BRIKOR LIMITED - Financial results for the year ended 28 February 2021 short form announcement

Financial results for the year ended 28 February 2021 – short form announcement

BRIKOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/013247/06)
JSE Share code: BIK ISIN: ZAE000101945
(“Brikor” or the “Company”)

FINANCIAL RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2021 – SHORT-FORM
ANNOUNCEMENT

FINANCIAL HIGHLIGHTS
                                         28 Feb   29 Feb
                                           2021     2020         %
                                            R’m      R’m    change
Revenue                                   257,9    292,7     -11,9
EBITDA                                     28,6     16,7      71,3
Basic earnings per share (cents)            1,9      0,2     850,0
Headline earnings per share (cents)         2,1      0,1   2 000,0
Net asset value per share (cents)          12,8     10,9      17,4
Net tangible asset value per share (cents) 7,9       5,9      33,9

Note: No dividends have been declared for the year ended 28
February 2021 or 29 February 2020.

Revenue decreased to R257,9 million (2020: R292,7 million) as a
direct result of the Bricks segment being closed until the end of
April 2020, whilst the Group’s coal mining operation, Ilangabi
Investments 12 (Pty) Ltd, was allowed to continue to operate at
50% capacity during the initial lockdown period. The last quarter
of the reporting period experienced unusual high levels of
rainfall, which also had a direct impact on sales volumes during
January 2021 and February 2021. The gross profit percentage
increased to 25,2% for the year ended 28 February 2021
(2020:21,4%), mainly as a result of cost savings and improved
efficiencies in both the Coal and Bricks segments.

The Group realised an operating profit before interest and
taxation of R21,0 million for the year ended 28 February 2021
(2020: R8,5 million) and profit after tax of R12,0 million (2020:
R1,5 million). The increase in profit for the reporting period was
mainly due to strict cost savings as well as a section 43 closure
certificate received in respect of one of the Group’s
rehabilitation sites. As a direct result of the closure
certificate, the gross closure cost of R8,0 million relating to
the environmental rehabilitation provision, has resulted in a
credit to the statement of profit or loss.

Cash and cash equivalents (net of bank overdraft) increased to
R15,3 million as at 28 February 2021 (2020: R4,0 million). The
increase was mainly attributable to the Group having had
sufficient stock available at the time when the Group was able to
return to operations on 1 May 2020. The decision to phase in
production also resulted in savings on variable costs,
specifically during levels 5 and 4 of the lockdown period.

SHORT-FORM STATEMENT
This short-form announcement is the responsibility of the
directors. It is only a summary of the information contained in
the full announcement and does not contain full or complete
details.

Any investment decision should be based on the full announcement
accessible from 31 May 2021, via the JSE link and also available
on the Company’s website at
http://brikor.co.za/_webmoduledata/Documents/BrikorYE21results.pdf

Copies of the full announcement may also be requested by
contacting Ms Joaret Botha by email at joaret@brikor.net and are
available for inspection at the Company’s registered office at no
charge, weekdays during office hours.

The JSE link is as follows:
https://senspdf.jse.co.za/documents/2021/jse/isse/bik/YERes21.pdf

The annual financial statements including the audit opinion of the
external auditor, Nexia SAB&T, which sets out the key audit
matters and the basis for its unmodified opinion, is available on
the Company’s website on
http://brikor.co.za/_webmoduledata/Documents/BrikorAFS2021.pdf



31 May 2021
Nigel

Designated adviser
Exchange Sponsors

Date: 31-05-2021 09:03:00
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