| | Share | Non-distri- | Accu- | |
| | capital and | butable | mulated | |
| | premium | reserves | loss | Total |
| | Note | R'000 | R'000 | R'000 | R'000 |
| GROUP | | | | | |
| Balance at 1 July 2003 as previously reported | | 411 738 | 391 989 | (501 035) | 302 692 |
| Restatement – operating leases | 32 | | | (17 343) | (17 343) |
| Balance at 1 July 2003 as restated | | 411 738 | 391 989 | (518 378) | 285 349 |
| Shares held in The Primedia Trust | | 1 664 | – | – | 1 664 |
| Distribution to shareholders | | (64 290) | – | – | (64 290) |
| Distribution received by The Primedia Trust | | 2 247 | – | – | 2 247 |
| Minority share of intangibles previously written-off | | | | | |
| against share premium now written back | | – | (32 383) | – | (32 383) |
| Decrease in tax value of trademarks previously | | | | | |
| written-off against share premium | | – | 1 138 | – | 1 138 |
| Disposal of subsidiary | | – | (5 946) | – | (5 946) |
| Translation reserve movement | | – | (29 247) | – | (29 247) |
| Movement in treasury shares | | 3 | (21 281) | 4 377 | (16 901) |
| Transfer to NDR | | – | 849 | (849) | – |
| Net profit for the year | | – | – | 175 528 | 175 528 |
| Balance at 30 June 2004 | | 351 362 | 305 119 | (339 322) | 317 159 |
| Shares issued during the year | | 29 133 | – | – | 29 133 |
| Share issue expenses | | (73) | – | – | (73) |
| Distribution to shareholders | | (105 851) | – | – | (105 851) |
| Distribution received by The Primedia Trust | | 2 562 | – | – | 2 562 |
| Minority share of intangibles previously written-off | | | | | |
| against share premium now written back | | – | (23 734) | – | (23 734) |
| Increase in tax value of trademarks previously | | | | | |
| written-off against share premium | | – | (2 756) | – | (2 756) |
| Translation reserve movement | | – | 1 401 | – | 1 401 |
| Movement in treasury shares | | (2 416) | (19 225) | (7 465) | (29 106) |
| Net profit for the year | | – | – | 215 572 | 215 572 |
| Negative goodwill released | | – | – | 2 892 | 2 892 |
| Balance at 30 June 2005 | | 274 717 | 260 805 | (128 323) | 407 199 |
| COMPANY | | | | | |
| Balance at 1 July 2003 as previously reported | | 433 200 | 47 536 | (92 154) | 388 582 |
| Restatement – operating leases | 32 | | | (932) | (932) |
| Balance at 1 July 2003 as restated | | 433 200 | 47 536 | (93 086) | 387 650 |
| Distribution to shareholders | | (64 290) | – | – | (64 290) |
| Write–up of investments and loans to subsidiaries | | | | | |
| previously written-off against share premium | | – | 42 112 | – | 42 112 |
| Net profit for the year | | – | – | 67 444 | 67 444 |
| Balance at 30 June 2004 | | 368 910 | 89 648 | (25 642) | 432 916 |
| Shares issued during the year | | 29 133 | – | – | 29 133 |
| Share issue expenses | | (73) | – | – | (73) |
| Distribution to shareholders | | (105 851) | – | – | (105 851) |
| Write-up of investments and loans to subsidiaries | | | | | |
| previously written-off against share premium | | – | 140 925 | – | 140 925 |
| Net profit for the year | | – | – | 26 817 | 26 817 |
| Balance at 30 June 2005 | | 292 119 | 230 573 | 1 175 | 523 867 |
