eMEDIA HOLDINGS LIMITED - Reviewed Consolidated Condensed Annual Results For The Year Ended 31 March 2018

Release Date: 23/05/2018 11:45
Code(s): EMN EMH
 
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Reviewed Consolidated Condensed Annual Results  
For The Year Ended 31 March 2018

eMEDIA HOLDINGS LIMITED
The company's shares are under the Media Sector of the JSE.
COMPANY REGISTRATION NUMBER
1968/011249/06 (Incorporated in the Republic of South Africa)
JSE SHARE CODES:
Ordinary Shares: EMH IZIN: ZAE000208898
N Ordinary Shares: EMN IZIN: ZAE000209524
("eMedia Holdings" or "the Group")


REVIEWED CONSOLIDATED CONDENSED ANNUAL RESULTS 
FOR THE YEAR ENDED 31 MARCH 2018



REVIEWED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

                                                   Reviewed      Audited

                                                   31 March     31 March

                                                       2018         2017

                                                     R000's       R000's

ASSETS

Non-current assets                                5 726 730    7 622 858 

Property, plant and equipment                       784 492      941 584 

   Plant and equipment                              188 095      323 028 

   Owner occupied property                          596 397      618 556 

Intangible assets                                 2 537 697    2 596 701 

Goodwill                                          2 153 800    3 778 264 

Equity-accounted investees                          143 495      203 038 

Long-term receivables                                14 398       16 457 

Deferred tax assets                                  92 848       86 814 

Current assets                                    1 368 035    1 529 469 

Inventories                                           9 714       20 946 

Programming rights                                  870 674      866 244 

Trade and other receivables                         384 408      439 962 

Current tax assets                                   16 950       16 113 

Cash and cash equivalents                            86 289      186 204 

Assets of disposal groups                           262 792       53 618 

Total assets                                      7 357 557    9 205 945 



EQUITY AND LIABILITIES    

Total equity                                      5 558 961    7 181 685 

Stated capital                                    6 762 797    6 762 797 

Treasury shares                                     (10 870)      (7 221)

Reserves                                         (2 189 959)    (600 432)

Equity attributable to owners of the Company      4 561 968    6 155 144 

Non-controlling interest                            996 993    1 026 541 

Non-current liabilities                             684 252      877 871 

Deferred tax liabilities                            533 342      540 747 

Borrowings                                          150 910      332 627 

Operating lease accruals                                  -        4 497 

Current liabilities                               1 009 169    1 144 768 

Current tax liabilities                              11 512        6 664 

Current portion of borrowings                       409 452      342 537 

Trade and other payables                            587 176      793 757 

Bank overdraft                                        1 029        1 810 

Liabilities of disposal groups                      105 175        1 621 

Total liabilities                                 1 798 596    2 024 260 

Total equity and liabilities                      7 357 557    9 205 945 

Net asset value                                   4 561 968    6 155 144 

Net asset value per share after

treasury shares (cents)                               1 027        1 384





REVIEWED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE 

INCOME

                                                    Reviewed    Restated

                                                    31 March    31 March

                                                        2018        2017*

                                                      R000's      R000's

Continuing operations  

Revenue                                            2 196 250   2 303 112

Cost of sales                                     (1 213 056) (1 096 441)

Gross profit                                         983 194   1 206 671

Other income                                          14 361      17 230

Administrative and other expenses                  ( 819 396)  ( 819 025)

Earnings before interest, taxation,

depreciation and amortisation                        178 159     404 876

Depreciation, amortisation and

other impairments                                   (119 729)   (136 906)

Impairments of goodwill and investments           (1 597 041)    (25 739)

Operating (loss)/profit                           (1 538 611)    242 231

Finance income                                         8 199       9 333

Finance expenses                                     (41 437)    (57 408)

Share of profit/(loss) of equity-accounted

investees, net of taxation                             1 289      (2 241)

(Loss)/profit before taxation                     (1 570 560)    191 915

Taxation                                             (28 866)    (79 652)

