|
Johnnic Communications Limited - Preliminary Results For The Year Ended 31
March 2002
Johnnic Communications Limited
(Registration number 1889/000352/06)
Incorporated in the Republic of South Africa
Share Code: JCM
ISIN No: ZAE000024584
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2002
Pro Forma Results Excluding the Telecommunications Division
Consolidated Income Statement 31 March 31 March %
2002 2001 change
Rm Rm
Revenue 3 032,0 2 538,4 19
Ebitda 191,6 96,4 99
Depreciation and amortisation (132,1) (114,2) (16)
(including goodwill amortisation)
Profit (loss) from operations 59,5 (17,8) 434
Net finance costs (44,2) (81,6) 46
Share of profits of associates 205,1 174,2 18
Profit before taxation and 220,4 74,8 195
exceptional items
Exceptional items (8,1) (45,5)
Profit before taxation 212,3 29,3
Taxation (70,2) (56,0)
Profit after taxation 142,1 (26,7)
Minority interests (13,3) (13,9)
Attributable earnings (loss) 128,8 (40,6)
Consolidated Income Statement
31 March 31 March
2002 2001
Rm Rm
Revenue 5 475,4 10 875,7
Cost of sales (2 837,7) (5 034,3)
Gross profit 2 637,7 5 841,4
Operating expenses - net (1 683,1) (2 953,5)
Earnings before interest, taxation, 954,6 2 887,9
depreciation and amortisation
("Ebitda")
Depreciation (320,8) (782,9)
Amortisation (61,8) (163,2)
Profit from operations before 572,0 1 941,8
goodwill amortisation
Goodwill amortisation (137,9) (352,9)
Profit from operations 434,1 1 588,9
Finance costs (142,7) (368,2)
Finance income 25,6 103,6
Share of profits of associates 204,8 173,6
Profit before taxation and 521,8 1 497,9
exceptional items
Exceptional items 2 512,8 (45,4)
Profit before taxation 3 034,6 1 452,5
Taxation (224,0) (641,4)
Profit after taxation 2 810,6 811,1
Minority interests (93,0) (524,2)
Attributable earnings 2 717,6 286,9
CONTRIBUTION TO 31 March 31 March %
ATTRIBUTABLE 2002 2001 change
EARNINGS: Rm Rm
Continuing operations
Basic headline earnings 145,8 6,9 2 013
Entertainment 46,7 12,7 268
Media 151,9 107,7 41
Interest and corporate head (16,2) (76,6) 79
office costs
Headline earnings from 182,4 43,8 316
continuing operations (excluding
developmental
losses)
Digital Media (36,6) (36,9) 1
Unbundled operations
Basic headline earnings 96,8 417,3 (77)
Telecommunications 96,8 417,3 (77)
Total basic headline earnings 242,6 424,2 (43)
Goodwill amortisation after (42,9) (94,7) 55
minority interests
Exceptional items after taxation 2 517,9 (42,6) 6 011
and minority interests
Attributable earnings 2 717,6 286,9 847
Basic earnings per ordinary
share (cents)
Headline 233 452 (48)
Headline (excluding 268 492 (46)
developmental losses)
Attributable 2 608 306 752
Continuing operations
Basic earnings per ordinary
share (cents)
Headline 140 7 1 900
Headline (excluding 175 47 272
developmental losses)
Number of ordinary
shares in issue:
weighted average (`000) 104 189 93 768
at period end (`000) 104 189 104 189
Summarised Consolidated Balance Sheet
As at 31 March 31 March
2002 2001
Rm Rm
ASSETS
Non-current assets
Property, plant and equipment 407,9 5 880,2
Goodwill 64,3 9 515,7
Intangible assets 45,2 2 901,7
Investments and loans 955,9 1 154,9
Deferred taxation 96,2 88,8
1 569,5 19 541,3
Current assets 1 576,5 3 347,8
Bank balances, deposits and cash 243,8 912,4
Listed equity 349,2 -
Other current assets 983,5 2 435,4
Total assets 3 146,0 22 889,1
EQUITY AND LIABILITIES
Capital and reserves
Ordinary shareholders` interest 1 600,6 4 690,3
Minority interests 27,6 9 629,4
Total equity 1 628,2 14 319,7
Non-current liabilities 132,2 4 858,2
Long term liabilities 22,5 4 054,7
Provision for post-retirement medical 108,0 96,1
costs
Deferred taxation 1,7 707,4
Current liabilities 1 385,6 3 711,2
Non-interest bearing liabilities 763,1 2 852,0
Interest bearing liabilities 622,5 859,2
Total equity and liabilities 3 146,0 22 889,1
Net asset value per ordinary share
(rand)
- book value 15,4 45,0
- based on directors` valuation of 22,7 125,3
underlying investments
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 2001, except for revised
accounting statements that were implemented in the current year, being the
recognition of dividends when paid and the depreciation of properties
previously classified as investment properties. The prior year figures have
been restated to comply with revised accounting policies.
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
R242,6 million (2001: R424,2 million) and a weighted average of 104 189 314
(2001: 93 767 495) ordinary shares in issue.
No fully diluted earnings per ordinary share have been disclosed as the
potential dilution is not material.
