illovo sugar malawi ltd 2015 annual report

7/17/2019 Illovo Sugar Malawi Ltd 2015 Annual Report

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ILLOVO SUGAR (MALAWI) LIMITED

A N N U A L R E P O R T

2015



I LLOVO SUGAR (MALAWI) L IMITED

Flood Disaster ResponseDuring the first quarter of 2015 the Company rallied to the assistance of tens of thousandsof people affected by extreme flooding in the southern region of the country where Illovo’sNchalo agricultural and factory operations are situated.

The lower Shire Valley area was the most affected by

regional cyclonic activity which commenced in mid-

January and brought with it heavy rains to the area

amounting to around 550 mm, representing almost three

times the long term mean for the month. More than 250

people lost their lives and in excess of 250 000 people

were displaced in what was described as the worst

floods since 1967.

While relief assistance was provided by the Government

supported by a range of NGOs including Médecins Sans

Frontières (MSF), the Red Cross, UNICEF and others, the

staff and family members of Illovo Malawi also workedclosely with the Government in their relief operations and

offered various types of assistance which included:

• Providing Company-owned land at Nchalo for three

relief camps housing around 3 000 displaced people;

• Supplying clean water to the camp inhabitants as well

as medical services where these were required;

• Making donations of tarpaulins (used for making

shelters), sugar, maize and sizeable cash contributions

for relief efforts and also providing electricity to the

various camps via standby generators;

• Providing access to the company’s air strip for the

Malawi Defence Force and other relief teams as a

base for rescue operations and also provided for their

accommodation needs.

Inset top: Illovo contributed funds in order to assist the flood victims. Inset bottom: Sekeni II camp, one of the three camps,on Company-owned land at Nchalo Estate. Main picture: Clean water for drinking and cooking was provided by the Companyvia mobile water tanks to some 3 000 residents of the relief camps on Company land.



Key Features

2015 2014

Results (K million)

Revenue 92 508 87 848

Oprating prot 23 429 28 613

Nt prot for th yar 13 531 18 816

Headline earnings 13 531 18 816

Share performance (tambala per share)


Dividends paid/proposed 750 1 850- Paid rst intrim 750 750

- Dclard scond intrim - 1 040

- Proposd nal - 60

Nt worth 5 864 5 750

Yar-nd markt pric 29 420 29 200

Financial statistics

Rtrn on avrag sharholdrs' qity (%) 32.7 50.9

Rtrn on nt assts (%) 37.6 54.8

Intrst covr (tims) 6.0 17.3

Dividnd covr (tims) 2.5 1.4


ANNUAL REPORT 2015

Contents

Ky Fatrs 1

Operating Locations 2

Grop Profil 3

Grop Strctr and Sharholding 4

Corporat Information 4Directorate 5

Board and Committ Mtings Attndanc 5

Directors’ Report 6

Corporate Governance 8

Val Addd Statmnt 13

Fiv Yar Rviw 14

Annal Financial Statmnts 16

Analysis of Sharholdrs 52

Sharholdrs’ Diary 52

Notic of Mting 53

Form of Proxy

1Illovo Sugar Malawi • A N NU AL R E POR T 2015


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KARONGA

Mzuzu

DWANGWA

BALAKA

LIMBe

NCHALO

L A K e

M

A L A W I

LILONGWe

Operating Locations

KEY

Cane estates andsugar factories

Cities

Distributioncentres

Illovo SugarMalawi




Illovo Sugar (Malawi) Limited was initially incorporated in Malawi as a private company

(The Sugar Corporation of Malawi (SUCOMA) Limited) on 31 May 1965 and then converted to a public

company on 15 September 1997. The name was officially changed from SUCOMA to Illovo Sugar

(Malawi) Limited on 11 November 2004. It is part of the Illovo Sugar group, a leading, global, cost

competitive African sugar producer and a significant manufacturer of high-value downstream products.

The Illovo Sugar group is the continent’s biggest sugar producer and has extensive agricultural and

manufacturing operations in six African countries.

Th company is listd on th Malawi Stock

exchang and compriss 31% of th markt

capitalisation of all th domstic contrs. Th

Illovo grop holds 76% of th issd shar capital

with th balanc of th shars bing hld by pblic

and othr instittional invstors. Th ltimat

holding company is Associatd British Foods, in

th unitd Kingdom, which holds 51% of Illovo’s

issd shar capital.

Illovo Sgar (Malawi) Limitd is th contry’s sol

prodcr of sgar and plays a significant rol

within th Malawian conomy in gnral, providing

prmannt as wll as sasonal mploymnt for

10 000 popl. Many local indstris ar dpndnt

pon Illovo for thir viability and th mploymnt

cratd by ths bsinsss provids an incom

bas for many mor familis than ar dirctly

mployd. It frthr spports an stimatd 3 700

popl throgh varios otgrowr schms. Illovo

Malawi is th contry’s largst privat-sctor

mployr and taxpayr and th grop gnrats

valabl forign xchang throgh xport sgar

sals and is a major sorc of rvn to th

Malawian tax athoritis throgh both dirct and

indirct taxs.

Illovo Malawi has dvlopd significant agricltral

and milling assts at th Dwangwa stat sitatdin th mid-cntral rgion of th contry at

Nkhotakota and at th Nchalo stat in th soth at

Chikhwawa. With accss to scr watr sorcs

for irrigation, good soils and gnrally favorabl

climatic conditions th company, togthr with

its otgrowrs, has th capacity to prodc

2.4 million tons of sgar can and approximatly

290 000 tons of sgar annally.

Can cltivatd at Dwangwa is irrigatd from th

Dwangwa and Rpash Rivrs, spplmntd

by watr from Lak Malawi, whilst th Nchalo

opration sorcs its watr from th Shir Rivr.

Both factoris prodc raw and rfind sgar

with th Nchalo factory also manfactring val-

addd spciality sgars. Ovr half of th sgar

prodcd is sold into th local dirct consmption

markt throgh th company’s chain of distribtion

cntrs sitatd throghot Malawi and also into

th local indstrial markt, 30% into markts in

th eropan union (eu) and th unitd Stats

of Amrica (uSA) with th rmaindr sold into

rgional African markts. Both milling oprations

prodc molasss, a by-prodct of th sgar

manfactring procss, which is crrntly sold

as a frmntation raw matrial to th ethanol

Company and Prsscan fl alcohol distillrisin Malawi.

Rcognising th significant dvlopmnt nds

of th commnitis in which it oprats, Illovo

Malawi oprats wid-ranging corporat social

rsponsibility initiativs focssing on dcation

and halth, togthr with a broadr objctiv to

complmnt Malawi’s national stratgy to allviat

povrty. Th grop contins to partnr with

govrnmnt, non-govrnmntal organisations and

othr agncis to addrss ths dvlopmnt

issues.

Th grop rcogniss th ssntial rol that a

managd and protctd nvironmnt plays in thgrowing of sgar can sd in th prodction of

sgar and manags th impact of its activitis,

striving to maintain an nvironmnt which mts

th nds of crrnt and ftr gnrations and

contining to dvlop its bsinss in a socially

rsponsibl mannr and it contins to invstigat

mans to rdc th nvironmntal impact of its

operations.

Group Profile

I l lovo Sugar (Malawi ) L imi ted



4

I l l o v o

S u g a r M a l a w i

ILLOVO SUGAR MALAWI

100%

DWANGWA SUGAR

CORPORATION

ILLOVO

SUGAR GROUP

100%

OLD MUTUAL

LIFE ASSURANCE COMPANY

8%

SUCOMA

HOLDINGS

76%

PUBLIC AND

INSTITUTIONAL INVESTORS

16%

ASSOCIATED

BRITISH FOODS

51%

Corporate Information

Secretaries / : Malawi Sugar Limited / G S GarsonCompliance Officer

Business address and : Illovo Sugar (Malawi) Limited,

registered office Illovo House, Churchill Road,

Limbe, Malawi

Postal address : Private Bag 580, Limbe, MalawiTelephone : +265 (0)1 843 988

Fax : +265 (0)1 840 761

E-mail address : [email protected]

Website address : www.Illovosugar.com

Transfer secretaries : First Merchant Bank Transfer Secretaries,2nd Floor, Livingstone Towers,Glyn Jones Road, Blantyre, Malawi

Postal address : Private Bag 122, Blantyre, Malawi

Telephone : +265 (0)1 823 950

Fax : +265 (0)1 823 314

E-mail address : [email protected]

Auditors : Deloitte

Attorneys : Chisanga and TomokaSavjani and Company

Principal bankers : Standard Bank Limited

Group Structure and Shareholding

4 Illovo Sugar Malawi • A NN U AL R EP OR T 2015



* Adit Committ Mmbr ISL = Illovo Sgar Limitd

• Rmnration Committ Mmbr ISML = Illovo Sgar (Malawi) Limitd

# Risk Managmnt Committ Mmbr

NAME QUALIFICATIONS APPOINTED POSITION

CHAIRMAN

G B Dalglish (49) • BSceng(Chm), MSceng(Chm) 2012 Managing Dirctor – ISL

EXECUTIVE DIRECTORS

R J d Allnd (56) BA 2015 Managing Dirctor – ISML

S L Robrt (33) BCom(Acct)(Hons), CA(SA) 2012 Financial Dirctor – ISML

K M J Tmbo (52) Dip(Indeng) 2014 Gnral Managr – Nchalo – ISML

NON-EXECUTIVE DIRECTORS

M H Abdool-Samad (44) *# BCom, Dip(Acc), CA(SA) 2011 Financial Dirctor – ISL

Dr M A P Chikaonda (60) Dip(Bs), BA(Hons), MBA, PhD 2006 Dirctor of Companis

J P Hlly (55) # Dip (Mcheng), MDP 2013 Grop Oprations Dirctor – ISL

S L G Malata (53) * BCom, MSc(Fin&Acc) 2003 Gnral Managmnt

D B Mawindo (57) • LLB(Hons), MBA 2005 Dirctor of Companis

A R Mpngw (64) •# BA(Hons) 2006 Dirctor of Companis

G H Williams (48) * CA(SA) 2015 Grop exctiv – Trad and Indstry Affairs – ISL

Board Meeting Audit CommitteeMeeting

Risk ManagementCommittee

Meeting

RemunerationCommittee

Meeting

Annual GeneralMeeting

A B A B A B A B A B

M H Abdool-Samad 4 4 2 2 2 2 N/A N/A 1 1

Dr M A P Chikaonda 4 3 N/A N/A N/A N/A N/A N/A 1 1

G B Dalglish 4 4 N/A N/A N/A N/A 1 1 1 1

R J de Allende + 0 0 N/A N/A N/A N/A N/A N/A 0 0

J P Hlly 4 4 N/A N/A 2 2 N/A N/A 1 1

S L G Malata 4 1 2 0 N/A N/A N/A N/A 1 1

D B Mawindo 4 4 N/A N/A N/A N/A 1 0 1 1

A R Mpngw 4 3 N/A N/A 2 2 1 1 1 1

I P G O Mitchll ++ 4 4 N/A N/A N/A N/A N/A N/A 1 1

I G Parrott +++ 4 4 2 2 N/A N/A N/A N/A 1 1

S L Robrt 4 4 N/A N/A N/A N/A N/A N/A 1 1

K M J Tmbo 3 3 N/A N/A N/A N/A N/A N/A 1 1

G H Williams ++++ 0 0 0 0 N/A N/A N/A N/A 0 0

Colmn A indicats th nmbr of mtings hld dring th yar and colmn B indicats th nmbr of mtings attndd

by th dirctor whilst a mmbr of th board/committ.

+ R J d Allnd was appointd as a dirctor with ffct from 6 Fbrary 2015.

++ I P G O Mitchll rsignd as a dirctor with ffct from 5 Fbrary 2015.

+++ I G Parrott rsignd as a dirctor with ffct from 5 Fbrary 2015.

++++ G H Williams was appointd as a dirctor with ffct from 6 Fbrary 2015.

Directorate

Board and Committee Meetings AttendanceAttndanc at board and committ mtings dring th yar ndd 31 March 2015



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OVERVIEWOperations at both Nchalo and Dwangwa commenced

later than planned due to wet weather at the beginning

of the season. Plant reliability performance at Nchalo

was below expectation for the season which impacted

negatively on sugar production. Dwangwa had a

generally satisfactory performance for the season.

Overall sugar cane production for the season totalled

2.4 million tons of which 450 000 tons, representing

19% of total cane harvested, was sourced from

outgrowers. Final sugar production for the season

totalled 283 000 tons.

Overall sugar sales into the local and export markets

amounted to 273 000 tons. The domestic marketaccounted for over 50% of these volumes. The

balance was exported to Europe, North America and

the region. Sales into regional markets were below

expectation mainly as a result of the importation of

cheap world market sugar into the region and import

license restrictions implemented by the Zimbabwean

authorities, all but halting sugar sales into this

traditional market. Adverse market pricing pressure

and Euro weakness also impacted sales revenue from

EU markets.

Economic conditions during the year were challenging

with significant exchange and interest rate movements,

resulting in negligible growth in the local market andan overall decline in operating margins. Continuous

improvement and cost containment initiatives remained

an area of focus. Overall, in terms of the year’s financial

results, profit from operations declined by 18% to

K 23 billion, with headline earnings declining by 28%.

OPERATIONS

CANE GROWING

Adverse weather conditions affected both estates

with Nchalo experiencing heavy rains during April

2014 at the commencement of the harvesting season

and again during January and February 2015 when

extremely heavy rains resulted in mass flooding in the

Chikhwawa area. Conversely very dry conditions were

experienced mid- to late-season during the period

August to December 2014. Dwangwa was similarly

affected by adverse weather conditions during April

2014 with harvesting operations delayed by heavy

rainfall. Power interruptions from the national gridagain affected irrigation supplied to both the miller-

cum-planter and outgrowers’ cane. Outbreaks of

thryps, red spider mite and yellow aphid infestations

were experienced at Nchalo, and Dwangwa was

affected by an outbreak of yellow aphids. These pest

and diseases were well controlled through spraying

programmes. Despite these setbacks, the Nchalo

operations achieved slightly better cane yields and

higher sucrose content cane than achieved in the

previous season, with Dwangwa’s own agricultural

operations and outgrowers recording record harvested

production.

Overall sugar cane production totalled 2.4 million tons.

Directors’ Report




SUGAR PRODUCTION

At Nchalo, poor plant prformanc with frqnt

brakdowns in procssing qipmnt and rratic can

spply at tims d to advrs wathr conditions

rsltd in ovrall sgar prodction dclining almost

4% ovr th prvios sason. Howvr, th Dwangwa

mill prformd gnrally satisfactorily and prodcd126 000 tons of sgar, matching th prvios yar’s

production.

Total sgar prodction for th yar from both mills

amontd to 283 000 tons.

MARKETING

Whil domstic sals rcordd a wlcom improvmnt

ovr that sold in th prvios yar, total sgar sals

across all markts for th yar amontd to jst ovr

273 000 tons, rprsnting a significant dcras

compard to th 291 000 tons sold in 2013/14.

DOMESTIC MARKET

Domstic markt sals for th yar amontd to

170 000 tons, which was a marginal incras abov

thos rcordd in th prvios yar. A growing trnd

of cstomr collction dirctly from th company’s

oprations at Nchalo and Dwangwa, dspit having

distribtion cntrs sitatd stratgically throghot

th contry, is a nw fatr in th markt which

at tims, rsltd in warhos congstion at th

loading facilitis. Th company is rsponding to ths

challngs.

EXPORT MARKET

In total, sgar xports for th yar dclind by an

avrag of 15% whn compard to prvios yar

sals, with xports to th eu and uSA dcrasing 4%

and thos into th rgional markt by 55%.

