| Thu 21 Jun 2001, 0:00 | | Johnnic Holdings Limited - Audited Results For The |
|
JOHNNIC AUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2001
Revenue up 29% to R11 060,3 million
Ebitda up 32% to R3 026,9 million
Basic headline earnings per share (continuing operations)* up 92% to 353
cents
*excluding foreign exchange gains
COMMENTARY
OVERVIEW
Johnnic Holdings Limited ("Johnnic") has begun to reap the benefits of the
extensive restructuring and repositioning of underlying group businesses
that has taken place over the past three years with headline earnings per
share from continuing operations excluding foreign exchange gains increasing
by 92% to 353 cents from 184 cents the previous year. Having completed the
transition from a passive investment trust to a focused media, entertainment
and telecommunications group, 96% of earnings are now derived from these
three sectors, particularly the telecommunications sector.
Over R8,2 billion of non-core assets have been liquidated since the
beginning of the restructuring process. This includes cash inflows from the
following transactions undertaken during the current financial year:
? 2 003 334 MIH Limited ("MIH") Class "A" ordinary shares for a cash
consideration of R985,7 million;
? 666 586 South African Breweries plc ("SAB plc") shares for a cash
consideration of R33,7 million;
? R57,3 million liquidation dividend received from The Premier Group
Limited ("Premier"); and
? R148 million from disposal of property portfolio assets.
The proceeds from the cash inflows above enabled the holding company debt in
both Johnnic and Johnnic Communications Limited ("Johncom") of R5,6 billion
to be reduced to R0,4 billion.
In August 2000, Johnnic underwrote and followed its rights in the rights
offer undertaken by its subsidiary, Johncom. A total of 19 331 882 new
shares in Johncom were acquired in the rights issue for a cash investment of
R3 015,8 million. The new shares have increased the shareholding of Johnnic
in Johncom to 62,5% from 57,4%.
M-Cell Limited ("M-Cell") increased its shareholding in Mobile Telephone
Networks Holdings (Proprietary) Limited ("MTN") to 100% through the purchase
of the remaining 23% shareholding in MTN from Transnet Limited ("Transnet")
in July 2000. The acquisition was settled by the issue of 366 million new
ordinary shares in M-Cell to Transnet. This new issue of shares resulted in
the dilution of Johnnic's direct stake in M-Cell to 14,4% from 18,6% in the
previous year.
Johnnic acquired an additional 1% interest in M-Cell in March 2001
increasing its direct stake in M-Cell to 15,4% at year end.
RESULTS
Johnnic's revenue increased by 29% to R11 060,3 million while earnings
before interest, taxation, depreciation and amortisation ("Ebitda")
increased by 32% to R3 026,9 million.
Net goodwill arising out of transactions undertaken by the group companies
totalling R8 977,8 million has been capitalised and is being amortised over
a maximum period of 20 years in accordance with the new South African
Statements of Generally Accepted Accounting Practice (AC 131). A charge of
R321,3 million relating to amortisation of goodwill was made through the
income statement for the first time this year. Profit from operations before
goodwill amortisation increased by 34% to R2 073,9 million, from R1 549,7
million in the previous year. Profit from operations net of goodwill
amortisation increased by only 13% to
R1 752,6 million (2000: R1 549,7 million).
Finance income rose 24% to R166,9 million from R134,3 million last year, as
a result of the increased cash reserves of the company up to the date of the
rights issue.
The company's cash reserves were utilised in August 2000 to follow its
rights in Johncom. This will have the effect of reducing finance income in
the new financial year.
Finance costs declined 26% to R311,5 million from R419,2 million last year
as a result of the reduction in group borrowings in existence in the
previous financial year.
Basic headline earnings increased 87% on last year to R686,7 million from
R368,2 million. On a per share basis, basic headline earnings have grown 85%
to 423 cents from 229 cents last year. The growth in basic headline earnings
per share from continuing operations was 118% to 417 cents from 191 cents
last year. Foreign exchange gains amounting to R103,8 million and the
increase in interest received positively impacted headline earnings. Basic
headline earnings per share from continuing operations excluding foreign
exchange gains increased by 92% to 353 cents compared to 184 cents last
year.
Net exceptional profits of R470,5 million were realised on the disposal of
MIH and SAB plc shares and the liquidation dividend from Premier, offset by
the write-down to market value of M-Cell shares acquired through a forward
purchase agreement.
