Annual Financial Statements


Financial Statements for the year ended 31 December 2003


Notes 21 - 32 to the Financial Statements


 
21.  EARNINGS PER SHARE

Earnings per share are calculated using the weighted average number of ordinary shares in issue during the year.

In the case of basic earnings per share the weighted average number of shares in issue during the year is 101 417 620 (2002 - 101 268 995) and in respect of diluted earnings per share the weighted average number of shares is 101 815 540 (2002 - 102 870 348).
 


 
22.  DIVIDENDS (Rmillion)
20032002
Paid:
Final for previous year, paid April 2003 - 190 cents (2002 - 208 cents) 193211
Interim for current year, paid September 2003 - 40 cents (2002 - 80 cents) 4081

233292

The final dividend for the year ended 31 December 2003 of 80 cents per share declared on 20 February 2004 and payable on 25 March 2004 has not been accrued.

 
23.  RETIREMENT BENEFITS

Pension and provident fund schemes
The Group contributes towards retirement benefits for substantially all permanent employees who, depending on preference or local legislation, are required to be a member of either a Group implemented scheme or of various designated industry or state schemes. The Group schemes are governed by the relevant retirement fund legislation. Their assets consist primarily of listed shares, fixed income securities, property investments and money market instruments and are held separately from those of the Group. The scheme assets are administered by boards of trustees, each of which includes elected employee representatives.

Defined benefit pension scheme
There is one defined benefit scheme for employees including those of the Hulett Aluminium Joint Venture. This scheme is actuarially valued at intervals of not more than three years using the projected unit credit method. The statutory actuarial valuation of the scheme as at 31 December 2001, was recently completed and the scheme was certified by the reporting actuary to be in a sound financial position. The Pension Funds Second Amendment Bill was enacted with effect from 7 December 2001. This Bill requires that the actuarial valuation at 31 December 2001, together with a plan for the apportionment on a fair basis to past and current members of the fund, of any surplus established by this valuation must be approved by the Financial Services Board (FSB). While the valuation has been completed, the apportionment plan, which will determine the entitlement of any party, is currently being developed and neither can as yet be submitted to the FSB. Accordingly, due to the uncertainty regarding entitlement, no surplus has been recognised on the Group's Balance Sheet.

An actuarial valuation of liabilities, based on the existing benefits, carried out as at 31 December 2003 in accordance with AC 116 showed the present value of obligations to be adequately covered by the fair value of the scheme assets.
 

Group
2003 2002
RmillionRmillion
Details of the valuation are as follows:
Fair value of scheme assets 3 0612 736
Present value of obligation (2 558)(2 215)

503521

The reconciliation for the year is as follows:
Opening balance521681
Interest costs (252)(349)
Service costs (70)(52)
Contributions paid 5952
Expected return on scheme assets 308348
Actuarial losses (63)(159)

Closing balance 503521

Actual return on scheme assets: 4388
Included in the assets of the scheme are ordinary shares held
  in The Tongaat-Hulett Group Limited, at fair value 5264
The principal actuarial assumptions are:
Discount rate 10,0%11,5%
Salary cost inflation 6,0%8,0%
Pension increase allowance 7,0%6,5%
Expected rate of return on assets 10,0%11,5%

Defined contribution pension and provident schemes

There are three Group defined contribution schemes, one of which is located in Swaziland. The latest audited financial statements of these schemes all reflect a satisfactory state of affairs. Contributions of R13 million were expensed during the year (2002 - R12 million).
 

Post-retirement medical aid benefits

The obligation of the Group to pay medical aid contributions after retirement is no longer part of the conditions of employment for employees engaged after 30 June 1996. A number of pensioners and current employees, however, remain entitled to this benefit. The entitlement to this benefit for current employees is dependent upon the employee remaining in service until retirement age and completing a minimum service period of ten years. The unfunded liability for post-retirement medical aid benefits is determined actuarially each year and comprises:
 

GroupCompany
2003 2002 2003 2002
Amounts recognised in the balance sheet:
Present value of unfunded obligations 218 203 184 172
Unrecognised actuarial losses (7) (4) (7) (2)

Net liability in balance sheet 211 199 177 170

The liability can be reconciled as follows:
Net liability at beginning of year 199 185 170 160
Net expense recognised in income statement 25 27 19 22
Contributions (13) (13) (12) (12)

