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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Brait | LSE:BTU | London | Ordinary Share | LU0011857645 | NPV(UK REG) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:5035L Brait S.A. 03 November 2006 Brait Brait S.A., Societe Anonyme, Incorporated in Luxembourg (R C Luxembourg B-13861) Partnerships based on passion, energy and a pioneering spirit of enterprise Unaudited interim group results for the six months ended 30 September 2006 Highlights * Earnings summary Profit from operations up by 16% to US$27,0 million (ZAR184 million, up by 22%) Attributable earnings down by 8,9% to US$18,4 million (ZAR125 million, down by 4%) Headline earnings down by 8% to US$18,6 million (ZAR127 million, down by 3%) * Return on US dollar equity 11,9% (ZAR equity 57,4%) * Interim dividend distribution retained at 7,85 US cents per share (59,40 SA cents per share, up by 15,3%) * NAV at 153,2 US cents per share, up by 5,6% for the half year after adding back dividends (1 190,5 SA cents per share, up by 31,8% after dividends) * Growth in Assets under Management (fee earning) from US$1,05 billion to US$1,27 billion (ZAR6,46 billion to ZAR9,89 billion) Salient features for the six months ended 30 September Supplementary Rand information (Note 1) Audited Audited year ended Unaudited Unaudited year ended six months six months 31Mar 30 Sept 30 Sept 30 Sept 30 Sept 31 Mar 2006 2005 2006 2006 2005 2006 ZAR'm ZAR'm ZAR'm US$'m US$'m US$'m 338,6 150,6 184,1 Profit from 27,0 23,3 52,9 operations 250,2 98,8 98,1 Private equity 14,4 15,3 39,1 5,8 5,8 (4,1) Corporate finance (0,6) 0,9 0,9 8,3 1,9 6,1 Specialised funds 0,9 0,3 1,3 74,3 44,1 84,0 Group investments 12,3 6,8 11,6 (15,4) (9,7) (21,1) Finance costs (3,1) (1,5) (2,4) 12,2 1,3 (23,2) Capital items (3,4) 0,2 1,9 335,4 142,2 139,8 Profit before 20,5 22,0 52,4 taxation (17,3) (5,8) (8,2) Taxation (1,2) (0,9) (2,7) 318,1 136,4 131,6 Profit after 19,3 21,1 49,7 taxation (17,3) (5,8) (6,1) Minority interest (0,9) (0,9) (2,7) 300,8 130,6 125,5 Attributable 18,4 20,2 47,0 earnings PERFORMANCE Headline earnings per share 291,7 144,6 124,7 - Basic (cents) 18,3 22,4 45,8 256,7 126,9 119,2 - Diluted (cents) 17,5 19,6 40,3 Attributable earnings per share 331,9 144,6 123,5 - Basic (cents) 18,1 22,4 51,9 292,1 126,9 117,9 - Diluted (cents) 17,3 19,6 45,6 119,32 51,51 59,40 Dividends per share 7,85 7,85 18,24 51,51 51,51 59,40 - Interim (cents) 7,85 7,85 7,85 67,81 - Final (cents) 10,39 Net asset value per 961,6 907,2 1 190,5 share (cents) 153,2 142,4 155,7 45,4% 14,3% 57,4% Return on equity 11,9% 37,1% 45,9% FINANCIAL STATISTICS 2 536,9 1 661,5 2 163,7 Market 278,5 260,9 410,8 capitalisation 101,5 90,3 101,8 Shares in issue (m) 101,8 90,3 101,5 Weighted average shares in issue 90,6 90,3 101,6 - Basic (m) 101,6 90,3 90,6 103,0 102,9 106,4 - Diluted (m) 106,4 102,9 103,0 2 500,0 1 840,0 2 125,0 Closing share price 273,5 288,9 404,8 ZAR/US Dollar exchange rates 6,1765 6,3700 7,7693 - closing 0,1287 0,1570 0,1619 6,3979 6,4587 6,8116 - average 0,1468 0,1548 0,1563 Note 1: The disclosure above is for information purposes and does not form part of the group financial statements. Abridged group income statements for the six months ended 30 September Supplementary Rand information Audited Audited year Unaudited Unaudited year ended ended six months six months 31 Mar 30 Sept 30 Sept 30 Sept 30 Sept 31 Mar 2006 2005 2006 2006 2005 2006 ZAR'm ZAR'm ZAR'm Notes US$'m US$'m US$'m 284,8 119,5 210,5 Revenue 30,9 18,5 44,5 315,4 130,5 95,5 Other income 14,0 20,2 49,3 600,2 250,0 306,0 Total revenue 44,9 38,7 93,8 and income (272,5) (104,6) (129,4) Operating (19,0) (16,2) (42,6) expenses 10,9 5,2 7,5 Income from 1,1 0,8 1,7 associates 338,6 150,6 184,1 Profit from 3 27,0 23,3 52,9 operations (15,4) (9,7) (21,1) Finance costs (3,1) (1,5) (2,4) 12,2 1,3 (23,2) Capital items 4 (3,4) 0,2 1,9 335,4 142,2 139,8 Profit