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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:6827X Brait S.A. 04 June 2007 Brait Reviewed group results for the year ended 31 March 2007 Key performance measures * Earnings Profit from operations up by 32% to US$67,5 million (ZAR475,4 million, up by 45%) Attributable earnings up by 2% to US$48,1 million (ZAR338,8 million, up by 13%) Headline earnings up by 10% to US$45,7 million (ZAR321,9 million, up by 21%) * Return on US dollar equity 25% (ZAR equity: 41%) * Annual dividend distribution unchanged at 18,24 US cents per share (133,34 SA cents per share, up by 12%) * NAV at 166,5 US cents per share, up by 7% (ZAR1 208,0 cents per share, up by 26%) * Assets under Management (fee earning) up by 28% from US$1,05 billion to US$1,34 billion (up by 50% from ZAR6,46 billion to ZAR9,69 billion) Salient features for the year ended 31 March Supplementary Rand information** Audited* Reviewed Reviewed Audited* 2006 2007 2007 2006 ZARm ZARm US$m US$m Change 326,9 475,4 Profit from operations 67,5 51,1 32,2% 250,2 248,5 Private equity 35,3 39,1 5,8 45,1 Corporate finance 6,4 0,9 8,3 43,7 Specialised funds 6,2 1,3 62,6 138,1 Group investments 19,6 9,8 (15,4) (45,1) Finance costs (6,4) (2,4) 23,9 (21,8) Capital items (3,1) 3,7 335,4 408,5 Profit before taxation 58,0 52,4 10,7% (17,3) (48,6) Taxation (6,9) (2,7) 318,1 359,9 Profit for the year 51,1 49,7 2,8% (17,3) (21,1) Minority interest (3,0) (2,7) 300,8 338,8 Attributable earnings 48,1 47,0 2,3% PERFORMANCE MEASURES Headline earnings per share 291,7 314,1 - Basic (cents) 44,6 45,8 (2,6%) 256,7 301,5 - Diluted (cents) 42,8 40,3 6,2% Attributable earnings per share 331,9 330,4 - Basic (cents) 46,9 51,9 (9,6%) 292,1 317,0 - Diluted (cents) 45,0 45,6 (1,3%) 119,32 133,34 Dividends per share (cents) 18,24 18,24 - 51,51 59,40 - Interim paid 7,85 7,85 67,81 73,94 - Final proposed 10,39 10,39 961,6 1 208,0 Net asset value per share (cents) 166,5 155,7 6,9% 45,4% 41,3% Return on equity 24,7% 45,9% FINANCIAL STATISTICS 2 536,9 3 084,6 Market capitalisation 425,2 410,8 3,5% 101,5 105,6 Shares in issue (m) 105,6 101,5 4,0% Weighted average shares in issue 90,6 102,5 - Basic (m) 102,5 90,6 13,1% 103,0 106,9 - Diluted (m) 106,9 103,0 3,8% 2 500,0 2 920,0 Closing share price (cents per share) 402,5 404,8 (0,6%) ZAR/US Dollar exchange rate 6,1765 7,2550 - closing 0,1378 0,1619 6,3979 7,0435 - average 0,1420 0,1563 *As restated - a schedule of restatements disclosed in the Annual Financial Statements. **The disclosure above is for information purposes and does not form part of the group financial statements. Abridged Group income statements for the year ended 31 March Supplementary Rand information Audited* Reviewed Reviewed Audited* 2006 2007 2007 2006 ZARm ZARm Notes US$m US$m 293,1 517,7 Revenue 73,5 45,8 307,1 276,1 Other income 39,2 48,0 600,2 793,8 Total revenue and other income 112,7 93,8 (272,5) (333,2) Operating expenses (47,3) (42,6) (0,8) 14,8 Income from associates 2,1 (0,1) 326,9 475,4 Profit from operations 3 67,5 51,1 (15,4) (45,1) Finance costs (6,4) (2,4) 23,9 (21,8) Capital items 4 (3,1) 3,7 335,4 408,5 Profit before taxation 58,0 52,4 (17,3) (48,6) Taxation (6,9) (2,7) 318,1 359,9 Profit for the year 51,1 49,7 Attributable to: 17,3 21,1 - minority shareowners 3,0 2,7 300,8 338,8 - equity holders of the parent 48,1 47,0 119,32 133,34 Dividends per share (cents) 18,24 18,24 51,51 59,40 - Interim paid 7,85 7,85 67,81 73,94 - Final proposed 10,39 10,39 Basic attributable earnings per share 331,9 330,4 (cents) 46,9 51,9 292,1 317,0 Diluted earnings per share (cents) 45,0 45,6 *As restated - a schedule of restatements disclosed in the Annual Financial Statements. Abridged group balance sheets as at 31 March Supplementary Rand information Audited* Reviewed Reviewed Audited* 2006 2007 2007 2006 ZARm ZARm Notes US$m US$m ASSETS 945,5 985,2 Non-current assets 135,8 153,1 898,0 933,7 Investments 5 128,7 145,4 47,5 51,5 Other non-current assets 7,1 7,7 962,4 1 336,4 Current assets 184,2 155,8 575,8 571,0 Cash and cash equivalents 6 78,7 93,2 109,9 306,9 Investments 42,3 17,8 234,1 321,4 Loans and advances 44,3 37,9 42,6 137,1 Other 18,9 6,9 1 907,9 2 321,6 Total assets 320,0 308,9 EQUITY AND LIABILITIES 975,8 1 276,1 Equity and reserves 175,9 158,0 612,7 645,8 Non-current liabilities 89,0 99,2 450,3 457,1 Redeemable preference shares 7 63,0 72,9 162,4 188,7 Other non-current liabilities 26,0 26,3 319,4 399,7 Current liabilities 55,1 51,7 79,1 157,4 Loans and advances 