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AME
AME
AME - African Media Entertainment Limited - Interim reports for the six months
ended 30 April 2008
African Media Entertainment Limited
(Incorporated in the Republic of South Africa)
(Registration number 1926/008797/06)
Share code: AME ISIN: ZAE000055802
("AME" or "the group")
INTERIM REPORTS for the six months ended 30 April 2008
ABRIDGED GROUP INCOME STATEMENT
for the period ended 30 April 2008
Six months ended Audited
Unaudited Unaudited Year ended
April April October
2008 % 2007 2007
R`000 change R`000 R`000
Revenue 67 244 9 61 804 136 056
Cost of sales (17 035) (14 181) (25 630)
Gross profit 50 209 47 623 110 426
Operating expenses (30 412) (29 433) (70 814)
Operating profit 19 797 9 18 190 39 612
Finance income 1 715 1 802 3 719
Finance cost (133) (100) (455)
Loss attributable to (359) - (325)
associate
Net profit before taxation 21 020 6 19 892 42 551
Taxation (6 325) (7 427) (13 664)
SA normal taxation (6 171) (6 057) (11 632)
Deferred tax 161 - (622)
Secondary tax on (315) (1 370) (1 410)
companies
Profit for the period 14 695 18 12 465 28 887
Attributable to:
Minority interest 2 642 2 070 5 028
Equity holders of the 12 053 16 10 395 23 859
company
Earnings per share (cents) 141,2 16 121,7 279,4
Headline earnings per share 142,0 17 121,7 278,8
(cents)
Diluted earnings per share 138,2 121,6 276,6
(cents)
Weighted average number of 8 539 8 539 8 539
shares in issue (000`s)
Diluted average number of 8 723 8 549 8 626
shares in issue (000`s)
Headline earnings
reconciliation
Profit attributable to 12 053 10 395 23 859
equity holders
Loss/(profit) on disposal 74 - (51)
of fixed assets
Profit on disposal of - - (2)
investments
Headline earnings 12 127 10 395 23 806
STATEMENT OF CHANGES IN EQUITY
for the period ended 30 April 2008
Six months ended Audited
Unaudited Unaudited Year ended
April April October
2008 2007 2007
R`000 R`000 R`000
Issued capital
Balance at beginning of period 8 628 8 628 8 628
Consolidation of share trust (89) (89) (89)
Balance at end of period 8 539 8 539 8 539
Share premium
Balance at beginning of period 32 356 32 356 32 356
Consolidation of share trust (447) (447) (447)
Balance at end of period 31 909 31 909 31 909
Retained profit
Balance at beginning of period 22 662 16 060 16 060
Profit for the period 12 053 10 395 23 859
Dividend - - (17 257)
Balance at end of period 34 715 26 455 22 662
Non-distributable reserve
Balance at beginning of period 861 172 172
Share based payment expense 344 344 689
Balance at end of period 1 205 516 861
Minorities
Balance at beginning of period 4 734 4 207 4 207
Share of dividend (3 843) (4 302) (4 303)
Change in shareholding - - (198)
Share of profit 2 642 2 070 5 028
Balance at end of period 3 533 1 975 4 734
Total capital and reserves 79 901 69 394 68 705
ABRIDGED GROUP CASH FLOW STATEMENT
for the period ended 30 April 2008
Audited
Unaudited Unaudited Year ended
April April October
2008 2007 2007
R`000 R`000 R`000
Cash generated by operations 20 674 19 819 41 819
Net interest received 1 715 1 703 3 264
Taxation paid (7 083) (7 375) (13 637)
Increase in working capital (4 909) (8 020) (2 005)
Cash flows from operating 10 397 6 127 29 441
activities
Dividend paid (17 257) - -
Cash flows from investing (7 736) (2 804) (4 821)
activities
Cash flows from financing (3 844) (4 303) (4 303)
activities
Net (decrease)/increase in cash (18 440) (980) 20 317
and cash equivalents
Cash and cash equivalents at 44 166 23 849 23 849
beginning of period
Cash and cash equivalents at end 25 726 22 869 44 166
of period
ABRIDGED GROUP BALANCE SHEET
at 30 April 2008
Audited
Unaudited Unaudited Year ended
April April October
2008 2007 2007
R`000 R`000 R`000
Assets
Non-current assets 48 529 39 734 41 308
Property, plant and equipment 13 603 6 129 6 184
