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PFG - Pioneer Food Group Limited - Unaudited condensed consolidated interim
financial statements - for the six months ended 31 March 2011
Pioneer Food Group Limited
Incorporated in the Republic of South Africa
Registration number: 1996/017676/06
Share code: PFG
ISIN code: ZAE000118279
"Pioneer Foods" or "the Company" or "the Group"
Unaudited condensed consolidated interim financial statements - for the six
months ended 31 March 2011
Salient features
Revenue R8 billion up 4%
Operating profit (before items of a capital nature) R658 million up 54%
Headline earnings R422 million up 193%
After comparative figures were adjusted for a R350 million provision for
Competition Commission penalties:
Adjusted change to operating profit (before items of a capital nature) down
15%
Adjusted change to headline earnings down 15%
Interim dividend per listed ordinary share 40 cents (2010: Nil cents)
Andre Hanekom Group MD commented:
"We are satisfied with this set of results having achieved volume growth in a
number of key categories in a volatile pricing environment. Inflation
accelerated in our product basket to around 4% from October last year.
Operating profit margins remained relatively stable. Continuing upward
pressure on costs has necessitated price increases in most categories since
March. However, we believe there is room for further growth in our range of
essential foods. We are investing in additional capacity in all business units
to meet anticipated improving demand."
Enquiries: Pioneer Foods +27 21 807 5100
Andre Hanekom +27 21 807 5106,ahanekom@pioneerfoods.co.za
Leon Cronje +27 21 807 5105,lcronje@pioneerfoods.co.za
CapitalVoice, Johannes van Niekerk +27 82 921 9110
Commentary
Group revenue increased by 4% to R8,3 billion with volumes improving by some
6% and prices decreasing by some 2% over the comparative period.
Measured against the six-month period from April to September 2010, Group
revenue increased by 7%. Volumes increased by some 3% and prices by some 4%.
Revenue from specified bread and wheaten flour products were impacted
negatively by delayed price increases to implement the gross profit reductions
as agreed with the Competition Commission as part of the settlement reached in
November 2010.
Operating profit before items of a capital nature increased by 54% to R658
million. However, if the provision for the Competition Commission penalties of
R350 million raised in the comparative period is reversed, operating profit
decreased by 15%.
Headline earnings increased by 193% to R422 million or 237 cents per share,
but reflects a decline of 15% if the penalty provision of R350 million is
excluded in the comparative period.
Net cash profit from operating activities declined by 8% to R875 million. The
investment in working capital increased substantially by R878 million, largely
due to higher raw material prices, as well as timing differences in settlement
of accounts receivable and payable. In addition to the increased working
capital investment, the first penalty payment of R67 million in terms of the
Competition Commission settlement was made.
The net effect of the above resulted in net cash of R69 million being utilised
from operations in the reporting period.
Net cash invested in the business, after accounting for the acquisition of the
broiler business acquired in Gauteng, amounted to R492 million in line with
the approved capital expansion programme, contributing to net interest-bearing
debt increasing to R1 174 million from R406 million a year ago, or 23% of
equity at the reporting date.
Sasko
The Sasko segment achieved a 5% increase in revenue to R4 342 million with
improved sales volumes in most categories.
Operating profit declined by 24% to R395 million if the penalty provision of
R350 million is excluded from the comparative period. The operating profit
margin declined to 9.1% (2010: 12.5% adjusted). The performance was impacted
by R171 million as a result of delayed sales price increases. This is R11
million more than the R160 million agreed to with the Competition Commission
in order to meet increased customer demands.
International grain commodity prices have now nearly doubled in dollar terms
on a year-to-year basis, placing further upward pressure on prices despite the
relatively strong rand.
The pasta business posted a sound performance though it is evident that the
increase in competitively priced imported pasta products, together with the
increased cost of wheaten flour, will restrain the unit`s full year
performance.
Group operations in Botswana, Namibia, Uganda and Zambia are appropriately
positioned to supply wheaten flour, eggs, poultry and other Group products
although the operating environment remains challenging.
Agri Business
The Agri Business segment performed satisfactory. Revenue increased by 3% to
R1 273 million with operating profit increasing by 13% to R82 million,
delivering an operating profit margin of 6.5% (2010: 5.9%).
The improvement in profitability was largely due to increased productivity and
enhanced efficiencies at both the egg and broiler production sites. The
absence of poultry diseases as well as improved farming practices supported
these productivity increases.
