31 Aug - 4 min read

Unaudited interim results for the six months ended 30 June 2021

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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