Wrap Text
Interim Results for the six months ended 30 September 2017
Tongaat Hulett Limited
Registration No: 1892/000610/06
JSE share code: TON
ISIN: ZAE000096541
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2017
- Revenue of R8,118 billion (2016: R8,503 billion) - 4,5%
- Operating profit of R1,471 billion (2016: R1,350 billion) +9,0%
- Headline earnings of R661 million (2016: R631 million) +4,8%
- Operating cash flow (before working capital) of R2,447 billion
(2016: R2,317 billion)
- Interim dividend of 100 cents per share (2016: 100 cents per share)
COMMENTARY
The results for the half-year ended 30 September 2017 show a 9% increase
in operating profit to R1,471 billion. The sugar operations have seen
the beginning of the production volume recovery after the drought
conditions of the previous two years. This benefit was offset by the
impact of lower world sugar prices and a period of high imports into
South Africa. The starch operations experienced the carry over effect,
into the first half of the year, of maize costs at import parity as a
result of the previous season’s drought, concurrently with lower
co-product revenues. Tongaat Hulett benefitted from its portfolio
approach, with land conversion and development activities showing a
considerable increase compared to the prior period.
The various sugar operations generated total operating profit of
R835 million (2016: R825 million), as follows.
The Zimbabwe sugar operating profit increased to R358 million
(2016: R251 million). Local market sugar sales increased, including
volumes for refined white sugar. Sugar production is expected to be
lower than last year due to the impact of low dam levels in 2016 that
led to restricted irrigation in the key growing period for this
season’s crop. The current half-year results include the higher
milling portion of the division of proceeds, which was adjusted late
in the 2016/17 year as part of an ongoing process.
The Mozambique sugar operating profit improved to R232 million
(2016: R219 million). The business benefitted from the appropriate
level of protection against imports in the local market, improved
sugar distribution and availability in more remote areas, at the same
time as there being pressure on local sales due to the tighter general
economic conditions. The positive impact on cane valuations from price
increases in the first half of last year was not repeated in the first
half of this year. Production volumes have started recovering from a
period of restricted irrigation levels as a result of low dam levels.
The South African sugar operations, including various downstream
activities, produced operating profit of R211 million
(2016: R306 million). The local market has seen a period of high
imports into South Africa while there was a gap in duty protection,
which has subsequently been resolved. Sugar production is recovering
after the drought which impacted the past two years and Tongaat Hulett
is expected to increase its share of total industry production to
some 26% in 2017/18 (22% in the prior season). Export sales reflect
an increase in volumes and are simultaneously being impacted by the
lower world price. Voermol animal feeds continues to make an important
contribution, with increased sales volumes.
The starch and glucose operation recorded an operating profit of
R240 million (2016: R306 million). Margins were negatively impacted
in this half-year by maize costs which were at import parity levels
following the drought of the previous season. The large current
season maize crop has subsequently seen maize costs reduce
significantly, close to export parity, with the benefit beginning
to flow through in the latter part of the first six months. Co-product
revenues have been under pressure. A recovery in local market sales
volumes has started as a result of the replacement of customers’
imports with local production, together with ongoing market
development for modified starches and powdered glucose.
Land development activities in this period led to the sale of
35 developable hectares for integrated affordable neighbourhoods
in the newly launched Umhlanga Hills and Marshall Dam in Cornubia,
which will yield over 2 500 well-located affordable homes. Other
sales concluded will unlock urban amenities in Umhlanga Hills and
Bridge City (6 hectares), high intensity mixed use in Umhlanga
Ridgeside and Umhlanga Ridge Town Centre (4 hectares), retirement
in Ridgeside (17 hectares) and a new tertiary education campus at
Sibaya (6 hectares). These sales, totaling 68 developable hectares
(2016: 19 hectares), led to operating profit of R441 million
(2016: R269 million) being recorded. Profitability per hectare is
in line with anticipated ranges communicated previously.
Operating cash flow (before working capital movements) was
R2,447 billion compared to R2,317 billion in the first six months
of last year. The half-year reflects a R2,500 billion absorption
of cash in working capital (2016: R1,256 billion), with a greater
than normal mid-season increase in sugar stock levels. Sugar cane
root planting has been accelerated following the end of the drought.
