PFG - Pioneer Food Group Limited - Further Earnings Guidance
PFG
PFG
PFG - Pioneer Food Group Limited - Further Earnings Guidance
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 Group" or "the Company")
Further earnings guidance
Pioneer Foods provides these earnings guidance based on the provisional results
for the six months to 31 March 2012 and further to the guidance published on
SENS on 16 March 2012 and 15 February 2012.
In terms of the Listings Requirements of the JSE Limited, a listed company is
required to publish a trading update 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 period. Shareholders are hereby advised that a reasonable degree
of certainty now exists.
The results are impacted by the once-off, non-cash flow, share-based payment
charge in terms of IFRS ("IFRS charge") of R160 million (previously estimated at
R154 million) relating to the implementation of the Phase Two Broad Based Black
Economic Empowerment Transaction ("the Transaction").
Shareholders are referred to the Company`s circular to shareholders dated 19
January 2012 and to the Company`s subsequent SENS announcements regarding the
Transaction.
Consequently earnings and headline earnings per share for the six months to 31
March 2012 are expected to decrease by between 42% and 49% compared to the
corresponding period of the previous year.
Adjusted earnings and adjusted headline earnings per share, excluding the IFRS
charge of R160 million, are expected to decline by between 4% and 12% compared
to the corresponding period of the previous year.
The publication of the interim results for the six months to 31 March 2012 is
expected on or about 21 May 2012.
The information provided has not been reviewed or reported on by the Group`s
independent external auditors.
Paarl
25 April 2012
Sponsor: PSG Capital
Date: 25/04/2012 15:03:38 Produced by the JSE SENS Department.
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