Reports & Results

All the latest reports & results

Ethos Capital is listed as an investment entity in the “Financials – Equity Investment Instruments” sector of the JSE and offers investors long-term capital appreciation by investing in a diversified portfolio of unlisted investments managed by Ethos, the largest private equity firm in sub-Saharan Africa.



• R0.75 billion fully underwritten Rights Issue and R0.7 billion loan facility concluded.
• R1.3 billion invested during the year, including investment in Brait.
• R1.9 billion carrying value of invested capital and total assets, with exposure to 22 Portfolio Companies.
• NAVPS at 30 June 2020 of R6.65, at Brait’s share price.
• The equivalent NAVPS that is based on Brait’s last reported NAVPS (at 31 March 2020), is R9.12.


2020 has been a year of two halves - both challenging - but for different reasons. The economic outlook in South Africa faced significant structural and growth impediments during the first part of the year. Consumer sentiment and business confidence remained at multi-decade lows, GDP growth rates continued to be significantly below market expectations and unexpected load shedding further influenced confidence.

With that backdrop, Ethos Capital achieved a steady performance during the first part of the year to February 2020, evidenced by increased valuations on key Portfolio Companies. It completed a R700 million loan facility and a R750 million fully underwritten Rights Issue in February 2020, with the proceeds used to Fund a R1.03 billion investment into Brait SE (“Brait”) for an effective 9.8% stake. A further R0.24 billion was invested into existing investments, bringing invested capital to R2.7 billion. In March 2020, Ethos was appointed as the advisor to the Brait Board which has adopted a strategy of realising value from its existing investments. Since Ethos took over, Brait has sold two of its six Portfolio Companies and realised over R3.0 billion.

Performance during the second part of the year was significantly impacted by the unprecedented outbreak of the COVID-19 pandemic. Lockdowns imposed by governments have curtailed consumer spend, significantly reduced production capacity and output and resulted in the largest global contraction in GDP. With 18 out of the 22 Portfolio Companies being closed during the lockdown, the unlisted portfolio’s short-term profitability was severely impacted and the peer group multiples on which their valuations are based declined significantly, resulting in the implied EV/maintainable EBITDA valuation multiple decreasing to 7.0x (30 June 2019: 7.5x). Furthermore, the share prices of the listed portfolio, consisting of Brait and MTN Zakhele Futhi, reduced by 58% and 23% over the latter part of the year.

At 30 June 2020, Ethos Capital’s reported NAVPS, which is based on the respective listed investments’ share prices at 30 June 2020, was R6.65 per share. The equivalent NAVPS that is based on Brait’s last reported NAVPS at 31 March 2020, is R9.12.

The impact of COVID-19 is likely to be felt for some time. The Board believes that it is unlikely that there will be a material improvement in the macroeconomic outlook for South Africa in the next 12 months. The pandemic has resulted in a significant refocus on operational efficiencies at all of the Portfolio Companies which is likely to benefit these companies when the macroeconomic outlook improves.

Ethos Capital Update as at 31 March 2020

Ethos Capital Update as at 31 March 2020

Ethos Capital Update (Audio)

Ethos Capital Interim Results webcast recording (audio only)


R0.2 billion invested during the period, including 4 acquisitions within the existing Portfolio Companies.
• Total assets increased to R2.0 billion and the NAVPS to R11.48 at 31 December 2019.
• At 31 December 2019, invested capital increased to R1.7 billion or 85.5% of total assets, with exposure to 19 Portfolio Companies.
• Post the period-end, invested capital and total assets have both increased to R2.7 billion, and the Portfolio Companies to 24.

Updated Investor Presentation Jan 2020 – The proposed strategic equity investment in Brait

Ethos Capital_Investor Presentation

Investor Presentation: The proposed strategic equity investment in Brait

Ethos Capital Investor Presentation

November 2019 - ETHOS Capital’s Update to discuss the Brait Announcement (audio only)




Ethos Capital ended the year with total assets of R1.9 billion and increased its NAVPS to R11.34.  This represents the 12th successive quarter since listing that the Group has increased its NAVPS although the increase during the year was muted largely as a result of the macroeconomic headwinds and the fact that Ethos Capital invested c. 50% (R0.7bn) of its invested capital during the year.  Ethos had a very active year on the investment front acquiring or investing in seven assets. 

Ethos Capital increased its invested capital to R1.4 billion or 74% of total assets as at year-end and a further transaction is due to complete imminently that will increase the invested capital to R1.6 billion (82% of total assets).  The Group currently has indirect exposure to 19 Portfolio Companies, operating in a number of industries/sectors and geographies, that are managed by a Manager with strong sector expertise, domain knowledge and with Value Add abilities.  Given the uncertain economic outlook, Ethos has focused much of its efforts on improving the fundamentals and outlook for its Portfolio Companies through financial and operational restructuring and positioning these businesses to benefit from an improved macroeconomic outlook. 

Many of the Portfolio Companies are at the early stages of their investment cycle (average holding-period of 1.5 years) and the portfolio is valued at 6.9x EBITDA.  The Company has also invested in some exciting non-South African business which are showing good growth and all the Portfolio Companies continue to benefit from Ethos’ transformational interventions which should deliver strong growth in the coming years.

Ethos Capital Interim Results Analyst Presentation webcast recording (audio only)
Ethos Capital Interim Results Media Announcement


Ethos Capital Results Presentation

Ethos Capital Results Presentation webcast recording (audio only) 

Ethos Capital Results Media Placement



The 2017 year was economically and politically challenging for South Africa. GDP growth remained subdued, consumer confidence was soft, and policy and political uncertainty severely impacted companies' strategic deployment of capital and investor confidence.

South Africa's longer-term outlook has, however, improved significantly of late. Political changes - both within the ANC and also at national government with Mr Cyril Ramaphosa taking over as South Africa's new president in February 2018 - are likely to result in a significant uplift in both consumer and business confidence. The subsequent changes to key government ministerial leadership will hopefully drive the implementation of clear policies in crucial sectors of the economy. Enhanced governance at key state-owned enterprises will also provide for growth in many dependent sectors across the economy. While it will take time for revised government mandates and structural changes to take full effect, we are confident that South Africa's long-term growth prospects are greatly improved.

Private equity is a long-term investment strategy which requires patient capital and an activist mindset to outperform. Given the difficult economic conditions, growth in the private sector has been constrained, and many of Ethos's Portfolio Companies have not been immune to the downturn. The underlying attributable EBITDA growth across the various Funds' portfolios over the past 12 months has been relatively modest. Importantly, the Ethos Fund teams, together with the in-house Value Add capability, have spent significant time and effort to ensure that each Portfolio Company is optimally positioned, both strategically and operationally, to benefit from the turnaround in the economic cycle. With economic prospects likely to improve in the medium term, we believe that the value-accretive strategies implemented at Portfolio Companies should start delivering accelerated growth.

Further to the Annual General Meeting, held on 13 November 2017, please find below the presentation given by Ethos Capital CEO, Peter Hayward-Butt and Ethos Private Equity CEO, Stuart MacKenzie.
Notice is hereby given that the Annual General Meeting of Ethos Capital shareholders will be held at the VOC Boardroom, 28th Floor Portside Building (report to the 8th Floor Reception), 5 Buitengracht Street, Cape Town, on 13 November 2017 at 14h00, to transact the business as stated in the Annual General Meeting Notice forming part of the Integrated Annual Report.

The Notice of Annual General Meeting and proxy forms are available above:

SENS - EPE CAPITAL PARTNERS LIMITED - No change statement, distribution of annual financial statements and notice of annual general meeting