Wrap Text
Audited Results for the year ended 31 March 2018
Tongaat Hulett Limited
Registration No: 1892/000610/06
JSE share code: TON
ISIN: ZAE000096541
AUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2018
- Revenue of R16,982 billion (2017: R17,915 billion) -5,2%
- Operating profit of R1,958 billion (2017: R2,333 billion) -16,1%
- Headline earnings of R617 million (2017: R982 million) -37,2%
- Operating cash flow (after working capital) of R2,275 billion
(2017: R3,176 billion) -28,4%
- Annual dividend of 160 cents per share (2017: 300 cps)
COMMENTARY
Tongaat Hulett’s operating profit for the year ended 31 March 2018 totalled
R1,958 billion (2017: R2,333 billion). The sugar operations were adversely
affected by the dynamics of imports into the South African market, low
international sugar prices and the impact of stronger local currencies on
export realisations. Sugar production reflected a partial recovery from the
drought conditions of the previous two seasons. Operating profit from the
starch and glucose operation improved in the second half of the year,
benefitting from more competitive maize costs. Land conversion and
development activities led to a number of sales in new markets and operating
profit which was in line with the previous year.
The various sugar operations recorded operating profit of R837 million
(2017: R1,271 billion). Total sugar production increased to 1 171 000 tons
(2017: 1 056 000 tons). The price of raw sugar in the world market remained
under pressure during the year.
The Zimbabwe sugar operations generated operating profit of R563 million
(2017: R504 million). Local market sales continued to grow, assisted by the
refinery optimisation project that increased the availability of refined
sugar for the industrial market. The ethanol operation performed well with
improved margins. Low dam levels during peak growing periods limited
irrigation, which affected cane yields, resulting in reduced sugar
production of 392 000 tons (2017: 454 000 tons). Higher standing cane
valuations reflect the improvement in the sugarcane crop to be harvested,
which benefitted from increased water availability, supported by the
recently commissioned Tugwi-Mukosi dam (currently 78% full) and
accelerated sugarcane root replanting, as limited replanting had occurred
during the drought. The past year saw a major transition in the leadership
of the Government, creating more positive local and international sentiment.
The South African sugar operations, including downstream activities, recorded
operating profit of R86 million (2017: R390 million). Improved rainfall in
the coastal areas of KwaZulu-Natal saw production increase to 513 000 tons
(2017: 353 000 tons). The recovery in production was negated by high volumes
of imported sugar into the local market when, over several months, upward
revisions to the import duty were not implemented timeously. This was
followed by a period during which zero duty was erroneously applied. Imports
into the South African market increased to 520 000 tons in the twelve months
to December 2017, dropping the industry’s sales into the local market to
some 1,18 million tons compared to 1,64 million tons in the previous year.
The impact was prolonged by the storage of large quantities of sugar that
were imported during the period. The displaced locally-produced sugar was
exported in the latter part of the year and was impacted by a low world price
and a stronger Rand. The South African sugar industry has taken measures to
regain its local market share by ensuring local prices are more responsive to
international markets; by applying for an increase in the US dollar-based
reference price used in the calculation of the duties, as published in
the Government Gazette on 11 May 2018; and through increased involvement
in the process to implement duty revisions timeously. Voermol, the animal
feeds operation, performed well.
The Mozambique sugar operations recorded operating profit of R159 million
(2017: R308 million). Sugar production increased to 218 000 tons
(2017: 198 000 tons) and good progress was made with export sales into
deficit regional markets. The strengthening of the Metical against the
US dollar put pressure on local prices and it contributed, together with
low international prices, to reduced export realisations. Lower revenue and
inflation-driven increases in Metical-based costs reduced margins. The
construction of the 90 000 ton sugar refinery at the Xinavane sugar mill is
progressing well, with commissioning targeted for September 2018. The refined
sugar production will replace imported white sugar, satisfy the country’s
growing industrial demand and realise a meaningful price premium in
export markets.
