RNS Number:0769K
Brait S.A.
16 April 2003



                                   Brait S.A.
                                Societe Anonyme
                          (Incorporated in Luxembourg)
                            (RC Luxembourg B-13861)
                                Share code:  BAT
                            ISIN code:  LU0011857645



                               TRADING STATEMENT






*         Results at 31 March 2003
*         Strategic alignment of the business
*         Brait South Africa Board
*         Executive Equity Participation
*         Special Dividend
*         Conclusion



Results at 31 March 2003

Shareowners are advised that in terms of International Accounting practice,
Brait S.A. has adjusted its measurement currency from the South African Rand to
the US dollar in order to more accurately recognise the substance of the
underlying business of the company.

Brait S.A. will accordingly, prepare and present its group financial statements
for the financial year ended 31 March 2003 using the US dollar as its
measurement currency. To assist users with their understanding of the results,
the group will prepare a full reconciliation between the US dollar and South
African Rand measurement earnings for the year ended 31 March 2003 as well as
group Rand convenience conversion statements.

The application of US dollar measurement financials will have the effect of
significantly reducing the recent earnings volatility of the group caused by
emerging market currency volatility, particularly in respect of Brait's South
African investment. These variations will now be reflected through the foreign
currency translation reserve in the balance sheet. Furthermore, it was reported
in the interim results that Brait would hedge some 50% of its tangible capital
base invested in emerging markets into its measurement currency, namely the US
dollar. All losses arising from this hedge due to the recent strength of the
Rand against the US dollar have been reflected against income, but group NAV
will only be partially affected because of corresponding translation gains
arising from the group's South African assets.


It was also disclosed in the interim report that the Group's attributable
earnings were expected to be significantly lower than last year. The continued
strength of the Rand against the US dollar since the interim, as well as losses
from discontinued operations in the former banking operations and softer
financial performance from it's major business units, will result in a
significant loss in the Group's attributable earnings for the year ended 31
March. This loss is expected to be in line with analysts' Rand measurement HEPS
forecasts for the year.


Strategic alignment of the business

Brait relinquished its banking licence in September 2002 and commenced a process
of rationalisation of all components of the business that were linked with the
bank structure.  This process is complete and the majority of the
discontinuation and rationalisation costs will have been accounted for in the
results for the year ended 31 March 2003 within the previously reported
estimates

While management's attention has focused on unwinding the banking structure, it
has also carefully considered Brait's strategy going forward.   In essence the
company is renewing focus on its core strengths:

*   Private Equity: the successful completion of SAPEF III's investment 
    programme and strategic divestitures will be important priorities in the 
    next 12 months.  This should create the platform for the raising of SAPEF
    IV, which would then be likely to commence capital raising in April 2004.
    Management of the Brait Technology and Innovation Fund ("Braitec") has been
    restructured and the team is now fully focussed on managing Braitec off its
    written-down base.  Brait continues to make private equity investments on 
    its own balance sheet where special opportunities arise which fall outside 
    the mandate of its various funds.

*   Advisory Services: This operation has been restructured into three business 
    operations.
    -  Brait Corporate Finance, includes Brait specialists in mergers and
       acquisitions.
    -  Brait's structuring and deal support group, including its legal and 
       professional team.
    -  Brait's debt businesses will continue to originate, structure and 
       distribute debt products for institutional and corporate clients.

*   Specialised Funds: This operation has achieved its strategic goals of 
    creating a powerful product platform through its successful incubator
    program, and through strategic relationships entered into with managers who 
    have demonstrated a strong investment record. The operation is well placed 
    to accelerate the taking on of third party capital and expand its product 
    platform.


The process of refocusing is substantially complete following the realisation of
Brait's non-core investments in iPac and African Alliance. Additionally,
measures will continue to be taken to simplify the Group's structure and reduce
costs.

The financial strategy will be to maximise distribution of surplus cash until
such time as capital markets improve and attribute a premium rating to capital
successfully employed by companies such as Brait.  Accordingly, a series of
special dividends are to be proposed.

Black economic empowerment remains an important strategic priority.  A number of
initiatives are under review, which will be reported on as and when consummated.


Brait South Africa Limited Board

The Board of Brait South Africa Limited which houses Brait S.A.'s South African
operations, has been reorganised in order to broaden participation and focus
efforts on strategic priorities.  Senior executives, Eduardo Garcia, Walter
Hirzebruch, Bruce MacRobert, Chad Smart and Robin Smith join Antony Ball, Polly
Carr, Neill Davies, John Gnodde, Georgina Mariouklas and Chris Tayelor in the
newly constituted Board.  Paul Botha, a former member of the Board of Brait
South Africa, has relinquished his managerial responsibilities, but will remain
in a professional capacity with Brait.  He has accordingly resigned from the
Board of Brait South Africa Limited. He is thanked for his contribution to the
Board.


Executive equity participation

The Board of Brait S.A. has concluded that executive management participation in
the equity of the Group should, as far as possible, be more closely aligned to
the risk and rewards borne by shareholders. It is therefore proposed that
certain key executives of the Group relinquish their entitlements under the
existing share incentive scheme in favour of a new scheme which has, as a
critical ingredient, an upfront, material financial contribution by all
participants towards their new equity entitlements.

Shareowners will be given the opportunity to consider the nature and terms of
the new scheme in a shareowners meeting to be convened shortly for this purpose.


Special dividend

The board has carefully considered its options regarding the surplus cash held
in the Group following the closure of its South African banking operations and
the recovery of a large part of its capital previously invested in this
business. It has resolved that the interests of the Group will be best served by
reducing its capital base through a special distribution of surplus cash
balances. Sufficient cash will be retained to enable the Group to fulfil
obligations of its hedging strategy until it can be reassessed in September
2003, and for the needs of its ongoing operations.

It is proposed that an initial distribution will be effected at the end of June
2003 and a further distribution made at the end of September 2003. It is
possible that a third distribution may be made once the final tranche of banking
assets has been realised by the end of March 2004.

The quantum of these dividends is significantly dependant on exchange rates,
asset recovery rates and the capital needs of the Group's various investment
programmes.  Based upon management's assumptions of these factors, the aggregate
amount of these dividends is anticipated to be approximately 30 US cents per
share.

As a consequence of these proposed distributions and the anticipated weak
financial results of the Group at 31 March 2003, the board will recommend to the
shareowners at the annual general meeting in July that no final dividend be
declared in respect of the financial year ended 31 March 2003.


Conclusion

The 2003 financial year has been one of reorganisation and restructure following
the closure of the banking structure.  Brait enters its new financial year with
a commitment to focusing on its core strengths, appropriately sized for the
market opportunities, and with its senior executives committed to its future
strategy.



16 April 2003
Illovo




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