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Johnnic Holdings Limited - Reviewed Interim Results for the six months ended 30
September 2003
Johnnic Holdings Limited
Incorporated in the Republic of South Africa
Registration number 1889/000429/06
Share Code: JNC ISIN: ZAE000024352
("Johnnic" or "the Company")
Reviewed Interim Results
for the six months ended 30 September 2003
Highlights
- R8,2 billion MTN shares distributed to shareholders (current value +/- R14,5
billion)
- Head office debt converted into R268 million cash
- Johnnic finalising long-term strategic options
CONSOLIDATED INCOME STATEMENT
6 months 6 months 12 months
ended ended ended
30 Sept 30 Sept 31 March
2003 2002 2003
Reviewed Reviewed Change Audited
Note Rm Rm % Rm
Revenue 1 318 10 336 (87) 12 143
Cost of sales (815) (4 643) (5 779)
Gross profit 503 5 693 6 364
Operating expenses - net (455) (2 935) (3 462)
Earnings before 48 2 758 (98) 2 902
interest, taxation,
depreciation and
amortisation ("Ebitda")
Depreciation (41) (819) (867)
Amortisation (3) (144) (148)
Profit from operations 4 1 795 (100) 1 887
before goodwill
amortisation
Goodwill amortisation (2) (270) (274)
Profit from operations 2 1 525 (100) 1 613
Finance costs (36) (414) (457)
Finance income 38 93 113
Share of profits of 454 115 295 919
associates
Profit before taxation 458 1 319 (65) 2 188
and exceptional items
Exceptional items 4 3 889 25 78
Profit before taxation 4 347 1 344 223 2 266
Taxation (124) (460) (650)
Profit after taxation 4 223 884 378 1 616
Minority interests (70) (528) (654)
Attributable earnings 4 153 356 1 067 962
Contribution to
attributable earnings
Core operations 7 4 75 58
Entertainment and media 9 29 (69) 98
Interest and corporate (2) (25) 92 (40)
head office
Non-core operations 302 379 (20) 933
Telecommunications 303 374 (19) 915
Gallagher Estate 2 (1) 300 (3)
Holdings
Johnnic Properties (3) 6 (150) 21
Basic headline earnings 309 383 (19) 991
Goodwill amortisation (37) (80) (54) (157)
after taxation and
minority interests
Exceptional items after 3 881 53 128
taxation and minority
interests
Attributable earnings 4 153 356 1 067 962
SUMMARISED CONSOLIDATED BALANCE SHEET
30 Sept 30 Sept 31 March
2003 2002 2003
Reviewed Reviewed Audited
As at Note Rm Rm Rm
Assets
Non-current assets 1 297 23 867 6 535
Property, plant and 380 9 633 491
equipment
Goodwill (106) 9 325 (106)
Intangible assets 21 3 231 26
Interests in associated 5 866 999 5 954
companies
Investments and loans 6 53 503 89
Deferred taxation 83 132 81
Non-current prepaid - 44 -
taxation
Current assets 2 335 6 844 1 288
Bank balances, deposits 7 321 1 723 303
and cash
Securitised cash 7 192 1 249 -
deposits
Equities held as current 8 871 - 30
assets
Other current assets 951 3 872 955
Total assets 3 632 30 711 7 823
Equity and liabilities
Capital and reserves
Ordinary shareholders" 2 052 5 581 5 817
interests
Minority interests 581 11 811 577
Total equity 2 633 17 392 6 394
Non-current liabilities 170 3 029 283
Interest-bearing debt 9 52 1 962 167
Provision for post- 113 109 113
retirement medical costs
Deferred taxation 5 958 3
Current liabilities 829 10 290 1 146
Non-interest-bearing 747 4 913 750
liabilities
Interest-bearing debt 9 6 4 534 152
Call borrowings 9 76 843 244
Total equity and 3 632 30 711 7 823
liabilities
SUMMARISED CONSOLIDATED CASH FLOW STATEMENT
6 months 6 months 12 months
ended ended ended
30 Sept 30 Sept 31 March
2003 2002 2003
Reviewed Reviewed Audited
Note Rm Rm Rm
Cash inflows from 7 2 185 2 309
operating activities
Cash inflows (outflows) 593 (1 595) (3 799)
from investing
activities
Cash (outflows) inflows (228) 956 977
from financing
activities
Net increase (decrease) 372 1 546 (513)
in cash and cash
equivalents
Cash and cash 59 594 594
equivalents at beginning
