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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Tongaat Hulett Limited | LSE:THL | London | Ordinary Share | ZAE000096541 | ORD R1 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 917.9903 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMTHL
RNS Number : 2814W
Tongaat Hulett Limited
13 November 2017
Tongaat Hulett Limited
Registration No: 1892/000610/06
JSE share code: TON
ISIN: ZAE000096541
INTERIM RESULTS FOR THE SIX MONTHSED 30 SEPTEMBER 2017
-- Revenue of R8,118 billion (2016: R8,503 billion) - 4,5% -- Operating profit of R1,471 billion (2016: R1,350 billion) +9,0% -- Headline earnings of R661 million (2016: R631 million) +4,8%
-- Operating cash flow (before working capital) of R2,447 billion
(2016: R2,317 billion)
-- Interim dividend of 100 cents per share (2016: 100 cents per share)
COMMENTARY
The results for the half-year ended 30 September 2017 show a 9% increase in operating profit to R1,471 billion. The sugar operations have seen the beginning of the production volume recovery after the drought conditions of the previous two years. This benefit was offset by the impact of lower world sugar prices and a period of high imports into South Africa. The starch operations experienced the carry over effect, into the first half of the year, of maize costs at import parity as a result of the previous season's drought, concurrently with lower co-product revenues. Tongaat Hulett benefitted from its portfolio approach, with land conversion and development activities showing a considerable increase compared to the prior period.
The various sugar operations generated total operating profit of R835 million (2016: R825 million), as follows.
The Zimbabwe sugar operating profit increased to R358 million (2016: R251 million). Local market sugar sales increased, including volumes for refined white sugar. Sugar production is expected to be lower than last year due to the impact of low dam levels in 2016 that led to restricted irrigation in the key growing period for this season's crop. The current half-year results include the higher milling portion of the division of proceeds, which was adjusted late in the 2016/17 year as part of an ongoing process.
The Mozambique sugar operating profit improved to R232 million (2016: R219 million). The business benefitted from the appropriate level of protection against imports in the local market, improved sugar distribution and availability in more remote areas, at the same time as there being pressure on local sales due to the tighter general economic conditions. The positive impact on cane valuations from price increases in the first half of last year was not repeated in the first half of this year. Production volumes have started recovering from a period of restricted irrigation levels as a result of low dam levels.
The South African sugar operations, including various downstream activities, produced operating profit of R211 million (2016: R306 million). The local market has seen a period of high imports into South Africa while there was a gap in duty protection, which has subsequently been resolved. Sugar production is recovering after the drought which impacted the past two years and Tongaat Hulett is expected to increase its share of total industry production to some 26% in 2017/18 (22% in the prior season). Export sales reflect an increase in volumes and are simultaneously being impacted by the lower world price. Voermol animal feeds continues to make an important contribution, with increased sales volumes.
The starch and glucose operation recorded an operating profit of R240 million (2016: R306 million). Margins were negatively impacted in this half-year by maize costs which were at import parity levels following the drought of the previous season. The large current season maize crop has subsequently seen maize costs reduce significantly, close to export parity, with the benefit beginning to flow through in the latter part of the first six months. Co-product revenues have been under pressure. A recovery in local market sales volumes has started as a result of the replacement of customers' imports with local production, together with ongoing market development for modified starches and powdered glucose.
Land development activities in this period led to the sale of 35 developable hectares for integrated affordable neighbourhoods in the newly launched Umhlanga Hills and Marshall Dam in Cornubia, which will yield over 2 500 well-located affordable homes. Other sales concluded will unlock urban amenities in Umhlanga Hills and Bridge City (6 hectares), high intensity mixed use in Umhlanga Ridgeside and Umhlanga Ridge Town Centre (4 hectares), retirement in Ridgeside (17 hectares) and a new tertiary education campus at Sibaya (6 hectares). These sales, totaling 68 developable hectares (2016: 19 hectares), led to operating profit of R441 million (2016: R269 million) being recorded. Profitability per hectare is in line with anticipated ranges communicated previously.
