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Trading statement for the six months ended 3 April 2022

RFG Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number 2012/074392/06
JSE share code: RFG
ISIN: ZAE000191979
(“RFG” or “the group”)


Shareholders are advised that RFG’s headline earnings for the six months ended
3 April 2022 (“the period”) are expected to be between 30% and 35% higher than
the R119.4 million reported for the six months ended 28 March 2021.

During the period the group generated strong sales volume growth in its regional
and international businesses. However, significant cost inflation has been
experienced in cans, raw materials such as meat, fats and oils, and logistics, in
particular international freight costs. The group has been unable to recover the
full extent of these input cost increases which has adversely impacted the
operating profit margin of the regional segment. The operating profit for the
international segment has recovered after a weak performance in the prior

The group’s half year results include the benefit of an insurance settlement of
R43.4 million for loss of profits during the Covid-19 lockdown in 2020, which was
received in March 2022.

The group incurred once-off costs of R23.6 million in the period relating to the
acquisition of the Today pie business, including restructuring, relocation and
severance costs.

Net foreign exchange losses of R4.2 million were recorded for the first half
compared to net foreign exchange gains of R19.6 million in the first half of the
2021 financial year.

Earnings for the period are expected to be as follows:

                                  Six months                  Six months ended
                                       ended                     3 April 2022
                               28 March 2021                    Expected range

Earnings per share                     40.7c        47% - 52% higher     59.8c – 61.9c
Headline earnings per share (HEPS)     45.6c        30% - 35% higher     59.1c – 61.4c
Diluted HEPS                           45.5c        30% - 35% higher     59.2c – 61.5c
Normalised diluted HEPS*               49.6c          1% - 6% higher     50.0c – 52.5c
*Excludes once-off restructuring costs in the current and prior periods, and
insurance settlement proceeds in the current period

Normalised diluted HEPS constitutes pro forma information in terms of the JSE
Listings Requirements. This information is the responsibility of the group's
directors, has been prepared for illustrative purposes only, and may not fairly
present the group’s financial position, changes in equity, cash flows or results of

The estimate financial information on which this trading statement is based is the
responsibility of the directors and has not been reviewed or reported on by the
group’s independent external auditor.

The group’s interim financial results for the period will be released on the Stock
Exchange News Service of the JSE on or about 25 May 2022.

Groot Drakenstein
18 May 2022

Rand Merchant Bank (A division of FirstRand Bank Limited)

Date: 18-05-2022 08:49:00

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