Statements of Changes in Shareholders' Equity
for the year ended 30 June 2006

Share   Accumu-           Share   Non-dis-   based   lated       capital and   tributable   payment   (loss)   Minority         premium   reserves   reserve   /profit   interest   Total     Note   R’000   R’000   R’000   R’000   R’000   R’000   GROUP                 Balance at 1 July 2004 as previously reported     351 362   305 119   –   (339 322)   –   317 159   IFRS adjustments                 – Minority interest 35   –   –   –   –   40   40   – Share option expense 35   –   –   4 128   (4 128)   –   –   – Depreciation 35   –   –   –   12 328   –   12 328   SA GAAP adjustment                 – Deferred tax 35   –   (4 021)   –   (6 718)   –   (10 739)   Balance at 1 July 2004 as restated     351 362   301 098   4 128   (337 840)   40   318 788   Net (loss)/income recognised directly in equity     (73)   (25 089)   –   2 892   21 968   (302)   Share issue expenses     (73)   –   –   –   –   (73)   Recovery of share premium previously written off   –   (23 734)   –   –   21 968   (1 766)     Increase in tax value of trademarks previously written                    off against share premium   –   (2 756)   –   –   –   (2 756)   Translation reserve movement   –   1 401   –   –   –   1 401   Negative goodwill released   –   –   –   2 892   –   2 892   Net profit recognised for year     –   –   –   214 320   17 340   231 660   Shares issued during the year     29 133   –   –   –   –   29 133   Distribution to shareholders     (105 851)   –   –   –   –   (105 851)   Distribution received by The Primedia Trust     2 562   –   –   –   –   2 562   Movement in treasury shares     (2 416)   (19 225)   –   (7 465)   –   (29 106)   Share option expense     –   –   3 906   –   –   3 906   Minority interest acquired     –   –   –   –   (8 568)   (8 568)   Balance at 30 June 2005 as restated     274 717   256 784   8 034   (128 093)   30 780   442 222   Net (loss)/income recognised directly in equity     (11 240)   (1 965)   –   –   4 449   (8 756)   Share issue expenses   (11 240)   –   –   –   –   (11 240)   Recovery of share premium previously written off   –   (4 449)   –   –   4 449   –   Increase in tax value of trademarks previously written                    off against share premium   –   555   –   –   –   555   Translation reserve movement   –   1 929   –   –   –   1 929   Net profit recognised for year     –   –   –   183 806   23 179   206 985   Shares issued during the year     150 002   –   –   –   –   150 002   Distribution to shareholders     (172 378)   –   –   –   –   (172 378)   Distribution received by The Primedia Trust     5 500   –   –   –   –   5 500   Movement in treasury shares     (35 679)   (47 789)   –   (22 259)   –   (105 727)   Share option expense     4 031   –   3 335   –   204   7 570   BEE ownership transaction     –   –   108 398   –   –   108 398   Acquisition of subsidiaries and businesses     –   –   –   –   3 755   3 755   Minority interest acquired     –   –   –   –   (51 836)   (51 836)   Dividends declared to minorities     –   –   –   –   (894)   (894)   Balance at 30 June 2006     214 953   207 030   119 767   33 454   9 637   584 841                Share   Accumu-           Share   Non-dis-   based   lated           capital and   tributable   payment   (loss)           premium   reserves   reserve   /profit   Total       R’000   R’000   R’000   R’000   R’000   COMPANY                       Balance at 1 July 2004   368 910   89 648   –   (25 642)   432 916   Net (loss)/income recognised directly in equity   (73)   140 925   4 128   –   144 980   Share issue expenses   (73)   –   –   –   (73)   Write-up of investments and loans to subsidiaries  previously written off against share premium   –   140 925   –   –   140 925   Share based compensation –   –   4 128   –   4 128   Net profit recognised for year   –   –   –   26 817   26 817   Shares issued during the year   29 133   –   –   –   29 133   Distribution to shareholders   (105 851)   –   –   –   (105 851)   Share based compensation   –   –   3 906   –   3 906   Balance at 30 June 2005   292 119   230 573   8 034   1 175   531 901   Net (loss)/income recognised directly in equity   (11 240)   63 824   –   –   52 584   Share issue expenses   (11 240)   –   –   –   (11 240)   Write-up of investments and loans to subsidiaries  previously written off against share premium   –   63 824   –   –   63 824   Net loss recognised for year   –   –   –   (108 406)   (108 406)   Shares issued during the year   150 002   –   –   –   150 002   Distribution to shareholders   (172 378)   –   –   –   (172 378)   BEE ownership transaction   –   –   108 398   –   108 398   Share based compensation   4 031   –   3 539   –   7 570   Balance at 30 June 2006   262 534   294 397   119 971   (107 231)   569 671   back to top