Looking back at the evolution of RFG, we show that the business has shifted from being dominated by its fresh foods segment and is increasingly moving towards a greater weighting in its regional long life business. While this may initially appear to be counterintuitive, given that the fresh foods business is a more cash generative and higher margin business, we see this as a strategic shift by management to bolster its offering and presence in other parts of Africa where margins for its long life products are higher than those in S.A.