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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
Date: 13/04/2017 08:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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