SENS Headlines
Preliminary audited summarised consolidated results & cash dividend declaration for the year ended 30 September 2018

RHODES FOOD GROUP HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 2012/074392/06
JSE share code: RFG
ISIN: ZAE000191979

PRELIMINARY AUDITED SUMMARISED CONSOLIDATED RESULTS AND CASH DIVIDEND DECLARATION
FOR THE YEAR ENDED 30 SEPTEMBER 2018

KEY FEATURES

Group turnover
+ 11.2%

Regional turnover
+ 11.9%

International turnover
+ 8.4%

Headline earnings
32.9% lower
on weak international results
       
Diluted HEPS
34.9% lower 
to 60.8 cents

Dividend per share
34.7%lower
at 20.3 cents

COMMENTARY

PROFILE
Rhodes Food Group is a leading producer of fresh, frozen and long life convenience meal solutions for customers and consumers across South
Africa, sub-Saharan Africa and in major global markets. The growing portfolio of market leading brands, which includes Rhodes, Bull Brand,
Magpie, Squish, Bisto, Hinds, Pakco and Ma Baker, is complemented by private label product ranges packed for major South African retailers and
international customers.

TRADING AND FINANCIAL PERFORMANCE
Group turnover increased by 11.2% to R5.1 billion, with organic growth of 6.7%. The reporting period comprises 52 trading weeks compared to
53 weeks in the prior period.

Turnover in the regional segment (South Africa and sub-Saharan Africa) increased by 11.9% and accounted for 81% (2017: 80%) of total
group revenue. Organic growth slowed to 5.0% in the second half from 7.6% in the first six months as trading conditions deteriorated owing to
increasing pressure on disposable income. In this slowing economic environment sales in certain product categories are increasingly being driven
by promotions.

-  Fresh Foods sales increased by 10.3% (4.3% organic growth) with the pie category performing well across all channels, excluding Ma Baker.
   The Ma Baker turnaround has been slower than expected but good progress is being made to restore the profitability of the business.

-  Long Life Foods increased turnover by 13.1% (7.7% organic growth). The fruit juice category has again shown good growth in a competitive
   environment. Dry foods (formerly Pakco) continues to perform well and gain momentum from the relaunch of its brand portfolio late in the first
   half of the year.

-  The group's brands have maintained or gained market share across core product categories.

-  Trading in the sub-Saharan markets remains tough owing to poor economic conditions and liquidity constraints in some major markets.

International turnover increased by 8.4%. After increasing turnover by 3.6% in the first half, international grew turnover by 13.2% in the second
half as export volumes recovered strongly. Export volumes increased by 6.6% for the year.

The group's gross profit margin was lower at 24.9% (2017: 27.0%). This was mainly due to deflation in the international business, weak industrial
pulp prices, an inability to pass on cost increases to consumers and lower margins in the Ma Baker business.

Operating cost growth, excluding Pakco and Ma Baker, was contained to 6.3% for the year, with growth of only 3.2% in the second half as
management heightened its focus on cost reduction. Depreciation and amortisation increased by R30 million owing to the higher level of capital
expenditure in the past two years and two acquisitions in the second half of the prior year.

The group's operating margin declined from 8.9% to 6.1%. The regional operating margin reduced from 9.7% to 7.8%, impacted primarily by the
performance of Ma Baker and by margin dilution owing to higher raw material costs not being matched by price increases in the market.

Increased canned fruit costs as a result of the drought in the Western Cape over the past two seasons, weak industrial puree and concentrate
pricing, and the strong currency impacted the profitability of the international segment. The operating margin declined from 6.3% to -0.5%.
The R62.8 million year-on-year movement in the operating profit has had a significant adverse effect on the group's results.

Net interest payments were R28.5 million higher at R112.9 million due to the increased capital investment programme, and lower levels of cash
being generated owing to the lower profit over the past year.

