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Primedia announces interim results for the six months ended 31 December 2004
PRIMEDIA LIMITED
Incorporated in the Republic of South Africa
Registration number 1993/003355/06
Share code PMA ISIN ZAE000035119
Share code PMN ISIN ZAE000035127
(`Primedia`)
1 March 2005
Primedia announces interim results for the six months ended 31 December 2004
STRONG RESULTS REFLECT GOOD STRATEGIC PROGRESS IN ALL AREAS OF THE GROUP
Financial Highlights
* Turnover exceeds R1 billion for the first time
* PBIT increased 37,6% to R182,2 million
* Headline earnings per share (HEPS) increased 34,9% to 43 cents
* HEPS before unrealised foreign exchange movements increased 46,7% to 44
cents
* Cash generated by operations increased 59,0% to R160,1 million
* Free cash flow per share increased 87,2% to 50 cents
* Interim distribution per share increased 40,1% to 22 cents
Strategic Highlights
* Good organic growth achieved from South African businesses
* Innovative initiatives launched, including:
- Ster-Kinekor Theatres` new pricing strategy;
- Cinemark`s increased digital screens;
- Ster-Kinekor Games, a new business to pursue the fast growing
electronic games sector; and
- Star Taxi Radio, a new digitally-enabled radio station targeted at the
taxi commuter
* Continued progress into Africa
* Concluded a number of value accretive acquisitions such as KFM and 94.7
Highveld Stereo
* Investment in new growing areas of the media industry through Primedia
Unlimited
Commenting on the group`s performance, William Kirsh, Primedia CEO said:
`Primedia has delivered a very strong performance. The results reflect the
successful implementation of the group`s growth strategy and key strategic
priorities, which has translated into increased profitability, cash flow and
continued shareholder value creation.
`Our advertising businesses had a credible first half, with excellent
performances from the broadcasting and internet, cinema and print, and sports
divisions. These results were further boosted by the inclusion of KFM for three
months. A very strong performance from Home Entertainment and operational
excellence at Ster-Kinekor Theatres enabled Filmed Entertainment to deliver good
operating results, despite a decline in attendances.
`Going forward we are committed to increasing shareholder value demonstrably. We
have the right strategies in place, an innovative culture, excellent people and
a positive economic environment to make this a reality.`
Ends
Enquiries:
Brunswick 011 268 5750
Rob Pinker 083 326 7794
Di Munro 083 326 5958
Gareth Sharp 083 287 3180
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