 911) (26 096)
3 1 722 –
(Acquisition)/disposal
of other financial
assets
– Per provisional
results (2 773) (1 152) 2 098 ( 23 852)
– Per annual report (2 775) (1 200) (411) (23 852)
(2) (48) (2 509) –
7. SEGMENTAL REPORTING
The following is an analysis of the group’s revenue and
results from operations by reportable segments.
SEGMENT PROFIT RECONCILIATION
Aggre-
Coal Bricks gates Total
R’000 R’000 R’000 R’000
2015
Revenue
External 107 844 151 468 58 917 318 229
Reportable segment
revenue 107 844 151 468 58 917 318 229
Operating profit
before impairments 7 283 20 348 4 814 32 445
Impairments – (3 379) (3 734) (7 113)
Operating profit
before interest
and taxation 7 283 16 969 1 080 25 332
Segment assets and
liabilities
Segment assets 74 672 68 791 72 148 215 611
Segment liabilities (70 121) (58 035) (11 248) (139 404)
Other segment
information
Depreciation and
amortisation
included in
cost of sales and
operating
expenditure (6 074) (3 401) (2 985) (12 460)
Additions to
non-current assets 16 000 34 1 020 17 054
2014
Revenue
External 93 082 150 030 40 824 283 936
Reportable segment
revenue 93 082 150 030 40 824 283 936
Operating profit/
(loss) before
impairments 14 132 16 472 (283) 30 321
Impairments – (10 978) (1 154) (12 132)
Impairments not
allocated to segments – – – (23 055)
Operating profit/
(loss) before interest
and taxation 14 132 5 494 (1 437) (4 866)
Segment assets
and liabilities
Segment assets 58 573 88 832 79 428 226 833
Segment liabilities (37 845) (50 914) (10 452) (99 211)
Other segment
information
Depreciation and
amortisation
included in
cost of sales
and operating
expenditure (3 154) (4 573) (2 744) (10 471)
Additions to
non-current assets 5 757 5 531 1 227 12 515
2013 (Restated)
Revenue
External 60 483 114 720 48 552 223 755
Reportable segment
revenue 60 483 114 720 48 552 223 755
Operating profit
before impairments 14 424 5 120 10 792 30 336
Impairment reversals – 1 014 31 285 32 299
Operating profit
before interest
and taxation 14 424 6 134 42 077 62 635
Segment assets
and liabilities
Segment assets 28 919 136 061 80 197 245 177
Segment liabilities (13 266) (54 718) (9 940) (77 924)
Other segment
information
Depreciation and
amortisation
included in cost
of sales and
operating
expenditure (1 317) (4 453) (1 266) (7 036)
Additions to
non-current assets 10 432 6 422 2 579 19 433
2012
Revenue
External – 112 818 21 989 134 807
Reportable segment
revenue – 112 818 21 989 134 807
Operating profit
before impairments – 8 015 5 518 13 533
Impairment reversals – 8 549 – 8 549
Operating profit
before interest
and taxation – 16 564 5 518 22 082
Segment assets and
liabilities
Segment assets – 133 639 39 504 173 143
Segment liabilities – (46 196) (7 035) (53 231)
Other segment
information
Depreciation and
amortisation included
in cost of sales and
operating expenditure – (5 278) (880) (6 158)
Additions to
non-current assets – 6 404 1 020 7 424
RECONCILIATION OF ASSETS AND LIABILITIES
Restated
2015 2014 2013 2012
R’000 R’000 R’000 R’000
Reconciliation of
assets
Total assets for
reportable
segments 215 611 226 833 245 177 173 143
Other assets 94 491 21 045 24 827 62 577
310 102 247 878 270 004 235 720
Reconciliation of
liabilities
Total liabilities for
reportable
segments (139 404) (99 211) (77 924) (53 231)
Other liabilities (156 691) (144 136) (164 389) (182 193)
(296 095) (243 347) (242 313) (235 424)
Factors used to identify segments are based on geographical
location and divisional structuring; this is also how the
group reports financial results to the chief operating
decision-maker on a monthly basis.
The accounting policies of the reportable segments are the
same as the group’s accounting policies.
Segment profit represents the profit earned by each segment
without allocation of finance costs and income tax expense.
This is the measure reported to the chief operating
decision-maker for the purposes of assessment of segment
performance.
Revenue reported already relates to external customers only
and no inter-segment sales take place. No single customer
exists upon which the group is significantly dependent on
for revenue and revenue is derived solely from South African
customers.
OTHER ASSETS AND LIABILITIES
For the purposes of monitoring segment performance and
allocating resources between segments:
– all assets are allocated to reportable segments other
than non-current assets held-for-sale, tax assets and
cash and cash equivalents.
