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Release Date: 22/03/2019 16:30
Code(s): TBG     PDF:  
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Trading Statement

Tiso Blackstar Group SE
(Incorporated in England and Wales)
(Company number SE 110)
(registered as an external company with
limited liability in the Republic of South Africa
under registration number 2011/008274/10)
Share code: TBG
(“the Company”)


In terms of the JSE Limited Listings Requirements, a listed company is required to publish a
trading statement as soon as it becomes reasonably certain that the financial results for the
next period to be reported on will differ by 20% or more from the financial results for the
previous corresponding period.

Shareholders are advised that the Company’s results for the period ended
31 December 2017 have been retrospectively adjusted to account for the investments in Robor
and the CSI disposal group as discontinued operations, as detailed in the Company’s annual
results for the year ended 30 June 2018. The results for the period ended 31 December 2017
have also been amended in accordance with International Financial Reporting Standards, as
the interest in KTH is no longer accounted for as a non-current asset held for sale (held at its
fair value less costs to sell) but rather accounted for as an investment in associate being equity
accounted and tested for impairment annually with reference to the KTH portfolio valuation.
Accordingly, the results for the period ending 31 December 2017 have been reclassified and
amended as follows:
                                           Previously reported          Reclassified and                                                                 
                                            31 December 2017                 amended                                                                     
                                                                         31 December 2017
                                                 (cents)                      (cents) 
 Basic earnings/ (loss) per share                 19.02                       (14.91)
    Continuous operations                         18.83                       (18.36)
    Discontinued operations                        0.19                         3.45

 Headline earnings/ (loss) per share              20.44                        38.26                                                         
    Continuous operations                         20.51                        35.20
    Discontinued operations                       (0.07)                        3.06

The Company hereby advises that a reasonable degree of certainty exists that the financial
results for the period ended 31 December 2018 are expected to be within the following range:

                        Reclassified and       Expected range            Expected range
                            amended           31 December 2018         31 December 2018                 
                        31 December 2017           (cents)                   (cents)                                                                                                             
 earnings/(loss)              (14.91)          (33.90) to (30.92)      (127.4%) to (107.4%)
 per share

   Continuous                 (18.36)          (28.39) to (24.72)       (54.7%) to (34.7%)        

   Discontinued                 3.45              5.51 to 6.20            59.6% to 79.6%
 earnings/(loss)               38.26             17.68 to 25.34         (53.8%) to (33.8%)
 per share

   Continuous                  35.20             15.26 to 22.33         (56.6%) to (36.6%)                             

   Discontinued                 3.06              2.39 to 3.01          (21.8%) to (1.8%)                             

The financial information on which this trading statement is based has not been reviewed or
reported on by the auditor of the Company. The financial results for the six months ended
31 December 2018 are expected to be published on or about 27 March 2019.

22 March 2019

PSG Capital

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