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ILV
ILV
ILV - Illovo Sugar Limited - Interim report for the six months ended 30
September 2009
ILLOVO SUGAR LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1906/000622/06)
Share Code: ILV
ISIN: ZAE000083846
("Illovo" or "the company")
INTERIM REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2009
Highlights
- On a seasonal basis -
- Operating profit up 13% to R775.7 million
- Cash operating profit up 39% to R862.3 million
- HEPS down 3% to 106.5 cents due to higher effective tax rate
- Increased sugar production in all countries of operation, notably Zambia
- R3 billion rights issue successfully concluded
- Expansion projects on track - Swaziland, Mozambique, Mali
- Interim dividend of 32 cents per share
Quote
Graham Clark, Managing Director, commented:
"These are good results, with increased production in all countries of operation
and higher operating profits. Earnings for the year will however be impacted by
the strong rand. We continue to invest in our business following the
commissioning of the major expansion project in Zambia. The factory expansion
and co-generation project in Swaziland has recently commenced and the expansion
in Mozambique is progressing well."
Enquiries:
Illovo Sugar 031 508 4300
Graham Clark, Managing Director
Karin Zarnack, Financial Director
Chris FitzGerald, Public Affairs Manager
College Hill 011 447 3030
Nicholas Williams 083 607 0761
Basis of preparation
This report incorporates financial statements which reflect both actual results
based on accounting policies and methods of computation which are based on
International Financial Reporting Standards ("IFRS") and those determined on a
sugar season basis which, in the directors` opinion, provide a better basis for
evaluating the financial performance of the company.
The sugar industry is a seasonal agriculturally based business and the payment
processes are such that cash flows throughout the season, which runs from 1
April to 31 March, are derived from the expected tonnages and prices that will
be achieved for the season as a whole. The effect of this is that product sales
tonnages and prices received, and raw material prices paid are provisional in
nature until the conclusion of the season. For this reason the directors
consider that profit figures based on actual cash flows may not represent the
best basis for evaluating the performance and the results for the period. In
respect of the sugar season basis results, operational profits for cane growing
and sugar production comprise the company`s view of the position at 30 September
2009 as it relates to the season as a whole. All other results are based on
actual performance. The amounts disclosed in respect of cane growing and sugar
production operations are based on a profit forecast for the year ending 31
March 2010 which has been examined by our auditors, Deloitte & Touche. Their
unmodified accountants` report is available for inspection at the company`s
registered office.
The unaudited actual results for the six months ended 30 September 2009 have
been prepared using accounting policies and methods of computation that comply
with IFRS and are prepared in accordance with IAS34 (Interim financial
reporting). The accounting policies adopted are consistent with those of the
previous financial period.
Review
Actual results for the six months ended 30 September 2009, compared to the
corresponding period last year, reflect the positive impact of improved world
market sugar prices in South Africa, increased sugar production in Zambia
following the commissioning of the major expansion at Nakambala, and increased
sugar production and favourable sugar sales in Tanzania. Accordingly operating
profit for the period increased by 35% whilst headline earnings per share rose
by 28%.
On a sugar season basis, group operating profit of R775.7 million reflected a
13% improvement over that of the same period last year. The results have
benefited from the factors mentioned above, but the value of the rand, which is
currently projected to remain significantly stronger for the remainder of the
current year compared to the second half of the previous financial year, will
have a negative impact on foreign currency denominated export revenue in respect
of both sugar and downstream products, as well as the conversion of foreign
subsidiary profits into rands for the season as a whole.
Net financing costs of R38.3 million have reduced substantially following the
receipt of the rights issue proceeds, foreign exchange gains and strong cash
flows in the first six months. Due to the full recognition of tax allowances in
Zambia in the prior year, the effective rate of taxation has normalised at 30%,
as compared to 19% in the same period last year. Headline earnings of R384.2
million are equivalent to those achieved for the same period last year, whilst
headline earnings per share have declined by 3%.