Operating cash flow (before working capital movements) was R2,447 billion compared to R2,317 billion in the first six months of last year. The half-year reflects a R2,500 billion absorption of cash in working capital (2016: R1,256 billion), with a greater than normal mid-season increase in sugar stock levels. Sugar cane root planting has been accelerated following the end of the drought. Capex and root planting costs totaled R818 million (2016: R677 million). The land conversion and developments cash flow includes both proceeds being received and development expenditure related payments being made. The considerable positive net cash flow anticipated this year is expected to be in the second half of the year. In total, there has been a net cash outflow (before dividend payments) of R1,451 billion (2016: R207 million outflow). Tongaat Hulett's net debt at the mid-year was R6,5 billion (2016: R5,5 billion). Finance costs of R413 million (2016: R408 million) were commensurate with the borrowings levels during the period and the prevailing interest rates.
Taking all of the aforementioned into account, headline earnings for the half-year amounted to R661 million (2016: R631 million). An interim dividend of 100 cents per share has been declared (2016: 100 cents per share).
LOOKING AHEAD
Tongaat Hulett is poised for a positive earnings and cash flow period ahead with its well positioned asset base and benefitting from the multiple strategic actions completed to date and ongoing.
Increasing Returns from the Sugar Asset Base - Recovering Cane Yields, Growing Sugar Production, Utilising Existing Capacity, with Low Incremental Costs
The decrease in costs achieved over the past four years was equivalent to some R1,45 billion in real terms. The ongoing cost reduction process is particularly focused on bought-in goods, services, transport, marketing, salaries and wages, from cane growing to the delivery of sugar to customers. The nature of sugar milling and cane growing is such that there is a high proportion of fixed costs. Unit costs of sugar production will reduce further with the benefit of future volume increases. Tongaat Hulett's marginal cost of additional sugar production currently averages some US$101 per ton from own cane and US$247 per ton from third party cane. Average realisations, ex-mill, based on current regional and EU market dynamics, off a world market price of some 15 US cents per pound, are approximately US$341 per ton.
Weather and growing conditions over the previous two years (i.e. 2015/16 and 2016/17) masked the substantial progress that is being made with intensive agricultural improvement programmes, increased hectares under cane, irrigation efficiencies and power reliability. The existing sugar cane footprint, the agricultural improvement programmes and the completion of the few new planting partnership initiatives currently underway are likely to result in future production of more than 1 600 000 tons of sugar (2016/17: 1 056 000 tons), given regular growing conditions. Tongaat Hulett's intention is to continue to initiate all cane related opportunities so as to fully utilise its installed milling capacity of more than 2 000 000 tons per annum. Some 25 000 hectares of new cane land have been planted, mainly in communal areas, in South Africa over the past five years.
Total sugar production for 2017/18 is expected to be between 1 161 000 tons and 1 209 000 tons, compared to 1 056 000 tons in 2016/17. The good rainfall of the 2016/17 summer in the coastal areas of KwaZulu-Natal was positive for the 2017/18 crop yield. The 2017/18 crop in Zimbabwe and Mozambique will continue to be impacted, to varying extents, by the reduced irrigation and limited replanting that was necessary during 2016. The current dam levels, following the good rains at the end of 2016 into 2017, are providing full irrigation during 2017/18 leading to a significant crop recovery by 2018/19. Total sugar production is expected to recover to between some 1 403 000 and 1 510 000 tons in 2018/19.
The domestic markets in countries where Tongaat Hulett produces sugar remain a key focus area. In Mozambique, a 90 000 ton sugar refinery is under construction at the Xinavane sugar mill, for commissioning in the second half of 2018, the production from which will replace imported industrial white sugar. In Zimbabwe, operational optimisation at the Triangle refinery has increased production of refined sugar suitable for domestic industrial markets. Growth is expected in consumption per capita, off a low base, particularly in Mozambique, supported by distribution, industrialisation and marketing initiatives. Tongaat Hulett has the leading sugar brands in South Africa, Zimbabwe, Botswana and Namibia. There has been significant success in Zimbabwe and Mozambique with the required protection from imports, with Government support, given the high rural job impact of these industries and being in line with international norms. In South Africa, the current import tariff level is the lowest in the region. The proposed tax in South Africa on sugar sweetened beverages, its timing and its potential socio-economic impact are being assessed. Dialogue between the sugar industry, Government and organised labour has led to the formation of a Task Team with a mandate to work on avenues
of Government support for the sugar industry, such as strengthening the tariff mechanism, grower support schemes and a fuel ethanol programme.