Attributable earnings per share amounted to 669 cents compared to 1 671
cents last year, as a result of the sales of non-core assets reaching
completion.
DIVISIONAL REVIEW
The group has undergone significant restructuring during the year in line
with the Johnnic vision of becoming a focused media, entertainment and
telecommunications group. Key businesses were extensively reorganised into
logical groupings reflecting the new focus:
? Johnnic Telecommunications, comprising listed company M-Cell
increased its stake in cellular operator MTN to 100% through the issue of
366 million ordinary M-Cell shares to Transnet in settlement of the
acquisition of its 23% stake in MTN. Transnet has announced its intention to
sell approximately 20% of M-Cell to a foreign strategic equity partner as
part of the government's privatisation drive. M-Cell is currently evaluating
a possible bid for the second fixed line operator, due to be licensed in
2001.
M-Cell has enjoyed another excellent year of growth. Revenue increased by
39% to R8 337,3 million as a result of strong growth in MTN subscribers. M-
Cell's Ebitda and basic headline earnings grew by 38% and 91% to
R2 791,5 million and R1 124,7 million, respectively. During the year MTN won
one of three cellular licenses that were offered by the Nigerian
Communications Commission. MTN's entry into Nigeria, which has a population
of approximately 120 million and very limited telecommunications
infrastructure, creates enormous opportunities for the group.
Orbicom has expanded its role beyond its traditional satellite services. The
company is now becoming a significant player in the Electronic Funds
Transfer ("EFT") market as well as a provider of value added Internet
Protocol ("IP") over satellite products.
? Millennium Entertainment Africa Limited ("Mega") underwent
significant change during the year, culminating in a change of name to
Johnnic Entertainment Limited ("Johnnic Entertainment"). The Mega head
office was largely eliminated, resulting in considerable savings, and three
operating divisions were created - Music, comprising the Gallo group of
companies; Filmed Entertainment, comprising the Nu Metro group of companies
and Route 66; and Book Retailing, which consists of market leader Exclusive
Books and UK-based Hammicks.
The pressure on consumer spending impacted the Entertainment division's
earnings. The Music division experienced a difficult year, with industry-
wide volumes declining by 16%. Cinema attendances also declined by 6%
industry wide. Nu Metro Theatres managed to improve box office market share
from 32% to 38% at the expense of its major competitor and is currently
trading at 40% market share. Exclusive Books reported excellent earnings
with Ebitda increasing 30% to R21,4 million. UK bookchain Hammicks enjoyed a
strong turn-around in performance. On the back of an 8,5% industry growth,
Hammicks grew revenues by 31% to R414,3 million, while Ebitda grew 43% to
R11,9 million.
Overall, the Entertainment division saw Ebitda decline 59% to R53,1 million.
? The group's newspaper and magazine interests, previously trading
under the name Times Media Limited, were merged with New Holland
Publishing's books and map publishing businesses. The new entity trades as
Johnnic Publishing Limited ("Johnnic Publishing") with interests including a
50% stake in BDFM, publisher of market leaders Business Day and Financial
Mail, a 44,2% stake in CTP Holdings Limited ("CTP"), an effective 37,5%
stake in I-Net Bridge and interests in electronic businesses, such as
CareerJunction and eDegree.
On the newspaper front, the year was defined by two factors - a significant
growth in copy sales in the two Sunday papers accompanied by a continued
soft advertising market. Ebitda for the newspaper and magazine division
increased by 36% to R62,9 million despite costs associated with the
extensive restructuring that took place and the investment in building a
significantly higher circulation base for the Sunday Times and Sowetan
Sunday World.
The book and map publishing division saw Ebitda decline by 42% to R9,2
million, largely due to losses from its Australian subsidiary. This
operation has now been downsized and has been restored to profitability.
? A new Digital Media division, Johnnic e-Ventures Limited ("JeV"),
was launched on 1 April 2000 to house the group's e-business interests.
JeV's main focus is on the business-to-business ("B2B") sector and its key
investments include I-Net Bridge (25%), electronic trading exchange
TradeWorld (effective 51%), TicketWeb (42,5%), HealthInSite (54,5%),
CareerJunction (51%) and Ananzi (100%).
