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| ANNEXURE A | ||||||
| COMPOSITION OF HEADLINE EARNINGS | ||||||
| VenFin's
share |
||||||
| R
million |
||||||
| Effective
% |
|
Fifteen |
||||
| interest
at |
Six
months |
Six
months |
months |
|||
| 31
Dec 2002 |
* |
31
Dec 2002 |
30
Sep 2001 |
30
Jun 2002 |
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| |
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|
|
|
||
| Tracker | 32.14 | 3 | 4 | 12 | ||
| Psitek | 33.09 | 17 | 2 | 11 | ||
| Intervid | 17.27 | (4) | 3 | (4) | ||
| e-tv | 33.05 | ** |
(17) | – | – | |
| Other | (4) | (6) | (18) | |||
| |
|
|
|
|
||
| (5) | 3 | 1 | ||||
| Vodacom | 15.00 | 165 | 130 | 381 | ||
| R&V | 33.33 | 94 | 87 | 241 | ||
| |
|
|
|
|
||
| 254 | 220 | 623 | ||||
| Net interest received | 53 | 44 | 112 | |||
| Corporate | 11 | (8) | 7 | |||
| Net management fees | (16) | (13) | (35) | |||
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| Headline earnings reported | 302 | 243 | 707 | |||
| Adjusted for e-tv | 33.05 | ** |
– | (24) | (95) | |
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| Pro forma headline earnings | 302 | 219 | 612 | |||
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| * These percentage interests represent the effective holdings in the respective companies at 31 December 2002, and do not necessarily represent the percentage interests during the accounting period. | ||||||
| ** Assuming conversion of loan to equity. | ||||||