RCL FOODS LIMITED

(Incorporated in the Republic of South Africa) ISIN: ZAE000179438

Share Code: RCL

("RCL FOODS" or "the Company" or "the Group")

GROUP FINANCIAL RESULTS AND CASH DIVIDEND DECLARATION FOR THE SIX MONTHS ENDED DECEMBER 2021

  • Revenue up 9.2% to R17,1 billion
  • Earnings before depreciation, amortisation and impairment (EBITDA) up 14.4% to R1 292,7 million
  • Underlying* EBITDA up 2.5% to R1 378,4 million
  • Headline earnings per share (HEPS) up 21.6% to 72.7 cents
  • Underlying* HEPS up 3.1% to 79.6 cents
  • Earnings per share (EPS) up 19.8% to 73.8 cents
  • Underlying* EPS up 2.1% to 80.7 cents
  • Interim dividend declared of 15.0 cents per share

*The underlying view of the results excludes material once-offs and accounting adjustments. Refer to the "Reconciliation between unadjusted and underlying results" section provided as part of the full announcement for further details.

RCL FOODS has maintained its positive momentum to deliver a pleasing set of interim results, despite tough market conditions.

The Food Division yet again delivered a resilient underlying performance. Groceries' demand remained relatively strong across most categories, despite the implementation of selective price increases to offset growing commodity cost pressure. Sugar's performance remained strong aided by continued operational efficiency, a relatively high world sugar price, favourable local industry factors and strong local market demand. In Baking, margins have come under pressure due to increased input costs.

Despite being significantly impacted by Avian Influenza, the Chicken Division returned to break-even, benefitting from better agricultural results and higher price realisations.

Vector Logistics delivered a pleasing result for the current reporting period with good progress achieved with the integration of the Imperial Logistics South Africa's cold chain business (ICL) network and a recovery in the food service space, as volumes returned to almost pre-COVID-19 levels.

CASH DIVIDEND DECLARATION

Notice is hereby given that the directors have declared an interim gross cash dividend (number 94) of 15.0 cents (12.0 cents net of dividend withholding tax) for the six months ended December 2021.

The dividend has been declared from income reserves.

A dividend withholding tax of 20% will be applicable to all shareholders who are not exempt.

The issued share capital at the ordinary shares. The company's 9950019712.

declaration date is 952 257 203 income tax reference number is

The salient dates for the dividend will be as follows:

Publication of declaration data

Monday, 28

February 2022

Last day of trade to receive a dividend

Tuesday,

19

April 2022

Shares commence trading "ex" dividend

Wednesday,

20

April 2022

Record date

Friday,

22

April

2022

Payment date

Monday,

25

April

2022

Share certificates may not be dematerialised or rematerialised between Wednesday, 20 April 2022 and Friday, 22 April 2022, both days inclusive.

The contents of this short-form announcement are the responsibility of the board of directors of the Group.

Shareholders are advised that this short-form announcement represents a summary of the information contained in the full announcement and does not contain full or complete details as published on the RCL FOODS website, www.rclfoods.com on 28 February 2022.

Any investment decisions by investors and/or shareholders should be based on a consideration of the full announcement as a whole and shareholders are encouraged to review the full announcement,

which is available for viewing at https://senspdf.jse.co.za/documents/2022/JSE/ISSE/RCL/28022022.pdfor on the Group's website set out above. Copies of the full announcement may be inspected at the Group's registered office and offices of its sponsor at no charge, during office hours of 08h00 to 16h30, Monday to Friday. Investors and/or shareholders may also request copies of the full announcement by contacting the company secretary at john.maher@rclfoods.com or on 087 362 8501.

Durban

28 February 2022

Sponsor

RAND MERCHANT BANK (A division of FirstRand Bank Limited)

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RCL Foods Limited published this content on 28 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 February 2022 05:31:02 UTC.