Wrap Text
INTERIM REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2012 AND TRADING STATEMENT FOR THE YEAR ENDING 31 MARCH 2013
ILLOVO SUGAR LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1906/000622/06)
Share Code: ILV
ISIN: ZAE000083846
("Illovo or "the company)
INTERIM REPORT
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2012
AND TRADING STATEMENT FOR THE YEAR ENDING 31 MARCH 2013
Highlights
Sugar production up 17%
Own cane production up 14%, at record levels
Operating profit up 38% on seasonal basis
HEPS up 30%
Quote:
Graham Clark, Managing Director, commented:
"The 2012/2013 sugar season has begun well, with our production at the half year up 17% and our half year operating
profit on a seasonal basis increasing to R854m. This pleasing performance is on the back of an anticipated group
cane production record for the season with a notable recovery in South Africa following excellent rainfall after the
prior drought. We have continued to focus on enhancing efficiencies across our operations and have benefited from
better market conditions for sugar. We expect this positive momentum to continue for the full year."
Enquiries:
Illovo Sugar Limited 031 508 4300
Graham Clark, Managing Director
Mohammed Abool-Samad, Financial Director
Chris Fitz-Gerald, Public Affairs Manager
College Hill 011 447 3030
Nicholas Williams 083 607 0761
BASIS OF PREPARATION
This report incorporates financial statements which reflect both actual results based on accounting policies and
methods of computation which are based on International Financial Reporting Standards ("IFRS") and those
determined on a sugar season basis which, in the directors' opinion, provide a better basis for evaluating the
financial performance of the company.
The sugar industry is a seasonal agricultural-based business and the payment processes are such that cash flows
throughout the sugar season, which runs from 1 April to 31 March, are derived from the expected tonnages
and prices that will be achieved for the season as a whole. The effect of this is that product sales tonnages and
prices received, and raw material prices paid, are provisional in nature until the conclusion of the season. For this
reason the directors consider that profit figures based on actual cash flows may not represent the best basis for
evaluating the performance and the results for the period. In respect of the sugar season basis results, operational
profits for cane growing and sugar production comprise the company's view of the position at 30 September
2012 as it relates to the season as a whole. All other financial results are based on actual performance. In respect
of the sugar season results, the amounts disclosed in respect of cane growing and sugar production operations
for the half year are based on a profit forecast for the year ending 31 March 2013 which has been examined by
our auditors, Deloitte & Touche. The applicable reporting accountants' report is available for inspection at the
company's registered office.
The unaudited actual results for the six months ended 30 September 2012 have been prepared using accounting
policies and methods of computation that comply with IFRS and are prepared in accordance with IAS 34 (Interim
financial reporting). The accounting policies adopted are consistent with those of the previous financial period.
Review
Actual operating profit for the six months ended 30 September 2012 reflected an improvement of 39% compared
to the corresponding period last year. This result was primarily driven by increased sugar production, which
was 17% higher than in the half year period ended 30 September 2011, and sugar sales volumes that were nearly
10% higher. Average prices improved reflecting better market conditions. Cost control was also effective in the
period and operating margins improved. Profit after tax rose from R747.2 million to R972.7 million, resulting in a
29% improvement in headline earnings.
On a seasonal basis, operating profit increased by 38% from R620.2 million to R853.6 million, reflecting the
positive impact of increased sugar production, good cost control and better market conditions than in the previous
year. Production has benefited from a recovery from the prior season drought conditions in South Africa, which
depressed sugar production. Elsewhere, cane production is anticipated to be higher than in the previous year with
sucrose levels across the group returning to more normal levels.
On a seasonal basis, headline earnings for the half year increased from R289.32 million to R377.06 million, with
headline earnings per share increasing by 30% from 62.9 cents to 82.1 cents per share.
