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ILV
ILV
ILV - Illovo Sugar Limited - Interim report for the six months ended 30
September 2011
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 2011
Quote
Graham Clark, Managing Director, commented:
"It is pleasing to report increased profits on the back of favourable exchange
rates, cost cutting and better market conditions. Nonetheless, group production
levels continue to be impacted by the knock-on consequences of the severe
drought in KwaZulu-Natal, South Africa in 2010. We are expecting modest
production increases in our other operations, except in Zambia where the sucrose
levels have been particularly low. We have made significant investments in our
group production in recent years and are well placed to maximise the plant
utilisation in the coming and future seasons. Additionally we are progressing
other growth initiatives, including renewable energy as well as an investment in
a new alcohol distillery in Tanzania."
Enquiries:
Illovo Sugar Limited 031 508 4300
Graham Clark, Managing Director
Mohammed Abool-Samad, Financial Director
Chris Fitz-Gerald, 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 agricultural-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
2011 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 2012 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 2011 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 operating profit for the six months ended 30 September 2011 reflected a
moderate improvement of 5% compared to the corresponding period last year. This
result was negatively impacted by the knock-on consequences of the 2010 drought
in South Africa which severely retarded cane growth and caused cane quality to
decline to very poor levels. This was offset by increased cane production
elsewhere in the group, although the sucrose content in cane generally ran well
below normal expectations. Profit after tax rose from R725.9 million to R747.2
million, resulting in a 5% improvement in headline earnings.
On a seasonal basis, operating profit increased by 19% from R522.9 million to
R620.2 million, reflecting the benefits of favourable exchange rates, good cost
control and better market conditions than in the previous year. Production,
however, has been negatively affected by the drought conditions in South Africa
which depressed sugar production and will result in a second year of lower year-
on-year output. Elsewhere, cane production was higher than in the previous
year, although significantly lower sucrose levels moderated increased sugar
production which in total was insufficient to offset the decline in South
Africa.
The contributions to operating profit were sugar production 56%, cane growing
31%, downstream 11% and power co-generation 2%. By country, contributions were
Malawi 45%, Zambia 33%, Tanzania 13%, Mozambique 4%, Swaziland 3% and South
Africa 2%.
In general, although cane quality has been poor, the group`s sugar factories
have operated well. The expanded factory in Zambia has demonstrated its ability
to run at design capacity and also achieved acceptable sugar recoveries. In
Mozambique, the factory is now operating at its increased throughput level,
whilst in Swaziland, despite early season expansion-related commissioning
difficulties, the plant has achieved rated performance and is now stabilising.
The power co-generation facility which was part of the expansion project at
Ubombo in Swaziland was successfully commissioned in the period and has run very
well. The export of electricity to the national grid in Swaziland has commenced
and to-date volumes are already in excess of the annual minimum contractual
commitment.
In South Africa, the diversion of cane to the Sezela factory has ensured that
the downstream products plant located at that site has operated consistently at
capacity throughout the period. Both distilleries in South Africa have also
operated well. Approval was granted by the Board to commence with the
construction of a new potable alcohol distillery at Kilombero in Tanzania. This
plant, with a capacity of 12 million litres of potable alcohol per annum, will
utilise all of the molasses produced at Kilombero and supply high quality
alcohol into the East African market. The plant is scheduled to be commissioned
in mid-2013.
Furfural and furfuryl alcohol prices climbed to record levels in the period as
demand outpaced global supply and advantage was taken of pricing opportunities.
Sales of the furfural-based nematicide now registered in the United States for
use on golf courses and in turf farms has commenced and initial market reaction
has been positive. Follow-up orders are now being supplied and effective
promotion of the product should boost future sales.
Sugar sales have been constrained by lower production volumes, but all markets
have been adequately supplied. Domestic market growth continues in Zambia and
Tanzania and prospects for increased sales are good. However, difficult
economic circumstances have depressed demand in Malawi and Mozambique. In South
Africa and Swaziland domestic sales volumes will be lower due to reduced market
share in each country, caused by lower production relative to other producers.
Regional exports have been strong from Malawi and Zambia and bulk raw sugar
exports to the European Union (EU) have moved well, although price realisations
have been negatively impacted by lower EU sugar prices early in the year and a
weaker Euro. Prospects for improved EU prices are promising as raw sugar
shortages in the EU continue.
