Restatement of interim results for the six months ended 31 August 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 THE INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2013 The unaudited interim results for the six months ended 31 August 2013 that were released on SENS on 2 December 2013 have been restated due to: - elimination of intercompany trade debtors and creditors; - recalculation of effective interest rate on loan settlements; - increase in provisions for environmental restoration; - adjustments to royalty tax provisions, income tax and deferred tax adjustments; - reclassification of investment property, reclassification of borrowings due to recall from financiers; - reclassification of equity due to shares changing from par value to non-par value; - recalculation of effective interest rate on loan settlement, correct statement of expenses by function; and - re-categorisation of cash flows to correct activities due to accrued interest. The restated unaudited interim results for the six months ended 31 August 2013 are as follows: Condensed Consolidated Statement of Comprehensive Income for the 6 months ended 31 August 2013 (Restated) (Unaudited) 6 months ended 6 months ended 31 August 2013 31 August 2013 Change R’000 R’000 R’000 Revenue 155 392 155 392 - Cost of sales (107 792) (102 681) (5 111) Gross profit 47 600 52 711 (5 111) Other income 830 830 Administrative expenses (13 075) (14 617) 1 542 Distribution expenses (1 892) (1 892) - Other expenses (1 947) (405) (1 542) Operating profit before interest and taxation 31 517 36 627 (5 110) Finance income 830 830 - Finance costs (7 264) (7 276) 12 Profit before taxation 25 083 30 181 (5 098) Taxation (4 132) (5 262) 1 130 Profit after taxation 20 951 24 919 (3 968) Loss from discontinued operations (878) (878) - Loss from disposal of discontinued operation 41 41 - Total profit for the period attributable to equity holders 20 115 24 082 (3 967) Total profit and other comprehensive income for the period attributable to equity holders of the company 20 115 24 082 (3 967) Restated) (Unaudited) 6 months ended 6 months ended 31 August 2013 31 August 2013 Change R’000 R’000 R’000 Headline earnings per share Basic 3,1 3,8 (0,6) Diluted 3,1 3,8 (0,6) Reconciliation of headline profit Basic and diluted profit/(loss) 20 115 24 082 20 115 Profit on disposal of property, plant and equipment (480) (480) - Headline and diluted headline profit 19 635 23 602 20 271 The weighted average number of ordinary shares outstanding 629 342 629 342 - Diluted weighted average number of shares 629 342 629 342 - Weighted average number of shares 629 342 629 342 - Consolidated Statement of Financial Position as at 31 August 2013 (Restated) (Unaudited) as at as at 31 August 2013 31 August 2013 Change R’000 R’000 R’000 ASSETS Non-current assets 174 521 174 521 - Property, Plant and equipment 131 290 116 948 14 342 Investment property - 14 342 (14 342) Intangible assets 14 791 14 791 - Other financial assets 28 440 28 440 - Current assets 116 144 122 228 (6 084) Inventories 48 607 48 607 - Trade and other receivables 49 229 55 313 (6 084) Cash and cash equivalents 18 308 18 308 - Total assets 290 665 296 749 (6 084) EQUITY AND LIABILITIES Equity attributable to equity holders of the company 47 805 57 307 (9 502) Share capital - 63 (63) Share premium - 228 179 (228 179) Stated capital 228 242 - 228 242 Retained earnings (180 438) (170 935) (9 503) Non-current liabilities 58 804 62 537 (3 733) Borrowings 3 008 8 045 (5 037) Shareholder loans 31 408 31 408 - Provisions 21 771 18 889 2 882 Deferred taxation 2 618 4 195 (1 577) Current liabilities 184 056 176 905 7 151 Borrowings 98 853 94 423 4 430 Trade and other payables 67 519 64 883 2 636 Taxation 11 388 11 303 85 Bank overdraft 6 296 6 296 - Total equity and liabilities 290 665 296 749 (6 084) Consolidated Statement of Cash Flows for the 6 months ended 31 August 2013: (Restated) (Unaudited) 6 months ended 6 months ended 31 August 2013 31 August 2013 Change R’000 R’000 R’000 Cash flows from operating activities 27 093 26 539 554 Cash flows from investing activities 269 270 (1) Cash flows from financing activities (3 991) (3 438) (553) Net increase in cash and cash equivalents 23 371 23 371 - Cash and cash equivalents at beginning