o |
REGISTRATION
STATEMENT PURSUANT TO SECTION 12(b)
OR
(g) OF THE SECURITIES EXCHANGE ACT OF 1934
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OR
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x |
ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d)
OF
THE SECURITIES EXCHANGE ACT OF 1934
for
the fiscal year ended: March 31, 2006
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OR
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o |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d)
OF
THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from __________
to
__________
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OR
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o
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SHELL
COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF
THE SECURITIES EXCHANGE ACT 0F 1934
Date
of event requiring this shell company report __________
COMMISSION
FILE NUMBER 1-14917
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N/A
(Title
of Class)
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N/A
(Name
of each exchange on which registered)
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Page
No.
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Our
Use of Terms and Conventions in this Annual Report
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1
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Accounting
Periods and Principles
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1
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Forward
Looking Statements
|
1
|
|
PART I | ||
ITEM
1.
|
Identity
of Directors, Senior Management and Advisers
|
3 |
ITEM
2.
|
Offer
Statistics and Expected Timetable
|
3 |
ITEM
3.
|
Key
Information
|
3 |
ITEM
4.
|
Information
on the Company
|
17 |
ITEM
5.
|
Operating
and Financial Review and Prospects
|
53 |
ITEM
6.
|
Directors,
Senior Management and Employees
|
82 |
ITEM
7.
|
Major
Shareholders and Related Party Transactions
|
94 |
ITEM
8.
|
Financial
Information
|
97 |
ITEM
9.
|
The
Offer and Listing
|
101 |
ITEM
10.
|
Additional
Information
|
102 |
ITEM
11.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
114 |
ITEM
12.
|
Description
of Securities Other than Equity Securities
|
115 |
PART
II
|
||
ITEM
13.
|
Defaults,
Dividend Arrearages and Delinquencies
|
116
|
ITEM
14.
|
Material
Modification to the Rights of Security Holders and Use of
Proceeds
|
116
|
ITEM
15.
|
Disclosure
Controls and Procedures
|
116
|
ITEM
16A.
|
Audit
Committee Financial Expert
|
116
|
ITEM
16B.
|
Code
of Ethics
|
116
|
ITEM
16C.
|
Principal
Accountant Fees and Services
|
117
|
ITEM
16E.
|
Purchases
of Equity Securities by the Issuer and Affiliated
Purchasers
|
118
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PART
III
|
||
ITEM
17.
|
Financial
Statements
|
118
|
ITEM
18.
|
Financial
Statements
|
118
|
ITEM
19.
|
Exhibits
|
E-1
|
·
|
references to “Naspers”, “Naspers group”, “group”, “we”, “us” and “our” are to Naspers Limited together with its subsidiaries, unless the context suggests otherwise; | |
·
|
references
to “MIH Limited” are to MIH Limited together with its subsidiaries with
respect to any period prior to December 20, 2002, and to MIH (BVI)
Limited
together with its subsidiaries thereafter;
|
|
·
|
references to “Rand” and “R” are to South African Rand, the currency of South Africa; | |
·
|
references to “U.S. dollar(s)”, “dollar(s)”, “U.S. $” and “$” are to United States dollars and cents, the currency of the United States; | |
·
|
references to “Euro” and “€” are to the currency introduced at the start of the third stage of the European Economic and Monetary Union pursuant to the Treaty establishing the European Economic Community, as amended by the Treaty on the European Union; | |
·
|
references
to “Pound sterling” are to United Kingdom pounds sterling, the currency of
the United Kingdom;
|
|
·
|
references
to “Renminbi” are to Chinese Renminbi, the currency of the People’s
Republic of China;
|
|
·
|
references
to “Naira” are to Nigerian Naira, the currency of Nigeria;
and
|
|
·
|
references
to “Brazilian Real” and “Real” are to Brazilian Real, the currency of
Brazil. |
·
|
economic, political and social risks which exist in all countries in which Naspers, its associated companies and joint ventures operate; | |
·
|
adverse
regulatory developments;
|
|
·
|
market risks related to fluctuations in the exchange rates and interest rates in all countries in which Naspers, its associated companies and joint ventures operate; | |
·
|
the level of Naspers’ debt (including finance leases) and funding difficulties Naspers may face; | |
·
|
restrictions
imposed by exchange control regulations and the possibility that
Naspers
may not be able to access cash flows from its subsidiaries, associated
companies and joint ventures;
|
|
·
|
difficulties
associated with successfully completing acquisitions and integrating
acquired companies;
|
|
·
|
the
lack of control we have over companies we
make minority investments in and other risks associated with such
investments;
|
|
·
|
dependence
on suppliers and partners for the
provision of services and expertise and on local
governments;
|
|
·
|
the possibility that satellites used by Naspers, or its printing equipment or facilities, may fail to perform or may be damaged; | |
· |
competitive
pressures which may result in declining subscriber and circulation
levels;
|
|
· |
unauthorized
access to Naspers’ programming signals;
|
|
·
|
trade union activity and labour instability; | |
·
|
the
ability to enforce foreign judgments against Naspers and its
directors and
officers;
|
|
·
|
cyclical
fluctuations in the demand for advertising;
|
|
·
|
the
rapid pace of technological change;
|
|
·
|
reliance
on software and hardware systems, which are susceptible to
failure;
|
|
·
|
reliance
on content developed by third parties and susceptibility to
claims made in
connection with such content;
|
|
·
|
the
degree to which our intellectual property rights are protected;
and
|
|
·
|
changes
in accounting standards.