Net liability at end of year 211 199 177 170

Amounts recognised in the income statement:
Service costs 4 3 2 2
Interest costs 23 21 20 17
Net actuarial (gains)/losses recognised (2) 3 (3) 3

25 27 19 22

The principal actuarial assumptions applied are:
Discount rate 10,0% 11,5% 10,0% 11,5%
Health care cost inflation rate 7,0% 8,5% 7,0% 8,5%
Retirement gratuities
The Group has in the past made payments, on retirement, to eligible employees who have remained in service until retirement, and have completed a minimum service period of ten years. The unfunded liability for retirement gratuities which is determined actuarially each year comprises:
GroupCompany
2003 2002 2003 2002
Amounts recognised in the balance sheet:
Present value of unfunded obligations 48 46 43 42
Unrecognised actuarial losses (2) (3) (2) (3)

Net liability in balance sheet 46 43 41 39

The liability can be reconciled as follows:
Net liability at beginning of year 43 37 39 34
Net expense recognised in income statement 7 9 6 7
Payments made (4) (3) (4) (2)

Net liability at end of year 46 43 41 39

Amounts recognised in the income statement:
Service costs 3 2 2 2
Interest costs 5 4 5 4
Net actuarial (gains)/losses recognised (1) 3 (1) 1

7967

The principal actuarial assumptions applied are:
Discount rate 10,0% 11,5% 10,0% 11,5%
Salary inflation rate 7,0% 8,5% 7,0% 8,5%

 
24. SHARE OPTIONS
Details of share options issued in terms of the company's share incentive schemes are as follows:
OptionNumber of OptionsOptionsOptionsNumber ofOptions
priceExpiring options at granted inexercised inforfeited inoptions attime
Randten years from31 Dec 200220032003200331 Dec 2003constrained
 18,3316 June 1993107 520107 520
28,334 March 199419 20019 200
40,5020 September 1994488 020488 020
40,0024 March 199597 40097 400
33,254 November 1998232 0001 8003 000227 200
32,905 March 19991 381 8003 60011 4001 366 800546 720
40,107 May 1999628 7601 10016 420611 240244 496
30,0019 May 2000202 3001 6003 800196 900118 140
29,4026 July 200022 30022 30013 380
39,8512 January 2001134 6002 000132 600106 080
40,0016 May 20011 242 20049 5501 192 650715 590
42,0015 August 200166 0007 50058 50035 100
49,6013 May 20021 335 50042 2501 293 2501 293 250
31,9014 April 20031 315 80026 4001 289 4001 289 400
34,501 October 200345 00045 00045 000

5 957 6001 360 800115 620162 3207 040 4604 407 156


 
25.  DIRECTORS' REMUNERATION AND INTERESTS
Directors' remuneration (R000)
 
The directors' remuneration for the year ended 31 December 2003 was as follows:
TravelRetirementShare
expenseand medicalOtheroption
Name FeesSalaryBonusallowancescontributionsbenefitsgainsTotal
Executive directors:
D G Aitken80946190162178701 626
B G Dunlop 80 1 218 193207278231 999
A Fourie 80 948 194168198531 641
G R Hibbert 80 787 251 203140236551 752
G P N Kruger 80 1 156 1871862351 844
J B Magwaza 
(to 3 July 2003)
40 518 9790 967*841 796
M H Munro 
(from 1 October 2003)
20227543976416
S J Saunders 80 1 005 1931792122161 885
M Serfontein 80 793 1821522711 478
P H Staude 80 2 200 2302825931563 541

700 9 798 2511 7231 6053 24465717 978

* Including accrued leave and retirement gratuity.
 
Bonuses and other benefits are reported on an accrual basis to match the amount payable to the applicable financial year.
     

Directors' remuneration (R000)

The directors' remuneration for the year ended 31 December 2002 was as follows:

TravelRetirementShare
expenseand medicalOtheroption
Name FeesSalaryBonusallowancescontributionsbenefitsgainsTotal
Executive directors:
D G Aitken468104941851352521 922
B G Dunlop 469306101901553202 251
A Fourie (from 10 May 2002) 25489469126862331 428
G R Hibbert 466724251681152911 717
G P N Kruger 469015891881432671522 286
J B Magwaza467764771781322461 855
S J Saunders 468815301751502912 073
C M L Savage (to 10 May 2002) 346561711232 253* 3 237
M Serfontein 466694241921253191 775
P H Staude 461 5249512212014493 392

4278 3084 9691 7941 3654 92115221 936

* Including accrued leave and retirement gratuity.
 
