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TIGER BRANDS LIMITED - Updated trading statement related to Earnings per share for the six months ended 31 March 2020

Release Date: 20/05/2020 11:45
Code(s): TBS     PDF:  
Wrap Text
Updated trading statement related to Earnings per share for the six months ended 31 March 2020

TIGER BRANDS LIMITED
(“Tiger Brands” or “the Company”)
(Incorporated in the Republic of South Africa)
(Registration number 1944/017881/06)
Share code: TBS
ISIN: ZAE000071080

Updated trading statement related to Earnings per share for the
six months ended 31 March 2020

Shareholders are referred to the trading update and trading
statement released on SENS on 12 February 2020, in which the
Company advised that Earnings per share (EPS) from total
operations is expected to be at least 36% lower than the
corresponding period last year, while EPS from continuing
operations (including VAMP) is expected to be at least 35% lower
than the corresponding period last year.

Further to this announcement, shareholders are advised of the
respective EPS ranges as follows:

  -   EPS from total operations is expected to be between 216
      cents and 190 cents, which is between 75% and 78% lower than
      the 864 cents reported for the corresponding period last
      year.

  -   EPS from continuing operations (including VAMP) is expected
      to be between 228 cents and 201 cents, which is between 74%
      and 77% lower than the 875 cents reported for the
      corresponding period last year.

EPS is impacted by a significantly higher impairment charge of
R557 million (2019: R106 million) in the six months ended 31
March 2020, which relates mainly to the Company’s export
businesses, namely Davita (powdered soft drinks and seasoning)
and the Deciduous Fruit business. An impairment was also
recognised against the investment in Nigerian associate, UAC
Foods. These impairments are as a result of the continual
assessment of risks associated with these businesses amid ongoing
trading difficulties due to deteriorating macro-economic
prospects, exacerbated by Covid-19 led economic challenges, as
well as adverse category dynamics. Earnings in the previous
period benefited from the abnormal after-tax capital profit of
R282 million arising from the sale of Oceana shares to
Brimstone.

The Company’s results for the six months ended 31 March 2020 are
expected to be released on SENS on or about 25 May 2020.

The information has not been reviewed or reported on by the
Company's auditors.

Bryanston
20 May 2020
Sponsor
JP Morgan Equities South Africa Proprietary Limited

Date: 20-05-2020 11:45:00
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