DEEP WATER MARKET

Raw and spciality sgar sals of 88 000 tons to

erop dcrasd slightly compard to th prvios

yar with contractd raw blk sgar sals acconting

for most of this tonnag at 56 000 tons.

Sals into th uSA dirct consmption markt stood

at 2 500 tons compard to 3 000 tons sold in 2013/14.

REGIONAL MARKET

Total sals into rgional markts rflctd a significant

dclin ovr thos achivd in 2013/14 with import

licncing rstrictions and tariff barrirs bing

introdcd on sgar xports into zimbabw svrly

rstricting sals into this traditional markt. Plasingly,

mor than 8 000 tons of sgar was sold ndr th

SADC qota into Soth Africa, with som sals also

taking plac into th Grat Laks ara. Low cost world

markt sgar importd into th rgion affctd th

company’s sals prformanc.

LOGISTICS

Dring th yar, a shortag of railway rolling stock as

wll as poor road conditions affctd th movmnt

of xport sgar to th ports of Bira and Nacala, with

th sitation frthr xacrbatd by th havy rains in

Janary and Fbrary 2015 which rsltd in svr

washaways on th Nacala railway lin.

QUALITY

Sgar qality was an ara of contining focs and

svral continos improvmnt projcts wr

implmntd in both th packing halls and sgar

warhoss in an on-going ffort to nsr that th

strictst standards of food safty and qality ar

obsrvd in th manfactring and dlivry procss.

Both agricltral and factory oprations rtaind

accrditation ndr th ISO qality managmnt

systm, with th implmntation of th Haards Analysis

and Critical Control Points (HACCP) programmat both factoris maintaind. Th Nchalo factory

rtaind its Fondation for Food Safty Crtification

(FFSC) accrditation, ndr th Food Safty Systm

Crtification (FSSC) 22000 standard. Dwangwa was

crtifid ndr th Spplir Giding Principls (SGP)

to provid Coca-Cola with spcification sgar.

FINANCIAL

Challnging oprational and markt conditions

rsltd in hadlin arnings dcrasing to

K 13.5 billion, rprsnting a 28% rdction compard

to th prvios yar. Th fall in profits was chiflyattribtd to a dclin in ovrall sgar prodction,

th markd rdction in xport sals into th rgion,

togthr with th challnging conomic fndamntals

in Malawi, particlarly in rspct of xchang rat

flctations and an nvironmnt of xtrmly high

interest rates.

PROSPECTS

Sgar prodction for th 2014/15 sason is xpctd

to b similar to that achivd last yar.

It is xpctd that factory prformanc at Nchalo will

rtrn to accptabl lvls of plant fficincis andrcovry of scros from can. This prformanc

improvmnt, copld with th Dwangwa factory

prforming at similar lvls to that achivd in th

prvios yar, is xpctd to rslt in a modst ovrall

increase in sugar production.

Total sgar sals for th coming yar ar xpctd

to improv abov thos rcordd in 2014/15, with th

anticipation of improvd volms bing xportd into

both th eu spcials markt and rgional markts

whr an ptak in rfind sgar has bn forcast.

Rlativ to th local Malawi conomy, inflation rats,

togthr with xchang and intrst rat movmnts,

will contin to hav a markd ffct on profitability.Th company will contin to maintain its contining

focs on cost control initiativs drivn throgh its

continos improvmnt programms.



COMPLIANCE / GOVERNANCE

The directors are committed to the implementation of, and endorse the applicable codes, guidelines, legislation,

regulations and standards in terms of corporate governance.

ANNUAL FINANCIAL STATEMENTS

Th following statmnt, which shold b rad in

conjnction with th aditor’s rport, is mad forth prpos of clarifying to mmbrs th rspctiv

rsponsibilitis of th dirctors and th aditors in th

prparation of annal financial statmnts.

Th dirctors ar rqird by th Companis Act, 1984,

to prpar financial statmnts for ach financial yar,

which giv a tr and fair viw of th stat of affairs

and profit or loss of th grop. Th dirctors considr

that, in prparing th financial statmnts, appropriat

acconting policis ar consistntly applid and

spportd by rasonabl and prdnt jdgmnts and

stimats and confirm that all applicabl acconting

standards hav bn followd.

Aftr making appropriat nqiris, th dirctors hava rasonabl xpctation that th grop has adqat

rsorcs to contin in oprational xistnc in th

yar ahad. For this prpos, thy contin to adopt

th going-concrn basis in prparing th financial

statmnts. Th xtrnal aditors concr with this

opinion.

Th dirctors hav rsponsibility for nsring that th

grop maintains acconting rcords which disclos

with rasonabl accracy at any tim th financial

position of th grop and which nabl thm to

nsr that th financial statmnts comply with th

rqirmnts of th Companis Act, 1984.

Th dirctors also hav rsponsibility for safgardingth assts of th grop and for th prvntion and

dtction of frad and othr irrglaritis.

BOARD OF DIRECTORS

Th grop has a nitary board of dirctors that

is balancd btwn xctiv and non-xctivdirectors.

Th board sprviss th managmnt of th grop’s

bsinss and affairs and is involvd in all dcisions

that ar matrial to th bsinss. In doing so, th

board acts at all tims in th bst intrst of th grop.

Th board mts at last onc in ach qartr with

additional mtings hld whn appropriat. At ach

board mting a complt pdat on th affairs and

bsinss of th grop is prsntd by xctiv

managmnt.

In addition, th articls of association provid for

dcisions takn btwn mtings to b confirmd byway of dirctors’ rsoltions.

Th rols of th chairman and th chif xctiv

ar sparatd and th chairman is a non-xctiv

director.

EXECUTIVE MANAGEMENT

exctiv managmnt mts rglarly to discss

isss matrial to th oprations of th grop.

To nsr that thr is adqat intraction btwn

managmnt and th board, thr mmbrs of

xctiv managmnt ar dirctors.

AUDIT COMMITTEE

Th adit committ compriss of thr dirctors, all

of whom ar non-xctiv. Th committ mts at

last twic a yar with managmnt and has both

xtrnal and intrnal aditors in attndanc.

Th committ rviws annal aditd financial

statmnts, th intrim financial rslts and th

xtrnal and intrnal aditors’ rports and dtails

its findings to th board for considration whn

approving th financial statmnts for dlivry to th

sharholdrs.

Th adit committ, on bhalf of th board, rviws

th scop and covrag of intrnal adit togthr withits findings.

CorporateGovernance




RISK MANAGEMENT COMMITTEE

Th risk managmnt committ is chaird by a non-

xctiv dirctor. A comprhnsiv risk assssmnt

adit is ndrtakn twic pr annm of factors which

cold hav a matrial impact on grop rslts.As wll as financial assssmnt, othr aditd

aras incld agricltral, lctrical and mchanical

risk, halth and safty, qality and food safty,

nvironmntal complianc and xposr to changs

in th conomic nvironmnt. Th rports ar rviwd

by th committ to nsr that risk idntification,

mitigation and managmnt ar ndrtakn. A

comprhnsiv ntrpris risk managmnt stratgy

has bn adoptd by th grop with robst risk

improvmnt plans dvlopd and bsinss

continity planning and tsting rglarly ndrtakn.

REMUNERATION COMMITTEETh rmnration committ compriss thr non-

xctiv dirctors. Th commit t is rsponsibl for

rviwing compnsation of th xctiv dirctors

and xctiv managmnt of th grop.

ETHICAL STANDARDS

Th grop has adoptd a cod of managmnt

practics that applis to th grop’s managmnt

and staff. Th cod provids a bnchmark against

which mploy condct can b assssd to nsr

that th highst thical standards ar mt.

FRAUD CONTROL

Th grop has a frad hotlin that nabls mploys

and mmbrs of th pblic to rais vidnc of

irrglar activity dirctly with an indpndnt ntity.

Th grop has implmntd a comprhnsiv

anti-bribry and corrption policy which has bn

implmntd throghot th organisation to all

officrs and mploys and has adoptd a ro-

tolranc approach to corrption and frad.

INTERNAL CONTROL

Th board has ovrall rsponsibility for th grop’s

systms of intrnal control and for monitoring thirffctivnss. Th systms ar dsignd to safgard

th grop’s assts and sharholdrs’ invstmnts.

Th grop’s xtrnal aditors ar grantd nrstrictd

accss to all information that may b rqird in

th xction of thir dtis. Rports from th

xtrnal aditors ar rglarly monitord to assss

th ffctivnss of th grop’s systms of intrnal

control.

Th dirctors and xtrnal aditors hav not dtctd

any advrs information that wold indicat a matrial

brakdown in systms of intrnal control dring th

yar ndr rviw.



ADVOCACY / STAKEHOLDER ENGAGEMENT / SUSTAINABILITY

CORPORATE CITIZENSHIP / SOCIAL

RESPONSIBILITY

An important part of th grop’s stratgic intnt

is “to b wlcomd in th commnitis in which it

oprats bcas of what it dos, how wll it dos

it and b accptd as a progrssiv company by all

commnitis and also to b cognisant of th rral

locations of its oprations and th impact that it has

on job cration and povrty allviation in sch aras”.

Contributing to Malawi’s eConoMy

Th grop contins to play a significant rol inMalawi’s conomy throgh dirct impacts (wags

paid to mploys, can paymnts to otgrowrs, tax

paymnts, intrst spnding and dividnds), indirct

impacts throgh its val chain and indcd impacts

in th form of incrasd consmption and spnding

in th conomy as a whol.

INVESTING IN EMPLOYEES

Th grop spnt arond 15% of its total rvns on

rmnration and mploy bnfits. All mploys,

inclding agricltral and factory workrs, arn abov

th national minimm wag and th World Bank’s

povrty lin.

As an agricltral basd bsinss, th grop oprats

in rral aras with gnrally high lvls of povrty.

Infrastrctr is gnrally lacking and thrfor th

grop provids halthcar, hosing, lctricity and

watr and schooling assistanc to its mploys

and thir dpndants, with significant social bnfits

accring to local commnitis srronding its

operations.

In total, 12 company-rn clinics oprat on both

stats which ar staffd by mdical doctors and

othr qalifid halth prsonnl. On avrag,

ths clinics attnd to mor than 25 000 patints

on a monthly basis, inclding mmbrs of localcommnitis who do not hav accss to halth car,

and Illovo’s contractors.

Dring th yar, almost 5 000 mploys and thir

dpndnts attndd HIV/AIDS volntary conslling

and tsting programms. Thr ar mor than

3 000 affctd patints on th company’s “wllnss”

programm. Clinics also dispns antirtroviral

drgs on bhalf of th Govrnmnt. Malaria control

also rcivd considrabl focs dring th yar

with ongoing ngagmnt with th National Malaria

Control Programm. Th bsinss has ntrnchd

and ffctiv occpational halth rgims and

contins to look aftr th wll-bing of its own

popl, both in trms of halth and th provision of a

halthy and saf workplac.

“a mp p f h p’ cintent is “to be welcomed in the communities inwhich it operates because of what it does, howwell it does it and be accepted as a progressivecompany by all communities...”

Corporate Governance (continued)




Hosing is providd to ovr 4 500 mploys and

thir family nits. Th hoss ar srvicd and

lctricity, clan drinking watr and swrag andwast srvics ar providd. Ongoing hosing

pgrads and th constrction of nw hosing nits

contind dring th yar.

Thr ar mor than 13 000 ppils attnding company-

administrd schools which rciv comprhnsiv

spport from th company inclding, in som cass,

th paymnt of tachr’s wags and a contining

initiativ to provid dsks and larning matrials.

Svral constrction and rhabilitation projcts

rlatd to abltion facilitis, classrooms, girls’ hostls

and tachr accommodation wr ndrtakn dring

th yar.

Th grop contins to bild ftr capacitythrogh strong training and dvlopmnt at all

lvls of th organisation and activly promotd th

mploymnt and dvlopmnt of local talnt throgh

apprnticships and its managmnt dvlopmnt

programms.

Bsinss ndrstanding programms rachd all

mploys dring th yar, assisting thm to dvlop

ffctiv sharing of rlvant information and gain a

bttr ndrstanding of th organisation’s ongoing

prformanc.

Th grop also ndrtaks rglar discssions with

mploy rprsntativs which frthr facilitats

ffctiv consltation by managmnt with itsworkforc.

SUPPORTING OUTGROWERS AND

THE LONG-TERM SUSTAINABILITY OF THE

SUGAR INDUSTRY

Th grop rmaind a strong spportr of otgrowr

schms in trms of both matrial and tchnical

inputs.

Ovr 10% of total rvns wr spnt dring th yar

procring sgar can from otgrowrs srronding

both stats. This rprsntd a significant spport

to th livlihoods of small scal rral farmrs, thir

familis and also to th local commnitis.

In addition th organisation spportd local bsinss

with th prchas of goods and srvics throgh

non-cane suppliers and also entered into contracts

with small bsinsss that hav bn stablishd to

provid agricltral srvics sch as can ctting

and weeding.

“Over 10% of total revenues werespent during the year procuringsugar cane from outgrowerssurrounding both estates. Thisrepresented a significant supportto the livelihoods of small scalerural farmers, their families andalso to the local communities.”



INVESTING IN THE COMMUNITY

It is stimatd that ovr 70 000 popl liv on th

grop’s prmiss at Dwangwa and Nchalo and th

company administrs a robst social rsponsibilityprogramm in an attmpt to plift living standards

and th gnral wll-bing of ths commnitis.

Mai was again grown by th grop and distribtd

to vlnrabl commnitis, inclding th ldrly and

orphans, within its aras of oprations. Significant

rlif aid sch as food, mdical car and shltr, was

providd to villagrs affctd by xtnsiv flooding

in th sothrn rgion of th contry, srronding

th Nchalo opration, in th arly part of 2015. In

an ongoing ffort to provid saf drinking watr,

th grop contind to drill and qip borhols in

aras srronding th stats. Mdical qipmnt

worth K 400 million was scrd dring th yar in

collaboration with Projct CuRe and distribtd to

stat clinics and srronding commnitis’ halth

facilitis dring th yar.

Th grop contind to fortify all sgar for dirct

consmption within th local markt with vitamin A in

an ffort to contribt to govrnmnt’s aim to rdc

micro-ntrint dficincis within targtd sgmnts

of th commnity and also contind its activ

involvmnt in school fding programms.

Illovo Malawi maintaind its proactiv approach in

liminating child labor whrvr possibl throgh its

vast spply chain.

PROMOTING SAFETY AND ENVIRONMENTAL

BEST PRACTICE

Safty awarnss throghot th grop is an

important focs ara with awarnss and trainingactivitis aimd at protcting th safty and wll-

bing of or own mploys, xtrnal contractors and

th widr commnity contining throghot th yar.

Daily safty brifings ar ndrtakn to r-nforc

safty masrs and contining fforts ar applid

to inclcat a safty mind-st throghot all aras

of th bsinss. Visibl signag was also rctd in

stratgic locations to constantly rmind of a “safty

first” cltr. Rgrttably, dspit ths ongoing

fforts, an mploy did in an nfortnat accidnt

on th factory floor dring th yar.

Th grop is cognisant of its rsponsibility to nsr

that it manags th nvironmntal impact of itsactivitis and strivs to maintain an nvironmnt which

mts th nds of crrnt and ftr gnrations. It

also acknowldgs th pblic awarnss concrning

nvironmntal isss and th ssntial rol that a

managd and protctd nvironmnt plays in th

growing of sgar can sd in th prodction of

sgar. Both sgar factoris hav pgradd thir

wast-watr discharg systms, rslting in watr

from th milling procss bing sttld bfor bing

rcycld for s as irrigation watr on th filds.

