Notes to the Financial Statements  -  for the year ended 30 September 2004

1. Property, plant and equipment Company        Group 12 months 2003 R (000) 12 months 2004 R (000)     12 months 2004 R (000) 12 months 2003 R (000) 331 665 331 769 Investment properties at valuation   331 769 331 665 2 471 (1 806) 27 492 2 881 (2 112) 32 867 Land and buildings at cost or valuation Accumulated depreciation   2 881 (2 112) 33 644 2 471 (1 806) 27 581 47 873 (20 381) 56 586 (23 719) Plant, vehicles and equipment at cost Accumulated depreciation   57 686 (24 042) 48 025 (20 444) 28 488 33 967 Net book value   34 744 28 577 Investment properties were revalued in September 2004, by Mr TD Cullinan MIV (SA) (Registered Valuer, SA Council of Valuers). The market value has not changed from the previous valuation and therefore no adjustment has been made. Registers containing the information required by the Companies Act are available for inspection at the registered offices of the company and its subsidiaries.   Investment Properties R000 Land, buildings & leasehold improvements R000 Plant, vehicles & equipment R000 Total R000 GROUP Reconciliation of movement of property, plant and equipment for the year ended 30 September 2004       Cost At beginning of year Additions Disposals Revaluation on foreign currency translation 331 - - - 2 471 410 - - 48 025 14 027 (4 360) ( 6) 50 827 14 437 (4 360) ( 6) At end of year 331 2 881 57 686 60 898 Accumulated depreciation At beginning of year Charge for year Disposals Revaluation on foreign currency translation - - - - 1 806 306 - - 20 444 6 405 (2 804) ( 3) 22 250 6 711 (2 804) ( 3) At end of year - 2 112 24 042 26 154 Net book value at 30 September 2004 331 769 33 644 34 744 COMPANY Reconciliation of movement of property, plant and equipment for the year ended 30 September 2004 Cost At beginning of year Additions Disposals 331 - - 2 471 410 - 47 873 13 073 (4 360) 50 675 13 483 (4 360) At end of year 331 2 881 56 586 59 798 Accumulated depreciation At beginning of year Charge for year Disposals - - - 1 806 306 - 20 381 6 142 (2 804) 22 187 6 448 (2 804) At end of year - 2 112 23 719 25 831 Net book value at 30 September 2004 331 769 32 867 33 967   Investment Properties R000 Land, buildings & leasehold improvements R000 Plant, vehicles & equipment R000 Total R000 GROUP Reconciliation of movement of property, plant and equipment for the year ended 30 September 2003       Cost At beginning of year Additions Disposals Revaluation on foreign currency translation 681 - (350) - 2 551 107 (187) - 36 807 13 724 (2 490) (16) 40 039 13 831 (3 027) (16) At end of year 331 2 471 48 025 50 827 Accumulated depreciation At beginning of year Charge for year Disposals Revaluation on foreign currency translation - - - - 1 602 393 (189) - 16 428 5 488 (1 462) (10) 18 030 5 881 (1 651) (10) At end of year - 1 806 20 444 22 250 Net book value at 30 September 2004 331 665 27 581 28 577 COMPANY Reconciliation of movement of property, plant and equipment for the year ended 30 September 2004 Cost At beginning of year Additions Disposals 331 - - 2 551 107 (187) 36 699 13 663 (2 489) 39 581 13 770 (2 676) At end of year 331 2 471 47 873 50 675 Accumulated depreciation At beginning of year Charge for year Disposals - - - 1 602 393 (189) 16 380 5 462 (1 461) 17 982 5 855 (1 650) At end of year - 1 806 23 719 22 187 Net book value at 30 September 2004 331 665 27 492 28 488 Company        Group 12 months 2003 R 000 12 months 2004 R 000     12 months 2004 R 000 12 months 2003 R 000 8 371 2000 - 10 371 - - 2. Goodwill Cost Opening balance less amounts written off Adjustments arising during the year Impairment   15 240 (141) (1 469) 15 341 (101) - 10 371 10 371 Balance at end of