TISO BLACKSTAR GROUP SE - Trading Statement

Trading Statement

TISO BLACKSTAR GROUP SE
(Incorporated in England and Wales)
(Registration number SE000110)
(Registered as an external company with limited liability in
the Republic of South Africa under registration number
2011/008274/10)
JSE share code: TBG
ISIN: GB00BF37LF46
("Tiso Blackstar" or "the Company" or together with its
subsidiaries the “Group”)


TRADING STATEMENT


In terms of the JSE Limited (“JSE”) Listings Requirements, a listed company is required to publish a
trading statement as soon as it becomes reasonably certain that the financial results for the next
period to be reported on will differ by 20% or more from the financial results for the previous
corresponding period.

The highly challenging trading conditions experienced during the second half of the financial year was
as a result of load shedding, the COVID-19 pandemic and the related lockdowns. The COVID-19
lockdown, despite the gradual easing of restrictions, has had an unprecedented negative impact on
the Group. All divisions have been affected to varying degrees and the demand for our products and
services has been reset downwards which we believe will not be a temporary shift.

Shareholders are advised that the Company's results for the year ended 30 June 2019 have been
retrospectively adjusted to account for the following:

-   Reclassification in terms of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
    as a result of the Group entering into an agreement to dispose of Kagiso Tiso Holdings Proprietary
    Limited;
-   Amendments in terms of IFRS 5 and IAS 28 Investments in Associates and Joint Ventures in
    respect of the Group's investment in Africa Radio as a result of certain events which impacted the
    Group's ability to dispose of this investment; and
-   Reclassification in terms of IFRS 5 as a result of the Group entering into an agreement to dispose
    of Gallo Music Investments Proprietary Limited and Indigenous Film Distribution Proprietary
    Limited.

These reclassifications and amendments have not affected total EPS and HEPS previously reported,
but rather the split between continued and discontinued operations.

Accordingly, the results for the year ended 30 June 2019 have been reclassified and amended as
follows:

                                                                                 Reclassified and
                                                       Previously reported                amended
                                                              30 June 2019           30 June 2019
                                                                   (cents)                (cents)

(Loss)/Earnings per share                                         (213.07)               (213.07)
  Continued operations                                            (176.34)               (221.45)
  Discontinued operations                                          (36.73)                  8.38

Headline (loss)/earnings per share                                 (76.60)                (76.60)
  Continued operations                                            (129.68)               (158.47)
  Discontinued operations                                           53.08                  81.87

The Company hereby advises that a reasonable degree of certainty exists that (loss)/earnings per
share for the year ended 30 June 2020 will differ as detailed below:

                                         Reclassified
                                          and amended        Expected range        Expected range
                                         30 June 2019          30 June 2020          30 June 2020
                                              (cents)               (cents)                   (%)

(Loss)/Earnings per share                    (213.07)  (231.87) to (274.49)         (9%) to (29%)
  Continued operations                       (221.45)  (131.35) to (175.64)           41% to 21%
  Discontinued operations                       8.38    (98.85) to (100.53)               (>100%)

Headline (loss)/earnings per share            (76.60)  (155.55) to (170.87)               (>100%)
  Continued operations                       (158.47)   (71.09) to (102.79)           55% to 35%
  Discontinued operations                      81.87     (68.08) to (84.46)               (>100%)

The financial information on which this trading statement is based has not been reviewed or reported
on by the auditor of the Company. The results for the year ended 30 June 2020 are expected to be
released on SENS on or about 16 September 2020.


London
15 September 2020

Sponsor
PSG Capital

Date: 15-09-2020 03:00:00
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