DISCOVERY LIMITED - Trading statement: half year ended 31 December 2017

Trading statement: half year ended 31 December 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: HALF YEAR ENDED 31 DECEMBER 2017 
 
In accordance with paragraph 3.4(b) of the JSE 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 half year ended 31 December 2017 (“current 
         period”) is expected to increase in the range of 33% to 38%, to between 418 cents and 433 cents 
         over the prior half year ended 31 December 2016 (“prior period”) (2016: 314.0 cents); and 
       - Earnings per share (undiluted) is expected to increase in the range of 30% to 35%, to between 409 
         cents and 425 cents (2016: 314.8 cents) over the prior year.  
 
It is practice for the Company to issue a trading statement on “normalised” 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 15% and 20% in the current 
         period over the prior period to between R3.9 billion and R4.1 billion (2016: R3.4 billion).  
       - Normalised headline earnings per share (undiluted) is expected to increase in the range of 28% to 
         33%, to between 434 cents and 451 cents over the prior period (2016: 339.0 cents). 
           
The difference in the growth rate between normalised headline earnings per share and normalised profit 
from operations is largely as a result of a lower effective tax rate compared to the prior period.  
 
Discovery’s results for the half year are due to be released on SENS on or about 20 February 2018. 
 
The financial information on which this trading statement is based has not been reviewed and reported 
on by the Company’s external auditors.  
      
Sandton                                                                          
15 February 2018 
 
Sponsor       
RAND MERCHANT BANK (A division of FirstRand Bank Limited)  




                                                                                                                       

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