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AME
AME
African Media Entertainment Limited - Interim Reports for the six months
ended 30 April 2006
African Media Entertainment Limited
(Incorporated in the Republic of South Africa)
(Registration number 1926/008797/06)
Share code: AME & ISIN: ZAE000055802
("AME" or "the group")
INTERIM REPORTS for the six months ended 30 April 2006
ABRIDGED GROUP INCOME STATEMENT
for the period ended 30 April 2006
Six months ended Year ended
Unaudited Restated Audited
April % April October
2006 change 2005 2005
R"000 R"000 R"000
Revenue 46 828 19 39 341 85 916
Cost of sales (10 197) (8 323) (20 620)
Gross profit 36 631 18 31 018 65 296
Operating expenses (23 910) (20 093) (42 478)
Operating profit 12 721 16 10 925 22 818
Interest received 354 193 237
Interest paid - (545) (814)
Net profit before taxation 13 075 24 10 573 22 241
Taxation (3 755) (3 306) (6 109)
Profit for the period 9 320 28 7 267 16 132
Attributable to:
Minority interest 1 597 1 091 2 191
Equity holders of the
company 7 723 25 6 176 13 941
Earnings and headline
earnings per
share (cents) 90,4 25 72,3 163,3
Weighted average
number of shares
in issue (000`s) 8 539 8 539 8 539
STATEMENT OF CHANGES IN EQUITY
for the period ended 30 April 2006
Unaudited Restated Audited
April April October
2006 2005 2005
R"000 R"000 R"000
Issued capital
Balance at beginning of period 8 628 8 628 8 628
Consolidation of share trust (89) (89) (89)
Balance at end of period 8 539 8 539 8 539
Share premium
Balance at beginning of period 32 356 32 356 32 356
Consolidation of share trust (447) (447) (447)
Balance at end of period 31 909 31 909 31 909
Retained profit/(loss)
Balance at beginning of period (1 784) (15 725) (15 725)
Profit for the period 7 723 6 176 13 941
Balance at end of period 5 939 (9 549) (1 784)
Minorities
Balance at beginning of period 4 679 2 712 2 712
Share of dividend - (224) (224)
Share of earnings 1 597 1 091 2 191
Balance at end of period 6 276 3 579 4 679
Total equity 52 663 34 478 43 343
ABRIDGED GROUP CASH FLOW STATEMENT
for the period ended 30 April 2006
April April October
2006 2005 2005
R"000 R"000 R"000
Cash generated from operations 13 660 11 623 24 218
Net interest received/(paid) 354 (352) (577)
Taxation paid (3 269) (4 134) (9 744)
(Increase)/decrease
in working capital (1 861) 2 078 (470)
Cash available
from operations 8 884 9 215 13 427
Cash flows from
investing activities (1 846) (449) (2 901)
Cash flows from
financing activities 37 (8 588) (6 657)
Net increase in cash and
cash equivalents 7 075 178 3 869
Cash and cash equivalents at
beginning of period 2 673 (1 196) (1 196)
Cash and cash equivalents
at end of period 9 748 (1 018) 2 673
ABRIDGED GROUP BALANCE SHEET
at 30 April 2006
Unaudited Restated Audited
April April October
2006 2005 2005
R"000 R"000 R"000
Assets
Non-current assets 39 044 38 038 38 137
Property, plant and equipment 4 287 3 028 3 379
Goodwill 30 428 30 271 30 428
Deferred taxation 4 329 4 739 4 330
Current assets 30 882 17 131 22 893
Loans receivable 2 500 2 548 2 391
Trade and other receivables 18 203 11 873 17 086
Taxation paid in advance 430 - 549
Cash and cash equivalents 9 749 2 710 2 867
Total assets 69 926 55 169 61 030
Equity and liabilities
Total equity 52 663 34 478 43 343
Non-current liabilities 2 121 1 524 1 951
Non-interest bearing liabilities 315 315 335
Lease accrual 1 806 1 209 1 616
Current liabilities 15 142 19 167 15 736
Trade and other payables 14 331 12 327 15 097
Taxation payable 810 3 112 445
Bank overdraft 1 3 728 194
Total equity and liabilities 69 926 55 169 61 030
COMMENTS
Accounting policies
These reports have been prepared in accordance with the group"s accounting
policies, which comply with International Financial Reporting Standards
("IFRS"). The interim reports have been prepared in accordance with IAS34,
Interim Financial Reporting. The same accounting policies and methods of
computation as those used in the Annual Financial Statements for the year
ended 31 October 2005 have been applied.
Financial results
Sales revenue for the first six months of the year exceeded that of the
previous year by 19%, with both Algoa FM and OFM exceeding their budgets as a
result of the continued adspend flowing from a buoyant economy.
Increases in operating costs at both radio stations have been well contained
and these stations are expected to exceed their previous year"s results.
United Stations, the group"s sales agency, ended short of its budgeted profit
for the half year, but still performed satisfactorily.
Radio Heads, the group"s new operation, is still in the development stage and
consequently incurred operating losses.
The profit attributable to shareholders in the first six months amounted to
R7,7 million (2005: R6,2 million) with earnings per share of 90,4 cents
(2005: 72,3 cents) increasing by 25% over the previous year.
The group generated R8,8 million cash from its operations during the first six
months of the year, of which R1,8 million has been invested in new digital
studio equipment.
In line with the company"s policy of conserving cash resources for possible
future investments, the Board of Directors has decided not to recommend an
interim dividend.
Prospects
As sales revenue traditionally increases during the second half of the year,
the second six months" results are expected to exceed those of the first six
months.
As detailed in the cautionary announcement dated 31 May 2006, AME remains
confident that it will be successful in acquiring the 24,9% interest in Kaya
FM from NAIL.
By order of the Board
ACG Molusi
Chairman
Johannesburg
9 June 2006
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. PO Box 61051, Marshalltown, 2107
Directors
ACG Molusi (Chairman)*, Z Lacob*, MJ Prinsloo*, W Tshuma* L Thango*
*Non-executive
WWW.AME.CO.ZA
Date: 09/06/2006 04:50:24 PM Produced by the JSE SENS Department
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