(Loss)/profit for the year from

continuing operations                             (1 599 426)    112 263

Discontinued operations

(Loss)/profit for the period from 

discontinued operations, net of taxation             (13 494)     48 351

(Loss)/profit for the period                      (1 612 920)    160 614

Other comprehensive loss, net of related taxation  

Items that are or may be reclassified to profit or loss  

Foreign operations - foreign currency 

translation differences                               (6 735)     (2 198)

Reclassification of foreign currency 

differences on disposal                                 (723)    (65 049)

Other comprehensive loss, net of taxation             (7 458)    (67 247)

Total comprehensive (loss)/

income for the period                             (1 620 378)     93 367

(Loss)/profit attributable to:  

Owners of the Company                             (1 578 773)    104 760

Non-controlling interest                             (34 147)     55 854

                                                  (1 612 920)    160 614

Total comprehensive (loss)/income attributable to:  

Owners of the Company                             (1 583 821)     59 242

Non-controlling interest                             (36 557)     34 125

                                                  (1 620 378)     93 367



*Prior year restated for discontinued operations





REVIEWED CONSOLIDATED STATEMENT OF CASH FLOWS

                                                    Reviewed    Restated

                                                    31 March    31 March

                                                        2018        2017*

                                                      R000's      R000's

Cash from operating activitie

Cash flows from operating activities                 109 286     444 427

Net finance costs                                    (38 777)    (49 004)

Taxes paid                                           (49 543)   (126 327)

Net cash inflow from operating activities             20 966     269 096

Cash used in investing activities  

Acquisition of property, plant and equipment         (56 962)    (78 103)

Acquisition of plant and equipment                   (54 449)    (69 922)

Acquisition of owner-occupied properties              (2 513)     (8 181)

Proceeds from sale of property, plant and equipment   27 670       7 393

Book value of assets disposed                          2 298       4 472

Surplus on disposal                                   25 372       2 921

Movement in financial assets                           2 153       2 271

Acquisition of subsidiary, net of cash acquired            -      (3 749)

Net cash flows of discontinued operations             16 928      36 928

Additions to intangible assets                       (22 376)    (10 073)

Loans advanced to equity accounting investees         (9 964)     (6 900)

Dividends received from equity accounting investees        -       1 375

Net cash used in investing activities                (42 551)    (50 858)

Cash from (used in) financing activities

Repayment of borrowings                             (188 424)   (170 875)

Settlement of forward exchange contracts             (11 743)          -

Borrowings raised                                    150 188       2 877

Share buy back                                        (3 649)     (7 221)

Proceeds from disposal of shares

to non-controlling interest                            2 570           -

Dividends paid to non controlling interest              (345)     (5 252)

Net cash from (used in) financing activities         (51 403)   (180 471)

Net change in cash and cash equivalents              (72 988)     37 767

Cash and cash equivalents at

beginning of the year                                192 510     159 528

Effect of movements in exchange

rates on cash held                                    (2 866)     (4 785)

Cash and cash equivalents at end of the year         116 656     192 510

Cash and cash equivalents comprise the following:

Cash and cash equivalents                            117 685     194 320

Bank balances                                         86 289     186 204

Cash in disposal group assets held for sale           31 396       8 116

Bank overdrafts                                       (1 029)     (1 810)

                                                     116 656     192 510



*Prior year restated for discontinued operations



REVIEWED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

                                 Stated  Treasury      Other    Retained

                                Capital    Shares   Reserves      Income

                                  R'000     R'000      R'000       R'000

    

Balance 31 March 2016         6 762 797         -     38 030    (697 704)

Profit                                -         -          -     104 760

Foreign currency

translation reserve                   -         -    (45 518)          -

Share buy-back                        -    (7 221)         -           -

Disposal of share interest            -         -          -           -

Dividends paid                        -         -          -           -

Balance 31 March 2017         6 762 797    (7 221)    (7 488)   (592 944)

Loss                                  -         -          -  (1 578 773)

Other comprehensive income

- FCTR                                -        -      (5 049)          -

Share buy-back                        -    (3 649)         -           -

Change in ownership                   -         -          -      (5 705)

Disposal of share interest            -         -          -           -

Dividends paid                        -         -          -           -

Balance 31 March 2018         6 762 797   (10 870)   (12 537) (2 177 422)