This procss spplmnts lak / rivr watr dmand

and rdcs th rqirmnt from ths sorcs for

crop irrigation. Biomass, rsidal can mattr aftr

harvsting and can fibr or bagass, th fibrosrsid following th xtraction procss, ar sd

as a bio-rnwabl fl sorc by th factory boilrs

to prodc stam for procssing rqirmnts. Both

estates participate in annual tree planting activities in

an ffort to rtard nvironmntal dgradation and soil

rosion and contin to mak sbstantial donations of

tr sdlings to affctd commnitis.

“It is estimated that over 70 000 people live on the

p’ pm D d nch d hcompany administers a robust social responsibilityprogramme in an attempt to uplift living standardsand the general well-being of these communities.”

Corporate Governance (continued)




The value added statement shows the wealth the group has been able to create through manufacturing, trading and

investment operations and its subsequent distribution and reinvestment in the business.

Wealth distributed (%)

To employees as salaries, wagesand other benets

36

To lenders of capital as interest 10

To shareholders as dividends 33

To the government as taxation 7

86

Wealth reinvested (%)

Retained prots in holding andsubsidiary company

1

Depreciation 2

Deferred taxation 11

14

Value Added Statement

2015K million

Wealth created

Revenue 92 508

Income from investments 52

Paid to growers for cane purchases (9 285)

Cane growing and manufacturing costs (44 604)

38 671

Wealth distributed

To employees as salaries, wages and other benets 13 653

To lenders of capital as interest 3 931

To shareholders as dividends 13 199

To the government as taxation 2 680

33 463

Wealth reinvested

Retained prots in holding and subsidiary company 332

Depreciation 902

Deferred taxation 3 974

5 208

38 671

Analysis of taxes paid to and collected on behalf of the government

Central and local government

Current taxation 2 045

Customs duties, import surcharges and other taxes 635

Total contribution to central and local government 2 680

The above amount contributed excludes the following:

- employees taxation deducted from remuneration 1 889

- net VAT amount collected on behalf of the government 328

- withholding tax on dividends 890

3 107

Total contributed to government 5 787

1% Retainedprofts inholding andsubsidiarycompany

2% Depreciation

36% To employeesas salaries,wages andother benefts

10% To lendersof capital asinterest

33% To shareholdersas dividends

7% To thegovernmentas taxation

11% Deferredtaxation




K million 2015 2014 2013 2012 2011

Statements of prot or loss and other comprehensive income

Revenue 92 508 87 848 63 185 36 450 30 809

Oprating prot 23 429 28 613 32 478 12 034 9 736

Dividnds incom 52 82 24 - -

Nt nanc costs (3 931) (1 657) (2 494) (384) (557)

Prot bfor taxation 19 550 27 038 30 008 11 650 9 179

Nt prot for th yar 13 531 18 816 20 933 8 080 6 425

Headline earnings 13 531 18 816 20 904 8 079 6 414

Dividends paid (13 199) (10 524) (8 810) (4 587) (4 994)

Reconciliation of headline earnings

Nt prot for th yar 13 531 18 816 20 933 8 080 6 425

Adjstd for :

Nt prot on sal of proprty, plant and qipmnt - - (29) (1) (11)

Headline earnings 13 531 18 816 20 904 8 079 6 414

Statements of nancial position

Sharholdrs' qity 41 834 41 023 32 907 20 634 17 181

Dfrrd tax 20 867 16 728 13 511 8 601 7 947

Intrst-baring dbt 4 150 3 219 2 164 355

Total fnding 66 851 57 754 46 637 31 399 25 483

Proprty, plant and qipmnt 22 945 17 678 11 769 8 559 7 989Cane roots 25 827 19 963 14 687 10 182 9 230

Crrnt assts - cash 121 1 695 1 714 5 393 732

Crrnt assts - othr 52 254 38 392 35 710 17 076 15 173

Total assets 101 147 77 728 63 880 41 210 33 124

Intrst-fr liabilitis (34 296) (19 974) (17 243) (9 811) (7 641)

Net assets 66 851 57 754 46 637 31 399 25 483

Earnings and dividends Note

Basic and diltd arnings pr shar 1 tambala 1 896.6 2 637.3 2 934.1 1 132.5 900.6

Hadlin arnings pr shar 2 tambala 1 896.6 2 637.3 2 930.0 1 132.4 899.0

Dividends paid and proposed tambala 750.0 1 850.0 1 465.0 795.0 630.0

Dividnd covr on hadlin arnings 3 tims 2.5 1.4 2.0 1.4 1.4

Financial statistics

Rtrn on avrag sharholdrs' qity 4 % 32.7 50.9 78.2 42.7 39.0

Return on net assets 5 % 37.6 54.8 83.2 42.3 39.4

Gearing 6 % 10 - - - -

Interest cover 7 tims 6.0 17.3 13.0 29.5 17.2

Nt worth pr shar 8 tambala 5 864 5 750 4 612 2 892 2 408

Five Year Review




2015 2014 2013 2012 2011

Operational statistics

Cane harvested (hectares) 18 961 19 567 20 179 19 698 19 521Nchalo 12 602 13 246 13 568 13 312 13 102

Dwangwa 6 359 6 321 6 611 6 386 6 419

Tons cane per hectare (weighted average) 103 101 104 105 109

Nchalo 97 97 105 104 111

Dwangwa 113 111 103 107 106

Cane crushed (tons) 2 398 991 2 399 926 2 460 735 2 369 098 2 389 058

Nchalo 1 227 088 1 280 346 1 418 834 1 381 516 1 450 380

Dwangwa 721 143 704 036 683 168 683 746 682 636

Outgrowers 450 760 415 544 358 733 303 836 256 042

Sucrose percent (weighted average) 14.22 14.26 14.26 13.95 14.06

Nchalo 13.85 13.74 13.72 13.39 13.64

Dwangwa 14.71 15.09 15.20 15.04 14.93

Outgrowers 14.46 14.47 14.58 14.02 14.09

Sugar produced (tons) 282 962 289 013 299 494 283 487 282 445

Nchalo157 229

163 169 177 108 163 851 168 573

Dwangwa 125 733 125 844 122 386 119 636 113 872

Analysis of sugar sales by destination (tons) 273 244 290 505 293 938 291 504 277 799

Domstic markt 169 836 168 461 161 469 168 159 170 681

export markt 103 408 122 044 132 469 123 345 107 118

Notes

1 Basic and diluted earnings per share

Net profit for the year divided by theweighted average number of ordinary shares

in issue.

2 Headline earnings per share

Headline earnings divided by the weighted

average number of ordinary shares in issue.

3 Dividend cover on headline earnings

Headline earnings per share divided by

dividends per share.

4 Return on average shareholders’ equity

Net profit for the year expressed as a

percentage of average shareholders’ equity.

5 Return on net assets

Operating profit expressed as a percentageof average net operating assets.

6 Gearing

Interest-bearing debt (net of cash) expressed

as a percentage of shareholders’ equity.

7 Interest cover

Operating profit divided by net financing

costs.

8 Net worth per share

Shareholders’ equity divided by the number

of shares in issue at the end of the year.



Annual Financial StatementsFor the year ended 31 March 2015

Illovo Sugar Malawi

Approval of Annual Financial Statements 17

independent audto’ repot 18

Statutory Information 19

Accounting Policies 21

sttement of Pot o lo ndOther Comprehensive Income 30

Statements of Financial Position 31

Statements of Changes in Equity 32

Statements of Cash Flows 33

Notes to the Statements of Cash Flows 34

Notes to the Financial Statements 35




Th dirctors of Illovo Sgar (Malawi) Limitd ar rsponsibl for th prparation and th intgrity of

th annal financial statmnts of th grop and th company and th objctivity of othr information

prsntd in th annal financial statmnts. In ordr to flfil this rsponsibility, th grop maintains

intrnal acconting and administrativ control systms dsignd to provid rasonabl assranc that

assts ar safgardd and that transactions ar xctd and rcordd in accordanc with th grop’s

policies and procedures.

Th going-concrn basis has bn adoptd in prparing ths financial statmnts. Th dirctors hav

no rason to bliv that th grop and th company will not b a going-concrn in th forsabl ftr.

Th grop’s xtrnal aditors, Dloitt, aditd th financial statmnts and th aditor’s rport is

represented on page 18.

Th annal financial statmnts of th grop and th company which appar on pags 21 to 51 wr

approvd by th board of dirctors on 7 May 2015 and ar signd on its bhalf by:

G B Dalgleish R J de Allende

Chairman Managing Dirctor

7 May 2015

Approval of Annual Financial

Statements




idpd d’ p h mm f iv s (M) lmd

W hav aditd th consolidatd annal financial statmnts of Illovo Sgar (Malawi) Limitd and its sbsidiary as st ot

on pags 21 to 51, which compris th consolidatd and sparat statmnts of profit or loss and othr comprhnsiv

incom for th yar ndd 31 March 2015, th consolidatd and sparat statmnts of financial position, th consolidatd

and sparat statmnts of changs in qity and th consolidatd and sparat statmnts of cash flows for th yar

thn ndd and a smmary of significant acconting policis and othr xplanatory nots.

Directors’ responsibility for the financial statements

Th dirctors ar rsponsibl for th prparation of th financial statmnts that giv a tr and fair viw in accordancwith Intrnational Financial Rporting Standards and in a mannr rqird by th Companis Act, 1984 and for sch

intrnal control as th dirctors dtrmin is ncssary to nabl th prparation of financial statmnts that ar fr from

matrial misstatmnt whthr d to rror or frad.

Auditor’s responsibility for the financial statements

Or rsponsibility is to xprss an opinion on ths financial statmnts basd on or adit. W condctd or adit in

accordanc with Intrnational Standards on Aditing. Ths standards rqir that w comply with thical rqirmnts

and plan and prform th adit to obtain rasonabl assranc whthr th financial statmnts ar fr from matrial

misstatmnt.

An adit involvs prforming procdrs to obtain adit vidnc abot th amonts and disclosrs in th financial

statmnts. Th procdrs slctd dpnd on th aditor’s jdgmnt, inclding th assssmnt of th risks of matrial

misstatmnt of th financial statmnts, whthr d to rror or frad. In making ths risk assssmnts, th aditorconsidrs intrnal control rlvant to th ntity’s prparation of th financial statmnts that giv a tr and fair viw in

ordr to dsign adit procdrs that ar appropriat in th circmstancs, bt not for th prpos of xprssing an

opinion on th ffctivnss of th ntity’s intrnal control. An adit also inclds valating appropriatnss of acconting

policis sd and th rasonablnss of acconting stimats mad by th dirctors, as wll as valating th ovrall

prsntation of th financial statmnts.

W bliv that th adit vidnc w hav obtaind is sfficint and appropriat to provid a basis for or adit opinion.

Opinion

In or opinion, th financial statmnts giv a tr and fair viw of th consolidatd and sparat financial position of Illovo

Sgar (Malawi) Limitd and its sbsidiary as of 31 March 2015 and of its consolidatd and sparat financial prformanc

and its consolidatd and sparat cash flows for th yar thn ndd in accordanc with Intrnational Financial Rporting

Standards and in accordanc with th provisions of th Companis Act, 1984, so far as concrns th mmbrs of th

company.

Public Accountants

Blantyr, Malawi

7 May 2015


P.O.Box 187BlantyreMalawi

Public AccountantsFirst FloorIndebank HouseKaohsiung Road

Tel : +265 (0) 1822 277 : +265 (0) 1820 506Fax : +265 (0) 1 821 229Email : btdeloitte@deloitte .co.mw

A member ofDeloitte Touche Tohmatsu

Resident Partners: N.T.Uka J.S.Melrose L.L.Katandula V.W.Beza C.A.Kapenda

Audit . Tax . Consulting . Financial Advisory.



1. NATURE OF BUSINESS

Th principal activitis of th grop ar th growing of sgar can and th manfactr of sgar. This

is mor flly dscribd ndr th grop profil apparing on pag 3.

2. REVIEW OF OPERATIONS

Dtaild commntary is givn in th dirctors’ rport on pags 6 to 7.

3. ACQUISITIONS

Thr wr no acqisitions of invstmnts in th crrnt yar.

4. SHARE CAPITAL

Fll dtails of th crrnt athorisd and issd shar capital ar st ot in th statmnts of changs

in qity on pag 32 of th financial statmnts. Thr hav bn no changs in th crrnt yar.

5. SHAREHOLDERS

An analysis of sharholdrs and thir sharholdings is givn on pag 52.

Th rgistr of mmbrs rflcts six bnficial sharholdings qal to or gratr than 1% of th issd

ordinary shar capital. Dtails ar givn on pag 52.

6. DIVIDENDS

A first intrim ordinary dividnd of 750 tambala pr shar (2014: 750 tambala pr shar) was dclard

on 29 Octobr 2014 and was paid to sharholdrs on 9 Janary 2015.

D to th cash flow constraints of th grop and th ngativ intrst rat nvironmnt th dirctors

rcommnd that a final dividnd shold not b paid.

Total distribtion for th yar will b 750 tambala pr shar (2014: 1 850 tambala pr shar).

Th dirctors of th wholly ownd and only sbsidiary of th company, Dwangwa Sgar Corporation

Limitd, dclard and paid dividnds of K 5.00 billion (2014: K 5.00 billion) to th company dring th

yar.

7. ILLOVO SUGAR MALAWI EMPLOYEES’ SHARE PURCHASE SCHEME

Dring th yar ndr rviw th trsts of th schm disposd of 7 100 shars (2014: 19 900 shars)

and prchasd 50 000 shars (2014: 28 800 shars) in th company bringing th total nmbr of shars

hld to 737 146 shars (2014: 694 246 shars).

8. SUBSIDIARY COMPANY

Information concrning th sbsidiary of th company is st ot in not 8 to th financial statmnts.

Statutory Information




9. DIRECTORATE AND SECRETARIES

Th nams of th scrtaris and complianc officr togthr with th company’s bsinss and postal

addrsss and th dirctors in offic at th dat of this rport, ar st ot on pags 4 and 5 rspctivly.

In trms of th company’s articls of association, a third of th non-xctiv dirctors rtir by rotation

at th forthcoming annal gnral mting. Accordingly, Mssrs M H Abdool-Samad, J P Hlly and

A R Mpngw will rtir and bing ligibl, offr thmslvs for r-lction.

S L G Malata holds 104 759 ordinary shars (2014: 101 336 ordinary shars) in th company as at

31 March 2015.

Th rgistr of shars of th company is availabl for inspction at th rgistrd offic.

No chang in th intrst of dirctors has occrrd btwn th yar-nd and th dat of approval of

ths financial statmnts.

10. DIRECTORS’ FEES

At th last annal gnral mting hld on 21 Agst 2014 sharholdrs approvd th fs payabl

to ach dirctor and th chairman to b K 1 875 000 pr annm with ffct from 1 April 2014. At th

forthcoming annal gnral mting, it will b proposd that sch fs b incrasd to K 2 250 000 pr

annm for th nsing yar.

11. HOLDING COMPANY

SuCOMA Holdings Limitd (incorporatd in Maritis) is th holding company of Illovo Sgar (Malawi)

Limitd (incorporatd in Malawi) with a 75.98% intrst in its issd shar capital. Illovo Sgar Limitd

(incorporatd in th Rpblic of Soth Africa) owns 100% sharholding in SuCOMA Holdings Limitd.Th ltimat holding company is Associatd British Foods plc (incorporatd in th unitd Kingdom).

12. AUDITOR

Dloitt will contin in offic in accordanc with th provisions of sction 191(1) of th Companis Act,

1984.

