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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) |
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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:7489M Brait S.A. 26 May 2005 Brait Reviewed Group Results for the year ended 31 March 2005 Highlights * Significant earnings growth Profits from operations increased from US$15,5 million (16,5 US cents per share) to US$48,5 million (49,6 US cents per share) Diluted headline earnings increased from US$4,6 million (4,9 US cents per share) to US$33,9 million (34,7 US cents per share) * Return on equity 32% * Annual dividend distributions increased from 3,25 US cents per share to 13,75 US cents per share * NAV increased by 37% to 135,9 US cents per share (after adding back dividends paid) * Strong balance sheet - US$17,8 million cash on hand Salient features For the years ended 31 March Supplementary Rand information (note 1) 31 March 31 March 31 March 31 March 2004 2005 2005 2004 as restated as restated Audited Reviewed Reviewed Audited ZAR'm ZAR'm US$'m US$'m 110,9 302,8 Profit from operations 48,5 15,5 81,4 242,4 Private equity 38,8 11,4 2,5 0,7 Corporate finance 0,1 0,3 6,4 7,3 Specialised funds 1,2 0,9 20,6 52,4 Group investments 8,4 2,9 (3,6) (15,7) Finance costs (2,5) (0,5) (80,8) (69,7) Capital items (11,2) (11,3) 26,5 217,4 Profit before taxation 34,8 3,7 (7,2) (3,1) Taxation (0,5) (1,0) 19,3 214,3 Profit after taxation from continuing operations (15,0) - Discontinued operations - (2,1) - (2,6) Minority interests (0,4) - 4,3 211,7 Attributable earnings 33,9 0,6 PERFORMANCE Headline earnings per share 36,8 237,1 - Basic (cents) 38,0 5,1 35,1 216,7 - Diluted (cents) 34,7 4,9 Attributable earnings per share 4,8 237,1 - Basic (cents) 38,0 0,7 4,6 216,7 - Diluted (cents) 34,7 0,6 Dividends per share (cents) - 21,4 - interim (paid) 3,50 - 20,4 note 2 - final (proposed) 10,25 3,25 224,6 - - special (paid) - 32,50 624,4 804,1 Net asset value per share (cents) 128,9 99,2 FINANCIAL STATISTICS Market capitalisation 746,5 1 196,4 - 31 March (ZAR'm) - 31 March (US$'m) 191,7 118,6 102,3 102,3 Shares in issue (m) 102,3 102,3 Weighted average shares in issue 89,5 89,3 - basic (m) 89,3 89,5 93,7 97,7 - fully diluted (m) 97,7 93,7 Closing share price 730,0 1 170,0 - 31 March (ZAR cents) - 31 March (US cents) 187,5 116,0 ZAR/Dollar exchange rate 6,2925 6,2395 - closing 0,1603 0,1589 7,1541 6,2503 - average 0,1600 0,1398 Note 1: The disclosure above is for information purposes and does not form part of the group financial statements. Note 2: The Rand dividend will depend on the Rand/US$ exchange rate following the annual general meeting in July 2005. Group income statements For the years ended 31 March Supplementary Rand information 31 March 31 March 31 March 31 March 2004 2005 2005 2004 as restated as restated Audited Reviewed Reviewed Audited ZAR'm ZAR'm Notes US$'m US$'m 164,5 281,2 Revenue 45,0 23,0 129,5 204,9 Other income 32,8 18,1 (174,5) (193,3) Operating expenses (30,9) (24,4) 0,7 10,0 Share of profits of 1,6 0,1 associates (9,3) - Loss from joint ventures - (1,3) 110,9 302,8 Profit from operations 5 48,5 15,5 (3,6) (15,7) Finance costs (2,5) (0,5) (80,8) (69,7) Capital items 6 (11,2) (11,3) 26,5 217,4 Profit before taxation 34,8 3,7 (7,2) (3,1) Taxation (0,5) (1,0) Profit after taxation from 19,3 214,3 continuing operations 34,3 2,7 (15,0) - Discontinued operations - (2,1) - (2,6) Minority interests (0,4) - 4,3 211,7 Attributable earnings 33,9 0,6 Group balance sheets At 31 March Supplementary Rand information 31 March 31 March 31 March 31 March 2004 2005 2005 2004 Audited Reviewed Reviewed Audited ZAR'm ZAR'm US$'m US$'m ASSETS 474,5 744,5 Non-current assets 119,3 75,4 405,3 695,9 Investments 111,5 64,4 69,2 48,6 Other non-current assets 7,8 11,0 327,8 344,2 Current assets 55,2 52,1 94,4 111,4 Cash and cash equivalents 17,8 15,0 233,4 232,8 Other current assets 37,4 37,1 - 51,1 Non-current assets held for sale 8,2 - 802,3 1 139,8 Total assets 182,7 127,5 EQUITY AND LIABILITIES 558,8 718,1 Shareowners' funds 115,1 88,8 Liabilities 6,9 101,6 Non-current liabilities 16,3 1,1 236,6 320,1 Current liabilities 51,3 37,6 243,5 421,7 Total liabilities 67,6 38,7 802,3 