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TISO BLACKSTAR GROUP SE - Trading Statement

Release Date: 01/04/2020 09:00
Code(s): TBG     PDF:  
Wrap Text
Trading Statement

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)
JSE share code: TBG
ISIN: GB00BF37LF46
("Tiso Blackstar" or "the Company" or together
with its subsidiaries the “Group”)


TRADING STATEMENT

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

Shareholders are advised that the Company's results for the six months ended 31 December 2018
have been retrospectively adjusted to account for the following:
   - Reclassification in terms of IFRS 5 Non-current Assets Held for Sale and Discontinued
      Operations as a result of the Group entering into an agreement to dispose of TBG SA Group,
      SA Radio and Africa Radio;
   - Reclassification in terms of IFRS 5 as a result of the Group entering into an agreement to
      dispose of the music business Gallo Music Investments Proprietary Limited and Indigenous
      Film Distribution Proprietary Limited; and
   - Amendments in terms of IFRS 5 and IAS 28 Investments in Associates and Joint Ventures in
      respect of the Group's investment in Robor Proprietary Limited as a result of certain events
      which impacted the Group's ability to dispose of this investment.

These reclassifications and amendments have not affected total EPS and HEPS previously reported,
but rather the split between continued and discontinued operations.

Accordingly, the results for the six months ended 31 December 2018 have been reclassified and
amended as follows:

                                                 Previously reported             Reclassified and
                                                    31 December 2018                      amended
                                                              (cents)            31 December 2018
                                                                                           (cents)
 
Earnings / (loss) per share                                   (32.41)                      (32.41)
   Continued operations                                       (26.56)                      (52.03)
   Discontinued operations                                     (5.85)                       19.62

 Headline earnings / (loss) per share                          21.48                        21.48
   Continued operations                                        18.80                        (6.60)
   Discontinued operations                                      2.68                        28.09

The Company hereby advises that a reasonable degree of certainty exists that for the six months
ended 31 December 2019:

                                  Reclassified and           Expected range         Expected range
                                           amended         31 December 2019       31 December 2019
                                  31 December 2018                   (cents)                   (%)
                                            (cents)
 
Earnings / (loss) per share                 (32.41)       (44.33) to (50.81)        (37%) to (57%)
   Continued operations                     (52.03)       (28.35) to (38.75)           46% to 26%
   Discontinued operations                   19.62        (12.06) to (15.98)      (161%) to (181%)

 Headline earnings / (loss)                  21.48          (4.07) to (8.37)      (119%) to (139%)
 per share
   Continued operations                      (6.60)       (11.31) to (12.63)        (71%) to (91%)
   Discontinued operations                   28.09             2.93 to 8.55         (90%) to (70%)

The financial information on which this trading statement is based has not been reviewed or reported
on by the auditor of the Company. The results for the six months ended 31 December 2019 are
expected to be released on SENS on or about 3 April 2020.

London
1 April 2020

Sponsor
PSG Capital

Date: 01-04-2020 09:00:00
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