20
22

Tiger Brands Limited

Annual Financial Statements

Annual financial statements

Trade and other payables

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COMPANY       GROUP
2022   2021     (R'million) 2022   2021
        24 Trade and other payables      
          Trade payables 3 364,2   2 827,1
          Rebates and incentives accruals* 902,7   931,6
          Accruals 1 141,6   964,6
          VAT payable 14,0   49,9
52,6   37,9     Other creditors 252,7   356,0
          Defined benefit pension fund liability (refer note 29) 2,5   2,3
52,6   37,9       5 677,7   5 131,5
         
* During the year, R4,6 billion (2021: R4,1 billion) was raised and R4,6 billion (2021: R3,9 billion) was settled.
     
          Trade payables are non-interest bearing and are normally settled within 30 to 45-day terms. Included within trade payables is derivative liabilities of R19,8 million (2021: R18,1 million) which are carried at fair value. Refer note 32.7 for further details.