1 139,8 Total equity and liabilities 182,7 127,5 624,4 804,1 Net asset value per ordinary share 128,9 99,2 (cents) Group statements of changes in equity For the years ended 31 March Share Foreign capital currency and Legal translation premium reserves reserves US$'m US$'m US$'m Balance at 31 March 2003 as 122,1 2,6 (45,9) previously stated Prior year adjustment - - - Balance as restated at 31 March 122,1 2,6 (45,9) 2003 Currency translation adjustments - - 15,3 Attributable earnings - - - Share entitlement expenses - - - Dividends - - - Treasury shares - options (1,5) - - repurchased Transfer to/(from) reserves/ (50,0) - - capital Balance at 31 March 2004 70,6 2,6 (30,6) Currency translation adjustments - - 0,5 Attributable earnings - - - Share entitlement expenses - - - Foreign currency adjustment on - - - capital loan Dividends - - - Minority interest arising from - - - acquisition of subsidiary Minority share of retained income - - - Treasury shares - options (3,3) - - repurchased Transfer to/(from) reserves/ 0,4 - - capital Balance at 31 March 2005 67,7 2,6 (30,1) Group statements of changes in equity For the years ended 31 March Total Distribut- share able Minority Equity owners' reserves interests reserves interest US$'m US$'m US$'m US$'m Balance at 31 March 2003 as 30,0 - - 108,8 previously stated Prior year adjustment (1,3) - 1,3 - Balance as restated at 31 March 28,7 - 1,3 108,8 2003 Currency translation adjustments - - - 15,3 Attributable earnings 0,6 - - 0,6 Share entitlement expenses - - 1,2 1,2 Dividends (35,6) - - (35,6) Treasury shares - options - - - (1,5) repurchased Transfer to/(from) reserves/ 50,0 - - - capital Balance at 31 March 2004 43,7 - 2,5 88,8 Currency translation adjustments - - - 0,5 Attributable earnings 33,9 - - 33,9 Share entitlement expenses - - 0,4 0,4 Foreign currency adjustment on - - (0,3) (0,3) capital loan Dividends (6,3) - - (6,3) Minority interest arising from - 1,0 - 1,0 acquisition of subsidiary Minority share of retained income - 0,4 - 0,4 Treasury shares - options - - - (3,3) repurchased Transfer to/(from) reserves/ (0,4) - - - capital Balance at 31 March 2005 70,9 1,4 2,6 115,1 Summarised group cash flow statements For the years ended 31 March 31 March 31 March 2005 2004 as restated Reviewed Audited US$'m US$'m Cash flows from: Operating activities 19,8 16,9 Finance costs (2,5) (6,5) Capital items (4,1) (12,7) Change in working funds (5,8) 21,0 Net operating cash flow 7,4 18,7 Dividends paid (6,3) (35,6) Cash generated from/(utilised by) operating activities 1,1 (16,9) Cash (outflows)/inflows from investing activities (14,0) 10,6 Cash inflows/(outflows) from financing activities 15,7 (18,7) Increase/(decrease) in cash and cash equivalents 2,8 (25,0) Effects of exchange rate changes on cash and cash equivalents - 2,4 Cash and cash equivalents at beginning of year 15,0 37,6 Cash and cash equivalents at end of year 17,8 15,0 Group segmental reports For the years ended 31 March Supplementary Rand information 31 March 31 March 31 March 31 March 2004 2005 2005 2004 as restated as restated Audited Reviewed Reviewed Audited ZAR'm ZAR'm US$'m US$'m BUSINESS ANALYSIS 294,0 486,1 Segment income 77,8 41,1 164,5 281,2 Revenue 45,0 23,0 102,3 142,5 - Private equity 22,8 14,3 36,5 25,6 - Corporate finance 4,1 5,1 10,7 15,0 - Specialised funds 2,4 1,5 15,0 98,1 - Group investments 15,7 2,1 129,5 204,9 Other income 32,8 18,1 105,1 186,1 - Private equity 29,8 14,7 2,9 (1,9) - Corporate finance (0,3) 0,4 18,6 19,4 - Specialised funds 3,1 2,6 2,9 1,3 - Group investments 0,2 0,4 110,9 302,8 Segment result 48,5 15,5 81,4 242,4 - Private equity 38,8 11,4 2,5 0,7 - Corporate finance 0,1 0,3 6,4 7,3 - Specialised funds 1,2 0,9 20,6 52,4 - Group investments 8,4 2,9 (3,6) (15,7) Finance costs (2,5) (0,5) (80,8) (69,7) Capital items (11,2) (11,3) 26,5 217,4 Profit before taxation 34,8 3,7 771,5 1 109,9 Segment assets 177,9 122,6 346,7 540,8 - Private equity 86,7 55,1 50,4 9,6 - Corporate finance 1,5 8,0 100,5 129,5 - Specialised funds 20,8 16,0 273,9 430,0 - Group investments 68,9 43,5 30,8 29,9 Other 4,8 4,9 802,3 1 139,8 Total assets per balance sheet 182,7 127,5 140,3 167,6 Segment liabilities 26,9 22,4 42,4 28,0 - Private equity 4,5 6,8 17,9 