period   13 630 15 240 1 229 585 1 814 752 Amortisation Balance at beginning of period Change for the year   2 739 982 1 925 814 1 814 2566 Balance at end of period   3 721 2739 8 557 7805 Net book value   9 909 12 501 622 - (3 295) 621 - (3 483) 3. Interests in subsidiary companies Shares in subsidiaries at cost less amounts written off Amounts due to subsidiaries Amounts due from subsidiaries   - - - - - - (2 673) (2 862)     - - 9 203 44 9 491 258 4. Inventories Finished goods/merchandise Consumables and dies   9 491 258 9 203 44 9 247 9 749     9 749 9 247 1000 46 1000 46 5. Preference share capital Share capital Share premium   1000 46 1000 46 1 046 1 046     1 046 1 046 The cumulative preference shareholders are entitled to the preference share premium of 10 cents per share only in the event of a winding up.   1 627 - 6. Short-term loans Supplier loans   - 1 627 1 627 -     - 1 627 34 124 34 124 7. Share capital Authorised Ordinary share capital 3 412 375 874 ordinary shares of 1 cent each   34 124 34 124 1000 4 1 8500 - 1000 4 1 8500 - Preference share capital 500 000 5,5% cumulative preference shares of R2 each 42 604 574 redeemable preference shares of 0.01 cent each 100 000 variable rate redeemable cumulative preference shares of 1 cent each 100 000 convertible variable rate cumulative redeemable preference shares of R85 each 25 000 cumulative Redeemable Convertible preference shares of 1 cent each   1000 4 1 8500 - 1000 4 1 8500 - 9 505 9 505   9 505 9 505 7 172 7 182 Issued Ordinary share capital 718 188 538 (2003: 717 188 538) ordinary shares of 1c each   7 182 7 172 1 000 - 1 000 - Preference share capital 500 000 5,5% cumulative preference shares of R2 each 25 000 Cumulative Redeemable Convertible preference shares of 1 cent each. The 25 000 Cumulative Redeemable Convertible preference shares, issued at a par value of R0,01 and a premium of R999,99 are redeemable at par plus the premium on 18 July 2005 or suchearlier date on which the Company may elect to redeem all or part of the preference shares. The rate is 70% of the Standard Bank ruling prime rate.   1 000 - 1 000 - 1 000 1 000   1 000 1 000 Unissued ordinary shares (a) 56 540 000 ordinary shares of 1 cent each (2003: 58 291 000 ordinary shares of 1 cent each) remain reserved for issue and allotment to participants in terms of the Cullinan Holdings Limited Employees’ Share Purchase and Option Scheme. (b) 2 694 187 336 ordinary shares of 1 cent each are under the control of the directors until the next annual general meeting of the company.   20 876 20 876 8. Share capital reduction reserve fund In terms of section 84 of the Companies Act, an Order of Court was made in 1997 to reduce the issued ordinary share capital of the company. The existing shares were reduced from ordinary shares with a par value of 50 cents each to ordinary shares with a par value of 1 cent each. The remaining capital of 49 cents per share was transferred to a non-distributable reserve to be treated as share premium. No distribution to shareholders resulted from this reduction in share capital   20 876 20 876 4 4 9. Capital redemption reserve fund The capital redemption reserve fund was created on 1 June 1998 as a result of the redemption of 42 604 574 preference shares of 0,01 cent each   4 4 - - 10. Foreign currency translation reserve The foreign currency translation reserve reflects the differences on the translation of a foreign subsidiary into the reporting currency   (12) (147) 5 643 - 3 334 - 11. Commitments in respect of capital expenditure Contracted Authorised by the directors but not contracted   3 334 - 5 643 - 5 643 3 334   3 334 5 643 12. Provisions Provisions for the group and company at year-end can be summarised