The contributions to operating profit were sugar production 61%, cane growing
33% and downstream 6%. By country, contributions were Malawi 42%, Zambia 26%,
South Africa 14%, Tanzania 8%, Swaziland 7% and Mozambique 3%.
The season to date has been affected by variable weather conditions. South
Africa, Mozambique and Tanzania all had a very dry winter, although this was
favourable for harvesting the cane crop. Since then South Africa has received
welcome spring rains. In Zambia, unseasonal rains, which fell early in the
season, disrupted operations and impacted negatively on the sucrose content in
cane, but since then more normal conditions have prevailed. Malawi has
experienced normal weather conditions. Overall, with effective irrigation and
long sunshine hours, cane growth has been good across the group. In general,
all sugar factories have performed satisfactorily.
Following the completion of the second phase of the expansion project in Zambia
on 1 April 2009, the plant has now settled down and is demonstrating its
increased production capability. The expanded cane area has resulted in a
stable and consistent supply of sucrose to the mill. The Zambian operation has
acquired a large cane growing company, Nanga Farms, currently producing 325 000
tons cane per annum with the potential to further increase output. The
operation delivers its cane to the company`s mill. The Zambian business
completed a rights issue which raised US$50 million during August 2009,
resulting in Illovo`s interest in Zambia Sugar Plc reducing from 89.7% to 81.6%.
The proceeds have been used to reduce borrowings related to the acquisition of
Nanga Farms and the expansion project.
The Maragra factory expansion project in Mozambique is progressing well, with
the first phase having been completed during the last off crop. The second and
final phase is on track to be completed at the end of the current financial
year, which will increase the factory capacity to 150 000 tons sugar per annum.
The factory has been performing in line with expectations this season.
Assuming normal growing and operating conditions for the remainder of the
season, sugar production for the group as a whole is expected to be around 1.780
million tons which is approximately 200 000 tons above that of last year, after
adjusting for the sale of the Umfolozi and Pongola mills with effect from the
beginning of the current financial year. The increase in production has
occurred in all countries of operation, although the major increase has taken
place in Zambia where output is anticipated to be up by 150 000 tons compared to
that of last season following the expansion.
The downstream plants have performed well and production is anticipated to be
similar to that of last year. However, profitability has been negatively
impacted by the stronger rand and lower world prices, following the severe
downturn in the world economy.
Domestic market sugar sales and prices in the countries of operation outside
South Africa have been strong. In South Africa, imports continue to have a
negative impact on sales volumes, although the South African Customs Union
market is reflecting some growth largely due to reduced sales by Zimbabwe into
the region.
The world sugar price has been very strong, with the price recently rising to a
28year high. The price increase has been driven by a significant production
decline in India and capital constraints within the sugar industry in Brazil
together with inclement weather during the harvest in that country. The
material global deficit in production has created the platform for the
significant rise in the price. The higher world price has also resulted in a
firming of sugar revenue realisations in the regional markets supplied by the
group. The South African sugar industry has sold around 84% of its anticipated
export raw sugar sales at US16.49 cents/lb.
Lower prices for European Union (EU) exports became effective on 1 October 2009,
following the final stage of reform to the EU Sugar Regime. This will however be
offset by increased market access by all Illovo operations outside South Africa,
which are now allowed duty-free and quota-free entry into the EU markets.
The rights issue, to raise R3 billion in fresh capital was successfully
concluded in September 2009, with a takeup of 99.4%. This was undertaken to
enable the group to pursue major investments outside South Africa in areas that
have positive and stable social, political and economic fundamentals, adequate
water and land resources, favourable climatic and agronomic conditions, strong
local sugar markets and good export potential.
The Ubombo factory expansion and co-generation project in Swaziland has
commenced, with equipment orders being placed. The project provides for an
increase in sugar production from 230 000 to in excess of 300 000 tons per
annum, together with an increase in power generation capacity utilising biomass
as supplementary fuel for the factory boilers. The project is linked to the
completion of a major new dam and canal system sponsored by the Swaziland
Government, which will facilitate the new development of some 5 000 hectares of
land to cane in the medium-term. Development of the first 885 hectares of land
has started and will be completed this season. The power plant will enable the
factory and estates to become self-sufficient in electricity consumption. In
addition, agreement has been reached with the Swaziland Electricity Company to
supply power into the national grid for 48 weeks of the year. The project will
cost R1.510 billion and is due to be commissioned in April 2011.