                                                      Non-              

                                     Equity    controlling         Total

                                     Owners       Interest        Equity

                                      R'000          R'000         R'000

Balance 31 March 2016             6 103 123        988 219     7 091 342

Profit                              104 760         55 854       160 614

Foreign currency 

translation reserve                 (45 518)       (21 729)      (67 247)

Share buy-back                       (7 221)             -        (7 221)

Disposal of share interest                -          9 449         9 449

Dividends paid                            -         (5 252)       (5 252)

Balance 31 March 2017             6 155 144      1 026 541     7 181 685 

Loss                             (1 578 773)       (34 147)   (1 612 920)

Other comprehensive 

income - FCTR                        (5 049)        (2 409)       (7 458)

Share buy-back                       (3 649)             -        (3 649)

Change in ownership                  (5 705)         5 705             -

Disposal of share interest                -          1 648         1 648

Dividends paid                            -           (345)         (345)

Balance 31 March 2018             4 561 968        996 993     5 558 961





HEADLINE EARNINGS  

                                                    Reviewed    Restated

                                                       Gross         Net

                                                      R000's      R000's

For the year ended 31 March 2018  

Loss attributable to equity owners of the parent              (1 578 773)

IAS 16 gains on disposal of plant and equipment       (2 754)     (1 342)

IAS 16 impairment of plant and equipment                 159          77

IAS 21 foreign currency translation 

reserve reclassified to profit or loss                  (723)       (489)

IAS 28 impairment of associates

and joint ventures                                    64 359      43 563

IAS 38 impairment of intangible assets                 8 307       4 048

IFRS 3 impairment of goodwill                      1 532 682   1 522 677

IFRS 10 gain on the loss of 

control of a subsidiary                               (4 750)     (2 238)

Headline earnings                                                (12 477)



For the year ended 31 March 2017*

Earnings attributable to equity owners of the parent             104 760

IAS 16 gains on disposal of plant and equipment       (2 995)     (2 156)

IAS 21 foreign currency translation 

reserve reclassified to profit or loss               (44 030)    (44 030)

IAS 36 impairment of other assets                     15 674      15 674

IAS 38 impairment of intangible assets                 5 002       3 602

IFRS 10 loss on the loss of control 

of a subsidiary                                       20 189      20 189

Headline earnings                                                 98 039



* Prior year restated for discontinued operations


STATISTICS PER SHARE  

                                                    Reviewed    Restated*

                                                    31 March    31 March

                                                        2018        2017

Basic earnings (R'000)

(Loss)/earnings                                   (1 578 773)    104 760

Continuing operations                             (1 568 878)     64 601

Discontinued operations                               (9 895)     40 159

Headline (loss)/earnings                             (12 477)     98 039

Continuing operations                                    139      81 721

Discontinued operations                              (12 616)     16 318

Basic earnings per share (cents)

(Loss)/earnings                                      (355,20)      23,53

Continuing operations                                (352,97)      14,51

Discontinued operations                                (2,23)       9,02

Headline earnings per share (cents)  

(Loss)/earnings                                        (2,81)      22,01

Continuing operations                                   0,03       18,35

Discontinued operations                                (2,84)       3,66



Weighted average number of shares

in issue - 31 March ('000)                           444 481     445 359

Issued shares as at 1 April ('000)                   444 597     445 737

Effect of own shares held ('000)                        (116)       (378)

  

Net number of shares in issue - 31 March ('000)      444 152     444 597

Number of shares in issue - 31 March ('000)          445 737     445 737

Number of treasury shares 

in issue - 31 March ('000)                            (1 585)     (1 140)



* Prior year restated for discontinued operations





NOTES TO THE REVIEWED CONSOLIDATED CONDENSED RESULTS



BASIS OF PREPARATION AND ACCOUNTING POLICIES

The results for the year ended 31 March 2018 have been prepared in 

accordance with International Financial Reporting Standards ("IFRS"), 

the disclosure requirements of IAS 34, the SAICA Financial Reporting 

Guides as issued by the Accounting Practices Committee, the requirements 

of the South African Companies Act, 2008, and the Listing Requirements 

of the JSE Limited. The accounting policies applied by the group in the 

preparation of these reviewed condensed consolidated financial information 

are consistent with those applied by the group in its consolidated 

financial statements as at, and for, the year ended 31 March 2018. 

