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Brait S.A. - Unaudited interim group results for the six months ended 30
September 2005
Brait S.A.
JSE AND LSE ISSUER NAME AND CODE
Issuer long name - Brait S.A.
Issuer code - BRAIT
Instrument alpha code/
Ticker symbol - BAT
ISIN - LU0011857645
UNAUDITED INTERIM GROUP RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2005
Brait S.A., Societe Anonyme, Incorporated in Luxembourg (R C Luxembourg B-13861)
www.brait.com
Financial
Highlights
* Earnings growth continues
Profits from operations increased by 94% from US$12,0 million to US$23,3
million
Diluted headline earnings increased 149% from US$8,1 million (8,5 US cents
per share) to US$20,2 million (19,6 US cents per share)
* Return on equity 37% (annualised)
* Interim dividend increased from 3,5 US cents per share to 7,85 US cents per
share
* NAV increased by 20% since 31 March 2005 (after adding back dividends paid)
* Strong balance sheet - US$16 million cash on hand
Salient features
for the six months ended 30 September
Supplementary Rand information (Note 1)
Audited Unaudited Unaudited
year ended six months six months
31 March 30 Sept 30 Sept
2005 2004 2005
ZAR"m ZAR"m ZAR"m
302,8 77,8 150,6 Profit from operations
242,4 68,6 98,8 Private equity
0,7 (5,2) 5,8 Corporate finance
7,3 (3,9) 1,9 Specialised funds
52,4 18,3 44,1 Group investments
(15,7) (6,5) (9,7) Finance cost
(69,7) (14,4) 1,3 Capital items
217,4 56,9 142,2 Profit before taxation
(3,1) (2,9) (5,8) Taxation
214,3 54,0 136,4 Profit after taxation
(2,6) (1,1) (5,8) Minority interest
211,7 52,9 130,6 Attributable earnings
PERFORMANCE
Attributable and headline
earnings per share
237,1 59,1 144,6 - Basic (cents)
216,7 55,3 126,9 - Diluted (cents)
Dividends per share
21,47 21,47 Note 2 - Interim proposed (cents)
68,42 - Final paid (cents)
804,1 684,2 907,2 Net asset value per share
(cents)
FINANCIAL STATISTICS
Market capitalisation
1 196,4 771,3 2 033,2 - 30 September (ZAR"m)
- 30 September (US$"m)
102,3 102,3 110,5 Shares in issue (m)
Weighted average shares in
issue
89,3 89,5 90,3 - Basic (m)
97,7 95,7 102,9 - Diluted (m)
Closing share price
1 170 754 1 840 - 30 September (ZAR cents)
- 30 September (US cents)
ZAR/US Dollar exchange rates
6,2395 6,4534 6,3700 - closing
6,2503 6,4747 6,4587 - average
Supplementary Rand information (Note 1)
Unaudited Unaudited Audited
six months six months year ended
30 Sept 30 Sept 31 March
2005 2004 2005
US$"m US$"m US$"m
Profit from operations 23,3 12,0 48,5
Private equity 15,3 10,6 38,8
Corporate finance 0,9 (0,8) 0,1
Specialised funds 0,3 (0,6) 1,2
Group investments 6,8 2,8 8,4
Finance cost (1,5) (1,0) (2,5)
Capital items 0,2 (2,2) (11,2)
Profit before taxation 22,0 8,8 34,8
Taxation (0,9) (0,5) (0,5)
Profit after taxation 21,1 8,3 34,3
Minority interest (0,9) (0,2) (0,4)
Attributable earnings 20,2 8,1 33,9
PERFORMANCE
Attributable and headline
earnings per share
- Basic (cents) 22,4 9,1 38,0
- Diluted (cents) 19,6 8,5 34,7
Dividends per share
- Interim proposed (cents) 7,85 3,5 3,5
- Final paid (cents) 10,25
Net asset value per share 142,4 106,0 128,9
(cents)
FINANCIAL STATISTICS
Market capitalisation
- 30 September (ZAR"m)
- 30 September (US$"m) 319,2 119,5 191,7
Shares in issue (m) 110,5 102,3 102,3
Weighted average shares in
issue
- Basic (m) 90,3 89,5 89,3
- Diluted (m) 102,9 95,7 97,7
Closing share price
- 30 September (ZAR cents)
- 30 September (US cents) 288,9 116,8 187,5
ZAR/US Dollar exchange rates
- closing 0,1570 0,1550 0,1603
- average 0,1548 0,1544 0,1600
Note 1: The disclosure above is for information purposes and does not
form part of the group financial statements.
