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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 : 4178P
Tongaat Hulett Limited
28 May 2018
Tongaat Hulett Limited
Registration No: 1892/000610/06
JSE share code: TON
ISIN: ZAE000096541
AUDITED RESULTS FOR THE YEARED 31 MARCH 2018
-- Revenue of R16,982 billion (2017: R17,915 billion) -5,2% -- Operating profit of R1,958 billion (2017: R2,333 billion) -16,1% -- Headline earnings of R617 million (2017: R982 million) -37,2%
-- Operating cash flow (after working capital) of R2,275 billion
Hot Features
Premium
(2017: R3,176 billion) -28,4%
-- Annual dividend of 160 cents per share (2017: 300 cents per share)
COMMENTARY
Tongaat Hulett's operating profit for the year ended 31 March 2018 totalled R1,958 billion (2017: R2,333 billion). The sugar operations were adversely affected by the dynamics of imports into the South African market, low international sugar prices and the impact of stronger local currencies on export realisations. Sugar production reflected a partial recovery from the drought conditions of the previous two seasons. Operating profit from the starch and glucose operation improved in the second half of the year, benefitting from more competitive maize costs. Land conversion and development activities led to a number of sales in new markets and operating profit which was in line with the previous year.
The various sugar operations recorded operating profit of R837 million (2017: R1,271 billion). Total sugar production increased to 1 171 000 tons (2017: 1 056 000 tons). The price of raw sugar in the world market remained under pressure during the year.
The Zimbabwe sugar operations generated operating profit of R563 million (2017: R504 million). Local market sales continued to grow, assisted by the refinery optimisation project that increased the availability of refined sugar for the industrial market. The ethanol operation performed well with improved margins. Low dam levels during peak growing periods limited irrigation, which affected cane yields, resulting in reduced sugar production of 392 000 tons (2017: 454 000 tons). Higher standing cane valuations reflect the improvement in the sugarcane crop to be harvested, which benefitted from increased water availability, supported by the recently commissioned Tugwi-Mukosi dam (currently 78% full) and accelerated sugarcane root replanting, as limited replanting had occurred during the drought. The past year saw a major transition in the leadership of the Government, creating more positive local and international sentiment.
The South African sugar operations, including downstream activities, recorded operating profit of R86 million (2017: R390 million). Improved rainfall in the coastal areas of KwaZulu-Natal saw production increase to 513 000 tons (2017: 353 000 tons). The recovery in production was negated by high volumes of imported sugar into the local market when, over several months, upward revisions to the import duty were not implemented timeously. This was followed by a period during which zero duty was erroneously applied. Imports into the South African market increased to 520 000 tons in the twelve months to December 2017, dropping the industry's sales into the local market to some 1,18 million tons compared to 1,64 million tons in the previous year. The impact was prolonged by the storage of large quantities of sugar that were imported during the period. The displaced locally-produced sugar was exported in the latter part of the year and was impacted by a low world price and a stronger Rand. The South African sugar industry has taken measures to regain its local market share by ensuring local prices are more responsive to international markets; by applying for an increase in the US dollar-based reference price used in the calculation of the duties, as published in the Government Gazette on 11 May 2018; and through increased involvement in the process to implement duty revisions timeously. Voermol, the animal feeds operation, performed well.
The Mozambique sugar operations recorded operating profit of R159 million (2017: R308 million). Sugar production increased to 218 000 tons (2017: 198 000 tons) and good progress was made with export sales into deficit regional markets. The strengthening of the Metical against the US dollar put pressure on local prices and it contributed, together with low international prices, to reduced export realisations. Lower revenue and inflation-driven increases in Metical-based costs reduced margins. The construction of the 90 000 ton sugar refinery at the Xinavane sugar mill is progressing well, with commissioning targeted for September 2018. The refined sugar production will replace imported white sugar, satisfy the country's growing industrial demand and realise a meaningful price premium in export markets.
The starch and glucose operation recorded operating profit of R572 million (2017: R510 million). Higher sales volumes arose from the initiative to replace customers' imported volumes with local production, new business development and growth in export markets. Margins benefitted from lower maize prices, that traded closer to export parity levels after the record crop of 16,8 million tons and were negatively impacted by a stronger Rand. Improved plant capacity utilisation and an ongoing focus on operational efficiencies contributed further to improved profitability.
