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Independent reporting accountants' report on the Unaudited Pro Forma Financial information of Rainbow Chicken Limite
RAINBOW CHICKEN LIMITED
("RCL" or "Group")
Registration number: 1966/004972/06
JSE share code: RBW
ISIN: ZAE000019063
INDEPENDENT REPORTING ACCOUNTANTS' REPORT ON THE UNAUDITED PRO FORMA FINANCIAL
INFORMATION OF RAINBOW CHICKEN LIMITED ("RAINBOW" OR "THE COMPANY")
Introduction
Rainbow Chicken Limited changed its financial year end in the prior financial year resulting in a fifteen month
period to 30 June 2011. In presenting the financial results for the year to 30 June 2012, Rainbow proposes to
present certain financial information for a comparative 12 month period relating to the prior financial year
within the company's SENS announcement of results and as an annexure to the 2012 Annual Financial
Statements.
At your request we present our report on the unaudited comparative pro forma income statement
information ("the unaudited pro forma financial information") of the Company presented in Annexure 1 to
the 2012 Annual Financial Statements.
The unaudited pro forma financial information has been prepared in accordance with the JSE Limited ("JSE")
Listings Requirements, for illustrative purposes only, to provide certain comparative financial information as
a consequence of the change in the company's year end.
Responsibilities
The directors of the Company are responsible for the compilation, contents and preparation of the unaudited
pro forma financial information presented in Annexure 1 to the 2012 Annual Financial Statements and for the
financial information from which it has been prepared. Their responsibility includes determining that: the
unaudited pro forma financial information contained in Annexure 1 to the 2012 Annual Financial Statements
has been properly compiled on the basis stated; the basis is consistent with the accounting policies of the
Company; and the pro forma adjustments are appropriate for the purposes of the unaudited pro forma
financial information disclosed in terms of the JSE Listings Requirements.
Reporting accountants' responsibility
Our responsibility is to express our limited assurance conclusion on the unaudited pro forma financial
information included in Annexure 1 to the 2012 Annual Financial Statements. We conducted our assurance
engagement in accordance with ISAE 3000: International Standard on Assurance Engagements applicable to
Assurance Engagements Other Than Audits or Reviews of Historical Financial Information and the Revised
Guide on Pro forma Financial Information issued by the South African Institute of Chartered Accountants.
This standard requires us to obtain sufficient appropriate evidence on which to base our conclusion.
We do not accept any responsibility for any reports previously given by us on any financial information used
in the compilation of the unaudited pro forma financial information, beyond that owed to those to whom
those reports were addressed by us at the dates of their issue.
Sources of information and work performed
Our procedures consisted primarily of comparing the unadjusted financial information of the Company with
the source documents, considering the pro forma adjustments in light of the accounting policies of the
Company, considering the evidence supporting the unaudited pro forma adjustments and discussing the
adjusted unaudited pro forma financial information with the directors of the Company.
In arriving at our conclusion, we have relied upon financial information prepared by the directors of the
Company and other information from various public, financial and industry sources.
Whilst the work we performed involved an analysis of the historical financial information and other
information provided to us, our limited assurance engagement does not constitute either an audit or review
of any of the underlying financial information in accordance with the International Standards on Auditing or
the International Standards on Review Engagements and accordingly, we do not express an audit or review
opinion.
In a limited assurance engagement, the evidence-gathering procedures are more limited than for a
reasonable assurance engagement and therefore less assurance is obtained than in a reasonable assurance
engagement. We believe our evidence obtained is sufficient and appropriate to provide a basis for our
conclusion.
ConclusionBased on our examination of the evidence obtained, nothing has come to our attention that
causes us to believe that:
the unaudited pro forma financial information has not been properly compiled on the basis stated;
such basis is inconsistent with the accounting policies of the Company, and
the adjustments are not appropriate for the purposes of the unaudited pro forma financial information
as disclosed pursuant to Sections 8.17 and 8.30 of the JSE Listings Requirements.
PricewaterhouseCoopers Inc.
Director: H Ramsumer
Registered Auditor
Durban
Annexure1
Pro Forma income statement
for the 12 months ended 30 June 2011 Note 1 Note 2 Note 3
Unadjusted Actual Proforma
Audited 3 months 12 months to
15 Months to 30 1 April 2010 to
R'000 June 2011 30 June 2010 30 June 2011.
Revenue 8 621 389 1 658 636 6 962 753
Operating profit before depreciation and amortsisation
(EBITDA) 762 617 169 501 593 116
Depreciation and amortisation (210 340) (47 642) (162 698)
Operating Profit 552 277 121 859 430 418
Net finance costs/income 19 712 4 962 14 750
Profit before tax 571 989 126 821 445 168
income tax expense (188 139) (37 411) (150 728)
Profit for the year 383 850 89 410 294 440
Headline Earnings
Profit for the year 383 850 89 410 294 440
Loss/(profit) on disposal of property plant and
equipment 4 920 (819) 5 739
Headline Earnings 388 770 88 591 300 179
Headline Earnings per share- basic(cents) 132.7 30.4 102.4
Headline EBITDA
EBITDA 762 617 169 501 593 116
Loss/(profit) on disposal of property plant and
equipment 6 834 (1 137) 7 971
Headline EBITDA 769 451 168 364 601 087
(1)Unadjusted audited results for the 15 months ended 30 June 2011
(2) Unaudited results for the 3 months from 1 April 2010 to 30 June 2010 based on complete management account
information for the 3 months ended 30 June 2011 prepared in terms of company's accounting policies and IFRS.
(3) Pro forma results for the 12 months to 30 June 2011, being column 1 minus column 2, which represents the unaudited pro
forma comparative income statement for the 12 months to 30 June 2011.
(4)This pro forma statement is the responsibility of the company directors and as
per the JSE Limited Listings Requirements, para 8.18 : this information is prepared for illustrative purposes and because of
its nature, it may not fairly present the financial results of the company for the pro forma reporting period
(5) The reporting accountants' report from PricewaterhouseCoopers Inc. on the pro forma financial information is set out in the annual
financial statements and forms part of the SENS announcement of results.
Date: 28/08/2012 05:16:00 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.