Capex and root planting costs totaled R818 million
(2016: R677 million). The land conversion and developments cash
flow includes both proceeds being received and development
expenditure related payments being made. The considerable positive
net cash flow anticipated this year is expected to be in the second
half of the year. In total, there has been a net cash outflow
(before dividend payments) of R1,451 billion (2016: R207 million
outflow). Tongaat Hulett’s net debt at the mid-year was R6,5 billion
(2016: R5,5 billion). Finance costs of R413 million
(2016: R408 million) were commensurate with the borrowings levels
during the period and the prevailing interest rates.
Taking all of the aforementioned into account, headline earnings for
the half-year amounted to R661 million (2016: R631 million). An
interim dividend of 100 cents per share has been declared
(2016: 100 cents per share).
LOOKING AHEAD
Tongaat Hulett is poised for a positive earnings and cash flow period
ahead with its well positioned asset base and benefitting from the
multiple strategic actions completed to date and ongoing.
Increasing Returns from the Sugar Asset Base – Recovering Cane
Yields, Growing Sugar Production, Utilising Existing Capacity,
with Low Incremental Costs
The decrease in costs achieved over the past four years was
equivalent to some R1,45 billion in real terms. The ongoing cost
reduction process is particularly focused on bought-in goods,
services, transport, marketing, salaries and wages, from cane
growing to the delivery of sugar to customers. The nature of sugar
milling and cane growing is such that there is a high proportion
of fixed costs. Unit costs of sugar production will reduce further
with the benefit of future volume increases. Tongaat Hulett’s marginal
cost of additional sugar production currently averages some US$101 per
ton from own cane and US$247 per ton from third party cane. Average
realisations, ex-mill, based on current regional and EU market
dynamics, off a world market price of some 15 US cents per pound,
are approximately US$341 per ton.
Weather and growing conditions over the previous two years
(i.e. 2015/16 and 2016/17) masked the substantial progress that is
being made with intensive agricultural improvement programmes,
increased hectares under cane, irrigation efficiencies and power
reliability. The existing sugar cane footprint, the agricultural
improvement programmes and the completion of the few new planting
partnership initiatives currently underway are likely to result in
future production of more than 1 600 000 tons of sugar
(2016/17: 1 056 000 tons), given regular growing conditions.
Tongaat Hulett’s intention is to continue to initiate all cane
related opportunities so as to fully utilise its installed milling
capacity of more than 2 000 000 tons per annum. Some 25 000 hectares
of new cane land have been planted, mainly in communal areas, in
South Africa over the past five years.
Total sugar production for 2017/18 is expected to be between
1 161 000 tons and 1 209 000 tons, compared to 1 056 000 tons in
2016/17. The good rainfall of the 2016/17 summer in the coastal
areas of KwaZulu-Natal was positive for the 2017/18 crop yield.
The 2017/18 crop in Zimbabwe and Mozambique will continue to be
impacted, to varying extents, by the reduced irrigation and limited
replanting that was necessary during 2016. The current dam levels,
following the good rains at the end of 2016 into 2017, are providing
full irrigation during 2017/18 leading to a significant crop
recovery by 2018/19. Total sugar production is expected to recover
to between some 1 403 000 and 1 510 000 tons in 2018/19.
The domestic markets in countries where Tongaat Hulett produces
sugar remain a key focus area. In Mozambique, a 90 000 ton sugar
refinery is under construction at the Xinavane sugar mill, for
commissioning in the second half of 2018, the production from which
will replace imported industrial white sugar. In Zimbabwe,
operational optimisation at the Triangle refinery has increased
production of refined sugar suitable for domestic industrial markets.
Growth is expected in consumption per capita, off a low base,
particularly in Mozambique, supported by distribution, industrialisation
and marketing initiatives. Tongaat Hulett has the leading sugar brands
in South Africa, Zimbabwe, Botswana and Namibia. There has been
significant success in Zimbabwe and Mozambique with the required
protection from imports, with Government support, given the high
rural job impact of these industries and being in line with
international norms. In South Africa, the current import tariff
level is the lowest in the region. The proposed tax in South Africa
on sugar sweetened beverages, its timing and its potential
socio-economic impact are being assessed. Dialogue between
the sugar industry, Government and organised labour has led to the
formation of a Task Team with a mandate to work on avenues of
Government support for the sugar industry, such as strengthening
the tariff mechanism, grower support schemes and a fuel ethanol
programme.
