ILLOVO SUGAR LIMITED - Revised trading statement

Release Date: 09/05/2016 11:06
Code(s): ILV
 
Wrap Text
Revised trading statement

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

REVISED TRADING STATEMENT FOR THE YEAR ENDED 31 MARCH 2016
Shareholders are referred to the revised trading statement for the
year ended 31 March 2016 published on 18 September 2015, in which
shareholders were advised that:-

-         earnings per share (“eps”) for the year ended 31 March 2016 were
          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); and
-         headline earnings per share (“heps”) for the year ended
          31 March 2016 were 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).


Shareholders are now advised that a reasonable degree of certainty
exists that Illovo’s eps and heps for the year ended 31 March 2016
will be approximately as follows, compared to the year ended
31 March 2015.

                       31 March 2015   Actual 31 March 2016
                       (cents)                Expected percentage /cents

    EPS                179.4                  125.9
                                              29.8% down

    HEPS               179.0                  113.6
                                              36.5% down

The   estimated  eps  decline   reported in   September  2015  was
subsequently mitigated by the finalisation of the closure of the
furfural-based nematicide business in the United States of America
and a profit realised on the disposal of an immovable property in
March 2016.

The estimated heps for the year ended 31 March 2016 is in line with
the range reported on 18 September 2015, referred to above.
The financial information in this trading statement has not been
reviewed and reported on by the Company’s auditors.
The Company’s Preliminary Report for the period ended 31 March 2016
will be published on or about 3 June 2016.


T S Munday
Chairman

Ridgeside, Umhlanga
9 May 2016

Sponsor
J.P. Morgan Equities South Africa Proprietary Limited

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