Wrap Text
Unaudited condensed consolidated interim financial results for the six months ended 31 December 2015
York Timber Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1916/004890/06)
JSE share code: YRK
ISIN: ZAE000133450
(“York”, “the Company” or “the Group”)
Unaudited condensed consolidated interim financial results
for the six months ended 31 December 2015
Executive directors: Pieter van Zyl (CEO), Pieter van Buuren (CFO)
Non-executive directors: Dr Jim Myers* (Non-executive Chairman, USA),
Paul Botha, Dr Azar Jammine*, Shakeel Meer, Dinga Mncube*, Maserame
Mouyeme*, Thabo Mokgatlha*, Gavin Tipper* (*independent) Registered
office: York Corporate Office, 3 Main Road, Sabie, Mpumalanga
Postal address: PO Box 1191, Sabie, 1260
Tel: +27 013 764 9200
Fax: +27 013 764 1027
Auditors: KPMG Inc.
Company Secretary: Sue Hsieh
Sponsor: One Capital
Transfer secretaries: Computershare Investor Services Proprietary
Limited www.york.co.za
Highlights
– Revenue up 15% mainly due to increased sales volumes
– Cash from operating activities increased by R97 million driven by a
reduction in working capital
– Operating profit up 12% due to sales volumes, improved cost
optimisation and equipment efficiency
– Earnings per share down 48% due to lower fair value adjustment
on biological asset
– Core earnings per share up 24%
– Long-term debt increased by R253 million due to plywood
expansion project
– Underlying tangible net asset value per share up 4% from 728 cents
to 759 cents
– Biological asset value down 0,6% primarily due to increase in the
discount rate
– EBITDA (Earnings before interest, tax, depreciation and
amortisation) up 10%
Commentary
Group performance and financial review
Revenue up 15% to the comparative period. Lumber volumes increased
by 10% and external log sale volumes increased by 9%. Lumber market
demand remains resilient, supported by the informal building sector.
The gross profit percentage increased by 1% driven by production
efficiencies and improvement in average selling prices. Lumber
production volumes increased by 3% whilst plywood production
volumes decreased by 2% due to construction interruptions as a
result of the plywood expansion project. External log prices
continued to exceed inflationary increases at a weighted
average 15% over the comparative period.
Core earnings per share increased by 24% (being headline earnings
per share excluding the fair value adjustment on biological assets
net of tax).
Selling and administration expenses increased mainly as a result
of a once off charge of R11 million incurred for Project Evolve,
an efficiency improvement project. The benefits are evident in the
Company’s performance.
Cash from operating activities increased by R97 million as a result
of working capital reduction. Market demand for timber products
remained strong, resulting in industry stock levels being reduced
substantially.
A fair value adjustment of R5,7 million was made to the June 2015
biological asset value. This was despite an increase in the R186
bond rate over the December period. Consistent focus on forestry
best practices resulted in improvements to growth and forecast
yields over the life of the biological asset.
Processing division
Capital expenditure at the Driekop and Jessievale sawmills enabled
these operations to exceed prior period production levels. The
plywood expansion project is on schedule for commissioning in May
2016. Project Evolve has led to an overall equipment efficiency
improvement and better cost optimisation at all the mills that
created a platform for continuous improvement.
Forestry division
Forestry division delivered 4% more logs to the processing plants
than in the comparable period from own and external sources. Improved
fire prevention measures and response times resulted in no growth
stock losses during the reporting period. Abnormal rainfall
patterns were experienced during the reporting period that
delayed planting. Drought mitigating measures with late rains
have improved the number of hectares planted subsequently. York
continued to procure external raw material and is confident that
sufficient raw material for its processing plants will be secured.
External purchases increased by 1% over the comparable period and
represented 34% (previous period 35%) of total log volumes delivered.
External log purchases totalled ca R118 million and impacted York’s
earnings, resulting in an incremental increase of R16,1 million.
Wholesale division
The segment contributed R234,1 million in revenue to the Group,
with sales volume of lumber and plywood increasing by 14%. Re-
manufacturing expanded its market share and customer base and
Yorkis committed to further investment in this division.
The EBITDA margin improved from 1,81% to 2,87%.
