CVC LIMITED — Annual Report 2004

Aug 26, 2004

Commentary on Results, Future Expectations and Dividends

Commentary on Results:

For the 2004 financial year the Company is pleased to announce that after charging the one-off expense of \$4 million in performance fees approved recently by shareholders, it has achieved the following results:

• Profit before taxation of \$12.25 million (2003: \$5.41 million):
• Net Profit attributable to shareholders of \$10.15 million (2003: \$5.04 million):
• Earnings per share of 9.4 cents (2003: 4.6 cents); and
• Increase in net assets per share to 77.7c (2003: 73.7c), after paying 3.5c in dividends.

The Directors believe that these results reflect favourably on the Company's strategy of seeking a portfolio of investments that can generate not only capital profits but also regular income. The results include both the realisation of some of the capital growth in the portfolio of listed investments but also continuing strong trading results of the investments in the Chevron Renaissance shopping centre and the Pro-Pac group of companies and ongoing interest income from debt investments.

The results include \$6.6 million of capital profits from the sale of listed investments but do not include an equivalent increase of \$6.6 million in the unrealised market values of listed investments during the year. At 30 June 2004, the market value of listed investments is approximately \$24 million more than their value in the statement of financial position.

In addition to the financial results, the Company has also seen a number of other key developments during the year and subsequently that should favourably position the Company for the future. These include:

• finalisation of the Fern Bay property dispute with agreement to now jointly develop the property;
• internalisation of the Company's manager and its funds management business;
• settlement and cancellation of all performance fee liabilities;
• expansion of the Pro-Pac business through organic growth and 'bolt-on' acquisitions;
• continuing development of the Company's major investment, Sunland Group Limited; and
• acquisition of a stake in Ron Finemore Transport Pty Limited;

Dividends:

The Company paid its first interim dividend for ten years, of 1.5 cents per share in respect of the 2004 financial year, on 25 March 2004. The Company paid a final dividend, in respect of the 2003 financial year, of 2 cents per share on 5 December 2003. The Directors are currently considering the level of the final dividend in respect of the 2004 financial year and expect to make an announcement shortly.

Future Expectations:

As discussed with previous profit announcements the total level of profit for any period, notwithstanding the recurrent earnings, is dependent upon the realisation and valuation of capital investments. At this stage it is not possible to forecast the level of profitability from capital investments for 2004-05 or future periods. However, the Company continues to build its recurrent earnings and looks forward to being able to report growth in this area augmented by the continuing periodic realisation of capital profits.

Since the end of the financial year shareholders have approved the acquisition of the investment management business of the Company's investment manager. This acquisition will immediately result in new revenues and cost savings and gives the Company an opportunity to develop the funds management business and further enhance the recurrent profitability of the Company.

Shareholders can also expect further activity in capital management by the Company. During the year the Company bought back 5.7 million shares and introduced a dividend reinvestment plan. Shareholders recently approved the buy-back on market of up to a further 20 million shares. The Company intends to use this authority to provide a market for shareholders to realise part of their holding where it represents an efficient use of capital and enhances the value of the remaining shares in the company.

Alexander Beard Chief Executive Officer

Appendix 4E

Preliminary Final Report Results for announcement to the market

CVC Limited
ABN	Financial Year ended ('Reporting Period')	Previous Financial Year ended ('Corresponding period')
34 002 700 361	30 June 2004	30 June 2003

Results

Revenues from Ordinary Activities	up/ down	-582 %	- to-	S 47.614,474
Profit from Ordinary Activities after Tax attributable to Members	up/d own	101 %	- to	\$10,146,022
Net Profit for the Period attributable to Members	up/d o	101 %	- to	\$10.146.022

Dividends (distributions)

	Amount per security	Franked amount per security
Final Dividend	To be Advised	To be Advised
Interim Dividend	1.5 ¢	1.5 é.

Information on Dividends:

The final fully franked dividend in respect of the year ended 30 June 2004 will be advised shortly.

A fully franked interim dividend in respect of the current financial year of 1.5 cents per share was paid on 25 March 2004. A fully franked final dividend in respect of the year ended 30 June 2003 of 2 cents per share was paid on 5 December 2003.

Shareholders are able to elect to receive dividends from the Company as new shares in the Company in accordance with the CVC Limited Dividend Reinvestment Plan adopted at the 2003 Annual General Meeting of the Company.