|
Year
ended March 31
|
|||||||||||||||||||
2002
|
2003
|
2004
|
2005
|
2006
|
2006
|
||||||||||||||
Rand
in millions, except per share data
|
U.S.
$ in millions,
except per share data |
||||||||||||||||||
Consolidated
Income Statement Data:
|
|||||||||||||||||||
IFRS:
|
|||||||||||||||||||
Revenue,
net
|
13,517.9
|
15,706.4
|
2,128.2
|
||||||||||||||||
Operating
expenses:
|
|||||||||||||||||||
Cost
of providing services and sale of goods
|
(7,725.8
|
)
|
(8,753.7
|
)
|
(1,186.1
|
)
|
|||||||||||||
Selling,
general and administration
|
(3,311.5
|
)
|
(3,948.7
|
)
|
(535.1
|
)
|
|||||||||||||
Other
losses, net
|
(11.7
|
)
|
—
|
—
|
|||||||||||||||
Operating
profit
|
2,468.9
|
3,004.0
|
407.0
|
||||||||||||||||
Financial
costs, net(1)
|
(217.0
|
)
|
(11.4
|
)
|
(1.5
|
)
|
|||||||||||||
Share
of equity accounted results
|
88.6
|
151.3
|
20.5
|
||||||||||||||||
Profit/(loss)
on sale of investments
|
(0.3
|
)
|
74.4
|
10.1
|
|||||||||||||||
Dilution
profits
|
368.0
|
—
|
—
|
||||||||||||||||
Profit
before tax and minorities
|
2,708.2
|
3,218.3
|
436.1
|
||||||||||||||||
Profit
from continuing operations
|
2,334.8
|
2,126.3
|
288.1
|
||||||||||||||||
Profit
from discontinuing operations
|
50.0
|
31.8
|
4.3
|
||||||||||||||||
Profit
arising on discontinuance of operations
|
—
|
1,032.1
|
139.9
|
||||||||||||||||
Net
profit attributable to equity holders of the group
|
2,384.8
|
3,190.2
|
432.3
|
Per
share amounts
|
|||||||||||||||||||
Basic
|
|||||||||||||||||||
Profit
from continuing operations
|
8.42
|
7.49
|
1.01
|
||||||||||||||||
Profit
from discontinuing operations
|
0.18
|
0.11
|
0.01
|
||||||||||||||||
Profit
arising on discontinuance of operations
|
—
|
3.64
|
0.49
|
||||||||||||||||
Net
profit attributable to equity holders of the group
|
8.60
|
11.24
|
1.52
|
||||||||||||||||
Diluted
|
|||||||||||||||||||
Profit
from continuing operations
|
7.97
|
7.08
|
0.96
|
||||||||||||||||
Profit
from discontinuing operations
|
0.17
|
0.11
|
0.01
|
||||||||||||||||
Profit
arising on discontinuance of operations
|
—
|
3.44
|
0.47
|
||||||||||||||||
Net
profit attributable to equity holders of the group
|
8.14
|
10.63
|
1.44
|
||||||||||||||||
Weighted
average shares outstanding
|
|||||||||||||||||||
Basic
|
277,293,544
|
283,718,859
|
283,718,859
|
||||||||||||||||
Diluted
|
293,126,268
|
300,242,781
|
300,242,781
|
||||||||||||||||
Dividend
per A ordinary share (cents)(2)
|
7.0
|
14.0
|
1.9
|
||||||||||||||||
Dividend
per N ordinary share (cents)(2)
|
38.0
|
70.0
|
9.5
|
||||||||||||||||
Consolidated
Income Statement Data:
|
|||||||||||||||||||
U.S.
