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ZED
ZED
ZED - Zeder Investments Limited - Audited results: period ended 28 February 2007
Zeder Investments Limited
Previously Friedshelf 766 (Pty) Limited
Incorporated in the Republic of South Africa
Registration number: 2006/019240/06
Share code: ZED & ISIN: ZAE000088431
("Zeder" or "the company")
AUDITED RESULTS FOR THE PERIOD ENDED 28 FEBRUARY 2007
NATURE OF BUSINESS
The company`s main business is that of an investment holding company with an
agri bias.
HIGHLIGHTS
Zeder is PSG Group Limited`s ("PSG") recently established listed company which
invests in the unlisted agricultural, beverage, food and other agri-related
sectors. PSG transferred its various agricultural investments to Zeder on 1
September 2006 in exchange for shares in Zeder. During the period under review,
Zeder completed its private placement, raising R698 million net of cost and also
exchanged shares for investments in various agri companies. Zeder listed on the
JSE Main Board on 1 December 2006.
RESULTS
Zeder`s investment portfolio increased to R776,3 million from R349,7 million as
at 1 September 2006, the date on which PSG transferred its agri investments to
the company. The increase in the investment portfolio can largely be attributed
to additions through cash purchases and unrealised gains as a result of fair
value adjustments to the company`s investments.
The result is a net profit after tax of R136,5 million for the reporting period,
which translates into earnings per share of 27,8 cents. This is mainly the
result of marked-to-market adjustments to three of Zeder`s largest investments,
namely KWV Limited, Pioneer Food Group Limited and Kaap Agri Limited.
PROSPECTS
Zeder is increasing its shareholding in certain of its underlying investments
and is constantly investigating opportunities that may require substantial cash
outlays.
Zeder identified the following attributes in making the investment case:
* Long, established track records
* Strong brands that deliver good underlying cash flows
* Strong management with extensive experience
* Asset rich and relative low price earnings ratios
Zeder`s profitability depends on dividend income emanating from its investments
as well as the positive market movements in this portfolio. Having regard to the
quality of the portfolio and depending on the markets, this portfolio should
experience modest growth.
AUDITED FINANCIAL STATEMENTS
The audited financial statements were approved by the Board of Directors on 11
April 2007.
DIVIDENDS
The directors of Zeder Investments Limited have declared a dividend of 2 cents
per share in respect of the period ended 28 February 2007. The dividend was
calculated in terms of the company`s policy to pay cash dividends received from
its underlying investments during the reporting period to its shareholders.
The following are the salient dates for the payment of the ordinary dividends:
Last day to trade cum dividend Wednesday, 25 April 2007
Trading ex dividend commences Thursday, 26 April 2007
Record date Friday, 4 May 2007
Day of payment Monday, 7 May 2007
Share certificates may not be dematerialised or rematerialised between Thursday,
26 April 2007 and Friday, 4 May 2007, both days inclusive.
On behalf of the Board.
Jannie Mouton Antonie Jacobs
Chairman Chief Executive Officer
Stellenbosch 11 April 2007
Directors:
JF Mouton (chairman), AE Jacobs* (CEO), CA Otto, MS du Pre le Roux(1), JG
Carinus(1), LP Retief(1)
(* executive (1) independent non-executive)
Secretary and registered office: PSG Corporate Services (Pty) Limited, 1st
Floor, Ou Kollege, 35 Kerk Street, Stellenbosch, 7600 PO Box 7403,
Stellenbosch, 7599
Transfer secretaries: Link Market Services South Africa (Pty) Limited, 11
Diagonal Street, Johannesburg, 2001 PO Box 4844 Johannesburg, 2000
Sponsor: PSG Capital (Pty) Limited
CONDENSED INCOME STATEMENT FOR THE 6 MONTHS ENDED
28 FEBRUARY 2007
28 Feb
2007
Rm
Income
Interest income 19,3
Dividend income 11,3
Fair value gains and losses on
financial instruments 137,1
Sundry income 0,2
Total income 167,9
Expenses
Management fees 7,5
Total expenses 7,5
Net income before taxation 160,4
Taxation (23,9)
Net income attributable to equity holders 136,5
Headline earnings 136,5
Earnings per share (cents)
- attributable 27,8
- headline 27,8
- diluted attributable 27,8
- diluted headline 27,8
Dividend per share (cents)
- final 2,0
Number of shares (million)
- in issue 571,3
- weighted average 490,5
- diluted weighted average 490,5
CONDENSED BALANCE SHEET
28 Feb
2007
Rm
Assets
Financial assets - equity securities 776,3
Receivables 0,2
Cash and cash equivalents 537,4
Total assets 1 313,9
Equity
Ordinary shareholders` equity 1 282,9
Total equity 1 282,9
Liabilities
Deferred income tax 18,5
Payables and provisions 7,1
Current income tax liabilities 5,4
Total liabilities 31,0
Total equity and liabilities 1 313,9
Net asset value per share (cents) 224,5
Net tangible asset value per share (cents) 224,5
CONDENSED CASH FLOW STATEMENT
28 Feb
2007
Rm
Net income before tax 160,4
Net change in financial instruments and working (130,1)
capital
Net cash flow from operating activities 30,3
Net cash flow from investment activities (190,9)
Net cash flow from financing activities 698,0
Net increase in cash and cash equivalents 537,4
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period 537,4
CONDENSED STATEMENT OF CHANGES IN OWNERS` EQUITY
28 Feb
2007
Rm
Ordinary shareholders` equity at beginning of
period
Shares issued 1 146,3
Net income for period 136,5
Ordinary shareholders` equity at end of period 1 282,9
NOTES
1. Basis of presentation and accounting policies
The abridged financial statements have been prepared in terms of
International Financial Reporting Standards (IFRS), IAS 34 - Interim
Financial Reporting and in compliance with the Listing Requirements of
the JSE Limited. The accounting policies used in the preparation of
the abridged financial statements are consistent with those used in
the financial statements included in the Pre-listing circular for the
period ended 31 October 2006.
2. Commitments and contingencies
The company did not have any capital commitments nor contingencies at
28 February 2007.
3. Comparatives
No comparative figures have been provided as it is the company`s first
period of operation.
4. Taxation
Deferred taxation is provided on the net unrealised fair value
adjustments to Zeder`s investment portfolio, using an effective
capital gains tax rate of 14,5%. Interest income is taxed at 29%, net
of the apportioned management fee expense.
5. Report by auditors
The unqualified audit reports from PricewaterhouseCoopers Inc. on the
annual financial statements for the period ended 28 February 2007 and
the abridged audited financial statements contained herein are
available for inspection at the registered office of the company.
Any queries regarding this announcement should be directed to Antonie
Jacobs on (021) 887 9602.
Date: 11/04/2007 17:27:48 Produced by the JSE SENS Department.
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