| Wed 26 Jun 2002, 0:00 | | Johnnic Holdings Limited - Preliminary Results For |
|
JOHNNIC HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration number: 1889/000429/06
Share code: JNC
ISIN: ZAE000024352
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2002
Revenue up 42% to R15 666,6 million
Ebidta up 31% to R3 976,7 million
OVERVIEW
The transformation of Johnnic Holdings Limited ("Johnnic") into a focused
telecommunications, media and entertainment group was completed in this
financial year with the unbundling of M-Cell Limited ("M-Cell") shares out
of Johnnic Communications Limited ("Johncom"), resulting in the separate
listing of the group`s media and entertainment interests, as well as the
disposal of the rump of the non-core assets.
Johnnic is now substantially a pure holding company, comprising interests in
telecommunications - 37,5% shareholding in M-Cell; media and entertainment -
62,5% shareholding in Johncom; and casino and exhibitions - 80% of Durban
Add-Ventures Limited ("Durban Add-Ventures") and 100% of Gallagher Estate
Holdings Limited ("Gallagher Estate").
Johnnic concluded a voting pool agreement with Transnet Limited
("Transnet"), a shareholder in M-Cell owning a 24% interest, in terms of
which Johnnic retains control over M-Cell and pools its shares with those of
Transnet in material matters relating to the affairs of M-Cell. As a result
of this voting pool, Johnnic continues to consolidate the results of M-Cell.
The non-core asset disposal program realised R329,8 million from the sale of
Johnnic`s remaining interest in South African Breweries plc ("SAB plc") for
R97,7 million, properties which included Steenberg Vineyards and Atlantic
Beach Golf Estate for R165,0 million, a portion of MIH Limited ("MIH")
shares for R44,2 million and the receipt of the final liquidation dividend
of The Premier Group Limited of R22,9 million.
Subsequent to year end, Johnnic`s remaining interest in MIH was disposed of
completely, as well as its investment in Sedgebrooke Investment
(Proprietary) Limited ("Sedgebrooke") through the unwinding of the M-Cell
special purpose vehicles ("SPVs").
With the holding company debt reduced to R434,5 million at the year end and
under R150,0 million subsequent to year end from R725,0 million at 30
September 2001, Johnnic now boasts a stronger and streamlined balance sheet.
RESULTS
The group recorded a healthy improvement in revenues and earnings before
interest, taxation, depreciation and amortisation ("Ebitda") of 42% and 31%
respectively to R15 666,6 million (2001: R11 060,3 million) and R3 976,7
million (2001: R3 026,9 million). This follows strong growth in revenues
from both the telecommunications and the media and entertainment businesses.
Headline earnings, however, declined from last year to R512,9 million (2001:
R682,6 million) as a result of once-off foreign exchange gains of R103,8
million earned last year on MIH offshore cash proceeds as well as interest
income of over R100,0 million earned on R3,0 billion cash holding the group
had prior to subscribing to the Johncom rights offer last year.
Although profit from operations before goodwill amortisation increased 17%
on last year to R2 428,2 million (2001: R2 069,8 million), the 64% increase
in goodwill amortisation to R525,7 million (2001: R321,3 million), 86%
increase in finance costs to R580,1 million (2001:
R311,5 million) arising mainly out of the funding of M-Cells operations in
Nigeria, as well as the absence of major disposal profits that were
reflected in exceptional items last year of R470,5 million, resulted in
attributable earnings declining from R1 082,9 million last year to R274,0
million. In addition, M-Cell provided conservatively for taxes resulting
from their foreign operations resulting in an effective tax rate of 60%
(2001: 28%).
Exceptional items comprise mainly profits on disposal of SAB plc of R63,0
million reduced by a devaluation charge of Gallagher Estate amounting to
R80,4 million and an impairment charge for investments in the Magic Company,
Learning Channel and MIH totalling R74,3 million.
DIVISIONAL REVIEW
Telecommunications
M-Cell recorded exceptional revenue growth of 49% to R12 432,0 million with
Ebitda 35% higher at R3 764,8 million. Although MTN South Africa (comprising
Mobile Telephone Networks (Proprietary) Limited and M-Tel (Proprietary)
Limited) remained the main contributor, accounting for 80% of group revenue,
the start-up operation MTN Nigeria Communications Limited ("MTN Nigeria"),
launched in August 2001, contributed an impressive 11% to M-Cell group
revenue at R1 316,5 million.
