SOVEREIGN FOOD INVESTMENTS LTD - TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT
SOVEREIGN FOOD INVESTMENTS LTD
Incorporated in the Republic of South Africa
Registration Number 1995/003990/06
Share Code: SOV ISIN Number: ZAE000009221
("Sovereign" or "the company")
TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT
Sovereign is currently finalising its final results for the 12 months ended 29
February
2004 which will be released before the end of May 2004.
It is expected that earnings before interest, depreciation, amortisation and
taxation for the year ended 29 February 2004 will be significantly higher than
those reported in the comparative prior period and that earnings per share for
that period will be materially lower than those reported in the comparative
prior period. The word "significantly" in this context is defined as meaning
price sensitive but less than 10%. The word "materially" in this context is
defined as meaning between 10% and 30%.
The decline in earnings per share can largely be attributed to higher deferred
taxation provision and finance charges. The higher finance charges have occurred
as a result of continued investment in the company"s agricultural and processing
divisions, which continue to produce world-class efficiencies.
The financial information on which this trading statement has been based has not
been reviewed or
reported on by the company"s auditors, therefore, shareholders are advised to
exercise
caution when dealing in Sovereign shares on the JSE Securities Exchange South
Africa until the interim results are published.
Uitenhage
1 April 2004
Sponsor: KPMG
Date: 01/04/2004 03:34:05 PM Produced by the JSE SENS Department
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