11,7 - Corporate finance 1,9 2,9 1,9 1,2 - Specialised funds 0,2 0,3 78,1 126,7 - Group investments 20,3 12,4 103,2 254,1 Other 40,7 16,3 243,5 421,7 Total liabilities per balance sheet 67,6 38,7 631,2 942,3 Segment net assets 151,0 100,2 304,3 512,8 - Private equity 82,2 48,3 32,5 (2,1) - Corporate finance (0,4) 5,1 98,6 128,3 - Specialised funds 20,6 15,7 195,8 303,3 - Group investments 48,6 31,1 (72,4) (224,2) Other (35,9) (11,4) 558,8 718,1 Total net assets per balance sheet 115,1 88,8 GEOGRAPHICAL ANALYSIS 110,9 302,8 Segment result 48,5 15,5 7,4 148,4 - International 23,8 1,0 103,5 154,4 - South Africa 24,7 14,5 (3,6) (15,7) Finance costs (2,5) (0,5) (80,8) (69,7) Capital items (11,2) (11,3) 26,5 217,4 Profit before taxation 34,8 3,7 631,2 942,3 Segment net assets 151,0 100,2 469,0 536,7 - International 86,0 74,4 162,2 405,6 - South Africa 65,0 25,8 (72,4) (224,2) Other (35,9) (11,4) 558,8 718,1 Total net assets per balance sheet 115,1 88,8 Notes to the financial statements For the years ended 31 March The results for the year ended 31 March 2005 have been reviewed by the company's auditors Deloitte & Touche, and their unqualified review opinion is available for inspection at the company's registered office. 1. Basis for preparation The financial statements of the group are prepared in accordance with International Financial Reporting Standards (IFRS). The accounting policies are consistent with those applied in the previous year except for the early adoption of IFRS 2, "Share-based Payments" (the effects thereof are disclosed in note 4 below) and IFRS 5, "Non-current Assets held for Sale and Discontinued Operations". IAS 27, "Consolidated and Separate Financial Statements" and IAS 28, "Investments in Associates" have continued to be early adopted. The group statements have been prepared using the US$ as the presentation currency as applied in previous years. The presentation currency is in accordance with the functional currency of Brait S.A.. 2. Supplementary Rand information The balance sheet 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$ measurement results using a closing rate of R6,2395 to US$1 (2004: R6,2925 to US$1) for the balance sheet and an average rate of R6,2503 to US$1 (2004: R7,1541 to US$1) for the income statement. 3. Sale of 26% share in subsidiary With effect from 30 September 2004, Brait has sold 26% of its wholly-owned South African business to a Black Economic Empowerment shareholder. The transaction has not been recorded as a sale as it has given rise to a financial instrument which has been disclosed in terms of IAS 32 (Financial Instruments: Disclosure and Presentation) and measured in terms of IAS 39 (Financial Instruments: Recognition and Measurement). 31 March 31 March 2005 2004 Reviewed Audited US$'m US$'m 4. Effect of adopting IFRS 2 (Share-based payments) Share entitlement expenses (0,4) (1,2) Prior year earnings and retained income brought forward have been restated accordingly. 5. The following items are included in profit from operations: Dividends received 11,3 3,3 Interest received 16,2 5,8 Depreciation (0,4) (0,9) Related party transactions - Interest received 1,9 1,0 - Fees received - 0,1 - Fees paid (0,7) (0,4) 6. The following are capital items: Currency hedge costs (4,1) (11,3) Fair valuation adjustment of financial liability (refer to note 3 (7,1) - above) 7. Investments in associates - Unlisted - carrying value 11,1 5,2 - directors' valuation 11,1 5,2 8. Commitments, guarantees and contingent liabilities - Commitments 20,4 20,7 - Sureties and guarantees 7,0 9,4 - Contingent liabilities 1,5 1,6 The group has no capital expenditure commitments, either authorised or contracted. 9. Related party balances - Liabilities (10,9) - - Assets 17,7 6,0 10. Interest-bearing liabilities All liabilities are interest bearing save US$19 million (2004: US$21,4 million) in respect of accounts payable, accruals, provisions and deferred taxation. 11. Corporate Governance The group subscribes to and complies, in all material respects, with the principles embodied in appropriate international corporate governance codes including those contained in the second King Report on Corporate Governance in South Africa. 