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Integrated Annual Report 20I I Year Ended 31 March a Year of Contrasts

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Integrated Annual Report 20I I Year Ended 31 March a Year of Contrasts INTEGRATED ANNUAL REPORT 20I I YEAR ENDED 31 MARCH A YEAR OF CONTRASTS σσ ƭ* ix&uxi8 4xia| x Eiu*x Hib|i4ƭЄЁЄaH[[Hib σσ żauxi*&| x Eab4 xHb?*9 H*b H*|x*|[ *&Hbb*| Ha *&*b*8 i4ƭЃЇaH[[Hib σσ Ƴ?xuxi& HibHbǕHa*?x*ЃЊҟ σσ Ǝb&b&*x|?x b*HbƳi Eʼn4xH Hb x*|*&ІЇЁЇE* x*| σσ Ǝi*| xHb4[[HbƌǕ[νƕ [Ω4ix E*u| ЂІ*x| σσ Ǝi*| |?x xiuHbƳi Eʼn4xH |Hb * E*ЂЊІЄιІЅ|*|ib σσ ƭ* ix&uxi& Hibi4ЇЃЉЁЁЁ ib| E*Ƴi Eʼn4xH b|?xx*8b*xφi*xЂЁЁ*x|i4EH| ixχ σσ Ƴ?xuxi& HibHb x*|*&ЃЅҟHbƔi¦aHw*iu*x Hib| σσ ƭuH&&*ux* H Hibi4 E*Ɣ* H [x*|[ *&Hbb*? H*uxi8 Hau i4|ia*ƭЂЃЁaH[[Hib σσ ЂЁЁ&**[iu[*E* x*|i4[b&|i[&4ix6ix&[*Ei|Hb?HbŘixbH σσ ƭ* ix&uxH *i4ƭЄЇЂЁu*x[XaЃi Hb*&4ix[b&|[*|HbƾaE[b?ƹibŘ*b x* σσ ŹHuuilj[[*Ţ| *νŭi[&ʼnx&4ixƳ4* σσ żb [|HibHb E*ƈƳŢƳƭżHb&* σσ Ǝ**[Ѓŗxi&νŗ|*&ŗ[ XŢ ibiaH Ţaui*xa*b ƭ Hb?4ixƳi Eʼn4xH biu*x Hib| CONTENTS Tongaat Hulett and its Strategic Platform 2 Remuneration Committee 48 Chairman’s Statement 8 Nomination Committee 48 Chief Executive’s Review 10 Management Committees 49 Overview and Strategy 11 Accountability and Internal Control 49 Financial and Operations Review 14 Code of Business Conduct and Ethics 50 Outlook and Conclusion 19 Remuneration Report 50 Sustainability 20 Other Governance Items and Assertions 52 Strategy and Analysis 21 Directorate 53 Performance 24 Segmental Analysis 56 Environmental Stewardship 24 Financial Results with 12 Month Comparatives 57 Third Party Certifications 29 Annual Financial Statements 58 Social Performance 29 Report of the Independent Auditors 59 Safety 29 Directors’ Statement of Responsibility and Approval of Annual Financial Statements 60 Health 30 Certificate by Company Secretary 60 Talent Management and People Development 31 Directors’ Statutory Report 61 Stakeholder Engagement 36 Financial Statements 64 Economic Sustainability 37 Five Year Review 113 Socio-Economic Development 39 Definitions 114 Request for Feedback 40 Independent Reporting Accountants’ Independent Assurance Statement 41 Assurance Report 115 Corporate Governance 42 Share Ownership Analysis 117 Governance Overview 42 Corporate Information 118 Board of Directors 42 Shareholders’ Diary 118 Audit and Compliance Committee 44 Notice to Shareholders 119 Risk and SHE Committee 46 Form of Proxy 2011 1 Tongaat Hulett and its STRATEGIC PLATFORM Tongaat Hulett is an agricultural and agri-processing SUGAR OPERATIONS business which includes integrated components of land Tongaat Hulett is in the favourable position of being management and property development. Through its able to capitalise on the changing sugar fundamentals sugar and starch operations, Tongaat Hulett produces a with low cost sugar operations located in six Southern range of refined carbohydrate products from sugar cane African Development Community (SADC) countries, the and maize. The business has considerable expertise in leading Huletts® sugar brand, world class technology and downstream agricultural products, biofuel production preferential market access. and electricity generation. Tongaat Hulett balances For a number of years production has amounted to the operational requirement for cane supplies to its 1 million tons of sugar compared to an installed milling sugar cane processing operations with the transition of capacity that is in excess of 2 million tons. This resulted agricultural land to other uses at the appropriate times. largely from the less favourable sugar revenue dynamics The energy-food-water nexus is an evolving dynamic that existed until recently, as well as the Mozambique presenting both opportunities and risks. Tongaat Hulett expansion being completed in 2009/10 and the turbulent is well placed to capitalise on emerging opportunities macro-economic fundamentals in Zimbabwe up to for expansion and growth in Africa, with unconstrained the end of 2009. The existing unutilised capacity has a access to sugar markets, its independant position, replacement cost in excess of R10 billion. established business platform and size. Against the background of a more favourable revenue The successful management of the socio-economic- expectation, and the question as to where the world will political dynamics of agriculture, land, water, agri- source more sugar, Tongaat Hulett’s strategy over the processing, food and renewable energy are key to the next 5 years is to facilitate an increase in cane supplies in order to increase sugar production to more than 2 million continued success and value creation of the business. The tons per annum. The increased sugar volumes will also growth and development of the company’s operations, lead to a substantial reduction in unit costs of production. in the selected regions in which it operates, have Numerous cane supply initiatives are underway in all the involved establishing credible partnering relationships sugar operations. with farmers, local communities, governments and employees. Tongaat Hulett’s independent status and Tongaat Hulett’s South African sugar milling, refining and local ownership is critical to the continuation of these agricultural operations are