Bonuses and other benefits are reported on an accrual basis to match the amount payable to the applicable financial year.
     
   2003 2002
Name Fees Other Total Fees Other Total
Non-executive directors:
D D Barber 80804646
L Boyd 807015046 40 86
E le R Bradley 8013521546 78 124
E K Diack (to 26 November 2003)808516546 59 105
M W King805013046 29 75
J B Magwaza (from 1 August 2003)4040
M Mia808016046 4995
T H Nyasulu 805013046 23 69
C M L Savage 20047767796 341437
R H J Stevens809017046 69 115 
A M Thompson80802121
Directors retired/resigned4788135

9601 0371 997532 776 1 308

Declaration of full disclosure
Other than that disclosed above, no consideration was paid to, or by any third party, or by the company itself, in respect of services of the company's directors, as directors of the company, during the year ended 31 December 2003.

    

Interest of directors of the company in share capital

The aggregate holdings as at 31 December 2003 of those directors of the company holding issued ordinary shares of the company are detailed below. Holdings are beneficial except where indicated otherwise.

20032002
Direct Indirect Direct Indirect
Name shares shares shares shares
Executive directors:
D G Aitken 57 30052 500
B G Dunlop 1 440
A Fourie 3 600
G R Hibbert 21 56220 562
G P N Kruger 205205
S J Saunders 760 632747 672*
S J Saunders (non-beneficial) 487 376487 376*
M Serfontein 500 8 000 500 8 000
P H Staude 18 0497 249
45 356 1 313 308 28 516 1 295 548
Non-executive directors:
E le R Bradley 104 191104 191*
E le R Bradley (non-beneficial) 20 93420 934*
J B Magwaza 5 760
C M L Savage 24 003 73 225 24 003 73 225
R H J Stevens 618618
30 381 198 350 24 621 198 350
* Restated
 
Interest of directors of the company in share options
The interest of the directors in share options of the company are shown in the table below:
NumberOptions OptionsNumber
of shares grantedexercised of shares
Option price Expiring at 31 Dec duringduringat 31 Dec
Name Rand ten years from 2002 the year the year2003
Executive directors:
D G Aitken 18,33 16 June 1993 4 800 4 800
40,50 20 September 1994 15 600 15 600
40,00 24 March 1995 6 000 6 000
33,25 4 November 1998 8 000 8 000
32,90 5 March 1999 32 000 32 000
40,10 7 May 1999 10 000 10 000
30,00 19 May 2000 7 000 7 000
39,85 12 January 2001 6 000 6 000
40,00 16 May 2001 20 000 20 000
49,60 13 May 2002 10 000 10 000

119 400 4 800 114 600

     

Interest of directors of the company in share options continued
The interest of the directors in share options of the company are shown in the table below:

Number Options Options Number
of shares granted exercisedof shares
Option price Expiring at 31 Dec during during at 31 Dec
Name Rand ten years from 2002 the year the year 2003
Executive directors (continued):
B G Dunlop18,3316 June 19931 4401 440
40,50 20 September 1994 14 000 14 000
40,00 24 March 1995 6 000 6 000
33,25 4 November 1998 8 000 8 000
32,90 5 March 1999 39 000 39 000
40,10 7 May 1999 14 000 14 000
30,00 19 May 2000 7 000 7 000
39,85 12 January 2001 9 000 9 000
40,00 16 May 2001 30 000 30 000
49,60 13 May 2002 25 000 25 000
31,90 14 April 2003 24 400 24 400

153 440 24 400 1 440 176 400

A Fourie 18,33 16 June 1993 3 600 3 600
40,50 20 September 1994 4 000 4 000
33,25 4 November 1998 4 000 4 000
32,90 5 March 1999 18 000 18 000
40,10 7 May 1999 5 200 5 200
30,00 19 May 2000 4 000 4 000
39,85 12 January 2001 2 400 2 400
40,00 16 May 2001 10 000 10 000
49,60 13 May 2002 35 000 35 000
31,90 14 April 2003 40 000 40 000