There was no material impact on the financial results identified based on

management's assessment of the new standards adopted. As required by the

JSE Limited Listings Requirements, the group reports headline earnings 

in accordance with Circular 2/2015: Headline Earnings as issued by the

South African Institute of Chartered Accountants. These financial 

statements were prepared under the supervision of the financial director,

AS Lee (CA)SA.



DISCONTINUED OPERATIONS

During the current year ended 31 March 2018 a decision was made to 

dispose of the Silverline Three Sixty Proprietary Limited Group, 

the results of the operations was reclassified to discontinued operations 

in the statement of comprehensive income and in assets and liabilities 

to disposal groups held for sale in the statement of financial position. 



Operations reported as disposal group assets/liabilities held for sale 

at 31 March 2017 that includes Lalela Music SA Proprietary Limited 

(a 75% subsidiary), Lalela Music LLC (an 85% subsidiary of 

Longkloof Limited Group), e.Botswana Proprietary Limited (a 49% subsidiary) 

and e.tv Botswana Proprietary Limited (an 80% subsidiary) have been 

finalized effective 30 June 2017 for the Lalela entities and 

30 September 2017 for the Botswana entities.



The commercial building at 73 Richfond Circle, Ridgeside, Umhlanga, 

KwaZulu-Natal owned by Sabido Properties Proprietary Limited was sold

for R25 million on 20 December 2017.



                                                    Reviewed    Restated*

                                                    31 March    31 March

                                                        2018        2017

                                                       R'000       R'000

Revenue

Longkloof Limited Group                                    -       3 304

e.Botswana Proprietary Limited and e.tv

Botswana Proprietary Limited                           1 557       4 409

TVPC Media Proprietary Limited                             -         749

Shibula Lodge and Spa Proprietary Limited                  -         363

Lalela Music Proprietary Limited and Lalela
Music LLC                                                  -      13 082

Silverline Three Sixty Proprietary Limited           244 779     279 621

Total revenue                                        246 336     301 528



(Loss)/profit from discontinued operations

Longkloof Limited Group                                    -      33 652 

e.Botswana Proprietary Limited and 

e.tv Botswana Proprietary Limited                     (8 060)        (12)

TVPC Media Proprietary Limited                             -        (952)

Shibula Lodge and Spa Proprietary Limited                  -      (3 124)

Lalela Music Proprietary Limited and 

Lalela Music LLC                                       5 394       2 997

Silverline Three Sixty Proprietary Limited           (10 828)     15 790 

Total (loss)/profit                                  (13 494)     48 351





* Prior year restated for discontinued operations



Disposal group held for sale as disclosed in the statement of financial 

position consists of the following:



                           Property,   Intangible      Other       Total

                               plant       assets     assets      assets

                           equipment          and                       

                                         Goodwill                       

                               R'000        R'000      R'000       R'000

Assets

31 March 2018, Reviewed

Silverline Three

Sixty Proprietary Limited     85 643       91 782     85 367     262 792



31 March 2017, Audited

Longkloof Limited Group            -            -      5 590       5 590

e.Botswana Proprietary 

Limited and e.tv Botswana 

Proprietary Limited            2 801            -      2 813       5 614

Lalela Music Proprietary 

Limited and Lalela Music LLC     295       12 001      7 133      19 429

Sabido Properties 

Proprietary Limited           22 985            -          -      22 985

Total assets                  26 081       12 001     15 536      53 618



                                  Financial          Other         Total

                                liabilities    liabilities   liabilities

                                      R'000          R'000         R'000

31 March 2018, Reviewed    

Silverline Three Sixty

Proprietary Limited                  57 378         47 797       105 175





                                                                 Audited

                                                                31 March

                                                                    2017

                                                                  R000's

Liabilities

e.Botswana and e.tv Botswana                                         174

Lalela Music SA and Lalela Music LLC                               1 447

Total liabilities                                                  1 621



CHANGES IN COMPARATIVES

The results of discontinued operations have been separately disclosed on

the face of the statement of comprehensive income.



