Tongaat Hulett Limited · JSE:TON
Tongaat Hulett — Investor Day (December 2019)
78 slides from Tongaat Hulett's investor day presentation, Dec 10, 2019
Slide 1: Capital Markets Day
m Ww Est. 1892 TongaatHulett: Capital Markets Day
Slide 2: Disclaimer
Disclaimer IMPORTANT: The following applies to this document, the oral presentation of the information in this document by Tongaat Hulett Limited (the “Company”) or any person on behalf of the Company, and any question-and-answer session that follows the oral presentation (collectively, the “Informa
Slide 3: Today's Agenda
Today’s Agenda 1. Welcome and Update 13:15-13:45 4 Michelle Jean-Louis, Gavin Hudson 2. Tongaat Hulett Investment Highlights 13:45-14:15 18 Gavin Hudson Coffee / Tea Break 14:15-14:30 3. Focus on the Group’s Divisions 14:30-16:00 29 a. Starch – Garth Macpherson 14:30-15:00 b. Sugar – Simon Harvey 15
Slide 4: Today's Presenters
Today’s Presenters Gavin Hudson Rob Aitken Dan Marokane Chief Executive Officer Chief Financial Officer Strategy and Business Transformation Executive Garth Macpherson Bongani Gumede Simon Harvey MD Starch MD Property MD Sugar 4
Slide 5: 1. Tongaat Hulett Update
1. Tongaat Hulett Update om TongaatHulett: 5
Slide 6: The Tongaat Hulett Group at a Glance
The Tongaat Hulett Group at a Glance Group Highlights Starch 4 R4.0bn >850k Plants In FY19 Revenue Tons of maize per annum processing capacity Leading Agri Business in Africa 13 R12.8bn ~45k Production facilities(1) In FY19 Revenue Hectares farmed(2) A Leader in the Starch & Sugar Glucose, Sugar, Et
Slide 7: Why We Find Ourselves in Our Current Predicament
Why We Find Ourselves in Our Current Predicament 1 Poorly Managed and Underperforming Business Debt has Doubled over the Last 6 Years (Debt in Rbn) 2 11.4 11.3 Inadequate Governance 10.0 3 Financial Mismanagement and Misrepresentation 4 Weak Relationship with Stakeholders 5 Historic Business Plan Re
Slide 8: Our Timeline to Date
Our Timeline to Date Aug 2018 Mar 2019 Forensic investigation Oct 2019 Dec 2019 CEO and CFO Appointment of PwC completed within 7 months PwC Forensic Presentation to investors on announced as forensic auditor Report completed the Company’s turnaround resignation plan, new strategy and Governance Fra
Slide 9: Key Findings of the PwC Forensic Investigation
Key Findings of the PwC Forensic Investigation The PwC and management’s internal investigation uncovered a culture of deference and weak governance Categories of Financial Misstatements 1 2 3 4 Early Recognition of Overstatement of Cane Overstatement of Value: Overstatement of Revenue from Land Sale
Slide 10: Addressing the Governance and Process Challenges
Addressing the Governance and Process Challenges Board and Governance Management Business • Established or • Extensive Review of • Formalisation of Reconstituted Board Management Skill Base Accounting Policies and Committees and Procedures • Re-establishment of • Creation of Centralised • Implementa
Slide 11: It's a New Dawn, It's a New Day, It's the Tongaat Hulett Way
It’s a New Dawn, It’s a New Day, It’s the Tongaat Hulett Way It’s a New Dawn, It’s a New Day, It’s the Tongaat Hulett Way (Video) 11
Slide 12: Building a Business for the Future
Building a Business for the Future P Focused on Our • Vision: To be the most trusted partner in all that we do Vision and • Mission: Build our future by creating sustainable value for all our stakeholders Mission • Right size and fix the fundamentals of our business With a Strategy to Deliver • Driv
Slide 13: Key Pillars of Our New Strategy
Key Pillars of Our New Strategy Right size and Drive efficiencies within Create a platform Build capability fix the fundamentals our business to truly for sustainable in our people of our business leverage our asset base profitable growth and processes • Resource and headcount • Infrastructure optim
Slide 14: Experienced New Team to Lead and Implement the Strategy
Experienced New Team to Lead and Implement the Strategy New Management Team Gavin Hudson Rob Aitken Dan Marokane Garth Macpherson Chief Executive Officer Chief Financial Officer Strategy and Business MD Starch CEO since February CFO since March 2019 Transformation Executive MD Starch since 2010 2019