Note 2: The dividend has been declared after 30 September 2005. The Rand
dividend will be determined by the Rand/US$ exchange rate in
Luxembourg at 12:00 on Thursday, 3 November 2005.
Group income statements
for the six months ended 30 September
Supplementary Rand information
Audited Unaudited Unaudited
year ended six months six months
31 March 30 Sept 30 Sept
2005 2004 2005
ZAR"m ZAR"m ZAR"m
281,2 111,9 119,5 Revenue
204,9 53,1 130,5 Other income
(193,3) (87,2) (104,6) Operating expenses
10,0 - 5,2 Income from associates
302,8 77,8 150,6 Profit from operations
(15,7) (6,5) (9,7) Finance costs
(69,7) (14,4) 1,3 Capital items
217,4 56,9 142,2 Profit before taxation
(3,1) (2,9) (5,8) Taxation
214,3 54,0 136,4 Profit after taxation
(2,6) (1,1) (5,8) Minority interest
211,7 52,9 130,6 Attributable earnings
Supplementary Rand information
Unaudited Unaudited Audited
six months six months year ended
30 Sept 30 Sept 31 March
2005 2004 2005
US$"m US$"m US$"m
Revenue 18,5 17,3 45,0
Other income 20,2 8,2 32,8
Operating expenses (16,2) (13,5) (30,9)
Income from associates 0,8 - 1,6
Profit from operations 23,3 12,0 48,5
Finance costs (1,5) (1,0) (2,5)
Capital items 0,2 (2,2) (11,2)
Profit before taxation 22,0 8,8 34,8
Taxation (0,9) (0,5) (0,5)
Profit after taxation 21,1 8,3 34,3
Minority interest (0,9) (0,2) (0,4)
Attributable earnings 20,2 8,1 33,9
Group balance sheets
as at 30 September
Supplementary Rand information
Audited Unaudited Unaudited
31 March 30 Sept 30 Sept
2005 2004 2005
ZAR"m ZAR"m ZAR"m
ASSETS
741,9 515,0 870,8 Non-current assets
695,7 492,4 817,9 Investments
46,2 22,6 52,9 Other non-current assets
346,9 382,1 332,4 Current assets
111,1 164,6 101,9 Cash and cash equivalents
235,8 217,5 230,5 Other current assets
51,1 49,0 51,0 Non-current assets held for
sale
1 139,9 946,1 1 254,2 Total assets
EQUITY AND LIABILITIES
718,1 612,4 819,2 Shareowners" funds
Liabilities
180,3 111,8 166,3 Non-current liabilities
241,5 221,9 268,7 Current liabilities
159,1 138,7 187,2 Other current liabilities
82,4 83,2 81,5 Liabilities directly associated
with non-current assets held
for sale
1 139,9 946,1 1 254,2 Total equity and liabilities
804,1 684,2 907,2 Net asset value per ordinary
share (cents)
Supplementary Rand information
Unaudited Unaudited Audited
30 Sept 30 Sept 31 March
2005 2004 2005
US$"m US$"m US$"m
ASSETS
Non-current assets 136,7 79,8 118,9
Investments 128,4 76,3 111,5
Other non-current assets 8,3 3,5 7,4
Current assets 52,2 59,2 55,6
Cash and cash equivalents 16,0 25,5 17,8
Other current assets 36,2 33,7 37,8
Non-current assets held for 8,0 7,6 8,2
sale
Total assets 196,9 146,6 182,7
EQUITY AND LIABILITIES
Shareowners" funds 128,6 94,9 115,1
Liabilities
Non-current liabilities 26,1 17,3 28,9
Current liabilities 42,2 34,4 38,7
Other current liabilities 29,4 21,5 25,5
Liabilities directly 12,8 12,9 13,2
associated with non-current
assets held for sale
Total equity and liabilities 196,9 146,6 182,7
Net asset value per ordinary 142,4 106,0 128,9
share (cents)
