The board of directors of Tiger Brands Limited has given general declarations in terms of section 75 of the Companies Act on directors' personal financial interests. These declarations indicate that certain directors hold positions of influence in other entities which are suppliers, service providers, customers and/or competitors of Tiger Brands Limited. Transactions conducted with these director-related customers and suppliers were on an arm's length basis.

The sales to and purchases from related parties are made at normal market prices. Outstanding balances at the year end reflect the gross amount and are unsecured and settlement occurs in cash. This assessment is undertaken at each financial year through examining the financial position of the related party and the market in which they operate. Given the ongoing liquidity and forex shortages experienced within Nigeria and Zimbabwe, the expected timing of receipt of the amounts owing from these related parties has been assessed. As a result, the outstanding balances from these entities have been fully impaired.

Details of material transactions with related parties not disclosed elsewhere in the financial statements are as follows:

* Key management personnel comprises the top tier of the organisation and the managing executives of the individual businesses

¹ Interest free with no fixed repayment terms. These balances are not expected to be called upon within the next 12 months

In assessing the credit risk of inter-company transactions, the company considers the liquidity position, available cash resources and the net asset value. These factors are considered to give rise to a low credit risk and therefore, no further disclosure is required.