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AME
AME
AME - African Media Entertainment - Unaudited interim results for the 6 months
ended 30 september 2009
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")
UNAUDITED INTERIM RESULTS
for the 6 months ended 30 September 2009
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Unaudited Unaudited
6 months to 6 months to
September September
% 2009 2008
change R`000 R`000
Revenue 3 75 229 73 213
Cost of sales (21 267) (21 258)
Gross profit 53 962 51 955
Operating expenses (38 359) (35 960)
Operating profit (2) 15 603 15 995
Finance income 2 663 2 899
Finance cost (160) (183)
Losses attributable to associates (486) (563)
Net profit before taxation (3) 17 620 18 148
Taxation (5 737) (5 429)
SA normal taxation (5 173) (5 393)
Deferred tax 44 229
Secondary tax on companies (608) (265)
Profit for the period (7) 11 883 12 719
Attributable to:
Minority interest 1 715 2 143
Equity holders of the company (4) 10 168 10 576
Earnings per share (cents) (4) 119.1 123.9
Headline earnings per share (cents) (4) 119.1 123.9
Diluted earnings per share (cents) (3) 118.1 121.7
Diluted headline earnings
per share (cents) (3) 118.1 121.7
Dividends per share (cents) 200 -
Weighted average number
of shares in issue (000`s) 8 539 8 539
Diluted average number of
shares in issue (000`s) 8 610 8 687
Headline earnings reconciliation
Profit attributable to equity holders 10 168 10 576
Loss on disposal of fixed assets - -
Headline earnings 10 168 10 576
Unaudited Audited
12 months to 17 months to
31 March 31 March
2009 2009
R`000 R`000
Revenue 150 894 216 386
Cost of sales (46 418) (66 550)
Gross profit 104 476 149 836
Operating expenses (72 220) (100 542)
Operating profit 32 256 49 294
Finance income 7 174 9 678
Finance cost (438) (517)
Losses attributable to associates (619) (1 900)
Net profit before taxation 38 373 56 555
Taxation (10 768) (15 901)
SA normal taxation (10 975) (16 355)
Deferred tax 2 487 2 734
Secondary tax on companies (2 280) (2 280)
Profit for the period 27 605 40 654
Attributable to:
Minority interest 3 978 6 257
Equity holders of the company 23 627 34 397
Earnings per share (cents) 276.7 402.8
Headline earnings per share (cents) 277.1 403.2
Diluted earnings per share (cents) 272.4 396.6
Diluted headline earnings per share (cents) 272.8 397.0
Dividends per share (cents) - 200
Weighted average number of shares in issue (000`s) 8 539 8 539
Diluted average number of shares in issue (000`s) 8 674 8 674
Headline earnings reconciliation
Profit attributable to equity holders 23 627 34 397
Loss on disposal of fixed assets 36 36
Headline earnings 23 663 34 433
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
September September 31 March
2009 2008 2009
R`000 R`000 R`000
Assets
Non-current assets 53 146 50 340 53 793
Property, plant and equipment 14 778 14 988 15 457
Investment in associates 1 633 1 060 1 645
Goodwill 30 431 30 426 30 431
Deferred taxation 6 304 3 866 6 260
Current assets 74 248 77 009 84 813
Trade receivables 30 094 37 436 29 991
Other receivables 1 887 1 447 1 204
Cash and cash equivalents 42 267 38 126 53 618
Total assets 127 394 127 349 138 606
Equity and liabilities
Total equity 94 245 87 779 86 546
Non-current liabilities 875 1 274 1 173
Operating lease accrual 712 869 923
Interest-bearing borrowings 163 405 250
Current liabilities 32 274 38 296 50 887
Trade payables 14 742 21 194 15 529
Other payables 16 875 9 160 13 987
Dividend payable - - 17 257
Operating lease accrual and
interest-bearing borrowings 509 915 476
Taxation 148 7 027 3 638
Total equity and liabilities 127 394 127 349 138 606
STATEMENTS OF CHANGES IN EQUITY
Unaudited Unaudited
6 months to 6 months to
September September
2009 2008
R`000 R`000
Issued capital
Balance at beginning and end of period 8 539 8 539
Share premium
Balance at beginning and end of period 31 909 31 909
Retained profit
Balance at beginning of period 39 803 32 902
Profit for the period 10 168 10 576
Dividend - -
Balance at end of period 49 971 43 478
Non-distributable reserve
Balance at beginning of period 1 608 1 148
Share-based payment expense 346 129
Balance at end of period 1 954 1 277
Minorities
Balance at beginning of period 4 687 3 079
Share of dividend (4 530) (2 646)
Change in shareholding - -
Share of profit 1 715 2 143
Balance at end of period 1 872 2 576
Total capital and reserves 94 245 87 779
Unaudited Audited
12 months to 17 months to
31 March 31 March
2009 2009
R`000 R`000
Issued capital
Balance at beginning and end of period 8 539 8 539
Share premium