Profit after tax declined by 34.3% to R154.3 million with headline earnings 32.9% lower at R159.1 million. Earnings have benefited by R11 million
from an income tax rebate relating to capital projects and the release of an over-provision for prior years.

Diluted headline earnings per share decreased by 34.9% to 60.8 cents, in line with the group's trading statement issued on 17 September 2018.
The weighted average number of dilutive shares in issue has increased by 8.1 million or 3.3% over the prior year.

A cash dividend of 20.3 cents has been declared, 34.7% lower than the previous year, based on the group's dividend cover policy of three times
diluted HEPS.

The group continues to focus on working capital efficiency and net working capital reduced by R29.6 million, benefiting from the timing of creditor
and debtor payments over year end. Net working capital days improved to 123 days from 135 days in the previous year.

Cash generated from operations increased by 40.4% to R487.5 million due to the lower investment in working capital. The group's net debt to
equity ratio increased to 53.9% (2017: 48.0%) owing to the higher level of funding for the capital investment programme.

The group invested R480 million (2017: R487 million) in its production capacity expansion and upgrade programme. Major projects included
the installation of a clear juice concentrate plant at the Groot Drakenstein production hub to further vertically integrate the fruit juice operation,
capacity expansion at the Gauteng pie and bakery facilities, commissioning a new baked bean production facility, expanding the Western Cape
ready meals plant to accommodate the snacking business and the upgrade of infrastructure at Groot Drakenstein.

OUTLOOK
The focus in the regional segment will continue to be on driving organic growth, increasing brand shares and on improving margins. Management
aims to realise benefits from the recently and soon to be completed capital projects which are expected to start yielding returns on capital that
was invested over the last two years. The turnaround in the performance of Ma Baker is a priority and is progressing well.

The international segment is expected to return to profitability in 2019. Export volumes are likely to continue to improve while foreign selling prices
of canned fruit are anticipated to show a small increase. Climatic conditions are more favourable following the good rainfall which ended the
drought in the Western Cape. The group expects to benefit from the current Rand weakness and will maintain its hedging policy.

Capital investment of R200 million has been committed for the 2019 financial year. The three remaining major capital projects are scheduled for
completion in the first quarter of the new year. Management expects the group to generate stronger cash flows in 2019 owing to the reduction in
capital expenditure and by focusing on working capital management. 

After the financial year-end the group entered into an agreement to purchase the protein snack business from RCL Foods Consumer Proprietary
Limited for R30 million, subject to regulatory approvals. The business produces protein snack foods for Woolworths and will be integrated into
RFG's ready meals operation in Groot Drakenstein. The effective date of the transaction is expected to be 1 April 2019.

Any reference to future performance included in this announcement has not been reviewed or reported on by the auditors.

DECLARATION OF ORDINARY DIVIDEND
The board of directors has declared a gross dividend of 20.3 cents per share in respect of the year ended 30 September 2018 for holders of
ordinary shares.

The dividend has been declared out of income reserves. A dividend withholding tax of 20% will be applicable to all shareholders who are not
exempt, resulting in a net dividend to these shareholders of 16.24 cents.

Shareholders are advised of the following salient dates in respect of the dividend declaration:
Last day to trade to receive a dividend                             Tuesday, 8 January 2019
Shares commence trading "ex" the dividend                         Wednesday, 9 January 2019
Record date                                                         Friday, 11 January 2019
Dividend payment to shareholders                                    Monday, 14 January 2019

The number of ordinary shares in issue at the date of declaration is 253 762 018.

The company's tax reference number is 9348/292/17/9.

Share certificates may not be dematerialised or rematerialised between Wednesday, 9 January 2019 and Friday, 11 January 2019, both
days included.

