Investment holding company Brait [JSE:BAT] said in a trading statement issued on Monday that its reported net asset value (NAV) per share as at September 30 2015 is anticipated to be in the range of €7.81 (R120.90) and €8.05 (R124.68).
In percentage terms, this increase in reported NAV per share represents an increase in the range in rand terms by 248% to 259% for the 12 months ended September 30 2015. In euro terms the increase in range is 220% to 230% for the period. For the six months ended September 30 2015, it represents an increase in the range of 32% to 36% in euro terms and in rand by 57% to 62%.
It is primarily due to the disposal of Brait’s investment in Pepkor during March 2015 and the strong operational performance from both Premier as well as Brait’s recently acquired investments in New Look and Virgin Active.
Billionaire businessman Christo Wiese is the biggest shareholder in Brait.
Brait announced in May this year that it would acquire almost all of budget retailer New Look for $1.2bn. This has given the company a strong presence in the UK’s fashion retail market. New Look has 600 stores in the UK and Ireland and trades from a further 200 across Europe, North Africa, the Middle East and Asia including China.
Brait’s British pound denominated investments in New Look, Virgin Active and Iceland Foods also made a positive impact due to the strengthening of the pound against the company’s euro and rand presentation currencies, when translating these at September 30 2015.
The company said the financial information on which its trading statement is based has not been reviewed and reported on by its external auditors. The interim financial results up to September 30 2015 are expected to be released on or about November 17 2015.
In September this year Brait said it is to raise £350m via a convertible bond to fund acquisitions.
By late morning trade on Monday, Brait’s share price was down 1.12% to R155.01.