GROUP FINANCIAL RESULTS AND CASH DIVIDEND DECLARATION

FOR THE YEAR ENDED JUNE 2022

RCL FOODS entered the 2022 financial year with two key imperatives in mind: to decisively implement the first steps in our strategic transformation into a value-added business of scale, and to deliver positive results by focusing on what is within our control in a tough environment. We are proud of our resilient performance amidst intensifying cost and market pressure, and of the progress we have made in our longer-term strategic journey.” Paul Cruickshank, Chief Executive Officer

RCL FOODS produces over thirty much-loved South African brands including Yum Yum, Nola, Ouma, Pieman’s, Number 1, Sunbake, Supreme, Selati, Simply Chicken, Rainbow, Bobtail & Catmor pet food, and Epol & Molatek animal feed. Through our more than 20 000 employees and our diverse brand portfolio, we strive to do “that little MORE” to make a meaningful difference every day.

KEY FEATURES

• Strategic focus supports delivery despite headwinds

• Pleasing revenue and EBITDA growth

• Strong cash generation

• Resilient volumes across most categories

• Innovation into value offerings

• Sustained market share growth in value-add categories

• Continued strong Sugar performance

• Improved Rainbow performance

• Vector Logistics delivers another improved result

CASH DIVIDEND DECLARATION

The directors have resolved to declare a final cash dividend for the year of 30.0 cents per share (2021: 30.0 cents), bringing the total dividend for the 2022 financial year to 45.0 cents per share (2021: 45.0 cents)

AUDITORS’ REPORT

With respect to the consolidated financial statements for the year ended June 2022, the auditors, PricewaterhouseCoopers Inc., have issued an unqualified audit opinion in terms of the International Standards on Auditing. This short-form announcement has itself not been audited or reviewed. The auditors’ unqualified audit report in terms of International Standards on Auditing, along with their key audit matters and the Annual Financial Statements, is available on the Company’s website at https://rclfoods.com/financial-results-and-reports-2022/

* The underlying view of the results excludes material once-offs and accounting adjustments related to the net direct cost impact of COVID-19, a gain recognised on the reversal of a previously recognised impairment loss relating to a subsidiary acquired with a view to resale, and losses incurred in respect of the fire at the Sugar warehouse in Komatipoort, net of insurance accruals for claims instituted.