Group statements of changes in equity
for the six months ended 30 September
Unaudited Unaudited Audited
six months six months year ended
30 Sept 30 Sept 31 March
2005 2004 2005
US$"m US$"m US$"m
Balance at beginning of 115,1 88,8 88,8
period
Net translation adjustment (1,0) (0,5) 0,5
Attributable earnings 20,2 8,1 33,9
Share entitlement expenses 0,4 0,4 0,4
Foreign currency adjustment (0,6) - (0,3)
on capital loan
Dividends (9,1) (3,1) (6,3)
Treasury shares - delivered 2,2 - -
entitlements
- entitlements repurchased - - (3,3)
Ordinary shareowners" 127,2 93,7 113,7
interest
Minority arising from 0,5 1,0 1,0
acquisition of subsidiary
Minority share of retained 0,9 0,2 0,4
income
Balance at end of period 128,6 94,9 115,1
Summarised group cash flow statement
for the six months ended 30 September
Unaudited Unaudited Audited
six months six months year ended
30 Sept 30 Sept 31 March
2005 2004 2005
US$"m US$"m US$"m
Cash flows from:
Operating activities 7,9 6,2 19,8
Finance costs (1,5) (1,0) (2,5)
Capital items 0,2 (1,0) (4,1)
Change in working funds (6,5) (3,4) (6,2)
Cash generated from operating 0,1 0,8 7,0
activities
Cash inflows/(outflows) from 7,6 (4,6) (17,1)
investing activities
Cash flows from operating and 7,7 (3,8) (10,1)
investing activities
Dividends paid (9,1) (3,1) (6,3)
Cash (outflows)/inflows from (0,4) 17,5 19,2
financing activities
(Decrease)/increase in cash (1,8) 10,6 2,8
and cash equivalents
Effects of exchange rate - (0,1) -
changes on cash and cash
equivalents
Cash and cash equivalents at 17,8 15,0 15,0
beginning of period
Cash and cash equivalents at 16,0 25,5 17,8
end of period
Group segmental reports
for the six months ended 30 September
Supplementary Rand information
Audited Unaudited Unaudited
year ended six months six months
31 March 30 Sept 30 Sept
2005 2004 2005
ZAR"m ZAR"m ZAR"m
BUSINESS ANALYSIS
Segment income
281,2 111,9 119,5 Revenue
142,5 64,1 32,3 - Private equity
25,6 8,4 22,6 - Corporate finance
15,0 2,6 4,5 - Specialised funds
98,1 36,8 60,1 - Group investments
204,9 53,1 130,5 Other income
186,1 47,9 115,6 - Private equity
(1,9) (0,6) - - Corporate finance
19,4 6,5 12,3 - Specialised funds
1,3 (0,7) 2,6 - Group investments
486,1 165,0 250,0 Total segment income
302,8 77,8 150,6 Segment result
242,4 68,6 98,8 - Private equity
0,7 (5,2) 5,8 - Corporate finance
7,3 (3,9) 1,9 - Specialised funds
52,4 18,3 44,1 - Group investments
(15,7) (6,5) (9,7) Finance cost
(69,7) (14,4) 1,3 Capital items
217,4 56,9 142,2 Profit before taxation
1 110,0 881,6 1 203,9 Segment assets
540,8 411,1 598,8 - Private equity
9,6 8,4 8,3 - Corporate finance
129,6 113,6 143,3 - Specialised funds
430,0 348,5 453,5 - Group investments
29,9 64,5 50,3 Other
1 139,9 946,1 1 254,2 Total assets per balance
sheet
167,6 144,0 202,5 Segment liabilities
28,0 27,1 24,8 - Private equity
11,7 3,2 1,9 - Corporate finance
1,2 1,3 2,5 - Specialised funds
126,7 112,4 173,3 - Group investments
254,2 189,7 232,5 Other
421,8 333,7 435,0 Total liabilities per
balance sheet