Balance sheet movements
York has invested R152 million in property, plant and equipment,
the bulk of which relates to the plywood expansion project. In the
comparative period, a portion of the plywood expansion project was
funded from operating cash flows in order to secure production
slots for the manufacture of specialised equipment. Drawings on
the Land Bank facility have subsequently commenced and a total of
R244,3 million has been utilised to date. Improved profitability
and cash flow generation allowed for re-negotiation of funding
rates with the Land Bank and resulted in a 150 basis point reduction
in the cost of debt, with effect from 1 December 2015. All debt
covenants continue to be met.
Working capital investment reduced during the period, mainly as a
result of a reduction in inventory. Accounts receivable are managed
well and days outstanding improved in the comparative period. Trade
payables decreased as a result of slowing activity over the December
holiday period.
Underlying tangible net asset value
Underlying tangible net asset value (TNAV) represents the
physical net asset value including property, plant and equipment,
biological assets, all other assets excluding intangible items
such as goodwill and deferred tax, and less liabilities. This
measurement demonstrates the underlying value inherent in the
Company on a per share basis.
TNAV improved by 4% from 728c to 759c. On 31 December 2015, York
shares traded at a 71% discount to the TNAV. York re-purchased a
further 2 million shares during the period. As of 31 December 2015,
total shares re-purchased was 5,7 million shares. Given the
substantial discount to the TNAV to which shares in York trade,
the continuation of the re-purchase programme is under review.
Core earnings per share
In terms of IAS 41, the biological asset is revalued at each
reporting date and any changes in the valuation are reflected in
the income statement. The biological asset is long term in nature
and the valuation assumes its realisation over a 25-year period from
the date of the valuation. While the manner in which the asset is
managed in the short term will impact on its long-term value, in
order to provide financial statement users with an additional
measure of the current period’s results, “core” earnings per share
have been presented. “Core” earnings comprise headline earnings
adjusted for the change in the value of the biological asset as
reflected in the income statement.
Cash flow
Cash generated from operations improved to R121,2 million from
R26,5 million in the comparable period. York invested R150,2
million (previous period R86,9 million) in property, plant and
equipment. Continuing normal debt service obligations, coupled
with the inflow of financing for the plywood expansion project,
resulted in a net increase in loans and borrowings of R76,9 million
(previous period R6,8 million).
Cash on hand at reporting date is R205,2 million, an improvement of
508% on the comparable period.
Outlook
The plywood expansion project is scheduled to be commissioned in May
2016. Production capacity will increase by 67%. The expected pay-back
period of the project is three to four years. The significant
depreciation of the South African Rand has led to a review of York’s
currency profile and export opportunities are being pursued.
York submitted a bid for a power plant as part of the Renewable
Energy Independent Power Producer Procurement Programme. The
announcement of preferred bidders is expected towards the end of
March 2016. This project will enable York to unlock further value
from its plantations and diversify its earnings base.
York received a record of decision for decommissioning of the
Mount Anderson waste dump site.
The abovementioned projects and approval are part of the Sabie
integrated site.
The Forestry division developed new operating regimes with the
introduction of hybrid Pinus species and the optimal utilisation of
York’s growth sites. This will positively impact yield per hectare
and wood properties.
York continues to diversify its earnings base by focusing on
forestry, lumber, plywood, wholesale, re-manufacturing and energy.
Project Evolve has driven a focus on the key performance areas of
each of these elements. The introduction of the York Action System,
the innovation of a new “donut” management philosophy (entailing
assembling groups of peers according to their functional expertise
in a distributed leadership structure) and the York Training Academy
are platforms to foster talent and create a dynamic working
environment.
To remain internationally competitive and to absorb above
inflationary increases, industry consolidation is required.
Despite a negative outlook for the economy, York is experiencing
strong demand for its products. With the projects already
undertaken and envisaged, York will improve its product offering
to the market and continue diversifying its earnings base.
