ZEDER INVESTMENTS LIMITED - SOTP and recurring headline earnings, Trading statement

SOTP and recurring headline earnings, Trading statement

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

SOTP AND RECURRING HEADLINE EARNINGS

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

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

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 2013 will
     be between R3.90 and R4.00 per share, or between
     23.8% and 27% higher than that as at 29 February
     2012; and

2.   For the year ended 28 February 2013:

-    Recurring headline earnings per share will be
     between 25 cents and 26 cents, or between 6.8% and
     10.4% lower than that for the year ended 29 February
     2012;
-    Headline earnings per share will be between 19.5
     cents and 20.5 cents, or between 33.2% and 36.5%
     lower than that for the year ended 29 February 2012;
     and

-    Attributable earnings per share will be between 52
     cents and 53 cents, or between 52% and 55% higher
     than that for the year ended 29 February 2012.

The decrease in recurring headline earnings per share was
mainly due to the initial losses incurred by Chayton, a
start-up business in its development phase, and the
funding cost in respect of the debt raised to fund the
acquisition of this investment.

In addition to the negative contribution from Chayton,
Zeder,   inter  alia,   achieved  lower   marked-to-market
profits on, and received lower dividends from, equity
securities than in the prior year which resulted in the
aforementioned decrease in headline earnings per share.

The increase in attributable earnings per share was
mainly as a result of the non-headline profit made on the
disposal of a 15.1% interest in Capevin Holdings.

This financial information has not been reviewed or
reported on by the auditor of Zeder. The audited results
for the year ended will be published on or about 8 April
2013.

Stellenbosch
8 April 2013

Sponsor
PSG Capital

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