Headline earnings per share ("HEPS") fell 4% to 71,3 cents, impacted
primarily by the start-up losses, increased interest expense and additional
tax provisions relating to the Nigerian and other foreign investments.
Key acquisitions made during the year included:
- A 60% stake in Citec (Proprietary) Limited (a tier one Internet Service
Provider, subsequently renamed MTN Network Solutions (Proprietary) Limited);
- An additional 2% stake in MTN Uganda Limited, raising the holding to 52%;
and
- A 36% stake in Leaf Wireless (Proprietary) Limited (a technology and
content partner in MTNICE).
MTN Holdings currently has operations in five African countries outside of
South Africa and, with 4,8 million (2001: 3,5 million) subscribers overall,
is regarded as one of the leading Africa-wide cellular operators. A
strategic decision to focus on subscriber value rather than volume allowed
MTN South Africa to overcome the margin impact of prevailing depressed
economic conditions and the entrance of South Africa`s third mobile
operators; as well as the pressure on operating costs arising from the sharp
depreciation in the Rand. This strategy yielded 12% growth in the post-paid
subscriber base to 852 000 subscribers and an increase in average revenue
per user ("ARPU") from this sector to R561 per month. The capable prepaid
subscriber base increased by 23% to 3,025 million subscribers, although ARPU
in this sector reduced year on year to R105 per month, in line with
expectations.
Although still in an infancy stage, data services contributed a total of
R312,0 million to revenue. Over 99% of the South African network has been
upgraded to support General Packet Radio Service ("GRPS").
MTN International ("MTNI") increased its active subscriber base by 209% to
895 695 (2001: 289 825). MTNI`s contribution to group revenue grew to 19% in
the current year at R2 349,3 million, from 5% in the previous year.
Entertainment
The Entertainment division was challenged during the review period by an
increasingly competitive trading environment, aggravated by the events of 11
September 2001 and subsequent devaluation of the Rand. Despite the resulting
decline in consumer spending and upward pressure on costs, the division
achieved an 81% increase in Ebitda to R97,5 million.
Good product releases buoyed the performance of NuMetro, leading to growth
in cinema attendance and DVD sell-through. Revenues from Filmed
Entertainment rose by 26% yielding Ebitda growth of 221%.
The ongoing shrinkage of the global music industry resulted in Johncom`s
music interests continuing to perform below expectations. A group-wide
programme to divest of non-core interests continued, with the sale of
VCR/Trutone and Music For Pleasure in March 2002. Other interests have been
rationalised via the relocation of several divisions into Johncom`s
Entertainment Services division.
The Book division once again performed strongly, with book retailers
Exclusive Books and Hammicks Bookshops increasing their market share and
rolling-out four and two new stores respectively. Both chains recorded
excellent revenue and Ebitda growth, the latter rising 39% and 31%
respectively.
Associate companies, Electronic Media Network Limited ("M-Net") and
SuperSport International Holdings Limited ("SuperSport"), continue to
perform moderately well, despite extremely challenging economic and media
environments characterised by a worldwide decline in advertising spend,
fragmentation of the market and increased competition.
Media
Johnnic Publishing - embracing newspaper, magazine, book and map publishing
- performed well, reflecting the benefits of the consolidation process that
has focused the group in these four areas. Revenue rose 13%, yielding an
Ebitda increase of 66% on the prior comparable period. Headline earnings
grew 101%.
Newspapers remain the single largest contributor to revenue, with The Sunday
Times holding its status as the group`s flagship title with a weekly
circulation of more than 500 000 copies. Sowetan Sunday World continues to
grow circulation levels, with current copy sales reaching 140 000.
The decline in magazine profitability worldwide prompted the consolidation
of the management operations. A simultaneous restructuring has focused the
activities of the magazine business on four areas, namely consumer, business-
to-business ("B2B"), medical and custom publishing. Books and maps
publishing continue to hold their own, with good growth opportunities
emerging in Africa.
Associate business CTP Holdings Limited ("CTP") generated turnover growth of
9%, reflecting the benefits of restructuring and divestment from non-core
operations.
Digital Media
Revenue produced by the Digital Media division of R95,3 million was 84%
higher than the prior year, with Ebitda losses of R18,9 million a 23%
improvement and headline losses marginally better at R36,6 million (2001:
R36,9 million).