Consolidated statement of financial position
for the six months ended 31 December 2015
31 Dec 31 Dec 30 Jun
2015 2014 2015
Unaudited Unaudited Audited
R’000 R’000 R’000
Assets
Non-current assets
Biological assets
(note 5) 1 910 004 1 802 706 1 821 029
Investment property 23 473 21 876 21 895
Property, plant and
equipment 751 964 525 332 628 112
Goodwill 565 442 565 442 565 442
Intangible assets 2 172 2 027 2 711
Deferred tax 5 910 8 030 7 050
Other financial assets 41 941 31 711 41 900
Total non-current assets 3 300 906 2 957 124 3 088 139
Current assets
Biological assets
(note 5) 239 319 359 013 319 038
Inventories 206 435 272 108 258 332
Current tax receivable 206 – 2 477
Trade and other
receivables 200 772 198 474 210 928
Cash and cash
equivalents 205 174 40 391 192 068
Total current assets 851 906 869 986 982 843
Total assets 4 152 812 3 827 110 4 070 982
Equity and liabilities
Equity
Share capital 16 279 16 562 16 377
Share premium 1 490 658 1 505 352 1 495 561
Reserves 732 (668) 732
Retained income 942 762 875 902 907 324
Total equity 2 450 431 2 397 148 2 419 994
Liabilities
Non-current liabilities
Cash-settled share-based
payments 3 680 14 657 12 538
Deferred tax 613 883 601 015 605 605
Loans from related
parties 1 505 – 1 505
Loans and borrowings 776 033 522 647 678 150
Provisions 12 371 11 671 12 371
Retirement benefit
obligations 23 210 24 670 22 829
Total non-current
liabilities 1 430 682 1 174 660 1 332 998
Current liabilities
Current tax payable 2 757 2 79
Loans and borrowings 44 274 46 976 65 210
Cash settled share-based
payments 1 616 3 617 2 386
Operating lease
liability 540 454 540
Trade and other payables 222 512 204 245 249 775
Bank overdraft – 8 –
Total current
liabilities 271 699 255 302 317 990
Total liabilities 1 702 381 1 429 962 1 650 988
Total equity and
liabilities 4 152 812 3 827 110 4 070 982
Consolidated statement of comprehensive income
for the six months ended 31 December 2015
Six months Six months Year
ended ended ended
31 Dec 31 Dec 30 Jun
2015 2014 2015
Unaudited Unaudited Audited
R’000 R’000 R’000
Revenue 873 734 763 036 1 543 149
Cost of sales (644 458) (570 654) (1 138 734)
Gross profit 229 276 192 382 404 415
Other operating income 16 320 9 892 29 618
Selling, general and
administration expenses (176 813) (140 634) (290 012)
Operating profit 68 783 61 640 144 021
Fair value adjustment 5 726 62 537 42 422
Bargain purchase
adjustment – – 6 244
Profit before finance
costs 74 509 124 177 192 687
Investment income 4 836 2 040 3 585
Finance costs (29 186) (29 569) (58 385)
Profit before taxation 50 159 96 648 137 887
Taxation (14 721) (26 602) (36 419)
Profit for the period 35 438 70 046 101 468
Other comprehensive
income/(loss):
Remeasurement of defined
benefit liability – – 1 944
Taxation related to
remeasurement of defined
benefit liability – – (544)
Other comprehensive
income for the period
net of taxation
(subtotal) – – 1 400
Total comprehensive
income 35 438 70 046 102 868
Basic earnings per share
(cents) (note 8) 11 21 31
Headline earnings per
share (cents) (note 9) 11 21 29
Consolidated statement of changes in equity
for the six months ended 31 December 2015
Defined
Share Share benefit
capital premium plan
R’000 R'000 R'000
Balance at 1 July 2014
(audited) 16 562 1 505 352 (668)
Profit for the year – – –
Other comprehensive income
Change in defined benefit
plan, net of tax – – 1 400
Change in fair value of
available-for-sale
financial assets,
net of tax – – –
Total other comprehensive
income – – 1 400
Total comprehensive income
for the year and total
transactions with owners – – 732
Purchase of own shares (185) (9 791) –
Balance at 30 June 2015
(audited) 16 377 1 495 561 732
Profit for the period – – –
Other comprehensive income
Change in defined benefit
plan, net of tax – – –
Change in fair value of
available-for-sale
financial assets,
net of tax – – –
Total other comprehensive
income – – –
Total comprehensive income
for the period and total
transactions with owners – – –
Purchase of own shares (98) (4 903) –
Balance at 31 December 2015
(unaudited) 16 279 1 490 658 732
Retained Total
income equity
R'000 R'000
Balance at 1 July 2014 (audited) 805 856 2 327 102
Profit for the year 101 468 101 468
Other comprehensive income
Change in defined benefit
plan, net of tax – 1 400
Change in fair value of
available-for-sale financial
assets, net of tax – –
Total other comprehensive income – 1 400
Total comprehensive income for the
year and total transactions with owners 101 468 102 868
Purchase of own shares – (9 976)
Balance at 30 June 2015 (audited) 907 324 2 419 994
Profit for the period 35 438 35 438
