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| SENIOR
CHAIRMAN'S STATEMENT |
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| Group results |
At the announcement of the interim results, I
reported that the outlook for the second half of the year was
encouraging. More specifically I informed shareowners that the
prospects for raising Brait's new Private Equity Fund, Brait
IV, were good and that Specialised Funds stood to benefit from
new capital inflows. Furthermore, the group's earnings in the
second half should, subject to market forces, meet or exceed
those reported in the first half of the year.
It pleases me to report that my predictions have been realised.
The group's financial performance continued to improve in the
second half as a result of a strong performance in Private Equity
and increased specialised funds income, group investment returns
and specialised debt advisory service fees.
The financial results of the year ended 31 March 2006 show attributable
earnings growth of 38,6% to US$47 million (ZAR300,8 million),
return on equity increased from 32% to 45,9% and growth in fee
earning funds under management, from US$508 million to US$1
046 million. |
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| Profit from operations |
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Operationally Brait was voted the best African
Private Equity manager by Private Equity International in 2005.
Investor support for Brait's new Private Equity Fund, Brait
IV, has been strong. The projection is that this fund will close,
by December 2006, as Brait's largest fund ever. The debt advisory
offering continues to show that it is one of the innovators
in funding structures for South African corporations and is
able to conclude large transactions through its international
relationships. The future growth of Specialised Funds within
the Brait group is most encouraging, particularly as it has
continued to exceed its initial targets, and deliver expected
performance.
Bayport continued to expand its micro-lending and financial
service operations in Africa. Several strategic partners acquired
a portion of the Bayport equity which has resulted in Brait's
economic interest reducing to 41,66%. |
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