of period (11 359) (11 359) - Cash and cash equivalents at end of period 12 012 12 012 - Consolidated Statement of Changes in Equity for the 6 months ended 31 August 2013: (Restated) (Unaudited) 6 months ended 6 months ended 31 August 2013 31 August 2013 Change R’000 R’000 R’000 Total balance at beginning of the period 27 691 33 225 (5 534) Profit/(loss) and total comprehensive income for the period 20 115 24 082 (3 967) Total balance at end of the period 47 806 57 307 (9 501) (Restated) (Unaudited) 6 months ended 6 months ended 31 August 2013 31 August 2013 Change R’000 R’000 R’000 Revenue from external customers 155 392 155 392 - Operating profit before impairments 31 517 36 627 (5 110) Operating profit before interest and taxation 31 517 36 627 (5 110) Segment assets and liabilities Segment assets 278 654 296 749 (18 095) Segment liabilities (106 619) (82 482) (24 137) Reconciliation of assets:- Total assets for reportable segments 278 654 296 749 (18 095) Other assets 12 012 - 12 012 Total assets 290 665 296 749 (6 084) Reconciliation of liabilities:- Total liabilities for reportable segments (106 619) (82 482) (24 137) Corporate liabilities - (94 423) 94 423 Other liabilities (136 242) (62 537) (73 705) Total liabilities (242 860) (239 442) (3 418) (Restated) (Unaudited) 6 months ended 6 months ended 31 August 2013 31 August 2013 Change (cents) (cents) (cents) Earnings per share 3.2 3.9 (0.7) Headline earnings per share 3.1 3.8 (0.6) Net asset value per share** 7.6 - 7.6 Net tangible asset value per share** 5.2 - 5.2 ** Previously not disclosed The detail pertaining to the changes made are as follows: Statement of profit or loss and other comprehensive income Previously Recal- Increase of Adjustment Correction Restated Reported culation environ- of of legal value of mental royalties expenses effective provisions tax by interest provisions function rate on loan settlement R’000 R’000 R’000 R’000 R’000 R’000 Cost of sales (102 681) - (2 881) (2 230) - (107 792) Administrative expenses (14 617) - - - 1 542 (13 075) Other expenses (405) - - - (1 542) (1 947) Finance costs (7 276) 607 (1) (594) - (7 264) Taxation (5 262) - 510 620 - (4 132) Statement of financial position Previously Reclassification Elimination Restated reported of investment of value property intercompany trade debtors and creditors R'000 R'000 R'000 R'000 ASSETS Non-current assets Property, plant and equipment 116 948 14 342 - 131 290 Investment property 14 342 (14 342) - - Current Assets Trade and other receivables 55 313 - (6 084) 49 229 Statement of financial position (continued) Previously Reclassi - Recla- Increase Adjustment Restated reported fication culation of to value of equity of environ- royalties due to effective mental tax shares interest provision provisions changing rate from par on loan value to settlements non-par value R'000 R'000 R'000 R'000 R'000 R'000 EQUITY Equity Share capital 63 (63) - - - - Share premium 228 179 (228 179) - - - - Stated capital - 228 242 - - - 228 242 Accumulated loss (170 935) - 607 (2 372) (7 738) (180 438) Statement of financial position (continued) Previously Reclassi- Increase of Reclassi- Restated reported fication environ- fication value of mental of taxation borrowings provisions between due to current recall from and deferred financiers provisions R’000 R’000 R’000 R’000 R’000 LIABILITIES Non-current liabilities Long term borrowings 8 045 (5 037) - - 3 008 Provisions 18 889 - 2 882 - 21 771 Deferred taxation 4 195 - (510) (1 067) 2 618 Statement of financial position (continued) Previously Reclassi- Recal- Elimination Adjustment Reclassi- Restated reported fication culation of of royalties fication of value of of intercom- tax taxation borrowings effective pany provisions between due to interest trade current recall from rate debtors and financiers on loan and deferred settlements creditors provisions R’000 R’000 R’000 R’000 R’000 R’000 R’000 Current liabilities Short-term borrowings 94 423 5 037 (607) - - - 98 853 Trade and other payables 64 883 - - (6 084) 8 720 - 67 519 Taxation 11 303 - - - (982) 1 067 11 388 7 September 2016 Nigel Designated Advisor Exchange Sponsors Date: 07/09/2016 04:57:00 Produced by the JSE SENS Department. 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