This stronger performance is attributable in the main to the division
redefining its focus on the B2B market and learning sectors. This was
achieved through the launch of Johnnic Learning (a specialist business
providing multimedia education content, teaching materials and interactive
learning tools); the acquisition of a stake in education television
producers Clear & Effect Media; and the sale of JeV`s shareholdings in loss-
making consumer Internet operations, TicketWeb and Ananzi.
Non-Core Assets
Gallagher Estate
In the face of depressed spending on exhibitions, Gallagher Estate continued
to perform satisfactorily. Among other events, the venue hosted Telecom
Africa and secured the South African Retail Chemist Dealers Association
("SARCDA") exhibition formerly held at NASREC. Despite posting a 4% decline
in turnover to R37,9 million (2001: R39,5 million), the business applied
strong cost containment measures to achieve a 3% increase in Ebitda to R10,4
million, recording profits for the third consecutive year. The property on
which Gallagher Estate is situated, was revalued from R250,4 million to
R170,0 million. This resulted in a write-down of the property of R80,4
million.
Johnnic Properties ("JohnProp")
In keeping with Johnnic`s stated strategy, properties in the JohnProp
portfolio continued to be sold during the review period. Key transactions
included the sale of Atlantic Beach, Steenberg Vineyards, Matumi and the
majority of the remaining Dainfern sites, realising total proceeds of R165,0
million, including small rental income.
Subsequent to year end, an offer for JohnProp`s interest in The Glen was
accepted.
Durban Add-Ventures
During the review period, Johnnic reached a settlement with Tsogo Sun
KwaZulu-Natal (Proprietary) Limited and the KwaZulu-Natal Gambling Board
with regards to the casino development in Durban. A joint venture licence
application, in which Johnnic and its partners own 40% of the development,
has been finalised. Funding for the development has been put in place with
major financial institutions and construction of the casino has commenced.
In terms of the funding arrangements, Johnnic is not expected to contribute
any cash for the first four years of the development. However the group will
provide an equity guarantee to the extent of R240,0 million for its portion
of the equity. Negotiations are underway for Johnnic to dispose of a portion
of its stake in the joint venture to Sego Investments (Proprietary) Limited.
The casino is expected to begin operations in the 2002/3 financial year.
PROSPECTS
With the completion of the initial restructuring of the group, Johnnic is
now essentially a pure holding company with interests in telecommunications,
media and entertainment.
The group`s interest in the casino and exhibition business may be realised
in the near term when value can be realised.
The group is expected to benefit from the continuing growth in the
telecommunications business, although profits in the short term may be
reduced by losses in startup operations such as Nigeria.
It is forecast that earnings per share should resume its growth trend in the
forthcoming year, assuming a continued strong performance by MTN Nigeria.
In May 2002 the Government of South Africa issued the Invitation to Apply
("ITA") for a 51% interest in the Second Network Operator ("SNO"). The group
is currently evaluating a response to the ITA.
The restructured Entertainment division is well placed to secure good growth
in the year ahead, driven by the prospect of new releases in the group`s
Filmed Entertainment business and growing demand in book retailing.
The Publishing division is also well poised to further perpetuate its growth
in market share and continue its dominance of niche markets.
Having substantially completed its investment in developmental operations,
the Digital Media division is now focused on the growth areas of on-line
business services and learning and is on track to contribute positively.
The board will continue to explore further opportunities to unlock value for
shareholders.
POST BALANCE SHEET EVENTS
The following events occurred subsequent to year end:
- Johnnic disposed of its remaining 1 555 125 shares in MIH for a total
consideration of R65,0 million.
- The SPVs created 3 years ago to fund black empowerment groups that bought
shares in M-Cell were unwound. The total proceeds received, including
proceeds on the realisation of the investment in Sedgebrooke, amounted to
R220,5 million. The contingent liability, valued at R400,0 million at
balance sheet date was eliminated.
MANAGEMENT CHANGES
The group announced the following management changes:
- Following Paul Edward`s move from Chief Executive Officer of Johnnic to
Chief Executive Officer of M-Cell/MTN, Jacob Modise was appointed as Chief
Operating Officer of Johnnic with effect from 1 August 2001.
- Phuthuma Nhleko was appointed Chief Executive Officer of M-Cell with
effect from 1 July 2002, replacing Paul Edwards who had occupied the
position on a short-term basis.
