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ILV
ILV
ILV - Illovo Sugar Limited - Audited group results for the year ended
31 March 2012
ILLOVO SUGAR LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1906/000622/06)
Share Code: ILV
ISIN: ZAE000083846
("Illovo" or "the company")
AUDITED GROUP RESULTS FOR THE YEAR ENDED 31 MARCH 2012
Highlights
- Operating profit up 31%
- Headline earnings increase by 18%
- Strong cash generation
- Mali project terminated
Quote:
Graham Clark, Managing Director, commented:-
We are pleased to report much improved results for the year with operating
profit up 31% and headline earnings per share up 18%. Production prospects for
the group are positive with increased areas under cane and a return to more
normal weather. Market conditions remain buoyant. The termination of our
involvement in a potential greenfield project in Mali is disappointing but
provides an opportunity to re-deploy a very experienced project team elsewhere
in the group to pursue other growth opportunities.
Enquiries:
Illovo Sugar Limited 031 508 4300
Graham Clark, Managing Director
Mohammed Abdool-Samad, Financial Director
Chris FitzGerald, Public Affairs Manager
College Hill 011 447 3030
Nicholas Williams 082 600 2192
Review
The group achieved much improved results in the past year despite abnormal
weather conditions and volatile exchange rates. In South Africa, the impact of
a second year of drought in the dry land cane growing areas of KwaZulu-Natal was
pronounced and depressed overall group sugar production, to a level below the
previous year. Increased sugar production elsewhere was insufficient to offset
the decline in South Africa.
Despite lower sugar production, a drive to maximise opportunities in a
favourable market environment, together with a focus on cost control, enabled
the group to grow profit year-on-year. Group turnover grew by R1.1 billion to
R9.2 billion, whilst sugar sales volumes fell by 5% as a consequence of the
lower sugar production. Pleasingly, the group operating margin increased from
12.7% to 14.7% resulting in a 31% increase in operating profit from R1.03
billion to R1.35 billion. Net financing costs of R245 million reflected the
cost of servicing the group`s expansion-related debt. The effective tax rate
for the group normalised at 30.3%. Material items include the impairment of the
group`s pre-production costs in Mali following the decision to terminate further
involvement in the Markala Sugar Project. Headline earnings per share improved
by 18.2% to 132.6 cents. The group`s return on net assets increased
commensurately from 13.8% to 15.9%.
The contributions to operating profit were sugar production 59%, cane growing
30%, downstream and power generation 11%. The country contributions were Malawi
39%, Zambia 33%, Tanzania 11%, South Africa 7%, Swaziland 6% and Mozambique 4%.
The consolidation of Illovo`s own grown cane supply continued during 2011/12 and
despite a climatically challenging season, a total of 6.2 million tons of cane
was produced on the group`s estates. This was slightly lower than the record
cane production of 2010/11. The marginal reduction was the result of a second
consecutive drought-affected season in South Africa and lower cane yields
experienced in Malawi and Zambia due to harvesting those crops at a younger age
than normal. In the case of Zambia, this was necessary to re-align the expanded
cane growing area with the significantly increased milling capacity. These cane
crops will benefit in future from harvesting at an optimal age of twelve months.
In Tanzania, an extended wet season disrupted harvesting and resulted in a large
area not being harvested and carried-over for harvest in 2012/13. Significant
increases in Swaziland and Mozambique were achieved reflecting good growing
conditions and an expanded area under cane. Adequate summer rainfall and a
return to normal weather should drive a recovery in South Africa, whilst
elsewhere in the group growing conditions have been normal. This together with
increased area under cane and irrigation upgrades will secure the anticipated
higher cane volumes for the ensuing year.
Sucrose levels in 2011/12 were generally well below expectation. The extended
drought in South Africa adversely affected cane quality, but reduced sucrose
levels elsewhere were likely the result of unusual climatic variations, with
unseasonal rain also playing a part.
