| Thu 21 Jun 2001, 0:00 | | Johnni - Audited Results For The Year Ended 31 Mar |
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Johnnic communications limited
Incorporated in the Republic of South Africa
Registration Number 1889/000352/06
("Johncom")
a johnnic group subsidiary
30%
to R10 875,7 million
Revenue
(Rm)
32%
to R2 887,9 million
Ebitda
(Rm)
29%
to 452 cents per share
Basic headline earnings
per share
(Cents)
Commentary
Overview
Johnnic Communications Limited ("Johncom"), has recorded strong growth in
revenues and earnings over the past year, primarily as a result of an
excellent performance from listed telecommunications subsidiary, M-Cell
Limited ("M-Cell"). Headline earnings per share increased by 29% to 452
cents from 351 cents in the previous year.
The group has undergone significant restructuring during the year in line
with the Johnnic vision of becoming a focused media, entertainment and
telecommunications group. Key businesses were extensively reorganized into
logical groupings reflecting the new focus:
- Johncom's newspaper and magazine interests, previously trading under the
name Times Media Limited, were merged with New Holland Publishing's book and
map publishing businesses. The new entity trades as Johnnic Publishing
Limited ("Johnnic Publishing") with interests including a 50% stake in BDFM,
publisher of market leaders Business Day and Financial Mail, a 44,2% stake
in CTP Holdings Limited ("CTP"), an effective 37,5% stake in I-Net Bridge
and interests in electronic businesses, such as CareerJunction and eDegree.
- A new Digital Media division, Johnnic e-Ventures Limited ("JeV"), was
created on 1 April 2000 to house the group's e-business interests. JeV's
main focus is on the business-to-business ("B2B") sector and its key
investments include I-Net Bridge (25%), electronic trading exchange
TradeWorld (effective 51%), TicketWeb (42,5%), HealthInSite (54,5%),
CareerJunction (51%) and Ananzi (100%).
- Millennium Entertainment Group Africa Limited ("Mega") underwent
significant change during the year, culminating in a change of name to
Johnnic Entertainment Limited ("Johnnic Entertainment"). The Mega head
office was largely eliminated, resulting in considerable savings, and three
operating divisions were created - Music, comprising the Gallo group of
companies; Filmed Entertainment, comprising the Nu Metro group of companies
and Route 66; and Book Retailing, which consists of market leader Exclusive
Books and UK-based Hammicks.
- Johnnic Telecommunications, comprising M-Cell Limited ("M-Cell") increased
its stake in cellular operator Mobile Telephone Networks Holdings
(Proprietary) Limited ("MTN") to 100%.
In August 2000, Johncom undertook a rights offer, which was underwritten by
Johnnic Holdings Limited. The rights issue raised R3,8 billion which was
used to purchase 75 million shares in M-Cell from Transnet, and to reduce
debt from R1,6 billion to approximately R300 million at head office level.
Results
Revenue grew by 30% to R10875,7 million from R8379,3 million the previous
year. Earnings before interest taxation, depreciation and amortisation
("Ebitda") increased by 32% to R2887,9 million from R2189,9 million.
Net goodwill arising out of transactions undertaken by group companies
totaling R9868,6 million has been capitalised and is being amortised over a
maximum period of 20 years in accordance with the new South African
Statement of Generally Accepted Accounting Practice (AC131). A charge of
R352,9 million relating to the amortisation of goodwill was made to the
income statement for the first time this year. Profit from operations before
goodwill amortisation increased by 33% to R1941,8 million from R1454,7
million last year, while profit from operations after goodwill amortisation
increased by 9% to R1588,9 million (2000: R1454,7 million).
Exceptional items of R45,4 million mainly comprised the write-down of
investments - Magic Company and Sweets From Heaven - in Johnnic
Entertainment.
The reduction in head office debt following the rights offer in August 2000
resulted in a marginal decrease in group finance costs to R368,2 million
from R391,8 million in the previous year. The full effect of the reduction
in head office debt will be felt in the next financial year.
Basic headline earnings increased by 52% on last year to R424,2 million.
Basic headline earnings excluding developmental losses from Digital Media
rose by 59% to R461,1 million. The increase in the number of shares inissue
following the rights offer resulted in a dilution of earnings per share and
an increase in share capital and share premium. As a result on a per share
basis, basic headline earnings increased by only 29% to 452 cents from 351
cents last year.
Ordinary shareholders' interest increased to R4,7 billion primarily as a
result of R3,8 billion share premium arising from the rights issue.
