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Updated trading statement: six months ended 31 December 2015
DISCOVERY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1999/007789/06)
ISIN: ZAE000022331
Share Code: DSY
("Discovery" or "the Company”)
UPDATED TRADING STATEMENT: SIX MONTHS ENDED 31 DECEMBER 2015
Shareholders are advised of the following updated guidance for the six months ended 31 December
2015 (“current period”):
December December
2014 2014
Previously Restated*
reported Guidance for the current period
Expected range Expected
(cents) (cents) increase/ range
(decrease) (%) (cents)
Normalised headline earnings per 345.0 335.9 0% to 5% 335.9 to
share - undiluted 352.7
Headline earnings per share - 602.6 586.6 (45%) to (55%) 322.6 to
undiluted 264.0
Earnings per share - basic 608.7 592.6 (45%) to (55%) 325.9 to
266.7
*Restated for the bonus element of the rights issue on 7 April 2015
Normalised headline earnings (which management believe is the most relevant indicator of business
performance) is expected to increase by between 5% and 10% in the current period. This is lower than
the Company’s historic growth in normalised headline earnings due to:
i. An increased investment in new initiatives, including the recently awarded Bankmed medical
scheme administration and managed care contract, the expansion of the business model into
banking and increased costs arising from growth in Ping An Health and other International
Partner Markets; and
ii. Higher than expected costs associated with moving VitalityHealth in the UK onto its own system
infrastructure.
Normalised headline earnings per share for the current period is impacted by the increase in total shares
in issue, following implementation of the Rights Issue in April 2015.
Headline earnings per share and basic earnings per share for the prior period were positively impacted
by the once-off accounting treatment resulting from the lapsing of the put options Prudential held in
respect of its interest in the UK joint venture – this was due to Discovery’s purchase of the Prudential’s
remaining 25% of the joint venture in November 2014. As this once-off increase in profits occurred
during the Company’s 2015 financial year, all results announcements relating to the 2015 financial year
will be affected for comparative purposes, as previously advised in the results announcement for the
year ended 30 June 2015 released on SENS on 10 September 2015.
Discovery’s results for the current period are due to be released on SENS on 25 February 2016.
The financial information on which this trading statement is based has not been reviewed and reported
on by the Company’s external auditors.
Sandton
17 February 2016
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 17/02/2016 09:22:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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