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TON - Tongaat Hulett Limited - Trading statement for the year ended 31 March

Release Date: 16/05/2012 13:53
Code(s): TON
Wrap Text

TON - Tongaat Hulett Limited - Trading statement for the year ended 31 March 2012 Tongaat Hulett Limited (Registration number 1892/000610/06) Share code: TON ISIN ZAE000096541 TONGAAT HULETT: TRADING STATEMENT FOR THE YEAR ENDED 31 MARCH 2012 The following trading statement is issued for the year to 31 March 2012. Tongaat Hulett`s revenue increased by 24,8% to R12,081 billion for the year (2011: R9,681 billion) mainly as a result of increased sugar production together with improved regional and European Union sugar prices. Tongaat Hulett`s total sugar production for the 2011/12 year increased by 14% to 1,150 million tons (2011: 1,006 million tons). The cane supplied to its sugar mills grew to some 9,6 million tons, as the business progresses towards its objective of facilitating increased cane supply (including hectares under cane, cane yields and cane quality) so as to fully utilise its existing milling capacity of some 2 million tons of sugar production per annum. Sugar production grew by 42% in Mozambique, by 12% in Zimbabwe, by 7% in South Africa and the increase in raw sugar equivalent in Swaziland was 9%. For the first time, the total profit from all the operating areas is expected to have exceeded R2 billion, growing by 53%. The profit from operations includes profit from the Mozambique sugar operations of R402 million (2011: R135 million), the Zimbabwe sugar operations of R621 million (2011: R454 million), Swaziland of R51 million (2011: R17 million), the South African agriculture, milling and refining operations of R93 million (2011: loss of R7 million) and the sugar downstream value added activities of R261 million (2011: R241 million). Profit from the starch operation amounts to R363 million (2011: R303 million) and profit from the land conversion and development operation is R215 million (2011: R166 million). A net charge of R85 million is reflected in the centrally accounted and consolidation items (2011: a net gain of R29 million, after taking into account a pension fund employer surplus account allocation). Tongaat Hulett`s profit from operations, after the centrally accounted items, is expected to increase by 43,6% to R1,921 billion (2011: R1,338 billion). Total net profit, before minority interests, is expected to be R1,021 billion for the year ended 31 March 2012 (2011: R871 million). Headline earnings are expected to be R891 million for the year, compared to the R806 million earned last year. Headline earnings per share for the year are expected to be 839 cents per share (761 cents per share), reflecting a 10% increase. The gain in the prior year in respect of the defined benefit pension fund asset accounting of R288 million and the employer surplus account allocation did not arise again in the year ended 31 March 2012. This trading statement is issued in accordance with the JSE Listings Requirements. The above information has not been reported on by the auditors. The results for the year ended 31 March 2012 are scheduled for release on Monday, 28 May 2012. Tongaat 16 May 2012 Sponsor INVESTEC BANK LIMITED Date: 16/05/2012 13:53:02 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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