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JOHNNIC COMMUNICATIONS REVIEWED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30
SEPTEMBER 2002
Johnnic Communications Ltd
Registration number 1889/000352/06
ISIN number: ZAE000024584
Share code: JCM
American Depository Receipt ("ADR") Program
Cusip number: 47805P102
ADR to ordinary share: 1:1
www.johnnic.co.za
JOHNNIC COMMUNICATIONS REVIEWED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30
SEPTEMBER 2002
Pro-Forma Results Excluding the Telecommunications Division
Consolidated Income Statement 6 months 6 months %
ended ended change
30 Sept 30 Sept
2002 2001
Reviewed Reviewed
Rm Rm
Revenue 1 587,1 1 308,9 21
Ebitda 68,6 58,7 17
Depreciation and amortisation (63,1) (63,9) 1
(including goodwill mortisation)
Profit (loss) from operations 5,5 (5,2) 206
Net finance costs (22,4) (27,6) 19
Share of profits of associates 113,9 89,6 27
Profit before taxation and 97,0 56,8 71
exceptional items
Exceptional items (68,7) (12,5) (450)
Profit before taxation 28,3 44,3 (36)
Taxation (50,0) (21,4) (134)
Profit after taxation (21,7) 22,9 (195)
Minority interests (5,4) (6,5) 17
Attributable (loss) earnings (27,1) 16,4 (265)
Segmental Analysis
6 months 6 months % 12 months
ended ended change ended
30 Sept 30 Sept 31 March
2002 2001 2002
Reviewed Reviewed Audited
Rm Rm Rm
BUSINESS GROUPING
Revenue
Continuing operations
Entertainment 937,9 750,9 25 1 871,2
Filmed entertainment 287,2 216,0 33 500,7
Music 66,9 74,7 (10) 170,6
Book retailing 530,4 426,8 24 1 100,9
Entertainment services 53,4 33,4 60 99,0
Media 585,3 518,9 13 1 065,5
Newspaper/magazine 439,4 408,7 8 807,2
publishing
Book/maps publishing 145,9 110,2 32 258,3
Digital Media 63,9 39,1 63 95,3
1 587,1 1 308,9 21 3 032,0
Unbundled operations
Telecommunications - 2 443,4 (100) 2 443,4
1 587,1 3 752,3 (58) 5 475,4
Ebitda
Continuing operations
Entertainment 13,3 19,7 (32) 97,5
Filmed entertainment 16,0 14,1 13 31,1
Music (2,4) 4,5 (153) 18,5
Book retail (1,8) 3,6 (150) 33,1
Entertainment services 1,5 (2,5) 160 14,8
Media 56,5 47,3 19 119,6
Newspaper/magazine
publishing 46,8 41,3 13 84,5
Book/maps publishing 9,7 6,0 62 35,1
Digital Media (1,9) (10,7) 82 (18,9)
Corporate head office 0,7 2,4 (71) (6,6)
68,6 58,7 17 191,6
Unbundled operations
Telecommunications - 763,0 (100) 763,0
68,6 821,7 (92) 954,6
Summarised Group Statement of Changes in Equity
6 months 6 months 12 months
ended ended ended
30 Sept 30 Sept 31 March
2002 2001 2002
Reviewed Reviewed Audited
Rm Rm Rm
Balance at 1 April 1 600,6 4 690,3 4 690,3
Attributable (loss) earnings (27,1) 2 605,0 2 717,6
Distribution in specie - (9 277,0) (9 277,0)
Variation of interests 7,9 (1,9) (40,6)
Goodwill written back on - 3 335,5 3 335,5
M-Cell unbundling
Exchange differences arising on 1,8 7,2 25,8
translation of foreign entities
Movement on revaluation reserve (131,6) 160,7 150,6
arising on revaluation of listed
equity
Other - 2,7 (1,6)
Ordinary shareholders` interest 1 451,6 1 522,5 1 600,6
Consolidated Income Statement
6 months 6 months % 12 months
ended ended change ended
30 Sept 30 Sept 31 March
2002 2001 2002
Reviewed Reviewed Audited
Rm Rm Rm
Revenue 1 587,1 3 752,3 5 475,4
Cost of sales (1 010,3) (1 730,8) (2 837,7)
Gross profit 576,8 2 021,5 2 637,7
Operating expenses - net (508,2) (1 199,8) (1 683,1)
Earnings before interest, 68,6 821,7 954,6
taxation, depreciation and
amortisation ("Ebitda")
Depreciation (48,6) (266,8) (320,8)
