BASIL READ HOLDINGS LIMITED - Updated No Change statement

Release Date: 13/04/2017 08:15
Code(s): BSR
 
Wrap Text
Updated No Change statement

Basil Read Holdings Limited
Incorporated in the Republic of South Africa
Registration Number 1984/007758/06
Share Code: BSR ISIN: ZAE 000029781
(“Basil Read”) or “the company”)


UPDATED CHANGE STATEMENT ANNOUNCEMENT

Annual Financial Statements and Integrated Report
Shareholders are referred to the Annual Financial Statements,
Integrated Report, notice of Annual General Meeting and
Change Statement announcement that was released on SENS on 3
April 2017, containing condensed corrections between certain
line items in the audited statement of changes in cash flows,
compared to the aforementioned published reviewed results for
the year ended 31 December 2016, along with explanatory notes.


In order to provide more clarity on the corrections please
find below the full audited statement of cash flows, compared
to the previously published reviewed results for the year
ended 31 December 2016:
                                           WIP and
                                            Income
                                          Received    Voluntary
                                                in    Rebuild        Profit on   Interest     Less pre-
                                           advance    Programme      sale of      Accrued     dominant
                               Reviewed   (4) & (5)   (1)            assets (2)     (3)        items (6)    Audited
                              10-Mar-17                                                                     31-Mar-17
                                  R’000      R’000       R’000        R’000        R’000        R’000        R’000
Cash received from
Customers                     5 114 492   (11 023)           -            -             -       4 980   5 108 449
Cash paid to suppliers
and employees               (5 025 217)          -      40 788       (1 132)            -       7 162  (4 978 399)
Interest paid                  (48 436)          -           -            -           195           2     (48 239)
Interest received                 8 863          -           -            -             -           -       8 863
Taxation paid                  (27 655)          -           -            -             -           -     (27 655)
Changes in
- Contracts in progress         135 512     34 828           -            -             -         361      170 701
- Trade and other
receivables                      58 784          -           -            -             -      (5 341)      53 443
- Inventories                  (10 189)          -           -            -             -      (7 168)     (17 357)
- Development land                  191          -           -            -             -            -         191
- Trade and other
payables                        204 248          -           -            -             -           5      204 253
- Income received in
advance                       (420 189)   (23 805)           -            -             -          (1)    (443 995)
Net cash from operating
activities                      (9 596)          -      40 788       (1 132)           195          -       30 255
Acquisitions of property,
plant and equipment           (128 975)          -           -            -             -           -     (128 975)
Proceeds from disposal of
property, plant and
equipment                        41 260          -           -        1 132             -           -       42 392
Proceeds from Disposal of
subsidiaries, net of cash        64 785          -           -            -             -           -       64 785
Advances made to joint
ventures and jointly
controlled entities            (19 254)          -           -            -             -           -     (19 254)
Advance recovered from
joint venture and jointly
controlled entities             (3 390)          -           -            -             -       3 390           -
Advanced made to
associates                        7 455          -           -            -             -     (10 845)      (3 390)
Advances recovered from
associates                            -          -           -            -             -       7 455        7 455
Dividends received from
associates and joint
ventures                         14 926          -           -            -             -           -       14 926
Net cash from investing
activities                      (23 193)         -           -        1 132             -           -      (22 061)
Proceeds from borrowings        239 838          -     (40 788)           -          (195)      2 000      200 855
Repayments of borrowings       (194 524)         -           -            -             -      (2 000)    (196 524)
Net cash from financing
activities                       45 314          -     (40 788)           -          (195)          -       4 331
Effect of exchange rate
changes on cash and cash
equivalents                     (28 725)         -           -            -             -           -     (28 725)
Movement in cash and cash
equivalents                     (16 200)         -           -            -             -           -     (16 200)
Cash and cash equivalents
at the beginning of the
reporting period                474 676          -           -            -              -          -     474 676
Cash and cash equivalents
at the end of the
reporting period                458 476          -           -            -             -           -     458 476



       Explanations of key updates made to the audited statement of
       cash Flow

              1. The add back of a R40.788 million non-cash flow item
                relating    to     the    liability   raised     for       the   Voluntary
                Rebuild programme that the company entered into during
                the 2016 financial period. This was previously included
                as a cash flow movement in financing activities.

              2. A profit of R778 thousand was made on the disposal of
                property, plant and equipment. An error was made in the
                cash flow statement workings and the incorrect amount
                was added back instead of deducted as non-cash flow item.
                The net impact of the error is R1.132 million.

              3. Interest accrued and not paid of R195 thousand which
                should have been added back as a non-cash flow items.

              4. A non-cash movement in the work in progress (WIP) of
                R34.828 million was incorrectly included in the cash
                received from customer’s line item in the cash flow
                statement. The adjustment did not impact net cash from
                operating activities.

             5. Cash received in advance from contract customers in the
               current year of R23.805 million was incorrectly excluded
               from cash received from customer’s line item in the cash
               flow statement. The adjustment did not impact net cash
               from operation activities.

             6. Other less predominant reclassifications between line
               items.

Boksburg
13 April 2017


Company secretary
Andiswa T Ndoni


JSE Sponsor
Grindrod Bank Limited

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