On a seasonal basis, the contributions to operating profit were sugar production 60%, cane growing 34%,
downstream and co-generation 6%. By country, contributions were Malawi 43%, Zambia 23%, South Africa
12%, Tanzania 9%, Swaziland 9% and Mozambique 4%.
A total of 10.9 million tons of cane was crushed in the half year, 10% more than last year. Group cane production
in the six months to 30 September 2012 was much improved relative to the comparative period, the highlights being a
recovery in South Africa and better performance elsewhere driven by prior year improvement programmes now delivering
desired results. Recovery in South Africa has been pronounced following excellent rainfall received in the early season
growing period, followed by further rainfall at ideal intervals to sustain good growth in the recovering crop. Total
cane harvested in this period from the group's own estates reached 4.9 million tons compared to 4.3 million tons produced
last year and a new record volume of group cane production is anticipated for the full season. The performance of third
party growers supplying the Illovo factories was also good.
Initiatives to replant existing areas and develop new areas to cane have produced encouraging results in
KwaZulu-Natal and it is pleasing to see these programmes gaining momentum. The benefits of upgraded irrigation
and drainage, plus the positive impact of new cane varieties, continue to underpin better cane yields outside of
South Africa. Cane quality in the period improved compared to last year.
Factory performance for the current season to date has improved in South Africa, Swaziland, Malawi
and Zambia whilst operations in Tanzania and Mozambique have had to contend with disappointing mechanical
efficiency. In South Africa, it has been pleasing to see the Umzimkulu factory re-commence crushing this season
after its prior season closure due to the drought affected cane supply and, in total, the four South African factories
have operated at high levels of efficiency this season. The two Malawi factories have run very well this season and
the expanded facilities in Zambia and Swaziland have reached throughput levels close to design capacity during
the season to date.
The production of downstream products in South Africa has progressed well and expectations are for
furfural and alcohol volumes to be maximised in the full season. Construction of the new distillery in Tanzania is on
schedule and expectations remain for the first commercial production from this plant to become available in mid
2013. The co-generation of electricity in Swaziland and the associated export of surplus power into the Swaziland
national grid is progressing well with power exports for the season to date exceeding contractual commitments.
Increased sugar production has boosted the prospects for sugar sales this season, notably in Zambia and Malawi
where consumer demand has been strong. Acceptable sales volumes have been maintained in Swaziland and
Mozambique but market conditions have been difficult in South Africa and Tanzania where high levels of sugar
imports have disrupted normal sales patterns to date. Exports to all traditional markets are on schedule and pricing
has been slightly better than anticipated reflecting a continuation of generally positive market conditions. Alcohol
pricing has been in line with expectations and an anticipated reduction in global furfural prices has occurred as
economic conditions have slowed in Europe and China.
Progress on building the new sugar warehouse and distribution centre in South Africa is pleasing and the first
sugar consignments are expected to be received in early 2013.
Net financing costs of R146.1 million were R57.1 million higher than in the previous half year, reflecting the cost of
servicing the group's expansion related debt, non-recurring exchange gains which were brought to account in the
previous half year, but not repeated this year, and the cost of increased working capital requirements in the current
season. The group tax charge increased from R165.2 million to R215.1 million as profits improved.
Capital distribution out of share premium in lieu of dividend
Notice is hereby given that an interim capital distribution by way of a reduction of Contributed Tax
Capital of 34.0 cents per share has been declared, in lieu of a dividend, on the ordinary shares of the company
in respect of the six months ended 30 September 2012, to Illovo shareholders recorded in the register on
Friday, 4 January 2013 ("the Distribution"). The directors have determined that the capital distribution
shall be paid out of qualifying contributed tax capital as contemplated in the definition of "contributed tax capital"
in section 1 of the Income Tax Act, 1962.
