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Trading statement
Discovery Limited
(Registration number 1999/007789/06)
(Incorporated in the Republic of South Africa)
Ordinary share code: DSY
ISIN: ZAE000022331
(“Discovery” or “the Company”)
TRADING STATEMENT
Shareholders are referred to the announcement of 10 November 2014 which advised that Discovery has
entered into a binding agreement to acquire the remaining 25% issued share capital of Prudential Health
Holdings Limited, the holding company of PruHealth and PruProtect (“joint venture”), the UK joint
venture with Prudential Assurance Company (“Prudential”), for GBP155 million (“the acquisition”).
Further to this announcement, shareholders are advised that the acquisition has now been completed.
Shareholders are reminded that Prudential had the option to sell its 25% shareholding in the joint
venture to Discovery (“put option”) at the fair market value, each year from 2015. This put option was
valued as a puttable non-controlling interest, at the present value of the fair value at the final expected
exercise date being 2020.
With the acquisition of the remaining 25% of the joint venture, the puttable non-controlling interest in
respect of the Prudential’s put option falls away, and the difference between the current value and the
purchase price of the 25% will be released to profit or loss for the 6 months ended 31 December 2014.
As a result, Discovery’s undiluted headline earnings and basic earnings per share for the 6 months
ending 31 December 2014 are expected to be at least 85% higher (260 cents) than the 301.4 cents and
307.7 cents respectively, reported for the corresponding prior period ended 31 December 2013.
The accounting effects of the release of the put option liability will not have any impact on normalised
earnings or normalised headline earnings per share.
Given the early stage of the current reporting period, Discovery cannot with reasonable certainty
quantify the extent of its results for the 6 months ending 31 December 2014 within the 20% range
required by the Listings Requirements of the JSE Limited.
It is expected that a trading statement for the 6 months ending 31 December 2014 will be issued later,
which should be on or about 18th February 2015.
The forecast financial information on which this trading statement is based has not been reviewed and
reported on by the Company`s external auditors.
Sandton
19 November 2014
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
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