| Thu 18 Feb 2010, 17:00 | | KGM - Kagiso Media Limited - Unaudited interim results and dividend declaration |
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KGM
KGM
KGM - Kagiso Media Limited - Unaudited interim results and dividend declaration
for the six months ended 31 December 2009
KAGISO MEDIA LIMITED
(Registration number 1957/000036/06)
("Kagiso Media", "the group" or "the company")
Share code: KGM ISIN: ZAE000014007
Unaudited interim results and dividend declaration for the six months ended 31
December 2009
- REVENUE UP 4%
- HEADLINE EARNINGS PER SHARE DOWN 5%
- CASH GENERATED FROM OPERATING ACTIVITIES UP 4%
- NET ASSET VALUE UP 17%
- DIVIDEND MAINTAINED AT 35C PER SHARE
COMMENTARY
COMMENTS ON RESULTS
GENERAL
Headline earnings decreased by 5% for the six months to 31 December 2009, when
compared to the six months ended 31 December 2008. The company posted headline
earnings per share of 75,7 cents compared to 79,5 cents for the same period last
year.
REVENUE
Revenue for the period under review for the continuing operations increased by
4% to R458,4 million. Revenue from broadcasting decreased by 2,7%, cushioned by
the additional R10,2 million contributed by Gloo. Information Services and
Solutions revenue declined by 2%. As a result of the scaling down of its
operations, Exhibitions and Events`("Exhibitions") revenue was 34,7% lower.
Revenue from content, or Urban Brew Studios (Proprietary) Limited ("Urban
Brew`"), of R83,1 million, represents six months as compared to R57,1 million
for the two months included in the comparative period last year.
OPERATING PROFIT MARGIN
The operating profit margin for the group was 33,9%, compared to 36,6% in the
previous period. Broadcasting`s margins remained constant at 50% due to
excellent cost control and the positive contribution made by Gloo. The margins
decreased in the Information Services and Solutions segment from 37,8% to 31,9%
due to the write off of R6,5 million debt from its Nigerian operation. Content`s
operating margin improved from 10,3% to 11,4% after having provided for R5,5
million of the Sudanese debt. Exhibitions made an operating loss of R685 000;
this was an improvement of R4,2 million over the comparative period.
FINANCE INCOME AND EXPENSES
Finance income received and finance expenses paid for the period decreased by
R2,4 million and R5 million respectively. This was due mainly to the decrease in
prevailing interest rates. Finance expenses pertain mainly to the dividend
payable on preference shares.
ASSOCIATES
The after tax share of results of associates of R7,9 million is made up of
Kagiso Media`s holdings in OFM (24,9%), a 33,3% economic interest in Heart 104.9
and iGagasi 99.5 and 25,1% in Kaya FM. This composition has not changed from the
previous reporting period.
TAXATION
The effective tax rate decreased marginally from 32,6% to 32,3%. The effective
tax rate excluding STC is 29,7%, as compared to 30,4% in the previous reporting
period.
MINORITIES` SHARE OF PROFITS
Minorities owned 20% of Jacaranda 94.2, 49,9% of Gloo and 49,9% of Urban Brew.
Kagiso Outdoor, which was 35% held by minorities, was disposed of during the
period. The movement in the minorities` share of the profits reflects the
changes in the results of these units and the disposal of Kagiso Outdoor.
2. REVIEW OF OPERATIONS
During the period under review and in the comparative preceding period, revenue,
operating profit/(loss) and profit/(loss) contribution per business segment were
as follows:
Segmental analysis of the six months ended 31 December
Revenue Operating profit/ Profit/ (loss)*
(loss)
R`000 2009 2008 2009 2008 2009 2008
Central services 1 360 766 (15 419) (11 959) (1 521) (24 492)
Broadcasting 253 113 260 097 126 530 130 032 92 224 96 252
Information 111 500 113 806 35 618 42 996 26 189 31 818
services and
solutions
Outdoor - - - - - 2 052
Exhibitions and 9 332 14 290 (685) (4 929) (545) (1 452)
events
Content 83 142 51 684 9 519 5 303 3 218 1 871
Total 458 447 440 643 155 563 161 443 119 565 106 049
*Attributable to equity holders of the company.