Net financing costs of R89.0 million were significantly higher than in the
previous equivalent period, reflecting the full cost of servicing the group`s
expansion-related debt in Zambia and Swaziland. In addition, working capital
requirements were higher due to an adverse sales mix in the first six months of
the year. The group tax charge increased from R149.1 million to R165.2 million
as a result of expansionrelated adjustments to deferred taxation in Zambia and
Swaziland.
Headline earnings for the period rose by 12% compared to the same period last
year.
Financing for the construction of the integrated Markala sugar factory in Mali
has been secured and is now subject to finalisation of loan documentation.
Completion of the financing of the agricultural component of the project is
complex and requires bi-lateral concessional lenders to disburse funds via the
Government of Mali. Good progress has been made towards securing this funding,
which is expected to be finalised early in 2012. Project commencement also
remains dependent upon the Government of Mali fulfilling certain undertakings
which is in progress.
Capital reduction distribution out of share premium in lieu of dividend
Notice is hereby given that an interim capital reduction distribution out of
share premium of 23.0 cents per share has been declared, in lieu of a dividend,
on the ordinary shares of the company in respect of the six months ended 30
September 2011. The directors have determined that the capital reduction
distribution shall be paid out of qualifying contributed tax capital as
contemplated in the definition of "contributed tax capital" in section 1 of the
Income Tax Act, 1962.
In accordance with the settlement procedures of Strate, the company has
determined the following salient dates for the payment of the capital
distribution:
Last day to trade cum the capital distribution Thursday,29 December 2011
Shares commence trading ex the capital distribution Friday, 30 December
2011
Record date Friday, 6 January 2012
Payment of interim capital distribution Monday, 9 January 2012
Share certificates may not be dematerialised / rematerialised between Friday, 30
December 2011 and Friday, 6 January 2012, both days inclusive.
Prospects
Group sugar production for the full year is likely to fall by up to 10% compared
to the tonnages produced in the previous year. This is due to the severe impact
of the 2010 drought in South Africa where, as a consequence, sugar production
will fall for a second year in succession and is likely to be more than 25%
lower in 2011/12 than in 2010/11. The severity of this fall is greater than was
previously anticipated and will not be fully mitigated by increased production
elsewhere in the group.
Modest sugar production increases are likely in Malawi, Mozambique, Swaziland
and Tanzania. Reduced sucrose in cane at Nchalo in Malawi limited production
growth at that operation, and a record low sucrose content in Zambia will cause
sugar production to be below the output of the previous year.
Looking forward, rainfall has returned to normal in South Africa and a marked
recovery is anticipated in 2012/13. Elsewhere, better growing conditions have
been experienced and this, along with improved cane varieties and upgraded
irrigation and drainage will result in an increase in cane yields in 2012/13.
Sucrose levels across the group are anticipated to return to more normal levels
in 2012/13.
The lower sugar production will result in reduced sales volumes for the full
year, but better market conditions and favourable exchange rates will have a
positive impact on revenue. A programme to enhance revenue and reduce costs is
anticipated to improve operating margins. Net financing costs will however
increase due to a higher interest charge in Zambia, whilst the effective tax
rate is expected to normalise at around 30%. Cash generation remains strong and
gearing is anticipated to remain low.
Investment to increase the group`s production has been significant over the past
three to four years, and the operations are well placed to maximise plant
utilisation in the coming and future seasons. Growth in cane supply will
continue from the group`s own operations and from outgrowers in order to utilise
the increased factory capacity.
The group continues to progress its initiatives for growth, including its
objective to utilise renewable resources to move towards self-sufficiency in
electricity, and to export into the national grid where a surplus of electricity
is produced. The Ubombo facility is a case in point and provides the model for
the future. In addition, and in order to leverage its intention to maximise the
value from every stick of cane crushed, the group continues to progress
initiatives to utilise molasses for the production of ethanol for both potable
use and fuel blending. In addition to the approved potable alcohol project in
Tanzania, investigations in this regard are being progressed in Zambia and
Malawi.
