Primedia Limited Annual Report 2006 Annual Report 2006

Five Year Review

    Restated        
  2006 2005 2004 2003 2002  
for the year ended R’000 R’000 R’000 R’000 R’000  
GROUP INCOME STATEMENTS            
Revenue 2 387 210 1 937 769 1 752 387 1 773 430 1 684 310  
Operating profit before depreciation (EBITDA) 531 449 415 039 324 700 277 327 224 870  
Depreciation and amortisation of software (70 412) (61 839) (59 662) (78 796) (75 839)  
PBIT 461 037 353 200 265 038 198 531 149 031  
Amortisation of intangibles other than software (4 045) (13) (8 620) (4 393) (5 316)  
Share option expense (7 570) (3 906) – – –  
Unrealised foreign exchange (losses)/gains (5 200) 117 1 030 (9 978) 1 081  
Exceptional items (87 863) 16 368 23 308 (13 357) (343 567)  
Operating profit/(loss) 356 359 365 766 280 756 170 803 (198 771)  
Net finance costs (47 523) (47 334) (16 462) (14 659) (21 237)  
Debenture interest paid to shareholders – – – – (35 730)  
Profit/(loss) after interest 308 836 318 432 264 294 156 144 (255 738)  
Share of associate company profits/(losses) – 457 (331) (46 464) (83 434)  
Profit/(loss) before tax 308 836 318 889 263 963 109 680 (339 172)  
Taxation (102 055) (87 377) (64 032) (63 889) (26 034)  
Profit/(loss) for the year from continuing operations 206 781 231 512 199 931 45 791 (365 206)  
Profit for the year from discontinued operations 204 148 – – –  
Profit/(loss) for the year 206 985 231 660 199 931 45 791 (365 206)  
Attributable to:            
Ordinary shareholders 182 177 214 320 175 528 21 204 (363 053)  
Preference shareholders 1 629 – – – –  
Minority interest 23 179 17 340 24 403 24 587 (2 153)  
GROUP BALANCE SHEETS            
Property, plant and equipment 315 724 306 085 248 919 284 381 298 056  
Intangible assets 653 326 441 633 115 787 6 161 20 745  
Investment in associate companies 5 732 10 940 8 062 24 217 149 527  
Other investments 6 629 14 603 5 524 12 122 3 231  
Deferred tax asset 116 944 124 025 173 262 179 736 363 842  
Current assets 518 345 457 556 372 901 394 302 385 226  
Bank balances and cash 60 740 4 368 65 997 30 712 88 505  
Total assets 1 677 440 1 359 210 990 452 931 631 1 309 132  
Total shareholders' funds 575 204 411 442 317 159 302 693 420 801  
Minority interest 9 637 30 780 16 238 20 245 127 637  
Long-term borrowings 138 961 241 276 78 959 87 862 67 059  
Long-term provisions 20 099 22 699 24 928 76 477 100 036  
Deferred tax liability 77 689 65 580 272 – –  
Current liabilities 508 904 467 504 419 217 395 456 372 927  
Amounts owed to vendors 113 322 7 704 129 132 1 000 17 037  
Current portion of interest bearing debt 108 848 101 446 4 547 4 538 19 343  
Bank overdraft 124 776 10 779 – 43 360 184 292  
Total equity and liabilities 1 677 440 1 359 210 990 452 931 631 1 309 132  
GROUP CASH FLOW STATEMENTS            
Cash generated from operations 480 373 389 850 353 629 195 386 226 537  
Net finance costs paid (43 422) (30 845) (14 550) (13 092) (21 237)  
Dividends paid to minorities (94) – (1 916) (863) –  
Tax (paid)/refund (73 765) (69 365) (63 805) 11 014 (17 847)  
Net cash flow from operating activities 363 092 289 640 273 358 192 445 187 453  
Net investments (118 626) (398 181) (27 335) (15 029) (120 816)  
Net capital expenditure (70 775) (86 604) (43 227) (44 753) (53 992)  
Net cash flow utilised in investing activities (189 401) (484 785) (70 562) (59 782) (174 808)  
Distributions and debenture interest paid to            
   shareholders (166 878) (103 289) (63 729) (28 336) (71 474)  
Net proceeds from issue of shares 138 762 29 060 – (34) 50 372  
Net share buybacks (105 724) (29 106) (7 540) (20 148) (9 129)  
Long-term and vendor borrowings (repaid)/raised (99 866) 225 008 (52 595) (2 970) (1 726)  
Net cash (out)/in flow from financing activities (233 706) 121 673 (123 864) (51 488) (31 957)  
Net cash (out)/in flow (60 015) (73 472) 78 932 81 175 (19 312)  
JSE STATISTICS            
Traded price – Ordinary shares (cents)            
– close 1 630 1 150 940 440 440  
– high 1 920 1 235 950 580 480  
– low 1 150 855 400 390 300  
Traded price – N ordinary shares (cents)            
– close 1 530 1 180 865 400 374  
– high 1 875 1 200 1 000 460 460  
– low 1 110 830 400 320 300  
Traded price – Preference shares (cents)            
– close 10 280 – – – –  
– high 10 500 – – – –  
– low 10 100 – – – –  
Number of ordinary shares in issue (net of treasury            
   shares) ('000) 225 975 221 747 216 764 216 364 220 763  
Weighted average number of shares (’000) 225 891 223 032 216 520 218 229 212 446  
Market capitalisation (R’000) 3 826 692 2 682 183 1 975 609 916 269 877 223  
KEY SHAREHOLDER RATIOS            
Headline earnings (R'000) 173 376 211 404 147 375 50 126 (103 103)  
Adjusted headline earnings per share (cents) 125 95 68 23 (49)  
Distributions paid to ordinary shareholders (cents) 85 56 40 26 34  
Distributions paid to preference shareholders (cents) 317 – – – –  
Earnings yield* (%) 7,6 8,0 8,9 2,3 (41,4)  
PE ratio* (times) 13,1 12,5 11,3 43,2 (2,4)  
PROFITABILITY RATIOS            
Return on assets (%) 35,8 36,4 35,6 26,1 17,5  
Return on shareholders' equity (%)            
– Attributable earnings* 59,2 58,8 56,6 5,9 (70,1)  
– Headline earnings* 57,1 58,0 47,6 13,9 (19,9)  
Return on capital employed* (%) 58,9 63,3 70,6 37,9 (33,2)  
Operating margin (%) 19,3 18,2 15,1 11,2 8,8  
SOLVENCY AND LIQUIDITY RATIOS            
Interest cover (times) 9,4 8,9 16,1 13,5 2,6  
Current ratio 0,7 0,8 0,8 1,0 0,8  
Net debt to EBITDA ratio (times) 0,8 0,8 0,1 0,4 0,8

The previously reported results for 2005 have been restated in accordance with the changes disclosed in note 35.

* Excluding BEE cost

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