Zambeef Prod. Regulatory News (ZAM)

Zambeef Products plc

("Zambeef" or the "Group")

Unaudited Results for the Six Months Ended 31 March 2012

Zambeef (AIM: ZAM), the fully integrated agri-business with operations in Zambia, Nigeria and Ghana, is pleased to announce its results for the six month period ended 31 March 2012.

Financial Highlights

*excludes the USD9.7m provision for the tax assessment issued on Zamanita Ltd. See below for a full explanation.

Operational Highlights

·; Significant revenue growth across the Group's businesses with the strongest divisional growth being, cropping (up 187%), chicken and eggs (up 68%), stock feed (up 50%), and the West African operations (up 45%).

·; The integration of Mpongwe Farm operations into the cropping division has gone well with the farm producing in excess of 27,000 MT of soya beans.

·; In Zambia two new retail outlets opened and four existing outlets refurbished. In West Africa, in partnership with Shoprite, two new stores opened.

·; The Group continued its expansion of production capacity with the following projects underway:

·; Expansion and upgrade of Zamanita's crushing capacity to 100,000 MT of soya beans per annum at a cost incurred during the period of ZMK22.2 billion (USD4.3m), the completion of which is expected in the second half of the financial year ended 30 September 2012.

·; Upgrade and expansion of processing facilities at Master Pork Limited at a capital cost of approximately ZMK18 billion (USD3.5 million), which has been completed during the period.

·; Expansion and upgrade of the dairy processing plant at a total cost to date of ZMK4.3 billion (USD0.8m), completion of which is expected by 30 September 2012.

·; Increase in the dairy herd through the purchase of 180 in-calf heifers at a cost of ZMK2.1 billion (USD0.4m).

The Group has increased its farming hectarage by 10,600 Ha via the acquisition of Mpongwe Farms, increased its grain in silos by over 8,000 MT, and increased its operating stocks as a result of continued expansion in production capacity. In the future, there will be a large increase in soya bean stocks held by Zamanita to meet the increased throughput capacity following completion of the refurbishment. Further, continued production and demand increases in the other operating divisions will require increased working capital utilisation.

Dividend

While the increased farming operations and expansion of Zamanita will lead to a large outflow of the Group's financial resources during the current financial year, the benefits of growth undertaken during FY2011 together with the further capital expenditure being undertaken in the current financial year is expected to be received from FY2013 onwards. Accordingly there will be no interim dividend.

Commenting on the results, Chairman Dr. Jacob Mwanza, said:

"We are happy to see continued strong performance of our core business areas, aided by the continued growth of the Zambian economy, together with the expansion of Zambeef's operations. Our main challenges have been the weakening of the Zambian Kwacha (particularly against the US Dollar) the ZRA Zamanita tax liability, and supply and/or capacity constraints in meeting continued growth in demand for our core products. However, we continue to build on our robust infrastructure to meet growing demand and, combined with our strong management team, our vertically integrated model, and largely positive economic factors, we are well positioned to become a leading food provider in the region."

For further information, please contact:

Notes to Editors

The Zambeef Group is one of the largest integrated agri-businesses in Zambia, involved in the primary production, processing, distribution and retailing of beef, chickens, pork, milk, eggs, dairy products, fish, flour, bread, edible oils and stock feed, throughout Zambia and the surrounding region, as well as Nigeria and Ghana. The Group is also one of the largest cereal row cropping operations in Zambia, with approximately 8,350 hectares of irrigated land and approximately 8,650 hectares of dry land, available for planting each year.

The Group has approximately 5,500 employees.

Further information can be found on www.zambeefplc.com

CHAIRMAN'S REPORT

Performance Review

I am delighted to report that following the good operational performance in 2011 the core business has continued to perform strongly for the first six months of 2012. In addition, the macro factors that have such an important bearing on the business are also helping to sustain our growth and momentum. We see greater employment opportunities, higher disposable income amongst our customers leading to increased demand for our products, single digit inflation, reducing borrowing rates, and most importantly stable commodity prices across the Group's key inputs.

Revenue increased by 43% in ZMK terms to ZMK652 billion and 32% in USD terms to USD128 million. Excluding the provision for Zamanita's tax liability, the business has performed well with significant improvement in gross margins up from 31.5% in 2011 to 35% in 2012 and reduction in cost to income ratio from 25.7% in 2011 to 25% in 2012 leading to the operating profit increasing by 150% in ZMK terms and 131% in USD terms period on period.

