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Trading Update And Earnings Guidance For The Year Ended 30 September 2014
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”)
TRADING UPDATE AND EARNINGS GUIDANCE FOR THE YEAR ENDED 30
SEPTEMBER 2014
Shareholders are hereby advised that the trading environment continues to be
reflective of the pedestrian food and beverage category growth rates currently
experienced, indicative of significant pressure on the SA consumer.
Whilst the period under review signalled a lowering of soft commodity prices, this has
not yet given rise to increased demand and volume growth.
Revenue growth has been sustained at similar levels to the interim results for the six
months ended 31 March 2014, notwithstanding deflation in select categories. A
continued improved performance from most businesses in the Group, with a solid
contribution from the export business and the joint ventures of the Group, has
bolstered the Group’s performance.
The aforementioned, coupled to a rigorous focus on cost and efficiency
management, has translated into a pleasing operating leverage for the Group.
Accordingly, in terms of paragraph 3.4(b)(i) of the Listings Requirements of the JSE
Limited, Pioneer Foods is required to report to shareholders when a reasonable
degree of certainty exists that the earnings per share (“EPS”) and headline earnings
per share (“HEPS”) for the current reporting period is expected to differ by at least
20% when compared to the prior comparable reporting period.
In terms of this requirement, Pioneer Foods hereby advises shareholders that EPS,
HEPS and adjusted HEPS (pre the mark to market impact of the Phase 1 BEE deal),
for the year ending 30 September 2014, are expected to increase by more than 20%,
when compared to those for the financial year ended 30 September 2013.
Once sufficient certainty exists, a further update with an indicative range will be
provided.
The financial information, on which this earnings guidance is based, has not been
reviewed or reported on by the Group’s external auditors.
Tygervalley
4 September 2014
Sponsor
PSG Capital
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