PFG - Pioneer Food Group Limited - Further Earnings Guidance

PFG - Pioneer Food Group Limited - Further Earnings Guidance                    
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 Group" or "the Company")                               
Further earnings guidance                                                       
Pioneer Foods provides these earnings guidance based on the provisional results 
for the six months to 31 March 2012 and further to the guidance published on    
SENS on 16 March 2012 and 15 February 2012.                                     
In terms of the Listings Requirements of the JSE Limited, a listed company is   
required to publish a trading update as soon as it is satisfied that a          
reasonable degree of certainty exists that its financial results for the next   
reporting period will differ by 20% or more from those of the previous          
corresponding period. Shareholders are hereby advised that a reasonable degree  
of certainty now exists.                                                        
The results are impacted by the once-off, non-cash flow, share-based payment    
charge in terms of IFRS ("IFRS charge") of R160 million (previously estimated at
R154 million) relating to the implementation of the Phase Two Broad Based Black 
Economic Empowerment Transaction ("the Transaction").                           
Shareholders are referred to the Company`s circular to shareholders dated 19    
January 2012 and to the Company`s subsequent SENS announcements regarding the   
Transaction.                                                                    
Consequently earnings and headline earnings per share for the six months to 31  
March 2012 are expected to decrease by between 42% and 49% compared to the      
corresponding period of the previous year.                                      
Adjusted earnings and adjusted headline earnings per share, excluding the IFRS  
charge of R160 million, are expected to decline by between 4% and 12% compared  
to the corresponding period of the previous year.                               
The publication of the interim results for the six months to 31 March 2012 is   
expected on or about 21 May 2012.                                               
The information provided has not been reviewed or reported on by the Group`s    
independent external auditors.                                                  
Paarl                                                                           
25 April 2012                                                                   
Sponsor: PSG Capital                                                            
Date: 25/04/2012 15:03:38 Supplied by www.sharenet.co.za                     
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