|
PFG
PFG
PFG - Pioneer Foods - Further trading update
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")
Further trading update
Shareholders are referred to the SENS announcement dated 2 November 2010, in
regards to the finalisation of the settlement of the Bread, Milling and other
matters with the Competition Commission. Same contained an update in respect of
the effect of the penalty as well as the general business performance to date.
The estimate was unaudited and based on initial calculations.
The annual audit of Pioneer Foods for the financial year ended 30 September 2010
is however reaching completion and more certainty exist and therefore a further
trading update is required.
In terms of the Listings Requirements of the JSE Limited, a listed company is
required to publish a trading statement as soon as it is satisfied that a
reasonable degree of certainty exists that its financial results for the next
reporting period will differ by 20% or more from those of the previous
corresponding reporting period.
The Company confirms that this trading update will replace the one made on 2
November 2010. Based on the settlement agreement, the effect on earnings will
only partially be expensed in the 2010 financial year by way of an increased
provision of R304 million, taking into account the original provision of R350
million and the subsequent payment of the R196 million penalty in the bread
matter. The balance will be expensed in the 2011 financial year. Therefore a
decrease of between 55% and 62% is expected in earnings per share and a decrease
of between 59% and 66% in headline earnings per share for the 12 months ending
30 September 2010, from the previous corresponding period.
Shareholders are further advised that if the provisions and the administrative
penalty in the Bread matter (which has already been paid) are not taken into
account, an increase of between 53% and 60% could have been expected in earnings
per share and an increase of between 38% and 45% in headline earnings per share
for the 12 months ending 30 September 2010, from the previous corresponding
period.
The financial information on which this trading statement is based has not been
reviewed and reported on by the Company`s auditors.
12 November 2010
Paarl
Sponsor
PSG Capital
Date: 12/11/2010 15:51:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