- The Chairman of Johnnic, Cyril Ramaphosa, was appointed Chairman of M-Cell
with effect from 1 July 2002.
SHAREHOLDER MATTERS
The share settlement of Johnnic was transferred to Share Transactions
Totally Electronic ("STRATE") on 5 November 2001. The move to STRATE will
ensure Johnnic`s participation in a sophisticated settlement process in line
with international best practices. Shareholders requiring further
information in this regard should contact Georgeson Shareholder
Communications, the company`s information agent service provider, on
0800 117 472 or +27 11 775 3433 if calling from outside South Africa.
The National Empowerment Consortium, who has been the controlling
shareholder of Johnnic since 1996, has extended its funding and voting pool
arrangement for a further 2 years with effect from November 2001.
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 five to six times headline earnings has been
adopted.
As a result of the increased funding requirement for M-Cell`s expansion into
Africa, M-Cell has resolved to utilise retained earnings to reduce
borrowings and the directors have therefore decided not to declare any
dividends in the current year.
Because subsidiaries M-Cell and Johncom have not declared a dividend for the
review period, the Johnnic board of directors has resolved not to declare a
dividend for the year ended 31 March 2002.
For and on behalf of the board
M C Ramaphosa J R D Modise
Chairman Chief Operating Officer
25 June 2002
Consolidated Income Statement
For the years ended 31 March 31 March
2002 2001 %
Rm Rm change
Revenue 15 666,6 11 060,3 42
Cost of sales (7 164,8) (5 135,6)
Gross profit 8 501,8 5 924,7 43
Operating expenses - net (4 525,1) (2 897,8)
Earnings before interest, taxation, 3 976,7 3 026,9 31
depreciation and amortisation
("Ebitda")
Depreciation (1 194,1) (793,9)
Amortisation (354,4) (163,2)
Profit from operations before goodwill 2 428,2 2 069,8 17
amortisation
Goodwill amortisation (525,7) (321,3) 64
Profit from operations 1 902,5 1 748,5 9
Finance costs (580,1) (311,5) 86
Finance income 192,2 166,9 15
Share of profits of associates 199,6 173,6
Profit before taxation and exceptional 1 714,2 1 777,5 (4)
items
Exceptional items (86,8) 470,5
Profit before taxation 1 627,4 2 248,0 (28)
Taxation (970,4) (639,3)
Profit after taxation 657,0 1 608,7 (59)
Minority interests (383,0) (525,8)
Attributable earnings 274,0 1 082,9 (75)
Contribution to attributable earnings:
Continuing operations 471,6 672,5 (30)
Telecommunications 444,2 423,4 5
Entertainment 29,2 (2,1) 1 490
Media 94,9 65,1 46
Digital Media (22,9) (22,6)
Interest and other (82,2) 104,9
Continuing operations excluding 463,2 568,7 (19)
foreign exchange gains
Foreign exchange gains - net 8,4 103,8 (92)
Discontinuing operations 41,3 10,1 309
South African Breweries plc 1,7 4,9
Johnnic Properties 16,7 5,2
The Premier Group Limited 22,9 -
Basic headline earnings 512,9 682,6 (25)
Goodwill amortisation after minority (158,3) (88,6)
interests
Exceptional items after taxation (80,6) 488,9
and minority interests
Attributable earnings 274,0 1 082,9 (75)
Basic earnings per ordinary share
(cents)
Headline
- continuing operations excluding 283 350 (19)
foreign exchange gains
- continuing operations including 288 414 (30)
foreign exchange gains
- discontinuing operations 25 6 317
Total headline 313 420 (25)
Attributable 167 667 (75)
Dividend per ordinary share (cents)
- final - 95
Dividend cover on basic headline - 4,4
earnings (times)
Number of ordinary shares in issue:
- weighted average (`000) 163 702 162 414
- at year end (`000) 164 285 162 620
Summarised Consolidated Balance Sheet
As at 31 March 31 March
2002 2001
Rm Rm
ASSETS
Non-current assets 23 959,4 19 675,7
Property, plant and equipment 8 952,2 6 232,1
Investment properties 0,2 -
Goodwill 9 523,8 8 656,5
Intangible assets 3 777,5 2 901,7
Marketable properties - 0,3
Investments
- listed 469,9 435,3
- unlisted 659,7 624,1
Loans 393,9 736,9
Deferred taxation 138,4 88,8
Non-current prepaid taxation 43,8 -
