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PMA PMN
PMA
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
("Primedia" or "the Company")
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.
Further to the business update issued by the group on 25 November
2005, Primedia has continued to perform very well, with turnover
increasing by 27% for the six months ended 31 December 2005, due
to good organic and acquisitive growth.
The group"s headline earnings per share (HEPS) and earnings per
share for the six months ended 31 December 2005 are expected to
increase by 45% to 50% relative to the comparable period. HEPS
excludes the non-cash, once off share-related charge in terms of
IFRS 2 amounting to 49 cents (2004: nil) and relating to the
significantly increased black economic empowerment (BEE) interest
in Primedia by Mineworkers Investment Company (Proprietary)
Limited, concluded in November 2005. This has resulted in the
material enhancement of Primedia"s empowerment credentials. HEPS
for the six months is also after an IFRS 2 charge relating to
share options of 2 cents (2004:1 cent) and an unrealized foreign
exchange loss of 3 cents (2004: 1 cent). Primedia"s HEPS and
earnings per share for the six months ended 31 December 2005 after
the once-off BEE cost is expected to decline by between 62% to
67%. Primedia"s interim distribution to shareholders for the six
months ended 31 December 2005 will be based on HEPS excluding the
non-cash effects of the BEE transaction, share option costs and
unrealised foreign exchange losses. The distribution cover will be
in line with the 1,7 to 2 times cover adopted in the previous
fiscal.
The financial information on which this trading statement is based
has not been reviewed or reported on by the Company"s auditors.
The group"s interim results will be released on or about 27
February 2006
Johannesburg
13 February 2006
Sponsor:
Investec Bank Limited
Date: 13/02/2006 02:17:27 PM Produced by the JSE SENS Department
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