ANNUAL FINANCIAL STATEMENTS 2023
For the year ended 30 September 2023
For the year ended 30 September 2023
For the year ended 30 September 2023
| GROUP | COMPANY | |||||
| (R’million) | Notes | 2023 | 2022 Restated# |
2023 | 2022 | |
|---|---|---|---|---|---|---|
| A Cash operating profit/(loss) | ||||||
| Operating profit before impairment and non-operational items – Continuing operations | 3 118,2 | 3 430,7 | 1 963,3 | 4 135,5 | ||
| Adjusted for: | ||||||
| Depreciation | 13 | 892,6 | 810,1 | |||
| Expected credit losses | (59,0) | 12,5 | – | (21,0) | ||
| Share-based payment expenses | 29 | 13,4 | 55,8 | |||
| Amortisation | 14.1 | 57,8 | 50,7 | |||
| Loss on disposal/write-offs of property, plant and equipment | 5 | 8,8 | 3,7 | |||
| Loss on disposal of investment | 5 | – | 0,3 | – | 0,3 | |
| Dividends received from associate companies and subsidiaries | (1 896,8) | (4 121,2) | ||||
| Other provisions charged to operating profit | 176,7 | – | ||||
| Post-retirement medical aid and pension fund obligations | 13,0 | 78,7 | ||||
| Restructuring and related costs | 94,6 | (7,8) | ||||
| Impact of prior year product recall | (6,0) | 16,4 | ||||
| Loss on IFRS 16 adjustments | (0,5) | – | ||||
| Early settlement of lease liability | (7,6) | 2,8 | ||||
| Post-retirement medical aid buy-out | 31 | (52,8) | (182,9) | |||
| Other non-cash items | 15,3 | – | – | (0,7) | ||
| Cash operating profit/(loss) | 4 264,5 | 4 271,0 | 66,5 | (7,1) | ||
| B Working capital changes | ||||||
| Increase in inventories | (344,8) | (1 375,8) | ||||
| (Increase)/decrease in trade and other receivables | (505,3) | (637,6) | 86,8 | 21,0 | ||
| (Decrease)/increase in trade and other payables | (711,2) | 426,2 | (74,9) | (0,4) | ||
| Working capital changes | (1 561,3) | (1 587,2) | 11,9 | 20,6 | ||
| C Taxation paid | ||||||
| Amounts (payable)/receivable at beginning of year, net | (115,7) | (110,5) | 0,4 | 1,0 | ||
| Income statement charge – Continuing operations | 10 | (817,1) | (1 019,5) | (13,9) | (24,0) | |
| Deferred tax | 19 | 46,3 | 51,3 | – | 0,2 | |
| Exchange rate difference and other non-cash items | (6,3) | 1,5 | – | |||
| Amounts payable/(receivable) at end of year, net | 84,8 | 115,7 | 1,7 | (0,4) | ||
| Taxation paid | (808,0) | (961,5) | (11,8) | (23,2) | ||
| D Dividends paid | ||||||
| Per statement of changes in equity | (1 562,9) | (1 384,2) | (1 754,6) | (1 547,4) | ||
| Dividends paid to outside shareholders | (0,9) | (2,2) | – | – | ||
| Total dividends paid | (1 563,8) | (1 386,4) | (1 754,6) | (1 547,4) | ||
| E Purchase of property, plant and equipment | ||||||
| Replacement | (767,0) | (482,8) | ||||
| Expansion | (445,6) | (521,2) | ||||
| (1 212,6) | (1 004,0) | |||||
| F Cash and cash equivalents at beginning of the year | ||||||
| Cash resources | 1 115,9 | 2 161,8 | 388,2 | 221,3 | ||
| Short-term borrowings regarded as cash and cash equivalents | – | – | – | – | ||
| 1 115,9 | 2 161,8 | 388,2 | 221,3 | |||
| G Cash and cash equivalents at end of the year | ||||||
| Cash resources | 732,3 | 1 072,3 | 353,9 | 388,2 | ||
| Cash relating to venture capital initiatives* | 43,6 | 43,6 | – | – | ||
| 775,9 | 1 115,9 | 353,9 | 388,2 | |||
| # | Refer to note 36 for details on restatements |
| * | 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 that offer healthier eating options in line with emerging consumer trends in health and nutrition, snackification and economical food options |