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TISO BLACKSTAR GROUP SE - Reviewed Condensed Consolidated Interim Financial Statements For The Six Months Ended 31 December 2018

Release Date: 27/03/2019 17:00
Code(s): TBG     PDF:  
 
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Reviewed Condensed Consolidated Interim Financial Statements For The Six Months Ended 31 December 2018

Tiso Blackstar Group SE
Incorporated in England and Wales
Company number SE 000110
Registered as an external company with limited liability in the Republic
of South Africa under registration number 2011/008274/10
Share code: TBG
ISIN: GB00BF37LF46
("Tiso Blackstar" or the "Company" or together with its subsidiaries the "Group")

Reviewed Condensed Consolidated Interim
Financial Statements for the six months ended
31 December 2018

Salient features

- Solid trading results from core operations in tough economic conditions
- Revenue increased by 2.9% to R2,046.6 million
- Operating profit from continuing operations up by 21.6% to R144.1 million
- Amendment of prior year results to no longer reflect KTH as a discontinued 
  operation and a non-current asset held for sale but as an investment in associate
- Earnings significantly impacted by KTH impairment and to a lesser extent the losses 
  incurred by discontinued operations

Overview

Tough economic conditions continue to prevail and are expected to continue in the short-term until there is an
improvement in the economy and investor sentiment.

The Group is focused on degearing and continues to service its debt in line with agreed upon payment terms. The
Hirt & Carter Group delivered good results and achieved significant milestones in the period. The Hirt & Carter
Group's move to a new single facility and growth in recently acquired businesses contributed to its performance. The
full benefits of the new facility will be realised over the next twelve months as the business focuses on cross-selling
and an integrated shared services environment. The Media business had a tough second quarter as traditional
revenues came under pressure from reduced industry-wide marketing spend. It faces pressure from rising input costs
such as newsprint, but prudent cost management and growth in new revenues such as Digital and Eventing will
diversify revenue.

Shareholders should note that the prior period results have been amended as a result of Kagiso Tiso Holdings
("KTH") no longer meeting the definition of a non-current asset held for sale and a discontinued operation in terms of
IFRS 5 and IAS 28.

Core businesses

Hirt & Carter Group
-   Hirt & Carter Group had a good period, reporting a 11.5% increase in revenue to R1,122.0 million and a 5.5%
    increase in Trading Performance/Core EBITDA(1) to R173.5 million, driven largely by strong growth in Bothma
    Branding Solutions ("BBS") and the benefits of a single production facility now being recognised.
-   Packaging and Forms grew revenue by 3%, limited by lower volumes in certain market segments.
-   The first phase of relocation to the new facility in Cornubia (H&C division and Shared Services) was completed
    by October 2018, including the recent moves of Paton Tupper and Triumph to the new facility. The move was
    completed on time, within budget and with continuous customer delivery.
-   The Uniprint Labels move will be completed in June 2019 following Competition Commission approval for the
    acquisition of First Impression Labels ("FIL") obtained in March 2019. FIL's earnings began to flow in March.
-   The integration of Shared Services will begin in earnest during the six months to June 2019 as the divisions
    within the Hirt & Carter Group focus on driving lean manufacturing and extracting the value from the new site.
-   Capex was higher than usual due to certain equipment that couldn't be moved to the new facility having to be
    replaced and relocation costs were incurred as a result of the move.
-   The Hirt & Carter Group is focused on growing its customer base, and utilising cross-selling opportunities to 
    deliver volumes and drive topline growth.

(1) Tiso Blackstar's Trading Performance (Core EBITDA) is calculated from profit before interest and tax after adding back depreciation, 
    amortisation, straight lining of leases, share-based payment expenses and other gains/(losses). It therefore excludes items outside 
    of the ordinary day-to-day activities. 

Media
-   The Media business remains stable in a difficult and low growth operating environment but rising input costs
    have forced a continued review of costs across the division.
-   Media revenue (excluding STS and Booksite, which have been sold and earmarked for sale respectively)
    declined by 5.9% to R702.1 million.
-   As a result of tight management of costs, Trading Performance/Core EBITDA(1) declined only 2.0%, significantly
    less than the decline in revenue.
-   An encouraging growth in Native, Digital, Events and bespoke magazines helped to broaden the revenue mix
    and build sustainability.
-   Digital subscriptions are now a core business with additional new product releases planned following the
    successful launch of Business Live and Times Select.
-   Media produced a strong performance relative to its peers.
-   Traditional reader and advertising revenue continue to be challenged by the economy.
-   Growth initiatives in Digital and Eventing showed significant progress, as did in-paper magazines such as Wanted
    and SMag.
-   Revenue declines have slowed in the core titles, driven by improved market share and growth in key areas.
-   The second half of the financial year is expected to be challenged by various factors, specifically political
    uncertainty in the run up to the elections and rising newsprint costs.
-   Despite the above, Media delivered a solid performance over the interim period and remains focused on
    maintaining market-leading positions to take advantage of any economic improvement.
-   The first half of the financial year performance was achieved on the back of better than expected advertising 
    revenue in niche businesses and magazine titles and consistently tight cost management.
-   The full implementation of new editorial systems and workflows will ensure market-leading digital first capacity
    and strong production savings.
-   Investments in the period include launching a digital Afrikaans product (Vrye Weekblad) to secure new digital
    subscription revenues, marketing initiatives to deliver further market-share growth, a new business intelligence
    system to streamline decision making and a procurement system to deliver cost reductions.

Broadcast and Content
-   Trading Performance/Core EBITDA(1) for the combined Broadcast and Content business grew 13.4% to R19.2
    million compared to the prior period. The division, whose revenues were impacted by tough economic and market
    conditions declined by 4.3%, made significant strategic progress in various areas.
-   Established broadcast assets Blackstar TV and Ochre both grew earnings in the period by a combined 21.2%,
    and radio stations Vuma and Rise improved slightly. Both have a strong pipeline and are expected to pick up
    again in the second half.
-   The films business Empire Entertainment had a strong holiday season in December 2018 with studio titles
    Bohemian Rhapsody and Aquaman performing well ahead of expectations as well as a solid showing for some
    independently acquired films.
-   Gallo Music has been impacted by the liquidation of its distributor, resulting in write-offs of its debtors book and
    a period of no physical trading while a new distributor stepped in. Trading has improved since and digital income
    continues to grow.
-   The music publishing side of the business is trading profitably and Gallo continues to seek out new frontline and
    catalogue opportunities.

(1) Tiso Blackstar's Trading Performance (Core EBITDA) is calculated from profit before interest and tax after adding back depreciation, 
    amortisation, straight lining of leases, share-based payment expenses and other gains/(losses). It therefore excludes items outside 
    of the ordinary day-to-day activities. 

Non-core businesses

The Group's entire interest in its wholly-owned non-core steel business Consolidated Steel Industries ("CSI") was
successfully disposed of effective 30 November 2018 for R50.0 million, of which R20.0 million was received on disposal 
with the remaining portion of the purchase price of R30.0 million cash to be received prior to 30 June 2019.

Tiso Blackstar management have been actively trying to sell the remaining non-core investments but market conditions
have made it difficult to achieve acceptable solutions.

Progress on the disposal plan for the Group's 47.6% interest in Robor continues and management remains focussed
on exiting this non-core interest as efficiently and quickly as possible whilst also realising value for shareholders.
Robor's merger with Macsteel did not close as Tiso Blackstar had hoped and was originally envisaged. However,
Macsteel and Trident, two of South Africa's largest steel tube and pipe manufacturers, both announced the closure
of their manufacturing plants, which should increase volumes through Robor's plant and improve profitability.

Tiso Blackstar could not come to reasonable sales terms with KTH's other shareholders for its 20.01% interest in
KTH, both in terms of value and an appropriate amount of cash. Whilst disappointing, we are actively working with
our fellow shareholders to streamline and improve KTH's portfolio performance, reduce its debt and resume declaring
dividends to shareholders. We believe this could materially improve the value of the Group's interest in KTH. The 
Group's interest in KTH declined in value as a result of the amendments to equity account the investment as an
associate as well as the adjustments to the KTH portfolio valuation.

Financial review

The Group produced solid trading results from core operations in tough economic conditions. The translation of this
into performance in the profit/(loss) for the period, could not be achieved as a result of the impact of the impairment
of the investment in associate KTH and the losses generated by discontinued operations CSI and Robor.

The composition of the Group's profit/(loss) for the period is relevant for a proper understanding of its financial results
due to its history and the nature of its underlying investments. Loss for the period includes results from non-core
operations including the associate KTH (now included in continuing operations) as well as the steel operations Robor
and CSI (to date of sale) which have been treated as discontinued operations. Operating profit represents the trading
results of the core segments Media, Hirt & Carter Group and Broadcast and Content before the following:

-    equity accounted associate earnings and impairments of associates (mainly comprising KTH and associates
     within the Africa (excluding South Africa) segment; and
-    other gains/(losses) which include the impact of any corporate actions, relocation costs and any other non-
     trading related or non-recurring gains/(losses) including profits/(losses) on disposals of assets.

The financial statements include significant reclassifications and amendments which have been retrospectively applied in accordance
with the standards. As a result of the aforementioned events relating to the Group's interest in KTH, and in
accordance with IFRS 5 and IAS 28, the KTH investment is no longer considered to be a discontinued operation and
a non-current asset held for sale (held at fair value less costs to sell) but is rather accounted for as an investment in
associate being equity accounted and assessed for impairment. Any KTH related income and expenses are now
also included in continuing operations. This required retrospective application and as a result, comparatives have
been amended and the opening statement of financial position as at 31 December 2016 on date of reclassification
is disclosed.

Total Group revenue from continuing operations increased by 2.9% to R2,046.6 million. Operating costs continued
to be well controlled, declining by 5.5% to R442.5 million. A pleasing 21.6% increase in operating profit to R144.1
million was achieved as a result of the Group's ongoing focus on adding revenue streams and controlling costs. Other
gains/(losses) mainly includes a R16.4 million loss on disposal of subsidiary Smartcall Technology Solutions ("STS"),
R14.8 million "agterskot" provision relating to the July 2017 acquisition of a 51.0% interest in BBS, and a total of 
R16.3 million which includes Cornubia facility relocation costs and other once-off costs incurred by the Hirt & Carter Group. 
It is important to note that the net profit for the period of R96.6 million includes amortisation of intangible assets of
R29.6 million.

Finance costs after excluding the guarantee fees of R4.9 million relating to the part disposal of KTH have decreased
by 5.3% to R71.0 million due to a decrease in Group debt levels. The taxation expense remains significantly above
the South African tax rate mainly due to the non-deductible UK-based head office costs, together with the non-
deductible finance costs on acquisition debt raised for the purchase of the KTH shares. This tax difference should
improve as Head Office debt is repaid and UK costs are lowered further.
 
The results of the associate KTH have a material impact on the Company's share of profit of associates, with KTH
having contributed a profit of R20.3 million in the current period and a loss of R31.5 million in the comparative six
months. Impairments arising on associates in all reporting periods, including R81.1 million in the current reporting
period, arose on KTH with the fair value being assessed with reference to the KTH portfolio valuation.

The loss arising on discontinued operations of R23.3 million includes a R19.1 million loss from associate Robor and
the balance arising on the subsidiary CSI to date of disposal.