Land conversion and development activities delivered operating profit of R661 million (2017: R641 million) from the sale of 96 developable hectares (2017: 75 developable hectares). Interest in the newly opened prime location at Tinley Manor on the coastline north of Ballito realised a sale of 28 hectares, while 35 hectares were sold in Umhlanga Hills and Marshall Dam in Cornubia for integrated well-located affordable neighbourhoods. Further sales were concluded for a retirement offering, a new tertiary education campus, offices, urban amenities and high-intensity mixed-use precincts. Profit per developable hectare is influenced by the degree of enhancement through urban planning, land use integration and the density, location and intensity of infrastructure investment, and was in line with anticipated ranges communicated previously. Further investments were made during the year into planning and infrastructure that underpins future sales, mainly in areas where sales negotiations are underway or enquiries are being received.
Tongaat Hulett's operating cash flow (after working capital) was R2,275 billion (2017: R3,176 billion). Improved operating cash flows generated by the starch and glucose operation provided some mitigation for the cash impact of lower profits from the sugar operations. In the land conversion and development activities, cash outflows exceeded cash inflows by R68 million (2017: R900 million net inflow). Capital expenditure totalled R2,168 billion (2017: R1,209 billion) with the commencement of the refinery project in Mozambique and the considerable investment in sugarcane root replanting after the drought. Finance costs of R878 million (2017: R810 million) were commensurate with the borrowings levels. Overall, the year reflected a net cash outflow after dividends of R1,324 billion (2017: R544 million inflow). Tongaat Hulett's net debt at 31 March 2018 was R6,463 billion, compared to R4,780 billion at 31 March 2017.
Taking the above into account, headline earnings for the year decreased by 37% to R617 million (2017: R982 million).
A final dividend of 60 cents per share (2017: 200 cents per share) has been declared bringing the annual dividend to 160 cents per share (2017: 300 cents per share).
OUTLOOK
Sugar - Increasing returns by growing sugar production from available milling capacity and developing key markets and products
Tongaat Hulett, through proactive cane development and irrigation initiatives, will grow sugar production utilising its available milling capacity of 2 000 000 tons per annum, benefitting from evolving preferential regional trade access and growth in sugar consumption.
Tongaat Hulett, in collaboration with multiple stakeholders, continues to expand the sugarcane supply to its sugar mills, contributing significantly to the socio-economic dynamics of the communities in which it operates. Across all its sugar operations, approximately 34 000 hectares of new cane land has been planted over the past six years, mainly in communal areas. The existing sugarcane footprint, given regular growing conditions and the completion of the planting partnerships already underway, should produce some 1 600 000 tons of sugar. Total sugar production in 2018/19 is estimated to be between 1 310 000 tons and 1 450 000 tons. The production estimate is underpinned by improved water availability at all operations, and cane yields that reflect the benefit of agricultural improvement plans and the replanting of sugarcane roots after the drought.
Governments are generally supportive of protecting domestic sugar markets from imported sugar, particularly against the background of the high rural job impact of the sugar industry. In Zimbabwe and Mozambique, the effectiveness of various protection measures has become meaningful. In South Africa, the South African Sugar Association has applied for an increase in the US dollar-based reference price, used in the calculation of the duties, from US$566 to US$856 per ton. A decision is expected in 2018. The Department of Economic Development has supported the application. The industry has committed itself to provide further support to small-scale growers and expand community sugarcane farming in rural areas. Higher duty protection would assist in rebuilding margins of both growers and millers. The sugar industry has reduced local prices in response to competition from imports and to recover local market share.
The South African sugar industry recently adopted changes to its structures to accommodate the South African Farmers Development Association ("SAFDA"), a new grower group that provides small-scale, emerging growers with improved representation within the industry. This significant step towards transformation will ensure a more sustainable industry body in the future.
In Mozambique, Tongaat Hulett is encouraging a broader participation in the rural economy through the planned conversion of some 5 000 hectares of its sugarcane farms to local farmers, over the next three years.
Tongaat Hulett remains focussed on various initiatives to increase domestic sales, including the ongoing development of its leading sugar brands; improvements in marketing and distribution activities; and the investment in a refinery in Mozambique. The refinery will deliver a step change improvement to the sales mix in Mozambique, as sugar, previously sold into world price related markets, will now be redirected to the local market. The new financial year will benefit from three months of refined sugar production, with the full year benefit being realised in 2019/20. The prospect of an economic recovery in Zimbabwe is expected to translate into further growth in domestic demand, particularly in the industrial sugar market.
