Annual Reports – Eswatini Sugar Association

Integrated Annual Reports

ESA Integrated Annual Report 2015/16

ESA is now well advanced in its journey of integrated reporting, which is one of the tenets of the King III Code of Corporate Governance (King III). This is the fourth edition in this journey and the product reflects ESA’s central motto of seeking continual improvement in all its operations and processes.

This report has been produced with the benefit of the best practice principles governing comprehensive and balanced disclosure by the International Integrated Reporting Council (IIRC).

The report covers eight broad areas: organizational overview and external environment, business model, governance, Materiality, strategy and resource allocation, organisational performance, future outlook and summary financial statements. The objective is to enable stakeholders to appreciate, on the whole, the organisation, its performance and future prospects as well as the factors which have a material impact on its sustainability into the longer term.

The analytical section of the report (in PDF) is found here

The detailed financial statements are found here

ESA Integrated Annual Report 2014/15

This report has been produced with the benefit of the best practice principles governing comprehensive and balanced disclosure by the International Integrated Reporting Council (IIRC).

The analytical section of the report (in PDF) is found here

The detailed financial statements are found here

ESA Integrated Annual Report 2013/14

ESA is now well advanced in its journey of integrated reporting, which is one of the tenets of the King III Code of Corporate Governance (King III). This is the third edition in this journey and the product reflects ESA’s central motto of seeking continual improvement in all its operations and processes. This latest report has been produced with the benefit of the best practice principles governing comprehensive and balanced disclosure by the International Integrated Reporting Council (IIRC).

The report covers four broad areas: governance issues, the business model, organisational performance and future outlook. The objective is to enable stakeholders to appreciate, on the whole, the organisation, its performance and future prospects as well as the factors which have a material impact on its sustainability into the longer term.

The analytical section of the Integrated Report is in PDF format and is found here

The detailed financial statements are found here

ESA Integrated Annual Report 2012/13

This is the second within the integrated reporting series and indicates a continual improvement on the first one – guided by the requirements of the King III Code of Corporate Governance and the draft Prototype Consultative Draft of 2013.

The report covers the organizational performance in many key areas including sales, financial performance, outlook and governance. The integrated reporting framework ensures that all aspects of the business are reported in a holistic and integrated manner with the objective of enabling stakeholders to appreciate the key determinants of ESA’s performance as well as the factors which have a material impact on the sustainability of the industry into the longer term.

The analytical section of the Integrated Report in PDF format is found here

and the Flash version can be found here.

The abridged financials are here

a Flash version can be found here

The detailed financial statements are found here
The highlights on performance for the 2012/13 year can be found here.

2011/12 ESA ISSUES FIRST ANNUAL INTEGRATED REPORT

In the past, Eswatini Sugar Association (ESA) Annual Reports covered the key elements of sales performance, management commentary, financial performance, outlook and governance. Council has decided that these key elements should now be reported in a holistic and integrated manner with the objective of enabling stakeholders to appreciate the key determinants of ESA’s performance as well as the factors which have a material impact on the sustainability of the industry into the longer term.

The analytical section of the Integrated Report is found here. The abridged financials are here while the detailed financial statements are found here. A Flash version of the full Integrated Report (with abridged financial statements) can be found here.

2010/11 PERFORMANCE REVIEW

Despite the increase in area harvested, the cane harvested declined by 45 850 tons (thus continuing the declining trend experienced in the past three years). Cane yield also declined from 97.2 tons per ha in the previous year to 95,9 tons per ha. At the same time, sucrose content fell slightly from 14,3% to 13,9%; with the sugar recovered from cane also falling slightly from 12,3% to 12,0%. A combination of all these resulted in a drop of sucrose production by 3,8% to 675 909 tons, whilst sugar production dropped by 3,9% to 582 019 tons (the lowest level in the past nine years). Thus, the year under review has not been a good one for the sugar industry in as far as production is concerned.

ESA gross revenues increased from E2,6 billion to E2,8 billion (representing an increase of 7,7%) due to increased sugar and molasses sales revenues, which increased by E137 million (5,3%) and E14 million (24,6%) respectively. However, due to a significant drawdown on closing stocks to meet sales commitments, owing to the considerable reduction in production, there was a downward adjustment in the value of stocks (by E219 million). As a result, the net proceeds from sugar and molasses sales reduced from E2,1 billion to E2,0 billion.

Find more information in the:

Annual Report 2010/11 PDF Version

Annual Report 2010/11 Flash Magazine Version

2009/10 PERFORMANCE REVIEW

In 2009/10 there was a drop of sucrose production by 13 893 tons to 702 825 tons, whilst sugar production dropped by 20 927 tons to 605 656 tons (the lowest levels in the last five years). Sugar revenues (net of rebates and direct export costs) increased by 1% from E2,44 billion to E2,46 billion. Molasses revenues (net of rebates) increased by a massive 32,6% to E57 million from E43 million. Total revenues from both sugar and molasses amounted to E2,52 billion (a marginal increase of 0,4% over the previous year).

Find more information in the Annual Report 2009/10 PDF

2008/09 PERFORMANCE REVIEW

In 2008/09 sugar sales revenue indicated that there was an increase by 14,6% to R2,9 billion despite a decline in the total sugar tonnage sold. Molasses revenue declined slightly to R43 million and this was due to reduction in sales tonnage by 5,3%.

Find more information in the Annual Report 2008/09

2007/08 PERFORMANCE REVIEW

Despite a slight decline in area cultivated and harvested, total cane production increased by 2.9% in 2007/08 to reach 5.1 million tons from 4.9 million tons the previous year. This was due to increased productivity in the farms. Sugar production also increased by 1.3% to reach 631, 236. This was mainly due to a 3.3% increase in cane yields, which rose from 97.8 tons/hectare to 101.02 tons/hectare. The sucrose content declined marginally from 14.4% to 14.3%.

A total of 626, 730 tons was sold during the year, of which 52% went to SACU, 28% to the EU, 3% to US and 17% to COMESA, with the sales value (inclusive of molasses) reaching E2.53 billion from E2.02 billion the previous year.

Find more information in the Annual Report 2007/08

Financials part 1 – click here to read

Financials part 2 – click here to read

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