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Voluntary Trading Statement
TASTE HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number 2000/002239/06)
Share code: TAS ISIN: ZAE000081162
(“Taste” or “the Group”)
VOLUNTARY TRADING STATEMENT
Taste is currently finalising its results for the 6 months ended 31 August 2016 and the directors anticipate
that:
- the loss per share has improved (excluding the core earnings adjustments detailed below) and is
expected to be between 8.6 cents and 9.8 cents, representing an improvement of between 8% and
19%, compared to the loss per share of 10.6 cents for the prior period; and
- the headline loss per share has improved (excluding the core earnings adjustment detailed below) and
is expected to be between 8.5 cents and 9.5 cents, representing an improvement of between 10% and
19% compared to the headline loss per share of 10.5 cents for the prior period.
Core Earnings
As with previous periods, the Group discloses core/normalised earnings. The Group uses this core earnings
measure to internally evaluate operating performance, to evaluate itself against its peers, and to determine
future performance targets and long-range planning. Additionally, Taste believes that stakeholders covering
the Group’s financial performance also utilise this measure. Taste will disclose this financial measure for as
long as it is relevant to stakeholders.
Anticipated core earnings ranges for the 6 months ended 31 August 2016 are as follows:
(“prior period” or “2015” refers to the six months ended 31 August 2015)
Food division Luxury goods division Group
Core EBITDA -R25.5 million to – R24 million to R26 million -R9 million to –R11 million
R27.5 million (2015: R19.2 million) (2015: R17.6 million)
(2015: R7.8 million)
Core headline -R22 million to –R24 million
earnings (2015: R0.2 million)
Core headline -5.8 cents to -6.6 cents
earnings per (2015: 0.1 cents)
share
Core earnings exclude once-off costs and revenues; upfront costs relating to the launch of the Domino’s
brand in November 2014; the establishment of dough production and food distribution facilities (including the
temporary Domino’s ingredient subsidy as ingredient suppliers and specifications are localised, which
subsidy has now ended); and the conversion of the Scooters Pizza and St Elmo’s stores to Domino’s stores
in the 2016 and 2017 financial years. As previously disclosed these costs and revenues have materially
reduced from the prior period as the conversions near completion as at 31 August 2016. As there are only
two possible conversions remaining, it is anticipated that this adjustment in respect of Domino’s will not be
material to the Group for the remainder of the year.
With regards to launching and establishing the Starbucks brand in South Africa in 2016: as previously
announced, the Group incurred once off investment costs relating to initial training and travel; employment
costs of a dedicated Starbucks team well in advance of the market launch in April 2016; pre-opening
marketing and market research; and establishing IT and other infrastructure. As with Domino’s, these costs
are excluded from core earnings.
The financial information on which this voluntary trading statement is based has not been reviewed or
reported on by Taste’s auditors. Taste's financial results are expected to be released on SENS on or about
12 October 2016.
Johannesburg
4 October 2016
Sponsor
Merchantec Capital
Date: 04/10/2016 04:46:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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