Investment in associate 813 - 1 172
Goodwill 30 426 30 428 30 426
Deferred taxation 3 687 3 177 3 526
Current assets 63 563 57 552 84 135
Trade receivables 36 532 33 055 38 721
Other receivables 1 305 1 628 1 248
Cash and cash equivalents 25 726 22 869 44 166
Total assets 112 092 97 286 125 443
Equity and liabilities
Total equity 79 901 69 394 68 705
Non-current liabilities 920 1 102 1 081
Operating lease accrual 514 748 675
Interest-bearing borrowings 406 354 406
Current liabilities 31 271 26 790 55 657
Trade payables 19 867 19 655 24 216
Other payables 8 234 4 606 10 927
Dividend payable - - 17 257
Operating lease accrual and 914 - 404
interest-bearing borrowings
Taxation 2 256 2 529 2 853
Total equity and liabilities 112 092 97 286 125 443
COMMENTS
Basis of preparation
These reports have been prepared in accordance with the group`s accounting
policies, which comply with International Financial Reporting Standards. The
interim report has been prepared in accordance with IAS34, Interim Financial
Reporting and on a basis consistent with the policies and methods of computation
as used in the Annual Financial Statements for the year ended 31 October 2007.
Financial results
The radio stations experienced healthy market conditions but adspend is starting
to show signs of contracting. Sales revenue for the first six months of the year
increased over the previous year by 9% from R61,8 million to R67,2 million with
both Algoa FM and OFM exceeding their previous period`s revenue largely through
the growth in the non-traditional revenue streams. Listenership at Algoa FM
reached a new record of 799 000 while OFM had 525 000 listeners.
United Stations, the group`s advertising selling agency, reflected a loss for
the period whilst it achieved a profit last year, due to the significant
investments in new infrastructure and expanding the team to handle the sales of
MPower Radio as well as other radio stations.
Radio Heads, which offers branded content and Direct Response Radio to
advertisers, continues to steadily improve its business.
Margins decreased compared to the previous period as a result of increased
discounts on sales, however, operating expenses increased by only 3%. The loss
from the associate, M-Power Radio, which went live in Mpumalanga during December
2007, was in line with expectations.
The profit attributable to shareholders amounted to R12,1 million (2007: R10,4
million) with headline earnings per share of 142,0 cents (2007: 121,7 cents)
increasing by 17% over the previous period.
The group generated R20,7 million cash from its operations during the period
under review of which R7,3 million has been invested in new offices in
Johannesburg. After paying the dividend of R17,3 million, the group ended the
six months with cash of R25,7 million.
Prospects
As the year end of AME was changed to 31 March, AME will therefore report its
next set of results for the twelve month period to 31 October and then the
audited results for the 17 months to 31 March 2009. Notwithstanding the
uncertain economic environment, the Board is optimistic about AME`s results for
the next six months and for the 17 months to 31 March 2009.
By order of the Board
ACG Molusi
Chairman
6 June 2008
Johannesburg
Registered office
5th floor, Park Terras
33 Princess of Wales Terrace, Parktown, Johannesburg.
PO Box 3014, Houghton, 2041
Transfer secretaries
Computershare Investor Services (Pty) Limited
70 Marshall Street, Johannesburg.
PO Box 61051, Marshalltown, 2107
Sponsor
Arcay Moela Sponsors (Pty) Limited
3 Anerley Road, Parktown, Johannesburg.
PO Box 62397, Marshalltown, 2107
Directors
ACG Molusi (Chairman)*, Z Lacob*, MJ Prinsloo*,
W Tshuma*, L Thango* *Non-executive
WWW.AME.CO.ZA
Date: 06/06/2008 15:59:01 Produced by the JSE SENS Department.
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