|
Johnnic Holdings Limited - Audited Preliminary Results For The Year Ended
Release Date: 29/06/2004 12:00:01 Code(s): JNC
JOHNNIC HOLDINGS LIMITED - AUDITED PRELIMINARY RESULTS FOR THE YEAR ENDED
31 MARCH 2004
Johnnic Holdings Limited
(`Johnnic` or `the Company`)
Incorporated in the Republic of South Africa
Registration number 1889/000429/06
JSE Share code: JNC
ISIN: ZAE000024352
AUDITED PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2004
Highlights
* Cash and cash equivalents up R542 million
* Attributable earnings (pro forma) up 68%
* Headline earnings (pro forma) up 124%
COMMENTARY
OVERVIEW
The most significant transaction in the past year was the distribution of R8,2
billion worth of MTN Group Limited (`MTN`) shares to shareholders with a market
value of R14,8 billion at the date of this preliminary results announcement.
This transaction realised an exceptional profit of R3,7 billion resulting from
the 526,7 million MTN shares unbundled which were revalued from a book value of
R8,62 per share to a market value of R15,61 per share on the date of unbundling,
being 20 June 2003.
This contributed to a 336% increase in attributable earnings from R962 million
to R4 196 million for the year ended 31 March 2004.
Johnnic Holdings Limited (`Johnnic`) currently comprises holdings in the
following companies:
* Johnnic Communications Limited (`Johncom`) - 62,5%
* Gallagher Estate Holdings Limited - 100%
* Johnnic Properties - 100%
* Durban Add-Ventures Limited (`Durban Add-Ventures`) - 71,3%
PRO FORMA RESULTS
As a result of the unbundling of the MTN shares and accounting for the full
share of Durban Add-Ventures prior years losses in the current year, the results
of the Group are not comparable with those of the previous year.
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 thereafter.
Johnnic has a 71,3% shareholding in Durban Add-Ventures which in turn holds a
40% stake in Tsogo Sun KwaZulu-Natal (Proprietary) Limited which trades as
Suncoast Casino and Entertainment World (`Suncoast Casino`).
Durban Add-Ventures has been consolidated for the first time in the current
year. This subsidiary was not consolidated in the past due to the uncertainty
around Johnnic`s future plans. Johnnic has been required to reflect the full
share of this company`s losses since acquisition in 1998 in the current
financial year. The effect of not consolidating the losses in DAV on the prior
year`s results is not material.
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 1 April 2002 and Durban Add-Ventures was consolidated in the prior
year.
All comparison to the prior year numbers in this commentary on results relate to
the pro forma consolidated income statement.
RESULTS
Revenue from ongoing operations increased by 6% to R2 682 million (2003: R2
541million) while profit from operations before exceptional items for the same
businesses rose by 53% to R115 million (2003: R75 million).
The results reflect the cyclical upswing in trading volumes at Group companies
in the latter half of the financial year. In addition to increased trading
levels over the year-end holidays, consumer confidence levels have been boosted
by lower interest rates and declining inflation levels in the second six months
of the year under review, yielding increased consumer spending.
Finance income less finance costs totalled R26 million (2003: net finance costs
of R71 million) reflecting the positive impact of the repayment of head office
debt mainly achieved by the sale of MTN and Naspers shares during the year.
Income from associated companies declined by 10% to R172 million from R191
million 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 from the negative impact of the stronger rand on
foreign based earnings and the effect of complying with AC133. Caxton and CTP
Publishers and Printers Limited (`CTP`) continued to achieve commendable growth
and operating efficiencies.
Headline earnings reflects an increase of 124% to R123 million (2003: R55
million) due to improved earnings from the entertainment and media businesses,
improved performance from the casino operation and increased finance income at
head office level.
Exceptional profits of R137 million (2003: R142 million) mainly comprised:
* R165 million surplus on the disposal of MTN, Naspers shares and Hammicks;
* R58 million surplus on realisation of foreign currency translation reserve
arising on the settlement of Johnnic Entertainment`s foreign debt; and
* R78 million impairment of goodwill, investments, loans and assets.
