Illovo Sugar Malawi Limited

Ticker code ILLOVO Industry Food Processing Illovo House
Churchill Road
Private Bag 580
Limbe, Malawi
ISIN MW0009107265 Sector Consumer/Non-Cyclical
Initial Listing 10 November 1997 Financial Year End 31 March
Website www.illovosugar.com Results Released Half-yearly
2011 2012 2013 2014 2015
  MWK million MWK million MWK million MWK million MWK million
Statements of profit or loss and other comprehensive income
Revenue 30,809 36,450 63,185 87,848 92,508
Operating profit 9,736 12,034 32,478 28,613 23,429
Dividends income - - 24 82 52
Net finance costs -557 -384 -2,494 -1,657 -3,931
Profit before taxation 9,179 11,650 30,008 27,038 19,550
Net profit for the year 6,425 8,080 20,933 18,816 13,531
Headline earnings 6,414 8,079 20,904 18,816 13,531
Dividends paid -4,994 -4,587 -8,810 -10,524 -13,199
Reconciliation of headline earnings
Net profit for the year 6,425 8,080 20,933 18,816 13,531
Adjusted for:
Net profit on sale of property, plant and equipment -11 -1 -29 - -
Headline earnings 6,414 8,079 20,904 18,816 13,531
           
Statements of financial position 
Shareholders' equity 17,181 20,634 32,907 41,023 41,834
Deferred tax 7,947 8,601 13,511 16,728 20,867
Interest-bearing debt 355 2,164 219 3 4150
Total funding 25,483 31,399 46,637 57,754 66,851
Property, plant and equipment 7,989 8,559 11,769 17,678 22,945
Cane roots 9,230 10,182 14,687 19,963 25,827
Current assets - cash 732 5,393 1,714 1,695 121
Current assets - other 15,173 17,076 35,710 38,392 52,254
Total assets 33,124 41,210 63,880 77,728 101,147
Interest-free liabilities -7,641 -9,811 -17,243 -19,974 -34,296
Net assets 25,483 31,399 46,637 57,754 66,851
Earnings and dividends
Basic and diluted earnings per share (tambala) 900.6 1,132.5 2,934.1 2,637.3 1,896.6
Headline earnings per share (tambala) 899.0 1,132.4 2,930.0 2,637.3 1,896.6
Dividends paid and proposed (tambala) 630 795 1,465 1,850 750
Dividend cover on headline earnings (times) 1.4 1.4 2.0 1.4 2.5
Financial statistics 
Return on average shareholders' equity (%) 39.0 42.7 78.2 50.9 32.7
Return on net assets (%) 39.4 42.3 83.2 54.8 37.6
Gearing (%) - - - - 10.0
Interest cover (times) 17.2 29.5 13.0 17.3 6.0
Net worth per share (tambala) 2,408 2,892 4,612 5,750 5,864

Period ended: 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14 31-Mar-15
Unit: MWK Millions MWK Millions MWK Millions MWK Millions MWK Millions
Statement type: Audited Audited Audited Audited Audited
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Revenue 30,809 36,450 63,185 87,848 92,508
           
Operating profit 9,736 12,034 32,478 28,613 23,429
Dividend income 10 24 24 82 52
Finance costs -679 -524 -2,661 -1,682 -3,985
Interest income 112 116 167 25 54
Profit before taxation  9,179 11,650 30,008 27,038 19,550
Taxation -2,754 -3,570 -9,075 -8,222 -6,019
Net profit for the year 6,425 8,080 20,933 18,816 13,531
           
Other comprehensive income
Items that may be reclassified subsequently to profit and loss
Adjustment in respect of cash flow hedges - -57 214 -252 644
Tax effect of the cash flow hedges - 17 -64 76 -165
Total comprehensive income for the year 6,425 8,040 21,083 18,640 14,010
           
Basic and diluted earnings per share (tambala) 901 1,133 2,934 2,637 1,897

Period ended: 31-Mar-13 30-Sep-13 31-Mar-14 30-Sep-14 31-Mar-15
Period length: 6 months 6 months 6 months 6 months 6 months
Unit: MWK Millions MWK Millions MWK Millions MWK Millions MWK Millions
Statement type: Audited Audited Audited Audited Audited
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Revenue 32,313 40,851 46,997 51,717 40,791
           
Operating profit 18,147 14,322 14,291 14,497 8,932
Dividend income 12 13 69 15 37
Net finance cost -1,142 -625 -1,032 -1,150 -2,781
Profit before taxation  17,017 13,710 13,328 13,362 6,188
Taxation -5,113 -4,154 -4,068 -4,049 -1,970
Net profit for the year 11,904 9,556 9,260 9,313 4,218
Other comprehensive income 150 - -176 - 479
Total comprehensive income 12,054 9,556 9,084 9,313 4,697
           
Adjusted for:
Net profit on sale of property, plant and equipment -6 -20 20 - -
Other comprehensive income -150 - 176 - -479
Headline earnings 11,898 9,536 9,280 9,313 4,218
Number of shares in issue ('000) 713,444 713,444 713,444 713,444 713,444
Weighted average number of shares on which net profit per share is based ('000) 713,444 713,444 713,444 713,444 713,444
Net profit per share (tambala) 1,690 1,339 1,298 1,305 592
Headline earnings per share (tambala) 1,668 1,337 1,300 1,305 592
Dividend per share (tambala) 725 750 1,100 750 -

Period ended: 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14 31-Mar-15
Unit: MWK Millions MWK Millions MWK Millions MWK Millions MWK Millions
Statement type: Audited Audited Audited Audited Audited
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Assets          
Non-current assets
Property, plant and equipment 7,989 8,559 11,769 17,678 22,945
Cane roots 9,230 10,182 14,687 19,963 25,827
Investments - - - - -
Total non-current assets 17,219 18,741 26,456 37,641 48,772
           
