INTEREST IN ASSOCIATED COMPANIES
FOR THE YEAR ENDED 30 SEPTEMBER 2022

				Percentage holding
	Principal place of business	Curency	Year end	2022 %	2021 %	Nature of business	Listed/ unlisted
National Foods Holdings Limited (Note 1)	Zimbabwe	Zimbabwean dollar	June	37,4	37,4	Food processing	Listed
Empresas Carozzi	Chile	Chilean peso	December	24,4	24,4	Food processing	Unlisted
Herbivore Earthfoods Proprietary Limited	South Africa	South African rand	February	15,0	–	Food processing	Unlisted

Detailed disclosure of Empresas Carozzi for 2022 is noted below, as per note 15.5.

(R’million)	September 2022	September 2021
Summarised statement of comprehensive income
Revenue	22 688,7	19 729,8
Profit after taxation	1 382,2	1 219,3
Attributable to outside shareholders	1 382,2	1 219,3
Other comprehensive income/(loss), net of taxation	489,9	(163,3)
Total comprehensive income for the year	1 872,1	1 056,0
Attributable to outside shareholders	1 872,1	1 056,0
Dividends received from Empresas Carozzi	338,5	115,4

(R’million)	September 2022	September 2021
Summarised statement of financial position
Non-current assets	15 644,0	14 543,6
Current assets	11 804,5	7 700,5
Non-current liabilities	(9 653,7)	(7 079,5)
Current liabilities	(6 860,3)	(4 700,1)
Net asset value	10 934,5	10 464,5

(R’million)	September 2022	September 2021
Reconciliation of the summarised financial information presented to the carrying amount of Tiger Brands interest in Empresas Carozzi
Tiger Brands effective share of Empresas Carozzi’s net asset value	2 665,8	2 553,3
Translation differences	(382,5)	(331,0)
Carrying value of Empresas Carozzi	2 283,3	2 222,3

Note 1 – 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:

• Hyperinflation accounting requires transactions and balances of each reporting period presented to be stated in terms of the measuring unit current at the end of the reporting period in order to account for the loss of purchasing power during the period. The group has elected to use the Zimbabwe consumer price index (CPI) as the measuring unit currency (or general price index) to restate amounts as CPI provides an observable indication of the change in the price of goods and services
• The carrying amounts of non-monetary assets and liabilities carried at historical costs are restated to reflect the change in the general price index
• All items recognised in the statement of comprehensive income at historical costs are restated by applying the change in the general price index from the dates when these items were initially earned or incurred
• Gains or losses on the resulting net monetary position are recognised in the statement of comprehensive income and included in our share of associate's income
• Impairment losses are recorded in the statement of comprehensive income if the remeasured value of assets exceeds the estimated recoverable amount and included in our share of associate's income
• The application of IAS 29 on a retrospective basis within the statement of comprehensive income of NFH has resulted in the recognition of both a gain on the net monetary position and an impairment loss on the revalued assets in the current and prior periods.

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.

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