13. SPECIAL RESOLUTIONS

Thr wr no spcial rsoltions adoptd dring th financial yar.

14. POST BALANCE SHEET EVENTS

Thr hav bn no mattrs of matrial intrst to rport on in th priod btwn th nd of th

financial yar and th dat of approval of th financial statmnts.

Statutory Information (contind)




The principal accounting policies of the group conform to International Financial Reporting Standards (IFRS)

which have been consistently applied.

1. COMPLIANCE WITH IFRS

Th financial statmnts hav bn prpard in accordanc with IFRS.

2. ADOPTION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS

2.1 Standards and interpretations affecting amounts reported and/or disclosed in the financial

statements

In th crrnt yar, th grop has adoptd thos nw and rvisd standards and intrprtations

issd by th Intrnational Acconting Standards Board (IASB) and th Intrnational Financial

Rporting Intrprtations Committ (IFRIC) of th IASB that ar rlvant to its oprations and

ar ffctiv for annal rporting priods bginning on 1 Janary 2014.

Th adoption of ths nw and rvisd standards and intrprtations did not hav a significant

impact on th financial statmnts of th grop.

2.2 International Financial Reporting Standards in issue, but not yet effective

At th dat of approval of ths financial statmnts, th following rlvant standards and

intrprtations wr in iss, bt not yt ffctiv:

IAS 1 Presentation of financial statements

Amndmnts rslting from Annal Improvmnts 2012-2014 cycl (amndmnts toaddrss prcivd impdimnts to prparrs xrcising thir jdgmnts in prsnting thir

financial rports). Issd Sptmbr 2014. effctiv dat – annal priods bginning on or

aftr 1 Jly 2016.

IAS 16 Property, plant and equipment

Amnds th dfinition of a barr plant and rqirs biological assts that mt th dfinition

of a barr plant to b accontd for as proprty, plant and qipmnt in accordanc with

this standard. Issd Jn 2014. effctiv dat – annal priods bginning on or aftr

1 Janary 2016.

IAS 19 Employee benefits

Amndmnts clarify th rqirmnts that rlat to how contribtions from mploys or third

partis that ar linkd to srvic shold b attribtd to priods of srvic. Issd Novmbr

2013. effctiv dat – annal priods bginning on or aftr 1 Jly 2014.

Amndmnts rslting from Annal Improvmnts 2012-2014 cycl (clarifis high qality

bonds sd in stimating th discont rat). Issd Sptmbr 2014. effctiv dat – annal

priods bginning on or aftr 1 Jly 2016.

Accounting Policies




22

IAS 24 Related party disclosures

Amndmnts rslting from Annal Improvmnts 2010-2012 cycl (managmnt ntitis).Issd Dcmbr 2013. effctiv dat – annal priods bginning on or aftr 1 Fbrary

2015.

IAS 27 Separate financial statements

Amndd to prmit invstmnts in sbsidiaris, joint vntrs and associat to b optionally

accontd for sing th qity mthod. Issd Agst 2014. effctiv dat – annal priods

bginning on or aftr 1 Janary 2016.

IAS 34 Interim financial reporting

Amndmnts rslting from Annal Improvmnts 2012-2014 cycl (clarifis th maning

of ‘lswhr in th intrim rport’ and rqir a cross rfrnc). Issd Sptmbr 2014.

effctiv dat – annal priods bginning on or aftr 1 Jly 2016.

IAS 41 Agriculture

Clarifis that prodc growing on barr plants rmains within th scop of IAS 41. Issd

Jn 2014. effctiv dat – annal priods bginning on or aftr 1 Janary 2016.

IFRS 2 Share based payments

Amndmnts rslting to Annal Improvmnts 2010-2012 cycl (amnds th dfinitions of

‘vsting condition’ and ‘markt condition’ and adds dfinitions for ‘prformanc condition’

and ‘srvic condition’). Issd Dcmbr 2013. effctiv dat – annal priods bginning

on or aftr 1 Fbrary 2015.

IFRS 5 Non-current assets held and discontinued operation

Amndmnts rslting from Annal Improvmnts 2012-2014 cycl (clarifis th

rclassification of an asst from ‘hld for sal’ to ‘hld for distribtion’ or vic vrsa). Issd

Sptmbr 2014. effctiv dat – annal priods bginning on or aftr 1 Jly 2016.

IFRS 7 Financial instrument: Disclosure

Amndmnts rslting from Annal Improvmnts 2012-2014 cycl (clarifis offstting

disclosr). Issd Sptmbr 2014. effctiv dat – annal priods bginning on or aftr

1 Jly 2016.

IFRS 8 Operating segments

Amndmnts rslting to Annal Improvmnts 2010-2012 cycl (rqirs disclosr of th

jdgmnts mad by managmnt). Issd Dcmbr 2013. effctiv dat – annal priods

bginning on or aftr 1 Fbrary 2015.

IFRS 9 Financial instrument: Disclosure

Contains acconting rqirmnts for financial instrmnts, rplacing IAS 39 Financial

Instrmnts: Rcognition and masrmnt. Issd Novmbr 2013. effctiv dat – annal

priods bginning on or aftr 1 Janary 2018.

IFRS 10 Consolidated financial statements

Consolidation xcption for invstmnt ntitis. Issd Dcmbr 2014. effctiv dat –

annal priods bginning on or aftr 1 Janary 2016.

Accounting Policies (contind)




23

IFRS 12 Disclosure of interests in other entities

Consolidation xcption for invstmnt ntitis. Issd Dcmbr 2014. effctiv dat –annal priods bginning on or aftr 1 Janary 2016.

IFRS 13 Fair value movement

Amndmnts rslting from Annal Improvmnts 2010-2012 cycl (clarifis masrmnt of

crtain short-trm rcivabls and payabls on an ndiscontd basis). Issd Dcmbr

2013. effctiv dat – annal priods bginning on or aftr 1 Jly 2014.

Annal Improvmnts 2011-2013 cycl (clarifis scop of th portfolio xcption in paragraph

52). Issd Dcmbr 2013. effctiv dat – annal priods bginning on or aftr 1 Jly 2014.

IFRS 15 Revenue from contracts with customers

Provids a singl, principls basd fiv-stp modl to b applid to all contracts withcstomrs. Issd May 2014. Applicabl to an ntity’s first annal IFRS financial statmnts

for a priod bginning on or aftr 1 Janary 2017.

Th grop is in th procss of valating th ffcts of ths nw standards, amndmnts and

intrprtations, and whilst thy ar not xpctd to hav a significant impact on th grop’s rslts,

additional disclosrs may b rqird. Th dirctors anticipat that othr than IAS 41 ths

standards and intrprtations in ftr priods will hav no significant impact on th financial

statmnt of th bsinss.

3. BASIS OF PREPARATION

Th consolidatd financial statmnts hav bn prpard on th historical cost basis, xcpt for th

rvalation of crtain non-crrnt assts and financial instrmnts. No othr procdrs ar adoptd to

rflct th impact on th financial statmnts of spcific pric changs or changs in th gnral lvl

of prics.

Th prparation of financial statmnts in conformity with IFRS rqirs th s of crtain critical

acconting stimats. It also rqirs managmnt to xrcis its jdgmnt in th procss of applying

th grop’s acconting policis. Th aras involving a highr dgr of jdgmnt or complxity, or aras

whr assmptions and stimats ar significant to th consolidatd financial statmnts, ar disclosd

in not 1 to th financial statmnts.

4. BASIS OF CONSOLIDATION

Th consolidatd financial statmnts incorporat th financial statmnts of th company and its

sbsidiary. All significant intr-company transactions and balancs ar liminatd on consolidation.

5. PROPERTY, PLANT AND EQUIPMENT

Proprty, plant and qipmnt ar statd at cost lss accmlatd dprciation and any accmlatd

impairmnt losss. Cost inclds profssional fs and, for qalifying assts, borrowing costs capitalisd

in accordanc with th grop’s acconting policy.

Dprciation is chargd so as to writ-off th cost of assts ovr thir stimatd sfl livs, sing th

straight-lin mthod. Dprciation commncs whn th assts ar rady for thir intndd s and is

calclatd at rats appropriat in trms of managmnt’s crrnt assssmnt of sfl livs and rsidal

values. Land is not depreciated.

Managmnt rviws th rsidal vals of assts annally taking into considration markt conditions

and projctd disposal vals. In th annal assssmnt of sfl livs, maintnanc programms and

tchnological innovations ar considrd. Borrowing costs xpndd on nw prodctiv capacity prior

to commncmnt of prodction ar capitalisd whr sch xpnditr is incrrd ovr a priod in

xcss of 12 months.




24


6. CANE ROOTS AND GROWING CANE

Can roots and growing can ar vald at fair val dtrmind on th following basis:

Can roots - th scalatd avrag cost, sing appropriat inflation rlatd indics, of

ach yar of planting adjstd for th rmaining xpctd lif.

Growing can - th stimatd scros contnt in can at 31 March vald at th stimatd

scros pric for th following sason, lss th stimatd costs for harvsting and transport.

7. LEASED ASSETS

Lass ar classifid as financ lass whnvr th conditions of th las transfrs sbstantially all

risks and rwards of ownrship to th lss. All othr lass ar classifid as oprating lass.

Assts sbjct to financ las agrmnts ar capitalisd at thir cash cost qivalnt and th

corrsponding liabilitis ar raisd. Las paymnts ar apportiond btwn financ chargs and

rdction of th las obligation so as to achiv a constant rat of intrst on th rmaining balanc

of th liability.

Th cost of th asst is dprciatd at appropriat rats on th straight-lin basis ovr th stimatd

sfl lif of th asst. Las financ chargs ar chargd to profit or loss as thy ar incrrd.

Rntals payabl ndr oprating lass ar chargd to profit or loss on a straight-lin basis ovr th

trm of th rlvant las. Bnfits rcivd and rcivabl as an incntiv to ntr into an oprating

las ar also sprad on a straight-lin basis ovr th las trm.

8. INVENTORIES

Invntoris ar statd at th lowr of cost and nt ralisabl val. Th basis of dtrmining cost is th

avrag mthod.

Th cost of finishd goods compriss all costs of prchas, costs of convrsion and othr costs

incrrd in bringing sch invntoris to thir prsnt location and condition.

Maintnanc stors ar vald at avrag cost with obsolt itms bing writtn-off. Rdndant and

slow-moving invntoris ar idntifid and writtn-down to thir nt ralisabl vals.

9. FACTORY OVERHAUL COSTS

Factory ovrhal costs rprsnt xpnditr actally incrrd on plant and qipmnt for th ovrhalof th factory in prparation for th nw sgar prodction sason. This xpnditr is flly writtn-off

in th following yar.

10. CASH AND CASH EQUIVALENTS

Cash and cash qivalnts consist of cash rsorcs comprising cash on hand, balancs with bankrs

and invstmnts in short-trm mony markt instrmnts.

11. INVESTMENTS

Invstmnts ar statd at cost to th grop lss amonts writtn-off.




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12. FOREIGN CURRENCY ASSETS AND LIABILITIES

Th individal financial statmnts of th grop ar prsntd in th crrncy of th primary conomic

nvironmnt in which th ntity oprats (its fnctional crrncy). For th prpos of th financial

statmnts, th rslts and financial position of ach ntity ar xprssd in Malawi Kwacha (K), which

is th fnctional crrncy of th grop and th prsntation crrncy for th consolidatd financial

statmnts.

In prparing th financial statmnts of th individal companis, transactions in crrncis othr than

th grop’s fnctional crrncy (forign crrncis) ar rcordd at th rats of xchang prvailing on

th dats of th transactions. At ach rporting dat montary itms dnominatd in forign crrncis

ar rtranslatd at th rats prvailing on th rporting dat.

Non-montary itms carrid at fair val that ar dnominatd in forign crrncis ar rtranslatd

at th rats prvailing on th dat whn th fair val was dtrmind. Non-montary itms that ar

masrd in trms of historical cost in a forign crrncy ar not rtranslatd.

exchang diffrncs arising on th sttlmnt of montary itms, and on th rtranslation of montary

itms, ar incldd in profit or loss for th priod. exchang diffrncs arising on th rtranslation

of non-montary itms carrid at fair val ar incldd in profit or loss for th priod xcpt for

diffrncs arising on th rtranslation of non-montary itms in rspct of which gains and losss ar

rcognisd dirctly in qity. For sch non-montary itms, any xchang componnt of that gain or

loss is also rcognisd dirctly in qity.

13. FINANCIAL INSTRUMENTS

Financial assts and financial liabilitis ar rcognisd on th grop’s statmnts of financial position

whn th grop bcoms a party to th contractal provisions of th instrmnt.

Financial assts and financial liabilitis ar offst and th nt amont rportd in th statmnts of

financial position whn th company has a lgal nforcabl right to st off th rcognisd amonts and

intnds to sttl on a nt basis or to ralis th asst and sttl th liability simltanosly.

Financial assets

A financial asst is cash, an qity instrmnt, a contractal right to rciv cash or anothr financial

asst from anothr ntity, or to xchang financial assts or financial liabilitis with anothr ntity ndr

conditions that ar potntially favorabl to th ntity.

Financial assts ar initially masrd at fair val pls transaction costs. Howvr, transaction costs

for financial assts dsignd as hld ‘at fair val throgh profit or loss’ ar xpnsd.

Financial assts ar accontd for ‘at fair val throgh profit or loss’ whr th financial asst is ithr

hld for trading or is dsignatd as ‘at fair val throgh profit or loss’. Trad and othr rcivabls ar

classifid as ‘loans and rcivabls’ and ar masrd at amortisd cost, sing th ffctiv intrst

rat mthod. Appropriat allowancs for stimatd irrcovrabl amonts ar rcognisd in profit or

loss whn thr is objctiv vidnc that th asst is impaird.

Cash and cash qivalnts compris cash on hand and dmand dposits and othr short-trm

highly liqid invstmnts that ar radily convrtibl to a known amont of cash and ar sbjct to an

insignificant risk of chang in val. Cash and cash qivalnt ar classifid as ‘loans and rcivabls’

and masrd at fair val.

Invstmnts ar classifid as ‘hld to matrity’ whr th grop has th xprssd intntion and ability

to hold th invstmnt to matrity. Hld to matrity invstmnts ar masrd at amortisd cost sing

th ffctiv intrst rat mthod, lss any impairmnt losss rcognisd to rflct irrcovrabl

amonts. Othr invstmnts ar classifid as ‘availabl for sal’ and ar masrd at fair val withany gains or losss bing rcognisd throgh othr comprhnsiv incom and accmlatd in th

invstmnts’ rvalation rsrv. Whr th invstmnt is disposd of, or is dtrmind to b impaird,

th cmlativ gain or loss accmlatd in qity is rclassifid to profit or loss. Fair val, for this

prpos, is markt val if listd or a val arrivd at by sing appropriat valation modls if nlistd.




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Financial liabilities

A financial liability is a contractal obligation to dlivr cash, or anothr financial asst to anothr ntity,or to xchang financial assts or liabilitis with anothr ntity ndr conditions that ar potntially

nfavorabl to th ntity.

Financial liabilitis ar initially masrd at fair val pls transaction costs. Howvr, transaction costs

in rspct of financial liabilitis dsignd as hld ‘at fair val throgh profit or loss’ ar xpnsd.

Financial liabilitis ar accontd for ‘at fair val throgh profit or loss’ whr th financial asst is

ithr hld for trading or is dsignatd as ‘at fair val throgh profit or loss’.

Intrst–baring bank loans and ovrdrafts ar masrd at amortisd cost sing th ffctiv intrst

rat mthod. Any diffrnc btwn th procds (nt of transaction costs) and th sttlmnt or

rdmption of th borrowings is rcognisd ovr th trm of th borrowings in accordanc with th

grop’s acconting policy for borrowing costs.

