EPE Capital Partners Limited (JSE:EPE) News - Results for the year ended 30 June 2021, availability of IAR and audited AFS, and notice of AGM

EPE CAPITAL PARTNERS LTD
INCORPORATED IN THE REPUBLIC OF MAURITIUS
REGISTRATION NUMBER: C138883 C1/GBL
ISIN: MU0522S00005
SHARE CODE: EPE
("ETHOS CAPITAL" OR "THE COMPANY" OR "THE GROUP")

RESULTS FOR THE YEAR ENDED 30 JUNE 2021,
AVAILABILITY OF IAR AND AUDITED AFS, AND
NOTICE OF AGM

INTRODUCTION
EPE Capital Partners Ltd is an investment company, registered and incorporated in Mauritius as a public company. It is listed on the Johannesburg Stock
Exchange ("JSE") and offers shareholders long-term capital appreciation by making commitments and investments into Funds or Co-Investments that are managed
by Ethos Private Equity (Pty) Limited ("Ethos"), providing the Company with largely indirect exposure to a diversified portfolio of unlisted private
equity-type investments ("Portfolio Companies"). The Group refers to the consolidated results of the Company and its deemed controlled entity.

The Group's performance is largely measured by the growth in the net asset value ("NAV") and NAV per share ("NAVPS")

THE ADVISOR: ETHOS
Ethos acts as Ethos Capital's Investment Advisor. In addition, Ethos is the Manager of the Funds that Ethos Capital invests in. Ethos is an investment firm
that manages investments in private equity and mezzanine transactions in South Africa and other sub-Saharan African countries. Ethos has a 37-year history
and an unparalleled record of successful, sustainable investing across economic and political cycles that has delivered 98 realised investments at a 24%
gross IRR and a 2.5x multiple of cost.

RESULTS ANNOUNCEMENT

Key highlights
- R1.8 billion carrying value of invested capital and total assets, with exposure to 22 Portfolio Companies.
- 30 June 2021 NAVPS of R9.19, at Brait's NAVPS, and R6.67, at Brait's share price.
- Most Porfolio Companies impacted by COVID-related lockdowns in the first six months of the year with a strong recovery in the last six months.
- Positive impact on NAVPS was diluted by ZAR appreciation, Brait share price decline and COVID-related underperformance of Twinsaver, Kevro, Primedia and
  Ster Kinekor.
- Largest five unlisted investments (61% of total assets) achieved growth in LTM EBITDA of 27%.
- 90% (by value) of the unlisted portfolio delivered positive growth with attributable LTM EBITDA growth of 59% across the unlisted portfolio.
- Progress made on restructuring and growing the Brait portfolio of assets.
- R150 million of realisations during the year, including the partial sale of Channel VAS which achieved an IRR of 25%.

Overview
The past year has been a rollercoaster for the economic fortunes of Ethos Capital's Portfolio Companies.  A significant majority of them have seen strong
operating performance and growth post the initial hard lockdowns imposed by governments around the world. The benefit of the cost-saving initiatives and
improved operating leverage has manifested in stronger than expected recoveries across many of these businesses. However, some of these Portfolio Companies
were impacted by the recent social unrest across South Africa, the indirect impacts of which will be felt for some time to come. Furthermore, a number of
these companies have continued to be adversely impacted by the COVID-enforced lockdowns and restrictions on normal consumer access.

While the COVID pandemic resulted in closures across most of the Portfolio Companies during the lockdown periods, the majority posted strong recoveries with
the largest five unlisted investments (equating to 61% of total assets) achieving growth in their attributable last 12 months ("LTM") revenue and EBITDA of
14% and 27% respectively in the year to 30 June 2021. As at 30 June 2021, the implied EV/maintainable EBITDA of the unlisted portfolio that is valued on an
earnings-based methodology, increased slightly to 7.3x and the implied price earnings ratio is 12.5x.

Ethos Capital's unlisted portfolio achieved a 7% return for the year. The reduction in the valuation of the COVID-impacted assets (Kevro, Twinsaver, Ster
Kinekor and Primedia) negatively impacted the total return by 8%, implying a 15% return for the remainder of the unlisted portfolio. This was achieved
despite the negative impact on the Channel VAS valuation, due to the strengthening of the ZAR:US$, which reduced the return by 8%.