21,7 12,8 240,3 242,3 Other 33,4 38,9 1 907,9 2 321,6 Total equity and liabilities 320,0 308,9 Net asset value per ordinary share 961,6 1 208,0 (cents) 166,5 155,7 *As restated - a schedule of restatements disclosed in the Annual Financial Statements. Abridged group cash flow statements for the year ended 31 March Reviewed Audited* 2007 2006 US$m US$m Cash flows from: Operating activities** 29,8 5,7 Dividends received 7,4 1,7 Interest received 3,6 5,5 Finance costs (6,4) (2,4) Currency hedge cost (0,4) (3,5) Taxation paid (2,8) (2,2) Change in working funds (15,1) 6,8 Cash generated from operating activities 16,1 11,6 Cash flows generated from investing activities 4,2 22,0 Cash flows generated from operating and investing activities 20,3 33,6 Dividends paid (23,4) (19,8) Cash flows from financing activities (3,7) 61,7 Net (decrease)/increase in cash and cash equivalents (6,8) 75,5 Effects of exchange rate changes on cash and cash equivalents (7,7) (0,1) Cash and cash equivalents at beginning of year 93,2 17,8 Cash and cash equivalents at end of year 78,7 93,2 *As restated - a schedule of restatements disclosed in the Annual Financial Statements. **Includes Bayport's net interest received. Group statements of changes in equity for the year ended 31 March Attributable to equity holders of the parent Share Foreign capital currency and Legal Equity translation Retained premium reserves reserves reserves reserves US$m US$m US$m US$m US$m Balance at 31 March 2005 66,6 2,6 2,6 (30,1) 72,0 Net translation adjustments - - - 0,7 - Restructuring of subsidiary - - - - (0,3) Sale of interest in subsidiary - - - - - Bonus shares issued 12,3 - - - - Treasury shares (12,3) - - - - Delivered share scheme shares 9,4 - - - - Profit for the year - - - - 47,0 Foreign currency adjustment on capital loan - - 0,2 - - Share entitlements - - 0,7 - - Ordinary dividends paid - - - - (19,8) Transfer from capital to reserves (40,0) - - - 40,0 Balance at 31 March 2006 36,0 2,6 3,5 (29,4) 138,9 Net translation adjustments - - - (6,5) - Restructuring of subsidiary - - - - - Acquisition of subsidiary - - - - - Treasury shares (7,7) - - - - Delivered share scheme shares 6,8 - - - - Profit for the year - - - - 48,1 Foreign currency adjustment on capital loan - - (2,0) - - Share entitlements - - 0,5 - - Ordinary dividends paid - - - - (23,4) Transfer to reserves - 0,1 - - (0,1) Balance at 31 March 2007 35,1 2,7 2,0 (35,9) 163,5 Total equity Minority and interest reserves US$m US$m Balance at 31 March 2005 1,4 115,1 Net translation adjustments 0,8 1,5 Restructuring of subsidiary (0,3) (0,6) Sale of interest in subsidiary 1,8 1,8 Bonus shares issued - 12,3 Treasury shares - (12,3) Delivered share scheme shares - 9,4 Profit for the year 2,7 49,7 Foreign currency adjustment on capital loan - 0,2 Share entitlements - 0,7 Ordinary dividends paid - (19,8) Transfer from capital to reserves - - Balance at 31 March 2006 6,4 158,0 Net translation adjustments (0,9) (7,4) Restructuring of subsidiary (0,4) (0,4) Acquisition of subsidiary 0,4 0,4 Treasury shares - (7,7) Delivered share scheme shares - 6,8 Profit for the year 3,0 51,1 Foreign currency adjustment on capital loan - (2,0) Share entitlements - 0,5 Ordinary dividends paid - (23,4) Transfer to reserves - - Balance at 31 March 2007 8,5 175,9 Group segmental reports for the year ended 31 March Supplementary Rand information Audited* Reviewed Reviewed Audited* 2006 2007 2007 2006 ZARm ZARm US$m US$m BUSINESS ANALYSIS Segment income 293,1 517,7 Revenue 73,5 45,8 70,4 173,3 - Private equity 24,6 11,0 50,5 55,6 - Corporate finance 7,9 7,9 33,3 74,0 - Specialised funds 10,5 5,2 138,9 214,8 - Group investments 30,5 21,7 307,1 276,1 Other income 39,2 48,0 293,7 207,1 - Private equity 29,4 45,9 (0,6) - - Corporate finance - (0,1) 8,3 15,5 - Specialised funds 2,2 1,3 5,7 53,5 - Group investments 7,6 0,9 600,2 793,8 Total segment income 112,7 93,8 326,9 475,4 Segment result 67,5 51,1 250,2 248,5 - Private equity 35,3 39,1 5,8 45,1 - Corporate finance 6,4 0,9 8,3 43,7 - Specialised funds 6,2 1,3 62,6 138,1 - Group investments 19,6 9,8 (15,4) (45,1) Finance costs (6,4) (2,4) 23,9 (21,8) Capital items (3,1) 3,7 335,4 408,5 Profit before taxation 58,0 52,4 1 834,4 2 219,4 Segment assets 305,9 297,0 735,0 1 017,9 - Private equity 140,3 119,0 1,9 69,7 - Corporate finance 9,6 0,3 120,0 166,1 - Specialised funds 22,9 19,7 977,5 965,7 - Group investments 133,1 158,0 73,5 102,2 Other 14,1 11,9 1 907,9 2 321,6 Total assets per balance sheet 320,0 308,9 323,7 411,4 Segment