A basic loss of 32.41 cents per share arose in the current reporting period which includes results of both continuing
and discontinued operations, significantly impacted by the KTH impairment and to a lesser extent the losses incurred
by the discontinued operations. Headline earnings of R56.5 million were achieved compared to R101.5 million in the
comparative period and are materially impacted by KTH's related headline earnings adjustments.

Equity attributable to shareholders declined marginally from 30 June 2018 to 31 December 2018 by 2.2% to R2,837.5
million (a net asset value of 1,079.58 cents per share) with the positive contributions of the core operations being
outweighed by the overall decline in the KTH value and discontinued operations' losses. A decrease of R1,048.7
million in non-current assets held for sale and simultaneously its associated non-current liabilities arose as a result
of the disposal of CSI. As at 31 December 2018 non-current assets held for sale comprised of the investment in the
associate Robor carried at R118.5 million. Total interest-bearing borrowings of R928.7 million decreased by R72.2
million as a result of scheduled capital repayments.

Cash generated from operations of R13.8 million was achieved after net finance costs paid of R88.5 million. Net
cash generated by investing activities of R270.5 million mainly comprises of the following: a R59.6 million cash
outflow on acquisition of plant and equipment (which includes the Hirt & Carter Group's capex spend of R53.0 million
required on relocation to its new facility); and a cash inflow of R345.6 million on disposal of subsidiaries CSI and STS
(mainly representing the CSI bank overdraft of R336.3 million on date of sale). After excluding the R12.5 million
dividend paid in November 2017, the cash flow utilised by financing activities remained relatively flat when compared
to the comparative reporting period.

During the current reporting period, 3,445,859 new shares and 2,664,950 treasury shares were issued under the
long-term Management Incentive Scheme, a Forfeitable Share Plan ("FSP"). For accounting purposes, shares
issued under the FSP are not considered as issued.

Dividend

Tiso Blackstar has taken the prudent approach of not declaring an interim dividend in light of its current gearing levels
which will be addressed as soon as some or most of the non-core investments are realised in the future.

Events after reporting date

In March 2019, the Hirt & Carter Group acquired the entire issued share capital of FIL. FIL prints flexo and digital
labels, shrink sleeves, wrap around labels and coupons for blue-chip customers. This acquisition will add scale to
the existing Hirt & Carter Group businesses, to further diversify the technology offering and capabilities for clients,
and enhance the earnings base for the Group. In addition, the merged business will operate out of the new integrated
facility in Cornubia, Durban, and will leverage off the efficiencies and cost savings this facility has created. FIL has
a strong leadership team and will assume management of the combined business, which will operate under the First
Impressions Labels brand.

In March 2019, at the request of Robor's bankers, Tiso Blackstar provided an equity loan of R50.0 million to Robor
thereby reducing the guarantees provided to the banks for facilities provided to Robor by the same amount.

Looking forward

Core operations have produced solid results in light of the tough economic conditions and management continues to
take the necessary steps to ensure operations are stable and remain as profitable as possible. The short to medium
term power cuts will have an impact on the businesses going forward (as it will other business operating within South
Africa).

A key area of focus for the remainder of the year is to reduce the high gearing levels of the Group and to strengthen
the balance sheet. This will be achieved through the following strategies: ongoing management of the core
businesses and costs management to ensure optimal generation of cash flows; finalisation of the disposal of Robor;
active management of the investment in KTH with the aim of extracting dividends and ultimately value from this
investment; and seeking other opportunities to generate further cash flows which would assist in reducing debt levels.

The Tiso Blackstar Board would like to extend its gratitude to stakeholders, including shareholders, advisers, clients, business
partners, management and employees, for their efforts and contributions during the past six months.

On behalf of the Board

AD Bonamour
Chief Executive Officer         

Condensed consolidated interim statements of profit and loss and other comprehensive income
for the six months ended 31 December 2018

                                                                                                     Restated,                 
                                                                                              reclassified and                 
                                                                                                      amended*      Amended*   
                                                                                   Reviewed          Unaudited       Audited   
                                                                                 Six months         Six months          Year   
                                                                                      ended              ended         ended   
                                                                                31 December        31 December       30 June   
                                                                                       2018               2017          2018   
                                                                        Notes         R'000              R'000         R'000   
Continuing operations                                                                                                          
Revenue                                                                           2,046,638          1,988,423     3,814,781   
Cost of sales                                                                   (1,402,327)        (1,344,868)   (2,606,329)   
Gross profit                                                                        644,311            643,555     1,208,452   
Operating expenses                                                                (442,493)          (468,026)     (900,847)   
Depreciation and amortisation                                                      (75,945)           (75,136)     (150,943)   
Straight lining of leases                                                           (6,978)           (10,061)       (8,650)   
Operating income                                                                     25,159             28,091        98,453   
Operating profit                                                                    144,054            118,423       246,465   
Other (losses)/gains                                                               (47,483)             18,529      (56,350)   
Net profit                                                                           96,571            136,952       190,115   
Net finance costs                                                                  (71,421)           (72,575)     (145,565)   
Finance income                                                                        4,456              2,385         7,026   
Finance costs                                                                      (75,877)           (74,960)     (152,591)   
Share of profit/(loss) of associates - equity accounted                     6        26,979           (22,417)       182,610   
Impairment loss of associates - equity accounted                            6      (81,052)           (58,460)     (269,954)   
Loss before taxation                                                               (28,923)           (16,500)      (42,794)   
Taxation                                                                           (29,196)           (25,315)      (77,664)   
Loss from continuing operations                                                    (58,119)           (41,815)     (120,458)   
(Loss)/Profit from discontinued operations, net of taxation                 3      (23,278)             14,601     (258,173)   
Loss for the period                                                                (81,397)           (27,214)     (378,631)   
Other comprehensive income/(loss), net of taxation                                   14,850           (30,335)         4,354   
Items that may subsequently be reclassified to profit and loss:                                                                
Currency translation differences on the translation of foreign operations           (5,249)            (3,353)       (1,805)   
Other comprehensive income/(loss) of equity accounted                                                                          
associates                                                                           10,528           (26,174)         1,589   
Items subsequently reclassified to profit and loss:                                                                            
Reclassification of foreign currency translation reserve on disposal of                                                  
subsidiary                                                                           11,644                  -             -   
Items that will not subsequently be reclassified to profit and loss:                                                  
Actuarial gains on Post-retirement medical aid ("PRMA")                                   -                340         2,252   
Other comprehensive (loss)/income of equity accounted                                                                          
associates                                                                          (2,073)            (1,148)         2,318   
Total comprehensive loss for the period                                            (66,547)           (57,549)     (374,277)   
Loss for the period attributable to:                                                                                           
Equity holders of the parent                                                       (85,260)           (39,549)     (378,931)   
Non-controlling interests                                                             3,863             12,335           300   
                                                                                   (81,397)           (27,214)     (378,631)   
Other comprehensive income/(loss), net of taxation                                                                             
attributable to:                                                                                                               
Equity holders of the parent                                                         14,850           (30,335)         3,777   
Non-controlling interests                                                                 -                  -           577   
                                                                                     14,850           (30,335)         4,354   
Total comprehensive loss for the period attributable to:                                                                       
Equity holders of the parent                                                       (70,410)           (69,884)     (375,154)   
Non-controlling interests                                                             3,863             12,335           877   
                                                                                   (66,547)           (57,549)     (374,277)  
Basic loss per ordinary share (in cents) attributable to equity                                                                
holders                                                                     4       (32.41)            (14.91)      (142.96)   
Diluted loss per ordinary share (in cents) attributable to equity                                                              
holders                                                                     4       (31.37)            (14.67)      (140.55)   
Basic loss per ordinary share (in cents) attributable to equity                                                                
holders from continuing operations                                          4       (26.56)            (18.36)       (49.80)   
Diluted loss per ordinary share (in cents) attributable to equity                                                              
holders from continuing operations                                          4       (25.70)            (18.07)       (48.96)   
Weighted average number of shares in issue (net of treasury                                                                    
shares, in thousands)                                                       4       263,049            265,259       265,062   
Weighted average number of shares in issue (in thousands)                   4       271,747            269,578       269,601 
  
* Refer notes 2 and 3                                                                                                          

Condensed consolidated interim statement of financial position  
as at 31 December 2018  
Company registration number: SE 000110
                                                                                          Amended*      Amended*    Amended*   
                                                                            Reviewed     Unaudited     Unaudited     Audited   
                                                                         31 December   31 December   31 December     30 June   
                                                                                2018          2017          2016        2018   
                                                                 Notes         R'000         R'000         R'000       R'000   
ASSETS                                                                                                                         
Non-current assets                                                         4,096,801     5,227,865     5,367,326   4,153,533   
Property, plant and equipment                                                387,925       950,503       904,632     376,147   
Investment property                                                                -             -        17,617           -   
Straight lining of lease assets                                                    -             -           210          15   
Goodwill                                                             5     1,046,236     1,200,376     1,139,846   1,080,696   
Intangible assets                                                          1,157,301     1,277,384     1,296,419   1,175,147   
Investment in associates - equity accounted                          6     1,403,744     1,675,254     1,893,148   1,449,636   
Other investments, loans and receivables                                      48,788        30,097        34,320      18,173   
Deferred taxation                                                             52,807        94,251        81,134      53,719   
Current assets                                                             1,170,873     2,696,754     2,750,488   1,505,846   
Inventories                                                                  274,196     1,016,673     1,057,827     241,730   
Straight lining of lease assets                                               20,915             6             -       2,462   
Other financial assets                                                             -           687             -           -   
Trade and other receivables                                                  838,097     1,556,178     1,393,037     847,360   
Current taxation                                                              23,461        41,933        26,411      19,798   
Cash and cash equivalents                                            7        14,204        81,277       273,213     394,496   
Non-current assets held for sale                                     3       118,488        14,253             -   1,186,292   
TOTAL ASSETS                                                               5,386,162     7,938,872     8,117,814   6,845,671   
EQUITY AND LIABILITIES                                                                                                         
Capital and reserves attributable to the                                                                                       
Group's equity holders                                                     2,837,489     3,215,639     3,446,839   2,901,794   
Share capital and premium                                                  3,255,248     3,255,248     3,255,248   3,255,248   
Other reserves                                                                35,651        28,365        29,890      32,036   
Foreign currency translation reserve                                        (49,176)      (96,617)      (43,939)    (66,099)   
(Accumulated losses)/Retained earnings                                     (404,234)        28,643       205,640   (319,391)   
Non-controlling interests                                                     31,700       221,018       200,936      35,962   
TOTAL EQUITY                                                               2,869,189     3,436,657     3,647,775   2,937,756   
LIABILITIES                                                                                                                    
Non-current liabilities                                                    1,248,760     1,189,454     1,669,855   1,412,276   
Borrowings                                                                   727,500       623,623     1,059,656     909,874   
Straight lining of lease liabilities                                          50,331        25,091        34,072      24,914   
Other financial liabilities                                                      580         9,152             -       6,397   
Finance lease and instalment sale obligations                                136,613       117,030       136,721     123,610   
Post-retirement benefits liabilities                                          10,252        37,611        71,837      25,359   
Provisions                                                                     5,502         9,081        20,016       5,734   
Deferred taxation                                                            317,982       367,866       347,553     316,388   
Current liabilities                                                        1,268,213     3,302,066     2,800,184   1,446,942   
Borrowings                                                                   201,160       532,344       135,331      90,967   
Straight lining of lease liabilities                                               -         4,163        55,787           2   
Other financial liabilities                                                   11,388         5,852             -       5,673   
Finance lease and instalment sale obligations                                 53,180        60,582        44,535      50,259   
Post-retirement benefits liabilities                                           4,506         5,412         9,518       4,506   
Provisions                                                                    17,721        75,273        18,285      60,520   
Trade and other payables                                                     898,955     1,632,495     1,618,872     922,350   
Current taxation                                                              35,454        61,680        22,364      27,103   
Bank overdrafts and other short-term                                                                                           
borrowing facilities                                                 7        45,849       924,265       895,492     285,562   
Non-current liabilities associated with non-                                                                                   
current assets held for sale                                         3             -        10,695             -   1,048,697   
TOTAL LIABILITIES                                                          2,516,973     4,502,215     4,470,039   3,907,915   
TOTAL EQUITY AND LIABILITIES                                               5,386,162     7,938,872     8,117,814   6,845,671   

* Refer notes 2 and 3                                                                                         

The condensed consolidated interim financial statements were approved by the Tiso Blackstar Board and authorised for
issue on 27 March 2019.

