Geoffrey QhenaChief Financial Officer

Industrial Development Corporation of South Africa Limited

2003/20042003/2004Financial Results Financial Results

Abridged Group Income StatementAbridged Group Income Statementfor the Year Ended 30 June 2004 (R’mil)for the Year Ended 30 June 2004 (R’mil)

20042004 20032003

3 961 3 802

RevenueRevenue

Net operating (loss) / income (803) 255Net capital gains on investments 628 335

TaxationNet income after taxMinority interestNet attributable income

(470)706

9

697697

18781(6)

787787

Net income from operations 236 799

Share of equity accounted investments- Profits/(losses) from ordinary operations

411 209

Analysis of Net AttributableAnalysis of Net Attributable Income/(Loss) (R’mil) Income/(Loss) (R’mil)

-500

0

500

1000

1500

2000

1997/98 1998/99 1999/00 2000/01 2001/02 2002/03 2003/04

465

822666

(258)

1831

787697

Abridged Group Balance SheetAbridged Group Balance Sheetas at 30 June 2004 (R’mil)as at 30 June 2004 (R’mil)

2004 2003

1 66625

0592 568

3561 291

30 30

994040

2 773

23 125

2 27636

1 592

29 29

802802

AssetsAssetsCash and cash equivalentsLoans, advances and investmentsProperty, plant and equipmentDeferred taxationOther assets

Debt/Equity Ratio 22%22% 28%28%

Equity and LiabilitiesEquity and LiabilitiesCapital and reservesLong-term loansDeferred taxationBank overdraftOther liabilities

24 541

5 366-

34999

30 30

994040

22 058

6 15753423

1 030

29 29

802802

Strengthened Financial BaseStrengthened Financial Base

0

5

10

15

20

25

30

1997/98 1998/99 1999/00 2000/01 2001/02 2002/03 2003/04

Capi

tal a

nd R

eser

ves

(R'b

n)

20

25

30

35

40

45

50

55

Debt

/ Eq

uity

ra

tio (%

)

Fair value revaluationExcl. fair value revaluationDebt/Equity ratio

Listed Investments (R’mil)Listed Investments (R’mil)

Sasol LtdBHP Billiton Sappi LtdKumba Resources LtdIscor LtdAcerinox LtdOther

Realised

4 450

2 718

1 608

1 249

627

550

220

11 42211 422

372372

30-6-2003

Holding

(%)

8.0%

2.8%

7.4%

14.0%

8.8%

2.9%

30-6-2003

Market

Value

5 119

2 976

1 677

1 370

1 512

676

303

13 63313 633

673673

30-6-2004

Holding

(%)

8.0%

2.2%

7.4%

14.0%

8.8%

2.9%

30-6-2004

Market

Value

6 307

3 407

1 571

1 577

1 771

703

354

15 690

--

13-9-2004

Holding

(%)

8.0%

2.2%

7.4%

14.0%

8.8%

2.9%

13-9-2004

Market

Value

Thank youThank you