EXHIBIT 99.1
MIH Limited announces interim results for
six months ended 30 September 2000
The Netherlands, Amsterdam, 29 November 2000 - Today MIH Limited (NASDAQ & AEX
ticker: MIHL), the international television, Internet and interactive
technology Group, announces results for the six months ended 30 September
2000.
Financial and Operational Highlights
o Revenues for the period increased to US$457 million (1999: US$407
million), mainly as a result of digital subscriber growth and higher
revenues from technology and Internet operations. The Group recorded an
EBITDA loss of US$18 million (1999: US$5 million EDITDA profit) after
incurring increased development costs in the Internet and technology
businesses.
o The Group raised US$180.4 million before expenses, through a follow-on
public offering of 4,511,000 Class A Ordinary Shares. At the end of
September, the Group had net cash and liquid assets of US$430 million
(1999: US$237 million).
o The television platforms in Africa, Greece and Thailand consolidated
their leading market positions. Group digital subscribers now exceed
980,000 subscribing households (1999: 725,000). EBITDA from television
platforms grew 55% to US$31 million (1999: US$20 million), but was
impacted in dollar terms by the strong US currency.
o Mindport IBS was repositioned by the merger with Noochee Solutions Inc.
(Noochee) based in Colorado, USA. The combined business, with its new
management team, sales channels and product base is well positioned to
provide best of breed software solutions to the emerging broadband
market. The Group owns 70% of the merged entity and existing shareholders
the remainder.
o OpenTV strengthened its position as the world leader in interactive
television operating systems software and applications development. By
November its software had been shipped with more than 11 million set-top
boxes world-wide.
o The US$922 million merger of Open TV and SpyGlass Inc was completed in
July 2000. This resulted in a dilution gain of US$387 million.
o Internet businesses were launched in China and Indonesia, whilst in
Thailand and South Africa our market leadership continued to grow.
Commenting on the results Cobus Stofberg, MIH Group's chief executive and
chairman of OpenTV, said:
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"The Group performed well in very volatile market conditions and has achieved
a great deal in the six month period. In April, investors demonstrated their
confidence when we raised over US$180 million in a share placement at a time
when TMT stocks were not favoured.
"Our core business of television platforms performed steadily, generating 80%
of revenues and a positive EBITDA contribution. However, exchange differences
impacted turnover growth. Excellent growth in digital subscribers has been
offset by a reduction in the analogue subscriber base.
"OpenTV reached a major milestone and reaffirmed its position as the world
leader with over 11 million set-top boxes deploying its interactive software,
which we believe exceeds the combined total of its competitors. Mindport,
assisted by the merger with Noochee, has a stronger strategic position from
which to develop opportunities in the emerging broadband market.
" We stated at the time of the annual results announcement in June that our
aim is to rapidly develop our technology and Internet businesses and this has
been our focus over the last six months. We have strengthened our position as
market leaders in the Internet in Thailand and South Africa and established
new Internet operations in China and Indonesia. South East Asia and China will
be the key areas in our Internet strategy during the next year.
"The development of our technology and Internet businesses will require
further investment as we build a presence in these fast changing markets. As a
result, the Group will continue to incur substantial development costs, which
we believe are necessary to build robust businesses, as well as shareholder
value in the longer term."
Note: Detailed segmental results are presented in the Group's Interim
Financial Statement, which accompanies this announcement.
Ends
Enquiries:
Investors/Financial Media Business/General Media
Beverley Branford Anne Marie Bell
VP Investor Relations VP Corporate Communications
Tel: +31 556 2636 Tel: +31 23 556 2864
[email protected] [email protected]
Group Websites:
www.mih.com www.ubctv.com
www.mweb.com www.opentv.com
www.mindport.com
Disclaimer: This news release contains forward-looking statements relating to
MIH Limited that involve risks and uncertainties that could cause MIH
Limited's actual results to differ materially from those contemplated herein,
including but not limited to, the risk factors detailed in the Registration
Statement on Form F-1 and other documents filed from time to time by MIH
Limited with the Securities and Exchange Commission, as amended. MIH Limited
undertakes no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, or otherwise.
<PAGE>
About MIH Limited
The company's activities are focused on three areas:
1) Television platforms:
The Group provides terrestrial and cable analogue, digital satellite and other
pay television services to over 2 million households in Africa, the
Mediterranean and Asia.
