Rainbow Chicken Limited (RCL) Group audited results for the year ended 30 June 2012

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1 Rainbow Chicken Limited () Group audited results for the year ended 30 June August 2012

2 Introduction During the prior year changed its financial year-end from 31 March to 30 June to align with its holding company, Remgro Limited This presentation covers the results for the year to June 2012 The results for the 2012 financial year will be compared to the 15 month period ended 30 June 2011 and are therefore not directly comparable A perspective of the 2012 results against the comparable 12 months in 2011 is however included across key income statement lines 2

3 2012 statutory highlights Note: the % in Revenue -8.9% (+12.8%) Headline EBITDA -20.1% (+2.3%) brackets is the change Rm Rm compared to the comparable 12 months in ,4 6952,8 8621,4 7855,1 575,8 671,5 769,5 614, * * 2012 Headline EBITDA -1.1% (-0.8%) Headline earnings -31.3% (-11.0 %) % Rm 318,8 351,5 388,8 267,1 * 15 Month period * *

4 Overview Market conditions What has done? South Africa GDP growth decreased to 2.7% in the first quarter of 2012 from the modest growth of 3.2% in calendar 2011 High unemployment levels exacerbated by lay-offs in the mining sector Consumer disposable income remains under pressure as the benefit of lower interest rates to debt laden consumers has been negated by higher fuel and electricity tariff increases Rainbow - chicken imports and feed cost up significantly, poor retail chicken pricing Vector - customers consolidating their supply chains Reinforced s strategic focus on brands in the form of added value chicken in consumer and foodservice as well as Vector s differentiated distribution service Added value component of business continues to grow Strong focus on improving operational efficiencies Made significant progress on the Creating Space for Growth strategic thrust Rainbow highlights - implemented SAP, acquired Bushvalley Chickens processing facility Vector highlights good volume growth enabled through new Midrand facility, turnaround of Roodepoort operation 4

5 2012 highlights Statutory 2011* 2012 % Revenue Rm 8621,4 7855,1-8.9 Headline EBITDA Rm 769,5 614, Headline EBIT Rm 559,1 414, Effective tax rate % 32,9 35,0-2.1 Headline earnings Rm 388,8 267, Cash generated by operations Rm 643,3 506, Net cash Rm 469,5 305, Dividend per share cents 84,0 60,0-28,6 Headline earnings per share cents 132,7 90, Capex Spend Rm 360,0 480, NAV per share cents 971,8 985, Return on equity % 13,9 9,3-4.6 Operational (Pre IAS39 impact) Headline EBITDA Rm 709,9 601, Headline EBIT Rm 499,6 401, Headline earnings Rm 345,9 257, * 15 Month period 5

6 12 months comparative s 2012 headline EBITDA of R614,9 million increased by 2.3% over the comparable 12 months in A credible result considering market conditions This marginal growth however translated into an 11.0% headline earnings decline by virtue of the investment in the business impacting depreciation and interest, as well as higher STC on the increased dividends Comparison to 12 months to June Months Months 30 June 30 June % Revenue Rm 6 962,8 7855,1 12,8 Headline EBITDA Rm 601,1 614,9 2,3 Headline EBITDA margin % 8,6 7,8 (0,8) Headline earnings Rm 300,2 267,1 (11,0) Headline earnings per share cents 102,4 90,7 (11,4) 6

7 Group revenue s total revenue decrease of 8.9% to R7.9 billion is a consequence 8621,4 of the additional April to June trading quarter included in the fifteen Rm 6811,4 6952,8 7855,1 months comparative ended 30 June ,0 Revenue increased by 12.8% on a comparable basis * 15 Month period 2011*

8 Segmental analysis Rainbow s operating margin of 3.4% is Segmental revenue Segmental operating profit & margin disappointing but explained by poor retail pricing and high feed costs Vector delivered a Rm 7196,6 7855,1 Rm 5.3% 414,2 pleasing result with good volume growth as 3.4% well as improved efficiencies and cost 245,5 12.6% control translating into an operating margin of 168,7 12.6% (the distribution industries reference for operating margin is normally expressed Rainbow 1339,5 Vector Inter Segment 681,1 Group Rainbow Vector Group against gross revenue as opposed to distribution revenue, in which case Vector s margin computes to 1.5%) 8