SUMMARISED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 September 2018
                                                                                                          Audited         Audited
                                                                                                             2018            2017
                                                                                                Notes       R'000           R'000
ASSETS                                                                                                               
Non-current assets                                                                                      2 444 595       2 145 186
Property, plant and equipment                                                                      2    1 776 614       1 460 493
Intangible assets                                                                                         197 691         207 282
Goodwill                                                                                                  444 857         457 183
Investment in associate                                                                            3        5 335               -
Deferred taxation asset                                                                                        41           9 294
Biological assets                                                                                          12 047          10 664
Loans receivable                                                                                            8 010             270
Current assets                                                                                          2 138 950       1 964 903
Inventory                                                                                          4    1 227 748       1 144 080
Accounts receivable                                                                                       810 216         767 679
Biological assets                                                                                          13 622          10 553
Loans receivable                                                                                            4 210           6 170
Taxation receivable                                                                                        48 175          32 193
Foreign exchange contract asset                                                                               633               -
Bank balances and cash on hand                                                                             34 346           4 228
                    
Total assets                                                                                            4 583 545       4 110 089
EQUITY AND LIABILITIES                                                                                                           
Capital and reserves                                                                                    2 317 840       2 235 865
Share capital                                                                                           1 565 509       1 565 509
Equity-settled employee benefits                                                                           17 723           8 779
Accumulated profit                                                                                        725 459         652 326
Equity attributable to owners of the company                                                            2 308 691       2 226 614
Non-controlling interest                                                                                    9 149           9 251
Non-current liabilities                                                                                 1 198 836         877 883
Long-term loans                                                                                           974 933         700 407
Deferred taxation liability                                                                               207 653         161 711
Employee benefit liability                                                                                 16 250          15 765
Current liabilities                                                                                     1 066 869         996 341
Accounts payable and accruals                                                                             700 620         534 590
Employee benefits accrual                                                                                  54 647          75 324
Current portion of long-term loans                                                                        250 918         218 831
Taxation payable                                                                                            2 562           2 732
Foreign exchange contract liability                                                                             -           6 787
Bank overdraft                                                                                             58 122         158 077
                    
Total equity and liabilities                                                                            4 583 545       4 110 089
 
SUMMARISED CONSOLIDATED STATEMENT OF PROFIT
OR LOSS AND OTHER COMPREHENSIVE INCOME
for the year ended 30 September 2018
                                                                                                          Audited         Audited
                                                                                                             2018            2017
                                                                                                            R'000           R'000
Revenue                                                                                                 5 109 342       4 593 317
Cost of goods sold                                                                                    (3 839 637)     (3 355 146)
Gross profit                                                                                            1 269 705       1 238 171
Other income                                                                                               35 621          54 480
Operating costs                                                                                         (991 308)       (885 844)
Profit before interest and taxation                                                                       314 018         406 807
Interest paid                                                                                           (115 123)        (84 836)
Interest received                                                                                           2 189             386
Profit before taxation                                                                                    201 084         322 357
Taxation                                                                                                 (46 756)        (87 566)
Profit for the year                                                                                       154 328         234 791
Profit attributable to:                                                                                                         
Owners of the company                                                                                     154 430         234 512
Non-controlling interest                                                                                    (102)             279
                                                                                                          154 328         234 791
Other comprehensive income                                                                                                      
Items that will not be reclassified subsequently to profit or loss                                             72               1
Remeasurement of employee benefit liability                                                                   100               2
Deferred taxation effect                                                                                     (28)             (1)
  
Total comprehensive income for the year                                                                   154 400         234 792
Total comprehensive income attributable to:                                                                                      
Owners of the company                                                                                     154 502         234 513
Non-controlling interest                                                                                    (102)             279
                                                                                                          154 400         234 792
Earnings per share (cents)                                                                                   61.1            95.9
Diluted earnings per share (cents)                                                                           59.0            92.4

