Brimstone Investment Corporation - N Shares (JSE:BRN) News - Further trading statement

Brimstone Investment Corporation Limited
(Registration number 1995/010442/06)
(Incorporated in the Republic of South Africa)
ISIN Number: ZAE000015277 Share Code: BRT
ISIN Number: ZAE000015285 Share Code: BRN
(“Brimstone” or the “Company” or the “Group”)

Further trading statement

Shareholders of Brimstone ("Shareholders") are referred to the announcement published on SENS on
Thursday, 17 February 2022 ("Previous Announcement”), advising Shareholders that, inter alia, for the
year ended 31 December 2021 ("Current Period") a reasonable degree of certainty exists that both basic
earnings per share (“EPS”) and basic headline earnings per share (“HEPS”) will be at least 400% higher
and EPS and HEPS from continuing operations will be at least 420% and 553% higher respectively, than
reported for the year ended 31 December 2020 (“Comparative Period”).

Further to the Previous Announcement, Shareholders are hereby advised that the Company has received
the reviewed condensed consolidated results of its associate, Oceana Group Limited (“Oceana”), for the
year ended 30 September 2021, which were published on 9 March 2022, and is in the process of finalising
its financial results for the Current Period. The Group’s results for the Current Period show a significant
improvement compared to the Comparative Period, mainly due to the following:

•       good trading performances by certain of the Group’s subsidiaries;
•       the upward revaluation of listed investments;
•       the increase in the Group’s share of profits of associates and joint ventures;
•       the reduction in the Group’s finance costs as a result of the settlement of debt and lower interest rates;
        and
•       the disposal of subsidiary, Lion of Africa Insurance Company Limited (“Lion of Africa”).


EPS and HEPS from Group, continuing and discontinued operations

For comparative purposes, EPS and HEPS now reflect Group, continuing and discontinued operations as
a result of Lion of Africa being disposed of during December 2021 and classified as a discontinued operation
in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.

The range for EPS and HEPS from Group, continuing and discontinued operations for the year ended 31
December 2021 are expected to be as follows:

                                            31 Dec 2021      31 Dec 2020       Expected range     31 Dec 2020
                                               Expected       (Restated)          of increase      (Reported)
                                                results          (cents)             based on         (cents)
                                                  range                           31 Dec 2020
                                                (cents)                            (Restated)
                                                                                          (%)
    Basic earnings/(loss) per             290.6 - 294.0           (73.0)            498 - 503          (73.0)
    share - Group
    Basic earnings/(loss) per
    share
    -    Continuing Operations            228.2 - 230.4           (50.1)            555 - 560             N/A

    -    Discontinued Operations            62.4 - 63.6           (22.9)            372 - 378             N/A

    Basic headline                        241.3 - 244.1           (61.5)            492 - 497          (61.5)
    earnings/(loss) per share -
    Group
    Basic headline
    earnings/(loss) per share
    -    Continuing Operations            234.9 - 237.1           (38.6)            709 - 714             N/A

    -    Discontinued Operations              6.1 - 7.3           (22.9)            127 - 132             N/A

Shareholders are advised that the financial information on which this trading statement is based has not
been reviewed or reported on by the Company’s auditors.

The results for the Current Period are expected to be published on SENS on or about 29 March 2022.

22 March 2022
Cape Town

Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 22-03-2022 10:00:00
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