BRAIT S.A. - TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT
BRAIT S.A.
Incorporated in Luxembourg
R.C. Luxembourg B-13861
Share code: BAT
ISIN: LU0011857645
("Brait " or "the company")
TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT
Shareowners of Brait are advised that Attributable and Headline Earnings Per
Share ("HEPS") for the interim period ended 30 September 2003 are expected to be
substantially less than the comparable earnings prepared on a US dollar
functional currency basis for the prior interim period ended 30 September 2002.
This is due to the impact on earnings of the strength of the Rand against the US
dollar as a consequence of the group"s policy of hedging a large part of its
assets into its reporting currency, the US dollar.
Earnings per share, from continuing operations, after excluding the effects of
currency losses, are expected to be significantly in line with comparable
earnings of the prior period.
The currency losses, net of hedging costs, are offset by a comparable gain on
the US dollar value of the group"s South African assets, which is taken through
the statement of changes in equity and not through the income statement.
Consequently the net asset value of the group in US dollars at 30 September
2003, net of dividends paid, is not expected to decline for the period.
If the Rand does not further strengthen from current levels against the US
dollar, shareowners should not consider the HEPS interim loss as indicative of
the results for the year ending 31 March 2004.
The estimates prepared for this trading statement have not been reviewed nor
reported on by Brait"s auditors. Shareholders are accordingly advised to
exercise caution when dealing in the company"s securities until the publication
of its interim results, which is expected to be in the first week of November
2003.
Luxembourg
1 October 2003
Sponsor:
Deloitte & Touche Sponsor Services (Pty) Ltd
Date: 01/10/2003 04:55:03 PM Produced by the JSE SENS Department
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