12. Headline earnings As IFRS does not recognise the concept of headline earnings, a reconciliation between earnings and headline earnings has been provided for illustrative purposes for South African users, based on adjustments required by South African statements of Generally Accepted Accounting Practice. Supplementary Rand information 31 March 31 March 31 March 31 March 2004 2005 2005 2004 as restated as restated Audited Reviewed Reviewed Audited ZAR'm ZAR'm US$'m US$'m 4,3 211,7 Attributable earnings 33,9 0,6 28,6 - Headline earnings adjustments - 4,0 10,7 - Costs on termination of discontinuing - 1,5 operations 8,6 - Interest rate adjustment on debt - 1,2 restructuring 12,9 - Impairment of joint venture - 1,8 (3,6) - Profit on disposal of associates - (0,5) 32,9 211,7 Headline earnings 33,9 4,6 13. Subsequent events No events have taken place since 31 March 2005 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, corporate finance and specialised funds. It is listed on the Luxembourg, London and JSE Securities Exchange, with shareowners' funds of US$115,1 million (2004: US$ 88,8 million). Brait's earnings are derived from: * Private equity fees and investment returns; * Alternative funds management fees and investment returns; * Corporate and debt advisory services fees; and * Group investment returns. FINANCIAL RESULTS * Earnings Profit from operations - US$48,5 million Profit from operations has increased from US$15,5 million to US$48,5 million for the year. This improvement is primarily attributable to the earnings performance of the group's private equity operations and to a lesser extent by group investments. Expenditure on capital items - US$11,2 million Brait has consistently applied its policy of hedging the group's SA Rand tangible assets into US dollars, which is the functional currency of Brait S.A.. The cost of the hedge recognised against income for the year was US$4,1 million compared to a charge of US$11,3 million in the prior year. The sale of 26% of Brait South Africa during the year to the group's new 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 of this financial instrument at 31 March 2005 gave rise to a charge of US$7,1 million. * Return on equity - 32% The group's net asset value increased by 37% after adding back dividends paid. The US dollar return on average shareowners funds was 32%, substantially exceeding the group's targeted US dollar return of 12%. * Net operating cash flow - US$7,4 million Cash from operating activities increased by US$2,9 million from the prior year. After working capital investments in Bayport and capital items, net operating cash for the year was US$7,4 million (2004: US$18,7 million). At 31 March 2005 the balance sheet remained strong with approximately 16% (2004: 17%) of shareowners' capital held in cash and cash equivalents. SEGMENTAL REVIEW Private Equity Private equity performance for the financial year was dominated by significant deal activity and value recognition in the group's underlying funds and proprietary investments. As a consequence, income increased by 81% and profit from operations improved by 240% from US$11,4 million to US$38,8 million. Return on equity for the segment was 60% on average capital employed of US$65,2 million. Some notable new investments were concluded during the period under review. The Net 1 transaction in Fund III was a significant achievement following on the heels of the Pepkor transaction in 2004. These deals rank amongst the largest and most high profile private equity transactions concluded in South Africa to date. Considerable value has also been added since concluding these two investments, supporting the decision taken in 2003 to refocus the business. As a consequence of the Net 1 transaction and other investments closed during the year, the investment programme of Fund III is now substantially complete. Additionally, Funds II and III have concluded some significant exits in Finechem, Smartcall and Cointel. The value enhancement of the investment portfolio, particularly in Fund III, is a reflection of Brait's specific investment processes and its depth of management. This has been complemented and supported by sound economic and capital market fundamentals, particularly in the