Wrap Text
Audited Results for the year ended 31 March 2016
Tongaat Hulett Limited
Registration No: 1892/000610/06
JSE share code: TON
ISIN: ZAE000096541
AUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2016
- Revenue of R16,676 billion (2015: R16,155 billion) +3,2%
- Operating profit of R1,808 billion (2015: R2,089 billion) -13,5%
- Headline earnings of R783 million (2015: R945 million) -17,1%
- Cash flow from operations of R1,262 billion (2015: R2,533 billion) -50,2%
- Annual dividend of 230 cents per share (2015: 380 cps) -39,5%
COMMENTARY
The results for the year ended 31 March 2016 were attained with record
performances from the starch operation and the land conversion and
development activities being negated by the impact of the substantial
reduction in Tongaat Hulett’s sugar production as a result of poor growing
conditions. The nature of sugar milling and cane growing is such that
there is a high proportion of fixed costs. In total, revenue amounted to
R16,7 billion and operating profit of R1,8 billion was generated, which
is 13,5% below last year. Cash flow from operations was lower than
operating profit, largely as a result of debtors increasing by some
R1,3 billion due to the timing of inflows in respect of land conversion
activities.
The starch and glucose operation increased operating profit to
R658 million (2015: R561 million). There is ongoing improvement in the
sales mix, enhanced by value added products. Maize costs were competitive
and the business benefitted from favourable co-product prices, ongoing
improvements, in operating efficiencies, co-product recoveries and cost
control. Sales volumes of prime products were 1% below last year, with
gains in the alcoholic beverage sector being off-set by reductions in
the confectionery, prepared foods, canning and paper making sectors.
Land conversion and development activities generated operating profit of
R1,115 billion from the sale of 121 developable hectares
(2015: R829 million from 108 developable hectares). Sales in this period
came from Umhlanga Ridgeside Precinct 1 (high-intensity urban mixed
use – 3 hectares), Ridgeside Precinct 4 (high-end residential –
20 hectares), Sibaya Node 1 (high-end residential – 19 hectares),
Cornubia (industrial and office – 25 hectares), Umhlanga Ridge Town
Centre (high-intensity urban mixed use – 3 hectares), Ntshongweni
(retail – 14 hectares), Kindlewood (17 hectares), Izinga (19 hectares)
and Bridge City (1 hectare). The profit per developable hectare
averaged R9,2 million, in line with the value ranges detailed in the
land portfolio document and enhanced through urban planning yielding
higher land use integration and density.
The various sugar operations’ total operating profit reduced to
R124 million, from R806 million in the prior year. Sugar production
volumes in the year to March 2016 reduced by a further 291 000 tons to
1,023 million tons (2015: 1,314 million tons and 2014: 1,424 million tons),
in line with previous communication. Volumes were impacted by lower cane
yields due to the severe drought in KwaZulu-Natal and poor growing
conditions with low rainfall and restricted irrigation levels in
Mozambique and Zimbabwe as a result of low water and dam levels.
Electricity availability has, at times, also impacted on irrigation in
Mozambique and Zimbabwe.
The benefit of improved import protection and higher prices in the various
local markets was largely not yet reflected in revenue earned in the
2015/16 year due to the timing of the increases. In addition to lower
sugar volumes, export revenues were also impacted by a lower international
sugar price, with regional deficit markets and EU exports linked to that
price. There are multiple currency dynamics, with positive and negative
effects compared to last year. The cane valuations at year end reflect
increased domestic market realisations going forward and the impact of a
roots fair value cost increase in South Africa and Mozambique, reduced by
lower cane yields than were expected at March 2015, in line with current
growing conditions.
There has been a significant decrease in the cost base of the sugar
operations over the past three years which, together with the impact of
lower volumes, has resulted in a reduction of some R1,39 billion in
respect of the cost of goods, services, transport, marketing, salaries and
wages, in real terms compared to 2012/13.