In accordance with the settlement procedures of Strate, the company has determined the following salient dates
for the payment of the Distribution:
Last day to trade cum the capital distribution Thursday, 27 December 2012
Shares commence trading ex the capital distribution Friday, 28 December 2012
Record date Friday, 4 January 2013
Payment of final capital distribution Monday, 7 January 2013
Share certificates may not be dematerialised/rematerialised between Friday, 28 December 2012 and Friday,
4 January 2013, both days inclusive.
Relative to this Distribution, the directors have confirmed that the company will satisfy the solvency and liquidity
test immediately after affecting the Distribution.
For income tax purposes, shareholders are advised that the Distribution will be paid out of qualifying contributed
tax capital as contemplated in the definition of "contributed tax capital" in section 1 of the Income Tax Act, 1962,
and as it will be regarded as a return of capital, consideration should be given to the potential capital gains tax
consequences. Illovo shareholders are, therefore, advised to consult their tax advisors with regard to how they may
be impacted by the Distribution.
Prospects
Group sugar production for the full year is likely to be between 10% and 15% higher than the tonnage produced
in the previous season. This increase will be driven by an increase in South Africa, where a return to more normal
growing conditions will likely produce an increase in cane crushed, resulting in South African seasonal sugar
output improving by between 30% and 35% above last year. Elsewhere increases are likely to be more moderate.
Unseasonal wet weather between August and November 2012 has been experienced in South Africa, Swaziland
and Mozambique with the result that extended crushing seasons are likely. This could depress sucrose yields and
factory performance in the latter part of the season in each of these countries. In Mozambique, sugar production
is likely be lower than last year due to the impact of early season flooding and extremely dry conditions thereafter,
which reduced outgrower cane yields in that country.
Market conditions across the group are expected to remain positive and a recovery in sales volumes in the second
half of the year is expected in South Africa and Tanzania as the impact of prior imports into those markets
diminishes. Pricing should meet expectations and currency weaknesses will boost the conversion of export
earnings generally.
Cost control will remain a priority and operating margins are expected to be maintained. Net financing costs will begin to
reduce as the group's expansion related net debt starts to decline. The effective tax rate should remain unchanged.
Trading statement for the year ending 31 March 2013
Increased sugar production, firm market pricing and effective cost control are likely to drive profit growth for the
full year. The once-off impairment of the group's aborted investment in Mali in the prior year will not recur and
consequently earnings and earnings per share for the full year are likely to increase by between 75% and 80%.
Headline earnings and headline earnings per share are expected to be between 25% and 30% higher than for
the previous year ended 31 March 2012.
This trading statement is issued in compliance with the JSE Listings Requirements. It has been based on a profit
forecast for the year ending 31 March 2013 which has been examined by Illovo's auditors, Deloitte & Touche,