The various pre-project activities in respect of the proposed greenfields
project in Mali are at an advanced stage. The necessary financial approvals are
expected by January 2010 and thereafter cane development is due to commence
during the first half of 2010. Commissioning of the factory is anticipated in
November 2012.
The sale of the Pongola sugar mill in South Africa was approved by the
Competition Commission.
Directorate
We are pleased to welcome Ami Mpungwe back to the Board as an independent, non-
executive director. Mr Mpungwe served on the Board from 2001 to 2006 and was
previously Tanzanian High Commissioner to South Africa. He has a wealth of
commercial experience on the African continent.
Tony Norton, who was a long-standing independent, non-executive director,
retired at the Annual General Meeting in July 2009, and we thank him for his
valuable contribution to the group.
Dividend
An interim dividend of 32.0 cents per share (2008: 41.5 cents) has been
declared. It is anticipated that for the full year the dividend will be twice
covered by headline earnings.
Prospects
Operations for the current year are progressing well, but the results will be
influenced by the level of the rand compared to other currencies and final sugar
production. Provided there is no major change to these factors, it is presently
anticipated that for the full year to 31 March 2010, operating profit will be
between 10% and 20% higher than that of the previous year, whilst headline
earnings will be similar to those of last year. As a result of the rights
issue, it is anticipated that headline earnings per share will be between 10%
and 20% lower than in the previous financial year.
On behalf of the Board
R A Williams G J Clark Mount Edgecombe
Chairman Managing Director 18 November 2009
Abridged Group Income Statement
Actual Sugar season Actual
Unaudited basis Audite
Six months Unaudited d
ended Six months Year
30 September ended ended
30 September 31
March
2009
Note 2009 2008 2009 2008 Chang
s Rm Rm Rm Rm e % Rm
Revenue 4 3 4 4 (3) 8
247.6 753.6 345.3 469.2 601.7
====== ====== ====== ====== ======
= = = = =
Operating 1 915.8 775.7 687.0 13 1
profit 236.9 386.2
Net financing
costs 1 38.3 75.5 38.3 75.5 183.7
------ ------ ------ ------ ------
- - - - -
Profit before
material 1 840.3 737.4 611.5 1
items 198.6 202.5
Material 2 (27.9) 0.6 (27.9) 0.6 0.3
items
------ ------ ------ ------ ------
- - - - -
Profit before
taxation 1 840.9 709.5 612.1 1
170.7 202.8
Taxation 327.6 165.6 216.8 111.4 238.9
------ ------ ------ ------ ------
- - - - --
Profit for
the period 843.1 675.3 492.7 500.7 963.9
====== ====== ====== ====== ======
= = = = ==
Attributable
to:
Shareholders
of Illovo
Sugar Limited 647.0 508.0 363.1 385.5 (6) 739.1
Minority
interest 196.1 167.3 129.6 115.2 224.8
------ ------ ------ ------ ------
- - - - --
843.1 675.3 492.7 500.7 963.9
====== ====== ====== ====== ======
= = = = ==
Determination
of headline
earnings:
Profit
attributable
to 647.0 508.0 363.1 385.5 (6) 739.1
shareholders
Adjusted for:
Loss on
disposal of
business 21.8 - 21.8 - -
Profit on
disposal of
property (1.0) (0.6) (1.0) (0.6) (0.3)
Loss/(profit)
on disposal
