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PRESS RELEASES

 

TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT

4 February 2004

VenFin is currently finalising its results for the six months ended 31 December 2003, which will be released on 2 March 2004. In this regard, shareholders are advised that headline earnings will be materially higher (“materially” being an increase between 10% and 30%, as defined in the JSE Securities Exchange South Africa (“the JSE”) Listings Requirements) than those reported in the comparative six months period ended 31 December 2002.
This is largely attributable to:

  • The increase in equity accounted earnings from Vodacom due to the additional 1.5% stake purchased in Vodacom (15% interest compared to 13.5% during the comparative period) as well as the steady growth in Vodacom’s interim earnings.
  • The continued turnaround of e-tv during the current interim period.
  • Reduced losses at GenuOne Inc.

Shareholders are also advised that this material increase does not necessarily give an indication of the increase in headline earnings for the year to 30 June 2004. Factors impacting on headline earnings, such as seasonality as well as the fluctuation in exchange rates can effect headline earnings.

The financial information on which this trading statement is based has not been reviewed or reported on by the Company’s auditors and shareholders are therefore advised to exercise caution when trading in the Company’s shares until the results are published.

Stellenbosch
4 February 2004

Sponsor:
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
CORPORATE FINANCE