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GENERAL |
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In the trading statement dated 4 February 2004, VenFin advised
that the increase in headline earnings during this interim period does not
necessarily give an indication of the level of earnings growth for the financial
year to 30 June 2004. Factors impacting on headline earnings, such as seasonality,
mainly in the earnings from Vodacom and e-tv, as well as fluctuations in
exchange rates, can distort earnings to 30 June 2004. |
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The headline earnings for the six months under review was
significantly influenced by the uplift effect of the additional 1.5% interest
acquired in Vodacom during the second six months of the previous financial
year. The impact on headline earnings for the year to 30 June 2004 will
be less material as the additional interest has already been accounted for
during the second half of the comparative period. |
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Signed on behalf of the Board of Directors. |
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| Johann Rupert |
Josua Malherbe |
| Chairman |
Chief Executive Officer/Deputy Chairman |
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| Stellenbosch |
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| 2 March 2004 |
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