Record date for determining entitlements to the final dividend Last date for elections to participate in the Dividend Reinvestment Plan

To be Advised
To be Advised

Commentary

Brief explanation of any of the figures reported above:

Please refer to the attached commentary for a detailed review.

u.

u.

STATEMENT OF FINANCIAL PERFORMANCE FOR THE YEAR ENDED 30 JUNE 2004

	Notes	Consolidated
		2004	2003
		S	\$
Revenue from Sale of Goods		18,415,189	3,994,716
Proceeds from Share Sales		23,693,414	98,473
Proceeds from Sale of Loans		1,652,713
Interest Income		2,941,089	2,594,689
Other Revenue from Ordinary Activities		912,069	297,242
Total Revenues From Ordinary Activities	1	47,614,474	6,985,120
Share of Net Profits of Associates Accounted for using the Equity Method Share of Net Profits of Joint Ventures Accounted for using the Equity Method	16 16	10,052,118 2,784,730	4,305,914 4,543,120
Expenses
Audit Fees		112,500	77,050
Amortisation of Goodwill		442,175	103,081
Borrowing Costs		11,231	203,118
Cost or Equity Accounted Carrying Value of Shares Sold		17,100,946	192,829
Cost of Goods Sold		10,026,859	2,174,925
Cost of Loans Sold		3,305,426
Depreciation Expense		121,179	30,434
Directors Fees		50,000	39,582
Employee Expenses		3,145,106	702,479
Freight Costs		271,212	54,637
Insurance		81,162	34,628
Legal Costs Loans Written-Off		118,051	131,418 1,290,523
Management & Consultancy Fees		6,646,353	2,685,464
Increase/ (Reduction) in Loan Provisions for Non-Recovery		4,247,399	(1,615,693)
Unrealised Loss on Investments		100,248	3,742,843
Royalty Costs		519,383	108,527
Other Expenses from Ordinary Activities		1,903,236	466,135
Profit from Ordinary Activities Before Related Income Tax Expense		12,248,856	5,412,174
Income Tax Expense	2	1,453,663	177,471
Net Profit	11	10,795,193	5,234,703
Net Profit Attributable to Outside Equity Interests		649,171	191,643
Net Profit Attributable to Members of the Parent Entity		10,146,022	5,043,060
Other Changes in Equity Attributable to Members of the Parent Entity other than those arising from transactions with Owners as Owners: Share of Decrease in Equity of Associate accounted for using the Equity Method
Total Changes in Equity Attributable to Members of the Parent Entity other			(805,093)
than those arising from transactions with Owners as Owners		10,146,022	4,237,967

STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2004

	Notes		Consolidated
		2004	2003
		S	S
CURRENT ASSETS
Cash Assets Receivables	11	12,269,691	2,477,100
	3	7,615,477	13,165,058
Inventories Other Financial Assets	4	1,132,013	801,437
Current Tax Assets	5	4,922,116 40,152	4,669,488 311,208
Other Assets		238,692	60,612
Total Current Assets		26,218,141	21,484,903
NON-CURRENT ASSETS
Receivables	3	2,889,908	17,218,269
Investments Accounted for using the Equity Method	16	49,524,380	33,402,952
Other Financial Assets	5	11,861,444	10,328,167
Intangible Assets	6	5,157,691	5,257,104
Property, Plant and Equipment		670,692	617,178
Deferred Tax Assets		139,700	4,015
Total Non-Current Assets		70,243,815	66,827,685
TOTAL ASSETS		96,461,956	88,312,588
CURRENT LIABILITIES
Payables	7	11,714,568	3,044,732
Interest Bearing Liabilities			215,000
Provisions	8	208,830	1,935,389
Current Tax Liabilities		991,657	368,817
Total Current Liabilities		12,915,055	5,563,938
NON-CURRENT LIABILITIES
Provisions	8	143,206
Deferred Tax Liabilities		177,557
Total Non-Current Liabilities		320,763
TOTAL LIABILITIES		13,235,818	5,563,938
NET ASSETS		83,226,138	82,748,650
EQUITY
Contributed Equity	9	20,237,527	26,633,636
Retained Profits	10	60,530,410	54,202,318
Total Parent Entity Interest		80,767,937	80,835,954
Outside Equity Interest		2,458,201	1,912,696
TOTAL EQUITY		83,226,138	82,748,650