Trad and othr payabls ar initially masrd at fair val and ar sbsqntly masrd atamortisd costs, sing th ffctiv intrst rat mthod.

Derivative financial instruments

Th grop ntrs into drivativ financial instrmnts to manag its xposr to forign xchang rat

risks.

Th s of financial drivativs is govrnd by th grop’s policis, which provid principls on th s

of financial drivativs consistnt with th grop’s risk managmnt stratgy. Th grop dos not s

drivativ financial instrmnts for spclativ prposs.

Drivativ financial instrmnts ar initially masrd at fair val on th contract dat and ar

sbsqntly rmasrd to fair val at ach rporting dat. Th rslting gain or loss is rcognisd

in profit or loss immdiatly nlss th drivativ is dsignatd and ffctiv as a hdging instrmnt,

in which vnt th timing of th rcognition in profit or loss dpnds on th natr of th hdg

rlationship.

Drivativ financial instrmnts mbddd in non-drivativ host contracts ar tratd as sparat

drivativs whn thir risks and charactristics ar not closly rlatd to thos of th host contract and

th host contract is not carrid at fair val with nralisd gains or losss rportd in profit or loss.

Equity

Dbt and qity instrmnts ar classifid as ithr financial liabilitis or as qity basd on th

sbstanc of th contractal arrangmnt. An qity instrmnt is any contract that vidncs a

rsidal intrst in th assts of th grop aftr ddcting all its liabilitis.

eqity instrmnts issd by th company ar rcordd at th val of th procds rcivd, nt of

direct issue costs.

Hedge accounting

Th grop dsignatd crtain hdging instrmnts as ithr fair val hdgs, cash flow hdgs or

hdgs of nt invstmnts in forign oprations.

Changs in th fair val of drivativs that ar dsignatd and qalify as fair val hdgs ar

rcognisd in profit or loss immdiatly, togthr with any changs in th fair val of th hdgd asst

and liability that ar attribtabl to th hdgd risk.

Th ffctiv portion of th changs in fair val of drivativ financial instrmnts that ar dsignatd

and qalify as hdgs of ftr cash flows is rcognisd dirctly in othr comprhnsiv incom andaccmlatd in qity. Th gain or loss rlating to th inffctiv portion is rcognisd immdiatly in

profit or loss. A hdg of forign crrncy risk of a firm commitmnt is dsignatd and accontd for

as a cash flow hdg.




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Changs in th fair val of drivativ financial instrmnts that do not qalify for hdg acconting ar

rcognisd in profit or loss as thy aris.

Hdg acconting is discontind whn th hdging instrmnt xpirs, or is sold, or trminatd, or

xrcisd, or no longr qalifis for hdg acconting. At that tim, any gain or loss rcognisd in

othr comprhnsiv incom and accmlatd in qity rmains in qity ntil th forcast transaction

occrs. If th forcast transaction is no longr xpctd to occr thn th gains or losss ar rcognisd

immdiatly in profit or loss.

14. TAXATION

Incom tax xpns rprsnts th sm of th tax crrntly payabl and dfrrd tax. Th tax crrntly

payabl is basd on taxabl profit for th yar. Taxabl profit diffrs from profit as rportd in th

statmnts of profit or loss and othr comprhnsiv incom bcas it xclds itms of incom or

xpns that ar taxabl or ddctibl in othr yars and it frthr xclds itms that ar nvr taxabl

or ddctibl. Th grop’s liability for crrnt tax is calclatd sing tax rats that hav bn nactd orsbstantivly nactd by th rporting dat.

Dfrrd tax is rcognisd on diffrncs btwn th carrying amonts of assts and liabilitis in th

financial statmnts and th corrsponding tax bass sd in th comptation of taxabl profit and

is accontd for sing th liability mthod. Dfrrd tax assts ar rcognisd to th xtnt that it is

probabl that taxabl profits will b availabl against which ddctibl tmporary diffrncs can b

tilisd and dfrrd tax liabilitis ar gnrally rcognisd for all taxabl tmporary diffrncs. Sch

assts and liabilitis ar not rcognisd if th tmporary diffrnc ariss from goodwill or from th initial

rcognition (othr than in a bsinss combination) of othr assts and liabilitis in a transaction that

affcts nithr th acconting profit nor th taxabl profit.

Th carrying amont of dfrrd tax assts is rviwd at ach rporting dat and rdcd to th xtnt

that it is no longr probabl that sfficint taxabl profits will b availabl to allow all or part of th asst

to b rcovrd.

Dfrrd tax is calclatd at th tax rats that ar xpctd to apply in th priod whn th asst is

ralisd or th liability sttld. Dfrrd tax is chargd or crditd to profit or loss, xcpt whn it rlats

to itms chargd or crditd dirctly to qity, in which cas th dfrrd tax is also dalt with in qity.

Dfrrd tax assts and liabilitis ar offst whn thr is a lgally nforcabl right to st off crrnt tax

assts against crrnt tax liabilitis and whn thy rlat to incom taxs lvid by th sam taxation

athority and th grop intnds to sttl its crrnt tax assts and liabilitis on a nt basis.

15. REVENUE RECOGNITION

Rvn is masrd at th fair val of th considration rcivd or rcivabl and rprsnts

amonts rcivabl for goods and srvics providd in th normal cors of bsinss nt of discontsand sals rlatd taxs. Sals of goods ar rcognisd whn goods ar dlivrd and titl is passd.

16. DIVIDEND AND INTEREST REVENUE

Dividnd rvn from invstmnts is rcognisd whn th sharholdr’s right to rciv paymnt has

bn stablishd.

Intrst rvn is accrd on a tim basis by rfrnc to th principal otstanding and at th ffctiv

intrst rat applicabl, which is th rat that xactly disconts stimatd ftr cash rcipts throgh

th xpctd lif of th financial asst to that asst’s nt carrying val.




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17. RETIREMENT BENEFITS

Th grop provids rtirmnt bnfits for its mploys throgh two dfind contribtion plans, th

SuCOMA Grop Pnsion Schm and th Illovo Sgar (Malawi) Limitd Pnsion Fnd.

Contribtions by grop companis to dfind contribtion rtirmnt plans ar rcognisd as an

xpns in th yar in which th rlatd srvics ar rndrd by mploys.

18. EARNINGS PER SHARE

Th calclation of basic and diltd arnings pr shar is basd on th nt profit attribtabl to th

sharholdrs and th wightd avrag nmbr of ordinary shars in iss dring th yar. Whr nw

qity shars ar issd for no considration, th profit is apportiond ovr th shars in iss aftr th

iss and th corrsponding figrs for th arlir priods ar adjstd accordingly.

19. DIVIDENDS PER SHARE

Dividnds on ordinary shars ar rcognisd in qity in th priod in which thy ar approvd by th

company’s board of dirctors.

Dividnds for th yar that ar dclard aftr th rporting dat ar dalt with in a not.

Th calclation of dividnd pr shar is basd on th dividnds dclard to sharholdrs dring th

priod dividd by th nmbr of ordinary shars of sharholdrs on th dat of paymnt.

20. PROVISIONS

Provisions ar rcognisd whn th grop has a prsnt obligation (constrctiv or lgal) as a rslt

of a past vnt and it is probabl that th grop will b rqird to sttl that obligation and a rliabl

stimat can b mad of th amont of th obligation.

Th amont rcognisd as a provision is th bst stimat of th considration rqird to sttl th

prsnt obligation at th rporting dat. Whr a provision is masrd sing th cash flows stimatd

to sttl th prsnt obligation, its carrying amont is th prsnt val of thos cash flows.

Whn som or all of th conomic bnfits rqird to sttl a provision ar xpctd to b rcovrd

from a third party, th rcivabl is rcognisd as an asst if it is virtally crtain that rimbrsmnt

will b rcivd and th amont of th rcivabl can b masrd rliably.

21. ASSET IMPAIRMENT REVIEW

At ach rporting dat th grop rviws th carrying amonts of its tangibl and intangibl assts

to dtrmin whthr thr is any indication that thos assts hav sffrd an impairmnt loss. If

any sch indication xists, th rcovrabl amont of th asst is stimatd in ordr to dtrmin th

xtnt of th impairmnt loss (if any). Whr it is not possibl to stimat th rcovrabl amont of

an individal asst th grop stimats th rcovrabl amont of th cash gnrating nit to which

th asst blongs. Rcovrabl amont is th highr of fair val lss costs to sll and val in s. In

assssing val in s, th stimatd ftr cash flows ar discontd to thir prsnt val sing a

pr-tax discont rat that rflcts crrnt markt assssmnts of th tim val of mony and th risks

spcific to th asst. If th rcovrabl amont of an asst (or cash gnrating nit) is stimatd to

b lss than its carrying amont, th carrying amont of th asst (or cash gnrating nit) is rdcd

to its rcovrabl amont. An impairmnt loss is rcognisd immdiatly in profit or loss. Whr an

impairmnt loss sbsqntly rvrss, th carrying amont of th asst (or cash gnrating nit) is

incrasd to th rvisd stimat of its rcovrabl amont, so that th incrasd carrying amontdos not xcd th carrying amont that wold hav bn dtrmind had no impairmnt loss bn

rcognisd for th asst (or cash gnrating nit) in prior yars. A rvrsal of an impairmnt loss is

rcognisd immdiatly in profit or loss.




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22. COMPARATIVE FIGURES

Whn acconting policis ar changd with rtrospctiv ffct, comparativ figrs ar rstatd in

accordanc with th nw policis. In addition, comparativ figrs ar adjstd to conform to changs

in prsntation in th crrnt yar.

23. BORROWING COSTS

Borrowing costs ar rcognisd in profit and loss in th priod in which thy ar incrrd. Borrowing

costs xpndd on nw prodctiv capacity prior to commncmnt of prodction ar capitalisd

whr sch xpnditr is incrrd ovr a priod in xcss of 12 months.

24. SEGMENTAL ANALYSIS

Sgmntal rporting is prsntd in rspct of th grop’s bsinss sgmnts. Th primary format

is basd on th grop’s intrnal rporting and managmnt strctr and combins bsinsss with

common charactristics. Intr-sgmnt pricing is dtrmind on an arm’s lngth basis.

Assts and liabilitis incld itms dirctly attribtabl to a sgmnt as wll as thos that can b

allocatd on a rasonabl basis. Sgmntal capital xpnditr is th total cost incrrd dring th

priod to acqir sgmnt assts that ar xpctd to b sd for mor than on yar.

Th grop is comprisd of th following bsinss sgmnts:

Can growing - th growing of sgar can for s in th sgar prodction procss;

Sgar prodction - th manfactr of sgar from sgar can.

25. SHARE BASED PAYMENTS

Illovo Sgar Limitd isss cash sttld shar basd paymnts to mploys who incld snior

managrs of th grop. A liability qal to th portion of th goods or srvics rcivd is rcognisd

at crrnt fair val dtrmind at ach rporting dat.

Illovo Sgar Limitd also introdcd th Illovo Sgar Phantom Shar Schm dring th yar ndd

31 March 2006 rplacing th Illovo Sgar 1992 Shar Option Schm and th participants ar

xctiv dirctors and snior managrs of th parnt company which inclds som snior managrs

of th grop. Whilst th rls of th phantom schm ar modlld on thos of th option schm,

th important diffrnc is that th phantom schm is ‘cash sttld’ rathr than ‘qity sttld’. Th

vsting priods ar on-third bcoming vstd on ach of th third, forth and fifth annivrsaris

of th rlvant grant dat, with th maximm priod for th xrcising of options bing tn yars.

In trms of th rls of th phantom schm, th grant pric of an option is dtrmind as bing qalto th avrag of th closing markt prics of Illovo Sgar Limitd shars on th Johannsbrg Stock

exchang for th 30 days trading days immdiatly prcding th grant dat of th rlvant option. Th

cash sttlmnt amont of an option is qal to th diffrnc btwn th closing markt pric of th

shars on th trading day immdiatly prcding that on which an option is xrcisd and th grant

pric. Th Nomination/Rmnration committ approvs th granting of all shar options in trms of

th phantom schm.




Statementsof Profit or Loss and OtherComprehensive IncomeFor th yar ndd 31 March 2015

GROUP COMPANY

2015 2014 2015 2014 Notes K million K million K million K million

Revenue 2 92 508 87 848 52 286 49 711

Operating prot 3 23 429 28 613 11 412 14 910

Dividnd incom 52 82 5 000 5 000

Financ costs 4 (3 985) (1 682) (2 514) (1 037)

Intrst incom 4 54 25 54 25

Prot before taxation 19 550 27 038 13 952 18 898

Taxation 5 (6 019) (8 222) (2 813) (4 258)

Net prot for the year 13 531 18 816 11 139 14 640

Other comprehensive income

Itms that may b rclassid sbsqntly to prot and loss

Adjstmnt in rspct of cash ow hdgs 644 (252) 644 (252)

Tax ffct of th cash ow hdgs (165) 76 (165) 76

Total comprehensive income for the year 14 010 18 640 11 618 14 464

Basic and diltd arnings pr shar (tambala) 23 1 897 2 637




Statementsof Financial PositionAs at 31 March 2015 GROUP COMPANY


ASSETS

Non-current assets

Proprty, plant and qipmnt 6 22 945 17 678 17 067 12 995

Cane roots 7 25 827 19 963 17 967 14 123

Invstmnts 8 - - 324 324

48 772 37 641 35 358 27 442

Current assets

Inventories 9 7 499 4 768 4 489 2 721

Growing cane 10 28 425 24 552 16 954 14 987

Factory ovrhal costs 11 3 297 2 205 2 366 1 291

Trad and othr rcivabls 12 11 379 6 830 10 644 6 381

Holding company and fllow sbsidiaris 16 1 068 - 1 068 -Othr nancial assts 17 586 37 586 37

Cash and cash qivalnts 13 121 1 695 120 1 694

52 375 40 087 36 227 27 111

Total assets 101 147 77 728 71 585 54 553

EQUITY AND LIABILITIES

Capital and reserves

Shar capital and prmim 782 782 782 782

Hedging reserves 413 (66) 413 (66)

Retained earnings 40 639 40 307 22 675 24 735

41 834 41 023 23 870 25 451

Non-current liabilities

Dfrrd tax 14 20 867 16 728 13 762 11 058

20 867 16 728 13 762 11 058

Current liabilities

Trad and othr payabls 15 14 368 9 781 11 216 7 190

Holding company and fllow sbsidiaris 16 19 068 6 358 19 498 9 731

Bank ovrdrafts 13 4 150 3 4 150 3

Othr nancial liabilitis 17 36 131 36 131Taxation payabl 824 3 704 (947) 989

38 446 19 977 33 953 18 044

Total equity and liabilities 101 147 77 728 71 585 54 553

Th nancial statmnts wr athorisd for iss by th board of dirctors on 7 May 2015 and wr signd on its bhalf by:

G B Dalgleish (Chairman) R J de Allende (Managing Director)




Statementsof Changes in EquityFor th yar ndd 31 March 2015

Share Share Hedging Retained Total

Capital Premium Reserves Earnings

K million K million K million K million K million

GROUP

Balance at 31 March 2013 14 768 110 32 015 32 907

Total comprhnsiv incom for th yar (176) 18 816 18 640

- prot for th yar - 18 816 18 816

- cash ow hdgs (176) - (176)

Dividends declared (10 524) (10 524)

- Scond intrim for th yar ndd 31 March 2013 (4 816) (4 816)

- Final for th yar ndd 31 March 2013 (357) (357)

