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AME
AME
AME - African Media Entertainment Limited - Unaudited interim results for the
six months ended 30 September 2011
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 six months ended 30 September 2011
CONSOLIDATED ABRIDGED STATEMENTS OF COMPREHENSIVE INCOME
Unaudited Unaudited Audited
six months six months year
to to ended
September September 31 March
% 2011 2010 2011
change R`000 R`000 R`000
Revenue 21 106 005 87 416 177 366
Cost of sales (29 208) (25 305) (54 663)
Gross profit 76 797 62 111 122 703
Operating expenses (52 047) (44 367) (86 118)
Operating profit 39 24 750 17 744 36 585
Investment income (9) 275 1 184
Finance income 1 612 2 074 3 901
Finance cost (19) (76) (149)
Losses attributable to (123) (330) (425)
associates
Net profit before 33 26 211 19 687 41 096
taxation
Taxation (7 534) (6 153) (12 806)
SA normal taxation (7 129) (6 185) (12 160)
Deferred taxation (405) 32 (396)
Secondary taxation on - - (250)
companies
Total comprehensive 38 18 677 13 534 28 290
income for the period
Total comprehensive
income attributable to:
Non-controlling interest 2 083 1 669 2 041
holders
Equity holders of the 40 16 594 11 865 26 249
parent
Earnings per share 40 195,2 139,0 307,4
(cents)
Headline earnings per 38 195,2 141,3 310,3
share (cents)
Diluted earnings per 40 191,4 136,5 302,5
share (cents)
Diluted headline earnings 38 191,4 138,8 305,3
per share (cents)
Dividends per share - - -
(cents)
Number of shares in issue 8 501 8 539 8 539
(000`s)
Diluted average number of 8 671 8 692 8 678
shares in issue (000`s)
Headline earnings
reconciliation
Profit attributable to 16 594 11 865 26 249
equity holders
Loss on disposal of fixed - - 47
assets
Impairment of loans to - 199 199
associate
Headline earnings 16 594 12 064 26 495
CONSOLIDATED ABRIDGED STATEMENTS OF FINANCIAL POSITION
Unaudited Unaudited Audited
September September 31 March
2011 2010 2011
R`000 R`000 R`000
Assets
Non-current assets 97 578 76 585 80 753
Property, plant and equipment 29 459 25 130 25 412
Investments 24 097 10 954 10 914
Goodwill 39 785 35 431 39 785
Deferred taxation 4 237 5 070 4 642
Current assets 105 129 74 368 90 955
Trade receivables 48 103 36 981 41 906
Other receivables 2 968 1 967 2 468
Cash and cash equivalents 54 058 35 420 46 581
Total assets 202 707 150 953 171 708
Equity and liabilities
Total equity 143 173 101 818 113 976
Non-current liabilities 333 890 717
Operating lease accrual 121 647 518
Interest-bearing borrowings 212 243 199
Current liabilities 59 201 48 245 57 015
Trade payables 31 510 25 891 28 498
Other payables 26 846 20 234 26 694
Dividend payable - 934 387
Operating lease accrual and 123 295 224
interest-bearing borrowings
Taxation 722 891 1 212
Total equity and liabilities 202 707 150 953 171 708
CONSOLIDATED ABRIDGED STATEMENTS OF CHANGES IN EQUITY
Unaudited Unaudited Audited
six months six months year
to to ended
September September 31 March
2011 2010 2011
R`000 R`000 R`000
Issued capital
Balance at beginning of period 8 539 8 539 8 539
Shares repurchased (38) - -
Balance at end of period 8 501 8 539 8 539
Share premium
Balance at beginning of period 31 909 31 909 31 909
Shares repurchased (1 606) - -
Change in shareholding 11 111 - -
Balance at end of period 41 414 31 909 31 909
Retained profit
Balance at beginning of period 70 237 43 988 43 988
Total comprehensive income for 16 594 11 865 26 249
the period
Change in shareholding (1 711) - -
Balance at end of period 85 120 55 853 70 237
Non-distributable reserve
Balance at beginning of period 2 073 1 869 1 869
Fair value adjustment on 536
available for sale financial
assets
Share based payment expense 517 324 204
Balance at end of period 3 126 2 193 2 073
Non-controlling interests
Balance at beginning of period 1 218 1 655 1 655
Share of dividend - - (2 504)
Change in shareholding 1 711 - 26
Share of total comprehensive 2 083 1 669 2 041
income for the period
Balance at end of period 5 012 3 324 1 218
Total capital and reserves 143 173 101 818 113 976
CONSOLIDATED ABRIDGED STATEMENTS OF CASH FLOWS
Unaudited Unaudited Audited
six months six months year
to to ended
September September 31 March
2011 2010 2011
R`000 R`000 R`000
Cash generated by operating 25 912 19 239 39 700
activities
Net interest received 1 371 1 998 3 752
Taxation paid (7 619) (7 759) (13 663)
Decrease in working capital 2 061 8 740 9 289
Cash flows from operating 21 725 22 218 39 078
activities
Dividends paid - (16 323) (16 870)
Cash flows from investing (12 226) (16 623) (19 271)
activities
Cash flows from financing (2 022) - (2 504)
activities
