2018-09-28

RCL - annual financials. AGM notice, BEE report


The company released its summarised consolidated financial statements for the year ended 30 June 2018 (“results”) on the Stock Exchange News Service on 28 August 2018. The results were extracted from the annual financial statements which were audited by PricewaterhouseCoopers Inc., who expressed an unmodified opinion thereon. Shareholders are advised that the annual financial statements have been distributed on 28 September 2018.

Notice of the annual general meeting
Notice is hereby given that the 52nd annual general meeting of the company's shareholders will be held at No 10 The Boulevard, Westway Office Park, Westville, on Tuesday, 20 November 2018 at 08h30 to transact the business as stated in the annual general meeting notice forming part of the annual financial statements.

Record date to determine which shareholders are entitled to receive the notice of annual general meeting - 21 September 2018
Last day to trade in order to be eligible to attend and vote at the annual general meeting - 6 November 2018
Record date to determine which shareholders are entitled to attend and vote at the annual general meeting - 9 November 2018
Forms of proxy for administrative purposes for the annual general meeting to be lodged by 08h30am* 16 November 2018
*any proxies not lodged by this time must be handed to the chairperson of the annual general meeting immediately prior to such proxy exercising his/her right to vote at the annual general meeting.

Availability of BEE Compliance Report
Shareholders are advised that the latest annual compliance report in terms of Section 13G(2) of the Broad-Based Black Economic Empowerment Amendment Act No. 46 of 2013, is available on http://www.rclfoods.com/bbbee

2018-08-28

RCL final results June 2018


Revenue decreased to R24.4 billion (R24.9 billion). Operating profit increased to R1.3 billion (R776.5 million). Profit attributable to equity holders was higher at R922.4 million (R515.7 million). Furthermore, headline earnings per share came in at 96.8 cents per share (63.5 cents per share).

Dividend
The directors have resolved to declare a final gross cash dividend (number 87) of 25.0 cents per share bringing the total dividend declared for the year ended June 2018 to 40.0 cents (2017: 30.0 cents).

Prospects
Whilst we are expecting the recent modest recovery in market volumes to continue, we acknowledge that trading conditions will continue to be challenging and the fight for market share will remain fierce. The Consumer division will continue to drive its groceries brands and keep the momentum in market share growth through strong innovation and brand investment. Speciality is expected to become a smaller but more sustainable business. The revised Chicken model has delivered per expectation and substantial focus will be centred around restoring consumer confidence in the Rainbow brand following the Listeriosis challenge.

Government have responded to industry concerns in the local sugar market by implementing a revised Dollar-Based Reference Price, a component of the existing tariff. The positive impact of the tariff will only become evident once the excessive import stocks that have built up prior to the increased tariff being implemented have been sold through the market and the supply/demand balance restored in the local market. The Sugar business unit will continue to focus on ways to reduce costs as well as investigate alternative applications to ensure the business" long-term sustainability. We expect volume recovery at Milling to continue and for initiatives implemented at Baking to start bearing fruit. Logistics will continue to seek new business and reduce costs. The various innovations in the business are positioning it favourably to recover from the volumes lost through Chicken"s restructure.

Our transformation into "ONE RCL FOODS" and the shared vision and commitment it has brought across all our businesses, has presented a host of synergies and opportunities that have exceeded our expectations. It has given us a solid platform from which to create value on our journey to building a food business with brands that matter.

2018-08-28

RCL final results June 2018


Revenue decreased to R24.4 billion (R25.0 billion). Operating profit increased to R1.3 billion (R776.5 million). Profit attributable to equity holders was higher at R922.4 million (R515.7 million). Furthermore, headline earnings per share came in at 96.8 cents per share (63.5 cents per share).

Dividend
The directors have resolved to declare a final gross cash dividend (number 87) of 25.0 cents per share bringing the total dividend declared for the year ended June 2018 to 40.0 cents (2017: 30.0 cents).

Company prospects
Whilst we are expecting the recent modest recovery in market volumes to continue, we acknowledge that trading conditions will continue to be challenging and the fight for market share will remain fierce. The Consumer division will continue to drive its groceries brands and keep the momentum in market share growth through strong innovation and brand investment. Speciality is expected to become a smaller but more sustainable business. The revised Chicken model has delivered per expectation and substantial focus will be centred around restoring consumer confidence in the Rainbow brand following the Listeriosis challenge.

Government have responded to industry concerns in the local sugar market by implementing a revised Dollar-Based Reference Price, a component of the existing tariff. The positive impact of the tariff will only become evident once the excessive import stocks that have built up prior to the increased tariff being implemented have been sold through the market and the supply/demand balance restored in the local market. The Sugar business unit will continue to focus on ways to reduce costs as well as investigate alternative applications to ensure the business" long-term sustainability. We expect volume recovery at Milling to continue and for initiatives implemented at Baking to start bearing fruit. Logistics will continue to seek new business and reduce costs. The various innovations in the business are positioning it favourably to recover from the volumes lost through Chicken"s restructure.

Our transformation into "ONE RCL FOODS" and the shared vision and commitment it has brought across all our businesses, has presented a host of synergies and opportunities that have exceeded our expectations. It has given us a solid platform from which to create value on our journey to building a food business with brands that matter.

2018-08-16

RCL - trading statement


Shareholders are advised that RCL FOODS expects that its headline earnings per share (“HEPS”) for the year ended June 2018 will be between 90.0 cents (+41.7%) and 100.0 cents (+57.5%) when compared to the reported HEPS of 63.5 cents for the year ended June 2017 (“corresponding period”).

Earnings per share (“EPS”) for the year ended June 2018 is expected to be between 100.0 cents (+67.5%) and 110.0 cents (+84.3%) when compared to the reported EPS of 59.7 cents for the corresponding period.

The improvement was driven by the recovery in the Chicken business unit, strong volume performances in the Dressings, Pet Food and Pies categories, lower interest costs and a tax credit related to a S12L energy efficiency allowance. Chicken benefited from the positive impact of the revised business model (lower commodity exposure) implemented in February 2017 and lower feed input costs, partially offset by the negative impacts of Avian Influenza and the Listeriosis crisis. The Sugar business unit has been adversely impacted by continued high levels of imports.

EPS for the year ended June 2018 is expected to be higher than HEPS largely due to profits from the sale of dormant farms, resulting from the implementation of the revised Chicken business model.

The Group's financial results for the year ended June 2018 are expected to be released on SENS on 28 August 2018.