Slide 15: New Board with a Strong Focus on Governance and Accountability
New Board with a Strong Focus on Governance and Accountability Non-Executive Board Members Louis von Zeuner Stephen Beesley Jean Nel Andile Sangqu Chairman of the Board & Chairman Social & Chairman Risk, Capital & Chairman Remuneration & Nomination Committee Ethics Committee Investment Committee HR
Slide 16: We Are Delivering on Our Strategy
We Are Delivering on Our Strategy 1. Completed 2. Short to Medium-Term 3. Long-Term New Exco and defined strategy • Absolute focus on growing core business • Sustainable, fit for purpose business – disposal of non-core assets model New board and governance structure PwC forensic investigation
Slide 17: Our Path to Cash Flow Improvement and Debt Reduction
Our Path to Cash Flow Improvement and Debt Reduction 1 2 3 4 Self Help – Cash Strategic Business Equity Capital Asset Disposals Flow Improvement Partnerships Raise ~R3bn c. R1 – 2bn c. R4bn Initiatives in Place • Cost efficiencies • MillCo: Milling operations • Shareholders • Core • Working capital
Slide 18: 2. Tongaat Hulett Investment Highlights
2. Tongaat Hulett Investment Highlights 18
Slide 19: Why Tongaat Hulett Is an Attractive Investment Proposition
Why Tongaat Hulett Is an Attractive Investment Proposition 1 Diversified African Agri Leader 2 Largest Starch and Glucose Producer in Africa 3 Leading Sugar Producer in Southern Africa 4 Premier Commercial Property Portfolio 5 Strategic Initiatives to Drive Profitable Growth 19
Slide 20: 1. Diversified African Agri Leader
1. Diversified African Agri Leader A Significant Player in Southern Africa(1) One of the largest Trusted government Leading household 127-year history employers in Southern partner brands Africa Revenue Production 1.7m 40m >850k ~400k R17.1bn Tons per annum in Litres of ethanol Tons per annum of Ton
Slide 21: 2. Largest Starch and Glucose Producer in Africa
2. Largest Starch and Glucose Producer in Africa FY19 Revenue: R4.0bn FY19 EBITDA(1): R777m Kliprivier Mill Germiston Mill Low-cost manufacturing of Low-cost manufacturing of Market Leader Unique High Barriers to unmodified starch and liquid and powdered glucose glucose with 4 Mills and Geographic E
Slide 22: 3. Leading Sugar Producer in Southern Africa
3. Leading Sugar Producer in Southern Africa FY19 Revenue: R12.8bn FY19 Adj. EBITDA(1): R395m South Africa Zimbabwe Mozambique • 4 sugar mills • 2 sugar mills • 2 sugar mills A Market Well-Located to High Barriers to • 1 refinery • 1 refinery • 1 refinery Leader with Access Key Entry Due to • Animal
Slide 23: 4. Premier Commercial Property Portfolio
4. Premier Commercial Property Portfolio Significant Current Value with Large Upside Potential ~11.7k ha in Three Prime KZN Commercial Growth Nodes KwaDukuza Zinkwazi- Developable Bulk infrastructure Developed Thukela Value provided by government Value Tinley ~R11bn R34.8bn Indicative fair Indicativ
Slide 24: 5. Incremental Cash Flows of R3.0bn
5. Incremental Cash Flows of R3.0bn How Do We Expect to Achieve This? Capex ~R100m Working Capital ~R600m Costs R1,400 — R1,650m Interest R500 — R600m Revenue Opportunities R200 — R350m Notes: Includes forward-looking financial data, please refer to disclaimer on forward-looking statements. Includes
Slide 25: 5. Strategic Initiatives to Drive Profitable Growth in the Medium-Term
5. Strategic Initiatives to Drive Profitable Growth in the Medium-Term EBITDA Run-Rate Improvements by Initiatives (in Rm) Group EBITDA Initiative impact 500 — 850 2,800 — 3,800 (150) — (100) 300 — 550 800 — 1,100 1,860 1,383 (477) (1) FY19 EBITDA Adjustments, Adjusted EBITDA Streamlining Asset Opti
Slide 26: 5. Strong Focus on Each of Our Business Units
5. Strong Focus on Each of Our Business Units Target Medium-Term EBITDA Run-Rate by Division (in Rm) 300 — 350 2,800 — 3,800 850 — 950 (150) — (100) 250 — 500 1,100 — 1,500 400 — 650 (2) South Africa Zimbabwe Mozambique Starch Property Non-Core Disposal Group FY19 Adjusted (321) 646 (36) 777 279 106
