FINCORP INVESTMENT LIMITED
	Abridged Unaudited Interim Financial Statements
	31st December 2005
	Balance Sheets																	Statements of Changes in Equity
					GROUP						COMPANY									Share		Share		Capital		Revaluation		General		Retained		Total
					31-Dec-05		31-Dec-04		30-Jun-05		31-Dec-05		31-Dec-04		30-Jun-05					Capital		Premium		Reserve		& Other		Risk		Profit
		NOTES			Rs'000		Rs'000		Rs'000		Rs'000		Rs'000		Rs'000											Reserves		Reserve
	ASSETS EMPLOYED																			Rs'000		Rs'000		Rs'000		Rs'000		Rs'000		Rs'000		Rs'000
	NON-CURRENT ASSETS																	GROUP
	Intangible assets				8,911		-		-		-		-		-			At 1st July 2004		120,155		6,827		414,733		257,548		-		673,303		1,472,566
	Property, plant and equipment	3			186,790		137,841		165,570		-		-		-			(Decrease)/Increase in interest in associates		-		-		-		(2,902)		-		1,206		(1,696)
	Investments in associates				1,660,447		1,329,339		1,518,135		1,052,481		732,440		806,483			Share of (decrease)/increase in reserves of
	Investments in subsidiaries				-		-		-		160,000		160,000		160,000			associates		-		-		(24,667)		40,774		-		-		16,107
	Investment securities				299,415		326,174		325,984		285,539		316,767		316,480			Fair value adjustment		-		-		-		3,215		-		-		3,215
	Loan receivable				274,958		293,364		268,336		274,958		293,364		268,336			Net (loss)/gains not recognised in the
	Finance lease receivables	4			1,010,737		876,274		901,142		-		-		-			profit and loss account		-		-		(24,667)		41,087		-		1,206		17,626
					3,441,258		2,962,992		3,179,167		1,772,978		1,502,571		1,551,299			Profit attributable to shareholders		-		-		-		-		-		14,958		14,958
	CURRENT ASSETS				897,409		547,902		657,156		37,924		22,784		52,997			Dividends		-		-		-		-		-		(19,225)		(19,225)
	CURRENT LIABILITIES				(508,849)		(432,412)		(408,765)		(140,097)		(163,771)		(175,703)			At 31st December 2004		120,155		6,827		390,066		298,635		-		670,242		1,485,925
	NET CURRENT ASSETS/(LIABILITIES)				388,560		115,490		248,391		(102,173)		(140,987)		(122,706)
					3,829,818		3,078,482		3,427,558		1,670,805		1,361,584		1,428,593			At 1st July 2004		120,155		6,827		414,733		257,548		-		673,303		1,472,566
																		Prior Year Adjustment
	FINANCED BY																	re deferred tax		-		-		-		-		-		7,878		7,878
	SHARE CAPITAL				120,155		120,155		120,155		120,155		120,155		120,155			As restated		120,155		6,827		414,733		257,548		-		681,181		1,480,444
	RESERVES				1,729,871		1,365,770		1,554,485		1,075,692		728,565		820,602			Increase/(decrease) in interest in
	SHAREHOLDERS' INTERESTS				1,850,026		1,485,925		1,674,640		1,195,847		848,720		940,757			associate		-		-		6,078		(2,902)		-		2,463		5,639
	NON-CURRENT LIABILITIES																	Share of (decrease)/increase in reserves
	Borrowings	5			1,972,770		1,586,351		1,746,194		474,958		512,864		487,836			of associates		-		-		(18,199)		61,327		-		-		43,128
	Deferred tax liability				7,022		6,206		6,724		-		-		-			Fair value adjustment		-		-		-		8,011		-		-		8,011
					1,979,792		1,592,557		1,752,918		474,958		512,864		487,836			Net (loss)/gains not recognised in
					3,829,818		3,078,482		3,427,558		1,670,805		1,361,584		1,428,593			the profit and loss account		-		-		(12,121)		66,436		-		2,463		56,778
																		Profit attributable to
																		shareholders		-		-		-		-		-		216,750		216,750
	Profit and Loss Accounts																	Dividends		-		-		-		-		-		(48,062)		(48,062)
					GROUP						COMPANY							Transfer from general provision		-		-		-		-		1,100		-		1,100
					6 Months to		6 Months to		Year to		6 Months to		6 Months to		Year to			Derecognition of associate		-		-		(3,702)		(28,668)		-		-		(32,370)
					31-Dec-05		31-Dec-04		30-Jun-05		31-Dec-05		31-Dec-04		30-Jun-05			At 30th June 2005		120,155		6,827		398,910		295,316		1,100		852,332		1,674,640
					Rs'000		Rs'000		Rs'000		Rs'000		Rs'000		Rs'000			Decrease in interest in
	Turnover				124,077		98,807		210,627		38,046		28,360		83,858			associate		-		-		(236)		-		-		(10,945)		(11,181)
