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AFRICAN MEDIA ENTERTAINMENT - PROVISIONAL REPORT FOR THE YEAR ENDED 31 OCTOBER
2004
AFRICAN MEDIA ENTERTAINMENT
(Incorporated in the Republic of South Africa)
(Registration number 1926/008797/06)
(`AME` or `the Group`)
Share code: AME
ISIN number: ZAE000055802
PROVISIONAL REPORT FOR THE YEAR ENDED 31 OCTOBER 2004
Abridged group income statement
for the year ended 31 October 2004
Reviewed Audited
2004 2003
R`000 R`000
Revenue 93 527 92 650
Continued operations 92 227 78 163
Discontinued operations 1 300 14 487
Cost of sales and operating
expenses 79 260 91 817
Continued operations 77 560 73 285
Discontinued operations 1 700 18 532
Operating profit before
exceptional items 14 267 834
Continued operations 14 667 4 878
Discontinued operations (400) (4 044)
Exceptional items 1 363 5 779
Operating profit 15 630 6 613
Interest received 479 823
Interest paid (1 967) (3 492)
Net profit before taxation 14 142 3 944
Taxation (5 883) (4 060)
Current (5 886) (4 369)
Overprovision prior year 1 905 -
STC (2 000) -
Deferred 98 309
Net profit/(loss) after taxation 8 259 (116)
Minority interest (2 212) (1 809)
Profit/(loss) attributable to
shareholders 6 047 (1 925)
Earnings/(loss) per share (cents) 70,8 (22,5)
Headline earnings per share for
continuing operations (cents) 103,8 10,4
Total headline earnings/loss
per share (cents) 99,2 (45,8)
Weighted average number of shares
in issue (000`s) - Note 1 8 539 8 558
Headline earnings reconciliation
for continuing operations
Profit/(loss) attributable to
shareholders 6 047 (1 925)
Exceptional items - Note 2 (1 363) (5 779)
Discontinued operations after
taxation 400 4 812
Amortisation of intangible assets 3 784 3 781
Headline earnings for continuing
operations 8 868 889
Statement of changes in equity
for the year ended 31 October 2004
Reviewed Restated
2004 2003
R`000 R`000
Issued capital
Balance at beginning of year 8 647 8 427
(Repurchased)/issued during the
year (19) 220
Restated balance at beginning of
the year 8 628 8 647
Consolidation of share trust
- Note 1 (89) (89)
Balance at end of year 8 539 8 558
Share premium
Balance at beginning of year 32 431 32 101
(Repurchased)/issued during
the year (76) 330
Restated balance at beginning of
the year 32 355 32 431
Consolidation of share trust
- Note 1 (446) (446)
Balance at end of year 31 909 31 985
Accumulated loss
Balance at beginning of year (24 830) (26 118)
Prior year adjustment - Note 3 - 3 213
Restated balance at beginning
of the year (24 830) (22 905)
Profit/(loss) for the year 6 047 (1 925)
Balance at end of year (18 783) (24 830)
Total capital and reserves 21 665 15 713
Note 1
Adjusted for the consolidation of the authorised and issued share capital of the
company on the basis of 1-for-100 from shares having a par value of 1 cent each
to shares having a par value of 100 cents each, which consolidation became
effective on Friday, 25 June 2004. Comparative figures have been restated
accordingly. The number of shares in issue has also been adjusted for the
treasury shares, arising from the unallocated shares in the Group`s share
incentive trust.
Note 2
Exceptional items: (1 363) (5 779)
(Surplus)/deficit on disposal
of operations (1 363) 1 619
Reversal of impairment of
investments and loans - (7 398)
Note 3
The prior year adjustment arises from a change in the method of calculating the
minorities` interests. The 2003 year-end minority interests were accordingly
decreased by R3,2 million and there was no impact on 2003 earnings.
