Tiger Brands | Annual Financial Statements 2022 - Investments in associated companies

Annual financial statements

Investments in associated companies

COMPANY				GROUP
2022	2021		(R'million)	2022	2021
		15	Investments in associated companies
		15.1	(For more detail, refer Annexure B)
97,1	97,1		Listed, at cost	97,1	97,1
			Unlisted, at cost less amounts written off	590,2	584,8
			Share of accumulated other comprehensive income since acquisition	(687,8)	(596,9)
			Share of accumulated profits since acquisition	2 421,7	2 315,7
97,1	97,1			2 421,2	2 400,7
			The trading results of the associate companies whose results are equity accounted in the consolidated financial statements as follows:
			Revenue (100%)	27 463,2	21 042,8
			Profit for the year (100%)	1 706,9	1 312,8

15.2

Reconciliation of associates income

(R’million)	Empresas Carozzi	National Foods Holdings Limited	UAC Foods	Other*	Total
2022
Equity accounted earnings	337,7	114,1	–	(0,2)	451,6
Interest and dividends received previously impaired	–	26,4		–	26,4
Income attributable to ordinary shareholders of Tiger Brands	337,7	140,5	–	(0,2)	478,0
Less: Total dividends	(338,5)	(7,1)	–	–	(345,6)
Total share of associated companies’ income less dividends received	(0,8)	133,4	–	(0,2)	132,4
2021
Income attributable to ordinary shareholders of Tiger Brands	296,0	31,0	18,9	–	345,9
Less: Total dividends	(115,4)	(11,8)	–	–	(127,2)
Total share of associated companies’ income less dividends received	180,6	19,2	18,9	–	218,7

*	Other includes the newly acquired Herbivore Earthfoods Proprietary Limited which is equity accounted in terms of IAS 28. This associate was the first acquisition by the Tiger Brands Venture Capital Fund.

15.3

(Loss)/profit on disposal of investment in associated company

During the prior year the UAC associate investment was effectively disposed. This resulted in a loss on sale of R10,8 million (R43,6 million profit in company).

15.4

Summarised statement of financial position of all associates

The aggregate statement of financial position of all associates are summarised as follows (100%):

	GROUP
(R’million)	2022	2021
Property, plant and equipment	12 130,7	10 641,2
Goodwill and intangible assets	3 756,7	3 423,0
Investments	15,9	14,3
Deferred taxation	254,7	239,7
Net current assets	5 570,7	8 183,9
Total assets	21 728,7	22 502,1
Long-term liabilities	(7 456,7)	(5 307,8)
Deferred taxation	(2 290,1)	(1 997,1)
Total shareholders’ funds	11 981,9	15 197,2

15.5

The assessment criteria as noted in the accounting policies is performed annually. Empresas Carozzi has met the assessment criteria to be classified as a material associate in the current year and thus further disclosure is provided in Annexure B.