The South African sugar operations, including agriculture, milling,
refining and various downstream activities have seen an operating loss
of R5 million (2015: R261 million profit). As a result of the drought
(including the Darnall mill not being opened in the 2015/16 season)
production volumes were 323 000 tons (substantially below the 541 000 tons
of last year and the 634 000 tons of the year before). The overall
reduction in volumes was partly off-set by focused cost reductions and
some improvement in local market pricing earlier in the year, with a
reducing impact of imports into the local market. The animal feeds
operation was negatively affected by the shortage of feedstock.
The Tambankulu Estate in Swaziland recorded operating profit of
R40 million (2015: R29 million), which reflects the impact of improving
sugar cane prices, with a raw sugar equivalent of 56 000 tons being
produced (2015: 57 000 tons).
The Mozambique sugar operating profit reduced to R74 million
(2015: R130 million) due to lower volumes and lower export sales prices.
Sugar production was 232 000 tons compared to 271 000 tons last year.
The 29% local market price increase only came into effect towards the
end of the year.
The Zimbabwe sugar operating profit reduced to R15 million compared to
R386 million in the prior year. Sugar production of 412 000 tons was below
the 445 000 tons of the prior year. There were both lower export sales
volumes and lower export prices. Domestic market sales volume levels have
been maintained. The strength of the US dollar has exerted pressure,
particularly in respect of US dollar based costs (such as wages and
salaries) and Euro based revenues.
Finance costs of R680 million (2015: R617 million) were commensurate
with the borrowing levels and prevailing interest rates.
Cash flow from operations was some R1,3 billion (2015: R2,5 billion),
after the absorption of R989 million in working capital (R44 million
in the prior year). Capital expenditure increased by R509 million, mainly
as a result of the Starch coffee/creamer production facility expansion,
various boiler and electricity related upgrades and a SAP ERP system
implementation. After taking all of the aforementioned into account,
net debt at 31 March 2016 was R5,1 billion (2015: R4,0 billion).
Headline earnings attributable to Tongaat Hulett shareholders amounted
to R783 million (2015: R945 million). A final dividend of 60 cents per
share has been declared, bringing the annual dividend to 230 cents per
share (2015: 380 cents per share). The annual dividend cover of 3 times
is considered prudent in view of current sugar cane growing conditions.
OUTLOOK
Tongaat Hulett will continue to enhance its strategic positioning,
focusing on multiple strategic thrusts, all with a positive impact on
earnings and cash flow, through the various cycles that the business
experiences.
Multiple Strong Sugar Market Positions with Protected, Growing
Domestic Markets
Prices for sugar in the international market have been improving in
the light of prospects for an increasing shortfall in global production
after 5 years of surplus production, high stock levels and a low world
price. Droughts in India and Thailand together with farmer behaviour
worldwide, 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% per annum, with most of this growth coming from low per capita
consumption developing countries.
The domestic markets in countries where Tongaat Hulett produces sugar
remain its primary focus. They are increasingly protected from
imports, with Government support, given the high rural job impact of
these industries. 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,
supported by 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.
Tongaat Hulett has key market positions and experience in both the
EU and the region (southern and eastern Africa) for the sale of its
additional sugar.
Growing Sugar Production from the Current Low Point
Current weather and growing conditions are masking the substantial
progress that is being made with intensive agricultural improvement
programs, irrigation efficiency and power reliability. Tongaat Hulett
has more than 2,1 million tons of installed milling capacity, which
requires little capital expenditure to use the additional available
capacity which has a replacement value of more than R20 billion.
Production increases from higher yields on existing hectares under
cane and using the existing installed milling capacity have a low
marginal cash cost of some 4 to 6 US cents per pound. The imminent
completion in Zimbabwe of the Tokwe-Mukorsi dam and, in Mozambique
(Xinavane), the raising of the Corumana dam wall and the construction
of the new Moamba dam on the Incomati river will diversify the water
catchment area and provide increased stability in future water supply.
