LIBSTAR HOLDINGS LIMITED - Trading Statement

Trading Statement

Libstar Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 2014/032444/06)
(JSE share code: LBR)
(ISIN: ZAE000250239)
("Libstar" or the "Group")

TRADING STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2024

In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited, companies are
required to publish a trading statement as soon as there is a reasonable degree of certainty
that the financial results for the period to be reported upon next, will differ by at least 20% from
the financial results for the previous corresponding period.

Accordingly, shareholders are advised that, for the six months ended 30 June 2024 (H1 2024),
the Group expects:

   -   Total Earnings Per Share (EPS) to be between 13.5 and 14.5 cents per share,
       compared to the prior period EPS of 10.7 cents per share (representing an increase of
       between 26.2% and 35.5%);

   -   Total Headline Earnings Per Share (HEPS) to be between 13.4 and 14.4 cents per
       share, compared to the prior period HEPS of 10.5 cents per share (representing an
       increase of between 27.6% and 37.1%); and

   -   Normalised HEPS from continuing operations to be between 19.6 and 21.4 cents per
       share, compared to the prior year Normalised HEPS of 18.4 cents per share
       (representing an increase of between 6.5% and 16.3%).

The improvements in Total EPS, Total HEPS and Normalised HEPS are mainly attributable
to:

   1. The resilient trading performance of the Ambient Product sub-categories of Dry
      Condiments, Wet Condiments and Meal Ingredients relative to the prior period;
   2. Improved Group gross profit margins of 21.7% (H1 2023: 21.0%) arising from improved
      capacity utilisation, production efficiencies, pricing, and cost management; and
   3. A reduction in net finance costs resulting from lower average H1 2024 net interest-
      bearing debt.

The difference between the expected growth in Total HEPS and Normalised HEPS is mainly
attributable to after-tax unrealised foreign currency exchange gains of R5.5 million (H1 2023:
R9.5 million loss), which are included in Total HEPS but excluded from Normalised HEPS.

The Group expects to report H1 2024 Normalised EBITDA (excluding unrealised foreign
currency movements and other non-recurring, non-trading, and non-cash items) of between
R445.1 million and R456.9 million. This represents an increase of between 12.4% and 15.4%
compared to the prior period's Normalised EBITDA of R396.1 million.

SHARES IN ISSUE

The diluted weighted average number of shares in issue at the end of the reporting period
remained unchanged at 595,812,263 (H1 2023: 595,812,263).

The financial information in this announcement has not been reviewed or reported on by
Libstar's external auditors.
Libstar's interim results for the period ended 30 June 2024 will be published on 10 September
2024.

29 August 2024

Sponsor
The Standard Bank of South Africa Limited

Date: 29-08-2024 08:00:00
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