in accordance with International Standards on Assurance Engagements (ISAE) 3400. Their report is available for
inspection at the company's registered office.
On behalf of the Board
D G MacLeod G J Clark Mount Edgecombe
Chairman Managing Director 14 November 2012
DIRECTORS:
D G MacLeod (Chairman)*, G J Clark (Managing Director) (Australian), M H Abdool-Samad, M I Carr#*,
G B Dalgleish, M J Hankinson*, D Konar*, P A Lister#*, P M Madi*, C W N Molope*, A R Mpungwe (Tanzanian)*,
T S Munday*, R N Pike #*, L W Riddle #British *Non-executive
CORPORATE INFORMATION:
Company registration number: 1906/000622/06
Share code: ILV
ISIN: ZAE000083846
REGISTERED OFFICE:
Illovo Sugar Park
1 Montgomery Drive, Mount Edgecombe
KwaZulu-Natal, South Africa
POSTAL ADDRESS:
PO Box 194, Durban, 4000
CONTACT DETAILS:
Telephone: +27 31 508 4300
Telefax: +27 31 508 4535
Website: www.illovosugar.com
TRANSFER SECRETARIES:
Link Market Services South Africa (Pty) Limited
Rennie House, 13th Floor, 19 Ameshoff Street,
Braamfontein, 2001
PO Box 4844, Johannesburg, 2000
AUDITORS: Deloitte & Touche
SPONSOR: JP Morgan Equities Limited
ABRIDGED GROUP INCOME STATEMENT
Actual Actual
Unaudited Sugar season results Audited
Six months ended Six months ended Year ended
30 September 30 September 31 March
2012 2011 2012 2011 Change 2012
Notes Rm Rm Rm Rm % Rm
Revenue 5 136.7 4 094.4 5 701.4 4 556.7 25 9 173.2
Operating profit 1 498.9 1 080.4 853.6 620.2 38 1 348.8
Dividend income 3.5
Net financing costs 1 146.1 89.0 146.1 89.0 244.6
Profit before non-trading items 1 352.8 991.4 707.5 531.2 1 107.7
Share of (loss)/profit from associates (0.1) 1.0 (0.1) 1.0 7.2
Material items 2 1.0 4.3 1.0 4.3 (163.7)
Profit before taxation 1 353.7 996.7 708.4 536.5 951.2
Taxation 381.0 249.5 215.1 165.2 344.8
Profit for the period 972.7 747.2 493.3 371.3 606.4
Attributable to:
Shareholders of Illovo Sugar Limited 777.7 604.1 377.0 289.2 30 443.1
Non-controlling interest 195.0 143.1 116.3 82.1 163.3
972.7 747.2 493.3 371.3 606.4
Other comprehensive income
Foreign currency translation differences (215.0) 310.9 (215.0) 310.9 307.8
Adjustments in respect of cash flow
hedges, net of tax 5.5 15.6 5.5 15.6 (2.7)
Actuarial gains on post-retirement
obligations, net of tax 2.8 2.8 0.6
Hedge of net investment in
foreign subsidiaries 6.2 (9.8) 6.2 (9.8) (87.3)
Total comprehensive income
for the period 772.2 1 063.9 292.8 688.0 824.8
Attributable to:
Shareholders of Illovo Sugar Limited 633.8 886.3 233.1 571.4 631.6
Non-controlling interest 138.4 177.6 59.7 116.6 193.2
772.2 1 063.9 292.8 688.0 824.8
Headline earnings per share (cents) 3 169.2 131.4 82.1 62.9 30 132.6
Diluted headline earnings per share (cents) 169.0 131.2 82.0 62.9 132.5
Basic earnings per share (cents) 169.0 131.4 81.9 62.9 96.4
Diluted basic earnings per share (cents) 168.9 131.2 81.9 62.8 96.3
Distribution per share (cents) 4 34.0 23.0 34.0 23.0 48 66.0
ABRIDGED GROUP STATEMENT OF FINANCIAL POSITION
Actual Actual
Unaudited Sugar season results Audited
30 September 30 September 31 March
2012 2011 2012 2011 2012
Rm Rm Rm Rm Rm
ASSETS
Non-current assets 6 993.2 6 795.2 6 993.2 6 795.2 6 868.7
Property, plant and equipment 5 487.8 5 199.5 5 487.8 5 199.5 5 328.0
Cane roots 1 164.9 1 164.7 1 164.9 1 164.7 1 216.3
Intangible assets 244.2 181.4 244.2 181.4 218.1
Investments 96.3 249.6 96.3 249.6 106.3
Current assets 6 354.0 5 629.2 6 354.0 5 629.2 4 510.5
Inventories 2 899.7 2 196.2 2 899.7 2 196.2 881.9
Growing cane 1 314.3 1 216.7 1 314.3 1 216.7 1 346.7