The combined effect of the above has been an increase in attributable earnings
of 68% to R287 million (2003: R171 million).
DIVISIONAL REVIEW
Core operations
Entertainment and media
The restructuring of Johncom with effect from 1 July 2003, effectively
transforming the company into a single integrated entertainment and media group
with group operations clustered into six core logical business units,
contributed to a continued positive trend in terms of annual revenue and profit
from ongoing operations. Revenue from ongoing operations increased by 6% to R2
682 million (2003: R2 541 million) while profit from operations before
exceptional items from the same businesses rose by 47% the latter bolstered by
the group`s strategy to `fix, sell or close` underperforming businesses.
Several significant developments occurred during the year, including:
* The sale by UK-based Hammicks Bookstores Limited (`Hammicks`) of its chain
of local bookstores and subscription businesses;
* The completion of a comprehensive, long-term review per cinema site of
revenue against fixed lease and operating costs for Nu Metro and IMAX
Theatres, resulting in the closure of some theatres, the impairment of
leases and assets at a number of Nu Metro Theatre sites and the review of
the IMAX Theatres business as a whole; and
* The sale of MTN and Naspers shares, yielding a surplus of R58 million on
the disposal of these listed equities.
Group debt largely at holding company level, has been eliminated with
contributions from the sale of non-core listed equities and cash inflows from
operating activities.
This resulted in net finance income at the financial year-end date and an
accompanying positive result on the taxation charge for the current year, with
the effective tax rate reduced to 33% (2003: 57%).
During the second half of the financial year, Johncom announced the conclusion
of an agreement with New Africa Media to acquire 90,5% of New Africa
Publications, owner of 50% of Sunday World and 100% of the Sowetan. This is
subject to approval by the competition authorities and the results of this
acquisition will only be accounted for once the approval is received.
Subsequent to year-end, Electronic Media Network Limited (`M-Net`) and
SuperSport International Holdings Limited (`SuperSport`) terminated their joint
listing on the JSE and Johncom simultaneously increased its shareholding in
these associate businesses to 38,6% at a cost of R287 million.
Non-core operations
Gallagher Estate Holdings Limited (`Gallagher`)
Gallagher experienced a good year`s trading, reflected in turnover growth of 11%
and a 20% increase in profit from operations before exceptional items. These
results are most encouraging given the loss of the Reed Exhibition business and
are consistent with a general improvement in the conference and exhibition
industry. All external loans, amounting to R52 million, were repaid in full
during the year under review, placing Gallagher in a strong operating position
going forward.
Johnnic Properties
The bulk of Johnnic Properties` remaining assets were sold off during the year
under review, including the Grace Hotel, which generated a profit of R6 million.
Revenue fell compared to the prior year due to the company`s decreased activity
and smaller property portfolio.
Suncoast Casino
Through Durban Add-Ventures, Johnnic owns an effective 28,5% stake in the R1,4
billion Suncoast Casino complex on Durban`s beachfront. Trading results have
improved markedly allowing Suncoast Casino to exceed budgets for the financial
year under review. Suncoast Casino`s losses for the year under review amounted
to R31 million which were included in Durban Add-Ventures prior and current
years accumulated losses amounting to R65 million which primarily related to
Casino bid costs that were expensed.
FINANCIAL POSITION
Total assets decreased from R7 823 million at the beginning of the year to R4
406 million as a result of the unbundling of MTN. Cash and cash equivalents
increased to R601 million from R59 million at the beginning of the year 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 R1 318 million at year-end. The Group is largely
debt-free at year end.
PROSPECTS
Johnnic`s strategy
The Johnnic board continues to consider 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.
Operating businesses
The favourable retail conditions experienced over the last six months appear
likely to continue for the foreseeable future, heralding stronger trading for
Johnnic`s major subsidiary Johncom as well as non-core businesses Gallagher and
Suncoast Casino.
