Wrap Text
Consolidated financial results for the year ended 31 December 2021
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 2021
Highlights
- Group profit of R920.9 million compared to a loss of R43.8 million
in the comparative period
- Group earnings per share up 500% to 292.3 cents (2020: loss per share
of 73.0 cents)
- Group headline earnings per share up 586% to 298.9 cents
(2020: loss per share of 61.5 cents)
- Dividend declared of 30 cents (2020: nil cents) per share
- Finance costs down by 45% to R219.0 million
- Reduction of debt of R1.2 billion
- Repurchase of 5.8 million "N" Ordinary shares for R34.9 million
- Improved debt and liquidity ratios
Financial overview
Reviewed
R'000 Reviewed Restated*
Year ended Year ended
31 December 31 December
2021 2020
Revenue 5 054 739 4 714 720
- Continuing operations 5 054 726 4 725 807
- Discontinued operation 13 (11 087)
Profit/(loss) for the year 920 861 (43 834)
- Continuing operations 763 153 13 992
- Discontinued operation 157 708 (57 826)
Basic earnings/(loss) per share 292.3 (73.0)
- Continuing operations 229.3 (50.1)
- Discontinued operation 63.0 (22.9)
Basic headline earnings/(loss) per share 298.9 (61.5)
- Continuing operations 236.0 (38.7)
- Discontinued operation 62.9 (22.8)
* Restatement due to disposal of subsidiary, Lion of Africa Insurance
Company Limited, being classified as a discontinued operation.
INTRINSIC NET ASSET VALUE (INAV)
INAV at 31 December 2021 calculated on a line-by-line basis, totalled
R3.26 billion, or R13.14 per share (31 December 2020: R3.28 billion or
R12.99 per share). As at 31 December 2021, Brimstone Ordinary shares were
trading at a discount of 52.0% to INAV (31 December 2020: 55.3%) and
"N" Ordinary shares traded at a discount of 50.6% to INAV
(31 December 2020: 50.0%). 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 2020. Where the presentation of investments changed compared to
31 December 2020, these changes have been identified and the INAV
information at 31 December 2020 has been re-presented to achieve
comparability.
DECLARATION OF CASH DIVIDEND
Brimstone's board has declared a final gross dividend of 30 cents per share
for the year ended 31 December 2021 (2020: Nil cents) payable on Monday,
25 April 2022. 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, 29 March 2022
Last day to trade cum dividend Tuesday, 19 April 2022
Shares commence trading ex dividend Wednesday, 20 April 2022
Record date Friday, 22 April 2022
Payment date Monday, 25 April 2022
Shares may not be rematerialised or dematerialised from Wednesday,
20 April 2022 to Friday, 22 April 2022, both days inclusive.
The final dividend is subject to a local Dividends Tax at 20%. The final
net local dividend amount is 24 cents per share for shareholders liable
to pay Dividends Tax and 30 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
29 March 2022
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 2021 published on the JSE
at https://senspdf.jse.co.za/documents/2022/jse/isse/BRT/ye2021.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: 29-03-2022 08:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.