2004	2003
Headline earnings	R740 million	R665 million
Interest in net profit of associated companies	R703 million	R564 million
Net interest income and other profit	R37 million	R101 million
Basic earnings – net profit for the year	R432 million	R593 million
Headline earnings per share	151.4c	130.2c
Basic earnings per share	88.4c	116.1c
Dividend per share	32.5c	25.0c
Net asset value (NAV) per share
– at book value	R15.64	R16.40
– at market value and directors’ valuation of investments	R28.80	R24.17
JSE closing price at 30 June	R19.88	R16.80

SEGMENTAL ANALYSIS – HEADLINE EARNINGS

NET ASSET VALUE (AT VALUATION)