	Operating income				55,029		41,021		79,280		22,786		13,178		53,096			Share of increase in reserves
	Operating expenses				(25,595)		(20,320)		(43,010)		(992)		(495)		(1,490)			of associates		-		-		16,469		156,705		-		-		173,174
	Operating profit				29,434		20,701		36,270		21,794		12,683		51,606			Fair value adjustment		-		-		-		11,650		-		-		11,650
	Share of profits/(loss) in associates				363		(1,028)		190,607		-		-		-			Net gains/(loss) not recognised in
	Profit before taxation				29,797		19,673		226,877		21,794		12,683		51,606			the profit and loss account		-		-		16,233		168,355		-		(10,945)		173,643
	Taxation				(4,023)		(4,715)		(10,127)		(320)		(595)		(2,435)			Profit attributable to
	Profit attributable to shareholders	7			25,774		14,958		216,750		21,474		12,088		49,171			shareholders		-		-		-		-		-		25,774		25,774
																		Dividends		-		-		-		-		-		(24,031)		(24,031)
																		At 31st December 2005		120,155		6,827		415,143		463,671		1,100		843,130		1,850,026
	Data per Share
	Net assets per share (Rs.)				15.40		12.49		13.94		9.95		7.06		7.83
	Earnings per share (Re.)	8			0.21		0.12		1.80		0.18		0.10		0.41			COMPANY
	Earnings per share excluding																	At 1st July 2004		120,155		6,827		100,596		371,343		-		137,224		736,145
	fair value adjustment (Re.)	8			0.81		0.59		0.72		0.18		0.10		0.41			Fair value adjustment not recognised in
	Dividends per share (Re.)				0.20		0.16		0.40		0.20		0.16		0.40			the profit and loss account		-		-		-		119,712		-		-		119,712
	No. of shares in issue				120,154,860		120,154,860		120,154,860		120,154,860		120,154,860		120,154,860			Profit attributable to shareholders		-		-		-		-		-		12,088		12,088
																		Dividends		-		-		-		-		-		(19,225)		(19,225)
																		At 31st December 2004		120,155		6,827		100,596		491,055		-		130,087		848,720
	NOTES
	1. The financial statements are unaudited and have been prepared using the same accounting policies as those adopted in the financial statements for the year ended																	At 1st July 2004		120,155		6,827		100,596		371,343		-		137,224		736,145
	30th June 2005 and comply with IAS 34.																	Fair value adjustment
																		not recognised in the
	2. RESULTS																	profit and loss account		-		-		-		203,503		-		-		203,503		-
	Results for the period have, once more, been materially affected by changes in fair value of investment property (see note 7 below).   Operating profit is up 42% to																	Profit attributable to
	Rs 29.4 million, essentially as a result of a surplus of Rs 6.9 million realised on the maturity of our investment in The Mauritius Venture Capital Fund but also																	shareholders		-		-		-		-		-		49,171		49,171
	reflecting the satisfactory performance of all of the Group's activities.																	Dividends		-		-		-		-		-		(48,062)		(48,062)
																		At 30th June 2005		120,155		6,827		100,596		574,846		-		138,333		940,757
	3. PROPERTY, PLANT AND EQUIPMENT				GROUP													Fair value adjustment
					31-Dec-05		31-Dec-04		30-Jun-05									not recognised in the
					Rs'000		Rs'000		Rs'000									profit and loss account		-		-		-		257,647		-		-		257,647
	Assets under operating leases included under the above caption				185,007		133,657		161,021									Profit attributable to
																		shareholders		-		-		-		-		-		21,474		21,474
																		Dividends		-		-		-		-		-		(24,031)		(24,031)
	4. FINANCE LEASE RECEIVABLES																	At 31st December 2005		120,155		6,827		100,596		832,493		-		135,776		1,195,847
	Receivable within one year and included in current assets				386,516		341,955		357,071
	Receivable after one year				1,010,737		876,274		901,142
					1,397,253		1,218,229		1,258,213									Cash Flow Statements
																						GROUP						COMPANY
	5.  Borrowings for the Group include Rs.1,493 million of customer deposits at the level of Finlease Co Ltd (Rs.1,063m and Rs.1,251m respectively at 31st December 2004																					6 Months to		6 Months to		Year to		6 Months to		6 Months to		Year to
