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BAT
BRAIT
BAT - Brait SE - Net Asset Value ("NAV") update for the quarter ended
31 December 2011
Brait SE
(Registered in Malta as a European Company)
(Registration No.SE1)
Share code: BAT & ISIN: LU0011857645
("Brait", "the Company" or "the Group")
NET ASSET VALUE ("NAV") UPDATE FOR THE QUARTER ENDED 31 DECEMBER 2011
As previously communicated to shareholders, Brait will now be providing
quarterly updates in order to provide investors with timely insights into
strategic and operational performance as reflected in its NAV.
The NAV as at 31 December 2011 and 30 September 2011 are unaudited.
HIGHLIGHTS
- NAV per share as at 31 December 2011 increased by 4.8% to R19.21 (30
September 2011:R18.33 per share).
- Total NAV increased by R437 million to R9.536 billion (30 September 2011:
R9.099 billion).
- Pepkor valuation increased by 11% on the back of good operational
performance for the 3 months period ended 30 September 2011.
- Premier valuation decreased by 19% reflective of the below par performance
for the 2011 financial year. The performance for the 2012 financial year is
however on track.
- The balance of the portfolio is also performing well and to expectations.
- The change in the above carrying values are a result of operational
performances with no changes to the valuation multiples.
- The Group is in a strong cash position with R1.7 billion available for new
investments.
- Operating costs for the Group remain under control and in line with
performance targets.
NAV Detailed Analysis:
31-Dec-11 30-Sept-11
R`m R`m
Investments 7,999 7,569
Pepkor 6,033 5,442
Premier 883 1,086
Private Equity Funds 532 521
Other investments 405 363
Asset Management Units (AMU) 146 157
Commercial loan to Investment Team 1,262 1,235
Cash and cash equivalents 1,688 1,678
Property and equipment 8 8
Accounts receivable 7 22
Total Assets 10,964 10,512
Loans and borrowings (1,273) (1,261)
Deferred tax liability (90) (90)
Accounts payable (66) (62)
Total liabilities (1,429) (1,413)
Net Asset Value 9,536 9,099
Number of issued shares (`mil) excluding 496.4 496.4
treasury shares
Net asset value per share 19.21 18.33
The investment environment remains opportunistic with the Investment Team
focused on selecting only unique opportunities that will enhance shareholder
value.
For and on behalf of the Board
Phillip Jabu Moleketi
Non-Executive Chairman
19 January 2012
Directors (all non-executive)
PJ Moleketi (Chairman)*
AC Ball*
Dr CH Wiese*
C Keogh
RJ Koch,
CS Seabrooke*
HRW Troskie**
SJP Weber#
*South African
#Luxembourgish
British
**Dutch
The Company is primarily listed on the Euro MTF market of the Luxembourg Stock
Exchange and secondarily listed on the Johannesburg Stock Exchange.
Brait SE
Registration No: SE1 (Registered in Malta)
Registered office
4th floor, Avantech Building, St Julian`s Road, San Gwann, SGN 2805, Malta
Tel: +356 21 44 63 77
Fax: +356 21 44 63 30
Brait South Africa Limited
9 Fricker Road, Illovo Boulevard
Illovo, Sandton South Africa
Tel: +27 11 507 1000
Fax: +27 11 507 1001
Transfer agent/registrar South Africa
Computershare Investor Services (Pty) Limited
70 Marshall Street, Johannesburg, 2001 or
PO Box 61051, Marshalltown, 2107
Tel: +27 11 370 5000
Fax: +27 11 668 5200
Independent auditors
Deloitte Audit Limited
Deloitte Place, Mriehel Bypass, Mriehel BKR 3000
Malta
Tel: + 356 2134 5000
Fax: + 356 2133 2606
Transfer agent / registrar Luxembourg
Maitland Luxembourg S.A., 58, rue Charles Martel, L-2134, Luxembourg
Tel: +352 40 25 05 1
Fax: +352 40 25 05 66
Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Date: 19/01/2012 08:00:01 Produced by the JSE SENS Department.
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