GAAP:
|
|||||||||||||||||||
Revenue,
net
|
9,861.4
|
11,208.6
|
11,526.1
|
13,189.4
|
15,751.3
|
2,134.3
|
|||||||||||||
Operating
profit / (loss)
|
(2,355.8
|
)
|
(63.0
|
)
|
1,042.6
|
2,463.7
|
3,076.7
|
416.9
|
|||||||||||
Profit
/ (loss) from continuing operations
|
(2,582.0
|
)
|
(889.6
|
)
|
495.3
|
2,243.9
|
1,801.0
|
244.0
|
|||||||||||
Profit
/ (loss) from discontinued operations
|
(2,665.0
|
)
|
528.0
|
—
|
42.0
|
715.8
|
97.0
|
||||||||||||
Cumulative
effect of change in accounting principle
|
18.4
|
(531.5
|
)
|
—
|
—
|
—
|
—
|
||||||||||||
Net
profit / (loss)(3)
|
(5,228.5
|
)
|
(893.1
|
)
|
495.3
|
2,285.9
|
2,516.8
|
341.0
|
|||||||||||
Per
share amounts
|
|||||||||||||||||||
Basic
|
|||||||||||||||||||
Profit
/ (loss) from continuing operations
|
(17.73
|
)
|
(5.04
|
)
|
1.92
|
8.10
|
6.36
|
0.86
|
|||||||||||
Discontinued
operations
|
(18.29
|
)
|
2.99
|
—
|
0.15
|
2.53
|
0.34
|
||||||||||||
Cumulative
effect of change in accounting principle(4)
|
0.13
|
(3.01
|
)
|
—
|
—
|
—
|
—
|
||||||||||||
Net
profit / (loss)
|
(35.89
|
)
|
(5.06
|
)
|
1.92
|
8.25
|
8.89
|
1.20
|
|||||||||||
Per
share amounts
|
|||||||||||||||||||
Diluted
|
|||||||||||||||||||
Profit
/ (loss) from continuing operations
|
(17.73
|
)
|
(5.04
|
)
|
1.87
|
7.63
|
5.98
|
0.81
|
|||||||||||
Profit
/ (loss) from discontinued operations
|
(18.29
|
)
|
2.99
|
—
|
0.14
|
2.38
|
0.32
|
||||||||||||
Cumulative
effect of change in accounting principle(4)
|
0.13
|
(3.01
|
)
|
—
|
—
|
—
|
—
|
||||||||||||
Net
profit / (loss)
|
(35.89
|
)
|
(5.06
|
)
|
1.87
|
7.77
|
8.36
|
1.13
|
|||||||||||
Consolidated
Balance Sheet Data (at period end):
|
|||||||||||||||||||
IFRS:
|
|||||||||||||||||||
Total
assets
|
14,042.6
|
17,339.4
|
2,349.5
|
||||||||||||||||
Net
assets
|
5,093.3
|
7,290.0
|
987.8
|
||||||||||||||||
Share
capital(5)
|
5,391.2
|
5,561.3
|
753.6
|
||||||||||||||||
Total
long-term debt(6)
|
2,275.6
|
2,355.6
|
319.2
|
||||||||||||||||
Minority
interests
|
227.3
|
171.5
|
23.2
|
||||||||||||||||
Capital
and reserves attributable to the company’s equity holders
|
4,866.0
|
7,118.4
|
964.6
|
||||||||||||||||
U.S.
GAAP:
|
|||||||||||||||||||
Total
assets
|
23,750.5
|
12,896.2
|
11,318.1
|
16,190.1
|
19,707.4
|
2,670.4
|
|||||||||||||
Net
assets
|
11,116.8
|
3,306.5
|
3,376.1
|
6,570.4
|
8,989.5
|
1,218.1
|
|||||||||||||
Total
long-term debt(6)
|
5,742.6
|
3,843.9
|
2,815.6
|
2,675.9
|
2,590.0
|
350.9
|
|||||||||||||
Minority
interests
|
7,967.6
|
257.4
|
187.3
|
295.9
|
281.0
|
38.1
|
|||||||||||||
Total
shareholders’ equity
|
3,149.2
|
2,779.1
|
3,188.9
|
6,274.5
|
8,708.5
|
1,180.0
|
Other
Data:
|
|||||||||||||||||||
IFRS:
|
|||||||||||||||||||
Cash
flow from operating activities
|
2,367.9
|
3,166.4
|
429.1
|
||||||||||||||||
Cash
utilized in investing activities
|
(877.1
|
)
|
(335.4
|
)
|
(45.4
|
)
|
|||||||||||||
Cash
(utilized in)/from financing activities
|
(513.7
|
)
|
24.5
|
3.3
|
|||||||||||||||
U.S.
