| Mon 11 Feb 2008, 8:43 | | TON - Tongaat Hulett Limited- Trading Statement |
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TON
THGL
TON - Tongaat Hulett Limited- Trading Statement
Tongaat Hulett Limited
(formerly The Tongaat-Hulett Group Limited)
(Registration number 1892/000610/06)
Share code: TON
ISIN ZAE000096541
TRADING STATEMENT
Profit from Tongaat Hulett continuing operations for the year ended 31 December
2007 is expected to be R838 million (2006: R726 million), a fifth consecutive
year of growth. It comprises profit from the sugar operations of R360 million
(2006: R356 million), land and property development of R428 million (2006: R325
million), starch operations of R105 million (2006: R96 million) and centrally
accounted costs of R55 million (2006: R51 million).
Increased profit was generated from land and property developments where a total
of 83 prime hectares were sold in multiple transactions, including sales in
Umhlanga Ridge Town Centre, Izinga, Kindlewood, Riverhorse Valley Business
Estate, Zimbali Coastal Resort and Umhlanga Ridgeside. Lower sugar production
was experienced in South Africa. Contributions from the sugar operations outside
South Africa improved. The expansions in Mozambique are well underway and the
challenging conditions in Zimbabwe continued.
The corporate transactions completed in 2007 included the unbundling of Tongaat
Hulett`s shareholding in Hulamin to its shareholders following the listing of
Hulamin on the JSE, a 25% BEE equity participation transaction and a return of
capital to shareholders by way of a share buy-back. Details of the expected
financial effects of these transactions have been communicated previously, inter
alia in the 2007 half-year results, including their significant once-off impact
on the financial results for the 2007 year.
Taking the aforementioned into account, Tongaat Hulett`s total net profit for
the year ended 31 December 2007 is expected to be R3,457 billion (2006: R723
million), with earnings per share being approximately 3293 cents per share
(2006: 685 cents per share). Headline earnings, which do not include the Hulamin
fair valuation prior to unbundling and do include the once-off transaction costs
and BEE IFRS2 costs, are expected to be R61 million (2006: R703 million), with
headline earnings per share being 58 cents per share (2006: 666 cents per
share).
The results for the year ended 31 December 2007 are scheduled for release on
Monday, 25 February 2008.
This trading statement is issued in compliance with the JSE Listings
Requirements. The above information has not been reviewed and reported on by the
auditors.
Tongaat
11 February 2008
Sponsor
INVESTEC BANK LIMITED
Date: 11/02/2008 08:43:01 Produced by the JSE SENS Department.
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