liabilities 56,7 52,5 59,3 82,7 - Private equity 11,4 9,6 16,1 10,2 - Corporate finance 1,4 2,6 6,8 13,8 - Specialised funds 1,9 1,1 241,5 304,7 - Group investments 42,0 39,2 608,4 634,1 Other 87,4 98,4 932,1 1 045,5 Total liabilities per balance sheet 144,1 150,9 1 510,7 1 808,0 Segment net assets 249,2 244,5 675,7 935,2 - Private equity 128,9 109,4 (14,2) 59,5 - Corporate finance 8,2 (2,3) 113,2 152,3 - Specialised funds 21,0 18,6 736,0 661,0 - Group investments 91,1 118,8 (534,9) (531,9) Other (73,3) (86,5) 975,8 1 276,1 Total net assets per balance sheet 175,9 158,0 GEOGRAPHICAL ANALYSIS Segment income 293,1 517,7 Revenue 73,5 45,8 138,9 228,9 - International 32,5 21,7 154,2 288,8 - South Africa 41,0 24,1 307,1 276,1 Other income 39,2 48,0 60,6 102,9 - International 14,6 9,5 246,5 173,2 - South Africa 24,6 38,5 600,2 793,8 Total segment income 112,7 93,8 326,9 475,4 Segment result 67,5 51,1 62,0 143,7 - International 20,4 9,7 264,9 331,7 - South Africa 47,1 41,4 (15,4) (45,1) Finance cost (6,4) (2,4) 23,9 (21,8) Capital items (3,1) 3,7 335,4 408,5 Profit before taxation 58,0 52,4 Segment assets 761,6 906,3 - International 124,9 123,3 1 146,3 1 415,3 - South Africa 195,1 186,6 1 907,9 2 321,6 Total assets per balance sheet 320,0 308,9 *As restated - a schedule of restatements disclosed in the Annual Financial Statements. Notes to the financial statements for the year ended 31 March The results for the year ended 31 March 2007 have been reviewed by the group's auditors, Deloitte & Touche, and their unqualified 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 abridged financial statements are presented in accordance with IAS 34. The accounting policies and methods of computation 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 ZAR7,3 to US$1 (2006: ZAR6,2 to US$1) for the balance sheets and an average rate of ZAR7,0 to US$1 (2006: ZAR6,4 to US$1) for the income statements. Reviewed Audited* 2007 2006 US$m US$m 3. Profit from operations include: Dividends received 6,2 2,3 Interest received 30,5 23,3 Depreciation (0,9) (0,6) Related party transactions - Interest received 0,4 1,0 - Interest paid (0,4) (1,2) - Fees paid (1,5) (0,6) - Key management (includes directors' remuneration) (5,3) (5,0) 4. Capital items comprise: Net currency hedge cost (0,9) (2,2) Fair valuation adjustment of financial liability (6,9) (1,4) Fair valuation adjustment of financial asset 4,4 1,8 Loss on restructuring of subsidiary (0,1) - Profit on disposal of interest in subsidiary - 2,9 Profit on disposal of property, buildings and fittings - 2,8 Profit on disposal of investment 0,4 - Realisation of translation adjustment - (0,2) Total capital items (3,1) 3,7 5. Investments Included in investments, are investments in unlisted associates: - carrying value 1,9 11,6 - directors' valuation 6,8 11,6 6. Cash and cash equivalents Bank balances 23,0 36,8 Short term treasury instruments 55,7 56,4 78,7 93,2 7. Redeemable cumulative preference shares Opening balance 72,9 - Issue of preference shares - 72,9 Effects of exchange rate changes taken to equity (9,9) - Closing balance 63,0 72,9 Brait South Africa Limited raised US$72,9 million (ZAR450 million) of preference share capital during FY06 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 ZAR 0,01 and a premium of ZAR 999,99 per share. These shares carry a dividend of 78% of the South African prime rate of interest and are redeemable in four tranches on 31 July of each year commencing in 2010 until 2013. Brait South Africa Limited has an option to effect early redemption. 8. Related party balances - Liabilities (7,9) (14,5) - Assets 3,8 11,5 9. Contingent liabilities, commitments and subordinated loans 9.1 Contingencies Sureties and guarantees 0,1 0,2 9.2 Commitments Commitments to invest in funds and proprietary investments 60,7 34,9 Other 1,0 1,1 Rental commitments 3,5 5,1 Within one year 0,8 1,1 Between one and five years 2,7 4,0 9.3 Subordinated loans 3,3 5,3 10. Interest-bearing liabilities All liabilities are interest bearing except for US$22,8 million (2006: US$37,8 million) in respect of accounts payable, accruals, provisions and deferred taxation. 11. Headline earnings Attributable earnings 48,1 47,0 Headline earnings adjustment (2,4) (5,5) - Loss/(profit) on restructuring of subsidiary 0,1 (2,9) - Profit on sale of non-current assets held for sale (2,5) (2,8) - Realisation of translation adjustment - 0,2 Headline earnings 45,7 41,5 12. Subsequent events The group is considering a proposal from Bayport's management regarding the acquisition of the group's 41,66% equity holding and loans in Bayport. No further events have taken place since 31 March 2007 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. *As restated - a schedule of restatements disclosed in the Annual Financial Statements. 