ILLOVO SUGAR LIMITED - COMPANY PRESS RELEASE
ILLOVO SUGAR LIMITED
(Incorporated in the Republic of South Africa)
Company registration number 1906/000622/06
Share Code: ILV
ISIN: ZAE000003547
(`Illovo Sugar`)
INTERIM REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2004
- Group operating profit down 36.5% to R210.8 million (2003: R332.0 million)
- Headline earnings per share down 32% to 19.6 cents (2003: 28.6 cents)
- Interim dividend of 12 cents per share (2003: 18 cents)
- Strategic re-alignment of assets progressing - Gledhow, Monitor sold
- Balance Sheet strengthened - borrowings decreased by R568.2 million compared
to the same period last year
- Dry conditions in South Africa - favourable growing conditions for production
elsewhere in Africa
Don MacLeod, Managing Director, commented:
`Clearly these are disappointing results, severely impacted by the continuing
strong rand, reduced local sugar prices and dry weather conditions. However, the
results are in line with previously advised expectations of financial
performance for the period. We have, nonetheless, made much progress in the
last six months delivering on our strategy to strengthen the balance sheet and
re-align our assets. We are well positioned to expand our business through
increased production in the rest of Africa and through future acquisitions.`
18 November 2004
Enquiries:
Illovo Sugar 031 508 4300
Don MacLeod, Managing Director
John Russell, Financial Director
Chris Fitz-Gerald, Corporate Communications
College Hill 011 447 3030
Johannes van Niekerk 082 921 9110
Nicholas Williams 083 607 0761
Date: 18/11/2004 08:02:15 AM
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