INTERIM REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2004 (UNAUDITED)
   
   
  ANNEXURE A        
  COMPOSITION OF HEADLINE EARNINGS      
         
 
   

             VenFin’s share

  Effective %

               R million

  interest at Six monthsYear  
  31 December

31 December

30 June  
 

2004

2004  2003   2004  
 Vodacom 15.0         330  233   480  
 Psitek 28.2         8   12  
 Dimension Data Bond (1) 100.0         12  12   27  
 Tracker 32.1         11  6   16  
 GenuOne 36.8         (4) (3)  (6) 
 Intervid (2) 100.0         (11) –   –  
 Other technology   (2)  (4) 
 Sabido (e.tv) 33.0         31  13   22  
 SAIL (3) 88.0         1   2  
 Alexander Forbes (1)(4) 25.5         20  57   117  
 Corporate and other (1)   47   74  
 Headline earnings   406  372   740  
   
(1) R&V Holdings Limited (R&V) became a subsidiary on 30 June 2004. The headline earnings attributable to the underlying investments in R&V have been regrouped for the comparative periods to achieve comparability with the current period.
(2) Intervid became a subsidiary on 30 June 2004. Its earnings for the financial year ended 30 June 2004 was accounted for as an associated company.
(3) The effective interest in SAIL is a temporary situation. Refer to commentary on changes to investments.
(4)
  
Alexander Forbes became an associated company during the current period, whereas previously it was accounted for as an investment in an exchangeable bond by R&V. Refer to commentary on changes to investments.
           
         
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