Sales volumes of eggs and broilers consequently increased, also benefiting
from the commissioning of new capacity. Sales prices weakened in both the egg
and broiler businesses.
The feeds business performed well with higher sales volumes compensating for
lower sales prices as margins remained stable due to favourable raw material
costs, thereby improving profitability. Cost control of non-feed related costs
remain well under control in all the Agri businesses.
Bokomo Foods
The Bokomo Foods segment achieved a 6% increase in revenue to R1 396 million.
Operating profit declined by 2% to R119 million for a lower operating profit
margin of 8.5% (2010: 9.2%) mainly due to sustained cost pressures and lower
sales volumes in key categories.
The breakfast cereals business posted a sustained profit contribution on the
back of maintained sales volumes. Bokomo Corn Flakes sales volume growth was
very good with production approaching capacity.
The new raisin crop was halved compared to the previous year because of floods
in the Orange River area and will impact this season`s earnings negatively.
The baking ingredients and desserts business did very well on improved sales
volumes and efficiencies resulting from the consolidation of production
facilities.
Results were affected negatively by costs related to the closure of the old
biscuit plant and start-up costs of the new plant in Clayville, Gauteng.
Commissioning of the plant is expected to be completed soon, after which a
newly branded range of biscuit products will be launched.
Heinz Foods SA achieved good growth in the condiments and sauces category,
driven primarily by the Wellington`s product basket. Price increases
necessitated by commodity inflation in raw materials slowed growth in the
frozen foods category. Future growth is expected to benefit from continued
product innovation, improved efficiencies and increased consumer value.
Ceres Beverages
The Ceres Beverages segment achieved good results for the period. Revenue
increased by 6% to R1 420 million, with sales volumes increasing in all
product categories, despite wet and rather cold summer conditions.
Operating profit increased by 12% to R122 million resulting in an operating
profit margin of 8.6% (2010: 8.1%) benefiting from better sales volumes, as
well as effective price management entrenched by the strength of the brands in
the portfolio.
The fruit juice product category performed well with double digit sales volume
growth being achieved in the local market. The international business managed
to achieve sales volume growth in a very competitive environment despite the
relatively strong rand.
The fruit concentrate mixture category was under margin pressure due to
competitor activity. Higher sales volumes in the Pepsi range of products
contributed to the improved profitability of the segment. Lipton ice tea
achieved excellent volume growth.
Commissioning of the new fruit juice factory in Wadeville, Gauteng commenced
in April 2011. More equipment will be installed in the next 18 months to
ensure better production capacity availability, as well as improved service
levels by producing closer to the market.
Prospects
The financial performance of the Group for the full year will be influenced by
the Group`s ability to manage margins in a challenging operating environment
with volatile input costs trending upwards and uncertain consumer spending
patterns.
Interim dividend
The payment of dividends has been resumed and an interim dividend of 40.0
cents per share (2010: Nil cents, 2009: 36.0 cents) has been approved by the
Board. The applicable dates are as follows:
Last date of trading cum dividend: Friday, 24 June 2011
Trading ex-dividend commences: Monday, 27 June 2011
Record date: Friday, 1 July 2011
Dividend payable: Monday, 4 July 2011
Share certificates may not be dematerialised or materialised between Monday,
27 June 2011, and Friday, 1 July 2011, both days inclusive.
An interim dividend of 12.0 cents (2010: Nil cents, 2009: 10.8 cents) per
class A ordinary share, being 30% of the interim dividend payable to ordinary
shareholders in terms of the rules of the relevant employee scheme, will be
paid during July 2011.
