As part of the group's continued IFRS compliance evaluations and assessments, the following prior year restatements have been made:

36.1

Restatement of property, plant and equipment

36.1.1

Reclassification of software assets from property, plant and equipment to intangible assets

In the prior year, software assets with a net book value of R143 million were capitalised to property, plant and equipment. During the current year, these assets were re-evaluated in terms of IAS 38 and reclassified from property, plant and equipment to intangible assets. The prior year comparatives have been adjusted by reducing the cost by R389 million and accumulated depreciation by R245 million.

36.1.2

Reclassification of engineering spares from inventory to property, plant and equipment

In the prior year, engineering spares with a net book value of R207 million were treated as inventory. During the current year, these assets were re-evaluated and reclassified from inventory to property, plant and equipment in compliance with IAS 16. The prior year comparatives have been adjusted by increasing the cost by R247 million and accumulated depreciation by R41 million.

36.1.3

Correction of foreign subsidiary translation differences

In the prior year, the opening balance exchange differences relating to Chococam's plant, vehicles and equipment were incorrectly translated, resulting in a R58 million understatement of property, plant and equipment. The prior year comparatives have been corrected by increasing the cost by R80 million and accumulated depreciation by R22 million.

36.2

Restatement of goodwill and intangible assets

36.2.1

Reclassification of customer lists to goodwill

The assessment of customer lists and goodwill has historically been reviewed in total. During the current year, customer lists were re-evaluated in terms of IAS 38 as intangible assets with finite useful lives from initial recognition. In order to comply with IAS 36 and IAS 38, the carrying amount of the customer lists' intangible assets was fully amortised prior to the 2021 reporting period, and therefore previous impairments to goodwill of the same cash-generating unit were reversed. The prior year comparatives have been adjusted to reflect this.

36.3

Restatement of non-distributable reserves and retained earnings

In the prior year, equity-accounted earnings of previously disposed associates amounting to R964 million were included in the non-distributable reserve relating to the share of net earnings of associates. During the current year, this reserve was re-evaluated and reclassified to retained earnings in order to better reflect the unrealised portion of the group's reserves arising from equity-accounted investees. The prior year comparatives have been adjusted by reducing the nondistributable reserve relating to the share of net earnings of associates and increasing the retained earnings. This is a transfer between equity reserves.

36.4

Restatements relating to the company

36.4.1

Reclassification from loans to other investments

In the prior year, interest accrued relating to The Tiger Brands Foundation and Thusani II preference shares was classified as loans. During the current year, this accrued interest was reclassified to "other investments" and aggregated with the related preference shares in compliance with IAS 1. The prior year comparatives have been adjusted by increasing the other investments and reducing loans by R240 million, respectively.

36.4.2

Reclassification from investments to interest in subsidiary companies

In the prior year, the notional investment in subsidiary companies in terms of IFRS 2 was classified as an investment. During the current year, these assets were reclassified to "investments in subsidiary companies" and aggregated with the related subsidiary investments in compliance with IAS 1. The prior year comparatives have been adjusted by increasing the interests in subsidiary companies and reducing investments by R588 million, respectively.