| Fri 15 Mar 2002, 0:00 | | Basil Read Holdings - Audited Results For The Year |
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Basil Read Holdings Limited
(Registration number 1984/007758/06)
("the company" or "the group")
ISIN: ZAE 000029781
JSE Share code: BSR
Audited Results for the year ended 31 December 2001
Salient features
* Reviewed commitment from shareholders
* Strong order book
summarised consolidated
income statement
Audited Audited
2001 2000
R'000 R'000
Revenue 594 467 825 042
Contract loss for the year (28 305) (33 326)
Net finance costs (2 483) 3 439
Loss for the year before taxation (30 788) (29 887)
Taxation 16 423 6 818
Loss for the year after taxation (14 365) (23 069)
Minority interests 505 0
Net loss for the year (13 860) (23 069)
Number of shares in issue ('000) 55 100 55 100
Loss per share (cents) (26,07) (41,87)
Headline loss per share (cents) (26,07) (41,87)
Depreciation for the year (R'000) 23 348 26 747
summarised consolidated
balance sheet
Audited Audited
2001 2000
R'000 R'000
ASSETS
Non-current assets 166 626 141 992
Fixed assets 94 287 98 108
Investments 43 427 38 299
Outside shareholders interest 505 0
Deferred taxation 28 407 5 585
Current assets 206 688 228 653
373 314 370 645
EQUITY AND LIABILITIES
Capital and reserves 19 689 57 997
Issued capital 58 264 58 264
Accumulated loss (22 185) (8 325)
Non-distributable reserves -
Exchange conversions (16 390) 8 058
Non-current liabilities 96 862 37 246
Current liabilities 256 763 275 402
373 314 370 645
Net asset value per share (cents) 35,73 105,26
Capital expenditure
for the year (R'000) 21 803 47 740
summarised consolidated
cash flow statement
Audited Audited
2001 2000
R'000 R'000
Net cash utilised by operations (37 403) (12 530)
Taxation paid (7 234) (4 902)
Dividends paid 0 (3 306)
Net finance income (8 352) 3 439
Cash flow from operating activities (52 989) (17 299)
Cash flow from investing activities (9 152) (35 669)
Cash flow from financing activities 59 958 36 591
Movement in cash and cash equivalents (2 183) (16 377)
Cash and cash equivalents
at the beginning of the year 60 805 77 182
Cash and cash equivalents
at the end of the year 58 622 60 805
statement of changes in equity
Audited Audited
2001 2000
R'000 R'000
Issued capital
Ordinary share capital
at beginning and end of year 58 264 58 264
Non-distributable reserve -
Foreign currency translation reserve
Balance at beginning of year 8 058 2 740
Movement for the year (24 448) 5 318
Balance at end of year (16 390) 8 058
Accumulated loss
Balance at beginning of year (8 325) 15 183
Movement for the year (13 860) (23 069)
Exchange difference in foreign entities 0 (439)
Balance at end of year (22 185) (8 325)
summarised consolidated
segment report
Civil
engineering
and opencast Plant and
Total mining Building head office
R'000 R'000 R'000 R'000
Revenue 594 467 485 870 108 597 0
Net profit/(loss)
before taxation (30 788) 19 698 (41 078) (9 408)
NOTES
These results have been compiled in accordance with statements of
Generally Accepted Accounting Practice in South Africa.
The same accounting policies and methods of computation have been used in
the preparation of these audited financial statements as were used in the
preparation of the audited financial statements to 31 December 2000.
Certain comparative figures have been re-grouped for disclosure purposes.
Commentary on results
While overall results are not satisfactory, the last six months of the
period saw a stable outcome with no further deterioration in the final
position.
Challenges faced were largely attributable to problems experienced on a
contract in the building division, which has now been completed, and an
overall low level in turnover. However, the company is already benefiting
from the far-reaching corrective measures implemented by the main
shareholder, Bouygues Construction. As confirmation of its commitment to the
group, these measures included, in addition to management changes referred
to below, a redistribution of its 70% shareholding in the group. Bouygues
Construction has introduced two of its other subsidiaries as shareholders
with the result that Bouygues shareholding is split equally between three
subsidiaries, namely:
- DTP Terrassement, (DTP) specialising in roads and opencast mining in
Africa,
- Bouygues Travaux Publics (BYTP), specialising in diverse infrastructure
projects worldwide, and
- Bouygues Batiment (BYBAT), specialising in building projects.
The new shareholding structure now reflects the three core activities in
the group, allowing for closer teamwork between Basil Read and its
international shareholders. This synergy has already resulted in the group's
participation in BYTP's contract for a toll road project in Jamaica, the
ongoing involvement of DTP in tenders.
CHANGES TO BOARD OF DIRECTORS
The Board has also been restructured to reflect the changes in the
Bouygues shareholding, with the appointment of Mr C Gazaignes (BYTP) and Mr
A Brunet (DTP). In addition, a new Chief Executive Officer, Mr Albert
Bernardo, Vice President of BYTP for Africa, was appointed with effect from
1 January 2002. Mr A Coy was appointed to the Board at the same time.
Messrs. B W Colledge, J M Paoli, P D Sanders and I Replumaz resigned from
the Board of Directors during the period under review.
PROSPECTS
Since taking up his position, Albert Bernardo has implemented changes
within the group management team to reflect the new spirit of the
organisation. The new organisation is confident that the group will achieve
improved levels of turnover in 2002, and strength has been given to this
confidence in that the company has already signed new contracts in the
building and structures division as well as the roads and opencast mining
division, with further contract awards expected in the near future. The
order book for work to be performed during 2002 is already in excess of R500
million.
DIVIDENDS
No dividend has been declared for the period.
On behalf of the Board of directors
A BERNARDO
CHIEF EXECUTIVE OFFICER
Directors:
R E Bailey (Non-executive Chairman), A Bernardo* (Managing),
H P Maury*, P A R Marien*, C J Gazaignes* A Brunet*, B E G Johansson,
G R E G Mille*, A Coy *French
Company secretary:
H J Power
Registered office:
Block D, Gillooly's View Office Park, 5 Osborne Road Bedfordview 2007
Transfer secretaries:
Mercantile Registrars Limited
Auditors:
PricewaterhouseCoopers Inc.
Sponsor:
Bridge Capital Services (Pty) Ltd
