ZEDER INVESTMENTS LIMITED - Trading statement

Trading statement

ZEDER INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 2006/019240/06
Share code: ZED
ISIN number: ZAE000088431
(“Zeder”)

SUM-OF-THE-PARTS (“SOTP”) VALUE AND RECURRING HEADLINE EARNINGS

Zeder, an investment holding company, continues to use the SOTP
value and recurring headline earnings per share benchmarks to
provide management and investors with a realistic and transparent
way of evaluating Zeder’s performance.

Zeder’s SOTP value is calculated using the quoted market prices for
all JSE-listed investments, and market related valuations for
unlisted investments.

Zeder’s recurring headline earnings is the sum of its effective
interest in that of each of its underlying investments. The result
is that investments in which Zeder holds less than 20% and are
generally not equity accountable in terms of accounting standards,
are included in the calculation of consolidated recurring headline
earnings. One-off items are excluded from recurring headline
earnings.

RESTATEMENT OF COMPARATIVES

The comparative results have been restated following Capespan’s
early adoption of amendments made to IAS 41 Biological Assets
applicable retrospectively to bearer plants and its change in the
accounting treatment of an existing lease arrangement.

The result of aforementioned restatements on Zeder is as follows:

     -   Recurring headline earnings per share for the previous
         financial year ended 28 February 2014 amounts to 30.6
         cents instead of 29.8 cents;

     -   Headline earnings per share for the previous financial
         year ended 28 February 2014 amounts to 26.6 cents instead
         of 25.8 cents; and

     -   Attributable earnings per share for the previous financial
         year ended 28 February 2014 amounts to 31.3 cents instead
         of 29.7 cents.

The full particulars of the aforementioned restatements will be
included in the announcement of Zeder’s audited financial results
for the year ended 28 February 2015.

TRADING STATEMENT

In terms of the Listings Requirements of the JSE Limited, 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 show a 20% or more difference from
those of the previous corresponding period.

Zeder hereby advises that a reasonable degree of certainty exists
that:

1.   Its SOTP value per share as at 28 February 2015 was R9.18,
     being 74.5% higher than the R5.26 reported as at 28 February
     2014;

2.   Updated   for  the  market   prices  of   Zeder’s  JSE-listed
     investments as at 31 March 2015, the SOTP value per share was
     R9.75;

3.   For the year ended 28 February 2015:

     -   Recurring headline earnings per share will be between 35
         cents and 35.6 cents, or between 14.4% and 16.3% higher
         than the 30.6 cents reported for the year ended 28
         February 2014;

     -   Headline earnings per share will be between 21.5 cents and
         22.5 cents, or between 15.4% and 19.2% lower than the 26.6
         cents reported for the year ended 28 February 2014; and

     -   Attributable earnings per share will be between 19.5 cents
         and 21 cents, or between 32.9% and 37.7% lower than the
         31.3 cents reported for the year ended 28 February 2014.

The increase in recurring headline earnings per share was due to
improved earnings contributions from the majority of Zeder’s
underlying investments.

Zeder’s headline earnings per share decreased due to the higher
non-recurring performance fee payable following Zeder’s strong
share price growth and the increased number of shares in issue as a
consequence of the merger with Agri Voedsel. In addition, Pioneer
Foods incurred higher BEE share-based payment costs as a result of
its strong share price growth, and Capespan made a deferred
purchase consideration loss adjustment as a result of Golden Wing
Mau, an associate, performing better than originally anticipated.

Attributable earnings per share decreased by a higher percentage
than headline earnings per share mainly because of a non-headline
fair value gain made during the previous financial year following
Capespan becoming a subsidiary.

This financial information has not been reviewed or reported on by
the auditor of Zeder. The audited results for the year ended 28
February 2015 will be published on or about 8 April 2015.

Stellenbosch
2 April 2015

Sponsor
PSG Capital

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