2025
Group annual financial statementsfor the year ended 30 September 2025

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13 Assets and liabilities classified as held for sale and discontinued operations
13.1
(Loss)/profit for the year from discontinued operations

In the current year, the following businesses were classified as disposal groups held for sale and discontinued operations in terms of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations

  • Deciduous fruit business (LAF) (International) (effective 31 March 2025)
  • Maize milling (Grains) operations (effective 31 March 2025), and
  • Chococam (International) (effective 30 September 2025)

The comparative results as at 30 September 2024 have been appropriately restated.

Maize milling is considered to be a separate major line of business and is part of a single disposal plan and is thus presented as a discontinued operation.

The prior year included profit of R140.0 million from obsolete stock written off in 2018 for Value Added Meat Products (VAMP), a division of Tiger Consumer Brands Limited disposed during the course of 2020.
   
 
      2025       2024  
(R'million)   Total Grains Inter-
national		   Total Grains Inter-
national		 Value
Added
Meat
Products
(VAMP)
(Loss)/profit for the year from discontinued operations (attributable to owners of the company)                  
Revenue   4 265 1 458 2 807   4 168 1 525 2 643 –
Cost of sales   (3 670) (1 324) (2 346)   (3 252) (1 257) (1 995) –
Gross profit   595 134 461   916 268 648 –
Sales and distribution expenses   (366) (163) (203)   (418) (232) (186) –
Marketing expenses   (29) (2) (27)   (52) (22) (30) –
Other operating expenses   (264) (106) (158)   (198) (88) (110) –
Sundry income   9 5 4   148 4 4 140
Operating (loss)/income before impairments and non-operational items   (55) (132) 77   396 (70) 326 140
Impairments and fair value losses   (22) – (22)   (28) – (28) –
Loss on discontinuance   (170) – (170)   – – – –
Transaction costs   (8) – (8)   – – – –
Non-operational items   (9) – (9)   – – – –
Profit including non-operational items   (264) (132) (132)   368 (70) 298 140
Finance costs   (12) – (12)   (11) – (11) –
Finance income   3 – 3   4 – 4 –
Foreign exchange gain (loss)   1 – 1   (3) – (3) –
(Loss)/profit before taxation   (272) (132) (140)   358 (70) 288 140
Taxation   29 36 (7)   (114) 19 (95) (38)
(Loss)/profit for the year from discontinued operations   (243) (96) (147)   244 (51) 193 102
Less attributable to non-controlling interest   (34) – (34)   (29) – (29) –
Attributable to owners of parent   (277) (96) (181)   215 (51) 164 102
Cash flows from discontinued operations                  
Net cash inflow/(outflow) from operating activities   372 (60) 432   367 54 173 140
Net cash outflow from investing activities   (94) (3) (91)   (143) – (143) –
Net cash inflows   278 (63) 341   224 54 30 140
 
13.2
Assets and liabilities classified as held for sale

As detailed in note 13.1, the Deciduous fruit business (LAF) (International) and Maize milling (Grains) businesses (both divisions of Tiger Consumer Brands Proprietary Limited), and Chococam (International), the group's Cameroonian subsidiary, have been treated in accordance with IFRS 5 at 30 September 2025.

Effective 30 September 2025, the disposal of the LAF business was concluded.

For each of the other business disposals, the group has concluded the sale and purchase agreements with the buyers, with the disposals expected to be concluded within the next 12 months. The proceeds of disposal are expected to substantially exceed the carrying amount of the related net assets and accordingly no impairment losses have been recognised on the classification of these operations as held for sale.

At 30 September 2024, Baby Wellbeing (a division of Tiger Consumer Brands Proprietary Limited) was similarly classified as held for sale. Effective 31 March 2025, the disposal of Baby Wellbeing was concluded.

(R'million) Notes   2025   2024
Asset classified as held for sale          
Property, plant and equipment 4.1   529   1
Right-of-use assets 4.2   –   –
Inventory     822   38
Intangible assets 5.1   67   2
Goodwill 5.1   43   –
Deferred taxation asset 3.2   26   –
Trade and other receivables     315   –
Cash and cash equivalents 10.7   169   –
      1 971   41
Liabilities directly associated with assets classified as held for sale          
Trade and other payables     (325)   –
Employee-related accruals     (8)   –
Taxation     (14)   –
      (347)   –
Net carrying value of discontinued operations     1 624   41