of plant and
equipment 0.3 (0.1) 0.3 (0.1) 3.0
Headline ------ ------ ------ ------ ------
earnings - - - - --
668.1 507.3 384.2 384.8 741.8
====== ====== ====== ====== ======
= = = = ==
Number of
shares in
issue 460.0 350.6 460.0 350.6 350.9
(millions)
Weighted
average
number of
shares on
which
headline
earnings per 360.8 350.3 360.8 350.3 350.5
share are
based
(millions)
Headline
earnings per
share (cents) 185.2 144.8 106.5 109.9 (3) 211.6
Diluted
headline
earnings per 184.5 144.0 106.2 109.4 210.6
share (cents)
Basic
earnings per
share (cents) 179.3 145.0 100.6 110.1 210.9
Diluted basic
earnings per
share (cents) 178.7 144.2 100.4 109.6 209.8
Dividend per
share (cents) 32.0 41.5 32.0 41.5 (23) 106.0
ABRIDGED GROUP STATEMENT OF FINANCIAL POSITION
Actual Sugar season basis Actual
Unaudited Unaudited Audited
30 September 30 September 31 March
2009 2008 2009 2008 2009
Rm Rm Rm Rm Rm
ASSETS
Non-current 5 467.3 4 963.0 5 467.3 4 963.0 5 370.2
assets
Property, plant 3 948.9 3 849.8 3 948.9 3 849.8 4 025.9
and equipment
Cane roots 1 133.3 938.9 1 133.3 938.9 1 132.3
Intangible 205.9 54.3 205.9 54.3 61.8
assets
Investments 179.2 120.0 179.2 120.0 150.2
Current assets 4 695.0 4 400.2 4 695.0 4 400.2 2 894.2
Inventories 2 241.8 2 056.3 2 241.8 2 056.3 725.8
Growing cane 1 181.7 1 084.4 1 181.7 1 084.4 1 222.9
Accounts 1 259.9 1 201.2 1 259.9 1 201.2 756.3
receivable
Financial 11.6 58.3 11.6 58.3 189.2
instruments
---------- ---------- ---------- ---------- ----------
Total assets 10 162.3 9 363.2 10 162.3 9 363.2 8 264.4
========== ========== ========== ========== ==========
EQUITY AND
LIABILITIES
Total equity 6 721.6 3 484.1 6 371.2 3 309.5 3 445.0
Equity holders` 5 827.4 2 803.6 5 543.5 2 681.1 2 773.8
interest
Minority 894.2 680.5 827.7 628.4 671.2
shareholders`
interest
Non-current 1 163.3 3 916.2 1 163.3 3 916.2 3 112.2
liabilities
Deferred 644.7 617.7 644.7 617.7 701.1
taxation
Net borrowings 518.6 3 298.5 518.6 3 298.5 2 411.1
Current 2 277.4 1 962.9 2 627.8 2 137.5 1 707.2
liabilities
Accounts payable 2 222.6 1 962.9 2 573.0 2 137.5 1 702.0
and provisions
Financial 54.8 - 54.8 - 5.2
instruments
---------- ---------- ---------- ---------- ----------
Total equity 10 162.3 9 363.2 10 162.3 9 363.2 8 264.4
and liabilities
========== ========== ========== ========== ==========
OTHER SALIENT FEATURES
Operating 29.1 24.4 17.9 15.4 16.1
margin (%)
Effective tax 28.0 19.7 30.6 18.2 19.9
rate (%)
Debt : equity 7.7 94.7 8.1 99.7 70.0
ratio
Interest cover 32.3 12.1 20.3 9.1 7.5
(times)
Net asset value 1 461.2 993.8 1 385.0 944.0 981.7
per share
(cents)
Depreciation 167.9 132.7 167.9 132.7 215.2
Capital 829.2 920.2 829.2 920.2 1 881.4
expenditure
- expansion 689.1 804.2 689.1 804.2 1 696.5
- product 5.4 7.9 5.4 7.9 15.4
registration
costs
- replacement 134.7 108.1 134.7 108.1 169.5
Capital 3 599.6 2 463.7 3 599.6 2 463.7 2 330.5
commitments
- contracted 173.4 476.8 173.4 476.8 276.2
- approved but 3 426.2 1 986.9 3 426.2 1 986.9 2 054.3
not contracted
Lease 139.7 137.3 139.7 137.3 124.1
commitments
- land and 67.4 71.4 67.4 71.4 69.0
buildings
- other 72.3 65.9 72.3 65.9 55.1
Contingent 3.1 4.2 3.1 4.2 13.5
liabilities
