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PMA PMAP 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
Share code: PMAP & ISIN: ZAE000080529
("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.
Primedia"s adjusted headline earnings per share ("HEPS" adjusted as
detailed below) and adjusted earnings per share for the year ended 30 June
2006 are expected to increase by between 30% and 35% relative to the prior
year. This is due to very satisfactory trading by both the advertising and
content divisions. Moreover, the content division significantly improved
its performance in the second half relative to the first half, due to the
vastly improved performance of Ster-Kinekor Theatres, which is now
benefiting from its strategy of lowering cinema ticket prices and following
the resolution of its product supply problems.
Adjusted earnings exclude the non-cash, once off share-related charge in
terms of IFRS 2 amounting to 48 cents (2005: nil) relating to the
Company"s facilitation of a significant increase in Mineworkers Investment
Company (Proprietary) Limited"s interest in Primedia in November 2005.
This has resulted in the material enhancement of Primedia"s black economic
empowerment credentials.
Adjusted HEPS for the year also excludes an IFRS 2 charge relating to
share options of 3 cents (2005:2 cents) and an unrealised foreign
exchange loss of 2 cents (2005: Nil)
Primedia"s HEPS and earnings per share for the twelve months ended 30 June
2006 after the once-off BEE cost are expected to decline by between 16% to
20%.
In line with the policy announced in the interim results, Primedia"s full
year distribution to shareholders for the year ended 30 June 2006 will be
based on adjusted HEPS excluding the non-cash effects of the BEE
transaction, share option costs and unrealised foreign exchange losses.
The financial information on which this trading statement is based has not
yet been reported upon by the Company"s auditors. The group"s results will
be released on or about 6 September 2006
Sandton
22 August 2006
Sponsor
Investec Bank Limited
Date: 22/08/2006 12:08:03 PM Produced by the JSE SENS Department
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