86 200 40 000 3 600 122 600

G R Hibbert 18,33 16 June 1993 3 600 3 600
40,50 20 September 1994 4 000 4 000
40,00 24 March 1995 4 000 4 000
33,25 4 November 1998 8 000 8 000
32,90 5 March 1999 40 000 40 000
40,10 7 May 1999 9 000 9 000
30,00 19 May 2000 4 000 4 000
39,85 12 January 2001 5 000 5 000
40,00 16 May 2001 15 000 15 000
49,60 13 May 2002 15 000 15 000
31,90 14 April 2003 15 000 15 000

107 600 15 000 3 600 119 000

G P N Kruger 40,50 20 September 1994 1 800 1 800
40,00 24 March 1995 8 800 8 800
33,25 4 November 1998 8 000 8 000
32,90 5 March 1999 43 000 43 000
40,10 7 May 1999 14 000 14 000
30,00 19 May 2000 4 000 4 000
39,85 12 January 2001 5 000 5 000
40,00 16 May 2001 20 000 20 000
49,60 13 May 2002 25 000 25 000
31,90 14 April 2003 20 000 20 000

129 600 20 000 149 600

 
Interest of directors of the company in share options continued
The interest of the directors in share options of the company are shown in the table below:
Number Options Options Number
of shares granted exercised of shares
Option price Expiring at 31 Dec during during at 31 Dec
Name Rand ten years from 2002 the year the year 2003
Executive directors (continued):
+ M H Munro 40,50 20 September 1994 8 400 8 400
33,25 4 November 1998 4 000 4 000
32,90 5 March 1999 14 000 14 000
40,10 7 May 1999 5 800 5 800
30,00 19 May 2000 3 800 3 800
39,85 12 January 2001 2 400 2 400
40,00 16 May 2001 9 000 9 000
49,60 13 May 2002 11 500 11 500
31,90 14 April 2003 12 400 12 400
34,50 1 October 2003 30 000 30 000

58 900 42 400 101 300

S J Saunders 18,33 16 June 1993 12 960 12 960
40,50 20 September 1994 18 000 18 000
40,00 24 March 1995 6 000 6 000
33,25 4 November 1998 8 000 8 000
32,90 5 March 1999 30 000 30 000
40,10 7 May 1999 14 000 14 000
30,00 19 May 2000 5 000 5 000
39,85 12 January 2001 5 000 5 000
40,00 16 May 2001 18 000 18 000
49,60 13 May 2002 18 000 18 000
31,90 14 April 2003 18 000 18 000

134 960 18 000 12 960 140 000

M Serfontein 40,50 20 September 1994 24 000 24 000
40,00 24 March 1995 6 000 6 000
33,25 4 November 1998 8 000 8 000
32,90 5 March 1999 28 000 28 000
40,10 7 May 1999 10 000 10 000
30,00 19 May 2000 5 000 5 000
39,85 12 January 2001 5 000 5 000
40,00 16 May 2001 15 000 15 000
49,60 13 May 2002 15 000 15 000
31,90 14 April 2003 20 000 20 000

116 000 20 000 136 000

P H Staude 18,33 16 June 1993 10 800 10 800
40,50 20 September 1994 4 000 4 000
40,00 24 March 1995 4 000 4 000
33,25 4 November 1998 10 000 10 000
32,90 5 March 1999 49 000 49 000
40,10 7 May 1999 14 000 14 000
30,00 19 May 2000 7 000 7 000
39,85 12 January 2001 9 000 9 000
40,00 16 May 2001 30 000 30 000
49,60 13 May 2002 65 000 65 000
31,90 14 April 2003 30 000 30 000

202 800 30 000 10 800 222 000

  
Interest of directors of the company in share options continued
The interest of the directors in share options of the company are shown in the table below:
Number Options Options Number
of shares granted exercisedof shares
Option price Expiring at 31 Dec during during at 31 Dec
Name Rand ten years from 2002 the year the year 2003
Non-executive directors:
J B Magwaza 18,33 16 June 1993 5 760 5 760
40,50 20 September 1994 36 000 36 000
40,00 24 March 1995 4 800 4 800
33,25 4 November 1998 7 000 7 000
32,90 5 March 1999 30 000 30 000
40,10 7 May 1999 10 000 10 000
30,00 19 May 2000 5 000 5 000
39,85 12 January 2001 4 000 4 000
40,00 16 May 2001 20 000 20 000
49,60 13 May 2002 10 000 10 000

132 560 5 760126 800

C M L Savage 32,90 5 March 1999 60 000 60 000
40,10 7 May 1999 50 000 50 000
39,85 12 January 2001 8 000 8 000
40,00 16 May 2001 22 000 22 000

140 000 140 000


Total 1 381 460 209 800 42 960 1 548 300

+ New appointment. Existing options were added to the opening balance.
* The non-executive directors' share options were awarded when they were executive directors.
 

