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Trading statement: year ended 30 June 2016
DISCOVERY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1999/007789/06)
ISIN: ZAE000022331
Share Code: DSY
("Discovery" or "the Company”)
TRADING STATEMENT: YEAR ENDED 30 JUNE 2016
Shareholders are advised that normalised profit from operations is expected to increase by between
10% and 15% and normalised headline earnings is expected to increase by between 5% and 10% for the
year ended 30 June 2016 (“current period”). Discovery’s results have been affected by an increased
investment in new initiatives, including the takeon of the Bankmed medical scheme administration and
managed care contract, the investment in the planned expansion of the business model into banking,
the buying up of Discovery’s economic interest in the DiscoveryCard and increased costs arising from
growth in Ping An Health and other International Partner Markets.
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 year ended 30 June 2015 (“prior
period”) were positively impacted by the accounting treatment resulting from the once-off 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 prior period, all current period comparatives with the
2015 financial year will be affected, as previously advised in the results announcement for the year
ended 30 June 2015 released on the Stock Exchange News Service (“SENS”) on 10 September 2015.
Shareholders are advised of the following guidance on undiluted earnings per share for the current
period:
- Normalised headline earnings per share is expected to increase in the range between 0% to 5%,
to between 672.2 cents and 705.8 cents over the prior period (2015: 672.2 cents);
- Headline earnings per share is expected to decrease in the range of 30% to 40%, to between
617.7 cents and 529.4 cents over the prior period (2015: 882.4 cents); and
- Earnings per share is expected to decrease in the range of 30% to 40%, to between 640.4 cents
and 548.9 cents (2015: 914.8 cents).
Normalised profit from operations is expected to increase in the range of 10% to 15%, to between R6
368 million and R6 657 million over the prior period (2015: R5 789m).
Discovery’s results for the current period are due to be released on SENS on 6 September 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
25 August 2016
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 25/08/2016 10:42:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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