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- Leading sugar and downstream products operation / increasing global player / world class
- Low cost producer
- Optimise return on every stick of cane by adding value to its core commodity products – fibre, sugar and molasses / focus on core business and develops material niche operations
- Market leader
- Increase profits in real terms on a sustainable basis / maximise return on capital
- Moral, performance focussed
- Welcomed in communities in which it operates
- Cognisant of the rural locations of the group’s operations and the impact that it has on job creation and poverty alleviation in such areas
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- 100% of Illovo Sugar (South Africa) Limited
o 3 sugar cane estates
o 4 sugar factories
o 1 managed operation
o 1 refinery
o 3 downstream operations
o Corporate centre of the group - 76% of Illovo Sugar (Malawi) Limited
o Sugar cane estates
o 2 sugar factories
o 2 refineries
o Interests in ethyl alcohol production - 82% of Zambia Sugar in Zambia
o Sugar cane estates
o 1 sugar factory
o 1 refinery
o Domestic sugar fortified with Vitamin A - 60% of Ubombo Sugar Limited in Swaziland
o Sugar cane estates
o 1 sugar factory
o 1 refinery - 55% of Kilombero Sugar Company in Tanzania
o Sugar cane estates
o 2 sugar factories
o 1 refinery - 74% of Maragra Açúcar SA in Mozambique
o Sugar cane estates
o 1 sugar factory
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- Core focus on the production of low-cost, high-quality sugar and downstream products
- African sugar producer with African expertise in sugar cane agriculture, sugar manufacturing and the production of high-value downstream products
- Wide geographic and climatic spread of core interests with good access to secure water supplies for irrigation
- Sugar markets:
- 78% of sugar production by volume is sold into domestic or premium-priced export markets;
- 8% of production is sold into regional markets where premiums to the world price are earned;
- Balance sold on the world free market.
- Good people
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- Sugar cane (‘000 tons):
| Country | 2010 | 2009 | | South Africa | 361 | 464 | | Malawi | 2 136 | 2 122 | | Zambia | 1 705 | 722 | | Swaziland | 804 | 741 | | Tanzania | 614 | 555 | | Mozambique | 488 | 450 | | Total | 6 108 | 5 054 | - Sugar (‘000 tons)
| Country | 2010 | 2009 | | South Africa* | 663^ | 922 | | Malawi* | 295 | 304 | | Zambia* | 315 | 194 | | Swaziland* | 211 | 210 | | Tanzania* | 120 | 118 | | Mozambique | 81 | 76 | | Total | 1 685 | 1 824 |
* - Sugar cane supplied by the group’s own agricultural operations and private growers
^ - Excludes Pongola and Umfolzi - sold
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| Year ended 31 March | | | | | | % | | | 2010 | | 2009 | | Change | | Results (Rm) | | | | | | | | | | | | | | | | Revenue | | 8 467.9 | | 8 601.7 | | (2) | | Operating profit | | 1 498.6 | | 1 386.2 | | 8 | | Net financing costs | | 139.0 | | 185.4 | | (25) | | Headline earnings | | 702.5 | | 741.8 | | (5) | | | | | | | | Share performance
(cents per share) | | | | | | | | | | | | | | | Headline earnings | | 171.2 | | 211.6 | | (19) | | Dividend (interim - paid; final - declared) | | 86.0 | | 106.0 | | (19) | | Year-end market price | | 2 970 | | 2 849 | | | | | | | | | | | Balance sheet and cash flow (Rm) | | | | | | | | | | | | | | | Total assets | | 9 647.9 | | 8 920.0 | | | | Ordinary shareholders' funds | | 5 502.6 | | 2 773.8 | | | | Net borrowings | | 213.2 | | (2 411.1) | | | | Cash generated from operations | | 1 259.9 | | 1 569.7 | | | | | | | | | | | Financial ratios | | | | | | | | | | | | | | | Operating margin (%) | | 17.7 | | 16.1 | | | | Interest cover (times) | | 10.8 | | 7.5 | | | | Effective tax rate (%) | | 30.2 | | 19.9 | | | | Net debt : equity ratio | | (3.4) | | 70.0 | | | | Return on net assets (%) | | 21.9 | | 22.0 | | | | Net asset value per share (cents) | | 1 378.3 | | 981.7 | | | | Dividend cover (times) | | 2.0 | | 2.0 | | | | Price : headline earnings ratio | | 17.3 | | 13.5 | |
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