On behalf of the Board
D G MacLeod G J Clark Mount Edgecombe
Chairman Managing Director 22 November 2011
Directors:
D G MacLeod (Chairman)*, G J Clark (Managing Director) (Australian), M H Abdool-
Samad, M I Carr#*, G B Dalgleish, M J Hankinson*, D Konar*, P A Lister#*, P M
Madi*, C W N Molope*, A R Mpungwe (Tanzanian)*, T S Munday*, R N Pike #*, L W
Riddle,
B M Stuart
# 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
Telephone: +27 31 508 4300
Telefax: +27 31 508 4535
Website: www.illovosugar.com
Transfer Secretaries:
Link Market Services South Africa (Proprietary) Limited
Rennie House,
13th Floor, 19 Ameshoff Street,
Braamfontein, 2001
P O Box 4844, Johannesburg, 2000
Auditors:
Deloitte & Touche
Sponsor:
J.P. Morgan Equities Limited
ABRIDGED GROUP INCOME STATEMENT
Actual Sugar season Actual
basis
Unaudited Unaudited Audited
Six months ended Six months ended Year
ended
30 September 30 September 31
March
2011 2010 2011 2010 Change 2011
Notes Rm Rm Rm Rm % Rm
Revenue 4 094.4 3 968.5 4 556.7 4 257.3 7 8 107.9
Operating 1 080.4 1 025.8 620.2 522.9 19 1 029.3
profit
Dividend - - - - 2.1
income
Net financing 1 89.0 35.5 89.0 35.5 95.5
costs
Profit before 991.4 990.3 531.2 487.4 935.9
non-trading
items
Share of 1.0 ( 2.2) 1.0 ( 2.2) ( 3.6)
profit/(loss)
from
associates
Material 2 4.3 19.8 4.3 19.8 30.2
items
Profit before 996.7 1 007.9 536.5 505.0 962.5
taxation
Taxation 249.5 282.0 165.2 149.1 248.6
Profit for 747.2 725.9 371.3 355.9 713.9
the period
Attributable
to:
Shareholders 604.1 594.0 289.2 278.4 4 546.2
of Illovo
Sugar Limited
Non- 143.1 131.9 82.1 77.5 167.7
controlling
interest
747.2 725.9 371.3 355.9 713.9
Determination of headline earnings:
Profit 604.1 594.0 289.2 278.4 4 546.2
attributable
to
shareholders
Adjusted for:
- Profit on 2 - (19.8) - (19.8) (19.8)
disposal of
business
- Profit on 2 (4.3) - (4.3) - (10.4)
disposal of
property
-
Loss/(profit)
on disposal
of plant and
equipment 4.4 - 4.4 - (0.9)
Total tax - - - - 1.0
effect of
adjustments
Total non-
controlling
interest
effect
of - - - - -
adjustments
Headline 604.2 574.2 289.3 258.6 12 516.1
earnings
Number of 459.8 459.4 459.8 459.4 459.8
shares in
issue
(millions)
Weighted
average
number of
shares on
which
headline 459.8 460.0 459.8 460.0 459.8
earnings per
share are
based
(millions)
Headline 131.4 124.8 62.9 56.2 12 112.2
earnings per
share
(cents)
Diluted 131.2 124.6 62.9 56.2 112.1
headline
earnings per
share
(cents)
Basic 131.4 129.1 62.9 60.5 118.8
earnings per
share
(cents)
Diluted 131.2 128.9 62.8 60.5 118.6
basic
earnings per
share
(cents)
Distribution 3 23.0 22.0 23.0 22.0 5 56.0
per share
(cents)
ABRIDGED GROUP STATEMENT OF FINANCIAL POSITION
Actual Sugar season basis Actual
Unaudited Unaudited Audited
30 September 30 September 31
March
2011 2010 2011 2010 2011
Rm Rm Rm Rm Rm
ASSETS
Non-current 6 795.2 5 676.7 6 795.2 5 676.7 6 409.4
assets
Property, plant 5 199.5 4 246.7 5 199.5 4 246.7 4 984.5
and equipment
Cane roots 1 164.7 1 080.3 1 164.7 1 080.3 1 087.9
