Wrap Text
Interim Results for the six months ended 30 September 2015
Tongaat Hulett Limited
Registration No: 1892/000610/06
JSE share code: TON
ISIN: ZAE000096541
Interim Results for the six months ended 30 September 2015
- Revenue of R7,609 billion (2014: R8,073 billion) -5,7%
- Operating profit of R1,361 billion (2014: R1,510 billion) -9,9%
- Operating cash flow of R2,292 billion (2014: R2,413 billion) -5,0%
- Headline earnings of R673 million (2014: R773 million) -12,9%
- Interim dividend of 170 cents per share (2014: 170 cps)
COMMENTARY
The results for the half-year ended 30 September 2015 were attained
with strong performances from the land conversion activities and
the starch operation being more than off-set by the impact of
difficult conditions for the sugar industry. In total, for the six
months, revenue amounted to R7,6 billion and operating profit of
R1,4 billion was generated, which is 9,9% below last year.
Land conversion and development activities generated operating
profit of R576 million from the sale of 65 developable hectares
(2014: R435 million from 49 developable hectares). Sales in this
period came from Cornubia (industrial and office), Sibaya
(commencement of node 1 for high-end residential), Umhlanga Ridge
Town Centre, Kindlewood, Izinga and Bridge City. The profit per
developable hectare averaged R8,9 million in the half-year,
ranging from R4 million to over R38 million per developable hectare,
in line with the expectations previously communicated.
The starch and glucose operation increased operating profit to
R281 million (2014: R264 million). Sales volumes of prime products
reflected a 1% reduction in the half-year, with gains in the
coffee/creamer sector and a slight increase in exports being off-set
by reductions in the confectionery, prepared foods, canning and
paper making sectors. Maize costs were competitive and there were
ongoing improvements in operating efficiencies, co-product recoveries
and cost control.
The various sugar operations’ revenue totalled R5,0 billion for the
six months, which was 14% below the previous half-year. Profit
before the impact of cane valuations was R1,13 billion compared to
R1,45 billion in the first half of last year. A reduction in sugar
production is being driven by poor growing conditions, particularly
in South Africa. In addition to lower volumes, export revenues are
also being impacted by a lower international sugar price, with
regional deficit markets and EU exports linked to that price.
Export prices earned into the EU have reduced by some 5,3 US cents
per pound, in line with the reduction in the world price, compared
to the first half of last year, with a revenue impact of some
R200 million in Zimbabwe and Mozambique. Cost reduction initiatives
continue across all operations. There are multiple currency dynamics,
with positive and negative effects compared to the same period last
year. The negative cane valuation impact of R570 million at the
half-year is to be expected with the harvesting that has taken place
and is consistent overall with the movement seen last year. Operating
profit after cane valuations, from all the sugar operations, totalled
R562 million compared to R864 million in the first half of last year.
The South African sugar operations, including the agriculture,
milling, refining and various downstream activities have seen a
reduction of operating profit to R154 million (2014: R259 million).
Production volumes are substantially below last year as a result of
the drought in KwaZulu-Natal (including the Darnall mill not being
opened this season) and export sales volumes have consequently
reduced by 88% compared to the same period last year. The overall
reduction in volumes has been partly off-set by focused cost
reductions and improved local market pricing, with a reduced
impact of imports into the local market. Value added activities,
including speciality sugars, branding, packing and distribution
in Botswana, Namibia and South Africa, as well as Voermol (the
specialist animal feeds business), continue to make a significant
contribution.
The Tambankulu Estate in Swaziland recorded operating profit of
R32 million (2014: R35 million), which continues to reflect the
impact of lower sugar cane prices.
The Mozambique sugar operating profit reduced to R142 million
(2014: R226 million) due to lower export sales prices and sales
volumes in the half-year. The lower sales volumes are as a result of
lower production levels at this stage in the season. The effect of
lower export revenues, including the reduction in export prices into
the EU, was partially off-set by increased local market revenues.