- First intrim for th yar ndd 31 March 2014 (5 351) (5 351)

Balance at 31 March 2014 14 768 (66) 40 307 41 023

Total comprhnsiv incom for th yar 479 13 531 14 010

- prot for th yar - 13 531 13 531

- cash ow hdgs 479 - 479


- Scond intrim for th yar ndd 31 March 2014 (7 420) (7 420)

- Final for th yar ndd 31 March 2014 (428) (428)

- First intrim for th yar ndd 31 March 2015 (5 351) (5 351)

Balance at 31 March 2015 14 768 413 40 639 41 834

COMPANY

Balance at 31 March 2013 14 768 110 20 619 21 511

Total comprhnsiv incom for th yar (176) 14 640 14 464

- prot for th yar - 14 640 14 640

- cash ow hdgs (176) - (176)


Balance at 31 March 2014 14 768 (66) 24 735 25 451

Total comprhnsiv incom for th yar 479 11 139 11 618

- prot for th yar - 11 139 11 139

- cash ow hdgs 479 - 479


Balance at 31 March 2015 14 768 413 22 675 23 870

ANALYSIS OF SHARE CAPITAL AND PREMIUM GROUP AND COMPANY

2015 2014 K million K million

Athorisd shar capital

1 000 000 000 (2014: 1 000 000 000) ordinary shars of 2 tambala ach 20 20

Issd shar capital

713 444 391 (2014: 713 444 391) ordinary shars of 2 tambala ach 14 14

Shar prmim 768 768

782 782




Statementsof Cash FlowsFor th yar ndd 31 March 2015 GROUP COMPANY


Cash ows from operating activities

Oprating prot bfor working capital rqirmnts a 14 490 21 041 6 134 10 517

Working capital rqirmnts b 7 857 2 413 5 619 3 895

Cash gnratd from oprations 22 347 23 454 11 753 14 412

Financ costs (3 985) (1 682) (2 514) (1 037)

Intrst incom 54 25 54 25

Taxation paid c (4 925) (4 643) (2 210) (2 626)

Dividends paid (13 199) (10 524) (13 199) (10 524)

Net cash inows/(outows) from operating activities 292 6 630 (6 116) 250

Cash ows from investing activities

Prchas of proprty, plant and qipmnt (6 169) (6 593) (4 711) (5 121)

Procds on disposal of proprty, plant and qipmnt 104 78 106 71

Dividends received 52 82 5 000 5 000

Net cash (outows)/inows from investing activities (6 013) (6 433) 395 (50)

Net cash (outows)/inows before nancing activities (5 721) 197 (5 721) 200

Nt (dcras)/incras in cash and cash qivalnts (5 721) 197 (5 721) 200

Cash and cash qivalnts at bginning of yar 1 692 1 495 1 691 1 491

Cash and cash equivalents at end of year 13 (4 029) 1 692 (4 030) 1 691




GROUP COMPANY

2015 2014 2015 2014K million K million K million K million

a. Operating prot before working capital requirements is calculated as follows:

Oprating prot 23 429 28 613 11 412 14 910

Add back: Dprciation 902 684 639 471

Prot on disposal of proprty, plant and qipmnt (104) (78) (106) (70)

Chang in fair val of can roots (5 864) (5 276) (3 844) (3 505)

Chang in fair val of growing can (3 873) (2 902) (1 967) (1 289)

Oprating prot bfor working capital rqirmnts 14 490 21 041 6 134 10 517

b. Working capital requirements comprise the following:

Movmnt in invntoris (2 731) (756) (1 768) (359)

Movmnt in factory ovrhal costs (1 092) (614) (1 075) (403)

Movmnt in trad and othr rcivabls (4 549) 1 441 (4 263) 1 002

Movmnt in advancs to holding company and fllow sbsidiaris 11 642 1 589 8 699 2 836

Movmnt in trad and othr payabls 4 587 939 4 026 967

Movmnt in othr liabilitis - (186) - (148)

Working capital rqirmnts 7 857 2 413 5 619 3 895

c. Taxation paid is reconciled to the amounts disclosed in the statements of

comprehensive income as follows:

Amonts payabl at bginning of yar (3 704) (3 418) (989) (1 401)

Pr statmnts of comprhnsiv incom (xclding dfrrd taxation) (2 045) (4 929) (274) (2 214)

Amonts payabl at nd of yar 824 3 704 (947) 989

Taxation paid (4 925) (4 643) (2 210) (2 626)

Notes to the Statementsof Cash FlowsFor th yar ndd 31 March 2015




Notes to the Financial StatementsFor th yar ndd 31 March 2015

1. Critical accounting judgements and key sources of estimation uncertainty

Critical accounting judgements made by management

In th procss of applying th grop’s acconting policis, managmnt has mad th following jdgmnt, apart from

thos involving stimations, that affct th amonts rcognisd in th financial statmnts and rlatd disclosrs:

Impairment of assets

In making its jdgmnt, managmnt asssss at ach rporting dat whthr thr is an indication that itms

of proprty, plant and qipmnt and othr assts may b impaird. If any sch indication xists, th rcovrabl

amont of th asst is assssd in ordr to dtrmin th xtnt of th impairmnt loss, if any. Th rcovrabl

amont is th highr of fair val lss costs to sll and val in s.

Key sources of estimation uncertainty

In th procss of applying th grop’s acconting policis, managmnt has mad th following ky assmptions

concrning th ftr and othr ky sorcs of stimation ncrtainty at th rporting dat:

Property, plant and equipment residual values and useful lives

Ths assts ar writtn down to thir stimatd rsidal vals ovr thir anticipatd sfl livs sing thstraight-lin basis. Managmnt rviws th rsidal vals annally considring markt conditions and

projctd disposal vals. In assssing sfl livs, maintnanc programms and tchnological innovations ar

considrd. Th carrying val of proprty, plant and qipmnt is disclosd in not 6 to th financial statmnts.

Cane roots valuation

Th scalatd avrag cost of planting can roots ar adjstd for th rmaining xpctd lif. This rqirs anstimation by managmnt of th avrag nmbr of ratoons xpctd from th crop. Th carrying val of can

roots is disclosd in not 7 to th financial statmnts.

Growing cane valuation

Growing can is vald at th stimatd scros contnt, vald at th stimatd scros pric for thfollowing sason, lss th stimatd costs for harvsting and transport. Th stimatd scros contnt rqirsmanagmnt to assss th xpctd can and scros yilds for th following sason considring wathrconditions and harvsting programms. In rviwing th stimatd scros pric, managmnt is rqird to

assss into which markts th forthcoming crop will b sold and stablish domstic and xport prics as wll asth rlatd forign crrncy xchang rats. Th carrying val of growing can is disclosd in not 10 to th

financial statmnts.

Provision for doubtful debts

Allowancs for dobtfl dbts ar rcognisd against trad rcivabls of mor than 60 days basd on stimatdirrcovrabl amonts dtrmind by rfrnc to past dfalt xprinc of th contrparty and an analysis ofth contrparty’s crrnt financial position.

Thr ar no othr ky assmptions concrning th ftr, or ky sorcs of stimation ncrtainty at th rporting dat,

that managmnt hav assssd as having a significant risk of casing a matrial adjstmnt to th carrying amonts

of assts and liabilitis within th nxt financial yar.




Notes to the Financial Statements

(continued)


GROUP COMPANY


2. Revenue

Rvn rprsnts th procds rcivabl from:

Sugar 89 147 86 049 50 180 48 582

Molasss and othr prodcts 3 361 1 799 2 106 1 129

92 508 87 848 52 286 49 711

Inclds rvn from xports 25 860 32 691 15 014 18 456

3. Operating protRevenue 92 508 87 848 52 286 49 711

Cost of sals (43 806) (38 132) (26 973) (23 467)

Distribtion xpnss (10 033) (9 293) (5 587) (5 216)

Administration xpnss (15 240) (11 810) (8 314) (6 118)

Operating prot after changes in fair value of biological assets 23 429 28 613 11 412 14 910

Lss fair val adjstmnts:

- cane roots (5 864) (5 276) (3 844) (3 505)

- growing cane (3 873) (2 902) (1 967) (1 289)

Operating prot before changes in fair value of biological assets 13 692 20 435 5 601 10 116

Oprating prot has bn dtrmind aftr taking into

accont th following itms:

Depreciation (902) (684) (639) (471)

Prot on disposal of proprty, plant and qipmnt 104 78 106 70

Factory ovrhal costs (2 205) (1 591) (1 290) (887)

Dirctors' fs (15) (15) (15) (15)

Aditor's rmnration:

- stattory adit fs (58) (50) (37) (32)

- fs for othr srvics (39) (31) (25) (20) - xpnss (4) (2) (4) (2)

Managmnt fs and srvics (2 063) (1 306) (1 238) (784)

Oprating las chargs (566) (659) (448) (486)

Contribtion to rtirmnt bnt fnds (584) (423) (456) (323)

Forign xchang gains 1 021 793 927 630




GROUP COMPANY

2015 2014 2015 2014

K million K million K million K million

4. Finance costs

Financ costs - intrst xpns on bank borrowings (3 985) (1 682) (2 514) (1 037)

Interest income

Intrst incom - intrst incom on short-trm bank dposits 54 25 54 25

5. Taxation

Crrnt tax 2 045 4 929 274 2 214

Dfrrd tax 3 974 3 293 2 539 2 044

6 019 8 222 2 813 4 258

% %

Rconciliation of rat of taxation:

Malawi corporation rat of taxation 30.0 30.0

Add incras in charg for yar d to:

Disallowabl xpnditr 0.8 0.4

effctiv rat of taxation 30.8 30.4

For incom tax prposs th Malawi Rvn Athority trats th grop as on tax paying ntity.




(continued)


6. Property, plant and equipment

GROUP

Cost

Opning balanc at 1 April 2013 2 112 - 13 429 15 541

Adjstmnt to opning balanc 23 2 753 (2 776) -

Additions 218 1 208 5 167 6 593

Disposals - (145) (4) (149)

Closing balanc at 31 March 2014 2 353 3 816 15 816 21 985

Opning balanc at 1 April 2014 2 353 3 816 15 816 21 985

Additions 500 1 435 4 234 6 169

Disposals - (62) (7) (69)


Depreciation

Opning balanc at 1 April 2013 404 - 3 368 3 772

Adjstmnt to opning balanc (27) 887 (860) -

Charg for th yar 40 327 317 684

Disposals - (145) (4) (149)

Closing balanc at 31 March 2014 417 1 069 2 821 4 307

Opning balanc at 1 April 2014 417 1 069 2 821 4 307


Disposals - (62) (7) (69)

Closing balanc at 31 March 2015 463 1 445 3 232 5 140

Net book value



Th grop's sgar and can growing activitis ar sitatd on land ndr99 yar las from th Govrnmnt of Malawi as follows:

2015 2014

Hectares Hectares

Commncmnt:

1 Janary 1965 4 763 4 763

1 March 1966 4 4

1 Octobr 1974 12 391 12 391

1 March 1977 13 300 13 300

1 Jly 1992 3 767 3 767

Land andbuildings

K million

Vehiclesand

aircraft

K million

Plant,equipment

andfurnitureK million

Total

K million




6. Property, plant and equipment (continued)

COMPANY

Cost

Opning balanc at 1 April 2013 1 628 - 9 376 11 004

Adjstmnt to opning balanc 23 1 807 (1 830) -

Additions 207 835 4 079 5 121

Disposals - (120) (4) (124)


Opning balanc at 1 April 2014 1 858 2 522 11 621 16 001

Adjstmnt to opning balanc - - (10) (10)

Additions 346 801 3 564 4 711

Disposals - (62) (7) (69)


Depreciation

Opning balanc at 1 April 2013 280 - 2 378 2 658

Adjstmnt to opning balanc (27) 887 (860) -


Disposals - (119) (4) (123)

Closing balanc at 31 March 2014 283 993 1 730 3 006

Opning balanc at 1 April 2014 283 993 1 730 3 006

Adjstmnt to opning balanc - (264) 254 (10)


Disposals - (62) (7) (69)

Closing balanc at 31 March 2015 319 976 2 271 3 566

Net book value

Closing balanc at 31 March 2014 1 575 1 529 9 891 12 995Closing balanc at 31 March 2015 1 885 2 285 12 897 17 067

2015 2014

Th company’s sgar and can growing activitis ar sitatd on land ndr99 yar las from th Govrnmnt of Malawi as follows:

Hectares Hectares

Commncmnt:

1 Janary 1965 4 763 4 763

1 March 1966 4 4

1 Octobr 1974 12 391 12 391

1 Jly 1992 3 767 3 767

Th rgistr of land and bildings is opn for inspction at th rgistrd ofc.

Land andbuildings

K million

Vehiclesand

aircraft

K million

Plant,equipment

andfurnitureK million

Total

K million




(continued)


GROUP COMPANY

2015 2014 2015 2014


7. Cane roots

Th carrying val of can roots can b rconcild as follows:

Carrying val at bginning of yar 19 963 14 687 14 123 10 618

Chang in fair val 5 864 5 276 3 844 3 505

Carrying val at nd of yar 25 827 19 963 17 967 14 123

Th grop’s ara ndr can for th prpos of valing of can roots as at 31 March 2015 was 19 908 ha (2014: 20 108 ha). Thcompany’s ara ndr can for th prpos of valing of can roots as at 31 March 2015 was 13 494 ha (2014: 13 493 ha). Th fairvals of can roots ar dtrmind sing inpts that ar nobsrvabl, sing th bst information availabl in th circmstancsfor valing th can roots and thrfor fall into th lvl 3 fair val catgory. Th xpctd livs of can roots, for both th crrntand th prvios yars, is 8 yars. Th ination rats sd in th valation of prior yar can roots as at 31 March 2015 was28% (2014: 27%).

A 1% chang in th ination cold incras or dcras th fair val of th can roots to th following vals:

GROUP COMPANY


+ 1% -1% + 1% -1%

Fair val of can roots 26 749 24 905 18 609 17 325

8. Investments

Investment in subsidiary company

Th only sbsidiary of th company is Dwangwa Sgar Corporation Limitd, a company rgistrd in Malawi.

Intrst in th sbsidiary is as follows:

Issued capital 42 42

effctiv prcntag holding 100% 100%

Shars at cost 324 324

Th dirctors' valation of th shars basd on th nt asst val of th company at nd of yar 18 287 15 898

Other investments

unlistd invstmnt at cost:

ethanol Company Limitd 0.2 0.2

210 000 Ordinary shars of K 1 ach, rprsnting 7.64% ofissd shar capital.

0.2 0.2

Th dirctors’ valation of th shars basd on th nt asst val ofth company at nd of yar 321 270

Th fair val of th othr invstmnts is dtrmind sing inpts that ar nobsrvabl, th nt asst val was th bstinformation availabl in th circmstancs and thrfor fall into th lvl 3 fair val catgory.

9 . Inventories

Consmabls 3 599 3 461 2 273 2 089

Sugar 3 900 1 307 2 216 632

7 499 4 768 4 489 2 721

Th grop ddctd stock provisions of K59 million (2014: K64 million) to arriv at ths nmbrs.




GROUP COMPANY

2015 2014 2015 2014


10. Growing caneTh carrying val of growing can can b rconcild as follows:

Carrying val at bginning of yar 24 552 21 650 14 987 13 698

Chang in fair val 3 873 2 902 1 967 1 289

Carrying val at nd of yar 28 425 24 552 16 954 14 987

Th fair val of th growing can is dtrmind sing inpts that ar nobsrvabl, sing th bst information availabl in thcircmstancs for sing th growing can and thrfor fall into th lvl 3 fair val catgory.