Reducing the Cost of Sugar Production
The sustained decrease in costs achieved over the past three years
(equivalent to some R1,39 billion in real terms) provides a good base
for the next steps in the concerted cost reduction process in the
sugar operations, particularly focused on bought-in goods, services,
transport, marketing, salaries and wages. There is scope for considerable
further reduction, with man-hour reductions focusing on flexible
components and natural attrition, at the same time as eliminating non
value-add activities and areas of waste. The paradigms around costs that
have traditionally been viewed as fixed are being challenged, to mitigate
against future potential volume volatility. Unit costs of sugar production
will reduce further as these cost reduction processes continue,
benefitting from future volume increases.
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,
by reducing imports and on the back of customer growth, including into
Africa. This is underpinned by improving use of its available capacity
and the efficiency of its operations. The expansion project for the
coffee/creamer sector, that will enable the replacement of imported
glucose, has been commissioned and production is being ramped up.
Capital expenditure, including new boiler facilities, completed at
the Meyerton plant, will enable further growth in the production of
value added modified starches for use in the prepared foods sector.
Value Creation from Land Conversion and Development
The momentum in Tongaat Hulett’s land conversion and development
activities continues to increase, with good progress on numerous
activities that increase demand, unlock supply of land and enhance
value across the portfolio of 7 970 developable hectares in KZN
earmarked for development. A major milestone in the past year was
to increase the number of hectares with approval for release from
agriculture for development, in terms of Act 70 of 1970, by some
2 600 developable hectares to more than 3 000 hectares.
An updated and enhanced land portfolio document is available on
the www.tongaat.com website. It gives details of these activities
and includes an update of the possible 5-year sales outcomes,
indicating a range of hectares for each demand driver. The net
cash profit per developable hectare varies, depending on the use,
ranging from R2 million to R39 million per developable hectare.
The various residential categories are expected to be the largest
demand driver.
An integrated approach is being followed to ensure value creation
for all stakeholders. Good progress is being made on the various
value unlocking activities underpinning the land conversion process
together with Government, related organisations and key stakeholders
in the property industry. These activities commence with collaborative
planning with authorities on optimum use of land for all stakeholders,
leading to release from agriculture and other development approvals,
and simultaneously strengthening demand drivers and unlocking
infrastructure at key points, while executing optimal sales and
development strategies for the various parcels of land. An increasing
number of important 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, and points to the potential for similar
collaboration for rural development including new agricultural
cane developments.
The Year Ahead
The next year should see Tongaat Hulett benefit substantially from
improved local sugar market revenues (volumes and prices) following
the import protection measures implemented in South Africa and
Mozambique (higher US dollar based reference prices for the
calculation of import duties) and Zimbabwe (import duties and
import permit controls). Actions to reduce costs will continue.Total
sugar production in 2016/17 is expected to continue to be impacted
by the drought in KwaZulu-Natal and, in Zimbabwe, Mozambique and
Swaziland, the quantum of irrigation has been reduced as a
mitigation measure against poor rainfall and low dam levels.
The estimate for sugar production in total for the
2016/17 season is between 990 000 and 1 150 000 tons, compared
to 1 023 000 tons last year. Rainfall during the summer of
2016/17 will determine whether more regular production levels
return in 2017/18.
The recent investments in the starch and glucose production
capacity, together with evolving product and customer mix
improvements through the displacement of imports and new product
development will partly mitigate the impact of the higher maize
prices. The prevailing drought conditions have resulted in
South Africa having to import maize for the 2016/17 maize season.
Maize prices have risen to import parity levels since December 2015
and are expected to remain at these levels for the 2016/17 financial
year. The evolving sales contracting mix has restricted the impact
of these higher maize prices to 55% of the starch operations sales
volumes which are not contracted on a formula basis.
