E Media Holdings Limited - N Shares (JSE:EMN) News - REVIEWED CONSOLIDATED CONDENSED RESULTS FOR THE YEAR ENDED 31 MARCH 2021 AND CASH DIVIDEND DECLARATION eMedia Holdings Limited (Incorporated in the Republic of South Africa) (Registration number 1968/011249/06) Ordinary shares (share code: EMH -IZIN: ZAE000208898) N ordinary shares (share code: EMN- IZIN: ZAE000209524) (eMedia Holdings or the company or the group) REVIEWED CONSOLIDATED CONDENSED RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31 MARCH 2021 AND CASH DIVIDEND DECLARATION 2021 2020 % R000's R000's* movement Revenue 2 428 959 2 491 304 -2,5% Operating Profit/(Loss) 178 888 (1 747 641) -110,2% Profit/(Loss) for the period from continuing continuing operations 138 452 (1 798 349) -107,7% Profit/(Loss) for the year 107 955 (1 814 868) -105,9% Net asset value per share (cents) 595 591 0,7% Basic Earnings/(Loss) per Share (cents) 16,31 (425,94) -103,8% Headline Earnings per Share (cents) 16,42 33,34 -50,7% Dividends per share (cents) 14 11 27,3% * Restated for discontinued operations The eMedia Holdings group (the group) has had a relatively good year given the very tough economic climate brought upon the world by the COVID- 19 pandemic. While the group did show a decline in profits from continuing operations of R138.5 million in the current financial year (the year) compared to a net restated profit of R241.6 million in the prior year, after adjusting for the impairment of goodwill of R2 039.9 million. The pandemic hit all revenue streams which impacted the group mostly in the first part of the financial year, that is when lockdown levels were at their highest and almost all economic activity came to a standstill. This saw the total television advertising market declining by 15.70% or close to R1 billion. The film production market where certain of the group's subsidiaries conduct business came to a halt due to the closure of the country's borders. The group is satisfied with the level of profitability, as a worst-case scenario was predicted in the first half of the financial year. The group's performance in the second half of the financial year saw a recovery of advertising revenue to the extent that the group outperformed the market, with the total market going back 15.70% and the group showing a setback of only 7% through the pandemic set fiscal. In general, the group's media sales team performed better than the market throughout the year and in the last six months outperformed the prior year almost every month. For no further write-off in goodwill to occur shows how strong the group ended the year despite the pandemic continuing to plague the country. The group ended the year with a net profit of R108 million, this is inclusive of the loss of R30.5 million relating to discontinued operations, which are the losses from other operations that the group has considered non-essential and will be exiting or closing in the next financial year. There has been no further write off in goodwill during the fiscal. Earnings before interest, taxation, depreciation and amoritsation for the group ended on R302.9 million compared to R427.7 million in the prior year, a 29% decrease year-on-year, and decline in headline earnings per share, both continuing and discontinuing and is acceptable on the back of a total television advertising market that has declined close to R1 billion as mentioned above. The directors of eMedia Holdings have resolved to declare a final dividend for the year ended 31 March 2021 of 14 cents per share (2020: 11 cents). The dividend to shareholders relates to the ordinary shares (share code: EMH) and N ordinary shares (share code: EMN). The dividend will be subject to a local dividend withholding tax at a rate of 20%, which will result in a net final dividend to those shareholders not exempt from paying dividend withholding tax of 11.20 cents per ordinary share and 14 cents per ordinary share for those shareholders who are exempt from dividend withholding tax. In terms of dividend withholding tax legislation, any dividend withholding tax amount due will be withheld and paid over to the South African Revenue Service by a nominee company, stockbroker or Central Securities Depository Participant (collectively "regulated intermediary") on behalf of shareholders. All shareholders should declare their status to their regulated intermediary as they may qualify for a reduced dividend withholding tax rate or exemption. The salient dates for the payment of the dividend are as follows: Last day to trade cum dividend Monday, 14 June 2021 Commence trading ex dividend Tuesday, 15 June 2021 Record date Friday, 18 June 2021 Payment date Monday, 21 June 2021 Share certificates may not be dematerialised nor rematerialised between Tuesday, 15 June 2021 and Friday, 18 June 2021, both dates inclusive. This reviewed short-form announcement is the responsibility of the directors and is only a summary of the information in the full reviewed announcement and does not contain full or complete details. The condensed consolidated financial information for the year ended 31 March 2021 has been reviewed by BDO South Africa Incorporated, who expressed an unmodified review conclusion. The full reviewed announcement can be found on the Company's website at http://www.emediaholdings.co.za and also at the following link: https://senspdf.jse.co.za/documents/2021/jse/isse/EMNE/YE121.pdf The full reviewed announcement is available at 5 Summit Road, Dunkeld West, Johannesburg, 2196 and at the offices of the sponsor, free of charge, to investors and/or shareholders, during office hours (09:00 to 17:00) from Monday to Friday. Mahomed Khalik Sherrif Antonio Lee Chief Executive Officer Financial director May 27, 2021 Directors: JA Copelyn* (chairman), MKI Sherrif (chief executive officer), AS Lee (financial director), TG Govender*, Y Shaik*, VE Mphande*^, L Govender*^, RD Watson*^ *Non-executive ^Independent Company Secretary: HCI Managerial Services Proprietary Limited Registered Office: 5 Summit Road, Dunkeld West, Hyde Park, Johannesburg, 2196, Private Bag X9944, Sandton, 2146 Transfer Secretary: Computershare Investor Services Proprietary Limited, Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196,PO Box 61051, Marshalltown, 2107 Auditors: BDO South Africa Incorporated, Wanderers Office Park, 52 Corlett Drive, Illovo, 2196, Private Bag X10046, Sandton, 2146 Sponsor: Investec Bank Limited, 100 Grayston Drive, Sandton, Sandown, 2196 Date: 27-05-2021 04:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 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