place of
Currency Year end 2020
  Nature of
National Foods Holdings Limited (note 1) Zimbabwe US dollar June 37,4 37,4   Food processing Listed
Empresas Carozzi Chile Chilean peso December 24,4 24,4   Food processing Unlisted
UAC Foods Nigeria Nigerian naira December 49,0 49,0   Food processing Unlisted

Detailed disclosure of Empresas Carozzi for 2020 is noted below, as per note 14.4.

Summarised statement of comprehensive income September 
Revenue 21 519,6
Profit after taxation 1 152,9
   Attributable to outside shareholders 1 152,9
Other comprehensive (loss)/income, net of taxation (173,7)
Total comprehensive income for the year 979,1
   Attributable to outside shareholders 979,1
Dividends received from Empresas Carozzi 105,5
Summarised statement of financial position September
Non-current assets 16 691,3
Current assets 8 796,4
Non-current liabilities (8 469,0)
Current liabilities (5 572,8)
Net asset value 11 445,9
Reconciliation of the summarised financial information presented to the carrying amount of Tiger Brands’ interest in Empresas Carozzi September
Tiger Brands’ effective share of Empresas Carozzi’s NAV 2 792,8
Translation differences (554,6)
Carrying value of Empresas Carozzi 2 238,2

Note 2 – National Foods Holdings Limited (NFH)

Accounting for investment in associate

The group has a 37,4% investment in National Foods Holdings Limited (NFH), an associate company incorporated in Zimbabwe and which operates throughout Zimbabwe.

The equity-accounted results of NFH included in these results have therefore been prepared in accordance with IAS 29, with the following key accounting principles and judgements applied by the group:

As the group’s presentation currency is not that of a hyperinflationary economy, the comparative information of the group’s financial results relating to NFH is not restated. Any difference between our share of NFH adjusted equity balance after applying IAS 29 and the balance previously recorded by the group as at 30 September 2019 is recognised in other comprehensive income as part of foreign currency translations for the current period.

Exchange rates applied in translating the results of investment in associate

During the current and prior period under review, the following changes to the functional and presentation currencies of NFH occurred:

The results and net asset value of NFH have been translated into the group’s presentation currency at the closing exchange rate, in accordance with hyperinflationary provisions of IAS 21 The Effects of Changes in Foreign Exchange Rates.