AD Bonamour                        DKT Adomakoh
Chief Executive Officer            Non-executive Chairman

Condensed consolidated interim statement of changes in equity                                   
for the six months ended 31 December 2018                                                                                      
                                                                                               Reclassified and                
                                                                                                       amended*     Amended*   
                                                                                    Reviewed          Unaudited      Audited   
                                                                            Six months ended   Six months ended   Year ended   
                                                                                 31 December        31 December      30 June   
                                                                                        2018               2017         2018   
                                                                     Note              R'000              R'000        R'000   
Previously reported balance                                                        3,111,973          3,568,894    3,568,894   
Effects of reclassifications and amendments*                                       (174,217)           (65,852)     (65,852)   
Reclassified and amended balance                                                   2,937,756          3,503,042    3,503,042   
Changes in reserves:                                                                                                           
Total comprehensive loss for the period                                             (70,410)                  -            -   
Reclassified and amended total comprehensive loss                                                                              
for the period                                                                             -           (69,884)    (375,154)   
Previously reported balance                                                                -             25,548    (266,790)   
Effects of reclassifications and amendments*                                               -           (95,432)    (108,364)   
On deregistration of a business                                                           51                  -            -   
Acquisition of subsidiaries/businesses                                                     -                109            -   
FSP share-based payment expense                                                        5,130              3,319        9,456   
Tax charge on FSP share-based payment expense                                                                                  
recognised directly in equity                                                          2,262              1,002        2,558   
Arising on change in holding in a subsidiary                                               -                  -      (8,542)   
Purchase of treasury shares                                                          (1,339)            (2,158)      (9,772)   
Equity loan from non-controlling interests                                                 -           (16,485)     (16,486)   
Dividends paid                                                                             -           (12,545)     (12,545)   
Changes in non-controlling interests:                                                                                          
Total comprehensive income for the period                                              3,863             12,335          877   
Arising on change in holding in a subsidiary                                               -                  -        8,542   
On disposal of a subsidiary                                             8            (3,091)                  -            -   
On deregistration of a business                                                         (51)                  -            -   
Acquisition of subsidiaries/businesses                                                     -              5,913        5,913   
Equity loan from non-controlling interests                                                 -             16,848       16,848   
Loss of control in Robor                                                                   -                  -    (177,113)   
Dividends paid to non-controlling interests                                          (4,982)            (4,839)      (9,868)   
Balance at the end of the period                                                   2,869,189          3,436,657    2,937,756   
Previously reported balance                                                                           3,597,941    3,111,973   
Effects of reclassifications and amendments*                                                          (161,284)    (174,217)   

* Refer notes 2 and 3                                                                                                

Condensed consolidated interim statement of cash flows
for the six months ended 31 December 2018

                                                                                                   Restated and                
                                                                                                       amended*     Amended*   
                                                                                        Reviewed      Unaudited      Audited   
                                                                                      Six months     Six months                
                                                                                           ended          ended   Year ended   
                                                                                     31 December    31 December      30 June   
                                                                                            2018           2017         2018   
                                                                             Notes         R'000          R'000        R'000   
Cash flow from operating activities                                                                                           
Cash generated by operations                                                             126,292        139,614      366,555   
Dividend income received from investments                                                      -          2,723        5,321   
Cash settled share-based payment of subsidiary                                                 -          (455)            -   
Net finance costs paid                                                                  (88,516)      (109,176)    (220,267)   
Net taxation paid                                                                       (23,937)       (21,179)     (61,795)   
Net cash generated by operating activities                                                13,839         11,527       89,814   
Cash flow from investing activities                                                                                            
Acquisitions of tangible assets                                                         (59,604)       (57,674)    (130,839)   
Proceeds on disposal of tangible assets                                                    1,523          3,541       10,728   
Additions to intangible assets                                                          (13,124)       (11,915)     (40,902)   
Proceeds on disposals of intangible assets                                                     -              3       25,003   
Proceeds on part disposal of KTH                                                               -              -      197,940   
Net movement in other investments, loans and receivables                                 (3,841)         13,910        6,999   
On acquisition of subsidiaries/businesses                                                      -       (12,302)     (13,887)   
On disposal of subsidiaries/businesses                                           8       345,569              -        1,728   
Loss of control in Robor                                                                       -              -      431,145   
Cash and cash equivalents disclosed as non-current assets                                                                      
held for sale                                                                                  -          (239)            -   
Net cash generated/(utilised) by investing activities                                    270,523       (64,676)      487,915   

Cash flow from financing activities                                                                                            
Borrowings, finance leases and instalment sale obligations                                                                     
raised                                                                                    43,003         41,829      322,407   
Borrowings, finance leases and instalment sale obligations                                                                     
repaid                                                                                 (101,583)      (100,185)    (406,172)   
Purchase of treasury shares                                                              (1,339)        (2,158)      (9,772)   
Dividends paid                                                                                 -       (12,545)     (12,545)   
Dividends paid to non-controlling interests                                              (6,354)        (4,839)      (9,440)   
Net cash utilised by financing activities                                               (66,273)       (77,898)    (115,522)   
Net increase/(decrease) in cash and cash equivalents                                     218,089      (131,047)      462,207   
Cash and cash equivalents at the beginning of the period                               (249,734)      (711,941)    (711,941)   
Cash and cash equivalents at the end of the period                               7      (31,645)      (842,988)    (249,734)   

* Refer notes 2 and 3                                                                                          

Notes to the condensed consolidated interim financial statements
for the six months ended 31 December 2018

1.     Basis of preparation

       Investors should consider non-Generally Accepted Accounting Principles ("non-GAAP") financial measures shown
       in the condensed consolidated interim financial statements in addition to, and not as a substitute for or as superior to, 
       measures of financial performance reported in accordance with International Financial Reporting Standards ("IFRS"). 
       The IFRS results reflect all items that affect reported performance and therefore it is important to consider the 
       IFRS measures alongside the non-GAAP measures.

       The principal accounting policies adopted in the preparation of the condensed consolidated interim financial 
       statements for the six months ended 31 December 2018 have been consistently applied across all periods presented 
       in the condensed consolidated interim financial statements. All the condensed consolidated interim financial statements
       are presented in South African Rands and all financial information has been rounded to the nearest thousand unless
       stated otherwise. The condensed consolidated interim financial statements for the six months ended 31 December
       2018 have been reviewed and reported on by the Company's external auditors.

       The independent auditor's review has been conducted in accordance with International Standards on Review
       Engagements 2410, Review of Interim Financial Information performed by the Group's independent auditor,
       Deloitte & Touche, and their unmodified review report is available for inspection at the Company's registered office.
       Any reference to future financial performance included in the condensed consolidated interim financial statements has 
       not been reviewed or reported on by the Group's external auditors. The auditor's report does not necessarily report on 
       all of the information contained in the condensed consolidated interim financial statements. Shareholders are therefore 
       advised that in order to obtain a full understanding of the nature of the auditor's engagement they should obtain a copy
       of the auditor's report together with the accompanying financial information from the registered office.

       While the financial information included in the condensed consolidated interim financial statements have been prepared in 
       accordance with the framework concepts, recognition and measurement criteria of IFRS published by the International Accounting
       Standards Board ("IASB") as endorsed for use by the European Union ("EU IFRS") and IFRS as issued by the IASB ("IFRS"), the
       condensed consolidated interim financial statements does not itself contain sufficient information to comply with
       IFRS. The financial information is a set of condensed consolidated interim financial statements which was approved
       by the Tiso Blackstar Board on 27 March 2019. The condensed consolidated interim financial statements have been
       prepared on the historical cost basis, except for financial assets and financial liabilities held at fair value through
       profit and loss, and non-current assets held for sale, that have been measured at fair value.

       The accounting policies and methods of computation are in terms of IFRS and are consistent in all material respects
       with those applied in the annual consolidated financial statements for the year ended 30 June 2018.

       Comparatives have been revised for restatements (refer note 2) and amendments relating to discontinued
       operations and non-current assets held for sale (refer note 3), with the exception of the adoption of IFRS 9 Financial
       Instruments and IFRS 15 Revenue from Contracts with Customers as noted in note 1.5.

1.1    JSE listing

       The condensed consolidated interim financial statements for the six months ended 31 December 2018, are prepared in accordance
       with International Financial Reporting Standard, IAS 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as 
       issued by the Accounting Practices Committee and Financial Reporting Pronouncements as issued by the Financial Reporting 
       Standards Council and the requirements of JSE Listings Requirements.

1.2    UK statutory requirements

       The financial information for the six months ended 31 December 2018 does not constitute statutory accounts as
       defined in sections 435(1) and 435(2) of the UK Companies Act 2006 ("Companies Act 2006"). Statutory accounts
       for the year ended 30 June 2018 have been delivered to the Companies House in the UK following the Company's
       Annual General Meeting ("AGM") held on Monday, 3 December 2018.

1.3    Going concern

       The Tiso Blackstar Board has reviewed the working capital requirements of the Group along with the Group's funding
       requirements, from the date of approval of the condensed consolidated interim financial statements, and has
       concluded that the Group has adequate resources to continue into the foreseeable future as a going concern.

       In coming to this conclusion the Tiso Blackstar Board performed a detailed review of the Group's liquidity and solvency
       position at the reporting date taking into account all possible future cash flows and scenarios.

       The Group had a cash position net of overdrafts of R31.6 million and unutilised facilities of R158.4 million at 31
       December 2018, with its total current assets of R1,289.4 million (including non-current assets held for sale of R118.5
       million) exceeding its total current liabilities of R1,268.2 million.