of period
Foreign entities 6 (11) (22)
translation adjustment
Cash and cash 7 437 2 129 59
equivalents at end of
period
SUMMARISED GROUP STATEMENT OF CHANGES IN EQUITY
30 Sept 30 Sept 31 March
2003 2002 2003
Reviewed Reviewed Audited
Rm Rm Rm
Balance at 1 April as 5 817 5 348 5 348
reported
Change in accounting policy
in respect of
- AC 133 adjustments (55) - -
- cellphone connection - (12) (12)
incentives
Restated balance at 1 April 5 762 5 336 5 336
Attributable earnings 4 153 356 962
Distribution in specie (8 223) - -
Share capital issued at a 46 - 5
premium less share issue
expenses
Movement on unrealised gains 480 - (4)
arising on revaluation of
listed equities
Exchange differences arising (111) (111) (163)
on translation of foreign
entities
Goodwill and variation of (56) (4) (316)
interests
Other 1 4 (3)
Ordinary shareholders" 2 052 5 581 5 817
interest
GROUP SEGMENTAL ANALYSIS
6 months 6 months 12 months
ended ended ended
30 Sept 30 Sept 31 March
2003 2002 2003
Reviewed Reviewed Change Audited
Rm Rm % Rm
Business grouping
Revenue
Core operations 1 284 1 587 (19) 3 332
Media 530 503 5 1 017
Retail 307 279 10 608
Books & Maps 140 146 (4) 293
Home Entertainment 132 135 (2) 268
Music 80 67 19 170
Africa 1 - -
Distribution, Manufacturing &
Support Services 78 100 (22) 240
Disposed operations
Hammicks UK, Music for 16 357 (96) 736
Pleasure, VCR/Trutone and
Universal Partnership
Non-core operations 34 8 749 (100) 8 811
Telecommunications - 8 683 (100) 8 684
Gallagher Estate Holdings 24 21 14 45
Johnnic Properties and other 10 45 (77) 82
Total 1 318 10 336 (87) 12 143
Ebitda
Core operations 37 56 (34) 180
Media 42 46 (9) 101
Retail 3 3 - 22
Books & Maps 11 10 10 15
Home Entertainment 16 20 (20) 37
Music (1) (3) 67 10
Africa (4) (1) (300) (4)
Distribution, Manufacturing &
Support Services (6) 8 (175) 14
Corporate head office (14) (13) 8 (20)
Disposed operations
Hammicks UK, Music for (10) (14) 29 5
Pleasure, VCR/Trutone and
Universal Partnership
Non-core operations 11 2 702 (100) 2 722
Telecommunications - 2 688 (100) 2 688
Gallagher Estate Holdings 5 4 25 8
Johnnic Properties and other 6 10 (40) 26
Total 48 2 758 (98) 2 902
Geographic
Revenue
South Africa 1 237 6 996 (82) 8 324
Rest of Africa 4 2 969 (100) 2 974
Other overseas operations 77 371 (79) 845
Total 1 318 10 336 (87) 12 143
Ebitda
South Africa 47 1 713 (97) 1 843
Rest of Africa 1 1 056 (100) 1 056
Other overseas operations - (11) 100 3
Total 48 2 758 (98) 2 902
GROUP STATISTICS
6 months 6 months 12 months
ended ended ended
30 Sept 30 Sept 31 March
2003 2002 2003
Reviewed Reviewed Audited
Performance per ordinary
share
Headline earnings (cents)
- core operations 5 3 36
- non-core operations 182 231 567
Total basic headline earnings 187 234 603
(cents)
Attributable earnings (cents) 2 508 217 585
Net asset value (rand)
- book value 12 34 35
- based on directors" 16 40 54
valuation of underlying
investments
Ratios
Profitability
Ebitda margin (%) 4 27 24
Enterprise value/Ebitda 50 0,2 2
multiple (times)(1)
Effective taxation rate (%) 3 34 29
Solvency and liquidity
Gearing (%)(2) (14) 25 4
Long-term borrowings to total 1 6 2
assets (%)
Current ratio(3) 2,8:1 0,7:1 1,1:1
Interest cover (times)(4) 0,1 4 4
Share performance
Number of ordinary shares in
issue ("000)
- at period end 166 442 164 291 164 448
- weighted average 165 584 164 286 164 325
Closing price (cents per 1 215 3 056 4 410
share)
Market capitalisation (Rm) 2 022 5 021 7 252
Number of employees
Telecommunications n/a 3 832 n/a
Entertainment and Media 3 719 4 741 5 085
Exhibitions and other 54 65 63
Corporate head office 7 10 8
3 780 8 648 5 156
Definitions
(1) Market capitalisation, less net debt (interest-bearing liabilities less bank
balances, deposits and cash), divided by Ebitda.