The amortisation of goodwill resulted in attributable earnings per share
declining 14% to 306 cents from 356 cents last year.
Capital expenditure, excluding licence acquisition costs, totaling R2390
million was incurred during the year. The total group cash outflows from
investing activities of R7474,1 million mainly comprised the acquisition of
the additional 75 million M-Cell shares (R2,5 billion), the acquisition of
the Nigerian licence (R2,3 billion) and the capital expenditure mentioned
above.
Review of operations
Telecommunications
(comprising M-Cell Limited)
Mobile operator, MTN, enjoyed another year of outstanding growth, with
subscribers growing by 55% to 3,5 million. As a result, M-Cell's revenue
grew by 39% to R8 337,3 million, while Ebitda grew by 38% to R2791,5
million. Ebitda margins remained stable at 34%.
During the year MTN won one of three cellular licences that were offered by
the Nigerian Communications Commission. Nigeria has a low teledensity of
around 0,4% and given its population of 120 million, the group is optimistic
about MTN Nigeria's prospects.
Orbicom broadened its scope of services beyond its traditional video
backhaul and VSAT services. It is currently developing a banking switch and
a network of electronic point of sale terminals based on wireless
communications technology in Ghana. It is now in negotiations with several
other African countries for this service. Orbicom also entered into a
memorandum of understanding with US telecommunications giant Lockheed Martin
to provide satellite-delivered Internet access across Africa.
As a consequence of the strong performance of MTN, M-Cell's basic headline
earnings per share increased by 47% to 74,5 cents.
Transnet currently holds 24% in M-Cell, but has announced its intention to
sell approximately 20% to a foreign strategic equity partner as part of the
government's privatization drive. M-Cell is currently evaluating a possible
bid for the second fixed line operator, due to be licensed in 2001.
Entertainment
Revenue grew 7% to R1539,7 million from R1436,8 million last year. However,
Ebitda declined to R53,1 million from R129,2 million last year.
New Holland Publishing was sold to Johnnic Publishing, with effect from 1
October 2000. In addition, Johnnic Publishing sold Route 66 to Johnnic
Entertainment with effect from 1 April 2000.
Music
The Music division experienced a difficult year, with industry-wide volumes
declining by 16%. A R12 million write-down of stock in Music for Pleasure
("MFP") contributed to the poor results from this division. The lower
industry volumes also impacted on Gallo's manufacturing and distribution
business, which accounts for 70% of the industry's music and video
production and distribution.
Gallo acquired Universal Music's stake in CD manufacturer, Compact Disc
Technologies, and audio cassette manufacturer, Trutone. The overall stake in
Universal Music reduced to 20% from 33%, which resulted in a lower
contribution to profits.
While sales of the Warner licence international products declined last year,
Gallo enjoyed a good year in the local music arena, with market share
climbing from 19% to 23%.
Overall, revenues for the music division were down 16% to R469,1 million,
while Ebitda declined from R69 million to R10,1 million.
Filmed entertainment
The Filmed Entertainment division completed its cinema expansion programme
with the opening of 36 new screens at Montecasino, Canal Walk, Menlyn Park
and Pavilion. Even though the industry recorded a 6% decline in cinema
attendances over the last year, Nu Metro Theatres was able to grow its
attendance by 4% and increase box office market share from 32% to 38% at the
expense of its major competitor. It is currently trading at over 40% market
share.
Nu Metro Video continues to enjoy market leader position in the video
distribution business. The acquisition of P.A. Gallo/GTV subsequent to year
end has further consolidated its position, as well as adding valuable BBC
and National Geographic licences.
The increased number of screens opened during the year resulted in increased
levels of expenditure, while margins came under pressure as a result of
intense price competition.
Nu Metro revenues grew by 13% to R390,1 million while Ebitda declined to
R17,3 million from R38,7 million the previous year. Route 66 generated
revenues of R7,6 million with an Ebitda loss of R7,6 million.
Book retailing
Strong performances were recorded by Exclusive Books and UK-based Hammicks.
Exclusive Books saw revenues increase by 28,8% to R258,6 million, while
Ebitda increased by 30% to R21,4 million. Loyalty programme Fanatics grew
strongly and now boasts 197000 members. Hammicks enjoyed a strong turn-
around in performance. On the back of an 8,5% industry growth, Hammicks grew
revenues by 31% to R414,3 million, while Ebitda grew 43% to R11,9 million.
Associate: Electronic Media Network Limited
("M-Net") (24,7% interest)
M-Net subscriber households now exceed 1,24 million spread across some 49
countries on the African continent and adjacent islands.