Tongaat Hulett has key market positions in both the region
(southern and eastern Africa) and the EU. It is developing and
expanding its positions in regional deficit markets, where a
premium is earned over world market prices as well as broadening
its footprint in key value-add markets in the EU where it continues
to enjoy preferential access.
The price of raw sugar in the world market, having traded in a wide
range of some 14,0 to 23,8 US cents per pound in the 12 months to
March 2017, has come under pressure over the past six months from
emerging forecasts for a global supply surplus in the 12 months to
September 2018. Of late, it is trading around 14,8 US cents per pound.
In the medium term, there continue to be concerns of the ability of
global supply to match demand at prevailing price levels. Global
sugar consumption is predicted to continue to grow at a rate of
some 1,8% per annum, with most of this growth coming from low per
capita consumption developing countries.
Tongaat Hulett is focused on unlocking opportunities to grow its
animal feeds offering, ethanol production and electricity
generation to extract maximum value from sugar cane in all
countries of operation.
Starch and Glucose – More Competitive Maize and Better Local
Volume Prospects
The starch and glucose operation is well positioned and focused on
growing its sales volume, as it consolidates gains from replacement
of imports in the coffee/creamer and other sectors, with continued
enhancement of its product mix and developing opportunities which
have been identified and targeted for growth through exports.
Working together with customers, further opportunities are being
targeted for growth through customer exports. Market development to
increase the production of value-added modified starches is
progressing. This is all underpinned by further improving the use
of the available capacity and the efficiency of operations.
The second six months of 2017/18 will see an improvement in
operating margins as the starch operation benefits from maize
prices closer to export parity levels following the record maize
harvest of 16,7 million tons in the 2017/18 season
(2016/17: 7,8 million tons). The growth in sales volumes experienced
in the first half of the year is expected to accelerate in the second
half of the year, supported by the replacement of imported contracts
with local production, improving local market demand, new market
development and export market growth, all of which are benefitting
from the lower maize prices. The combination of the improved volume
and margin outlook with the ongoing focus on costs and operating
efficiencies is expected to see a considerable improvement in
operating profit for the second six months.
Increasing the Impetus of Land Development from a Solid Platform
Collaboration with many stakeholders continues to yield progress,
consolidating the platform for increased momentum in the broad-based
value to be created through land development. A detailed update of
the land portfolio is available on the www.tongaat.com website.
Over the past three years 322 developable hectares have been sold
through land development projects, generating substantial social
and economic benefits in the area north of Durban. Sales expected
over the next five years are in the range of some 630 to
1 179 hectares, coming from 3 315 hectares of prime developable
land near Durban and Ballito out of the portfolio of some
7 641 developable hectares. Some 3 593 hectares have been approved
for release from agriculture (Act 70 of 1970 approvals) and
1 246 hectares have EIA approval for development. Significant
progress has been made in consolidating and formalising collaboration
with key stakeholders including clients, communities near current
and proposed developments and local and provincial authorities.
Planning processes are expected to open up new development areas
around King Shaka International Airport, around Ballito and at
Ntshongweni west of Durban. The focus on unlocking demand drivers
is achieving a step up in momentum in targeted market sectors and
with key clients. A number of large-scale infrastructural projects
in the region are progressing well and approaching completion.
Transactions are being pursued that are structured to unlock
particular demand drivers and deliver transformation of ownership
and participation in the real estate value chain.
Negotiations with prospective buyers are ongoing and currently
involve some 135 developable hectares with profit potential in
excess of R1,5 billion over time. These include diverse demand
drivers, primarily in the growth corridor north of Durban.
Increasing interest is also being expressed in the areas of
Ntshongweni to the west of Durban and the airport region.
