BASIL READ HOLDINGS LIMITED

Incorporated in the Republic of South Africa (Registration number 1984/007758/06) ("Basil Read" or "the company")

ISIN: ZAE000029781

Share code: BSR

Unaudited results for the six months ended 30 June 2016 and renewal of cautionary announcement

Highlights

  • Revenue from continuing operations R2.5 billion (June 2015: R2.9 billion)

  • Profit after tax R34.4 million (June 2015: R41.6 million)

  • Headline earnings per share 48.92 cents (June 2015: 37.13 cents)

  • Return on equity 6.2% (June 2015: 7.8%)

  • Order book R10.4 billion (December 2015: R10.7 billion)

  • Safety Zero fatalities (June 2015: Zero fatalities)

Condensed consolidated income statement

Unaudited

Unaudited

Audited

Six months

Six months

12 months

30 June

30 June

31 December

2016

2015

2015

R'000

R'000

R'000

Continuing operations

Revenue

2 501 918

2 853 797

5 519 979

Operating profit for the period

73 452

93 688

226 197

Finance income

3 747

24 629

21 077

Finance costs

(41 223)

(21 229)

(56 468)

Share of profits of investments accounted

for

using the equity method

13 664

2 539

40 536

Profit for the period before taxation

49 640

99 627

231 342

Taxation

18 122

(33 008)

(39 704)

Profit for the period after taxation

67 762

66 619

191 638

Discontinued operations

Net loss for the period from discontinued

operations

(33 352)

(25 063)

(20 425)

Net profit for the period

34 410

41 556

171 213

Profit for the period attributable to the

following:

Equity shareholders of the company

39 171

43 561

180 761

Non‐controlling interests

(4 761)

(2 005)

(9 548)

Net profit for the period

34 410

41 556

171 213

Earnings per share (cents)

29.75

33.08

137.27

Diluted earnings per share (cents)

29.75

33.08

137.27

Earnings per share from continuing operations (cents)

55.08

52.11

152.78

Diluted earnings per share from continuing operations

(cents)

55.08

52.11

152.78

Loss per share from discontinued operations (cents)

(25.33)

(19.03)

(15.51)

Diluted loss per share from discontinued operations (cents) (25.33) (19.03) (15.51)

Condensed consolidated statement of comprehensive income

Unaudited Unaudited Audited Six months Six months 12 months

30 June 30 June 31 December 2016 2015 2015

R'000 R'000 R'000

Net profit for the period 34 410 41 556 171 213

Other comprehensive income for the period (18 372) 8 372 16 787

Movement in foreign currency translation reserve (18 372) 8 372 16 811 Movement in fair value adjustment reserve ‐ ‐ (24)

Total comprehensive income for the period 16 038 49 928 188 000 Total comprehensive income for the period

attributable to the following:

Equity shareholders of the company 15 614 52 928 198 738

Retained income 39 171 43 561 180 761

Other reserves (23 557) 9 367 17 977

Non‐controlling interests 424 (3 000) (10 738)

Total comprehensive income for the period 16 038 49 928 188 000

Condensed consolidated statement of

financial position

Unaudited

Unaudited

Audited

30 June

30 June

31

December

2016

2015

2015

R'000

R'000

R'000

ASSETS

Non‐current assets

1 578 292

1 536 408

1

500 501

Property, plant and equipment

944 356

975 903

915 856

Investment property

6 494

5 921

6 590

Intangible assets

91 210

92 070

91 640

Investments accounted for using the

equity method

144 774

97 356

136 400

Available‐for‐sale financial assets

51 289

51 289

51 289

Deferred income tax asset

340 169

313 869

298 726

Current assets

2 029 978

2 365 374

2

017 657

Inventories

38 121

88 482

25 939

Development land

262 679

266 900

262 679

Trade and other receivables

861 869

1 035 174

769 586

Work in progress

558 324

427 774

433 237

Current income tax asset

31 477

69 103

19 371

Cash and cash equivalents

277 508

477 941

506 845

Non‐current assets held‐for‐sale

‐

141 875

104 203

3

608

270

4

043

657

3

622

361

EQUITY AND LIABILITIES

Capital and reserves

1

239

590

1

086

656

1

223

552

Stated capital

1

048

025

1

048

025

1

048

025

Retained income

194

891

18

520

155

720

Other reserves

18

426

33

373

41

983

Non‐controlling interests

(21

752)

(13

262)

(22

176)