Net increase/(decrease) in cash 7 477 (10 728) 433
and cash equivalents
Cash and cash equivalents at 46 581 46 148 46 148
beginning of period
Cash and cash equivalents at 54 058 35 420 46 581
end of period
SEGMENTAL REPORTING
Unaudited Unaudited Audited
six months six months year
to to ended
September September 31 March
2011 2010 2011
R`000 R`000 R`000
Revenue
Radio Broadcasting 87 079 74 510 160 030
Sales houses 18 926 12 906 17 336
Total 106 005 87 416 177 366
Operating profit
Radio Broadcasting 20 465 18 751 37 023
Sales houses 3 306 (888) 774
Company 979 (119) (1 212)
Total 24 750 17 744 36 585
Assets
Radio Broadcasting 94 944 83 992 78 666
Sales houses 57 334 34 013 36 432
Company 50 429 32 948 56 610
Total 202 707 150 953 171 708
Liabilities
Radio Broadcasting 18 245 15 336 19 821
Sales houses 36 823 27 590 27 617
Company 4 466 6 209 10 294
Total 59 534 49 135 57 732
COMMENTARY
Basis of preparation
This report has been prepared in accordance with the group`s accounting policies
that comply with International Financial Reporting Standards, IAS34, the AC500
Series of Interpretation, the Companies Act and the Listings Requirements of the
Johannesburg Stock Exchange, on a basis consistent with the policies and methods
of computation as used in the Annual Financial Statements for the year ended 31
March 2011.
Financial results
Revenue, for the six months to September 2011, increased by 21% to R106 million.
Comprehensive income increased by 38% over the previous period to R18,7 million.
The comprehensive income attributable to equity holders of the parent amounted
to R16,6 million (Sept 2010: R11,9 million) with earnings per share of 195,2
cents (Sept 2010: 139,0 cents). Headline earnings per share were 195,2 cents
(Sept 2010: 141,3 cents).
After paying tax of R7,6 million, the group generated R21,7 million in cash from
its operating activities during the period. The group spent R6 million on
capital expenditure and R4 million on the settlement of a dispute relating to
the purchase of United Stations (Pty) Limited. R1,6 million was utilised to
repurchase AME shares and additional loans of R2,2 million were made to
associated companies. The group ended the period with cash resources of R54
million.
Algoa FM and OFM radio operations
WDB Investment Holdings (Pty) Limited acquired a controlling interest in a BEE
company which holds 10% of Algoa FM. Algoa FM`s revenues were better than the
same period last year notwithstanding the fact that last year`s revenues
included significant spend relating to the 2010 FIFA World Cup. ICASA approved
the licence amendment which extends the broadcast footprint of Algoa FM to now
include Knysna, George and Mossel Bay.
OFM enjoyed a fairly good six months, where expectations have largely been met.
The expansion into digital development has led to significant new business, and
spin-off opportunities for the radio brand. Mahareng Publishing, a joint venture
with CTP, has attained critical mass with the purchase of Bloemfontein Courant,
a community newspaper, and should attain profitability this year. The prospects
for future growth, especially for regional business, are very good with a well-
stocked pipeline of new products.
Cost control has been effective on both radio stations.
Sales house operations
Sales house, United Stations delivered a record set of results for the period
under review. A year ago United Stations started handling the national sales of
KAYA FM which contributed to a steep year on year growth in advertising revenue.
Kaya FM, along with Capricorn FM, have been the drivers of new business
development as they provide attractive audiences to categories of advertisers
that United Stations was previously unable to reach. The increase in advertising
platforms has further allowed the company to leverage existing resource and
capacity.
RadioHeads has narrowed its focus to provide solutions in the area of radio
production, branded content, creative and campaign management and is targeting
marketers who seek higher levels of engagement with their target audiences. This
business has performed below expectation.
Prospects
If the current trading conditions persist, the Board remains confident of the
continued success of the group for the remainder of the year.
By order of the Board
ACG Molusi Chairman M Mynhardt Director
17 November 2011
Johannesburg
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)*
AJ Davies
M Mynhardt
MJ Prinsloo*
N Sooka*
W Tshuma*
KL Dube*
*Independent Non-executive
WWW.AME.CO.ZA
Date: 17/11/2011 16:20:21 Produced by the JSE SENS Department.
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