The starch and glucose operation recorded operating profit of R572 million
(2017: R510 million). Higher sales volumes arose from the initiative to
replace customers’ imported volumes with local production, new business
development and growth in export markets. Margins benefitted from lower maize
prices, that traded closer to export parity levels after the record crop
of 16,8 million tons and were negatively impacted by a stronger Rand.
Improved plant capacity utilisation and an ongoing focus on operational
efficiencies contributed further to improved profitability.
Land conversion and development activities delivered operating profit of
R661 million (2017: R641 million) from the sale of 96 developable hectares
(2017: 75 developable hectares). Interest in the newly opened prime
location at Tinley Manor on the coastline north of Ballito realised a sale
of 28 hectares, while 35 hectares were sold in Umhlanga Hills and Marshall
Dam in Cornubia for integrated well-located affordable neighbourhoods.
Further sales were concluded for a retirement offering, a new tertiary
education campus, offices, urban amenities and high-intensity mixed-use
precincts. Profit per developable hectare is influenced by the degree of
enhancement through urban planning, land use integration and the density,
location and intensity of infrastructure investment, and was in line with
anticipated ranges communicated previously. Further investments were made
during the year into planning and infrastructure that underpins future sales,
mainly in areas where sales negotiations are underway or enquiries
are being received.
Tongaat Hulett’s operating cash flow (after working capital) was
R2,275 billion (2017: R3,176 billion). Improved operating cash flows
generated by the starch and glucose operation provided some mitigation for
the cash impact of lower profits from the sugar operations. In the land
conversion and development activities, cash outflows exceeded cash inflows
by R68 million (2017: R900 million net inflow). Capital expenditure
totalled R2,168 billion (2017: R1,209 billion) with the commencement of
the refinery project in Mozambique and the considerable investment in
sugarcane root replanting after the drought. Finance costs of R878 million
(2017: R810 million) were commensurate with the borrowings levels. Overall,
the year reflected a net cash outflow after dividends of R1,324 billion
(2017: R544 million inflow). Tongaat Hulett’s net debt at 31 March 2018
was R6,463 billion, compared to R4,780 billion at 31 March 2017.
Taking the above into account, headline earnings for the year decreased
by 37% to R617 million (2017: R982 million).
A final dividend of 60 cents per share (2017: 200 cents per share)
has been declared bringing the annual dividend to 160 cents per
share (2017: 300 cents per share).
OUTLOOK
Sugar – Increasing returns by growing sugar production from available
milling capacity and developing key markets and products
Tongaat Hulett, through proactive cane development and irrigation
initiatives, will grow sugar production utilising its available milling
capacity of 2 000 000 tons per annum, benefitting from evolving
preferential regional trade access and growth in sugar consumption.
Tongaat Hulett, in collaboration with multiple stakeholders, continues to
expand the sugarcane supply to its sugar mills, contributing significantly
to the socio-economic dynamics of the communities in which it operates.
Across all its sugar operations, approximately 34 000 hectares of new cane
land has been planted over the past six years, mainly in communal areas.
The existing sugarcane footprint, given regular growing conditions and
the completion of the planting partnerships already underway, should produce
some 1 600 000 tons of sugar. Total sugar production in 2018/19 is estimated
to be between 1 310 000 tons and 1 450 000 tons. The production estimate
is underpinned by improved water availability at all operations, and cane
yields that reflect the benefit of agricultural improvement plans and the
replanting of sugarcane roots after the drought.
Governments are generally supportive of protecting domestic sugar markets
from imported sugar, particularly against the background of the high rural
job impact of the sugar industry. In Zimbabwe and Mozambique, the
effectiveness of various protection measures has become meaningful. In
South Africa, the South African Sugar Association has applied for an
increase in the US dollar-based reference price used in the calculation
of the duties, from US$566 to US$856 per ton. A decision is expected
in 2018. The Department of Economic Development has supported the
application. The industry has committed itself to provide further support
to small-scale growers and expand community sugarcane farming in rural
areas. Higher duty protection would assist in rebuilding margins of
both growers and millers. The sugar industry has reduced local prices in
response to competition from imports and to recover local market share.
