Intrinsic net asset value

AT 31 MARCH 2008

      Stock          
    Shares   exchange       31 March   31 March  
    held   closing     Exchange   2008   2007  
  Notes   million   price    £ million   rate   R million   R million  
Tobacco interests              
R&R Holdings       4 305.8   16.0290   69 018   52 229  
– BAT ordinary shares 1   214.3   1 891    4 052.4        
– Cash and cash equivalents   151.8        
– Dividends accrued       102.0        
– Other net assets/(liabilities)   (0.4)       
               
Financial services              
FirstRand   481.1   1 600       7 698   11 836  
RMB Holdings   302.3   2 450       7 406   10 111  
               
Industrial interests              
Medi-Clinic Corporation   257.3   1 970       5 070   4 295  
Distell Group   58.7   5 100       2 992   3 054  
Unilever SA Holdings           3 663   3 020  
Rainbow Chicken   214.6   1 460       3 133   2 778  
Total South Africa           2 620   2 226  
Tsb Sugar           2 097   1 980  
Nampak   78.1   1 640       1 281   1 735  
Kagiso Trust Investments           1 432   1 312  
Air Products South Africa           1 538   910  
PGSI           773   –  
Wispeco           447   421  
Dorbyl   14.1   800       112   211  
Caxton   7.8   1 450       113   130  
               
Mining interests              
Implats   26.7   31 300       8 353   6 085  
Trans Hex Group   30.2   1 050       317   438  
               
Other              
Sundry investments and loans       344   220  
Deferred taxation asset/(liability)       (1 027)  (738) 
Other net assets/(liabilities)       441   506  
               
Cash at the centre 2              
Local           619   1 220  
Offshore           2 654   3 137  
– Sterling       164.8    16.0290   2 641   3 137  
– Rand           13   –  
space
Intrinsic net asset value           121 094   107 116  
Potential CGT liability 3           (1 233)  (2 714) 
Intrinsic net asset value after tax       119 861   104 402  
Issued shares after deduction of          
   shares repurchased and the shares          
   in The Remgro Share Trust (million)       472.5   472.4  
Intrinsic value per share           R253.67   R221.00  
Notes
1.  This represents Remgro’s effective interest of 10.6% 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 are shown at stock exchange prices.