SUMMARISED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 30 September 2018
                                                                 Equity-settled                                              
                                                         Share         employee     Accumulated     Non-controlling            
                                                       capital         benefits          profit            interest         Total
                                              Note       R'000            R'000           R'000               R'000         R'000
Balance at 25 September 2016                           720 205            2 773         524 948               8 972     1 256 898
Issue of ordinary share capital                        845 304                -               -                   -       845 304
Total comprehensive income for the year                      -                -         234 513                 279       234 792
Recognition of share-based payments                          -            6 006               -                   -         6 006
Treasury shares dividend received                            -                -             475                   -           475
Dividend paid                                                -                -       (107 610)                   -     (107 610)
Balance at 1 October 2017                            1 565 509            8 779         652 326               9 251     2 235 865
Total comprehensive income for the year                      -                -         154 502               (102)       154 400
Recognition of share-based payments                          -            8 944               -                   -         8 944
Treasury shares dividend received                            -                -             350                   -           350
Dividend paid                                   8            -                -        (81 719)                   -      (81 719)
Balance at 30 September 2018                         1 565 509           17 723         725 459               9 149     2 317 840

SUMMARISED CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 30 September 2018
                                                                                                         Audited          Audited
                                                                                                            2018             2017
                                                                                                 Note      R'000            R'000
Cash flows from operating activities                                                                                             
Cash generated from operations                                                                           487 517          347 114
Interest paid                                                                                          (116 630)         (86 150)
Interest received                                                                                          2 189                -
Taxation paid                                                                                            (8 072)        (139 023)
Net cash inflow from operating activities                                                                365 004          121 941
Cash flows from investing activities                                                                                              
Purchase of property, plant and equipment                                                          2   (479 557)        (486 946)
Proceeds on disposal of property, plant and equipment                                                     16 202            1 478
Acquisition of subsidiaries less net cash acquired                                                             -        (207 297)
Loans receivable advanced                                                                                (3 273)          (3 732)
Loans receivable repaid                                                                                      763            1 471
Dividends paid                                                                                          (81 719)        (107 610)
Treasury shares dividend received                                                                            350              475
Net cash outflow from investing activities                                                             (547 234)        (802 161)
Cash flows from financing activities                                                                                             
Issue of ordinary share capital                                                                                -          648 304
Loans raised                                                                                             525 000          621 000
Loans repaid                                                                                           (215 567)        (556 742)
Government grant received                                                                          2       2 870            3 432
Net cash inflow from financing activities                                                                312 303          715 994
Net increase in cash and cash equivalents                                                                130 073           35 774
Cash and cash equivalents at beginning of the year                                                     (153 849)        (189 623)
Cash and cash equivalents at end of the year                                                            (23 776)        (153 849)

SUMMARISED CONSOLIDATED SEGMENTAL REPORT
for the year ended 30 September 2018

PRODUCTS AND SERVICES FROM WHICH REPORTABLE SEGMENTS DERIVE THEIR REVENUES

Information reported to the chief operating decision-maker for the purposes of resource allocation and assessment of segment performance
focuses on the types of goods or services delivered or provided, and in respect of the "regional" and "international" operations, the information is
further analysed based on the different classes of customers. The executive management of the group have chosen to organise the group around
the difference in geographical areas and operate the business on that basis.

Specifically, the group's reportable segments under IFRS 8: Operating segments are as follows:

-  Regional
-  International

SEGMENT REVENUES AND RESULTS
The following is an analysis of the group's revenue and results by reportable segment.
                                                                                                            Segment revenue
                                                                                                         Audited          Audited
                                                                                                            2018             2017
                                                                                                           R'000            R'000
Regional                                                                                                                       
Fresh products sales                                                                                   1 686 980        1 529 291
Long life products sales                                                                               2 433 113        2 151 307
                                                                                                       4 120 093        3 680 598
International                                                                                                                  
Long life products sales                                                                                 989 249          912 719
Total                                                                                                  5 109 342        4 593 317
                                                                                                              Segment profit
Regional                                                                                                 321 249          358 254
International                                                                                            (5 242)           57 553
Total                                                                                                    316 007          415 807
Impairment loss                                                                                          (1 727)          (3 321)
Acquisition costs                                                                                          (262)          (5 679)
Interest received                                                                                          2 189              386
Interest paid                                                                                          (115 123)         (84 836)
Profit before taxation                                                                                   201 084          322 357

Segment revenue reported above represents revenue generated from external customers. Intercompany sales amounted to R429.312 million
(2017: R541.821 million).