Johncom is particularly well positioned to continue its positive growth trend
going forward. Not only are all core businesses within that group contributing
strongly, but also improved results are expected from Nu Metro Theatres and
Johncom Africa, where investments in East and West Africa are expected to bear
fruit. A global revival in advertising and stable newsprint prices is also
expected to benefit the media sector.
Piracy continues to be a serious threat to the entertainment industry and
Johncom will increase its role in combating this criminal activity in every way
possible. The continuing digitisation of content poses both threats and
opportunities, and management is proactively addressing these.
The upturn at Suncoast Casino since September 2003 is reversing the fortunes of
this start-up enterprise, heralding great promise for the future. Ongoing
improvement in the conference and exhibition industry holds similar promise for
Gallagher in the year ahead.
Johnnic/Johncom pyramid
Johnnic has been in discussions with the JSE regarding the extention of time to
23 June 2004 granted to the Company to address its pyramid structure with
Johncom. Johnnic has shared with the JSE its effort at finalising its strategic
options, including the implementation of additional empowerment in its
shareholding. Johnnic recognises that empowerment and creating value for its
shareholders are of the utmost importance. Accordingly the company is in
continued discussions with the JSE in finalising this matter. A further
announcement to shareholders will be made in due course.
DIVIDENDS
In light of the unbundling by the Company to its shareholders of substantially
all of its shareholding in MTN by way of a distribution in specie amounting to
approximately R8,2 billion in June 2003 and the major restucturing that may take
place within the Group, the directors have resolved not to declare a dividend
for the year ended 31 March 2004.
For and on behalf of the board
MC Ramaphosa JRD Modise KC Ramon
Chairman Chief Operating Officer Financial Director
28 June 2004
CONSOLIDATED INCOME STATEMENT
31 March 31 March
2004 2003 Change
For the years ended Note Rm Rm %
Revenue 2 789 12 088 (77)
Cost of sales (1 667) (5 724)
Gross profit 1 122 6 364 (82)
Operating expenses - net (911) (3 462)
Depreciation (82) (867)
Amortisation of (8) (148)
intangibles
Goodwill amortisation (5) (274)
Profit from operations 116 1 613 (93)
before exceptional items
Exceptional items 3 3 779 132
Profit from operations 3 895 1 745 123
Finance costs (35) (457)
Finance income 61 113
Income from associated 4 557 865
companies
Profit before taxation 4 478 2 266 98
Taxation (171) (650)
Profit after taxation 4 307 1 616 167
Minority interests (111) (654)
Attributable earnings 4 196 962 336
Contribution to
attributable earnings
Core operations 114 58 97
Entertainment and media 111 98 13
Interest and corporate 3 (40) 108
head office
Non-core operations 266 933 (71)
Telecommunications 304 915 (67)
Gallagher Estate Holdings 7 (3) 333
Johnnic Properties - 21 (100)
Casino (45) - (100)
Headline earnings 380 991 (62)
Goodwill amortisation (42) (157) 73
after taxation and
minority interests
Exceptional items after 3 858 128 2 914
taxation and minority
interests
Attributable earnings 4 196 962 336
SUMMARISED CONSOLIDATED CASH FLOW STATEMENT
31 March 31 March
2004 2003
For the years ended Note Rm Rm
Cash inflows from operating 94 2 309
activities
Cash inflows (outflows) from 661 (3 799)
investing activities
Cash (outflows) inflows from (215) 977
financing activities
Net increase (decrease) in cash 540 (513)
and cash equivalents
Cash and cash equivalents at 59 594
beginning of year
Foreign entities translation 2 (22)
adjustment
Cash and cash equivalents at end 7 601 59
of year
SUMMARISED CONSOLIDATED BALANCE SHEET
31 March 31 March
2004 2003
As at Note Rm Rm
Assets
Non-current assets 1 290 6 535
Property, plant and equipment 333 491
Goodwill (100) (106)
Intangible assets 34 26