GAAP:
|
|||||||||||||||||||
Cash
(utilized in)/from operating activities
|
(346.1
|
)
|
1,128.9
|
1,692.3
|
2,347.0
|
3,393.0
|
459.8
|
||||||||||||
Cash
(utilized in)/from investing activities
|
(1,088.0
|
)
|
42.5
|
(534.1
|
)
|
(683.6
|
)
|
(133.6
|
)
|
(18.1
|
)
|
||||||||
Cash
from/(utilized in) financing activities
|
768.0
|
(942.6
|
)
|
(1,332.6
|
)
|
(364.3
|
)
|
(420.4
|
)
|
(57.0
|
)
|
(1)
|
Includes
interest expense, interest income, preference dividend income, foreign
exchange gains and losses and fair value adjustments on derivative
instruments.
|
(2)
|
Based
on the U.S. dollar exchange rate at the respective payment dates
of the
2006, 2005, 2004, 2003 and 2002 dividends, the U.S. dollar equivalent
of
the dividend per Class N ordinary share was U.S $0.09, U.S. $0.06,
U.S.
$0.04, U.S. $0.03 and U.S. $0.02, respectively. The dividend per
Class A
ordinary share amounted to U.S. $0.03 or less at these respective
dates.
|
(3)
|
For
U.S. GAAP reporting purposes, effective April 1, 2002, Naspers adopted
Financial Accounting Standards No. 142, “Goodwill and Other Intangible
Assets” (“SFAS No. 142”). Under SFAS No. 142, goodwill and intangible
assets with indefinite useful lives are not amortized but rather
are
tested at least annually for impairment. If this standard would have
been
adopted for fiscal year 2002 the adjusted net loss would have been
Rand
3,842,228 and basic and diluted earnings per share for fiscal 2002
would
have been Rand 26.37 and Rand 26.37,
respectively.
|
(4)
|
The
cumulative effect of change in accounting principle for fiscal 2003
relates to the adoption of SFAS 142. Upon completion of the transitional
test, Naspers recorded an initial goodwill impairment of Rand 531.5
million. The cumulative effect of change in accounting principle
for
fiscal 2002 of Rand 18.4 million relates to the fair value of fair
value
hedges recorded on adoption of SFAS 133 “Accounting for Derivative
Instruments and Hedging Activities”.
|
(5)
|
Excludes
treasury shares and redeemable preferred
stock.
|
(6)
|
Includes
long-term liabilities in respect of capitalized finance leases, concession
liabilities, interest-bearing loans, program and film rights liabilities
and non-interest bearing loans.
|
Year
ended March 31,
|
Average
Rate(1)
(Rand
per U.S. $1.00)
|
2002
|
9.643
|
2003
|
9.572
|
2004
|
7.161
|
2005
|
6.253
|
2006
|
6.398
|
(1)
|
The
average rate is calculated as the average of the noon buying rate
on the
last day of each month during the
period.
|
High
|
Low
|
|
(Rand
per U.S. $1.00)
|
||
March
2006
|
6.335
|
6.136
|
April
2006
|
6.166
|
5.985
|
May
2006
|
6.706
|
5.999
|
June
2006
|
7.430
|
6.634
|
July
2006
|
7.230
|
6.830
|
August
2006
|
7.198
|
6.723
|
September
2006 (until September 15, 2006)
|
7.433
|
7.163
|
·
|
increase its vulnerability to adverse economic conditions or increases in prevailing interest rates, particularly where borrowings are or will be made at variable interest rates; | |
·
|
limit its ability to obtain additional financing that may be necessary to operate, develop or expand its business; | |
· | require Naspers to dedicate a portion of its cash flow from operations to service its debt, which in turn reduces the funds available for operations, future business opportunities and dividends; and | |
· | potentially place Naspers at a competitive disadvantage relative to competitors with less debt. |
· | the extent of acceptance of Naspers’ internet initiatives and related electronic platforms by customers; | |
· | competition from comparable and new technologies; | |
· |
government
regulation and control of the content and medium;
|
|
· | customers not accepting or not continuing to use the internet and electronic media; and | |
· | failures or difficulties with the data networks and infrastructures upon which Naspers depends. |
· |
Focus
on Investments and Technology.
Naspers has made substantial investments in recent years to upgrade
and
enhance its subscriber platforms. Naspers intends to consolidate
the
leading positions it holds in many markets and to expand into new
ones.
Most of Naspers’ pay-television platforms offer digital subscriptions and
feature interactive or enhanced services. Naspers is presently researching
the opportunity of broadcasting television channels to mobile devices.
