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
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