Revenue for the year amounted to just over R1,2 billion growing 20% from
last year. Headline earnings grew by 22% to R81,8 million equivalent to
headline earnings per share of 28,9 cents compared to 23,6 cents last year.
Associate: SuperSport International Holdings Limited
("SuperSport") (24,7% interest)
SuperSport's subscriber base continues to grow, reaching a total in excess
of 1,24 million subscribers at 31 March 2001. Revenue for the year increased
by 13% to R704,1 million from R622,1 million last year. Headline earnings
amounted to R51,4 million equivalent to headline earnings per share of 18,2
cents compared to 14,3 cents last year.
Media
Revenues grew by 1% as a result of rationalisation of the division which has
led to the closure of two newspapers (Sportsday and Evening Post) and the
sale of several other businesses. Ebitda for the newspaper and magazine
businesses increased by 36% to R62,9 million, while Ebitda for books and
maps publishing declined by 42% to R9,2 million as a result of poor trading
conditions and restructuring costs.
Johnnic Publishing is now focused in on four areas, namely newspaper,
magazine, book and map publishing. On the newspaper front the year was
defined by two factors - a significant growth in copy sales in the two
Sunday papers accompanied by a continued soft advertising market.
Several non-core interests were disposed of during the year. These include
T.I.S., which was sold to Johnnic e-Ventures; Route 66, the wildlife
production company, which was sold to Johnnic Entertainment; and TML Reed,
where Johnnic Publishing's 50% interest was sold to Reed-Elsevier.
Acquisitions during the year include a 70% interest in UK-based cartographer
Lovell Johns, a 70% interest in contract magazine publisher Picasso Headline
and 25% interest in on-line education provider eDegree.
Newspaper/magazine publishing
The Sunday Times, through innovative new strategies, achieved its objective
of restoring circulation levels back to levels last seen in 1993.
Circulation over the year grew from 460 000 to around 500000 on an average
basis. The Sowetan Sunday World, a joint venture with The Sowetan, also
enjoyed dramatic growth, from 27000 copies to nearly 100000 copies on a
weekly basis.
The growth of circulation has required significant investment, as
advertising revenues lag circulation growth by up to six months, which
impacted on earnings. A strong platform has, however, been created for
improved revenues in the new financial year.
The Eastern Cape daily newspapers, which include the EP Herald and The Daily
Dispatch, suffered from declining advertising volumes as a result of the
weak economy in the region. As a result, the Evening Post was closed, which
resulted in a 14% increase in EP Herald sales in the subsequent months.
The magazine division experienced the effects of an increasingly fragmented
market, particularly on the consumer side. However, most of the magazines in
the Johnnic Publishing stable performed better than the previous year. On
the business magazine side, there was considerable rationalization following
the merger of the Trade Publishing division and Avonwold. Several marginal
business titles were closed during the year as a result and a more
streamlined business has evolved.
In common with the media industry as a whole, BDFM has been negatively
impacted by the decline in advertising revenue. However, the market share
has been retained due to the main BDFM titles which continue to dominate in
the business community.
BDFM has extended its range of services to offer a comprehensive multi-media
range package to the business market and, in particular, to address the
abolition of the statutory requirement from October 2002 for financial
notices to be advertised in print.
Book/maps publishing
Revenue increased to R204,6 million from R193,1 million while Ebitda
declined to R9,2 million from R15,9 million last year mainly as a result of
a poor performance from the Australian subsidiary. This operation has now
been downsized from 60 to 22 staff and has been restored to profitability.
The South African division recorded a 13,5% growth in turnover, while Struik
Christian Books grew earnings by 38% over the previous year.
Associate: CTP Holdings Limited ("CTP") (44,2% interest)
The CTP group revenue for the six months to 31 December 2000 rose by 6,5% to
R1,227 billion, which reflects the difficult trading conditions which
prevailed throughout the period under review.
The period to December 2000 witnessed resumption in advertising spends which
benefited the group's newspaper division and particularly community
newspapers. The relaunch of a number of magazine titles has proved
successful and this coupled with additional advertising revenues, has had
the effect of improving the results of the magazine division. The book
printing, publishing, packaging and stationery divisions all reported
profits in excess of their budgets.
Earnings per share for the same period increased to 251 cents from 238 cents
last year.
Digital Media
Johnnic e-Ventures was launched on 1 April 2000 and has positioned itself
largely in the B2B sector.