Interests in associated companies 5 885 5 954
Investments and loans 6 25 89
Deferred taxation 113 81
Current assets 3 116 1 288
Bank balances, deposits and cash 7 494 303
Securitised cash deposits 7 192 -
Equities held as current assets 8 1 443 30
Other current assets 987 955
Total assets 4 406 7 823
Equity and liabilities
Capital and reserves
Ordinary shareholders` interest 2 667 5 817
Minority interests 666 577
Total equity 3 333 6 394
Non-current liabilities 155 283
Long-term liabilities 9 29 167
Provision for post-retirement 121 113
medical costs
Deferred taxation 5 3
Current liabilities 918 1 146
Non-interest-bearing liabilities 812 750
Interest-bearing liabilities 9 106 396
Total equity and liabilities 4 406 7 823
SUMMARISED GROUP STATEMENT OF CHANGES IN EQUITY
31 March 31 March
2004 2003
Rm Rm
Balance at 1 April as reported 5 817 5 348
Change in accounting policies in
respect of
- AC133 adjustments (52) -
- cellphone connection incentives - (12)
Restated balance at 1 April 5 765 5 336
Attributable earnings 4 196 962
Distribution in specie (8 223) -
Share capital issued at a premium less 46 5
share issue expenses
Movement on unrealised gains arising on 1 034 (4)
revaluation of listed equities
Exchange differences arising on (112) (163)
translation of foreign entities
Goodwill and variation of interests (41) (316)
Other 2 (3)
2 667 5 817
GROUP SEGMENTAL ANALYSIS
Pro forma
31 March
31 March 2003 31 March
2004 Unaudited Change 2003
Rm Rm % Rm
Business grouping
Revenue
Core operations 2 698 3 277 (18) 3 277
Ongoing
Media 1 091 1 017 7 1 017
Retail 666 608 10 608
Books and Maps 267 293 (9) 293
Home Entertainment 282 268 5 268
Music 184 170 8 170
Africa 2 - 100 -
Distribution, 190 240 (21) 240
Manufacturing and
Support Services
Reclassification of - (55) (55)
intergroup revenue
Disposed
Hammicks UK, Music 16 736 (98) 736
for Pleasure
Non-core operations 91 129 (29) 8 811
Telecommunications - - - 8 684
Gallagher Estate 50 45 11 45
Holdings
Johnnic Properties 34 82 (59) 82
Casino 7 2 250 -
Total 2 789 3 406 (18) 12 088
Profit (loss) from
operations before
exceptional items
Core operations 97 65 49 98
Ongoing
Media 77 60 28 60
Retail 13 (11) 218 (11)
Books and Maps 11 2 450 2
Home Entertainment 31 36 (14) 36
Music 11 9 22 9
Africa (6) (4) (50) (4)
Distribution, (8) (2) (300) (2)
Manufacturing and
Support Services
Corporate head (14) (15) (7) 18
office
Disposed
Hammicks UK, Music (18) (10) (80) (10)
for Pleasure
Non-core operations 19 29 (34) 1 515
Telecommunications - - - 1 485
Gallagher Estate 6 5 20 5
Holdings
Johnnic Properties 9 25 (64) 25
Casino 4 (1) 500 -
Total 116 94 23 1 613
GROUP STATISTICS
Pro forma
31 March
31 March 2003 31 March
2004 Unaudited 2003
Rm Rm Rm
Performance per ordinary
share
Headline earnings
(cents)
- core operations 69 35 36
- non-core operations 160 (2) 567
Total headline earnings 229 33 603
(cents)
Attributable earnings 2 528 104 585
(cents)
Net asset value (rand)
- book value 16,03 35,37
- based on market value 21,15 53,82
or directors` valuation
of underlying
investments
Ratios
Profitability
Profit from operations 4,2 2,7 13,2
before exceptional items
(%)
Enterprise value/profit 23,3 28,8 4,3
from operations before
exceptional items
multiple (times) (1)
Effective taxation rate 3,8 38,2 28,7
(%)
Solvency and liquidity
Gearing (%) (2) (16,5) 4,1
Long-term borrowings to 0,7 2,1
total assets
Current ratio (3) 3,4:1 1,1:1
Interest cover (times) 111,3 2,1 3,7
(4)
Share performance
Number of ordinary
shares in issue (`000)
- at year-end 166 466 164 448
- weighted average 166 022 164 325
Closing price (cents per 1 630 4 410
share)
Market capitalisation 2 713 7 252
(Rm)
Employees by geographic
location
South Africa 4 353 4 569
Rest of Africa 12 10
Other overseas 106 569
operations
Total 4 471 5 148
Definitions
(1) Market capitalisation, less net debt (interest-bearing liabilities less
bank balances, deposits and cash), divided by profit from operations before
exceptional items.