	and 30th June 2005).																					31-Dec-05		31-Dec-04		30-Jun-05		31-Dec-05		31-Dec-04		30-Jun-05
																						Rs'000		Rs'000		Rs'000		Rs'000		Rs'000		Rs'000
	6. SEGMENT INFORMATION				Group		Leasing		Investing		Eliminations							NET CASH INFLOW FROM OPERATIONS				75,614		62,166		145,513		38,489		31,925		44,062
					Rs'000		Rs'000		Rs'000		Rs'000							TAXATION
	6 months to 31st December 2005																	Income tax paid				-		-		(9,425)		-		-		(1,733)
	Total gross income				124,077		103,837		40,576		(20,336)							INVESTING ACTIVITIES
	Operating  profit				29,434		27,344		22,090		(20,000)							Purchase of property, plant and equipment				(42,054)		(62,353)		(111,837)		-		-		-
																		Proceeds from sale of property, plant and
	6 months to 31st December 2004																	equipment				4,768		5,708		13,162		-		-		-
	Total gross income				98,807		88,698		30,445		(20,336)							Purchase of intangible assets				(8,911)		-		-		-		-		-
	Operating  profit				20,701		28,103		12,598		(20,000)							Purchase of investments				-		(12)		(97)		-		(12)		(12)
																		Proceeds from sale of investments				42,095		-		6,023		42,095		-		6,023
	Year ended 30th June 2005																	Net outflow from investment in
	Total gross income				210,627		185,019		68,281		(42,673)							finance leases				(138,956)		(155,057)		(193,676)		-		-		-
	Operating  profit				36,270		54,337		23,933		(42,000)							NET CASH (OUTFLOW)/INFLOW FROM
																		INVESTING ACTIVITIES				(143,058)		(211,714)		(286,425)		42,095		(12)		6,011
	7. FAIR VALUE ADJUSTMENT																	NET CASH (OUTFLOW)/INFLOW BEFORE
					GROUP						COMPANY							FINANCING ACTIVITIES				(67,444)		(149,548)		(150,337)		80,584		31,913		48,340
					6 Months to		6 Months to		Year to		6 Months to		6 Months to		Year to			FINANCING ACTIVITIES
					31-Dec-05		31-Dec-04		30-Jun-05		31-Dec-05		31-Dec-04		30-Jun-05			Deposits received				378,461		222,546		378,757		-		-		-
					Rs'000		Rs'000		Rs'000		Rs'000		Rs'000		Rs'000			Net loans				(22,056)		(3,287)		(5,768)		(19,500)		-		-
	Profit attributable to shareholders excluding fair																	Net amount received from group company				-		-		-		-		673		-
	value adjustment				97,509		71,528		86,733		21,474		12,088		49,171			Dividends paid				(52,868)		(43,256)		(43,256)		(52,868)		(43,256)		(43,256)
	Fair value adjustment (IAS 40)				(71,735)		(56,570)		130,017		-		-		-			NET CASH INFLOW/(OUTFLOW) FROM
	Profit attributable to shareholders				25,774		14,958		216,750		21,474		12,088		49,171			FINANCING ACTIVITIES				303,537		176,003		329,733		(72,368)		(42,583)		(43,256)
																		INCREASE/(DECREASE) IN CASH AND CASH
	IAS 40 adjustment above relates to the gain/(loss) arising from changes in the fair value of investment property carried in the books of our associate, Caudan																	EQUIVALENTS				236,093		26,455		179,396		8,216		(10,670)		5,084
	Development Ltd.																	CASH AND CASH EQUIVALENTS
																		BROUGHT FORWARD				81,609		(97,787)		(97,787)		(142,987)		(148,071)		(148,071)
	8. EARNINGS PER SHARE																	CASH AND CASH EQUIVALENTS
	Earnings per share is calculated by dividing the profit attributable to shareholders by the number of equity shares in issue and ranking for dividend.																	CARRIED FORWARD				317,702		(71,332)		81,609		(134,771)		(158,741)		(142,987)
	9. Copies of the abridged unaudited interim financial statements can be obtained free of charge upon request at the registered office of the Company.
	10. These abridged financial statements were approved for issue by the Board of Directors on the 10th February 2006.
	11. This communiqué is issued pursuant to Listing Rule 12.21.																	BY ORDER OF THE BOARD
	The Board of Directors of Fincorp Investment Limited accepts full responsibility for the accuracy of the information contained in this communiqué.																	(S) JEAN-FRANCOIS DESVAUX DE MARIGNY
																		SECRETARY