20
22

Tiger Brands Limited

Annual Financial Statements

Segment report

Segment report

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FOR THE YEAR ENDED 30 SEPTEMBER 2022

  Revenue1 Operating income Depreciation and
amortisation
(R’million)   2022 2021 2022 2021 2022 2021  
DOMESTIC OPERATIONS   29 769,5 27 620,6 2 955,0 2 915,0 782,7 708,2  
Grains   15 495,6 14 589,5 1 272,1 1 369,4 269,3 252,2  
Milling and Baking2   10 642,2 10 118,7 803,0 1 016,0 233,7 221,6  
Other Grains3   4 853,4 4 470,8 469,1 353,4 35,6 30,6  
Consumer Brands   12 415,2 11 080,4 1 412,8 1 131,1 302,2 267,5  
Groceries   6 376,9 5 532,6 597,4 396,5 164,2 141,0  
Snacks & Treats   2 391,8 2 297,7 262,9 233,8 63,0 50,0  
Beverages   1 841,5 1 656,1 268,9 260,5 49,5 40,4  
Baby   1 135,9 1 096,7 147,2 143,0 20,0 36,1  
Out of Home   669,1 497,3 136,4 97,3 5,5  
Home and Personal Care   1 858,7 1 950,7 307,7 432,6 39,8 30,5  
Personal Care   671,8 643,3 16,1 46,9 29,4 22,4  
Home Care   1 186,9 1 307,4 291,6 385,7 10,4 8,1  
Other4   (37,6) (18,1) 171,4 158,0  
EXPORTS AND INTERNATIONAL   4 261,1 3 588,2 350,4 96,2 78,1 99,2  
Exports5   2 039,9 1 795,5 143,3 71,3 33,9 32,5  
International operation – Central Africa (Chococam)   1 109,9 1 010,2 181,3 172,3 43,6 39,5  
Deciduous Fruit (LAF)   1 598,3 1 210,6 25,8 (147,4) 0,6 27,2  
Other intergroup sales   (487,0) (428,1)  
Total from continuing operations before the following items:   34 030,6 31 208,8 3 305,4 3 011,2 860,8 807,4  
Impact of product recall (refer note 3.1)6   (1,7) (254,9) 35,8 (646,8)      
Impact of the civil unrest (refer note 3.2)   137,5 (85,2)      
Restructuring and related costs (reversed)/raised       7,8 (2,4)      
IFRS 2 charges       (55,8) (41,3)      
Total from continuing operations   34 028,9 30 953,9 3 430,7 2 235,5 860,8 807,4  
Discontinued operation – Value Added Meat Products (VAMP)   119,9 19,1 0,2  
Total group   34 028,9 31 073,8 3 430,7 2 254,6 860,8 807,6  
1 Refer to note 2.1 of the financial statements for further information on geographical split.
2 Comprises maize milling, wheat milling and baking and sorghum-based products.
3 Comprises rice, pasta and oat-based breakfast cereals.
4 Includes the corporate office and management expenses relating to international investments.
5 The key markets contributing to Exports revenue is Mozambique at 44% (2021: 43%); Zambia at 10% (2021: 10%); Zimbabwe at 10% (2021: 9%); and Nigeria at 3% (2021: 2%).
6 Net of insurance proceeds received on canned vegetable product recall and the costs incurred on the Baby Talc powder recall (refer note 3.1).

All segments operate on an arm's length basis in relation to inter-segment pricing.

  Total assets Accounts payable,
accruals and taxation
Capital expenditure
(R’million)   2022 2021 2022 2021 2022 2021  
DOMESTIC OPERATIONS   20 586,6 19 330,2 5 461,9 4 947,6 887,5 910,3  
Grains   6 252,4 5 641,8 1 936,2 2 025,0 227,6 317,9  
Milling and Baking1   4 204,1 3 792,0 1 090,3 1 179,5 160,0 209,2  
Other Grains2   2 048,3 1 849,8 845,9 845,5 67,6 108,7  
Consumer Brands   10 037,1 8 135,9 2 610,8 2 713,8 565,2 527,3  
Groceries   5 210,7 4 112,9 1 429,3 1 433,4 245,3 264,4  
Snacks & Treats   1 651,1 1 577,0 502,3 480,1 97,1 106,8  
Beverages   1 735,4 1 144,7 278,5 322,0 74,4 99,7  
Home, Personal and Baby Care (HPCB)   1 439,9 1 301,3 400,7 478,3 148,4 56,4  
Other3   4 297,1 5 552,5 914,9 208,8 94,7 65,1  
EXPORTS AND INTERNATIONAL   3 397,9 3 468,1 806,8 867,7 73,5 103,4  
Exports   1 788,9 1 784,3 304,4 287,1 13,2 21,7  
International operations – Central Africa (Chococam)   969,7 792,7 393,6 445,1 56,2 66,6  
Deciduous Fruit (LAF)   639,3 891,1 108,8 135,5 4,1 15,1  
Total   23 984,5 22 798,3 6 268,7 5 815,3 961,0 1 013,7  
1 Comprises maize milling, wheat milling and baking and sorghum-based products.
2 Comprises rice, pasta and oat-based breakfast cereals.
3 Includes the corporate office.
(R’million) 2022 2021
Split of non-current assets    
South Africa 7 280,8 7 222,8
Outside South Africa 1 313,9 1 167,1
Total 8 594,7 8 389,9
Reconciliation of total assets:    
Total assets per statement of financial position 24 018,8 22 831,9
Deferred taxation asset (34,3) (33,6)
  23 984,5 22 798,3