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ZED
ZED
ZED - Zeder Investments Limited - Recurring headline earnings
ZEDER INVESTMENTS LIMITED
Incorporated in the Republic of South Africa
Registration number: 2006/019240/06
JSE share code: ZED
ISIN number: ZAE000088431
("Zeder")
RECURRING HEADLINE EARNINGS
In the spirit of consistent clear and unambiguous communication to
stakeholders, management introduced the recurring headline earnings concept
as the predominant measure of Zeder`s financial performance a few years ago.
At the time, recurring headline earnings was defined as reportable headline
earnings in terms of accounting standards, excluding any marked-to-market
movements and one-off items.
During the past year we revisited and fine-tuned this methodology by now
measuring recurring headline earnings on a see-through basis throughout the
group. Zeder`s recurring headline earnings is the sum of its effective
interest in that of each of its underlying investees, regardless of its
percentage shareholding. The result is that investments in which Zeder holds
less than 20% and is not allowed to equity account in terms of accounting
standards, are now included in the calculation of our consolidated recurring
headline earnings. This provides management and investors with a more
realistic and simple way of evaluating Zeder`s financial performance.
Having applied the aforesaid principles to the prior year figures, Zeder`s
recurring headline earnings for the year ended 28 February 2009 amounted to
32.2 cents per share as opposed to the 24.4 cents per share previously
reported in terms of the old methodology.
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 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 exists that, for
the year ended 28 February 2010:
recurring headline earnings will be between 20.3 cents and 26.7 cents per
share or between 17% to 37% lower;
headline earnings will be between 14.9 cents and 19.9 cents per share or
between 21% to 41% lower; and
attributable earnings will be between 11.1 cents and 16.6 cents per share or
between 40% to 60% lower
than that for the year ended 28 February 2009.
This financial information has not been reviewed and reported on by the
auditors of Zeder. The results for the year ended 28 February 2010 will be
published on 12 April 2010.
Stellenbosch
1 April 2010
PSG Capital (Pty) Limited
Date: 01/04/2010 12:09:01 Produced by the JSE SENS Department.
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