2) Technology:
Through Mindport, its technology subsidiary, the Group provides conditional
access, security, provisioning, protection/insurance, commissioning,
Internet/IP technology, content management, customer care and billing and
other related services to channel and platform operators worldwide.
MIH Limited is the controlling shareholder of Silicon Valley based Open TV,
the world's leading interactive television and media solutions company. OpenTV
builds a complete software and infrastructure platform that enables digital
interactive television and brings on-demand content to other digital
communications devices. OpenTV solutions are crafted to meet the needs of all
digital communications networks and include operating middleware, content
applications, content creation tools, professional services expertise and
strategic consulting.
OpenTV software has been shipped with or installed in more than 11 million
digital set-top boxes worldwide and has been selected by 35 digital cable,
satellite and terrestrial Communications Networks in over 50 countries,
3) Internet:
The Group has leading Internet operations in Africa, Thailand and China:
o A 16.8% interest in M-Web Africa. Listed on the Johannesburg Stock
Exchange (JSE), M-Web is the leading South African on-line service
provider and content portal. The company recently expanded its African
Internet business to include Internet service provider operations in
several sub-Saharan African countries, including Namibia, Zambia and
Botswana.
o A 95% interest in M-Web Thailand which owns Sanook!.com, Thailand's
leading Thai content Internet portal.
o M-Web.com.cn, the company's Internet business in China, was launched
earlier this year.
The Group has recently established an Internet business Indonesia - M-Web
Indonesia.
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MIH LIMITED
INTERIM RESULTS FOR THE
SIX MONTHS ENDED
SEPTEMBER 30, 2000 AND 1999
<PAGE>
MIH Limited and Subsidiaries
Condensed Consolidated Statements of Operations
for the six months ended September 30, 2000 and 1999
(in millions of US dollars, except per share and share amounts)
(Unaudited)
-----------------------
Six month period ended
-----------------------
September 30,
-----------------------
2000 1999
-------- ---------
Net revenues $ 371 $ 353
Operating expenses:
Cost of providing services (208) (203)
Selling, general and administrative (181) (145)
(Loss)/ earnings before interest, taxation,
depreciation and amortization (18) 5
Depreciation and amortization (70) (37)
Operating loss (88) (32)
Financial results, net (2) (8)
Equity results in joint ventures and associates (26) (21)
Profit on sale/dilution of subsidiaries
/joint venture 408 18
Profit/(loss) before taxation 292 (43)
Income taxation - 1
Profit / (loss) after taxation 292 (42)
Minority interest 13 1
Profit / (loss)from continuing operations 305 (41)
Loss from discontinuing operations - (4)
Loss arising on discontinuing operations - (3)
Net profit/(loss) $ 305 $ (48)
===== =====
Per share amounts:
Profit/(loss) from continuing operations
Basic $ 5.50 $ (0.81)
Diluted $ 5.39 $ -
Net profit /(loss)
Basic $ 5.50 $ (0.95)
Diluted $ 5.39 $ -
Number of shares in issue
Weighted average 55,482,491 50,230,474
Diluted weighted average 56,516,898 -
Closing 58,162,775 52,201,915
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MIH Limited and Subsidiaries
Condensed Consolidated Balance Sheets
September 30, and March 31, 2000
(in millions of US dollars)
(Unaudited)
-----------------------
Six month period ended
-----------------------
September 30,
-----------------------
2000 1999
-------- ---------
ASSETS
Current assets
Cash and cash equivalents $ 460 $ 285
Marketable securities 48 -
Inventories and accounts receivable, net 161 117
Program and film rights 31 30
Total current assets 700 432
Non-current assets
Tangible fixed assets, net 260 214
Intangible assets, net 970 207
Long-term investments 99 97
Program and film rights 140 127
Total non-current assets 1,469 645
TOTAL ASSETS $2,169 $1,077
====== ======
LIABILITIES
Current liabilities
Bank overdrafts and short-term loans $ 78 $ 48
Current portion of long-term debt 37 16
Current portion of program and film rights 31 32
Accounts payable and other current
liabilities 251 229
Total current liabilities 397 325
Non-current liabilities
Transponder and other leases 213 166
Long-term debt - other - 20
Program and film rights 126 119
Deferred taxation 6 -
Total non-current liabilities 345 305
TOTAL LIABILITIES 742 630
Minority interest 600 82
Commitments and contingencies - -
TOTAL SHAREHOLDERS' EQUITY 827 365
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $2,169 $1,077
====== ======
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<TABLE>
MIH Limited and Subsidiaries
Consolidated Statement of Changes in Shareholders' Equity
for the periods ended September 30, 2000 and 1999
(in millions of US dollars)
<CAPTION>
Share capital
--------------------- Foreign
currency
Accumulated translation
Class A Class B loss adjustments Total
------- ------- ----------- ----------- -----
<S> <C> <C> <C> <C> <C>
At April 1, 1999 $ 114 $ 476 $ (382) $ (30) $ 178
Issue of share capital 260 - - - 260
Share issue expenses (17) - - - (17)
Share incentive scheme (26) - - - (26)
Net loss - - (48) - (48)
Translation adjustment - - - (4) (4)
At September 30, 1999 $ 331 $ 476 $ (430) $ (34) $ 343
===== ===== ====== ===== =====
At April 1, 2000 $ 331 $ 476 $ (399) $ (43) $ 365
Issue of share capital 191 - - - 191
Share issue expenses (8) - - - (8)
Share incentive scheme (11) - - - (11)
Net profit - - 305 - 305
Translation adjustment - - - (15) (15)
At September 30, 2000 $ 503 $ 476 $ (94) $ (58) $ 827
===== ===== ====== ===== =====
</TABLE>
An additional 400,000 shares were issued to the MIH Limited share trust
at $28.625 per share in August.
