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Trading Statement for the six months ended 30 September 2018
Tongaat Hulett Limited
Registration number 1892/000610/06
Share code: TON
ISIN: ZAE000096541
(“Tongaat Hulett”)
TRADING STATEMENT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018
Tongaat Hulett, in terms of the JSE Limited Listings Requirements, is required to publish a
trading statement as soon as it is reasonably certain that the financial results for the current
reporting period will be more than 20% different from those of the previous corresponding
period. The following trading statement is issued for the six months ended
30 September 2018.
Shareholders are advised that a reasonable degree of certainty exists that Tongaat Hulett’s
operating profit is expected to be at least 40% below the R1,471 billion earned in the six
months ended 30 September 2017 (“the comparative period”). The decline in the financial
results for this period is attributable to the land conversion and development activities and
the sugar operations in South Africa and Mozambique.
In the land conversion and development activities, none of the major transactions currently
under negotiation were concluded by 30 September 2018 and only a few transactions (less
than one developable hectare in total) were finalised. In South Africa, the negative impact
of imported sugar on local market volumes and pricing experienced during the second half
of 2017/18, continued into the first half of 2018/19. The upward adjustment to the import
duty in August was followed by an increase in local prices in September. In Mozambique,
both local and export revenues were affected by a stronger Metical and lower world sugar
prices.
Headline earnings for the six months ended 30 September 2018 is expected to reflect a
decrease of at least 60% compared to the R661 million reported for the comparative period.
Consequently, headline earnings per share (“HEPS”) and earnings per share (“EPS”) for the
six months ended 30 September 2018 are expected to be below 230 cents and 252 cents
respectively, a reduction of at least 60% when compared to HEPS of 574 cents and EPS of
629 cents reported for the comparative period.
A further trading statement will be released in due course.
This trading statement is issued in accordance with paragraph 3.4(b) of the JSE Listings
Requirements. The financial information contained in this trading statement has not been
reviewed or reported on by Tongaat Hulett’s auditors.
The interim results for the six months ended 30 September 2018 are scheduled for release
on Monday, 12 November 2018.
Tongaat
5 October 2018
Sponsor
Investec Bank Limited
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