One of the key challenges we have had is the Zambia Revenue Authority (the "ZRA") tax liability imposed on Zamanita Limited ("Zamanita") with respect to importation of oil in previous financial years. During 2010, the ZRA undertook an audit of Zamanita and advised of an incorrect tariff code being used for importation of palm oil and further advised of the correct tariff code to be applied, which attracted a higher rate of duty. Following subsequent discussions with the ZRA, an assessment of ZMK56.5 billion (approximately USD11.8 million) was issued by the ZRA in October 2010, which included duties, taxes and penalties, and VAT for importations for prior years. In light of this assessment, Zamanita made an appeal to the ZRA, which resulted in the above assessment being set aside as incorrect and in December 2010, the Commissioner General of the ZRA issued a full and final settlement of ZMK8.7 billion (approximately USD1.9 million), which was paid by Zamanita, and at which point the matter was considered closed.

However, in January 2012, the ZRA issued a notice overturning the full and final settlement decision of the Commissioner General and issued in its place an assessment of ZMK54.6 billion (approximately USD 10.7 million) which is the original assessment plus accrued interest and VAT less the settlement paid to ZRA. Zambeef has been in on-going discussions with the ZRA in order to reach an appropriate settlement, which, in the view of the Directors would take account of the previous agreement between the ZRA and Zambeef set out in December 2010. Unfortunately, despite the best endeavours of the Directors, no such settlement has been reached and Zambeef has formally referred the matter to the Revenue Appeals Tribunal.

Other challenges have been the weakening of the Zambian Kwacha and supply and/or capacity constraints in meeting continued demand in our key products.

Board of Directors & Management Committee

As announced this morning, during the period Stanley Phiri left his position as Director General of NAPSA (the largest Zambian based shareholder) and therefore retired from his position as a Non Executive Director of Zambeef with immediate effect and I would like to take this opportunity to extend my appreciation and gratitude for his excellent contribution and support during the years he has been with the Company and we wish him well for the future.

As also announced this morning, the Company has taken the initiative to create a new Management Committee formed of existing senior management which will assist the Chief Executive Officer in running the day-to-day operations of the Group. The Management Committee will be led by Francis Grogan, Chief Executive Officer and its members will comprise the Executive Directors, being Carl Irwin, Yusuf Koya and Sushmit Maitra, together with Michael Ledwith (Chief Operating Officer), Craig Harris (Chief Administration Officer), and Colin Huddy (General Manager of the Cropping Division).

The Management Committee has been tasked to consider strategic, operational, business and industry issues as they arise and make recommendations to the Board and to ensure that strategic goals and objectives shaped by the Board are translated into tactical delivery. Mechanisms for measuring key performance indicators are in place to monitor progress. The terms of reference of the Management Committee were approved by the Board of Directors on 5 June 2012 and a summary is available on the Company's website www.zambeefplc.com.

Outlook and Dividend

The acquisition and integration of Mpongwe Farms into Zambeef's operations has gone well. We have achieved a large soya crop this past summer growing season which will aid the expansion of crushing capacity being carried out at Zamanita and lead to the higher margins associated with seed crushing as compared to importation of oils.

We are also expanding capacity in other production areas such as the dairy processing, chicken operations and meat processing.

The significant expansion carried out in FY2011 and in the current financial year is requiring a large investment of working capital. We expect the benefits of such investment to be realised from the FY2013 onwards where we hope to meet market demand in Zambia as well as increase the export of non-perishable goods to neighbouring countries.

Accordingly, there will be no interim dividend.

In a young, emerging and fast growing economy like Zambia's our vertically integrated 'farm to fork' model is proving to be robust and commercially effective. With the demand for quality food products currently outstripping our ability to supply them our biggest challenge, certainly in the short term, is not how to grow the business, but how to manage that growth.

Our long term aim is to become one of the largest food producers in the region and I believe we have the financial and operational expertise, encouraging economic and business conditions, and most importantly the drive and ambition to achieve it.