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2004

	Notes		Consolidated
		2004	2003
		\$	\$
CASH FLOWS RELATED TO OPERATING ACTIVITIES
Cash Receipts in the Course of Operations		19,906,117	4,274,088
Cash Payments in the Course of Operations		(20,511,459)	(6,381,214)
Interest Received		1,049,594	1,000,022
Dividends Received		1,979,736	1,319,223
Interest Paid		(11,231)	(88, 117)
Income Taxes Repaid/(Paid)		(517, 895)	1,011,180
Net Cash Provided by Operating Activities	$\mathbf{11}$	1,894,862	1,135,182
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for Property, Plant and Equipment		(177, 387)	(11,700)
Payments for Equity Investments		(22, 234, 186)	(2,231,587)
Payments for Controlled Entity net of Cash Acquired		(2,024,070)	(3,282,931)
Proceeds on Disposal of Equity Investments		25,346,127	58,691
Loans Provided		(7,161,807)	(12, 448, 690)
Loans Repaid		24,556,385	16,964,000
Net Cash Provided by/ (Used in) Investing Activities		18,305,062	(952, 217)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of Borrowings		(193, 294)
Dividends Paid to Members of the Parent Entity		(3,817,930)	(1,646,041)
Dividends Paid to Outside Equity Interests of a Controlled
Entity			(1,713,000)
Shares Bought-back on market		(6,396,109)
Issue of Shares by Subsidiary to Outside Equity Interests			1,214,404
Cash Used in Financing Activities		(10, 407, 333)	(2,144,637)
Net Increase/ (Decrease) in Cash Held		9,792,591	(1,961,672)
Cash at the Beginning of the Financial Year		2,477,100	4,438,772
CASH AT THE END OF THE FINANCIAL YEAR	$\mathbf{11}$	12,269,691	2,477,100

NOTES TO THE PRELIMINARY FINAL REPORT FOR THE YEAR ENDED 30 JUNE 2004

	Consolidated
	2004	2003
	S	\$
NOTE 1: REVENUES FROM ORDINARY ACTIVITIES
Revenue from Sale of Goods	18,415,189	3,994,716
Proceeds from Share Sales	23,693,414	98,473
Proceeds from Sale of Loans	1,652,713
Other Revenues from Operating Activities:
Interest:
Related Parties	295,547	364,401
Other Parties	2,645,542	2,230,288
Dividends:
Other Parties	692,251	102,569
Other Revenue	219,818	194,673
	47,614,474	6,985,120
NOTE 2: TAXATION
Income Tax Expense:
Prima facie Income Tax Expense calculated at 30% (2003: 30%) on the Profit
from Ordinary Activities	3,674,657	1,623,653
Increase in Income Tax Expense due to:
Provision to reflect Recoverable Amount of Equity Accounted component of
Investment carrying value		170,440
Goodwill amortisation	132,653	30,924
Tax Losses Not Recognised	4,543	28,274
Decrease in income tax expense due to:
Tax attributable to Equity Accounted Profits	(359,313)	(926, 778)
Sundry Items	(5,701)	(53,920)
Franking Credits on Dividends Received	(495,774)	(378, 738)
Div 43 Building Allowances	(354, 831)	(402, 673)
Recovery of Tax Losses Not Previously Recognised	(1,904,744)	(65,765)
	691,490	25,417
Prior Year Under Provision	168,406	152,054
Settlement of Long Standing Tax Disputes (i)	593,767
Income Tax Expense attributable to Profit from Ordinary Activities	1,453,663	177,471

• (i) Subsequent to the end of the financial year, the Company has reached agreement with the Australian Taxation Office to settle revised income taxation assessments issued to the Company in respect of the 1988, 1991 and 1994 financial years. The Company has provided in full in the current financial year for the additional expense of \$593,767 arising from this settlement.
• (ii) The Company and its 100% owned subsidiaries have notified the Australian Taxation Office of their decision to form a consolidated group for income taxation purposes with effect from 30 June 2003.