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$175,9 million at 31 March 2007. Brait's earnings are derived from: * Private equity management fees and investment returns * Specialised funds management fees and investment returns * Corporate and debt advisory services * Group investment returns. Financial results Earnings * Profit from operations - US$67,5 million Profit from operations has increased from US$51,1 million to US$67,5 million for the year. Private Equity remained the largest contributor to this result with significant increases recorded in Corporate Finance, Specialised Funds and Group Investments. * Finance costs - US$6,4 million The increase in finance costs of US$4,0 million is largely attributable to the redeemable preference shares of US$72,9 million (ZAR450 million) issued at the end of the previous financial year. * Capital items - US$3,1 million net loss Capital items comprise: Net currency hedge - US$0,9 million loss Brait has consistently applied its policy of hedging a significant portion of the group's South African tangible assets into US dollars, which is the functional currency of Brait S.A.. The net loss on the hedge is after recognising a profit on the revaluation of the five year call option and currency losses on the unhedged portion of ZAR investments by the group. Fair value adjustment of financial liability - US$6,9 million loss The sale of 26% of Brait South Africa in the 2005 financial year to the group's black economic empowerment partner (Sitogo Holdings (Proprietary) Limited) 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 the financial instrument was a loss of US$6,9 million and substantially equates to the portion of earnings that would have been recognised as being attributable to the minority shareowners had the sale been recognised as such. Fair value adjustment of financial asset - US$4,4 million profit Pursuant to the sale of 26% of Brait South Africa, an equity investment by Brait S.A. in Sitogo Holdings has given rise to a financial instrument, which has been disclosed in terms of IAS 32 and measured in terms of IAS 39. The fair value adjustment of the financial instrument was an unrealised gain of US$4,4 million and equates to the increase in fair value attached to the specific class of shares held. * Taxation - US$6,9 million The taxation charged has increased from US$2,7 million to US$6,9 million and is largely attributable to the raising of a deferred taxation liability in respect of unrealised investment gains in Brait South Africa Limited. Return on equity - 24,7% The US dollar return on average shareowners' funds for the year was 24,7% compared with 45,9% achieved in the previous year. The annual ROE has exceeded the group's long-term target of 20% in US dollars, but is down on last year largely due to the impact of Rand weakness. In Rand terms, the group's ROE is 41%. The group's net asset value in US dollars increased by 26,1% after adding back dividends paid. Segmental review Private Equity Private Equity's earnings for the year have been driven primarily by value recognition in Brait III, further growth in the group's proprietary investing income and management fees earned on Brait IV. The weakening of the Rand has had a negative impact on Rand based investment income. Revenue and other income of US$54,0 million was recognised during the period, slightly down on US$56,9 million in the prior year. Profit from operations decreased from US$39,1 million to US$35,3 million after incurring additional abnormal costs of US$4,0 million associated with the capital raising of Brait IV. Return on capital employed for the year in private equity was 28,2% on average capital employed of US$125,2 million. The group has been well positioned this year to take advantage of the opportunities in the private equity market and South Africa's positive macro-economic and capital markets environment. Brait has improved its proud 16 year investment record and maintains its position as a leading independent private equity fund manager focusing on investments in Southern Africa. Brait III, South Africa's largest private equity fund at the time, promises to complement Brait's earlier successes with Brait I and Brait II with a current