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Trading statement
CLOVER INDUSTRIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2003/030429/06)
JSE Ordinary share code: CLR ISIN: ZAE000152377
JSE Preference share code: CLRP ISIN: ZAE000152385
("Clover" or "the Company" or “the Group”)
TRADING STATEMENT
In terms of the Listings Requirements of the JSE Limited, companies are obliged to provide
guidance to the market when they are satisfied that a reasonable degree of certainty exists that
the financial results for the forthcoming reporting period will differ by at least 20% from the
results of the previous corresponding reporting period.
Accordingly, shareholders of the Company are advised that, Clover expects headline earnings per
share (“HEPS”) for the six months ended 31 December 2012 to be between 29% and 34% lower
than the corresponding reporting period of the previous year (H1 2012: HEPS 61.2 cents). Further,
earnings per share (“EPS”) for the six months ended 31 December 2012 are expected to be
between 19% and 24% lower than the corresponding reporting period of the previous year (H1
2012: EPS 60.4 cents).
Although revenue increased by 11% compared to the previous comparative period, the growth
achieved was not sufficient to compensate for the additional costs (marketing, sales and other
fixed costs) incurred in relation to the launch of new products and platforms across the business.
These investments include some major market innovations that will serve Clover well into the
future (Prisma Pack for UHT milk and Tropika, Tetra top for Danao, as well as 30 days Ultra
Pasteurised milk and 18 days Extended Shelf life fresh milk).
The results were further impacted by isolated industrial actions, substantial fuel price increases
and the under supply of UHT milk to the market as a result of complications experienced during a)
the conversion of existing UHT equipment for the new Prisma pack, and b) the importation of UHT
milk to facilitate the Prisma conversion.
Notwithstanding the above, Clover continued to achieve market share and volume growth in most
of its key product categories. Project Cielo Blu remains on track and the Company is in the process
of implementing planned price increases to the trade.
Clover has also secured two new Principals during the period, which will further enable a
reduction in its supply chain costs. The principals are Enterprise Foods (with effect from 1 June
2013) and Red Bull’s top end sales and merchandising services from 1 March 2013.
The Company is of the view that the factors leading to the weaker earnings during this period do
not negatively affect the strategic direction or value proposition of Clover.
The Group expects to release its interim results for the six months ended 31 December 2012 on or
about 12 March 2013 and a further update may be provided closer to the time if deemed
necessary by the Company.
Shareholders are advised that the financial information on which this trading statement is based
has not been reviewed and reported on by the Company’s external auditors.
Johannesburg
31 January 2013
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
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