9 Rainbow feed cost history On the comparable 12 months Rainbow s feed cost increased by 20.4% in is double 2007 s feed cost (pre global financial crisis) +R698m 2,4 +R9m 2,4 -R377m +R423m 2.5 +R475m 2,1 1,7 Rbn 1,

10 Yellow maize (SAFEX) 2011 versus 2012: Average market price for yellow maize increased by R/ton % During 2012: Record maize prices International corn prices hit record high due to US % drought concerns and continued corn to ethanol production Local maize prices are highly correlated to international price movement Looking forward: % 2009 (Mar) -24.1% 2010 (Mar) +4.0% 2011* (Jun) 2012 (Jun) Expected ending stocks projected to be lowest in * 15 Month period years Worst USA weather concerns outlook concerns since 1956 creating further harvest yield concerns Note: years correspond to s financial years 10

11 Soya (CBOT) 2011 versus 2012: Average CBOT soya meal US $ per ton price increased by 7.1% Sustained at a historically high level During 2012: Increase since January driven by poor Argentinean crop and low +14.5% +1.3% +1.4% +7.1% US stocks (Mar) 2010 (Mar) 2011* (Jun) 2012 (Jun) * 15 Month period Note: years correspond to s financial years 11

12 Exchange rate The rand has remained relatively robust despite debt problems in Eurozone and ongoing concerns over the global economy The R:US$ exchange rate increased from R6.79 at the beginning of the current financial year to R8.38 at the end of June 2012, a 23% increase % -11.6% -9.2% +8.5% The average year on year increase was 8.5% (Mar) 2010 (Mar) 2011* (Jun) 2012 (Jun) As Rainbow s entire soya requirements are imported, the foreign exchange rate exposure is significant * 15 Month period Volatility is expected to continue Note: years correspond to s financial years 12

13 Financial review s operating results HEBITDA (pre IAS39) 15.2% negatively impacted by poor retail pricing of commodity chicken lines as industry has struggled to resolve significant overstocks, mainly attributable to high level of imports Margin % Although both Rainbow and 10.7% Vector have focused on driving operational efficiencies, Rainbow s results were adversely impacted by record maize and soyameal costs, Rm 728,0 8.9% 619,9 8.2% 709,9 7.7% 601,7 exacerbated by the Rand s depreciation as well as high electricity rate increases IAS 39 (impact of financial instruments used in feed raw material procurement strategy) * 2012 positive R13.2 million (prior year R 59.6 million positive) * 15 Month period 13

14 Financial review Working capital levels continue to be well managed Cash flow reflected Rm 12 MONTHS TO JUNE Cash generated by operations decreased by 21.3% or R137.0 million over the previous 15 month period ended 30 June (115.4) (71.7) (4.0) (247.3) (454.7) OB WC Tax Int CAPEX Loan Other OP Div CB 15 MONTHS TO JUNE Rm OB - opening balance WC - working capital Int - net interest Div - dividends OP - operating profit CB - closing balance (147.8) (170.4) (222.5) (352.3) OB WC Tax Int CAPEX Other OP Div CB 14

15 Financial review Receivables have been Working capital movement consistently well managed with debtor days of 30 reflecting an improvement on the 35 days recorded in June 2011 Rm (147.8) The increase in inventories and biological assets mainly impacted by: Vector s take-on of a new Trade and other receivables (104.9) (115.4) (88.1) CSD (Customer Secondary Distribution) customer Higher feed commodity prices impacted the valuation of feed raw material materials and Inventories and Biological assets (138.3) (242,2) biological assets. Offsetting the inventory Trade and other payables 95.4 increase, trade and other payables were R * 2012 million higher than the comparative period * 15 Month period 15

16 Financial review has been confident to Capex spend invest to service anticipated growth in key product lines and from strategic customers. However, current difficult market conditions demand that investment decisions meet higher hurdle rates of return Dep Rm 149,2 157,4 210,3 200, In addition to the Bushvalley Chickens acquisition (R million) other significant individual initiatives include: New plant based storage Capex Rm 293,1 251,4 facility at Rustenburg (R65.0 million) Investment in additional freezing and chilling capacity in Rustenburg and Worcester (R65.5 million) * 2012 * 15 Month period 16

