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  Five-year financial review

 
     
 

CONSOLIDATED BALANCE SHEET

 
 
 
30 June 
30 June 
30 June 
30 June 
31 March 
 
R million
2005 
2004 
2003 
2002 
2001 
 
ASSETS
 
Non-current assets
 
Property, plant and equipment
1 
26 
– 
– 
– 
 
Intangible assets
– 
5 
556 
138 
133 
 
Investments – Associated companies
3 984 
2 106 
5 595 
6 451 
4 263 
 
                   – Other
1 266 
2 497 
636 
1 885 
1 435 
 
Deferred taxation
– 
12 
– 
– 
– 
 
 
5 251 
4 646 
6 787 
8 474 
5 831 
 
Current assets
2 801 
2 548 
1 468 
920 
1 246 
 
Cash and cash equivalents
2 227 
2 389 
1 414 
865 
1 003 
 
Other current assets *
574 
159 
54 
55 
243 
 
Total assets
8 052 
7 194 
8 255 
9 394 
7 077 
 
 
 
EQUITY AND LIABILITIES
 
Capital and reserves
 
Issued capital
8 
8 
8 
8 
8 
 
Share premium
26 
26 
26 
26 
26 
 
Reserves
8 806 
7 635 
8 536 
9 438 
6 997 
 
Treasury shares
(944)
(636)
(365)
(137)
– 
 
 
 
Total shareholders’ equity **
7 896 
7 033 
8 205 
9 335 
7 031 
 
Non-current liabilities
18 
15 
– 
– 
– 
 
Current liabilities
138 
146 
50 
59 
46 
 
Total equity and liabilities
8 052 
7 194 
8 255 
9 394 
7 077 
 
 
 
Net asset value per share (Rand)
 
– at book value
18.11 
15.64 
16.40 
18.14 
13.47 
 
– at market value and directors’
 
   valuation of investments
43.72 
28.80 
24.17 
27.11 
25.48 
 
JSE closing price (Rand)
28.70 
19.88 
16.80 
17.50 
17.05 
 
Shares in issue (million) ***
435.9 
449.6 
500.4 
514.6 
522.0 
 
 
     
 
*
Included in “other current assets” is an amount of R504 million which represents part of the cash proceeds on the disposal of the Richemont investment received on 7 July 2005.
**
The decrease in total shareholders’ equity from 30 June 2002 is mainly attributable to share repurchases and exchange rate movements.
*** After the deduction of treasury shares and shares held by The VenFin Share Trust.
 
     
 

CONSOLIDATED INCOME STATEMENT

 
 
 
Twelve 
Twelve 
Twelve 
Fifteen 
Twelve 
 
 
months 
months 
months 
months 
months 
 
 
ended 
ended 
ended 
ended 
ended 
 
 
30 June 
30 June 
30 June 
30 June 
31 March 
 
R million
2005 
2004 
2003 
2002 
2001 
 
Revenue
245 
115 
256 
274 
126 
 
Net interest income
102 
98 
179 
156 
82 
 
Impairment and amortisation of goodwill
(31)
(300)
(156)
(52)
(4)
 
Impairment of investments and assets
(7)
(6)
– 
(89)
– 
 
Other net expenses
(110)
(46)
(40)
(55)
(16)
 
Net operating profit/(loss)
(46)
(254)
(17)
(40)
62 
 
Negative goodwill arising on acquisitions
158 
– 
– 
– 
– 
 
Exceptional items
200 
20 
357 
(80)
(64)
 
Consolidated profit/(loss) before tax
312 
(234)
340 
(120)
(2)
 
Share of after-tax profit of
 
   associated companies
839 
680 
304 
386 
466 
 
Profit before taxation
1 151 
446 
644 
266 
464 
 
Taxation
(57)
(14)
(51)
(33)
(21)
 
Net profit for the period
1 094 
432 
593 
233 
443 
 
 
 
Reconciliation of headline earnings:
 
Basic earnings – net profit for            
   the period
1 094 
432 
593 
233 
443 
 
Plus/(minus) – attributable to own
 
members:
 
– Impairment and amortisation
 
   of goodwill
52 
320 
188 
150 
25 
 
– Impairment of investments and assets
41 
9 
234 
252 
– 
 
– Negative goodwill arising
 
   on acquisitions
(158)
– 
– 
– 
– 
 
– Exceptional items
(189)
(24)
(349)
72 
118 
 
– (Surplus)/loss on disposal of
 
   property, plant and equipment
(2)
3 
(1)
– 
– 
 
Headline earnings
838 
740 
665 
707 
586 
 
 
 
 
 
 
 
Basic earnings per share (cents)
247.8 
88.4 
116.1 
44.7 
84.9 
 
Headline earnings per            
   share (cents)
189.8 
151.4 
130.2 
135.7 
112.3 
 
Adjusted headline earnings per
 
share – 2002 and 2001 (cents) *
– 
– 
– 
117.5 
97.5 
 
Dividend per share (cents)
50.0 
32.5 
25.0 
– 
– 
 
Weighted average number of
 
   shares in issue (million)
441.6 
488.9 
510.6 
521.0 
522.0 
 
 
     
 
*
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.