– all liabilities are allocated to reportable segments
other than general borrowings, shareholder loans,
deferred taxation, taxation and bank overdraft.
8. RELATED PARTIES
Relationships Related director
Entities controlled by directors
Cyndara 113 (Pty) Ltd G v N Parkin
Ilangabi Investments 12 (Pty) Ltd G v N Parkin
Scarlett Sun 33 (Pty) Ltd G v N Parkin
Amibex (Pty) Ltd CB Madolo
E-Fuel (Pty) Ltd G v N Parkin
Huntrex 305 (Pty) Ltd BS Ngubane
Vecto Trade 449 (Pty) Ltd G v N Parkin
Nigel Brick and Clay (Pty) Ltd G v N Parkin
Kuvula Trade 40 (Pty) Ltd G Parkin
Leomega (Pty) Ltd G v N Parkin
Nature
of goods
and
services Restated
purchased 2015 2014 2013 2012
or sold R’000 R’000 R’000 R’000
Related party
balances
Loan accounts
– owing (to)/by
related parties
Shareholder
loans –
loan 1 Unsecured,
interest
7,59% p.a. (27 849) (25 736) (23 870) (22 640)
Shareholder
loans –
loan 2 Unsecured,
imputed
interest
12% p.a. (7 059) (6 265) (5 560) (4 934)
Shareholder
loans –
loan 3 Unsecured,
interest-free (226) (591) – –
Deed of
sale
debtor –
Huntrex
305 (Pty)
Ltd Secured,
interest
at prime
plus 1% – – 17 884 20 504
Amounts
included in
trade and
other
receivables/
(trade and
other
payables)
regarding
related parties
Scarlett
Sun 33 (Pty)
Ltd Machinery
rental (8 910) (6 145) – –
Scarlett
Sun 33 (Pty)
Ltd Deposit
for bricks
and aggre-
gates 1 110 203 147
Nigel Brick
and Clay
(Pty) Ltd Bricks 787 3 107 1 704 –
Nigel Brick
and Clay
(Pty) Ltd Bricks – – (335) –
Cyndara 113
(Pty) Ltd Engi-
neering (830) (1 067) (159) (246)
Cyndara 113
(Pty) Ltd Engi-
neering 27 40 69 49
Huntrex 305
(Pty) Ltd – – 2 667 –
Amibex (Pty)
Ltd Engi-
neering – 66 – –
Vecto Trade
449 (Pty) Ltd Trans-
port – – 218 218
Kuvula
Trade 40
(Pty) Ltd Trans-
port – – 354 328
Kuvula
Trade 40
(Pty) Ltd Trans-
port – – (918) (68)
Leomega
(Pty) Ltd Aggre-
gates
screens – – – (22)
Related party
transactions
G v N Parkin
(loan 1) –
interest
paid On loan
account (2 026) (1 877) (1 843) (1 732)
G v N Parkin
(loan 2) –
interest
paid Imputed
interest (795) (705) (625) (556)
Deed of
sale
debtor –
Huntrex 305
(Pty) Ltd
Interest
received Amortised – 1 974 1 835 869
Loan
impaired – (21 768) – –
Other
receiva-
bles
impaired – (1 287) – –
Purchases
from
related
parties
Scarlett
Sun 33
(Pty) Ltd Machinery
rental (9 552) (9 416) – –
Scarlett
Sun 33
(Pty) Ltd Surface
rights (4 584) (4 902) (1 681) –
Scarlett
Sun 33
(Pty) Ltd Machinery
parts (244) – – –
Scarlett
Sun 33
(Pty) Ltd Construc-
tion out-
sourced – – (34) –
Cyndara
113 (Pty)
Ltd Engi-
neering (275) (1 092) (2 552) (939)
Nigel
Brick and
Clay (Pty)
Ltd Bricks (3 494) (2 258) (2 193) –
Vecto
Trade 449
(Pty) Ltd Trans-
port – – – (295)
Leomega
(Pty) Ltd Aggre-
gates
screens – – – (64)
Kuvula
Trade 40
(Pty) Ltd Tran-
sport (12 579) (10 271) (8 874) (7 818)
Sales to
related
parties
Cyndara 113
(Pty) Ltd Engi-
neering 149 170 1 636 707
Nigel
Brick and
Clay (Pty)
Ltd Bricks 1 341 2 797 1 023 –
Scarlett
Sun 33
(Pty) Ltd Bricks
and
aggre-
gates 12 51 252 1 609
Scarlett
Sun 33
(Pty) Ltd Diesel 117 – – –
Amibex
(Pty) Ltd Engi-
neering – 66 – –
Kuvula
Trade 40
(Pty) Ltd Tran-
sport 10 2 086 3 883 2 837
9. DIRECTORS’ EMOLUMENTS
2015 2014 2013 2012
R‘000 R‘000 R‘000 R‘000
Executive
Short-term employee
benefits 3 869 3 655 3 290 4 044
Post-employment
benefits 171 173 203 260
Non-executive
Short-term employee
benefits 80 312 515 506
10. OTHER LEGAL AND REGULATORY REQUIREMENTS
On 13 April 2016 the auditors reported reportable
irregularities to the Independent Regulatory Board for
Auditors in respect of non-compliance with the Income Tax
Act, No 58 of 1962, Value Added Tax Act, No 89 of 1991 and
the Mineral and Petroleum Resources Royalties Act, No 29 of
2008. The particulars of the reportable irregularities
relate to the following instances, which resulted in
penalties and interest being charged to the group:
