29th June 2017
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Company Data
 
Standard Group Ltd.
http://www.standardmedia.co.ke/corporate/index.php
Par Value:                  5/-
Closing Price:           37.50
Total Shares Issued:          81731808.00
Market Capitalization:        3,064,942,800
EPS:             2.14
PE:                 17.523
 

The Standard Group Limited FY 2016 Results through 31st December 2016 vs. 31st December 2015

FY Revenue 4.815327b vs. 4.488399b +7.284%
FY Total operating costs [4.411051b] vs. [4.694449b] -6.037%
FY Other income 98.918m vs. [26.113m] +478.807%
FY Finance costs (net) [233.719m] vs. [163.638m] +42.827%
FY Profit [Loss] before taxation 269.475m vs. [395.801m] +168.083%
FY Profit [Loss] after tax 198.521m vs. [289.603m] +168.549%
EPS 2.14 vs. [2.95] +172.542%
Total Assets 4.404931b vs. 4.355614b +1.132%
Total shareholders equity 2.076094b vs. 1.877573b +10.573%
Cash cash equivalents at the end of the year [300.162m] vs. [450.402m] +33.357%
No interim dividend

Company Commentary

Revenue increase was mainly from TV and radio segments
cost optimisation measures put in place continue to bear fruit.
strategic plan whose main focus is to grow broadcast and digital platform segments

Conclusions

Better results but seriously disruptive times in the media Sector

FY Earnings through 31st December 2015 versus through December 2014
FY Revenue 4.488399b vs. 4.782649b -6.152%
FY Total operating costs [4.694449b] vs. [4.399724b] +6.699%
FY Other [cost] income [26.113m] vs. 61.574m -142.409%
FY Finance costs (net) [163.638m] vs. [118.416m] +38.189%
FY [Loss] profit before taxation [395.801m] vs. 326.083m -221.380%
FY [Loss] profit after taxation [289.603m] vs. 220.514m -231.331%
EPS [2.95] vs. 2.57 -214.786%
Dividend per share
Total assets 4.355614b vs. 4.101749b +6.189%
Cash and cash equivalents at the end of the year [450.402m] vs. [279. 332m] +61.243%

Company Commentary

The Year 2015 came with great opportunities and achievements for the Group.
During this period the group embarked on diversification of its products and invested in the expansion of its Radio Maisha network as well as its digital platform
Radio Revenue +233% over last Year
Digital +50% over last year
Revenue decline was mainly the result of digital migration challenges This saw TV business segment close at 193m [21%] below last year
in addition the print segment also declined by 11%
The overhead costs increased by 17% to 3.4b from 2.9b
Accelerated depreciation of the analogue television equipment
Write Off of outdoor equipment
One Off reorganisation costs
increased bad debts provision
No Dividend

Conclusions

Poor Earnings notwithstanding the Radio and Digital Strength.

H1 Revenue 2.203064b vs. 2.370593b -7.1%
H1 Total operating costs [2.125695n] vs. [2.105974b] -0.9%
H1 Net finance cost [56.009m] vs. [59.480m] -5.8%
H1 Profit before tax 21.360m vs. 205.139m -89.6%
H1 Earnings Per Share 0.95 vs. 2.68 -64.6%
H1 Total assets 4.192954b vs. 4.171418b +0.5%
H1 Cash and cash equivalents at the end of the period [343.228m] vs. [194.461m] -76.5%

Conclusions

They had already issued this Full Year Profits Warning 28-AUG-2015
http://www.rich.co.ke/media/docs/PROFIT%20WARNING%20ANNOUNCEMENT%20-%20THE%20STANDARD%20GROUP%20LIMITED.pdf

Specific challenges business disruptions that resulted from the digital migration process challenges in our business operating environment and the impairment of obsolete company assets.
review of all old debt resulted in the decision to increase our bad-debt provisions
Already, the company has initiated an organisational restructuring process. This has also resulted in one off reorganisation costs that will be expensed in 2015

Full Year Revenue 4.782649b versus 4.818808b
Full Year Other Total Operating Costs [4.399724b] versus [4.472584b]
Full Year Finance Costs [net] [118.416m] versus [119.128m]
Full Year Profit before Taxation 326.083m versus 300.68m
Full Year Earnings Per Share 2.57 versus 2.41
Full Year Dividend 50cents unchanged

Company Commentary

Print +8.00% Television +6% And radio advertising +66%
Newsprint prices globally have been on the decline
Standard Digital Platform grew Revenues +37%

Conclusions

The Digital Fracas only kicked in after the reporting period.
Revenues declined in fact.
Shares are tightly held.

