CONSOLIDATED BALANCE SHEET

	30 June	30 June	30 June	31 March	31 March
	2004	2003	2002	2001	2000
R million					Pro forma**
ASSETS
Non-current assets
Property, plant and equipment	26	*	*	*	*
Intangible assets	556	556	138	133	1
Investments – Associated companies	1 555	5 595	6 451	4 263	1 419
– Other	2 497	636	1 885	1 435	1 225
Deferred taxation	12	–	–	–	–
	4 646	6 787	8 474	5 831	2 645
Current assets	2 548	1 468	920	1 246	1 363
Cash and cash equivalents	2 389	1 414	865	1 003	691
Other current assets	159	54	55	243	672
Total assets	7 194	8 255	9 394	7 077	4 008
EQUITY AND LIABILITIES
Capital and reserves
Issued capital	8	8	8	8	8
Share premium	26	26	26	26	26
Reserves	7 635	8 536	9 438	6 997	3 965
Treasury shares	(636)	(365)	(137)	–	–
Interest of own members ***	7 033	8 205	9 335	7 031	3 999
Non-current liabilities	15	–	–	–	–
Current liabilities	146	50	59	46	9
Total equity and liabilities	7 194	8 255	9 394	7 077	4 008
Net asset value per share (Rand)
– at book value	15.64	16.40	18.14	13.47	7.67
– at market value and directors’
valuation of investments	28.80	24.17	27.11	25.48	25.85
JSE closing price (Rand)	19.88	16.80	17.50	17.05
Shares in issue (million) ****	449.6	500.4	514.6	522.0	522.0

 

	Twelve	Twelve	Fifteen	Twelve	Twelve
	months	months	months	months	months
	ended	ended	ended	ended	ended
	30 June	30 June	30 June	31 March	31 March
	2004	2003	2002	2001	2000
R million					Pro forma**
Revenue	115	256	274	126	174
Net interest income	98	179	156	82	146
Share of profit of associated companies	980	769	832	685	613
Amortisation of goodwill	(122)	(105)	(129)	(25)	(12)
Impairment of goodwill	(198)	(83)	(21)	–	–
Impairment of assets	(10)	(234)	(252)	–	–
Other (expenses)/income	(46)	(40)	(55)	(16)	10
Capital surplus/(loss) on the disposal of
long-term investments	24	362	(75)	(123)	(18)
Profit before taxation	726	848	456	603	739
Taxation	(294)	(255)	(223)	(160)	(204)
Net profit for the period	432	593	233	443	535
Reconciliation of headline earnings:
Basic earnings – net profit for the period	432	593	233	443	535
Plus/(minus) – attributable to own members:
Amortisation of goodwill	122	105	129	25	12
Impairment of goodwill and assets	207	317	273	–	–
Capital (surplus)/loss on the disposal of
long-term investments	(24)	(362)	72	123	18
(Surplus)/loss on disposal of property,
plant and equipment	3	(1)	–	–	–
Tax effect	*	13	*	(5)	(19)
Headline earnings	740	665	707	586	546
Headline earnings per share (cents)	151.4	130.2	135.7	112.3	104.6
Basic earnings per share (cents)	88.4	116.1	44.7	84.9	102.5
Adjusted headline earnings
per share – 2002 and 2001 (cents) ***	–	–	117.5	97.5	–
Dividend per share (cents)	32.5	25.0	–	–	–
Weighted average number of shares
in issue (million)	488.9	510.6	521.0	522.0	522.0

*	Amount smaller than R500 000
**	The pro forma comparative figures represent the figures of VenFin Limited (formerly known as Rembrandt Group Limited) after adjustments have been made for investments transferred to Remgro Limited in terms of the restructuring in 2000, and are based on the audited annual financial statements of Rembrandt Group Limited.
***	The attributable portion of e.tv’s loss is accounted for as a loss in an associated company and not as an exceptional item during these periods.