Dr. Jacob Mwanza

Chairman

20 June 2012

CHIEF EXECUTIVE OFFICER'S REPORT

I am pleased to present the results of the Zambeef Group for the six month period ended 31 March 2012. Most of our divisions have performed well in the period under review. However, the operational results are distorted by a tax liability that the Zambia Revenue Authority is seeking to impose, relating to a matter that occurred some years ago, and which is under dispute. Excluding this liability and comparing the 6 months to March 2012 to the 6 months to March 2011, most of our key performance indicators have improved. Most notably, our revenue has grown by 42% in ZMK terms and 32% in USD terms, gross margins improved from 31.5% to 35% and operating profit improved by 150% in ZMK terms and 131% in USD terms.

In the Annual Report of 2011, I commented on our shortcomings with respect to supply constraints and the measures we were taking with respect to investing in increasing our production and processing facilities. I am pleased to report that we have been taking steps in the right direction to achieve this, with significant investment undertaken in Zamanita, Master Pork, and our dairy operations, while we continue to increase our retail footprint across Zambia and West Africa.

A major part of the rationale behind the acquisition of Mpongwe Farms was to provide a reliable flow of raw materials to support the expansion being carried out in Zamanita. Accordingly, I am pleased to report that the integration of Mpongwe Farms into Zambeef's operations has gone successfully with Mpongwe having produced a large wheat crop in FY2011 and a bumper summer soya harvest for the cropping season just ended.

Overall unaudited results for the six months to March 2012

1 shows the performance of the Group excluding the provision for the tax assessment issued on Zamanita Limited.

2 includes a provision of ZMK33.96 billion (approximately USD6.7 million) within cost of sales and ZMK15.19 billion (approximately USD3.0 million) within administrative expenses with respect to a tax liability assessment from Zambia Review Authority ("ZRA") issued to Zamanita Limited in January 2012 as announced on 3 February 2012. This matter has been formally referred by Zambeef to the Zambian Revenue Appeals Tribunal as announced on 27 April 2012.

Taking each of our trading segments in turn as follows, (the gross profit figures in the tables below exclude the USD9.7m provision for the tax assessment issued on Zamanita Ltd):

Beef

Traditional beef was in short supply during the first three months of the financial year, whilst choice beef was readily available. With demand exceeding supply for traditional beef, more shops were converted to choice beef, with positive results. The situation has reversed itself, and consequently we now have healthy stocks of traditional, standard and choice beef.

Overall demand has outstripped supply during the first six months but going forward the supply should meet demand, which continues to be strong and growing.

Demand for the '5th quarter' products (liver, kidney, hooves, tripes) remains very strong and this continues to be one of the highly profitable lines.

Chicken & Egg

The demand for chicken and chicken products in the first half has been strong and outstripped supply, and only towards the end of the period have we been able to meet demand through extra production and better yields.

20 extra chicken houses are under construction with a further twenty planned and all should be in production before the end of the calendar year.

Demand for eggs is still very strong and demand from other retail chains to buy more of Zambeef products is a real opportunity. Whilst the selling price of eggs is being maintained, gross margins were reduced due to losses in the production facilities because of minor disease issues. However, this area of the business remains sound and one of the growth areas with the building of two new layer houses taking place.

Pork

Again demand has outstripped supply in the early part of the year. In order to improve availability of raw material, prices offered to pig producers has been increased, resulting in a better supply but a reduction in the gross margin. Demand remains strong and supply is currently keeping pace. The new abattoir being developed in Chingola is close to completion and awaiting Environmental Impact Authority clearance.

There is a further demand for Master Pork products from other Retail chains, thus, the potential for growth is good. Increased production capacity has become available through the installation of the new plant and machinery and upgrades carried out during the period.

Export opportunities are also being investigated which will open avenues to increase earnings in foreign exchange.

The USD3.5million expansion of the Master Pork processing facilities was completed during this period and now provides the facilities for continued strong growth in this division.

Cropping

Zambeef's annual cropping programme is conducted on four Estates, namely, Chiawa Estate in the South of Zambia, on the confluence of the Zambezi and Kafue rivers totalling 2,160 Ha of irrigable land; Sinazongwe Estate on the banks of Lake Kariba comprising 1,959 Ha of irrigable land; Huntley Estate in Chisamba, North of Lusaka with 662 ha of irrigable land and 1,001 Ha of rainfed land available for cropping; and Mpongwe Estate in Mpongwe district of the Northern Copperbelt Province having a total of 3,344 Ha of irrigable land and 7,188 Ha of rainfed land.