By order of the Board
ZL Combi WA Hanekom
Chairman Managing Director
Paarl, 19 May 2011
Group statement of comprehensive income
Unaudited Audited
Six months ended Year ended
31 March 30 September
2011 2010 2010
R`m R`m R`m
Revenue 8,308.3 7,954.4 15,731.3
Cost of goods sold (5,698.8) (5,395.4) (10,720.4)
Gross profit 2,609.5 2,559.0 5,010.9
Other income and gains/(losses) 144.7 129.6 281.6
Other expenses (2,096.2) (2,262.0) (4,539.5)
Excluding Competition
Commission penalties (2,096.2) (1,912.0) (3,885.3)
Competition Commission
Penalties - (350.0) (654.2)
Items of a capital nature 8.5 14.0 (10.3)
Operating profit 666.5 440.6 742.7
Investment income 10.8 17.0 33.4
Finance costs (59.0) (78.3) (156.6)
Share of profit/(loss) of
associated companies 0.8 (0.2) 0.1
Profit before income tax 619.1 379.1 619.6
Income tax expense (188.2) (223.4) (383.9)
Profit for the period 430.9 155.7 235.7
Other comprehensive income
for the period 17.1 8.2 17.6
Movement in cash flow hedging
reserve 12.3 16.7 31.5
Fair value adjustments:
For the period 72.6 (52.1) (44.1)
Current income tax effect (22.1) 9.6 4.6
Deferred income tax effect 1.8 5.0 7.7
Reclassified to profit or loss (55.6) 75.4 87.9
Current income tax effect 22.1 (13.5) (9.8)
Deferred income tax effect (6.5) (7.7) (14.8)
Net fair value adjustment
on available-for-sale
financial assets 3.1 2.7 3.3
Fair value adjustments:
For the period 4.3 4.3 5.8
Deferred income tax effect (0.5) (0.4) (0.7)
Reclassified to profit or loss (0.7) (1.2) (1.8)
Movement on foreign currency
translation reserve 1.7 (11.2) (17.2)
Total comprehensive income
for the period 448.0 163.9 253.3
Profit for the period
attributable to:
Owners of the parent 430.1 155.0 234.5
Non-controlling interest 0.8 0.7 1.2
430.9 155.7 235.7
Total comprehensive income for
the period attributable to:
Owners of the parent 447.2 163.2 252.1
Non-controlling interest 0.8 0.7 1.2
448.0 163.9 253.3
Headline earnings reconciliation
Unaudited Audited
Six months ended Year ended
31 March 30 September
2011 2010 2010
R`m R`m R`m
Reconciliation between profit
attributable to owners of the
parent and headline earnings
Profit attributable to owners
of the parent 430.1 155.0 234.5
Items of a capital nature (8.5) (14.0) 10.3
Net profit on disposal of
property, plant, equipment
and intangible assets (7.8) (12.8) (11.8)
Net profit on disposal of
available-for-sale financial
assets and subsidiaries (0.7) (1.2) (2.1)
Impairment of property, plant,
equipment and intangible - - 24.2
assets
Tax effect on items of a
capital nature 0.1 3.0 (8.4)
Headline earnings 421.7 144.0 236.4
Competition Commission penalties - 350.0 654.2
Adjusted headline earnings 421.7 494.0 890.6
Number of issued ordinary
shares (million) 201.2 201.2 201.2
Number of issued treasury
shares:
- held by subsidiary (million) 18.0 18.0 18.0
- held by share incentive
trust (million) 4.5 5.6 5.1
Number of issued class A
ordinary shares (million) 10.0 10.8 10.4
Weighted average number of
ordinary shares (million) 178.1 176.4 177.0
Earnings per ordinary
share (cents):
- basic 241.5 87.9 132.5
- diluted 235.9 86.4 130.2
- headline 236.8 81.7 133.5
- adjusted headline 236.8 280.1 503.0
- diluted headline 231.4 80.3 131.2
Dividend per ordinary
share (cents) 40.0 - -
Dividend per class A ordinary
share (cents) 12.0 - -
Net asset value per ordinary
share (cents) 2,916.2 2,616.3 2,667.9
Debt to equity ratio (%) 22.5 18.9 8.5
Group statement of cash flows
Unaudited Audited
Six months ended Year ended
31 March 30 September
2011 2010 2010
R`m R`m R`m
Net cash profit from operating
activities 875.2 949.7 1,609.9
Excluding Competition
Commission penalties paid 875.2 949.7 1,805.6
Competition Commission
penalties paid - - (195.7)
Cash effect from hedging
activities - 13.6 18.7
Working capital changes (877.6) (530.8) 95.1
Accrual for Competition
Commission penalties paid (66.7) - -
Net cash (utilised)/generated
from operations (69.1) 432.5 1,723.7
Income tax paid (144.7) (80.3) (353.0)
Net cash flow from operating
activities (213.8) 352.2 1,370.7
Net cash flow from investment