Increased land sales potential has been unlocked, opening up
new development areas, with recent catalytic sales in node 1 of
Sibaya at eMdloti, 14 hectares for a new retail centre as a
catalyst for the Ntshongweni development west of Durban, the
expansion of Umhlanga Ridge Town Centre westwards into Cornubia
and on the sea facing slopes to the east in precinct 1 of
Ridgeside and the new precinct 4. The decision to sell the
42 hectares in Ridgeside precincts 1 and 2 as multiple sales
rather than a single sale is proving optimal. The land portfolio
document details those areas where sales or negotiations have
commenced or are about to commence. Over the past three years,
488 developable hectares have been sold, generating operating
profit of R3,024 billion while the net cash flow was R1,620 billion.
The conversion of profits into cash varies with the nature of the
transactions concluded and there have been a number of larger
transactions that have a lead time before transfer. The dynamic
of profit exceeding cash flow is expected to reverse as these
transfers take place.
Overall, Tongaat Hulett’s profit for the next year will continue
to be influenced by a number of substantial and varying dynamics,
both positive and negative, and the full impact is difficult to
predict at this stage. Cash flow is expected to improve
substantially, including a reversal of the working capital
absorption of the 2015/16 year.
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
26 May 2016
DIVIDEND DECLARATION
Notice is hereby given that the Board has declared a final gross cash
dividend (number 177) of 60 cents per share for the year ended 31 March
2016 to shareholders recorded in the register at the close of business
on Friday 24 June 2016.
The salient dates of the declaration and payment of this final dividend
are as follows:
Last date to trade ordinary shares
"CUM” dividend Friday 17 June 2016
Ordinary shares trade “EX” dividend Monday 20 June 2016
Record date Friday 24 June 2016
Payment date Thursday 30 June 2016
Share certificates may not be dematerialised or re-materialised, nor may
transfers between registers take place between Monday 20 June 2016 and
Friday 24 June 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 17 June 2016.
The dividend has been declared from income reserves. A net dividend
of 51 cents per share will apply to shareholders liable for the local 15%
dividend withholding tax and 60 cents per share to shareholders exempt
from paying the dividend tax. The issued ordinary share capital as at
26 May 2016 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
26 May 2016
SUMMARISED AUDITED CONSOLIDATED FINANCIAL STATEMENTS - PROVISIONAL
REPORT AS PER THE JSE LIMITED LISTINGS REQUIREMENTS
INCOME STATEMENT
Summarised consolidated
Rmillion 2016 2015
Revenue 16 676 16 155
Operating profit 1 808 2 089
Net financing costs (note 1) (680) (617)
Profit before tax 1 128 1 472
Tax (note 2) (358) (425)
Net profit for the year 770 1 047
Profit attributable to:
Shareholders of Tongaat Hulett 820 989
Minority (non-controlling) interest (50) 58
770 1 047
Headline earnings attributable to
Tongaat Hulett shareholders (note 3) 783 945
Earnings per share (cents)
Net profit per share
Basic 710,1 864,6
Diluted 710,1 864,6
Headline earnings per share
Basic 678,1 826,1
Diluted 678,1 826,1
Dividend per share (cents) 230,0 380,0
Currency conversion
Rand/US dollar closing 14,84 12,17
Rand/US dollar average 13,81 11,05
Rand/Metical average 0,35 0,35
Rand/Euro average 15,20 13,96
US dollar/Euro average 1,10 1,26
SEGMENTAL ANALYSIS
Summarised consolidated
Rmillion 2016 2015
Revenue
Sugar
Zimbabwe 3 549 3 471
Swaziland 205 203
Mozambique 1 664 1 804
South Africa 5 964 6 143
Sugar operations – total 11 382 11 621
Starch operations 3 640 3 447
Land Conversion and Developments 1 654 1 087
Consolidated total 16 676 16 155
Operating profit
Sugar
Zimbabwe 15 386