before 20,5 22,0 52,4 taxation (17,3) (5,8) (8,2) Taxation (1,2) (0,9) (2,7) 318,1 136,4 131,6 Profit for the 19,3 21,1 49,7 period Attributable to: 17,3 5,8 6,1 - Minority 0,9 0,9 2,7 shareholders 300,8 130,6 125,5 - Equity holders 18,4 20,2 47,0 of the parent 119,32 51,51 59,40 Dividends per 7,85 7,85 18,24 share (cents) Basic attributable earnings 331,9 144,6 123,5 per share 18,1 22,4 51,9 (cents) Diluted earnings per share 292,1 126,9 117,9 (cents) 17,3 19,6 45,6 Abridged group balance sheets as at 30 September Supplementary Rand information Audited Unaudited Unaudited Audited 31 Mar 30 Sept 30 Sept 31 Mar 2006 2005 2006 2006 2005 2006 ZAR'm ZAR'm ZAR'm Notes US$'m US$'m US$'m ASSETS 945,5 870,8 1 113,4 Non-current assets 143,3 136,7 153,1 898,0 817,9 1 057,4 Investments 136,1 128,4 145,4 47,5 52,9 56,0 Other non-current 7,2 8,3 7,7 assets 904,8 332,4 918,3 Current assets 118,2 52,2 146,5 518,2 101,9 63,7 Cash and cash 8,2 16,0 83,9 equivalents 386,6 230,5 854,6 Other current 110,0 36,2 62,6 assets Non-current assets held - 51,0 15,0 for sale 5 1,9 8,0 - 1 850,3 1 254,2 2 046,7 Total assets 263,4 196,9 299,6 EQUITY AND LIABILITIES 975,8 819,2 1 212,2 Equity and reserves 156,0 128,6 158,0 612,7 166,3 617,7 Non-current 79,5 26,1 99,2 liabilities Redeemable preference 450,3 - 456,9 shares 6 58,8 - 72,9 162,4 166,3 160,8 Other non-current 20,7 26,1 26,3 liabilities 261,8 187,2 216,8 Current liabilities 27,9 29,4 42,4 Liabilities directly associated with - 81,5 - non-current assets - 12,8 - held for sale 1 850,3 1 254,2 2 046,7 Total equity and 263,4 196,9 299,6 liabilities Net asset value per ordinary 961,6 907,2 1 190,5 share (cents) 153,2 142,4 155,7 Abridged group cash flow statements for the six months ended 30 September Unaudited Audited six months year ended 30 Sept 30 Sept 31 March 2006 2005 2006 US$'m US$'m US$'m Cash flows from: Operating activities 12,8 (2,3) 5,7 Dividends received 1,2 0,6 1,7 Interest received 3,1 9,6 5,5 Finance costs (3,1) (1,5) (2,4) Capital items (0,5) 0,2 (3,5) Taxation paid (1,0) - (2,2) Change in treasury funds (56,7) - - Change in working funds (12,8) (6,5) (2,5) Cash (applied in)/generated from operating activities (57,0) 0,1 2,3 Cash flows (applied in)/generated from investing activities (2,9) 7,6 22,0 Cash flows (applied in)/generated from operating and investing activities (59,9) 7,7 24,3 Dividends paid (11,4) (9,1) (19,8) Cash flows from financing activities (2,0) (0,4) 61,7 Net (decrease)/increase in cash and cash equivalents (73,3) (1,8) 66,2 Effects of exchange rate changes on cash and cash equivalents (2,4) - (0,1) Cash and cash equivalents at beginning of period 83,9 17,8 17,8 Cash and cash equivalents at end of period 8,2 16,0 83,9 Group statements of changes in equity as at 30 September Audited Unaudited year ended 30 Sept 30 Sept 31 March 2006 2005 2006 US$'m US$'m US$'m Balance at beginning of period 158,0 115,1 115,1 Net translation adjustments (7,1) (1,0) 0,7 Restructuring of subsidiary - - (0,3) Bonus shares issued - - 12,3 Treasury shares - 2,2 (12,3) Delivered share scheme shares 0,2 - 9,4 Attributable earnings 18,4 20,2 47,0 Foreign currency adjustment on capital loan (2,7) (0,6) 0,2 Share entitlements 0,2 0,4 0,7 Ordinary dividends paid (11,4) (9,1) (19,8) Ordinary shareowners' interest 155,6 127,2 153,0 Sale of interest in subsidiary - - 1,8 Acquisition of subsidiary 0,3 - - Minority arising from acquisition of subsidiary - 0,5 - Restructuring of subsidiary (0,3) - (0,3) Net translation adjustment minority interest (0,5) - 0,8 Earnings attributable to minority shareowners 0,9 0,9 2,7 Balance at end of period 156,0 128,6 158,0 Group segmental reports for the six months ended 30 September Supplementary Rand information Audited Audited year ended Unaudited Unaudited year ended six months six months 31 Mar 30 Sept 30 Sept 30 Sept 30 Sept 31 Mar 2006 2005 2006 2006 2005 2006 ZAR'm ZAR'm ZAR'm US$'m US$'m US$'m