Tongaat Hulett has key market positions in both the region (southern and eastern Africa) and the EU. It is developing and expanding its positions in regional deficit markets, where a premium is earned over world market prices as well as broadening its footprint in key value-add markets in the EU where it continues to enjoy preferential access.
The price of raw sugar in the world market, having traded in a wide range of some 14,0 to 23,8 US cents per pound in the 12 months to March 2017, has come under pressure over the past six months from emerging forecasts for a global supply surplus in the 12 months to September 2018. Of late, it is trading around 14,8 US cents per pound. In the medium term, there continue to be concerns of the ability of global supply to match demand at prevailing price levels. Global sugar consumption is predicted to continue to grow at a rate of some 1,8% per annum, with most of this growth coming from low per capita consumption developing countries.
Tongaat Hulett is focused on unlocking opportunities to grow its animal feeds offering, ethanol production and electricity generation to extract maximum value from sugar cane in all countries of operation.
Starch and Glucose - More Competitive Maize and Better Local Volume Prospects
The starch and glucose operation is well positioned and focused on growing its sales volume, as it consolidates gains from replacement of imports in the coffee/creamer and other sectors, with continued enhancement of its product mix and developing opportunities which have been identified and targeted for growth through exports. Working together with customers, further opportunities are being targeted for growth through customer exports. Market development to increase the production of value-added modified starches is progressing. This is all underpinned by further improving the use of the available capacity and the efficiency of operations.
The second six months of 2017/18 will see an improvement in operating margins as the starch operation benefits from maize prices closer to export parity levels following the record maize harvest of 16,7 million tons in the 2017/18 season (2016/17: 7,8 million tons). The growth in sales volumes experienced in the first half of the year is expected to accelerate in the second half of the year, supported by the replacement of imported contracts with local production, improving local market demand, new market development and export market growth, all of which are benefitting from the lower maize prices. The combination of the improved volume and margin outlook with the ongoing focus on costs and operating efficiencies is expected to see a considerable improvement in operating profit for the second six months.
Increasing the Impetus of Land Development from a Solid Platform
Collaboration with many stakeholders continues to yield progress, consolidating the platform for increased momentum in the broad-based value to be created through land development. A detailed update of the land portfolio is available on the www.tongaat.com website.
Over the past three years 322 developable hectares have been sold through land development projects, generating substantial social and economic benefits in the area north of Durban. Sales expected over the next five years are in the range of some 630 to 1 179 hectares, coming from 3 315 hectares of prime developable land near Durban and Ballito out of the portfolio of some 7 641 developable hectares. Some 3 593 hectares have been approved for release from agriculture (Act 70 of 1970 approvals) and 1 246 hectares have EIA approval for development. Significant progress has been made in consolidating and formalising collaboration with key stakeholders including clients, communities near current and proposed developments and local and provincial authorities. Planning processes are expected to open up new development areas around King Shaka International Airport, around Ballito and at Ntshongweni west of Durban. The focus on unlocking demand drivers is achieving a step up in momentum in targeted market sectors and with key clients. A number of large-scale infrastructural projects in the region are progressing well and approaching completion. Transactions are being pursued that are structured to unlock particular demand drivers and deliver transformation of ownership and participation in the real estate value chain.
Negotiations with prospective buyers are ongoing and currently involve some 135 developable hectares with profit potential in excess of R1,5 billion over time. These include diverse demand drivers, primarily in the growth corridor north of Durban. Increasing interest is also being expressed in the areas of Ntshongweni to the west of Durban and the airport region.
