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Trading statement for the 6 month period ended 31 December 2012
RAINBOW CHICKEN LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1966/004972/06)
ISIN: ZAE000019063
Share Code: RBW
(“RCL" or “the Group”)
TRADING STATEMENT FOR THE 6 MONTH PERIOD ENDED 31 DECEMBER 2012
The Group’s interim results for the 2013 financial year (for the 6
month period ended 31 December 2012) are due to be released on
SENS on Tuesday 19 February 2013.
RCL shareholders are advised that the Group expects its Earnings
Per Share and Headline Earnings Per Share for the 6 month period
ended 31 December 2012 to be between 65% and 85% lower than that
of the 6 month period ended 31 December 2011, and between 35% and
55% lower on a pre-IAS39 adjusted basis. The lower than
anticipated earnings are mainly a function of the two major issues
facing the local poultry industry, namely record levels of imports
and escalating feed raw material input costs. The resultant
oversupply in the local market has meant that the price of chicken
in retail bears little reference to its cost of production, and
has resulted in significant reductions in chicken margins.
Transaction costs in relation to RCL’s acquisition of an effective
64.2% shareholding in New Foodcorp Holdings Proprietary Limited
(“Foodcorp”) have been recognised to the extent that they are not
conditional on the finalisation of all conditions precedent, and
consequently the impact on the interim results is not material.
The financial information on which this trading statement is based
has not been reviewed and reported on by the Group’s external
auditors.
Durban
31 January 2013
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
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