activities (491.6) (340.5) (805.3)
Property, plant, equipment and
intangible assets
- additions and replacements (364.5) (291.9) (751.0)
- proceeds on disposal 31.9 23.5 41.6
Business combinations (167.2) (100.1) (144.7)
Proceeds on disposal of and
changes in available-for-sale
financial assets and loans (2.6) 11.0 11.8
Disposal of subsidiaries - - 3.6
Interest received 10.4 16.6 31.4
Dividends received 0.4 0.4 2.0
Net cash flow from financing
activities (140.3) (309.2) (448.6)
Repayments of borrowings (77.1) (80.0) (137.6)
Treasury shares - share
incentive trust 5.4 10.3 14.4
Share schemes transactions (1.3) (3.6) (4.8)
Interest paid (67.3) (78.3) (163.0)
Dividends paid - (157.6) (157.6)
Net (decrease)/increase in cash,
cash equivalents and bank
overdrafts (845.7) (297.5) 116.8
Net cash, cash equivalents and
bank overdrafts at beginning
of period 708.9 592.1 592.1
Net cash, cash equivalents
and bank overdrafts at end
of period (136.8) 294.6 708.9
Group statement of financial position
Unaudited Audited
31 March 30 September
2011 2010 2010
R`m R`m R`m
Assets
Property, plant and equipment 3,892.3 3,301.4 3,565.0
Goodwill 262.4 221.1 221.1
Other intangible assets 466.9 445.0 468.4
Biological assets 16.8 14.7 16.8
Investments in associates and
loans to joint ventures 29.8 24.8 35.2
Available-for-sale financial
assets 43.5 36.2 39.1
Trade and other receivables 21.8 19.1 16.9
Deferred income tax 4.4 2.7 2.7
Non-current assets 4,737.9 4,065.0 4,365.2
Current assets 4,721.8 4,562.0 4,512.1
Inventories 2,315.6 2,146.2 1,936.6
Biological assets 202.6 177.0 187.6
Derivative financial instruments 1.6 0.5 5.2
Trade and other receivables 1,965.2 1,785.3 1,669.3
Current income tax 7.8 3.9 3.5
Cash and cash equivalents 229.0 449.1 709.9
Total assets 9,459.7 8,627.0 8,877.3
Equity and liabilities
Capital and reserves
attributable
to owners of the parent 5,211.0 4,647.1 4,751.4
Share capital 20.1 20.1 20.1
Share premium 1,205.4 1,213.5 1,210.6
Treasury shares (226.7) (236.2) (232.1)
Other reserves 54.4 4.9 28.3
Retained earnings 4,157.8 3,644.8 3,724.5
Non-controlling interest 7.3 6.3 6.5
Total equity 5,218.3 4,653.4 4,757.9
Non-current liabilities 1,897.4 1,706.2 2,074.0
Borrowings 888.2 1,023.6 946.2
Provisions for other liabilities
and charges 112.7 85.8 109.1
Accrual for Competition
Commission penalties 196.9 - 391.8
Share-based payment liability 134.8 67.9 102.2
Derivative financial instruments - 26.4 5.6
Deferred income tax 564.8 502.5 519.1
Current liabilities 2,344.0 2,267.4 2,045.4
Trade and other payables 1,557.2 1,432.8 1,732.6
Current income tax 19.0 134.9 8.4
Derivative financial instruments 36.0 46.1 57.4
Borrowings 515.0 303.2 169.5
Loan from joint venture 6.4 - 10.3
Accrual for Competition
Commission penalties 209.9 350.0 66.7
Dividends payable 0.5 0.4 0.5
Total equity and liabilities 9,459.7 8,627.0 8,877.3
Group statement of changes in equity
Unaudited Audited
Six months ended Year ended
31 March 30 September
2011 2010 2010
R`m R`m R`m
Share capital, share premium
and treasury shares 998.8 997.4 998.6
Opening balance 998.6 989.5 989.5
Movement in treasury shares 5.4 10.3 14.4
Ordinary shares issued - share
appreciation rights 0.4 - 0.3
Employee share scheme -
repurchase of shares (5.6) (2.4) (5.6)
Other reserves 54.4 4.9 28.3
Opening balance 28.3 (7.0) (7.0)
Transfers from/(to) retained
earnings 0.2 (0.4) (0.4)
Equity compensation reserve
transactions 6.6 4.1 13.2
Ordinary shares issued - share
appreciation rights (0.4) - (0.3)
Deferred income tax on share-
based payments 2.6 - 5.2
Other comprehensive income for
the period 17.1 8.2 17.6
Retained earnings 4,157.8 3,644.8 3,724.5
Opening balance 3,724.5 3,645.5 3,645.5
Profit for the period 430.1 155.0 234.5
Dividends paid - (157.9) (157.9)
Transfers (to)/from other (0.2) 0.4 0.4
reserves
Management share incentive
scheme - disposal of shares 3.4 1.9 2.1
Employee share scheme - transfer
tax on share transactions - (0.1) (0.1)
Non-controlling interest 7.3 6.3 6.5
Opening balance 6.5 5.8 5.8
Dividend paid - (0.2) (0.5)
Profit for the period 0.8 0.7 1.2