Conclusion
Tongaat Hulett is a proactive and resilient organisation working in collaboration with all its stakeholders in a focused, constructive, mutual value-adding and developmental manner. It has operations in six countries in SADC, significant sugar cane and maize processing facilities, a unique land conversion platform, a sizeable animal feeds thrust and possibilities to further grow ethanol and electricity generation.
Overall, there is a positive outlook for the 2017/18 full year and into 2018/19, with earnings growth and cash flow momentum expected.
For and on behalf of the Board
Bahle Sibisi Peter Staude Chairman Chief Executive Officer
Amanzimnyama
Tongaat, KwaZulu-Natal
9 November 2017
DIVID DECLARATION
Notice is hereby given that the Board has declared an interim gross cash dividend (number 180) of 100 cents per share for the half-year ended 30 September 2017 to shareholders recorded in the register at the close of business on Friday 2 February 2018.
The salient dates of the declaration and payment of this interim dividend are as follows:
Last date to trade ordinary shares
Hot Features
Premium
"CUM" dividend Tuesday 30 January 2018
Ordinary shares trade "EX" dividend Wednesday 31 January 2018
Record date Friday 2 February 2018
Payment date Thursday 8 February 2018
Share certificates may not be dematerialised or re-materialised, nor may transfers between registers take place between Wednesday 31 January 2018 and Friday 2 February 2018, both days inclusive.
The dividend is declared in the currency of the Republic of South Africa. Dividends paid by the United Kingdom transfer secretaries will be paid in British currency at the rate of exchange ruling at the close of business on Tuesday 30 January 2018.
The dividend has been declared from income reserves. A net dividend of 80 cents per share will apply to shareholders liable for the local 20% dividend withholding tax and 100 cents per share to shareholders exempt from paying the dividend tax. The issued ordinary share capital as at 9 November 2017 is 135 112 506 shares. The company's income tax reference number is 9306/101/20/6.
For and on behalf of the Board
M A C Mahlari
Company Secretary
Amanzimnyama
Tongaat, KwaZulu-Natal
9 November 2017
Income Statement
Condensed consolidated Unaudited Unaudited Audited
6 months 6 months 12 months
to to to
30 September 30 September 31 March
Rmillion 2017 2016 2017
-------------------------------------------- --------------------------- --------------------------- -----------------------
Revenue 8 118 8 503 17 915
--------------------------- --------------------------- -----------------------
Operating profit 1 471 1 350 2 333
Net financing costs
(note 1) (413) (408) (810)
Profit before tax 1 058 942 1 523
Tax (note 2) (267) (255) (428)
Profit for the period 791 687 1 095
--------------------------- --------------------------- -----------------------
Profit attributable
to:
Shareholders of
Tongaat Hulett 724 639 983
Minority (non-controlling)
interest 67 48 112
791 687 1 095
--------------------------- --------------------------- -----------------------
Earnings per share
(cents)
Basic 628.5 553.7 853.6
Diluted 628.5 553.7 853.6
--------------------------------------------------------------------------------------------------------
Headline earnings
attributable to
Tongaat Hulett shareholders
(note 3) 661 631 982
--------------------------- --------------------------- -----------------------
Headline earnings
per share (cents)
Basic 573.8 546.7 852.7
Diluted 573.8 546.7 852.7
Dividend per share
(cents) 100.0 100.0 300.0
Currency conversion
Rand/US dollar closing 13.46 13.96 13.38
Rand/US dollar average 13.21 14.60 14.09
Rand/Metical average 0.21 0.25 0.22
Rand/Euro average 15.03 16.29 15.45
US dollar/Euro average 1.14 1.12 1.10
Segmental Analysis
Condensed consolidated Unaudited Unaudited Audited
6 months 6 months 12 months
to to to
30 September 30 September 31 March
Rmillion 2017 2016 2017
-------------------------- ------------- ------------- ----------
REVENUE
Sugar
Zimbabwe 2 063 2 371 4 399
Swaziland 162 124 236
Mozambique 1 191 1 325 1 723
South Africa 2 004 2 197 6 405
