ANNUAL FINANCIAL STATEMENTS 2024

for the year ended 30 September 2024

Annexure 1

for the year ended 30 September 2024

Directors’ emoluments

Table of directors’ emoluments for the year ended 30 September 2024

  GROUP
(R’000) Fees Cash
salary
Bonus** Other
benefits
Retirement
fund
contributions
Gains
on options
exercised
Total
2024
Executive directors              
TN Kruger1 10 333 10 333
TA Govender2 6 524 138 330 6 992
NP Doyle3 4 876 806 12 467 18 149
DS Sita4 1 656 60 82 6 590 8 388
Total A 23 389 198 1 218 19 057 43 862
Non-executive directors*              
MO Ajukwu 1 879 1 879
FNJ Braeken 2 324 2 324
CH Fernandez5
GJ Fraser-Moleketi 2 393 2 393
GA Klintworth6 1 380 1 380
TE Mashilwane 1 134 1 134
M Sello 1 220 1 220
S Sithole 786 786
LA Swartz 879 879
OM Weber 2 029 2 029
DG Wilson 1 241 1 241
Total B 15 265 15 265
Total A + B 15 265 23 389 198 1 218 19 057 59 127
Aggregated details of remuneration paid to members of the executive committee, excluding executive directors above, are set out hereunder 55 024 2 363 1 870 5 479 16 917 81 653
1 TN Kruger appointed 1 November 2023
2 TA Govender appointed 1 January 2024
3 NP Doyle resigned 31 October 2023
4 DS Sita resigned 31 December 2023
5 CH Fernandez resigned 10 October 2023
6 GA Klintworth resigned 31 May 2024
* The fees to non-executive directors exclude VAT
** Bonuses have been disclosed to the extent that they have been paid

Table of directors’ emoluments for the year ended 30 September 2023

  GROUP
(R’000) Fees Cash
salary
Bonus** Other
benefits
Retirement
fund
contributions
Gains
on options
exercised
Total
2023
Executive directors              
NP Doyle 9 427 6 220 1 545 17 192
DS Sita 6 527 4 185 239 330 11 281
Total A 15 954 10 405 239 1 875 28 473
Non-executive directors*              
MO Ajukwu 1 825 1 825
FNJ Braeken4 2 130 2 130
CH Fernandez1 1 099 1 099
GJ Fraser-Moleketi 2 275 2 275
GA Klintworth 1 825 1 825
TE Mashilwane 996 996
M Sello 1 160 1 160
S Sithole2 321 321
LA Swartz3 638 638
OM Weber 1 961 1 961
DG Wilson 1 031 1 031
Total B 15 261 15 261
Total A + B 15 261 15 954 10 405 239 1 875 43 734
Aggregated details of remuneration paid to members of the executive committee, excluding executive directors above, are set out hereunder 42 484 22 569 1 086 3 189 69 327
1 CH Fernandez resigned 10 October 2023
2 S Sithole appointed 1 April 2023
3 LA Swartz appointed 1 June 2022
4 FNJ Braeken appointed 1 April 2022
* The fees to non-executive directors exclude VAT
** Bonuses have been disclosed to the extent that they have been paid
Long-term incentive performance award
Executive director

Details of conditional shares awarded under the bespoke share plan implemented for the chief executive officer appointed in terms of a fixed term contract appear below:

Name Date of
grant
Holding at
1 October
2023
Granted
2024
Forfeited
2024
Holding at
30 September
2024
Number
of options
vested at
30 September
2024
Number
of options
subject to
performance
targets and
retention
10-day
VWAP
share
price
TN Kruger Dec-23 149 700 149 700 149 700 150,30
Tiger Brands Limited 2013 share plan
Executive director

Details of share appreciation rights allocated to executive directors under the Tiger Brands Limited 2013 share plan are set out below:

Name Date of
grant
Holding at
1 October
2023
Forfeited
2024
Holding at
30 September
2024
Number
of options
vested at
30 September
2024
Number
of options
subject to
performance
targets and
retention
Grant
price
(rand)
NP Doyle Dec-18 18 897 18 897 254,79

Details of performance shares awarded to executive directors under the Tiger Brands Limited 2013 share plan as at 30 September 2024 appear below:

Name Date of
grant
Holding at
1 October
2023
Granted
2024
Forfeited
2024
Performance
condition
achieved
Settled
during the
year
Transfer to
executive
committee
Holding at
30 September
2024
Number
of options
vested at
30 September
2024
Number
of options
subject to
performance
targets and
retention
10-day
VWAP
share
price on
grant date
TA Govender* Dec-23 30 240 30 240 30 240 189,12
  Dec-22 24 720 24 720 24 720 209,52
  Dec-21 5 370 5 370 5 370 181,97
Total   30 090 30 240 60 330 60 330  
NP Doyle Dec-22 64 530 36 891 27 639 209,52
  Dec-21 69 700 16 359 53 341 181,97
  Dec-20 59 930 7 611 67 541 203,50
Total   194 160 53 250 7 611 67 541 80 980  
DS Sita Dec-22 41 880 41 880 209,52
  Dec-21 9 220 9 220 181,97
  Dec-20 31 680 4 023 35 703 203,50
Total   82 780 51 100 4 023 35 703  
* The performance shares were awarded prior to the executive director’s appointment as chief financial officer

Details of restricted shares awarded to executive directors under the Tiger Brands Limited 2013 share plan as at 30 September 2024 appear below:

Name Date of
grant
Holding at
1 October
2023
Granted
2024
Forfeited
2024
Holding at
30 September
2024
Number
of options
vested at
30 September
2024
Number
of options
subject to
performance
targets and
retention
10-day
VWAP
share
price on
grant date
TA Govender* Dec-21 16 110 16 110 16 110 181,97
DS Sita* Dec-21 72 540 72 540 181,97
* The restricted shares were awarded prior to the executive director’s appointment as chief financial officer
Executive committee members (excluding executive directors)

Aggregated details of share appreciation rights allocated to members of the executive committee, other than executive directors above, as at 30 September 2024, are set out below:

Total for FY Date of
grant
Holding at
1 October
2023
Forfeited
2024
Holding at
30 September
2024
Number
of options
vested at
30 September
2024
Number
of options
subject to
performance
targets and
retention
Grant
price
(rand)
2019 Dec-18 42 869 42 869 254,79

Aggregated details of performance shares awarded to members of the executive committee, other than executive directors above, as at 30 September 2024, are set out below:

Total for FY Date of
grant
Holding at
1 October
2023
Transfers
in/(out)*
Granted
2024
Forfeited
2024
Performance
condition
achieved
Settled
during
the year
Holding at
30 September
2024
Number of
options
vested at
30 September
2024
Number of
options
subject to
performance
targets and
retention
10-day
VWAP
share
price on
grant date
2024 Dec-23 123 830 4 300 119 530 119 530 189,12
2023 Dec-22 158 530 21 359 36 437 143 452 143 452 209,52
2022 Dec-21 102 040 56 351 31 905 126 486 126 486 Various
2021 Dec-20 71 603 7 350 10 026 88 979 203,50
Total   332 173 85 060 123 830 72 642 10 026 88 979 389 468 389 468  
* "Transfers in" include 34 170 performance shares awarded to employees prior to them becoming members of the executive committee and the 80 980 performance shares awarded to Noel Doyle whose services officially ended on 31 March 2024 "Transfers out" comprise the 30 090 performance shares awarded to Thushen Govender prior to him being appointed as CFO. These shares are now reflected in the table under "executive directors"

Aggregated details of restricted shares granted to members of the executive committee, other than executive directors above, as at 30 September 2024:

Total for FY Date of
grant
Holding at
1 October
2023
Transfers
in/(out)*
Granted
2024
Forfeited
2024
Settled
during
the year
Holding at
30 September
2024
Number of
options
vested at
30 September
2024
Number of
options
subject to
performance
targets and
retention
10-day
VWAP
share
price on
grant date
2024 Various 19 680 2 530 17 150 17 150 189,12
2023 Various 15 670 2 070 13 600 13 600 209,52
2022 Various 91 180 (4 630) 13 540 73 010 73 010 Various
2021 Various 2 250 15 224 17 474 203,50
Total   93 430 26 264 19 680 18 140 17 474 103 760 103 760  
* "Transfers in" include 42 374 restricted shares granted to employees prior to them becoming members of the executive committee "Transfers out" comprise the 16 110 restricted shares granted to Thushen Govender prior to him being appointed as CFO. These shares are now reflected in the table under "executive directors"