2019-03-04

RCL interim results December 2018


Revenue for the interim period increased to R13.265 billion (2017: R12.817 billion), operating profit lowered to R692.1 million (2017: R810.3 million), profit for the period attributable to equity holders of the company decreased to R579 million (2017: R663.4 million), while headline earnings per share came in at 54.8 cents per share (2017: 74.5 cents per share).

Dividend
The directors declared an interim gross cash dividend (number 88) of 15.0 cents (12.0 cents net of dividend withholding tax) per share for the six-month period ended December 2018.

Company prospects
We expect trading conditions to remain challenging due to South Africa"s poor economic outlook. The upcoming elections are likely to result in an extended period of uncertainty and the prospect of labour instability remains high. We expect that the poultry market will remain depressed whilst the market remains oversupplied and as commodity input costs continue to rise. Further volume and market share growth in Groceries will be challenging in a highly competitive market. The Consumer division will continue to focus on strong innovation, brand investment and efficiencies to optimise profitability.

The short-term outlook for Sugar remains challenged with the overhang of high levels of imported sugar still impacting the local market, despite the implementation of tariffs that are offering some level of protection for the industry. The negative impact of the Health Protection Levy on local market demand is expected to continue. The sugar industry has significant structural issues which require resolution to ensure long-term sustainability. Various SASA initiatives and engagements with relevant industry participants are under way to find an optimal solution. We expect the good progress made in the first six months at Millbake to continue. Animal Feed will focus on regaining lost volume and margin.

The Logistics division is well positioned to offer customers a multi-temperature (including chilled, frozen and super-frozen) route-to-market supply chain solution. The new business won during the period under review bodes well for the remainder of the year and the focus will be on bedding down these opportunities.

Despite the expected economic headwinds, our strong balance sheet and cash flow generation positions us well.

2019-02-14

RCL - trading statement


Shareholders are advised that RCL FOODS" headline earnings per share ("HEPS") for the six months ended December 2018 ("current period") is expected to be between 53.0 cents (-28.9%) and 57.0 cents (-23.5%) when compared to the reported HEPS of 74.5 cents for the six months ended December 2017 ("corresponding period").

Earnings per share ("EPS") for the current period is expected to be between 65.0 cents (-15.3%) and 69.0 cents (-10.0%) when compared to the reported EPS of 76.7 cents for the corresponding period. EPS for the current period includes a profit from farm sales and is therefore expected to be higher than HEPS.

The earnings decline was largely attributable to the difficult trading conditions experienced in the Sugar and Chicken business units over the past six months.

The Sugar business unit"s result is expected to be significantly down on the corresponding period, as dumped imports and lower domestic demand resulted in a higher proportion of export volumes at depressed international prices.

The Chicken business unit"s result is also expected to be down on the corresponding period. The decline is largely a result of continued high levels of imports driving retail prices lower, the lingering impact of the Listeriosis crisis on the Rainbow brand and rising feed input costs. Chicken"s result includes a profit from dormant farm sales of R105.0 million following the decision to downsize the KZN operations.

Pleasingly the Group"s Grocery brands continue to perform strongly.

The Group"s financial results for the current period are expected to be released on SENS on 4 March 2019.

The financial information on which this trading statement is based has not been reviewed and reported on by the Group"s external auditors.

2018-12-21

RCL FOODS LIMITED - Dealings in securities by directors


RCL 201812210036A
Dealings in securities by directors

RCL FOODS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1966/004972/06)
ISIN: ZAE000179438
Share Code: RCL

DEALINGS IN SECURITIES BY DIRECTORS

In compliance with the JSE Limited Listings Requirements, the following
information is disclosed:

Conditional shares vested and accepted in terms of the RCL Foods Limited
Conditional Share Plan and subsequent disposal of vested shares:

Director : M Dally
Company : RCL Foods Limited
Date of transaction : 14 December 2018
Nature of transaction : Off market vesting and acceptance of
conditional shares
Class of securities : Ordinary shares
Number of conditional shares : 432,711
Value per share* : R16.82
Total value of transaction : R7,278,199.02
Nature of interest : Direct beneficial
Clearance obtained : Yes

Date of transaction : 21 December 2018
Nature of transaction : Off market sale of securities
Class of securities : Ordinary shares
Number of securities : 432,711
Selling price per share : R14.8949
Total value of transaction : R6,445,187.07
Nature of interest : Direct beneficial
Clearance obtained : Yes

Director : R H Field
Company : RCL Foods Limited
Date of transaction : 14 December 2018
Nature of transaction : Off market vesting and acceptance of
conditional shares
Class of securities : Ordinary shares
Number of conditional shares : 324,533
Value per share* : R16.82
Total value of transaction : R5,458,645.06
Nature of interest : Direct beneficial
Clearance obtained : Yes

Date of transaction : 21 December 2018
Nature of transaction : Off market sale of securities
Class of securities : Ordinary shares
Number of securities : 150,000
Selling price per share : R14.8949
Total value of transaction : R2,234,235.00
Nature of interest : Direct beneficial
Clearance obtained : Yes

* 5 Day VWAP as at listing application date being 7 December 2018.


Durban
21 December 2018

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 21/12/2018 12:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ("JSE").
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.

2018-11-21

RCL - change to the board


Shareholders were advised that Dr Penny Moumakwa has been appointed as a non-executive director of the Company, with effect from 1 January 2019.

2018-11-20

RCL - report on proceedings at AGM


At the 52nd (fifty second) annual general meeting ("AGM") of the shareholders of RCL FOODS held on Tuesday, 20 November 2018, all the ordinary and special resolutions proposed at the meeting were approved by the requisite majority of votes.

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.