Group sugar production fell in total by 7% in 2011/12, from 1.639 million tons
to 1.526 million tons. In South Africa, the drought-impacted reduction was
again material, sugar production being some 24% below 2010/11. The reduction in
South Africa was only partially offset by increased sugar production in Malawi,
Mozambique and Swaziland, whilst small reductions were recorded in Zambia and in
Tanzania, where an abnormally wet season restricted factory throughput. In South
Africa, the reduced cane volume on the south coast of KwaZulu-Natal resulted in
the Umzimkulu factory remaining closed for the season, with cane diverted to
Sezela to optimise available factory capacity.
Factory performance across the group was generally satisfactory, although the
newly expanded factory in Swaziland experienced operational difficulties early
in the season.
A total of 64% of total sugar sales volumes was sold into domestic markets in
2011/12 via a range of bulk and pre-packed industrial and direct consumption
sugars in both refined and brown sugar offerings. Logistics and distribution
systems remain key to optimising domestic market realisations and the group
continues to adapt to market requirements. Rural distribution outside of South
Africa was effective and in South Africa work has commenced on the construction
of a new custom-designed central warehouse in Pietermaritzburg, which will
streamline storage and distribution to all segments of the domestic market at a
lower cost.
The operations in Zambia and Malawi are geographically well positioned to supply
large deficit markets in east and central Africa. Advantage was taken of
enhanced pricing in this region and a range of direct consumption and industrial
sugar was supplied from Malawi and Zambia. Preferential exports to the European
Union and the United States grew during the year. European sugar prices rose
compared to the previous year and bulk raw sugar contracts with European
refiners delivered higher prices than in 2010/11. Niche speciality sugars,
including "Fairtrade" sugar continue to provide premium prices in Europe and the
United States.
World bulk raw sugar market sales from South Africa are only made via the single
desk export marketing function of the South African Sugar Association. A
significantly lower industry sugar crop in South Africa during 2011/12 resulted
in only a small volume being sold on to the world market, with the Illovo group
share amounting to 40 215 tons, priced at 25.8 US cents/lb. World market prices
remain positively supported by longer-term supply and demand fundamentals and
pricing of increased export availability for the 2012/13 season has commenced
above 24 US cents/lb.
The diversion of cane to the Sezela factory in South Africa enabled the sugar
factory and associated downstream products plant to operate close to capacity in
2011/12. This resulted in a 20% increase in furfural production compared to the
previous year, with furfuryl alcohol production matched to optimise demand
opportunities. Pricing for furfural products has remained positive in 2011/12
and the group derived increased returns in this market, enhanced by a reputation
for the reliable supply of high quality products. Diacetyl and lactulose
production were matched to meet market demand.
Production of potable and denatured ethanol was maximised at the Merebank and
Glendale distilleries in South Africa from available molasses. Alcohol demand
and pricing have been firm in both local and export markets. The group has
started construction of a new potable alcohol distillery in Tanzania, designed
to utilise all available molasses from the Kilombero factories, for the
production of high quality potable alcohol which will be sold into the lucrative
and growing East African market. Further molasses beneficiation opportunities
are being evaluated.
Co-generation of electricity is being progressed across the group in an effort
to become self-sufficient in power for our own requirements and where attractive
to commercially export electricity into the national grid. Commissioning of the
co-generation plant in Swaziland has been successfully completed and surplus
power is now sold into the national grid in Swaziland in terms of a power
purchase agreement.
Mali
Further to the Mali project updates published on 22 March 2012, failure to
finalise key elements required for the promotion of the Markala Sugar Project
in Mali has resulted in a decision to terminate further group involvement
in this project. Incomplete funding of the agricultural component of the
project via bi-lateral concessional funding to the government of Mali and
its inability to complete key undertakings for the project to proceed, together
with the deteriorating security situation in Mali and the country`s uncertain
political future have increased the project risks associated with a greenfield
development of this size. Accordingly, the group`s investment in pre-project
expenditure associated with this project totalling R173.5 million has been
fully impaired and written-off in the year under review.
