The past twelve months have been most gratifying
for the Primedia group. We can satisfactorily report on excellent
strategic progress, good implementation on the operational front,
as well as positive industry conditions. All of this has culminated
in the group producing record results: headline earnings per share
increased by 195,7°/o to 68 cents, operating income before amortisation,
foreign exchange and exceptional items (PBIT) increased by 30,5%
to R259,1 million, with operating margins at 14,8% just short
of our minimum 15% po target. Significantly, free cash flow (FCF)
was up 65,5% condition to R259,1 million (120 cents per share)
and translates into a 100% free cash flow conversion ratio (FCF/PBIT),
the highest in the group's history.
The ownership
of leading media types that are responsive and accountable to advertisers