The Zimbabwe sugar operations’ operating profit for the half-year
amounted to R234 million (US$19 million) compared to the R344 million
(US$32 million) in the same period last year. Domestic market sales
volume levels have been maintained despite the challenging local
economic conditions. This was more than off-set by lower export
volumes, due to the timing of shipments between the first and second
halves of the year, and lower export prices into the EU. The strength
of the US dollar is exerting pressure, particularly in respect of
US dollar based costs (such as wages and salaries) and Euro based
revenues. The movement in the exchange rate has benefitted the
conversion of the US dollar earnings into Rands on consolidation.
Finance costs of R314 million (2014: R297 million) were commensurate
with the borrowing levels and prevailing interest rates.
Operating cash flow generated for the six months was R2,3 billion
(2014: R2,4 billion), before working capital movements. The
absorption of cash in working capital at the half-year was some
R2,4 billion, being the middle of the sugar season when sugar stocks
and debtor levels are usually substantially higher than at the end
of the financial year. The increased level of land conversion sales
and profits has led to a higher level of accounts receivable.
Capital expenditure for the half-year has increased with high return
initiatives being undertaken, for example the coffee/creamer
production facility expansion in the starch and glucose operation.
After taking all of the aforementioned into account, net debt at
the half-year was R5,27 billion (2014: R4,90 billion).
Headline earnings for the half-year amounted to R673 million
(2014: R773 million). An interim dividend of 170 cents per share
has been declared (2014: 170 cents per share).
OUTLOOK
Tongaat Hulett has substantially enhanced its strategic positioning
over the past few years and will continue to do so, focusing on
multiple strategic thrusts, all with a positive impact on earnings
and cash flow, through the various cycles that the business
experiences. The financial results for the current full year
continue to be influenced by a number of substantial and varying
dynamics, both negative and positive, and the full impact is
difficult to predict at this stage.
Tongaat Hulett’s Sugar Production and its Markets
Tongaat Hulett’s sugar production in 2015/16 has been heavily
impacted by the drought in KwaZulu-Natal and the lower water and
dam levels for irrigation have had an impact in Mozambique, Zimbabwe
and Swaziland. Sugar production in total for the 2015/16 season is
expected to be between 1 005 000 and 1 093 000 tons
(2014/15: 1 314 000 tons), with South Africa between 310 000 and
325 000 tons (2014/15: 541 000 tons), Zimbabwe between 410 000 and
450 000 tons (2014/15: 445 000 tons), Mozambique between 230 000 and
260 000 tons (2014/15: 271 000 tons) and the raw sugar equivalent in
Swaziland between 55 000 and 58 000 tons (2014/15: 57 000 tons).
Production levels in 2016/17 will largely depend on the extent of
rainfall over the next 7 months. The drought has already had an
impact, particularly in South Africa. In Zimbabwe, Mozambique and
Swaziland the quantum of irrigation is being reduced as a mitigation
measure against potential poor rainfall in the coming months.
Electricity availability has, at times, impacted on irrigation.
A return to regular growing conditions, together with the benefit of
the intensive agricultural improvement plans that are well under way,
should lead to sugar production increasing to above 1,6 million tons
by 2018/19.
A number of factors are in play in the markets where Tongaat Hulett
operates. The key markets are the domestic markets in countries where
it produces sugar, all of which have the potential to grow Tongaat
Hulett’s supply. Progress is being made with the effectiveness of
various import protection measures. In Zimbabwe and Mozambique,
sugar refining matters are being addressed, which should lead to
the replacement of imported industrial white sugar. Growth is
expected in consumption per capita, off a low base, particularly
in Mozambique and partly in Zimbabwe, together with increased
distribution and marketing initiatives. In South Africa, with its
current low sugar production level, Tongaat Hulett is having to
procure other producers’ raw sugar for refining to supply its local
market white sugar position and plans to replace this with its own
production in future. Tongaat Hulett has the leading sugar brands in
South Africa, Zimbabwe, Botswana and Namibia. Total local market
sales in Tongaat Hulett’s domestic markets could increase from some
850 000 tons in 2014/15 to some 1 090 000 tons by 2018/19.
