Values Overview

Primary Objective

• To enhance the wealth of shareholders by optimising the long-term returns and growth of the business.
• To be a world-class organisation and amongst the most efficient and lowest-cost producers in the world.
• To achieve a sustainable, balanced and integrated economic, social and environmental performance.
• To provide all employees with a working environment that is safe and without risk to their health.

Growth

• To profitably expand the group’s sugar and cane production.
• To consolidate and improve the profitability of downstream products and further develop new applications where appropriate.
• To maximise usage of bagasse and biomass to generate electricity for own operations and to supply power into national grids.
• To seek new opportunities for sugar and downstream products nationally and internationally.

Profitability

• To achieve a competitive rate of return on shareholders’ funds and increase profits on an ongoing basis in real terms.
• To maintain a distribution/dividend cover of at least two times.

Asset management

• To manage investments in fixed assets and working capital so as to achieve the most efficient usage of funds employed, with the objective of not exceeding gearing of 40% over the long term and achieving an interest cover of not less than five times.

Product Development

• To be proactive in identifying the needs of customers.
• To consistently deliver quality products and services to customers.
• To undertake research and development to improve returns, and develop new products and applications, from its core commodity products using every stick of cane.

Human Resources

• To promote the ongoing development of all employees in order that they reach their maximum level of competence and participate fully in achieving the group’s primary objective.
• To offer equal opportunity to all employees.

Corporate governance

• To ensure that the company is managed in an efficient, accountable, responsible, transparent and moral manner.
• To be socially responsible, and maintain and develop appropriate ethical, environmental and risk management standards as an integral part of the business.
• Take cognisance of all stakeholders’ interests in the group’s business.

• To be the leading sugar and downstream products operation in Africa, an increasing global supplier and a world-class organisation.
• To be welcomed in the communities in which it operates because of what it does, how well it does it and be accepted as a progressive company by all communities; aligning strategies to meet changing circumstances in the various countries in which the group operates.
• To be the lowest-cost producer in every country in which it operates and among the lowest-cost producers in the world.
• Increase profits in real terms on a sustainable basis and maximise the return on capital employed through cost leadership, the use of innovative technology and the participation of all of its employees.
• To provide a safe working environment for all employees, contractors and stakeholders.
• To be the market leader, meeting and proactively anticipating customer needs.
• To be cognisant of the rural locations of the group’s operations and the impact that it has on job creation and poverty alleviation in such areas.
• To optimise the return on every stick of cane by adding value to its core commodity products - fibre, sugar and molasses. It will focus on its core business and develop material niche operations which add value.
• To be a moral, performance-focused organisation that people are proud to work for, where they are challenged to ‘go the extra mile’, feel they can make a difference and know that good performance is recognised.

The vision of the Illovo Group is to be a world-class and highly efficient organisation, operating in Africa, adding value to its core products of sugar, fibre and molasses. Illovo seeks to optimise growth, reduce cost of production and enhance shareholder wealth along with stakeholder value; achieving a sustainable, balanced and integrated economic, social and environmental performance.

Our Values are our foundation; they represent what we as Illovo stand for. They form part of our “DNA” and govern all that we do. They guide our celebration of the past - our heritage and our achievements – and inspire our plans for the future, through our goals and objectives.

Integrity - Upholding Our Values

We consistently live our values, treat all individuals in a fair and consistent manner, as well as act in accordance with ethical guidelines and statutory requirements. We are welcomed by the communities in which we operate, are trusted by investors, and our employees are proud to work for us.

Empowerment - Empowering Our People

We are committed to the development of our people through the continued acquisition of new knowledge and skills. We use various methodologies to enhance the learning experience and the transfer of skills. We earn each other’s trust, provide constructive feedback and hold ourselves and others accountable for performance development.

Inclusiveness - Embracing Diversity

We leverage on our diversity in order to maximize performance by actively supporting transformation initiatives. Because we value innovation, creativity and inclusion, we respect each other’s opinions and perspectives, treat people with dignity and respect, and build culturally diverse teams.

Commitment - Working Collaboratively

We are committed to the success of the whole and together look for ways to co-operate and support each other, even when the immediate benefit is one-way. We value strong networks and working relationships that are underpinned by teamwork, open communication, trust and respect. We invest time and other resources to build and nurture high-performing teams.

Accountability - Delivery Focused

We find ways to break through resistance and obstacles, and strive to seek new methods in order to continuously improve. We align our day-to-day work with the Illovo vision and strategic intent, and our objectives, action plans and commitments are delivery focused. We also engage in celebrating our achievements.