	Consolidated
	2004	2003
	S	\$
NOTE 3: RECEIVABLES
Current
Trade Debtors	3,136,836	2,630,330
Other Debtors	136,200	79,460
Loans to Other Corporations	6,546,774	10,908,949
Provision for Non-Recovery of Loans to Other Corporations	(2,344,333)	(1,913,681)
Loans to Related Entities	140,000	1,460,000
Total Current Receivables	7,615,477	13,165,058
Non-Current
Loans to Other Corporations	4,595,890	5,735,388
Provision for Non-Recovery of Loans to Other Corporations	(3,845,890)	(29, 143)
Loans to Director Related Entities	2,139,908	3,162,256
Loans to Joint Ventures		8,349,768
Total Non-Current Receivables	2,889,908	17,218,269
NOTE 4: INVENTORIES
Current
Finished Goods - at Cost	1,132,013	801,437
Total Inventories	1,132,013	801,437
NOTE 5: OTHER FINANCIAL ASSETS
Current
Shares in Listed Corporations
at Cost	4,922,116	3,609,776
at Market Value		1,059,712
	4,922,116	4,669,488
Non-Current
Investments comprise:
Shares in listed corporations - at lower of cost or realisable value	5,772,580	5,578,817
Shares in Other investments – at lower of cost or realisable value	6,088,864	4,749,350
Total Non-Current Investments	11,861,444	10,328,167
Market Value of Shares in Listed Corporations	24,605,275	19,569,274

		Consolidated
	2004	2003
	s	\$
NOTE 6: INTANGIBLE ASSETS
Goodwill	5,702,947	5,360,185
Accumulated Amortisation	(545,256)	(103,081)
	5,157,691	5,257,104
NOTE 7: PAYABLES
Current
Trade Creditors	2,066,214	1,632,839
Loans from Joint Venture Entities	4,715,322	756,875
Performance Fees Payable	4,000,000
Sundry Creditors	580,099	193,145
GST Payable	162,407	182,211
Accruals	190,526	279,662
Total Current Accounts Payable	11,714,568	3,044,732
NOTE 8: PROVISIONS
Current
Employee Entitlements	208,830	303,374
Deferred Consideration & Costs for Acquisition of Controlled Entity		1,577,644
Other		54,371
Total Current Provisions	208,830	1,935,389
Non-Current
Employee Entitlements	143,206
NOTE 9: CONTRIBUTED EQUITY
Issued and Paid-Up Share Capital
Fully Paid Ordinary Shares:	Ş
Balance at beginning of the year	26,633,636	26,633,636
Shares bought back on market	(6,396,509)
Difference between cost and dividend equivalent of 157,851 shares
acquired on market for dividend reinvestment plan	400
	20,237,527	26,633,636
	Number	Number
Balance at beginning of the year	109,736,032	109,736,032
Shares bought back on market	(5,741,576)
Balance at end of the year	103,994,456	109,736,032

All shares are quoted on the Australian Stock Exchange Limited

	Consolidated
	2004	2003
	\$	\$
NOTE 10: RETAINED PROFITS
Retained Profits at the Beginning of the Year	54,202,318	51,589,177
Net Profit Attributable to Members of the Parent Company	10,146,022	5,043,060
Dividends	(3,817,930)	(1,646,041)
Transfer from Capital Profits Reserve		21.215
Share of Decrease in Equity of Associate accounted for using the Equity
Method		(805,093)
Retained Profits at the End of the Year	60,530,410	54,202,318

NOTE 11: NOTES TO THE STATEMENT OF CASH FLOWS

a) Reconciliation of Cash

For the purposes of the statements of cash flows, cash includes cash on hand and at bank and short-term deposits at call, net of outstanding bank overdrafts. Cash as at the end of the financial year as shown in the statements of cash flows is reconciled to the related items in the statements of financial position as follows:

Cash Assets	12,269,691	2,477,100
		,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

b) Reconciliation of Profit from Ordinary Activities after Income tax to the Net Cash Provided by Operating Activities:

Profit from Ordinary Activities after Income Tax	10.795.193	5,234,703
Add/(Less) Non-Cash Items:
Share of Equity Accounted Profits	(12,836,848)	(8,849,034)
Dividends Received from Equity Accounted Investments	1,287,485	1,216,654
Depreciation and Amortisation of Property, Plant and Equipment	121,179	30,434
Amortisation of Goodwill	442,175	103,081
Discount on Acquisition		(55, 971)
Unrealised Loss on Investments	100,248	3,742,843
(Profit)/ Loss on Disposal of Investments	(6,592,468)	91,050
Loss on Sale of Loan	1,652,713
Increase/ (Decrease) in Loan Provisions	4,247,399	(561, 265)
Loss on Sale of Property, Plant & Equipment	2,694
Borrowing Costs in Operating Profits	(21,705)	92,500
Interest Income Not Received	(1,891,495)	(1,604,487)
Movement in Income Tax Provision	893,896	1,679,574
Movement in Deferred Tax Assets & Liabilities	41,872	(492, 247)
Changes in Assets and Liabilities:
Receivables	(544, 498)	570,940
Inventories	(330,576)	34,910
Payables	4,711,389	(301,057)
Provisions	(5,711)	19,422
Other Current Assets	(178,080)	183,132
Net Cash Provided By/(Used In) Operating Activities	1.894.862	1,135,182

