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RCL FOODS LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1966/004972/06) ISIN: ZAE000179438 Share Code: RCL (“RCL FOODS" or “the Group”) TRADING STATEMENT – SIX MONTHS ENDED DECEMBER 2023 In accordance with the JSE Limited Listings Requirements, shareholders are advised that RCL FOODS expects its headline earnings per share (“HEPS”) from total operations* for the six month period ended December 2023 (“current period”) to be at least 30% (16.9 cents) higher when compared to the reported HEPS from total operations of 56.4 cents for the six month period ended December 2022 (“comparative period”). Earnings per share (“EPS”) from total operations for the current period is expected to be at least 100% (57.6 cents) higher when compared to the reported EPS from total operations of 57.6 cents for the comparative period. The expected improvement in HEPS from the comparative period was largely attributable to Rainbow and the Sugar business unit. Despite the negative impact of Avian Influenza in the current period, Rainbow delivered an improved result due to the continued execution of the turnaround plan, which drove an improvement in agricultural performance and operating efficiencies, coupled with higher volumes and margins. Sugar’s improvement was achieved despite lower crop yields, and largely attributable to higher market prices. The Groceries and Baking business units’ results were largely in line with the comparative period as volumes came under pressure in a challenging trading environment. The material difference between EPS and HEPS is mainly due to HEPS excluding the profit arising on the sale of the Vector Logistics segment, and insurance proceeds related to the Komatipoort sugar warehouse fire claim. The Group’s financial results for the current period are expected to be released on SENS on 4 March 2024. A further trading statement will be issued as soon as the Group has a reasonable degree of certainty as to the expected HEPS and EPS ranges for the current period. The financial information on which this trading statement is based has not been reviewed and reported on by the Group’s external auditors. *The Vector Logistics segment has been reported as a discontinued operation in the current and prior period results. The information provided in this trading statement relates to total operations, being the total of continuing and discontinued operations. Westville 5 February 2024 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited)
