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Trading statement: Year ended 31 March 2019
Brait SE
(Registered in Malta as a European Company)
(Registration No.SE1)
Share code: BAT ISIN: LU0011857645
Bond code: WKN: A1Z6XC ISIN: XS1292954812
LEI code: 549300VB8GBX4UO7WG59
("Brait" or "the Company")
TRADING STATEMENT: YEAR ENDED 31 MARCH 2019
The following disclosure is made pursuant to Section 3.4 (b) of the Listing Requirements of the JSE Limited. Shareholders
of the Company are advised that:
Brait’s reported Net Asset Value ("NAV") per share at 31 March 2019 is anticipated to be between ZAR40.75 and ZAR42.75
(EUR2.51 and EUR2.63). This represents a reduction of between 23.4% and 27.0% from the 31 March 2018 restated NAV per
share of ZAR55.86 (in Euro, a decrease of between 31.3% and 34.5% from EUR3.83).
The challenging environment has resulted in the decline of the respective peer group average multiples for each of
Brait’s portfolio companies. To maintain historic levels of discount to these peer averages, Brait has reduced the
respective valuation multiples applied at 31 March 2019 for Virgin Active, Premier and Iceland Foods. The historic
EV/EBITDA valuation multiples used compared to respective peer average multiples are:
31 March 2019 31 March 2018
Had valuation
Valuation % discount/ multiples % discount/ Valuation % discount/
multiples (premium) to remained (premium) to multiples (premium) to
used peer average: unchanged peer average: used peer average:
3-year Spot 3-year Spot 3-year Spot
Virgin Active 11.0x 17% 13% 11.4x 14% 10% 11.4x 16% 17%
Premier 11.0x 10% (6%) 12.4x (2%) (19%) 12.4x 5% 2%
Iceland Foods 7.0x 24% 8% 8.4x 9% (11%) 8.4x 18% -
NAV per share R40.75 – R42.75 R50.25 – R52.25 R55.86
For comparison purposes, had the valuation multiples used at reporting date remained unchanged from those at 31 March
2018 (thus valuing Virgin Active at 11.4x; Premier at 12.4x and Iceland at 8.4x), Brait’s NAV per share at 31 March 2019
would be between ZAR50.25 and ZAR52.25 representing a reduction of between 6.4% and 10.0% (in Euro, between EUR3.09 and
EUR3.21, a decrease of between 16.1% and 19.3%).
The composition of the peer groups for Premier and Iceland Foods remain unchanged for the financial year. Virgin Active’s
peer group has been revised at 31 March 2019 to (i) exclude Whitbread (given the downsizing of Virgin Active’s UK
estate); (ii) exclude Planet Fitness (given its US based franchise model); and (iii) include Technogym (Virgin Active’s
primary supplier of fitness equipment). As a result, Virgin Active’s peer group at 31 March 2019 comprises: The Gym
Group, Basic Fit, Technogym, Woolworths, Life Healthcare, Clicks and Merlin Entertainments. The effect of this revised
composition at reporting date to the Virgin Active peer group, is a reduction to the average 3-year trailing multiple
from 13.7x to 13.2x, with the average spot multiple reducing from 14.3x to 12.7x.
As previously announced, New Look’s balance sheet restructuring transaction completed on 3 May 2019 which is post
reporting date. Therefore, at reporting date, Brait’s investment in New Look comprises (i) its 18% holding of Senior
Secured Notes (SSNs) valued using the reinstatement issue price; (ii) the pro-rata proportion of the Bridge Facility,
which was subsequently refinanced by the New Money Bonds issued on 3 May 2019; and (iii) Brait’s equity investment in New
Look, which remains valued at zero.
The financial information on which this trading statement is based has not been reviewed and reported on by the Company’s
external auditors. The 31 March 2019 financial results of the Company are currently being prepared and are expected to be
released on the website of the Luxembourg Stock Exchange and the Stock Exchange News Service of the JSE Limited on or
about 18 June 2019.
Malta
23 May 2019
The Company’s primary listing is on the Euro MTF market of the Luxembourg Stock Exchange and its secondary listing is on
the Johannesburg Stock Exchange.
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 23/05/2019 07:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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