A total of 15,946 Ha of summer cropping was planted this season. This was split as follows:

i) 12,433 Ha (78%) soya beans to supply Zamanita with over 35,000 MT of soya beans.

ii) 2,111 Ha (13%) commercial maize to provide Novatek with 16,500 MT of maize as a strategic reserve.

iii) 274 Ha (1.7%) maize silage for the dairy operation.

iv) 575 ha (3.7%) of pasture and grass for the livestock on Huntley.

v) 553 Ha (3.6%) of sunhemp planted in Chiawa for soil conditioning.

The farming division has had an excellent summer. We have finished combining the crop and yields are ahead of budget. Mpongwe has been well integrated into the existing Zambeef operations and Zambeef looks forward to continued good performance of this division.

Stock feed (Novatek)

Our stock feed division has had another strong six months with revenue and profits continuing to grow. The stock feed operations are nearing capacity and consideration is being given to further expanding the stock feed production facilities in order to keep up with demand both within Zambia and the region.

Accordingly, Zambeef can look forward to continued growth in this division.

Milk and Dairy

Our dairy processing plant reached capacity during the last financial year. Zambeef is in the process of completing a USD2 million upgrade of its processing facilities in order to allow for the continued growth of this division. In addition 180 in calf heifers have been imported from South Africa to accelerate the expansion of the dairy herd.

As a result the dairy division can look forward to renewed strong growth going forward.

Edible oils

The edible oils division has had a satisfactory first 6 months. Revenue and gross profit (after adjusting for the effects of the taxation assessment liability) was only 10% below last year despite the shutdown and large upgrade of the crushing plant and Solvent Extraction Plant, which is almost complete. This will significantly improve and enhance the facility whilst increasing the crushing capacity from 50,000 MT per annum to 100,000 MT per annum.

In order to maintain the business while these upgrades have been taking place, Zamanita has been manually crushing soya beans and the cotton crushing operations have been ongoing. In addition crude soya oil has been imported to meet the shortfall.

Zamanita has sourced around 90,000 MT of soya which is significantly up from the 36,000 MT sourced last year. The new solvent extraction plant and crushing plant will be commissioned shortly at which time Zamanita can look forward to significant increase in revenue and margins.

The large upgrade of Zamanita's facilities will have a material effect on the performance of the business going forward. As a result, Zamanita will continue to be a fast growing part of Zambeef's business.

In spite of the positive performance seen for Zamanita in this period, results have been affected by the tax liability imposed by the Zambia Revenue Authority for oil importations in prior periods. While we have provided for the entire liability in the report for the period, the Board of Zambeef have taken the matter to the Revenue Appeals Tribunal and will continue its best efforts to resolve the matter in the most efficient manner possible.

Bakery & Flour

The Bakery and Flour division have had a good 6 months with revenue and gross profits well-up. Demand has been strong and Zambeef has expanded its milling capacity during the period to keep up with demand. The challenge remains for this division to continue to grow in line with this increased production base.

West Africa

The West African operations have continued to show good growth in terms of revenue and gross profit. Shoprite have continued their rollout program with new stores opening in Enugu and Ekeja during this period. Two additional stores are expected to open in Ilorin and Abuja before the end of the financial year.

As a result continued strong growth is expected in Zambeef's West African operations.

Fish, Zamchick Inn & Leather

Demand for fish continues to increase and this part of the business is successful due to a quality product, a good supply base and an efficient distribution network. The lower gross margin in comparison to 2011 is due to a change to a better quality and consistent supply product which is at a higher purchase price but the rewards in increased revenue and overall profitability have proved this to be the correct policy.

Whilst Zamchick Inn remains a small part of the business, the improvement in the quality of product and service and the supply from Huntley is beginning to show results. The improvement has been achieved with two less stores than the previous year. A new concept store was opened in late May 2012, with a new menu and product offering and is already one of the highest revenue stores.

The leather division has performed well with exports and demand for shoes, especially in Zimbabwe, constantly growing and favourable contracts with the Copperbelt mines helping to uplift this area of the business.

Conclusion and outlook

Looking ahead, our key goal is to generate additional revenue in order to enhance stakeholder value. To achieve this, we need to address supply constraints, continue to grow our retail footprint and extend our distribution chain.

