BRIMSTONE INVESTMENT CORPORATION LIMITED - Salient features of the unaudited consolidated interim results for the six months ended 30 June 2019

Salient features of the unaudited consolidated interim results for the six months ended 30 June 2019

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")

Salient features of the unaudited consolidated interim 
results for the six months ended 30 June 2019

Significant events

- Profit before net finance costs increased by R378 million 
- Acquisition of an additional 8 million shares in Oceana for R581 million
  increasing shareholding to 22.9%
- R1.2 billion raised in a share-backed Zero-Cost-Collar funding arrangement
  over Life Healthcare shares
- Clover transaction exited
- Sea Harvest acquired 100% of Ladismith Cheese

Financial overview

                                        6 months      6 months         Year
                                           ended         ended        ended
                                         30 June       30 June  31 December
R'000                                       2019          2018         2018

Revenue                                2 078 872     1 369 620    3 376 655 
Operating profit                         178 160       183 657      388 559 
Fair value gains/(losses)                 58 798      (403 659)    (177 599)
Share of profits of associates 
and joint ventures                        66 151        76 901      170 479 
(Loss)/profit for the period             (84 269)     (227 144)      71 323 
(Loss)/profit attributable to:
Equity holders of the parent            (155 455)     (282 120)     (78 505)
Non-controlling interests                 71 186        54 976      149 828                                          
                                         (84 269)     (227 144)      71 323 
Loss per share (cents)
  Basic                                    (64.4)       (117.7)       (32.4)
  Diluted                                  (64.4)       (117.7)       (32.4)
Headline loss per share (cents)
  Basic                                    (64.1)       (118.6)       (21.1)
  Diluted                                  (64.1)       (118.6)       (21.1)

ASSETS
Non-current assets                     8 940 246     6 175 534    7 949 448 
Current assets                         3 114 631     2 159 085    2 947 103 
TOTAL ASSETS                          12 054 877     8 334 619   10 896 551 

EQUITY AND LIABILITIES
Capital and reserves                   3 476 613     3 174 136    3 867 250 
Non-current liabilities                6 623 172     3 244 220    4 660 904 
Current liabilities                    1 955 092     1 916 263    2 368 397 

TOTAL EQUITY AND LIABILITIES          12 054 877     8 334 619   10 896 551 
NAV per share (cents)                      998.5         961.8      1 123.8 
Shares in issue at end of period (000's) 241 446       243 129      241 446

Intrinsic Net Asset Value (INAV)
INAV at 30 June 2019 calculated on a line-by-line basis, totalled 
R3.71 billion, or R15.34 per share (31 December 2018: R3.90 billion, or
R16.15 per share), representing a decrease of 5% from 2018 (a decrease 
of 5% on a per share basis). As at 30 June 2019, Brimstone Ordinary 
shares were trading at a discount of 44.6% to INAV (31 December 2018: 35.0%)
and "N" Ordinary shares traded at a discount of 40.3% to INAV (31 December
2018: 41.2%). 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 2018.

F Robertson            MA Brey
Executive Chairman     Chief Executive Officer

2 September 2019

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, 
MK Ndebele, LA Parker, FD Roman    *Executive
Company Secretary: T Moodley
Website: http://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 consolidated 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
consolidated interim results published on the JSE 
(https://senspdf.jse.co.za/documents/2019/jse/isse/brt/ie2019.pdf). 

It is also available for viewing at http://www.brimstone.co.za. Copies of the
unaudited consolidated 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 auditors, 
Deloitte & Touche.
Date: 02/09/2019 03:05:00
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