Tongaat Hulett is increasing its presence in a number of countries in the region where sugar deficits exist. The sugar deficit in these countries currently totals some 1,6 million tons, with a large portion supplied from outside the continent. Sugar consumption per capita in these countries averages 10 kg per annum (Brazil: 53 kg, South Africa: 33 kg) which, combined with higher population and economic growth rates, is conducive to a growing demand. This total deficit is anticipated to exceed 2,0 million tons by 2020. Regional trade preferences and agreements are gathering momentum. In the region, Tongaat Hulett already realises a premium over world market prices, supported by high quality products and services, and where possible, by leveraging its sugar brands. The Huletts Refined and Huletts SunSweet sugar brands are already available in targeted markets, such as Kenya.
All sugar operations continue to prioritise the reduction of the cost base, building on the successes of previous years. Cost reduction initiatives are focussed on bought-in goods, services, logistics, marketing and manpower costs across all the business areas. Given the high fixed cost nature of the sugar operations, unit costs of sugar production will reduce further with the benefit of future volume increases.
Attention continues on how best to unlock opportunities in ethanol production and electricity generation to maximise the value extracted from sugarcane. Future ethanol production in South Africa currently looks particularly promising.
Starch and Glucose - Improved maize outlook and consolidation of volume growth
The starch and glucose operation is focussed on growing sales volumes and margins by continuing to replace imports with local production, by enhancing its product mix through new business development and by targeting selected export markets. Sales into Sub-Saharan Africa and other regional markets are accelerating from a low base. Working together with customers, further opportunities are being explored to increase sales volumes through customer exports. Market development to increase the production of value-added modified starches is progressing well. These initiatives are supported by further improvements to the use of available production, which still has more than 15% spare capacity, and in operating efficiencies.
Following the previous year's record maize crop of 16,8 million tons, a new season crop of 12,8 million tons is anticipated. With carry-over stock of more than 4,0 million tons, total maize supply is expected to be sufficient and maize prices should remain competitive, close to export parity levels, sustaining the improved margins. Sales volume growth is expected to moderate from the prior year, with the impact of muted domestic consumer demand being offset by ongoing benefits from the import replacement project and from new business volumes being in place for the full year. The ongoing focus on operating efficiencies and cost reduction will continue to contribute to profit.
Land Conversion and Development - Continuing to create value for all stakeholders through an all-inclusive approach to land development activities
Tongaat Hulett has a portfolio comprising 7 612 developable hectares of prime land in KwaZulu-Natal, near Durban and Ballito, which over a number of years, will be converted out of sugarcane into urban land usage. Of this land, some 47% (3 566 developable hectares) has been released formally from agriculture through approvals granted by the national government in response to applications made with the support of local and provincial government. Environmental approvals, which provide clarity regarding timing and suitability for ultimate usage, have been received for specified, market-aligned developments on 1 485 developable hectares.
Considerable progress has been made towards bringing land to shovel-ready stage, with Tongaat Hulett having invested R979 million into land earmarked for future sales, to create a sound planning and infrastructure platform. Available shovel-ready land currently totals 185 developable hectares, exceeding the 171 hectares sold over the past two years. In the socially and economically important Cornubia area alone, investments of R489 million have been made.
The recent environmental approval for Tinley Manor represents an important new opportunity for Tongaat Hulett. Sales negotiations have commenced over 66 hectares, including 20 hectares for an internationally-branded coastal resort, the first of its kind in South Africa. Other planning processes currently underway are expected to open new development areas around King Shaka International Airport. The first zoning approvals were granted at Ntshongweni west of Durban in April 2018.
Land development activities involve considerable cash inflows and outflows that occur over an extended period and may not coincide within a financial year. Strong cash inflows are anticipated, mainly in the second half of the next financial year, when a considerable number of property transfers are registered. As several infrastructure projects in the region are completed or nearing completion, cash outflows will be below those of the previous two years.
Tongaat Hulett carries out land conversion activities in close collaboration with the public sector, communities and other businesses. These partnerships continue to increase in scope and socio-economic impact, with private sector investment currently underway on land previously sold amounting to R7,8 billion, supporting 55 000 construction jobs, with 5 800 permanent jobs to be sustained as projects are completed. Tongaat Hulett's development activities are supporting a comprehensive, embedded social programme; are yielding increasing numbers of opportunities for well-located, affordable neighbourhoods; and are enabling transformation of ownership and participation in the real estate value chain.
