ASTRAL FOODS LIMITED - Trading statement

Trading statement

Astral Foods Limited
("Astral Foods")
Registration number: 1978/003194/06
JSE Code: ARL ISIN: ZAE000029757

Trading Statement

Shareholders are advised that a reasonable degree of certainty
exists that Astral Foods’ headline earnings per share (HEPS) for
the six months ending 31 March 2017 will reflect a decrease of
between 50% (decrease of 387 cents per share) and 60% (decrease
of 464 cents per share) compared to the previous comparable
period. This implies that HEPS is expected to be between 387
cents and 310 cents. HEPS for 31 March 2016 was 774 cents.

Earnings per share (EPS) for the six months ending 31 March 2017
will also reflect a decrease of between 50% (decrease of 389
cents per share) and 60% (decrease of 466 cents per share)
compared to the previous comparable period. This implies that
EPS is expected to be between 388 and 311 cents. EPS for 31
March 2016 was 777 cents.

The results for the six months ending March 2017 are expected to
be better than what was indicated at the time when the General
trading update was issued on 6 February 2017 which stated that
the HEPS and EPS were expected not be down more than 75% on the
previous period. This improvement on the previous estimate was
as a result of:

  -   Planned poultry production cutbacks during the second
      quarter in order to avoid prolonged overstock conditions;
      and

  -   The adjustment in selling prices to offset the impact of
      the newly legislated brining levels of individually quick
      frozen (IQF) products was successfully implemented and
      sustained throughout the period.

The information on which the trading statement is based has not
been reviewed and reported on by Astral Foods’ auditors.

It is expected that the results for the six months ending 31
March 2017 will be published on SENS on 15 May 2017.

Pretoria
3 April 2017

Sponsor
Nedbank Corporate and Investment Banking

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