ABRIDGED GROUP CASH FLOW STATEMENT
Actual Sugar season basis Actual
Unaudited Unaudited Audited
Six months ended Six months ended Year ended
30 September 30 September 31 March
2009 2008 2009 2008 2009
Rm Rm Rm Rm Rm
Cash flows from
operating and
investing
activities
Cash operating
profit 1 323.5 850.2 862.3 621.4 1 206.9
Working capital
requirements (1 649.8) (1 515.2) (1 188.6) (1 286.4) 362.8
------------- ---------- ---------- ----------- ----------
Cash (utilised
by)/generated
from operations (326.3) (665.0) (326.3) (665.0) 1 569.7
Replacement
capital (134.7) (108.1) (134.7) (108.1) (169.5)
expenditure
Financing costs,
taxation and
dividends (534.0) (514.9) (534.0) (514.9) (863.2)
Net investment
in future (705.0) (849.7) (705.0) (849.7) (1 745.8)
operations
Other movements 78.5 1.9 78.5 1.9 81.6
------------- ---------- ---------- ----------- ----------
Net cash outflow
before financing
activities (1 621.5) (2 135.8) (1 621.5) (2 135.8) (1 127.2)
Net cash inflow
from rights 2 959.8 - 2 959.8 - -
issue
Net cash (767.3) 1 573.9 (767.3) 1 573.9 659.1
(outflow)/inflow
from financing
activities
------------- ---------- ---------- ----------- ----------
Net increase /
(decrease) in
cash and cash
equivalents 571.0 (561.9) 571.0 (561.9) (468.1)
============= ========== ========== =========== ==========
STATEMENT OF OTHER COMPREHENSIVE INCOME
Profit for 843.1 675.3 492.7 500.7 963.9
the period
Other
comprehensive
income
Effect of
foreign (501.9) 97.8 (501.9) 97.8 (26.3)
currency
translation
Effect of
cash flow (18.1) 39.0 (18.1) 39.0 16.8
hedges
Effect of
hedging 2.8 - 2.8 - -
foreign
operations
----------- ----------- --------- ----------- ----------
Total
comprehensive
income / 325.9 812.1 (24.5) 637.5 954.4
(loss) for
the period
============ ============ ========== =========== ==========
Attributable
to:
Shareholders
of Illovo 188.6 604.4 (95.3) 481.9 722.9
Sugar Limited
Minority 137.3 207.7 70.8 155.6 231.5
interest
------------ ------------ ---------- ----------- ----------
325.9 812.1 (24.5) 637.5 954.4
============ ============ ========== =========== ==========
STATEMENT OF CHANGES IN EQUITY
Actual Sugar season Actual
basis
Unaudited Unaudited Audited
Six months ended Six months ended Year
ended
30 September 30 September 31 March
2009 2008 2009 2008 2009
Rm Rm Rm Rm Rm
Share capital and share
premium
Balance at beginning of 367.5 361.0 367.5 361.0 361.0
the period
Issue of new shares 2 959.8 4.2 2 959.8 4.2 6.5
-------- -------- -------- -------- --------
Balance at end of the 3 327.3 365.2 3 327.3 365.2 367.5
period
======== ======== ======== ======== ========
Share-based payments
reserve
Balance at beginning of 13.1 12.6 13.1 12.6 12.6
the period
Share-based payment - 0.2 - 0.2 0.5
expense
-------- -------- -------- -------- --------
Balance at end of the 13.1 12.8 13.1 12.8 13.1
period
======== ======== ======== ======== ========
Non-distributable
reserves
Balance at beginning of 396.5 412.4 396.5 412.4 412.4
the period
Realised profit on - - - - 0.3
disposal of land
Gain on rights issue in 131.2 - 131.2 - -
subsidiary
Total comprehensive
income:
- Foreign currency (443.1) 57.4 (443.1) 57.4 (33.0)
translation