Naspers has expanded its printing facilities by investing in advanced
printing and related facilities. Additional newspaper and magazine
titles
have been launched when market opportunities present themselves.
Naspers
has further launched several internet related businesses.
|
· |
Build
Digital Subscriber Base.
Naspers seeks to continue to expand MIH Holdings’ digital pay-television
subscriber base, both by converting its current analog customers
to the
digital service and by gaining new digital customers. MIH Holdings
offers
subscribers movie and sports programming, and is adding interactive
services to its bouquets (the term used to describe the channels
offered
by a pay-television provider on a given platform).
|
· |
Grow
Internet Businesses.
Naspers intends, by offering content and superior service, to grow
M-Web
Holdings as an internet service provider and content portal in Africa.
Naspers is also focused on e-commerce opportunities and on internet
service provider (“ISP”)
operations. Naspers has an interest in the operations of China’s leading
instant messaging platform, Tencent. It will continue to develop
such
interests in China and elsewhere. Naspers’ print media and book publishing
businesses are using their core competencies to create new business
opportunities over the internet.
|
· |
Maintain
Local Approach.
Naspers has a track record of establishing or acquiring businesses
in
developing markets such as Africa, the Mediterranean, Asia and, more
recently, Brazil. Naspers believes that a component of its success
in
these markets is its emphasis on taking a local approach. This may
involve
local partners and management teams and incorporating linguistically
and
culturally tailored local content in its service offerings. Naspers’
strategy is to continue to take a local approach to content as it
expands
its pay-television and internet businesses.
|
· |
Provide
Quality Service.
Naspers views its subscriber platform business primarily as a service
business and, accordingly, places emphasis on providing customer
service.
Naspers believes that this helps build customer loyalty and reduce
“churn”
(a term used to describe subscriber loss). Naspers seeks to achieve
quality customer service by operating service centers and utilizing
advanced computer systems, which allow customer service representatives
to
address customer concerns more
quickly.
|
Revenue
(Rand millions except percentages)
|
||||||||||||||||
R
Millions
|
2006
% of revenues |
%
change
from
2005
|
2005
R millions
|
%
of revenues
|
||||||||||||
Electronic
Media
|
||||||||||||||||
—
Pay-television
|
8,903
|
56.7
|
14.9
|
7,747
|
57.3
|
|||||||||||
—
Internet
|
898
|
5.7
|
29.0
|
696
|
5.1
|
|||||||||||
—
Conditional access
|
352
|
2.2
|
38.0
|
255
|
1.9
|
|||||||||||
—
Entriq
|
66
|
0.4
|
94.1
|
34
|
0.3
|
|||||||||||
Print
Media
|
||||||||||||||||
—
Newspapers, magazines and printing
|
3,983
|
25.4
|
18.0
|
3,374
|
25.0
|
|||||||||||
—
Books
|
981
|
6.2
|
13.9
|
861
|
6.4
|
|||||||||||
—
Education
|
536
|
3.4
|
(2.0
|
)
|
547
|
4.0
|
||||||||||
Corporate
services
|
(13
|
)
|
—
|
—
|
4
|
—
|
Operating profit/(loss) (Rand millions except percentages) | ||||||||||
2006
R millions |
%
change from
2005 |
2005
R millions |
||||||||
Electronic
Media
|
||||||||||
—Pay-television
|
2,785
|
31.4
|
2,120
|
|||||||
—Internet
|
(153)
|
125.0
|
(68)
|
|||||||
—Conditional
access
|
—
|
—
|
(47)
|
|||||||
—Entriq
|
(165)
|
85.4
|
(89)
|
|||||||
Print
Media
|
||||||||||
—Newspapers,
magazines and printing
|
612
|
15.9
|
528
|
|||||||
—Books
|
67
|
26.4
|
53
|
|||||||
—Education
|
(84
|
)
|
—
|
23
|
||||||
Corporate
services
|
(58
|
)
|
13.7
|
(51
|
)
|
Revenue (Rand