Conclusion
Tongaat Hulett is a proactive and resilient organisation working
in collaboration with all its stakeholders in a focused,
constructive, mutual value-adding and developmental manner. It
has operations in six countries in SADC, significant sugar cane
and maize processing facilities, a unique land conversion platform,
a sizeable animal feeds thrust and possibilities to further grow
ethanol and electricity generation.
Overall, there is a positive outlook for the 2017/18 full year and
into 2018/19, with earnings growth and cash flow momentum expected.
For and on behalf of the Board
Bahle Sibisi Peter Staude
Chairman Chief Executive Officer
Amanzimnyama
Tongaat, KwaZulu-Natal
9 November 2017
DIVIDEND DECLARATION
Notice is hereby given that the Board has declared an interim gross
cash dividend (number 180) of 100 cents per share for the half-year
ended 30 September 2017 to shareholders recorded in the register
at the close of business on Friday 2 February 2018.
The salient dates of the declaration and payment of this interim
dividend are as follows:
Last date to trade ordinary shares
“CUM” dividend Tuesday 30 January 2018
Ordinary shares trade “EX” dividend Wednesday 31 January 2018
Record date Friday 2 February 2018
Payment date Thursday 8 February 2018
Share certificates may not be dematerialised or re-materialised,
nor may transfers between registers take place between Wednesday
31 January 2018 and Friday 2 February 2018, 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 Tuesday 30 January 2018.
The dividend has been declared from income reserves. A net dividend
of 80 cents per share will apply to shareholders liable for the
local 20% dividend withholding tax and 100 cents per share to
shareholders exempt from paying the dividend tax.
The issued ordinary share capital as at 9 November 2017
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
9 November 2017
INCOME STATEMENT
Condensed consolidated Unaudited Unaudited Audited
6 months 6 months 12 months
to 30 Sept to 30 Sept to 31 March
2017 2016 2017
Rmillion
Revenue 8 118 8 503 17 915
Operating profit 1 471 1 350 2 333
Net financing costs (note 1) (413) (408) (810)
Profit before tax 1 058 942 1 523
Tax (note 2) (267) (255) (428)
Profit for the period 791 687 1 095
Profit attributable to:
Shareholders of Tongaat Hulett 724 639 983
Minority (non-controlling)
interest 67 48 112
791 687 1 095
Earnings per share (cents)
Basic 628,5 553,7 853,6
Diluted 628,5 553,7 853,6
Headline earnings attributable
to Tongaat Hulett shareholders
(note 3) 661 631 982
Headline earnings per
share (cents)
Basic 573,8 546,7 852,7
Diluted 573,8 546,7 852,7
Dividend per share (cents) 100,0 100,0 300,0
Currency conversion
Rand/US dollar closing 13,46 13,96 13,38
Rand/US dollar average 13,21 14,60 14,09
Rand/Metical average 0,21 0,25 0,22
Rand/Euro average 15,03 16,29 15,45
US dollar/Euro average 1,14 1,12 1,10
SEGMENTAL ANALYSIS
Condensed consolidated Unaudited Unaudited Audited
6 months 6 months 12 months
to 30 Sept to 30 Sept to 31 March
2017 2016 2017
Rmillion
REVENUE
Sugar
Zimbabwe 2 063 2 371 4 399
Swaziland 162 124 236
Mozambique 1 191 1 325 1 723
South Africa 2 004 2 197 6 405
Sugar operations – total 5 420 6 017 12 763
Starch operations 1 993 2 114 4 172
Land Conversion and Developments 705 372 980
Consolidated total 8 118 8 503 17 915
OPERATING PROFIT
Sugar
Zimbabwe 358 251 504
Swaziland 34 49 69
Mozambique 232 219 308
South Africa 211 306 390
Sugar operations – total 835 825 1 271
Starch operations 240 306 510
Land Conversion and Developments 441 269 641
Centrally accounted and
consolidation items (39) (42) (74)
BEE IFRS 2 charge and
transaction costs (6) (8) (15)
Consolidated total 1 471 1 350 2 333
FURTHER ANALYSIS OF SUGAR OPERATING PROFIT
Sugar operations – before
cane valuations 1 308 1 184 1 128
Zimbabwe 580 557 748
Swaziland 61 47 67
Mozambique 394 288 168
South Africa 273 292 145