Abridged group balance sheet
as at 31 October 2004
Reviewed Restated
2004 2003
R`000 R`000
Assets
Non-current assets 34 226 37 679
Property, plant and equipment 3 276 3 071
Intangible assets 26 487 30 244
Deferred taxation 4 463 4 364
Current assets 19 114 19 853
Loans received 1 073 4 400
Trade and other receivables 14 435 15 453
Cash and cash equivalents 3 606 -
Total assets 53 340 57 532
Equity and liabilities
Capital and reserves 24 522 16 505
Issued capital and reserves 21 665 15 713
Minority interests 2 857 792
Non-current liabilities 315 7 516
Interest-bearing borrowings - 7 516
Non-interest-bearing borrowings 315 -
Current liabilities 28 503 33 511
Trade and other payables 12 778 20 042
Interest-bearing borrowings 6 887 2 764
Taxation payable 4 036 7 944
Bank overdraft 4 802 2 761
Total equity and liabilities 53 340 57 532
Abridged group cash flow statement
for the year ended 31 October 2004
Reviewed Audited
2004 2003
R`000 R`000
Cash generated from operations 19 313 7 935
Net interest paid (1 488) (2 669)
Taxation paid (9 208) (2 319)
Increase in working capital (5 331) (376)
Cash available from operations 3 286 2 571
Cash flows from investing
activities 1 503 19 970
Cash flows from financing
activities 4 292 (16 342)
Net movement in cash and cash
equivalents 9 081 6 199
Cash and cash equivalents at
beginning of period (2 761) (8 254)
Non-current liability transferred
to bank overdraft (7 516) -
Cash and cash equivalents from
acquisitions
and disposals - (706)
Cash and cash equivalents at
end of year (1 196) (2 761)
Comments
The much improved level of profitability of the first six months continued for
the full year. Gross revenue for the year improved by 18% (2003: 17,6%), whilst
margins were maintained and overheads from continuing operations were kept at
the same level as 2003. This resulted in headline earnings per share from
continuing operations increasing from 10,3 cents to 103,8 cents.
Both radio stations - OFM and AlgoaFM - continued to increase their
listenership, advertising revenue and profitability for the year.
Notwithstanding a substantial reduction in radio adspend during July and August,
United Stations, the Group`s advertising selling agency, virtually achieved a
breakeven result for the year and is budgeted to contribute to the Group`s
profitability for the new year.
The liabilities of the Group have over the reporting period, been reduced from
R41,0 million to R28,8 million, resulting in a much improved financial position.
The deregistration and liquidation of subsidiary companies that previously
housed non-core activities of the Group, has generated non-cash flow exceptional
profits of R1,36 million.
The much improved balance sheet, efficiencies and control of costs, and the cash
generation in a more healthy business environment willl put the Group into a
very positive position for the coming year. In order to futher improve the
financial position of the Group, no dividend is recommended.
Accounting policies
The accounting policies used in the preparation of this report comply with South
African Statements of Generally Accepted Accounting Practice and, with the
exceptionn of the consolidation of the AME Share Incentive Trust, are consistent
with those applied by the Group in the previous financial year.
Audit review
The results have been reviewed by the Group`s auditors, Charles Orbach &
Company, and their unqualified review report is available for inspection at the
company`s registered office.
By order of the Board
ACG Molusi 17 December 2004
Chairman Johannesburg
Registered office: 5th Floor, Park Terras, 33 Princess of Wales Terrace,
Parktown, Johannesburg. (PO Box 3014, Houghton 2041).
Transfer secretaries: Computershare Investor Services 2004 (Pty) Limited, 70
Marshall Street, Marshalltown 2107. (PO Box 61051, Marshalltown 2107).
Directors: ACG Molusi (Chairman)*, Z Lacob*, MJ Prinsloo*, W Tshuma*
*Non-executive
Share code: AME
ISIN number: ZAE000055802
Website: www.ame.co.za
Date: 17/12/2004 05:25:19 PM
Produced by the JSE SENS Department
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