PIONEER FOOD GROUP LIMITED - Earnings Guidance

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 Company” or “the Group”)


EARNINGS GUIDANCE



Shareholders are hereby advised that a reasonable degree of certainty exists that
Pioneer Foods’ earnings and headline earnings per share for the six months to
31 March 2013 will increase by between 36% and 46% from the 130 cents per share
and 131 cents per share respectively, reported in the corresponding period in the
previous year.


The adjusted performance in earnings and headline earnings per share for the six
months to 31 March 2013 is presented below as the current and comparative
financial results have been impacted by the IFRS 2 share-based payment (“IFRS”)
charges relating to the Phase I (2006) and Phase II (2012) Broad-Based Black
Economic Empowerment (B-BBEE) transactions.


Adjusted earnings and adjusted headline earnings per share, excluding the impact of
the IFRS charges for the Phase I and Phase II B-BBEE transactions in the current
and comparative financial results, are expected to be between 2% lower and 4%
higher compared to the 218 cents per share and 219 cents per share respectively,
for the corresponding period in the previous year.


   1) The IFRS charge for the cash settled Phase I B-BBEE transaction impacts on
      results due to the Group share price movements in the respective reporting
      periods. In the 2012 reporting period the share price increased from R59.00 to
      R59.50, resulting in a gain of R4 million in the statement of comprehensive
      income. In the current reporting period to 31 March 2013 the share price
        increased from R53.00 to R71.57, resulting in a charge of R65 million in the
        statement of comprehensive income.




   2) The IFRS charge related to the implementation of Phase II B-BBEE
        transaction amounted to a once-off, non-cash flow charge of R161 million in
        the statement of comprehensive income for the comparative period to 31
        March 2012.


The publication of the interim results for the six months to 31 March 2013 is
expected to be on or about 20 May 2013.


The information provided has not been reviewed or reported on by the Group’s
independent external auditors.


Paarl
17 April 2013


Sponsor
PSG Capital

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