The South African sugar industry recently adopted changes to its structures
to accommodate the South African Farmers Development Association (“SAFDA”),
a new grower group that provides small-scale, emerging growers with
improved representation within the industry. This significant step towards
transformation will ensure a more sustainable industry body in the future.
In Mozambique, Tongaat Hulett is encouraging a broader participation in
the rural economy through the planned conversion of some 5 000 hectares
of its sugarcane farms to local farmers, over the next three years.
Tongaat Hulett remains focussed on various initiatives to increase
domestic sales, including the ongoing development of its leading sugar
brands; improvements in marketing and distribution activities; and the
investment in a refinery in Mozambique. The refinery will deliver a step
change improvement to the sales mix in Mozambique, as sugar, previously
sold into world price related markets, will now be redirected to the
local market. The new financial year will benefit from three months of
refined sugar production, with the full year benefit being realised
in 2019/20. The prospect of an economic recovery in Zimbabwe is
expected to translate into further growth in domestic demand,
particularly in the industrial sugar market.
Tongaat Hulett is increasing its presence in a number of countries in the
region where sugar deficits exist. The sugar deficit in these countries
currently totals some 1,6 million tons, with a large portion supplied
from outside the continent. Sugar consumption per capita in these
countries averages 10 kg per annum (Brazil: 53 kg, South Africa: 33 kg)
which, combined with higher population and economic growth rates, is
conducive to a growing demand. This total deficit is anticipated to
exceed 2,0 million tons by 2020. Regional trade preferences and
agreements are gathering momentum. In the region, Tongaat Hulett
already realises a premium over world market prices, supported by high
quality products and services, and where possible, by leveraging its
sugar brands. The Huletts Refined and Huletts SunSweet sugar brands
are already available in targeted markets, such as Kenya.
All sugar operations continue to prioritise the reduction of the cost
base, building on the successes of previous years. Cost reduction
initiatives are focussed on bought-in goods, services, logistics,
marketing and manpower costs across all the business areas. Given the
high fixed cost nature of the sugar operations, unit costs of sugar
production will reduce further with the benefit of future volume increases.
Attention continues on how best to unlock opportunities in ethanol
production and electricity generation to maximise the value extracted
from sugarcane. Future ethanol production in South Africa currently looks
particularly promising.
Starch and Glucose – Improved maize outlook and consolidation
of volume growth
The starch and glucose operation is focussed on growing sales volumes
and margins by continuing to replace imports with local production, by
enhancing its product mix through new business development and by
targeting selected export markets. Sales into Sub-Saharan Africa and
other regional markets are accelerating from a low base. Working
together with customers, further opportunities are being explored to
increase sales volumes through customer exports. Market development
to increase the production of value-added modified starches is
progressing well. These initiatives are supported by further
improvements to the use of available production, which still has
more than 15% spare capacity, and in operating efficiencies.
Following the previous year’s record maize crop of 16,8 million tons,
a new season crop of 12,8 million tons is anticipated. With carry-over
stock of more than 4,0 million tons, total maize supply is expected to
be sufficient and maize prices should remain competitive, close to
export parity levels, sustaining the improved margins. Sales volume
growth is expected to moderate from the prior year, with the impact of
muted domestic consumer demand being offset by ongoing benefits from the
import replacement project and from new business volumes being in
place for the full year. The ongoing focus on operating efficiencies
and cost reduction will continue to contribute to profit.
Land Conversion and Development – Continuing to create value
for all stakeholders through an all-inclusive approach to
land development activities
Tongaat Hulett has a portfolio comprising 7 612 developable hectares
of prime land in KwaZulu-Natal, near Durban and Ballito, which over
a number of years, will be converted out of sugarcane into urban land
usage. Of this land, some 47% (3 566 developable hectares) has been
released formally from agriculture through approvals granted by the
national government in response to applications made with the support
of local and provincial government. Environmental approvals, which
provide clarity regarding timing and suitability for ultimate usage,
have been received for specified, market-aligned developments
on 1 485 developable hectares.
