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Annual financial statements
Statements of changes in equity
Download pdfFOR 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. |