(2) Interest-bearing debt (long term and short term) net of positive cash
balances as a percentage of total equity.
(3) Current assets divided by current liabilities.
(4) Profit from operations divided by finance costs.
NOTES
1. Basis of accounting
These consolidated interim 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, 1973, as amended. The accounting
policies are consistent with those used in the annual financial statements for
the year ended 31 March 2003, except for the adoption of AC133 Financial
Instruments: Recognition and Measurement.
2. Comparatives
Where necessary, comparative figures have been adjusted to conform with changes
in presentation in the current period.
3. Headline earnings per ordinary share
The calculation of basic headline earnings per ordinary share is based on basic
headline earnings of R309 million (2002: R383 million) and a weighted average of
165 584 499 (2002: 164 286 051) ordinary shares in issue. No fully diluted
earnings per ordinary share have been disclosed as the potential dilution is not
considered to be material.
6 months 6 months 12 months
ended ended ended
30 Sept 30 Sept 31 March
2003 2002 2003
Reviewed Reviewed Audited
Rm Rm Rm
4. Exceptional items
Surplus arising on 3 682 - -
unbundling of MTN shares
Net surplus on disposal of 160 1 93
investments
Realisation of foreign 58 - 141
currency translation
reserve
Associated companies" 3 (55) (54)
exceptional items
Provision for non-trading (9) - -
theatres
Costs associated with (5) (2) (61)
rationalisation and
restructuring
Investments, goodwill and - (14) (136)
property, plant and
equipment written down
Surplus on unwinding of - 95 95
SPVs
Total 3 889 25 78
5. Interests in associated
companies
- Listed 533 490 5 564
- Unlisted 333 509 390
Book value of interests in 866 999 5 954
associated companies
Market value of listed 701 523 7 721
shares
Directors" valuation of 669 589 536
unlisted shares
6. Investments and loans
Unlisted shares at cost 46 41 42
less amounts written off
Loans 7 462 47
Total 53 503 89
Directors" valuation of 46 41 42
unlisted shares
7. Cash and cash equivalents
Bank balances, deposits and 321 1 723 303
cash
Securitised cash deposits 192 1 249 -
Call borrowings (76) (843) (244)
Total 437 2 129 59
Head office cash (call 268 (110) (65)
borrowings) included in the
above
8. Equities held as current
assets
MTN Group Limited 871 - -
Naspers Limited - - 30
Total 871 - 30
9. INTEREST-BEARING DEBT
Non-current liabilities 52 1 962 167
Current liabilities 82 5 377 396
- call borrowings 76 843 244
- short term borrowings 6 4 534 152
Total 134 7 339 563
10. Capital expenditure 32 1 872 73
incurred
11. Contingent liabilities
Guarantees 527 164 521
Suncoast Casino and
Entertainment World
("Suncoast Casino")
- Equity guarantee secured 192 - 192
by cash deposits (refer to
note 7)
- Corporate guarantee 300 - 300
Other 35 164 29
Contingent liabilities 1 1 2
Total 528 165 523
12. Capital commitments
Commitments for capital
expenditure
- contracted for 4 1 803 -
- authorised but not 63 2 625 61
contracted for
Total 67 4 428 61
The capital expenditure will be funded from operating cash flows and borrowings.