CENTRAL SERVICES
Expenses were higher than the comparative period due mainly to the salary and
infrastructure costs related to Kagiso Media Convergence. Kagiso Media
Convergence was created to accelerate new media investments and to create a
structure to unlock the inherent synergies between the operating businesses. All
preference dividends and interest incurred in the procurement of investments are
accounted for under group costs.
The group`s share of STC in all the subsidiaries, joint ventures and associates
are allocated to this segment. The decrease in the loss was due to the profit on
the disposal of Kagiso Outdoor.
BROADCASTING
The broadcasting assets experienced their toughest period in several years as
South Africa`s recession constrained advertising budgets. August 2009 was a
particularly tough month when actual revenue reverted to levels last experienced
in 2005. For the six months, broadcasting was down 3% in revenue terms compared
to the previous period while EBITDA declined by 2%.
Overall audience numbers were down marginally at East Coast Radio and Jacaranda,
however core audiences were stable, with Jacaranda increasing its LSM 8-10
audience year-on-year. The morning show at Jacaranda, which is that station`s
biggest revenue earner, was awarded `Most Innovative Radio Show` for the second
year running by South African Radio Awards. East Coast Radio began a new morning
show, which is still building goodwill with its audiences during the period
under review. East Coast Radio, iGagasi and Jacaranda were ranked among South
Africa`s Top 10 favourite radio stations by RAMS.
In order to secure higher revenues for the remainder of the financial year, the
wholly owned radio stations are embarking on a new sales programme in February
2010, which should boost the local sales effort to show positive growth by June
2010. However, any outperformance relative to 2009 will result from an improving
economy, coupled with benefits accruing from the 2010 FIFA World CupTM spending.
The digital media division, included in broadcasting, saw revenue grow from R1,5
million in 2009 to R12 million. Gloo`s results exceeded its revenue and EBITDA
targets by 40% and 73% respectively. Gloo has won numerous awards during this
period, confirming its status as the top digital creative agency in South
Africa. Acceleration Media`s turnaround strategy started paying off with revenue
growth of 34% supporting its return to profitability. The company has signed a
number of large new accounts and continues to build its expertise to further
increase margins.
INFORMATION SERVICES AND SOLUTIONS
LexisNexis showed a 2% decrease in turnover compared to the same period last
year. The core research business performed better than inflation, mitigating the
impact of a R7 million revenue shortfall from the African business which was
further impacted by a R6,5 million write off of debt in its Nigerian operation.
The training and Compliance divisions were impacted negatively by government
cutbacks in training spend during the second quarter of 2009.
In order to mitigate the slowdown in revenue growth the business focused on
reducing costs during the year. These were successfully contained below the
comparative period costs, after adjusting for the bad debt write off.
Despite the challenging operating environment, the LexisNexis` cash conversion
rate continued to perform ahead of expectations at 105%.
LexisNexis South Africa anticipates that the trading conditions will remain
tight for the remainder of the financial year. However training and service
requests recently started recovering, particularly from the Government and the
Financial sectors. In addition LexisNexis South Africa`s cost cutting
initiatives introduced in the first half of the year should deliver further
sustainable savings to support profitability.
EXHIBITIONS AND EVENTS
Following the sale of various assets in the previous financial year, Exhibitions
now houses the remaining assets and projects for which commitments extend beyond
the interim reporting period. These include Mobil Alliance, whose profit
performance showed year on year improvement of 442% on the comparable period
last year, and contracts with NECSA and SATOUR. These contracts are expected to
be finalised during the next half of the financial year.
CONTENT
Urban Brew experienced difficult trading conditions in the six months under
review as a result of management challenges at the SABC. Operating profit
increased to R9,5 million after providing for a further R5,5 million against the
Sudanese debt.