as follows:   Payroll related provisions R 000 Other Provisions R 000 Total R 000 Group Balance at 1 October 2003 Amounts used during the year Additional provisions raised Unused amounts reversed during the year 5 580 (4 528) 6 231 (100) 2 604 (1 133) 557 - 8 184 (5 661) 6 788 (100) Balance at 30 September 2004 7 183 2 028 9 211 Company Balance at 1 October 2003 Amounts used during the year Additional provisions raised Unused amounts reversed during the year 5 580 (4 528) 6 231 (100) 2 604 (1 133) 557 - 8 184 (5 661) 6 788 (100) Balance at 30 September 2004 7 183 2 028 9 211 Company        Group 12 months 2003 R (000) 12 months 2004 R (000)     12 months 2004 R (000) 12 months 2003 R (000) 152 653 23 386 177 330 23 883 13. Revenue Comprises: Commisions Sale of goods   180 955 (1 469) 153 699 23 386 176 039 201 213     204 838 177 085 790 - 4 770 6 - 14. Operating income/(loss) before exceptional items – continuing operations is arrived at after taking into account: Auditors’ remuneration Audit Fees Other Fees Expenses   812 70 - 813 9 70 794 776     882 892 393 5 462 306 6 142 Depreciation Buildings and leasehold improvements Plant, vehicles and equipment   306 6 405 393 5 488 5 855 6 448     6 711 5 881 84 (25) Profit/(loss) on disposal of assets   (25) 182 9 470 530 10 819 2 447 Rentals in respect of operating leases Land and buildings Plant, vehicles and equipment   11 135 2 447 9 729 530 10 000 13 266     13 582 10 259 - 50 90 36 Services rendered to third parties Management fees Technical fees   - 36 - 50 50 (126)     (36) 50 (2 971) 162 Foreign exchange gains/(losses) *   302 (4 193) 77 907 90 515 Staff costs   92 136 78 979 * Comparatives have been restated. Refer to note 25. Company        Group 12 months 2003 R (000) 12 months 2004 R (000)     12 months 2004 R (000) 12 months 2003 R (000) - (585) (1 817) 25 (767) 3 000 - (752) (1 805) 127 - 3 000 15. Exceptional items Impairment of goodwill Amortisation of goodwill Computer implementation costs Other Restructuring costs Deferred tax change   (1 469) (982) (1 805) 326 - 3000 - (814) (1 817) 36 (767) 3 000 (144) 570     (930) (362) 16. Directors’ emoluments RAND MR Bagus LA Pampallis QA Southey AA Thompson Total 2004 Fees for services as a director Basic salary Bonuses and performance-related payments Benefits 40 000 - - - - 1 073 813 217 400 44 026 - 955 787 193 400 21 461 - 1 159 200 241 800 47 527 40 000 3 188 800 652 600 113 014   40 000 1 335 239 1 170 648 1 448 527 3 994 414 2003 Fees for services as a director Basic salary Bonuses and performance-related payments Benefits - - - - 786 079 - 65 930 911 580 - 53 928 1 697 659 - 119 858   - 852 009 965 508 1 817 517 Company        Group 12 months 2003 R (000) 12 months 2004 R (000)     12 months 2004 R (000) 12 months 2003 R (000) 5 573 (2 907) 4 793 (2 109) 17. Net finance (charges)/income Net interest received Preference dividends paid   4 800 (2109) 5 580 (2 907) 2 666 2 684     2 691 2 673 - 1 263 - 1 162 18. Taxation Current South African normal taxation Secondary taxation on companies   - 1 162 - 1 263 1 263 1 162 Current taxation charge   1 162 1 263 62 768 32 858 Estimated taxation losses available for set off against future taxable income   37 159 65 747 19. Income per ordinary share Reconciliation between income and headline income Income attributable to shareholdersAdjust for exceptional items (note 14)   25 317 930 18 781 362 Headline income   26 247 19 143 The calculation of income per ordinary share is based on the weighted average number of shares in issue during the year of 718 188 538 (2003: 717 188 538).   20 024 585 - - - 5 855 (84) (3 000) - - 25 387 752 - - - 6 448 25 (3000) - - 20. Notes to the cash flow statement 20. 