Tongaat Hulett’s additional sugar is sold mainly into regional and
EU markets, where a premium is earned above the volatile world sugar
price. Coming out of 5 years of global surplus production, high stock
levels and a low world price, the expectations for the current year
are that global supply will fall short of global demand. Current
weather conditions, together with farmer behaviour driven by low
prices and input cost pressures, are exerting downward pressure on
global sugar production levels. Global sugar consumption is
predicted to continue to grow at a rate of some 1,5% to 2% per
annum, with most of this growth coming from low per capita
consumption developing countries.
Tongaat Hulett has key market positions and experience in both the
EU and the region (southern and eastern Africa). The EU reforms are
leading to a shift for Tongaat Hulett away from the EU to regional
deficit markets, replacing deep sea imports and benefitting from
trade-bloc advantages. By 2018/19, regional exports could increase
from 100 000 tons in 2014/15 to some 275 000 tons and EU exports
are likely to reduce from 327 000 tons to some 130 000 tons.
Cost Reductions
The sustainable cost reductions achieved over the past two years
(equivalent to some R950 million in real terms), while having to
absorb input price increases, provided a good base for the next
steps in the concerted cost reduction process in the sugar operations.
An overall reduction in goods, services, transport, marketing,
salaries and wages costs in real terms is expected this year.
Growing Starch and Glucose
The starch and glucose operation is well positioned strategically and
is focused on growing its sales volume, with an enhanced product mix
and customer growth prospects into Africa. This is underpinned by
improving use of its available capacity and the efficiency of its
operations. The R135 million expansion project for the coffee/creamer
sector is currently in its commissioning phase. For the second half
of this year, 85% of maize requirements have been priced, back to
back with customers, with margins slightly below the same time last
year. The current prevailing dry weather conditions have resulted in
planting delays for the forthcoming maize season. Rain is required
during the next three to six months to allow the crop to be planted
and established. The margins earned on approximately 55% of the
starch operation’s sales volumes for the next financial year will
be influenced by the extent to which local maize prices trade closer
to import parity levels.
Momentum in Land Conversion and Development
The momentum in Tongaat Hulett’s land conversion and development
activities continues, with good progress on numerous value unlocking
activities spanning the portfolio of 8 026 developable hectares in
KZN earmarked for development. These activities include strengthening
demand drivers, unlocking infrastructure at key points, securing
release from agriculture and other development approvals, while
executing optimal sales strategies for the various parcels of land.
The value achieved per hectare of land sold is increasingly
reflecting this steadily improving land conversion platform and
varies based on usage and location. Tongaat Hulett continues to work
together with Government, related organisations and key stakeholders
in the property industry to capture the synergy of each other’s unique
capabilities and to create and unlock value for all stakeholders. An
increasing number of significant black economic empowerment related
land development transactions are taking place. This all has a
positive impact on economic development, including industrial,
commercial, tourism and all levels of residential development in the
Durban/KZN North Coast area, complementing the simultaneous rural
development taking place around new agricultural cane developments.
Following the sales of the last 18 months, which total 173 developable
hectares, the remainder of this financial year could see muted sales
activity. Significant early sales momentum (40 developable hectares
sold) has been achieved in opening up both the western expansion of
Umhlanga Ridge Town Centre into Cornubia and a new development area
in node 1 of Sibaya at eMdloti, with a further 58 developable
hectares to come in these areas following a consolidation around
these early catalyst sales. Good progress has been made, after
a 2-year comprehensive process, in understanding how to unlock
optimal value from the prime 42 developable hectares in precincts 1
and 2 of Umhlanga Ridgeside. A single sale of these 42 hectares,
with the current commercial and residential mix, is not likely to be
the optimum route and a multiple sales approach will now be embarked
upon, benefitting from the significant interest created to date.
An update of the land portfolio document (including prospective usage,
market momentum, demand drivers, possible timing and values) is
available on the www.tongaat.com website. It includes an update of
the possible 5-year sales outcomes, indicating total sales of at
least 639 developable hectares with a profit range of R2 million
to R39 million per developable hectare. It also details those areas
where commercial negotiations have commenced or are likely to
commence over the next 24 months.