Total equity 5,218.3 4,653.4 4,757.9
Group segment report
Unaudited Audited
Six months ended Year ended
31 March 30 September
2011 2010 2010
R`m R`m R`m
Segment revenue
Sasko 4,341.5 4,150.3 8,314.1
Agri Business 1,272.8 1,239.3 2,453.2
Bokomo Foods 1,396.2 1,323.3 2,683.2
Ceres Beverages 1,420.4 1,345.7 2,483.7
8,430.9 8,058.6 15,934.2
Less: Internal revenue (122.6) (104.2) (202.9)
Total 8,308.3 7,954.4 15,731.3
Segment results(operating profit
before items of a capital
nature)
Sasko 394.7 166.8 327.5
Excluding Competition
Commission penalties 394.7 516.8 981.7
Competition Commission
penalties - (350.0) (654.2)
Agri Business 82.3 73.1 136.9
Bokomo Foods 119.0 121.1 230.7
Ceres Beverages 121.7 108.8 165.2
Unallocated (59.7) (43.2) (107.3)
Total 658.0 426.6 753.0
Excluding Competition
Commission penalties 658.0 776.6 1,407.2
Competition Commission
penalties - (350.0) (654.2)
Reconciliation of operating
profit (before items of
a capital nature) to profit
before income tax
Operating profit before items
of a capital nature 658.0 426.6 753.0
Adjusted for:
Items of a capital nature 8.5 14.0 (10.3)
Interest income 10.4 16.6 31.4
Dividends received 0.4 0.4 2.0
Finance costs (59.0) (78.3) (156.6)
Share of profit/(loss) of
associated companies 0.8 (0.2) 0.1
Profit before income tax 619.1 379.1 619.6
Notes to the condensed consolidated interim
financial statements
1. Basis of preparation
The unaudited interim results of the Group for
the six months ended 31 March 2011 have been
prepared in accordance with International
Financial Reporting Standards ("IFRS"), the
Listings Requirements of the JSE Limited and
the Companies Act of South Africa, as amended.
These condensed consolidated interim financial
statements comply with the requirements of IAS
34 - Interim Financial Reporting.
2. Accounting policies
These condensed consolidated interim financial
statements incorporate accounting policies
that are consistent with those applied in the
Group`s annual financial statements for the
year ended 30 September 2010, except for the
adoption of the following amendments to
published standards that became effective for
the current reporting period beginning on 1
October 2010:
Amendments to IAS 32 - Financial Instruments:
Presentation
Amendments to IFRS 2 - Share-based Payment
Improvements to IFRSs - Issued April 2009
The adoption of these amendments to standards
did not have any material impact on the
Group`s results and cash flows for the six
months ended 31 March 2011 and the financial
position at 31 March 2011.
3. Share capital
During the six months under review the
following share transactions occurred:
Unaudited Audited
Six months ended Year ended
31 March 30 September
2011 2010 2010
Number of listed issued and
fully paid ordinary shares
At beginning of period 201,191,970 201,183,898 201,183,898
Shares issued in terms of
employee share appreciation
rights scheme 6,783 - 8,072
At end of period 201,198,753 201,183,898 201,191,970
6,783 (2010: 8,072) listed
ordinary shares of 10 cents
each were issued at R53.39
(2010: R42.58) per share.
Number of treasury shares held
by the share incentive trust
At beginning of period 5,111,905 6,758,105 6,758,105
Movement in shares (588,275) (1,188,587) (1,646,200)
At end of period 4,523,630 5,569,518 5,111,905
Proceeds on the sale of
treasury
shares by the share incentive
trust (R`000) 9,865 12,213 18,061
Number of treasury shares
held by a subsidiary
At beginning and at end
of period 17,982,056 17,982,056 17,982,056
Number of unlisted class A
ordinary shares
At beginning of period 10,408,650 11,397,190 11,397,190
Shares bought back and
cancelled (386,400) (549,010) (988,540)
At end of period 10,022,250 10,848,180 10,408,650
Purchase consideration paid for
unlisted class A ordinary
shares bought back (R`000) 5,603 2,353 5,497
4. Borrowings
No material new borrowings were concluded
during the period under review. Changes in
borrowings reflect the repayments made in
terms of agreements. Short-term borrowings
fluctuate in accordance with changing working
capital needs.