Intangible assets 181.4 174.4 181.4 174.4 174.0
Investments 249.6 175.3 249.6 175.3 163.0
Current assets 5 629.2 5 002.5 5 629.2 5 002.5 3 396.3
Inventories 2 196.2 2 506.5 2 196.2 2 506.5 739.1
Growing cane 1 216.7 1 032.8 1 216.7 1 032.8 1 155.8
Trade and other 1 245.5 902.4 1 245.5 902.4 768.5
receivables
Financial 33.9 3.0 33.9 3.0 15.1
instruments
Cash and cash 936.9 557.8 936.9 557.8 717.8
equivalents
Total assets 12 10 12 424.4 10 679.2 9 805.7
424.4 679.2
EQUITY AND LIABILITIES
Total equity 6 818.0 6 343.6 6 442.1 5 973.6 5
975.3
Equity holders` 5 921.5 5 493.4 5 606.6 5 177.8 5
interest 191.2
Non-controlling 896.5 850.2 835.5 795.8 784.1
interest
Non-current 2 724.7 914.9 2 724.7 914.9 960.2
liabilities
Long-term 1 865.5 318.9 1 865.5 318.9 235.3
borrowings
Deferred taxation 723.6 596.0 723.6 596.0 687.6
Other liabilities 135.6 - 135.6 - 37.3
Current 2 881.7 3 420.7 3 257.6 3 790.7 2
liabilities 870.2
Short-term 698.5 1 156.1 698.5 1 156.1 994.7
borrowings
Trade and other 2 170.6 2 246.9 2 546.5 2 616.9 1
payables 871.5
Financial 12.6 17.7 12.6 17.7 4.0
instruments
Total equity and 12 424.4 10 12 424.4 10 679.2 9
liabilities 679.2 805.7
OTHER SALIENT FEATURES
Note
Operating margin 26.4 25.8 13.6 12.3 12.7
(%)
Interest cover 12.1 28.9 7.0 14.7 10.8
(times)
Effective tax 25.2 28.5 31.1 30.6 26.6
rate (%)
Net debt:equity 4 23.9 14.5 25.3 15.4 8.6
ratio
Net asset value 1 1 1 1 1
per share (cents) 482.8 380.8 401.1 300.2 299.6
Depreciation 141.6 188.6 141.6 188.6 188.1
Capital 137.4 483.1 137.4 483.1 1
expenditure 474.3
- Expansion 48.3 373.4 48.3 373.4 1
capital 262.9
- Replacement 87.0 107.9 87.0 107.9 199.8
capital
135.3 481.3 135.3 481.3 1
462.7
- Expansion of - - - - 8.2
area under cane
- Product 2.1 1.8 2.1 1.8 3.4
registration
costs
Capital 2 3 2 3 2
commitments 692.3 639.1 692.3 639.1 606.4
- Contracted 121.3 559.1 121.3 559.1 63.2
- Approved but 2 3 2 3 2
not contracted 571.0 080.0 571.0 080.0 543.2
Anno
Lease commitments 371.4 248.8 371.4 248.8 300.3
Contingent 155.9 49.2 155.9 49.2 175.0
liabilities
ABRIDGED GROUP STATEMENT OF CASH FLOWS
Actual Sugar season basis Actual
Unaudited Unaudited Audited
Six months ended Six months ended Year
ended
30 September 30 September 31 March
2011 2010 2011 2010 2011
Rm Rm Rm Rm Rm
Cash flows from
operating and
investing
activities
Cash operating 1 168.2 1 316.4 708.0 813.5 1 132.9
profit
Working capital (1 (1 (1 (1 146.3
requirements 620.9) 582.8) 160.7) 079.9)
Cash (utilised (452.7) (266.4) (452.7) (266.4) 1 279.2
by)/generated from
operations
Replacement capital (87.0) (107.9) (87.0) (107.9) ( 199.8)
expenditure
Financing costs, (433.8) (507.9) (433.8) (507.9) ( 735.7)
taxation and
distributions
Net investment in (50.4) (375.2) (50.4) (375.2) (1
future operations 274.5)
Other movements 49.9 35.0 49.9 35.0 92.3
Net cash outflows ( (1 ( (1 ( 838.5)
before financing 974.0) 222.4) 974.0) 222.4)
activities
Borrowings raised 1 146.8 481.1 1 146.8 481.1 263.0
Other financing 0.3 ( 29.0) 0.3 ( 29.0) ( 26.7)
activities