Other comprehensive income
Change in defined benefit
plan, net of tax – –
Change in fair value of
available-for-sale
financial assets, net of tax – –
Total other comprehensive income – –
Total comprehensive income for the
period and total transactions
with owners 35 438 35 438
Purchase of own shares – (5 001)
Balance at 31 December 2015 (unaudited) 942 762 2 450 431
Consolidated statement of cash flows
for the six months ended 31 December 2015
Six months Six months Year
ended ended ended
31 Dec 31 Dec 30 Jun
2015 2014 2015
Unaudited Unaudited Audited
R’000 R’000 R’000
Cash flows from
operating activities
Cash generated from
operations 121 152 26 468 182 574
Investment income 4 836 2 040 3 585
Finance costs (29 186) (29 359) (58 385)
Taxation paid (364) – (7 193)
Net cash from operating
activities 96 438 (851) 120 581
Cash flows applied to
investing activities
Purchases of property,
plant and equipment (150 211) (86 897) (203 288)
Purchases of intangible
assets – (12) (1 417)
Proceeds from disposal
of property, plant and
equipment 82 189 1 374
Purchase of investment
property (1 578) – –
Proceeds from disposal of
intangible assets – – 41
Acquisition of subsidiaries
net of cash acquired – – (2 769)
Purchase of financial
assets (4 887) (4 563) (17 750)
Sale of financial assets 4 846 11 316 14 314
Purchase of biological
assets (3 530) – –
Decrease due to harvesting
of purchased plantations – 3 940 5 477
Net cash applied to
investing activities (155 278) (76 027) (204 018)
Cash flows from
financing activities
Buyback of shares (5 001) – (9 976)
Net movement in loans and
borrowings 76 947 6 797 175 017
Net cash from financing
activities 71 946 6 797 165 041
Total cash movement for
the period 13 106 (70 081) 81 604
Cash at beginning of
period 192 068 110 464 110 464
Cash at end of period 205 174 40 383 192 068
1. Basis of preparation
These unaudited condensed consolidated interim financial statements
have been prepared in accordance with the JSE Listings Requirements,
the Companies Act of South Africa, 2008 (as amended) and the
Companies Regulations, 2011. The Group has applied the recognition
and measurement requirements of International Financial Reporting
Standards (IFRS) and the AC 500 standards as issued by the
Accounting Practices Board (APB), as well as the presentation
and disclosure requirements of International Accounting
Standard (IAS) 34 Interim Financial Reporting. The financial
results have been compiled under the supervision of Pieter van
Buuren CA (SA), the Chief Financial Officer.
These condensed results do not include all the information required
for full annual financial statements, and should be read in
conjunction with the audited consolidated financial statements as at
and for the year ended 30 June 2015 which are available on the
Company’s website, www.york.co.za or at the Company’s registered
office.
The financial results have not been reviewed or audited. The
financial results, which have been prepared on the going concern
basis, were approved by the Board of Directors on 11 March 2016.
There has been no material changes to judgements or estimates of
amounts reported in prior reporting periods.
The Group financial results are presented in Rand, which is the
Company’s functional currency. All financial information presented
has been rounded to the nearest thousand.
The significant accounting policies and methods of computation are
consistent in all material respects with those applied in the year
ended 30 June 2015.
2. Additional disclosure items
31 Dec 31 Dec 30 Jun
2015 2014 2015
Unaudited Unaudited Audited
R’000 R’000 R’000
Authorised capital
commitments:
– Contracted, but not
provided 56 916 135 351 124 034
– Not contracted 23 730 46 248 8 097
Capital expenditure 151 789 86 909 221 156
Depreciation of property,
plant and equipment 26 355 24 970 54 264
Amortisation of intangible
assets 539 424 1 104
– The Group did not have any litigation settlements during the
reporting period.
– The Group participates in a pooled banking facility of R105 million
granted by FirstRand Bank Limited. Group companies have provided
cross suretyships of R5 million in favour of FirstRand Bank Limited
in respect of their obligations to the bank. The Group did not have
any other contingent liabilities at the reporting date.
– The Group did not have any covenant defaults or breaches of its
loan agreements during the period under review or at the reporting
date.
– No events have occurred between the reporting date and the date of
release of these results which require adjustment of or disclosure in
these results.