Th following ar th ky assmptions in th valation of growing can:

expctd ara to harvst th following sason (ha) 19 054 19 573 12 754 13 193

estimatd yild (tons can/ha) 102 102 98 100

Avrag matrity of can at 31 March 67% 67% 68% 67%

A 1% chang in th ination cold incras or dcras th fair val of th growing can to th following vals:

GROUP COMPANY


+ 1% -1% + 1% -1%

estimatd scros contnt 29 440 27 410 17 560 16 349

estimatd scros pric 29 441 27 389 17 558 16 348

11. Factory overhaul costsBalanc at bginning of yar 2 205 1 591 1 291 888

Capitalisd dring th yar 3 297 2 205 2 365 1 290

Amortisd dring th yar (2 205) (1 591) (1 290) (887)

Balanc at nd of yar 3 297 2 205 2 366 1 291

12. Trade and other receivables

Trad and othr rcivabls 8 719 5 111 8 719 5 111

Othr rcivabls and prpaymnts 2 660 1 719 1 925 1 270

11 379 6 830 10 644 6 381

Th dirctors considr that th carrying amont of trad and othr rcivabls approximats thir fair val. Trad and othrrcivabls incld dbtors dnominatd in forign crrncis amonting to K 2 240 million (2014: K 4 140 million). Th provisionfor dobtfl dbts as at 31 March 2015 is nil (2014: nil).

Th forign dbtors ar dnominatd in th following crrncis:

European Euro 1 943 3 649 1 943 3 649

United States Dollar 297 491 297 491

2 240 4 140 2 240 4 140

Th ag analysis of trad rcivabls is as follows:

Not past due 8 302 3 211 8 302 3 211

Past d by 30 days 38 1 651 38 1 651

Past d by 60 days 119 146 119 146

Past d by 90 days 260 1 260 1

Past d by 120 days and ovr - 102 - 102

8 719 5 111 8 719 5 111




(continued)


GROUP COMPANY

2015 2014 2015 2014


13. Cash and cash equivalents

Th grop and th company hav ovrdraft and garant facilitis with varios Malawian banking instittions. Local facilitisattract intrst rats btwn 28.0% and 37.0% (2014: 31.5% and 38.0%).

Bank balancs ar mad p of th following crrncis:

European Euro 1 2 1 2

Malawi Kwacha 100 1 679 99 1 678

Soth African Rand 2 - 2 -


121 1 695 120 1 694

Bank ovrdraft balancs ar mad p of th following crrncis:

Malawi Kwacha 4 150 3 4 150 3

4 150 3 4 150 3

Total cash and cash qivalnts (4 029) 1 692 (4 030) 1 691

unscrd bank ovrdraft facility, rviwd annally payabl at call:

Amont sd 4 150 3 4 150 3

Amont nsd 15 150 9 972 15 150 9 972

Total bank ovrdraft facility 19 300 9 975 19 300 9 975

14. Deferred tax

Th movmnt in th yar is analysd blow:

Balanc at bginning of yar 16 728 13 511 11 058 9 090

Crrnt yar othr comprhnsiv incom charg/(rlif) 165 (76) 165 (76)

Crrnt yar incom statmnt charg 3 974 3 293 2 539 2 044

Balanc at nd of yar 20 86716 728

13 76211 058

Analysis of dfrrd tax liability:

excss capital allowancs ovr dprciation 3 152 2 812 2 593 2 253

Cane roots and growing cane 16 276 13 355 10 476 8 733

Othr 1 439 561 693 72

20 867 16 728 13 762 11 058

15. Trade and other payables

Trad payabls 5 820 4 278 3 857 2 815

Othr payabls and accrals 8 548 5 503 7 359 4 375

14 368 9 781 11 216 7 190

Th othr payabls and accrals incld K 252 million (2014: K 258 million) in rspct of a govrnmnt grant rcivd fromIrishAID and unitd Nations Childrn’s Fnd throgh th Malawi Govrnmnt in 2013. Th mony was sd by th grop to startfortifying domstic dirct consmption sgar with vitamin A.

Government grant

At bginning of yar 258 - 219 -

Grant rcivd dring th yar - 258 - 219

Amortisd dring th yar (6) - (6) -

At nd of yar 252 258 213 219

Th dirctors considr that th carrying amont of trad and othr payabls approximats thir fair val. Th grop’s trad andothr payabls incld liabilitis dnominatd in forign crrncis amonting to K 372 million (2014: K 358 million).

Th forign crditors ar dnominatd in th following crrncis:

Soth African Rand 114 82 51 26


372 358 309 302




GROUP COMPANY

2015 2014 2015 2014


16. Holding company and fellow subsidiaries

Amont d from holding company and fllow sbsidiaris:

Illovo Grop Markting Srvics Limitd 181 - 181 -

Illovo Sgar Soth Africa 881 881

Kilombro Sgar Company Limitd 4 - 4 -

zambia Sgar Plc 2 - 2 -

1 068 - 1 068 -

Amonts d from holding company and fllow sbsidiaris ardnominatd in th following crrncis:

European Euro 80 - 80 -


United States Dollar 105 - 105 -1 068 - 1 068 -

Amont d to holding company and fllow sbsidiaris:

Dwangwa Sgar Corporation Limitd - - 2 265 4 297

Holding company and fllow sbsidiaris 19 068 6 358 17 233 5 434

19 068 6 358 19 498 9 731

Amonts d to holding company and fllow sbsidiaris ardnominatd in forign crrncis xcpt for Dwangwa SgarCorporation Limitd.

Amonts d to holding company and fllow sbsidiaris compris:

east African Spply (Pty) Limitd 148 115 148 115Illovo Grop Holdings Limitd 4 6 4 6

Illovo Grop Markting Srvics Limitd 4 669 1 529 4 669 1 529

Illovo Sgar Limitd 3 271 1 315 3 243 1 315

Illovo Sgar Limitd - Procrmnt 7 132 3 226 5 328 2 302

Illovo Sgar Limitd (Shar-basd paymnts) 119 167 119 167

Illovo Sgar Soth Africa 39 - 39 -

Scoma Holdings Limitd 3 659 - 3 659 -

ubombo Sgar Limitd 5 - 2 -

zambia Sgar Plc 22 - 22 -

19 068 6 358 17 233 5 434

Amonts d to holding company and fllow sbsidiaris ardnominatd in th following crrncis:

European Euro 1 933 1 444 1 933 1 444

Soth African Rand 10 714 4 823 8 880 3 899

United States Dollar 2 762 91 2 762 91

15 409 6 358 13 575 5 434

Crtain snior mploys of th company participat in th Illovo Sgar Limitd grop shar-basd paymnt schm. Dringth yar, th company rcordd a rdction in th liability of K 90.8 million (2014 xpnss of K 33.7 million) rlating to th cash-sttld shar-basd paymnt schm.




(continued)


20. Operating lease commitments

GROUP AND COMPANY

2016 2017 2018 2019 2020 2015 2014 onwards Total Total

K million K million K million K million K million K million K million

Byts Tchnology Grop 210 188 160 44 - 602 234

Land and bildings 96 96 96 96 1 864 2 248 2 637

Motor vhicls 396 94 94 94 94 772 1 622

702 378 350 234 1 958 3 622 4 493

GROUP COMPANY

2015 2014 2015 2014


17. Other nancial assets

At bginning of yar 37 182 37 182

Raisd dring th yar - valation of FeCs (cash ow hdg) 586 37 586 37

untilisd amonts rvrsd (37) (182) (37) (182)

At nd of yar 586 37 586 37

Other nancial liabilities

At bginning of yar 131 24 131 24

Raisd dring th yar - valation of FeCs (cash ow hdg) 36 131 36 131

untilisd amonts rvrsd (131) (24) (131) (24)At nd of yar 36 131 36 131

Th nancial instrmnt liabilitis rlat to forign xchang contracts dsignatd as cash ow hdgs to covr xpctderopan ero and unitd Stats Dollar xport procds.

Th fair vals of drivativ nancial instrmnts ar dtrmind sing inpts that ar obsrvabl ithr dirctly or indirctly andthrfor fall into th lvl 2 fair val catgory.

18. Capital commitments

Contracted 967 744 730 618

Approvd bt not contractd 1 579 2 678 761 2 2642 546 3 422 1 491 2 882

Capital xpnditr commitmnts ar to b nancd from intrnal rsorcs and xisting facilitis.

19. Contingent liabilities

Thr ar lgal claims mad against th grop in th ordinary cors of bsinss, th otcom of which is ncrtain. An amontof K 243.0 million (2014: K 228.0 million) rprsnts an stimat of th cost to th grop in th vnt that lgal procdings ndth grop to b liabl.




GROUP AND COMPANY

2015 2014

K million K million

21. Related party transactions

Rlatd party rlationships xist btwn th company and its sbsidiary and othr sbsidiaris of th Illovo Sgar Grop.All transactions ar concldd at arm’s lngth. Yar-nd balancs ar statd in not 16 and on th fac of th statmnts ofnancial position.

Th annal paymnt transactions with rlatd partis ar as follows:

Illovo Sgar Limitd - managmnt fs 2 063 1 306Illovo Sgar Limitd - Procrmnt - prchas of srvics andqipmnt

9 854 9 854

11 917 11 160

Th annal sals transactions with rlatd partis ar as follows:

Acarra ebro SLu 3 372 2 213

Illovo Sgar Soth Africa Limitd 1 731 -

Mitra Sgar Limitd 10 578 10 846Th Silvr Spoon Company, a trading division of British Sgar plc 115 531

15 796 13 590

Th annal intrst payabl with rlatd partis is as follows:

Illovo Sgar Limitd - Procrmnt 300 121

300 121

22. Exchange rates and ination

Th avrag of th yar-nd bying and slling rats of th forign crrncis most affcting th prformanc of th grop isstatd blow, togthr with th incras in th consmr pric indx for th yar, which rprsnts an ofcial masr of ination.

Kwacha/eropan ero 471.8 593.3

Kwacha/Soth African Rand 36.3 41.4

Kwacha/unitd Stats Dollar 440.3 425.0

Ination 18.2% 24.0%

23. Basic and diluted earnings per share

Th calclation of th basic and diltd arnings pr shar attribtabl to th ordinary qity holdrs of th grop is basd onth following data:

Earnings

earnings for th prposs of basic and diltd arnings pr shar 13 531 18 816

Number of shares ('000s)

Wightd avrag nmbr of ordinary shars for th prpos of basic/diltd arnings pr shar 713 444 713 444

Basic and diluted earnings per share (tambala) 1 897 2 637

Reconciliation of headline earnings:

Nt prot for th yar 13 531 18 816


Headline earnings per share (tambala) 1 897 2 637



Notes to the Financial Statements(contind)

GROUP AND COMPANY

2015 2014K million K million

24. Dividend per share

Dividnd pr shar is calclatd by dividing th total dividnds dclard in th yar by th wightd avrag nmbr of ordinaryshars in iss dring th yar.

First intrim dividnd paid (for crrnt yar) 5 351 5 351

Scond intrim dividnd paid (for prvios yar) 7 420 4 816

Final dividnd paid (for prvios yar) 428 357

13 199 10 524

Nmbr of shars in iss ('000) 713 444 713 444

Wightd avrag nmbr of shars on which dividnd pr shar is basd ('000) 713 444 713 444

Dividnd paid pr shar (tambala) 1 850 1 475

A scond intrim and nal dividnd for th yar ndd 31 March 2015 of nil tambala pr shar (2014: 1 040 tambala pr shar)and nil tambala pr shar (2014: 60 tambala pr shar) rspctivly, amonting to a nil dividnd (2014: K 7.848 billion), wasapprovd/rcommndd by th board of dirctors on 7 May 2015.

25. Compensation of key management personnel

Th rmnration of dirctors and ky managmnt dring th yar was as follows:

Short-trm bnts 1 705 1 407

Post-rtirmnt bnts 143 194

Othr long-trm bnts 275 122

2 123 1 723

Th rmnration of dirctors and ky xctivs is dtrmind by th rmnration committ having rgard to th prformancof individals and markt trnds.

26. Retirement benet plans

Th grop oprats two dnd contribtion plans. Th SuCOMA Grop Pnsion Schm, which is managd intrnally by

Trsts, is a dnd contribtion schm and th contribtions by mploys and th grop ar 7.5% (2014: 7.5%) and12.5% (2014: 12.5%) of th fnd mmbr’s basic pnsionabl salaris, rspctivly. Th Illovo Sgar (Malawi) Limitd PnsionFnd, which is managd intrnally by Trsts, is also a dnd contribtion schm and th contribtions by mploys andth grop ar 7.5% (2014: 7.5%) and 12.5% (2014: 12.5%) of th fnd mmbr’s basic pnsionabl salaris, rspctivly. Thtrsts ar mploys of th grop. Th administration of both pnsion fnds has bn sbcontractd to Nico Lif InsrancCompany Limitd. Nico Holdings Limitd is th invstmnt managr for th two fnds.

Th total xpns rcognisd in prot or loss of K 584.2 million (2014: K 422.7 million) rprsnts contribtions payabl to thsplans by th grop.




Sugarproduction

K million

Canegrowing

K million TOTAL

K million

27. Segmental analysis

Th primary bsinss sgmnts of th grop ar classid into sgar prodction and can growing as follows:

GROUPYear to 31 March 2015

Revenue 53 543 38 965 92 508Operating prot 15 237 8 192 23 429Interest revenue 49 5 54Dividend income 52 - 52Interest expense (2 962) (1 023) (3 985)Income tax expense (3 016) (3 003) (6 019)

Statements of nancial positionNon-current assets 13 949 34 823 48 772

Proprty, plant and qipmnt 13 949 8 996 22 945Cane roots - 25 827 25 827

Current assets 20 396 31 979 52 375Inventories 4 696 2 803 7 499Growing cane - 28 425 28 425Factory ovrhal costs 3 297 - 3 297Trad and othr rcivabls 10 629 750 11 379Holding company and fllow sbsidiaris 1 068 - 1 068Financial instrmnt - assts 586 - 586

Cash and cash qivalnts 120 1 121

Current liabilities 16 665 21 781 38 446Trad and othr payabls 9 021 5 347 14 368Holding company and fllow sbsidiaris 3 203 15 865 19 068Bank ovrdrafts 4 150 - 4 150Financial instrmnt - liabilitis 36 - 36Taxation payabl 255 569 824

Non-current liabilities 8 556 12 311 20 867Long-trm borrowings - - -Dfrrd taxation 8 556 12 311 20 867

Net assets value 9 124 32 710 41 834

Proprty, plant and qipmnt transactions ar catgorisd as follows:Prchass dring th yar 3 886 2 283 6 169Depreciation 306 596 902

GROUPYear to 31 March 2014

Revenue 50 700 37 148 87 848Operating profit 16 985 11 628 28 613Interest revenue 21 4 25Dividend income 82 - 82Interest expense (1 243) (439) (1 682)Income tax expense (3 849) (4 373) (8 222)

Statements of nancial positionNon-current assets 10 973 26 668 37 641

Proprty, plant and qipmnt 10 973 6 705 17 678Cane roots - 19 963 19 963

Current assets 13 543 26 544 40 087Inventories 3 321 1 447 4 768Growing cane - 24 552 24 552Factory ovrhal costs 2 205 - 2 205Trad and othr rcivabls 6 284 545 6 830Financial instrmnt - assts 38 - 38Cash and cash qivalnts 1 695 - 1 695

Current liabilities 10 397 9 580 19 977Trad and othr payabls 6 566 3 215 9 781Holding company and fllow sbsidiaris 3 132 3 226 6 358Bank ovrdrafts 3 - 3Financial instrmnt - liabilitis 131 - 131Taxation payabl 564 3 140 3 704

Non-current liabilities 6 738 9 990 16 728Dfrrd taxation 6 738 9 990 16 728

Net assets value 7 381 33 642 41 023

Proprty, plant and qipmnt transactions ar catgorisd as follows:Prchass dring th yar 4 306 2 286 6 593Depreciation 257 428 684

Th gographical sgmnt of th grop’s bsinss has not bn prpard bcas all th grop’s oprations ar hld withinMalawi. Thr wr no signicant non-cash transactions dring th crrnt or prior yars.