located on the north coast of relationships. KwaZulu-Natal. The sugar mills at Maidstone, Darnall, Amatikulu and Felixton have an installed capacity to Tongaat Hulett employs more than 42 000 employees produce approximately 1 million tons of raw sugar and a during its peak milling season, and conducts its business central refinery in Durban produces in excess of 600 000 operations in a manner that seeks to create value for all tons of refined sugar per annum. The South African sugar stakeholders, in a sustainable manner that contributes product range offers a total sweetener solution including meaningfully to the social and physical environment in which it operates. A fundamental shift has been taking place in the global sugar industry as increasing quantities of cane are directed at producing ethanol as an effective carbon dioxide (CO2) mitigation strategy. The fibre in sugar cane is increasingly being used for renewable electricity generation and global demand for sugar continues to grow at an average of 2 percent per annum, which currently equals 3,2 million tons of sugar. Traditionally, the growing demand for sugar worldwide has been met by Brazil, but this position has changed, creating opportunities for other regions. Sub- Saharan Africa, with ample unutilised arable land and using less than 10 percent of its available fresh water, is well positioned to benefit from these developments. 2011 2 a range of high intensity sweeteners. The company’s occupy 15 880 hectares of developed cane land with a Huletts® brand has consistently been acknowledged potential to produce a further 1,4 million tons of cane as the leading sugar brand. An animal feeds operation, per year. The Triangle and Hippo Valley Estate sugar mills Voermol Feeds is located at the Maidstone mill and this have a combined annual milling capacity to crush about operation manufactures and markets a range of energy 4,8 million tons of cane. The total refined sugar installed and supplementary feeds to the livestock farming capacity is 140 000 tons and the Triangle Estates ethanol community through its leading Voermol® brand. plant has an installed capacity of 40 million litres over a The Mozambique sugar operations consist of the 48 week production season. The lowveld in Zimbabwe, expanded sugar mills and estates surrounding Xinavane with excellent topography, climate and established water and Mafambisse. The expansion of the Xinavane sugar storage and conveyance infrastructures for irrigation, is mill was completed in 2009/10. There were 24 664 recognised as a globally competitive sugar producer. hectares of Tongaat Hulett owned and leased land, Tongaat Hulett’s sugar cane estate in Swaziland is under cane, available for harvest as at 31 March 2011. situated in the north-east of the country and comprises Private farms supply cane from a further 2 544 hectares. 3 838 hectares of fully irrigated estates. The Botswana Sugar production capacity has increased to more than and Namibia packing and distribution operations 226 000 tons in a 32 week crushing season. Together with have capacities of 60 000 and 80 000 tons per annum the existing 87 000 tons of capacity at the Mafambisse respectively. sugar mill, the Mozambique operations have the installed milling capacity to produce in excess of 310 000 tons per RENEWABLE ENERGY annum. The sugar estates are irrigated and are located in areas with ideal growing conditions, resulting in high Evidence of climate change because of increased levels cane and sucrose yields. These favourable agricultural of greenhouse gases such as CO2 is becoming more conditions, combined with the sugar mills’ close proximity compelling. The recent Cancun Accord accepted that to the ports, the technology availability and support from cuts in global emissions are required in order to ensure South Africa, ensure that the Mozambique operations are that the rise in global temperature is kept to below two well positioned for future growth. degrees Celsius. South Africa is under pressure to reduce its CO2 footprint as a result of its reliance on fossil fuels The sugar operations in Zimbabwe consist of Triangle and for energy. a 50,3 percent stake in Hippo Valley Estates, representing a combined installed sugar milling capacity of 600 000 The rapidly escalating price of crude oil is a further tons. The Zimbabwe operations comprise 28 494 hectares economic driver towards the use of alternate liquid of developed cane land with a potential to produce in fuels. The large scale adoption of bio-fuels, in particular excess of 3,0 million tons of sugar cane. Private farmers ethanol to replace petrol, has the potential to make a very 2011 3 continued TONGAAT HULETT AND ITS STRATEGIC PLATFORM significant contribution to South Africa and SADC reducing Zimbabwe, Australasia and the Far East. It manufactures carbon emissions. Equally critical, the development of a a wide range of products, from unmodified maize large scale ethanol bio-fuel industry within SADC has the starch to highly refined glucose products, which are potential to make a major contribution to employment, key ingredients for local manufacturers of foodstuffs, rural development and food security within the region.
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