Illovo Sugar : 2016-06-30 Annual Financial Statements for the year ended 31 March 2016

0a01b106-3a0e-49fe-b4bd-06868fb4181b.pdf Audited Consolidated and Separate Annual Financial Statements

for the year ended 31 March 2016

Annual financial statements

Known as the Tree of Life, the Baobab tree is a spiritual symbol in many African cultures throughout the continent. With a lifespan of up to 5 000 years, it is described as an enduring survivor and a benevolent listener that has come to symbolise

a sense of community, knowledge and longevity.

Annual financial statements

Contents

Approval of the consolidated and separate annual financial statements 2

Lodgement of returns with the Companies and Intellectual Property Commission 2

Directors' report 3

Analysis of shareholders 8

Audit Committee report 9

Independent auditor's report 12

Consolidated and separate statement of profit or loss and other comprehensive income 13

Consolidated and separate statement of financial position 14

Consolidated and separate statement of changes in equity 15

Consolidated and separate statement of cash flows 17

Notes to the consolidated and separate financial statements 20

We believe that the Baobab tree embodies the very spirit of Illovo and what we stand for.

In the same way that the Baobab is more than just a tree,

Illovo is more than just sugar.

IllovoSugar Limited | Audited consolidated and separate annual financial statements 2016 | 1

Annual financial statements

Approval of annual financial statements

The directors of Illovo are responsible for overseeing the preparation and the integrity of the consolidated and separate annual financial statements of Illovo Sugar Limited ("the company") and its investee companies (collectively referred to as "the group").

In order to fulfil this responsibility, the group maintains internal accounting and administrative control systems designed to provide reasonable assurance that assets are safeguarded and that transactions are executed and recorded in accordance with the group's policies and procedures.

The consolidated and separate annual financial statements, have been prepared in terms of the measurement and recognition requirements of International Financial Reporting Standards and the Companies Act, under the supervision of Mr M H Abdool-Samad, CA(SA), the Financial Director.

The consolidated and separate annual financial statements are examined by the group's independent auditors, Deloitte & Touche, in conformity with International Standards on Auditing. The unmodified independent auditor's report appears on page 12.

The Audit Committee, chaired by a non-executive, independent director, meets periodically with the auditors and management to discuss internal accounting controls, auditing and financial reporting matters. The auditors have unrestricted access to the Audit Committee.

Based on the forecast financial results and cash flows for the forthcoming year, the board of directors is of the opinion that the group has adequate resources to continue in operation for the foreseeable future. The consolidated and separate annual financial statements were consequently prepared on a going concern basis.

The consolidated and separate annual financial statements, including the Directors' Report and the Audit Committee Report, were approved by the board on 2 June 2016 and are signed on its behalf by:

T S Munday G B Dalgleish

Chairman Managing Director

Lodgement of returns with the Companies and Intellectual Property Commission

I hereby certify that for the year ended 31 March 2016, the company has lodged with the Companies and Intellectual Property Commission all such returns as are required of a public company in terms of the Companies Act, and that all such returns are true, correct and

up-to-date.

J A Kunst

Company Secretary

Durban

2 June 2016

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