Prospects
The current 2012/13 season should see a new record volume of group cane
production. Sucrose levels look set to be more normal with early season trends
supporting this likelihood. Therefore, an increase in anticipated sugar
production is expected from a better season in South Africa, and further
increases elsewhere in the group. Market opportunities remain positive and an
ongoing focus on lowering costs of production should limit the impact of
inflation on the group cost base. The Malawi Kwacha was officially devalued by
approximately 50% against the US dollar on 7 May 2012. The devaluation will have
a material negative influence on the operating cost base in Malawi, while export
earnings will be enhanced in local currency, which will partially mitigate the
impact of the currency devaluation. In accordance with group strategy to recover
cost inflation from sugar pricing, an appropriate local sugar price increase was
implemented in Malawi on 8 May 2012. This strategy will largely mitigate any
material negative impact on group profits. Exchange rate volatility will
continue to be a major influence on export earnings and the conversion of
foreign subsidiary profits into rand. Strong cash generation will be deployed to
reduce group debt and lower financing costs.
Capital reduction distribution by way of a reduction of Contributed Tax Capital
Notice is hereby given that a final capital reduction distribution by way of a
reduction of Contributed Tax Capital of 43.0 cents per share has been declared,
in lieu of a dividend, on the ordinary shares of the company in respect of the
year ended 31 March 2012. This distribution, together with the interim capital
reduction distribution of 23.0 cents per share which was declared on 22 November
2011 makes a total distribution in respect of the year ended 31 March 2012 of
66.0 cents per share. 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 Friday, 29 June 2012
Shares commence trading ex the
capital distribution Monday, 2 July 2012
Record date Friday, 6 July 2012
Payment of final capital distribution Monday, 9 July 2012
Share certificates may not be dematerialised/rematerialised between Monday,
2 July 2012 and Friday, 6 July 2012, both days inclusive.
Relative to this capital reduction distribution, the directors have confirmed
that the company will satisfy the solvency and liquidity test immediately after
completing such distribution.
Directorate / Secretary
During the year, Karin Zarnack resigned as financial director and was succeeded
by Mohammed AbdoolSamad. Barry Stuart retired as operations director and was
succeeded in that position by Gavin Dalgleish who was appointed as a director
earlier in the year. Gordon Knox retired as company secretary and was succeeded
by Jennifer Kunst.
On behalf of the Board
D G MacLeod G J Clark Mount Edgecombe
Chairman Managing Director 25 May 2012
Audit Opinion:
The independent auditors, Deloitte & Touche, have issued their opinion on the
group`s annual financial statements for the year ended 31 March 2012. Their
audit was conducted in accordance with International Standards on Auditing.
They have issued an unmodified audit opinion. A copy of their audit report is
available for inspection at the company`s registered office. These abridged
financial statements have been derived from and are consistent in all material
respects with the group`s annual financial statements. Any reference to future
financial performance included in this announcement has not been reviewed or
reported on by the group`s external auditors.