	Consolidated
	2004	2003
	\$	\$
NOTE 12: DIVIDENDS
Dividends proposed or paid and not provided for in respect of previous years by the company are:
Final Dividend of 1.5 Cents Per Share for the Year Ended 30 June 2002 Paid on 5 December 2002 Final Dividend of 2 cents Per Share for the Year Ended 30 June 2003 Paid on		1,646,041
4 December 2003 Interim Dividend of 1.5 cents Per Share for the Year Ended 30 June 2004	2,184,935
Paid on 25 March 2004	1,632,995
	3,817,930	1,646,041
NOTE 13: ASSETS PER SECURITY	Cents	Cents
Net Assets Per Security	77.67	73.66
Market Value Adjusted Net Assets Per Security	101.04	88.59
Net Tangible Assets Per Security	73.67	69.95
Market Value Adjusted Net Tangible Assets Per Security	97.04	84.88
Market Value adjusted assets per security figures reflect the difference between market value of listed investments at balance date compared to their carrying value in the statement of financial position based on cost, recoverable amount or

NOTE 14: EARNINGS PER SHARE

equity accounting.

	Cents	Cents
Basic and Diluted Earnings Per Share	9.43	4.60
Reconciliation of Earnings used in calculation of Earnings Per Share:
	\$	S
Profit After Income Tax	10,795,193	5,234,703
Less: Outside Equity Interests	(649, 171)	(191,643)
Earnings used in calculation of Earnings Per Share:	10,146,022	5,043,060
		Number of Shares

		.
Weighted Average Number of Ordinary Shares used in the calculation
of Basic Earnings Per Share	107.606.827	109.736.032

NOTE 15: CONTROL GAINED OVER ENTITIES HAVING MATERIAL EFFECT

Control was not gained over any entities having material effect during the financial year. During the year, the settlement of the contingent consideration for the acquisition of Pro-Pac Packaging (Aust) Pty Limited and its subsidiaries through Pro-Pac Group Limited was finalised and Pro-Pac Packaging (Aust) Pty Limited acquired two 'bolt-on' unincorporated businesses for goodwill payments totalling \$308,744.

	Consolidated
	2004	2003
	\$	S
NOTE 16: INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
Equity Accounted Shares in Associated Entities (a)	37,424,389	24,087,691
Equity Accounted shares of Joint Ventures (b)	12,099,991	9,315,261
	49.524.380	33,402,952

a) Associated Entities

Details of material interests in associated entities are as follows:

	% Ownership at End of Period		Carrying Value		Contribution to Net Profit
	2004	2003	2004	2003	2004	2003
			\$	\$	\$	\$
Sunland Group Limited (i)	$19.17\%$	28.58%	32,380,577	24,087,691	10,467,814	4,305,914
CVC Private Equity Limited (ii)	24.56%	٠	4,196,355		(388, 175)	۰
Winten (No. 20) Pty Limited (iii)	50.00%		847,457	÷	(27.521)
			37,424,389	24.087.691	10.052.118	4,305,914

• (i) Sunland Group Limited is listed on The Australian Stock Exchange Limited. The market value of the investment in Sunland Group Limited, based on the closing share price of \$1.04 (2003: \$0.64), is \$42.78 million (2003: \$31.15 million).
• (ii) An investment of 10.48% of the equity in CVC Private Equity Limited was held at 30 June 2003. However, at that time, the investment was not an associate to be accounted for using the equity method and was instead included within shares in other investments at cost or realisable value within non-current other financial assets.
• (iii) In November 2003 the Company and its subsidiary CVC (Newcastle) Pty Limited agreed to the settlement of loans receivable of \$6,374,978, including interest and costs, secured on land held at Fern Bay in New South Wales, for \$5.5 million cash and an effective 50% ownership interest in Winten (No. 20) Pty Limited. Winten (No. 20) Pty Limited owns and will be the developer of the land.

b) Joint Venture Partnerships

Details of material interests in joint ventures are as follows:

	% Ownership at End of Period		Carrying Value		Contribution to Net Profit
	2004	2003	2004	2003	2004	2003
			\$	\$	S	\$
Chevron Developments	$50\%$	50%	7,281,590	6,079,564	1,202,026	2,256,185
Bel Air Real Estate	50%	50%	987.731	479.856	507.875	62,404
Skvline Investments Australia	50%	50%	3,830,670	2,755,841	1,074,829	2,224,531
			12,099,991	9,315,261	2,784,730	4,543,120

NOTE 17: SEGMENT REPORTING

a) Primary Segments - Business Segments

See attachment.

b) Secondary Segments - Geographical Segments

The consolidated entity operates predominantly in Australia.