Current assets
Inventories 2,501 1,839 4,012 4,768 7,499
Growing cane 9,608 11,121 21,650 24,552 28,425
Factory overhaul costs 819 924 1,591 2,205 3,297
Trade and other receivables 1,202 2,811 8,271 6,830 11,379
Holding company and fellow subsidiaries 1,043 381 4 - 1,068
Other financial assets - - 182 37 586
Cash and cash equivalents 732 5,393 1,714 1,695 121
Total current assets 15,905 22,469 37,424 40,087 52,375
           
Total assets  33,124 41,210 63,880 77,728 101,147
           
Equity and liabilities 
Capital and reserves
Share capital and premium 782 782 782 782 782
Hedging reserves - -40 110 -66 413
Retained earnings 16,399 19,892 32,015 40,307 40,639
Total equity 17,181 20,634 32,907 41,023 41,834
           
Non-current liabilities 
Long-term borrowings 134 87 - - -
Deferred tax 7,948 8,601 13,511 16,728 20,867
Post-retirement benefits 820 - - - -
Total non-current liabilities  8,902 8,688 13,511 16,728 20,867
           
Current liabilities 
Trade and other payables 3,926 4,534 8,842 9,781 14,368
Holding company and fellow subsidiaries 1,193 1,761 4,773 6,358 19,068
Short-term borrowings 46 46 - - -
Bank overdrafts 175 2,031 219 3 4,150
Other financial liabilities - 57 24 131 36
Taxation payable 1,585 2,234 3,418 3,704 824
Provisions 116 108 186 - -
Post-retirement benefits - 1,117 - - -
Total current liabilities 7,041 11,888 17,462 19,977 38,446
           
Total liabilities  15,943 20,576 30,973 36,705 59,313
Total equity and liabilities  33,124 41,210 63,880 77,728 101,147

Period ended: 31-Mar-13 30-Sep-13 31-Mar-14 30-Sep-14 31-Mar-15
Unit: MWK Millions MWK Millions MWK Millions MWK Millions MWK Millions
Statement type: Audited Audited Audited Audited Audited
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Assets
Property, plant and equipment 11,769 13,555 17,678 19,682 22,945
Cane roots 14,687 16,621 19,963 22,678 25,827
Investment - - - - -
Non-current assets 26,456 30,176 37,641 42,360 48,772
Current assets 37,424 50,270 40,087 63,740 52,375
           
Total assets 63,880 80,446 77,728 106,100 101,147
           
Equity and liabilities
Capital and reserves 32,907 37,647 41,023 42,488 41,834
Deferred taxation 13,511 14,902 16,728 18,324 20,867
Other non-current liabilities - - - 45,288 -
Current liabilities 17,462 27,897 19,977 38,446
Total equity and liabilities 63,880 80,446 77,728 106,100 101,147
Depreciation 517 432 684 459 902
Capital expenditure 3,731 2,218 6,593 2,476 6,169

Period ended: 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14 31-Mar-15
Unit: MWK Millions MWK Millions MWK Millions MWK Millions MWK Millions
Statement type: Audited Audited Audited Audited Audited
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Cash flows from operating activities
Operating profit before working capital requirements 8,512 10,018 17,919 21,041 14,490
Working capital requirements -281 1,075 -1,642 2,413 7,857
Cash generated from operations 8,231 11,093 16,277 23,454 22,347
Finance costs -679 -524 -2,661 -1,682 -3,985
Interest income 112 116 167 25 54
Taxation paid -1,670 -2,251 -3,045 -4,643 -4,925
Dividends paid -4,994 -4,587 -8,810 -10,524 -13,199
Net cash inflows/outflows from operating activities 1,000 3,847 1,928 6,630 292
           
Cash flows from investing activities
Purchase of property, plant and equipment -1,246 -1,026 -3,731 -6,593 -6,169
Proceeds on disposal of property, plant and equipment 21 7 45 78 104
Dividends received 10 24 24 82 52
Net movement on loans receivable 563 - - - -
Net cash outflows/inflows from investing activities  -652 -995 -3,662 -6,433 -6,013
           
Net cash outflows/inflows before financing activities  348 2,852 -1,734 197 -5,721
           
Cash flows from financing activities
Long-term borrowings repaid -46 -47 -87 - -
Short-term borrowings repaid -1 - -46 - -
Net cashflows from financing activities -47 -47 -133 - -
           
Net decrease/increase in cash and cash equivalents 301 2,805 -1,867 197 -5,721
Cash and cash equivalents at beginning of the year 256 557 3,362 1,495 1,692
Cash and cash equivalents at end of the year  557 3,362 1,495 1,692 -4,029

Period ended: 31-Mar-13 30-Sep-13 31-Mar-14 30-Sep-14 31-Mar-15
Period length: 6 months 6 months 6 months 6 months 6 months
Unit: MWK Millions MWK Millions MWK Millions MWK Millions MWK Millions
Statement type: Audited Unaudited Audited Unaudited Audited
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Operating profit before working capital changes 4,660 18,318 2,723 18,683 -4,193
Working capital requirements 2,611 -9,547 11,960 -9,752 17,609
Interest, taxation and dividends -6,009 -8,947 -7,795 -12,593 34,596
Purchase of property, plant and equipment -2,936 -2,218 -4,375 -2,476 -3,693
Proceeds from disposalof property, plant and equipment 22 99 -21 12 92
Borrowings repaid -113 - - - -
Net increase/decrease in cash and cash equivalents -1,652 -2,296 2,493 -6,126 405