Adequate facilities have been put in place to finance known future capital
commitments.
13. Lease commitments
Operating leases
- within one year 105 238 108
- more than one year 778 1 473 849
Total 883 1 711 957
14. Independent review by the auditors
These interim results have been reviewed by our auditors, Deloitte & Touche, who
have performed their review in accordance with the guideline "Guidance for
Auditors on Review of Interim Financial Information" issued by the South African
Institute of Chartered Accountants.
The scope of the review was to enable the auditors to report that nothing came
to their attention that caused them to believe that the accompanying interim
financial information is not fairly presented, in all material respects, in
accordance with South African Statements of Generally Accepted Accounting
Practice applicable to Interim Financial Reporting and the Companies Act in
South Africa.
A copy of their unqualified review report is available for inspection at the
registered office of the Company.
Our auditors, Deloitte & Touche have issued a report on the pro forma
information which is available at the Company"s registered office for
inspection. This report concludes as follows: "Based on our review, nothing has
come to our attention that causes us to believe that:
- the pro forma financial information has not been properly compiled on the
basis stated;
- such basis is inconsistent with the accounting policies of Johnnic; and
- the adjustments are not appropriate for the purposes of the unaudited pro
forma income statement as disclosed in the preliminary announcement".
15. Listings requirements
This interim results announcement has been prepared in compliance with the
Listings Requirements of the JSE Securities Exchange South Africa ("the JSE").
16. Corporate governance
The Board of Directors re-affirms its commitment to the principles of good
corporate governance and has endorsed and taken cognisance of the
recommendations of the King Report on Corporate Governance for South Africa
2002.
PRO FORMA CONSOLIDATED INCOME STATEMENT (EXCLUDING TELECOMMUNICATIONS
BUSINESSES)
6 months 6 months
ended ended
30 Sept 30 Sept
2003 2002
Unaudited Unaudited Change
Rm Rm %
Revenue 1 318 1 653 (20)
Ebitda 48 70 (31)
Depreciation and amortisation
(including goodwill amortisation) (46) (64) 28
Profit from operations 2 6 (66)
Net finance income (costs) 2 (40) 105
Share of profits of associates 68 114 (40)
Profit before taxation and 72 80 (10)
exceptional items
Exceptional items 208 25 732
Profit before taxation 280 105 167
Taxation (48) (50) 4
Profit after taxation 232 55 322
Minority interests (28) 5
Attributable earnings 204 60 240
Headline earnings 6 9 (33)
COMMENTARY
OVERVIEW
Johnnic Holdings Limited ("Johnnic") distributed R8,2 billion worth of MTN Group
Limited ("MTN") shares to shareholders with a current market value of
approximately R14,5 billion. This represented 526 million MTN shares with a book
value of R8,62 per share which was revalued to a market value of R15,61 per
share on the date of unbundling, being 20 June 2003, realising an exceptional
profit of R3,7 billion.
This contributed to an 1 067% increase in attributable earnings from R356
million to R4 153 million over the six months to 30 September 2003.
As a result of the unbundling of the MTN shares the results of the group are not
comparable with those of the prior period.
MTN was equity accounted for a three-month period to the date of the unbundling
in June 2003. Johnnic ceased to account for the earnings of MTN from the date of
the unbundling.
At the end of the interim period, Johnnic comprised holdings in the following
companies:
- Johnnic Communications Limited ("Johncom") - 62,5%
- Gallagher Estate Holdings Limited - 100%
- Johnnic Properties - 100%
- Durban Add-Ventures - 70%
To enable better appreciation of Johnnic"s ongoing businesses a pro forma
consolidated income statement has been presented for the current year and the
prior year using consistent accounting policies, assuming the unbundling was
effected on 31 March 2003.
All comparison to the prior year numbers in this commentary on results relate to
the pro forma consolidated income statement.