RELATED PARTY TRANSACTIONS

During the year, in the ordinary course of business, certain companies

within the group entered into transactions with one another. These 

intra-group transactions have been eliminated on consolidation. 

Transactions with Hosken Consolidated Investments Limited ("HCI") 

(ultimate holding company), entities in which HCI has an interest, 

Remgro Limited ("Remgro") (shareholder in eMedia Investments 

Proprietary Limited), and Venfin Media Investments Proprietary Limited 

("Venfin") (a wholly-owned subsidiary of Remgro) are included in the 

following table:



                                                    Reviewed    Restated

                                                    31 March    31 March

                                                        2018        2017

                                                      (R'000)     (R'000)

Income / (expense) transaction 

values with related parties

HCI - management fees paid                           (16 759)    (15 810)

HCI - internal audit service fee                           -        (136)

Venfin - management fees paid                         (1 888)     (1 781)

Interest income - interest bearing

loans to employees                                       107         128

Interest income - unwinding of employee 

loans at 0% interest                                   1 041       1 249



Balances owing (to) / by related parties    



HCI - working capital loan                            (8 602)     (8 602)

HCI Managerial Services Proprietary Limited           (1 700)     (1 555)

Venfin - loan relating to the  acquisition

of Longkloof Limited                                (156 605)   (156 605)

Cape Town Film Studios - associate loan              111 459     101 858

Dreamworld Management Company - associate loan        12 029      11 666 

Employees of the Group - loans relating to

company shares held by employees                      11 763      14 593



AUDITOR'S REVIEW

These condensed consolidated financial information for the year ended 

31 March 2018 have been reviewed by Grant Thornton Johannesburg Partnership,

who expressed an unmodified review conclusion. The Auditor's Report does

not necessarily report on all of the information contained in this 

announcement of the financial results. Shareholders are therefore advised

that in order to obtain a full understanding of the engagement they 

should obtain a copy of the Auditor's Report together with the accompanying 

financial information from the issuer's registered office and website. 

A copy of the Auditor's Review report is available for inspection at the

company's registered office together with the financial information identified

in the Auditor's Report.



CHANGES IN DIRECTORATE AND COMPANY SECRETARIAL 

Chief executive officer, A van der Veen, was appointed to the board on

14 November 2017.



Ms Junadi van der Merwe resigned as company secretary and 


HCI Managerial Services (Pty) Ltd has been appointed with effect 
from

31 March 2018.



DIVIDEND TO SHAREHOLDERS

The directors have resolved not to declare a dividend for the year ended 

31 March 2018 (2017: Nil). 



Signed for and on behalf of the board on 23 May 2018.



A van der Veen              AS Lee

Chief Executive Officer     Financial Director



COMMENTARY

The Group ended the period with a loss for the year from continued 

operations of R1 599 million compared to a profit in the prior year of 

R112 million. Included in the loss for the current year is the impairment

of goodwill of R1 501 million relating to the goodwill recognised upon the

acquisition of eMedia Investments Proprietary Limited. Also included in 

the loss is the impairment of goodwill of subsidiary Coleske Artists of 

R31 million and an impairment of the investment in an associate company 

Da Vinci Media, of R64 million. EBITDA for the Group ended on R178 million 

compared to R405 million in the prior year, a 56% decrease year-on-year. 

Headline earnings for the Group amounted to a loss of R12.5 million 

compared to a profit of R98 million in the prior year.



The only asset of the Group is a 67.69% interest in eMedia Investments,

the company that owns e.tv, eNCA and Openview.



Tough trading conditions continued for the free-to-air broadcasting 

industry with advertising revenue remaining flat. Despite this, the Group

showed an increase of 5% in advertising revenue from R1 505 million to 

R1 573 million. The results were also impacted by the new Multichoice 

agreement with eMedia Investments. In this regard, license fee revenue 

was cut substantially in the current year. In addition, the Group 

continued to invest in the Openview platform which remains loss making.



e.tv's share of broadcast audience remains under pressure, mostly due 

to the popularity of local dramas commissioned by the SABC. The group 

has implemented various schedule changes, including the launch of an 

additional local drama in April 2018. While the SABC commissions a 

substantial amount of local programming, at much higher cost than 

equivalent international content, our ability to commission additional

local drama is limited by our production budget and profitability. 