942,4 737,6 1 001,4 Segment net assets
512,8 384,0 574,0 - Private equity
(2,1) 5,2 6,4 - Corporate finance
128,4 112,3 140,8 - Specialised funds
303,3 236,1 280,2 - Group investments
(224,3) (125,2) (182,2) Other
718,1 612,4 819,2 Total net assets per balance
sheet
Supplementary Rand information
Unaudited Unaudited Audited
six months six months year ended
30 Sept 30 Sept 31 March
2005 2004 2005
US$"m US$"m US$"m
BUSINESS ANALYSIS
Segment income
Revenue 18,5 17,3 45,0
- Private equity 5,0 9,9 22,8
- Corporate finance 3,5 1,3 4,1
- Specialised funds 0,7 0,4 2,4
- Group investments 9,3 5,7 15,7
Other income 20,2 8,2 32,8
- Private equity 17,9 7,4 29,8
- Corporate finance - (0,1) (0,3)
- Specialised funds 1,9 1,0 3,1
- Group investments 0,4 (0,1) 0,2
Total segment income 38,7 25,5 77,8
Segment result 23,3 12,0 48,5
- Private equity 15,3 10,6 38,8
- Corporate finance 0,9 (0,8) 0,1
- Specialised funds 0,3 (0,6) 1,2
- Group investments 6,8 2,8 8,4
Finance cost (1,5) (1,0) (2,5)
Capital items 0,2 (2,2) (11,2)
Profit before taxation 22,0 8,8 34,8
Segment assets 189,0 136,6 177,9
- Private equity 94,0 63,7 86,7
- Corporate finance 1,3 1,3 1,5
- Specialised funds 22,5 17,6 20,8
- Group investments 71,2 54,0 68,9
Other 7,9 10,0 4,8
Total assets per balance 196,9 146,6 182,7
sheet
Segment liabilities 31,8 22,3 26,9
- Private equity 3,9 4,2 4,5
- Corporate finance 0,3 0,5 1,9
- Specialised funds 0,4 0,2 0,2
- Group investments 27,2 17,4 20,3
Other 36,5 29,4 40,7
Total liabilities per 68,3 51,7 67,6
balance sheet
Segment net assets 157,2 114,3 151,0
- Private equity 90,1 59,5 82,2
- Corporate finance 1,0 0,8 (0,4)
- Specialised funds 22,1 17,4 20,6
- Group investments 44,0 36,6 48,6
Other (28,6) (19,4) (35,9)
Total net assets per balance 128,6 94,9 115,1
sheet
Notes to the financial statements
for the six months ended 30 September
1. Basis for preparation
The financial statements of the group are prepared in accordance with
International Financial Reporting Standards (IFRS). The accounting
policies are consistent with those applied in the previous year.
2. Supplementary Rand information
The balance sheet and income statements of the group have also been
presented in Rands for the convenience of South African stakeholders
in the group. The supplementary Rand results have been converted from
the US$ measurement results using a closing rate of R6,37 to US$1
(2004: R6,4534 to US$1) for the balance sheet and an average rate of
R6,4587 to US$1 (2004: R6,4747 to US$1) for the income statement.
3. Non-current assets held for sale
As at 30 September 2005, the group has entered into a transaction for
the disposal of its Johannesburg property and buildings, including
fittings, situated at 9 Fricker Road, Illovo.
In terms of the group"s accounting policies, a sale is only recognised
when it becomes unconditional.
The transaction became unconditional after the period end resulting in
a gain of US$2,3 million (ZAR20,8 million) which will be recognised in
the second half results.