– Non-submission and/or non-timeous submission of
provisional tax returns, nor annual tax returns and/or
the payment thereof due to SARS, as required by the
Income Tax Act, No 58 of 1962;
– Non-timeous submission of VAT returns and/or the payment
thereof due to SARS, as required by the Value Added Tax
Act, No 89 of 1991;
– Non-registration for Royalty Tax and/or submission of
returns and/or payment of Royalty Tax due to SARS, as
required by the Mineral and Petroleum Resources Royalties
Act, No 29 of 2008.
These non-compliances were due to the provisional
liquidation of Brikor and cash flow constraints on the
group.
Management is aware of the above and is in the process of
taking corrective steps, particularly since the provisional
liquidation of Brikor has been lifted to ensure that the
relevant non-compliances are adequately addressed. Full
provision has been made in the annual financial statements
for any related amounts due.
11. SUBSEQUENT EVENTS AND GOING CONCERN
PROVISIONAL LIQUIDATION
A dispute with FirstRand Bank Limited (“FirstRand”),
relating to the immediate demand by FirstRand of Brikor’s
overdraft and subsequent foreclosure on two term loans under
cross default clauses of the FirstRand finance agreements,
led to a legal dispute between Brikor and FirstRand. On 12
July 2013, FirstRand brought an application for the
liquidation of Brikor. The application was heard on 30 July
2013 and the KwaZulu-Natal High Court granted an order for
the provisional liquidation of Brikor.
Brikor’s listing on the Altx was suspended on the same day.
On 5 June 2015, a memorandum of agreement concluded between
FirstRand, Brikor, Garnett Parkin and Ina McDonald (the
executrix of the estate of the late Garnett van Niekerk
Parkin), was made an order of court. In terms of the
agreement, Brikor agreed to settle its indebtedness to
FirstRand and to make payment to FirstRand in the sum of
R105 million in full and final settlement. The agreement
further made provision for payment of an amount of R11,97
million (inclusive of VAT) to the joint liquidators of
Brikor in respect of their fees. All remaining legal
proceedings between FirstRand, Brikor and Ina McDonald (in
her capacity as executrix), as previously instituted by
Brikor, were also withdrawn.
Payments were made as follows in terms of the settlement
agreement:
To FirstRand:
– By Brikor from the bank accounts held by the joint
liquidators, through cash transfers:
– R70 million on 24 April 2015;
– R2,5 million on 29 April 2015; and
– R2,5 million on 20 May 2015.
– By Brikor the amount of R30 million paid on 22 April
2015, which was obtained through a loan through its
subsidiary Ilangabi Investments 12 (Pty) Ltd. The loan,
bearing interest at the rate of 9% per annum, is
repayable within a period of ten years of signature of
the agreement, being 27 November 2015, from the trust
account held by the executrix of the estate of the late
Garnett van Niekerk Parkin.
To the joint liquidators:
– Payment of R11 969 998 (inclusive of VAT)
– R5 700 000 on 5 June 2015;
– R919 600 on 8 June 2015;
– R334 400 on 11 June 2015;
– R919 600 on 30 June 2015;
– R334 400 on 1 July 2015;
– R919 600 on 31 July 2015;
– R334 400 on 3 August 2015;
– R1 254 000 on 1 September 2015;
– R919 600 on 29 September 2015; and
– R334 400 on 1 October 2015.
By virtue of the granting of the court order of 5 June 2015,
a return date in respect of the provisional liquidation
order was set for 2 October 2015. As Brikor had fulfilled
the terms and conditions of the court order, Brikor’s
indebtedness was regarded as having been settled in full. On
2 October 2015, the Kwa-Zulu Natal High Court discharged the
provisional liquidation order, and granted an order for the
cancellation of the perfection of the general notarial bond
and the cancellation of all other securities provided to
FirstRand.