millions except percentages)
|
||||||||||||||||
2006
|
2005
|
|||||||||||||||
R
Millions
|
%
of revenues
|
%
change
from
2005
|
R
millions
|
%
of
revenues |
||||||||||||
South
Africa
|
11,994
|
76.4
|
18.3
|
10,140
|
75.0
|
|||||||||||
Rest
of Sub-Saharan Africa
|
1,838
|
11.7
|
19.0
|
1,545
|
11.4
|
|||||||||||
Greece
and Cyprus
|
1,469
|
9.4
|
2.5
|
1,433
|
10.6
|
|||||||||||
Asia
|
78
|
0.5
|
(66.1
|
)
|
230
|
1.7
|
||||||||||
United
States
|
49
|
0.3
|
4.3
|
47
|
0.3
|
|||||||||||
Other
|
278
|
1.8
|
126.0
|
123
|
0.9
|
LAUNCH
DATE
|
SERVICE
|
SUBSCRIBERS
AS
AT
MARCH 31, 2006
|
||
AFRICA
|
||||
South
Africa
|
1986
|
M-Net
(analog)
|
217,440
|
|
1995
|
DStv
(digital)
|
1,033,093
|
||
Rest
of Sub-Saharan Africa
|
1991
|
M-Net
(analog)
|
819
|
|
1996
|
DStv
(digital)
|
384,216
|
||
MEDITERRANEAN
|
||||
Greece
|
1994
|
FilmNet/SuperSport
(analog)
|
71,994
|
|
1999
|
NOVA
(digital)
|
239,536
|
||
Cyprus
|
1993
|
Ltv
& Alpha (analog)
|
42,552
|
|
2004
|
NOVA
Cyprus (digital)
|
20,369
|
March
31,
|
|||||||||||||||||||
2006
|
2005
|
2004
|
2003
|
2002
|
CAGR(1)
|
||||||||||||||
SUBSCRIBERS
(THOUSANDS)
|
|||||||||||||||||||
AFRICA
|
|||||||||||||||||||
South
Africa
|
1,251
|
1,148
|
1,076
|
1,045
|
1,057
|
4.30
|
% | ||||||||||||
Rest
of Sub-Saharan Africa
|
385
|
336
|
292
|
260
|
224
|
14.50
|
% | ||||||||||||
Total
Africa
|
1,636
|
1,484
|
1,368
|
1,305
|
1,281
|
6.31
|
%
|
||||||||||||
MEDITERRANEAN
|
|||||||||||||||||||
Greece
|
311
|
304
|
291
|
256
|
265
|
4.08
|
%
|
||||||||||||
Cyprus
|
63
|
60
|
60
|
54
|
53
|
4.42
|
%
|
||||||||||||
Total
Mediterranean
|
374
|
364
|
351
|
310
|
318
|
4.14
|
%
|
||||||||||||
Total
Subscribers
|
2,010
|
1,848
|
1,719
|
1,615
|
1,599
|
5.89
|
%
|
(1)
|
Compounded
annual growth rate calculated from March 31, 2002 until March 31,
2006.
|
Subscribers
|
Monthly
Subscription
Price
|
Equipment
Price(1)
(4)
Purchase
|
|||||
March
31,
|
|||||||
2006
|
2005
|
2004
|
Rand
|
U.S.
$(3)
|
Rand
|
U.S.
$(3)
|
|
(thousands)
|
|||||||
Analog
|
217
|
253
|
301
|
229.00(2)
|
31.03
|
550
|
74.53
|
Digital
|
1,033
|
895
|
775
|
419.00(2)
|
56.78
|
650
|
88.08
|
(1)
|
Excludes
price of satellite receiver in the case of digital
service.
|
(2)
|
Includes
price increase that occurred in April
2006.
|
(3)
|
Converted
at the noon buying rate at September 15, 2006. (U.S. $1 = Rand
7.38)
|
(4)
|
In
October 2005, MultiChoice launched a dual-view personal video recorder
which retails at Rand 2,999.00. (U.S. Dollar
406.37)
|
Subscribers
|
Monthly
Subscription
Price(1)
|
Equipment
Price(2)
|
|||
March
31,
|
|||||
2006
|
2005
|
2004
|
|||
(thousands)
|
|||||
Analog
|
1
|
2
|
9
|
U.S.$
35.00
|
N/A
|
Digital
|
384
|
334
|
283
|
U.S.$
58.00
|
U.S.
$ 200
|
(1)
|
Represents
the average price across all of MultiChoice Africa’s Sub-Saharan African
businesses.
|
(2)
|
Includes
the price of the satellite
receiver.
|
· |
MultiChoice
Hellas and MultiChoice Cyprus Limited manage the subscriber base
and
market and sell pay-television services in Greece and Cyprus,
respectively. NetMed, through Myriad Development B.V., controls 96.4%
of
MultiChoice Hellas. The remaining shares of MultiChoice Hellas are
held by
Lumiere Television Limited (“LTV”).
|
· |
NetMed
owns 69.04% of MultiChoice Cyprus Holdings Limited and the remaining
30.96% is held by LTV. MultiChoice Cyprus Holdings owns 50.9% of
MultiChoice (Cyprus) Public Company Limited (“MCC”), a company listed on
the Cypriot Stock Exchange. Following a public offer in February
2006, LTV
holds a further 32% direct stake in MCC. The remaining shares are
publicly
held.
|
· |
NetMed,
directly and indirectly through its subsidiary, Myriad Development
BV,
owns 100% of NetMed Hellas SA (“NetMed
Hellas”).