Amortisation of intangibles (5,8) (55,5) (61,8)
Profit from operations 14,2 499,4 572,0
before goodwill
amortisation
Goodwill amortization (8,7) (130,1) (137,9)
Profit from operations 5,5 369,3 434,1
Finance costs (35,4) (114,4) (142,7)
Finance income 13,0 13,8 25,6
Share of profits of 113,9 89,4 204,8
associates
Profit before taxation and 97,0 358,1 521,8
exceptional items
Exceptional items (68,7) 2 508,4 2 512,8
Profit before taxation 28,3 2 866,5 3 034,6
Taxation (50,0) (175,3) (224,0)
Profit after taxation (21,7) 2 691,2 2 810,6
Minority interests (5,4) (86,2) (93,0)
Attributable (loss) (27,1) 2 605,0 2 717,6
earnings
CONTRIBUTION TO
ATTRIBUTABLE EARNINGS:
Continuing operations
Entertainment 4,2 6,0 (30) 46,7
Media 67,4 58,0 16 151,9
Digital Media (9,0) (20,5) 56 (36,6)
Corporate office 3,0 6,0 (50) 1,9
Finance costs (Head office) (19,2) (13,4) (43) (18,1)
Unbundled operations - 96,8 (100) 96,8
Total basic headline 46,4 132,9 (65) 242,6
earnings
Goodwill amortisation after (8,0) (36,3) 78 (42,9)
minority interests
Exceptional items after (65,5) 2 508,4 (103) 2 517,9
taxation and minority
interests
Attributable (loss) (27,1) 2 605,0 (101) 2 717,6
earnings
Number of ordinary
shares in issue:
weighted average (`000) 104 189 104 189 104 189
at period end (`000) 104 189 104 189 104 189
Basic earnings (loss) per
ordinary share (cents)
Headline 45 128 (65) 233
Attributable (26) 2 500 (101) 2 608
Continuing operations
Basic earnings (loss) per
ordinary share (cents)
Headline 45 35 29 140
Attributable (26) 16 (263) 124
Summarised Consolidated Cash Flow Statement
6 months 6 months 12 months
ended ended ended
30 Sept 30 Sept 31 March
2002 2001 2002
Reviewed Reviewed Audited
Rm Rm Rm
Cash (outflows) inflows from (4,3) 487,4 604,4
operating activities
Cash outflows from investing (45,2) (1 085,2) (1 126,3)
activities
Cash outflows from financing (17,6) (296,7) (275,9)
activities
Net decrease in cash and (67,1) (894,5) (797,8)
cash equivalents
Cash and cash equivalents at (215,6) 647,4 647,4
beginning of period
Foreign entities translation - (67,2) (65,2)
adjustment
Cash and cash equivalents (282,7) (314,3) (215,6)
at end of period
Summarised Consolidated Balance Sheet
As at 30 Sept 30 Sept 31 March
2002 2001 2002
Reviewed Reviewed Audited
Rm Rm Rm
ASSETS
Non-current assets
Property, plant and equipment 372,2 390,6 407,9
Goodwill 48,8 61,3 64,3
Intangible assets 37,4 62,6 45,2
Investments and loans 987,5 947,1 955,9
Deferred taxation 102,8 76,9 96,2
1 548,7 1 538,5 1 569,5
Current assets 1 333,1 1 513,0 1 576,5
Bank balances, deposits and cash 171,6 246,5 243,8
Listed equity 214,2 374,3 349,2
Other current assets 947,3 892,2 983,5
Total assets 2 881,8 3 051,5 3 146,0
EQUITY AND LIABILITIES
Capital and reserves
Ordinary shareholders` interest 1 451,6 1 522,5 1 600,6
Minority interests 18,1 23,4 27,6
Total equity 1 469,7 1 545,9 1 628,2
Non-current liabilities 130,4 136,1 132,2
Long term liabilities 19,6 34,4 22,5
Provision for post-retirement 109,1 100,2 108,0
medical costs
Deferred taxation 1,7 1,5 1,7
Current liabilities 1 281,7 1 369,5 1 385,6
Non-interest bearing liabilities 679,7 612,2 763,1
Interest bearing liabilities 602,0 757,3 622,5
Total equity and liabilities 2 881,8 3 051,5 3 146,0
Net asset value per ordinary share
(Rand)
- book value 13,9 14,6 15,4
Notes
1. Basis of accounting
These summarised consolidated interim 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 2002.