(continued)


GROUP COMPANY

2015 2014 2015 2014


28. Financial instruments

Introduction and overview

Th grop has xposr to th following risks arising from its transactions in nancial instrmnts:

Capital

Trasry

Forign crrncy

Interest rate

Credit

Liqidity

This not, in addition to nots 12,13,15,16 and 17 prsnts information abot th grop’s xposr to ach of th abov risks,th grop’s objctivs, policis and procsss for idntication, masrmnt, monitoring and controlling risk and th grop’smanagmnt of capital.

28.1 Categories of nancial instruments

Financial assets

Loans and rcivabls (inclding cash and cash qivalnts) 13 154 8 562 12 418 8 112

Financial liabilities

At amortisd cost 37 622 16 273 34 900 17 055

Th dtails of nancial liabilitis at amortisd costs ar as follows:

Trad and othr payabls 14 368 9 781 11 216 7 190

Holding company and fllow sbsidiaris 19 068 6 358 19 498 9 731

Bank ovrdrafts 4 150 3 4 150 3

Othr nancial liabilitis 36 131 36 131

37 622 16 273 34 900 17 055

28.2 Capital risk management

Th grop manags its capital to nsr that it rmains a going concrn whilst maximising th rtrns to stakholdrs throghth optimisation of th dbt and qity balanc.

Th capital strctr of th grop consists of dbt (which inclds short-trm borrowings nt of cash and cash qivalnts)and qity.

28.3 Treasury risk management

A trasry risk managmnt committ, consisting of snior xctivs in th grop, mts priodically to analys crrncy andintrst rat xposrs and formlat trasry managmnt stratgis in th light of prvailing markt conditions and crrntconomic forcasts. This committ oprats within grop policis approvd by th board.

Th grop sks to minimis th ffcts of ths risks by sing drivativ nancial instrmnts to hdg ths risk xposrs.Th s of nancial drivativs is govrnd by th grop’s policis approvd by th board of dirctors, which provid principlson forign xchang risk, intrst rat risk, crdit risk, th s of nancial drivativs and non-drivativ nancial instrmntsand th invstmnt of xcss liqidity. Complianc with policis and xposr limits is rviwd by th intrnal aditors on arglar basis. Th grop dos not ntr into nor trad in nancial instrmnts, inclding drivativ nancial instrmnts, for

speculative purposes.




GROUP COMPANY

2015 2014 2015 2014


28.4 Foreign currency risk management

Th grop ndrtaks crtain transactions dnominatd in forign crrncis, hnc xposrs to xchang rat ctationsaris. exchang rat xposrs ar managd within approvd policy paramtrs tilising forward xchang contracts, whrncssary.

Th carrying amonts of th grop’s nhdgd and ncovrd forign crrncy dnominatd assts and montary liabilitis atth rporting dat ar as follows:

Assets

European Euro 2 023 3 649 2 023 3 649



3 308 4 140 3 308 4 140

LiabilitiesEuropean Euro 1 933 1 444 1 933 1444

Soth African Rand 10 828 4 905 8 931 3925

United States Dollar 3 020 367 3 020 367

15 781 6 716 13 884 5 736

28.4.1 Foreign currency sensitivity analysis

Th grop is largly xposd to th eropan ero, Soth African Rand and unitd Stats Dollar. Th following tabl dtailsth grop’s snsitivity to a 10% incras and dcras in th Malawi Kwacha (K) against th rlvant forign crrncis. A10% movmnt is th sal snsitivity rat sd whn rporting forign crrncy risk intrnally to ky prsonnl and rprsntsmanagmnt assssmnt of th chang in forign xchang rats. Th snsitivity analysis inclds only otstanding forigncrrncy dnominatd montary itms. A positiv/ngativ nmbr blow dnots a dcras/incras in prot bfor taxwhr th Kwacha wakns/strngthns against th rlvant crrncy.

European South African United StatesEuro impact Rand impact Dollar impact

2015 2014 2015 2014 2015 2014K million K million K million K million K million K million

Prot or loss 9 221 995 491 (262) 12

In managmnt’s opinion, th snsitivity analysis is nrprsntativ of th inhrnt forign xchang risk as th yar-ndxposr dos not rct th avrag xposr dring th yar. Prchass from forign spplirs ar sasonal with highrprchass towards th last qartr of th yar in ordr to mt dmand.

28.5 Interest rate risk management

Taking cognisanc of th sasonality of th grop's cash ow and long-trm intrst rat forcasts, th risk managmntcommitt positions th grop’s intrst rat xposrs according to xpctd movmnts in local and intrnational intrstrates.

28.5.1 Interest rate sensitivity analysis

Th snsitivity analysis has bn dtrmind basd on th xposr to intrst rats on th nancial assts and liabilitis at thrporting dat and a 5% intrst rat chang taking plac at th bginning of th yar.

If intrst rats had bn 500 basis points highr/lowr and all othr variabls hld constant, th grop’s prot bfor tax for th

yar ndd 31 March 2015 wold mov by K 197 million (2014: K 84 million).




(continued)


28.6 Credit risk management

Crdit risk rfrs to th risk that a contrparty will dfalt on its contractal obligations rslting in nancial loss to th grop.Th grop has adoptd a policy of only daling with crditworthy contrpartis and obtaining sfcint collatral, whrappropriat, as a mans of mitigating th risk of nancial loss from dfalts. Th grop ss othr pblicly availabl nancialinformation and its own as a mans of mitigating th risk of nancial loss from dfalts. Th grop ss othr pblicly availablnancial information and its own trading rcords to rat its major cstomrs. Th grop’s xposr and th prformanc of itscontrpartis ar continosly monitord.

Crdit xposr is controlld by contrparty limits that ar rviwd and approvd annally.

Trad rcivabls consist of a larg nmbr of cstomrs, sprad across divrs indstris and gographical aras.On-going crdit valation is prformd on th nancial condition of acconts rcivabl and whr appropriat, crditgarant insranc covr is prchasd.

Th grop dos not hav any signicant crdit risk xposr to any singl contrparty or any grop of contrpartishaving similar charactristics. Th grop dns contrpartis as having similar charactristics if thy ar rlatd ntitis.

Concntration of crdit risk did not xcd 5% of gross montary assts at any on tim dring th yar. Th crdit risk on liqidfnds is limitd bcas th contrpartis ar rptabl banks.

Thr ar no off-statmnt nancial position crdit xposrs.

Th highst crdit xposr otsid th bank balancs was K 5 957 million (2014: K 769 million) in rlation to domstic tradrcivabls.

28.7 Liquidity risk management

ultimat rsponsibility for liqidity risk managmnt rsts with managmnt, which has bilt an appropriat liqidity riskmanagmnt framwork for th managmnt of th grop’s short, mdim and long-trm fnding and liqidity rqirmnts.Th grop manags liqidity risk by maintaining adqat rsrvs and banking facilitis, continosly monitoring forcastand actal cash ows and matching of th matrity prols of nancial assts and liabilitis. Incldd in not 13 is a listing of

additional ndrawn facilitis that th grop has accss to if th nd ariss.




28.7.1 Liquidity and interest risk tables

Th following tabls dtail th grop’s rmaining contractal matrity for its non-drivativ nancial liabilitis. Th tabl hasbn drawn p basd on th actal cash ows of nancial liabilitis basd on th arlist dat on which th grop can brqird to pay. Th tabl blow shows both intrst and principal cash ows.

Weightedaverageeffective

rate 1 yearMore than

1 year

% K million K million

2015Bank overdraft 33.0 4 150 -

2014

Bank ovrdraft 29.5 3 -

Th grop’s non-nancial assts ar intrst-fr and thir matrity priod is indnit.

Th following tabl dtails th grop’s xpctd matrity for its non-drivativ nancial assts. Th tabl has bn drawn pbasd on th ndiscontd contractal matritis of th nancial assts inclding intrst that will b arnd on thos assts.Th inclsion of information on non-drivativ nancial assts is ncssary in ordr to ndrstand th grop’s liqidity riskmanagmnt as th liqidity is managd on a nt asst and liability basis.

1-3months

3 monthsto 1 year 1 - 5 years 5+ years Total

K million K million K million K million K million

31 March 2015

Trad and othr rcivabls 11 379 - - - 11 379

Cash and cash qivalnts 121 - - - 121

11 500 - - - 11 500

31 March 2014

Trad and othr rcivabls 6 830 - - - 6 830

Cash and cash qivalnts 1 695 - - - 1 6958 525 - - - 8 525

Th amonts incldd abov for variabl intrst rat instrmnts for both non-drivativ nancial assts and liabilitis arsbjct to chang if changs in variabl intrst rats diffr to thos stimats of intrst rats dtrmind at th nd of threporting period.

Th grop has accss to nancing facilitis as dscribd in not 13 of which K 15.150 billion (2014: K 9.972 billion) wasnsd at th nd of th rporting priod. Th grop xpcts to mt its obligations from oprating cash ows and procdsof matring nancial assts.



Financial / Statutory

Financial yar-nd March

Annal gnral mting August

Reports and prot statements

Prot annoncmnt for th yar May

Annal rport and nancial statmnts August

Intrim rport Octobr

Dividends

First intrim Declaration Octobr

Paymnt Janary

Scond intrim Declaration May

Paymnt Jly

Final Declaration August

Paymnt Octobr

31 March 2015

Shareholders Ordinary Shares

Category Number % Number held% of shares

issued

Individuals

1 – 5 000 1 663 73.88 2 249 421 0.32

5 001 – 10 000 248 11.01 2 060 587 0.29

10 001 – 50 000 231 10.26 4 597 924 0.64

50 001 – 100 000 26 1.16 2 019 368 0.28

100 001 – 200 000 25 1.11 3 645 444 0.51

200 001 – 500 000 20 0.89 6 172 956 0.87

500 001 – and over 38 1.69 692 698 691 97.09

2 251 100.00 713 444 391 100.00

Banks and nomins 43 1.91 14 722 576 2.06

Holding company 1 0.04 542 084 186 75.98Individuals 1 994 88.58 33 462 072 4.69

Insranc, invstmnt and trst companis 58 2.58 24 104 207 3.38

Non-residents 62 2.76 4 331 641 0.61

Othr corporat bodis 55 2.44 18 874 328 2.65

Pnsion and providnt fnds 38 1.69 75 865 381 10.63

2 251 100.00 713 444 391 100.00

Shareholders holding 1% or more of the total equity

SuCOMA Holdings Limitd 542 084 186 75.98

Old Mtal Lif Assranc Company (Malawi) Limitd 59 073 471 8.28

Ramsh Haridas Savjani 14 821 735 2.08

Press Trust 11 642 404 1.63

First Mrchant Bank Limitd 9 378 616 1.31

National Invstmnt Trst Limitd 8 107 611 1.14

Analysis of shareholders

Shareholders’ Diary




Notice of Meeting

Notice is hereby given that the 50th annual general meeting of members of the company will be held at Country Club Limbe,

Limbe, Malawi on Friday, 14 August 2015 at 14h30 to transact the following business:

1. Financial statements

To rciv and adopt th annal financial statmnts for th yar ndd 31 March 2015.

2. Re-election of directors

To r-lct Mssrs M H Abdool-Samad, J P Hlly and A R Mpngw who rtir by rotation in trms of th articls

of association, and who, bing ligibl, offr thmslvs for r-lction.

3. Ordinary business

To considr and, if dmd fit, to pass with or withot modification th following ordinary rsoltions:

3.1 That nlss othrwis dtrmind by th company in gnral mting, ach dirctor shall b ntitld to

rmnration for his/hr srvics as sch at th rat of K 2 250 000 pr annm and that th rmnration

hrin dtrmind shall b payabl by th company vry for months in arrars with ffct from

1 April 2015.

3.2 That Dloitt b r-appointd as aditors for th March 2016 financial yar and that th dirctors

b athorisd to fix thir rmnration.

3.3 That no final dividnd for th yar ndd 31 March 2015 as rcommndd by th dirctors b dclard.

4. Other business

To transact sch othr bsinss as may b transactd at an annal gnral mting of mmbrs.

A mmbr ntitld to attnd and vot at th mting is ntitld to appoint a proxy to attnd, spak and vot in his/hr stad.

Th proxy nd not b a mmbr of th company. Proxy forms shold b forwardd to rach th company’s rgistrd offic

or th offic of th transfr scrtaris not latr than 16h00 on Friday, 31 Jly 2015.

By order of the Board

Malawi Sgar Limitd

Secretaries

Limb, Malawi7 May 2015




FORM OF PROXY FOR THE 50TH ANNUAL GENERAL MEETING

I/W

(Nam/s in block lttrs)

of

(Addrss) Nmbr of vots

bing th sharholdr/mmbr of th abovnamd company and ntitld to

(1 shar = 1 vot)

do hrby appoint

1. of or failing him/hr;

2. of or failing him/hr;

3. th chairman of th mting as my/or proxy to attnd, spak and vot for m/s and on my/or bhalf

at th annal gnral mting of th company to b hld at Contry Clb Limb, Limb, Malawi on

Friday, 14 Agst 2015 at 14h30 and at any adjornmnt throf as follows:

Agnda Itm Mark with X whr applicabl

Agenda Item

Mark with X where applicable

In favour Against Abstain

1. Adoption of 2015 annal nancial statmnts.

2. R-lction of dirctors.

3.1 Dtrmination of dirctors’ rmnration.

3.2 R-appointmnt of Dloitt as aditors.

3.3 Dclaration of nal dividnd.

Signd at on this day of 2015

Signature

Assistd by m (whr applicabl) (s not 3)

Fll nam/s of signatory/is if signing in a rprsntativ capacity (s not 4)

Nots:

1. A mmbr ntitld to attnd and vot at th mting is ntitld to appoint on or mor proxis to attnd, spak

and vot in his/hr stad. A proxy nd not b a mmbr of th company.

2. If this proxy form is rtrnd withot any indication as to how th proxy shold vot, th proxy will b ntitld to

vot or abstain from voting as h/sh thinks fit.

3. A minor mst b assistd by his/hr gardian.

4. Th athority of a prson signing a proxy in a rprsntativ capacity mst b attachd to th proxy nlss th

company has alrady rcordd that athority.

5. In ordr to b ffctiv, proxy forms mst rach th rgistrd offic of th company (Illovo Sgar (Malawi)

Limitd, Illovo Hos, Chrchill Road, Privat Bag 580, Limb, Malawi) or th transfr scrtaris (First Mrchant

Bank Transfr Scrtaris, 2nd Floor, Livingston Towrs, Glyn Jons Road, Privat Bag 122, Blantyr, Malawi)

by no latr than 16h00 on Friday, 31 Jly 2015.

6. Th dlivry of th dly compltd proxy form shall not prcld any mmbr or his/hr dly athorisd

rprsntativ from attnding th mting, spaking and voting instad of sch dly appointd proxy.

7. If two or mor proxis attnd th mting, thn that prson attnding th mting whos nam appars first on

th proxy form, or whos nam is not dltd, shall b rgardd as th appointd proxy.

$




Notes

illovo sugar malawi ltd 2015 annual report

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