Swaziland 40 29
Mozambique 74 130
South Africa (5) 261
Sugar operations – total 124 806
Starch operations 658 561
Land Conversion and Developments 1 115 829
Centrally accounted and consolidation items (70) (86)
BEE IFRS 2 charge and transaction costs (19) (21)
Consolidated total 1 808 2 089
FURTHER ANALYSIS OF SUGAR OPERATING PROFIT
Summarised consolidated
Rmillion 2016 2015
Sugar operations - before root planting costs &
cane valuations 483 1 155
Zimbabwe 389 549
Swaziland 38 53
Mozambique 145 324
South Africa (89) 229
Root planting costs (596) (445)
Zimbabwe (318) (229)
Swaziland (11) (13)
Mozambique (209) (109)
South Africa (58) (94)
Cane valuations - income statement effect 237 96
Zimbabwe (56) 66
Swaziland 13 (11)
Mozambique 138 (85)
South Africa 142 126
Sugar operations - after root planting costs &
cane valuations 124 806
Zimbabwe 15 386
Swaziland 40 29
Mozambique 74 130
South Africa (5) 261
STATEMENT OF FINANCIAL POSITION
Summarised consolidated
Rmillion 2016 2015
ASSETS
Non-current assets
Property, plant and equipment 13 318 12 059
Growing crops 6 148 5 473
Long-term receivable 564 518
Goodwill 438 376
Intangible assets 212 64
Investments 26 27
20 706 18 517
Current assets 10 123 8 026
Inventories 2 866 2 472
Trade and other receivables 4 738 3 291
Major plant overhaul costs 642 595
Cash and cash equivalents 1 877 1 668
TOTAL ASSETS 30 829 26 543
EQUITY AND LIABILITIES
Capital and reserves
Share capital 135 135
Share premium 1 544 1 544
BEE held consolidation shares (625) (674)
Retained income 8 295 7 959
Other reserves 4 026 2 925
Shareholders' interest 13 375 11 889
Minority (non-controlling) interest 2 155 1 887
Equity 15 530 13 776
Non-current liabilities 8 118 7 944
Deferred tax 2 896 2 491
Long-term borrowings 3 791 4 056
Non-recourse equity-settled BEE borrowings 605 654
Provisions 826 743
Current liabilities 7 181 4 823
Trade and other payables (note 5) 3 897 3 173
Short-term borrowings 3 187 1 604
Tax 97 46
TOTAL EQUITY AND LIABILITIES 30 829 26 543
Number of shares (000)
– in issue 135 113 135 113
– weighted average (basic) 115 471 114 388
– weighted average (diluted) 115 471 114 388
STATEMENT OF CHANGES IN EQUITY
Summarised consolidated
Rmillion 2016 2015
Balance at beginning of year 11 889 10 562
Total comprehensive income for the year 1 865 1 815
Retained earnings 802 973
Movement in hedge reserve 7 (2)
Foreign currency translation 1 056 844
Dividends paid (417) (417)
Shares issued 1
BEE share-based payment charge 17 18
Share-based payment charge 60 85
Settlement of share-based payment awards (39) (175)
Shareholders' interest 13 375 11 889
Minority (non-controlling) interest 2 155 1 887
Balance at beginning of year 1 887 1 628
Total comprehensive income for the year 287 271
Retained earnings (50) 58
Foreign currency translation 337 213
Dividends paid to minorities (19) (12)
Equity 15 530 13 776
STATEMENT OF OTHER COMPREHENSIVE INCOME
Summarised consolidated
Rmillion 2016 2015
Net profit for the year 770 1 047
Other comprehensive income 1 382 1 039
Items that will not be reclassified to
profit or loss:
Foreign currency translational 1 393 1 057
Actuarial loss (24) (23)
Tax on actuarial loss 6 7
Items that may be reclassified
subsequently to profit or loss:
Hedge reserve 10 (3)
Tax on movement in hedge reserve (3) 1
Total comprehensive income for the year 2 152 2 086
Total comprehensive income attributable to:
Shareholders of Tongaat Hulett 1 865 1 815
Minority (non-controlling) interest 287 271
2 152 2 086
STATEMENT OF CASH FLOWS
Summarised consolidated
Rmillion 2016 2015
Operating profit 1 808 2 089
Surplus on disposal of property,
plant and equipment (84) (77)
Depreciation 587 564
Growing crops and other non-cash items (60) 1
Operating cash flow 2 251 2 577
Change in working capital (989) (44)
Cash flow from operations 1 262 2 533
Tax payments (221) (353)
Net financing costs (680) (617)
