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Brait Heps up 34%

Johannesburg - Brait [JSE:BAT] has reported a 34% rise in normalised headline earnings per share to R5.79 for the year ended March 2013 from R4.33 a year ago.

Its net asset value per share grew 29% to R26.64‚ which the group attributed to operational performance of its investment portfolio with no change in valuation multiples.

It has proposed a bonus share issue with a cash dividend alternative‚ of 26.64c per share - up 29% on the prior year.

It reported R274m cash inflows from its investment portfolio and raised R1.5bn in capital in August 2012 from the issue of perpetual preference shares.

It has cash and facilities of R2.7bn available for new investments.

Pepkor's sales for the first six months of its 2013 financial year are 22% up on the comparative period. This‚ together with continued focus on operating efficiencies‚ has resulted in its earnings before interest, taxes, depreciation, and amortisation (Ebitda) margin increasing to 12.1% from 10.9%.

This has translated into a 36% and 46% increase in Ebitda and profit after tax‚ respectively‚ for the period.

Premier Foods traded in line with expectations for the first six months of its 2013 financial year. The business managed to largely maintain volumes against an overall market decline for milling and baking‚ which resulted in overall market share increases for Premier Foods.

The first non-milling and baking investment was concluded during May 2013 with the acquisition of confectionary brands Manhattan and Super C‚ together with the related production facilities.

Furthermore‚ Brait increased its shareholding in Premier Foods to 79.9% from 65.8%.

Iceland Foods delivered on its cash generation in the 2013 financial year‚ increasing Ebitda to free cash flow conversion to 73% from 70%.

Despite challenging market conditions‚ the business managed to increase both its sales and market share. The weakening rand further enhanced Brait's carrying value for Iceland Foods.

Looking ahead‚ it said the defensive nature of its portfolio underpinned by strong cash generation‚ significant investment by portfolio companies and growing geographic diversity ensures that the business is well positioned with a strong balance sheet in a challenging macro environment.
 
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