The BMW Pavillion,V&A Waterfront 3 March 2008 Melrose Arch 4 March 2008
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1 Presentation to Members of the Investment Analysts Society The BMW Pavillion,V&A Waterfront 3 March 2008 Melrose Arch 4 March 2008
2 Agenda Welcome & introductions Fred Robertson Brimstone Portfolio Fred Robertson 2007 Results Mustaq Brey Intrinsic NAV and valuation bases Mustaq Brey
3 Agenda Welcome & introductions Fred Robertson Brimstone Portfolio Fred Robertson 2007 Results Mustaq Brey Intrinsic NAV and valuation bases Mustaq Brey
4 Our portfolio of investments (1) - Healthcare Life Healthcare Private hospital group- SA and UK Brimstone a significant shareholder The Scientific Group Medical supplies- SA and Africa Partner with Adcock Ingram
5 Our portfolio of investments (2)- Financial services Old Mutual plc* Listed global financial services group deal matures 2015 Nedbank* Listed SA banking group deal matures 2015 * Performance fees earned on both deals
6 Our portfolio of investments (3)- Financial services Lion of Africa Insurance Company Unlisted SA short-term insurer Aon SA unlisted SA subsidiiary of multinational brokerage firm Aon Re unlisted Africa subsidiary of multinational re-insurance brokerage firm
7 Our portfolio of investments (4)- Industrial Oceana Listed branded food and fisheries business Sea Harvest Unlisted food/fisheries business House of Monatic Group Unlisted owner and operator of apparel brands
8 Our portfolio of investments (5)- Entrepreneurial development Unlisted investment fund to assist new entrepreneurs Have capped commitment to R20 million no rush to invest Seeking co-investment from other institutions / companies Consistent with our empowerment ethos Will take time to build and exit the real winners
9 Corporate and investment team Fred Robertson Executive deputy Chairman Mustaq Brey Chief Executive Officer Lawrie Brozin Executive Director TJ Tapela Iqbal Khan Michael O Dea Tiloshani Moodley Londiwe Mkhize Elke Visagie Nazeema Jogee Fatima Halday Connie Vanda Virginia Feleza
10 Corporate Centre Investment/disposal origination, execution and after-deal care Corporate support and governance services Active value-adding to investment portfolio Management and performance fee arrangements in most investments
11 Agenda Welcome & introductions Fred Robertson Brimstone Portfolio Fred Robertson 2007 Results Mustaq Brey Intrinsic NAV and valuation bases Mustaq Brey
12 Abridged Income Statement R 000 s Revenue Cost of Sales Gross Profit Fair Value Gains Profit Before Tax Net Attributable profit Headline Earnings per Share (cents)
13 Fair Value Gains Rand millions Life Healthcare Nedbank Ltd Old Mutual ( 7) Rex Truform and African and Overseas
14 Equity Accounted Earnings R 000 s Div Lion of Africa (10 014) Life Healthcare Scientific Group Lenco ( 7 425) Sea Harvest (1 618) Oceana Group (4 299) - Aon Aon Re Entreprenuerial Investments ( 340) (23)
15 Abridged Balance Sheet R 000 s Non Current Assets Current Assets Total Assets Non Current Liabilities Current Liabilities Total Liabilities Net Asset Value per Share (cents)
16 Segmental Information R 000 s Operating Profit Headline Earnings Financial Services Industrial (14 909) Healthcare Entrepreneurial Development (1 452) 955 Corporate (18 576) (21 124) Total
17 Agenda Welcome & introductions Fred Robertson Brimstone Portfolio Fred Robertson 2007 Results Mustaq Brey Intrinsic NAV and valuation bases Mustaq Brey
18 NAV analysis- Investments in associates INVESTMENTS IN ASSOCIATES (R000) NOTES BOOK INTRINSIC Entrepreneurial Fund investments Written-down book value Financial services - Lion of Africa Insurance Co. Ltd - Aon South Africa (Pty) Ltd - Aon Re South Africa (Pty) Ltd discounted Price:Book multiple (historic) discounted Price:Revenue multiple (hist) discounted Price:Earnings multiple (hist) Industrial - Oceana Group Limited Mark-to-market (R20/share) Sea Harvest Corporation Limited Tiger Brands put option value Healthcare - The Scientific Group (Pty) Ltd discounted Price:Earnings multiple (hist) Minority interest 40% of Aon SA & Aon Re intrinsic uplift (3 432) (18 115) TOTAL OF INVESTMENTS IN ASSOCIATES
19 NAV analysis- Investments at fair value through profit & loss INVESTMENTS AT FAIR VALUE THROUGH PROFIT & LOSS (R000) BOOK INTRINSIC Available-for-sale investments Book value Listed shares - Nedbank Group Limited - African & Overseas - Rex Trueform Clothing Co. Mrk-to-mkt (R136) Mrk-to-mkt (R6.05 & R7) Mrk-to-mkt (R9.40 & R9.50) Unlisted shares - Life Healthcare Group - Other unlisted shares Discounted EBITDA fwd multiple Mark-to-market (underlying) Unlisted share options - Nedbank Group Limited - Old Mutual plc Mrk-to-mkt (R136) Mrk-to-mkt (R22.91)
20 NAV analysisreconciliation of Book to Intrinsic NAV (R000) BOOK INTRINSIC DIFFERENCE INVESTMENTS IN ASSOCIATES INVESTMENTS AT FAIR VALUE THROUGH PROFIT & LOSS Additional Potential Capital Gains Tax Liability (32 960) Additional Intrinsic Value not recognised in Book NAV Book NAV as per 31 December 2007 Balance Sheet INTRINSIC NAV AFTER TAX Number of shares in issue (thousands) INTRINSIC NAV PER SHARE AT (Cents) 1066
21 Questions
22 Contact details ************************************************************************************************************** 1 st Floor, Slade House Boundary Terraces 1 Mariendahl Lane, Newlands 7700 telephone: (021) , 3 rd Avenue Inanda telephone: (011)
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SUMMARISED CONSOLIDATED RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2018, AND CASH DIVIDEND DECLARATION. Group
SUMMARISED CONSOLIDATED RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2018, AND CASH DIVIDEND DECLARATION Group LIFE HEALTHCARE SUMMARISED CONSOLIDATED RESULTS 2018 Highlights Revenue +12.9% to R23.5 billion
I N T E RIM RESULT S P RESENTAT I O N 3 1 DECEMBER MARCH 2018
I N T E RIM RESULT S P RESENTAT I O N F O R THE SIX MONTHS ENDED 3 1 DECEMBER 2 0 1 7 16 MARCH 2018 S ALIENT FEATURES 2016 Headline earnings measures (cents) Headline earnings per share (HEPS) (10.4) 777.5