Intrinsic net asset value

AT 31 MARCH 2009

      Stock     
    Shares  exchange  31 March  31 March 
    held  closing  2009  2008 
  Notes  million  price  R million  R million 
Tobacco interests          
R&R Holdings       –  69 018 
           
Financial services          
FirstRand   481.1  1 206  5 803  7 698 
RMB Holdings   302.3  2 060  6 227  7 406 
           
Industrial interests          
Medi-Clinic Corporation   257.3  2 150  5 533  5 070 
Distell Group   58.7  5 201  3 052  2 992 
Unilever SA Holdings       4 110  3 663 
Rainbow Chicken   214.6  1 545  3 315  3 133 
Total South Africa       1 136  2 620 
Tsb Sugar       2 631  2 097 
Nampak   78.1  1 260  984  1 281 
Kagiso Trust Investments       955  1 432 
Air Products South Africa       1 563  1 538 
PGSI       368  773 
Wispeco       345  447 
Dorbyl   14.1  350  49  112 
Caxton   7.8  1 200  94  113 
           
Mining interests          
Implats   26.7  15 825  4 223  8 353 
Trans Hex Group   30.2  145  44  317 
           
Other          
Sundry investments and loans       358  344 
Deferred taxation asset/(liability)       (422) (1 027)
Other net assets/(liabilities)       1 301  441 
           
Cash and liquid assets at the centre 1         
Local       874  619 
Offshore       5 093  2 654 
Intrinsic net asset value       47 636  121 094 
Potential CGT liability 2      (887) (1 233)
Intrinsic net asset value after tax       46 749  119 861 
Issued shares after deduction of          
   shares repurchased and the shares          
   in The Remgro Share Trust (million)       471.5  472.5 
           
INTRINSIC VALUE PER SHARE       R99.15  R253.67 
1.  Cash at the centre excludes cash held by subsidiaries and associated companies that are separately valued above.
2. 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.
3. Unlisted investments are shown at directors’ valuation. Listed investments are shown at stock exchange prices.
4. The intrinsic net asset value per share (ex-BAT) on 31 March 2008 was R116.20. For purposes of determining this number, the market value of the investment in BAT of R64 956 million was excluded from the intrinsic net asset value per share reported at 31 March 2008.