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Audited Abridged Financial Results, Change Statement And Details of Annual General Meeting
ZEDER INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 2006/019240/06
Share code: ZED
ISIN: ZAE000088431
LEI code: 37890022AF5FD117D649
(“Zeder” or “the Company”)
AUDITED ABRIDGED FINANCIAL RESULTS, CHANGE STATEMENT AND DETAILS
OF ANNUAL GENERAL MEETING
SALIENT FEATURES
Zeder's Sum-of-the-Parts ("SOTP") value per share, calculated using the quoted market
prices for all JSE-listed investments, and internal valuations for unlisted investments,
increased by 5.8% during the reporting period to R5.97 as at 29 February 2020.
Shareholders are referred to the company’s SENS announcement dated 29 April 2020,
regarding the update on the SOTP value following payment of the special dividend on
28 April 2020.
Recurring headline earnings per share increased by 18.4% to 32.8 cents mainly due to
improved performance from most of Zeder’s underlying investee companies.
Headline earnings per share decreased by 47.5% to 23.7 cents mainly due to the non-
recurrence of the upward fair value adjustment of Capespan’s investment in Joy Wing
Mau prior to its disposal in the prior year.
Attributable earnings per share increased by 532.7% to 32.9 cents mainly due to the
reversal of the non-headline impairment charge recognised by Zeder on its associate
investment in Pioneer Foods in the prior year, partly offset by impairments of non-financial
assets.
Profit before finance costs and taxation from continued operations per Zeder's
consolidated income statement decreased by 70.0% to R252.4 million, mainly as a result
of the aforementioned prior year upward fair value adjustment of the investment in Joy
Wing Mau and impairments during the current year. The reversal of the prior year
impairment on its associate investment in Pioneer Food Group Limited (“Pioneer Foods”)
is included in discontinued operations.
SPECIAL DIVIDEND
Shareholders are referred to the Company’s SENS announcement dated 1 April 2020,
regarding the declaration of a special gross dividend of 230 cents per share by the
Company, pursuant to the disposal of its shareholding in Pioneer Foods to a subsidiary of
PepsiCo Inc., in terms of a scheme of arrangement. The special dividend was paid on
28 April 2020.
SHORT-FORM ANNOUNCEMENT
This short-form announcement is the responsibility of the directors of the Company. It
contains only a summary of the information in the full announcement (“Full
Announcement”) and does not contain full or complete details. The Full Announcement,
containing the abridged consolidated financial statements of the Company for the year
ended 29 February 2020, can be found at:
https://senspdf.jse.co.za/documents/2020/JSE/ISSE/ZED/AUDFY20.pdf
A copy of the Full Announcement is also available for viewing on the Company’s website
at http://www.zeder.co.za/investor-centre/. In addition, electronic copies of the Full
Announcement may be requested and obtained, at no charge, from the Company at
cosec@zeder.co.za
Any investment decisions by investors and/or shareholders should be based on
consideration of the Full Announcement, as a whole.
PricewaterhouseCoopers Inc. expressed an unmodified audit opinion on the audited
consolidated financial statements in their report dated 29 May 2020. The report also
includes communication of key audit matters. Key audit matters are those matters that, in
their professional judgement, were of most significance in their audit of the consolidated
financial statements of the period reported on. The full report and the full audited
consolidated financial statements (“Annual Financial Statements”) are available on the
Company’s website at www.zeder.co.za/Zeder-AFS-2020.pdf
CHANGE STATEMENT
The Annual Financial Statements and Full Announcement (together the “Audited
Results”) contain no modifications to the reviewed preliminary consolidated financial
results (“Reviewed Results”) which were announced on SENS on 17 April 2020, save for
the following reclassification adjustments:
• a bank overdraft, to the value of R135 million that was previously disclosed under
non-current liabilities in the Reviewed Results, has been reclassified to current
liabilities in the Audited Results. The total liabilities balance remains unchanged at
R5.83 billion in both the Reviewed Results and Audited Results; and
• arising from the recognition of the hyperinflationary economy in Zimbabwe,
R46 million has been reclassified from net monetary gain to net fair value gains. This
has a net zero impact on the recurring, headline and attributable earnings in the
income statement.
The reclassification of R46 million from net monetary gain to other non-cash items is
reflected within the cash generated from operations note to the statement of cash flows.
This has no effect on the face of the statement of cash flows.
The above had no impact on Zeder’s current or previously reported profitability, total
assets, total liabilities, equity, total cash flows from either operating activities, investing
activities or financing activities, or on cash and cash equivalents available at either the
beginning or the end of the financial year.
No other balances or amounts were affected by this reclassification. Furthermore, it has
not necessitated any reclassification or restatement in respect of the financial statements
for previous years.
DETAILS OF ANNUAL GENERAL MEETING OF ZEDER
It is anticipated that the annual general meeting of Zeder shareholders will be held on
Friday, 17 July 2020, at 09:00 (“AGM”) and that it will be conducted electronically.
The notice for the AGM will be dispatched to shareholders in due course, with such notice
also being given on SENS.
Stellenbosch
29 May 2020
Sponsor
PSG Capital
Date: 29-05-2020 01:16:00
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