– No movement occurred in the number of shares issued during the
period under review.
3. Comparative figures
The unaudited condensed consolidated interim financial results are
for the six months ended 31 December 2015. The comparative unaudited
condensed consolidated interim financial results for the six months
ended 31 December 2014 have been restated (refer to note 7), and
the annual financial statements for the year ended 30 June 2015
are presented as published.
4. Operating segments
The Group has three reportable segments which are the Group’s
strategic divisions. The Group operates in one geographic segment,
namely countries within the Southern Africa Development Community
(SADC).
The segment analysis is as follows:
Processing plants
31 Dec 31 Dec 30 Jun
2015 2014 2015
Unaudited Unaudited Audited
R’000 R’000 R’000
Revenue: external sales 597 700 527 982 1 079 157
Revenue: inter-segment
sales 110 139 105 452 206 763
Total revenue 707 839 633 434 1 285 920
Depreciation and
amortisation (20 529) (20 936) (44 402)
Reportable segment profit* 41 878 36 365 97 026
Fair value adjustment – – –
Capital expenditure 141 691 81 991 182 542
Wholesale
31 Dec 31 Dec 30 Jun
2015 2014 2015
Unaudited Unaudited Audited
R’000 R’000 R’000
Revenue: external sales 237 972 203 130 400 399
Revenue: inter-segment
sales – – –
Total revenue 237 972 203 130 400 399
Depreciation and
amortisation (699) (712) (1 424)
Reportable segment profit* 6 833 3 682 4 065
Fair value adjustment – – –
Capital expenditure 231 89 407
4. Operating segments continued
Forestry
31 Dec 31 Dec 30 Jun
2015 2014 2015
Unaudited Unaudited Audited
R’000 R’000 R’000
Revenue: external sales 39 806 31 549 62 833
Revenue: inter-segment
sales 316 784 288 968 603 115
Total revenue 356 590 320 517 665 948
Depreciation and
amortisation (3 257) (2 416) (6 005)
Reportable segment profit* 43 200 34 874 93 131
Fair value adjustment 5 726 62 567 42 452
Capital expenditure 5 389 3 322 10 850
Total
31 Dec 31 Dec 30 Jun
2015 2014 2015
Unaudited Unaudited Audited
R’000 R’000 R’000
Revenue: external sales 875 478 762 661 1 542 389
Revenue: inter-segment
sales 426 923 394 420 809 878
Total revenue 1 302 401 1 157 081 2 352 267
Depreciation and
amortisation 24 485 (24 064) (51 831)
Reportable segment profit* 91 911 74 921 194 222
Fair value adjustment 5 726 62 567 42 452
Capital expenditure 147 311 85 402 193 799
* Being earnings before interest, taxation, depreciation,
amortisation, impairment and fair value adjustments (EBITDA).
31 Dec 31 Dec 30 Jun
2015 2014 2015
Unaudited Unaudited Audited
R’000 R’000 R’000
Reconciliation of
reportable segment
profit or loss
Total EBITDA for
reportable segments 91 911 74 921 194 222
Depreciation, amortisation
and impairment (26 896) (25 395) (51 831)
Unallocated amounts 3 768 12 114 1 630
Operating profit 68 783 61 640 144 021
5. Biological assets
31 Dec 31 Dec 30 Jun
2015 2014 2015
Unaudited Unaudited Audited
R’000 R’000 R’000
Reconciliation of
biological assets
Opening balance 2 140 067 2 103 092 2 103 092
Fair value adjustment:
– Increase due to growth
and enumerations 163 517 198 082 435 042
– Decrease due to
harvesting (156 691) (161 792) (323 632)
– Adjustment to standing
timber values to
reflect fair value
at period end (1 100) 22 337 (68 958)
Standing timber harvested – – (5 477)
Purchased plantation 3 530 – –
Closing balance 2 149 323 2 161 719 2 140 067
Classified as non-current
assets 1 910 004 1 802 706 1 821 029
Classified as current
assets* 239 319 359 013 319 038
Change in discounted
cash flow (DCF) value
attributable to:
Opening balance 2 140 067 2 103 092 2 103 092
Growth 65 444 3 175 67 584
Revenue and price 134 313 157 124 152 217
Operating cost (2 155) (146 663) (155 413)
Discount rate (191 876) 44 991 (21 936)
Sale of plantation – – (5 477)
Purchased plantations 3 530 – –
Closing balance 2 149 323 2 161 719 2 140 067
* Being the biological assets to be harvested and sold in the 12
months after the reporting date.
