Annual report for the year ended 30 September 2007
Helping care for the health of humankind

Financial Statements

Directors’ approval
Certificate by the company secretary
Report of the independent auditors
Directors’ report
Directors’ remuneration report
Balance sheets
Income statements
Cash flow statements
Statement of changes in shareholders’ equity
Notes to the annual financial statements
Company balance sheet
Company income statement
Company cash flow statement
Notes to the company annual financial statements
Annexure A
Annexure B
Annexure C

Annexure A

Interest in subsidiaries

		Issued	Effective Group				Loans to/(from)
		share	holding		Investment		subsidiaries
		capital	2007	2006	2007	2006	2007	2006
Principal subsidiaries	Nature of business	Rm	%	%	Rm	Rm	Rm	Rm
Direct
	Specialised managed
Clinical Partners (Proprietary) Limited	healthcare		100	100			(2)
Medicross Healthcare Group (Proprietary)
Limited	Healthcare services		100	100	381	181
Netcare 911 (Proprietary) Limited	Emergency medical services		100	100	6
Netcare Finance Company (Proprietary)
Limited	Financing		100	100				(83)
Netcare Health Systems (Proprietary)	Healthcare management
Limited	services		100	100
Netcare Hospital Group (Proprietary)
Limited	Investment holding		100	100	8
Netcare Hospitals (Proprietary) Limited	Hospital/healthcare services		100	100	13
Netcare International SA (Proprietary)
Limited	Investment holding		100	100	1
Netcare Management (Proprietary) Limited	Management services		100	100	1 444	312
Netcare Prefshare Holdings (Proprietary)
Limited	Investment holding		100	100				156
Netcare Redeemable Preference Share
Investments (Proprietary) Limited	Financing		100	100
Netpartner Investments Limited	Investment holding	6	100	100	3 399	1 275
Indirect
Alberlito Hospital (Proprietary) Limited	Hospital/healthcare services		80	80
Alberlito Hospital Properties (Proprietary)
Limited	Property owning		80	80
Clindeb Investments (Proprietary) Limited	Financing		100	100			1 354	1 645
Constantia Clinic (Proprietary) Limited	Hospital/healthcare services		50	50
General Healthcare Group Limited (note 4)	Hospital/healthcare services	12	50	53
Netcare Healthcare UK Limited (note 4)	Healthcare services		50	53
Netcare Hospital Management (Proprietary)
Limited	Management services		100	100				633
	Provision of and investment
Netcare Institute of Cellular and Molecular	in molecular medicine
Medicine (Proprietary) Limited	technology		90	90
Netcare Life Limited	Life insurance		100	100
Netcare Pretoria 3 (Proprietary) Limited	Hospital/healthcare services		70	70
Netcare Property Holdings (Proprietary)
Limited	Property owning		100	100
Netcare Waterberg Lodge (Proprietary)
Limited	Lodge service		100	100
Optiklin (Proprietary) Limited	Hospital/healthcare services		100	100
Pedalclip Limited (note 4)	Investment holding		50	53
Prime Cure Holdings (Proprietary) Limited	Primary care		100	100
St Augustine's Hyperbaric Joint Venture
(Proprietary) Limited	Hyperbaric oxygen therapy		61	61
Other					733	1 339	(1 070)
					5 985	3 107	282	2 351

Notes

1.	All companies are incorporated in South Africa unless otherwise stated

2.	Information in respect of subsidiaries as required in terms of paragraphs 69 and 70 of the Fourth Schedule to the Companies Act is set out in respect of only those subsidiaries, the financial position or results of which are material for a proper appreciation of the affairs of the Group.

3.	A register disclosing full details of all companies in which the Group has investments is available for inspection during business hours at the registered office of the Company by members or their duly authorised agents.

4.	Incorporated in the United Kingdom.