Included in the regional and international operating profit is depreciation of R106.015 million (2017: R92.435 million) and R31.279 million
(2017: R18.113 million) respectively, amortisation of R8.989 million (2017: R5.791 million) and R0.602 million (2017: R0.748 million) respectively
and loss in associate of R0.565 million (2017: Rnil) included in regional operating profit.

The accounting policies of the reportable segments are the same as the group's accounting policies described in note 1. Segment profit
represents the profit before tax earned by each segment without allocation of impairment losses, acquisition costs, interest received and
interest paid. This is the measure reported to the chief operating decision-maker for the purpose of resource allocation and assessment of
segment performance.

GEOGRAPHICAL INFORMATION
The group's non-current assets by location of operations (excluding goodwill and deferred taxation asset) and revenue are detailed below.
Executive management does not evaluate any other of the group's assets or liabilities on a segmental basis for decision-making purposes.

                                                                                                             Non-current assets
                                                                                                          Audited         Audited
                                                                                                             2018            2017
                                                                                                            R'000           R'000
Republic of South Africa                                                                                1 860 455       1 548 831
Kingdom of Eswatini                                                                                       139 242         129 878
                                                                                                        1 999 738       1 678 709
                                                                                                                  Revenue
                                                                                                          Audited         Audited
                                                                                                             2018            2017
                                                                                                            R'000           R'000
Republic of South Africa                                                                                4 970 796       4 472 594
Kingdom of Eswatini                                                                                       138 546         120 723
                                                                                                        5 109 342       4 593 317
INFORMATION REGARDING MAJOR CUSTOMERS
Two customers (2017: two) individually contributed 10% or more of the group's revenues arising from both regional and international sources.

NOTES TO THE SUMMARISED CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 30 September 2018

1. BASIS OF PREPARATION
   Rhodes Food Group Holdings Limited is a company domiciled in the Republic of South Africa. These summarised consolidated financial
   statements as at and for the financial year ended 30 September 2018 comprise the company and its subsidiaries (together referred to as
   the "group"). The main business of the group is the manufacturing and marketing of convenience meal solutions. These include fresh and
   frozen ready meals, pastry-based products, dairy products, juice and juice products, fruit purees and concentrates and long life meals
   including jams, fruits, salads, vegetables, meat and dry packed foods. There were no major changes in the nature of the business for the
   group during the years ended September 2018 and 2017.

   The summarised consolidated financial statements are an extract from the audited consolidated financial statements for the year ended
   30 September 2018, and have been prepared in accordance with the framework concepts, the measurement and recognition requirements
   of International Financial Reporting Standards ("IFRS") and the SAICA Financial Reporting Guides as issued by the Accounting Practices
   Committee, the Financial Pronouncement as issued by the Financial Reporting Standards Council, and the requirements of the Companies
   Act of South Africa and the JSE Limited Listings Requirements. The preliminary financial statements contain, as a minimum, the
   information required by IAS 34: Interim Financial Reporting.

   The accounting policies and methods of computation applied in the presentation of the summarised consolidated financial statements are
   consistent with those applied in the audited consolidated annual financial statements for the year ended 1 October 2017.

   These summarised consolidated financial statements were prepared under the supervision of CC Schoombie, CA(SA), Chief
   Financial Officer.