Consequently, the group’s current liabilities as well as
cash and cash equivalents reduced significantly since the
financial year-end.
ILANGABI INVESTMENTS 12 (PTY) LTD
Shareholders are referred to the announcement released on
SENS on 30 November 2015 and various cautionary
announcements, the last of which was released on 10 June
2016, with the final announcement published on SENS on 13
July 2016.
BACKGROUND
Ilangabi Investments 12 (Pty) Ltd (“Ilangabi”) holds various
prospecting rights and a mining right to which Brikor has
access. The mining right is GP 30/5/1/2/2 (219) MR. The
mining area comprises of a portion of the remainder of the
farm Vlakfontein 281 IR, situated in Gauteng
Magisterial/administrative District of Nigel, measuring
84.7579 hectares in extent.
Ilangabi provides brick-making clay and low grade coal to
Brikor’s operations and sells coal to coal traders.
The late Garnett van Niekerk Parkin (“Parkin”) was the
controlling shareholder of Brikor and also held a 69% equity
stake in Ilangabi.
In August 2010, the board of directors of Brikor initiated a
process to acquire 100% of the Ilangabi shareholding. On 31
August 2010, Brikor acquired 31% of the shares from two
minority shareholders.
An option agreement was signed by Brikor and Parkin on
30 September 2010, in terms of which it was recorded that:
– on 27 September 2010, Parkin granted an irrevocable
option (“the Option”) to Brikor to acquire the entire
ordinary share capital held by Parkin in Ilangabi,
comprising 69% of the issued ordinary shares of Ilangabi
(“the Shares”), together with Parkin’s loan account
claims against Ilangabi on the date of exercise of the
Option (“the Claims”);
– the Option was exercisable by Brikor at any time on or
before 27 September 2015 by written notice to Parkin;
– the price payable by Brikor for the Shares was the sum of
R1 200 000 and for the Claims was an amount equal to
their face value on the date of exercise of the Option,
less the aggregate of all amounts owed by Ilangabi to
Brikor on 27 September 2010 and all amounts owed by
Parkin to Ilangabi on the date of exercise of the Option;
– all economic rights and benefits derived from the mining
rights held by Ilangabi vested and were deemed to accrue
for the benefit of Brikor on signature of the Option
Agreement;
– the price was payable as follows:
– any amounts owing by Parkin to Brikor would be set off
against the amount payable by Brikor; and
– the balance would be payable in cash within 10 days of
the date of exercise of the Option;
– the parties undertook to sign a final sale of shares
agreement containing normal terms and conditions. Parkin
furnished certain warranties and undertakings.
On 1 October 2010, Brikor announced the acquisition by it of
31% of the issued shares of Ilangabi and the option to
acquire the remaining 69% of the issued shares in Ilangabi.
On 20 July 2013 Brikor’s listing on the ALTx exchange of the
JSE Limited (“JSE”) was suspended as a result of an
application for the liquidation of Brikor, which was
launched by FirstRand Group (“FirstRand”).
On 17 January 2015 Parkin passed away.
On 5 June 2015 Brikor and FirstRand entered into a
Memorandum of Agreement in terms of which Brikor agreed to
settle its indebtedness to FirstRand. This resulted in the
lifting of the provisional liquidation order on 2 October
2015.
The suspension of the company’s listing on the JSE will only
be lifted by the JSE once the company has met all the
outstanding requirements of the JSE Listings Requirements.
The most important of these being the finalisation and
publication of all the outstanding annual financial
statements for the financial years ended 28 February 2013,
2014, 2015 and 2016.
A Memorandum of Agreement was entered into between Brikor,
Ilangabi, the Estate of the late Parkin and Garnett Parkin
junior, on 27 November 2015, recording inter alia the
following:
– that on 8 September 2015 it had been agreed that the date
by which the Option was to be exercised was extended to
15 November 2015; and
– that Brikor was still unable, due to financial
constraints, to exercise the Option.
On 27 November 2015 a Sale of Shares Agreement between the
Estate of the Late Garnett Parkin and Brikor was signed.
This was announced on SENS on 30 November 2015.
The categorisation of the transaction was, at the time,
uncertain.
EXERCISE OF THE OPTION
A number of issues have arisen in the past as to whether or
not the Option had been exercised, which issues have now
been resolved pursuant to the emergence of new facts and
information.
KPMG Inc. has established certain facts, in respect of which
Brikor has obtained a legal opinion.