Net 173.1 ( 173.1 ( ( 602.2)
increase/(decrease) 770.3) 770.3)
in cash and cash
equivalents
STATEMENT OF OTHER COMPREHENSIVE INCOME
Profit for the 747.2 725.9 371.3 355.9 713.9
period
Other
comprehensive
income
Foreign currency 310.9 (168.6) 310.9 (168.6) (482.7)
translation
differences
Adjustments in 15.6 (13.1) 15.6 (13.1) 10.1
respect of cash
flow hedges, net
of tax
Actuarial gains - - - - 3.2
on post-
retirement
obligations, net
of tax
Hedge of net (9.8) ( 37.7) (9.8) ( 37.7) ( 2.1)
investment in
foreign
subsidiaries
Total 1 063.9 506.5 688.0 136.5 242.4
comprehensive
income for the
period
Attributable to:
Shareholders of 886.3 356.9 571.4 41.3 155.0
Illovo Sugar
Limited
Non-controlling 177.6 149.6 116.6 95.2 87.4
interest
1 063.9 506.5 688.0 136.5 242.4
ABRIDGED STATEMENT OF CHANGES IN EQUITY
Actual Sugar season basis Actual
Unaudited Unaudited Audited
Six months ended Six months ended Year
ended
30 September 30 September 31 March
2011 2010 2011 2010 2011
Rm Rm Rm Rm Rm
Share capital and
share premium
Balance at 2 791.5 3 075.7 2 791.5 3 075.7 3 075.7
beginning of the
period
Issue/(repurchase) 0.3 ( 29.0) 0.3 ( 29.0) ( 26.7)
of share capital
Transfer to ( 106.9) ( 101.2) ( 106.9) ( 101.2) ( 257.5)
distribution
reserve
Balance at end of 2 684.9 2 945.5 2 684.9 2 945.5 2 791.5
the period
Share-based
payments reserve
Balance at 13.1 13.1 13.1 13.1 13.1
beginning and end
of the period
Non-distributable
reserves
Balance at 154.0 224.7 154.0 224.7 224.7
beginning of the
period
Realised profit on - - - - 9.9
disposal of
property
Transfer of ( 271.9) 187.1 ( 271.9) 187.1 403.8
foreign currency
translation
reserve
Transactions with - ( 88.5) - ( 88.5) ( 90.0)
non-controlling
shareholders
Total
comprehensive
income:
- Foreign currency 281.7 (187.1) 281.7 ( 187.1) (401.7)
translation
- Cash flow hedges 10.3 (12.3) 10.3 ( 12.3) 9.4
- Hedge of net ( 9.8) ( 37.7) ( 9.8) ( 37.7) ( 2.1)
investment in
foreign
subsidiaries
Balance at end of 164.3 86.2 164.3 86.2 154.0
the period
Retained earnings
Balance at 2 076.3 1 940.6 2 076.3 1 940.6 1 940.6
beginning of the
period
Realised profit on - - - - ( 9.9)
disposal of
property
Transfer of 271.9 ( 187.1) 271.9 ( 187.1) ( 403.8)
foreign currency
translation
reserve
Total
comprehensive
income:
- Profit for the 604.1 594.0 289.2 278.4 546.2
period
- Actuarial gains - - - - 3.2
on post-retirement
obligations
Balance at end of 2 952.3 2 347.5 2 637.4 2 031.9 2 076.3
the period
Distribution
reserve
Balance at 156.3 248.5 156.3 248.5 248.5
beginning of the
period
Transfer from 106.9 101.2 106.9 101.2 257.5
share premium
Distributions paid ( 156.3) (248.6) ( 156.3) (248.6) (349.7)
Balance at end of 106.9 101.1 106.9 101.1 156.3
the period
Equity holders` 5 921.5 5 493.4 5 606.6 5 177.8 5 191.2
interest
Non-controlling
interest
Balance at 784.1 812.1 784.1 812.1 812.1
beginning of the
period
Distributions paid ( 65.2) (103.9) ( 65.2) (103.9) (106.2)
Change in - ( 7.6) - ( 7.6) (9.2)
shareholding
Total
comprehensive
income:
- Foreign currency 29.2 18.5 29.2 18.5 (81.0)
translation
- Cash flow hedges 5.3 ( 0.8) 5.3 ( 0.8) 0.7
- Profit for the 143.1 131.9 82.1 77.5 167.7
period
Balance at end of 896.5 850.2 835.5 795.8 784.1
the period
Total equity 6 818.0 6 343.6 6 442.1 5 973.6 5 975.3
SEGMENTAL ANALYSIS
Actual Sugar season basis Actual
Unaudited Unaudited Audited
Six months ended Six months ended Year
ended
30 September 30 September 31
March
2011 2010 2011 2010 2011
Rm Rm Rm % Rm % Rm
BUSINESS
SEGMENTS
Revenue
Sugar 2 162.1 2 266.8 2 949.8 65 2 69 5 543.9
production 948.4
Cane growing 1 510.6 1 337.5 1 159.4 25 946.1 22 1 779.3
Downstream 405.3 364.2 435.4 10 362.8 9 784.7
Co-generation 16.4 - 12.1 - - - -
`
4 094.4 3 968.5 4 556.7 4 8 107.9
257.3
Operating
profit
Sugar 490.1 638.2 347.3 56 371.8 71 742.8
production
Cane growing 513.5 321.3 191.4 31 116.9 22 193.9
Downstream 62.4 66.3 69.1 11 34.2 7 92.6
Co-generation 14.4 - 12.4 2 - - -
1 080.4 1 025.8 620.2 522.9 1 029.3
Total assets
Sugar 6 852.3 6 334.7 6 852.3 60 6 63 4 595.7
production 334.7
Cane growing 3 697.4 3 371.4 3 697.4 32 3 33 3 708.1
371.4
Downstream 477.1 412.3 477.1 4 412.3 4 360.8
Co-generation 426.8 - 426.8 4 - - 408.2
11 10 11 10 9 072.8
453.6 118.4 453.6 118.4
Note: Total assets excludes cash and cash equivalents and financial instruments
GEOGRAPHICAL SEGMENTS
Revenue
Malawi 719.8 809.3 815.8 18 788.7 19 1
447.8
Zambia 1,036.2 859.2 1,135.7 25 998.2 23 1
829.9
South Africa 1 158.3 1 336.2 1 575.4 35 1 644.1 39 3
219.2
Tanzania 303.8 249.8 338.0 7 314.5 7 626.1
Swaziland 573.4 519.5 469.2 10 356.9 8 738.0
Mozambique 302.9 194.5 222.6 5 154.9 4 246.9
4 094.4 3 968.5 4 556.7 4 257.3 8
107.9
Operating profit
Malawi 469.2 381.2 282.4 45 245.6 47 430.1
Zambia 306.1 235.3 201.7 33 147.0 28 242.4
South Africa 97.6 233.0 10.4 2 38.3 7 148.0
Tanzania 66.4 57.6 83.6 13 63.7 12 128.0
Swaziland 56.3 99.3 18.8 3 20.0 4 78.2
Mozambique 84.8 19.4 23.3 4 8.3 2 2.6
1 080.4 1 025.8 620.2 522.9 1
029.3
NOTES TO THE FINANCIAL STATEMENTS
Unaudited Audited
Six months ended Year
ended
30 September 31
March
2011 2010 2011
Rm Rm Rm
1. Net financing costs
Interest paid 124.4 79.0 144.0
Less: capitalised - ( 8.4) ( 26.1)
124.4 70.6 117.9
Interest received ( 8.8) ( 35.2) ( 25.0)
Foreign exchange (gains)/losses ( 26.6) 0.1 2.6
89.0 35.5 95.5
2. Material items
Profit on disposal of business - 19.8 19.8
Profit on disposal of property 4.3 - 10.4
Material profit before taxation 4.3 19.8 30.2
Taxation - - ( 0.7)
Material profit attributable to
shareholders
of Illovo Sugar Limited 4.3 19.8 29.5
3. Distribution per share
The distribution per share of 23.0 cents represents an interim capital
distribution declared out of share premium (2010: interim distribution of 22.0
cents).
4. Net debt: equity ratio
The net debt:equity ratio is calculated as interest-bearing liabilities, net of
cash and cash equivalents, divided by total equity.
Date: 23/11/2011 07:06:01 Produced by the JSE SENS Department.
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