RESULTS
Revenue decreased 20% from R1 653 million to R1 318 million caused primarily by
the disposal of Hammicks UK, Music for Pleasure, VCR/Trutone and Universal
Partnership by Johncom.
Earnings before interest, taxation, depreciation and amortisation ("Ebitda")
declined by 31% to R48 million (2002: R70 million) due to decreased earnings
from the Home Entertainment and Media businesses as well as costs incurred in
pursuing approved ventures into Africa.
Net finance income totalled R2 million for the half year (2002: net finance
costs R40 million), reflecting the positive impact of the repayment of head
office debt. 29,6 million MTN shares were sold realising cash of R357 million.
These proceeds were used to settle head office debt and provide R192 million
cash collateral for Suncoast Casino.
Share of profits from associates decreased by 40% to R68 million from R114
million in the corresponding period last year. The decrease is mainly as a
result of reduced earnings from Electronic Media Network Limited ("M-Net") and
SuperSport International Holdings Limited ("SuperSport") arising out of the
negative impact of the stronger rand on foreign based earnings and the effect of
complying with AC133. Caxton and CTP Publishers and Printers, however improved
their earnings by 41% over their review period.
Exceptional profits of R208 million mainly comprised:
- R160 million surplus on disposal of interests in MTN, Naspers and Hammicks;
and
R58 million realisation of foreign currency translation reserve arising on the
settlement of Johnnic Entertainment"s foreign debt.
The combined effect of the above has been an increase in attributable earnings
of 240% to R204 million (2002: R60 million) and a 33% decrease in headline
earnings to R6 million (2002: R9 million).
DIVISIONAL REVIEW
Core operations
In keeping with its strategy to build a single, integrated entertainment and
media group, the operational and executive management structure of Johnnic"s
major subsidiary, Johncom, was restructured with effect from 1 July 2003. The
group"s operations are now clustered into six logical business units, namely
Media, Retail, Books & Maps, Home Entertainment, Music and Africa. All these
units are supported by the Distribution, Manufacturing & Support Services
division.
MEDIA
The Sunday Times - the largest circulating newspaper in South Africa - remains
the primary contributor to the division, ably supported by a strong turnaround
from the merged Eastern Cape operations (The Herald and Daily Dispatch). The
Weekend Post was re-launched as a Saturday paper with sharply increased copy
sales and advertising revenue. The Sunday World continued to enjoy good copy
sale growth. A tough advertising market has impacted on Business Day and
Financial Mail.
Businesses that were formerly housed in the Digital division are trading
profitably at Ebitda level.
Associate: Caxton and CTP Publishers and Printers Limited
Caxton and CTP Publishers and Printers achieved turnover growth of 17% to R2 610
million (2002: R2 225 million) as reflected in their most recent published
results for the year ended 30 June 2003, yielding net profit growth of 41% to
R256 million (2002: R182 million).
RETAIL
Exclusive Books traded strongly, with revenue growth of 12% stimulated by the
overall reduction in the retail price of books as a result of the stronger rand.
Good product releases bolstered the performance of Nu Metro Theatres, ensuring
the retention of the division"s market share. Monitoring of cinema sites to
identify underperforming complexes is ongoing.
Following a strategic review of the Imax Theatres business, the details of a
possible exit strategy are in the process of being finalised.
BOOKS & MAPS
The books and maps business unit delivered a positive performance despite the
negative impact of the strengthening rand on offshore operations, which resulted
in foreign exchange losses being incurred, as well as difficult trading
conditions. Ebitda rose by 10% to R11 million compared to the prior period
(2002: R10 million).
HOME ENTERTAINMENT
Escalating piracy levels, increased pressure from the retail market, a marked
shift from VHS to DVD in the rental market, and depressed consumer spending
hampered the performance of the Home Entertainment business unit.
Associate: M-Net
The M-Net subscriber base in South Africa has stabilised at just more than one
million. Advertising revenues remained under pressure while the stronger rand
had a negative impact on US dollar-based earnings from channel services provided
to other countries in Africa. Turnover for the period declined by 4% to R696
million (2002: R723 million) while net profits fell to a loss of R2 million
(2002: net profit of R62 million).
