for the year ended 30 September 2024
During the current financial year, the business adopted an updated operating model whereby the operating segments were realigned into six business units. These business units are shown below and the prior year comparatives have been restated to reflect these changes. The group has taken the considerations of the IFRS Interpretations Committee latest agenda decision from July 2024 in applying the requirements in paragraph 23 of IFRS 8 Operating Segments, and therefore cost of sales and staff costs have been included as material items.
The group has reportable segments that comprise the structure used by the chief operating decision maker (CODM) to make key operating decisions and assess performance. The group’s reportable segments are operating segments that are differentiated by the activities that each undertakes and the products they manufacture and market (referred to as business segments).
The group evaluates the performance of its reportable segments based on operating income. The group accounts for inter-segment sales and transfers at factory absorbed costs. The tables below comprise external revenue and cost of sales.
The financial information of the group’s reportable segments is reported to the CODM for purposes of making decisions about allocating resources to the segment and assessing its performance. The segments disclosed below include local, export and food service solutions distribution channels.
Revenue | Cost of sales | Operating income before impairments and non-operational items |
Depreciation and amortisation |
||||||||
(R'million) | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||
---|---|---|---|---|---|---|---|---|---|---|---|
Milling and Baking1 | 8 165,6 | 9 075,5 | 5 410,8 | 6 259,9 | 634,4 | 676,7 | 198,7 | 197,4 | |||
Grains2 | 8 533,0 | 8 368,0 | 6 815,2 | 6 531,8 | 91,3 | 202,0 | 90,2 | 86,2 | |||
Culinary3 | 8 863,6 | 8 446,4 | 6 690,8 | 6 812,5 | 819,2 | 544,0 | 229,0 | 214,3 | |||
Snacks, Treats and Beverages | 5 797,0 | 5 314,9 | 3 868,0 | 3 466,6 | 719,9 | 667,2 | 142,3 | 129,6 | |||
Home, Personal and Baby Care (HPCB) | 3 659,6 | 3 600,3 | 2 213,4 | 2 132,6 | 667,0 | 657,0 | 98,1 | 84,6 | |||
Corporate4 | – | – | – | – | (56,9) | 22,5 | 181,3 | 187,5 | |||
International5 | 2 643,4 | 2 583,4 | 1 993,6 | 1 844,8 | 323,6 | 314,2 | 67,3 | 50,8 | |||
Total from continuing operations before the following items: | 37 662,2 | 37 388,5 | 26 991,8 | 27 048,2 | 3 198,6 | 3 083,6 | 1 006,9 | 950,4 | |||
Impact of product recall | – | 6,0 | |||||||||
Insurance proceeds | 31,2 | 136,7 | |||||||||
– Impact of the civil unrest and business interruption | 31,2 | 136,7 | |||||||||
Restructuring and related costs | (14,6) | (94,6) | |||||||||
IFRS 2 charges | (71,4) | (13,4) | |||||||||
Total operations | 37 662,2 | 37 388,5 | 26 991,8 | 27 048,2 | 3 143,8 | 3 118,2 | 1 006,9 | 950,4 |
1 | Comprises wheat milling and baking. Inter-company sales within the segment account for R3,068 billion (2023: R3,444 billion) |
2 | Comprises maize milling, sorghum-based products, rice, pasta and oat-based breakfast cereals |
3 | Comprises Culinary and Davita. Inter-company sales within the segment account for R243,9 million (2023: R245,5 million) |
4 | Includes the corporate office and management expenses relating to international investments |
5 | Comprises Deciduous fruit (LAF) and Chococam. Inter-company sales within the segment account for R244,1 million (2023: R200,2 million) |
Staff costs | ||
(R'million) | 2024 | 2023 |
---|---|---|
Milling and Baking | 1 532,1 | 1 213,9 |
Grains | 534,9 | 575,4 |
Culinary | 880,7 | 844,0 |
Snacks, Treats and Beverages | 655,4 | 664,9 |
Home, Personal and Baby Care (HPCB) | 209,4 | 178,0 |
Corporate | – | – |
International | 409,0 | 397,7 |
Total operations | 4 221,5 | 3 873,9 |
Total assets | Total liabilities | Capital expenditure | ||||||