NetMed
Hellas operates the FilmNet and SuperSport premium pay-television
channels
in Greece.
|
· |
Synergistic
Network Development S.A. is 100% owned by NetMed and is responsible
for
signal transmission and distribution.
|
Subscribers
|
Monthly
Subscription
Price
|
|||||||||||||||
March
31,
|
||||||||||||||||
2006
|
|
|
2005
|
|
|
2004
|
Rand
|
U.S.
$(1)
|
|
|||||||
|
(thousands)
|
|||||||||||||||
Dial-up
|
299.6
|
324.0
|
242.0
|
145
|
20
|
|||||||||||
ADSL
Broadband
|
44.4
|
19.4
|
4.6
|
258
|
35
|
|||||||||||
Web
and server hosting
|
7.5
|
7.5
|
2.1
|
316
|
43
|
(1)
|
Converted
at the noon buying rate at September 15, 2006. (U.S. $1=Rand 7.38)
|
Newspaper
|
Circulation(1)
|
Year
Established
|
Region
|
Language
|
Dailies
|
||||
Daily
Sun
|
463,691
|
2002
|
Gauteng
Eastern
Cape
KwaZulu
Natal
Free
State
|
English
|
Beeld
|
105,114
|
1974
|
Gauteng
|
Afrikaans
|
Mpumalanga
Limpopo
|
||||
Die
Burger
|
99,288
|
1915
|
Eastern
Cape
Western
Cape
|
Afrikaans
|
Volksblad
|
27,669
|
1904
|
Free
State
North
West
|
Afrikaans
|
Natal
Witness
|
23,603
|
1846
|
KwaZulu
Natal
|
English
|
Weeklies
|
||||
Soccer
Laduuma
|
295,833
|
1997
|
National
|
English
|
Son
|
184,179
|
2003
|
Eastern
Cape
Gauteng
|
Afrikaans
|
Sunday
|
||||
Rapport
|
313,528
|
1970
|
National
|
Afrikaans
|
Sunday
Sun
|
195,850
|
2001
|
National
|
English
|
City
Press
|
187,741
|
1982
|
National
|
English
|
Community
Newspapers
|
||||
Paarl
Post
|
17,006
|
1905
|
Paarl
|
Afr/Eng
|
District
Mail
|
13,855
|
1926
|
Somerset
West
|
Afr/Eng
|
Worcester
Standard
|
10,338
|
1880
|
Worcester
|
Afr/Eng
|
Weslander
|
10,175
|
1972
|
Vredenburg
|
Afr/Eng
|
Vaalweekblad
|
10,100
|
1964
|
Vanderbijlpark
|
Afrikaans
|
Vaal
Weekly
|
9,981
|
1998
|
Vanderbijlpark
|
English
|
Eikestadnuus
|
8,266
|
1950
|
Stellenbosch
|
Afr/Eng
|
Hermanus
Times
|
7,319
|
1949
|
Hermanus
|
Afr/Eng
|
Potchefstroom
Herald
|
7,209
|
1908
|
Potchefstroom
|
Afr/Eng
|
Carltonville
Herald
|
5,480
|
1966
|
Carltonville
|
Afr/Eng
|
Vrystaat
|
4,423
|
1975
|
Bethlehem
|
Afr/Eng
|
Freesheets
|
||||
City
Vision (Johannesburg)
|
272,617
|
1992
|
Johannesburg
|
English
|
TygerBurger
|
268,122
|
1972
|
Cape
Town
|
Afr/Eng
|
PE
Express
|
89,798
|
1983
|
Port
Elizabeth
|
Afr/Eng
|
MetroBurger
|
83,340
|
1980
|
Cape
Town
|
Afr/Eng
|
City
Vision (Cape Town)
|
70,000
|
1992
|
Khayalitsha
|
English
|
Vaal
Vision
|
64,850
|
1989
|
Vanderbijlpark
|
Afr/Eng
|
Express
|
50,210
|
1991
|
Bloemfontein
|
English
|
Bloemnuus
|
42,342
|
1982
|
Bloemfontein
|
Afr/Eng
|
Vista
|
37,601
|
1971
|
Welkom
|
Afr/Eng
|
Ons
Stad
|
37,196
|
1983
|
Bloemfontein
|
Afr/Eng
|
Noordwes
Gazette
|
30,000
|
1997
|
Potchefstroom
|
Afr/Eng
|
UD
Nuus
|
29,911
|
1971
|
Uitenhage
|
Afr/Eng
|
Vanderbijl
Ster
|
24,544
|
1980
|
Vanderbijlpark
|
Afr/Eng
|
Goudveld
Forum
|
23,178
|
1983
|
Welkom
|
Afr/Eng
|
Vereeniging
Ster
|
22,306
|
1980
|
Vereeniging
|
Afr/Eng
|
Noordkaap
|
22,079
|
1982
|
Kimberley
|
Afr/Eng
|
Sasolburg
Ster
|
11,601
|
1996
|
Sasolburg
|
Afr/Eng
|
Kroonnuus
|
8,462
|
1986
|
Kroonstad
|
Afr/Eng
|
Maluti
|
7,939
|
1991
|
Bethlehem
|
Afr/Eng
|
Meyerton
Ster
|
7,193
|
1997
|
Meyerton
|
Afr/Eng
|
Noord
Vrystaat Gazette
|
6,457
|
2000
|
Parys
|
Afr/Eng
|
(1)
|
Audited
Bureau for Circulation (“ABC”) figures: average per issue, last three
months (above: April - June 2006).