The group achieved revenue of R51,7 million and losses at Ebitda and
headline earnings level of R24,4 million and R36,9 million respectively as a
result of developmental costs.
THE YEAR AHEAD
The Telecommunications division will continue to enjoy strong growth in
South Africa although development losses incurred as a result of the
expansion into Africa will negatively impact M-Cell's earnings in the short
term. However, the African operations are expected to contribute strongly to
M-Cell's earnings in the medium term. This will have a positive impact on
the earnings of Johnnic.
The acquisition of a cellular licence in Nigeria has been a significant
milestone in M-Cell's quest to become the leading provider of communications
services in Africa. The division is also set to benefit from an innovative
mobile e-commerce strategy and the licensing of interactive and short
messaging technology abroad.
The Johnnic group has experienced significant restructuring over the last
year. The benefits of this exercise, in the form of lower cost base, de-
layering of management and increased focus on core activities, will be felt
in the coming financial year. The group has excellent brands that enjoy very
strong market positions. Market leaders include: MTN, Sunday Times, Business
Day, Financial Mail, Struik, Map Studio, Gallo Africa, Nu Metro Video and
Exclusive Books. Nu Metro Theatres is a strong challenger having gained
considerable market share. In addition, Johnnic e-Ventures has provided a
strong platform for the group's Internet activities and is already regarded
as market leader in the valuable B2B sector.
Johnnic Publishing is well placed to benefit in the coming year from the
lower cost base resulting from the rationalisation programme. In addition,
the significantly higher circulation base at the Sunday Times and Sowetan
Sunday World bodes well for improved margins.
Johnnic Entertainment has been negatively impacted by an industry-wide
decline in music sales and a poor year for cinema attendances. The Music
division is currently undergoing a restructuring programme and the benefits
will be experienced in the coming year.
The Filmed Entertainment division expects a brighter year ahead with better
movie releases set to bolster attendances and higher ticket prices improving
margins. The first quarter of the new financial year has seen attendances
rise by 17% year on year.
While still in start-up mode, JeV has secured a leading position in the
valuable B2B sector, while minimising its investment in the business-to-
consumer ("B2C") sector. Several of its investments over the past year will
achieve profitability in the coming financial year. It is on target to
achieve profitability in its third year of operation.
The group continues to explore funding options for its offshore operations.
Although strong cash flows are generated by MTN in South Africa, foreign
exchange regulations limit the amount of funds that can be taken offshore.
Discussions continue with the relevant authorities in this regard. In
addition, Johnnic continues to dispose of its remaining non-core assets.
The proceeds will be used to clear any remaining holding company debt. The
subsidiary, Johncom, has retained 28,1 million M-Cell shares to be used to
eliminate Johncom's holding company debt and to fulfil obligations under the
Johncom share incentive scheme.
SUBSEQUENT EVENTS
Subsequent to the financial year end, Johncom announced a plan to
restructure the group, in terms of which, Johncom will unbundle almost all
of its interest in M-Cell, amounting to 552 203 364 shares. The plan is
subject to approval of shareholders at a general meeting on 2 July 2001. As
a result of the restructuring, Johncom will become a focused media and
entertainment group while Johnnic's direct stake in telecommunications
subsidiary M-Cell, will increase to 36,7%. Johnnic will retain its 62,5%
holding in Johncom. The Johncom unbundling will have no material effect on
the Johnnic results.
STRATE
Johnnic is scheduled to transfer its share capital to "Share Transaction
Totally Electronic" ("STRATE"), an electronic settlement platform for share
transactions, in November 2001. In terms of the revised Listings
Requirements of the JSE Exchange South Africa's ("the JSE"), the move to
STRATE is obligatory and will ensure Johnnic's participation in a
sophisticated settlement process in line with international best practice.
Shareholders will receive further communication in this regard upon
distribution of the annual report.
DIVIDEND
Johnnic's businesses operate in high growth sectors. The group has adopted a
dividend policy that will allow the businesses to retain and reinvest the
bulk of the cash generated to fund future growth. A long term target
dividend cover ratio of between 5 to 6 times headline earnings has been
adopted.
The earnings of the group are biased towards telecommunications which is
experiencing strong growth at the moment with the acquisition of licenses in
Nigeria and further growth expected in South Africa. M-Cell will pay
increasingly less dividends in the short term whilst it funds its growth.
