Annexure C

SIGNIFICANT ASSOCIATED COMPANIES – ADDITIONAL INFORMATION

				Alexander
		Vodacom		Forbes	Sabido (e.tv)
		2005	2004	2005	2005	2004

Effective interest		15.0%	15.0%	25.2%	31.5%	33.0%

		R million	R million	R million	R million	R million

Carrying value of
investments		1 615	1 511	1 305	370	313

Share of retained
equity income
– Current year		104	123	65	135	22

	Income	662	477	59	139	22
	Dividends	(510)	(315)	–	–	–
	Exceptional items and goodwill
	amortisation	(37)	(16)	(4)	–	–
	Other changes in reserves and
	exchange rates	(11)	(23)	10	(4)	–

– Cumulative		1 249	1 145	65	133	(2)

Summarised		Per Annual		Per Annual	Per Annual
financial nformation:		Report		Report	Report
		31/03/2005	31/03/2004	31/03/2005	31/03/2005	31/03/2004
BALANCE SHEET
Assets
Property, plant
and equipment		12 280	10 922	287	77	63
Intangible assets		941	1 003	2 193	–	–
Investments and loans		138	258	148	7	–
Other assets		545	682	66	300	–
Current assets		8 662	7 287	4 051	644	475

	Cash	3 990	2 370	2 278	290	174
	Other	4 672	4 917	1 773	354	301

		22 566	20 152	6 745	1 028	538

Equity and liabilities
Shareholders’ funds
and shareholders’
loans		7 825	7 572	2 561	795	361
Minority interest		129	93	132	–	–
Non-current liabilities		3 138	2 235	901	–	12
Current liabilities		11 474	10 252	3 151	233	165
		22 566	20 152	6 745	1 028	538
		12 months	12 months	12 months	12 months	12 months
		ended	ended	ended	ended	ended
		31/03/2005	31/03/2004	31/03/2005	31/03/2005	31/03/2004

INCOME STATEMENT
Revenue		27 315	22 855	4 625	574	503
Headline earnings		4 128	3 131	461	431	31
Net profit for the year		3 861	3 033	438	431	31
Dividends
paid/declared		3 400	2 100	231	–	–

The investments above represent 83% of the total carrying value of associated companies.

Annexure C

SIGNIFICANT ASSOCIATED COMPANIES – ADDITIONAL INFORMATION

BALANCE SHEET

INCOME STATEMENT