The Ethos Capital NAVPS, including Brait at its last reported NAVPS that decreased by 4% during the year, increased from R9.12 to R9.19. The Ethos Capital
NAVPS, including Brait at its share price that declined by 14% over the year, increased from R6.65 to R6.67.

During the year, Ethos Capital received proceeds of R150 million from various disposals, the largest of which was the partial sale of Channel VAS in
December 2020 for c.R76 million, which achieved a 1.6x MOIC and an IRR of 25%. While the investment environment was subdued, Ethos Capital invested c.R29
million, including four acquisitions that were completed within the existing portfolio.

The impact of COVID is likely to be felt for some time and the macroeconomic outlook for South Africa, while improving, remains volatile. However, it is
likely that the number of available investment opportunities will continue to remain robust and economic growth in other sub-Saharan African countries will
also provide exciting investment opportunities for the various Funds.

FINANCIAL POSITION AND INVESTMENT PORTFOLIO

EXTRACT OF STATEMENT OF FINANCIAL POSITION
                                                           Group                            Company
                                            30 June 2021          30 June 2020          30 June 2021          30 June 2020
                                               R'million             R'million             R'million             R'million
ASSETS
Non-current assets
Unlisted investments at fair value               1,827.3               1,891.7               1,827.3               1,891.7
Current assets                                      57.1                  13.4                  56.7                  12.9
TOTAL ASSETS                                     1,884.4               1,905.1               1,884.0               1,904.6

EQUITY AND LIABILITIES
Total Ordinary shareholders' equity              1,716.4               1,711.8               1,871.9               1,856.2
 Non-current liabilities                           156.0                 184.9                     -                  40.0
 Current liabilities                                12.0                   8.4                  12.1                   8.4
Total Liabilities                                  168.0                 193.3                  12.1                  48.4
TOTAL EQUITY AND LIABILITIES                     1,884.4               1,905.1               1,884.0               1,904.6

NET ASSET VALUE                                  1,716.4               1,711.8               1,871.9               1,856.2
Basic net asset value per share (Rand)              6.67                  6.65                  6.91                  6.85
Attributable shares in issue ('000)              257,500               257,500               271,000               271,000

INVESTMENT PORTFOLIO - AT 30 JUNE 2021
                                                Valuation                 % of
Name                                            R'million         total assets
Primary/Secondary Investments
 Ethos Fund VII                                     697.8                 37.0
 Ethos Mid Market Fund I                            456.4                 24.2
 Ethos Healthcare Platform                          137.6                  7.3
 Ethos Ai Fund I                                     98.0                  5.2
 Ethos Fund VI                                       59.8                  3.2
 Ethos Mezzanine Partners 3                           6.8                  0.4

Co-Investments
 Brait                                              214.8                 11.4
 Primedia / Ster Kinekor                             64.3                  3.4
 Channel Vas Investments Ltd BVI                     61.2                  3.3
 Kevro Holdings (Pty) Ltd                            30.6                  1.6
                                                  1,827.3                 97.0

TOP 10 UNDERLYING PORTFOLIO COMPANIES - AT 30 JUNE 2021

Name                           Business description                                Year*          % of Total assets
Channel Vas                    FinTech service provider                             2018                       28.5
Virgin Active (Brait)          Health club operator                                 2020                        9.5
Vertice                        MedTech                                              2018                        9.3
Echo                           Corporate ISP                                        2018                        9.1
Premier (Brait)                FMCG manufacturer                                    2020                        9.0
Synerlytic                     Specialised analytical and testing services          2019                        9.0
Gammatek                       TMT accessory distribution                           2018                        5.5
Primedia                       Media                                                2017                        3.6
Kevro                          Corporate clothing and gifting                       2017                        3.1
Autozone                       Automotive parts retailer and wholesaler             2014                        2.0
                                                                                                               88.6
Other (12 Portfolio Companies)                                                                                  8.4
Total underlying investments                                                                                   97.0
* Initial acquisition date by Ethos Fund