The group achieved revenue of R51,7 million and losses at Ebitda and
headline earnings level of R24,4 million and R36,9 million respectively.
JeV concluded a number of acquisitions during the year including a 25% stake
in online education provider eDegree, 50% of digital publisher ComPress,
54,5% of health industry supplier HealthInSite, 42,5% of Internet ticketing
operator TicketWeb and 10% (in conjunction with MTN's 30%) stake in customer
appreciation programme operator eBucks. I-Net Bridge, of which the Johncom
group owns 62,5% (37,5% via Johnnic Publishing and 25% via JeV) acquired a
76% stake in a retail financial services business as well as 50% of
virtuallyHR, an online human resources hub, in a joint venture with the
Laser Group.
Bridge Information Systems ("Bridge"), the international content partner and
25% shareholder of I-Net Bridge, filed for Chapter 11 protection in the US
during the year. Certain Bridge assets were subsequently taken over by
competitor, Reuters, subject to USantitrust approval. Negotiations are
underway to secure the data feeds. The impact of this on the business of I-
Net Bridge can only be determined once negotiations have been completed.
Unbundling
Subsequent to the financial year end, Johncom announced plans to restructure
the group in terms of which, Johncom will unbundle almost all of its
interest in M-Cell, amounting to 552 203 364 shares. The plan is subject to
approval of shareholders at a general meeting on 2 July 2001. As a result of
the restructuring, Johncom will become a focused media and entertainment
group. Johncom has in recent years traded at a significant discount to net
asset value with the telecommunications business accounting for most of the
value inherent in the share price. The separate listing of the media and
entertainment businesses will cause the market to place a value on these
assets, and is therefore value enhancing. The remaining M-Cell shares will
be used to eliminate holding company debt and to fulfil obligations under
the Johncom staff share incentive scheme.
The Johncom unbundling will have a significant impact on the net asset value
and earnings of the group. The financial effects as at 31 March 2001 have
been published elsewhere in this publication.
The year ahead
Johncom has experienced significant restructuring over the last year. The
benefits of this exercise, in the form of lower cost base, de-layering of
management and increased focus on core activities, will be felt in the
coming financial year. Johncom has excellent brands that enjoy very strong
market positions. Market leaders include Sunday Times, Business Day,
Financial Mail, Struik, Map Studio, Gallo Africa, Nu Metro Video and
Exclusive Books. Nu Metro Theatres is a strong challenger having gained
considerable market share.
Johnnic Publishing is well placed to benefit in the coming year from the
lower cost base resulting from the rationalization programme. In addition,
the significantly higher circulation base at the Sunday Times and Sowetan
Sunday World bodes well for improved margins.
Last year saw a significant decline in music volumes across the industry, as
a result of a shortage of strong product and general weakness in the retail
sector. Changes to the manufacturing and distribution model, along with a
restructuring of MFP, should see an improvement in performance in the coming
year. Nu Metro is set to benefit from improved margins and increased market
share. Exclusive Books is expected to continue to perform strongly.
While still in start-up mode, Johnnic e-Ventures has secured a leading
position in the valuable B2B sector, while minimizing its investment in the
business-to-consumer ("B2C") sector. Several of its investments over the
past year will achieve profitability in the coming financial year.
Proceeds from the disposal of the remaining M-Cell shares is expected to
eliminate all borrowings. This will place the group's balance in a strong
position to fund future growth.
Strate
Johncom is scheduled to transfer its share capital to "Share Transaction
Totally Electronic" ("STRATE"), an electronic settlement platform for share
transactions, in November 2001. In terms of the JSE's revised Listings
Requirements, the move to Strate is obligatory and will ensure Johncom's
participation in a sophisticated settlement process in line with
international best practice.
Shareholders will receive further communication in this regard upon
distribution of the annual report.
Dividend
In the light of the major restructuring referred to above and a significant
distribution of a dividend in specie amounting to approximately R13,5
billion, the directors have resolved not to declare a final dividend for the
year ended 31 March 2001. A new dividend policy that takes into account the
changed nature of the group will be communicated when the 2002 interim
results are announced.