As a result, dividends will be significantly reduced in the future.
CAPITALISATION SHARE AWARD AND RIGHT OF ELECTION TO RECEIVE INSTEAD A CASH
DIVIDEND (NO. 149) OF 95 CENTS PER SHARE AND TO APPLY THE DIVIDEND TO
SUBSCRIBE FOR NEW ORDINARY SHARES IN JOHNNIC HOLDINGS LIMITED ("JOHNNIC")
The directors have resolved to award capitalisation shares ("the
capitalisation award") to shareholders registered in the records of Johnnic
at the close of business on Friday 6 July 2001 ("the record date").
Shareholders may elect instead to receive a cash dividend of 95 cents per
share. Shareholders making this election will then be given the opportunity
to apply the dividend to subscribing for new ordinary shares in Johnnic
("the subscription"), but without any discount.
Shareholders receiving the capitalisation award or electing the subscription
option will be issued new ordinary shares in Johnnic. The number of new
shares to be issued per share held on the record date will be determined as
the ratio that 95 cents multiplied by 1,06 bears to the weighted average
traded price of Johnnic shares on the JSE Securities Exchange South Africa
("the JSE") for the four days ending Thursday 2 August 2001 ("the closing
price").
The new ordinary shares to be issued pursuant to the capitalisation award
will be issued as fully paid shares of 95 cents each by way of a
capitalisation of part of Johnnic reserves and will rank pari passu in all
respects with the Johnnic ordinary shares presently in issue. The issue of
new shares will only be made to ordinary shareholders of Johnnic on the
basis of whole shares. All fractions of new shares will be aggregated and
sold on the JSE for the benefit of the relevant shareholders. Subject to the
approval of the JSE, new Johnnic ordinary shares to be issued will be listed
on the JSE with effect from commencement of business on or about Wednesday 8
August 2001.
Documentation, which is subject to the approval of the JSE, containing the
full details of the right of election will be posted to shareholders on or
about Friday 13 July 2001. In order to be valid, completed election forms
will need to be received by Johnnic transfer secretaries by no later than
12:00 on Friday 3 August 2001. Should a valid election form not be timeously
received, Johnnic will automatically issue capitalisation shares to all
relevant shareholders concerned.
Currency conversion for payments from London will take place on Friday 3
August 2001. It is expected that share certificates in respect of the new
Johnnic ordinary shares and, if applicable, cheques in respect of the
dividend and fractions, will be posted to shareholders on or about Wednesday
8 August 2001.
A further announcement will be made on or about Tuesday 7 August 2001
reporting the number of new ordinary shares issued to shareholders and the
number of shares on which a cash dividend of 95 cents per share was
declared.
For the purposes of the results it has been assumed that the cash dividend
election will be made in respect of 50% of the total issued shares.
For and on behalf of the board
M C Ramaphosa P Edwards
Chairman Chief Executive
21 June 2001
CONSOLIDATED INCOME STATEMENT
For the years ended 31 March 2001 31 March 2000 %
Rm Rm change
Revenue 11 060,3 8 548,0 29
Cost of sales (5 135,6) (3 965,3)
Gross profit 5 924,7 4 582,7 29
Operating expenses - net (2 897,8) (2 288,8)
Earnings before interest,
taxation, depreciation and
amortisation ("Ebitda") 3 026,9 2 293,9 32
Depreciation (789,8) (605,3)
Amortisation (163,2) (138,9)
Profit from operations
before goodwill amortisation 2 073,9 1 549,7 34
Goodwill amortisation (321,3) -
Profit from operations 1 752,6 1 549,7 13
Finance costs (311,5) (419,2)
Finance income 166,9 134,3
Share of profits of associates 173,6 160,2
Profit before taxation
and exceptional items 1 781,6 1 425,0 25
Exceptional items 470,5 2 313,0
Profit before taxation 2 252,1 3 738,0 (40)
Taxation (639,3) (426,3)
Profit after taxation 1 612,8 3 311,7 (51)
Minority interests (525,8) (622,2)
Attributable earnings 1 087,0 2 689,5 (60)
Contribution to
attributable earnings:
Continuing operations 676,6 307,4 120
Telecommunications 423,4 242,0 75
Entertainment (2,1) 54,3 (104)
Media 65,1 58,8 11
Digital Media (22,6) (0,8)
Interest and other 109,0 (58,2) 287
Continuing operations
excluding foreign
exchange gains 572,8 296,1 93
Foreign exchange gains - net 103,8 11,3 819