Investment in new areas such as advertiser-funded programming helped the company
to diversify and grow its revenues over the comparable period. Its `One Gospel`
channel emerged as a Top 3 channel in an AC Nielsen survey of pay tv channels.
Subsequently, management secured new mandates with media owners outside the
public broadcaster. The company is well positioned to show an improved
performance in the second half of the financial year.
3. FINANCIAL POSITION
WORKING CAPITAL
The group reported cash of R270,6 million at 31 December 2009 from R173,4
million at 30 June 2009. The R97,2 million increase in cash is mainly
attributable to the trading results and the proceeds on the disposal of Kagiso
Outdoor amounting to R40,6 million. The increase in trade and other receivables
relates to increased revenue at the radio stations over this seasonal peak
period and LexisNexis increasing its exposure to academic materials to meet
increased demand with the start of the new academic year.
CASH FLOW
The cash flow from operating activities for the six months increased by R7,1
million to R167,2 million; a direct result of the trading results and the
inclusion of Gloo and Urban Brew`s results for the six months. The group`s cash
flow remains positive. A dividend of R46,8 million will be paid to shareholders
in March 2010.
A further R58,5 million will be used to repay the group`s short-term funding
requirements, its preference dividend obligations as well as a redemption of
portion of its preference shares on 31 March 2010.
Borrowings
The net debt at 31 December 2009 was nil (2008: R111,9 million). Long-term
borrowings comprises preference shares, instalment sale liabilities and deferred
consideration liabilities.
4. REGULATORY MATTERS
New primary market licences: Kagiso Media participated in consortiums bidding
for the new primary licences which closed on 30 November 2009. ICASA is
currently adjudicating applications and the findings will be published prior to
public hearings which are expected in the second quarter of 2010.
Needletime: During the period under review, the High Court ruled in favour of
the broadcasters, represented by the National Association of Broadcasters (NAB),
that the Tribunal could make a determination on all attendant needletime issues,
including the amount of the levy and the effective date. The NAB will now refer
the matter to the Tribunal in 2010.
5. BLACK ECONOMIC EMPOWERMENT
Kagiso Media is rated a LEVEL 2 by The National Empowerment Rating Agency, the
company`s highest rating ever in terms of the BBBEE Codes. Work in the next year
will be focused on further improving the BBBEE rating of Kagiso Media and its
associates and joint ventures. The next verification will take place after the
end of June 2010.
6. SEASONALITY
The first six months of the financial year normally represent the peak trading
period for radio broadcasting as well as information services and solutions. Due
to the current market conditions, it is anticipated that the percentage
contribution towards the year`s results from these segments in the first six
months will be higher than what it was in previous comparable reporting periods.
7. INTERIM DIVIDEND DECLARATION
It is the group`s policy to return 50% of its headline earnings for the year to
the shareholders. It was decided, in view of the uncertain economic conditions,
to maintain the dividend at 35 cents per share.
Notice is hereby given that an interim dividend of 35 cents (2009: 35 cents) per
share has been declared in respect of the six months ended 31 December 2009 and
is payable to holders of ordinary shares recorded in the register of the company
on Friday, 19 March 2010.
The following salient dates apply to this dividend:
Last date to trade cum-dividend Friday, 12 March 2010
Shares commence trading ex-dividend Monday, 15 March 2010
Record date Friday, 19 March 2010
Payment of the dividend Tuesday, 23 March 2010
Share certificates may not be dematerialised or rematerialised between Monday,
15 March 2010 and Friday, 19 March 2010, both days inclusive.
In terms of the Companies Act, the directors confirm that, after the payment of
the above dividend, the company will be able to meet its commitments and settle
its liabilities as these fall due in the ordinary course of business and that
its consolidated assets, fairly valued, exceed its consolidated liabilities.