The adoption of AC133 with effect from 1 April 2003 has led to reduced earnings
for the period and may continue to cause volatility in reported earnings in the
future.
Associate: SuperSport
Influenced by similar factors as M-Net, SuperSport experienced a 5% decrease in
revenue to R453 million (2002: R476 million) and a 84% decline in headline
earnings to R7 million (2002: R44 million).
MUSIC
Contrary to global trends, turnover at Gallo Music Group grew by 19% to R80
million. Operating profits remained under pressure due to increased investment
in local music productions, artist development costs and higher operating
expenses. Ebitda margin improved from a 4% loss in 2002 to a 1% loss.
AFRICA
Good progress has been made in exploring opportunities for the group in new
markets and territories within sub-Saharan Africa. Key opportunities have been
identified in home entertainment, book publishing, newspaper publishing, cinemas
and retail in several countries north of the SADC region.
DISTRIBUTION, MANUFACTURING & SUPPORT SERVICES
Nu Metro Film Distribution benefited from several good product releases during
the review period, but was hampered by delayed delivery on other titles.
Compact Disc Technologies ("CDT") secured an increased volume of DVD production
from local and international sources and has applied for IRMA anti-piracy
membership.
Entertainment Logistic Services ("ELS") grew steadily.
Non-core operations
Gallagher Estate Holdings Limited ("Gallagher")
Gallagher achieved a 14% increase in revenue over the corresponding interim
period last year, however gross margins suffered as a result of growth in higher
cost banqueting and conference business (compared to lower-cost exhibition venue
hire).
All external loans were repaid in full at the end of May 2003, contributing to
an improvement in net profit.
Johnnic Properties
The winding down of the property division was effectively completed during the
review period following the sale of the last major remaining property, the Grace
Hotel (generating a profit of R6 million) as well as the last remaining township
properties.
Ebitda of R6 million (2002: R10 million) reflects the reduced size of the
property portfolio. The division"s cash resources have decreased by R80 million
since year-end following the early settlement of a long-term loan.
Suncoast Casino and Entertainment World
Trading at Suncoast Casino and Entertainment World in Durban has remained well
below original expectations, resulting in an overall operating loss being
recorded for the reporting period. Discussions are under way regarding
additional shareholder funding required to operate the complex and fund its
current financial obligations.
FINANCIAL POSITION
Total assets decreased from R7 823 million at the beginning of the period to R3
632 million as a result of the unbundling of MTN. Cash and cash equivalents
increased to R437 million from R59 million at the beginning of the period mainly
as a result of proceeds from the disposal of MTN shares. 40 million MTN shares
have been retained to cover the R300 million Casino corporate guarantee. These
shares have grown in value to R796 million at period end. The group is largely
debt-free at the half year.
PROSPECTS
Johnnic"s strategy
The Johnnic board continues to finalise various strategic options relating to
the future of the group with a view to enhancing further shareholder value.
These strategic options will be underpinned by the enhancement of Johnnic"s
empowerment credentials and will use the substantial goodwill associated with
the Johnnic name as well as its strong balance sheet. In the process steps will
be taken to realise the full potential of the Johncom assets and unlock any
value trapped in the structures.
Operating businesses
The cyclical upswing in trading volumes at group companies in the latter half of
the financial year is expected to once again deliver the majority of the revenue
and earnings of Johnnic"s full year results.
In addition to increased trading levels over the Christmas season, consumer
confidence levels have been boosted by lower interest rates and declining
inflation levels since the end of the reporting period, heralding increased
consumer spending. The product offering across the group is also geared towards
this traditional upsurge, with good products set for release through the
retailing and home entertainment divisions in time for the year-end holidays.
An upturn has also been observed at Suncoast Casino and Entertainment World
since September 2003, heralding a reversal in fortunes from this fledgling
enterprise. Likewise, increased exhibition activity is expected in the latter
half of the year, indicating a further improvement in Gallagher"s financial
performance for the full year.
The Johnnic board is therefore optimistic that the majority of the group"s
business interests will perform well in the second six months, yielding a year-
on-year positive growth trend before adjustments arising from the adoption of
AC133 in the current year.
