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RCL FOODS – RELEASE TRADING STATEMENT

The Group’s results for the six month period ended 31 December 2013 are due to be released on SENS on Wednesday 19 February 2014. RCL shareholders are advised that the Group expects its operating profit (earnings before interest and taxation) for the six month period ended 31 December 2013 to be between 380% and 400% higher than that of the six month period ended 31 December 2012, while its Earnings Per Share (“EPS”) from continuing operations and Headline Earnings Per Share (“HEPS”) from continuing operations for the six month period ended 31 December 2013 are expected to be between 60% and 80% lower than that of the six month period ended 31 December 2012.

The results have been impacted by the following:
* operating profit has been impacted by the first-time inclusion of Foodcorp results for the six months to December period;
* earnings are materially affected by the significant deterioration in the Rand/Euro exchange rate from 1 July 2013 to 31 December 2013, due to its impact on the valuation of the Foodcorp Eurobond and related hedges. This is a non- cashflow mark-to-market adjustment and has been accounted for as a finance cost;
* EPS and HEPS are further impacted by the dilutionary effect of additional shares in issue because of the March 2013 rights offer.