New projects commenced during the period, which include the upgrade and expansion of the Mpongwe Farms, the continuing upgrade and expansion of the Zamanita processing facilities, the upgrade of Master Pork's processing facilities, upgrade and expansion of our dairy plant, additional layer and broiler operations, establishment of a new pig abattoir in the Copperbelt province, and continued expansion of our retail infrastructure across Zambia and Nigeria, should make significant contribution to meeting this goal.

As such, I continue to be optimistic about our future. With the continuous inroads we make towards increasing and improving our operational infrastructure and increasing our productivity through, amongst other things, recruiting high caliber individuals and ensuring we have a sound business model and coherent strategy, the company will be able to meet the growing demand for quality food at affordable prices. This in turn will lead to revenue growth and enhance stakeholder value.

Francis Grogan

Chief Executive Officer

Date: 20 June 2012

ZAMBEEF PRODUCTS PLC AND ITS SUBSIDIARIES

REPORT OF THE DIRECTORS

In compliance with Division 8.3 of the Companies Act, the Directors submit their report on the activities of the Group for the period ended 31 March 2012.

1. Principal activities

Zambeef Products PLC and its subsidiaries ("Group") is one of the largest agri-businesses in Zambia. The Group is principally involved in the production, processing, distribution and retailing of beef, chicken, pork, milk, dairy products, eggs, edible oils, stock feed, flour and bread. The Group also has large row cropping operations (principally maize, soya beans and wheat), with approximately 8,350 Ha of row crops under irrigation and 8,650 Ha of rain-fed/dry-land crops available for planting each year. The Group is also in the process of rolling out its West Africa expansion in Nigeria and Ghana, as well as a palm project within Zambia.

2. The Company

The Company is incorporated and domiciled in Zambia.

Business address Postal address

Plot 4970, Manda Road Private Bag 17

Light Industrial Area Woodlands

Lusaka Lusaka

ZAMBIA ZAMBIA

3. Share capital

Details of the Company's authorised and issued share capital are as follows:

4. Results

The Group's results are as follows:

The loss for the period to 31 March 2012 includes a provision of ZMK33.96 billion (c. USD6.7 million) under cost of sales and ZMK15.19 billion (c. USD3.0 million) under administrative expenses with respect to a tax liability assessment from Zambia Review Authority ("ZRA") issued to Zamanita Limited (for importation of palm oil in prior periods) in January 2012 as announced on 3rd February 2012. This matter has been formally referred by Zambeef to the Zambian Revenue Appeals Tribunal as announced on 27 April 2012. The performance of the Group excluding this provision is profit for the period of ZMK36.2 billion (USD 7.1 million).

5. Dividends

A final dividend of ZMK21.40 (0.45 cents) for the year ended 30 September 2011 was approved by the shareholders at the Annual General Meeting held on 25 January 2012, and paid to shareholders on 29 February 2012.

6. Management

The Senior Management team comprise the following:

7. Directors and Secretary

The directors in office at the financial period and at the date of this report were as follows:

8. Directors' interests

The directors held the following interests in the Company's ordinary shares at the balance sheet date:

9. Directors and Management Committee Members' fees and remuneration

In April 2011, the Remuneration Committee agreed the following gross annual packages (USD), with further revisions carried out in subsequent Committee meetings held on January 2012:

In addition to the above, all Executive Directors and Management Committee Members are also entitled to the following:

(i) Gratuity - 10% of gross basic salary paid over the two year contract term, less statutory deductions for tax;

(ii) Annual Cash Bonus - 25% of the Group's net profit above the annual budgeted figure will be made available as a bonus pot, to be shared between the Executive Directors and Management Committee Members, subject to Remuneration Committee discretion and subject to a maximum pay-out of 50% of an Executive Directors and Management Committee Members' annual basic salary.

Each Non-Executive Director has entered into a letter of appointment with the Company on 1 April 2011, for an initial term of three years, unless terminated by either party giving three months' notice.

Each Executive Director has entered into a fixed term service agreement on 1 April 2011, for an initial term of two years, unless terminated by either party giving six months' notice (provided that any such notice given from the executive to the Company shall not take effect on a date which is earlier than the first anniversary of admission on AIM (23 June 2011)).

There were no loans made to Directors or any outstanding loans from Directors at the period end.

Members of the Board were not entitled to any form of defined pension benefits from the Company.

10. Significant Shareholdings

As at 31 March 2012, the Company has been advised of the following notifiable interests in its ordinary share capital:

.

