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PIONEER FOOD GROUP LIMITED - CANCELLATION OF S381648 Trading Statement

Release Date: 21/02/2017 13:40
Code(s): PFG     PDF:  
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CANCELLATION OF S381648 Trading Statement

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”)

TRADING STATEMENT

Shareholders are referred to the trading update issued on 10 February 2017 (“Trading Update”) and
are hereby advised that Pioneer Foods is now in a position to issue a trading statement for the six
months ended 31 March 2017.

Shareholders are hereby advised that a reasonable degree of certainty exists that:
    - the earnings per share of the Company for the six month period ending 31 March 2017 is
      expected to be between 38% and 55% lower than that reported in the previous corresponding
      period. Accordingly, earnings per share is expected to be between 280.1 and 347.3 cents per
      share compared to the 560.1 cents per share reported for the previous corresponding period;
      and

    - the headline earnings per share of the Company for the six month period ending 31 March
      2017 is expected to be between 38% and 55% lower than that reported in the previous
      corresponding period. Accordingly, headline earnings per share is expected to be between
      278.2 and 345.0 cents per share compared to the 556.4 cents per share reported for the
      previous corresponding period.

Earnings and headline earnings per share for the previous six month period ended 31 March 2016 was
significantly enhanced by an IFRS 2 share-based payment gain amounting to R142.7 million relating to
the Phase 1 (2006) B-BBEE transaction.

As previously stated in the Trading Update, the outlook for the second half of the financial year to
30 September 2017 should reflect an improved performance due to:

    -   anticipated improvement of maize profitability;
    -   satisfactory raisin crop;
    -   new Weet-Bix capacity coming on-stream;
    -   the commissioning of the Aeroton bakery upgrade;
    -   bakeries in the Western Cape regaining momentum; and
    -   cost respite on key inputs.

The major financial performance impact can be ascribed to maize and fruit, which should be of a non-
recurring nature consequent to severe inclement weather encountered.

The financial information on which this trading statement is based has not been reviewed or reported
on by the Company´s auditors.

Tyger Valley
21 February 2017

Sponsor
PSG Capital (Pty) Ltd

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