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Annual financial statements
Notes to the statements of cash flows
Download pdfFOR THE YEAR ENDED 30 SEPTEMBER 2022
| COMPANY | GROUP | ||||||
| 2022 | 2021 | (R’million) | Notes | 2022 | 2021 | ||
| A | Cash operating profit | ||||||
| Operating profit before impairments and non-operational items | |||||||
| 4 135,5 | 1 791,4 | – Continuing operations | 3 430,7 | 2 235,5 | |||
| – Discontinued operations | – | 19,1 | |||||
| Adjusted for: | |||||||
| Depreciation | 12 | 852,7 | 799,0 | ||||
| (21,0) | (19,6) | Expected credit losses | 12,5 | (51,7) | |||
| Share-based payment expenses | 28 | 55,8 | 41,3 | ||||
| Amortisation | 13.1 | 8,1 | 8,6 | ||||
| Loss on disposal/write-offs of property, plant, equipment and vehicles | 4 | 3,7 | 22,2 | ||||
| 0,3 | – | Loss on disposal of investment | 4 | 0,3 | – | ||
| (4 121,2) | (1 671,0) | Dividends received from associate companies and subsidiaries | |||||
| Post-retirement medical aid and pension fund obligations | 78,7 | 6,9 | |||||
| Restructuring and related costs (reversed)/raised | (7,8) | 2,4 | |||||
| Impact of civil unrest | 3.2 | – | 85,2 | ||||
| Impact of product recall | 3.1 | 16,4 | 646,8 | ||||
| Early settlement of lease liability | 2,8 | 29,7 | |||||
| Post-retirement medical aid buy-out | 30 | (182,9) | – | ||||
| (0,7) | 0,6 | Other non-cash items | – | – | |||
| (7,1) | 101,4 | Cash operating profit | 4 271,0 | 3 845,0 | |||
| B | Working capital changes | ||||||
| Increase in inventories | (1 418,8) | (1 001,7) | |||||
| 21,0 | – | (Increase)/decrease in trade and other receivables | (637,6) | 348,9 | |||
| (0,4) | – | Increase/(decrease) in trade and other payables | 426,2 | 762,6 | |||
| 20,6 | – | Working capital changes | (1 630,2) | 109,8 | |||
| C | Taxation paid | ||||||
| 1,0 | 2,1 | Amounts (payable)/receivable at beginning of year, net | (110,5) | (61,7) | |||
| Income statement charge | |||||||
| (24,0) | (9,7) | – Continuing operations | 9 | (1 019,5) | (596,7) | ||
| – Discontinued operations | 34 | – | (20,8) | ||||
| 0,2 | – | Deferred tax | 18 | 51,3 | (169,4) | ||
| Exchange rate difference and other non-cash items | 1,5 | 2,7 | |||||
| (0,4) | (1,0) | Amounts payable/(receivable) at end of year, net | 115,7 | 110,5 | |||
| (23,2) | (8,6) | Taxation paid | (961,5) | (735,4) | |||
| D | Dividends paid | ||||||
| (1 547,4) | (1 879,2) | Per statement of changes in equity | (1 384,2) | (1 683,6) | |||
| Dividends paid to outside shareholders | (2,2) | (0,7) | |||||
| (1 547,4) | (1 879,2) | Total dividends paid | (1 386,4) | (1 684,3) | |||
| E | Purchase of property, plant, equipment | ||||||
| Replacement | (439,8) | (762,2) | |||||
| Expansion | (521,2) | (251,5) | |||||
| (961,0) | (1 013,7) | ||||||
| F | Cash and cash equivalents at the beginning of the year | ||||||
| 221,3 | 175,6 | Cash resources | 2 161,8 | 1 790,0 | |||
| – | – | Short-term borrowings regarded as cash and cash equivalents | – | (2,0) | |||
| Discontinued operations | – | (8,5) | |||||
| 221,3 | 175,6 | 2 161,8 | 1 779,5 | ||||
| G | Cash and cash equivalents at the end of the year | ||||||
| 388,2 | 221,3 | Cash resources | 1 072,3 | 2 161,8 | |||
| – | – | Cash relating to venture capital initiatives* | 43,6 | – | |||
| 388,2 | 221,3 | 1 115,9 | 2 161,8 | ||||
| * | In June 2021, the Tiger Brands Venture Capital Fund was launched with the aim of driving growth for Tiger Brands by investing in innovative businesses based in sub-Saharan Africa which offer healthier eating options in line with emerging consumer trends in health and nutrition, snackification and economical food options. Included in the group’s cash balance is R43,6 million held specifically for venture capital initiatives. |