       A combination of factors have led to the change in the Group's liquidity position from that previously reported in the
       Integrated Annual Report for the year ended 30 June 2018. The most significant factor is that Tiso Blackstar could not 
       come to reasonable sale terms for its Kagiso Tiso Holdings Proprietary Limited ("KTH") interest with other KTH shareholders,
       both in terms of value and an appropriate amount of cash. As a result the Tiso Blackstar Board, after assessing the
       impact on the Group's liquidity position, determined that the most responsible approach would be to continue to
       hold on to the investment and ultimately to dispose of this when a price reflective of its true value can be realised.
       The debt relating to the KTH acquisition amounted to R135.5 million at 31 December 2018 and is due and payable
       on 31 December 2019.

       In determining the cash flows to March 2020, assessments were made regarding the following: the trading profits
       to be generated by the existing businesses; the anticipated cash realisations from the ongoing execution of the
       strategy to dispose of non-core assets (taking into consideration the amended strategy for KTH); other anticipated
       capital related cash inflows; the cash outflows to meet the Group's obligations with regards to the debt and financing
       facilities currently in place at the end of the reporting period; and the cash outflows relating to the acquisition of 
       First Impression Labels Proprietary Limited ("FIL"). Detailed sensitivity analyses and "scenario modelling" were performed
       at various points in time. These calculations included: assessing the impact of a change in forecasts of cash flows from 
       trading operations; the likelihood of the capital cash inflows and the impact of a change in timing or amount of each of 
       these inflows; the likelihood of existing guarantees being called upon; and the availability of existing banking facilities. 
       Given the degree of sensitivity to the timing of the cash flows, the banking covenants were also considered for all scenarios
       to assess the impact thereof and the possibility of any breaches arising in the next twelve months.

       The Tiso Blackstar Board is not aware of any material uncertainties which may cast significant doubt over the
       Group's ability to continue as a going concern. 
 
1.4    Foreign currencies

       The functional currency of the Company is South African Rands, being the currency of the primary economic
       environment in which the Company and its subsidiaries operate.
 
1.5    IFRS standards that became effective during the period

       IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers became effective to the Group
       during the reporting period. The adoption of these standards had no material impact on the amounts previously
       reported hence no restatement of comparative information is required.

       The Group's revised policy regarding financial instruments and revenue are summarised below:

       IFRS 9 - Financial Instruments
       The Group's financial assets that are held to collect contractual cash flows on specified dates are measured at
       amortised cost. These include trade and other longer-term loan receivables and cash resources. Interest-bearing
       borrowings, trade and other payables and other longer-term payables are measured at amortised cost.

       The contingent consideration liabilities, included in trade and other payables on the statement of financial position,
       are fair valued through profit or loss.

       Derivative financial instruments are fair valued through profit or loss unless hedge accounting is applied in which
       case they are fair valued through other comprehensive income.

       The above measurements are consistent to those applied in prior periods.

       The Group recognises a loss allowance for lifetime expected credit losses on financial assets in a way that reflects
       an unbiased probable weighted amount, the time value of money and supportable information about past events,
       current and future economic conditions.

       IFRS 15 - Revenue from Contracts with Customers
       The Group recognises revenue from contracts with customers as it satisfies a performance obligation by delivering
       the promised goods or services to the customer. The amount of revenue recognised is the transaction price allocated
       to that performance obligation that at least compensates the Group for the performance completed and to which it
       is entitled. A significant portion of the Group's revenue is derived from contracts with customers in which the transfer
       of control coincides with the fulfilment of performance obligations.
 
2.     Correction of prior period errors 

2.1    Restatement of statement of cash flows 

       As reported in the Integrated Annual Report for the year ended 30 June 2018, a prior period error was identified
       through the JSE's proactive monitoring process. This was a classification error in the condensed consolidated
       statement of cash flows, whereby cash payments to and on behalf of employees were incorrectly shown under
       "Cash flow from financing activities" instead of "Cash flow from operating activities".
                 
       This misallocation is a prior period accounting error which has been adjusted for retrospectively in terms of IAS 8
       Accounting Policies, Changes in Accounting Estimates and Errors. Consequently, the condensed consolidated
       statement of cash flows for the six months ended 31 December 2017 was restated as follows:
       
       
                                                                                Previously        Restatement for              
                                                                                  reported   classification error   Restated   
       31 December 2017                                                              R'000                  R'000      R'000   
       Cash flow from operating activities                                                                                     
       Cash settled share-based payment of subsidiary                                    -                  (455)      (455)   
       Net cash generated by operating activities                                   11,982                  (455)     11,527   
       Cash flow from financing activities                                                                                     
       Cash settled share-based payment of subsidiary                                (455)                    455          -   
       Net cash utilised by financing activities                                  (78,353)                    455   (77,898)   

       This accounting restatement only affected the line items within the condensed consolidated statement of cash flows,
       and had no impact on profit for the period, basic, diluted and headline earnings per share or any line items within the
       condensed consolidated statement of financial position.

2.2    Restatement for Smartcall Technology Solutions Proprietary Limited ("STS")

       As reported in the Integrated Annual Report for the year ended 30 June 2018, on further inspection of the manner
       in which STS accounts for its revenue, it was noted that STS was acting as an agent and the revenue earned by
       STS should therefore have been recognised on an agency basis. Historically, STS had recognised revenue on a
       principal basis and therefore, as a prior period accounting error, this required retrospective adjustment in terms of
       IAS 8.
 
       The condensed consolidated statement of profit and loss for the six months ended 31 December 2017 was restated
       as follows:
       
                                                                           Adjustments                                         
                                                                      Reclassification      Amendment for                      
                                                                      for discontinued   KTH - previously          Restated,   
                                       Previously   Restatement for   operations - CSI     a discontinued   reclassified and   
                                         reported               STS         and Robor*         operation*            amended   
       31 December 2017                     R'000             R'000              R'000              R'000              R'000   
       Continuing operations                                                                                                   
       Revenue                          4,499,639       (215,315)**        (2,296,605)                704          1,988,423   
       Cost of sales                  (3,601,058)           215,315          2,040,875                  -        (1,344,868)   
       Gross profit                       898,581                 -          (255,730)                704            643,555   
       
       *   Refer note 3
       **  Agency revenue

       This accounting restatement in respect of STS only affected the line items revenue and cost of sales, and had no
       impact on profit for the period, basic, diluted and headline earnings per share or any line items within the condensed
       consolidated statement of financial position. The Group's entire interest in STS was sold effective 1 August 2018.
 
3.     Discontinued operations and Non-current assets held for sale

3.1    Reclassification in terms of IFRS 5 - CSI and Robor

       During 2016, Tiso Blackstar announced its change in strategy to focus on investments in media and related
       industries, and to therefore dispose of its non-core assets. As the Group progresses the disposal of its non-core
       investments to move towards being a single sector investment holding company, the Group commenced
       negotiations to dispose of its interests in Consolidated Steel Industries Proprietary Limited ("CSI") and Robor
       Proprietary Limited ("Robor"), the terms of which will be finalised during the 2019 financial year.

       The investment in Robor met the requirements of IFRS 5 Non-current Assets Held for Sale and Discontinued
       Operations in both the current period and prior financial year, and is separately classified and presented, as a non-
       current asset held for sale and a discontinued operation at 31 December 2018. It is anticipated the disposal of Robor
       will be achieved through a sale of shares envisaged to be completed in accordance with the disposal plan in the
       upcoming months. The entire investment in CSI (including shares and claims) was disposed of effective
       30 November 2018 for an amount of R50.0 million. The investment in CSI met the requirements of IFRS 5, and was
       separately classified and presented, as a non-current asset held for sale and a discontinued operation up to date of
       disposal. R20.0 million was received in cash and the balance will be paid, including interest, in the last quarter of
       the 2019 financial year. In accordance with IFRS 5, profit and loss for the comparative six months ended
       31 December 2017 were reclassified, to reflect CSI and Robor as discontinued operations in the prior period.

       In December 2017, the Group disposed of a 3.4% interest in Robor for R16.5 million reducing its interest from 51.0%
       to 47.6%, which resulted in a loss of control and step down from a subsidiary to an associate.

3.2    Amendment in terms of IFRS 5 and IAS 28 - KTH

       Tiso Blackstar's 20.01% interest in KTH, was identified as a non-core asset earmarked for sale and accounted for
       as a non-current asset held for sale and a discontinued operation in terms of IFRS 5 with effect from June 2016, as
       a result of the Group entering into a sales agreement to dispose of the asset.

       On publication of the Integrated Annual Report for the year ended 30 June 2018, the KTH shareholders had
       appointed an independent party to advise on the most optimal approach to meet the desired shareholders objectives,
       which included Tiso Blackstar's plan to dispose of its entire interest in KTH. It was highly anticipated that this KTH
       disposal plan would be completed by 30 June 2019.

       Tiso Blackstar could however not come to reasonable sale terms for its KTH interest with other KTH shareholders,
       both in terms of value and an appropriate amount of cash. The Tiso Blackstar Board has reconsidered its position
       and decided that the most responsible approach would be to continue to hold the investment, and to work together
       with the other KTH shareholders and management, with the aim of increasing the overall value of KTH. Tiso
       Blackstar's long-term view continues to be to dispose of its interest in KTH, but only once this can be successfully
       executed at a price which is reflective of the fair value of this investment. The Tiso Blackstar Board believes that
       this strategy will in the long-term yield a better return for shareholders.

       As a result of the aforementioned events, 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.

       Per IAS 28 Investments in Associates and Joint Ventures, when an investment in associate previously classified as
       held for sale no longer meets the criteria to be so classified, it shall be accounted for using the equity method
       retrospectively as from its date of classification as held for sale. Consolidated financial statements for the periods
       since classification as held for sale have been amended accordingly.

       The interest in KTH has therefore been accounted for as an investment in associate in accordance with IAS 28 (refer
       note 6) effective from 1 July 2016 and comparatives have been amended for this change in classification.