4
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MIH Limited and Subsidiaries
Condensed Consolidated Statements of Cash Flow
for the six months ended September 30, 2000 and 1999
(in millions of US dollars)
(Unaudited)
-----------------------
Six month period ended
-----------------------
September 30,
-----------------------
2000 1999
-------- ---------
Cash flows from operating activities
Profit/(loss) before taxation $ 292 $ (43)
Adjustments to reconcile Profit/(loss)
before taxation to cash generated
from operations:
Elimination of non-cash flow items (292) 72
Working capital changes (31) (29)
Cash (used in)/generated from operations (31) -
Taxation paid (3) (4)
Utilized in discontinued operations - (7)
Net cash used in operating activities (34) (11)
===== ======
Cash flows from investing activities
Investment in subsidiary* 75 -
Increase in investment in associate/
joint venture and investments (28) (32)
Purchase of tangible and intangible assets (23) (9)
Disposal of joint venture 1 3
Proceeds on sale of tangible fixed assets - 1
Interest received 14 5
Net cash generated from /(used in)
investing activities 39 (32)
Cash flows from financing activities
Finance costs (12) (5)
Proceeds from issue of share capital 180 188
Share issue costs (9) (17)
Funds (paid)/raised from outside
shareholders (8) 10
Capital leases repaid (8) (15)
Bank overdrafts raised/(repaid) 34 (6)
Net cash from financing activities 177 155
Net increase in cash and cash equivalents 182 112
Cash and cash equivalents at beginning of
the period 285 56
Translation adjustment on cash and cash
equivalents (7) 1
Cash and cash equivalents at end
of the period $ 460 $ 167
===== ======
* Net cash position of Spyglass Inc on date of merger
The principal non-cash transactions are the acquisition of transponders,
property, plant and equipment using capital leases.
5
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MIH Limited and Subsidiaries
Supplementary Information
for the periods ended September 30, 2000 and
1999 (in millions of US dollars except for the net asset
value per share amounts)
September 30, September 30, March 31,
2000 1999 2000
(Unaudited) (Unaudited) (Audited)
----------- ------------- ---------
Finance results: $ (2) $ (8) $ (16)
Interest received 14 5 14
Interest paid (13) (12) (27)
Dividend received - - 2
Net foreign exchange losses (3) (1) (5)
Long-term investments:
Marketable securities and bonds 36 2 25
Associates 15 39 15
Joint ventures 39 28 55
Other 9 - 2
Market value of listed investments 160 206 305
Commitments:
Capital expenditure 23 1 50
Operating lease 75 90 89
Programme rights 27 9 40
Decoder 7 2 13
Net asset value per share (cents) 1,421.87 657.70 684.83
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MIH Limited and Subsidiaries
Condensed Segmental Results
for the periods ended September 30, 2000 and 1999
(in millions of US dollars)
Equity investments which are reviewed regularly by the Chief Executive Officer
for decision making regarding the allocation of resources are included in the
segmental information on a full consolidation basis. The effects of
consolidation are eliminated in the adjustments for equity results as there
investment are accounted for using the equity method of accounting in the
condensed consolidated interim financial statements.