BUSINESS ANALYSIS Segment income 284,8 119,5 210,5 Revenue 30,9 18,5 44,5 70,4 32,3 77,0 - Private equity 11,3 5,0 11,0 50,5 22,6 - - Corporate finance - 3,5 7,9 25,0 4,5 22,1 - Specialised funds 3,3 0,7 3,9 138,9 60,1 111,4 - Group investments 16,3 9,3 21,7 315,4 130,5 95,5 Other income 14,0 20,2 49,3 293,7 115,6 79,7 - Private equity 11,7 17,9 45,9 (0,6) - - - Corporate finance - - (0,1) 16,6 12,3 2,1 - Specialised funds 0,3 1,9 2,6 5,7 2,6 13,7 - Group investments 2,0 0,4 0,9 600,2 250,0 306,0 Total segment income 44,9 38,7 93,8 338,6 150,6 184,1 Segment result 27,0 23,3 52,9 250,2 98,8 98,1 - Private equity 14,4 15,3 39,1 5,8 5,8 (4,1) - Corporate finance (0,6) 0,9 0,9 8,3 1,9 6,1 - Specialised funds 0,9 0,3 1,3 74,3 44,1 84,0 - Group investments 12,3 6,8 11,6 (15,4) (9,7) (21,1) Finance costs (3,1) (1,5) (2,4) 12,2 1,3 (23,2) Capital items (3,4) 0,2 1,9 335,4 142,2 139,8 Profit before taxation 20,5 22,0 52,4 1 867,6 1 203,9 1 966,7 Segment assets 253,1 189,0 302,4 735,0 598,8 875,6 - Private equity 112,7 94,0 119,0 1,9 8,3 (0,8) - Corporate finance (0,1) 1,3 0,3 470,0 143,3 155,4 - Specialised funds 20,0 22,5 76,1 660,7 453,5 936,5 - Group investments 120,5 71,2 107,0 (17,3) 50,3 80,0 Other 10,3 7,9 (2,8) Total assets per balance 1 850,3 1 254,2 2 046,7 sheet 263,4 196,9 299,6 266,1 202,5 226,9 Segment liabilities 29,2 31,8 43,2 59,3 24,8 49,7 - Private equity 6,4 3,9 9,6 16,1 1,9 1,6 - Corporate finance 0,2 0,3 2,6 6,8 2,5 2,3 - Specialised funds 0,3 0,4 1,1 183,9 173,3 173,3 - Group investments 22,3 27,2 29,9 608,4 232,5 607,6 Other 78,2 36,5 98,4 Total liabilities per 874,5 435,0 834,5 balance sheet 107,4 68,3 141,6 1 601,5 1 001,4 1 739,8 Segment net assets 223,9 157,2 259,2 675,7 574,0 825,9 - Private equity 106,3 90,1 109,4 (14,2) 6,4 (2,4) - Corporate finance (0,3) 1,0 (2,3) 463,2 140,8 153,1 - Specialised funds 19,7 22,1 75,0 476,8 280,2 763,2 - Group investments 98,2 44,0 77,1 (625,7) (182,2) (527,6) Other (67,9) (28,6) (101,2) Total net assets per 975,8 819,2 1 212,2 balance sheet 156,0 128,6 158,0 GEOGRAPHICAL ANALYSIS Segment income 284,8 119,5 210,5 Revenue 30,9 18,5 44,5 138,9 54,3 125,3 - International 18,4 8,4 21,7 145,9 65,2 85,2 - South Africa 12,5 10,1 22,8 315,4 130,5 95,5 Other income 14,0 20,2 49,3 60,9 116,9 25,6 - International 3,8 18,1 9,5 254,5 13,6 69,9 - South Africa 10,2 2,1 39,8 600,2 250,0 306,0 Total segment income 44,9 38,7 93,8 338,6 150,6 184,1 Segment result 27,0 23,3 52,9 73,7 136,3 96,0 - International 14,1 21,1 11,5 264,9 14,3 88,1 - South Africa 12,9 2,2 41,4 (15,4) (9,7) (21,1) Finance costs (3,1) (1,5) (2,4) 12,2 1,3 (23,2) Capital items (3,4) 0,2 1,9 335,4 142,2 139,8 Profit before taxation 20,5 22,0 52,4 Segment assets 850,3 802,6 1 134,3 - International 146,0 126,0 137,7 1 000,0 451,6 912,4 - South Africa 117,4 70,9 161,9 Total assets per 1 850,3 1 254,2 2 046,7 balance sheet 263,4 196,9 299,6 Notes to the financial statements for the six months ended 30 September 1. Basis for preparation The financial statements of the group are prepared in accordance with International Financial Reporting Standards (IFRS). The abridged financial statements are presented in accordance with IAS 34. The accounting policies are consistent with those applied in the previous year. 2. Supplementary Rand information The balance sheets and income statements of the group have also been presented in Rands for the convenience of South African stakeholders in the group. The supplementary Rand results have been converted from the US$ functional results using a closing rate of ZAR7,7693 to US$1 (2005: ZAR6,3700 to US$1) for the balance sheets and an average rate of ZAR6,8116 to US$1 (2005: ZAR6,4587 to US$1) for the income statements. Unaudited Audited six months year ended 30 Sept 30 Sept 31 March 2006 2005 2006 US$'m US$'m US$'m 3. Profit from operations includes: Dividends received 1,2 0,6 2,3 Interest received 15,6 9,8 23,3 Depreciation (0,3) (0,3) (0,6) Related party transactions - Interest received 0,1 0,4 1,0 - Interest paid (0,2) (0,6) (1,2) - Fees paid (0,4) (0,3) (0,6) - Key management (1,2) (1,0) (5,0) 4. Capital items comprise: Currency hedge gain/(cost) 0,9 (0,5) (2,2) Fair valuation adjustment of financial liability (4,1) 0,7 (1,4) Loss on diluted interest in subsidiary (0,2) - - Profit on disposal of interest in subsidiary - - 2,9 Profit on disposal of property, buildings and fittings - - 2,8 Realisation of translation adjustment - - (0,2) Total (3,4) 0,2 1,9 5. Non-current assets held for sale During the period a decision was taken to dispose of the group's South African micro-lending operations and as a consequence, the investment in Capital Alliance Finance (Pty) Limited was revalued and classified as " Non-current assets held for sale and Discontinued Operations" in terms of IFRS 5. (2005: The group's Johannesburg property and buildings, including fittings, situated at 9 Fricker Road, Illovo were sold during the previous financial year.) 1,9 8,0 - 6. Redeemable cumulative preference shares In March 2006 a subsidiary of the group, Brait South Africa Limited, raised US$73 million (ZAR450 million) preference share capital to provide additional capital to leverage the group's internal growth strategy. 450 000 (four hundred and fifty thousand) cumulative redeemable preference shares were issued at a par value of ZAR0,01 and a premium of ZAR999,99 per share. These shares carry a dividend of 78% of the South African prime rate and are redeemable in four tranches on 31 July of each year commencing in 2010 until 2013. These shares are redeemable at the option of Brait South Africa Limited. 58,8 - 72,9 7. Investments Included in investments, are investments in unlisted associates: - carrying value 8,4 8,7 11,6 - directors' valuation 8,4 8,7 11,6 8. Related party balances - Liabilities (13,8) (13,1) (14,5) - Assets 8,9 19,0 11,5 9. Contingent liabilities, commitments and subordinated loans 9.1 Contingencies Sureties and guarantees 0,1 2,7 0,2 9.2 Commitments Commitments to invest in funds and proprietary investments 53,2 13,1 34,9 Other 0,6 - 1,1 Rental commitments 3,7 3,9 5,1 Within one year 0,5 0,6 1,1 Between one and five years 3,2 3,3 4,0 9.3 Subordinated loans 3,9 5,6 5,3 10. Interest-bearing liabilities All liabilities are interest bearing except for US$15,5 million (2005: US$23,5 million) in respect of accounts payable, accruals, and deferred taxation. 11. Headline earnings Attributable earnings 18,4 20,2 47,0 Headline earnings adjustment 0,2 - (5,5) - Loss/(profit) on disposal of interest in subsidiary 0,2 - (2,9) - Profit on sale of non-current assets held for sale - - (2,8) - Realisation of translation adjustment - - 0,2 Headline earnings 18,6 20,2 41,5 12. Subsequent events No events have taken place since 30 September 2006 and the date of the release of this report, which would have a material impact on either the financial position or operating results of the group. Commentary Group profile Brait is an international investment and financial services group focused on private equity, specialised funds, corporate finance and strategic investments. It is listed on the Luxembourg, London and the JSE Securities Exchanges, with shareowners' funds of US$156,0 million at 30 September 2006. Brait's earnings are derived from: * Private equity management fees and investment returns; * Alternative funds' management fees and investment returns; * Corporate and debt advisory services; and * Group investment returns. Financial results Earnings * Profit from operations - US$27,0 million Profit from operations has increased from US$23,3 million to US$27,0 million for the period. The major contribution to the earnings increase has come from Group Investments. * Finance costs - US$3,1 million In March 2006, Brait raised ZAR450 million preference share capital to fund its internal group strategy. The increased