Venfin 2004 Interim Report Annexure A


	INTERIM REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2003 (UNAUDITED)

	Highlights \|Abridged Consolidated Balance Sheet \|Abridged Consolidated Statement of Changes in Equity \| Abridged Consolidated Cash Flow Statement \| Abridged Consolidated Income Statement \| Earnings and Dividends Per Share \| Segmental Analysis – Headline Earnings \| Additional Information \| Comments \| Annexure A \| Annexure B \| Dividends \| Directors and Administration \| General \| Downloads

ANNEXURE A

COMPOSITION OF HEADLINE EARNINGS

VenFin’s share

R million

Effective %

interest at

Six months

Year

31 December

31 December

30 June

2003**

2003

2002

2003

Associated companies

Vodacom

15.0

233

165

376

R&V

33.3

85

94

211

– Dimension Data

12

1

24

– Alexander Forbes

57

74

135

– Other

16

19

52

e-tv

33.0

13

(17)

(24)

Psitek

32.0

8

17

27

Tracker

32.1

6

3

8

Intervid

17.3

–

(4)

(6)

GenuOne

36.9

(3)

(15)

(22)

Other

*

*

(6)

342

243

564

Subsidiaries

30

59

101

Net interest received

44

53

128

Net management fees

(18)

(16)

(29)

Corporate and other

4

22

2

Headline earnings

372

302

665

*	Amount smaller than R500 000
**	These percentage interests represent the effective holdings in the respective companies at 31 December 2003, and do not necessarily represent the percentage interest during the accounting period.