21 February 2020 10:00
SUR : Trading Statement: 
(Incorporated in the Republic of South Africa)
(Registration number 1998/000828/06)
Share Code: SUR & ISIN: ZAE000022653
("Spur" or "company" or "group")


In terms of the Listings Requirements of the JSE Limited,
companies are required to publish a trading statement as soon
as a reasonable degree of certainty exists 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 Spur is expecting
to report earnings for the six months to 31 December 2019
("current period")as follows:

                                        Six months
                    Six months to 31         to 31
                       December 2019      December
                                              2018    % change
                                       (restated 1)
EPS (cents)         121.88 - 126.49          92.33   32% - 37%
Diluted EPS         121.59 - 126.19          92.11   32% - 37%
HEPS (cents)        121.89 - 126.50          92.34   32% - 37%
Diluted HEPS        121.60 - 126.20          92.12   32% - 37%

EPS: earnings per share
HEPS: headline earnings per share
Note 1: Restatement required as result of the correction in
the accounting for marketing funds in accordance with IFRS 15
- Revenue from contracts with customers, full details of which
will be published in the interim results announcement of the
company on 27 February 2020.     The application of IFRS 15,
with specific reference to the group's accounting treatment
for marketing funds and marketing fund administration fees
(as detailed in note 41.1.1 of the company's consolidated
financial statements for the year ended 30 June 2019), was
not applied to the previously published results for the six
months ended 31 December 2018.
Major factors impacting on expected earnings

The group previously reported that at 30 June 2019 it had
provided for expected credit losses relating to a receivable
from the group's former black economic empowerment partner,
Grand Parade Investments Limited, in the amount of R10.812
million. Of this amount, R4.303 million was recognised as a
charge to profit or loss during the six month period to 31
December 2018. During the current period, the group concluded
a specific repurchase transaction which resulted in the full
receivable being recovered. Accordingly, the full provision
for expected credit losses of R10.812 million has been
reversed as a credit to profit or loss in the current period.

As previously reported, during the six month period to 31
December 2018, the group made an additional provision of
R3.163 million for expected credit losses relating to
receivables from Australian franchisees, which is included as
a charge in profit or loss for that period.

Expected earnings excluding above impacts

Shareholders are advised that the expected increase in EPS,
diluted EPS, HEPS and diluted HEPS would be between 9% and
14% based on the restated results for the six month period to
31 December 2018, had the impact of the above been excluded.

The financial information on which this trading statement is
based has not been reviewed or reported on by the company's
auditors.   Spur's interim results for the period ended 31
December 2019 are expected to be published on 27 February

Cape Town
21 February 2020

A member of the Sasfin Group

Date: 21-02-2020 10:00:00
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