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
# 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
Contact Details:
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
Corporate Information:
Company registration number: 1906/000622/06
Share code: ILV
ISIN: ZAE000083846
ABRIDGED GROUP INCOME STATEMENT
Year ended
31 March
2012 2011 Change
Notes Rm Rm %
Revenue 9 173.2 8 107.9 13
======= =======
Operating profit 1 348.8 1 029.3 31
Dividend income 3.5 2.1
Net financing costs 2 244.6 95.5
-------- --------
Profit before taxation 1 107.7 935.9
and non-trading items
Share of profit/(loss) 7.2 (3.6)
from associates
Material items 3 (163.7) 30.2
-------- --------
Profit before taxation 951.2 962.5
Taxation 344.8 248.6
-------- --------
Profit for the year 606.4 713.9
======== ========
Attributable to:
Shareholders of Illovo 443.1 546.2 (19)
Sugar Limited
Non-controlling interest 163.3 167.7
-------- --------
606.4 713.9
======== ========
STATEMENT OF OTHER COMPREHENSIVE INCOME
Year ended
31 March
2012 2011
Rm Rm
Profit for the year 606.4 713.9
Other comprehensive income
Adjustments in respect of cash flow (2.7) 10.1
hedges, net of tax
Actuarial (losses)/gains on post-retirement (6.7) 3.2
obligations, net of tax
Recognition of asset for defined 7.3 -
benefit pension fund
Hedge of net investment in foreign (87.3) (2.1)
subsidiary
Foreign currency translation 307.8 (482.7)
differences
-------- --------
Total comprehensive income for the 824.8 242.4
year
======== ========
Attributable to:
Shareholders of Illovo Sugar Limited 631.6 155.0
Non-controlling interest 193.2 87.4
-------- --------
824.8 242.4
======== ========
Headline earnings per share 4 132.6 112.2 18
(cents)
Diluted headline earnings per 132.5 112.1
share (cents)
Basic earnings per share (cents) 96.4 118.8
Diluted basic earnings per share 96.3 118.6
(cents)
Distribution per share (interim - 5 66.0 56.0 18
paid; final - declared) (cents)
ABRIDGED GROUP STATEMENT OF FINANCIAL POSITION
31 March
2012 2011
Note Rm Rm
ASSETS
Non-current assets 6 900.4 6 440.3
Property, plant and equipment 5 328.0 4 984.5
Cane roots 1 216.3 1 087.9
Intangible assets 218.1 174.0
Investments 106.3 163.0
Deferred tax asset 31.7 30.9
Current assets 4 510.5 3 396.3
Inventories 881.9 739.1
Growing cane 1 346.7 1 155.8
Trade and other receivables 877.8 768.5
Financial instruments 14.0 15.1
Cash and cash equivalents 1 390.1 717.8
--------- ---------
Total assets 11 410.9 9 836.6
========= =========
EQUITY AND LIABILITIES
Total equity 6 465.3 5 975.3
Equity holders` interest 5 562.6 5 191.2
Non-controlling interest 902.7 784.1
Non-current liabilities 2 530.1 991.1
Long-term borrowings 1 545.4 235.3
Deferred taxation 854.0 718.5
Other liabilities 130.7 37.3
Current liabilities 2 415.5 2 870.2
Short-term borrowings 568.4 994.7
Trade and other payables 1 840.7 1 871.5
Financial instruments 6.4 4.0
--------- ---------
Total equity and liabilities 11 410.9 9 836.6
========= =========
OTHER SALIENT FEATURES
Operating margin (%) 14.7 12.7
Interest cover (times) 5.5 10.8
Effective tax rate (%) 30.3 26.6
Net debt : equity ratio 6 11.2 8.6
Return on net assets (%) 15.9 13.8
Net asset value per share 1 405.5 1 299.6
(cents)
Depreciation 239.5 188.1
Capital expenditure 449.8 1 474.3
- Expansion capital 198.0 1 262.9
- Replacement capital 239.2 199.8
437.2 1 462.7
- Expansion of area under cane 0.2 8.2
- Product registration costs 12.4 3.4
Capital commitments 1 125.9 2 606.4
- Contracted 168.1 63.2
- Approved but not contracted 957.8 2 543.2
Lease commitments 284.7 300.3
Contingent liabilities 175.0 175.0
ABRIDGED GROUP STATEMENT OF CASH FLOWS
Year ended
31 March
2012 2011
Rm Rm
Cash flows from operating and investing activities
Cash operating profit 1 348.4 1 132.9
