| Fri 14 Sep 2001, 0:00 | | Basil Read Holdings Limited - Audited Interim Resu |
|
Ended 30 June 2001
(Registration number: 1984/007758/06)
("the company" or "the group")
ISIN number: ZAE 000029781
Alpha code: BSRUN
AUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2001
CONSOLIDATED INCOME STATEMENT
for the six months ended 30 June 2000
Unaudited Unaudited Audited
6 months 6 months 12 months
30 June 30 June 31 December
2000 1999 1999
R'000 R'000 R'000
Revenue 291 793 372 205 825 042
Operating (loss)/profit (29 902) 2 202 (33 326)
Finance (expenses)/income (4 925) 108 3 439
(Loss)/Profit before tax (34 827) 2 310 (29 887)
Taxation - - 6 818
(Loss)/Profit after tax (34 827) 2 310 (23 069)
Ordinary dividends - - -
Retained profit for
the period (34 827) 2 310 (23 069)
Supplementary information
Number of shares in
issue ('000) 55 100 55 100 55 100
(Loss)/Earnings per
share (cents) (63,2) 4,2 (41,9)
Dividends per share (cents) - - -
Interim - - -
Final - - -
Headline (loss)/Earnings
per share (cents) (63,2) 4,2 (50,6)
Net asset value per share (cents) 44,7 139,7 105,3
Capital expenditure
for the period (R'000) 14 792 15 945 47 740
Depreciation for
the period (R'000) 12 234 13 380 26 747
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 June 2001
Unaudited Unaudited Audited
6 months 6 months 12 months
30 June 30 June 31 December
2000 1999 1999
R'000 R'000 R'000
Stated capital 58 264 58 264 58 264
(Accumulated loss)/
Retained earnings (43 152) 17 493 (8 325)
Balance at the
beginning of the period (8 325) 15 183 15 183
Net (loss)/profit (34 827) 2 310 (23 069)
Exchange differences
in foreign entities - - (439)
Non-distributable reserves 9 490 1 209 8 058
Balance at the beginning
of the period 8 058 2 740 2 740
Movements during
the period 1 432 (1 531) 5 318
CONSOLIDATED ABRIDGED BALANCE SHEET
as at 30 June 2001
Unaudited Unaudited Audited
6 months 6 months 12 months
30 June 30 June 31 December
2000 1999 1999
R'000 R'000 R'000
Assets
Non-current assets 143 157 125 361 141 992
Fixed assets 96 074 91 699 98 108
Investments 41 087 32 642 38 299
Deferred taxation 5 996 1 020 5 585
Current assets 214 430 202 618 247 791
357 587 327 979 389 783
Equity and liabilities
Capital and reserves 24 602 76 966 57 997
Issued capital 58 264 58 264 58 264
(Accumulated loss)/
Retained earnings (43 152) 17 493 (8 325)
Non-disbributable
reserves 9 490 1 209 8 058
Non-current liabilities 39 076 11 671 17 935
Interest-bearing
borrowings 39 076 11 671 17 935
Current liabilities 293 909 239 342 313 851
357 587 327 979 389 783
CONSOLIDATED ABRIDGED CASH FLOW STATEMENT
for the six months ended 30 June 2001
Unaudited Unaudited Audited
6 months 6 months 12 months
30 June 30 June 31 December
2000 1999 1999
R'000 R'000 R'000
Net cash flow from
operating activities (50 624) (18 641) (1 586)
Taxation paid (1 475) (1 039) (4 902)
Dividends paid - (3 306) (3 306)
Finance (expenses)/Income (4 925) 108 3 439
(57 024) (22 878) (6 355)
Net cash flow from
investing activities (10 049) (15 345) (30 351)
Net cash flow from
financing activities 21 141 837 20 329
Movement in cash and cash
equivalents (45 932) (37 386) (16 377)
Cash and cash equivalents
at beginning of period 60 805 77 182 77 182
Cash and cash equivalents
at end of period 14 873 39 796 60 805
CONSOLIDATED ABRIDGED SEGMENT REPORT
for the six months ended 30 June 2001
Civil
Engineering Plant
and and
Opencast Head
Total Mining Buidling Office
Revenue 291 793 214 365 77 428 -
Net (loss)/
profit before
taxation (34 827) 2 977 (31 405) (6 399)
NOTES TO THE INTERIM RESULTS
Accounting policy
These consolidated condensed interim financial statements are prepared in
accordance with AC 127 and Schedule 4 of the South African Companies Act.
The accounting policies used in the presentation of the interim financial
statements are consistent with those used in the annual financial statements
for the year ended 31 December 2000.
Provisions
Provisions raised increased to R29 million (31 December 2000:
R16 million).
Contingent liabilities
The group has guarantees and suretyships in the amount of
R360 million outstanding (31 December 2000: R411 million).
COMMENTS
The revenue of the group was R291,8 million for the first half of 2001
compared to R372,2 million for the same period last year. With the
completion of two major contracts, N4 Corridor and Nedcor North Project, a
reduction in turnover has been anticipated and the structures of the group
have been adjusted accordingly. The group's workload stands at R500 million.
The R34,8 million loss is mainly linked to the difficulties encountered on a
building project in Mozambique.
Civil Engineering and Opencast Mining
The majority of the activity has been executed in the neighbouring countries
(Mozambique, Botswana, Malawi, Swaziland and Zambia). The workload remains
at the same level as last year. The profitability of the opencast operations
has been effected by a topsoil stripping project. Management is focusing on
increasing the profitability on projects and is aiming to reduce the risks
on the cross-border contracts.
Building
After disappointing results last year, the building activities have again
brought very poor results in the first half of 2001. Higher than expected
losses have been recorded on a project in Mozambique and the provisions made
last year have proved to be insufficient. This project is now complete and
actions have been taken to recover part of the losses and a new management
structure has been put in place. The new team is concentrating on
development of projects and actively participating in the PPP approach
launched by various Government Departments, which are both promising
segments of the construction industry.
GENERAL
The group has successfully launched a new activity of Facilities Management
("FM") with its subsidiary, Mesure Facilities Management (Pty) Ltd, in
association with Exprimm, a specialist in FMservices, a subsidiary of
Bouygues Batiment.
The ISO 9001 certification of the group has recently been extended for the
next three years by SGS - ICS.
A regrouping of most non-operational functions at group level was achieved
to improve the management of operations.
Mr PD Sanders resigned from the board of directors on 31 August 2001, and Mr
PA Marien appointed as non-executive to the board on 13 September 2001,
otherwise the board remains the same.
Due to the level of the results there will be no distribution of interim
dividend.
On behalf of the board of directors
JM Paoli Bedfordview
Chief executive officer 13 September 2001
Directors
RE Bailey (Non-executive chairman), JM Paoli* (Managing), BW Colledge, PA
Marien*, HP Maury*, IRP Replumaz, BEG Johansson, G Mille*
*French
Company secretary
HJ Power
Registered office
Block D, Gillooly's View Office Park
5 Osborne Road, Bedfordview 2007
Transfer secretaries
Mercantile Registrars Limited
11 Diagonal Street, Johannesburg 2000
PO Box 1053, Johannesburg 2000