Unaudited Unaudited Audited
six months six months year ended
30 Sept 30 Sept 31 March
2005 2004 2005
US$"m US$"m US$"m
4. The following items are
included in profit from
operations:
Dividends received 0,6 0,7 11,3
Interest received 9,8 5,6 16,2
Depreciation (0,3) (0,2) (0,4)
Related party transactions
- Interest received 0,4 0,5 1,9
5. The following items are
capital items:
Currency hedge cost (0,5) (2,2) (4,1)
BEE transaction - fair 0,7 - (7,1)
valuation adjustment of
financial liability
(Had the transaction been
recorded as a sale
transaction, the cumulative
minority share of equity
would have been US$4,3
million as at 30 September
2005 (31 March 2005: US$7,0
million))
6. Investment in associates
- Unlisted
- carrying value 8,7 5,3 8,6
- directors" valuation 8,7 5,3 8,6
7. Commitments, guarantees
and contingent liabilities
- Commitments 17,0 15,3 20,4
- Sureties and guarantees 8,4 9,8 7,0
- Contingent liabilities - 2,0 1,5
The group has no capital
expenditure commitments,
either authorised or
contracted
8. Related party balances
- Liabilities (13,1) (14,4) (14,4)
- Assets 19,0 18,6 17,7
9. Interest-bearing liabilities
All liabilities are interest bearing save US$23,5 million (2004:
US$23,9 million) in respect of accounts payable, accruals, provisions
and deferred taxation.
10. Corporate governance
The group subscribes to and complies with the principles embodied in
appropriate international corporate governance codes including those
contained in the King Report II on Corporate Governance in South
Africa.
11. Headline earnings
As IFRS does not recognise the concept of headline earnings, Brait had
historically prepared a reconciliation between attributable earnings
and headline earnings for illustrative purposes for South African
users, based on adjustments required by South African Statements of
Generally Accepted Accounting Practice. There were no adjustments for
the current or prior periods.
12. Subsequent events
Apart from the sale of the building, no other events have taken place
since 30 September 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, specialised funds and strategic investments.
It is listed on the Luxembourg, London and Johannesburg stock exchanges, with
shareowners" funds of US$128,6 million at 30 September 2005.
Brait"s earnings are derived from:
* Private equity management fees and investment returns
* Alternative funds management fees and investment returns
* Corporate and debt advisory services fees
* Group investment returns
FINANCIAL RESULTS
Earnings
* Profit from operations - US$23,3 million
Profit from operations has increased from US$12,0 million to US$23,3 million for
the period. Earnings improved in all business segments with the major
contributions coming from the group"s Private Equity operations and Group
Investments.
* Profit on capital items - US$0,2 million
Brait has consistently applied its policy of hedging the group"s South African
tangible assets into US Dollars, which is the functional currency of Brait S.A..
The cost of the hedge recognised against income for the period was US$0,5
million.
The sale of 26% of Brait South Africa Limited during the previous financial 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 gain of this financial instrument for the period was US$0,7 million.
Return on equity - 37,1%
The US Dollar annualised return on average shareowners" funds was 37,1%,
substantially exceeding the 20,0% achieved in the comparative period. The
group"s net asset value increased by 19,6% since 31 March 2005 after adding back
dividends paid.
Cash inflow from operating and investing activities - US$7,7 million
Operational cash improved by US$11,5 million over the prior period, mainly as a
result of investment returns and realisations net of the additional working
capital deployed in Bayport. At 30 September 2005 the balance sheet remained
sound with approximately 12,4% (US$16,0 million) of shareowners" capital held in
cash and cash equivalents.
SEGMENTAL REVIEW
Private Equity
A strong financial performance in Private Equity for the half year has seen
earnings from operations increase by 44% from US$10,6 million to US$15,3 million
over the prior period. This has been driven primarily by investing income from
Brait III and from Brait"s on-balance sheet proprietary investing programme. The
annualised return on capital utilised by Private Equity for the period was 34%.
Sound economic and capital market fundamentals in South Africa during the
period, coupled with Brait"s value added investment processes, have continued to
enhance the value of the group"s funds under management. Private equity
investment earnings and cash flows are by nature volatile. While there were some
realisations during the period, a significant portion of the earnings are
unrealised as Brait believes that there is still considerable value to be
derived from further value enhancement in its investment portfolio.
Fundraising for Brait"s new private equity fund, Brait IV, is proceeding well
and initial commitments and expectations are ahead of plan.
Corporate Finance
Operational earnings from Corporate Finance were US$0,9 million against a loss
of US$0,8 million in the prior period. This was achieved on the back of a 169%
increase in revenue. A highlight of the period was the structuring and
implementation of the first Euro High Yield Bond concluded for a South African
company. The number of the current advisory mandates is encouraging.