Balance at beginning and end of period 31 909 31 909
Retained profit
Balance at beginning of period 16 176 22 662
Profit for the period 23 627 34 397
Dividend - (17 256)
Balance at end of period 39 803 39 803
Non-distributable reserve
Balance at beginning of period 1 052 861
Share-based payment expense 556 747
Balance at end of period 1 608 1 608
Minorities
Balance at beginning of period 7 013 4 734
Share of dividend (5 902) (5 902)
Change in shareholding (402) (402)
Share of profit 3 978 6 257
Balance at end of period 4 687 4 687
Total capital and reserves 86 546 86 546
CONSOLIDATED CASH FLOW STATEMENTS
Unaudited Unaudited
6 months to 6 months to
September September
2009 2008
R`000 R`000
Cash generated by operating activities 17 656 19 389
Net interest received 1 749 2 010
Taxation paid (9 270) (7 002)
Decrease in working capital 345 5 502
Cash flows from operating activities 10 480 19 899
Dividends paid (17 257) -
Cash flows from investing activities (1 012) (11 588)
Cash flows from financing activities (3 562) (2 655)
Net (decrease)/increase in
cash and cash equivalents (11 351) 5 656
Cash and cash equivalents
at beginning of period 53 618 32 470
Cash and cash equivalents at end of period 42 267 38 126
Unaudited Audited
12 months to 17 months to
31 March 31 March
2009 2009
R`000 R`000
Cash generated by
operating activities 35 627 52 125
Net interest received 4 266 9 161
Taxation paid (13 255) (17 850)
Decrease in working capital 12 352 3 147
Cash flows from operating activities 38 990 46 583
Dividends paid - (17 257)
Cash flows from investing activities (11 940) (13 972)
Cash flows from financing activities (5 902) (5 902)
Net (decrease)/increase in
cash and cash equivalents 21 148 9 452
Cash and cash equivalents
at beginning of period 32 470 44 166
Cash and cash equivalents at end of period 53 618 53 618
COMMENTARY
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 reports have been prepared in accordance with the requirements of IAS
34, Interim Financial Reporting, the Companies Act and the JSE Listings
Requirements and on a basis consistent with the policies and methods of
computation as used in the Annual Financial Statements for the 17-month period
ended 31 March 2009. The adoption of IAS 1 during the period has had no impact
on the results reported.
Financial results
Despite the slowdown in the economy, sales revenue for the first six months of
the year increased by 3% over the comparative period of the prior year from
R73.2 million to R75.2 million. Both Algoa FM and OFM maintained their previous
period revenue through the continued growth in non traditional revenue streams.
United Stations, the group`s advertising selling agency, managed to return to
profitability for the six months ending 30 September 2009.
The improved results are due to a saving in the expenses relating to
infrastructure expansion and the MPower Radio Sales team handed back to MPower
Radio in May 2009.
Radio Heads, which offers branded content and Direct Response Radio to
advertisers, reflects a loss for the period. Their sales was adversely affected
by the slowdown in the economy with ad spend being the casualty of many
companies` rationalisation policies.
Margins decreased compared to the previous period as a result of the difficult
trading conditions. Operating expenses increased by 6.7%.
The loss from the associate, MPower Radio, was in line with expectations.
Profit attributable to shareholders amounted to R10.2 million (2008: R10.6
million) with headline earnings per share of 119.1 cents (2008: 123.9 cents)
decreasing by 4% over the previous period.
The group generated R10.5 million in cash from its operating activities during
the period under review. After paying the dividend of R17.3 million, the group
ended the six months with cash of R42.3 million.
Prospects
Given the prevailing weak economic environment and low business confidence the
board believes that the trading environment over the next six months will
remain challenging.
By order of the Board
ACG Molusi Chairman
20 November 2009
Johannesburg
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")
Registered office
Unit Block A, Oxford Office Park, No. 5 8th Street Houghton Estate,
Johannesburg. PO Box 3014, Houghton, 2041
Transfer secretaries
Computershare Investor Services (Pty) Limited, 70 Marshall Street,
Marshalltown. 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* N Sooka* W Tshuma*
*Independent non-executive
WWW.AME.CO.ZA
Date: 20/11/2009 17:13:19 Produced by the JSE SENS Department.
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