3.3    Restatement, reclassification and amendment of the condensed consolidated statements of profit and loss and other comprehensive income

       The effect of the aforementioned reclassifications for CSI and Robor, and the amendment for KTH had the following impact on the condensed consolidated statements of
       profit and loss and other comprehensive income:

                                                                                                                                         Adjustments                                           
                                                                                                                                Reclassification for        Amendment for                      
                                                                                                                                        discontinued   KTH - previously a          Restated,   
                                                                                                 Previously   Restatement for       operations - CSI         discontinued   reclassified and   
                                                                                                   reported              STS*              and Robor            operation            amended   
       31 December 2017                                                                               R'000             R'000                  R'000                R'000              R'000   
       Continuing operations                                                                                                                                                                   
       Revenue                                                                                    4,499,639         (215,315)            (2,296,605)                  704          1,988,423   
       Cost of sales                                                                            (3,601,058)           215,315              2,040,875                    -        (1,344,868)   
       Gross profit                                                                                 898,581                 -              (255,730)                  704            643,555   
       Operating expenses                                                                         (710,948)                 -                242,922                    -          (468,026)   
       Depreciation and amortisation                                                              (103,706)                 -                 28,570                    -           (75,136)   
       Straight lining of leases                                                                     35,955                 -               (46,016)                    -           (10,061)   
       Operating income                                                                              58,520                 -               (30,429)                    -             28,091   
       Operating profit                                                                             178,402                 -               (60,683)                  704            118,423   
       Other gains/(losses)                                                                          27,696                 -                (9,167)                    -             18,529   
       Net profit                                                                                   206,098                 -               (69,850)                  704            136,952   
       Net finance costs                                                                          (121,504)                 -                 48,929                    -           (72,575)   
       Finance income                                                                                 2,696                 -                  (311)                    -              2,385   
       Finance costs                                                                              (124,200)                 -                 49,240                    -           (74,960)   
       Share of profit/(loss) of associates - equity accounted                                       10,570                 -                (1,449)             (31,538)           (22,417)   
       Impairment loss of associates - equity accounted                                                   -                 -                      -             (58,460)           (58,460)   
       Profit/(Loss) before taxation                                                                 95,164                 -               (22,370)             (89,294)           (16,500)   
       Taxation                                                                                    (32,887)                 -                  7,769                (197)           (25,315)   
       Profit/(Loss) from continuing operations                                                      62,277                 -               (14,601)             (89,491)           (41,815)   
       Profit from discontinued operations, net of taxation                                             507                 -                 14,601                (507)             14,601   
       Profit/(Loss) for the period                                                                  62,784                 -                      -             (89,998)           (27,214)   
       Other comprehensive loss, net of taxation                                                   (24,901)                 -                      -              (5,434)           (30,335)   
       Items that may subsequently be reclassified to profit and loss:                                                                                                                         
       Currency translation differences on the translation of foreign operations                    (3,353)                 -                      -                    -            (3,353)   
       Other comprehensive loss of equity accounted associates                                     (21,888)                 -                      -              (4,286)           (26,174)   
       Items that will not subsequently be reclassified to profit and loss:                                                                                                                    
       Actuarial gains on PRMA                                                                          340                 -                      -                    -                340   
       Change in reserves of equity accounted associates                                                  -                 -                      -              (1,148)            (1,148)   
       Total comprehensive income/(loss) for the period                                              37,883                 -                      -             (95,432)           (57,549)   
       Basic earnings/(loss) per ordinary share (in cents) attributable to equity holders             19.02                 -                      -              (33.93)            (14.91)   
       Diluted earnings/(loss) per ordinary share (in cents) attributable to equity holders           18.71                 -                      -              (33.38)            (14.67)   
       Basic headline earnings per ordinary share (in cents) attributable to equity holders           20.44                 -                      -                17.82              38.26   
       Diluted headline earnings per ordinary share (in cents) attributable to equity holders         20.11                 -                      -                17.54              37.65   

       * Refer note 2                                                                                                                                                                          
                                                                                                                                                    Adjustments                                                                   
                                                                                                                                    Reclassification for        Amendment for                 
                                                                                                                                            discontinued   KTH - previously a                 
                                                                                                                  Restatement for       operations - CSI         discontinued                 
                                                                                            Previously reported              STS*              and Robor            operation       Amended   
       30 June 2018                                                                                       R'000             R'000                  R'000                R'000         R'000   
       Continuing operations                                                                                                                                                                  
       Revenue                                                                                        3,813,318                 -                      -                1,463     3,814,781   
       Cost of sales                                                                                (2,606,329)                 -                      -                    -   (2,606,329)   
       Gross profit                                                                                   1,206,989                 -                      -                1,463     1,208,452   
       Operating expenses                                                                             (900,847)                 -                      -                    -     (900,847)   
       Depreciation and amortisation                                                                  (150,943)                 -                      -                    -     (150,943)   
       Straight lining of leases                                                                        (8,650)                 -                      -                    -       (8,650)   
       Operating income                                                                                  98,453                 -                      -                    -        98,453   
       Operating profit                                                                                 245,002                 -                      -                1,463       246,465   
       Other (losses)/gains                                                                            (11,386)                 -                      -             (44,964)      (56,350)   
       Net profit                                                                                       233,616                 -                      -             (43,501)       190,115   
       Net finance costs                                                                              (145,565)                 -                      -                    -     (145,565)   
       Finance income                                                                                     7,026                 -                      -                    -         7,026   
       Finance costs                                                                                  (152,591)                 -                      -                    -     (152,591)   
       Share of profit of associates - equity accounted                                                  13,538                 -                      -              169,072       182,610   
       Impairment loss of associates - equity accounted                                                 (4,351)                 -                      -            (265,603)     (269,954)   
       Profit/(Loss) before taxation                                                                     97,238                 -                      -            (140,032)      (42,794)   
       Taxation                                                                                        (77,254)                 -                      -                (410)      (77,664)   
       Profit/(Loss) from continuing operations                                                          19,984                 -                      -            (140,442)     (120,458)   
       Loss from discontinued operations, net of taxation                                             (295,643)                 -                      -               37,470     (258,173)   
       Loss for the period                                                                            (275,659)                 -                      -            (102,972)     (378,631)   
       Other comprehensive income, net of taxation                                                        9,746                 -                      -              (5,392)         4,354   
       Items that may subsequently be reclassified to profit and loss:                                                                                                                        
       Currency translation differences on the translation of foreign operations                        (1,805)                 -                      -                    -       (1,805)   
       Other comprehensive income/(loss) of equity accounted associates                                   9,299                 -                      -              (7,710)         1,589   
       Items that will not subsequently be reclassified to profit and loss:                                                                                                                   
       Actuarial gains on PRMA                                                                            2,252                 -                      -                    -         2,252   
       Change in reserves of equity accounted associates                                                      -                 -                      -                2,318         2,318   
       Total comprehensive loss for the period                                                        (265,913)                 -                      -            (108,364)     (374,277)   
       Basic loss per ordinary share (in cents) attributable to equity holders                         (104.11)                 -                      -              (38.85)      (142.96)   
       Diluted loss per ordinary share (in cents) attributable to equity holders                       (102.36)                 -                      -              (38.19)      (140.55)   
       Basic headline loss per ordinary share (in cents) attributable to equity holders                 (47.09)                 -                      -                17.66       (29.43)   
       Diluted headline loss per ordinary share (in cents) attributable to equity holders               (46.29)                 -                      -                17.35       (28.94)   

       * Refer note 2

3.4    Amendment to the condensed consolidated statement of financial position

       The effect of the investment in the associate KTH, previously classified as a non-current asset held for sale
       ("NCAHFS") no longer meeting the requirements to be classified, had the following impact on the condensed
       consolidated statement of financial position:

                                                                               Previously              Amendment               
                                                                                 reported   for KTH - previously               
                                                                                Unaudited               a NCAHFS     Amended   
       31 December 2017                                                             R'000                  R'000       R'000   
       ASSETS                                                                                                                  
       Non-current assets                                                                                                      
       Investment in associates - equity accounted                                336,538              1,338,716   1,675,254   
       Non-current assets held for sale                                         1,514,253            (1,500,000)      14,253   
                                                                                1,850,791              (161,284)   1,689,507   

       EQUITY                                                                                                                  
       Capital and reserves attributable to the Group's equity holders                                                         
       Other reserves                                                              25,654                  2,711      28,365   
       Foreign currency translation reserve                                      (93,696)                (2,921)    (96,617)   
       Retained earnings                                                          189,717              (161,074)      28,643 
                                                                                  121,675              (161,284)    (39,609) 
                                                                                    
                                                                               Previously              Amendment               
                                                                                 reported   for KTH - previously               
                                                                                Unaudited               a NCAHFS     Amended   
       31 December 2016                                                             R'000                  R'000       R'000   
       ASSETS                                                                                                                  
       Non-current assets                                                                                                      
       Investment in associates - equity accounted                                392,172              1,500,976   1,893,148   
       Non-current assets held for sale                                         1,520,000            (1,520,000)           -  
                                                                                1,912,172               (19,024)   1,893,148 
                                                                                  
       EQUITY                                                                                                                  
       Capital and reserves attributable to the Group's equity holders                                                         
       Other reserves                                                              31,679                (1,789)      29,890   
       Foreign currency translation reserve                                      (45,522)                  1,583    (43,939)   
       Retained earnings                                                          224,458               (18,818)     205,640 
                                                                                  210,615               (19,024)     191,591 
                                                                                    
                                                                               Previously              Amendment               
                                                                                 reported   for KTH - previously               
                                                                                  Audited               a NCAHFS     Amended   
       30 June 2018                                                                 R'000                  R'000       R'000   
       ASSETS                                                                                                                  
       Non-current assets                                                                                                      
       Investment in associates - equity accounted                                360,316              1,089,320   1,449,636   
       Non-current assets held for sale                                         2,449,829            (1,263,537)   1,186,292  
                                                                                2,810,145              (174,217)   2,635,928  
                                                                                 
       EQUITY                                                                                                                  
       Capital and reserves attributable to the Group's equity holders                                                         
       Other reserves                                                              28,383                  3,653      32,036   
       Foreign currency translation reserve                                      (62,276)                (3,823)    (66,099)   
       Accumulated losses                                                       (145,344)              (174,047)   (319,391) 
                                                                                (179,237)              (174,217)   (353,454)   
    
3.5    Results from discontinued operations

       The results from the discontinued operations which are included in the condensed consolidated statement of profit
       and loss are as follows:

                                                                                               Reclassified and                
                                                                                                       amended*     Amended*   
                                                                                    Reviewed          Unaudited      Audited   
                                                                                  Six months         Six months                
                                                                                       ended              ended   Year ended   
                                                                                 31 December        31 December      30 June   
                                                                                        2018               2017         2018   
                                                                                       R'000              R'000        R'000   
       (Loss)/Profit before remeasurement of fair value less costs to sell             (930)             14,601     (79,402)   
       Loss on remeasurement of fair value less costs to sell CSI                   (10,704)                  -    (178,771)   
       Release of foreign currency translation reserve on disposal of CSI           (11,644)                  -            -   
       (Loss)/Profit for the period from discontinued operations                    (23,278)             14,601    (258,173)   
       
       (Loss)/Profit for the period from discontinued operations                                                               
       attributable to:                                                                                                        
       Equity holders of the parent                                                 (15,401)              9,160    (246,937)   
       Non-controlling interests                                                     (7,877)              5,441     (11,236)   
                                                                                    (23,278)             14,601    (258,173)   
       * Refer note 3.3                                                                        

3.6    Non-current assets and liabilities held for sale

       The investment in Robor, and the CSI and Fantastic disposal groups, are classified and presented as a non-current
       assets held for sale valued at the lower of carrying value and fair value less costs to sell.

