PREMIER FISHING AND BRANDS LIMITED - Trading Statement

            
PFB
Trading Statement

PREMIER FISHING AND BRANDS LIMITED
 (Incorporated in the Republic of South Africa)
(Registration number 1998/018598/06)
Share Code: PFB
ISIN ZAE000247516
(PFB or the Group or the Company)

TRADING STATEMENT

In accordance with paragraph 3.4(b) of the Listing Requirements of JSE Limited, a listed company is
required to publish a trading statement as soon as they are reasonably certain that the financial results
for the financial period to be reported on next will differ by at least 20% from those of the prior
comparative period.

Accordingly, the Group expects to report basic earnings per share (EPS) for the year ending 31
August 2020 of between 0.24 and 2.84 cents per share, representing a decrease of between 78.1%
and 98.1%, compared to the restated EPS of 12.96 cents per share reported on for the year ended 31
August 2019.

The Group also expects to report headline earnings per share (HEPS) for the year ending 31 August
2020 of between 1.38 and 3.60 cents per share, representing a decrease of between 67.49% and
87.49%, compared to restated HEPS of 11.06 cents per share reported on for the year ended 31 August
2019.

The restated EPS and HEPS is as a consequence of a prior period error as set out below.

Prior period error

We draw attention to the fact that the prior period comparatives have been restated.

The reason for such restatement is due to the following:

   During the current financial year, it was noted that stock sold under a bill and hold arrangement
    in the prior financial year which was only expected to be delivered at a later date, was incorrectly
    accounted for, resulting in an overstatement of stock of R12.5 million.

   During the current financial year, it was noted that the prior financial year amortisation on the
    fishing licences was not accounted for correctly and resulted in an overstatement on the
    intangibles R7.7 million.

The restatement resulted in:

   EPS decreasing by 5.60 cents to restated EPS of 12.96 cents from an EPS of 18.56 cents, as
    previously reported; and

   HEPS decreasing by 5.59 cents to restated HEPS of 11.06 cents from an HEPS of 16.65, as
    previously reported.

The consolidated financial results for the year ended 31 August 2020, which will provide further
information on the above restatements, are expected to be released on or about Monday, 23
November 2020.

The financial information on which this trading statement is based has not been reviewed or reported
on by the Groups auditors.

Cape Town
20 November 2020

JSE Sponsor
Vunani Capital

Date: 20-11-2020 05:15:00
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