2. PROPERTY, PLANT AND EQUIPMENT
   During the year ended the following transactions accounted for the movement in the property, plant and equipment balance:
      
                                             (Loss of    
                                            control)/    
                             Opening   acquisition of                          Government                                 Closing
                             balance     subsidiaries         Additions    grant received     Disposals    Impairment     balance
   COST                        R'000            R'000             R'000             R'000         R'000         R'000       R'000
   2018                    1 765 295          (1 959)           479 557           (2 870)      (52 669)       (1 861)   2 185 493
   2017                    1 197 797          105 644           486 946           (3 432)      (17 788)       (3 872)   1 765 295
       
                                              Opening   Loss of control                                                   Closing
                                              balance     of subsidiary      Depreciation     Disposals    Impairment     balance
   ACCUMULATED DEPRECIATION                     R'000             R'000             R'000         R'000         R'000       R'000
   2018                                       304 802           (1 398)           137 294      (31 685)         (134)     408 879
   2017                                       210 971                -            110 548      (16 166)         (551)     304 802
       
                                              Opening                                                                     Closing
                                              balance                                                                     balance
   NET ASSET VALUE                              R'000                                                                       R'000
   2018                                     1 460 493                                                                   1 776 614
   2017                                       986 826                                                                   1 460 493

   The disposal and impairment of property, plant and equipment resulted in a loss of R4.782 million (2017: R0.144 million) and
   R1.727 million (2017: R3.321 million) respectively which were recognised as part of "operating costs" in the consolidated statement of
   profit or loss and other comprehensive income.
   
   During the year, the group contracted R29.502 million (2017: R264.664 million) for future capital commitments.
   
   There has been no major change in the nature of property, plant and equipment, the policy regarding the use thereof, or the encumbrances
   over the property, plant and equipment.

3. INVESTMENT IN ASSOCIATE
   The group entered into a sale of shares agreement in October 2017 to dispose of 50.83% of its shareholding in Ma Baker Xpress
   Proprietary Limited to a third party, for a consideration of R6.100 million. On the date of disposal the group ceased to control the previously
   wholly owned subsidiary and has a remaining shareholding of 49.17%. The group incurred a loss on the loss of control of the subsidiary of
   R1.216 million which is included in 'operating costs' in the statement of profit or loss and other comprehensive income. The group retains
   significant influence over the entity and accordingly the entity is accounted for as an associate subsequent to the disposal of the majority
   shareholding.

   During the year ended 30 September 2018 the loss from the investment in the associate recognised in "operating costs" in the statement
   of profit or loss and other comprehensive income was R0.565 million.

4. INVENTORY
   The value of the inventory disclosed at net realisable value is R69.405 million (2017: R74.879 million).

5. HEADLINE EARNINGS PER SHARE
                                                                                                              2018           2017
                                                                                                             R'000          R'000
5.1   HEADLINE EARNINGS PER SHARE                                                                                                
      Reconciliation between profit attributable to owners of the parent and headline earnings:                                  
      Profit attributable to owners of the parent                                                          154 430        234 512
      Adjustments to profit attributable to owners of the parent                                             4 686          2 495
      Loss on disposal of property, plant and equipment                                                      4 782            144
      Impairment of property, plant and equipment                                                            1 727          3 321
      Loss of control of subsidiary                                                                          1 216              -
      Taxation effect                                                                                      (1 823)          (970)
                                                                                                                                 
      Headline earnings                                                                                    159 116        237 007
      Headline earnings per share (cents)                                                                     63.0           96.9
5.2   DILUTED HEADLINE EARNINGS PER SHARE                                                                                        
      Headline earnings                                                                                    159 116        237 007
      Diluted headline earnings per share (cents)                                                             60.8           93.4
5.3   WEIGHTED AVERAGE NUMBER OF SHARES IN ISSUE                                                                                  
      Weighted average number of shares in issue                                                       253 762 018    221 000 000
      Ordinary shares issued                                                                                     -     24 657 869
      Treasury shares                                                                                  (1 125 000)    (1 125 000)
      Weighted average number of shares in issue                                                       252 637 018    244 532 869
      Effect of "A" class redeemable convertible preference shares                                       9 000 000      9 000 000
      Effect of share offers                                                                               201 094        189 081
      Weighted average number of dilutive shares in issue                                              261 838 112    253 721 950

6.  CONTINGENT LIABILITIES
    The group has entered into guarantees with the South African Revenue Service, for import and export activities as well as various
    municipalities for operational activities. The guarantees from import and operational activities outstanding at year-end amounted to
    R12.862 million (2017: R6.560 million). There were no other changes in the contingent liabilities during the current financial year.
 
