Wrap Text
Net asset value (“NAV”) update for the first quarter ended 30 June 2014 (Q1 FY2015)
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”)
NET ASSET VALUE (“NAV”) UPDATE FOR THE FIRST QUARTER ENDED 30 JUNE
2014 (Q1 FY2015)
Shareholders of the Company are advised that:
- NAV per share increased by 4.0% to R33.23 for the quarter
ended 30 June 2014 (31 March 2014: R31.95 per share).
- NAV per share of R33.23 reflects an increase of 19.3% for the
twelve months ended 30 June 2014 (30 June 2013: R27.86 per
share) and a three-year CAGR to 30 June 2014 of 23.1%.
- Inclusive of the ordinary share dividends paid to date, the
three-year CAGR to 30 June 2014 is 23.7%.
- Valuation multiples for Brait’s investments remain unchanged.
- Pepkor’s carrying value increased by 2.2% for the quarter
attributable to continued strong trading and resulting growth
in EBITDA and cash flow generation. Pepkor paid a dividend of
R615 million during the quarter of which Brait’s share was
R228 million. Pepkor’s carrying value adjusted for these
realized proceeds increased by 4.2% for the quarter.
- Premier Group’s carrying value increased by 4.7% for the
quarter with its core business generating solid growth in
EBITDA and cash flow. The Lil-lets and Star Bakeries
acquisitions continue to be recognised at cost. Brait’s
accounts receivable balance includes the R330 million
scheduled loan repayment which is expected to be received
from Premier Group during the next quarter.
- Whilst the UK retail market remains challenging, Iceland
Food’s cash generation remains on plan. Taking into account
the positive effect of the Rand/GBP exchange rate weakening
from R17.55 at 31 March 2014 to R18.19 at 30 June 2014, the
carrying value in Rand terms increased by 3.2% for the
quarter.
- The increase in Brait’s cash during the quarter is
attributable to the net effect of the dividend received from
Pepkor less the R90m dividend paid to Brait’s preference
shareholders on 23 June 2014. The Company remains adequately
capitalised with sufficient available cash and facilities for
future investment. Alternative sources of funding to enhance
flexibility and efficiency continue to be explored.
- Operating costs for the Company remain in line with
previously communicated performance targets.
NAV Detailed Analysis:
30-Jun-14 31-Mar-14 30-Jun-13
R'm R'm R’m
Investments 17,709 17,211 14,098
Pepkor 11,386 11,145 9,699
Premier Group 3,196 3,053 1,804
Iceland Foods 1,562 1,513 1,670
Other investments 1,565 1,500 925
Loan receivable 535 523 1,429
Cash and cash equivalents 467 339 525
Property and equipment - 8 10
Accounts receivable 354 342 44
Total Assets 19,065 18,423 16,106
Borrowings (168) (164) -
Accounts payable and provisions (36) (48) (72)
Total liabilities (204) (212) (72)
Preference share equity (1,964) (1,964) (1,961)
Net Asset Value 16,897 16,247 14,073
Number of issued shares ('mil)
excluding treasury shares 508.5 508.5 505.2
Net asset value per share (ZAR) 33.23 31.95 27.86
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 July 2014
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: 23/07/2014 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