- Cash flow hedges (18.1) 39.0 (18.1) 39.0 16.8
- Hedging foreign 2.8 - 2.8 - -
operations
-------- -------- -------- -------- --------
Balance at end of the 69.3 508.8 69.3 508.8 396.5
period
======== ======== ======== ======== ========
Retained surplus
Balance at beginning of 1 770.4 1 403.6 1 770.4 1 403.6 1 403.6
the period
Realised profit on - 4.9 - 4.9 ( 0.3)
disposal of land
Transfer to dividend (146.9) (114.8) (146.9) (114.8) (372.0)
reserve
Total comprehensive
income:
- Profit for the period 647.0 508.0 363.1 385.5 739.1
-------- -------- -------- -------- --------
Balance at end of the 2 270.5 1 801.7 1 986.6 1 679.2 1 770.4
period
======== ======== ======== ======== ========
Dividend reserve
Balance at beginning of 226.3 183.7 226.3 183.7 183.7
the period
Transfer from retained 146.9 114.8 146.9 114.8 372.0
surplus
Dividends paid (226.0) (183.4) (226.0) (183.4) (329.4)
-------- -------- -------- -------- --------
Balance at end of the 147.2 115.1 147.2 115.1 226.3
period
======== ======== ======== ======== ========
-------- -------- -------- -------- --------
Equity holders` interest 5 827.4 2 803.6 5 543.5 2 681.1 2 773.8
======== ======== ======== ======== ========
Minority shareholders`
interest
Balance at beginning of 671.2 555.6 671.2 555.6 555.6
the period
Dividends paid (82.9) (85.5) (82.9) (85.5) (119.8)
Increase in shareholding 168.6 2.7 168.6 2.7 3.9
Total comprehensive
income:
- Foreign currency (58.8) 40.4 (58.8) 40.4 6.7
translation
- Profit for the period 196.1 167.3 129.6 115.2 224.8
-------- -------- -------- -------- --------
Balance at end of the 894.2 680.5 827.7 628.4 671.2
period
======== ======== ======== ======== ========
-------- -------- -------- -------- --------
Total equity 6 721.6 3 484.1 6 371.2 3 309.5 3 445.0
======== ======== ======== ======== ========
SEGMENTAL ANALYSIS
Actual Sugar season basis Actual
Unaudited Unaudited Audited
Six months ended Six months ended Year
ended
30 September 30 September 31 March
2009 2008 2009 2008 2009
Rm Rm Rm % Rm % Rm
BUSINESS
SEGMENTS
Revenue
Sugar 2 428.6 2 243.2 3 010.4 70 3 215.9 72 6 250.7
production
Cane growing 1 416.5 1 151.6 1 013.1 23 901.6 20 1 712.4
Downstream 402.5 358.8 321.8 7 351.7 8 638.6
----------- ---------- ----------- -------- --------
4 247.6 3 753.6 4 345.3 4 469.2 8 601.7
=========== ========== =========== ======== ========
Operating
profit
Sugar 623.1 340.3 471.8 61 380.0 55 716.1
production
Cane growing 528.4 487.5 257.9 33 224.8 33 503.5
Downstream 85.4 88.0 46.0 6 82.2 12 166.6
----------- ---------- ----------- -------- --------
1 236.9 915.8 775.7 687.0 1 386.2
=========== ========== =========== ======== ========
Total assets
(excluding
financial
instruments)
Sugar 5 952.6 5 672.2 5 952.6 59 5 672.2 61 4 250.3
production
Cane growing 3 788.9 3 264.6 3 788.9 37 3 264.6 35 3 476.6
Downstream 409.2 368.1 409.2 4 368.1 4 348.3
----------- ---------- ----------- -------- --------
10 150.7 9 304.9 10 150.7 9 304.9 8 075.2
=========== ========== =========== ======== ========
GEOGRAPHICAL
SEGMENTS
Revenue
Malawi 840.4 696.5 897.8 21 858.1 19 1 739.6
Zambia 806.0 510.0 874.1 20 705.1 16 1 150.0
