VenFin Limited - Trading Statement
VenFin Limited
(Incorporated in the Republic of South Africa)
(Registration number 1948/031037/06)
ISIN: ZAE000026498
Share code: VNF
(`VenFin` or `the Company`)
TRADING STATEMENT
VenFin is currently finalising its results for the year ended 30 June 2005,
which is due to be released on 6 September 2005.
In compliance with the JSE Listings Requirements, shareholders are advised that
VenFin`s headline earnings per share (`HEPS`) is expected to be between 20% and
30% higher than the HEPS of the comparative financial year.
In order to make a more meaningful evaluation of this expected increase, the
following items which are included in the current year`s headline earnings, need
to be taken into account:
an increase in the contribution of Sabido (Pty) Limited (e.tv) to VenFin`s HEPS,
due to the recognition of a deferred tax asset in respect of e.tv`s assessed
losses;
a negative fair value adjustment on the Dimension Data convertible bond;
once-off restructuring costs incurred by Alexander Forbes Limited; and
the effect of accounting for one month of interest and seven months of equity
accounted earnings for Alexander Forbes only.
Other factors contributing to this expected increase are, inter alia, the steady
increasing contribution of the equity accounted earnings of Vodacom (Pty) Ltd
and e.tv, as well as the uplift effect of the share repurchase programme to
VenFin`s HEPS. The expected increase is partially offset by the drop in
interest income earned on cash deposits in South Africa, due to a lower average
SA cash balance, as well as the taxation charge on offshore interest earned on
the cash in R&V Holdings after this company became a subsidiary on 30 June 2004.
The financial information on which this trading statement is based has not been
reviewed and reported on by the Company`s auditors.
Stellenbosch
29 August 2005
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
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