Tongaat Hulett continues to focus on value creation for all
stakeholders through an all-inclusive approach to growth and
development, with its footprint in six SADC countries, its ability
to process both sugar cane and maize, animal feeds thrust, electricity
generation and ethanol opportunities, increased momentum in land
conversion and its socio-economic positioning and constructive
interfaces with Governments and society.
For and on behalf of the Board
Bahle Sibisi Peter Staude
Chairman Chief Executive Officer
Amanzimnyama
Tongaat, KwaZulu-Natal
12 November 2015
DIVIDEND DECLARATION
Notice is hereby given that the Board has declared an interim
gross cash dividend (number 176) of 170 cents per share for the
half-year ended 30 September 2015 to shareholders recorded in the
register at the close of business on Friday 29 January 2016.
The salient dates of the declaration and payment of this interim
dividend are as follows:
Last date to trade ordinary shares
“CUM” dividend Friday 22 January 2016
Ordinary shares trade “EX” dividend Monday 25 January 2016
Record date Friday 29 January 2016
Payment date Thursday 4 February 2016
Share certificates may not be dematerialised or re-materialised,
nor may transfers between registers take place between Monday
25 January 2016 and Friday 29 January 2016, 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 Friday 22 January 2016.
The dividend has been declared from income reserves. A net
dividend of 144,5 cents per share will apply to shareholders liable
for the local 15% dividend withholding tax and 170 cents per share
to shareholders exempt from paying the dividend tax. The issued
ordinary share capital as at 12 November 2015 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
12 November 2015
INCOME STATEMENT
Condensed consolidated Unaudited Unaudited Audited
6 months 6 months 12 months to
to 30 Sept to 30 Sept 31 March
Rmillion 2015 2014 2015
Revenue 7 609 8 073 16 155
Operating profit 1 361 1 510 2 089
Net financing costs (note 1) (314) (297) (617)
Profit before tax 1 047 1 213 1 472
Tax (note 2) (305) (336) (425)
Net profit for the period 742 877 1 047
Profit attributable to:
Shareholders of Tongaat Hulett 701 800 989
Minority (non-controlling)
interest 41 77 58
742 877 1 047
Headline earnings attributable
to Tongaat Hulett shareholders
(note 3) 673 773 945
Earnings per share (cents)
Net profit per share
Basic 609,1 700,9 864,6
Diluted 609,1 700,9 864,6
Headline earnings per share
Basic 584,8 677,2 826,1
Diluted 584,8 677,2 826,1
Dividend per share (cents) 170,0 170,0 380,0
Currency conversion
Rand/US dollar closing 13,85 11,26 12,17
Rand/US dollar average 12,57 10,64 11,05
Rand/Metical average 0,35 0,35 0,35
Rand/Euro average 13,95 14,35 13,96
US dollar/Euro average 1,11 1,35 1,26
SEGMENTAL ANALYSIS
Condensed consolidated Unaudited Unaudited Audited
6 months 6 months 12 months to
to 30 Sept to 30 Sept 31 March
Rmillion 2015 2014 2015
REVENUE
Sugar
Zimbabwe 1 863 1 824 3 471
Swaziland 148 146 203
Mozambique 1 394 1 482 1 804
South Africa 1 603 2 365 6 143
Sugar operations – total 5 008 5 817 11 621
Starch operations 1 750 1 740 3 447
Land Conversion and Developments 851 516 1 087
Consolidated total 7 609 8 073 16 155
OPERATING PROFIT
Sugar
Zimbabwe 234 344 386
Swaziland 32 35 29
Mozambique 142 226 130
South Africa 154 259 261
Sugar operations – total 562 864 806
Starch operations 281 264 561
Land Conversion and Developments 576 435 829
Centrally accounted and
consolidation items (49) (42) (86)
BEE IFRS 2 charge and transaction
costs (9) (11) (21)
Consolidated total 1 361 1 510 2 089
FURTHER ANALYSIS OF SUGAR OPERATING PROFIT
Sugar operations - before cane
valuations 1 132 1 454 710
Zimbabwe 533 609 320