finance charge represents the cost of funding this capital. * Capital items - US$3,4 million net loss Net currency hedge profit Brait has consistently applied its policy of hedging the group's South African tangible assets into US dollars, which is the functional currency of Brait S.A.. The net gain on the hedge is US$0,9 million after recognising the majority of the five year call option premium in the current period and setting off currency losses on ZAR investments by the group. Fair value adjustment of financial liability The sale of 26% of Brait South Africa during 2004 to the group's BEE partner has not been recorded as a sale as it has given rise to a financial instrument which has been disclosed in terms of IAS 32 (Financial Instruments: Disclosure and Presentation) and measured in terms of IAS 39 (Financial Instruments: Recognition and Measurement). The fair value adjustment loss of this financial instrument for the period was US$4,1 million and substantially equates to the portion of earnings that would have been recognised as belonging to minority shareholders had the sale been recognised as such. Return on equity - 11,9% The annualised US dollar return on average shareowners' funds was 11,9% compared with the 37,1% achieved in the previous period. The group's net asset value in US dollars increased by 5,9% after adding back dividends paid. The decline in the return on equity and the relative low increase in the group's net asset value in US dollars is primarily due to foreign currency translation adjustments. In ZAR terms, the impact of the foreign currency movement during the period caused the return on equity to increase to 57,4% compared with 14,3% achieved in the previous period. Similarly, the group's ZAR net asset value increased by 32,2% over the six months after adding back dividends. Segmental review Private Equity Private Equity has delivered profit from operations of US$14,4 million (2005: US$15,3 million) for the first half of the financial year. This result has been derived from a strong investment performance in proprietary investing and also a marked increase in fees from funds under management, but has been offset by a negative growth in fund investment performance following the decline in the listed Net 1 market value between 1 April 2006 and 30 September 2006. The net impact on earnings for the period due to the Net 1 fair value decline was approximately US$7,0 million, although the decline has been partially reversed since the period end. The economic base for earnings growth from Private Equity has improved with the successful fund raising progress made to date on Brait IV, which has exceeded Brait's goal of raising US$500 million. Further commitments are expected prior to the final closing of the fund in December 2006. Specialised Funds Specialised Funds income, which consists largely of fees earned from the management of third-party capital in the group's hedge funds, increased by 38% to US$3,6 million from US$2,6 million in the previous year, while operating earnings increased by 200% to US$0,9 million from US$0,3 million the previous year. This result was driven by the markedly higher asset base within our flagship fund of hedge funds, Brait Absolute SA Fund (Brait Absolute), which earned higher management fees, but was off-set by conservative exposure, and therefore performance, during volatile market conditions in the period under review. The focus on building performance consistency through investment process enhancements and robust infrastructure has enabled us to support the development of customized institutional client solutions across an increased range of products. To this end the period was significant for a strategic drive to strengthen our in-house investment team, enhance the risk and IT infrastructure, and develop new products, distinct in their performance target, risk appetite, investment strategy, and client appeal. They