NET ASSET VALUE
COMPOSITION OF NET ASSET VALUE (R MILLION)| 30 June 2007 | 30 June 2006 | |||
| Book value | Valuations | Book value | Valuations | |
| Listed (1) | 2 227 | 4 313 | 1 845 | 3 072 |
| Dimension Data | 1 568 | 2 272 | 1 322 | 1 322 |
| Alexander Forbes | 606 | 1 988 | 506 | 1 692 |
| Trina Solar | 53 | 53 | ||
| Idion | – | – | 17 | 58 |
| Unlisted (2) | 1 112 | 2 686 | 719 | 1 788 |
| Sabido – equity | 149 | 1 261 | 143 | 691 |
| – loans | – | – | 21 | 21 |
| Tracker | 237 | 594 | 120 | 606 |
| Psitek | 54 | 85 | 48 | 50 |
| Fund investments | 168 | 168 | 107 | 107 |
| SAIL – equity | 15 | 62 | 16 | 37 |
| – preference shares | 79 | 79 | 64 | 64 |
| Kalahari Energy | 42 | 42 | ||
| CDMTV | 35 | 35 | ||
| VHF Technologies SA | 24 | 31 | 17 | 29 |
| Johanna Solar | 30 | 30 | 23 | 23 |
| Fundamo | 5 | 25 | ||
| Other net assets | 274 | 274 | 160 | 160 |
| Cash – local | 539 | 539 | 925 | 925 |
| – offshore | 557 | 557 | 329 | 329 |
| Total net asset value (before CGT) | 4 435 | 8 095 | 3 818 | 6 114 |
| Net asset value per share (Rand) | 16.31 | 29.78 | 13.20 | 21.14 |
| Share price (Rand) | 23.25 | 14.20 | ||
| Discount to net asset value | 21.9% | 32.8% | ||
| Potential CGT liability (R million) (3) | (497) | (213) | ||
| Net asset value (after CGT) per share (Rand) | 27.95 | 20.40 | ||
(2) Directors’ valuation
(3) The potential capital gains tax (CGT) liability, which is unaudited, is calculated at an effective rate of 14.5%. No provision was made for the effect of potential capital losses.