 
26. GUARANTEES AND CONTINGENT LIABILITIES (Rmillion)GroupCompany
2003 2002 2003 2002
Guarantees in respect of obligations of the Group and third parties 20 28 14 21
Contingent liabilities 23 1651

43 44 19 22


 

 
27.LEASES (Rmillion) GroupCompany
2003 2002 2003 2002
Amounts payable under finance leases
Minimum lease payments due:
Not later than one year 35
Later than one year and not later than five years 58
Later than five years 12

915
Less: future finance charges (2) (4)

Present value of lease obligations 711

Payable:
Not later than one year 23
Later than one year and not later than five years 46
Later than five years 12

711

Operating lease commitments, amounts due:
Not later than one year 21132011
Later than one year and not later than five years 38182616
Later than five years 132

59444629

In respect of:
Property 36282314
Plant and machinery 4242
Other 19141913

59444629
 
28.CAPITAL EXPENDITURE COMMITMENTS (Rmillion) GroupCompany
2003 2002 2003 2002
Contracted 46902154
Approved but not contracted 852214656

13131167110


Funds to meet this future expenditure will be provided from retained net cash flows and established facilities.

 
29. RELATED PARTY TRANSACTIONS (Rmillion)

During the year, the Group, in the ordinary course of business, entered into various related party sales, purchases and investment transactions, in the main, with companies in the Anglo American plc group.
These transactions occurred under terms that are no less favourable than those arranged with third parties.

The outstanding balances at year end are as follows:

 

GroupCompany
2003 2002 2003 2002
Included in:
Accounts receivable 9797
Accounts payable11
Borrowings 1111

 

30.

FINANCIAL RISK MANAGEMENT

The Group's financial instruments consist primarily of cash deposits with banks, unlisted investments, derivatives, accounts receivable and payable, and loans to and from associates and others. Derivatives and investments, other than investments which are accounted for as subsidiaries, joint ventures and associates, are carried at fair value. All other financial instruments are carried at cost or amortised cost.

In the normal course of its operations, the Group is inter alia exposed to credit, foreign currency, interest, liquidity and commodity price risk. In order to manage these risks, the Group may enter into transactions, which make use of derivatives. They include forward exchange contracts (FEC's) and options, interest rate swaps and commodity futures and options. Separate committees are used to manage the risks and the hedging activities of the Group. The Group does not speculate in or engage in the trading of derivative instruments. Since the Group utilises derivative instruments for risk management, market risk relating to derivative instruments will be offset by changes in the valuation of the underlying assets, liabilities or transactions being hedged.

Credit risk

The Group's financial instruments do not represent a concentration of credit risk because the Group deals with a variety of major banks, and its debtors and loans are spread among a number of major industries, customers and geographic areas. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies. In addition, appropriate credit committees review significant credit transactions before consummation. An appropriate level of provision is maintained.

Foreign currency risk

In the normal course of business, the Group enters into transactions denominated in foreign currencies. As a result, the Group is subject to transaction and translation exposure from fluctuations in foreign currency exchange rates. The Group uses a variety of instruments to minimise foreign currency exchange rate risk in terms of its risk management policy. In principle it is the Group's policy to cover its foreign currency exposure in respect of liabilities and purchase commitments and to cover up to 50 percent of its foreign currency exposure on receivables. There were no speculative positions in foreign currencies at year end. All foreign exchange contracts are supported by underlying transactions. The Group is not reliant on imported raw materials to any significant extent.

The Group's forward exchange contracts that constitute designated hedges of currency risk at year end are summarised as follows:

GroupCompany

2003

200220032002
AverageCommitment

Fair value

Fair value AverageCommitment Fair valueFair value
contract

of FEC

of FECcontract of FEC of FEC
rate (Rmillion)

(Rmillion)

(Rmillion)rate (Rmillion) (Rmillion) (Rmillion)
   Imports
   Euro 8,49 11
   US dollars 6,51 3
   UK pounds12,00 1

15

   Exports
   Euro 8,67 22 18,202
   US dollars 7,43 250 9 356,7485 10 24


272 9 36 87 10 24


   Loan capital payments
     and interest
   US dollars 8,68 246 (43) (122)

   Net total 533 (34) (86) 87 10 24


    

The hedges in respect of imports and exports are expected to mature within approximately one year. The hedges in respect of the capital payments and interest on the loan will mature during 2004 and 2005.