8. BASIS OF PREPARATION
The group has prepared condensed consolidated interim financial statements for
the six months ended 31 December 2009 in accordance with IAS 34 "Interim
Financial Reporting" and in compliance with the listing requirements of the JSE
Limited and the South Africa Companies Act 61 of 1973 as amended. The interim
condensed financial report should be read in conjunction with the annual
financial statements for the year ended 30 June 2009. As a result of
discontinued operations during the financial year ended 30 June 2009 and the
current period, the comparative information in the consolidated statement of
comprehensive income has been re-presented.
9. ACCOUNTING POLICIES
Except as noted below, the accounting policies adopted and methods of
computation are consistent with those of the annual financial statements for the
year ended 30 June 2009, as described therein.
The following new standards and amendments were applicable to the group in the
current period to 31 December 2009:
The revised IAS 1 "Presentation of Financial Statements" was issued, requiring
certain changes to existing disclosures as well as the introduction of the
"Statement of Comprehensive Income". These changes had no effect on the
financial position or results of the group.
IFRS 8 "Operating Segments" replaced IAS 14 "Segment Reporting". Segment
information is now required to be presented on the same basis as for internal
management reporting purposes. This standard had no material effect on group
reporting as the information has always been presented on the same basis to
internal management reporting.
The amendment to IFRS 8, which allows an entity not to disclose segmental
assets, if not reviewed by management, has been adopted.
IAS 23 "Borrowing Cost (Revised)" requires entities to capitalise qualifying
borrowing costs. This amendment had no material effect on the group.
10. CONTINGENT LIABILITIES
The contingent liabilities, as reported in the 2009 annual financial statements,
remain applicable.
11. PROSPECTS
By all accounts the six months reporting period has been characterised by acute
market decline across all sectors. However, some of the investments the group
has made over the last two years like Urban Brew and Gloo have delivered
positive results and indicate that with the anticipated upturn, they will be
well placed to deliver even better returns. While television is expected to be
the major beneficiary of advertising spend between now and the end of the 2010
FIFA World CupTM, there are strong indications that as with previous
international sports tournaments such as the cricket IPL tournament, radio and
the internet stand to reap the benefits of the expected overflow.
On behalf of the board
RM Motanyane M Morobe
Chairperson Chief executive
18 February 2010
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Twelve
months
Six months ended ended
31 December 31 December 30 June
2009 2008 2009
(Unaudited) (Unaudited) Change (Audited)
(R`000) (R`000) % (R`000)
Continuing operations
Revenue 458 447 440 643 4 854 886
Other income 4 370 5 130 16 452
Raw material and consumables (65 444) (63 396) (146 955)
Commission and levies (59 115) (59 550) (105 223)
Employee costs (83 449) (57 268) (125 950)
Marketing and programming (7 825) (16 528) (25 255)
expenses
Professional and consulting (9 945) (8 756) (16 853)
fees
Rental and management fees (15 340) (9 476) (25 101)
Depreciation (7 123) (4 715) (10 913)
Amortisation (13 048) (15 319) (22 924)
Other expenses (45 965) (49 322) (97 886)
Operating profit 155 563 161 443 (4) 294 278
Finance income 6 452 8 884 15 855
Finance expenses (7 568) (12 585) (23 905)
Share of results of 7 898 7 307 8 12 381