5. Business combinations
During the period under review the following
businesses were acquired and all assets and
liabilities relating to these acquisitions
have been accounted for on an acquisition
basis:
Unaudited
Six months ended
31 March 2011
Purchase considerations - settled in cash (R`m)
Mynsar Poultry Farm (acquired on 1 November 2010) 34.9
Tonko Poultry Abattoir (acquired on 1 March 2011) 132.3
167.2
The combined assets and liabilities acquired
of these businesses can be summarised as
follows:
Unaudited
Six months ended
31 March 2011
Fair value (R`m)
Property, plant and equipment 121.8
Intangible assets 41.3
Inventories 8.2
Trade and other payables (1.0)
Deferred income tax (3.1)
Purchase considerations - settled in cash 167.2
Carrying value
As the Group acquired the assets and
liabilities of these businesses rather than
the shares of the legal entities that
previously owned such assets, it is
impractical to disclose the carrying amounts
in the accounting records of the previous
owners prior to these acquisitions. In these
circumstances the Group does not have access
to such carrying values.
The combined contribution of these businesses
to the Group`s revenue and operating profit
since acquisition is immaterial.
6. Events after the reporting date
6.1 Dividend
The Board approved an interim dividend of 40.0
cents (2010: Nil cents) per ordinary share.
The Board approved an interim dividend of 12.0
cents (2010: Nil cents) per class A ordinary
share, being 30% of the interim dividend
payable to ordinary shareholders in terms of
the rules of the relevant employee scheme.
6.2 Other material events
There have been no other material events
requiring disclosure after the reporting date
and up to the date of approval of these
condensed consolidated interim financial
statements by the Board.
7. Contingent liabilities
7.1 Dispute with egg contract producers
As previously reported, claims were received
from some contract producers for the alleged
breach of the terms of specific supply
agreements. The claimants withdrew these
claims in arbitration proceedings and
submitted new claims to the Western Cape High
Court: Cape Town.
Pioneer Foods has filed answering pleas to all
these claims. In four of these matters counter
claims to recover damages suffered by Pioneer
Foods as a result of breach of contract by the
contract producers were quantified and filed.
The Court is unlikely to hear these matters in
the foreseeable future. Management remains
convinced, based on legal advice regarding the
legal merits of the claims against the Group,
that the Group will not incur any material
liability in respect of this matter.
7.2 Guarantees
The Group had guarantees in issue of R78.7
million as at 31 March 2011 (30 September
2010: R106.7 million), primarily for loans by
third parties to contracted suppliers.
7.3 Net operating lease commitments payable
Net operating lease commitments payable
amounted to R120.1 million as at 31 March 2011
(30 September 2010: R131.1 million).
8. Audit
These results have not been audited or
reviewed by the external auditors.
For more information, visit our website at
www.pioneerfoods.co.za.
Directors: ZL Combi (Chairman), Dr MI Surve (Vice-chairman),
WA Hanekom (Managing)*, LR Cronje*, TA Carstens*, MM du Toit,
GD Eksteen, AE Jacobs, Prof ASM Karaan, NS Mjoli-Mncube, JF Mouton,
AH Sangqu
(* Executive)
Company secretary: TF Hendrickse
E-mail: thendri2@pioneerfoods.co.za
Registered address: 32 Market Street, Paarl, 7646
PO Box 20, Huguenot, 7645, South Africa
Tel: 021 807 5100
Fax: 021 807 5280
E-mail: info@pioneerfoods.co.za
Transfer secretaries: Computershare Investor Services (Pty) Limited
PO Box 61051, Marshalltown, 2107, South Africa
Tel: 011 370 5000
Fax: 011 688 5209
Sponsor: PSG Capital (Pty) Limited
PO Box 7403, Stellenbosch, 7599, South Africa
Tel: 021 887 9602
Fax: 021 887 9624
Date: 23/05/2011 07:05:16 Supplied by www.sharenet.co.za
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