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Tiger Brands Limited

Annual Financial Statements

Annual financial statements

Investments in associated companies

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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.