associates
Profit before income tax 162 345 165 049 (2) 298 609
Income tax expense (52 682) (53 827) (2) (108 084)
Profit for the period from 109 663 111 222 (1) 190 525
continuing operations
Discontinued operations
Profit/(loss) after tax for 4 420 5 673 (5 054)
the period from discontinued
operations
Profit arising from 18 382 - 8 993
discontinuance of operations
Profit for the period 132 465 116 895 13 194 464
Other comprehensive income - - -
for the period, net of tax
Total comprehensive income 132 465 116 895 13 194 464
for the period
Attributable to:
Kagiso Media shareholders 119 565 106 049 13 168 929
Minority shareholders 12 900 10 846 19 25 535
132 465 116 895 13 194 464
Total comprehensive income
attributable to:
Kagiso Media shareholders 119 565 106 049 13 168 929
Minority shareholders 12 900 10 846 19 25 535
132 465 116 895 13 194 464
RECONCILIATION OF HEADLINE EARNINGS
Twelve
months
Six months ended ended
31 December 31 December 30 June
2009 2008 2009
(Unaudited) (Unaudited) Change (Audited)
(R`000) (R`000) % (R`000)
Profit for the period 119 565 106 049 13 168 929
attributable to equity
holders
Impairment of goodwill - - 8 226
Impairment of property, - - 332
plant and equipment
Profit arising from (18 382) - (8 993)
discontinuance of operations
Loss on disposal of 65 202 892
property, plant and
equipment
Headline earnings 101 248 106 251 (5) 169 386
Headline earnings per share 75,7 79,5 (5) 126,7
Diluted headline earnings 75,6 79,4 (5) 126,5
per share
Earnings per share -
continuing operations
Earnings per share (cents) 72,3 75,1 (4) 123,4
Diluted earnings per share 72,3 75 (4) 123,2
(cents)
Earnings per share -
discontinued operations
Earnings per share (cents) 3,3 4,2 (22) 2,9
Diluted earnings per share 3,3 4,2 (22) 2,9
(cents)
Shares used in calculations
Number of shares in issue 133 792 133 792 - 133 792
(`000s)
Weighted average number of 133 792 133 726 - 133 726
shares in issue (`000s)
Weighted average number of 133 926 133 876 - 133 870
shares in issue for diluted
earnings per share (`000s)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Twelve
months
Six months ended ended
31 December 31 December 30 June
2009 2008 2009
(Unaudited) (Unaudited) (Audited)
(R`000) (R`000) (R`000)
Equity at the beginning of the 588 370 455 587 455 587
period
Ordinary shares issued in terms - 1 179 1 179
of the share option scheme
Total comprehensive income for 132 465 116 895 194 464
the period
Employee costs: share option 51 108 180
scheme
Minority interest transferred on - - 33 819
acquisition of subsidiaries
Disposal of minority interest (1 412)
Dividends paid (46 078) (41 109) (96 859)
673 396 532 660 588 370
CONSOLIDATED STATEMENT OF CASH FLOWS
Twelve
months
Six months ended ended
31 December 31 December 30 June
2009 2008 2009
(Unaudited) (Unaudited) (Audited)
(R`000) (R`000) (R`000)
Cash flow from operating
activities
Cash generated from operations 167 240 160 124 324 466
Finance expenses paid (701) (1 247) (2 940)
Income tax paid (63 099) (56 147) (106 323)
Dividends paid to equity holders (36 124) (32 042) (78 869)
Dividends paid to minorities (1 561) - -
before disposal of a subsidiary
Dividends paid to current (9 954) (9 067) (17 990)
minorities
Dividends paid to preference (7 532) (11 478) (21 998)
shareholders
Total net cash generated from 48 269 50 143 96 346
operating activities
Cash flow from investing
activities
Acquisition of subsidiaries, net - (63 428) (68 570)
of cash acquired
Acquisitions by joint ventures, - - (2 125)
net of cash
Acquisition of joint ventures, - - (145)
net of cash acquired
Purchases of property, plant and (9 470) (4 450) (10 637)
equipment ("PPE")