NOTE 18: AUSTRALIAN EQUIVALENTS TO INTERNATIONAL FINANCIAL REPORTING STANDARDS

The Company is currently in the process of assessing the impacts of the adoption of Australian Equivalents to International Financial Reporting Standards on the Company and consolidated entity. The Company will report the results of that assessment in the full financial report of the Company in accordance with Australian Accounting Standard AASB 1047 "Disclosing the Impacts of Adopting Australian Equivalents to International Financial Reporting Standards".

NOTE 19: AUDIT REVIEW STATUS

This report is based on accounts that are in the process of being audited.

ATTACHMENT TO THE PRELIMINARY FINAL REPORT FOR THE YEAR ENDED 30 JUNE 2004 SEGMENT REPORTING

Information By Business Segment:

	Private Equity & Venture Capital	Listed Investments	Property	Eliminations	Consolidated
	\$'000's	\$'000's	\$'000's	\$'000's	\$'000's
Year Ended 30 June 2004:
Revenues:
Revenues from External Customers Inter-Segment Revenue	22,889	24,385	340 ۰		47,614
Operating Revenues	22,889	24,385	340		47,614
Equity Accounted Income	763	10,468	1,606		12,837
Total Revenues	23,652	34,853	1,946		60,451
Results:
Result Before Non-Cash Items	4,443	17,752	1,947		24,142
Depreciation	(121)				(121)
Amortisation Other Non-Cash Expenses: - Increase/ (Reduction) in Loan	(442)				(442)
Provisions for Non-Recovery	(4,567)		319		(4, 248)
- Unrealised Loss on Investments	300	(400)			(100)
Segment Result	(387)	17,352	2,266		19,231
Unallocated Corporate Expenses					(6,982)
Income Tax Expense					(1,454)
Profit After Taxation					10,795
Assets:
Segment Assets excluding Equity
Accounted Investments Equity Accounted Investments	35,300 3,685	10,694 32,381	2,105 8,743	(1,341) 4,715	46,758 49,524
Segment Assets	38,985	43,075	10,848	3,374	96,282
Unallocated Assets					180
Total Assets					96,462
Liabilities: Segment Liabilities	8,517		18	3,374	11,909
Unallocated Liabilities					1,327
Total Liabilities					13,236

ATTACHMENT TO THE PRELIMINARY FINAL REPORT FOR THE YEAR ENDED 30 JUNE 2004 SEGMENT REPORTING (CONTINUED)

	Private Equity & Venture Capital \$'000's	Listed Investments	Property	Eliminations	Consolidated
		\$'000's	\$'000's	\$'000's	\$'000's
Year Ended 30 June 2003:
Revenues:
Revenues from External Customers	5,605	296	1,084		6,985
Inter-Segment Revenues	834			(834)
Operating Revenues	6,439	296	1,084	(834)	6,985
Equity Accounted Income	3,479	4,306	1,064		8,849
Total Revenues	9,918	4,602	2,148	(834)	15,834
Results:
Result Before Non-Cash Items	6,460	4,409	1,199		12,068
Depreciation	(30)				(30)
Amortisation	(103)				(103)
Other Non-Cash Expenses	(3,315)	(1,390)	937		(3,768)
Segment Result	3,012	3,019	2,136		8,167
Unallocated Corporate Expenses					(2,755)
Income Tax Expense					(177)
Profit After Taxation					5,235
Assets:
Segment Assets excluding Equity
Accounted Investments	39,647	10,248	6,982	(2,282)	54,595
Equity Accounted Investments	4,537	24,088	8,153	(3,375)	33,403
Segment Assets	44,184	34,336	15,135	(5,657)	87,998
Unallocated Assets					315
Total Assets					88,313
Liabilities:
Segment Liabilities	4,048		6,646	(5,657)	5,037
Unallocated Liabilities					527
Total Liabilities					5,564