South Africa 1 395.3 1 479.1 1 680.9 39 1 968.7 44 3 868.8
Tanzania 357.6 262.0 319.7 7 366.0 8 666.3
Swaziland 541.8 524.3 395.0 9 381.6 9 790.1
Mozambique 306.5 281.7 177.8 4 189.7 4 386.9
----------- ---------- ----------- -------- --------
4 247.6 3 753.6 4 345.3 4 469.2 8 601.7
=========== ========== =========== ======== ========
Operating
profit
Malawi 479.5 453.0 323.4 42 311.3 45 634.0
Zambia 215.7 129.8 199.8 26 112.5 16 168.3
South Africa 222.4 86.7 108.1 14 109.0 16 256.6
Tanzania 81.4 33.9 61.8 8 64.5 10 118.6
Swaziland 118.3 108.0 56.3 7 54.6 8 127.7
Mozambique 119.6 104.4 26.3 3 35.1 5 81.0
----------- ---------- ----------- -------- --------
1 236.9 915.8 775.7 687.0 1 386.2
=========== ========== =========== ======== ========
NOTES TO THE FINANCIAL STATEMENTS
Unaudited Audited
Six months ended Year
ended
30 September 31 March
2009 2008 2009
Rm Rm Rm
1. Net financing costs
Interest paid 220.9 258.6 489.0
Less: capitalised ( 8.1) ( 146.6) ( 258.4)
-------- -------- --------
212.8 112.0 230.6
Interest received ( 30.1) ( 35.3) ( 44.5)
Foreign exchange gains ( 143.0) ( 0.8) ( 0.7)
Dividend income ( 1.4) ( 0.4) ( 1.7)
-------- -------- --------
38.3 75.5 183.7
======== ======== ========
2. Material items
Loss on disposal of business ( 28.9) - -
Profit on disposal of property 1.0 0.6 0.3
-------- -------- --------
Material (loss)/profit before ( 27.9) 0.6 0.3
taxation
Taxation 7.1 - -
-------- -------- --------
Material (loss)/profit
attributable to shareholders
in Illovo Sugar Limited ( 20.8) 0.6 0.3
======== ======== ========
DECLARATION OF DIVIDEND NO. 36
Notice is hereby given that an interim dividend of 32.0 cents per share has been
declared on the ordinary shares of the company in respect of the six months
ended 30 September 2009.
In accordance with the settlement procedures of Strate, the company has
determined the following salient dates for the payment of the dividend:
Last day to trade cum-dividend Thursday, 31 December 2009
Shares commence trading ex-dividend Monday, 4 January
2010
Record date Friday, 8 January 2010
Payment of dividend Monday, 11 January 2010
Share certificates may not be dematerialised / rematerialised between Monday, 4
January 2010 and Friday, 8 January 2010, both days inclusive.
By order of the Board
G D Knox Mount Edgecombe
Company Secretary 18 November 2009
Directors:
R A Williams (Chairman)*, D G MacLeod (Deputy Chairman)*, G J Clark (Managing
Director) (Australian), M I Carr#*, B P Connellan*, M J Hankinson*, D L
Haworth#, D Konar*, D R Langlands#*, P A Lister#*, P M Madi*, C W N Molope*, A R
Mpungwe (Tanzanian)*, L W Riddle, M J Shaw*, B M Stuart, K Zarnack
# British * Non-executive
Registered office:
Illovo Sugar Park, 1 Montgomery Drive, Mount Edgecombe,
KwaZulu-Natal, South Africa
Postal address:
P O Box 194, Durban, 4000
Website:
www.illovosugar.com
Transfer Secretaries:
Link Market Services South Africa (Proprietary) Limited
11 Diagonal Street, Johannesburg, 2001,
P O Box 4844, Johannesburg, 2000
Auditors:
Deloitte & Touche
Sponsor:
J P Morgan Equities Limited
Date: 19/11/2009 07:05:13 Produced by the JSE SENS Department.
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