southern African market. Investment earnings are by nature volatile and dependent on opportunistic timing and market conditions. Income from the group's private equity investments incorporate investment distributions as well as realised and unrealised gains and losses measured on a fair value basis. A large portion of the income in the current year is attributable to unrealised gains due to the strong mark to market performance of the portfolio. The process for raising a new private equity fund, Brait Fund IV, was initiated during the year. The first closure of this fund is expected to occur in the first quarter of the 2006 financial year and final closure twelve months thereafter. The Private Equity environment in South Africa is buoyant at present and offers significant investment opportunities. Taken together with Brait's investment performance and track record, this should ensure Brait is in a good position to increase its funds under management by the financial year-end. Corporate Finance Operating earnings for the year from Corporate Finance were marginally positive and reflected a similar performance to the prior year. These results were disappointing following the efforts during the year to refocus the business unit and build new relationships to expand the revenue base. Nonetheless, the number of current advisory mandates is encouraging, but for a couple of significant contingency based advisory transactions which were not concluded by year-end, the result could have been much better. The completion of these assignments in the next financial period could provide significant impetus to the segment results. The restructured Corporate Finance business comprises a unique blend of skills across all facets of deal making and has the ability to deliver the best advice, technical skills, access to capital and an offshore network. The division will continue to position itself as a top tier advisory team with a strong franchise in its South African and niche cross-border segments. Specialised Funds Specialised Funds income, which consists of fees earned from the management of third-party capital in the group's hedge funds and investment returns generated from Brait's own seed capital, increased by 34% to US$5,5 million from US$4,1 million the previous year. Operating earnings increased by 33% to US$1,2 million as the business scaled up its infrastructure, giving it the capacity to become the market leading alternative funds manager for South African institutional investors. Assets under management in the group's principal product, the Brait Absolute Fund of Hedge Funds, grew by 165% over the year and this momentum has continued subsequently. During the year the unit continued to focus on building its business risk management capabilities, which will be a major area of differentiation as the industry grows. Investment performance across the funds during 2004 was very satisfactory, with Brait Absolute exceeding the three-year rolling performance objectives, and strong emerging manager performance building the available strategy pipeline. Brait Absolute beat cash by 6,5% and inflation by 10,7%, while correlation and beta to the All Share Index was very low at 0,25 and 0,08 respectively. Group Investments Income from group investing increased to US$15,9 million from US$2,5 million. Operating earnings increased year on year to US$8,4 million from US$2,9 million. Return on average capital employed of US$39,9 million was 21%. Growth in Bayport's micro-lending and financial services operations in Africa continues to improve. During the year the group increased its equity holding in Bayport and has consequently consolidated the investment as it has effective control of the company. Negotiations are currently under way to dispose of the group's minority held South African micro-lending interests held through Capital Alliance Finance. These are expected to be concluded shortly. BLACK ECONOMIC EMPOWERMENT In the interim results announcement, the group reported that it had concluded a sale of 26% of its equity in Brait South Africa to Sitogo Holdings, which comprised a group of emerging entrepreneurial black businessmen and women who have considerable potential to add value to Brait's