Our schedule will remain under pressure while the SABC continues to

 operate under a subsidized regime, however we are confident that our 

current schedule should arrest any significant decline.



The reduction in the movie slots, and a detailed analysis of the movie

inventory, necessitated a once-off write-down of the movie inventory

of R68.8 million. This is included in programming costs and other cost

of sales which has shown an 11% increase year-on-year. A new revenue and

content acquisition system was implemented to ensure better content

acquisition in future.



Openview (inclusive of the e.tv multi-channel business) earned advertising

revenue of R60 million and incurred content costs of R173 million.

Operating costs, including retail subsidies of R74 million amounted to

R255 million. The net operating loss of Openview amounted to

R366.6 million (R394.5 million in 2017). Openview set-top box activations

continue to grow at an average of 35 000 per month. At the end of the period,

a total of 1 149 217 (778 493 in 2017) boxes have been activated and a 

total of R74 million (R99 million in 2017) has been spent on retail subsidies.

The SES-5 satellite contract was terminated in December; settlement 

and usage costs of R100 million were paid in this financial year of which

R55.4 million was expensed in this financial year and will not be recurring.

The group will increase its content investment in the Openview platform

during 2019 and recently announced that it will launch a news channel

on Openview during the last quarter of 2018. In addition an Afrikaans

block of programming, including news and current affairs, will also be

launched during this time. While these programmes and channels will be

loss making in the beginning, they are part of the content that is required

to promote set-top box uptake and viewership. Openview currently attracts

about 3,5% of the television audience in South Africa and breakeven is

estimated to be in the region of 6%. 



eNCA continues to be the most watched 24-hour news channel in the country

with over 50% of the market share. As mentioned, the amount received from

Multichoice has reduced from this year, however costs are being well

controlled in this entity.



Certain of the Group's other subsidiaries have performed satisfactorily

for the year. These include Sasani Africa and Strika Entertainment, while

other assets have underperformed but shown improvement towards the latter

part of the financial year. Management continues to review non-core and

peripheral business and will exit these businesses when opportunities present

themselves.



The television market is facing numerous technology and viewership challenges which will require the Group to continually assess its strategic alternatives.

Our investment in Openview provides the group with strategic flexibility and

is part of our plan to address the challenges of the impending digital

migration transition. We continue to engage government on their DTT and DTH

plans and we are pleased that the new minister of communications has

adopted an open mind and pragmatic approach to the conversion to digital

broadcasting. We are optimistic that the department, under her leadership,

will manage this transition effectively and choose plans that will enable

the transition to happen as expeditiously as possible while limiting the

cost thereof to the fiscus and industry participants.





CORPORATE INFORMATION
eMedia Holdings Limited
The company's shares are under the Media Sector of the JSE.
COMPANY REGISTRATION NUMBER
1968/011249/06 (Incorporated in the Republic of South Africa)
JSE SHARE CODES:
Ordinary Shares: EMH IZIN: ZAE000208898 
N Ordinary Shares: EMN IZIN: ZAE000209524 


REGISTERED OFFICE
5 Summit Road, Dunkeld West, Hyde Park, Johannesburg, 2196 
Private Bag X9944, Sandton 2146


DIRECTORS: 

J A Copelyn* (Chairman), A van der Veen (Chief Executive Officer) 
A S Lee (Financial Director), T G Govender*, V E Mphande*^, L Govender*^ 
R D Watson*^ (*Non-executive ^Independent)


COMPANY SECRETARY
HCI Managerial Services Proprietary Limited


AUDITORS
Grant Thornton Johannesburg Partnership
Practice Number 903485


@Grant Thornton
Wanderers Office Park, 52 Corlett Drive, Illovo, 2196
Private Bag x10046, Sandton, 2146


BANKERS
Standard Bank of South Africa


SPONSOR
Investec Bank Limited


100 Grayston Drive
Sandton, Sandown, 2196


TRANSFER SECRETARIES
Computershare Investor Services Proprietary Limited 
Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196
PO Box 61051 Marshalltown, 2107 


WEBSITE 
http://www.emediaholdings.co.za


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