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DISCOVERY LIMITED - Trading statement: year ended 30 June 2017

Release Date: 31/08/2017 08:54
Code(s): DSY     PDF:  
Wrap Text
Trading statement: year ended 30 June 2017

DISCOVERY LIMITED                                                                           
(Incorporated in the Republic of South Africa)                                   
(Registration number: 1999/007789/06)                                            
ISIN: ZAE000022331                                                               
Share Code: DSY                                                                  
("Discovery" or "the Company” or “the Group”)                                                   
 
TRADING STATEMENT: YEAR ENDED 30 JUNE 2017 
 
In terms of the JSE Limited Listings Requirements, issuers must publish a trading statement as soon as 
they have a reasonable degree of certainty that earnings per share and / or headline earnings per share 
for the next reporting period will differ by at least 20% from that of the previous corresponding period. 

Shareholders are advised that: 
       -  Headline earnings per share (undiluted) for the year ended 30 June 2017 (“current year”) is 
          expected to increase in the range of 18% to 22%, to between 674 cents and 697 cents over the 
          prior year ended 30 June 2016 (“prior year”) (2016: 571.1 cents); and 
       -  Earnings per share (undiluted) is expected to increase in the range of 18% to 22%, to between 
          676 cents and 699 cents (2016: 573.1 cents) over the prior year.  
 
It is practice for the Company to issue a trading statement on “normalized” headline earnings per share, 
which in management’s view best represents the underlying performance of the Group. 
 
 Accordingly, shareholders are advised that: 
       -  Normalised profit from operations is expected to increase by between 8% and 12% in the 
          current year over the prior year to between R6 920 million and R7 176 million (2016: R6 407 
          million).  
       -  Normalised headline earnings per share (undiluted) is expected to increase in the range of 5% to 
          8%, to between 710 cents and 730 cents over the prior year (2016: 676.3 cents); 
           
The reason for the difference in the growth rate between headline earnings per share and normalised 
headline earnings per share is largely as a result of non-recurring rebranding and business acquisition 
costs in the UK included in headline earnings in the prior year, which have reduced in the current year. 
Therefore, as management has previously maintained, reporting normalised headline earnings 
neutralises the impact of non-recurring items and is a more accurate reflection of the performance of 
the Group.  
 
Discovery’s results for the current year are due to be released on SENS on or about 18 September 2017. 
 
The financial information on which this trading statement is based has not been reviewed and reported 
on by the Company’s external auditors.  
      
Sandton                                                                          
31 August 2017 
 
Sponsor       
RAND MERCHANT BANK (A division of FirstRand Bank Limited)  



                                                                                                                     

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