Working capital movements (291.6) 146.3
Cash generated from operations 1 056.8 1 279.2
Financing costs, taxation and distributions (820.4) (735.7)
Deferred income 110.0 40.0
Net cash inflows from operating 346.4 583.5
activities
Replacement capital expenditure (239.2) (199.8)
Net investment in future operations (210.6) (1 274.5)
Other movements (58.9) 52.3
Net cash outflows from investing (508.7) (1,422.0)
activities
Net cash outflow before financing activities (162.3) (838.5)
Borrowings raised 815.2 263.0
Other financing activities 1.9 (26.7)
Net increase/(decrease) in cash and cash 654.8 (602.2)
equivalents
Cash and cash equivalents at the 717.8 1,345.4
beginning of the year
Exchange rate translation 17.5 (25.4)
717.8
Cash and cash 1 390.1
equivalents at the
end of the year
ABRIDGED STATEMENT OF CHANGES IN EQUITY
Year ended
31 March
2012 2011
Rm Rm
Share capital and share premium
Balance at beginning of the year 2 791.5 3 075.7
Issue/(repurchase) of share capital 1.9 (26.7)
Transfer to distribution reserve (303.6) (257.5)
--------- ---------
Balance at end of the year 2 489.8 2 791.5
========= ========
Share-based payments reserve
Balance at beginning and end of the year 13.1 13.1
========= =========
Non-distributable reserves
Balance at beginning of the year 154.0 224.7
Realised profit on disposal of property 4.2 9.9
Transfer of (credit)/debit foreign currency (190.3) 403.8
translation reserve
Transactions with non-controlling shareholders - (90.0)
Total comprehensive income for the year:
- Cash flow hedges (2.4) 9.4
- Hedge of net investment in foreign subsidiary (87.9) (2.1)
- Foreign currency translation 278.2 (401.7)
--------- ---------
Balance at end of the year 155.8 154.0
========= =========
Retained earnings
Balance at beginning 2 076.3 1 940.6
of the year
Realised profit on disposal of property (4.2) (9.9)
Transfer of credit/(debit) foreign currency 190.3 (403.8)
translation reserve
Total comprehensive income for the year:
- Profit for the year 443.1 546.2
- Actuarial (losses)/gains on post-retirement (6.7) 3.2
obligations
- Recognition of asset for defined benefit pension 7.3
fund
--------- ---------
Balance at end of the year 2 706.1 2 076.3
========= =========
Distribution reserve
Balance at beginning of the year 156.3 248.5
Transfer from share premium 303.6 257.5
Distributions paid (262.1) (349.7)
--------- ---------
Balance at end of the year 197.8 156.3
========= =========
--------- ---------
Equity holders` interest 5 562.6 5 191.2
========= =========
Non-controlling interest
Balance at beginning of the year 784.1 812.1
Distributions paid (108.2) (106.2)
Acquisition of business 0.0
Change in shareholding 33.6 (9.2)
Total comprehensive income for the year:
- Profit for the year 163.3 167.7
- Cash flow hedges (0.3) 0.7
- Hedge of net investment in foreign subsidiary 0.6
- Foreign currency translation 29.6 (81.0)
--------- ---------
Balance at end of the year 902.7 784.1
========= =========
--------- ---------
Total equity 6 465.3 5 975.3
========= =========
SEGMENTAL ANALYSIS
Year ended 31 March
2012 2011
Rm % Rm %
BUSINESS SEGMENTS
Revenue
Sugar production 6 310.1 69 5 543.9 68
Cane growing 1 995.9 22 1 779.3 22
Downstream & Co-generation 867.2 9 784.7 10
--------- ---------
9 173.2 8 107.9
========= =========
Operating profit
Sugar production 803.4 59 742.8 72
Cane growing 398.7 30 193.9 19
Downstream & Co-generation 146.7 11 92.6 9
--------- ---------
1 348.8 1 029.3
========= =========
Total assets
Sugar production 5 237.3 53 4 595.7 51
Cane growing 3 984.0 40 3 708.1 41
Downstream & Co-generation 753.8 7 769.0 8
--------- ---------
9 975.1 9 072.8
========= =========
Note: Total assets excludes cash and cash equivalents and financial instruments.
