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Net Asset Value (“NAV”) update for the quarter ended 31 December 2012
Brait SE
(Registered in Malta as a European Company)
(Registration No.SE1)
Share code: BAT ISIN: LU0011857645
Share Code: BATP ISIN: MT0000680208
(“Brait”, “the Company” or “the Group”)
NET ASSET VALUE (“NAV”) UPDATE FOR THE QUARTER ENDED 31 DECEMBER
2012
Shareholders of the Company are advised that:
- NAV per share increased by 7.3% to R24.70 for the quarter
ended 31 December 2012(30 September 2012:R23.01 per share).
- Total NAV for the Group increased by R856 million for the
three months to R12.480 billion (30 September 2012: R11.624
billion).
- NAV per share of R24.70 increased by 28.6% for the twelve
months ended 31 December 2012 (31 December 2011: R19.21 per
share).
- The Group’s three main investments, namely Pepkor, Premier
Foods and Iceland Foods continue to trade well resulting in
carrying values for the quarter under review increasing by
10%, 5% and 11% respectively.
- The above changes in carrying values are a result of
operational performance and cash generation with no
adjustment to the valuation multiples.
- The balance of the Group’s portfolio is also performing to
expectations.
- Besides paying the first dividend to the preference
shareholders, there were no other material cash events for
the period under review. The Group is in a net cash position
and has R2.8 billion in cash and undrawn facilities available
for new investments.
- Operating costs for the Group remain in line with previously
communicated performance targets.
NAV Detailed Analysis:
31-Dec-12 30-Sept-12 31-Dec-11
R'm R'm R’m
Investments 12,204 11,250 7,999
Pepkor 8,471 7,731 6,033
Premier Foods 1,313 1,253 883
Iceland Foods 1,380 1,245 -
Private Equity Funds 590 551 532
Other investments 450 470 551
Commercial loan to Investment 1,370 1,344 1,262
Team
Cash and cash equivalents 512 561 1,688
Property and equipment 10 11 8
Accounts receivable 10 10 7
Total Assets 14,106 13,176 10,964
Loans and borrowings (59) - (1,273)
Deferred tax liability (34) (34) (90)
Accounts payable (63) (48) (66)
Total liabilities (156) (82) (1,429)
Preference share equity (1,470) (1,470) -
Net Asset Value attributable
to ordinary shareholders 12,480 11,624 9,535
Number of issued shares ('mil)
excluding treasury shares 505.2 505.2 496.4
Net asset value per share
(ZAR) 24.70 23.01 19.21
The financial information on which this announcement 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 January 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)
Date: 23/01/2013 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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