Swaziland 58 64 40
Mozambique 411 556 215
South Africa 130 225 135
Cane valuations – income
statement effect (570) (590) 96
Zimbabwe (299) (265) 66
Swaziland (26) (29) (11)
Mozambique (269) (330) (85)
South Africa 24 34 126
Sugar operations - after cane
valuations 562 864 806
Zimbabwe 234 344 386
Swaziland 32 35 29
Mozambique 142 226 130
South Africa 154 259 261
STATEMENT OF FINANCIAL POSITION
Condensed consolidated Unaudited Unaudited Audited
30 Sept 30 Sept 31 March
Rmillion 2015 2014 2015
ASSETS
Non-current assets
Property, plant and equipment 12 870 11 737 12 059
Growing crops (note 4) 5 168 4 623 5 473
Long-term receivable 541 502 518
Goodwill 416 358 376
Intangible assets 59 65 64
Investments 28 20 27
19 082 17 305 18 517
Current assets 11 782 10 176 8 026
Inventories 4 721 4 503 2 472
Trade and other receivables 5 094 3 935 3 886
Cash and cash equivalents 1 967 1 738 1 668
TOTAL ASSETS 30 864 27 481 26 543
EQUITY AND LIABILITIES
Capital and reserves
Share capital 135 135 135
Share premium 1 544 1 544 1 544
BEE held consolidation shares (642) (695) (674)
Retained income 8 397 7 983 7 959
Other reserves 3 731 2 764 2 925
Shareholders' interest 13 165 11 731 11 889
Minority interest in subsidiaries 2 143 1 808 1 887
Equity 15 308 13 539 13 776
Non-current liabilities 7 882 7 098 7 944
Deferred tax 2 685 2 289 2 491
Long-term borrowings 3 795 3 449 4 056
Non-recourse equity-settled
BEE borrowings 622 667 654
Provisions 780 693 743
Current liabilities 7 674 6 844 4 823
Trade and other payables
(note 5) 3 969 3 454 3 173
Short-term borrowings 3 446 3 193 1 604
Tax 259 197 46
TOTAL EQUITY AND LIABILITIES 30 864 27 481 26 543
Number of shares (000)
– in issue 135 113 135 113 135 113
– weighted average (basic) 115 083 114 139 114 388
– weighted average (diluted) 115 083 114 139 114 388
STATEMENT OF CHANGES IN EQUITY
Condensed consolidated Unaudited Unaudited Audited
6 months 6 months 12 months to
to 30 Sept to 30 Sept 31 March
Rmillion 2015 2014 2015
Balance at beginning of period 11 889 10 562 10 562
Total comprehensive income
for the period 1 492 1 492 1 815
Retained income 701 800 973
Movement in hedge reserve (2) (9) (2)
Foreign currency translation 793 701 844
Dividends paid (231) (231) (417)
Share capital issued – ordinary 1 1
BEE held consolidation shares 8 8 18
Share-based payment charge 40 48 85
Settlement of share-based
payment awards (33) (149) (175)
Shareholders' interest 13 165 11 731 11 889
Minority interest in subsidiaries 2 143 1 808 1 887
Balance at beginning of period 1 887 1 628 1 628
Total comprehensive income for
the period 260 186 271
Retained income 41 77 58
Foreign currency translation 219 109 213
Dividends paid to minorities (4) (6) (12)
Equity 15 308 13 539 13 776
STATEMENT OF OTHER COMPREHENSIVE INCOME
Condensed consolidated Unaudited Unaudited Audited
6 months 6 months 12 months to
to 30 Sept to 30 Sept 31 March
Rmillion 2015 2014 2015
Net profit for the period 742 877 1 047
Other comprehensive income 1 010 801 1 039
Items that will not be
reclassified to profit
or loss:
Foreign currency translation 1 012 810 1 057
Actuarial loss (23)
Tax on actuarial loss 7
Items that may be reclassified
subsequently to profit or
loss:
Hedge reserve (3) (13) (3)
Tax on movement in hedge
reserve 1 4 1
Total comprehensive income
for the period 1 752 1 678 2 086
Total comprehensive income
attributable to:
Shareholders of
Tongaat Hulett 1 492 1 492 1 815
Minority (non-controlling)
interest 260 186 271
1 752 1 678 2 086
STATEMENT OF CASH FLOWS
Condensed consolidated Unaudited Unaudited Audited
6 months 6 months 12 months to
to 30 Sept to 30 Sept 31 March
Rmillion 2015 2014 2015
Operating profit 1 361 1 510 2 089
Surplus on disposal of property,