Operating
Net revenue EBITDA profit/(loss)
2000 1999 2000 1999 2000 1999
---- ---- ---- ---- ---- ----
Television platforms 369 361 31 20 (26) (30)
Technology
Mindport 32 38 (7) (1) (11) (4)
OpenTV 30 12 (13) (4) (48) (10)
Internet 31 3 (35) (8) (47) (9)
Intergroup sales/central costs (5) (7) (6) (7) (5) (7)
---------------------------------------------
Sub-total 457 407 (30) - (137) (60)
Equity investments adjustment: (86) (54) 12 5 49 28
Television platforms (59) (51) (7) 2 23 24
Internet (27) (3) 19 3 26 4
Total 371 353 (18) 5 (88) (32)
=============================================
7
<PAGE>
ACCOUNTING POLICIES
These consolidated interim condensed financial statements are prepared in
accordance with IAS 34 Interim Financial Reporting. The same accounting
policies and methods of computation have been followed in this interim report
as in the annual financial statements for the year ended 31 March 2000. These
interim financial statements should be read in conjunction with the annual
financial statements for the year ended March 31, 2000.
8
<PAGE>
COMMENTARY ON THE MIH LIMITED INTERIM FINANCIAL STATEMENTS FOR 6 MONTH PERIOD
ENDED 30 SEPTEMBER 2000
With its leading media and technology assets and skills, the Group is well
positioned as a multinational provider of television and Internet platform
services and interactive technologies.
The unaudited results of the group for the six months ended 30 September 2000
were as follows:
Highlights
During the period under review the Group achieved the following financial and
operational highlights:
o The business segments under the control of the Group grew their revenues
for the period to US$457 million (1999: US$407 million). Revenues
increased as a result of strong growth in the digital subscriber base
which now exceeds 980,000 homes (1999: 725,000), and higher revenues from
technology and Internet operations. Exchange differences and the
reduction of the analogue subscriber base to 660,000 homes adversely
impacted the turnover growth in the television platforms.
o The Group recorded an EBITDA loss of US$18 million (1999: US$5 million
EDITDA profit) after taking into account increased development costs in
the Internet and technology businesses. EBITDA from television platforms
grew 55% to US$31 million (1999: US$20 million)
o In April, the Group successfully raised US$180.4 million before expenses,
through a follow-on public offering of 4,511,000 Class A Ordinary Shares.
At the end of September, the Group had net cash and liquid assets of
US$430 million (March 2000: US$237 million).
o In November 2000, Mindport IBS was repositioned by an agreement to merge
with Noochee Solutions Inc. (Noochee) based in Colorado, USA. The
combined business is well positioned to provide best of breed software
solutions to the emerging broadband market. The Group owns 70% of the
merged entity and existing Noochee shareholders the remainder.
o OpenTV strengthened its position as the world leader in interactive
television operating systems software and applications development. By
October its software had been shipped with more than 11 million set-top
boxes world-wide.
o The US$922 million merger of Open TV and SpyGlass Inc was completed in
July 2000. This resulted in a dilution gain of US$387 million.
o Internet businesses were launched in China and Indonesia, whilst in
Thailand and South Africa our market leadership continued to grow.
9
<PAGE>
Financial Overview
The results of all entities controlled and managed by the Group have been
included in the segmental disclosure.
Management focus of the Group is in three principal business segments:
o Television platforms
o Technology (OpenTV and Mindport)
o Internet operations
All financial data is for the six month period ended September 30, 2000
Operating
Net revenue EBITDA profit/(loss)
2000 1999 2000 1999 2000 1999
---- ---- ---- ---- ---- ----
Television platforms 369 361 31 20 (26) (30)
Technology
Mindport 32 38 (7) (1) (11) (4)
OpenTV 30 12 (13) (4) (48) (10)
Internet 31 3 (35) (8) (47) (9)
Intergroup sales/central costs (5) (7) (6) (7) (5) (7)
---------------------------------------------
Sub-total 457 407 (30) - (137) (60)
Equity investments adjustment: (86) (54) 12 5 49 28
Television platforms (59) (51) (7) 2 23 24
Internet (27) (3) 19 3 26 4
Total 371 353 (18) 5 (88) (32)
=============================================
Television Platforms
The Africa and Middle East business comprises approximately 1,400,000
subscribers and is spread over more than 40 countries. Digital subscribers
continue to grow strongly and now exceed 740,000 households. The analogue
subscriber base has reduced to 660,000 due in part to subscriber migration
from analogue to digital. A television platform focused on West Africa was
launched during July. The new service will offer customised programming for
the region on a more affordable 90cm dish.