RESPONSIBILITY STATEMENT
This short-form announcement is the responsibility of the Directors of Ethos Capital and is only a summary of the information in the full announcement and
does not contain full or complete details. The announcement is itself not audited but extracted from audited results. Any investment decision should be
based on the full announcement which is available from today at:

https://senspdf.jse.co.za/documents/2021/JSE/ISSE/EPEE/EPECAP0621.pdf

and is published on the Company's website, alongside the Annual Financial Statements and the auditor's unqualified report including its identified key audit
matters, at:

https://ethoscapital.mu/investors/reports-results/

Copies of the full announcement may also be requested from the Company Secretary (represented by Mr Ravi Cunnoosamy) at no charge at +230 (0) 403 6000,
during office hours, or at ethoscapital@ocorian.com.

PRESENTATION
Ethos Capital will host a webcast presentation at 11h00 am on Monday 27 September 2021 covering the results relating to the year ended 30 June 2021, and
outlook. A copy of the presentation will be available for download on the Company's website at https://ethoscapital.mu/investors/reports-results/

For their convenience on the day, participants should please register for the webcast in advance, or can join via conference call, by navigating to this
website:

https://www.diamondpass.net/8370699

or can join the webcast directly on the day (registration details will still be required) at:

https://services.choruscall.com/links/ethos10040592.html

AVAILABILITY OF ANNUAL FINANCIAL STATEMENTS
The Annual Financial Statements for the year ended 30 June 2021, the Integrated Annual Report, the Notice of Annual General Meeting and the auditor's
unqualified report including its key audit matters, have all been published on the Company's website and the document is available at
https://ethoscapital.mu/investors/reports-results/ or can be obtained or requested from the Company's registered office.

The Integrated Annual Report, Annual Financial Statements and the Notice of the Annual General Meeting will be distributed on or before 19 October 2021.

NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the Annual General Meeting of Ethos Capital shareholders will be held on 16 November 2021 at 14h00 via a remote interactive
electronic platform, to transact the business as stated in the Annual General Meeting Notice forming part of the Integrated Annual Report and Annual
Financial Statements.

Salient dates

                                                                                                                         2021
Record date to determine which shareholders are entitled to receive the notice of annual general meeting               Friday 
                                                                                                                    8 October
Last day to trade in order to be eligible to attend and vote at the annual general meeting                            Tuesday 
                                                                                                                   2 November
Record date to determine which shareholders are entitled to attend and vote at the annual general meeting              Friday 
                                                                                                                   5 November
Forms of proxy for the annual general meeting to be lodged by 14h00 on*, for administrative purposes                   Friday 
                                                                                                                  12 November

*any proxies not lodged by this time must be lodged by email to proxy@computershare.co.za immediately prior to the commencement of the Annual General
Meeting.

CORPORATE INFORMATION

Directors
Yvonne Stillhart (Chairperson)
Derek Prout-Jones
Kevin Allagapen
Michael Pfaff
Yuvraj Juwaheer

Senior Advisors (Officers)
Jean-Pierre van Onselen (CFO)
Peter Hayward-Butt (CEO)

Investment Advisor
Ethos Private Equity (Pty) Limited
35 Fricker Road
Illovo
Johannesburg, 2196

Company Secretary and Registered Office
Ocorian
6th Floor, Tower A,
1 Cybercity
Ebene
Mauritius

Auditors
Deloitte & Touche
Level 7, Standard Chartered Tower
19 Cybercity
Ebene
Mauritius

Deloitte & Touche
5 Magwa Crescent
Waterfall City
Johannesburg, 2090

Listing
JSE Limited
Abbreviated name: ETHOSCAP
JSE code: EPE
Sector: Financials - Closed End Investments

Transfer Secretary
Computershare Investor Services Proprietary Limited
15 Biermann Avenue
Rosebank, 2196

Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
1 Merchant Place
Cnr Fredman Drive & Rivonia Road
Sandton, 2196

Disclaimer
The financial information in this announcement is itself not audited, but is extracted from the audited Annual Financial Statements.

Ebene, Mauritius (with simultaneous circulation in Johannesburg)
27 September 2021

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 27-09-2021 07:30:00
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