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SuperSport International Holdings Limited: Group audited results for the
year ended 31 March 2002
SuperSport International Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/004203/06)
JSE Share code: MNS ISIN: ZAE000014304
("SuperSport" or "the company" or "the group")
PRELIMINARY REPORT
Group audited results for the year ended 31 March 2002 were as follows:
ABRIDGED INCOME STATEMENT
Year ended Year ended
31 March 31 March
2002 2001
(audited)
(audited)
R`m R`m
Revenues 839 704
Cost of sales and provision of services 609 514
Gross profit 230 190
Operating costs 150 128
Operating profits 80 62
Net finance income 13 13
Profit before taxation 93 75
Taxation 31 24
Net profit for the year 62 51
Earnings per share (cents)
- basic 23,3 19,0
- diluted 23,1 18,9
Headline earnings per share (cents)
- basic 22,6 21,3
- diluted 22,4 21,2
Dividend per share (cents) 5 4
ABRIDGED BALANCE SHEET
As at As at
31 March 31 March
2002 2001
(audited)
(audited)
R`m R`m
ASSETS
Non-current assets
Property, plant and equipment 34 28
Investments and loans 444 456
478 484
Current assets 412 304
Cash and cash equivalents 36 39
Total assets 926 827
EQUITY AND LIABILITIES
Capital and reserves 533 532
Non-current liabilities
Deferred tax 65 46
Current liabilities 328 249
Total equity and liabilities 926 827
ABRIDGED CASH FLOW STATEMENT
Year ended Year ended
31 March 31 March
2002 2001
(audited)
(audited)
R`m R`m
Operating profit 80 62
Depreciation and other non-cash items (5) 4
Amortisation of goodwill 5 4
Net working capital 6
(26)
Cash generated from operating activities 86 44
Finance income 13 13
Taxation paid (45)
(8)
Dividend paid (13)
(11)
Cash flow from operations 41 38
Utilised for: Tangible and intangible assets (4)
(1)
Investment activities (40)
(15)
Net cash flow (3) 22
Cash and cash equivalents at beginning of year 39 17
Cash and cash equivalents at end of year 36 39
STATEMENT OF CHANGES IN EQUITY
Share Foreign
capital and currency
share Retained translation
premium earnings reserves Total
R`m R`m R`m R`m
Balance at 1 April 2000 413 88 7 508
Change in accounting policy in
respect of share trusts (15) (1) -
(16)
Balance as restated 398 87 7 492
Net profit for the year - 51 - 51
Dividend paid - (10) -
(10)
Treasury shares adjustment (1) - -
(1)
Balance at 31 March 2001 397 128 7 532
Net profit for the year - 62 - 62
Dividend paid - (13) -
(13)
Treasury shares adjustment (1) - -
(1)
Acquisition of shares held as
treasury shares (2) - -
(2)
Share acquisition and
cancellation (45) - -
(45)
Balance at 31 March 2002 349 177 7 533
SUPPLEMENTARY INFORMATION
Year ended Year ended
31 March 31 March
2002 2001
(audited)
(audited)
R`m R`m
Included in operating profit:
Depreciation for the year 1 1
Provisions for losses against associates and
joint ventures (6) 3
Amortisation of goodwill 5 4
Net finance income 13 13
Interest received 14 14
Interest paid (1) -
Rental under operating leases:
Office buildings 2 1
Headline earnings is reconciled as follows:
Net profit for the year 62 51
Adjusted for:
Amortisation of goodwill 4 3
Provision for losses against loans in
associates and joint ventures (6) 3
Headline earnings 60 57
Investments and loans 444 456
Listed shares at cost 392 402
Joint ventures 6 5
Associates 46 49
Movement in investment activities (40)
(16)
Share buy-back and cancellations (47) -
Treasury shares (1) -
Investments 8
(16)
Capital expenditure for the year 3 1
Capital expenditure committed or authorised 1 1
Sports events rights commitments 1 277 1 208
Number of ordinary shares in issue (million) 268 283
Net asset value per share (cents) 198,6 187,9
NOTES:
1. Accounting policies
These consolidated condensed preliminary financial statements are
prepared on the historical cost basis and comply with South African
Statements of Generally Accepted Accounting Practice.
The accounting policies used in the preparation of the preliminary
financial statements are consistent with those used in the annual financial
statements for the year ended 31 March 2001, except for the accounting
treatment of share trusts.
In prior years the loans to the company`s share trust as well as loan
accounts for other affiliated share trusts in the group were accounted for
as investments. In terms of the new policy the company`s share trust has
been consolidated, giving rise to treasury shares that have been accounted
for as a deduction against equity. Other affiliated share trust loans have
been offset against the corresponding affiliated company loan accounts.
These adjustments have been made for the current year with the prior-year
figures being restated as at 1 April 2000.
2. Share repurchases
On 16 October 2001 and 20 November 2001 the company acquired 650 000 and
14 226 724 of its own shares for R2 067 878 and R45 383 250, respectively,
which has been deducted from shareholders` equity. The 650 000 shares are
held as treasury shares and the 14 226 724 shares were cancelled. The
repurchase price per share was split in the ratio 58:42 between SuperSport
and M-Net, respectively.