1 Cash generated/(utilised) by operations Operating income Adjustments for: – Amortisation of goodwill – Impairment of goodwill – Revaluation of goodwill – Revaluation of property, plant and equipment – Depreciation – (Profit)/Loss on disposal of fixed assets – Deferred tax change – Translation of foreign operation – Outside shareholders’ portion of losses   23 788 982 1 469 141 3 6 711 25 (3000) 135 - 17 211 814 - 2 101 6 5 880 (182) (3 000) 147 (160) 23 380 (868) (6 101) 14 053 3 352 29 612 (502) (6 849) 26 426 (399) Cash generated before working capital changes Decrease/(Increase) in inventories Decrease/(Increase) in accounts receivable (Decrease)/Increase in accounts payable Decrease/(Increase) in amounts owing by subsidiaries   30 254 (502) (5 438) 26 051 - 22 817 (868) (7 277) 14 231 - 33 816 48 288 Cash generated by operations   50 365 28 903 (281) (2 907) 174 (174) (2 109) 208 20.2 Preference dividends paid Amount outstanding at beginning of period Income statement charge Amount outstanding at end of period   (174) (2 109) 208 (281) (2 907) 174 (3 014) (2 075) Preference dividend paid   (2 075) (3 014) (128) (1 263) 24 (24) (1 162) 22 20.3 Taxation paid Amount outstanding at beginning of period Income statement charge Amount outstanding at end of period   (24) (1 162) 22 (128) (1 263) 24 (1 367) (1 164) Taxation refund/(paid)   (1 164) (1 367) - (1 367) - (1 164) Normal taxation Secondary taxation on companies   - (1 164) - (1 367) 76 005 105 127 20.4 Cash and cash equivalents Cash Resources   107 024 76 772 76 005 105 127 Cash and cash equivalents   107 024 76 772 1 430 1 504 21. Group retirement benefits It is the Cullinan group’s policy to provide retirement benefits for certain employees by payments to an independently managed provident fund. The fund, governed by the Pension Funds Act of 1956, incorporates retirement benefits, disability benefits and life cover. Contributions to the fund are charged against profits as they are incurred. Contributions recognised as an expense during the year.   1 526 1 430 22. Financial instruments 22.1 Foreign currency management The group is exposed to foreign currency risk through its transactions in foreign currencies. The group manages this through contracting to buy or sell foreign currencies at forward rates which it believes will hedge its risk arising from changes in foreign currency exchange rates. Details of hedged and unhedged exposures are as follows: 22.1.1 Foreign currency assets and liabilities at year-end Included in the group balance sheet at year-end are the following monetary assets and liabilities denoted in foreign currency:

	GBP '(000)'S	MUR '(000)'S	USD '(000)'S	HKD '(000)'S	Euro '(000)'S	AUD '(000)'S	THB '(000)'S	JPY '(000)'S	MYR '(000)'S	SGD '(000)'S	NZD '(000)'S	BWP '(000)'S	CAD '(000)'S	CHF '(000)'S	KYS '(000)'S	NMD '(000)'S	NOK '(000)'S	SEK '(000)'S
Accounts receivable Accounts payable Interest bearing liabilities Net cash balances	- (227) - 247	- (12 281) - 12 091	371 (3 294) - 2 996	- (716) - -	77 (1 286) - 622	- (165) - -	- (16 400) - -	- (991) - -	6 (262) - -	111 (288) - 278	- (14) - -	- (11) - -	- (11) - -	- (3) - -	- (19) - -	- (371) - -	- (2) - -	- (2) - -
Net foreign currency Assets/ (liabilities) before forward exchange contracts	20	(190)	73	(716)	587	(165)	(16 400)	(991)	(256)	101	(14)	(11)	(11)	(3)	(19)	(371)	(2)	(2)

22.1.2 Open forward exchange contracts at year-end To compensate for the above unhedged foreign currency position, the following forward exchange contracts are open at year-end:

	GBP '(000)'S	MUR '(000)'S	USD '(000)'S	HKD '(000)'S	Euro '(000)'S	AUD '(000)'S	THB '(000)'S	JPY '(000)'S	MYR '(000)'S	SGD '(000)'S	NZD '(000)'S	BWP '(000)'S	CAD '(000)'S	CHF '(000)'S	KYS '(000)'S	NMD '(000)'S	NOK '(000)'S	SEK '(000)'S