Considerable progress has been made towards bringing land to
shovel-ready stage, with Tongaat Hulett having invested R979 million
into land earmarked for future sales, to create a sound planning and
infrastructure platform. Available shovel-ready land currently
totals 185 developable hectares, exceeding the 171 hectares sold
over the past two years. In the socially and economically
important Cornubia area alone, investments of R489 million have
been made.
The recent environmental approval for Tinley Manor represents
an important new opportunity for Tongaat Hulett. Sales
negotiations have commenced over 66 hectares, including 20 hectares
for an internationally-branded coastal resort, the first of its kind
in South Africa. Other planning processes currently underway are
expected to open new development areas around King Shaka
International Airport. The first zoning approvals were granted at
Ntshongweni west of Durban in April 2018.
Land development activities involve considerable cash inflows and
outflows that occur over an extended period and may not coincide
within a financial year. Strong cash inflows are anticipated, mainly
in the second half of the next financial year, when a considerable
number of property transfers are registered. As several
infrastructure projects in the region are completed or nearing
completion, cash outflows will be below those of the previous
two years.
Tongaat Hulett carries out land conversion activities in close
collaboration with the public sector, communities and other
businesses. These partnerships continue to increase in scope
and socio-economic impact, with private sector investment
currently underway on land previously sold amounting to R7,8 billion,
supporting 55 000 construction jobs, with 5 800 permanent jobs to
be sustained as projects are completed. Tongaat Hulett’s development
activities are supporting a comprehensive, embedded social programme;
are yielding increasing numbers of opportunities for well-located,
affordable neighbourhoods; and are enabling transformation of
ownership and participation in the real estate value chain.
Significant negotiations are currently underway over some
300 developable hectares spread over Ridgeside, Sibaya, Cornubia,
Bridge City, Umhlanga Ridge Town Centre, Kindlewood, iNyaninga
and Tinley Manor.
Conclusion
Tongaat Hulett is a proactive and resilient organisation working
in collaboration with all its stakeholders in a focussed,
constructive, mutual value-adding and developmental manner.
It is well-positioned to benefit, and be a key development
partner, as agriculture and agri-processing in Sub-Saharan Africa
develops from a low base. It has operations in six countries in
Southern Africa, significant sugarcane and maize processing
facilities, a unique land conversion platform, a growing animal
feeds position, opportunities to further grow ethanol production
and electricity generation, and possibilities in cassava processing.
Overall, Tongaat Hulett’s earnings for the 2018/19 year will be
impacted by a wide-range of dynamics. The organisation is
focussed on driving improved performance within its areas of
influence and using its experience to navigate influences outside
its control. Earnings and cash flows are expected to exceed
those of the 2017/18 year.
For and on behalf of the Board
Bahle Sibisi Peter Staude
Chairman Chief Executive Officer
Amanzimnyama
Tongaat, KwaZulu-Natal
24 May 2018
DIVIDEND DECLARATION
Notice is hereby given that the Board has declared a final gross
cash dividend (number 181) of 60 cents per share for the year
ended 31 March 2018 to shareholders recorded in the register at
the close of business on Friday 22 June 2018.
The salient dates of the declaration and payment of this final
dividend are as follows:
Last date to trade ordinary shares
“CUM” dividend Tuesday 19 June 2018
Ordinary shares trade “EX” dividend Wednesday 20 June 2018
Record date Friday 22 June 2018
Payment date Thursday 28 June 2018
Share certificates may not be dematerialised or re-materialised,
nor may transfers between registers take place between Wednesday
20 June 2018 and Friday 22 June 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 19 June 2018.
The dividend has been declared from income reserves. A net
dividend of 48 cents per share will apply to shareholders liable
for the local 20% dividend withholding tax and 60 cents per share
to shareholders exempt from paying the dividend tax. The issued
ordinary share capital as at 24 May 2018 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
24 May 2018
SUMMARISED AUDITED CONSOLIDATED FINANCIAL STATEMENTS - PROVISIONAL
REPORT AS PER THE JSE LIMITED LISTINGS REQUIREMENTS
INCOME STATEMENT
Summarised consolidated Audited Audited
Rmillion 2018 2017
Revenue 16 982 17 915
Operating profit 1 958 2 333
Net financing costs (note 1) (878) (810)
Profit before tax 1 080 1 523
Tax (note 2) (249) (428)
Profit for the year 831 1 095
Profit attributable to:
Shareholders of Tongaat Hulett 713 983
Minority (non-controlling) interest 118 112
831 1 095
Earnings per share (cents)
Basic 618,0 853,6
Diluted 618,0 853,6
Headline earnings attributable to
Tongaat Hulett shareholders (note 3) 617 982
Headline earnings per share (cents)
Basic 534,8 852,7
Diluted 534,8 852,7
Dividend per share (cents) 160,0 300,0
Currency conversion
Rand/US dollar closing 11,89 13,38
Rand/US dollar average 13,00 14,09
Rand/Metical average 0,21 0,22
Rand/Euro average 15,15 15,45
US dollar/Euro average 1,17 1,10
SEGMENTAL ANALYSIS
Summarised consolidated Audited Audited
Rmillion 2018 2017
Revenue
Sugar
Zimbabwe 3 918 4 399
Swaziland 210 236
Mozambique 1 584 1 723
South Africa 6 332 6 405
Sugar operations – total 12 044 12 763
Starch operations 3 913 4 172
Land Conversion and Developments 1 025 980
Consolidated total 16 982 17 915
Operating profit
Sugar
Zimbabwe 563 504
Swaziland 29 69
Mozambique 159 308
South Africa 86 390
Sugar operations – total 837 1 271
Starch operations 572 510
Land Conversion and Developments 661 641
Centrally accounted and
consolidation items (59) (74)
Other capital items (39)
BEE IFRS 2 charge and transaction costs (14) (15)
Consolidated total 1 958 2 333
FURTHER ANALYSIS OF SUGAR OPERATING PROFIT
Sugar operations – before cane valuations 467 1 128
Zimbabwe 363 748
Swaziland 4 67
Mozambique 71 168
South Africa 29 145
Cane valuations – income statement effect 370 143
Zimbabwe 200 (244)
Swaziland 25 2
Mozambique 88 140
South Africa 57 245
Sugar operations – after cane valuations 837 1 271
Zimbabwe 563 504
Swaziland 29 69
Mozambique 159 308
South Africa 86 390
STATEMENT OF OTHER COMPREHENSIVE INCOME
Summarised consolidated Audited Audited
Rmillion 2018 2017
Profit for the year 831 1 095
Other comprehensive income (1 163) (3 600)
Items that will not be
reclassified to profit or loss:
Foreign currency translation (1 155) (3 624)
Actuarial (loss)/gain on
post-retirement benefits (10) 40
Tax on actuarial (loss)/gain 2 (11)
Items that may be reclassified
subsequently to profit or loss:
Hedge reserve (7)
Tax on movement in hedge reserve 2
Total comprehensive income for the year (332) (2 505)
Total comprehensive income
attributable to:
Shareholders of Tongaat Hulett (237) (2 324)
Minority (non-controlling) interest (95) (181)
(332) (2 505)
STATEMENT OF FINANCIAL POSITION
Summarised consolidated Audited Audited
2018 2017
Rmillion
ASSETS
Non-current assets
Property, plant and equipment 13 922 13 688
Long-term receivable 681 619
Goodwill 346 382
Intangible assets 447 366
Investments 25 28
15 421 15 083
Current assets 13 694 12 871
Inventories 3 072 2 949
Growing crops 2 755 2 549
Trade and other receivables 4 556 4 070
Major plant overhaul costs 627 562
Tax 22
Cash and cash equivalents 2 662 2 741
TOTAL ASSETS 29 115 27 954
EQUITY AND LIABILITIES
Capital and reserves
Share capital 135 135
Share premium 1 544 1 544
BEE held consolidation shares (623) (642)
Retained income 9 401 9 044
Other reserves (286) 700
Shareholders' interest 10 171 10 781
Minority (non-controlling) interest 1 838 1 957
Equity 12 009 12 738
Non-current liabilities 8 215 8 296
Deferred tax 2 376 2 537
Long-term borrowings 5 048 4 975
Provisions 791 784