11. Employees

The Group employed an average of 5,704 (30 September 2011 - 4,367, 31 March 2011 - 4,161) employees and total salaries and wages were ZMK76.3 billion (USD14.9 million) for the period ended 31 March 2012 (30 September 2011 - ZMK108.9 billion [USD22.9 million], 31 March 2011 - ZMK45.5 billion [USD9.6 million]).

The average number of persons employed by the Group in each month of the 6 months period is as follows:

12. Safety, Health and Environmental issues

As part of some of the Group's term loans, the Group signed up to an Environmental and Social Action Plan ("ESAP"), which requires the Group to meet both local Zambian standards as well as international standards relating to the environment. The most recent independent consultant reports state that Zambeef continues to make positive progress in delivering the approved ESAP.

The Group provides healthcare services to its employees. The Group also supports various community activities in the areas that it operates from.

13. Legal matters

There are no significant legal or arbitration proceedings (including to the knowledge of the Directors, any such proceedings which are pending or threatened, by or against the Company or any subsidiary of the Group) which may have or have had during the 12 months immediately preceding the date of this document a significant effect on the financial position or profitability of the Company or any member of the Group, except the outstanding tax liability on Zamanita Limited of ZMK54.6 billion (USD10.4 million) which the Group has referred to the Revenue Tribunals Authority as per the announcements to the market on 3 February 2012 and 27 April 2012 respectively.

14. Gifts and donations

The Group made donations of ZMK0.2 billion (USD0.04 million) (30 September 2011 - ZMK0.5 billion [USD0.11 million], 31 March 2011 - ZMK0.1 billion [USD0.02 million]) to a number of activities.

15. Export sales

The Group made exports of ZMK10.5 billion (USD2.1 million) during the period (30 September 2011 -ZMK25.7billion [USD5.4 million], 31 March 2011 - ZMK15.2 billion [USD3.2 million]).

16. Property, plant and equipment

Assets totalling ZMK76.9 billion (USD15.1 million) were purchased by the Group during the period (30 September 2011 - ZMK311.1 billion [USD65.4 million], 31 March 2011 - ZMK29.1 billion [USD6.2 million]) and recorded expenditure on the palm plantation development during the period of ZMK2.2 billion (USD0.4 million) (30 September 2011 - ZMK12.3 billion [USD2.6 million], 31 March 2011 - ZMK4.2 billion [USD0.9 million]).

17. Interim report

The interim report set out below have been approved by the directors.

By order of the Board

Company Secretary

Date: 20 June 2012

Date: 20 June 2012

The Director

Zambeef Products PLC

Plot 4970, Manda Road

Light Industrial Area

Lusaka

Dear Sirs

INDEPENDENT REVIEW REPORT OF ZAMBEEF PRODUCTS PLC AND ITS SUBSIDIARIES

Introduction

We have been instructed by the directors of the Company to review the financial information set out below and we have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information.

Directors' responsibilities

The interim report, including the financial information contained therein, is the responsibility of, and has been approved by the directors. The Listing Rules of the Lusaka Stock Exchange and International Accounting Standard 34 require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual financial statements except where changes, and reasons for them, are disclosed.

Review of work performed

We conducted our review in accordance with guidance contained in the International Standards on Auditing. A review consists principally of making enquiry of Group management and applying analytical procedures to the financial information and underlying financial data and based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as test of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with International Standards on Auditing and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information.

Review conclusion

On basis of our review we are not aware of any material modifications that should be made to the consolidated financial information as presented for the six months period ended 31 March 2012.

Chartered Accountants

Wesley M Beene

Partner

Lusaka

Date 20 June 2012

ZAMBEEF PRODUCTS PLC AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS PERIOD ENDED 31 MARCH 2012

The accompanying notes form part of the financial statements.

ZAMBEEF PRODUCTS PLC AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS PERIOD ENDED 31 MARCH 2012

The accompanying notes form part of the financial statements.

ZAMBEEF PRODUCTS PLCAND ITS SUBSIDIARIES

CONSOLIDATED STATEMENT OF MOVEMENTS IN EQUITY

FOR THE SIX MONTHS PERIOD ENDED 31 MARCH 2012

ZAMBEEF PRODUCTS PLCAND ITS SUBSIDIARIES

CONSOLIDATED STATEMENT OF MOVEMENTS IN EQUITY

FOR THE SIX MONTHS PERIOD ENDED 31 MARCH 2012