Proceeds from disposal of PPE 1 061 11 745
Purchases of intangible assets (4 247) (3 493) (4 757)
Proceeds from disposal of - - 14 350
intangible assets
Proceeds from disposal of 40 592 - 10 456
investments, net of cash
Proceeds from sale of assets held-- 2 546 2 546
for-sale
Dividends received from assets 4 760 - -
held-for-sale
Investment in preference shares 13 650 1 050 1 050
redeemed
Advances of loans to associates - (500) (1 351)
Repayment of loans by associates 917 385 3 498
Finance income received 5 971 9 534 15 529
Preference dividends received 481 - 5 413
Dividends received from 5 737 4 509 2 651
associates
Total net cash used in investing 59 452 (53 836) (31 347)
activities
Cash flow from financing
activities
Proceeds from issue of ordinary - 1 179 1 179
shares
Proceeds from borrowings - 18 769 -
Repayment of borrowings 2 003 - (987)
Preference shares redeemed (12 560) (11 560) (23 988)
Total net cash used in financing (10 557) 8 388 (23 796)
activities
Total net cash flows 97 164 4 695 41 203
Cash and cash equivalents at the 179 046 137 843 137 843
beginning of the period
Cash and cash equivalents on (5 619) - -
disposal of an asset held-for-
sale
Cash and cash equivalents at the 270 591 142 538 179 046
end of the period
Included in assets held-for-sale - - (5 619)
Cash and cash equivalents per 270 591 142 538 173 427
balance sheet
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 December 31 December 30 June
2009 2008 2009
(Unaudited) (Unaudited) (Audited)
(R`000) (R`000) (R`000)
Assets
Non-current assets 602 220 627 587 623 150
Property, plant and equipment 43 952 55 980 42 731
Intangible assets 313 322 315 068 322 123
Goodwill 184 951 184 242 185 896
Investment in associates 59 995 58 647 58 750
Loans receivable - 13 650 13 650
Current assets 545 197 440 253 448 044
Inventories 19 391 16 629 19 050
Trade and other receivables 252 945 277 755 253 238
Loans receivable 2 270 3 331 2 329
Cash and cash equivalents 270 591 142 538 173 427
Assets classified as held for - - 58 372
sale
Total assets 1 147 417 1 067 840 1 129 566
Equity
Capital and reserves attributable
to equity holders
Ordinary share capital 1 338 1 338 1 338
Share premium 14 510 14 510 14 510
Revaluation and other reserves 88 566 88 443 88 515
Retained earnings 480 651 381 157 397 210
Total shareholders` equity 585 065 485 448 501 573
Minority interests 88 331 47 212 86 797
Total equity 673 396 532 660 588 370
Liabilities
Non-current liabilities 278 001 271 017 292 515
Borrowings 208 169 208 909 219 069
Deferred income tax liabilities 69 832 62 108 73 446
Current liabilities 196 020 264 163 227 175
Trade and other payables 179 203 198 706 188 162
Borrowings 5 576 45 536 20 969
Income tax liabilities 11 241 19 921 18 044
Liabilities directly associated - - 21 506
with assets classified as held
for sale
Total liabilities 474 021 535 180 541 196
Total equity and liabilities 1 147 417 1 067 840 1 129 566
Net asset value per share (cents) 437 363 375
SUPPLEMENTARY INFORMATION
DISCONTINUED OPERATIONS
The sale of Kagiso Outdoor (Proprietary) Limited, a 65% owned subsidiary of
Kagiso Media Limited and 35% owned by MSG Afrika Media (Proprietary) Limited was
concluded on 14 December 2009.
The discontinued operations for the comparative period and the year ended 30
June 2009 include the sale of the exhibition shows, Kagiso Exhibitions and
Events Solutions (Proprietary) Limited and Johannesburg International Motor
Show, following Kagiso decision to close all unprofitable and unsustainable
business units in its subsidiary, Kagiso Exhibitions and Events (Proprietary)
Limited (KEE). All the KEE businesses were sold between November 2008 and May
2009.