Slide 27: Tongaat Hulett Is an Attractive Investment as a Group
Tongaat Hulett Is an Attractive Investment as a Group Starch Sugar Property • Stable and predictable free cash • Meaningful short-term upside from • Prime commercial land bank in key flow cost cutting initiatives growth nodes • Strong market position • Future growth opportunities from: • Significant
Slide 28: We Are Focused on Building a Sustainable and Long-Term Future
We Are Focused on Building a Sustainable and Long-Term Future Good Progress on Our Turnaround Strategy P + Fit for Purpose P + Attractive Group Proposition P + Require a c. R4bn Capital Raise = Sustainable and Long-Term Future 28
Slide 29: 3. Focus on the Group's Divisions
3. Focus on the Group’s Divisions 29
Slide 30: A. Starch Division
A. Starch Division nm TongaatHulett Starch 30
Slide 31: Global Starch and Glucose and Maize Market Dynamics
Global Starch and Glucose and Maize Market Dynamics Overview Key Raw Materials and End Market Splits Sources of Starch End Market Split Primary end markets are food & beverage (by volume, 2017) (by volume, 2016) Others Cassava Cosmetics Feed Potatoes 2% 5% 2% 2% 5% Steady long-term growth in global
Slide 32: Starch Division at a Glance
Starch Division at a Glance Overview Revenue and EBITDA Performance 2019 (in Rm) Revenue EBITDA growth One of Africa's largest starch and glucose producers with >100- year history 3,913 4,008 2.4% Largest South African manufacturer of starch and glucose in 777 South Africa, with a capacity of >850,0
Slide 33: South African Maize Industry at a Glance
South African Maize Industry at a Glance Maize Pricing South Africa is the Largest Maize Producer in Africa… (in mtons, 2019) 12.5 Global maize supply (and prices) driven largely by US (and to 11.0 8.0 7.2 some extent China, Brazil) production 5.5 3.3 3.2 3.0 2.4 2.2 South Nigeria Ethiopia Egypt Tan
Slide 34: Maize Price: Import and Export Parity
Maize Price: Import and Export Parity 4,500 (in R/ton) Severe drought resulting in reference maize price trading closer to import parity 4,250 4,000 3,750 Export / import parity as 3,500 floor / ceiling for SAFEX South African maize prices 3,250 are quoted on SAFEX 3,000 2,750 2,500 2,250 2,000 1,75
Slide 35: Tongaat Hulett's Pricing Strategy
Tongaat Hulett’s Pricing Strategy Initial Market Situation Formula-Based Pricing Managed Market Situation • Pricing accounts for movements in maize Pricing strategy takes into prices, variable costs, overhead and • Market input and output margins account customer: prices fluctuate 50% • For sophisti
Slide 36: Key Starch Division Highlights
Key Starch Division Highlights A B Access to a diversified customer base and High quality asset base with significant replacement regional growth markets complemented value and available capacity for growth by leading domestic position High quality, widely diversified product Established non-GMO mai
Slide 37: A. Large Installed Asset Base with Capacity for Growth
A. Large Installed Asset Base with Capacity for Growth Significant Barriers to Entry Commissioned: 1997 Commissioned: 1921 Capacity: 324,000 tpa Capacity: 388,800 tpa Key products manufactured: Key products manufactured: • Enzyme glucose • Unmodified starch (liquid and powdered) • Liquid enzyme gluc
Slide 38: B. Access to a Diversified Customer Base and Regional Growth Markets
B. Access to a Diversified Customer Base and Regional Growth Markets Complemented by Leading Domestic Position Leading Manufacturer in Africa + Growing Regional Exports + Blue-Chip Customer Base Largest manufacturer of starch and glucose 53% of starch and glucose exports go to Supplies some of
Slide 39: C. Diversified Product Range with Expansion Potential
C. Diversified Product Range with Expansion Potential Key Brands: Vaal Gold Gluten 20®, Key Brand: Amyral® Vaal Gold Gluten 60®, Vaal Gold®, NuCleus® End Use End Use Animal feed Pharmaceuticals, brewing Concentrates for dairy and beef cattle Canning, corrugating adhesives Poultry feed, pig