gross internal rate of return, in both US Dollars and Rand, exceeding 30%. The final closing of Brait IV in December 2006 with commitments of US$880 million, including a US$200 million debt facility, was another first for Brait, being the largest private equity fund raised in Africa to date. Deal flow has been strong and, given the experience of the management team, Brait is positively encouraged by the potential for Brait IV. Some of the notable investment transactions concluded during the period under review were: * the successful IPO of Kelly Group in early April 2007 on the JSE Securities Exchange; * the refinancing of Brait III's shareholder loans in Pepkor, resulting in a significant cash return for the fund; * a further private placement of 24% of Brait III's Net 1 shares at 6,8 times cost; and * Brait IV's investment in Consol Glass, a US$0,9 billion (ZAR6,6 billion) transaction. Private Equity investment earnings are by nature volatile and influenced by timing and market conditions. They incorporate income distributions as well as realised and unrealised fair value based-uplifts. Brait Private Equity is ideally placed to leverage off the Brait IV investment opportunities and the Brait III value recognition prospects. Specialised Funds Specialised Funds income comprises 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. Revenue and other income increased by 95% to US$12,7 million from US$6,5 million the previous year. Profit from operations increased by 377% to US$6,2 million from US$1,3 million the previous year. Return on capital employed for the year in Specialised Funds was 31,5% based on an average capital employed of US$20,0 million. This year has been an exciting time for active managers in South Africa, with the equity market continuing to offer substantial returns. The continued boom in commodities and the impressive South African growth story in government infrastructure spend and consumer behaviour has attracted an ever increasing foreign involvement in the market, increased IPO and private equity activity and many other opportunities. Over the last five years, Specialised Funds has focused on building performance consistency and infra-structure capability within its business, to offer institutional investors a cash plus product that is complementary to traditional equity exposure. This has been driven by a focus on disciplined application of the investment process and continued enhancement of all business management requirements. The cornerstone of Brait's strategy is managing risk, whether balancing investment opportunity against risk to capital, or in designing checks and balances to mitigate non-investment risks. Assets under management increased by 27% since 31 March 2006 to US$652,1 million, spread across 20 hedge funds, chosen by the multi-management team for their ability to balance risk against investment opportunity. The group has secured an additional ZAR3,4 billion in capacity and plans to add to this during the year as it searches for new sources of alpha. Investment performance during the year was satisfactory, with Brait Absolute SA Fund (Brait Absolute) continuing to outperform its three-year rolling return objective, returning 7,4% above cash and 9,9% ahead of inflation while limiting volatility to 2,9% per annum. We are pleased that Brait Absolute's correlation and beta to the All Share Index remained very low at 0,35 and 0,07 respectively. Corporate Finance Profit from operations increased significantly to US$6,4 million from US$0,9 million in the previous year with the main contributor being Advisory Debt Services. This positive result was achieved by capitalising on Brait's Euro bond advisory services, in particular, targeting suitable listed and unlisted bond and leverage capitalisation opportunities and leveraging off Brait's leadership position in Private Equity and Alternative Funds Management. Group Investments Profit from operations from the group's strategic investments increased by 100% to US$19,6 million from US$9,8 million and delivered a return on capital employed of 17,6% for the year. Bayport maintained its before tax profit growth, increasing it by 21% from US$6,4 million to US$7,7 million. Bayport has grown its advances book from US$33,8 million to US$45,3 million and continues to expand its micro-lending and financial services operations in sub-Saharan Africa. The group has received a proposal from Bayport's management regarding the acquisition of the group's interest in Bayport which is being