17 Financial review Impacted in 2012 by challenged earnings Return on net assets (%) 20.1% 20.0% 17.8 % 14.1% * 2012 * 15 Month period 17

18 Financial review Lower final dividend declared due to reversion to 12 months and earnings decline Dividend per share (cents) Total 2012 dividend of 60,0 84,0 cents per share represents cover of 1,5 times (2011: 1,6 times) Final 68,0 44,0 76,0 48,0 56,0 60,0 32,0 Interim 24,0 28,0 28,0 28,0 68,0 68, * 15 Month period 18

19 Financial review Underlying operating profit Headline EBITDA margin (%) Pre IAS Post IAS Headline EBITDA (Rm) * 15 month period *

20 Market conditions remain very tough. A flood of imports, causing over-supply, and record grain prices have placed tremendous pricing pressure on the industry A flood of imports (up 41% 12 months to June 2012) Source: SAPA And record grain costs (feed costs up 20.4% for the year) Maize Soya 20 20

21 Against this background Rainbows strategy has resulted in an acceptable set of results Contribution of added value to Rainbows total revenue % 30% Added Value Mainstream 47% 53% Added Value Mainstream Contribution to retail revenue % Added Value Mainstream 69% 31% Added Value Mainstream 96% 21

22 Added value growth has been across all three areas in Rainbow FoodSolutions Volume growth in the food service industry has slowed down with the tough economic environment but is picking up more recently Rainbow has continued to cement relationships and business with all partners during a tough time for them as well Retail Added Value Another strong year of volume growth for existing and new lines. F12 saw 30% growth in chilled processed meats again Innovation launched proved very successful Woolworths Rainbow had one of its best years yet with Woolworths. The team worked very closely to put a compelling plan together which saw ahead of market volume growth for Woolworths 22

23 Rainbow has made some key operational progress There has been a strong focus on improving operational efficiencies and costs with significant progress in Agriculture and Processing Operational efficiencies Made large inroads into the Creating Space for Growth strategic thrust. The output is leaner, more focussed structures across the business which necessitated a R14.2 million retrenchment cost charge against the 2012 results Rainbow s SAP implementation on 1 July 2012 is seen as a key enabler and demanded a significant restructure of the finance and commercial teams Bush Valley Acquired Bushvalley Chickens processing facility located near Tzaneen in the Limpopo Province for R92.5 million. Capacity expansion of the operations is under way Settled the new further processed plant at Wolwehoek (Sasolburg) down into its first full year of production Wolwehoek 23

24 There are two key common industry issues which require Rainbow focus through Sapa 1. Dumping and illegal imports Rainbow is working with the industry body, Sapa, to manage the flood of imports through a number of means. Anti-dumping applications and other avenues are currently being worked on by Sapa and experts to resolve unfair trade practices 2. Governments proposal to cap injection All stakeholders were required to submit input by end July 2012 Sapa received an extension of this to end September and is currently working with DAFF (Department of Agriculture) on its submission As mentioned many times, Rainbow welcomes, and always has called for, the principle of an injection cap in this important, nutritional category 24

25 Rainbow has fine tuned its vision, to sharpen and drive decision making even further Current Vision Rainbow Chicken will be at the heart of every meal. We will achieve this by creating innovative solutions and strong brands. Key to our success is consistent, profitable, sustainable demand. New Vision Change the game How? By restlessly driving.. consumers and customers needs first better brand propositions which reflect what we do our whole business to see and do things differently 25

26 Vector Overview Market conditions What has Vector done? The logistics sector has been challenged by increasing operating costs driven by high fuel and electricity prices and weakening Rand Customers in retail and food service markets are consolidating their supply chains either by investing and managing it themselves or by partnering third party logistics service providers. This trend is likely to extend to frozen categories New Business - awarded Pick n Pay s Inland frozen distribution business previously distributed from their Long Meadow Distribution Centre Increased storage capacity through the lease of two new frozen warehouses in Midrand to accommodate growth opportunities. Further capacity also added at Rainbow Rustenburg plant to drive efficiencies The expansion and upgrade of the Roodepoort operation delivered significant benefits Continued focus on cost reductions and improved efficiencies through a number of initiatives including the Space for Growth project which covered a full review of Vectors organisation design, network, procurement and sustainability opportunities Focus on improved service levels with reduced inventories through the implementation of a new demand and supply planning tool Reduced shrinkage to acceptable industry norms through a number of security interventions 26