(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
This preliminary report is prepared in accordance with the South African
Statement of Generally Accepted Accounting Practice (GAAP) AC127. These
summarised consolidated annual financial statements have been prepared
using accounting policies that comply with the South African Statements of
Generally Accepted Accounting Practice and the requirements of the South
African Companies Act and the disclosure requirements of the JSE Securities
Exchange South Africa`s Listings Requirements. 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. Earnings Per Ordinary Share
The calculation of headline and attributable earnings per ordinary share is
based on headline earnings of R380 million (2003: R991 million) and
attributable earnings of R4 196 million (2003: R962 million) respectively,
and a weighted average of 166 022 116 (2003: 164 325 097) ordinary shares
in issue. No fully diluted earnings per ordinary share have been disclosed
as the potential dilution is not considered to be material.
31 March 31 March
2004 2003
Rm Rm
3. Exceptional items
Surplus arising on the unbundling of 3 682 -
MTN shares
Net surplus on disposal of 165 93
investments
Realisation of foreign currency 58 141
translation reserve
Impairment of goodwill, investments, (78) (136)
loans and assets
Durban Add-Ventures prior year (43) -
losses
Costs associated with (5) (61)
rationalisation and restructuring
Surplus on unwinding of special - 95
purpose vehicles
Total 3 779 132
4. Income from associated companies
Share of profits earned by 592 919
associates after goodwill
Reduction of unrecognised losses in (32) -
respect of prior periods arising
from the adoption of AC133
Share of associated companies (3) (54)
exceptional items
557 865
5. Interests in associated companies
- Listed 438 5 466
- Unlisted 447 488
Book value of interests in 885 5 954
associated companies
Market value of listed shares 731 7 592
Directors` valuation of unlisted 1 329 640
shares
6. Investments and loans
Unlisted shares at cost less amounts 16 42
written off
Loans 9 47
Total 25 89
Directors` valuation of unlisted 16 42
shares
7. Cash and cash equivalents
Bank balances, deposits and cash 494 303
Securitised cash deposits 192 -
Call borrowings (85) (244)
Total 601 59
Head office cash (call borrowings) 252 (65)
included in the above
8. Equities held as current assets
MTN Group Limited 1 443 -
Naspers Limited - 30
Total 1 443 30
9. Interest-bearing debt
Long-term liabilities 29 167
Current liabilities 106 396
- call borrowings 85 244
- short-term borrowings 21 152
Total 135 563
10. Capital expenditure incurred 64 73
11. Contingent liabilities
Guarantees 513 521
Suncoast Casino and Entertainment
World
- Equity guarantee secured by cash 192 192
deposits (refer to note 7)
- Corporate guarantee 300 300
Other 21 29
Contingent liabilities 12 2
Total 525 523
12. Capital commitments
Commitments for capital expenditure
- authorised but not contracted for 23 61
The capital expenditure will be
funded from operating cash flows and
borrowings. Adequate facilities are
in place to finance known future
capital commitments.
13. Lease commitments
Operating leases
- within one year 105 108
- more than one year 735 849
Total 840 957
14. Audited Results
The auditors, Deloitte & Touche, have issued their opinion on the Group`s
annual financial statements for the year ended 31 March. 2004. The audit
was conducted in accordance with South African Auditing Standards.