Slide 40: D. Established Supply Chain with High International Quality Standards
D. Established Supply Chain with High International Quality Standards P Non-GMO Price Competitive Locally Grown Non-GMO Maize Quality Controlled Products • Naturally dried • Identity preservation protocols • High international prices, • Long-term supplier relationship throughout the supply chain imp
Slide 41: Key Strategic Initiatives
Key Strategic Initiatives Targeted Medium-Term Initiatives EBITDA Impact Spare Capacity for Growth ~15% Wet-Milling Capacity Available Spare Capacity for Cost Base Improvement R15 20m Enhanced Production Flexibility Replace Starch & Glucose Imports Utilising Wet-Milling and Finishing Capacity Expa
Slide 42: B. Sugar Division
B. Sugar Division TongaatHulett Sugar 42
Slide 43: Global Sugar Dynamics
Global Sugar Dynamics Overview … Making Positioning as a Low-Cost Producer Important(2) (in USD/ton) Sugar globally growing at ~1.5%(1) Cost of production Cost of production (Tongaat Hulett countries of operation) Developing countries will account for 94% of this growth(1) Current global sugar price
Slide 44: Local Sugar Dynamics (Southern Africa)
Local Sugar Dynamics (Southern Africa) Overview African sugar consumption totals 19.5m ton(1) p.a. with growth opportunities 1.7m ton opportunity in deficit markets(2) Significant scope for growth in per capita consumption Growth Opportunity in Key Regional Deficit Markets… … Complemented by Further
Slide 45: Industry Sustainability Through Legislation
Industry Sustainability Through Legislation South Africa Mozambique Pending Competition Transitional Agreement Sugar Master Plan (2030) Sugar Act Legislation • Completed by SASA and • Restore local market and offtake • Sugar Act will need to be modified • Could lead to DNA-brand submitted to DTI com
Slide 46: Key Sugar Division Highlights
Key Sugar Division Highlights A B Government support Portfolio of leading complemented with mutual sugar brands interest alignment (1) Strong asset base in the local markets with additional Step change access to new markets in transformation C D Notes: (1) Tongaat Hulett does not own exclusive right
Slide 47: Key Strategic Initiatives
Key Strategic Initiatives 1. Streamlining Operations 5. Transformation Step 2. Asset Optimisation Change and Alignment with Governments 4. Revenue Diversification 3. Commercial Opportunities Clear Initiatives to Build a Sustainable and Profitable Sugar Business 47
Slide 48: 1. Streamlining Operations
1. Streamlining Operations Targeted South Africa Zimbabwe Mozambique Medium-Term EBITDA Impact Rightsizing $$$ $$$ $$ R380 560m Spending/SG&A Reductions $$ $$ $ R170 210m Efficiency Gains $ $ $ R70 90m Logistics $$$ $ $ R180 240m … Benefitting from R800 – 1,100m of Additional Estimated EBITD
Slide 49: 2. Asset Optimisation
2. Asset Optimisation Targeted South Africa Zimbabwe Mozambique Medium-Term EBITDA Impact Optimisation of Non-Core $ $ $ R30m R50m Operations Exit Non-Profitable• z $$$ $ $ R100m R250m Business Units Optimisation of Operations $$$ $$ $ R170m R250m … and R300 – 550m from Asset Optimisation Init
Slide 50: 3. Commercial Opportunities Estimated to Increase EBITDA by R350–600m
3. Commercial Opportunities Estimated to Increase EBITDA by R350 600m Adjacent Opportunities $ Pricing $$$ Liquid sugars and fructose Optimal pricing strategy Voermol $ Expand into chicken, dairy Packaging $ and pig food and win back Change packaging material lost market share and review pack size
Slide 51: 4. Revenue Diversification Estimated to Increase EBITDA by R150–250m
4. Revenue Diversification Estimated to Increase EBITDA by R150 250m Cogeneration Sale of excess electricity to the utility Long-Term Opportunities Biodegradable Packaging Alcohol Supplier for sustainable Provide raw material input for packaging solutions spirits companies Bioplastics Supplier for
Slide 52: 5. Tongaat Hulett's Commitment to Transformation
5. Tongaat Hulett’s Commitment to Transformation South Africa Zimbabwe Tongaat Hulett as Level 4 B-BBEE Contributor(1) with AgriBEE Sector Code Kilimanjaro Through Through Through Through Preferential Socio-Economic • 4,000ha of new Ownership Skills Development Procurement Development (SED) sugarcan