The Mediterranean operations in Greece and Cyprus reached 346,000 subscribing
households. Since obtaining its digital licence in December 1999 and launching
the NOVA bouquet, MultiChoice Hellas, the Group's Greek subscriber management
company, has seen excellent growth in subscribers. The NOVA service has now
over 40,000 digital subscribers. In July 2000, MultiChoice Cyprus Limited was
listed on the Cyprus Stock Exchange raising cash for the deployment of digital
services. In November 2000, a strategic
10
<PAGE>
equity investment of 11% in NetMed BV, which owns the Mediterranean television
platform assets, was subscribed for by Global Capital Investors II, a fund
managed by the Eurobank Group.
In Thailand, UBC reached a total 348,000 subscribers of which 200,000 are
digital satellite subscribers. With a population in excess of 60 million, some
15.4 million television households and a current colour television penetration
of less than 3%, Thailand presents an opportunity for continued subscriber
growth.
Technology - OpenTV
OpenTV, Inc. strengthened its position as the world leader in interactive
television operating systems software and applications development. During the
period, OpenTV passed a major industry milestone with its middleware software
platform deployed in more than 11 million set-top boxes world-wide by 35
network operators in 50 countries - estimated to exceed the combined total of
all its competitors.
Revenues for the period under review grew 150% to US$30 million (1999: US$12
million)
The US$922 million merger of OpenTV and Spyglass Inc, completed in July 2000,
resulted in a dilution gain of US$387 million. In September 2000, Motorola and
the Group increased their ownership in OpenTV through the acquisition of stock
previously held by News America Incorporated.
Technology - Mindport
Mindport IBS agreed to merge with Noochee Solutions Inc., an Internet
infrastructure and application software company based in Colorado, USA. The
merger will further strengthen IBS's management team, sales channels and
product base. Under the terms of the agreement, Mindport will own 70% of the
merged entity and the remainder is held by existing Noochee shareholders.
The combined entity will be strategically repositioned to address the emerging
broadband market, offering a suite of products and services that will enable
content providers and network operators to reach new markets using broadband
delivery. Building on its core expertise, the business will deliver best of
breed Internet Protocol (IP) solutions in transaction provisioning,
commissioning, event-driven billing, content encryption and management.
The merger will greatly reduce time to market for several Mindport products,
including broadband provisioning access. Noochee's strategic relationships and
sales channels with Cisco Systems and Hewlett Packard will be of value to
Mindport's future growth and development.
11
<PAGE>
Mindport Irdeto Access provides software encryption solutions for pay and
interactive media customers in more than 50 countries. By September 2000, over
5 million digital smartcards had been deployed world-wide.
Internet
Internet achievements for the period under review include:
Africa: M-Web Holdings Limited (www.mweb.co.za) which is 16.8% owned and
managed by the Group, is the leading online service provider, content portal
and corporate e-business enabler in South Africa. It has 36 million page views
and 850,000 unique visitors per month and 256,000 paying users.
During the period under review, it focussed on positioning itself as a leading
player in the on-line enablement of South African corporates through the
provision of Internet data services, including web hosting, web development
and maintenance (IDC services). It has also successfully concluded contracts
with some 222 bricks and mortar customers to facilitate their online
transaction serving and provisioning needs.
Thailand: M-Web Thailand is the leading Internet company in Thailand, with
more than 140,000 paying users and registering more than 300,000 unique
visitors and 100 million page views per month. During the period under review
it grew its position as the primary Internet content portal, providing
superior tools and services. It has large local communities and records the
heaviest consumer Internet traffic in Thailand. These metrics, when combined
with the Group's acquisition of Thailand's largest ISP in February this year,
positions the business well to grow its revenues from IDC services and to
develop a solid long-term consumer commerce and advertising business in
Thailand.
China: M-Web China's strategy is to capitalise on the rapid growth of the
Chinese Internet market. Whilst greater clarity is developing, the regulatory
environment remains uncertain. China's entry into the WTO is expected to have
a major impact on the Internet and telecommunications environments. The Group
is optimistic about the opportunities offered by this rapidly growing Internet
market. However, for so long as the current regulatory climate prevails, a
prudent approach will be adopted when implementing Group strategy.