Cane valuations – income
statement effect (473) (359) 143
Zimbabwe (222) (306) (244)
Swaziland (27) 2 2
Mozambique (162) (69) 140
South Africa (62) 14 245
Sugar operations – after
cane valuations 835 825 1 271
Zimbabwe 358 251 504
Swaziland 34 49 69
Mozambique 232 219 308
South Africa 211 306 390
STATEMENT OF OTHER COMPREHENSIVE INCOME
Condensed consolidated Unaudited Unaudited Audited
6 months 6 months 12 months
to 30 Sept to 30 Sept to 31 March
2017 2016 2017
Rmillion
Profit for the period 791 687 1 095
Other comprehensive income 463 (3 654) (3 600)
Items that will not be
reclassified to profit or loss:
Foreign currency translation 469 (3 648) (3 624)
Actuarial gain on post-
retirement benefits 40
Tax on actuarial gain (11)
Items that may be reclassified
subsequently to profit or loss:
Hedge reserve (8) (8) (7)
Tax on movement in hedge reserve 2 2 2
Total comprehensive income
for the period 1 254 (2 967) (2 505)
Total comprehensive income
attributable to:
Shareholders of Tongaat Hulett 1 161 (2 787) (2 324)
Minority (non-controlling)
interest 93 (180) (181)
1 254 (2 967) (2 505)
STATEMENT OF FINANCIAL POSITION
Condensed consolidated Unaudited Unaudited Audited
30 Sept 30 Sept 31 March
2017 2016 2017
Rmillion
ASSETS
Non-current assets 15 660 14 778 15 083
Property, plant and equipment 14 184 13 478 13 688
Long-term receivable 649 592 619
Goodwill 388 393 382
Intangible assets 409 290 366
Investments 30 25 28
Current assets 17 002 14 590 12 871
Inventories 6 139 4 889 2 949
Growing crops (note 4) 2 137 2 083 2 549
Trade and other receivables 5 137 5 059 4 632
Cash and cash equivalents 3 589 2 559 2 741
TOTAL ASSETS 32 662 29 368 27 954
EQUITY AND LIABILITIES
Capital and reserves
Share capital 135 135 135
Share premium 1 544 1 544 1 544
BEE held consolidation shares (621) (640) (642)
Retained income 9 525 8 779 9 044
Other reserves 1 095 587 700
Shareholders' interest 11 678 10 405 10 781
Minority (non-controlling)
interest 2 038 1 968 1 957
Equity 13 716 12 373 12 738
Non-current liabilities 8 408 7 973 8 296
Deferred tax 2 483 2 606 2 537
Long-term borrowings 5 127 4 547 4 975
Provisions 798 820 784
Current liabilities 10 538 9 022 6 920
Trade and other (note 5) 4 682 4 605 3 598
Short-term borrowings 4 976 3 542 2 546
Non-recourse equity-settled
BEE borrowings 602 620 623
Tax 278 255 153
TOTAL EQUITY AND LIABILITIES 32 662 29 368 27 954
Number of shares (000)
– in issue 135 113 135 113 135 113
– weighted average (basic) 115 189 115 414 115 158
– weighted average (diluted) 115 189 115 414 115 158
STATEMENT OF CHANGES IN EQUITY
Condensed consolidated Unaudited Unaudited Audited
6 months 6 months 12 months
to 30 Sept to 30 Sept to 31 March
2017 2016 2017
Rmillion
Balance at beginning of period 10 781 13 273 13 273
Total comprehensive income for
the period 1 161 (2 787) (2 324)
Retained income 724 639 1 012
Movement in hedge reserve (6) (6) (5)
Foreign currency translation 443 (3 420) (3 331)
Dividends paid (220) (66) (176)
BEE share-based payment charge 5 7 13
Share-based payment charge 8 25 60
Settlement of share-based
payment awards (57) (47) (65)
Shareholders' interest 11 678 10 405 10 781
Minority (non-controlling)
interest 2 038 1 968 1 957
Balance at beginning of period 1 957 2 152 2 152
Total comprehensive income
for the period 93 (180) (181)
Retained income 67 48 112
Foreign currency translation 26 (228) (293)
Dividends paid to minorities (12) (4) (14)
Equity 13 716 12 373 12 738
STATEMENT OF CASH FLOWS
Condensed consolidated Unaudited Unaudited Audited
6 months 6 months 12 months
to 30 Sept to 30 Sept to 31 March
2017 2016 2017
Rmillion
Operating profit 1 471 1 350 2 333
Surplus on disposal of
property, plant and equipment (51) (11) (42)
Depreciation 517 589 1 027
Growing crops valuation and
other non-cash items 510 389 (38)
Operating cash flow 2 447 2 317 3 280
Change in working capital (2 500) (1 256) (104)
