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Unaudited interim results for the six months ended 30 June 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")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2021
HIGHLIGHTS
- Group profit before tax up 540% to R430.2 million
- Earnings per share up 232% to 97.9 cents
- Headline earnings per share up 230% to 100.8 cents
- Finance costs down by R151.9 million (58%)
- More than R900 million from disposal of the remaining Life Healthcare
shares used to fully settle zero cost collar funding
- Repurchase of 5.7 million "N" ordinary shares for R34.8 million
- Improved debt and liquidity ratios
FINANCIAL OVERVIEW
Unaudited Unaudited Audited
six months six months Year
ended ended ended
30 June 30 June 31 December
R'000 2021 2020 2020
Revenue 2 298 784 2 116 473 4 714 720
Operating profit 290 328 304 502 550 024
Fair value gains/(losses) 148 973 (189 998) (175 081)
Share of profits of associates
and joint ventures 108 468 33 354 153 198
Finance costs (110 072) (261 960) (400 725)
Profit before tax 430 152 (97 807) 109 080
Earnings/(loss) per share (cents)
Basic 97.9 (74.4) (73.0)
Diluted 96.5 (74.4) (73.0)
Headline earnings/(loss) per share (cents)
Basic 100.8 (77.3) (61.5)
Diluted 99.4 (77.3) (61.5)
ASSETS
Non-current assets 7 255 106 7 389 331 7 255 371
Current assets 2 285 438 3 483 025 3 088 205
TOTAL ASSETS 9 540 544 10 872 356 10 343 576
EQUITY AND LIABILITIES
Capital and reserves 3 776 789 3 631 250 3 757 401
Non-current liabilities 4 337 358 4 517 512 4 385 267
Current liabilities 1 426 397 2 723 594 2 200 908
TOTAL EQUITY AND LIABILITIES 9 540 544 10 872 356 10 343 576
NAV per share (cents) 995 987 985
Shares in issue at end of period (000's) 247 789 252 803 252 803
INTRINSIC NET ASSET VALUE (INAV)
INAV at 30 June 2021 calculated on a line-by-line basis, totalled
R3.31 billion, or R13.36 per share (31 December 2020: R3.28 billion
or R12.99 per share), representing an increase of 0.8% from 2020
(an increase of 2.9% on a per share basis). As at 30 June 2021,
Brimstone Ordinary shares were trading at a discount of 49.6% to INAV
(31 December 2020: 55.3%) and "N" ordinary shares traded at a discount
of 55.9% to INAV (31 December 2020: 50.0%). The analysis of INAV is
available on the Company's website at http://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.
DIVIDEND
In line with the prior year, no dividend has been declared.
F Robertson MA Brey
Executive Chairman Chief Executive Officer
31 August 2021
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 2021 published on the JSE at
https://senspdf.jse.co.za/documents/2021/jse/isse/BRT/ie2021.pdf.
It is also available for viewing at
http://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.
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,
LA Parker, FD Roman *Executive
Company Secretary: T Moodley
Website: http://www.brimstone.co.za
E-mail: info@brimstone.co.za
Date: 31-08-2021 08:00:00
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