In April, the company launched its Chinese portal www.maibo.com.cn which now
has 24,000 paying users and over 95 million page views per month. During the
period under review, investments were made in an on-line service provider; 21
Vianet, a private IDC in China; Eefoo, a financial portal and Sports CN, a top
sports site in China receiving 1.0 million page views per day.
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<PAGE>
Indonesia: M-Web Indonesia was recently established through the acquisition of
an ISP and content portal. With its fragmented geography and population of
more than 210 million, we believe Indonesia presents a potentially lucrative
Internet business opportunity. In the short-term this is likely to include
revenues generated from IDC services and ISP access and, in the longer term,
consumer commerce and advertising revenues.
The Group is aware of the risks associated with the long-term nature of
Internet investment returns and continues to rigorously evaluate the nature,
direction and extent of expenditure in the development of its Internet
businesses.
Group results
Group consolidated revenues for the period increased to US$371 million (1999:
US$353 million) mainly as a result of strong digital subscriber growth and
higher revenues from technology and Internet operations. The international
strength of the US dollar and the reduction of the analogue subscriber base
for the period under review, adversely impacted turnover growth in the
television platforms.
A dynamic of the Group is that growth and expansion into new markets,
interactive technologies and internet businesses are mainly accounted for as a
charge to the income statement. This growth results in the creation of
valuable television subscribers, Internet users and intellectual properties.
In line with this dynamic, the Group recorded an operating loss of US$88
million (1999: US$32 million) for the period, after accounting for selling,
general and administration charges of US$181 million (1999: US$145 million)
incurred in growing its businesses.
The Group recorded an EBITDA loss of US$18 million (1999: US$5 million EBITDA
profit) for the period, after taking into account:
o Strong growth in EBITDA of US$31 million (1999: US$20 million) from
television platforms through organic growth and the migration of analogue
subscribers to the digital platforms.
o Internet EBITDA losses of US$35 million from the development of the Asian
(US$14 million) and African (US$21 million) Internet businesses.
o EBITDA losses of US$13 million in the technology group from development
costs and the performance of Mindport IBS. Subsequent to the period under
review, Mindport IBS merged with Noochee and will be repositioned for the
broadband market. Irdeto Access made a positive contribution to Mindport
EBITDA.
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o Research and development expenditure by OpenTV of US$15.2 million on the
development of its application and runtime businesses.
The net profit for the period under review amounted to US$305 million, after
accounting for the following material items:
o An increased amortisation charge of US$29.8 million, arising principally
from goodwill on the merger arrangement between OpenTV and Spyglass Inc.
o The equity-accounted development losses of joint ventures and associates
of US$26 million (1999: US$21 million), which mainly reflect our share of
the losses of M-Web Holdings Limited and UBC Limited.
o A profit of US$387 million from the merger arrangement between OpenTV and
Spyglass Inc. Goodwill on this transaction gives rise to an increase of
US$790 million in intangible assets.
Net cash and liquid assets at the end of the period amounted to US$430 million
(March 2000:US$237 million). Transponder leases increased as a result of the
capital leases for the new Eutelsat W4 and Hotbird 4 transponders.
Business Strategy
The Group's strategy remains focused on:
o Growing our core television businesses through digital subscriber growth
and the introduction of interactive services.
o Providing best of breed technology solutions for subscriber management,
content encryption, broadband and other media commerce applications.
o Building long-term value in our Internet businesses, through the creation
of local market leadership and strategic position focussed on revenue
generating services to corporate and consumer markets.
Synergies are generated across the Group by applying customer service, content
and technology skills in developing our interactive, Internet and technology
businesses. The Board is of the view that this strategy - which will result in
continued development losses in growing its businesses - is important in
building shareholder value over the longer term. On behalf of the board:
T Vosloo J D T Stofberg
Chairman Chief executive
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Directors
T Vosloo (chairman), J P Bekker, A A Coetzee, J H W Hawinkels, S J Z Pacak,
W J Raduchel, R R Romulo, A M Rosenzweig, J Steenkamp, J D T Stofberg
(chief executive), J J Volkwyn, S F Ward.
Registration Agents Paying Agent
First Chicago Trust Company of New York Mees Pierson N.V.
Mail Suite 4690 Rokin 55
P O Box 2532 P O Box 243
Jersey City 1 000 AE Amsterdam
New Jersey Netherlands
07303-2532
Registered Office
Abbott Building
Road Town
Tortola
British Virgin Islands
http://www.mih.com