South African operations. The transaction has been bedded down and some positive progress has been made with the group's new partners. The transaction introduced several new entrepreneurs to the South African black ownership roster and had broad based community support. It was majority financed by the private sector. Brait has decided to retain a minority share of the funding because of its strong investment potential. In addition to its BEE ownership achievement, Brait South Africa has taken significant strides during the year towards meeting its employment equity and skills development goals, and also its black procurement and enterprise development initiatives. Brait has exceeded all its targets in these endeavours for the year. PROSPECTS The restructure of Brait following the bank closure and the renewed focus of the management team have played a large part in the current performance. The group intends to capitalise on this progress and add more intensity to the business in the new financial year. Specific goals in 2006 are to substantially close on Brait Private Equity Fund IV, accelerate third-party assets under management in Specialised Funds and maximise high impact investments. If these are achieved, Brait should continue to build on its improved financial results. DIVIDEND The dividend cover of the group has varied during the recent periods of earnings volatility as a result of the extraordinary distributions from the assets released out of the former banking operations. The board indicated at the interim stage that it may reduce the dividend cover if circumstances were favourable. It has consistently held the view that dividend distributions are an important part of long-term shareowners' wealth creation and an indication of the health of the group. Importantly, regular dividend payments provide a measure of investment assurance and stability. After taking into consideration the financial and cash position of the group, the board proposes a 2,5 times dividend cover for the 2005 financial year calculated on diluted attributable earnings per share. This equates to a dividend of 10,25 US cents per share, which when taken together with the interim dividend amounts to an aggregate dividend of 13,75 US cents for the year ended 31 March 2005. Dividend notice Members will be asked to approve the declaration of the final dividend of 10,25 US cents per share and endorse the payment of the interim dividend of 3,5 US cents per share, paid on 22 November 2004, at the Annual General Meeting of the Company to be held on Wednesday, 27 July 2005 in Luxembourg. The date of the declaration will be advised in due course. For and on behalf of the board ME King AC Ball Chairman Group Chief Executive 26 May 2005 Administration Registered office Brait S.A. 180 rue des Aubepines L-1145, Luxembourg Tel: 09352 269255 2180 Fax: 09352 269255 3642 Brait South Africa Limited 9 Fricker Road Illovo Boulevard, Illovo, Sandton Tel: +27 11 507 1000 Fax: +27 11 507 1001 LEGAL ADVISORS TO THE COMPANY Elvinger, Hoss & Prussen 2, Place Winston Churchill L-2014, Luxembourg Independent Auditors Deloitte & Touche S.A. 560, rue de Neuhof L-2220 Luxembourg LISTING AGENT Dexia Banque Internationale a Luxembourg 69, route d'Esch L-2953, Luxembourg Domiciliary agent and registrar Experta Luxembourg S.A. 180, rue des Aubepines L-1145, Luxembourg Tel: 09352 269255 2180 Fax: 09352 269255 3642 Transfer Agents United Kingdom Capita IRG plc Bourne House 34 Beckenham Road Beckenham Kent, BR3 4TU United Kingdom Tel: 0944 208 639 2000 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 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 Website: http://www.brait.com Directors ME King (Chairman)++*, AC Ball*, JE Bodoni++#, SJP Weber#, RJ Koch++*, AM Rosenzweig++**, CJ Tayelor*, PL Wilmot++* ++Non-executive, *South African, #Luxembourgish, *British, **Dutch Financial information for the year ended 31 March 2005 is also available on the Brait website at www.brait.com Brait S.A., Societe Anonyme, Incorporated in Luxembourg (R C Luxembourg B-13861) This information is provided by RNS The company news service from the London Stock Exchange END FR PKPKNNBKDBPB
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