4. Preliminary results
These year-end results have been reviewed by our auditors, Deloitte &
Touche, who have performed their review in accordance with South
African Statements of Generally Accepted Auditing Standards, issued by the
South African Institute of Chartered Accountants. A copy of their
unqualified review report is available for inspection at the registered
office of the company.
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
2002 2001
Rm Rm
7. Interest bearing debt
Long term liabilities 22,5 4 054,7
Current liabilities 622,5 859,2
- call borrowings 459,4 265,0
- short term borrowings 163,1 594,2
Total 645,0 4 913,9
8. Capital expenditure incurred 365,8 2 390,0
9. Contingent liabilities and
commitments
Guarantees 49,4 174,3
Contingent liabilities 59,5 134,0
Operating leases 1 075,7 1 882,2
- within one year 102,7 258,1
- more than one year 973,0 1 624,1
Commitments for capital expenditure
- contracted 2,3 264,8
- approved but not contracted 51,9 1 999,4
Total 54,2 2 264,2
The capital expenditure will be funded
from future cash flows and borrowings.
10.Investments
Listed investments at market value 519,9 504,4
Unlisted investments at directors` 670,8 710,1
valuation
11.Listed equity
- Investment in M-Cell Limited 349,2 -
12.Cash and cash equivalents
Bank balances, deposits and cash 243,8 912,4
Call borrowings (459,4) (265,0)
(215,6) 647,4
Summarised Consolidated Cash Flow Statement
31 March 31 March
2002 2001
Rm Rm
Cash inflows from operating activities 604,4 2 820,0
Cash outflows from investing (1 126,3) (7 474,1)
activities
Cash (outflows) inflows from financing (275,9) 6 207,0
activities
Net (decrease) increase in cash and (797,8) 1 552,9
cash equivalents
Cash and cash equivalents at beginning 647,4 (889,9)
of year
Foreign entities translation (65,2) (15,6)
adjustment
Cash and cash equivalents at end of (215,6) 647,4
year
Summarised Group Statement
of Changes in Equity
31 March 31 March
2002 2001
Rm Rm
Balance at 1 April 4 690,3 672,4
Attributable earnings 2 717,6 286,9
Distribution in specie (9 277,0) -
Share election reserve - (38,8)
Share capital issued at a premium less -
share issue expenses 3 835,8
Variation of interests (40,6) (59,9)
Goodwill written back on M-Cell 3 335,5 -
unbundling
Exchange differences arising on 25,8 -
translation of overseas operations
Movement on revaluation reserve 150,6 -
arising on revaluation of listed
equity
Other (1,6) (6,1)
Ordinary shareholders` interest 1 600,6 4 690,3
Segmental Analysis
31 March 31 March %
2002 2001 change
Rm Rm
BUSINESS GROUPING
Revenue
Continuing operations
Entertainment 1 871,2 1 539,7 22
Filmed entertainment 500,7 397,7 26
Music 170,6 154,5 10
Book retailing 1 100,9 883,2 25
Entertainment services 99,0 104,3 (5)
Media 1 065,5 947,0 13
Newspaper/magazine publishing 807,2 742,4 9
Book/maps publishing 258,3 204,6 26
Digital Media 95,3 51,7 84
3 032,0 2 538,4 19
Unbundled operations
Telecommunications 2 443,4 8 337,3 (71)
5 475,4 10 875,7 (50)
Ebitda
Continuing operations
Entertainment 97,5 53,8 81
Filmed entertainment 31,1 9,7 221
Music 18,5 24,5 (24)
Book retail 33,1 20,1 65
Entertainment services 14,8 (0,5) 3 060
Media 119,6 72,1 66
Newspaper/magazine publishing 84,5 62,9 34
Book/maps publishing 35,1 9,2 282
Digital Media (18,9) (24,4) 23
Corporate head office (6,6) (5,1) (29)
191,6 96,4 99
Unbundled operations
Telecommunications 763,0 2 791,5 (73)
954,6 2 887,9 (67)
GEOGRAPHIC
Revenue
Continuing operations 3 032,0 2 538,4 19
South Africa 2 262,8 2 050,4 10
Other overseas operations 769,2 488,0 58
Unbundled operations 2 443,4 8 337,3 (71)
South Africa 2 283,4 7 960,2 (71)
Rest of Africa 160,0 377,1 (58)
5 475,4 10 875,7 (50)
Ebitda
Continuing operations 191,6 96,4 99
South Africa 143,1 84,5 69
Other overseas operations 48,5 11,9 308
Unbundled operations 763,0 2 791,5 (73)
South Africa 723,8 2 683,7 (73)
Rest of Africa 39,2 107,8 (64)
954,6 2 887,9 (67)
Directors: M E Ramano, (Chairman), J R D Modise, L Morake,
M A Mosiuoa, D A Simpson
Executive Directors: P C Desai, N Jacobsohn, P M Jenkins,
A C G Molusi
Company Secretary: J R Matisonn
Registered Office of the Company: 4 Biermann Avenue, Rosebank, 2196,
Johannesburg
Transfer Secretaries: Computershare Investor Services Ltd
Date: 20/06/2002 05:00:00 PM Produced by the SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