Cash flow from operating activities 361 1 563
Expenditure on property, plant and equipment:
New (488) (203)
Replacement and plant overhaul (634) (529)
Intangible assets (123) (4)
Capital expenditure on growing crops (67) (76)
Other capital items 109 97
Net cash flow before dividends and
financing activities (842) 848
Dividends paid (436) (429)
Net cash flow before financing activities (1 278) 419
Borrowings raised 1 273 218
Non-recourse equity-settled BEE borrowings (49) (37)
Shares issued 1
Settlement of share-based payment awards (39) (175)
Net (decrease) / increase in cash and
cash equivalents (93) 426
Balance at beginning of year 1 668 1 067
Foreign currency translation 302 175
Cash and cash equivalents at end of year 1 877 1 668
NOTES
Summarised consolidated
Rmillion 2016 2015
1. Net financing costs
Interest paid (778) (685)
Interest capitalised 28 1
Interest received 70 67
(680) (617)
2. Tax
Normal (277) (261)
Deferred (81) (164)
(358) (425)
3. Headline earnings
Profit attributable to shareholders 820 989
Adjusted for:
Capital profit on disposal of land
and buildings (42) (48)
Loss on other capital items 4 2
Minority (non-controlling) interest (1)
Tax on the above items 2 2
783 945
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 73 tons cane per hectare (2015: 83 tons per
hectare) would result in a R37 million (2015: R25 million) change
in fair value while a change of one percent in the cane price
would result in a R33 million (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 R376 million (2015: R246 million).
6. Capital expenditure commitments
Contracted 196 163
Approved 213 478
409 641
7. Operating lease commitments 75 82
8. Guarantees and contingent liabilities 101 33
9. Basis of preparation
The summarised consolidated financial statements for the year
ended 31 March 2016 have been prepared in accordance with the JSE
Limited Listings Requirements for provisional reports, the
framework concepts and the measurement and recognition
requirements of International Financial Reporting Standards
(IFRS), the SAICA Financial Reporting Guides as issued by the
Accounting Practices Committee, Financial Reporting
Pronouncements as issued by the Financial Reporting Standards
Council, and as a minimum, contains the information as required
by International Accounting Standard 34 Interim Financial
Reporting and the requirements of, including the audit thereof
in terms of the Companies Act of South Africa. The additional
disclosure required in terms of paragraph 16A(j) of IAS 34 is
available on the website, at the registered office or on
request.The report has been prepared using accounting policies
that comply with IFRS which are consistent with those applied in
the consolidated annual 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.
10. Audited results
These summarised consolidated financial statements, which have
been derived from the audited consolidated annual financial
statements for the year ended 31 March 2016 and with which they
are consistent in all material respects, have been audited by
Deloitte & Touche. Their unmodified audit opinions on the
consolidated annual financial statements and on the summarized
consolidated financial statements are available for inspection
at the registered office of the company. The auditor’s report
does not necessarily report on all of the information contained
in this announcement and any reference to future financial
performance included in this announcement has not been audited
or reported on. Shareholders are therefore advised that in order
to obtain a full understanding of the nature of the auditor’s
engagement they should obtain a copy of the auditor’s report
together with the accompanying financial information from the
registered office of Tongaat Hulett.
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
Date: 30/05/2016 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 
