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Trading Statement for the Six Months Ended 30 September 2021
Tongaat Hulett Limited
(Registration number 1892/000610/06)
Share code: TON
ISIN ZAE000096541
("Tongaat Hulett" or "the Group" or “the Company”)
TRADING STATEMENT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
The following trading statement is issued in terms of Section 3.4(b) of the JSE Limited (“JSE”)
Listings Requirements.
Tongaat Hulett has continued to make steady progress in the implementation of its turnaround
strategy and in restoring the Group onto a sustainable growth path. The Group experienced
strong local demand across all sugar businesses and achieved good market share gains.
However, the interim period presented several additional obstacles to navigate, including
hyperinflationary effects and higher input costs in Zimbabwe, disappointing milling performance
in South Africa due to COVID-related maintenance delays, as well as significant challenges and
losses related to the civil riots in South Africa, which also weighed on the revenue and profits of
the property business. These obstacles were countered by much lower finance charges which
contributed to the Group generating profit before tax growth for the period of more than 20%.
However, two non-operational matters require noting:
• the effective tax rate for the period was 97% due to deferred tax assets not being provided
for tax losses in South Africa and the non-deductible net monetary loss; and
• since the majority of the profits are generated in Zimbabwe, and the interest and tax is
carried in South Africa, THL’s share of the profits for the period is negative.
Shareholders are advised that a reasonable degree of certainty exists that Tongaat Hulett's EPS
and HEPS for the six months ended 30 September 2021 are expected to be within the ranges
reflected in the table below.
September 2020 September 2021
As Reported Restated* Expected Range
Lower Upper
Weighted average number of shares 134.8 million 134.8 million 134.9 million 134.9 million
Earnings/(loss) for the period R224 million R290 million (R249 million) (R220 million)
(186%) (176%)
Earnings/(loss) per share 166 cents 215 cents (185 cents) (163 cents)
(186%) (176%)
Headline earnings/(loss) for the period R175 million R241 million (R266 million) (R242 million)
(210%) (200%)
Headline earnings/(loss) per share 130 cents 178 cents (197 cents) (179 cents)
(211%) (201%)
*The group has restated comparative information for errors identified as part of the activities to transition to new auditors. The aggregate
of the errors improve EPS and HEPS for the six months ended 30 September 2020 by 49 cents and are timing in nature, so have no
impact on the year ended 31 March 2021 results. Full details will be disclosed in the interim results.
The release of the interim results for the six months ended 30 September 2021 is scheduled for 9 December 2021.
The financial information contained in this trading statement has not been reviewed or reported
on by Tongaat Hulett's auditors.
Tongaat
6 December 2021
Sponsor
PSG Capital
Date: 06-12-2021 07:05:00
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