First Half through 30th June 2014 versus through June 2013
First Half 2014 Revenue 2.370592b versus 2.335509b +1.5%
First Half Total Operating Costs [2.105973b] versus [2.051657b]
First Half Profit before Taxation 205.139m versus 221.335m -7.317%
First Half Earnings Per Share 2.68 versus 2.92
No Interim Dividend

Company Commentary

Print advertising business grew by 12% over the same period last year
Television broadcasting segment declined marginally to 380m versus 389m
Rado Business recorded 50% growth
Digital Revenue expanded +82%

Group profitability stood at 205m versus 223m due to provision for delinquent debt in the magazine distribution business.

Conclusions

Radio and Digital expanding fastest.

One of the primary Kenyan media groups which includes The Standard newspaper and Kenya Television Network.

FY Earnings through 31st December 2013 versus through 31st December 2012
Full Year Revenue 4.818808b versus 3.617816b +33.1966%
FY Total Operating Costs [4.472584b] versus [3.306797b] +35.25%
FY Other Income 73.584m versus 112.271m
FY Finance Costs [net] [119.128m] versus [157.926m]
FY Profit Before Tax 300.680m versus 265.364m +13.3085%
FY Earnings Per Share 2.41 versus 2.56 -5.85%
FY Dividend 50cents a share

Company commentary

Circulation grew 6%
Print Advertising +41%
TV Advertising +72%
Group profitability was impacted adversely following the impairment of anologue transmission equipment
Total Provisions of 151m.

Conclusions

I thought these were in fact strong results. Turnover +33.1966% and Provisions of 151m crimped earnings.

H1 Earnings through June 2013 versus June 2012
H1 Revenue 2.262226b versus 1.724689b +31%
H1 Total Operating Costs [2.051657b] versus [1.595360b] +29%
H1 PBT 223.335m versus 106.769m +109%
H1 EPS 2.92 versus 2.03 +44%

Company Commentary
referring to Managements Turnaround initiatives
Circulation Business grew +6%
Print Advertising +35%
TV Advertising +92% increase in Revenues
No Interim Dividend

Conclusions

This is a cheap share and Mr. Shollei has made a significant impact.

FY Earnings through Dec 2012 versus Dec 2011
FY Revenue 3.617816b versus 3.174907b +13.95%
Operating Profit 2.243680b versus 1.899205b
FY PBT 265.364m versus 232.097m +14.333%
FY PAT 208.836m versus 219.298m
FY EPS 2.56 versus 2.69 -4.832%

Company Commentary

Circulation +12%
Print Advertising +9.00%
TV Advertising +35%
Provision for libel and Old Debt 138m in 2012
No Dividend

Conclusions

The TV Business is a Stand Out.
I think Sam Shollei has launched a much more Offensive Game.
On a Trailing PE of 13.378, There is some Upside.
Average Price Over the last 5 Weeks
Average Price Over the last 5 Months
No. Of Shares Traded Over the last 5 Weeks
No. Of Shares Traded Over the last 5 Months
Market Capitalization Over the last 5 Weeks
Market Capitalization Over the last 5 Months
Data Source: Nairobi Stock Exchange
Trading Day: 28 Jun 2017
 
Downloads
 
  06-MAR-2017 ::  Full Year Results
  Audited Group Results for the Year Ended 31st December 2016.

Download N.S.E Announcement
   
  26-AUG-2016 ::  HALF YEAR RESULTS
  Half Year Results for the Period Ended 30th June 2016

Download N.S.E Announcement
   
 
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