Trading Statement


 

TIDMBTU 
 
RNS Number : 0685Q 
Brait S.A. 
03 April 2009 
 

Brait S.A. 
Societe Anonyme 
("Brait" or "the Company") 
(Incorporated in Luxembourg) 
Registration number: RC Luxembourg B-13861 
Registered office: 180 rue des Aubepines, L-1145, Luxembourg 
Share code: BAT 
ISIN code: LU0011857645 
 
 
TRADING STATEMENT FOR THE YEAR ENDED 31 MARCH 2009 
 
 
In terms of the Listings Requirements of the JSE Limited, companies are required 
to publish a trading statement as soon as they become aware that the financial 
results for the period to be reported upon next will differ by at least 20% from 
the financial results of the previous corresponding period. 
 
 
For the year ended 31 March 2009, the Brait directors estimate the following 
decreases when compared to the year ended 31 March 2008: 
-    Basic earnings per share by 57% to 62% 
-    Diluted earnings per share by 57% to 62% 
-    Basic headline earnings per share by 37% to 42% 
-    Diluted headline earnings per share by 37% to 42% 
 
 
A high level summary of the estimated results for the group are shown below, 
taking the midpoint within the range provided above, with the "Proforma results" 
showing the prior period results adjusted for the non-recurring Bayport 
realization and discontinued corporate finance business: 
 
 
+--------------+----------------+---------------+----------------+---------------+ 
|              | Unaudited      | Audited       |                |               | 
+--------------+----------------+---------------+----------------+---------------+ 
|              | 12 months      | 12 months     | Proforma       |               | 
+--------------+----------------+---------------+----------------+---------------+ 
|              | 31 March '09   | 31 March '08  | 31 March '08   | % change *    | 
+--------------+----------------+---------------+----------------+---------------+ 
|              | Rm             | Rm            | Rm             |               | 
+--------------+----------------+---------------+----------------+---------------+ 
|              | Estimate       | Actual        | Proforma       |               | 
|              |                |               |                |               | 
+--------------+----------------+---------------+----------------+---------------+ 
| Profit from  | 231            | 302           | 302            | (24%)         | 
| operations   |                |               |                |               | 
|              |                |               |                |               | 
+--------------+----------------+---------------+----------------+---------------+ 
| Attributable | 162            | 393           | 254            | (36%)         | 
| earnings     |                |               |                |               | 
|              |                |               |                |               | 
+--------------+----------------+---------------+----------------+---------------+ 
| Headline     | 162            | 254           | 254            | (36%)         | 
| earnings     |                |               |                |               | 
|              |                |               |                |               | 
+--------------+----------------+---------------+----------------+---------------+ 
*calculated on current results compared to the proforma prior period results. 
Commentary 
The Group has performed below plan for the year to 31 March 2009, posting a 24% 
reduction in profit from operations. Whilst disappointing, this variation from 
planned performance is principally explained by two items, which together 
account for write-downs of approximately R175m. 
 
 
+-----------------------------------------+--------------------------------------------------------------------+ 
|                                     *   |   The Group has significant exposure to Net 1 UEPS. Whilst the     | 
|                                         |   company continues to show strong operational performance, the    | 
|                                         |   share price has fallen from $22.55 at 30 September 2008 to       | 
|                                         |   $15.21 at 31 March 2009.                                         | 
+-----------------------------------------+--------------------------------------------------------------------+ 
|                                         |                                                                    | 
+-----------------------------------------+--------------------------------------------------------------------+ 
|                                     *   | The Group had various exposures to junior resource stocks, as part | 
|                                         | of its investment programme with Pangea. This investment programme | 
|                                         | has served the group well over the years. However, this sector has | 
|                                         | been negatively impacted by global events.                         | 
|                                         |                                                                    | 
+-----------------------------------------+--------------------------------------------------------------------+ 
The private equity portfolio has held up well, given the difficult valuation 
environment. Brait's private equity portfolio companies have, in aggregate, 
shown strong improvement in operational performance, which has provided a sound 
underpin to the valuation of assets at 31 March 2009. 
 
 
The Public Markets business performed materially better than last year, and is 
likely to show earnings of approximately R90m for the year. This result is due 
to an outstanding performance by the Capital Management Team, and particularly 
the investment performance from Brait's Multi Strategy, Matrix Fixed Income and 
Ruby Equity Funds. This more than compensated for the financial impact of the 
redemptions from the Brait Absolute South Africa. Pleasingly, Brait Absolute 
South Africa is again delivering better investment performance. According to the 
latest Alexander Forbes Fund of Hedge Funds Manager Watch Survey, the Brait 
Absolute South Africa was ahead of the median return for the most recent quarter 
as well as over the last 12 months. 
 
 
A higher proportion of Group profits were delivered from our South African 
business than in previous years.  As a result of this, there is a higher tax 
charge and an increased allocation of profits to Brait's BEE partner, which owns 
26% of Brait South Africa Limited. 
 
 
Currency movements have played their part in the Group results, where a weaker 
rand against the USD has resulted in a material appreciation of the Rand value 
of the Group's USD treasury assets. Additionally, as was reported as a 
subsequent event in the interim results to 30 September 2008, a gain of R169.8m 
arose in October 2008 from the unwinding of the Brait hedge of its investment in 
South Africa. This amount has been included in the 31 March 2009 results as a 
net gain of R90.4m after taking into account the premium on the new hedging 
instrument. 
 
 
Management has responded to current market conditions with caution 
andaccordingly, cash resources have been conserved and amounted to R410m as at 
31 March 2009. 
 
 
The financial information on which this trading statement has been based has 
not been reviewed or reported on by the Company`s auditors. 
 
 
The Group will publish its results on or about 25 May 2009 at which time fuller 
comment on the results will be provided. 
 
 
Luxembourg 
03 April 2009 
Sponsor 
Deloitte & Touche Sponsor Services (Pty) Limited. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 TSTFGGGDVZVGLZM
Brait (LSE:BTU)
過去株価チャート
から 12 2024 まで 1 2025