                                                                                          Amended*      Amended*    Amended*   
                                                                            Reviewed     Unaudited     Unaudited     Audited   
                                                                         31 December   31 December   31 December     30 June   
                                                                                2018          2017          2016        2018   
                                                                               R'000         R'000         R'000       R'000   
       Non-current assets held for sale                                                                                                                                                                                                              
       Investment in Robor                                                   118,488             -             -     137,595   
       Assets of subsidiary CSI                                                    -             -             -   1,048,697   
       Assets of subsidiary Fantastic                                              -        14,253             -           -   
                                                                             118,488        14,253             -   1,186,292   

       Non-current liabilities associated with non-current                                                                     
       assets held for sale                                                                                                    
       Liabilities of subsidiary CSI                                               -             -             -   1,048,697   
       Liabilities of subsidiary Fantastic                                         -        10,695             -           -   
                                                                                   -        10,695             -   1,048,697   
       * Refer note 3.4                                                                            

4.     Loss per ordinary share, Net asset value per ordinary share, Tangible net asset value per ordinary
       share and Dividends per ordinary share
       
                                                                                                Reclassified and               
                                                                                                        amended*    Amended*   
                                                                                     Reviewed          Unaudited     Audited   
                                                                                  31 December        31 December     30 June   
                                                                                         2018               2017        2018   
       Basic loss per ordinary share (in cents)                                                                                
       From continuing operations                                                     (26.56)            (18.36)     (49.80)   
       From discontinued operations                                                    (5.85)               3.45     (93.16)   
       Total basic loss per ordinary share (in cents)                                 (32.41)            (14.91)    (142.96)   
       
       Diluted loss per ordinary share (in cents)                                                                              
       From continuing operations                                                     (25.70)            (18.07)     (48.96)   
       From discontinued operations                                                    (5.67)               3.40     (91.59)   
       Total diluted loss per ordinary share (in cents)                               (31.37)            (14.67)    (140.55)   
       
       Net asset value per ordinary share (in cents)                                                                           
       Net asset value                                                              2,837,489          3,215,639   2,901,794   
       Number of shares in issue (net of treasury shares, in thousands)               262,833            264,979     263,283   
       Net asset value per ordinary share (in cents)                                 1,079.58           1,213.54    1,102.16   
       
       Tangible net asset value per ordinary share (in cents)                                                                  
       Tangible net asset value                                                       633,952            737,879     645,951   
       Number of shares in issue (net of treasury shares, in thousands)               262,833            264,979     263,283   
       Tangible net asset value per ordinary share (in cents)                          241.20             278.47      245.34   
       
       Dividends per ordinary share (in cents)                                                                                 
       Dividends paid                                                                       -             12,545      12,545   
       Number of shares in issue (in thousands)                                       275,753            272,307     272,307   
       Dividends per ordinary share (in cents)                                              -               4.61        4.61   
       
       * Refer note 3                                                                                                  
       
4.1    Basic loss and weighted average number of shares                                                                  
                                                                                                Reclassified and               
                                                                                                        amended*    Amended*   
                                                                                     Reviewed          Unaudited     Audited   
                                                                                   Six months         Six months        Year   
                                                                                        ended              ended       ended   
                                                                                  31 December        31 December     30 June   
                                                                                         2018               2017        2018   
                                                                                        R'000              R'000       R'000   
       Loss for the period attributable to equity holders of the parent from                                                   
       continuing operations                                                         (69,859)           (48,709)   (131,994)   
       (Loss)/Profit for the period attributable to equity holders of the                                                      
       parent from discontinued operations                                           (15,401)              9,160   (246,937)   
       Loss for the period attributable to equity holders of the parent              (85,260)           (39,549)   (378,931) 
         
       Weighted average number of shares in issue (net of treasury                                                             
       shares, in thousands)**                                                        263,049            265,259     265,062   
       
       *  Refer note 3
       ** Shares issued during the current and prior financial periods (either as a fresh issue or out of treasury shares held) under the long-term Management Incentive
          Scheme are contingently returnable shares and are excluded from the loss per share calculation until such date as they are not subject to recall

4.2    Diluted loss and weighted average number of shares                                                                
                                                                                                Reclassified and               
                                                                                                        amended*    Amended*   
                                                                                     Reviewed          Unaudited     Audited   
                                                                                   Six months         Six months        Year   
                                                                                        ended              ended       ended   
                                                                                  31 December        31 December     30 June   
                                                                                         2018               2017        2018   
                                                                                        R'000              R'000       R'000   
       Loss for the period attributable to equity holders of the parent from                                                   
       continuing operations                                                         (69,859)           (48,709)   (131,994)   
       (Loss)/Profit for the period attributable to equity holders of the                                                      
       parent from discontinued operations                                           (15,401)              9,160   (246,937)   
       Loss for the period attributable to equity holders of the parent              (85,260)           (39,549)   (378,931) 
         
       Weighted average number of shares in issue (in thousands)                      271,747            269,578     269,601   
       
       Reconciliation of weighted average number of shares in issue                                                            
       Weighted average number of shares in issue (net of treasury                                                             
       shares, in thousands)                                                          263,049            265,259     265,062   
       Less number of shares expected to vest (in thousands)                            8,698              4,319       4,539   
       Weighted average number of shares in issue (in thousands)                      271,747            269,578     269,601   
       
       * Refer note 3                                                                                                       

4.3    Basic and diluted headline earnings/(loss) per ordinary share                                   
                                                                                               Reclassified and                
                                                                                                       amended*     Amended*   
                                                                                    Reviewed          Unaudited      Audited   
                                                                            Six months ended   Six months ended   Year ended   
                                                                                 31 December        31 December      30 June   
                                                                                        2018               2017         2018   
                                                                                       R'000              R'000        R'000   
       Loss for the period attributable to equity holders of the parent             (85,260)           (39,549)    (378,931)   
       Loss on disposal of subsidiaries/businesses                                    16,400                  -        2,099   
       (Profit)/Loss on disposal of property, plant and equipment                      (824)              5,383      (1,488)   
       Profit on disposal of intangible assets                                             -                  -     (25,000)   
       Impairment of intangible assets                                                     -                  -          761   
       Gain arising on investment property                                                 -               (36)         (36)   
       Impairment of associates                                                       81,052             58,460      269,954   
       Loss on remeasurement of fair value less costs to sell CSI                     10,704                  -      178,771   
       Release of foreign currency translation reserve on disposal of CSI             11,644                  -            -   
       Gains on investments                                                                -               (45)            -   
       Loss on disposal of associates                                                      -                  -       44,776   
       Gain on loss of control in Robor                                                    -                  -      (5,821)   
       Gain on bargain purchase                                                            -              (440)            -   
       Total non-controlling interests and tax effects of adjustments                    231            (1,455)     (30,039)   
       Non headline earnings items included in equity accounted earnings                                                       
       of associates, net of tax effects and non-controlling interests                22,568             79,164    (133,059)   
       - Gain on bargain purchase                                                          -                  -         (13)   
       - Loss on disposal groups classified as discounted operations                       -                  -        8,785   
       - Loss on disposal of equity accounted investments                              5,320                  -            -   
       - Loss/(Profit) on disposal of property, plant and equipment                      195               (41)         (44)   
       - Adjustments in respect of equity accounted investments                      (2,641)                422    (234,370)   
       - Impairment of investments, loans, assets and goodwill                        19,694             78,783       92,583   
       Headline earnings/(loss) for the period                                        56,515            101,482     (78,013)   
       Basic headline earnings/(loss) per ordinary share (in cents)                                                            
       attributable to equity holders of the parent                                    21.48              38.26      (29.43)   
       Diluted headline earnings/(loss) per ordinary share (in cents)                                                          
       attributable to equity holders of the parent                                    20.80              37.65      (28.94)   
       Headline earnings/(loss) for the period                                                                                 
       From continuing operations                                                     49,447             93,368       49,835   
       From discontinued operations                                                    7,068              8,114    (127,848)   
       Total headline earnings/(loss) for the period                                  56,515            101,482     (78,013)   
       Basic headline earnings/(loss) per ordinary share (in cents)                                                            
       From continuing operations                                                      18.80              35.20        18.80   
       From discontinued operations                                                     2.68               3.06      (48.23)   
       Total basic headline earnings/(loss) per ordinary share                                                                 
       (in cents)                                                                      21.48              38.26      (29.43)   
       Diluted headline earnings/(loss) per ordinary share (in cents)                                                          
       From continuing operations                                                      18.20              34.64        18.48   
       From discontinued operations                                                     2.60               3.01      (47.42)   
       Total diluted headline earnings/(loss) per ordinary share (in cents)            20.80              37.65      (28.94)   
       
       * Refer note 3                                                                                                            

5.     Goodwill

       The aggregate carrying amounts of goodwill per segment are as follows:
       
                                                                            Reviewed     Unaudited     Unaudited     Audited   
                                                                         31 December   31 December   31 December     30 June   
                                                                                2018          2017          2016        2018   
                                                                               R'000         R'000         R'000       R'000   
       Media                                                                 385,961       420,421       359,891     420,421   
       Hirt & Carter Group                                                   616,121       626,362       626,362     616,121   
       Broadcast and Content                                                  44,154        44,154        44,154      44,154   
       CSI                                                                         -       109,439       109,439           -   
                                                                           1,046,236     1,200,376     1,139,846   1,080,696   
       
       The Group assesses annually for impairment or more frequently if there are indicators that the goodwill may be
       impaired. Based on the assessment performed at 31 December 2018, no impairment was recognised.
       
       Movement during the current period mainly relates to goodwill on the disposal of STS of R34.0 million, and the
       balance is an impairment of goodwill on closure and deregistration of a small business within the Group.
       
6.     Investment in associates - equity accounted

       Reconciliation of the carrying amount of the investment in associates is as follows:
       
                                                                                           African                                                               
                                                                                    Investments(5)    KTH(2)(3)      Other    Subtotal    Robor(1)       Total   
                                                                                             R'000        R'000      R'000       R'000       R'000       R'000   
       Amended balance as at 30 June 2016                                                  399,697    1,583,498          -   1,983,195           -   1,983,195   
       Previously reported balance                                                         399,697    1,520,000          -   1,919,697           -   1,919,697   
       Effects of amendment                                                                      -       63,498          -      63,498           -      63,498   
       Deemed Acquisitions(4)                                                                    -            -     49,779      49,779           -      49,779   
       Additions                                                                                 -            -     18,939      18,939           -      18,939   
       Share of profit of associates from continuing operations                              6,157       87,767      6,203     100,127           -     100,127   
       Dividends received                                                                        -     (11,575)    (5,500)    (17,075)           -    (17,075)   
       Movement in reserves                                                                      -        (207)          -       (207)           -       (207)   
       Proceeds on disposal                                                                      -            -    (2,426)     (2,426)           -     (2,426)   
       Loss on disposal                                                                          -            -      (718)       (718)           -       (718)   
       Impairment of investment                                                                  -    (158,507)   (11,365)   (169,872)           -   (169,872)   
       On step up from associate to subsidiary                                                   -            -   (25,829)    (25,829)           -    (25,829)   
       Currency translation differences on the translation of foreign associates          (42,765)            -          -    (42,765)           -    (42,765)   
       Amended balance as at 31 December 2016                                              363,089    1,500,976     29,083   1,893,148           -   1,893,148   
       Previously reported balance                                                         363,089    1,520,000     29,083   1,912,172           -   1,912,172   
       Effects of amendment                                                                      -     (19,024)          -    (19,024)           -    (19,024)   
       Share of (loss)/profit of associates from continuing operations                     (4,360)     (51,740)      4,964    (51,136)           -    (51,136)   
       Movement in reserves                                                                      -        5,429          -       5,429           -       5,429   
       Proceeds on disposal                                                                      -            -      1,426       1,426           -       1,426   
       Impairment of investment                                                                  -     (20,517)          -    (20,517)           -    (20,517)   
       On step up from associate to subsidiary                                                   -            -   (22,560)    (22,560)           -    (22,560)   
       Movement of equity loan                                                                   -            -    (1,422)     (1,422)           -     (1,422)   
       Currency translation differences on the translation of foreign associates          (24,059)            -          -    (24,059)           -    (24,059)   
       Amended balance as at 30 June 2017                                                  334,670    1,434,148     11,491   1,780,309           -   1,780,309   
       Previously reported balance                                                         334,670    1,500,000     11,491   1,846,161           -   1,846,161   
       Effects of amendment                                                                      -     (65,852)          -    (65,852)           -    (65,852)   
       Additions                                                                                 -            -      2,207       2,207           -       2,207   
       Share of profit/(loss) of associates from continuing operations                       7,389     (31,538)      1,732    (22,417)           -    (22,417)   
       Share of profit of associates from discontinued operations                                -            -      1,449       1,449           -       1,449   
       Movement in reserves                                                                      -      (5,434)          -     (5,434)           -     (5,434)   
       Impairment of investment                                                                  -     (58,460)          -    (58,460)           -    (58,460)   
       Currency translation differences on the translation of foreign associates          (21,888)            -      (512)    (22,400)           -    (22,400)   
       Amended balance as at 31 December 2017                                              320,171    1,338,716     16,367   1,675,254           -   1,675,254   
       
