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PFG
PFG
PFG - Pioneer Food Group Limited - Voluntary 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")
VOLUNTARY TRADING UPDATE
In terms of the Listings Requirements of the JSE Limited, a listed company is
required to publish a trading statement as soon as a reasonable degree of
certainty exists that its financial results for the next reporting period will
differ by 20% or more from that of the previous corresponding reporting
period.
As disclosed previously, Pioneer Foods` financial results were negatively
affected by R654 million in its previous comparative reporting period for the
financial year ended 30 September 2010, in respect of the Competition
Commission administrative penalty ("the penalty").
As the penalty is a non-recurring item, this trading update indicates expected
performance for the full year ended 30 September 2011 both including and
excluding the effect of the penalty in the comparative period.
Comparative results including the penalty
Earnings per share and headline earnings per share for the 12 month period
ended 30 September 2011 are expected to increase by more than 165%.
Comparative results excluding the penalty
Earnings per share and headline earnings per share for the 12 month period
ended 30 September 2011 are expected to decrease by between 20% and 30%, if
comparative figures are adjusted to exclude the impact of the penalty of R654
million.
Shareholders are further advised that the volatile economic climate currently
experienced has contributed to tough trading conditions for the Company,
especially in the last few months.
Pioneer Foods will revert to shareholders with a further trading update
(incorporating the effect of the non-recurring items in the comparative
period), once more certainty exists with regards to the financial results for
the year ended 30 September 2011.
The financial information on which this trading statement is based has not
been reviewed and reported on by the Company`s auditors.
20 September 2011
Paarl
Sponsor
PSG Capital
Date: 20/09/2011 09:20:24 Produced by the JSE SENS Department.
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