Trade and other receivables 1 461.1 1 245.5 1 461.1 1 245.5 877.8
Financial instruments 23.1 33.9 23.1 33.9 14.0
Cash and cash equivalents 655.8 936.9 655.8 936.9 1 390.1
Total assets 13 347.2 12 424.4 13 347.2 12 424.4 11 379.2
EQUITY AND LIABILITIES
Total equity 7 112.8 6 818.0 6 633.4 6 442.1 6 465.3
Equity holders' interest 6 074.2 5 921.5 5 673.5 5 606.6 5 562.6
Non-controlling interest 1 038.6 896.5 959.9 835.5 902.7
Non-current liabilities 2 102.2 2 724.7 2 102.2 2 724.7 2 498.4
Long-term borrowings 1 209.1 1 865.5 1 209.1 1 865.5 1 545.4
Deferred taxation 767.4 723.6 767.4 723.6 822.3
Other liabilities 125.7 135.6 125.7 135.6 130.7
Current liabilities 4 132.2 2 881.7 4 611.6 3 257.6 2 415.5
Short-term borrowings 1 697.2 698.5 1 697.2 698.5 568.4
Trade and other payables 2 423.0 2 170.6 2 902.4 2 546.5 1 840.7
Financial instruments 12.0 12.6 12.0 12.6 6.4
Total equity and liabilities 13 347.2 12 424.4 13 347.2 12 424.4 11 379.2
OTHER SALIENT FEATURES
Operating margin (%) 29.2 26.4 15.0 13.6 14.7
Interest cover (times) 10.3 12.1 5.8 7.0 5.5
Effective tax rate (%) 28.2 25.2 30.4 31.1 30.3
Net debt:equity ratio (refer note 5) 31.6 23.9 33.9 25.3 11.2
Net asset value per share (cents) 1 545.9 1 482.8 1 441.7 1 401.1 1 405.5
Depreciation 161.9 141.6 161.9 141.6 239.5
Capital expenditure 230.4 137.4 230.4 137.4 449.8
Expansion capital 68.6 48.3 68.6 48.3 198.0
Replacement capital 140.4 87.0 140.4 87.0 239.2
209.0 135.3 209.0 135.3 437.2
Expansion of area under cane 14.7 14.7 0.2
Product registration costs 6.7 2.1 6.7 2.1 12.4
Capital commitments 906.3 2 692.3 906.3 2 692.3 1 125.9
Contracted 177.6 121.3 177.6 121.3 168.1
Approved but not contracted 728.7 2 571.0 728.7 2 571.0 957.8
Lease commitments 225.9 371.4 225.9 371.4 284.7
Contingent liabilities 78.6 155.9 78.6 155.9 175.0
NOTES TO THE FINANCIAL STATEMENTS
Actual Actual
Unaudited Sugar season results Audited
Six months ended Six months ended Year ended
30 September 30 September 31 March
2012 2011 2012 2011 2012
Rm Rm Rm Rm Rm
1. Net financing costs
Interest paid 169.1 124.4 169.1 124.4 274.4
Less: capitalised (7.4) (7.4)
161.7 124.4 161.7 124.4 274.4
Interest received (13.2) (8.8) (13.2) (8.8) (20.7)
Foreign exchange gains (2.4) (26.6) (2.4) (26.6) (9.1)
146.1 89.0 146.1 89.0 244.6
2. Material items
Profit on disposal of property 1.0 4.3 1.0 4.3 9.8
Impairment of investment in Mali project (173.5)
Material profit before taxation 1.0 4.3 1.0 4.3 (163.7)
Taxation (0.3)
Non-controlling interest (0.4) (0.4) (2.1)
Material profit attributable to
shareholders of Illovo Sugar Limited 0.6 4.3 0.6 4.3 (166.1)
3. Determination of headline earnings
Profit attributable to shareholders 777.7 604.1 377.0 289.2 443.1
Adjusted for:
Profit on disposal of property (refer note 2) 1.0 (4.3) 1.0 (4.3) (9.8)
Loss on disposal of plant and equipment 4.4 4.4 1.7
Impairment of investment in Mali project 173.5
Total tax effect of adjustments (0.2)
Total non-controlling interest effect
of adjustments (0.4) (0.4) 1.5
Headline earnings 778.3 604.2 377.6 289.3 609.8
Number of shares in issue (millions) 460.1 459.8 460.1 459.8 460.0
Weighted average number of shares on which
headline earnings per share are based (millions) 460.1 459.8 460.1 459.8 459.9
Headline earnings per share (cents) 169.2 131.4 82.1 62.9 132.6
4. Distribution per share
The distribution per share of 34.0 cents represents an interim capital distribution declared out of share premium (2011:
interim distribution of 23.0 cents).
