| GROUP SCORECARD AND PERFORMANCE MEASUREMENT |
| |
|
| Objective |
| To achieve a long-term US dollar return on shareowner's funds of 20%. |
| |
| Measured as follows: |
| • |
Annual ROE – measured by growth in NAV, adjusted by dividends,
over average capital |
| • |
Long-term ROE – IRR on opening and closing NAV plus dividends |
|
| |
| Progress |
Following the restructure and recapitalisation of the group in 2003/
2004, Brait has increased its long-term ROE target to 20% in US dollar
terms (for South African investors this should equate to approximately
25% in rand terms in the current macro-economic environment). This
performance has been measured from 1 April 2004 as any comparison
prior to this date would be misleading because of the changes that
have occurred in the group since then.
Brait has generated an annual return on equity in 2006 of 45,9%
and a cumulative three-year return of 36,2%, which has comfortably
outperformed its long-term target of 20%. |
| |
| |
| Objective |
To double alternative asset funds committed, including specialised
funds, every four years. |
| |
| Progress |
| Brait has a sound base of commitments from which it expects to grow
its funds under management. The raising of Brait Fund IV in the 2006
financial year and the explosive growth of assets under management in
specialised funds have had a major beneficial impact on this deliverable. |
| |
| |
| Objective |
| To grow alternative asset funds invested at 20% per annum. |
| |
| Progress |
| Progress
Brait has to date exceeded its target of invested funds. New
investments by the Brait Absolute Fund of Funds have contributed
significantly to this performance in the 2006 financial year. |
| |
| |
| Page up |
| |
