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| FINANCIAL COMMENTARY |
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| Headline earnings |
| As International Financial Reporting Standards ("IFRS") do not
recognise the concept of headline earnings, the following
reconciliation between earnings and headline earnings at 31 March 2006 has been provided for illustrative purposes for South African
users, based on adjustments required by South African Statements of
Generally Accepted Accounting Practice. |
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| Supplementary rand information |
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| 31 March |
31 March |
|
31 March |
31 March |
| 2005 |
2006 |
|
2006 |
2005 |
| ZARm |
ZARm |
|
US$m |
US$m |
| 211,7 |
300,8 |
Attributable earnings |
47,0 |
33,9 |
| – |
(35,2) |
Headline earnings adjustments: |
(5,5) |
– |
| – |
(18,6) |
Profit on disposal of interest in subsidiary |
(2,9) |
– |
| – |
(17,9) |
Profit on sale of non-current assets held for sale |
(2,8) |
– |
| – |
1,3 |
Realisation of translation adjustment |
0,2 |
– |
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|
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|
|
|
|
| 211,7 |
265,6 |
Headline earnings |
41,5 |
33,9 |
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| Segmental analysis of Brait's operations |
A segmental analysis of the group's results have been prepared for the
business and geographical segments of Brait's activities on pages 17
to 34. The geographical segments have been changed this year to a
basis of distinguishing between the actual geographical source of
income rather than distinguishing between the economic environments
which have similar specific risks and regulations.
The nature of the operational income, expenses and capital flows of
the principal business segment activities are as follows: |
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| • |
Private Equity |
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– |
annuity income flows from fixed long-term contracted
management fees; |
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– |
investment income and capital participations from fund
investments and proprietary "private equity' styled transactions; |
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– |
investing income typically includes dividends, interest, investment
gains and capital participations, which are market and specific
investment dependent; |
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– |
the cost structure is predominantly fixed; and |
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– |
significant capital is co-invested in the group's private equity
funds and to a lesser extent on proprietary investments. |
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|
| • |
Corporate Finance |
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– |
recurring advisory income from specialised financial services; |
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– |
lumpy participation fees are derived from the specialised finance
activities; |
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– |
the cost structure is variable; and |
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– |
minimal capital is required. |
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|
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| • |
Specialised Funds |
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– |
annuity income flows from contracted management fees; |
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– |
investment income from seed capital in the group's funds; |
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– |
investing returns typically include dividends, interest and
investment gains, which are market and specific investment
dependent; |
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– |
the cost structure is predominantly fixed; and |
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– |
seed capital is invested in the group's hedge fund products and in
emerging hedge funds. |
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| • |
Group capital |
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– |
recurring income from strategic investments and loans in
subsidiaries, associates and joint ventures; and |
| |
– |
meaningful capital investments. |
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