Current assets 5 553,3 4 065,2
Bank balances, deposits and cash 1 473,8 951,7
Listed equities 65,1 325,9
Other current assets 4 014,4 2 787,6
Total assets 29 512,7 23 740,9
EQUITY AND LIABILITIES
Capital and reserves
Ordinary shareholders` interest 5 348,4 4 668,8
Minority interests 11 353,4 9 110,9
Total equity 16 701,8 13 779,7
Non-current liabilities 6 470,0 4 982,9
Long term liabilities 5 442,1 4 179,4
Provision for post-retirement medical costs 108,0 96,1
Deferred taxation 919,9 707,4
Current liabilities 6 340,9 4 978,3
Non-interest bearing liabilities 4 796,7 3 776,7
Interest bearing liabilities 1 544,2 1 201,6
Total equity and liabilities 29 512,7 23 740,9
Net asset value per ordinary share (rand)
- book value 32,56 28,71
- based on market value or directors` 57,97 85,79
valuation of underlying investments
Summarised Consolidated Cash Flow Statement
For the years ended 31 March 31 March
2002 2001
Rm Rm
Cash inflows from operating activities 3 253,4 3 178,8
Cash outflows from investing activities (4 006,7) (6 750,2)
Cash inflows from financing activities 553,0 2 918,9
Net decrease in cash and cash equivalents (200,3) (652,5)
Cash and cash equivalents at beginning of year 321,7 985,3
Foreign entities translation adjustment 118,7 (11,1)
Cash and cash equivalents at end of year 240,1 321,7
Summarised Group Statement of Changes in Equity
For the years ended 31 March 31 March
2002 2001
Rm Rm
Balance at 1 April as reported 4 607,5 3 548,9
Change in accounting policies in respect of
- dividends 77,2 -
- depreciation (15,9) (11,8)
Restated balance at 1 April 4 668,8 3 537,1
Adjustment on changes in composition of group (45,4) -
Attributable earnings 274,0 1 082,9
Dividends (83,4) -
Share capital issued at a premium less share 1,1 11,3
issue expenses
Movement on unrealised gains arising on (126,0) 33,1
revaluation of equities held as current assets
Exchange differences arising on translation of 215,2 44,1
foreign entities
Goodwill and variation of interests 445,0 (32,7)
Other (0,9) (7,0)
Ordinary shareholders` interest 5 348,4 4 668,8
Segmented Analysis
For the years ended 31 March 31 March
2002 2001 %
Rm Rm change
BUSINESS GROUPING
Revenue
Continuing operations 15 501,9 10 927,9 42
Telecommunications 12 432,0 8 337,3 49
Entertainment 1 871,2 1 539,7 22
Media 1 065,5 947,0 13
Digital Media 95,3 51,7 84
Other 37,9 52,2
Discontinuing operations
Johnnic Properties and other 164,7 132,4 24
Total 15 666,6 11 060,3 42
Ebitda
Continuing operations 3 949,1 3 003,3 31
Telecommunications 3 764,8 2 791,5 35
Entertainment 97,5 53,8 81
Media 119,6 72,1 66
Digital Media (18,9) (24,4) 23
Other (13,9) 110,3
Discontinuing operations
Johnnic Properties and other 27,6 23,6 17
Total 3 976,7 3 026,9 31
Geographic
Revenue
South Africa 12 548,1 10 195,2 23
Rest of Africa 2 349,3 377,1 523
Other overseas operations 769,2 488,0 58
15 666,6 11 060,3 42
Ebitda
South Africa 3 488,8 2 907,2 20
Rest of Africa 439,4 107,8 308
Other overseas operations 48,5 11,9 308
3 976,7 3 026,9 31
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 2001, except for revised accounting
statements that were implemented in the current year, being the recognition
of dividends when paid and depreciation of properties previously classified
as investment properties. The prior year figures have been restated to
comply with revised accounting policies.
As disclosed in the M-Cell interim results announcement for the six months
ended 30 September 2001, the group, in accordance with paragraph 22 of
Statement of GAAP AC112 - Changes in Foreign Exchange Differences,
capitalised R50,0 million, arising out of the translation of foreign
currency loans obtained to acquire certain licences. However, subsequent to
the publication of the interim results for the six months ended 30 September
2001, it has been determined that paragraph 22 was intended to cater for
situations where a country experiences a significant economic crisis
resulting in measures such as a debt stand-still.