The auditors have issued an unqualified audit opinion.
A copy of the audit opinion is available for inspection at the Company`s
registered office.
These summarised financial statements have been derived from the Group
annual financial statements and are consistent in all material respects
with the Group annual financial statements.
The pro forma financial results do not form part of the annual financial
statements and are presented as additional information. The auditors have
not audited the pro forma financial results and accordingly do not express
an audit opinion on these.
Our reporting accountants, 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 preliminary announcement has been prepared in compliance with the
Listings Requirements of the JSE Securities Exchange South Africa (`the
JSE`).
16. Corporate Governance
The board endorses and is of the opinion that the Company adheres to the
Code of Corporate Practices and Conduct as set out in the King Report on
Corporate Governance for South Africa 2002 (`King II`). The principles
contained therein are reviewed from time to time to take into account
appropriate changes and developments in the field of corporate governance,
both locally and internationally.
Directors:
MC Ramaphosa (Chairman), JRD Modise# (Chief Operating Officer), KC Ramon#,
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
REGISTRARS
Computershare Investor Services 2004 (Pty) Limited
70 Marshall Street,
Johannesburg, 2001
PO Box 61051,
Marshalltown, 2107
CHANGE OF LONDON REGISTRARS
With effect from 17 May 2004, the London Register of Members was transferred
from
Capita Registrars plc,
Beckenham, Kent, England
to
Computershare Investor Services 2004 (Pty) Limited
PO Box 61051,
Marshalltown,
2107,
South Africa
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 Depositary Receipt (`ADR`) Program
Cusip number 478058100
ADR to ordinary share 1:1
Depositary
The Bank of New York,
22nd Floor,
101 Barclay Street,
New York, N.Y. 10286,
USA.
Information agent
Georgeson Shareholder Communications SA (Pty) Limited
70 Marshall Street,
Johannesburg, 2001
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
UNAUDITED PRO FORMA CONSOLIDATED INCOME STATEMENT
(excludes Telecommunications businesses and includes Durban Add-Ventures
consolidated since acquisition)
31 March 31 March
2004 2003
Pro forma Pro forma Change
For the years ended Rm Rm %
Revenue 2 789 3 406 (18)
Core operations
Ongoing 2 682 2 541 6
Disposed 16 736 (98)
Non-core operations 91 129 (29)
Cost of sales (1 667) (2 129)
Gross profit 1 122 1 277 (12)
Operating expenses - net (911) (1 063)
Depreciation (82) (100)
Amortisation of (8) (10)
intangibles
Goodwill amortisation (5) (10)
Profit from operations 116 94 23
before exceptional items
Core operations
Ongoing 115 75 53
Disposed (18) (10) (80)
Non-core operations 19 29 (34)
Exceptional items 137 142
Profit from operations 253 236 7
Finance costs (35) (111)
Finance income 61 40
Income from associated 172 191
companies
Profit before taxation 451 356 27
Taxation (95) (136)
Profit after taxation 356 220 62
Minority interests (69) (49)
Attributable earnings 287 171 68
Contribution to
attributable earnings:
Core operations 114 58 97
Entertainment and media 111 98 13
Interest and corporate 3 (40) 108
head office
Non-core operations 9 (3) 400
Gallagher Estate Holdings 7 (3) 333
Johnnic Properties - 21 (100)
Casino 2 (21) 110
Headline earnings 123 55 124
Goodwill amortisation (3) (6) 50
after minority interests
and taxation
Exceptional items after
minority
interests and taxation 167 122 37
Attributable earnings 287 171 68
LOGOS
Sunday Times
Business Day
Financial Mail
Nu Metro
Map Studio
Exclusive Books
Gallo Music
Daily Dispatch
Weekend Post
Summit
Struik
I-Net Bridge
The Herald
ELLE
Gallagher Estate
Johnnic Holdings
Johnnic Communications
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