Johnnic/Johncom pyramid
The JSE has granted Johnnic an extension until 23 June 2004 to address the
Johnnic/Johncom pyramid. This is to enable the group to finalise its strategic
options and empowerment structures.
DIVIDEND
With the unbundling of MTN the group has adopted a practice of declaring
dividends once a year in line with the practice adopted by its main subsidiary
Johncom.
For and on behalf of the board
MC Ramaphosa JRD Modise KC Ramon
Chairman Chief Operating Financial Director
Officer
2 December 2003
DIRECTORS: MC Ramaphosa (Chairman), JRD Modise# (Chief Operating Officer), KC
Ramon# (Financial Director), ACG Molusi#, CB Brayshaw, PE Burton, SW Moutloatse,
PF Nhleko, TRA Oliphant, ME Ramano.
ALTERNATE DIRECTORS: ZNA Cindi, PM Jenkins#, IP Smith, TH Zuma.
#Group executives
COMPANY SECRETARY: MRD Boyns (British)
HEAD OFFICE AND REGISTERED OFFICE
Level 3 (West Wing), Gallagher House, Gallagher Estate, 19 Richards Drive,
Midrand, 1685.
PO Box 231, Johannesburg, 2000.
SOUTH AFRICAN REGISTRARS
Computershare Limited, 70 Marshall Street, Johannesburg, 2001.
PO Box 61051, Marshalltown, 2107.
LONDON REGISTRARS
Capita Registrars plc, The Registry, 34 Beckenham Road, Beckenham, Kent, BR34JU,
England.
AUDITORS
Deloitte & Touche, The Woodlands, Woodmead. Private Bag X6, Gallo Manor, 2052.
LEGAL ADVISORS
Webber Wentzel Bowens, 10 Fricker Road, Illovo Boulevard, Sandton, 2196.
PO Box 61771, Marshalltown, 2107.
SPONSOR
Merrill Lynch South Africa (Pty) Limited, 138 West Street, Sandown, Sandton,
2196.
PO Box 651987, Benmore, 2010.
AMERICAN DEPOSITORY RECEIPT ("ADR") PROGRAM
Cusip number 478058100. ADR to ordinary share 1:1.
DEPOSITORY
The Bank of New York, 22nd Floor, 101 Barclay Street, New York, N.Y. 10286, USA.
INFORMATION AGENT
Georgeson Shareholder Communications SA (Pty) Limited,
108 Johan Avenue, Wierda Valley, Sandton, 2196.
PO Box 652000, Benmore, 2010.
Telephone number 0800 117472/(+27 11) 775 3433
DISCLAIMER
Certain statements in this announcement that are neither reported financial
results nor other historical information are forward-looking statements,
relating to matters such as future earnings, savings, synergies, events, trends,
plans or objectives. Undue reliance should not be placed on such statements
because they are inherently subject to known and unknown risks and uncertainties
and can be affected by other factors, that could cause actual results and
Company plans and objectives to differ materially from those expressed or
implied in the forward-looking statements (or from past results). Unfortunately
the Company cannot undertake to publicly update or revise any of these forward-
looking statements, whether to reflect new information or future events or
circumstances or otherwise.
These results may be viewed on the Internet at http://www.johnnic.co.za
E-mail: investor_relations@johnnic.co.za
Media logos
Sunday Times
BDFM
The Herald
Daily Dispatch
Johnnic Magazine Division
Sunday World
MTN Network Solutions
I-Net Bridge
Learning Channel
TradeWorld
Music Logos
Gallo Music Group
Home Entertainment
Nu Metro
Books and Maps Logos
New Holland
Struik
Struik Christian Books
Afrika
MapStudio
Lovell Johns
Mapit
Retailing Logo
Nu Metro
Exclusive Books
IMAX
Africa Logo
Johnnic Communications
Associated Companies
Mnet
SuperSport
CTP
Caxton Printers
Operations and Support Services Logos
CDT
ELS
20 Century Fox
Warner Brothers
Nu Metro
Nu Metro Film Distribution
Date: 03/12/2003 12:00:34 PM Produced by the JSE SENS Department
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