------------- ------------- ----------
Sugar operations -
total 5 420 6 017 12 763
Starch operations 1 993 2 114 4 172
Land Conversion and
Developments 705 372 980
Consolidated total 8 118 8 503 17 915
------------- ------------- ----------
OPERATING PROFIT
Sugar
Zimbabwe 358 251 504
Swaziland 34 49 69
Mozambique 232 219 308
South Africa 211 306 390
------------- ------------- ----------
Sugar operations -
total 835 825 1 271
Starch operations 240 306 510
Land Conversion and
Developments 441 269 641
Centrally accounted
and consolidation items (39) (42) (74)
BEE IFRS 2 charge and
transaction costs (6) (8) (15)
Consolidated total 1 471 1 350 2 333
------------- ------------- ----------
FURTHER ANALYSIS OF
SUGAR OPERATING PROFIT
Sugar operations -
before cane valuations 1 308 1 184 1 128
Zimbabwe 580 557 748
Swaziland 61 47 67
Mozambique 394 288 168
South Africa 273 292 145
------------- ------------- ----------
Cane valuations - income
statement effect (473) (359) 143
Zimbabwe (222) (306) (244)
Swaziland (27) 2 2
Mozambique (162) (69) 140
South Africa (62) 14 245
------------- ------------- ----------
Sugar operations -
after cane valuations 835 825 1 271
Zimbabwe 358 251 504
Swaziland 34 49 69
Mozambique 232 219 308
South Africa 211 306 390
------------- ------------- ----------
Statement of Financial Position
Condensed consolidated Unaudited Unaudited Audited
31
30 September 30 September March
Rmillion 2017 2016 2017
--------------------------------------------------- ------------------------------ ------------------------------- --------
ASSETS
Non-current assets
Property, plant and 13
equipment 14 184 13 478 688
Long-term receivable 649 592 619
Goodwill 388 393 382
Intangible assets 409 290 366
Investments 30 25 28
------------------------------ ------------------------------- --------
15
15 660 14 778 083
12
Current assets 17 002 14 590 871
Inventories 6 139 4 889 2 949
Growing crops (note
4) 2 137 2 083 2 549
Trade and other receivables 5 137 5 059 4 632
Cash and cash equivalents 3 589 2 559 2 741
------------------------------ ------------------------------- --------
27
TOTAL ASSETS 32 662 29 368 954
------------------------------ ------------------------------- --------
EQUITY AND LIABILITIES
Capital and reserves
Share capital 135 135 135
Share premium 1 544 1 544 1 544
BEE held consolidation
shares (621) (640) (642)
Retained income 9 525 8 779 9 044
Other reserves 1 095 587 700
------------------------------ ------------------------------- --------
10
Shareholders' interest 11 678 10 405 781
Minority (non-controlling)
interest 2 038 1 968 1 957
------------------------------ ------------------------------- --------
12
Equity 13 716 12 373 738
Non-current liabilities 8 408 7 973 8 296
Deferred tax 2 483 2 606 2 537
Long-term borrowings 5 127 4 547 4 975
Provisions 798 820 784
------------------------------ ------------------------------- --------
Current liabilities 10 538 9 022 6 920
Trade and other payables
(note 5) 4 682 4 605 3 598
Short-term borrowings 4 976 3 542 2 546
Non-recourse equity-settled
BEE borrowings 602 620 623
Tax 278 255 153
------------------------------ ------------------------------- --------
27
TOTAL EQUITY AND LIABILITIES 32 662 29 368 954
------------------------------ ------------------------------- --------
--------------------------------------------------------------------------------------------
Number of shares (000)
135
- in issue 135 113 135 113 113
- weighted average 115
(basic) 115 189 115 414 158
- weighted average 115
(diluted) 115 189 115 414 158
Statement of Changes in Equity
Condensed consolidated Unaudited Unaudited Audited
6 months 6 months 12 months
to to to
30 September 30 September 31 March
Rmillion 2017 2016 2017
---------------------------- ------------- ------------- ----------
Balance at beginning
of period 10 781 13 273 13 273
Total comprehensive
income for the period 1 161 (2 787) (2 324)
Retained income 724 639 1 012
Movement in hedge
reserve (6) (6) (5)
Foreign currency
translation 443 (3 420) (3 331)
------------- ------------- ----------
Dividends paid (220) (66) (176)
BEE share-based payment
charge 5 7 13
Share-based payment