2. Earnings per ordinary share
The calculation of basic headline earnings per share is
based on headline earnings before goodwill amortisation
and exceptional items, of R46,4 million (2001: R132,9
million) and a weighted average of 104 189 314 (2001: 104
189 314) ordinary shares in issue. No fully diluted
earnings per ordinary share have been disclosed as the
strike price of the share options far exceeds the market
value.
3. Reviewed results
These interim results have been reviewed by our auditors,
Deloitte & Touche, who noted, "Based on our review
nothing has come to our attention that causes us to
believe that the accompanying interim financial
information is not fairly presented, in all material
respects, in accordance with South African Statements of
Generally Accepted Accounting Practice applicable to
Interim Financial Reporting and the Companies Act in
South Africa." A copy of their complete unqualified
review report is available for inspection at the
registered office of the company.
4. Corporate governance
Johncom is committed to the promotion of good corporate
governance standards and practices throughout the Group.
The publication of the King Report on Corporate
Governance for South Africa 2002 ("King II") published in
March this year, prompted Johncom to review its
structures and processes to align itself with best
practice.
30 Sept 30 Sept 31 March
2002 2001 2002
Reviewed Reviewed Audited
Rm Rm Rm
5. Interest bearing liabilities
Long term liabilities 19,6 34,4 22,5
Current liabilities 602,0 757,3 622,5
- call borrowings 454,3 560,8 459,4
- short term borrowings 147,7 196,5 163,1
Total 621,6 791,7 645,0
6. Bank balances, deposits and 171,6 246,5 243,8
cash
7. Investments and loans -
Carrying value
Loans 26,2 6,2 10,2
Listed investments 393,6 368,8 378,4
Unlisted investments 567,7 572,1 567,3
987,5 947,1 955,9
8. Investments in associated
companies
Listed investments at market 406,4 414,0 403,7
value
Unlisted investments at 666,2 849,6 774,4
directors` valuation
9. Other investments
Listed investments at market 0,1 0,1 0,1
value
Unlisted investments at 1,0 17,6 12,5
directors` valuation
10.Listed equity
Investment in MTN Group 214,2 374,3 349,2
Limited
11.Capital expenditure incurred 37,3 293,4 365,8
12.Contingent liabilities and
commitments
Guarantees 33,1 69,9 49,4
Contingent liabilities 0,8 0,2 59,5
Operating leases 928,7 855,8 1 075,7
- within one year 88,2 73,9 102,7
- more than one year 840,5 781,9 973,0
Commitments for capital
expenditure
- contracted 12,6 0,7 2,3
- approved but not contracted 10,2 12,3 51,9
Total 22,8 13,0 54,2
The capital expenditure will
be funded from future cash
flows and borrowings.
Registered and physical address: 4 Biermann Avenue, Rosebank, 2196
Transfer secretaries: Computershare Investor Services Ltd
Directors: M E Ramano (Chairman), P C Desai*, N Jacobsohn*,
P M Jenkins*, D M Mashabela, J R D Modise, A C G Molusi*,
L Morake, D A Simpson, T A Wixley
* Executive Director
Company Secretary: JR Matisonn
Date: 25/11/2002 05:05:00 PM Produced by the JSE SENS Department
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