considered at present. The group's South African micro-lending interest held through Capital Alliance Finance was realised during the financial year resulting in a net profit to the group of US$2,1 million. Income from treasury operations has contributed significantly to group investments income. The treasury funds include the portion of the proceeds of the preference share capital raised in the group which have been placed with the Brait Absolute Fund. During the previous financial year the group established, as a joint venture, an independent mezzanine fund management business. At 31 March 2007, the fund had concluded investments of US$9,6 million with undrawn committed capital of US$50,8 million. PROSPECTS 2007 has been an important year in the development of Brait following significant commitments of new capital secured for Brait's Private Equity operations and its Specialised Funds business. This capital has materially raised the group's annuity earnings platform and its potential for substantial medium to long-term investment income growth. Both these business units have entrenched their leading market positions in South Africa. Elsewhere in the group, several new organic business initiatives have been initiated which are also expected to increase Brait's sustainable growth in alternative asset management. Macro-economic fundamentals in South Africa as well as the outlook for investment markets are positive. It should be recognised, though, that Brait's earnings are dependent on specific investment performance and the irregular occurrence of transactions which may cause lumpy revenue recognition, over the short term. As long as positive fundamental market characteristics continue, the prospects for delivering on ROE and earnings growth targets in Brait remain encouraging over the long term. Additionally it should be noted that Brait is in a phase of expanding its investment base and these investments are of a long term nature. Accordingly, expectations of significant year-on-year increases in the short term should be moderated. 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. Accordingly, it has resolved to make regular dividend payments. After taking into consideration the present financial and cash position of the group, the board proposes to pay a final dividend of 10,39 US cents per share. When added to the interim dividend of 7,85 US cents per share, this equates to an annual dividend of 18,24 US cents per share (2006: 18,24 US cents per share). Shareowners registered on the South African register are advised that the final dividend is 73,94 ZAR cents per share, and has been determined using the Rand/US Dollar exchange rate in Luxembourg at 12h00 on 29 May 2007. Dividend notice Members will be asked to approve the following dividend declarations at the annual general meeting of the company to be held on Wednesday, 25 July 2007 in Luxembourg. * The declaration of the final dividend of 10,39 US cents per share in respect of the year ended 31 March 2007 and endorse the payment of the interim dividend of 7,85 US cents per share, paid on 27 November 2006; and * For South African resident shareholders registered on the South African register, the declaration of the final dividend of 73,94 ZAR cents per share in respect of the year ended 31 March 2007 and endorse the payment of the interim dividend of 59,40 ZAR cents per share, paid on 27 November 2006. If approved by the shareowners, payment of the final dividend will be effected on Monday, 13 August 2007 to shareowners registered as such on the record date, Friday, 10 August 2007. The last day to trade "cum dividend" will be Thursday, 2 August 2007 and the share will commence trading "ex dividend" on Friday, 3 August 2007. Share certificates may not be dematerialised between Friday, 3 August 2007 and Friday, 10 August 2007 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 29 May 2007 Administration Registered office Brait S.A. 180, rue des Aubepines L-1145, Luxembourg Tel: +352 269255 3297 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: +44 208 639 2157 Fax: +44 208 639 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 Tel: +352 446 6400 Fax: +352 44 2255 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 3297 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++#, AD Campbell*, 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 year ended 31 March 2007 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 FR OKNKDPBKDPAK
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