The fair value is the estimated amount that the Group would pay or receive to terminate the forward exchange contracts at the balance sheet date.
 
 

The Group's forward exchange contracts that do not constitute designated hedges of currency risk at year end are summarised as follows:

GroupCompany
2003200220032002
AverageCommitment Fair valueFair value AverageCommitment Fair valueFair value
contractof FECof FECcontract of FEC of FEC
rate (Rmillion)(Rmillion)(Rmillion)rate (Rmillion) (Rmillion)   (Rmillion)
   Imports
   Australian
     dollars
4,942(1)4,942(1)
   Euro 8,654(2)8,654(2)
   US dollars 6,9816,981


7(3)7(3)


   Exports
   Australian
     dollars
4,757(1)4,757(1)
   US dollars6,48916,4891


16(1)116(1)1


Net total 23(1) (2)23(1)(2)


The Group has the following uncovered foreign receivables:
GroupCompany
ForeignForeign
amount20032002amount20032002
(million) (Rmillion)(Rmillion) (million) (Rmillion)(Rmillion)
   US dollars1064101121
   Mozambique
     meticais
56 398162056 3981620
   Euro 32215
   UK pounds1810
   Australian
     dollars
55


1101511826


Commodity price risk

Commodity price risk arises from the risk of an adverse effect on current or future earnings resulting from fluctuations in the prices of commodities. To hedge prices for the Group's substantial commodity requirements, commodity futures and options are used, including fixed and spot-defined forward sales contracts and call and put options.

Tongaat-Hulett Sugar secures the premium on refined sugar exports from fluctuating international prices by using commodity futures.

African Products has secured its maize requirements for the current maize season to 31 May 2004 and a significant portion of its requirements for the year ending 31 May 2005 by means of fixed price contracts and futures.

Hulett Aluminium purchases its aluminium raw material at prices that fluctuate with movements in the London Metal Exchange price for aluminium and the Rand/US dollar exchange rate. The exposure to movements in the price of aluminium arising from fixed price sales contracts is hedged by entering into fixed price purchase contracts with suppliers and by futures and options contracts.

 
31. CHANGE IN ACCOUNTING POLICY (Rmillion)

Restatement of comparatives

The Group has implemented an accounting policy for the recognition of maize purchase commitments that are considered to be constructive obligations. Maize that relates to such constructive obligation is recognised as inventory, the related liability is recognised as a current liability and to the extent that the final purchase price includes a financing element, this is recognised as interest over the period of the obligation. The implementation of the change in accounting policy has resulted in comparative figures being restated as follows:

Balance Sheet Group Company
Equity as previously reported 4 567 2 881
Cumulative effect of change in accounting policy (16) (16)
   Increase in maize inventory 424 424
   Increase in current liability (446) (446)
   Decrease in deferred tax 6 6

Adjusted equity at 1 January 2003 4 551 2 865

Cumulative effect of change in accounting policy analysed as:
   Decrease in retained earnings for 2002 (13) (13)
   Decrease in earnings for prior years (3) (3)

(16) (16)

Income Statement
Total net earnings as previously reported 401 527
   Increase in underlying operating profit 16 16
   Increase in finance cost (34) (34)
   Decrease in deferred tax 5 5

Adjusted total net earnings 388 514


 
32.PRINCIPAL SUBSIDIARY COMPANIES AND JOINT VENTURES (Rmillion)
Interest of Holding Company
SharesIndebtedness
2003 2002 2003 2002
African Products (Pty) Limited1515(15)(15)
* Hulett Aluminium (Pty) Limited (50%)7 7 34557
Hulett-Hydro Extrusions (Pty) Limited (35%)
Moreland Estates (Pty) Limited54173
Tongaat-Hulett Sugar Limited422 333 34 19
Tambankulu Estates Limited (Swaziland)
Ašucareira de Mocambique, SARL (Mozambique) (75%)
+ Triangle Sugar Corporation Limited (Zimbabwe)
The Tongaat Group Limited54543(4)

498409421230

*

Joint Venture + Not consolidated
Except where otherwise indicated, effective participation is 100 percent.
A full list of all subsidiaries and joint ventures is available from the group secretary on request.