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Trading Statement
PBT Group Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1936/008278/06)
JSE Share code: PBG ISIN: ZAE000256319
("PBT Group" or "the Company" or "the Group")
TRADING STATEMENT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023
Shareholders of PBT Group are advised that the Company is satisfied that a reasonable degree of certainty
exists that the expected earnings per share ("EPS") and headline earnings per share ("HEPS") for the current
period will differ by at least 20% from that of the previous corresponding period, being the six months ended
30 September 2022 ("the prior period") and that a trading statement is required in terms of the JSE Limited
Listings Requirements.
This is primarily due to the reported Group EPS and HEPS numbers, being affected as follows:
• Weighted average number of ordinary shares (WANOS) increased by 19.8 million shares (23.9%)
when compared to the prior period, due to shares held by PBT Group's largest BEE shareholder being
classified as issued during the period following the sale of the vendor funding instruments at the end
of the 2023 financial year. The 19.8 million shares had previously been classified as treasury shares
in terms of IFRS 2 Share-based Payment. The Company had already included these issued shares in
WANOS in the normalised headline earnings per share figures reported in the previous period, and
the board of directors of PBT Group is of the view that the movement in normalised earnings per share
is a more accurate reflection of the Company's performance for the period.
• PBT Group (Australia) Proprietary Limited (PBT Australia), a wholly owned subsidiary in the Group,
was disposed of on 30 September 2023 and PBT Group now accounts for it as a discontinued
operation in its results for the six months ended 30 September 2023 (Interim Results). The impact of
discontinued operations was a decrease of R2.4 million in earnings during the current period. PBT
Group does not consider the discontinued operations to be material to the Group's Interim Results
and, as such, no further details are presented in this trading statement. Full details regarding
discontinued operations will be disclosed in the Company's Interim Results.
Results are expected to be as follows:
Continuing Operations
Trading statement for the Period on period 6 months ended 6 months ended
6 months ended change based on 30 September 2023 30 September
30 September 2023 expected ranges 2022
Expected ranges
Revenue (ZARm) 5.4% - 9.8% 536.5 - 558.4 508.8
EBITDA (ZARm) 0.5% - 4.6% 64.8 - 67.4 64.4
Profit after taxation (ZARm) 7.7% - 12.1% 46.9 - 48.9 43.6
Cash Generated from (ZARm) 120.5% - 129.5% 62.3 - 64.8 28.3
Operations
Normalised Headline (ZARm) -6.7% - -2.9% 32.2 - 33.5 34.5
Earnings*
Headline Earnings (ZARm) -1.2% - 2.9% 29.1 - 30.3 29.5
Normalised Headline (ZAR -6.2% - -2.4% 30.8 - 32.0 32.8
Earnings per share* cents)
Headline Earnings per (ZAR -20.2% - -17.0% 28.3 - 29.5 35.5
share cents)
Earnings per share (ZAR -20.2% - -17.0% 28.3 - 29.5 35.5
cents)
Group Results
Trading statement for the Period on period 6 months ended 6 months ended
6 months ended change based on 30 September 30 September
30 September 2023 expected ranges 2023 2022
Expected ranges
Revenue (ZARm) 3.1% - 7.3% 552.9 - 575.5 536.5
EBITDA (ZARm) -5.9% - -2.1% 61.3 - 63.8 65.2
Profit after taxation (ZARm) 1.7% - 5.9% 44.6 - 46.4 43.8
Cash Generated from (ZARm) 120.5% - 129.5% 62.3 - 64.8 28.3
Operations
Normalised Headline (ZARm) -16.5% - -13.1% 29.0 - 30.2 34.7
Earnings*
Headline Earnings (ZARm) -12.7% - -9.1% 26.0 - 27.0 29.7
Normalised Headline (ZAR -16.0% - -12.6% 27.7 - 28.9 33.0
Earnings per share* cents)
Headline Earnings per (ZAR -29.5% - -26.6% 25.2 - 26.3 35.8
share cents)
Earnings per share (ZAR -27.2% - -24.3% 26.0 - 27.1 35.8
cents)
*PBT Group is reporting normalised headline earnings and normalised headline earnings per share figures.
These figures reverse the accounting effect of IFRS 2 Share-based Payment. The board of directors of PBT
Group is of the view that this is a more accurate reflection of the Company's after-tax earnings and after-tax
earnings per share.
The financial information on which this trading statement is based has not been reviewed and reported on by
the Company's auditors.
Full details of the Group's performance will be contained in the Company's Interim Results, which are expected
to be released on or about 1 December 2023.
By order of the board of directors.
29 November 2023
Cape Town
Sponsor
Questco Corporate Advisory Proprietary Limited
Date: 29-11-2023 11:30:00
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