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Pinnacle expecting higher earnings
Pinnacle's shareholders were informed that, for the twelve months ended 30 June 2010, Pinnacle's turnover increased by 11.8% to R3.167 billion (30 June 2009: R2.8 billion). Fully diluted headline earnings per share is projected to be between 79.8 and 82.8 cents per share, being between 35% and 40% higher than the results of the comparative period (30 June 2009: 59.1 cents per share). Net tangible asset value per share is projected to be between 268 cents per share and 278 cents per share being between 31.9% and 36.8% higher than the results of the comparative period (30 June 2009: 203.3 cents per share)
The acid test ratio is expected to be 1.03 (30 June 2009: 1.00) and long term debt as percentage of equity 3.7% (30 June 2009: 5.75%) Stakeholders are advised that the expiry of the put option on 30 June 2009, relating to the 37 281 647 shares held by Amabubesi Investments (Pty) Ltd, has removed the IFRS requirement to add back these shares when calculating the weighted average shares in issue as used in earnings and headline earnings per share calculations. For that reason, stakeholders were advised to consider fully diluted headline earnings per share when comparing financial performance per share to prior years, as fully diluted headline earnings per share has previously been highlighted as the correct standard and based on the total number of shares held by equity owners. Earnings per share is however projected to be between 75.1 and 78.1 cents per share, (based on 181 474 943 shares) being between 3.6% and 7.7% higher than the results of the comparative period (30 June 2009: 72.5 cents per share, based on 148 411 482 shares). Headline earnings per share is expected to be between 79.6 and 82.7 cents per share (based on 181 474 943 shares), being between 9.8% and 14.1% higher than the results of the comparative period (30 June 2009: 72.5 cents per share, based on 148 411 482 shares).
The company's financial results for the twelve months ended 30 June 2010 are expected to be published on or about 14 September 2010. The full year results presentation will be held at Investec Bank in Sandton on 14 September 2010 and Investec Bank in Cape Town on 15 September 2010. Presentation details are available from Allecia Haveman on Alleciah@pinnacle.co.za, telephone number 011-265-3025.
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Pinnacle - expects higher earnings
The board hereby advises that it has reasonable certainty that the earnings indicators for the year ended 30 June 2010 will be more than 20% higher than the comparative results of the prior year, although a final range cannot reasonably be determined as yet. A customary detailed trading update will be provided once the range has been determined. The above information has not been reviewed or reported on by the company's auditors.
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