5. Net debt:equity ratio
The net debt:equity ratio is calculated as interest-bearing liabilities, net of cash and cash equivalents, divided by total
equity.
ABRIDGED GROUP STATEMENT OF CASH FLOWS
Actual Actual
Unaudited Sugar season results Audited
Six months ended Six months ended Year ended
30 September 30 September 31 March
2012 2011 2012 2011 2012
Rm Rm Rm Rm Rm
Cash flows from operating
and investing activities
Cash operating profit 1 453.8 1 168.2 808.0 708.0 1 348.4
Working capital requirements (2 136.2) (1 620.9) (1 490.4) (1 160.7) (291.6)
Cash (utilised by)/generated
from operations (682.4) (452.7) (682.4) (452.7) 1 056.8
Replacement capital expenditure (140.4) (87.0) (140.4) (87.0) (239.2)
Financing costs, taxation
and distributions (485.8) (433.8) (485.8) (433.8) (820.4)
Net investment in future operations (90.0) (50.4) (90.0) (50.4) (210.6)
Other movements 20.7 49.9 20.7 49.9 51.1
Net cash outflows before
financing activities (1 377.9) (974.0) (1 377.9) (974.0) (162.3)
Borrowings raised 641.0 1 146.8 641.0 1 146.8 815.2
Other financing activities 38.3 0.3 38.3 0.3 1.9
Net (decrease)/increase in cash
and cash equivalents (698.6) 173.1 (698.6) 173.1 654.8
ABRIDGED STATEMENT OF CHANGES IN EQUITY
Actual Actual
Unaudited Sugar season results Audited
Six months ended Six months ended Year ended
30 September 30 September 31 March
2012 2011 2012 2011 2012
Rm Rm Rm Rm Rm
Share capital and share premium
Balance at beginning of the period 2 489.8 2 791.5 2 489.8 2 791.5 2 791.5
Issue of share capital 1.0 0.3 1.0 0.3 1.9
Transfer to distribution reserve (156.5) (106.9) (156.5) (106.9) (303.6)
Balance at end of the period 2 334.3 2 684.9 2 334.3 2 684.9 2 489.8
Share-based payments reserve
Balance at beginning and
end of the period 13.1 13.1 13.1 13.1 13.1
Non-distributable reserves
Balance at beginning of the period 155.8 154.0 155.8 154.0 154.0
Realised profit on disposal
of property 4.2
Transfer of foreign currency
translation reserve 151.1 (271.9) 151.1 (271.9) (190.3)
Redemption of preference shares
in subsidiary 74.7 74.7
Total comprehensive income:
Foreign currency translation (163.1) 281.7 (163.1) 281.7 278.2
Cash flow hedges 4.4 10.3 4.4 10.3 (2.4)
Hedge of net investment in
foreign subsidiaries 12.0 (9.8) 12.0 (9.8) (87.9)
Balance at end of the period 234.9 164.3 234.9 164.3 155.8
Retained earnings
Balance at beginning of the period 2 706.1 2 076.3 2 706.1 2 076.3 2 076.3
Realised profit on disposal
of property (4.2)
Transfer of foreign currency
translation reserve (151.1) 271.9 (151.1) 271.9 190.3
Total comprehensive income:
Profit for the period 777.7 604.1 377.0 289.2 443.1
Actuarial gains on post-retirement
obligations 2.8 2.8 0.6