GEOGRAPHICAL SEGMENTS
Revenue
Malawi 1 686.8 18 1 447.8 18
Zambia 2 208.3 24 1 829.9 23
Tanzania 702.1 8 626.1 7
South Africa 3 129.2 34 3 219.2 40
Swaziland 989.1 11 738.0 9
Mozambique 457.7 5 246.9 3
--------- ---------
9 173.2 8 107.9
========= =========
Operating profit
Malawi 530.9 39 430.1 41
Zambia 445.8 33 242.4 24
Tanzania 144.6 11 128.0 12
South Africa 89.2 7 148.0 14
Swaziland 78.4 6 78.2 8
Mozambique 59.9 4 2.6 1
--------- ---------
1 348.8 1 029.3
========= =========
NOTES TO THE FINANCIAL STATEMENTS
1. Basis of preparation
These condensed consolidated financial statements have been prepared under
the supervision of M Abdool-Samad CA(SA).
The condensed consolidated financial statements have been prepared in
accordance with the recognition and measurement criteria of International
Financial Reporting Standards (IFRS) and its interpretations adopted by the
International Accounting Standards Board (IASB) in issue and effective for
the group at 31 March 2012 and the AC 500 standards issued by the
Accounting Practices Board or its successor. The results are presented in
terms of IAS 34 Interim Financial Reporting and comply with the Listings
Requirements of the JSE Limited and the Companies Act 71 of 2008. These
abridged group annual financial statements were approved by the board of
directors on 24 May 2012. The accounting policies adopted are consistent
with those applied in the previous financial year except for the adoption
of the revised IFRS 3 Business Combinations, IAS 24 Related Party
Disclosures, IFRIC 14 Prepayments of a Minimum Funding Requirement and
IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments. The
adoption of these revised standards has had no impact on the financial
statements.
Year ended 31 March
2012 2011
Rm Rm
2. Net financing costs
Interest 274.4 144.0
paid
Less: - (26.1)
capitalised
--------- ---------
274.4 117.9
Interest (20.7) (25.0)
received
Foreign exchange (gains)/losses (9.1) 2.6
--------- ---------
244.6 95.5
========= =========
3. Material items
Profit on disposal of business - 19.8
Impairment of investment in Mali (173.5) -
project
Profit arising on disposal of 9.8 10.4
property
--------- ---------
Material (loss)/profit before taxation (163.7) 30.2
Taxation (0.3) (0.7)
--------- ---------
Material (loss)/profit attributable to (164.0) 29.5
Shareholders of Illovo Sugar Limited
========= =========
4. Headline earnings
Determination of headline earnings:
Profit attributable to shareholders 443.1 546.2
Adjusted for:
Profit on disposal of business - (19.8)
Impairment of investment in Mali 173.5 -
project
Profit arising on disposal of (9.8) (10.4)
property
Profit/(loss) on disposal of plant 1.7 (0.9)
and
equipment
Total tax effect of adjustments (0.2) 1.0
Total non-controlling interest effect 1.5 -
of
Adjustments
--------- ---------
Headline earnings 609.8 516.1
========= =========
Number of shares in issue (millions) 460.0 459.8
Weighted average number of shares which 459.9 459.8
headline earnings per share are based
(millions)
Headline earnings per share (cents) 132.6 112.2
5. Distribution per share
The distribution per share of 66.0 cents (2011: 56.0 cents) includes an
interim capital distribution of 23.0 cents paid out of share premium and a
final capital distribution of 43.0 cents declared out of share premium.
6. 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. A negative net
debt: equity ratio indicates that the group is in a net cash position.
28 May 2012
Sponsor:
J.P. Morgan Equities Limited
Date: 28/05/2012 07:05:06 Produced by the JSE SENS Department.
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