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Tongaat Hulett Limited  -  THL   

Interim results- half year ended 30 September 2017

Released 07:29 13-Nov-2017

RNS Number : 2814W
Tongaat Hulett Limited
13 November 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 to

6 months to


12 months to



30 September

30 September


31 March

Rmillion


2017

2016


2017







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 to

6 months to


12 months to



30 September

30 September


31 March

Rmillion


2017

2016


2017







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 Financial Position







Condensed consolidated


Unaudited

Unaudited


Audited



30 September

30 September


31 March

Rmillion


2017

2016


2017







ASSETS












Non-current assets






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



15 660

14 778


15 083







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 payables (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 to

6 months to


12 months to



30 September

30 September


31 March

Rmillion


2017

2016


2017







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 Other Comprehensive Income







Condensed consolidated


Unaudited

Unaudited


Audited



6 months to

6 months to


12 months to



30 September

30 September


31 March

Rmillion


2017

2016


2017







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 Cash Flows







Condensed consolidated


Unaudited

Unaudited


Audited



6 months to

6 months to


12 months to



30 September

30 September


31 March

Rmillion


2017

2016


2017







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 to

6 months to


12 months to



30 September

30 September


31 March

Rmillion


2017

2016


2017







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 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:

South Africa:

Computershare Investor Services (Pty) Limited

Telephone: +27 11 370 7700

 

United Kingdom:

Capita Registrars

Telephone: +44 20 8639 2406

 

Sponsor: Investec Bank Limited

Telephone: +27 11 286 7000

 

www.tongaat.com

 

e-mail: info@tongaat.com

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Interim results- half year ended 30 September 2017 - RNS