To view the PDF file, sign up for a MySharenet subscription.

AFRICAN MEDIA ENTERTAINMENT LIMITED - Reviewed results for the year ended 31 March 2020

Release Date: 11/06/2020 15:38
Code(s): AME     PDF:  
Wrap Text
Reviewed results for the year ended 31 March 2020

African Media Entertainment Limited
Registration number 1926/008797/06     
JSE code: AME     
ISIN: ZAE 000055802

REVIEWED RESULTS for the year ended 31 March 2020

African Media Entertainment Limited, a broadcast company listed in the Media and Entertainment sector of
the Johannesburg Stock Exchange, with a radio footprint across central South Africa and the Eastern Cape,
released its results for the year ended 31 March 2020.

Revenue                                   flat at R262,7 million
Operating profit                          down (34)% to R46,4 million
Net profit before capital items and tax   down (35)% to R52,6 million
Profit attributable to equity holders     down (54)% to R10,3 million
Headline earnings                         down (31)% to R30 million
EPS                                       down (54)% to 130,4 cents
HEPS                                      down (30)% to 378,3 cents

Due to the tough business conditions that we are currently experiencing, no final dividend was declared for the
year ended 31 March 2020.

Group revenue from continuing operations is consistent with prior year at R 262,7 million (2019: R263,5 million)
which reflects the difficult trading conditions in the current year. Profit attributable to equity holders of the parent
declined by 54% from R22,5 million in 2019 to R10,3 million in 2020 which has resulted in a 53,6% decline in
earnings per share from 280,8 cents to 130,4 cents. This is mainly as a result of the deconsolidation of Classic
FM South Africa from the group and the resultant loss incurred from the deemed disposal of the station.

Headline earnings declined by 31% from R43,5 million to R30 million and headline earnings per share decreased
by 30,5% from 544,1 cents to 378,3 cents due to the 2019 results containing a material and non-recurring gain
as a result of the reversal of many years of industry specific levies of the radio stations. In order to compare
the results more meaningfully with the prior year, had the reversal of levies during the 2019 financial year
been eliminated, headline earnings from continuing operations would have declined by 7% from R35 million to
R32,4 million and headline earnings per share from continuing operations  would have declined by 7% from
437,3 cents to 408,2 cents.

This short-form announcement is the responsibility of the directors and is only a summary of the information
in the full announcement. The full announcement was released on SENS on 11 June 2020, and can be found
on the company's website at www.ame.co.za. Copies of the full announcement may also be requested at the
company's registered office, at no charge, during office hours. Any investment decision should be based on the
full announcement published on SENS and on the company's website.

By order of the board

https://senspdf.jse.co.za/documents/2020/JSE/ISSE/AME/AMEAR2020.pdf

ACG Molusi                              AJ Isbister
Independent Non-executive Chairman      Financial director 

11 June 2020

Directors                                        
Independent non-executive directors:             
ACG Molusi (Chairman)                            
J Edwards                                        
MJ Prinsloo                                      
N Sooka                                          
KW Thipe                                         
Executive directors:                             
DM Tiltmann (Chief Executive)                    
AJ Isbister (Financial director) 

Company secretary                                
C Roberts                                        

Registered office
Block A, Oxford Office Park
No. 5, 8th Street
Houghton Estate
Johannesburg, 2198
(PO Box 3014, Houghton, 2041)

Sponsor
Arbor Capital Sponsors (Proprietary) Limited

Transfer secretary
Computershare Investor Services (Proprietary) Limited

Auditors
BDO South Africa Incorporated

www.ame.co.za
Date: 11-06-2020 03:38:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Share This Story