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TISO BLACKSTAR GROUP SE - Short-Form Provisional Condensed Consolidated Financial Results For The Year Ended 30 June 2019

Release Date: 21/10/2019 17:45
Code(s): TBG     PDF:  
 
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Short-Form Provisional Condensed Consolidated Financial Results For The Year Ended 30 June 2019

TISO BLACKSTAR GROUP SE
(Incorporated in England and Wales)
(Registration number SE000110)
(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
(“the Company” or “the Group”)


SHORT-FORM PROVISIONAL CONDENSED CONSOLIDATED FINANCIAL RESULTS
FOR THE YEAR ENDED 30 JUNE 2019


1.   SALIENT FEATURES

     Revenue from continuing operations decreased by 22.8% to R2 362.3 million, from
     R3 059.6 million* in the prior corresponding period.

     Trading performance (profit before interest and tax after adding back depreciation,
     amortisation, straight lining of leases, share based payment expenses and other
     gains/(losses) from continuing operations decreased by 2.0% to R204.7 million, from R
     208.9 million* in the prior corresponding period.

     Headline loss per share increased by 160.3% to (76.60) cents per share, from (29.43)
     cents per share* in the prior corresponding period.

     Loss per share increased by 49.0% to (213.07) cents per share, from (142.96) cents per
     share* in the prior corresponding period.

     Net asset value per share decreased by 19.5% to 887.74 cents per share, from 1102.16
     cents per share* in the prior corresponding period.

     No dividends were declared for the year ended 30 June 2019 nor for the prior
     corresponding period.
                                                                                            Restated*
                                                                           Year ended      Year ended       Movement
                                                                         30 June 2019    30 June 2018    30 June 2019
                                                                               R'000           R'000           R'000
     Trading performance                                                     415,769         403,674          12,095
     Depreciation, amortisation, share based payment expense, and
     straight lining of leases                                              (229,984)       (211,745)       (18,239)
     Other (losses)/gains                                                   (443,312)       (191,558)      (251,754)
     -   Impairment of loan to Robor and Robor related loans                 (68,303)               -       (68,303)
     -   Loss on remeasurement to fair value less costs to sell –
         Africa Associates disposal group                                   (154,760)               -      (154,760)
     -   Loss on remeasurement to fair value less costs to sell –
         Media and Broadcast and Content disposal groups                     (59,269)               -       (59,269)
     -   Fair value loss on contingent consideration owing on
         acquisition of Bothma Branding Solutions                            (46,483)               -       (46,483)
     -   Non-recurring costs incurred on relocation of the Hirt &
         Carter Group                                                        (46,882)               -       (46,882)
     -   Realised losses on disposal of subsidiaries                         (16,400)         (2,099)       (14,301)
     -   Losses in respect of CSI (disposed of in the current year)          (27,348)       (178,771)       151,423
     -   Other                                                               (23,867)        (10,688)       (13,179)

     Net finance costs                                                      (167,558)       (220,653)         53,095
     Share of (loss)/profit and net impairments of associates - equity
     accounted                                                              (132,739)        (97,561)       (35,178)
     -   Share of loss of associate – Robor                                 (133,578)        (11,666)      (121,912)
     -   Impairment of investment in Robor                                    (4,017)               -        (4,017)
     -   Share of (loss)/profit of associate – Kagiso Tiso Holdings          (18,038)        169,071       (187,109)
     -   Reversal of impairment/(impairment) of associate – Kagiso
         Tiso Holdings                                                         7,935        (265,603)        273,538
     -   Other                                                                14,959           10,637          4,322

     Taxation                                                                 10,042         (60,788)         70,830

     Loss for the year                                                      (547,782)       (378,631)      (169,151)

     * Restated 30 June 2018 reported figures in accordance with IFRS 5.

    Total Trading performance of the Group has increased by 3.0% to R415.8 million from
    the prior year, which is commendable considering the difficult trading economic
    conditions. However this solid trading did not translate into profits mainly due to the
    significant other losses of R443.3 million incurred during the year which mostly comprised
    the following:

    •  Loan receivables owing by Robor of R68.3 million have been written off;
    •  Impairments recognised to carry the discontinued operations at fair value less costs to
       sell in accordance with IFRS 5 Non-Current Assets Held for Sale and Discontinued
       Operations, include R154.8 million and R59.3 million in respect of the Africa Associates
       and Media, Broadcast and Content businesses, respectively;
    •  An adjustment to the contingent consideration owing on the acquisition of the Group’s
       interest in Bothma Branding Solutions of R46.5 million;
    •  Once-off costs relating to the relocation of the various operations of the Hirt & Carter
       Group to one facility of R46.9 million; and
    •  Realised loss arising on disposal of subsidiary Smartcall Technology Solutions of
       R16.4 million and losses of R27.3 million in respect of the subsidiary Consolidated
       Steel Industries (“CSI”) which was disposed of during the current year.

2.   SHORT-FORM ANNOUNCEMENT

     This short-form announcement is the responsibility of the directors of the Company. It
     contains only a summary of the information in the full announcement (“Full
     Announcement”) and does not contain full or complete details. The information in this
     short-form announcement has been extracted from the Provisional Condensed
     Consolidated Financial Statements for the year ended 30 June 2019. This short-form
     announcement itself has not been reviewed or audited by the Company’s auditors. The
     Full Announcement can be found at:
     https://senspdf.jse.co.za/documents/2019/JSE/ISSE/TBG/FY2019.pdf

     Copies of the Full Announcement is also available for viewing on the Company’s website
     at http://www.tisoblackstar.com/tbg/investors/announcements/ or may be requested in
     person, at the Company’s registered office or the office of the sponsor, at no charge,
     during office hours.

     Any investment decisions by investors and/or shareholders should be based on
     consideration of the Full Announcement, as a whole.


21 October 2019

Sponsor

PSG Capital

Date: 21/10/2019 05:45:00
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