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Consolidated financial results for the year ended 31 December 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")
Consolidated financial results for the year ended 31 December 2020
Significant events
- Debt repayment to funders in excess of R1.0 billion
- Reduction of R129.8 million (24.5%) in finance costs
- R496.7 million raised from the disposal of a portion of Equites
and Phuthuma Nathi stakes
- R441.4 million raised from the disposal of a portion of
Life Healthcare stake
- Improved debt and liquidity ratios
- Brimstone's shareholding in Oceana increased to 25.01%
Financial overview
Year ended Year ended
31 December 31 December %
R'000 2020 2019 change
Revenue 4 714 720 4 440 085 6.2%
Operating profit 550 024 656 109 (16.2%)
Finance costs (400 725) (530 507) (24.5%)
(Loss)/profit for the year (43 834) 75 329 (158.2%)
Loss per share (cents) (73.0) (33.4) 118.6%
Headline loss per share (cents) (61.5) (54.2) 13.5%
ASSETS
Non-current assets 7 255 371 8 177 991 (11.3%)
Current assets 3 088 205 3 089 154 -
TOTAL ASSETS 10 343 576 11 267 145 (8.2%)
EQUITY AND LIABILITIES
Capital and reserves 3 757 401 3 676 688 2.2%
Non-current liabilities 4 385 267 4 902 810 (10.6%)
Current liabilities 2 200 908 2 687 647 (18.1%)
TOTAL EQUITY AND LIABILITIES 10 343 576 11 267 145 (8.2%)
NAV per share (cents) 985 1 066 (7.6%)
Shares in issue at end of year (000's) 252 803 235 979 7.1%
INTRINSIC NET ASSET VALUE (INAV)
INAV at 31 December 2020 calculated on a line-by-line basis, totaled
R3.28 billion, or R12.99 per share (31 December 2019: R3.35 billion or
R14.19 per share), representing a decrease of 1.9% from 2019 (a decrease of
8.5% on a per share basis). As at 31 December 2020, Brimstone Ordinary
shares were trading at a discount of 55.3% to INAV (31 December 2019: 46.1%)
and "N" Ordinary shares traded at a discount of 50.0% 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.
Dividend
In line with prior year, no dividend has been declared or proposed.
F Robertson MA Brey
Executive Chairman Chief Executive Officer
3 March 2021
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
Brimstone Investment Corporation Limited's results for the year ended
31 December 2020 has been released on SENS and is available for viewing
at https://senspdf.jse.co.za/documents/2021/jse/isse/BRT/YE2020.pdf.
The directors of the Group take full responsibility for the preparation
of this announcement. This announcement has not been audited by the
Group's external auditors. The Group's auditors, Deloitte & Touche,
have reviewed the full announcement and expressed an unmodified
conclusion. This announcement is a summary of the information contained
in the full announcement and does not contain full or complete details.
Any investment decisions by investors or shareholders should be based on
a consideration of the full announcement released on SENS or available
at www.brimstone.co.za/investor-relations/results-reports/. Copies of
the full announcement may be requested from the company secretary
(tmoodley@brimstone.co.za or tel +27 (0) 21 683 1444). Copies of this
announcement are also available for inspection at the Company's
registered office at no charge on weekdays from 09:00 to 16:00.
Date: 03-03-2021 07:05:00
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