Discontinuing operations 10,1 60,8 (83)
SAB plc 4,9 24,7
Johnnic Properties 5,2 (1,6)
Other - 37,7
Basic headline earnings 686,7 368,2 87
Goodwill amortisation after
Minority interests (88,6) -
Exceptional items after
taxation and
minority interests 488,9 2 321,3
Attributable earnings 1 087,0 2 689,5 (60)
Basic earnings per
ordinary share (cents)
Headline
- Continuing operations
Excluding foreign exchange
Gains 353 184 92
- continuing operations 417 191 118
- discontinuing operations 6 38 (84)
Total basic headline 423 229 85
Attributable 669 1 671 (60)
Dividend per ordinary share (cents)
- interim - 12
- final 95 78
95 90 6
Dividend cover on basic
Headline earnings (times) 4,4 2,5
Number of ordinary shares in issue:
- weighted average (`000) 162 414 160 951
- at year end (`000) 162 620 162 272
SUMMARISED CONSOLIDATED BALANCE SHEET
As at 31 March 2001 31 March 2000
Rm Rm
ASSETS
Non-current assets 19 691,6 6 723,3
Property, plant and
Equipment 6 248,0 4 572,3
Goodwill 8 656,5 -
Intangible assets 2 901,7 534,6
Marketable properties 0,3 61,2
Investments
- listed 435,3 680,0
- unlisted 624,1 666,9
Loans 736,9 180,9
Deferred taxation 88,8 27,4
Current assets 4 065,2 3 696,8
Bank balances, deposits
and cash 951,7 1 150,8
Listed equities 325,9 172,1
Other current assets 2 787,6 2 373,9
Total assets 23 756,8 10 420,1
EQUITY AND LIABILITIES
Capital and reserves
Ordinary shareholders'
Interest 4 607,5 3 548,9
Minority interests 9 110,9 1 695,8
Total equity 13 718,4 5 244,7
Non-current liabilities 4 982,9 2 234,8
Long term liabilities 4 179,4 1 635,4
Provision for post-
retirement medical costs 96,1 85,9
Deferred taxation 707,4 513,5
Current liabilities 5 055,5 2 940,6
Non-interest bearing
Liabilities 3 853,9 2 214,9
Interest bearing liabilities 1 201,6 725,7
Total equity and liabilities 23 756,8 10 420,1
Net asset value per
ordinary share (rand)
- book value 28,33 21,87
- based on market value or
directors' valuation of
underlying investments 85,41 148,07
SUMMARISED CONSOLIDATED CASH FLOW STATEMENT
For the years ended 31 March 2001 31 March 2000
Rm Rm
Cash inflows from
operating activities 3 178,8 1 409,1
Cash (outflows) inflows
from investing activities (6 750,2) 585,2
Cash inflows (outflows)
from financing activities 2 918,9 (1 201,9)
Net (decrease) increase in
cash and cash equivalents (652,5) 792,4
Cash and cash equivalents
at beginning of year 985,3 201,4
Foreign entities translation
Adjustment (11,1) (8,5)
Cash and cash equivalents
at end of year 321,7 985,3
SUMMARISED GROUP STATEMENT OF CHANGES IN EQUITY
For the years ended 31 March 2001 31 March 2000
Rm Rm
Balance at 1 April 3 548,9 3 275,0
Attributable earnings 1 087,0 2 689,5
Dividends (154,5) (146,0)
Share election reserve 77,3 -
Share capital issued at a
premium less share
issue expenses 11,3 27,0
Goodwill written off against
distributable reserves - (695,8)
Movement on unrealised gains
arising on revaluation of
listed equities 33,1 (1 738,9)
Exchange differences arising
on translation of
foreign entities 44,1 12,3
Other (39,7) 125,8
Ordinary shareholders' interest 4 607,5 3 548,9
SEGMENTAL ANALYSIS
For the years ended 31 March 2001 31 March 2000 %
Rm Rm change
Geographic
Revenue
South Africa 10 195,2 8 101,4 26
Rest of Africa 377,1 130,9 188
Other overseas operations 488,0 315,7 55
11 060,3 8 548,0 29
Ebitda
South Africa 2 907,2 2 261,5 29
Rest of Africa 107,8 24,0 349
Other overseas operations 11,9 8,4 42
3 026,9 2 293,9 32
BUSINESS GROUPING
Revenue
Continuing operations 10 927,9 8 470,9 29
Telecommunications 8 337,3 6 007,9 39
Entertainment 1 539,7 1 436,8 7
Media 947,0 934,0 1
Digital Media 51,7 0,6
Other 52,2 91,6
Discontinuing operations
Johnnic Properties 132,4 77,1 72
Total 11 060,3 8 548,0 29
Ebitda
Continuing operations 3 003,3 2 268,8 32
Telecommunications 2 791,5 2 021,2 38
Entertainment 53,1 129,2 (59)
Media 72,1 62,1 16
Digital Media (24,4) (1,1)
Other 111,0 57,4
Discontinuing operations
Johnnic Properties and other 23,6 25,1 (6)
Total 3 026,9 2 293,9 32
NOTES
1. Basis of accounting
These consolidated condensed annual 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 2000, except that goodwill arising
after 1 April 2000 is accounted for as an asset in the balance sheet and
amortised over a maximum period of 20 years. Goodwill totalling R695,8
million was written off directly against distributable reserves in the
previous year.
