BRAIT SE - Net Asset Value (NAV) update for the first quarter ended 30 June 2013

Net Asset Value (‘NAV’) update for the first quarter ended 30 June 2013

BRAIT SE
(Registered in Malta as a European Company)
(Registration No.SE1)
Share code: BAT & ISIN: LU0011857645
Share code: BATP & ISIN: MT0000680208
(‘the Company’)

NET ASSET VALUE (‘NAV’) UPDATE FOR THE FIRST QUARTER ENDED 30 JUNE
2013

Shareholders of the Company are advised that:

- NAV per share as at 30 June 2013 increased by 4.6% to R27.86 for the
quarter (31 March 2013:R26.64 per share);

- Total NAV increased by R615 million to R14.073 billion (31 March 2013:
R13.458 billion);

- Pepkor continues its strong trading resulting in a 4.5% increase in
carrying value for the quarter;

- Premier Foods valuation increased by 23.3% as a result of an increase in
shareholder funding advanced by the Company to fund acquisitive growth;

- Iceland Foods valuation increased by 15.3%, resulting from strong cash
flow generation (8% increase in GBP carrying value) and the weakening of
the GBP/Rand exchange rate from R14.04 to R15.03;

- Valuation multiples for these investments remain unchanged;

- The Company had a successful preference share tap issue by way of private
placement to select investors and raised R500 million on 25 June 2013. The
proceeds were used to settle borrowings and most of the balance applied to
acquisition funding for Premier Foods; and

- Operating costs of the Company remain in line with performance targets.

NAV Analysis:                                   30-Jun-13   31-Mar-13
                                                    R'm         R'm

Investments                                       14,098      13,114
 Pepkor                                            9,699       9,278
 Premier Foods                                     1,804       1,463
 Iceland Foods                                     1,670       1,449
 Other investments (including PE fund)               925         924

Loan receivable                                    1,429       1,399
Cash and cash equivalents                            525         503
Property and equipment                                10          10
Accounts receivable                                   44         115
 
Total Assets                                      16,106      15,141
 
 Borrowings                                           -         (141)
 Deferred tax liability                              (22)        (22)
 Accounts payable                                    (50)        (51)
 Total Liabilities                                   (72)       (214)

Preference share equity                           (1,961)     (1,469)

Net Asset Value                                   14,073      13,458
Number of issued shares ('mil) 
excluding treasury shares                          505.2       505.2

Net asset value per share                          27.86       26.64


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
23 July 2013

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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