Cash flow from operations (53) 1 061 3 176
Tax payments (218) (190) (482)
Net financing costs (413) (408) (810)
Cash flow from operating
activities (684) 463 1 884
Expenditure on property,
plant and equipment:
New (109) (95) (423)
Replacement (218) (228) (228)
Cane roots (348) (133) (418)
Major plant overhaul cost changes (90) (139) 26
Intangible assets (53) (82) (166)
Other capital items 51 7 59
Net cash flow before dividends
and financing activities (1 451) (207) 734
Dividends paid (232) (70) (190)
Net cash flow before
financing activities (1 683) (277) 544
Borrowings raised 2 568 1 267 680
Non-recourse equity-settled
BEE borrowings (21) 15 18
Settlement of share-based
payment awards (57) (47) (65)
Net increase in cash and
cash equivalents 807 958 1 177
Balance at beginning of period 2 741 1 877 1 877
Currency alignment 41 (276) (313)
Cash and cash equivalents at
end of period 3 589 2 559 2 741
NOTES
Condensed consolidated Unaudited Unaudited Audited
6 months 6 months 12 months
to 30 Sept to 30 Sept to 31 March
2017 2016 2017
Rmillion
1. Net financing costs
Interest paid (497) (472) (973)
Interest capitalised 21 16 34
Interest received 63 48 129
(413) (408) (810)
2. Tax
Normal (396) (355) (549)
Deferred 129 100 121
(267) (255) (428)
3. Headline earnings
Profit attributable to
shareholders 724 639 983
Adjusted for:
Capital profit on disposal of
land and buildings (52) (8) (12)
Surplus on other capital items (4)
Surplus on disposal of property,
plant and and equipment (3)
Minority (non-controlling)
interest 1 1
Tax on the above items (11) 2 14
661 631 982
4. Growing crops
Growing crops, comprising standing cane, is measured at fair
value which is determined using an estimate of cane yields
and prices which are unobservable inputs and, in accordance
with IFRS, categorised as level 3 under the fair value
hierarchy. Changes in fair value are recognised in profit
or loss. A change in yield of one ton per hectare on the
estimated yield of 75 tons cane per hectare (30 September 2016:
73 tons per hectare and 31 March 2017: 76 tons per hectare)
would result in a R28 million (30 September 2016: R31 million
and 31 March 2017: R35 million) change in fair value while
a change of one percent in the cane price would result in a
R25 million (30 September 2016: R23 million and 31 March 2017:
R32 million) change in fair value.
5. Trade and other payables
Included in trade and other payables is the maize obligation
(interest bearing) of R687 million (30 September 2016: R712
million and 31 March 2017: R509 million).
6. Capital expenditure commitments
Contracted 282 94 104
Approved 708 152 250
990 246 354
7. Operating lease commitments 82 70 60
8. Guarantees and contingent
liabilities 79 129 96
9. Basis of preparation and accounting policies
The condensed consolidated unaudited results for the half-year
ended 30 September 2017 have been prepared in accordance with
and containing the information required by 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. This announcement does not include the
information required pursuant to paragraph 16A(j) of IAS 34
which 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 financial statements for the year
ended 31 March 2017 and were prepared under the supervision of
the Chief Financial Officer, M H Munro CA (SA). Any reference
to future financial performance that may be included in this
announcement has not been reviewed and reported on by the
company’s auditor.
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 2017. The adoption of these
standards had no recognition and measurement impact on the
financial results.
10. Subsequent events
There were no material events between 30 September 2017 and
the date of this report.
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: 13/11/2017 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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