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PIONEER FOOD GROUP LIMITED - Trading Statement

Release Date: 04/05/2017 08:00
Code(s): PFG     PDF:  
Wrap Text
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

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 aware that the financial results for the
financial period to be reported on next will vary by 20% or more
from those of the previous comparable period.

Shareholders are referred to the trading statement for the six
months ended 31 March 2017 issued on 21 February 2017. We are
now in the position to narrow the range that was published.

Shareholders are hereby advised that, for the six months ended
31 March 2017, a reasonable degree of certainty exists that the
Company’s:

Operating profit before items of a capital nature, adjusted for
the impact of the Phase I B-BBEE share-based payment charge and
the marked-to-market effect of the related hedge (“BEE SBP”)
amounting to a net cost of R3.1 million (31 March 2016: gain of
R142.7 million) and once-off merger and acquisition (“M&A”)
costs of R9.3 million, is expected to decrease by between 40%
and 45% from the R1 236 million as reported for the six months
ended 31 March 2016; and

Adjusted headline earnings per share, adjusted for the
aforementioned BEE SBP and once-off M&A costs is expected to be
between 242.2 cents and 267.0 cents per share compared to the
479.3 cents per share for the prior corresponding period, being
a decrease of between 44% and 49%; and

Headline earnings per share is expected to be between 233.0
cents and 261.5 cents per share compared to the 556.4 cents per
share for the prior corresponding period, being a decrease of
between 53% and 58%; and

Earnings per share is expected to be between 234.0 cents and
262.5 cents per share compared to the 560.1 cents per share for
the prior corresponding period, being a decrease of between 53%
and 58%.

As stated in the previous early trading update, the major
variance in financial performance can be ascribed to maize and
fruit, which should largely be of a non-recurring nature. The
outlook for the second half of the financial year to 30 September
2017 should reflect an improvement on the first half.

The financial information on which this trading update is based,
has not been reviewed or reported on by the Company’s external
auditors.

Tyger Valley
4 May 2017

Sponsor
PSG Capital

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