charge 8 25 60
Settlement of share-based
payment awards (57) (47) (65)
Shareholders' interest 11 678 10 405 10 781
Minority (non-controlling)
interest 2 038 1 968 1 957
Balance at beginning
of period 1 957 2 152 2 152
Total comprehensive
income for the period 93 (180) (181)
Retained income 67 48 112
Foreign currency
translation 26 (228) (293)
============= ============= ==========
Dividends paid to
minorities (12) (4) (14)
------------- ------------- ----------
Equity 13 716 12 373 12 738
------------- ------------- ----------
Statement of Other Comprehensive Income
Condensed consolidated Unaudited Unaudited Audited
6 months 6 months 12 months
to to to
30 September 30 September 31 March
Rmillion 2017 2016 2017
-------------------------------------- ------------- ------------- ----------
Profit for the period 791 687 1 095
Other comprehensive income 463 (3 654) (3 600)
Items that will not be
reclassified to profit
or loss:
Foreign currency translation 469 (3 648) (3 624)
Actuarial gain on post-retirement
benefits 40
Tax on actuarial gain (11)
Items that may be reclassified
subsequently to profit
or loss:
Hedge reserve (8) (8) (7)
Tax on movement in hedge
reserve 2 2 2
Total comprehensive income
for the period 1 254 (2 967) (2 505)
------------- ------------- ----------
Total comprehensive income
attributable to:
Shareholders of Tongaat
Hulett 1 161 (2 787) (2 324)
Minority (non-controlling)
interest 93 (180) (181)
1 254 (2 967) (2 505)
------------- ------------- ----------
Statement of Cash Flows
Condensed consolidated Unaudited Unaudited Audited
6 months 6 months 12 months
to to to
30 September 30 September 31 March
Rmillion 2017 2016 2017
----------------------------- ------------- ------------- ----------
Operating profit 1 471 1 350 2 333
Surplus on disposal
of property, plant and
equipment (51) (11) (42)
Depreciation 517 589 1 027
Growing crops valuation
and other non-cash items 510 389 (38)
Operating cash flow 2 447 2 317 3 280
Change in working capital (2 500) (1 256) (104)
Cash flow from operations (53) 1 061 3 176
Tax payments (218) (190) (482)
Net financing costs (413) (408) (810)
Cash flow from operating
activities (684) 463 1 884
Expenditure on property,
plant and equipment:
New (109) (95) (423)
Replacement (218) (228) (228)
Cane roots (348) (133) (418)
Major plant overhaul
cost changes (90) (139) 26
Intangible assets (53) (82) (166)
Other capital items 51 7 59
Net cash flow before
dividends and financing
activities (1 451) (207) 734
Dividends paid (232) (70) (190)
Net cash flow before
financing activities (1 683) (277) 544
Borrowings raised 2 568 1 267 680
Non-recourse equity-settled
BEE borrowings (21) 15 18
Settlement of share-based
payment awards (57) (47) (65)
Net increase in cash
and cash equivalents 807 958 1 177
Balance at beginning
of period 2 741 1 877 1 877
Currency alignment 41 (276) (313)
Cash and cash equivalents
at end of period 3 589 2 559 2 741
------------- ------------- ----------
Notes
Condensed consolidated Unaudited Unaudited Audited
6 months 6 months 12 months
to to to
30 September 30 September 31 March
Rmillion 2017 2016 2017
--------------------------------- ------------- ------------- ----------
1. Net financing costs
Interest paid (497) (472) (973)
Interest capitalised 21 16 34
Interest received 63 48 129
(413) (408) (810)
------------- ------------- ----------
2. Tax
Normal (396) (355) (549)
Deferred 129 100 121
(267) (255) (428)
------------- ------------- ----------
3. Headline earnings
Profit attributable
to shareholders 724 639 983
Adjusted for:
Capital profit on
disposal of land and
buildings (52) (8) (12)
Surplus on other
capital items (4)
Surplus on disposal
of property, plant and
equipment (3)
Minority (non-controlling)
interest 1 1
Tax on the above
items (11) 2 14
661 631 982
------------- ------------- ----------
4. Growing crops
Growing crops, comprising standing cane,
is measured at fair value which is determined
using an estimate of cane yields and prices
which are unobservable inputs and, in accordance
with IFRS, categorised as level 3 under
the fair value hierarchy. Changes in fair
value are recognised in profit or loss.