                                                                                           African                                                              
                                                                                    Investments(5)    KTH(2)(3)     Other    Subtotal     Robor(1)       Total   
                                                                                             R'000        R'000     R'000       R'000        R'000       R'000   
       Amended balance as at 31 December 2017                                              320,171    1,338,716    16,367   1,675,254            -   1,675,254   
       Previously reported balance                                                         320,171    1,500,000    16,367   1,836,538            -   1,836,538   
       Effects of amendment                                                                      -    (161,284)         -   (161,284)            -   (161,284)   
       Loss of control in Robor                                                                  -            -         -           -      149,261     149,261   
       Additions                                                                                 -            -       900         900            -         900   
       Share of profit of associates from continuing operations                              3,513      200,609       905     205,027            -     205,027   
       Share of loss of associates from discontinued operations                                  -            -         -           -     (11,666)    (11,666)   
       Dividends received                                                                        -            -   (5,109)     (5,109)            -     (5,109)   
       Movement in reserves                                                                      -           41         -          41            -          41   
       Proceeds on disposal                                                                      -    (197,940)   (3,966)   (201,906)            -   (201,906)   
       (Loss)/Profit on disposal                                                                 -     (44,963)       187    (44,776)            -    (44,776)   
       Impairment of investment                                                                  -    (207,143)   (4,351)   (211,494)            -   (211,494)   
       Currency translation differences on the translation of foreign associates            31,188            -       511      31,699            -      31,699   
       Amended balance as at 30 June 2018                                                  354,872    1,089,320     5,444   1,449,636      137,595   1,587,231   
       Previously reported balance                                                         354,872    1,263,537     5,444   1,623,853      137,595   1,761,448   
       Effects of amendment                                                                      -    (174,217)         -   (174,217)            -   (174,217)   
       Share of profit of associates from continuing operations                              5,511       20,259     1,209      26,979            -      26,979   
       Share of loss of associates from discontinued operations                                  -            -         -           -     (19,107)    (19,107)   
       Movement in reserves                                                                      -      (2,073)         -     (2,073)            -     (2,073)   
       Impairment of investment                                                                  -     (81,052)         -    (81,052)            -    (81,052)   
       Currency translation differences on the translation of foreign associates            10,528            -     (274)      10,254            -      10,254   
       Balance as at 31 December 2018                                                      370,911    1,026,454     6,379   1,403,744      118,488   1,522,232   
       
       (1) On disposal of a 3.4% interest in Robor, Robor became an associate of the Group. As at 30 June 2018, Robor was classified as a non-current asset held for sale and a discontinued operation (refer note 3).
       (2) As per note 3.2, the interest in KTH is no longer accounted for as a non-current asset held for sale (held at fair value less costs to sell) but is rather accounted for as an investment in associate being equity accounted and tested for impairment
           annually with reference to the KTH portfolio valuation. Per IAS 28, when an investment in associate previously classified as held for sale no longer meets the criteria to be so classified, it shall be accounted for using the equity method retrospectively
           as from its date of classification as held for sale.
       (3) The investment in KTH was impaired to the lower of carrying value and fair value which was determined with reference to the KTH portfolio valuation.
       (4) Effective 1 July 2016, there was a change in the Group's status as an Investment Entity as defined in IFRS 10 Consolidated Financial Statements and from that date, the Group applied IFRS 3 Business Combinations to any subsidiary, and IAS 28 to any associate, 
           that was previously measured at fair value through profit or loss. The fair value of the subsidiary or associate as at 1 July 2016 ("Deemed Acquisition Date") represented the transferred "Deemed Consideration" when measuring any goodwill or gain on bargain 
           purchase that arose from the Deemed Acquisition. All subsidiaries were consolidated in accordance with IFRS 10, and all associates were equity accounted in accordance with IAS 28, from the date of change of status.
       (5) This segment comprises the Group's African interests outside South Africa: a 32.3% interest in Multimedia Group Limited ("Multimedia group") in Ghana, a 49.0% interest in Radio Africa Limited ("Radio Africa group") in Kenya, and an
           effective 36.5% interest in Cooper Communications Limited ("Coopers") which includes Lagos Talk, Nigeria. All of these businesses are equity accounted for as associates and did not contribute significantly to earnings or cash flows in the
           current reporting period.
       
       During the prior year, the Group disposed of a 3.61% interest in KTH for R197.9 million reducing its interest in KTH from 22.9% to 20.01%. The loss on disposal of R44.9 million
       is included in other (losses)/gains.
       
7.     Net cash and cash equivalents

       Net cash and cash equivalents for the reporting periods can be analysed as follows:
       
                                                                            Reviewed     Unaudited     Unaudited     Audited   
                                                                         31 December   31 December   31 December     30 June   
                                                                                2018          2017          2016        2018   
                                                                               R'000         R'000         R'000       R'000   
       Cash and cash equivalents                                              14,204        81,277       273,213     394,496   
       Bank overdrafts and other short-term borrowing facilities            (45,849)     (924,265)     (895,492)   (285,562)   
       Net cash and cash equivalents                                        (31,645)     (842,988)     (622,279)     108,934   
       Cash and bank overdrafts included in the CSI disposal                                                                   
       group                                                                       -             -             -   (358,668)   
       Net cash and cash equivalents per the condensed                                                                         
       consolidated statement of cash flows                                 (31,645)     (842,988)     (622,279)   (249,734)   

 
8.     Acquisitions and disposals of subsidiaries/businesses and changes in holdings

8.1    Acquisitions during the current period

       There were no acquisitions of subsidiaries nor businesses during the six months ended 31 December 2018.

8.2    Acquisitions effected after the end of the reporting period

       In March 2019, the Hirt & Carter Group acquired the entire issued share capital of FIL for a purchase consideration of 
       R190.0 million, which is payable in two separate tranches as follows:

       -   an initial payment of R95.0 million, which was paid on 13 March 2019; and
       -   a second payment equal to the base amount (i.e. not greater than R95.0 million) plus interest, payable on
           13 March 2020.

       As the acquisition only became effective shortly prior to release of the Group's interim results, the initial accounting
       for the acquisition of FIL has not yet been determined. At the date of finalisation of the Group's interim results, the
       necessary purchase price allocation, including determination of the necessary market valuations and other
       calculations, had not yet commenced and thus such information could not be provided.

       Had the acquisition of FIL been effected 1 July 2018, the revenue of the Group from continuing operations for the
       six months ended 31 December 2018 would have been R2,167.7 million, and the profit for the six months from
       continuing operations would have been R49.2 million. These numbers represent an approximate measure of the
       performance of the combined Group on a half yearly basis and provide a reference point for future periods. In
       determining these amounts, the impact of the fair value adjustments to the carrying values of assets and liabilities
       on date of acquisition were not taken into account as these have not yet been determined.

       The Hirt & Carter Group, consisting of H&C division, Uniprint Labels and Forms, Triumph and many other integrated
       brands, delivers unique design, marketing, technology, data insights and execution services to the Retail and FMCG
       market. The Hirt & Carter Group aims to be the partner of choice for blue-chip marketers and advertisers looking to
       sell products and promote their brands in the sub-Saharan African market.

       Labels and Packaging are the last vestige of consumer interaction for both Retailers and Brands, and the Hirt &
       Carter Group, through its existing Labels division, is looking to enhance the product and service offering to the Group's
       client base. It is part of the Group's strategy to invest in growth segments of the Brand and Marketing solutions
       sector.

       FIL is a Durban based business which prints flexo and digital labels, shrink sleeves, wrap around labels and coupons
       for blue-chip customers. The acquisition of FIL, and subsequent merger with Uniprint Labels, will create a world-
       class labels business with a unique and innovative offering.

       The acquisition will add scale to the existing business, further diversify the technology offering and capabilities for
       clients, and enhance the earnings base for the Group. In addition, the merged business will operate out of the new
       integrated facility in Cornubia, Durban, and will leverage off the efficiencies and cost savings this facility has
       created. FIL has a strong leadership team and will assume management of the combined business, which will
       operate under the First Impression Labels brand. There is very little customer overlap in the merged entity.

       The new leadership team has a proven track record in building strong customer relationships, has built a diverse
       client base, and will complement the existing Labels business. The labels market is fragmented and requires
       consolidation to benefit from scale and ultimately synergies from lower input costs.
 
8.3    Acquisition during the prior year

       Effective 1 July 2017, the Hirt & Carter Group acquired a 51.0% interest in Bothma Branding Solutions Proprietary
       Limited ("BBS") for R15.9 million. BBS design, produce and execute branding solutions in the formal and informal
       retail markets.

       BBS was acquired to continue with the expansion of the Group's media focused strategy. Goodwill of R36.7 million
       arose on acquisition of BBS and the fair value of the identifiable assets and liabilities at acquisition date was R11.6
       million.

8.4    Disposals of subsidiaries during the current period

       The Group disposed of the following investments during the current period:

       - effective 30 November 2018, the Group's entire shareholding and claims in its wholly-owned subsidiary CSI, for
         a purchase consideration of R50.0 million. R20.0 million was received in cash and the balance will be paid,
         including interest, in the last quarter of the 2019 financial year; and
       - effective 1 August 2018, the Group's 50.0% plus one share option interest in STS for R21.5 million.

       Net assets of the disposed subsidiaries
       The net assets of the disposed subsidiaries at the date of disposal were as follows:
       
                                                                                                   CSI        STS      Total   
       31 December 2018                                                                          R'000      R'000      R'000   
       Net assets disposed of                                                                   50,000      6,999     56,999   
       Attributable goodwill                                                                         -     33,992     33,992   
       Identifiable assets and liabilities disposed of                                          50,000     40,991     90,991   
       Loss on disposal                                                                              -   (16,400)   (16,400)   
       Non-controlling interests                                                                     -    (3,091)    (3,091)   
       Total consideration received                                                             50,000     21,500     71,500 
         
       Consideration received                                                                                                  
       Cash consideration received                                                              20,000     21,500     41,500   
       Consideration receivable included in loans and receivables                               30,000          -     30,000   
       Total consideration received                                                             50,000     21,500     71,500  
        
       Cash flow                                                                                                               
       Consideration received in cash and cash equivalents                                      20,000     21,500     41,500   
       Cash and cash equivalents disposed of                                                   336,260   (32,191)    304,069   
       Net cash flow on disposal of subsidiary                                                 356,260   (10,691)    345,569   
 
8.5    Disposals of subsidiaries and changes in holdings during the prior year

       The Group disposed of a 3.4% interest in Robor during the prior year for R16.5 million reducing its interest in Robor
       from 51.0% to 47.6% and thereby resulting in a loss of control and a step down from a subsidiary to an associate.
       Subsequent to this, the investment in Robor was classified and presented as a non-current asset held for sale at
       30 June 2018 (refer note 3). During the prior year, two other less significant disposals of subsidiaries and
       businesses also took place, including the disposal of the subsidiary Fantastic Investments 379 Proprietary Limited
       ("Fantastic") which was accounted for as a non-current asset held for sale as at 31 December 2017.

