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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 2023 AND CASH DIVIDEND DECLARATION
Highlights Intrinsic net asset value (INAV)
INAV at 31 December 2023 calculated on a line-by-line basis, totalled R2.98 billion, or R12.13
evenue
R arnings
E eadline
H ividend
D per share (31 December 2022: R3.29 billion or R13.25 per share), representing a decrease
up 5.1% to per share earnings declared of 9.4% from 2022 (a decrease of 8.4% on a per share basis). As at 31 December 2023,
R6.5 billion up 54% to per share of 40 cents Brimstone Ordinary shares were trading at a discount of 57.9% to INAV (31 December 2022:
60.3%) and “N” Ordinary shares traded at a discount of 60.0% to INAV (31 December 2022:
(2022: R6.2 billion) 117.9 cents up 4% to per share 57.5%). The analysis of INAV is available on the Company’s website at www.brimstone.co.za.
(2022: 76.6 cents) 71.6 cents (2022: 33 cents)
(2022: 69.0 cents) 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 2022.
Commentary Declaration of cash dividend
The year under review was characterised by high inflation, a weaker Rand and high Brimstone’s board has declared a final gross dividend of 40 cents per share for the year ended
interest rates. Continued load shedding and pressure in the domestic transport network, 31 December 2023 (2022: 33 cents) payable on Monday, 15 April 2024. The final dividend has
in particular the ports, have weighed heavily on the economy. The high unemployment been declared out of income reserves. In compliance with the requirements of Strate, the
rate continued to impact consumer spending in an environment where the consumer was Company has determined the following salient dates for the payment of the final dividend:
already under pressure. Dividend declaration date Wednesday, 6 March 2024
Last day to trade cum dividend Tuesday, 9 April 2024
Operating conditions remained challenging and we expect that the current headwinds of Shares commence trading ex dividend Wednesday, 10 April 2024
slow economic growth, high inflation and Rand weakness will persist over the medium term. Record date Friday, 12 April 2024
Payment date Monday, 15 April 2024
Despite the operating environment, the Group reported a profit for the year under review
of R421.9 million (2022: R324.5 million), mainly due to a strong performance by major Shares may not be rematerialised or dematerialised from Wednesday, 10 April 2024 to
associate, Oceana Group Limited, which contributed R366.4 million, an increase of Friday, 12 April 2024, both days inclusive.
R171 million compared to the prior year.
The final dividend is subject to a local Dividends Tax at 20%. The final net local dividend amount
Subsequent to year end, the Group implemented its debt reduction strategy, by disposing is 32 cents per share for shareholders liable to pay Dividends Tax and 40 cents per share for
or partially disposing of certain investments. Net proceeds of R307.5 million, was utilised shareholders exempt from paying Dividends Tax. The number of Brimstone Ordinary and
to pay-down debt. This process is ongoing and is aimed at significantly reducing “N” Ordinary shares eligible for the final dividend at the date of this declaration is 39 874 146
Brimstone’s gearing. and 224 975 962 respectively and the Company’s tax reference number is 9397002719.
Enhancing shareholder returns remains a focus for the Board and management, hence the F Robertson MA Brey
Group repurchased 4.1 million Ordinary and “N” Ordinary shares for R21.6 million during the EXECUTIVE CHAIRMAN CHIEF EXECUTIVE OFFICER
year. In addition, a further 1.5 million “N” Ordinary shares were repurchased for R7.2 million,
subsequent to year end. 6 March 2024
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 condensed consolidated 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 condensed consolidated financial results for the year ended 31 December 2023 published on the JSE cloudlink at:
https://senspdf.jse.co.za/documents/2024/jse/isse/BRT/ye2023.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 external auditors, Ernst & Young Inc., have reviewed the condensed consolidated financial
statements and issued an unmodified conclusion, thereon.
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 Director)*,
MI Khan (Chief Operating Officer)*, T Moodley*, PL Campher (Lead Independent), M Hewu, N Khan, M Ndlovu, LA Parker, FD Roman, L Wort *Executive | COMPANY SECRETARY: T Moodley | WEBSITE: www.brimstone.co.za | E-MAIL: info@brimstone.co.za
UNDERLYING INVESTMENTS
www.brimstone.co.za
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