7.  RELATED PARTY TRANSACTIONS
    The group generated sales from Peaty Mills Plc for R233.109 million (2017: R182.483 million). Included in trade receivables are amounts
    due from Peaty Mills Plc for R56.098 million (2017: R43.143 million). There were no other significant related party transactions during the
    year under review.
 
8.  DIVIDENDS
    On 15 January 2018, a dividend of 31.1 cents (2017: 42.2 cents) per share was paid amounting to a total dividend of R81.7 million
    (2017: R107.6 million).
 
9.  EVENTS SUBSEQUENT TO REPORTING DATE
    The board of directors has declared a gross cash dividend of 20.3 cents (2017: 31.1 cents) per share on 16 November 2018 in respect of
    the year ended 30 September 2018.

    The board of directors is not aware of any other matter or circumstance of a material nature arising since the end of the financial
    year, otherwise not dealt with in the financial statements, which significantly affect the financial position of the group or the results of
    its operations.

10. FINANCIAL YEAR-END
    The group's financial year ends in September which reflects 52 weeks of trading, and as a result the reporting date may differ year on year.
    The 2017 financial year, however, included a 53rd week of trading. References to "financial year" are to the 52/53 weeks ended on or
    about 30 September. As a result the financial statements were prepared for the year ended 30 September 2018 (2017: 1 October).

11. APPROVAL OF PRELIMINARY SUMMARISED CONSOLIDATED FINANCIAL STATEMENTS
    The summarised consolidated financial statements were approved by the board of directors on 16 November 2018.

12. AUDIT OPINION
    These audited preliminary summarised consolidated financial statements have been derived from the consolidated financial statements and are consistent, 
    in all material respects, with the consolidated financial statements.
 
    The Group's auditors, Deloitte & Touche, have issued unmodified audit reports on the preliminary summarised consolidated financial statements and the 
    consolidated financial statements. Both reports are available for inspection along with the full set of consolidated financial statements, on the group's 
    website (http://www.rfg.com/investor-relations) and at the group's registered office.

    The auditor's report does not necessarily report on all of the information contained in these financial results. Shareholders are therefore advised that in 
    order to obtain a full understanding of the nature of the auditor's engagement they should obtain a copy of the auditor's report together with the accompanying 
    financial information from the issuer's registered office.

CORPORATE INFORMATION

Registered address                               Pniel Road, Groot Drakenstein, 7680
                                                 Private Bag X3040, Paarl, 7620
                                                  
Directors                                        Dr YG Muthien * (Chairperson)
                                                 MR Bower * (Lead Independent Director)
                                                 BAS Henderson (Chief Executive Officer)
                                                 TP Leeuw *
                                                 LA Makenete *
                                                 B Njobe *
                                                 CC Schoombie (Chief Financial Officer)
                                                 CL Smart **
                                                 GJH Willis **
                                                  
                                                 * Independent non-executive
                                                 ** Non-executive
                                                  
Company secretary                                BM Lakey (Appointed: 1 May 2018)
                                                  
Transfer secretaries                             Computershare Investor Services Proprietary Limited
                                                  
External auditors                                Deloitte & Touche

Bruce Henderson                                  Tiaan Schoombie                           
Chief Executive Officer                          Chief Financial Officer                           


Groot Drakenstein
20 November 2018

Sponsor
Rand Merchant Bank, a division of FirstRand Bank Limited

Date: 20/11/2018 07:05:00 
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