31 Dec 31 Dec 30 Jun
2015 2014 2015
Unaudited Unaudited Audited
Cubic metres Cubic metres Cubic metres
Reconciliation of
standing volume
Opening balance 5 833 661 5 596 094 5 596 093
Increase due to
growth andenumerations 378 522 419 624 963 350
Decrease due to
harvesting (362 720) (342 746) (725 782)
Closing balance 5 849 463 5 672 972 5 833 661
The additional key assumptions underlying the discounted cash flow
valuation have been updated as follows:
– Volumes: Forecast volumes were updated at the reporting date using
a merchandising model.
– Log prices: The price per cubic metre is based on current and
expected future market prices per log class. It was assumed that log
prices will increase at 6,5% over the next year and at 6% over the
long term (2014: 5,85% and 6,25 % over the next two years, and
6% over the long term).
– Operating costs: The costs are based on the unit costs of the
forest management activities required to enable the trees to reach
the age of felling. The costs include the current and future expected
costs of harvesting, maintenance and risk management, as well as an
appropriate amount of fixed overhead costs. A contributory asset
charge takes into account the cost of fixed assets utilised to
generate cash flows from the biological asset over the valuation period.
The operating costs exclude the transport costs necessary to get the
asset to market. These costs have been reviewed and updated to current
actual costs. Inflation rates of 6,15% for the next year and 6% over
the long term (2014: 5,5% for the next year and 6% over the long term)
were used.
6. Related parties
The Group’s related parties are its subsidiaries and key management,
including directors. No change in control occurred in the Company’s
subsidiaries from the prior period. No businesses were acquired or
disposed of during the period.
7. Prior period reclassifications
During the previous financial year it was determined that
depreciation and utility expenses previously classified as part of
selling, general and administration expenses should be reclassified
to cost of sales as these expenses are directly linked to the
manufacture of timber-related products. The consolidated amount of
the adjustment relating to the 31 December 2014 period amounted to
R28,708 million.
The reclassification result is as follows:
31 Dec 31 Dec 30 Jun
2015 2014 2015
Unaudited Unaudited Audited
R'000 R'000 R'000
Statement of profit or
loss and other
comprehensive income
Cost of sales – 28 708 –
Selling, general and
administration expenses – (28 708) –
Impact on operating profit – – –
Impact on profit after tax – – –
8. Earnings per share
31 Dec 31 Dec 30 Jun
2015 2014 2015
Unaudited Unaudited Audited
Basic earnings
attributable to
ordinary shareholders
(R’000) 35 438 70 046 101 468
Weighted average number of
ordinary shares (R’000) 326 707 331 241 331 032
Earnings per share (cents) 11 21 31
No change occurred in the number of shares in issue and no
instruments had a dilutive effect.
9. Headline earnings per share
31 Dec 31 Dec 30 Jun
2015 2014 2015
Unaudited Unaudited Audited
R'000 R'000 R'000
Reconciliation of basic
earnings to headline
earnings
Basic earnings
attributable to ordinary
shareholders 35 438 70 046 101 468
Loss/(profit) on sale
of assets and liabilities
(net of tax) (56) 8 (304)
Fair value adjustment on
investment property
(net of tax) – 24 24
Bargain purchase on
acquisition – – (6 244)
Headline earnings for the
period 35 382 70 078 94 944
Weighted average number of
ordinary shares (’000) 326 707 331 241 331 032
Headline earnings per
share (cents) 11 21 29
10. Core earnings per share
31 Dec 31 Dec 30 Jun
2015 2014 2015
Unaudited Unaudited Audited
R'000 R'000 R'000
Reconciliation of core
earnings to headline
earnings
Headline earnings
attributable to ordinary
shareholders 35 382 70 078 94 944
Fair value adjustment
on biological assets
(net of tax)* (4 123) (45 048) (30 565)
Core earnings for the
period 31 259 25 030 64 379
Weighted average number of
ordinary shares (’000) 326 707 331 241 331 032
Core earnings per share
(cents) 10 8 19
* Being the change in the biological asset value (R9,256 million),
excluding purchased plantations (R3,230 million), net of tax (28%).
Date: 10/03/2016 09:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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