| Mon 31 Aug 2020, 17:00 | | BRIMSTONE INVESTMENT CORPORATION LIMITED - Unaudited interim results for the six months ended 30 June 2020 |
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Unaudited interim results for the six months ended 30 June 2020
Brimstone Investment Corporation Limited
ISIN Number: ZAE000015277
Share Code: BRT
ISIN Number: ZAE000015285
Share Code: BRN
Company Registration Number: 1995/010442/06
(Incorporated in the Republic of South Africa)
("Brimstone" or "the Company" or "the Group")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2020
Significant events
- Operating profit of R304.5 million, up from R178.2 million in the
comparative period
- Brimstone's shareholding in Oceana increased to 25.01%
- R496.7 million raised from the disposal of a portion of Equites
and Phuthuma Nathi stakes
- Settlement of bridge funding facility of R528.1 million
Financial overview
R'000 Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2020 2019 2019
Revenue 2 116 473 2 078 872 4 440 085
Operating profit 304 502 178 160 656 109
Fair value (losses)/gains (189 998) 58 798 (71 672)
Share of profits of associates
and joint ventures 33 354 66 151 144 136
Taxation (31 784) (72 896) (106 220)
(Loss)/profit for the year (129 591) (84 269) 75 329
Equity holders of the parent (188 140) (155 455) (85 774)
Non-controlling interests 58 549 71 186 161 103
(129 591) (84 269) 75 329
Loss per share (cents)
Basic (74.4) (60.2) (33.4)
Diluted (74.4) (60.2) (33.4)
Headline loss per share (cents)
Basic (77.3) (59.9) (54.2)
Diluted (77.3) (59.9) (54.2)
ASSETS
Non-current assets 7 389 331 8 940 246 8 177 991
Current assets 3 483 025 3 114 631 3 089 154
TOTAL ASSETS 10 872 356 12 054 877 11 267 145
EQUITY AND LIABILITIES
Capital and reserves 3 631 250 3 476 613 3 676 688
Non-current liabilities 4 517 512 6 623 172 4 902 810
Current liabilities 2 723 594 1 955 092 2 687 647
TOTAL EQUITY AND LIABILITIES 10 872 356 12 054 877 11 267 145
NAV per share (cents) 987 999 1 066
Shares in issue at end of
period (000's) 252 803 241 446 235 979
INTRINSIC NET ASSET VALUE (INAV)
INAV at 30 June 2020 calculated on a line-by-line basis, totalled
R3.5 billion, or R13.69 per share (31 December 2019: R3.3 billion, or
R14.19 per share), representing an increase of 3.4% from 2019 (a decrease
of 3.5% on a per share basis). As at 30 June 2020, Brimstone Ordinary shares
were trading at a discount of 63.5% to INAV (31 December 2019: 46.1%) and
"N" Ordinary shares traded at a discount of 59.8% to INAV (31 December 2019:
45.4%). The analysis of INAV is available on the Company's website at
www.brimstone.co.za.
The INAV information presented in this report has been prepared on a basis
consistent with that used in the Integrated Report for the year ended
31 December 2019.
In line with previous years, no interim dividend is declared for the half
year.
F Robertson MA Brey
Executive Chairman Chief Executive Officer
31 August 2020
DIRECTORATE AND ADMINISTRATION
Registered office: Boundary Terraces, 1 Mariendahl Lane, Newlands, 7700,
Cape Town
Transfer Secretaries: Computershare Investor Services (Pty) Ltd,
Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196
Sponsor: Nedbank CIB, 135 Rivonia Road, Sandton, 2196
Directorate: F Robertson (Executive Chairman)*, MA Brey (Chief Executive
Officer)*, GG Fortuin (Financial)*,MI Khan (Chief Operating Officer)*,
T Moodley*, PL Campher (Lead Independent), M Hewu, N Khan, KR Moloko,
LA Parker, FD Roman *Executive
Company Secretary: T Moodley
Website: www.brimstone.co.za
E-mail: info@brimstone.co.za
ABOUT THIS ANNOUNCEMENT
This short-form announcement is the responsibility of the directors of
Brimstone Investment Corporation Limited. It is only a summary of the
information in the unaudited interim results and does not contain full or
complete details. Any investment decisions by investors and/or shareholders
should be based on consideration of the unaudited interim results for the
six months ended 30 June 2020 published on the JSE at
https://senspdf.jse.co.za/documents/2020/jse/isse/BRT/ie2020.pdf.
It is also available for viewing at www.brimstone.co.za/investor-
relations/results-reports/. Copies of the unaudited interim results may be
requested from the company secretary (tmoodley@brimstone.co.za or
tel +27 (0) 21 683 1444).
This announcement has not been audited or reviewed by the Group's external
auditors.
Date: 31-08-2020 05:00:00
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