Contracts to buy	152	5 131	386	55	419	5	-	856	-	20	-	-	-	-	-	-	-	-
Contracts to sell	-	-	(1 275)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net commitment	152	5 131	(889)	55	419	5	-	856	-	20	-	-	-	-	-	-	-	-
Maturity date range from : to :	15/10/04 28/2/05	1/2/05 1/8/05	18/10/04 28/2/05	28/10/04 28/10/04	7/10/04 28/2/05	18/10/04 18/10/04	-	12/11/04 12/11/04	-	28/10/04 28/10/04	-	-	-	-	-	-	-	-

22.1.3 (Unhedged)/Overcommitted foreign currency position at year-end

	GBP '(000)'S	MUR '(000)'S	USD '(000)'S	HKD '(000)'S	Euro '(000)'S	AUD '(000)'S	THB '(000)'S	JPY '(000)'S	MYR '(000)'S	SGD '(000)'S	NZD '(000)'S	BWP '(000)'S	CAD '(000)'S	CHF '(000)'S	KYS '(000)'S	NMD '(000)'S	NOK '(000)'S	SEK '(000)'S
	172	4 941	(816)	(661)	(168)	(160)	(16 400)	(135)	(256)	121	(14)	(11)	(11)	(3)	(19)	(371)	(2)	(2)

Currency Key:       GBP MUR USD HKD Euro AUD THB JPY MYR SGD NZD BWP CAD CHF KYS NMD NOK SEK British Pound Sterling Mauritian Rupees United States Dollar Hong Kong Dollar European Union Euro Australian Dollar Thailand Baht Japanese Yen Malaysian Ringitt Singapore Dollar New Zealand Dollar Botswana Pula Canadian Dollar Swiss Franc Kenyan Shilling Namibian Dollar Norwegian Kroner Swedish Kroner   22.2 Interest rate risk The group is exposed to interest rate fluctuations on its bank balances and the redeemable preference shares. The group has not entered into any derivative contracts to limit this exposure. 22.3 Credit risk The group is exposed to credit risk through its investments in accounts receivable. The group manages this risk through adopting, where applicable, comprehensive credit checks, continual credit limit reviews, and obtains security for any amounts advanced by way of loans, where this is considered necessary. The group’s credit exposure can be analysed as follows:   Group R 000 Company R 000 Industry Tourism and Leisure Other 59 040 3 731 59 427 3 731   62 771 63 158 Location Singapore South Africa 3 504 59 267 - 63 158   62 771 63 158 22.4 Liquidity risk The group manages its exposure to liquidity risk by monitoring actual against approved forecast cash flows and ensuring that adequate provision will be made to fund future cash flow requirements. As at the year-end, the directors believed that sufficient funds were available to meet these requirements. 22.5 Fair value of financial instruments The carrying values of financial instruments on the face of the balance sheet and in the notes accurately represent their fair values. 23. Related parties 23.1 Identity of related parties An analysis of the shareholding as at 30 September 2004 is presented on pages 2 and 3. The subsidiaries of the group are identified on pages 40 and 41. The directors are listed in the Directors’ report on page 15. 23.2 Material related party transactions Directors’ emoluments – see note 16 Dividends (paid)/received – see note 17 23.2.1 Transactions with related parties in the group Management fees amounting to R90 120 were charged by Cullinan Holdings Limited to Thompsons Indaba Safaris KZN (Pty) Ltd during the year. 24. Contingent Liabilities There were no contingent liabilities at 30 September 2004. 25. Comparative Figures Restated The following items have been restated from prior year: 25.1 Income Statement Company Group Revenue Net operating expenses Operating income before exceptional items 25.2 Foreign exchange gains/(losses) (Note 14) 2003 Restated R000 159 029 (138 861) R000 176 039 (155 871) 20 168 20 168 2 924 (2 971) 2003 Restated R000 160 075 (142 502) R000 177 085 (159 512) 17 573 17 573 1 702 (4 193) The reason for the restatement is that revenue earned in the prior year was incorrectly included in operating expenses and foreign exchange differences.