| Thu 8 Aug 2002, 0:00 | | BASIL READ HOLDINGS LIMITED - UNAUDITED FINANCIAL |
|
JUNE 2002
BASIL READ HOLDINGS LIMITED
(Registration number: 1984/007758/06)
("the Group")
ISIN number: ZAE 000029781
Share code: BSRUN
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2002
SUMMARISED CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Audited
6 months 6 months 12 months
30 June 30 June 31 December
2002 2001 2001
R`000 R`000 R`000
Revenue 241 249 291 793 594 467
Contract profit/(loss) for
the period 13 805 (29 902) (28 305)
Net finance costs (3 330) (4 925) (2 483)
Profit/(loss) for the period
before taxation 10 475 (34 827) (30 788)
Taxation 0 0 16 423
Profit/(loss) for the period
after taxation 10 475 (34 827) (14 365)
Minority interests 86 0 505
Net profit/(loss) for the period 10 561 (34 827) (13 860)
Number of shares in issue (`000) 55 100 55 100 55 100
Earnings/(loss) per share (cents) 19,01 (63,21) (26,07)
Headline earnings/(loss) per
share (cents) 19,01 (63,21) (26,07)
Depreciation for the period (R`000) 13 731 12 234 23 348
STATEMENT OF CHANGES IN EQUITY
Unaudited Unaudited Audited
6 months 6 months 12 months
30 June 30 June 31 December
2002 2001 2001
R`000 R`000 R`000
Issued capital
Ordinary share capital at
beginning and end of period 58 264 58 264 58 264
Accumulated loss
Balance at beginning of period (22 185) (8 325) (8 325)
Movement for the period 10 561 (34 827) (13 860)
Balance at end of period (11 624) (43 152) (22 185)
Non-distributable reserve - Foreign
currency translation reserve
Balance at beginning of period (16 390) 8 058 8 058
Movement for the period 8 338 1 432 (24 448)
Balance at end of period (8 052) 9 490 (16 390)
SUMMARISED CONSOLIDATED BALANCE SHEET
Unaudited Unaudited Audited
30 June 30 June 31 December
2002 2001 2001
R`000 R`000 R`000
Assets
Non-current assets 150 776 143 157 166 627
Fixed assets 74 451 96 074 94 288
Investments 47 327 41 087 43 427
Outside shareholders` interests 591 0 505
Deferred taxation 28 407 5 996 28 407
Current assets 227 321 214 430 206 688
378 097 357 587 373 315
Equity and liabilities
Capital and reserves 38 588 24 602 19 689
Issued capital 58 264 58 264 58 264
Accumulated loss (11 624) (43 152) (22 185)
Non-disbributable reserve (8 052) 9 490 (16 390)
Non-current liabilities 86 043 63 736 96 862
Interest-bearing borrowings 86 043 39 076 39 968
Non-interest-bearing borrowings 0 24 660 56 894
Current liabilities 253 466 269 249 256 764
378 097 357 587 373 315
Net asset value per share (cents) 70,03 44,65 35,73
SUMMARISED CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 months 6 months 12 months
30 June 30 June 31 December
2002 2001 2001
R`000 R`000 R`000
Net cash utilised by operations (423) (75 284) (43 271)
Taxation paid 0 (1 475) (7 234)
Net finance income (3 330) (4 925) (2 483)
Cash flow from operating activities (3 753) (81 684) (52 988)
Cash flow from investing activities 5 779 (10 049) (9 153)
Cash flow from financing activities (10 819) 45 801 59 958
Movement in cash and cash
equivalents (8 793) (45 932) (2 183)
Cash and cash equivalents at the
beginning of the period 58 622 60 805 60 805
Cash and cash equivalents at the
end of the period 49 829 14 873 58 622
SUMMARISED CONSOLIDATED SEGMENT REPORT AT30 JUNE 2002
Building/ Structures
Roads and and
Opencast Facilities Plant and
Total Mining Management Head Office
R`000 R`000 R`000 R`000
Revenue 241 249 155 691 85 558 0
Net profit/(loss) before
taxation 10 475 13 827 4 421 (7 773)
SALIENT FEATURES
* RETURN TO PROFITABILITY
* INCREASE IN NET ASSET VALUE PER SHARE
* STRONG ORDER BOOK
NOTES TO THE INTERIM FINANCIAL STATEMENTS
The interim financial statements have been compiled in accordance with South
African statements of Generally Accepted Accounting Practice and Schedule 4 of
the South African Companies Act.
The same accounting policies and methods of computation have been used in the
preparation of these interim financial statements as were used in the
preparation of the audited financial statements to 31 December 2001.
Certain comparative figures have been reclassified.
COMMENTS
The interim results show a continuation of the positive trend as published in
the December 2001 results. We are pleased to report that, due to the improvement
of the Group`s processes and the steps taken with regards to restructuring, the
profit potential for all contracts is favourable.
The Group`s performance for the first six months of the year was encouraging
with a return to profitability in the amount of R10,561 million (R34,827 million
loss at June 2001). In addition, the earnings per share of the Group amounted to
19,01 cents compared to a loss of 63,21 cents per share at June 2001. The net
asset value per share increased to 70,03 cents (44,65 cents at June 2001).
Whilst the results show that the revenue declined when compared to the same
period last year, we are confident that the revenue for the 12 months ending
December 2002 will not be less than that of last year. The decline in revenue
for the reporting period results from insufficient work on hand during the
preceding year. Current work on hand amounts to R672 million compared to R365
million at June 2001. The focus during the reporting period has predominantly
been on securing new work and the Group has been successful in securing awarded
contracts worth
R711 million during this period.
CHANGES TO THE BOARD OF DIRECTORS
Due to the retirement of Rowland Bailey in May this year, and with the approval
of the majority shareholders, the Group`s Chief Executive Officer, Albert
Bernardo, will in the interim fulfill the role of Chairman.
PROSPECTS
Basil Read and various joint venture partners have been short listed on some key
projects within the industry. Infrastructure spending is becoming more buoyant
and the Group anticipates substantial activity from the road sector.
DIVIDENDS
No dividend has been declared for the period.
On behalf of the board of directors
A BERNARDO
Chief Executive Officer
8 August 2002
Directors: A Bernardo* (Chairman and Chief Executive Officer), HP Maury*, PAR
Marien*, CJ Gazaignes*, A Brunet*, BEG Johansson, AJ Coy, OM Racine*
*French
Company Secretary: HJ Power
Registered Office: Block D, Gillooly`s View Office Park, 5 Osborne Road,
Bedfordview, 2008
Transfer Secretaries: Computershare Investor Services Limited
Sponsor: Bridge Capital Services (Pty) Limited
Auditors: PricewaterhouseCoopers Inc.
Date: 08/08/2002 07:10:00 AM Produced by the JSE SENS Department