have found support from domestic and international institutional and HNW investors. Assets under management improved by 5% since 31 March 2006 to US$539 million, as the industry paused for breathe after spectacular recent gains. We have spread these assets across 21 hedge funds, chosen for their ability to balance risk against investment opportunity - particularly given the concern that many hedge fund strategies carry too much market exposure, as a legacy of the gains offered to single strategy funds by following a high beta strategy since March 2003. Brait Absolute has therefore been positioned as a low-risk, cash alternative for institutional investors, and continues to provide almost neutral equity market exposure along with both cash and bond out performance. Returns during the period were lower than historical precedent, but remain very attractive on a risk-adjusted basis. Brait Absolute SA Fund (Brait Absolute) continues to outperform three-year rolling return objectives, returning 6,9% above cash and 9,3% ahead of inflation, whilst limiting volatility to 2,9%. Brait Absolute's correlation and beta to the All Share Index remained low at 0,39 and 0,07 respectively. Corporate Finance The operational loss from Corporate Finance for the period was US$0,6 million (2005 profit: US$0,9 million). Minimal fee income has been accrued as the majority of current work in progress is outcome based and, until such time as these conditions have been fulfilled, no revenue has been recognised. The Specialised Debt team is well advanced on some sizeable mandates which, if concluded, could have a material impact on the business unit's results in the next half year or the period thereafter. Group Investments Profit from operations from the group's strategic investments has increased by 80,9% to US$12,3 million from US$6,8 million and return on capital employed is 28,1% for the period. Bayport, an important contributor to Group Investments, maintained its profit growth, increasing its contribution to Brait's attributable earnings by 36,3% from US$1,1 million to US$1,5 million. Bayport has grown its advances book from US$33,8 million to US$41,9 million and continues to expand its micro-lending and financial services operations in Sub-Saharan Africa. The group's South African micro-lending interest held through Capital Alliance Finance remained profitable and is generating surplus cash. Negotiations are currently underway to realise its interest and, as a consequence, Brait has reclassified its investment in Capital Alliance Finance as a "Non-current asset held for sale". In terms of IFRS 5 (Non-current Assets Held for Sale and Discontinued Operations), the carrying amount of this investment was revalued prior to its reclassification as held for sale, resulting in a fair value uplift of US$2,2 million. During the previous financial year the group established, as a joint venture, an independent mezzanine fund management business. At 30 September 2006, the fund had concluded investments of US$10,3 million with undrawn committed capital of US$29,0 million. Prospects Brait's growth potential is based on some solid platforms: Third party fund raising in Brait IV, even though not yet complete, is likely to be at the top end of expectations and will provide a strong impetus for long term earnings growth in Private Equity. The group has significant proprietary capital for investment into its Private Equity and Specialised Funds operations and to seed new strategic growth opportunities elsewhere in the group. Brait Specialised Funds has established a leading position in its market and has the potential to continue its significant expansion. Expectations for the macro economic outlook in South Africa as well as the investment markets are positive. It should be recognized though, that Brait's earnings are dependent on specific investment performance and the irregular occurrence of transactions