Current liabilities 8 891 6 920
Trade and other payables (note 5) 4 165 3 598
Short-term borrowings 4 077 2 546
Non-recourse equity-settled BEE borrowings 603 623
Tax 46 153
TOTAL EQUITY AND LIABILITIES 29 115 27 954
Number of shares (000)
– in issue 135 113 135 113
– weighted average (basic) 115 372 115 158
– weighted average (diluted) 115 372 115 158
STATEMENT OF CHANGES IN EQUITY
Summarised consolidated Audited Audited
Rmillion 2018 2017
Balance at beginning of year 10 781 13 273
Total comprehensive income for the year (237) (2 324)
Retained earnings 706 1 012
Movement in hedge reserve (5)
Foreign currency translation (943) (3 331)
Dividends paid (330) (176)
BEE share-based payment charge 12 13
Share-based payment charge 10 60
Settlement of share-based payment awards (65) (65)
Shareholders' interest 10 171 10 781
Minority (non-controlling) interest 1 838 1 957
Balance at beginning of year 1 957 2 152
Total comprehensive income for the year (95) (181)
Retained earnings 117 112
Foreign currency translation (212) (293)
Dividends paid to minorities (24) (14)
Equity 12 009 12 738
STATEMENT OF CASH FLOWS
Summarised consolidated Audited Audited
Rmillion 2018 2017
Operating profit 1 958 2 333
Surplus on disposal of property,
plant and equipment (106) (42)
Depreciation 1 001 1 027
Growing crops valuation and
other non-cash items (271) (38)
Operating cash flow 2 582 3 280
Change in working capital (307) (104)
Cash flow from operations 2 275 3 176
Tax payments (354) (482)
Net financing costs (878) (810)
Cash flow from operating activities 1 043 1 884
Expenditure on property, plant and equipment:
New (876) (423)
Replacement and plant overhaul (299) (202)
Root planting costs (887) (418)
Intangible assets (106) (166)
Other capital items 155 59
Net cash flow before dividends
and financing activities (970) 734
Dividends paid (354) (190)
Net cash flow before financing activities (1 324) 544
Borrowings raised 1 611 680
Non-recourse equity-settled BEE borrowings (19) 18
Settlement of share-based payment awards (65) (65)
Net increase in cash and cash equivalents 203 1 177
Balance at beginning of year 2 741 1 877
Currency alignment (282) (313)
Cash and cash equivalents at end of year 2 662 2 741
NOTES
Summarised consolidated Audited Audited
Rmillion 2018 2017
1. Net financing costs
Interest paid (1 049) (973)
Interest capitalised 45 34
Interest received 126 129
(878) (810)
2. Tax
Normal (224) (549)
Deferred (25) 121
(249) (428)
3. Headline earnings
Profit attributable to shareholders 713 983
Adjusted for:
Capital profit on disposal of
land, cane roots and buildings (27) (12)
Loss/(surplus) on other capital items 3 (4)
Minority (non-controlling) interest (1) 1
Tax on the above items (71) 14
617 982
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 81 tons cane per hectare (2017: 76 tons per hectare) would
result in a R34 million (2017: R35 million) change in fair
value while a change of one percent in the cane price would
result in a R28 million (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 R486 million (2017: R509 million).
6. Capital expenditure commitments
Contracted 398 104
Approved 240 250
638 354
7. Operating lease commitments 60 60
8. Guarantees and contingent liabilities 91 96
9. Basis of preparation
The summarised consolidated financial statements for the year
ended 31 March 2018 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 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 and upon
request. The summarised consolidated financial statements have
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 2017. These summarised consolidated financial
statements and the full set of consolidated financial
statements 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 for the year ended 31 March 2018. 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 financial
statements for the year ended 31 March 2018 and with which
they are consistent in all material respects, have been
audited by Deloitte & Touche. Their unmodified audit opinions
on the consolidated financial statements and on the summarised
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.
11. Subsequent events
There were no material events between 31 March 2018 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: 28/05/2018 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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