2. Comparatives
Where necessary, comparative figures have been adjusted to conform with
changes in presentation in the current year.
3. Earnings per ordinary share
The calculation of basic headline earnings per ordinary share is based on
attributable earnings before goodwill amortisation and exceptional items of
R686,7 million (2000: R368,2 million) and a weighted average of
162 413 868 (2000: 160 950 522) ordinary shares in issue.
No fully diluted earnings per ordinary share have been disclosed as the
potential dilution is not material.
4. Audited results
These year end results have been audited by our auditors Deloitte & Touche,
who have performed their audit in accordance with South African Statements
of Generally Accepted Auditing Standards issued by the South African
Institute of Chartered Accountants. The auditors will issue an unqualified
audit report on the annual financial statements.
5. Listings requirements
This preliminary announcement has been prepared in compliance with the
Listings Requirements of the JSE.
6. Corporate governance
The board affirms its commitment to principles of good corporate governance,
details of which are included in the annual financial statements.
As at 31 March 2001 31 March 2000
Rm Rm
7. Interest bearing debt
Long term liabilities 179,4 1 635,4
Current liabilities 1 201,6 725,7
- call borrowings 630,0 165,5
- short term borrowings 571,6 560,2
Total 5 381,0 2 361,1
8. Capital expenditure
incurred 2 398,1 1 729,3
9. Contingent liabilities and
commitments
Guarantees (Rand) 230,3 71,1
Guarantees (US$) - 108,0
Contingent liabilities 134,0 -
Operating leases 1 882,5 1 597,0
- within one year 258,3 258,6
- more than one year 1 624,2 1 338,4
Commitments for
capital expenditure
- contracted 268,1 208,1
- approved but not
contracted 2 000,2 1 846,0
Total 2 268,3 2 054,1
The capital expenditure will be
Funded from future cash flows and
Borrowings.
10.Investments
Listed investments at
market value 830,4 824,7
Unlisted investments at directors'
Valuation 942,3 3 492,3
11.Cash and cash equivalents
Bank balances, deposits
and cash 951,7 1 150,8
Call borrowings (630,0) (165,5)
321,7 985,3
Directors: MC Ramaphosa (Chairman), P Edwards* (Group Chief Executive), DDB
Band, CB Brayshaw, PE Burton, I Charnley, PM Jenkins, PE Mabyana,
JRD Modise, LK Mokwana, PF Nhleko, TRA Oliphant.
Aternate directors: ZNA Cindi, RK Jackson, CM Moni, K Pillay, IP Smith,
TH Zuma.
Company secretary: MRD Boyns*
*British
Head office and registered office: 28 Harrison Street, Johannesburg, 2001. P
O Box 231, Johannesburg, 2000.
Transfer secretaries: Computershare Services Limited, 1st Floor, Edura
House, 41 Fox Street, Johannesburg.
London registrars: Capita IRG plc, Balfour House, 390-398 High Road, Ilford,
Essex IG1 1NQ, England.
These results may be viewed on the Internet at http://www.johnnic.com
E-mail: investor_relations@johnnic.co.za