Slide 53: Early Initiatives Drive Results
Early Initiatives Drive Results Reducing Milling Cost … … and Refining Cost … (in R/ton) (in R/ton) FY19 FY19 Medium-Term target Medium-Term target South Africa Zimbabwe Mozambique South Africa Zimbabwe Mozambique Notes: Includes targets that are forward-looking statements which have not been review
Slide 54: Clear Path to Sustainable Medium-Term EBITDA in Excess of R2bn
Clear Path to Sustainable Medium-Term EBITDA in Excess of R2bn EBITDA Run-Rate Improvements by Initiatives (in Rm) Group EBITDA Cost initiative impact Revenue initiative impact 150 — 250 1,600 — 2,700 350 — 600 (150) — (100) 300 — 550 800 — 1,100 872 395 (477) (1) (1) FY19 EBITDA Adjustments Adjuste
Slide 55: Clear Path to Sustainable Medium-Term EBITDA in Excess of R2bn (Cont'd)
Clear Path to Sustainable Medium-Term EBITDA in Excess of R2bn (Cont’d) Target Medium-Term Run-Rate EBITDA by Division (in Rm) 250 — 500 1,600 — 2,700 1,100 — 1,500 (150) — (100) 400 — 650 South Africa Zimbabwe Mozambique Non-Core Disposal Target Medium-Term EBITDA FY19 Adjusted (321) 646 (36) 106 3
Slide 56: Progress on the Plan
Progress on the Plan 1. Currently in Place 2. Next 12 Months 3. Long-Term - ~60% of the rightsizing completed - Balance of the rightsizing to be - Expand ethanol capacity in Zimbabwe - ~90% of farming in South Africa completed - Build diversification in South Africa optimised - Optimise infrastructu
Slide 57: C. Property Division
C. Property Division nm TongaatHulett: Property 57
Slide 58: Our Current Property Portfolio Has a Developed Potential Value of c. R35bn
Our Current Property Portfolio Has a Developed Potential Value of c. R35bn Key Highlights Portfolio Land Fair Values Split(1) ~11.7k ha of well-located land available for development with a fair value of ~R11bn(1) Other Supports a comprehensive social and economic program across 14% property portfol
Slide 59: Property Division at a Glance
Property Division at a Glance Geographic Diversification Ambitions for Inclusive Value Creation Honour our obligations to stakeholders arising from commercial Durban Aerotropolis Smart City Region (57% of land) development commitments Coastal Resorts, Lifestyle and Tourism (30% of land) Shift st
Slide 60: Key Property Division Highlights
Key Property Division Highlights All inclusive approach to land ~11.7k ha portfolio to be conversion, development converted into urban land usage and ownership Interest across a variety of Substantial investment into market sectors across all portfolio to facilitate short-term geographic regions cas
Slide 61: Key Strategic Initiatives
Key Strategic Initiatives Coastal Resorts Inland DryPort/ Coastal Resorts and Lifestyle Smart City Region Logistics Precinct Residential Launched by KZN government in Strategic location on N3 Logistics Coastal land with 12km September 2019 Corridor of beachfront Approved masterplan for Umhla
Slide 62: Examples of Unlocking Value: Selected Property Developments
Examples of Unlocking Value: Selected Property Developments Coastal Resorts Sibaya Ntshongweni Tinley Town Private university for 15,000 students Mall of the West, 85,000m2 Tinley International Beach Resort Investment of ~R1bn Investment of ~R2bn, opening in 2022 Investment of ~R1bn Dube
Slide 63: Government Aligned Strategy
Government Aligned Strategy • National Development Plan • Strategic Infrastructure Program National • Medium-Term Strategic and Expenditure Framework Focus • Smart Cities • Inclusive socioeconomic development • Provincial growth and development strategy – corridor development Provincial • Economic t
Slide 64: Property Development Company
Property Development Company Private Equity Investors, DFIs, BEE Investors Internationals PropCo Consolidates development land into a new property company Well-defined land portfolios Facilitates disposal of non-core land Unlocks early cash Drives inclusive socio-economic growth and transf
Slide 65: 4. Financial Overview