In view of the fact that the afore mentioned situation does not apply to the
circumstances under consideration within the M-Cell Group, it has been
decided not to adopt this alternative treatment in the annual financial
statements for the year ended 31 March 2002. In line with the decision of
the directors to continue, as in prior years, to classify Mobile Telephone
Networks International Limited as a foreign entity, as opposed to a foreign
operation, the R50,0 million previously included in the carrying value of
intangible assets has been taken directly to non-distributable reserves
(i.e. foreign currency translation reserve).
2. 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
R512,9 million (2001: R682,6 million) and a weighted average of 163 701 873
(2001: 162 413 868) ordinary shares in issue.
The calculation of attributable earnings per share is based on attributable
earnings of R274,0 million (2001: R1 082,9 million) and a weighted average
of 163 701 873 (2001: 162 413 868) ordinary shares in issue.
No fully diluted earnings per ordinary share have been disclosed as the
potential dilution is not material.
3. Comparatives
Where necessary, comparative figures have been adjusted to conform with
changes in presentation in the current year.
4. Preliminary results
These year end results have been reviewed by our auditors Deloitte & Touche,
who have performed their review in accordance with South African Statements
of Generally Accepted Auditing Standards issued by the South African
Institute of Chartered Accountants. The auditors review report will be
available for inspection at the company`s registered office.
5. Listings requirements
This preliminary announcement has been prepared in compliance with the
Listings Requirements of the JSE Securities Exchange South Africa.
6. Corporate governance
The Board of Directors affirms its commitment to the principles of good
corporate governance and has endorsed the Code of Corporate Practices and
Conduct as issued by the King Committee in 1994. It has further taken
cognisance of the recommendations of the King Report on Corporate Governance
for South Africa 2002 released in March 2002.
As at 31 March 31 March
2002 2001
Rm Rm
7.Interest bearing debt
Long term liabilities 5 442,1 4 179,4
Current liabilities 1 544,2 1 201,6
- call borrowings 1 233,7 630,0
- short term borrowings 310,5 571,6
Total 6 986,3 5 381,0
8.Capital expenditure incurred 3 725,1 2 398,1
9.Contingent liabilities and commitments
Guarantees 267,5 630,9
Contingent liabilities 59,5 134,0
Operating leases
- within one year 271,6 258,3
- more than one year 1 529,0 1 624,2
Total 1 800,6 1 882,5
Commitments for capital expenditure
- contracted 878,3 268,1
- approved but not contracted 5 844,2 2 000,2
Total 6 722,5 2 268,3
The capital expenditure will be funded
from future cash flows and borrowings.
10.Investments
Listed investments at market value 477,7 830,4
Unlisted investments at directors` 780,1 942,3
valuation
11.Equities held as current assets
MIH Limited 65,0 217,1
South African Breweries plc 0,1 85,6
The Premier Group Limited - 22,9
Beverage and Consumer Industry Holdings - 0,3
Limited
Total 65,1 325,9
12.Cash and cash equivalents
Bank balances, deposits and cash 1 473,8 951,7
Call borrowings (1 233,7) (630,0)
240,1 321,7
Directors: M C Ramaphosa (Chairman), J R D Modise (Chief Operating Officer),
C B Brayshaw, P E Burton, I Charnley, P Edwards*, P M Jenkins, S W
Moutloatse,P F Nhleko, T R A Oliphant, M E Ramano.
Alternate directors: Z N A Cindi, R K Jackson, C M Moni, I P Smith,
T H Zuma.
Company secretary: M R D Boyns*
*British
Head office and registered office: 28 Harrison Street, Johannesburg, 2001. P
O Box 231, Johannesburg, 2000.
Transfer secretaries: Computershare Investor Services Limited, 1st Floor,
Edura House, 41 Fox Street, Johannesburg, 2001.
London registrars: Capita IRG plc, Balfour House, 390D398 High Road, Ilford,
Essex IG1 1NQ, England.
American depository receipt ("ADR") program: Cusip number 478058100
ADR to ordinary share 1:1.
Depositary: The Bank of New York, 101 Barclay Street, New York NY 10286.
These results may be viewed on the Internet at http://www.johnnic.com
E-mail: investor_relations@johnnic.co.za
Date: 26/06/2002 07:47:58 AM Produced by the SENS Department