27 Vector infrastructure Key Figures Windhoek Botswana Northern Province Mpumalanga Employees distribution sites 4 Plant based cold storage facilities Primary fleet 104 Secondary fleet 306 Customers Cases delivered /day (43m pa) ISO accreditation at warehouses Rustenburg Pretoria North West Gauteng Swaziland Plant based cold storage facilities Namibia Northern Cape Free State Lesotho KwaZulu Natal Pietermaritzburg Hammarsdale Durban Distribution facilities Cape Town Western Cape Worcester Port Elizabeth Eastern Cape East London 27

28 Introduction to the Vector business Manufacturers (PBCS) Primary Warehousing (VCS) Primary Transport (VPT) Principal Secondary Distribution (PSD) Customer Secondary Distribution (CSD) Sales Solutions (VSS) Credit & Information Management Plant Based Cold Stores Primary Warehousing Primary Transport Secondary Warehousing & Transport Secondary Warehousing & Transport Call Centres Sales & Merchandising Debtors Management Information Management Salient points 2005 In December 2004 Rainbow acquired the Vector business which comprised 94% Principal Secondary Distribution. Since then : Vector manages the entire Rainbow Outbound Supply Chain Vector service offering also now includes PBCS and VPT business (contributing 5% and 24% respectively) CSD and VCS has grown significantly Vector now offers a fully integrated and cost effective outbound supply chain to customers and principals 28

29 Vector clients Customers Principals In Customer Secondary Distribution Vector is contracted by the customer ( eg. CLC, Nandos, Spur) to deliver their full basket of products directly to the outlets In Principal Secondary Distribution Vector is contracted by the principal e.g. Mc Cains to deliver to all retailers and wholesalers 29

30 Business initiatives - Midrand Bulk storage facilities were provided to McCain from June 2011 at Site B B A Pick n Pay frozen business consolidated at Midrand D from June 2012 Significant increase to inland capacity with development of Midrand sites B and D. C D 30

31 Conclusion committed to its strategy, however Volatile state of global and local economy means a sustainable improvement in consumer spending is difficult to predict in the near future Local chicken supply and demand imbalance Record feed raw material commodity prices Energy rate increases remain high Consequently operating margins likely to remain under pressure 31

32 Appendices 32

33 Complex business chain Integrated supply chain from farm to fork GP OPERATION AGRICULTURE PROCESSING Grandparent chicks Grandparent farms Rearing Laying Hatching 21 wks 40 wks 3 wks Parent chicks Parent farms Broiler Broiler farms chicks Broilers Rearing Laying Hatching Growing 21 wks 40 wks 3 wks 34 days Processing 3 plants + 2 FP plants World s oldest pedigree broiler breed. Located in Carolina and East London to ensure optimal bio-security. 3 broad agricultural regions - Northern, KZN, W Cape. FEED SUPPLY 5 feed mills producing 1,1m tons pa. Around 80% of production to Rainbow. CONSUMERS The consumer is at the heart of our business BRANDS Grade A Quality, Grade A Taste They taste so good cos they eat so good CUSTOMERS Foodservice Retail DISTRIBUTION Strategic acquisition mid F05 for R455m. Wholesale The Chicken Experts 33

34 national footprint South Africa s largest processor and marketer of chicken 7,942 employees (excluding seasonal casual workers) Limpopo Province Botswana Mpumalanga Namibia North West Free State Gauteng KwaZulu Natal Swaziland Lesotho Northern Cape Eastern Cape Western Cape 34

35 national footprint South Africa s largest processor and marketer of chicken 7,942 employees (excluding seasonal casual workers) 209 rearing, laying and broiler farms and hatcheries 34m birds on the ground Limpopo Province Botswana Mpumalanga Namibia North West Rustenburg Gauteng Free State Carolina KwaZulu Natal Swaziland Northern Cape Lesotho Hammarsdale Eastern Cape Western Cape Worcester East London 35

