Sharenet Sites 
Sharenet Sites
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 Company” or “the Group”)
TRADING STATEMENT
In terms of the Listings Requirements of JSE Limited, companies are required to publish a trading statement
as soon as they become reasonably certain that the financial results for the period to be reported on will
differ by more than 20% from that of the previous corresponding period.
Taste is currently finalising its results for the year ended 28 February 2017 (“current year”) and the directors
anticipate that:
- the loss per share is expected to be between 25.6 cents and 28.0 cents representing a decline of
between 6% and 16%, compared to the loss per share of 24.2 cents for the year ended 29 February
2016 (“prior year”);
- the headline loss per share is expected to be between 24.0 cents and 25.9 cents representing a decline
of between 25% and 35%, compared to the headline loss per share of 19.2 cents for the prior year.
- Although added back for core earnings below, the losses per share above include an exceptional non-
cash after-tax expense of R26 million which equates to 7.0 cents per share.
Core Earnings
As with previous years, the Group discloses core/normalised earnings. In the current year the Group
launched the Starbucks Coffee brand and finalised its conversions of Domino’s Pizza outlets and this is
reflected in a core earnings adjustment in the current year of approximately R13 million (excluding the non-
cash adjustment of R26 million described above). However, the prior year’s core earnings adjustment
amounting to R80 million was predominantly relating to the launch and conversion of Domino’s Pizza. This
has resulted in the core earnings adjustment being materially lower than the prior year due to certain
expenses associated with the conversion and establishment of Domino’s, and the launch of Starbucks
continuing in the business as part of ongoing infrastructure required to support future growth of the business.
As previously disclosed, now that the Group has finalised the Domino’s conversion and launched the
Starbucks brand, the core earnings adjustment will in future be limited to pre-opening expenses of corporate
owned stores; material, exceptional once-off costs or revenues; and non-cash lease smoothing and IFRS 2
charges. The Group has used this core earnings measure in the last three years in order to disclose more
fully the costs associated with establishing and launching these global brands. As these brands are now
established, future reporting will be comparable as any costs left in the business are continuing and are now
simply part of the business.
Accordingly, the table below reflects the anticipated core earnings, noting the non-comparability of the core
adjustment, which will be disclosed in detail in the annual report and results announcement, due at the end
of May 2017.
Anticipated core earnings range for the year ended 28 February 2017 are as follows:
Food division Luxury goods division Group
Core EBITDA -R62 million to -R66 million R58 million to R62 million -R19 million to -R23 million
(2016: -R4.6 million) (2016: R69.6 million) (2016: R47.2 million)
Core headline -R53 million to -R57 million
(loss)/earnings (2016: R4.7 million)
Core headline -13 cents to -16 cents
(loss)/earnings (2016: 1.5 cents)
per share
Core earnings exclude once-off costs and revenues; upfront costs relating to the launching 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.
With regards to launching and establishing the Starbucks brand in South Africa: 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 first store opening: 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 trading statement is based has not been reviewed or reported on by
Taste’s auditors. Taste's audited financial results are expected to be released on SENS on or about
29 May 2017.
Johannesburg
12 May 2017
Sponsor
Merchantec Capital
Date: 12/05/2017 12:48:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
