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Standard Group 2012 results underwhelming
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mwanahisa
#1 Posted : Tuesday, April 23, 2013 9:50:21 AM
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Joined: 6/2/2008
Posts: 1,438
14% growth in PBT but EPS down from 2.69 to 2.56.

No dividend declared.

Clearly shows that investing in a sector purely because 1 player has done well doesn't always work. There are MEDIA HOUSES and other media . Hats off to NMG.

Link:https://www.nse.co.ke/listed-companies/company-announcements.html
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mwekez@ji
#2 Posted : Tuesday, April 23, 2013 9:58:05 AM
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Joined: 5/31/2011
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mwanahisa wrote:
There are MEDIA HOUSES and other media . Hats off to NMG.

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mwanahisa
#3 Posted : Tuesday, April 23, 2013 10:04:47 AM
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To be fair, STANDARD INVESTMENT BANK have a more sympathetic view of the results. Here is how it goes:...

Standard group posts 24.4 y/y rise in FY12 PAT. Standard group released its FY12 performance figures posting a 24.4% y/y rise in PAT to KES 183m. EPS however dipped 4.8% y/y due to better performance of its subsidiaries leading to a decline in loss attributable to non controlling interest. Revenue climbed 14% y/y to KES 3.62bn driven by a 12% increase in circulation and a 9% rise in print advertising. The group also witnessed a 35% increase in TV advertising. Operating profit margins improved to 62% FY12 compared to 60% FY11 indicating a decline in operating costs. Directors did not recommend a dividend citing current investment plans and commitment (the company last issued a dividend FY10 of KES 0.50). With economic conditions looking favorable management expects performance to improve further FY13. (Company filing, Standard Investment bank)
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kryptonite
#4 Posted : Tuesday, April 23, 2013 10:33:29 AM
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Couldn't agree more with the thread's title
Point to ponder, Standard Group is No. 2, behind NMG, so how are the rest doing?
The harder you work, the luckier you get
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maka
#5 Posted : Tuesday, April 23, 2013 11:32:15 AM
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Joined: 4/22/2010
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kryptonite wrote:
Couldn't agree more with the thread's title
Point to ponder, Standard Group is No. 2, behind NMG, so how are the rest doing?

who are the rest...they are unknown
possunt quia posse videntur
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Pesa Nane
#6 Posted : Tuesday, April 23, 2013 12:29:05 PM
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Joined: 5/25/2012
Posts: 4,105
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mwanahisa wrote:
To be fair, STANDARD INVESTMENT BANK have a more sympathetic view of the results. Here is how it goes:...

Standard group posts 24.4 y/y rise in FY12 PAT. Standard group released its FY12 performance figures posting a 24.4% y/y rise in PAT to KES 183m. EPS however dipped 4.8% y/y due to better performance of its subsidiaries leading to a decline in loss attributable to non controlling interest. Revenue climbed 14% y/y to KES 3.62bn driven by a 12% increase in circulation and a 9% rise in print advertising. The group also witnessed a 35% increase in TV advertising. Operating profit margins improved to 62% FY12 compared to 60% FY11 indicating a decline in operating costs. Directors did not recommend a dividend citing current investment plans and commitment (the company last issued a dividend FY10 of KES 0.50). With economic conditions looking favorable management expects performance to improve further FY13. (Company filing, Standard Investment bank)

@mwanahisa please explain this in plain 'analogue' english
Pesa Nane plans to be shilingi when he grows up.
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kryptonite
#7 Posted : Tuesday, April 23, 2013 12:48:08 PM
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maka wrote:
kryptonite wrote:
Couldn't agree more with the thread's title
Point to ponder, Standard Group is No. 2, behind NMG, so how are the rest doing?

who are the rest...they are unknown


Radio Africa comes to mind, especially because they operate in almost the same media fields as SGL i.e. TV, Radio and Print
The harder you work, the luckier you get
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mwanahisa
#8 Posted : Tuesday, April 23, 2013 12:58:03 PM
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Joined: 6/2/2008
Posts: 1,438
Pesa Nane wrote:
mwanahisa wrote:
To be fair, STANDARD INVESTMENT BANK have a more sympathetic view of the results. Here is how it goes:...

Standard group posts 24.4 y/y rise in FY12 PAT. Standard group released its FY12 performance figures posting a 24.4% y/y rise in PAT to KES 183m. EPS however dipped 4.8% y/y due to better performance of its subsidiaries leading to a decline in loss attributable to non controlling interest.

@mwanahisa please explain this in plain 'analogue' english



It certainly sounds like goobledygook for sure!!! I am ceratinly not in a position to interpret what it means without the full set of accounts. I have gone to SG's website and I could not even find last year's (i.e. 2011) Annual Report. I can however speculate that the share of profit of minority interests has increased as losses declined in the subsidiaries where minority interests have shares. Hopes that makes slightly better sense.
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VituVingiSana
#9 Posted : Tuesday, April 23, 2013 2:18:58 PM
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Joined: 1/3/2007
Posts: 18,129
Location: Nairobi
mwanahisa wrote:
Pesa Nane wrote:
mwanahisa wrote:
To be fair, STANDARD INVESTMENT BANK have a more sympathetic view of the results. Here is how it goes:...

Standard group posts 24.4 y/y rise in FY12 PAT. Standard group released its FY12 performance figures posting a 24.4% y/y rise in PAT to KES 183m. EPS however dipped 4.8% y/y due to better performance of its subsidiaries leading to a decline in loss attributable to non controlling interest.

@mwanahisa please explain this in plain 'analogue' english


It certainly sounds like goobledygook for sure!!! I am ceratinly not in a position to interpret what it means without the full set of accounts. I have gone to SG's website and I could not even find last year's (i.e. 2011) Annual Report. I can however speculate that the share of profit of minority interests has increased as losses declined in the subsidiaries where minority interests have shares. Hopes that makes slightly better sense.

'GROUP' includes subsidiaries. So the GROUP may have done very well but the % owned by 'others' aka 'Minority Interests' reduces what is 'owned' by the Shareholders of SGL. You will see similar stuff in firms with profitable subsidiaries they don't own most of i.e. 50-75% ... Look at Unga, Williamson, I&M Bank, etc which have profitable subsidiaries, JVs or associates in which they have between 20-75% ownership.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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