Significant negotiations are currently underway over some 300 developable hectares spread over Ridgeside, Sibaya, Cornubia, Bridge City, Umhlanga Ridge Town Centre, Kindlewood, iNyaninga and Tinley Manor.
Conclusion
Tongaat Hulett is a proactive and resilient organisation working in collaboration with all its stakeholders in a focussed, constructive, mutual value-adding and developmental manner. It is well-positioned to benefit, and be a key development partner, as agriculture and agri-processing in Sub-Saharan Africa develops from a low base. It has operations in six countries in Southern Africa, significant sugarcane and maize processing facilities, a unique land conversion platform, a growing animal feeds position, opportunities to further grow ethanol production and electricity generation, and possibilities in cassava processing.
Overall, Tongaat Hulett's earnings for the 2018/19 year will be impacted by a wide-range of dynamics. The organisation is focussed on driving improved performance within its areas of influence and using its experience to navigate influences outside its control. Earnings and cash flows are expected to exceed those of the 2017/18 year.
For and on behalf of the Board
Bahle Sibisi Peter Staude Chairman Chief Executive Officer
Amanzimnyama
Tongaat, KwaZulu-Natal
24 May 2018
DIVID DECLARATION
Notice is hereby given that the Board has declared a final gross cash dividend (number 181) of 60 cents per share for the year ended 31 March 2018 to shareholders recorded in the register at the close of business on Friday 22 June 2018.
The salient dates of the declaration and payment of this final dividend are as follows:
Last date to trade ordinary shares
"CUM" dividend Tuesday 19 June 2018
Ordinary shares trade "EX" dividend Wednesday 20 June 2018
Record date Friday 22 June 2018
Payment date Thursday 28 June 2018
Share certificates may not be dematerialised or re-materialised, nor may transfers between registers take place between Wednesday 20 June 2018 and Friday 22 June 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 19 June 2018.
The dividend has been declared from income reserves. A net dividend of 48 cents per share will apply to shareholders liable for the local 20% dividend withholding tax and 60 cents per share to shareholders exempt from paying the dividend tax. The issued ordinary share capital as at 24 May 2018 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
24 May 2018
Income Statement
Summarised consolidated Audited Audited
Rmillion 2018 2017
------------------------------------------------------------------------ ---------------------- -----------------------
Revenue 16 982 17 915
---------------------- -----------------------
Operating profit 1 958 2 333
Net financing costs (note
1) (878) (810)
Profit before tax 1 080 1 523
Tax (note 2) (249) (428)
Profit for the year 831 1 095
---------------------- -----------------------
Profit attributable to:
Shareholders of Tongaat
Hulett 713 983
Minority (non-controlling)
interest 118 112
831 1 095
---------------------- -----------------------
Earnings per share (cents)
Basic 618.0 853.6
Diluted 618.0 853.6
--------------------------------------------------------------------------------------------------
Headline earnings attributable
to
Tongaat Hulett shareholders
(note 3) 617 982
---------------------- -----------------------
Headline earnings per share
(cents)
Basic 534.8 852.7
Diluted 534.8 852.7
Dividend per share (cents) 160.0 300.0
Currency conversion
Rand/US dollar closing 11.89 13.38
Rand/US dollar average 13.00 14.09
Rand/Metical average 0.21 0.22
Rand/Euro average 15.15 15.45
US dollar/Euro average 1.17 1.10
Segmental Analysis
Summarised consolidated Audited Audited
Rmillion 2018 2017
--------------------------------------- -------- --------
REVENUE
Sugar
Zimbabwe 3 918 4 399
Swaziland 210 236
Mozambique 1 584 1 723
South Africa 6 332 6 405
12
Sugar operations - total 12 044 763
Starch operations 3 913 4 172
Land Conversion and Developments 1 025 980
17
Consolidated total 16 982 915
-------- --------
OPERATING PROFIT
Sugar
Zimbabwe 563 504
Swaziland 29 69
Mozambique 159 308
South Africa 86 390
Sugar operations - total 837 1 271
Starch operations 572 510
Land Conversion and Developments 661 641
Centrally accounted and consolidation
items (59) (74)
Other capital items (39)
BEE IFRS 2 charge and transaction
costs (14) (15)
Consolidated total 1 958 2 333
-------- --------
FURTHER ANALYSIS OF SUGAR OPERATING
PROFIT
