20
22

Tiger Brands Limited

Annual Financial Statements

Annual financial statements

Statements of changes in equity

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FOR THE YEAR ENDED 30 SEPTEMBER 2022

    Non-distributable reserves      
(R’million) Share
capital
and
premium
Non-distributable
reserves
Other
capital
reserves
FVOCI
financial
assets
Accumulated
profits
Share-
based
payment
reserve
Total
attributable
to owners
of the
parent
COMPANY              
Balance at 1 October 2020 142,0 2 918,6 19,3 2,2 4 301,8 602,8 7 986,7
   Profit for the year 1 834,3 1 834,3
   Other comprehensive loss for the year (0,8) (0,8)
Total comprehensive (loss)/income (0,8) 1 834,3 1 833,5
Share-based payment 6,3 6,3
Dividends on ordinary shares (1 879,2) (1 879,2)
Balance at 30 September 2021 142,0 2 918,6 19,3 1,4 4 256,9 609,1 7 947,3
  Profit for the year 4 049,0 4 049,0
  Other comprehensive loss for the year (0,1) (0,1)
Total comprehensive (loss)/income (0,1) 4 049,0 4 048,9
Share based payment 6,3 6,3
Share buy-back transaction1 (124,0) (1 329,1) (1 453,1)
Dividends on ordinary shares (1 547,4) (1 547,4)
Balance at 30 September 2022 18,0 2 918,6 19,3 1,3 5 429,4 615,4 9 002,0
Notes 21         28  
1 During the year ended 30 September 2022, the group embarked on a share buy-back programme, in which 9 490 946 of the listed Tiger Brands shares were repurchased at an average price of R152,62 per share. These shares have been cancelled and reverted back to authorised status. The shares were issued at an original par value of R0,1 per share.

 

 

 

    Non-distributable reserves  
(R’million) Share
capital
and
premium
Share of
net earnings
of associates
Other
capital
reserves
Cash flow
hedge
reserve
FVOCI
financial
assets
Foreign
currency
translation
reserve
 
GROUP              
Balance at 1 October 2020 142,0 3 216,7 (3,9) 8,0 27,2 (74,6)  
  Profit for the year  
  Other comprehensive income/(loss) for the year1 4,1 16,8 (318,6)  
Total comprehensive income/(loss) 4,1 16,8 (318,6)  
Transfers between reserves 218,7  
Share-based payment2  
Dividends on ordinary shares  
Total dividends  
Less: Dividends on empowerment shares  
Sale of empowerment shares3  
Balance at 30 September 2021 142,0 3 435,4 (3,9) 12,1 44,0 (393,2)  
  Profit for the year
 
  Other comprehensive (loss)/income for the year (14,3) (48,7) (73.7)  
Total comprehensive (loss)/income (14,3) (48,7) (73.7)  
Transfers between reserves 106,0  
Share-based payment2  
Dividends on ordinary shares  
Total dividends  
Less: Dividends on empowerment shares  
Sale of empowerment shares3  
Share buy-back transaction4 (124,0)  
Balance at 30 September 2022 18,0 3 541,4 (3,9) (2,2) (4,7) (466,9)  
Notes 21 15          
1 Following the closure of Deli Foods Nigeria Limited (Deli Foods) and the disposal of the UAC Foods Nigeria (UAC) associate investment, the FCTRs have been released/charged to the income statement. This is in line with IAS 21, which requires the cumulative amount of the exchange differences recognised in other comprehensive income and accumulated in the separate component of equity, to be reclassified from equity to profit or loss (as a reclassification adjustment) when the gain or loss on disposal of the foreign operation is recognised.
2 Included in the movement of the share-based payment are options exercised amounting to R1,0 million (2021: R17,9 million).
3 Relates to the exercising of options vested post the December 2014 lock-in period in terms of the Black Managers Participation Right Scheme (BMT I). In the current year, R6,2 million (2021: R6,3 million) related to BMT I.
4 During the year ended 30 September 2022, the group embarked on a share buy-back programme, in which 9 490 946 of the listed Tiger Brands shares were repurchased at an average price of R152,62 per share. These shares have been cancelled and reverted back to authorised status. The shares were issued at an original par value of R0,1 per share.

 

(R’million) Accumulated
profits
Shares held by
subsidiary and
empowerment
entities
Share-based
payment
reserve
Total
attributable
to owners
of the parent
Non-controlling
interests
Total
equity
GROUP            
Balance at 1 October 2020 13 825,1 (2 199,8) 687,4 15 628,1 159,3 15 787,4
  Profit for the year 1 893,1 1 893,1 28,5 1 921,6
  Other comprehensive income/(loss) for the year1 (10,7) (308,4) (20,9) (329,3)
Total comprehensive income/(loss) 1 882,4 1 584,7 7,6 1 592,3
Transfers between reserves (211,3) (7,4)
Share-based payment2 19,5 19,5 19,5
Dividends on ordinary shares (1 683,6) (1 683,6) (19,5) (1 703,1)
Total dividends (1 819,7) (1 819,7) (19,5) (1 839,2)
Less: Dividends on empowerment shares 136,1 136,1 136,1
Sale of empowerment shares3 6,3 6,3 6,3
Balance at 30 September 2021 13 812,6 (2 193,5) 699,5 15 555,0 147,4 15 702,4
  Profit for the year
2 864,5 2 864,5 30,6 2 895,1
  Other comprehensive (loss)/income for the year 46,2 (90,5) (2,3) (92,8)
Total comprehensive (loss)/income 2 910,7 2 774,0 28,3 2 802,3
Transfers between reserves (106,5) 0,5
Share-based payment2 52,6 52,6 52,6
Dividends on ordinary shares (1 384,2) (1 384,2) (33,4) (1 417,6)
Total dividends (1 497,1) (1 497,1) (33,4) (1 530,5)
Less: Dividends on empowerment shares 112,9 112,9 112,9
Sale of empowerment shares3 6,2 6,2 6,2
Share buy-back transaction4 (1 329,1) (1 453,1) (1 453,1)
Balance at 30 September 2022 13 903,5 (2 187,3) 752,6 15 550,5 142,3 15 692,8
Notes   22 28      
1 Following the closure of Deli Foods Nigeria Limited (Deli Foods) and the disposal of the UAC Foods Nigeria (UAC) associate investment, the FCTRs have been released/charged to the income statement. This is in line with IAS 21, which requires the cumulative amount of the exchange differences recognised in other comprehensive income and accumulated in the separate component of equity, to be reclassified from equity to profit or loss (as a reclassification adjustment) when the gain or loss on disposal of the foreign operation is recognised.
2 Included in the movement of the share-based payment are options exercised amounting to R1,0 million (2021: R17,9 million).
3 Relates to the exercising of options vested post the December 2014 lock-in period in terms of the Black Managers Participation Right Scheme (BMT I). In the current year, R6,2 million (2021: R6,3 million) related to BMT I.
4 During the year ended 30 September 2022, the group embarked on a share buy-back programme, in which 9 490 946 of the listed Tiger Brands shares were repurchased at an average price of R152,62 per share. These shares have been cancelled and reverted back to authorised status. The shares were issued at an original par value of R0,1 per share.