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Mchunu tightens regulations for scrap metal dealers in SALindsey Schutters
Pioneer Foods expects lower earnings
The company said trading in September 2012 was better than expected in Sasko with advanced notice of increased selling prices from July 2012 onwards contributing to increased sales volumes.
In addition Bokomo benefited from growth in the breakfast cereals category and Ceres Beverages from increased selling prices though volumes remained under pressure. Agri prices remained under strain at consistent volumes in feed‚ eggs and poultry.
It said‚ however‚ that results for the year are negatively impacted by the once-off‚ non-cash flow‚ share-based payment charge in terms of IFRS 2 (Phase Two IFRS charge) of R161 million relating to the implementation of the Phase Two Broad Based Black Economic Empowerment Transaction.
Adjusted earnings and adjusted headline earnings per share‚ excluding the Phase Two IFRS charge of R161 million‚ are expected to increase by between 0% and 10% compared to the corresponding period in the previous year.
The comparative operational performance has also been impacted by the IFRS 2 share based payment charge for the cash settled Phase One ( 2006) BEE scheme‚ as a result of the share price movements in the respective reporting periods.
In the 2011 reporting period the share price increased from R47.60 to R59.00‚ resulting in a charge in the income statement of R45 million. In the current reporting period the share price declined from R59.00 to R53.00‚ resulting in a gain in the income statement of R36 million.
Consequently adjusted earnings and adjusted headline earnings per share‚ excluding the Phase Two IFRS 2 charge of R161 million in 2012‚ as well as excluding the impact of the Phase One IFRS charge in both reporting periods‚ are expected to decrease by between 0% and 10% compared to the corresponding period in the previous year‚ it said.
The group will release its results on or about 26 November.
Source: I-Net Bridge
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