3. Segmental information
SuperSport is involved in the acquisition, packaging, scheduling and
broadcasting of sports and sports-related programming, as well as
advertising activities and has interests in various sports operations. The
company has no separable operations from a geographical viewpoint. Although
it broadcasts outside South Africa, its operations are conducted in South
Africa.
INTRODUCTION
SuperSport shares trade as indivisible units with those of Electronic
Media Network Limited (M-Net) on the JSE Securities Exchange South Africa
(JSE) and the Nigerian Stock Exchange.
SuperSport`s focus on bringing the best sports entertainment to its
viewing public across the African continent expanded with multichannel
coverage of the Winter Olympics and the Nedbank Golf Challenge. In addition,
SuperSport commenced airing South African Premier Soccer League matches and
made progress with interactive television through the SuperSport Zone
channel. Many major sporting events were covered extensively, including
South Africa`s cricket tour to Australia and the reciprocal tour, the Super
12 and Tri-Nations rugby competitions, Wimbledon tennis, the British FA Cup
and all four major international golf tournaments.
SuperSport`s ancillary operations extended its brand name to related
fields, including merchandising and franchising, the packaging of sports
travel tours, sports competitions, exhibitions and shares in professional
teams. The latter include SuperSport United (soccer), Northern Titans,
Western Province and Natal Dolphins (cricket), and Free State Cheetahs,
Griqualand West and Natal Sharks (rugby).
SuperSport continues to reach in excess of 1,2 million households across
Africa and adjacent Indian Ocean islands. It is a major source of funding
for many sports disciplines.
EARNINGS
Revenue for the year increased by 19% from R704 million to R839 million.
Taxed profits amounted to R62 million, equivalent to basic earnings per
share of 23,3 cents (2001: 19,0 cents).
The severe decline in the value of the rand relative to the US dollar (and
other currencies) impacts on SuperSport directly, the majority of sports
rights being denominated in US dollars. However, rigorous cost control and
hedging against dollar-based commitments contributed to maintaining
earnings.
Group results include the proportionately consolidated results of Oracle
Airtime Sales (Pty) Limited, Griqualand West Rugby Stadium (Pty) Limited,
KZN Cricket (Pty) Limited, Centurion Park Investments (Pty) Limited and
Western Province Professional Cricket (Pty) Limited.
DIVIDEND
SuperSport`s policy is to pay a single dividend at the end of each
financial year. An ordinary dividend of 5 cents per share (2001: 4 cents)
was declared to shareholders registered as such on 22 March 2002 and paid on
25 March 2002.
PROSPECTS AND DEVELOPMENTS
Rapid changes in the information industry also impacted on many of
SuperSport`s activities. Programming and technology remain two of the most
important aspects of SuperSport`s operations and in both major developments
took place during the year.
SuperSport deploys new technology rapidly, placing the company at the
forefront of innovation and creativity. This enabled it to launch the
interactive SuperSport Zone channel, which provides a wealth of information
to viewers. Operated in tandem with the SuperSport Zone web site during
major sporting events, the channel provides up-to-the-minute scores, instant
results and background information on a par with the best in the world.
Voice-portal technology has been refined and is now included in the
SuperSport information-services package.
SuperSport will integrate interactive television elements into its
services to increase subscriber satisfaction. With television and computer
functions increasingly intermingling, we will provide the latest sports
information through the enthusiast`s electronic medium of choice.
SuperSport also completed a number of projects during the year. These
included the grouping of certain sports codes on specific channels, making
the service more user-friendly. It now provides, through the SuperSport 3
channel, an attractive product themed on soccer and dedicated largely to the
emerging market in South Africa as well as to viewers in the rest of Africa.
In expanding its operations into other fields, such as merchandising and
sports clubs, SuperSport is extending its brand. Further growth in the rest
of Africa is foreseen, even as the market in South Africa matures.
People remain SuperSport`s most valuable asset. Their ongoing skills
development is important to us.
On behalf of the board
Khulu Sibiya Heinrich Enslin
Chairman Chief executive
19 June 2002
Transfer secretaries:
Computershare Investor Services Limited
11 Diagonal Street
Johannesburg 2001
(PO Box 1053, Johannesburg 2000)
South Africa
Registered office:
11 Grove Street
Randburg 2194
(PO Box 2963, Pinegowrie 2123)
South Africa
Registrars/transfer secretaries in Nigeria:
City Securities Limited
5th Floor, Primrose Tower
17A Tinabu Street
Lagos, Nigeria
(PO Box 9117, Lagos, Nigeria)
Directors: K B Sibiya (chairman), D D B Band, J P Bekker, J S Craib,
H R Enslin (chief executive), P M Jenkins, G P Marques, J R D
Modise,
A C G Molusi, V B Mona, K D Moroka, S J Z Pacak, C J Sidego,
J J Volkwyn, T Vosloo
Alternate directors: M J Ledwaba, S F Ward (British)
Company secretary: G Kisbey-Green
Date: 20/06/2002 08:05:11 AM Produced by the SENS Department
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