9.     Segmental information

       The Group has identified its operating segments based on their nature, and the reportable segments are as follows:

       Core operations:
       Media: distribution of knowledge and content via print, online assets and other platforms;

       Hirt & Carter Group: activities on retail advertising production systems and related database management and
       development, and retail print via Hirt & Carter and Uniprint;

       Broadcast and Content: television and radio platforms, radio assets, Empire Entertainment (the leading all-rights
       distributor of local and international films business), and the music business Gallo;

       Africa (excluding South Africa): interests in the associates Radio Africa group in Kenya, Multimedia group in Ghana
       and Coopers in Nigeria (all which are equity accounted and the share of profits from these interests are therefore not
       shown in the tables below); and

       Other: other consolidated Group companies, including head office, holding companies, the investment advisor,
       investments that are not deemed to be material to the Group (including the property subsidiaries) as well as
       consolidation adjustments and eliminations which cannot be allocated to a specific segment.

       Non-core operations:
       The investment in Robor, as well as the CSI disposal group (until date of sale), are classified and presented as
       discontinued operations and non-current assets held for sale (refer note 3). KTH is equity accounted as an associate
       and included in continuing operations.

       CSI (100% interest, sold effective 30 November 2018): includes Stalcor a processor, distributor and stockist of carbon
       steel, stainless steel and aluminium in the form of high quality sheet, plate and coil as well as structural and other
       long product profiles, and GRS a steel roofing and cladding company;

       Robor (47.6% interest): a manufacturer and supplier of welded steel tube and pipe, and cold formed steel profiles;
       and

       KTH (20.01% interest): an investment holding company established in July 2011. Its investments include market
       leaders in key sectors such as media, resources, infrastructure, power and financial services, and comprise a mix of
       listed and private investments. Its major investments are Kagiso Media, MMI and Servest.

       The chief operating decision maker utilises Trading Performance (Core EBITDA), as defined, in the assessment of
       a segment's performance. Tiso Blackstar's Trading Performance (Core EBITDA) is calculated from profit before
       interest and tax after adding back depreciation, amortisation, straight lining of leases, share-based payment
       expenses and other (losses)/gains. It therefore excludes items outside of the ordinary day-to-day activities.
       
       Group consolidation adjustments and line items which can directly be attributed to a specific trading segment, have
       been re-allocated from Other to the specific segment, in order to assist the chief operating decision maker in
       assessing the individual segments' performance. Comparatives have been updated for this adjustment.
 
9.1    Revenue from continuing operations^                                                                              
                                                                                                      Restated,                
                                                                                               reclassified and                
                                                                                                       amended*     Amended*   
                                                                                    Reviewed          Unaudited      Audited   
                                                                            Six months ended   Six months ended   Year ended   
                                                                                 31 December        31 December      30 June   
                                                                                        2018               2017         2018   
                                                                                       R'000              R'000        R'000   
       Hirt & Carter Group                                                         1,122,049          1,006,513    1,911,113   
       Media                                                                         741,360            788,764    1,522,951   
       - Media (excluding Booksite and STS)                                          702,084            745,971    1,421,448   
       - Media (Booksite and STS)#                                                    39,276             42,793      101,503   
       Broadcast and Content                                                         182,328            190,535      374,923   
       KTH                                                                               757                704        1,463   
       Other                                                                             144              1,907        4,331   
       Total revenue from continuing operations                                    2,046,638          1,988,423    3,814,781   
       
       ^   Revenue is disclosed net of inter-segmental revenue                                                                              
       *   Refer notes 2 and 3                                                                                                              
       #   STS was sold effective August 2018 and Booksite has been earmarked for sale                                                      

9.2    Trading Performance (Core EBITDA) reconciliation to loss before taxation^^
       
                                                                                               Reclassified and                
                                                                                                       amended*     Amended*   
                                                                                    Reviewed          Unaudited      Audited   
                                                                            Six months ended   Six months ended   Year ended   
                                                                                 31 December        31 December      30 June   
                                                                                        2018               2017         2018   
                                                                                       R'000              R'000        R'000   
       Hirt & Carter Group                                                           173,504            164,505      295,331   
       Media                                                                          75,330             76,922      126,941   
       - Media (excluding Booksite and STS)                                           71,806             73,261      116,821   
       - Media (Booksite and STS)#                                                     3,524              3,661       10,120   
       Broadcast and Content                                                          19,239             16,971       40,175   
       KTH                                                                           (2,160)              (637)      (3,531)   
       Other                                                                        (33,806)           (50,365)     (42,949)   
       Trading Performance (Core EBITDA)                                             232,107            207,396      415,967   
       Depreciation and amortisation                                                (75,945)           (75,136)    (150,943)   
       Share-based payment expense                                                   (5,130)            (3,776)      (9,909)   
       Straight lining of leases                                                     (6,978)           (10,061)      (8,650)   
       Other (losses)/gains                                                         (47,483)             18,529     (56,350)   
       Net profit                                                                     96,571            136,952      190,115   
       Net finance costs                                                            (71,421)           (72,575)    (145,565)   
       Share of profit/(loss) of associates - equity accounted                        26,979           (22,417)      182,610   
       Impairment loss of associates - equity accounted                             (81,052)           (58,460)    (269,954)   
       Loss before taxation                                                         (28,923)           (16,500)     (42,794)   
       
       ^^  The chief operating decision maker utilises Trading Performance (Core EBITDA as defined) in the assessment of a segment's performance
       *   Refer notes 2 and 3
       #   STS was sold effective August 2018 and Booksite has been earmarked for sale
       
10.    Financial instruments and financial risk management

10.1   Financial risk factors

       The Group has exposure to the following risks from its use of financial instruments: credit risk; liquidity risk; and
       market risk (which comprise currency risk, interest rate risk and market price risk).

       The condensed consolidated interim financial statements for the six months ended 31 December 2018 do not
       include all financial risk management information and disclosures required in the annual consolidated financial
       statements, and should be read in conjunction with the Group's annual consolidated financial statements as at 30
       June 2018. There have been no material changes in the Group's credit, liquidity and market risk, or key inputs in
       measuring fair value since 30 June 2018.

10.2   Fair value estimation

       The fair values of financial instruments that are accounted for at amortised cost have been determined for both the
       current and prior periods and approximate the carrying amounts at the respective period ends due to either the
       short-term nature of the instrument or because it attracts a market related rate of interest.

       IFRS 13 Fair Value Measurement requires disclosures relating to fair value measurements using a three-level fair
       value hierarchy. The level within which the fair value measurement is categorised in its entirety is determined on
       the basis of the lowest level input that is significant to the fair value measurement. Assessing the significance of a
       particular input requires judgement, considering the factors specific to the asset or liability. The following table
       shows financial instruments recognised at fair value, categorised between those whose fair value is based on:

       Level 1 -   Quoted (unadjusted) market prices in active markets for identical assets or liabilities;
       Level 2 -   Valuation techniques for which the lowest level input that is significant to the fair value measurement is
                   directly or indirectly observable; or
       Level 3 -   Valuation techniques for which the lowest level input that is significant to the fair value measurement is
                   unobservable.

       Recurring fair value measurement of assets and liabilities                                 
                                                                                       Level 1   Level 2   Level 3     Total   
       As at 31 December 2018                                                            R'000     R'000     R'000     R'000   
       Financial assets                                                                                                        
       Financial assets held for trading                                                     -         -     1,112     1,112   
       Non-current assets held for sale                                                      -   118,488         -   118,488   
       Total                                                                                 -   118,488     1,112   119,600  
         
       Financial liabilities                                                                                                   
       Contingent consideration payable                                                      -    14,772         -    14,772   
       
                                                                                       Level 1   Level 2   Level 3     Total   
       As at 31 December 2017 - Amended*                                                 R'000     R'000     R'000     R'000   
       Financial assets                                                                                                        
       Financial assets held for trading                                                 5,425         -     2,917     8,342   
       Non-current assets and liabilities held for sale                                      -     3,558         -     3,558   
       Total                                                                             5,425     3,558     2,917    11,900   
       
                                                                                       Level 1   Level 2   Level 3     Total   
       As at 30 June 2018 - Amended*                                                     R'000     R'000     R'000     R'000   
       Financial assets                                                                                                        
       Financial assets held for trading                                                     -         -     1,112     1,112   
       Non-current assets and liabilities held for sale                                      -   137,595         -   137,595   
       Total                                                                                 -   137,595     1,112   138,707   
       
       *Refer note 3.4                                                                                        
       
       Transfers between levels
       There were no transfers between levels during the current and prior years.

10.3   Valuation techniques

       Level 2
       The investment in Robor, and the CSI and Fantastic disposal groups, are classified and presented as non-
       current assets held for sale valued at the lower of carrying value and fair value less costs to sell (refer note 3).
       Their fair values were determined with reference to the anticipated value expected to be realised on disposal.

       The contingent consideration payable relates to the acquisition of BBS.

       Level 3
       Investments included in financial assets held for trading are not material and the valuation is based on directors'
       valuation.

11.    Contingencies, guarantees and commitments

11.1   Contingencies and guarantees

       On disposal of its entire interest in CSI, Tiso Blackstar was released from its guarantees provided to a bank in
       respect of financing facilities provided to CSI. Post the end of the reporting period, the guarantee provided to a
       bank in respect of facilities provided to Robor, was reduced by R50.0 million to R110.0 million (refer to note
       13). There have been no other significant changes to contingencies and guarantees from what was disclosed
       in the annual consolidated financial statements for the year ended 30 June 2018.

11.2   Commitments

       There have been no significant changes to the Group's commitments since the previous reporting period.

12.    Changes in directors and directorships

       Marcel Ernzer resigned from his position as a non-executive director effective 30 November 2018.

13.    Events after the reporting period

       The Group's acquisition of the entire share capital of FIL was finalised effective 13 March 2019. Refer note 8.2
       for further information.

       In March 2019, at the request of Robor's bankers, Tiso Blackstar provided an equity loan of R50.0 million to
       Robor thereby reducing the guarantees provided to the banks for facilities provided to Robor by the same
       amount.

14.    Related parties

       There have been no significant changes to related parties from what was disclosed in the consolidated annual
       financial statements for the year ended 30 June 2018.

       London, United Kingdom
       27 March 2019

       For further enquiries, please contact:

       Tiso Blackstar Group SE        Leanna Isaac           +44 (0) 20 7887 6017

       JSE Sponsor: PSG Capital       David Tosi             +27 (0) 21 887 9602
 

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