Tiger Brands | Annual Financial Statements 2025

Prior year restatements

12.1 Historical restatement

As part of the group's continued assessment of IFRS compliance during the current financial year, the group conducted a comprehensive financial data reconciliation process of legacy accounting records included in the group consolidation.

During this process, historical posting errors, misclassifications and data integrity issues were identified within certain balance sheet accounts leading to historical unexplained differences. These errors, in combination with the effect of consolidating the trusts noted in 12.2 below, have a material impact on opening accumulated profit and consequently management has concluded that these items constitute prior period errors as defined in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. The comparative information has been accordingly restated retrospectively by adjusting the opening balance of accumulated profit at the beginning of 2023.

The impact of these errors has been detailed in the table below in the column "effect of change from historical errors". These adjustments have resulted in a total increase to opening accumulated profit as at 30 September 2022 of R166 million.

In addition to this, certain reserve balances in the prior year relating to FVOCI financial assets, foreign currency translations and share-based payments were re-evaluated and reclassified to opening accumulated profit. This net transfer amounts to a R64 million decrease in accumulated profit.

This historical restatement had no impact on the current or prior year income statements or statements of cash flows.

12.2 Consolidation of previously unconsolidated trusts

During the current financial year, management performed a detailed review of the group's empowerment structures in line with the commentary provided in the JSE proactive monitoring report concerning the application of IFRS 10 Consolidated Financial Statements to B-BBEE Trusts and special purpose vehicles established to facilitate broadbased ownership.

This review followed the commentary provided in the JSE proactive monitoring report concerning the application of IFRS 10 Consolidated Financial Statements to B-BBEE Trusts and special purpose vehicles established to facilitate broad-based ownership.

The assessment concluded that the group exercises accounting control over the Dipuno ESD Foundation SPV (RF) Proprietary Limited, Tiger Brands Foundation Trust and the Thusani Trust (the "trusts") as defined in IFRS 10.

Accordingly, management determined that the trusts should have been consolidated from inception and the opening balances have been restated accordingly, as detailed below in the column "effect of change on consolidation of trusts".

Statement of financial position

		2024				2023
(R'million)	Notes impacted	Previously reported	Effect of change from historical errors	Effect of change on consolidation of trusts	Restated	Previously reported	Effect of change from historical errors	Effect of change on consolidation of trusts	Restated
Non-current assets
Property, plant and equipment	4.1	5 694	88	–	5 782	5 753	88	–	5 841
Other investments	4.4	545	–	1	546	562	–	1	563
Loans	4.5	58	–	(45)	13	54	–	(36)	18
Other non-current assets		6 818	–	–	6 818	6 546	–	–	6 546
Current assets		13 303	5	115	13 423	12 922	5	110	13 037
Trade and other receivables	4.7	4 266	5	6	4 277	4 620	5	7	4 632
Short-term investments	4.8	–	–	31	31	–	–	35	35
Cash and cash equivalents		1 547	–	78	1 625	776	–	68	844
Other current assets		7 490	–	–	7 490	7 526	–	–	7 526
Assets classified as held for sale		41	–	–	41	–	–	–	–
Total assets		26 459	93	71	26 623	25 837	93	75	26 005
Issued capital and reserves
Non-distributable reserves		3 162	72	–	3 234	2 956	72	–	3 028
Accumulated profits		16 672	102	75	16 849	15 786	102	80	15 968
Tiger Brands Limited shares held by empowerment entities	7.4	(1 453)	–	(10)	(1 463)	(1 464)	–	(9)	(1 473)
Share-based payment reserve	9.2	513	(8)	–	505	526	(8)	–	518
Other equity		(698)	–	–	(698)	(499)	–	–	(499)
Total equity		18 196	166	65	18 427	17 305	166	71	17 542
Non-current liabilities		902	(11)	–	891	1 750	(11)	–	1 739
Deferred taxation liability	3.2	371	(11)	–	360	323	(11)	–	312
Other non-current liabilities		531	–	–	531	1 427	–	–	1 427
Current liabilities		7 361	(62)	6	7 305	6 782	(62)	4	6 724
Trade and other payables	4.9	4 939	(65)	6	4 880	4 434	(65)	4	4 373
Employee-related accruals	4.11	472	(7)	–	465	435	(7)	–	428
Taxation		59	10	–	69	107	10	–	117
Other current liabilities		1 891	–	–	1 891	1 806	–	–	1 806

Total equity and liabilities		26 459	93	71	26 623	25 837	93	75	26 005

Income statement

	2024
(R’million)	Previously reported	Restated for IFRS 5*	Effect of change on consolidation of trusts	Restated

Operating income before impairments and non-operational items	3 144	(256)	(50)	2 838
Impairments and fair value (loss)/gain	(26)	28	–	2
Operating income after impairments	3 118	(228)	(50)	2 840
Profit including non-operational items	3 360	(228)	(50)	3 082
Finance costs	(320)	11	–	(309)
Finance income	21	(4)	5	22
Foreign exchange (loss)/gain	(52)	3	–	(49)
Investment income	21	–	1	22

Profit before taxation	3 754	(218)	(44)	3 492
Taxation	(799)	76	(1)	(724)
Profit for the year from continuing operations	2 955	(142)	(45)	2 768
Notes		13.1	12.2

* The restatement resulted from the application of IFRS 5 in the current year as detailed in note 13.1 and was not due to error

Statement of cash flows

	2024
(R’million)	Previously reported	Effect of change on consolidation of trusts	Restated

Cash operating profit	4 767	(52)	4 715
Working capital changes	735	11	746
Cash generated from operations	5 502	(41)	5 461

Finance income received	21	7	28

Cash available from operations	4 589	(34)	4 555
Dividends paid	(1 641)	40	(1 601)
Net cash inflow from operating activities	2 948	6	2 954

Proceeds from investment in unit trusts	–	4	4
Net cash outflow from investing activities	(665)	4	(661)

Net increase in cash and cash equivalents	596	10	606
Cash and cash equivalents at the beginning of the year	776	68	844
Cash and cash equivalents at the end of the year	1 302	78	1 380

	2024
(Cents)	Previously reported	Restated
Basic earnings per ordinary share (cents)	1 942	1 914
– Continuing operations	1 877	1 776
– Discontinued operations	65	138

Headline earnings per share (cents)	1 810	1 782
– Continuing operations	1 744	1 631
– Discontinued operations	66	151