Johannesburg - Zeder Investments [JSE:(ZED], the investment company focusing on the agricultural sector, increased recurring headline earnings by 27.2% to R264.7m and recurring headline earnings per share by 14.8% to 27.1 cents for the year ended February. The sum-of-the-parts value, calculated by using the quoted market price for all unlisted investments, increased by a sturdy 29.9% to 274c. A final dividend of 4c/share (2010: 4c) was declared for the period under review. The recurring headline earnings per share and the sum-of-the-parts value provide management and investors with a more realistic and simplistic way of evaluating the company's performance. While the attributable earnings per share increased by 89.3% to 26.5c, it was mainly due to the R65.6m non-headline profit on the disposal of Zeder's interest in KWV. Zeder CEO Antonie Jacobs said he is satisfied with the performance of the underlying companies in the Zeder portfolio.Kaap Agri and Capevin offer good prospects after demanding economic conditions in the period under review. The two companies comprise 78% of Zeder's investment portfolio. Zeder boosted its interest in Kaap Agri from 41.3% to 43.9% during the year. Kaap Agri in turn holds a 31.2% interest in Pioneer Food Group [JSE:PFG]. The R855m penalty Pioneer Foods had to pay the Competition Commission as a settlement had a negative impact of R40.5m on both the headline and attributable earnings of Zeder. Capevin, in which Zeder increased its interest from 37% to 39.5%, holds an indirect interest in Distell. The latter achieved satisfactory results in spite of pressure on its operating margins by a stronger rand. Zeder's KWV interest of 35.3% was sold for R286m.