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BRT BRN
BRT
BRT/BRN - Brimstone - Trading Statement
Brimstone Investment Corporation Limited
(Registration number 1995/010442/06)
(Incorporated in the Republic of South Africa)
ISIN Number: ZAE000015277 & Share Code: BRT
ISIN Number: ZAE000015285 & Share Code: BRN
("Brimstone" or the "Company")
Trading Statement
In terms of the JSE Limited Listings Requirements, companies are required to
publish a trading statement as soon as they are reasonably certain that the
financial results for the current reporting period will be more than 20%
different than that of the prior comparative period.
Brimstone expects its Headline and Attributable Earnings per share to be lower
than the prior comparative period.
Headline earnings per share is expected to be down by between 38% and 28% to
294.0 cents and 341.4 cents for the year ended 31 December 2007. (474.2 cents
for the year ended 31 December 2006).
Attributable earnings per share is expected to be down by between 29% and 18%
for the same period. Attributable earnings per share is expected to be between
336.6 cents and 388.8cents for the same period. (474.1 cents for the year ended
31 December 2006).
Shareholders are reminded that during 2006 the directors re-evaluated the
classification of the investment in Life Healthcare ("LHC") to be accounted for
at fair value through profit or loss. This change had a significant impact on
the results to 31 December 2006 as the 22% stake in Life Healthcare was
accounted for on a fair value basis over a 21 month period from date of
acquisition, compared to the current 12 month reporting period.
The LHC business continues to show strong organic growth contributing to
increased revenues, operating profit and cash flows, leading to the first loan
repayment to ordinary shareholders in December 2007. LHC recently published
their results for the year ended 30 September 2007, disclosing EBITDA of R1.3
billion and a 3 year compound annual growth rate of 19%.
Brimstone shareholders are advised that the positive LHC cash environment
together with a recent sale of our investment in Lenco Holdings, will have a
beneficial effect on Brimstone`s own cash position and therefore our directors
anticipate that Brimstone will be in a position to pay a higher dividend at the
end of March 2008, compared to the previous year.
Shareholders are advised that the above information has not been reviewed or
reported on by the Company`s auditors and that the Company`s results for the
year ended 31 December 2007 are expected to be published on or about 27 February
2008.
15 February 2008
Cape Town
Investment bank and sponsor
Nedbank Capital
Date: 15/02/2008 16:57:58 Produced by the JSE SENS Department.
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