ILLOVO SUGAR LIMITED - Trading statement for 6 months ending 30 September 2015 and revised trading statement for year ending 31 March 2016

Trading statement for 6 months ending 30 September 2015 and revised trading statement for year ending 31 March 2016

ILLOVO SUGAR LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1906/000622/06)
Share Code: ILV
ISIN: ZAE000083846
(“Illovo”) or (“the Company”)

TRADING STATEMENT FOR THE SIX MONTHS ENDING 30 SEPTEMBER 2015 AND
REVISED TRADING STATEMENT FOR THE YEAR ENDING 31 MARCH 2016

Shareholders are advised that a reasonable degree of certainty
exists that Illovo’s headline earnings per share (“heps”) and
earnings   per   share   (“eps”)   for   the   six   months   ending
30 September 2015 will reflect a decrease compared to the six months
ended 30 September 2014, as set out below.

                 30     September Expected Range 30 September 2015
                 2014      Actual (cents)
                 (cents)

HEPS             171.1             85.5             68.4
                                   50% down         60% down

EPS              171.3             42.8             25.7
                                   75% down         85% down

The heps decline is due mainly to the challenging conditions
reported in our Preliminary Report for the year ended 31 March 2015
and is further impacted by the seasonal phasing of production and
sales at the half year.

The eps decline results primarily from our decision to write-off
accumulated costs incurred in the development and registration of a
furfural-based nematicide, due to the difficulties in obtaining
registration with the US Environmental Protection Agency (EPA) for
application on food crops (the “write-off”).

Revised Trading Statement for the year ending 31 March 2016

Due to the write-off referred to above, eps for the year ending
31 March 2016 is expected to reflect a decline of between 50%
(89.7 cents) and 70% (53.8 cents) compared to that for the year
ended 31 March 2015 (179.4 cents).

However, heps for the year ending 31 March 2016 is expected to
remain in line with the range reported on 25 May 2015, ie, a
decrease of between 25% (134.2 cents) and 45% (98.4 cents) compared
to that for the period ended 31 March 2015 (179.0 cents).

The financial information in this trading statement has not been
reviewed and reported on by the Company’s auditors.

The Company’s Interim Report for the period ending 30 September 2015
will be published on or about 30 November 2015.
T S Munday
Chairman

Mount Edgecombe
18 September 2015

Sponsor
J.P. Morgan Equities South Africa Proprietary Limited

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