Non‐current liabilities

227

528

242

996

221

087

Interest‐bearing borrowings

171

743

192

702

182

134

Deferred income tax liability

55

785

50

294

38

953

Current liabilities

2

141

152

2

695

118

2

155

388

Trade and other payables

1

082

850

1

031

040

734

163

Amounts due to customers

520

737

948

360

715

432

Current portion of borrowings

158

733

292

186

157

798

Provisions for other liabilities

and

charges

296

419

311

841

497

523

Current income tax liability

24

156

64

350

15

034

Bank overdraft

58

257

47

341

35

438

Liabilities directly associated

with

non‐current

assets

classified as held‐for‐sale

‐

18

887

22

334

3

608

270

4

043

657

3

622

361

Condensed consolidated statement of changes in equity

Issued capital Ordinary share capital

Unaudited Unaudited Audited Six months Six months 12 months

30 June 30 June 31 December 2016 2015 2015

R'000 R'000 R'000

Balance at the beginning and end of the period

1

048

025

1

048

025

1

048

025

Balance at the beginning of the period

155

720

61

513

61

513

Total comprehensive income for the period

39

171

43

561

180

761

Transactions with non‐controlling interests

‐

(86

554)

(86

554)

Balance at the end of the period

194

891

18

520

155

720

Balance at the beginning of the period

41

983

24

006

24

006

Total comprehensive income for the period

(23

557)

9

367

17

977

Balance at the end of the period

Non‐controlling interests

Balance at the beginning of the period

18

(22

426

176)

33

(97

373

992)

41

(97

983

992)

Total comprehensive profit/(loss)loss for

the

period

424

(3

000)

(10

738)

Transactions with non‐controlling

interests

‐

86

554

86

554

Contribution from non‐controlling

interest parties

‐

1

176

‐

Balance at the end of the period

(21

752)

(13

262)

(22

176)

Retained income

Other reserves

Condensed consolidated statement of cash flows

Unaudited Unaudited Audited Six months Six months 12 months

30 June 30 June 31 December

2016 2015 2015

R'000 R'000 R'000

Operating cash flow

195

468

217

708

439

275

Movements in working capital

(297

054)

(554

803)

(555

330)

Net cash generated by operations

(101

586)

(337

095)

(116

055)

Net finance (costs)/income

(37

671)

1

824

(35

869)

Dividends paid

‐

‐

(32)

Taxation (paid)/received

(9

347)

7

911

1

265

Cash flow from operating activities

(148

604)

(327

360)

(150

691)

Cash flow from investing activities

(24

457)

39

567

104

766

Cash flow from financing activities

(67

899)

(116

326)

(325

456)

Effects of exchange rates on cash and cash equivalents (14 465) (1 308) 10 393

Movement

in cash and cash

equivalents

(255

425)

(405

427)

(360

988)

Cash and

cash equivalents

at the beginning

of the period

474

676

835

664

835

664

Cash and cash equivalents at the end of the period

219

251

430

237

474

676

Included in cash and cash equivalents as per the

statement of financial position

Included in the assets of the disposal group

430 600 471 407

(363) 3 269

430 237 474 676

219

251

‐

219

251

Additional information to the condensed consolidated interim financial statements

Unaudited

Unaudited

Audited

Six months

Six months

12 months

30 June

30 June

31 December

2016

2015

2015

Ordinary and special dividend paid per share (cents)

‐

‐

‐

Ordinary and special dividend declared per share (cents)*

‐

‐

‐

* Based on the period to which the dividend relates

Number of ordinary shares in issue ('000)

131 686

131 686

131 686

Headline earnings per share (cents)

48.92

37.13

120.28

Diluted headline earnings per share (cents)

48.92

37.13

120.28

Headline earnings per share from continuing operations (cents)

53.39

47.16

143.87

Diluted headline earnings per share from continuing operations (cents) 53.39 47.16 143.87

Headline loss per share from discontinued operations (cents)

(4.47)

(10.03)

(23.59)

Diluted headline loss per share from discontinued operations

(cents)

(4.47)

(10.03)

(23.59)

Reconciliation of basic earnings to headline earnings

R'000

R'000

R'000

Basic earnings

39

171

43

561

180

761

Adjusted by ‐ Loss/(profit) on sale of subsidiary

27

462

2

451

(20

046)

- Profit on sale of property, plant and equipment

(2

216)

(4

561)

(9

926)

- Impairment of goodwill

‐

7

438

7

438

- Impairment of associate

‐

‐

165

Headline earnings

64

417

48

889

158

392

Basic earnings from continuing operations

72

523

68

624

201

186

Adjusted by ‐ Profit on sale of property,

plant

and

equipment

(2

216)

(6

532)

(11

896)

- Impairment of associate

‐

‐

165

Headline earnings from continuing operations

70

307

62

092

189

455

Basic loss from discontinued operations

(33

352)

(25

063)

(20

425)

Adjusted by ‐ Loss/(profit) on sale of subsidiary 27 462 2 451 (20 046)

‐

Loss on sale of property, plant

and

equipment

‐

1

971

1

970

‐

Impairment of goodwill

‐

7

438

7

438

Headline loss

from discontinued operations

(5

890)

(13

203)

(31

063)

Basil Read Holdings Limited published this content on 22 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 22 August 2016 14:39:07 UTC.

Original documenthttp://www.basilread.co.za/downloads/sens/2016/22Aug/Basil-Read-unaudited-results-sens-2016.pdf

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