Intrinsic net asset value
AT 31 MARCH 2010
| 31 March 2010 | 31 March 2009 | |||
| Book value R’m |
Intrinsic value R’m |
Book value R’m |
Intrinsic value R’m |
|
| Financial services | ||||
| RMBH | 6 400 | 9 785 | 6 027 | 6 227 |
| FirstRand | 6 026 | 9 719 | 5 728 | 5 803 |
| Industrial interests | ||||
| Medi-Clinic Corporation | 3 111 | 6 948 | 3 533 | 5 533 |
| Unilever SA Holdings | 3 109 | 4 346 | 2 950 | 4 110 |
| Distell Group(1) | 1 798 | 4 430 | 1 320 | 3 052 |
| Rainbow Chicken | 1 956 | 3 412 | 1 836 | 3 315 |
| Tsb Sugar | 1 376 | 2 506 | 1 211 | 2 631 |
| Air Products South Africa | 536 | 1 752 | 453 | 1 563 |
| Nampak | 1 205 | 1 398 | 1 263 | 984 |
| Total South Africa | 631 | 1 080 | 566 | 1 136 |
| Kagiso Trust Investments | 1 213 | 1 269 | 940 | 955 |
| PGSI | 533 | 528 | 368 | 368 |
| Wispeco | 358 | 381 | 312 | 345 |
| Other industrial interests | 328 | 351 | 224 | 224 |
| Media interests | ||||
| Sabido | 837 | 1 215 | – | – |
| MARC | 187 | 211 | – | – |
| Other media interests | 50 | 71 | – | – |
| Mining interests | ||||
| Implats | 5 711 | 5 711 | 4 223 | 4 223 |
| Trans Hex Groep | 65 | 106 | 44 | 44 |
| Technology interests | ||||
| CIV group(2) | 378 | 539 | – | – |
| SEACOM | 721 | 1 120 | – | – |
| Tracker | 574 | 911 | – | – |
| Other technology interests | 385 | 479 | – | – |
| Other investments | 573 | 399 | 415 | 277 |
| Central treasury – cash at the centre(3) | 4 662 | 4 662 | 5 967 | 5 967 |
| Other net corporate assets | 581 | 796 | 692 | 879 |
| Net asset value (NAV) | 43 304 | 64 125 | 38 072 | 47 636 |
| Potential CGT liability(4) | (1 703) | (887) | ||
| NAV after tax | 43 304 | 62 422 | 38 072 | 46 749 |
| Issued shares after deduction of shares | ||||
| repurchased (million) | 513.2 | 513.2 | 471.5 | 471.5 |
| NAV after tax per share (Rand) | 84.38 | 121.64 | 80.75 | 99.15 |
Notes
| (1) | Includes the investments in Capevin Investments Limited and Capevin Holdings Limited. |
| (2) | Includes the investments in CIV Fibre Network Solutions (Pty) Limited, CIE Telecommunications Limited, CIV Power Limited and Central Lake Trading No. 77 (Pty) Limited. |
| (3) | Cash at the centre excludes cash held by subsidiaries that are separately valued above. |
| (4) | The potential capital gains tax (CGT) liability included in “other net corporate assets” above, 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 (mainly Implats and Caxton) is included in “other net corporate assets” above. |
| (5) | For purposes of determining the intrinsic value, the unlisted investments are shown at directors’ valuation and the listed investments are shown at stock exchange prices. |