may cause lumpy revenue recognition over short term cycles. In this context, Brait may not achieve an increase in its US dollar attributable earnings for the full year. Nonetheless, as long as positive fundamental market characteristics continue, the prospects for delivering on ROE and earnings growth targets in Brait remain encouraging over the longer term cycle. Dividend The board holds the view that dividend distributions are an important part of long-term shareowners' wealth creation and an indication of the health of the group. Because of the cyclicality of short-term earnings, the group's dividend payment policy is committed to signaling performance against long-term growth targets of the group rather than matching short-term cyclical performances. After taking these factors into account, and also after taking into consideration the present financial and cash position of the group, the board proposes to pay an interim dividend of 7,85 US cents per share which equates to a dividend cover of 2,2 times on diluted attributable earnings per share. South African resident shareowners registered on the South African register are advised that the dividend is 59,40 cents per share, and has been determined using the ZAR/US Dollar average buy/sell rate, as at 12h00 (SA time) on 31 October 2006. The interim dividend will be payable to shareowners on Monday, 27 November 2006. The record date for the dividend is the close of business on Friday, 24 November 2006. The last day to trade "cum dividend" will be Friday, 17 November 2006 and the share will commence trading "ex dividend" on Monday, 20 November 2006. Share certificates may not be dematerialised or rematerialised between Monday, 20 November 2006 and Friday, 24 November 2006, both days inclusive. Non-resident shareowners registered on the South African register, who prefer their dividends to be paid in US dollars, are advised to inform their CSDPs/ brokers accordingly and provide their banking details to their CSDPs/brokers by the required deadline in terms of their agreements entered into with their CSDPs /brokers. For and on behalf of the board ME King AC Ball Chairman Group Chief Executive 3 November 2006 Administration Registered office Brait S.A. 180, rue des Aubepines L-1145, Luxembourg Tel: +352 269255 2180 Fax: +352 269255 3642 Brait South Africa Limited 9 Fricker Road Illovo Boulevard, Illovo, Sandton South Africa Tel: +27 11 507 1000 Fax: +27 11 507 1001 Listing agent Dexia Banque Internationale a Luxembourg 69, route d'Esch L-2953, Luxembourg Tel: +352 45901 Fax: +352 45902010 Transfer agent/Registrar United Kingdom Capita IRG plc Bourne House 34 Beckenham Road Beckenham Kent, BR3 4TU United Kingdom Tel: 0944 208 639 2157 Fax: 0944 208 639 2342 South Africa Computershare Investor Services 2004 (Pty) Limited 70 Marshall Street Johannesburg, 2001 or PO Box 61051, Marshalltown, 2107 Tel: +27 11 370 5000 Fax: +27 11 668 5200 Legal advisors to the company Elvinger, Hoss & Prussen 2, Place Winston Churchill L-1340, Luxembourg Independent auditors Deloitte & Touche S.A. 560, rue de Neudorf L-2220 Luxembourg Domiciliary agent and registrar Experta Luxembourg S.A. 180, rue des Aubepines L-1145, Luxembourg Tel: +352 269255 2180 Fax: +352 269255 3642 JSE and LSE issuer name and code Issuer long name - Brait S.A. Issuer code - BRAIT Instrument alpha code/ Ticker symbol - BAT ISIN - LU 0011857645 Directors ME King (Chairman)++*, AC Ball*, PAB Beecroft++*, JE Bodoni++#, BI Childs*, JA Gnodde*, RJ Koch++*, AM Rosenzweig++**, CJ Tayelor*, HRW Troskie++**, SJP Weber #, PL Wilmot++* ++Non-executive, *South African, #Luxembourgish, *British, **Dutch, Financial information for the period ended 30 September 2006 is also available on the Brait website at www.brait.com This information is provided by RNS The company news service from the London Stock Exchange END IR QXLBBQFBLFBE
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