Brait Plc · JSE:BAT

Brait — 23rd Annual Sun City Investor Conference (March 2022)

16 slides from Brait's conference presentation, Mar 30, 2022

  1. Slide 1: 23rd annual Sun City investor conference

    23rd annual Sun City investor conference Brait PLC (Registered in Mauritius as a Public Limited Company) (Registration No. 183309 GBC) Share code: BAT ISIN: LU0011857645 Bond code: WKN: A2SBSU ISIN: XS2088760157 LEI: 549300VB8GBX4UO7WG59 ("Brait”, the “Company” or “Group”)

  2. Slide 2: Portfolio company overview

    PORTFOLIO COMPANY OVERVIEW Update on operational performance – Strong performance has continued to 31 December 2021 (LTM EBITDA up 23% YoY) driven by volume increases and price inflation – Performance driven by Millbake up 23% in LTM, but strong contributions from all business units – Commissioning

  3. Slide 3: Premier

    PREMIER (wet a, z , eo — oy ¢ =e aa Premier “8

  4. Slide 4: Premier: nine months ended December 2021

    PREMIER Nine months ended 31 December 2021 (YTD FY22) Revenue: EBITDA: EBITDA margin % R10,859m R1,123m 10.3% +15% YoY +31% YoY YTD FY21 % = 9.1% (+11% excluding Mister Sweet1) (+26% excluding Mister Sweet1) EBIT: EBIT margin % The integration of the R706m 6.5% Mister Sweet is complete On track to d

  5. Slide 5: Resilience and Growth – 9 months to Dec 2021

    PREMIER Resilience and Growth – 9 months to Dec 2021 Strong performance for the YTD 31 December (1), despite high commodity prices and the fourth wave of COVID-19 Revenue (1) Adjusted EBITDA (1)(2) EBIT (1) 9.3% 9.1% 10.3% 5.8% 5.7% 6.5% 11,500 1,200 800 10,859 1,123 10,500 750 1,100 9,436 706 9,500

  6. Slide 6: Divisional performance highlights – 9 months to Dec 2021

    PREMIER Divisional performance highlights – 9 months to Dec 2021 Millbake outperformed, successfully passing on inflationary increases in a tough trading environment Revenue (1) Adjusted EBITDA (1)(2) 11.4% 11.8% 13.0% 1,500 9,500 8,870 8,500 7,952 1,300 1,153 7,500 6,812 1,100 R'm R'm 6,500 942 5,5

  7. Slide 7: Long term EBITDA performance

    PREMIER Long term EBITDA performance Period of significant growth defined by: Period of muted growth driven by: Performance rebound driven 1. Substantial investment into Millbake business, with all its coastal 1. Industrial action at Premier’s Cape Town by: bakeries (and eSwatini) upgraded Bakery (N

  8. Slide 8: Virgin Active

    VIRGIN ACTIVE 8

  9. Slide 9: Financial Overview: 3 months ended December 2021

    VIRGIN ACTIVE Financial Overview: 3 months ended 31 December 2021 Current Operating Restrictions: For the 3 months ended December 2021, Virgin Active group achieved revenue of £86.3m, up from £75.1m for the 3 months to September 2021. Total Membership closed the quarter at 807k Club EBITDA(1) for th

  10. Slide 10: Membership and latest performance update

    VIRGIN ACTIVE Total membership (‘000) 1 Active membership (‘000) 2 Latest update on performance Feb-20 = 170 Feb-20 = 165 • Omicron variant had a negative impact on 124 123 sales in city centre clubs at the beginning of 121 119 the year however sales have now recovered to ITALY 120 120 112 117 105 1

  11. Slide 11: Capital raise transaction overview

    VIRGIN ACTIVE Capital raise transaction overview Transaction overview Transaction steps Existing (£20.2m) and new shareholders (Titan and DK Consortium Existing shareholders New shareholders 1 £68.2m) inject capital to acquire shares in Virgin Active International Brait Virgin Titan & DK Existing sh

  12. Slide 12: CEO appointment

    VIRGIN ACTIVE CEO appointment The Board of Virgin Active has concluded a global search for a CEO replacement for the retiring founder Matthew Bucknall Dean Kowarski will take over as the CEO of Virgin Active on 1 March 2022 Dean Kowarski CEO and Founder of Real Foods • Dean Kowarski has a passion fo

  13. Slide 13: Amalgamation of the nutrition assets of Real Foods

    VIRGIN ACTIVE Amalgamation of the nutrition assets of Real Foods • Established in 1994, Kauai is SA’s largest healthy, fast casual • Established in 2013, Nü’s nutritional philosophy brings together restaurant group, with 169 stores across South Africa, Namibia, forward-thinking science & food trends

  14. Slide 14: Transaction rationale

    VIRGIN ACTIVE Transaction rationale – £88.4m of new capital for liquidity purposes and to drive new growth initiatives in the businesses – Emerging into a post COVID world has provided significant opportunities for the businesses to improve membership Use of proceeds engagement, enhance digital and

  15. Slide 15: Transaction impact for Brait

    VIRGIN ACTIVE Transaction impact for Brait Third party validation of Brait’s valuation for Virgin – Virgin Active raising capital at Brait’s most recently reported valuation1 serves to underpin Brait’s valuation Active – Virgin Active made up 45% of Brait’s total assets incorporated in the 30 Septem

  16. Slide 16: BML RCF Liquidity

    Brait BML RCF Liquidity R4,371m facility limit 4,500 Facility limit revised down to R3bn post issuance of BIH Exchangeable Bond 4,000 On a pro forma basis, post the Virgin Active capital raise transaction and receipt of Consol proceeds, c.R900m available liquidity in BML RCF 3,500 R3,000m facility l

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