ZEDER INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 2006/019240/06
Share code: ZED
ISIN number: ZAE000088431
SUM-OF-THE-PARTS (“SOTP”) VALUE AND RECURRING HEADLINE EARNINGS
Zeder, an investment holding company, continues to use SOTP
value and recurring headline earnings per share benchmarks to
provide management and investors with a realistic and
transparent way of evaluating Zeder’s performance.
Zeder’s SOTP value per share is calculated using the quoted
market prices for all JSE-listed investments, and market-related
valuations for unlisted investments.
Zeder’s consolidated 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. Once-off items are
excluded from recurring headline earnings.
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
1. Its SOTP value per share as at 28 February 2018 was R7.85,
being 8% lower than the R8.53 reported as at 28 February
2. For the year ended 28 February 2018:
- Recurring headline earnings per share will be between
27.2 cents and 28.0 cents, being between 34.3% and 36.2%
lower than the 42.6 cents reported for the year ended 28
- Headline earnings per share will be between 24.4 cents
and 25.2 cents, an increase compared to the headline loss
per share of 47.5 cents reported for the year ended 28
February 2017; and
- Attributable earnings per share will be between 14.4
cents and 15.2 cents, an increase compared to the
attributable loss per share of 49.1 cents reported for
the year ended 28 February 2017.
Headline earnings per share increased mainly due to the once-
off management fee internalisation charge of R1,45bn to the
income statement in the prior year.
Attributable earnings per share increased by a smaller margin
than headline earnings per share due to non-headline losses
incurred in the current year, mainly as a result of the
recognition of deferred tax on the transfer of an associate to
This financial information has not been reviewed or reported on
by the auditor of Zeder. The audited results for the year ended
28 February 2018 will be published on or about 17 April 2018.
12 April 2018
Date: 12/04/2018 02:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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