P Edwards J R D Modise
Chairman Director
21 June 2001
Consolidated Income Statement
For the years ended 31 March 31 March
2001 2000 Change
Rm Rm %
Revenue 10 875,7 8 379,3 30
Cost of sales (5 034,3) (3 906,8)
Gross profit 5 841,4 4 472,5 31
Operating expenses - net (2 953,5) (2 282,6)
Earnings before interest,
taxation, depreciation and
amortisation ("Ebitda") 2 887,9 2 189,9 32
Depreciation (782,9) (596,3)
Amortisation (163,2) (138,9)
Profit from operations before
goodwill amortisation 1 941,8 1 454,7 33
Goodwill amortisation (352,9) -
Profit from operations 1 588,9 1 454,7 9
Finance costs (368,2) (391,8)
Finance income 103,6 122,2
Share of profits of associates 173,6 160,2
Profit before taxation and
exceptional items 1 497,9 1 345,3 11
Exceptional items (45,4) (6,1)
Profit before taxation 1 452,5 1 339,2 8
Taxation (641,4) (437,5)
Profit after taxation 811,1 901,7 (10)
Minority interests (524,2) (619,6)
Attributable earnings 286,9 282,1 2
Contribution to attributable
earnings:
Telecommunications 417,3 233,8 79
Entertainment 12,7 94,9 (87)
Media 107,7 116,4 (7)
Corporate head office and
interest (76,6) (154,2) 50
Headline earnings (excluding
developmental losses) 461,1 290,9 59
Digital Media (36,9) (12,5)
Basic headline earnings 424,2 278,4 52
Goodwill amortisation after
minority interests (94,7) -
Exceptional items after taxation
and minority interests (42,6) 3,7
Attributable earnings 286,9 282,1 2
Basic earnings per ordinary
share (cents)
Headline 452 351 29
Headline (excluding developmental
losses) 492 367 34
Attributable 306 356 (14)
Dividend per ordinary share
(cents)
interim - 24
final - 70
- 94
Dividend cover on basic headline
earnings (times) - 3,7
Number of ordinary shares
in issue:
weighted average ('000) 93 768 79 263
at year end ('000) 104 189 79 284
SUMMARISED CONSOLIDATED BALANCE SHEET
As at 31 March 31 March
2001 2000
Rm Rm
ASSETS
Non-current assets 19 541,3 5 859,7
Property, plant and equipment 5 880,2 4 234,2
Goodwill 9 515,7 -
Intangible assets 2 901,7 536,1
Investments and loans 1 154,9 1 064,5
Deferred taxation 88,8 24,9
Current assets 3 347,8 2 551,1
Bank balances, deposits and cash 912,4 469,4
Other current assets 2 435,4 2 081,7
Total assets 22 889,1 8 410,8
EQUITY AND LIABILITIES
Capital and reserves
Ordinary shareholders' interest 4 690,3 672,4
Minority interests 9 629,4 1 774,7
Total equity 14 319,7 2 447,1
Non-current liabilities 4 858,2 2 107,8
Long term liabilities 4 054,7 1 508,4
Provision for post-retirement
medical costs 96,1 85,9
Deferred taxation 707,4 513,5
Current liabilities 3 711,2 3 855,9
Non-interest bearing liabilities 2 852,0 1 942,6
Interest bearing liabilities 859,2 1 913,3
Total equity and liabilities 22 889,1 8 410,8
Net asset value per ordinary share (rand)
- book value 45,02 8,48
- based on market value or directors'
valuation of underlying investments 125,31 255,94
Notes:
1. Basis of accounting
These consolidated condensed annual financial statements are prepared in
accordance with South African Statements of Generally Accepted Accounting
Practice ("GAAP") and Schedule 4 of the South African Companies Act. The
accounting policies are consistent with those used in the annual financial
statements for the year ended 31 March 2000, except that goodwill arising
after 1 April 2000 is accounted for as an asset in the balance sheet and
amortised over a maximum period of 20 years. Goodwill totaling R1 219,4
million was written off directly against distributable reserves and share
premium in the previous year.
2. Comparatives
Where necessary, comparative figures have been adjusted to conform with
changes in presentation in the current year.
3. Earnings per ordinary share
The calculation of basic headline earnings per share is based on
attributable earnings before goodwill amortisation and exceptional items,
of R424,2 million (2000: R278,4 million) and a weighted average of 93767495
(2000:79262660) ordinary shares in issue.
No fully diluted earnings per ordinary share have been disclosed as the
potential dilution is not material.
4. Audited results
These year end results have been audited by our auditors Deloitte & Touche,
who have performed their audit in accordance with South African Statements
of Generally Accepted Auditing Standards issued by the South African
Institute of Chartered Accountants. The auditors will issue an unqualified
audit report on the annual financial statements.
5. Listings requirements
This preliminary announcement has been prepared in compliance with the
Listings Requirements of the JSE Securities Exchange South Africa.