(R'million) | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||
---|---|---|---|---|---|---|---|---|
Milling and Baking | 3 110,2 | 3 152,6 | 719,8 | 769,8 | 171,1 | 146,4 | ||
Grains | 2 959,2 | 2 903,7 | 1 598,2 | 1 011,3 | 85,7 | 126,5 | ||
Culinary | 6 859,7 | 6 771,2 | 1 426,3 | 1 467,8 | 298,7 | 351,5 | ||
Snacks, Treats and Beverages | 3 456,9 | 3 560,9 | 1 008,3 | 916,7 | 147,1 | 250,9 | ||
Home, Personal and Baby Care (HPCB) | 1 269,8 | 1 617,5 | 335,1 | 372,0 | 69,0 | 109,7 | ||
Corporate* | 6 625,9 | 5 899,0 | 2 307,5 | 3 155,5 | 51,6 | 93,6 | ||
International | 2 100,0 | 1 887,5 | 496,4 | 516,6 | 147,2 | 134,0 | ||
Total continuing operations | 26 381,7 | 25 792,4 | 7 891,6 | 8 209,7 | 970,4 | 1 212,6 |
* | Relates to corporate assets which include goodwill, investments and property, plant and equipment. Corporate liabilities primarily relate to borrowings, employee related accruals, trade and other payables |
Reconciliation of total liabilities |
||
(R'million) | 2024 | 2023 |
---|---|---|
Total liabilities | 7 891,6 | 8 209,7 |
Deferred taxation liability | 371,2 | 322,7 |
Total liabilities per statement of financial position | 8 262,8 | 8 532,4 |
The geographical segmental disclosure is shown below:
Revenue | Operating income before impairments and non-operational items |
Split of non-current assets |
||||||
(R'million) | 2024 | 2023* | 2024 | 2023 | 2024 | 2023 | ||
---|---|---|---|---|---|---|---|---|
South Africa | 30 600,8 | 30 944,8 | 2 202,3 | 2 358,4 | 8 605,0 | 8 751,2 | ||
Outside South Africa | 7 061,4 | 6 443,7 | 941,1 | 759,8 | 523,2 | 411,5 | ||
– BLNE** | 1 722,9 | 1 592,2 | 206,7 | 159,2 | – | – | ||
– Cameroon | 1 632,7 | 1 440,7 | 245,7 | 221,8 | 523,2 | 411,5 | ||
– Mozambique | 1 053,6 | 949,8 | 171,9 | 133,4 | – | – | ||
– Zimbabwe | 477,4 | 290,2 | 76,7 | 29,8 | – | – | ||
– Zambia | 286,9 | 254,4 | 24,5 | 14,4 | – | – | ||
– Rest of world | 1 887,9 | 1 916,4 | 215,6 | 201,2 | – | – | ||
Total operations | 37 662,2 | 37 388,5 | 3 143,8 | 3 118,2 | 9 128,2 | 9 162,7 | ||
Investments | 3 950,5 | 3 707,8 | ||||||
Current assets | 13 303,0 | 12 921,9 | ||||||
Total continuing operations | 26 381,7 | 25 792,4 | ||||||
Assets classified as held for sale - HPCB | 40,9 | – | ||||||
Deferred taxation asset | 36,3 | 44,2 | ||||||
Total assets per statement of financial position | 26 458,9 | 25 836,6 |
* | During the current year, the revenue by geographic region was disaggregated into more detailed country specific disclosure. Through this process an error was identified in the prior year split of revenue of R1,6 billion between South Africa and outside of South Africa, and the prior year revenue has accordingly been restated |
** | Botswana, Lesotho, Namibia and eSwatini |
Industry spread of revenue is outlined in the tables below:
Retail | Wholesale | Exports | Other | Total | |
(R'million) | 2024 | ||||
Group | 19 857,2 | 9 810,6 | 7 061.4 | 933,0 | 37 662,2 |
Milling and Baking | 4 372,3 | 3 699,0 | 0,6 | 93,7 | 8 165,6 |
Grains | 5 353,2 | 2 215,9 | 725,0 | 238,9 | 8 533,0 |
Culinary | 4 056,4 | 1 897,4 | 2 645,6 | 264,2 | 8 863,6 |
Snacks, Treats and Beverages | 3 708,4 | 1 253,6 | 534,1 | 300,9 | 5 797,0 |
Home, Personal Care & Baby (HPCB) | 2 366,9 | 744,7 | 512,6 | 35,3 | 3 659,6 |
International | – | – | 2 643,4 | – | 2 643,4 |
Retail | Wholesale | Exports | Other | Total | |
(R'million) | 2023 | ||||
Group | 19 446,3 | 10 663,6 | 6 443,7 | 834,9 | 37 388,5 |
Milling and Baking | 4 730,1 | 4 264,9 | 0,7 | 79,8 | 9 075,5 |
Grains | 5 203,0 | 2 316,1 | 640,8 | 208,1 | 8 368,0 |
Culinary | 3 746,8 | 2 101,6 | 2 329,7 | 268,3 | 8 446,4 |
Snacks, Treats and Beverages | 3 385,4 | 1 209,7 | 465,7 | 254,1 | 5 314,9 |
Home, Personal Care & Baby (HPCB) | 2 381,0 | 771,3 | 423,4 | 24,6 | 3 600,3 |
International | – | – | 2 583,4 | – | 2 583,4 |