| Mon 13 Oct 2008, 11:00 | | BAT - Brait S.A. - Trading Statement |
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BAT
BRAIT
BAT - Brait S.A. - Trading Statement
Brait S.A.
Societe Anonyme
("Brait" or "the Company")
(Incorporated in Luxembourg)
Registration number: RC Luxembourg B-13861
Registered office: 180 rue des Aubepines, L-1145, Luxembourg
Share code: BAT
ISIN code: LU0011857645
TRADING STATEMENT
In terms of the Listings Requirements of the JSE Limited, companies are
required to publish a trading statement as soon as they become aware that the
financial results for the period to be reported upon next will differ by at
least 20% from the financial results for the previous corresponding period.
Shareholders of Brait are advised that the Company expects its earnings per
share ("eps") and headline earnings per share ("heps") for the six months
ended 30 September 2008 to be lower than the reported eps and heps for the
corresponding six months ended 30 September 2007.
Brait`s earnings are generally closely correlated with equity prices and, as
a result of the recent decline in local and international equities market
conditions, its earnings have been adversely affected.
In addition, the following factors also need to be highlighted when comparing
the results to the same period last year:
- The prior period results included a once-off capital gain of R124.2
million on the realisation of Brait`s equity holding in its Bayport
micro-lending operations;
- Current period does not include any income from the Corporate Finance
business which was discontinued in the previous year;
- The performance from our Public Markets operations have been below
expectations, in part due to the slowdown in the global hedge fund
industry which began in January this year; and
- As we reported at 31st March 2008, the extended fund-to-fund cycle
between Brait III and Brait IV funds (6 years) will lead to a dampening
effect on private equity earnings for approximately a two year period.
For the six months ended 30 September 2008, the directors estimate the
following decreases when compared to the six months ended 30 September 2007:
- Basic eps by 70% to 75%
- Diluted eps by 70% to 75%
- Basic heps by 48% to 53%
- Diluted heps by 48% to 53%
A high level summary of the estimated results for the group are shown below,
taking the midpoint within the range provided above, with the "Proforma
results" showing the prior period results adjusted for the non-recurring
Bayport realisation and discontinued corporate finance business:
Unaudited six months Proforma
six months
30-Sep-08 30-Sep-07 30-Sep-07 % change*
Rm Rm Rm
Estimate Actual Proforma
Profit from 147.6 205.1 188.8 -22%
operations
Attributable 72.7 273.9 133.6 -46%
earnings
Headline earnings 72.7 149.7 133.6 -46%
*calculated on current results compared to the proforma prior period
results.
The financial information on which this trading statement has been based has
not been reviewed or reported on by the Company`s auditors.
The interim financial results of the Company for the six months ended 30
September 2008 are currently being prepared and are expected to be published
on or about 31 October 2008.
Luxembourg
13 October 2008
Sponsor
Deloitte & Touche Sponsor Services (Pty) Limited.
Date: 13/10/2008 11:00:01 Produced by the JSE SENS Department.
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