Tongaat Hulett Limited
(Registration number 1892/000610/06)
Share code: TON
The following trading statement is issued for the half-year to 30 September 2012.
Headline earnings are expected to increase by 30,5 to R654 million for the six months, compared to the R501 million earned in the same period last year. Headline earnings per share for the half-year are expected to be 604 cents per share (six months to September 2011: 474 cents per share), a 27,4 increase.
Tongaat Hulett’s revenue is expected to grow by 23 to R7,398 billion for the half-year (2011: R6,027 billion).
Profit from operations is expected to increase by 25 to R1,313 billion (2011: R1,047 billion), with the following major elements: Profit from the starch operations amounting to R147 million (2011: R167 million). Profit from the land conversion and development operations increasing to R244 million (2011: R62 million), with sales mainly in the Cornubia industrial and Umhlanga Ridge areas. The various sugar operations are expected to generate operating profit of R969 million (2011: R857 million). Tongaat Hulett is benefitting from higher sugar production volumes with the related reduction in the unit cost of production, against the background of general margin pressure in the relationship of selling price movements versus higher input costs. The major production increase this year is in Zimbabwe, following the 42 increase in sugar production in Mozambique in the previous season and in South Africa, a further widening of the gap between the hectares under cane and the hectares milled. A net charge of R47 million is expected to be reflected on the centrally accounted and consolidation items (2011: R39 million charge).
This trading statement is issued in accordance with the JSE Listings Requirements. The above information has not been reported on by the auditors.
The interim results for the half-year ended 30 September 2012 are scheduled for release on Monday, 12 November 2012.
31 October 2012
INVESTEC BANK LIMITED