4. Financial Overview om TongaatHulett: 65
Slide 66: Introduction - Re-Establishing Financial Rigour
Introduction - Re-Establishing Financial Rigour Strengthened Policies and Financial Results: Areas of Focus Areas Frameworks Restatement • Determining the true financial • Existing accounting policies • Revenue recognition position of the group thoroughly reviewed, revised, approved and applied (wit
Slide 67: Our New Starting Point - Restated Financial Status
Our New Starting Point - Restated Financial Status 2018 2018 Restated(1) Published Revenue R17,505m R16,982m Operating profit(2) R142m R1,956m Total assets R18,686m R29,115m Equity R62m R12,009m Borrowings R11,303m R9,125m The outcome of the restatements is a reduction in the amount reflected in the
Slide 68: Financial Features
Financial Features Key Impacts Revenue Operating profit EBITDA R17.1bn R1.2bn R1.9bn (FY18: R17.5bn) (FY18: R142m) (FY18: R0.7bn) Wide Ranging Restatements to Set a Representative Base Interest paid Headline loss(1) HEPS(2) Finance Costs as a Key R1.5bn R(0.9)bn (823) cents (FY18: R1.3bn) (FY18: R(0
Slide 69: Revenue
Revenue Revenue YoY Commentary #% FY18 FY19 (in Rbn) Change • Group gross revenue marginally lower than prior year 3.0% (0.4%) (43.6%) 93.0% 2.4% (2.5%) • South African sugar production up 16% with underlying sales 17.5 mix shift towards exports due to reduced local demand 17.1 • Steady local demand
Slide 70: EBITDA
EBITDA EBITDA(1) #% Change YoY Commentary FY18 FY19 (in Rm) n/m 126.5% n/m 105.1% 15.3% 155.8% • Increase in sugar operating profits mainly attributable to a fair value gain as well as foreign currency translation benefits in 1,860 the Zimbabwean operations 1,429 674 777 727 • Zimbabwean operations
Slide 71: Operating Profit
Operating Profit Operating Profit #% Change YoY Commentary FY18 FY19 (in Rm) n/m 182.6% n/m 102.2% 15.5% 750.0% • Operating profit increase driven by: 1,201 1,207 o An 11% decline in cost of sales 656 425 568 o A fair value adjustment on biological assets of R470m 273 135 142 compared to the R47m in
Slide 72: FY19 Loss Driven by Finance Costs and FX
FY19 Loss Driven by Finance Costs and FX Bridge from Operating Profit to Comprehensive Loss (in Rm, FY19) 1,207 2 (1,361) (640) (792) (2,728) (29) (3,549) Operating profit Share of profits Net finance costs Income tax Net loss FX translation losses Other Total comprehensive from associates comprehen
Slide 73: Capex
Capex Capex Commentary (in Rm) FY18 FY19 • Capital expenditure, and specifically the replanting of roots has 1,258 been curtailed in consideration of the group’s cash flow constraints • Mozambique includes the following in relation to the Xinavane 1,089 Refinery which was budgeted to cost R548m • FY
Slide 74: Group Tax Profile
Group Tax Profile Consolidated Income Tax Expense Commentary 2019 2018 • The statutory rate of tax in South Africa in 2019 was -28% (the Restated group made a loss in 2019). The group effective tax rate was % % 415.5%. The main drivers for the difference are: (Loss)/profit before tax (154) (952) o T
Slide 75: Debt Refinancing
Debt Refinancing South Africa Refinancing Commentary Type Total (Rm) • As at 31 March 2019, Tongaat Hulett group had outstanding borrowings of R11,438m • Entered into Refinancing Agreements with South African lending group which will be Facility A Term Loan Facility 9,092 used to refinance and repla
Slide 76: Cash Flow Highlights
Cash Flow Highlights 2019 2018 Commentary Rm Restated • Cash generated from operations positively impacted by Cash generated from operations 1 720 1 876 improvements in working capital Additions to property, plant and equipment incl intangibles (1 089) (1 258) • Cash flow benefitted from the decisio
Slide 77: Going Concern
Going Concern Confirmation as Going Concern The Board is of the view that given the significant headroom in the fair value of the assets over the fair value of the liabilities, the group and company are solvent as at 31 March 2019 and at the date of this report. The ability of the entities to repay
Slide 78: 5. Q&A Session
5. Q&A Session om TongaatHulett: 78