Wrap Text
Consolidated financial results for the year ended 31 December 2022
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 2022
Financial overview
R'000 Reviewed Audited
Year ended Year ended
31 December 31 December
2022 2021
Revenue 6 212 852 5 054 739
- Continuing operations 6 212 852 5 054 726
- Discontinued operation - 13
Operating profit 509 565 711 951
- Continuing operations 509 565 695 091
- Discontinued operation - 16 860
Earnings per share (cents) 76.6 292.3
- Continuing operations 76.6 229.3
- Discontinued operation - 63.0
Headline earnings per share (cents) 69.0 298.9
- Continuing operations 69.0 236.0
- Discontinued operation - 62.9
Total assets 11 656 772 10 498 264
Intrinsic Net Asset Value (INAV)
INAV at 31 December 2022 calculated on a line-by-line basis, totalled
R3.29 billion, or R13.25 per share (31 December 2021: R3.26 billion or
R13.14 per share), representing a marginal increase of 1% from 2021
(an increase of 0.8% on a per share basis). As at 31 December 2022,
Brimstone Ordinary shares were trading at a discount of 60.3% to INAV
(31 December 2021: 52.1%) and "N" Ordinary shares traded at a discount
of 57.5% to INAV (31 December 2021: 50.6%). 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 2021.
Declaration of cash dividend
Brimstone's board has declared a final gross dividend of 33 cents per share
for the year ended 31 December 2022 (2021: 30 cents) payable on Monday,
24 April 2023. The final dividend has been declared out of income reserves.
In compliance with the requirements of Strate, the Company has determined
the following salient dates for the payment of the final dividend:
Dividend declaration date Tuesday, 7 March 2023
Last day to trade cum dividend Tuesday, 18 April 2023
Shares commence trading ex dividend Wednesday, 19 April 2023
Record date Friday, 21 April 2023
Payment date Monday, 24 April 2023
Shares may not be rematerialised or dematerialised from Wednesday,
19 April 2023 to Friday, 21 April 2023, both days inclusive.
The final dividend is subject to a local Dividends Tax at 20%. The final
net local dividend amount is 26.4 cents per share for shareholders liable
to pay Dividends Tax and 33 cents per share for shareholders exempt from
paying Dividends Tax. The number of Brimstone Ordinary and "N" Ordinary
shares eligible for the final dividend at the date of this declaration
is 39 874 146 and 224 975 962 respectively and the Company's tax reference
number is 9397002719.
F Robertson MA Brey
Executive Chairman Chief Executive Officer
7 March 2023
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 reviewed provisional condensed financial results and does
not contain full or complete details. Any investment decisions by investors
and/or shareholders should be based on consideration of the reviewed
provisional condensed financial results for the year ended 31 December 2022
published on the JSE at:
https://senspdf.jse.co.za/documents/2023/jse/isse/BRT/ye2022.pdf.
It is also available for viewing at
www.brimstone.co.za/investor-relations/results-reports/.
Copies of the consolidated financial 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. The Group's auditors, Ernst & Young Inc., have reviewed the full
announcement and issued an unmodified conclusion, which is available at
www.brimstone.co.za.
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 Corporate and Investment Banking, a division of
Nedbank Limited, 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,
M Ndlovu, LA Parker, FD Roman, L Wort *Executive
Company Secretary: T Moodley
Website: www.brimstone.co.za
E-mail: info@brimstone.co.za
Date: 07-03-2023 08:00:00
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