Specialised Funds
Specialised Funds income for the six-month period, 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 86% to
US$2,6 million (US$1,4 million for September 2004). Operating earnings for the
six months increased from a loss of US$0,6 million in September 2004 to a profit
of US$0,3 million.
Assets under management in the Brait"s Funds of Hedge Funds continued to grow
materially, increasing by 245% to US$180 million since 31 March 2005. During the
period, the division 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 the six-month period was very
satisfactory, with Brait Absolute exceeding its three-year rolling performance
objectives. Brait Absolute beat cash by 7,7% and inflation by 11,9%.
Group Investments
Income from group investing increased by 73% to US$9,7 million from US$5,6
million. Operating earnings increased by 143% to US$6,8 million from US$2,8
million and return on capital employed was 31%.
The single largest contribution was from Brait"s strategic investment in
Bayport, which continues to grow its micro-lending and financial services
operations in Africa.
Previous negotiations to dispose of the group"s minority interest in its African
micro-lending business have been terminated. The business is profitable and
generating cash.
PROSPECTS
The outlook for the second half of the year is encouraging. The prospects for
raising further new funds in Private Equity are good and Specialised Funds
stands to benefit from its new capital inflow. There is also opportunity to
create further value from Brait"s investing activities.
Provided that there are no market or other events outside the group"s control,
Brait"s earnings in the second half should meet or exceed those reported in the
first half of the year.
DIVIDEND
The board holds the view that dividend distributions are an important part of
long-term shareowners" wealth creation and an indication of the health of the
group. Accordingly, it has resolved to make regular dividend payments.
After taking into consideration the present financial and cash position of the
group, the board proposes to pay a dividend of 7,85 US cents per share which
equates to a cover of 2,5 times on diluted attributable earnings per share.
The interim dividend will be payable to shareowners on Monday, 21 November 2005.
The record date for the dividend is the close of business on Friday, 18 November
2005. The last date to trade "cum dividend" will be Friday, 11 November 2005 and
the shares will commence trading "ex dividend" on Monday, 14 November 2005.
Share certificates may not be dematerialised or rematerialised between Monday,
14 November 2005 and Friday, 18 November 2005, both days inclusive. Shareowners
on the South African register will receive the rand equivalent based on the
currency conversion rate in Luxembourg at 12:00 on Thursday, 3 November 2005.
ME King JJ Coulter
Senior Chairman Group Chief Executive
3 November 2005
Administration
Registered office
Brait S.A.
180 rue des Aubepines
L-1145, Luxembourg
Tel: +352 269255 2180
Fax: +352 269255 3642
Brait South Africa Limited
9 Fricker Road
Illovo Boulevard, Illovo, Sandton,
South Africa
Tel: +27 11 507 1000
Fax: +27 11 507 1001
Listing agent
Dexia Banque Internationale
a Luxembourg
69, route d"Esch
L-2953, Luxembourg
Tel: +352 45901
Fax: +352 45902010
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
DOMICILIARY AGENT AND REGISTRAR
Luxembourg
Experta Luxembourg S.A.
180, rue des Aubepines
L-1145, Luxembourg
Tel: +352 269255 2180
Fax: +352 269255 3642
TRANSFER AGENTS
United Kingdom
Capita IRG plc
Bourne House
34 Beckenham Road
Beckenham
Kent, BR3 4TU
United Kingdom
Tel: +44 208 639 2157
Fax: +44 208 639 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
Directors
ME King (Senior Chairman)
*, AC Ball*, PAB Beecroft
, JE Bodoni
#, BI Childs, JJ
Coulter +, JA Gnodde*, RJ Koch
, AM Rosenzweig
**, CJ Tayelor*, HRW Troskie
**,
SJP Weber#, PL Wilmot
*
Non-executive, *South African, #Luxembourgish, British, **Dutch, +Irish
Financial information for the six months ended 30 September 2005 is also
available on the Brait website at www.brait.com
Date: 03/11/2005 09:00:45 AM Produced by the JSE SENS Department
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