plant and equipment (34) (29) (77)
Depreciation 314 309 564
Growing crops and other
non-cash items 651 623 1
Operating cash flow 2 292 2 413 2 577
Change in working capital (2 389) (1 837) (44)
Cash flow from operations (97) 576 2 533
Tax payments (109) (214) (353)
Net financing costs (314) (297) (617)
Cash flow from operating
activities (520) 65 1 563
Expenditure on property, plant
and equipment:
New (268) (75) (203)
Replacement (296) (143) (509)
Major plant overhaul cost
changes (57) (38) (20)
Capital expenditure on growing
crops (18) (10) (76)
Other capital items 45 30 93
Net cash flow before dividends
and financing activities (1 114) (171) 848
Dividends paid (235) (237) (429)
Net cash flow before financing
activities (1 349) (408) 419
Borrowings raised 1 550 1 210 218
Non-recourse equity-settled
BEE borrowings (32) (24) (37)
Shares issued 1 1
Settlement of share-based payment
awards (33) (149) (175)
Net increase in cash and cash
equivalents 136 630 426
Balance at beginning of period 1 668 1 067 1 067
Foreign currency translation 163 41 175
Cash and cash equivalents at
end of period 1 967 1 738 1 668
NOTES
Condensed consolidated Unaudited Unaudited Audited
6 months 6 months 12 months to
to 30 Sept to 30 Sept 31 March
Rmillion 2015 2014 2015
1. Net financing costs
Interest paid (350) (331) (685)
Interest capitalized 3 1
Interest received 33 34 67
(314) (297) (617)
2. Tax
Normal (316) (267) (261)
Deferred 11 (69) (164)
(305) (336) (425)
3. Headline earnings
Profit attributable to
shareholders 701 800 989
Adjusted for:
Capital profit on disposal of
land and buildings (26) (21) (48)
Capital profit on other items (2) (2)
(Surplus)/loss on disposal of
property, plant and equipment (4) (6) 4
Tax on the above items 2 2 2
673 773 945
4. Growing crops
Growing crops, comprising roots and standing cane, are measured
at fair value; which is determined using an estimate of cane
yields and prices. Changes in fair value are recognised in
profit or loss. A change in yield of one ton per hectare on the
estimated yield of 83 tons cane per hectare (30 September 2014:
86 tons per hectare and 31 March 2015: 83 tons per hectare)
would result in a R25 million (30 September 2014: R22 million
and 31 March 2015: R25 million) change in fair value, while a
change of one percent in the cane price would result in a
R26 million (30 September 2014: R20 million and 31 March 2015:
R26 million) change in fair value.
5. Trade and other payables
Included in trade and other payables is the maize obligation
(interest bearing) of R573 million (30 September 2014:
R494 million and 31 March 2015: R246 million).
6. Capital expenditure commitments
Contracted 261 192 163
Approved 338 238 478
599 430 641
7. Operating lease commitments 94 88 82
8. Guarantees and contingent
liabilities 68 42 33
9. Basis of preparation and accounting policies
The condensed consolidated unaudited results for the half
year ended 30 September 2015 have been prepared in accordance
with the International Financial Reporting Standard (IFRS) 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. The report has been prepared
using accounting policies that comply with IFRS, which are
consistent with those applied in the financial statements for
the year ended 31 March 2015 and 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 from 1 January 2015. The adoption of these
standards had no recognition and measurement impact on the
financial results.
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: Computershare Investor Services (Pty) Limited
Telephone: +27 11 370 7700
Sponsor: Investec Bank Limited
Telephone: +27 11 286 7000
www.tongaat.com
e-mail: info@tongaat.com
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