Pursuant to the opinion, the Executor of the Estate of the
late Parkin and Brikor entered into an agreement on 9 July
2016 in terms of which it was irrevocably and
unconditionally recorded and agreed that:
– on or about 28 February 2011, Brikor had exercised the
Option orally and/or by its conduct, which exercise was
accepted and agreed to by Parkin;
– the purchase price for the Shares and Claims had been
agreed upon in the sum of R3 996 263 (discounted purchase
price – fair value);
– Brikor had effected payment via loan account accrual of
the total discounted purchase price (fair value) for the
Shares and Claims to Parkin on 28 February 2011;
– Parkin and Brikor had agreed to implement the sale of the
Shares and Claims;
– due to an oversight, Parkin did not execute a share
transfer form in respect of the Shares, he did not
deliver the share certificate in respect of the Shares to
Brikor, nor did he execute a deed of cession in respect
of the Claims, which oversight does not affect the
validity of the sale of the Shares and Claims; and
– Brikor is the sole and beneficial owner of the Shares and
Claims.
Contemporaneously with the signature of the aforementioned
agreement, the share certificate in respect of the Shares
was delivered to Brikor, a share transfer form in respect of
the Shares and a deed of cession in respect of the Claims
was executed by the Executor of Parkin’s estate.
CATEGORISATION OF TRANSACTION
Based on the number of Brikor’s shares in issue on
28 February 2011 and their market price on that date of
8 cents per share, the value of the transaction divided by
Brikor’s market capitalisation on that date, resulted in the
value of the transaction constituting 7,94% of Brikor’s then
market capitalisation.
As Brikor is an Altx listed company the transaction did not
constitute a related party transaction, in that the
abovementioned percentage was less than 10%. The transaction
was a Category 2 transaction and accordingly shareholder
approval was not required.
IMPACT ON FINANCIAL RESULTS
Ilangabi was fully consolidated in the 2012 annual financial
statements of Brikor as if it were a wholly-owned
subsidiary.
The reviewed condensed consolidated provisional financial
results for the financial years ended 28 February 2013, 2014
and 2015 was published on SENS on 22 April 2016. It included
Ilangabi as a wholly-owned subsidiary.
The value of the net assets, which were the subject matter
of the transaction, was reflected in the 2015 financial
results as being the sum of R16,8 million.
The operating profit before interest and taxation
attributable to the net assets acquired were reflected in
the 2015 financial results as being the sum of R7,3 million.
As required by section 9.16 of the JSE Listings
Requirements, Brikor undertakes that nothing in the
Memorandum of Incorporation of Ilangabi will frustrate
Brikor in any way from compliance with its obligations in
terms of the Listings Requirements, nor will it relieve
Brikor from compliance with the Listings Requirements.
OTHER
Management is not aware of any material events, other than
as outlined above, which occurred subsequent to the year
ended 28 February 2015 and which need adjustment or
disclosure.
GOING CONCERN
The directors have prepared their budgets and cash flow
forecast for the 2017 financial year based on reasonable and
supportable assumptions.
The cash flow forecast and current management results
indicate that the group will operate as a going concern for
the foreseeable future.
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the annual general meeting of the
shareholders of Brikor will be held at Heidelberg Kloof Lodge,
Heidelberg Kloof Estate, Stand 31, Heidelberg at 11:00 on Friday,
26 August 2016 (SA time) to deal with the business as set out in
the notice of annual general meeting in the annual report.
DATE OF PUBLICATION OF THIS REPORT
25 July 2016.
Ina McDonald Garnett Parkin
Non-executive chairman Chief executive officer
Nigel
25 July 2016
BRIKOR LIMITED
Incorporated in the Republic of South Africa
Registration number: 1998/013247/06
JSE code: BIK
ISIN: ZAE000101945
(“Brikor” or “the group” or “the company”)
DIRECTORS:
Ina McDonald (Chairman) *
Peter Moyanga (Lead independent director) #
Garnett Parkin (Chief executive officer)
André Hanekom (Financial director)
Limpho Hani #
Collen Madolo #
AP van der Merwe *
* Non-executive
# Independent non-executive
REGISTERED ADDRESS: 1 Marievale Road, Vorsterskroon, Nigel 1490
Postal address: PO Box 884, Nigel 1490
Telephone: (011) 739 9000
Facsimile: (011) 739 9021
COMPANY SECRETARY: CIS Company Secretaries (Pty) Ltd
TRANSFER SECRETARIES: Computershare Investor Services (Pty) Ltd
AUDITORS: KPMG Inc.
DESIGNATED ADVISER: Exchange Sponsors (2008) (Pty) Ltd
These results and an overview of Brikor are available at
www.brikor.co.za.
Date: 25/07/2016 02:15:00 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.
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