Sugar operations - before
cane valuations 467 1 128
Zimbabwe 363 748
Swaziland 4 67
Mozambique 71 168
South Africa 29 145
-------- --------
Cane valuations - income
statement effect 370 143
Zimbabwe 200 (244)
Swaziland 25 2
Mozambique 88 140
South Africa 57 245
-------- --------
Sugar operations - after
cane valuations 837 1 271
Zimbabwe 563 504
Swaziland 29 69
Mozambique 159 308
South Africa 86 390
-------- --------
Statement of Other Comprehensive Income
Summarised consolidated Audited Audited
Rmillion 2018 2017
--------------------------------------- -------- --------
Profit for the year 831 1 095
(1 (3
Other comprehensive income 163) 600)
Items that will not be reclassified
to profit or loss:
(1 (3
Foreign currency translation 155) 624)
Actuarial (loss)/gain on
post-retirement benefits (10) 40
Tax on actuarial (loss)/gain 2 (11)
Items that may be reclassified
subsequently to profit or
loss:
Hedge reserve (7)
Tax on movement in hedge
reserve 2
Total comprehensive income (2
for the year (332) 505)
-------- --------
Total comprehensive income
attributable to:
Shareholders of Tongaat (2
Hulett (237) 324)
Minority (non-controlling)
interest (95) (181)
(2
(332) 505)
-------- --------
Statement of Financial Position
Summarised consolidated Audited Audited
Rmillion 2018 2017
------------------------------------------------------------------------ ----------------------- -----------------------
ASSETS
Non-current assets
13 13
Property, plant and equipment 922 688
Long-term receivable 681 619
Goodwill 346 382
Intangible assets 447 366
Investments 25 28
----------------------- -----------------------
15 15
421 083
13 12
Current assets 694 871
Inventories 3 072 2 949
Growing crops 2 755 2 549
Trade and other receivables 4 556 4 070
Major plant overhaul costs 627 562
Tax 22
Cash and cash equivalents 2 662 2 741
----------------------- -----------------------
29 27
TOTAL ASSETS 115 954
----------------------- -----------------------
EQUITY AND LIABILITIES
Capital and reserves
Share capital 135 135
Share premium 1 544 1 544
BEE held consolidation shares (623) (642)
Retained income 9 401 9 044
Other reserves (286) 700
----------------------- -----------------------
10 10
Shareholders' interest 171 781
Minority (non-controlling)
interest 1 838 1 957
----------------------- -----------------------
12 12
Equity 009 738
Non-current liabilities 8 215 8 296
Deferred tax 2 376 2 537
Long-term borrowings 5 048 4 975
Provisions 791 784
----------------------- -----------------------
Current liabilities 8 891 6 920
Trade and other payables
(note 5) 4 165 3 598
Short-term borrowings 4 077 2 546
Non-recourse equity-settled
BEE borrowings 603 623
Tax 46 153
----------------------- -----------------------
29 27
TOTAL EQUITY AND LIABILITIES 115 954
----------------------- -----------------------
--------------------------------------------------------------------------------------------
Number of shares (000)
135 135
- in issue 113 113
115 115
- weighted average (basic) 372 158
115 115
- weighted average (diluted) 372 158
Statement of Changes in Equity
Summarised consolidated Audited Audited
Rmillion 2018 2017
--------------------------------- -------- --------
Balance at beginning of 10 13
year 781 273
Total comprehensive income (2
for the year (237) 324)
Retained earnings 706 1 012
Movement in hedge reserve (5)
(3
Foreign currency translation (943) 331)
-------- --------
Dividends paid (330) (176)
BEE share-based payment
charge 12 13
Share-based payment charge 10 60
Settlement of share-based
payment awards (65) (65)
10 10
Shareholders' interest 171 781
Minority (non-controlling)
interest 1 838 1 957
Balance at beginning of
year 1 957 2 152
Total comprehensive income
for the year (95) (181)
Retained earnings 117 112
Foreign currency translation (212) (293)
======== ========
Dividends paid to minorities (24) (14)
12 12
Equity 009 738
-------- --------
Statement of Cash Flows
Summarised consolidated Audited Audited
Rmillion 2018 2017
---------------------------------- -------- --------
Operating profit 1 958 2 333
Surplus on disposal of property,
plant and equipment (106) (42)
Depreciation 1 001 1 027
Growing crops valuation
and other non-cash items (271) (38)
Operating cash flow 2 582 3 280
Change in working capital (307) (104)
Cash flow from operations 2 275 3 176
Tax payments (354) (482)
Net financing costs (878) (810)
Cash flow from operating
activities 1 043 1 884
Expenditure on property,
plant and equipment:
New (876) (423)