36 national footprint South Africa s largest processor and marketer of chicken 7,942 employees (excluding seasonal casual workers) 209 rearing, laying and broiler farms and hatcheries 34m birds on the ground 5 feed mills 20,600 tons per week (1,1m tons per year) Botswana Limpopo Province Mpumalanga Namibia North West Rustenburg Gauteng Free State Carolina KwaZulu Natal Swaziland Northern Cape Lesotho Hammarsdale Eastern Cape Western Cape Worcester East London 36

37 national footprint South Africa s largest processor and marketer of chicken 7,942 employees (excluding seasonal casual workers) 209 rearing, laying and broiler farms and hatcheries 34m birds on the ground 5 feed mills 20,600 tons per week (1,1m tons per year) 4 primary processing plants 4,7m birds per week (nearly 250m birds per year) 2 further processed plants 520 tons per week (27,000 tons per year) Namibia North West Botswana Rustenburg Gauteng Free State Limpopo Province Polokwane Tzaneen Mpumalanga Carolina KwaZulu Natal Swaziland Northern Cape Lesotho Hammarsdale Eastern Cape Western Cape Worcester East London 37

38 national footprint South Africa s largest processor and marketer of chicken 7,942 employees (excluding seasonal casual workers) 209 rearing, laying and broiler farms and hatcheries 34m birds on the ground Windhoek 5 feed mills 20,600 tons per week (1,1m tons per year) 4 primary processing plants 4,7m birds per week (nearly 250m birds per year) Namibia 2 further processed plants 520 tons per week (27,000 tons per year) 4 plant-based cold storage facilities 15 distribution sites 163,000 cases delivered daily (43m pa) Fleet of 410 vehicles Western Cape Northern Cape North West Botswana Eastern Cape Rustenburg Roodepoort Gauteng Free State Bloemfontein Wolwehoek Limpopo Province Polokwane Lesotho Tzaneen Mpumalanga Pretoria Nelspruit Swaziland Carolina KwaZulu Natal Newcastle Pietermaritzburg Hammarsdale Durban Cape Town Worcester George Port Elizabeth East London

39 s transformation Revenue (Rbn) 0,5 1,5 1,5 1,6 1,7 1,9 2,1 2, Business in trouble Statutory HEBIT (Rm) (41) 45 Attributable Loss (Rm) 76 (83) (115) (147) (173) (229) (268) ,2 Fixing the basics 2,3 2,5 3,0 3, ,0 2, HEBIT Margin (%) 5,6 3,8 04 4, ,9 7,2 6,9 5,0 4, , ,1 13,9 6, ,8 6,8 7, ,2 7, Transformation to consumer focused business Clarified our strategic framework Restructured the company and board (regional to functional) Acquired Vector (R455m) to enable optimisation of outbound supply chain Consumer insight driving brand strategies - emphasis on Added Value Strategic customer approach to eliminate volume volatility and create higher margin business Significant capex investment of R1,6bn Agreed IT strategy roadmap and implemented profitability tools Strengthened leadership talent pool and aligned leadership through Good To Great journey well positioned for growth 39

40 growth phase 6,0 6,8 7,0 8,6 7, Growth phase Revenue (Rbn) 0,5 1,5 1,5 1,6 1,7 1,9 2,1 2, ,2 2,3 2,5 3,0 3, ,8 04 4, , , m strategy growth focused Capacity enhanced through: Wolwehoek acquisition Bushvalley acquisition Midrand facility Key enabler was restructuring into 2 focused operating companies Statutory HEBIT (Rm) Rainbow: Vector: 169 (41) Attributable Loss (Rm) (83) (115) (147) (173) (229) (268) HEBIT Margin (%) 5,6 5,0 6,9 7,9 7,2 14,1 13,9 12,8 6,2 7,4 6,5 5,3 2,0 2,0 40

41 Group strategy 41

42 Chicken industry perspective Estimated per capita consumption of broiler meat in Kilograms per annum Source: SAPA 42

43 Chicken industry perspective Average broiler production per week (in millions) excluding imports Source: SAPA 43

44 Chicken industry perspective Millions of broiler per week 19.1m broilers produced per week 4,5 4, ,8m tons per annum Astral = Earlybird Farms + County Fair Others = Numerous smaller producers producing less than 200k broilers per week 1, ,0 1,0 Rainbow Astral Country Bird Tydstroom Fouries Daybreak Rocklands Others Source: Management estimate 44

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