|
TON
THGL
TON - Tongaat Hulett Limited - Trading statement for the year ended 31 March
2012
Tongaat Hulett Limited
(Registration number 1892/000610/06)
Share code: TON
ISIN ZAE000096541
TONGAAT HULETT: TRADING STATEMENT FOR THE YEAR ENDED 31 MARCH 2012
The following trading statement is issued for the year to 31 March 2012.
Tongaat Hulett`s revenue increased by 24,8% to R12,081 billion for the year
(2011: R9,681 billion) mainly as a result of increased sugar production
together with improved regional and European Union sugar prices.
Tongaat Hulett`s total sugar production for the 2011/12 year increased by 14%
to 1,150 million tons (2011: 1,006 million tons). The cane supplied to its
sugar mills grew to some 9,6 million tons, as the business progresses towards
its objective of facilitating increased cane supply (including hectares under
cane, cane yields and cane quality) so as to fully utilise its existing
milling capacity of some 2 million tons of sugar production per annum. Sugar
production grew by 42% in Mozambique, by 12% in Zimbabwe, by 7% in South
Africa and the increase in raw sugar equivalent in Swaziland was 9%.
For the first time, the total profit from all the operating areas is expected
to have exceeded R2 billion, growing by 53%.
The profit from operations includes profit from the Mozambique sugar
operations of R402 million (2011: R135 million), the Zimbabwe sugar
operations of R621 million (2011: R454 million), Swaziland of R51 million
(2011: R17 million), the South African agriculture, milling and refining
operations of R93 million (2011: loss of R7 million) and the sugar downstream
value added activities of R261 million (2011: R241 million). Profit from the
starch operation amounts to R363 million (2011: R303 million) and profit from
the land conversion and development operation is R215 million (2011: R166
million). A net charge of R85 million is reflected in the centrally accounted
and consolidation items (2011: a net gain of R29 million, after taking into
account a pension fund employer surplus account allocation). Tongaat Hulett`s
profit from operations, after the centrally accounted items, is expected to
increase by 43,6% to R1,921 billion (2011: R1,338 billion).
Total net profit, before minority interests, is expected to be R1,021 billion
for the year ended 31 March 2012 (2011: R871 million). Headline earnings are
expected to be R891 million for the year, compared to the R806 million earned
last year. Headline earnings per share for the year are expected to be 839
cents per share (761 cents per share), reflecting a 10% increase. The gain in
the prior year in respect of the defined benefit pension fund asset
accounting of R288 million and the employer surplus account allocation did
not arise again in the year ended 31 March 2012.
This trading statement is issued in accordance with the JSE Listings
Requirements. The above information has not been reported on by the auditors.
The results for the year ended 31 March 2012 are scheduled for release on
Monday, 28 May 2012.
Tongaat
16 May 2012
Sponsor
INVESTEC BANK LIMITED
Date: 16/05/2012 13:53:02 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS. |
|