ASCENDIS HEALTH LIMITED - Clarification note on trading statement

Clarification note on trading statement

ASCENDIS HEALTH LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2008/005856/06)
Share code: ASC ISIN: ZAE000185005
(“Ascendis” or “the Company”)

CLARIFICATION NOTE ON TRADING STATEMENT

Further to the trading statement released on SENS on 31 January 2018 (“Trading Statement”) and in
response to investor requests for clarification, Ascendis has decided to clarify the methodology used to
calculate Normalised headline earnings and Normalised headline earnings per share (“NHEPS”) since
an adjustment has been made to the methodology as reported on in previous financial reporting
periods (“Previous Methodology”).

Normalised headline earnings and NHEPS have been restated to no longer add back notional interest
on deferred vendor liabilities. Even though the interest will not result in any cash flow to the vendors,
management has elected to adopt a more conservative approach going forward. The Company
confirms that this change in methodology has no impact on Basic earnings and Headline earnings as
the notional interest continues to be expensed in terms of International Financial Reporting Standards.

The following table outlines the earnings ranges for Normalised headline earnings and NHEPS
anticipated relative to the comparative period for both the Previous Methodology (for comparative
purposes) as well as the updated more conservative methodology as reported on in the Trading
Statement (“New Methodology”):


 Continuing Operations                        6 months ended       6 months ended        % increase/
                                                31 December          31 December         (decrease)
                                                    2017                 2016

 New Methodology
 Normalised headline earnings                 R329m – R365m             R294m             12% – 24%

 Normalised headline earnings per share          74 – 78 cents         71 cents           4% - 10%
 (“NHEPS”)
 Previous Methodology

 Normalised headline earnings                 R349m – R388m             R313m             12% - 24%

 Normalised headline earnings per share          79 – 83 cents         76 cents            4% - 9%
 (“NHEPS”)

 Total Operations                             6 months ended       6 months ended        % increase/
                                                31 December          31 December         (decrease)
                                                    2017                 2016

 New Methodology
 Normalised headline earnings                 R300m – R335m             R291m             3% - 15%

 Normalised headline earnings per share          67 – 72 cents         70 cents           (5%) – 3%
 (“NHEPS”)
 Previous Methodology

 Normalised headline earnings                 R320m – R357m             R310m             3% - 15%

 Normalised headline earnings per share          71 – 77 cents         75 cents           (5%) – 3%
 (“NHEPS”)

1 February 2018
Johannesburg
Sponsor
Questco Corporate Advisory (Pty) Ltd

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