Replacement and plant overhaul (299) (202)
Root planting costs (887) (418)
Intangible assets (106) (166)
Other capital items 155 59
Net cash flow before dividends
and financing activities (970) 734
Dividends paid (354) (190)
Net cash flow before financing (1
activities 324) 544
Borrowings raised 1 611 680
Non-recourse equity-settled
BEE borrowings (19) 18
Settlement of share-based
payment awards (65) (65)
Net increase in cash and
cash equivalents 203 1 177
Balance at beginning of
year 2 741 1 877
Currency alignment (282) (313)
Cash and cash equivalents
at end of year 2 662 2 741
-------- --------
Notes
Summarised consolidated Audited Audited
Rmillion 2018 2017
------------------------------------------------ -------- --------
1. Net financing costs
(1
Interest paid 049) (973)
Interest capitalised 45 34
Interest received 126 129
(878) (810)
-------- --------
2. Tax
Normal (224) (549)
Deferred (25) 121
(249) (428)
-------- --------
3. Headline earnings
Profit attributable
to shareholders 713 983
Adjusted for:
Capital profit on disposal
of land, cane roots and
buildings (27) (12)
Loss/(surplus) on other
capital items 3 (4)
Minority (non-controlling)
interest (1) 1
Tax on the above items (71) 14
617 982
-------- --------
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 81 tons cane per hectare (2017:
76 tons per hectare) would result in
a R34 million (2017: R35 million) change
in fair value while a change of one
percent in the cane price would result
in a R28 million ( 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 R486 million (2017: R509 million).
6. Capital expenditure
commitments
Contracted 398 104
Approved 240 250
638 354
-------- --------
7. Operating lease commitments 60 60
-------- --------
8. Guarantees and contingent
liabilities 91 96
-------- --------
9. Basis of preparation
The summarised consolidated financial
statements for the year ended 31 March
2018 have been prepared in accordance
with the JSE Limited Listings Requirements
for provisional reports, the framework
concepts and the measurement and recognition
requirements of International Financial
Reporting Standards (IFRS), the SAICA
Financial Reporting Guides as issued
by the Accounting Practices Committee,
Financial Reporting Pronouncements
as issued by the Financial Reporting
Standards Council, and as a minimum,
contains the information as required
by International Accounting Standard
34: Interim Financial Reporting 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 and upon
request. The summarised consolidated
financial statements have been prepared
using accounting policies that comply
with IFRS which are consistent with
those applied in the consolidated
annual financial statements for the
year ended 31 March 2017. These summarised
consolidated financial statements
and the full set of consolidated financial
statements were prepared under the
supervision of the Chief Financial
Officer, M H Munro CA (SA).
Tongaat Hulett has adopted all the
new or revised accounting pronouncements
as issued by the IASB which were effective
for Tongaat Hulett for the year ended
31 March 2018. The adoption of these
standards had no recognition and measurement
impact on the financial results.
10. Audited results
These summarised consolidated financial
statements, which have been derived
from the audited consolidated financial
statements for the year ended 31 March
2018 and with which they are consistent
in all material respects, have been
audited by Deloitte & Touche. Their
unmodified audit opinions on the consolidated
financial statements and on the summarised
consolidated financial statements
are available for inspection at the
registered office of the company.
The auditor's report does not necessarily
report on all of the information contained
in this announcement and any reference
to future financial performance included
in this announcement has not been
audited or reported on. Shareholders
are therefore advised that in order
to obtain a full understanding of
the nature of the auditor's engagement
they should obtain a copy of the auditor's
report together with the accompanying
financial information from the registered
office of Tongaat Hulett.
11. Subsequent events
There were no material events
between 31 March 2018 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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
FR ZMGZKNRDGRZG
(END) Dow Jones Newswires
May 29, 2018 02:00 ET (06:00 GMT)
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