RAINBOW CHICKEN LIMITED - Trading statement for the 12 month period ended 30 June 2013
RBW 201308190048A
Trading statement for the 12 month period ended 30 June 2013
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 12 MONTH PERIOD ENDED 30 JUNE 2013
The Group’s results for the 2013 financial year are due to be
released on SENS on Tuesday 27 August 2013.
RCL shareholders are advised that the Group expects its Earnings
Per Share from continuing operations and Headline Earnings Per
Share from continuing operations for the 12 month period ended 30
June 2013 to be between 80% and 100% lower than that of the 12
month period ended 30 June 2012.
The results have been impacted by the following:
- The two major issues facing the local poultry industry,
namely record levels of imports and high feed raw material
input costs, have materially impacted the results of the
Group’s chicken operation (Rainbow)
- Non-deductible transaction costs of R45.6m have been
recognised in relation to RCL’s acquisition of an effective
64.2% shareholding in New Foodcorp Holdings Proprietary
Limited (“Foodcorp”)
- Despite the inclusion of Foodcorp’s tradings results for two
months (effective date of the acquisition was 1 May 2013),
earnings were negatively affected by the deteoriation in the
exchange rate impacting the valuation of Foodcorp’s Euro
denominated Senior Secured Notes.
The financial information on which this trading statement is based
has not been reviewed and reported on by the Group’s external
auditors.
Durban
19 August 2013
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
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