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Sum of the Parts

Sum-of-the-Parts (“SOTP”)

The latest SOTP calculation set out below includes JSE-listed share prices which are updated once a day to reflect the Last Close share price information, while all other information was updated at the last reporting period, unless we have reported additional information to the market.

	Feb-22	Feb-23	Feb-24	Feb-25	Feb-26	Last reported
Asset/Liability	Rm	Rm	Rm	Rm	Rm	Rm
Zaad ++	2,037	2,384	2,342	2,156
Zaad (excluding Zaad International (May Seed)) ++					1,094	1,094
Zaad International (May Seed) ++					694	694
The Logistics Group	1,571
Capespan ++	1,053
Capespan(excluding Pome Investments)++		511
Pome Investments++		535	585	119	8	8
KAL Group (previously Kaap Agri)	1,603
Agrivision Africa	146
Other +	21	15	4
Total Investments	6,431	3,445	2,931	2,275	1,796	1,796
Cash and cash equivalents	508	598	694	160	231	231
Other net assets & liabilities	229	(34)	199	292	289	289
SOTP value	7,168	4,009	3,824	2,727	2,316	2,316

Shares in issue (net of treasury shares) (m)	1,538	1,540	1,540	1,540	1,540	1,540
SOTP value per share (R)	4.66	2.60	2.48	1.77	1.50	1.50
Zeder share price (represents last close share price) (R)*	3.57	1.72	1.78	1.57	1.27	1.32

* Listed on the JSE Ltd, + SOTP value, ++ Valuation

While the SOTP calculation is indicative of the value of Zeder’s net assets, it does not take into account factors such as tax on potential disposal of underlying assets, head office and transaction cost, apart from where corporate actions have already been communicated to the market and to the extent applicable. It should be noted that these valuations are not necessarily an indication of the values at which Zeder would consider selling its investments.

Pioneer Foods (30%)

Pioneer Foods is a leading food and beverage producer in Southern Africa, with an annual revenue in excess of R20bn. It boasts an impressive leadership team, intent on optimising current operations and growing into new and international markets by leveraging its broad consumer product basket and state-of-the-art infrastructure. Supplying over 80 countries, the group’s product portfolio spans bread, biscuits and meat to carbonated drinks, fresh produce and some of the world’s best-known cereal brands. Zeder has a significant interest, roughly 30%, in the group through its investment in Kaap Agri.

Kaap Agri (34.9%)

Kaap Agri is a retail services group which supplies a wide variety of products and services mainly in the agricultural sector, with a market reach that spans over 88 operating points in South Africa. Retail and trading represent 78% of group profits, which were collectively over Rxxm in the past financial year. Zeder has increased its interest in Kaap Agri, eager to support the company’s impressive growth strategy towards fulfilling the potential of its long-established brand and experienced team of leaders.

Capespan (37.1%)

Capespan represents a group of companies involved in global fruit production, procurement, marketing and distribution. Over the past 70 years, the Capespan group has developed its portfolio into two large complementary divisions, namely Fruit and Logistics, which are increasingly less interdependent and individually profitable. Collectively, Capespan has an annual turnover of over R7bn and has operations in 12 countries, providing services and produce to more than 60 countries across four continents.

ZAAD (92.0%)

Zaad is a holding company for Zeder’s investments in two seed companies – Agricol and Klein Karoo Seed Marketing (KKS). With over half a century of expertise and trusted heritage to support them, the two companies are well established producers, marketers and distributors of a wide variety of agricultural seeds across several countries in Africa. Zeder has considerable influence in Zaad – which delivered over R700m in annual turnover for the year – and actively supports its management in driving an aggressive growth strategy in the region.

Chayton Africa (73.4%)

Chayton Africa is a Mauritian-based investment company focused on the acquisition, development and management of large-scale commercial grain operations in Zambia. Despite the high entry costs and challenges associated with development in the region, Chayton is in prime industry position to maximise opportunities in the local and global primary food market. The total irrigated land capacity in the past 18 months of ownership has increased to over 4100 hectares – and growing.

PSG Group Limited (42.6%)

PSG Group is an investment holding company domiciled in South Africa with a broad investment portfolio which encompasses financial services, banking, private equity, agriculture and education. The companies in the group’s portfolio have a combined market capitalisation of approximately R80bn.