Balance at end of the period 3 335.5 2 952.3 2 934.8 2 637.4 2 706.1
Distribution reserve
Balance at beginning of the period 197.8 156.3 197.8 156.3 156.3
Transfer from share premium 156.5 106.9 156.5 106.9 303.6
Distributions paid (197.9) (156.3) (197.9) (156.3) (262.1)
Balance at end of the period 156.4 106.9 156.4 106.9 197.8
Equity holders' interest 6 074.2 5 921.5 5 673.5 5 606.6 5 562.6
Non-controlling interest
Balance at beginning of the period 902.7 784.1 902.7 784.1 784.1
Distributions paid (39.8) (65.2) (39.8) (65.2) (108.2)
Change in shareholding 37.3 37.3 33.6
Total comprehensive income:
Foreign currency translation (51.9) 29.2 (51.9) 29.2 29.6
Hedge of net investment in
foreign subsidiary (5.8) (5.8) 0.6
Cash flow hedges 1.1 5.3 1.1 5.3 (0.3)
Profit for the period 195.0 143.1 116.3 82.1 163.3
Balance at end of the period 1 038.6 896.5 959.9 835.5 902.7
Total equity 7 112.8 6 818.0 6 633.4 6 442.1 6 465.3
SEGMENTAL ANALYSIS
Actual Actual
Unaudited Sugar season results Audited
Six months ended Six months ended Year ended
30 September 30 September 31 March
2012 2011 2012 2011 2012
Rm Rm Rm % Rm % Rm
BUSINESS SEGMENTS
Revenue
Sugar production 2 624.6 2 162.1 3 717.6 65 2 949.8 65 6 310.1
Cane growing 2 065.2 1 510.6 1 494.6 26 1 159.4 25 1 995.9
Downstream and
co-generation 446.9 421.7 489.2 9 447.5 10 867.2
5 136.7 4 094.4 5 701.4 4 556.7 9 173.2
Operating profit
Sugar production 665.1 490.1 507.8 60 347.3 56 803.4
Cane growing 780.3 513.5 291.4 34 191.4 31 398.7
Downstream and
co-generation 53.5 76.8 54.4 6 81.5 13 146.7
1 498.9 1 080.4 853.6 620.2 1 348.8
Total assets
Sugar production 7 552.4 6 852.3 7 552.4 60 6 852.3 60 5 237.3
Cane growing 3 966.8 3 697.4 3 966.8 31 3 697.4 32 3 984.0
Downstream and
co-generation 1 149.1 903.9 1 149.1 9 903.9 8 753.8
12 668.3 11 453.6 12 668.3 11 453.6 9 975.1
Note: Total assets excludes cash and cash equivalents and financial instruments.
GEOGRAPHICAL SEGMENTS
Revenue
Malawi 916.4 719.8 368.56 14 815.8 18 1 686.8
Zambia 1 231.8 1 036.2 1 303.9 23 1 135.7 25 2 208.3
Tanzania 209.8 303.8 431.3 8 338.0 7 702.1
South Africa 1 592.7 1 158.3 2 203.5 39 1 575.4 35 3 129.2
Swaziland 788.6 573.4 630.1 11 469.2 10 989.1
Mozambique 397.4 302.9 259.3 5 222.6 5 457.7
5 136.7 4 094.4 5 701.4 4 556.7 9 173.2
Operating profit
Malawi 698.1 469.2 368.6 43 282.4 45 530.9
Zambia 334.7 306.1 198.5 23 201.7 33 445.8
Tanzania 22.4 66.4 79.5 9 83.6 13 144.6
South Africa 177.4 97.6 102.5 12 10.4 2 89.2
Swaziland 143.2 56.3 72.9 9 18.8 3 78.4
Mozambique 123.1 84.8 31.6 4 23.3 4 59.9
1 498.9 1 080.4 853.6 620.2 1 348.8
Date: 15/11/2012 07:05:00 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.
Sharenet Sites 
