| Thu 19 Jul 2012, 7:05 | | BRAIT SE - NET ASSET VALUE (?NAV?) UPDATE FOR THE FIRST QUARTER ENDED 30 JUNE 2012 |
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BAT
NET ASSET VALUE (?NAV?) UPDATE FOR THE FIRST QUARTER ENDED 30 JUNE 2012
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 FIRST QUARTER ENDED 30 JUNE
2012
Shareholders of the Company are advised that:
- NAV per share as at 30 June 2012 increased by 5.2% to R21.66
(31 March 2012:R20.59 per share).
- Total NAV increased by R536 million to R10.857 billion
(31 March 2012: R10.321 billion).
- Pepkor valuation increased by 5.2% on the back of continued
strong operational performance.
- Premier Foods valuation increased by 6.2% reflective of the
improvement in performance during the second half of its 2012
financial year.
- Iceland Foods valuation increased by 10.3%, resulting from
strong cash flow generation and the weakening of the Rand.
- The movement in the above carrying values is a result of
operational performances with no change to the valuation
multiples.
- The balance of the portfolio is performing to expectations.
- The Group cash position remains well managed at R509 million.
- Operating costs remain under control and in line with
performance targets.
NAV Analysis:
30-Jun-12 31-Mar-12
R'm R'm
Investments 10,500 9,961
Pepkor 7,052 6,701
Premier Foods 1,265 1,191
Iceland Foods 1,101 998
Private equity fund investments 592 584
Other investments 391 384
Asset Management Units (AMU) 99 103
Commercial loan to Investment Team 1,315 1,284
Cash and cash equivalents 509 523
Property and equipment 7 6
Accounts receivable 17 20
Total Assets 12,348 11,794
Loans and borrowings (1,401) (1,370)
Deferred tax liability (40) (40)
Accounts payable (50) (63)
Total Liabilities (1,491) (1,473)
Net Asset Value 10,857 10,321
Number of issued shares ('mil)
excluding treasury shares 501.3 501.3
Net asset value per share 21.66 20.59
Listed Perpetual Preference Shares
In the circular to shareholders issued on 3 July 2012 (refer to
www.Brait.com), the Company expressed its intention to enter into
a new capital raising programme, without causing dilution to its
ordinary shareholders. At the Extraordinary General Meeting to be
held on 25 July 2012, the Company will seek permission from its
shareholders to create capacity for a R2 billion listed Perpetual
Preference Share programme. Initial issuances will be utilized to
repay the Group?s existing borrowings to minimize the level of
uninvested capital. The balance of the issuances over the next
18-24 months, together with the borrowing facilities then
unutilized, will give the Group capacity for new investments of up
to R2.5 billion. Aligned to Brait?s growth strategy, the proposed
capital raising provides the following benefits:
? Diversified, cost-efficient permanent capital;
? Further strengthens the Company?s existing capital base;
? Effectively lowers the Company?s cost of capital; and
? Non-dilutionary for ordinary shareholders.
The investment environment remains opportunistic with the
Investment Team focused on selecting only unique opportunities
that will enhance shareholder value.
The financial information on which this trading statement is based
has not been reviewed and reported on by the Company`s external
auditors.
For and on behalf of the Company?s Board of Directors
Phillip Jabulani Moleketi
Non-Executive Chairman
19 July 2012
The Company is primarily listed on the Euro MTF market of the
Luxembourg Stock Exchange and secondarily listed on the
Johannesburg Stock Exchange.
Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
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