6. Corporate governance
The Board affirms its commitment to the principles of good corporate
governance, details of which will be included in the annual financial
statements.
31 March 31 March
2001 2000
As at Rm Rm
7. Interest bearing debt
Long term liabilities 4 054,7 1 508,4
Current liabilities 859,2 1 913,3
- call borrowings 265,0 1 359,3
- short term borrowings 594,2 554,0
Total 4 913,9 3 421,7
8. Capital expenditure incurred 2 390,0 1 721,8
9. Contingent liabilities and commitments
Guarantees - US$ - 108,0
Guarantees - Rand 174,3 731,1
Contingent liabilities 134,0 -
Operating leases 1 882,2 1 526,0
- within one year 258,1 187,6
- more than year 1 624,1 1 338,4
Commitments for capital expenditure
- contracted 264,8 208,1
- approved but not contracted 1 999,4 1 840,8
Total 2 264,2 2 048,9
The capital expenditure will be funded from
future cash flows and borrowings.
10. Investments
Listed investments at market value 504,4 652,6
Unlisted investments at directors' valuation 710,1 1 260,0
11. Cash and cash equivalents
Bank balances, deposits and cash 912,4 469,4
Call borrowings (265,0) (1 359,3)
647,4 (889,9)
Summarised Consolidated Cash Flow Statement
For the years ended 31 March 31 March
2001 2000
Rm Rm
Cash inflows from operating activities 2 820,0 1 425,0
Cash outflows from investing activities (7 474,1) (2 932,6)
Cash inflows from financing activities 6 207,0 282,1
Net increase (decrease) in cash and
cash equivalents 1 552,9 (1 225,5)
Cash and cash equivalents at
beginning of year (889,9) 344,1
Foreign entities translation adjustment (15,6) (8,5)
Cash and cash equivalents at end of year 647,4 (889,9)
Summarised Group Statement of Changes in Equity
For the years ended 31 March 31 March
2001 2000
Rm Rm
Balance at 1 April 672,4 1 386,9
Attributable earnings 286,9 282,1
Dividends - (74,5)
Share election reserve (38,8) 38,8
Share capital issued at a premium less share
issue expenses 3 835,8 4,2
Variation of interests (59,9) 250,3
Goodwill written off against share premium - (784,4)
Goodwill written off against distributable
reserves - (435,0)
Other (6,1) 4,0
Ordinary shareholders' interest 4 690,3 672,4
Segmental Analysis
For the years ended 31 March 31 March
2001 2000 Change
Rm Rm %
GEOGRAPHIC
Revenue
South Africa 10 010,6 7 932,7 26
Rest of Africa 377,1 130,9 188
Other overseas operations 488,0 315,7 55
10 875,7 8 379,3 30
Ebitda
South Africa 2 768,2 2 157,5 28
Rest of Africa 107,8 24,0 349
Other overseas operations 11,9 8,4 42
2 887,9 2 189,9 32
BUSINESS GROUPING
Revenue
Telecommunications 8 337,3 6 007,9 39
Entertainment 1 539,7 1 436,8 7
Music 469,1 557,2 (16)
Filmed entertainment 397,7 363,1 10
Book retailing 672,9 516,5 30
Media 947,0 934,0 1
Newspaper/magazine publishing 742,4 740,9
Book/maps publishing 204,6 193,1 6
Digital media 51,7 0,6
10 875,7 8 379,3 30
Ebitda
Telecommunications 2 791,5 2 021,2 38
Entertainment 53,1 129,2 (59)
Music 10,1 69,0 (85)
Filmed entertainment 9,7 35,4 (73)
Book retailing 33,3 24,8 34
Media 72,1 62,1 16
Newspaper/magazine publishing 62,9 46,2 36
Book/maps publishing 9,2 15,9 (42)
Digital media (24,4) (1,1)
Corporate head office (4,4) (21,5)
2 887,9 2 189,9 32
Telecommunications Division
Entertainment Division
Media Division
Digital Media Division
Directors: P Edwards#* (Chairman), I Charnley#, P M Jenkins#, P E Mabyana, J
R D Modise#, M A Mosiuoa, M E Ramano, D ASimpson. *British #Executive
Directors. Company secretary: M R D Boyns*. Transfer secretaries:
Computershare Services Limited, 1st Floor, Edura, 41 Fox Street,
Johannesburg, 2001. POBox 61051, Marshalltown, 2107.
These results may be viewed on the Internet at http://www.johnnic.com
E-mail: investor-relations@johnnic.co.za
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