A change in yield of one ton per hectare
on the estimated yield of 75 tons cane per
hectare (30 September 2016: 73 tons per
hectare and 31 March 2017: 76 tons per hectare)
would result in a R28 million (30 September
2016: R31 million and 31 March 2017: R35
million) change in fair value while a change
of one percent in the cane price would result
in a R25 million (30 September 2016: R23
million and 31 March 2017: R32 million)
change in fair value.
5. Trade and other
payables
Included in trade and other payables is
the maize obligation (interest bearing)
of R687 million (30 September 2016: R712
million and 31 March 2017: R509 million).
6. Capital expenditure
commitments
Contracted 282 94 104
Approved 708 152 250
990 246 354
------------- ------------- ----------
7. Operating lease
commitments 82 70 60
------------- ------------- ----------
8. Guarantees and
contingent liabilities 79 129 96
------------- ------------- ----------
9. Basis of preparation
and accounting policies
The condensed consolidated unaudited results
for the half-year ended 30 September 2017
have been prepared in accordance with and
containing the information required by IAS
34 Interim Financial Reporting, the SAICA
Financial Reporting Guides as issued by
the Accounting Practices Committee, Financial
Reporting Pronouncements as issued by the
Financial Reporting Standards Council and
the requirements of the Companies Act of
South Africa. This announcement does not
include the information required pursuant
to paragraph 16A(j) of IAS 34 which is available
on the website, at the registered office
or on request. The report has been prepared
using accounting policies that comply with
IFRS which are consistent with those applied
in the consolidated financial statements
for the year ended 31 March 2017 and were
prepared under the supervision of the Chief
Financial Officer, M H Munro CA (SA). Any
reference to future financial performance
that may be included in this announcement
has not been reviewed and reported on by
the company's auditor.
Tongaat Hulett has adopted all the new or
revised accounting pronouncements as issued
by the IASB which were effective for Tongaat
Hulett from 1 January 2017. The adoption
of these standards had no recognition and
measurement impact on the financial results.
10. Subsequent events
There were no material events between
30 September 2017 and the date of
this report.
CORPORATE INFORMATION
Directorate: C B Sibisi (Chairman), P H Staude (Chief Executive Officer)*,
S M Beesley, F Jakoet, J John, R P Kupara^, T N Mgoduso, N Mjoli-Mncube,
M H Munro*, S G Pretorius, T A Salomão +
* Executive directors + Mozambican ^ Zimbabwean
Registered office:
Amanzimnyama Hill Road, Tongaat, KwaZulu-Natal
P O Box 3, Tongaat 4400
Telephone: +27 32 439 4019
Facsimile: +27 31 570 1055
Transfer secretaries:
South Africa:
Computershare Investor Services (Pty) Limited
Telephone: +27 11 370 7700
United Kingdom:
Capita Registrars
Telephone: +44 20 8639 2406
Sponsor: Investec Bank Limited
Telephone: +27 11 286 7000
www.tongaat.com
e-mail: info@tongaat.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GGGAPGUPMUMW
(END) Dow Jones Newswires
November 13, 2017 02:29 ET (07:29 GMT)
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