Primedia Limited - Trading Update
Primedia Limited
(Incorporated in the Republic of South Africa)
Registration number 1993/003355/06
Share code: PMA ISIN: ZAE000035119
Share code: PMN ISIN: ZAE000035127
TRADING UPDATE
In terms of paragraph 3.4(b) of the JSE Listings Requirements, issuers are
required to publish a trading statement as soon as they are satisfied, with a
reasonable degree of certainty, that the financial results for the period to be
reported on will differ by at least 20% from those of the previous corresponding
period. Primedia is expected to achieve very satisfactory results for the six
months ended 31 December 2004. Headline earnings per share and headline earnings
per share before unrealised foreign exchange gains and losses are expected to be
between 30% and 50% higher than last year. In the six months to 31 December
2004, Primedia recorded an unrealised after-tax foreign exchange loss of R2,7
million (1,2 cents per share) versus an unrealised after-tax foreign exchange
gain of R4,0 million (1,9 cents per share) in the six months ended 31 December
2003. Subsequent to 31 December 2004, the rand has weakened by approximately
10% and based on the prevailing exchange rate, the unrealised foreign exchange
loss incurred in the six months to 31 December 2004 has substantially been
reversed.
The results have been achieved after taking the following into account:
* Good organic growth from the South African businesses;
* consolidation of KFM`s results for only 3 months from 1 October 2004;
and
* a significantly lower level of minority interest in profit following the
acquisition by Primedia of an additional 30,5% economic interest in 94.7
Highveld Stereo in -March 2004.
The aforementioned results have not been audited or reviewed by the group`s
auditors.
The group`s interim results will be released on or about 1 March 2004.
Johannesburg
8 February 2005
Sponsor:
Investec Bank Limited
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