|
Magazine
|
Circulation(2)
|
Year
Established
|
Frequency
|
Language
|
Finance
|
||||
Finweek
|
29,457
|
1979/1984
|
Weekly
|
English/
Afrikaans
|
General
interest
|
||||
Huisgenoot
|
354,266
|
1916
|
Weekly
|
Afrikaans
|
You
|
227,879
|
1987
|
Weekly
|
English
|
tvplus
|
164,626
|
1999
|
Fortnightly
|
English/
Afrikaans
|
Heat
|
78,429
|
2004
|
Weekly
|
English
|
Drum
|
75,367
|
1951
|
Weekly
|
English/Zulu
|
Reader’s
Digest
|
62,399
|
2005
|
Monthly
|
English
|
Landbouweekblad
|
42,164
|
1919
|
Weekly
|
Afrikaans
|
Insig
|
14,044
|
1987
|
Monthly
|
Afrikaans
|
Men’s
|
||||
FHM
|
111,260
|
1999
|
Monthly
|
English
|
Men’s
Health
|
89,249
|
1997
|
Monthly
|
English
|
Parenting
|
||||
Your
Pregnancy(3)
|
30,058
|
1998
|
Alternate-monthly
|
English
|
Baba
& Kleuter
|
25,463
|
2000
|
Monthly
|
Afrikaans
|
Your
Baby
|
24,609
|
1995
|
Monthly
|
English
|
Your
Child(3)
|
15,133
|
2005
|
Alternate-monthly
|
English
|
Sport
|
||||
Kick
Off SA
|
62,113
|
1994
|
Fortnightly
|
English
|
Sports
Illustrated
|
37,806
|
1986
|
Monthly
|
English
|
Golf
Digest
|
28,821
|
1995
|
Monthly
|
English
|
Bicycling
SA(3)
|
20,347
|
2002
|
Alternate-monthly
|
English
|
Runner’s
World
|
18,702
|
1993
|
Monthly
|
English
|
Zigzag
Surfing Magazine(3)
|
15,282
|
1976
|
Monthly
|
English
|
The
Wisden Cricketer(3)
|
10,728
|
2004
|
Alternate-monthly
|
English
|
Teen
/Youth
|
||||
Saltwater
Girl(3)
|
45,360
|
2001
|
Monthly
|
English
|
Seventeen
|
39,546
|
2003
|
Monthly
|
English
|
National
Geographic Kids
|
27,695
|
2004
|
Monthly
|
English
|
Blunt(3)
|
13,207
|
1997
|
Monthly
|
English
|
Women’s
|
||||
Sarie
|
131,280
|
1949
|
Monthly
|
Afrikaans
|
True
Love
|
117,819
|
1972
|
Monthly
|
English
|
Cosmopolitan
|
114,340
|
1984
|
Monthly
|
English
|
Fair
Lady
|
82,881
|
1965
|
Monthly
|
English
|
Move!
|
72,208
|
2005
|
Fortnightly
|
English
|
Shape
|
46,975
|
2000
|
Monthly
|
English
|
Leef
|
43,794
|
2005
|
Monthly
|
Afrikaans
|
Real
Simple
|
34,502
|
2005
|
Monthly
|
English
|
Creative
Living
|
||||
Tuis/Home
|
86,933
|
2004
|
Monthly
|
Afrikaans/
English
|
Idees
(formerly Dit)
|
79,097
|
2001
|
Monthly
|