Twelve
months
Six months ended ended
31 December 31 December 30 June
2009 2008 2009
(Unaudited) (Unaudited) (Audited)
(R`000) (R`000) (R`000)
The results of the discontinued
operations for the period are as
follows:
Revenue and other income 4 760 72 127 91 296
Expenses (340) (64 061) (93 680)
Loss before income tax 4 420 8 066 (2 384)
Income tax expense - (2 393) (2 670)
Loss after tax for the period 4 420 5 673 (5 054)
from discontinued operations
The net cash flows incurred by
the discontinued operations are
as follows:
Operating cash flow (37) (363) 5 320
Investing cash flow - 1 835 1 130
Financing cash flow 37 1 491 (4 253)
Net decrease in cash and cash - 2 963 2 197
equivalents from discontinued
operations
Earnings per share:
Basic from discontinued 3,3 4,2 2,9
operations (cents)
Diluted earnings per share 3,3 4,2 2,9
(cents)
Profit arising from
discontinuance of operations
Disposal of rights to operating - - 10 049
the exhibition shows
Disposal of a subsidiary - Kagiso - - (6 960)
Exhibitions and Events Solutions
(Proprietary) Limited
Disposal of a joint venture - - - 5 904
Johannesburg International Motor
Show (Proprietary) Limited
Disposal of a subsidiary, Kagiso 18 382 - -
Outdoor (Proprietary) Limited and
its investment in a joint
venture, Merafe Outdoor
(Proprietary) Limited, an asset
previously held for sale
Total profit arising from 18 382 - 8 993
discontinuance of operations
CAPITAL EXPENDITURE
Tangible Intangible Goodwill
assets assets
(R`000) (R`000) (R`000)
Six months ended 31 December 2009
Opening net carrying amount 42 731 322 123 185 896
Additions 9 470 4 247 -
Disposals (1 126) - -
Discontinued operations - - (945)
Depreciation, amortisation and (7 123) (13 048) -
other movements
Closing net carrying amount 43 952 313 322 184 951
Six months ended 31 December 2008
Opening net carrying amount 30 937 327 529 147 777
Additions 4 450 3 493 -
Acquired and arising from 27 996 677 36 465
business combinations
Disposals (192) (20) -
Discontinued operations (2 496) (1 292) -
Depreciation, amortisation and (4 715) (15 319) -
other movements
Closing net carrying amount 55 980 315 068 184 242
SHARE CAPITAL
Number of Ordinary Share Total
shares shares premium
(R`000) (R`000) (R`000)
1 July 2009 133 791 854 1 338 14 510 15 848
Shares issued - - - - -
employee share option
scheme
Share issue expenses - - - -
31 December 2009 133 791 854 1 338 14 510 15 848
1 July 2008 133 507 611 1 335 13 334 14 669
Shares issued - 284 243 3 1 180 1 183
employee share option
scheme
Share issue expenses - - (4) (4)
31 December 2008 133 791 854 1 338 14 510 15 848
NON-CURRENT LIABILITIES - BORROWINGS
Twelve months
Six months ended ended
31 December 31 December 30 June
2009 2008 2009
(Unaudited) (Unaudited) (Audited)
(R`000) (R`000) (R`000)
Borrowings
Preference shares
At the beginning of the period 185 479 209 010 209 010
Other - 458 458
Redeemed (12 560) (11 560) (23 989)
At the end of the period 172 919 197 908 185 479
Share issue expenses (289) (348) (309)
Closing balance 172 630 197 560 185 170
Other borrowings
Instalment sale agreements 11 378 11 349 9 738
Contingent consideration 24 161 - 24 161
liabilities
208 169 208 909 219 069
Registered office: 1st Floor, Kagiso House, 16 Fricker Road, Illovo Boulevard,
Illovo, 2196
Transfer secretaries: Link Market Services South Africa (Proprietary) Limited,
5th Floor, 11 Diagonal Street, Johannesburg, 2001. (PO Box 4844, Marshalltown,
2000)
Sponsor: Investec Bank Limited
Directors: RM Motanyane (Chairperson)#, MJN Njeke (Deputy Chairperson),
M Morobe* (Chief Executive), OC Essack*, HI Appelbaum, RL Hiemstra#,
ZJ Matlala, A Patel, AA Paruk#, WC Ross#
*Executive #Independent
Company secretary: DS Mtshali
Also available at: www.kagisomedia.co.za
Date: 18/02/2010 17:00:02 Produced by the JSE SENS Department.
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