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Stock |
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Shares |
exchange |
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|
31 March |
31 March |
| |
|
held |
closing |
|
Exchange |
2007 |
2006 |
| |
Notes |
million |
£ million |
£ million |
rate |
R million |
R million |
| Tobacco interest |
|
|
|
|
|
|
|
| R&R Holdings |
|
|
|
3 641.0 |
14.3449 |
52 229 |
34 065 |
| – BAT ordinary shares |
1 |
214.3 |
1 589 |
3 405.2 |
|
|
|
| – Cash and dividends receivable |
|
|
|
236.1 |
|
|
|
| – Other net assets |
|
|
|
(0.3) |
|
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|
| |
|
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|
| Financial services |
|
|
|
|
|
|
|
| FirstRand |
|
481.1 |
2 460 |
|
|
11 836 |
9 623 |
| RMB Holdings |
|
280.9 |
3 599 |
|
|
10 111 |
7 990 |
| |
|
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| Industrial interests |
|
|
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|
| Medi-Clinic Corporation |
|
171.1 |
2 510 |
|
|
4 295 |
3 531 |
| Unilever Bestfoods Robertsons |
|
|
|
|
|
3 020 |
1 984 |
| Distell Group |
|
58.7 |
5 205 |
|
|
3 054 |
2 112 |
| Nampak |
|
78.1 |
2 221 |
|
|
1 735 |
1 308 |
| Total South Africa |
|
|
|
|
|
2 226 |
1 889 |
| Rainbow Chicken |
|
173.6 |
1 600 |
|
|
2 778 |
1 642 |
| Tsb Sugar |
|
|
|
|
|
1 980 |
1 260 |
| Air Products South Africa |
|
|
|
|
|
910 |
801 |
| Dorbyl |
|
14.1 |
1 300 |
|
|
211 |
191 |
| Wispeco |
|
|
|
|
|
421 |
441 |
| Kagiso Trust Investments |
|
|
|
|
|
1 312 |
710 |
| Caxton |
|
7.8 |
1 670 |
|
|
130 |
117 |
| |
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| Mining interests |
|
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|
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| Implats |
|
26.7 |
22 801 |
|
|
6 085 |
3 886 |
| Trans Hex Group |
|
30.2 |
1 450 |
|
|
438 |
363 |
| Gencor |
|
38.0 |
– |
|
|
– |
8 |
| |
|
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|
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| Other |
|
|
|
|
|
|
|
| Sundry investments and loans |
|
|
|
|
|
220 |
117 |
| Deferred taxation asset/(liability) |
|
|
|
|
|
(738) |
(417) |
| Other net assets/(liabilities) |
|
|
|
|
|
506 |
(100) |
| |
|
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|
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| Cash at the centre |
|
|
|
|
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|
| – Local |
2 |
|
|
|
|
1 220 |
4 066 |
| – Offshore |
2 |
|
|
218.7 |
14.3449 |
3 137 |
1 729 |
| Intrinsic net asset value |
|
|
|
|
|
107 116 |
77 316 |
| Potential CGT liability |
3 |
|
|
|
|
(2 714) |
(1 699) |
| Intrinsic net asset value after tax |
|
|
|
|
|
104 402 |
75 617 |
| Issued shares after deduction of shares repurchased and the shares |
| in The Remgro Share Trust (million) |
|
|
|
|
|
472.4 |
479.8 |
| |
|
|
|
|
|
|
|
| Intrinsic value per share |
|
|
|
|
|
R221.00 |
R157.59 |
| |
|
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| Notes |
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| 1. |
This represents Remgro’s effective interest of 10.4% in BAT Plc. |
| 2. |
Cash at the centre excludes cash held by subsidiaries and associated companies that are separately valued above. |
| 3. |
The potential capital gains tax (CGT) liability, which is unaudited, is calculated on the specific identification method using the most favourable calculation for investments acquired before
1 October 2001 and also taking into account the corporate relief provisions. Deferred CGT on investments available-for-sale (Implats and Caxton) is included in “Other” above. |
| 4. |
Unlisted investments are shown at directors’ valuation. Listed investments, with the exclusion of Rainbow Chicken, are shown at stock exchange prices. Rainbow Chicken is shown at R16.00, the price applicable for the alternative offer to Rainbow Chicken shareholders since 6 June 2007. |
