for the year ended 30 September 2025
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 reportable segments are consistent with the prior year, except for Baby Nutrition which is shown as part of the Culinary segment following the disposal of Baby Wellbeing in the current year (in the prior year Baby was included with Home and Personal Care).
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 |
||||||||||
| Restated# | Restated# | Restated# | ||||||||||
| (R'million) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||
| Milling and Baking1 | 8 599 | 8 165 | 5 584 | 5 410 | 761 | 600 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Grains2 | 7 084 | 7 009 | 5 162 | 5 557 | 736 | 219 | ||||||
| Culinary3 | 10 157 | 9 849 | 7 518 | 7 348 | 1 065 | 956 | ||||||
| Snacks, Treats and Beverages | 5 979 | 5 797 | 3 882 | 3 868 | 820 | 721 | ||||||
| Home, Personal and Baby Care4 | 2 573 | 2 674 | 1 474 | 1 557 | 526 | 559 | ||||||
| Corporate5 | – | – | – | – | (38) | (162) | ||||||
| Total from continuing operations before the following items: | 34 392 | 33 494 | 23 620 | 23 740 | 3 870 | 2 893 | ||||||
| Insurance proceeds | 87 | 31 | ||||||||||
| – Insurance proceeds from product recall | 87 | – | ||||||||||
| – Impact of the civil unrest and business interruption | – | 31 | ||||||||||
| Restructuring and related costs | (10) | (15) | ||||||||||
| IFRS 2 charges | (115) | (71) | ||||||||||
| Total continuing operations | 34 392 | 33 494 | 23 620 | 23 740 | 3 832 | 2 838 | ||||||
| Discontinued operations | 4 265 | 4 168 | 3 670 | 3 252 | (55) | 256 | ||||||
| Grains (Maize milling) | 1 458 | 1 525 | 1 324 | 1 257 | (132) | (70) | ||||||
| International6 (Deciduous fruit (LAF) and Chococam) | 2 807 | 2 643 | 2 346 | 1 995 | 77 | 326 | ||||||
| Insurance proceeds | – | 140 | ||||||||||
| Total operations | 38 657 | 37 662 | 27 290 | 26 992 | 3 777 | 3 234 | ||||||
| 1 | Comprises wheat milling and baking. Inter-company sales within the segment account for R2 775 billion of total sales (2024: R3 068 billion) |
| 2 | Comprises sorghum-based products, rice, pasta and oat-based breakfast cereals |
| 3 | Comprises Culinary, Davita and Baby Nutrition. Inter-company sales within the segment account for R240 million of total sales (2024: R244 million) |
| 4 | The Baby Wellbeing business, shown as part of this segment, was sold effective 31 March 2025 |
| 5 | Includes the corporate office and management expenses relating to international investments |
| 6 | Comprises Deciduous fruit (LAF) and Chococam. Inter-company sales within the segment account for R435 million of total sales (2024: R244 million) |
| # | Restated for IFRS 5 discontinued operations in relation to the treatment of Maize milling (grains), Deciduous fruit (LAF) (international) – divisions of Tiger Consumer Brands Limited and Chococam (international) disclosed in note 13.1 and the prior period restatements disclosed in note 12 |
| Depreciation and amortisation |
Staff costs | |||||||
| Restated# | Restated# | |||||||
| (R'million) | 2025 | 2024 | 2025 | 2024 | ||||
| Milling and Baking1 | 209 | 199 | 1 450 | 1 532 | ||||
|---|---|---|---|---|---|---|---|---|
| Grains2 | 78 | 73 | 499 | 461 | ||||
| Culinary3 | 247 | 229 | 876 | 881 | ||||
| Snacks, Treats and Beverages | 148 | 142 | 693 | 655 | ||||
| Home, Personal and Baby Care4 | 57 | 98 | 209 | 209 | ||||
| Corporate5 | 118 | 181 | – | – | ||||
| Total from continuing operations before the following items: | 857 | 922 | 3 727 | 3 738 | ||||
| Insurance proceeds | ||||||||
| – Insurance proceeds from product recall | ||||||||
| – Impact of the civil unrest and business interruption | ||||||||
| Restructuring and related costs | ||||||||
| IFRS 2 charges | ||||||||
| Total continuing operations | 857 | 922 | 3 727 | 3 738 | ||||
| Discontinued operations | 105 | 86 | 508 | 484 | ||||
| Grains (Maize milling) | 28 | 18 | 77 | 75 | ||||
| International6 (Deciduous fruit (LAF) and Chococam) | 77 | 68 | 431 | 409 | ||||
| Insurance proceeds | ||||||||
| Total operations | 962 | 1 008 | 4 235 | 4 222 | ||||
Industry spread of revenue is outlined in the table below:
| 2025 | ||||||
| (R'million) | Retail | Wholesale | Exports | Other | Total | |
| Continuing operations | 20 235 | 8 940 | 4 288 | 929 | 34 392 | |
|---|---|---|---|---|---|---|
| Milling and Baking | 4 581 | 3 907 | – | 111 | 8 599 | |
| Grains | 4 875 | 1 398 | 651 | 160 | 7 084 | |
| Culinary | 5 219 | 2 125 | 2 522 | 291 | 10 157 | |
| Snacks, Treats and Beverages | 3 852 | 1 260 | 543 | 324 | 5 979 | |
| Home, Personal and Baby Care^ | 1 708 | 250 | 572 | 43 | 2 573 | |
| Discontinued operations | 849 | 557 | 2 807 | 52 | 4 265 | |
| – Grains (Maize milling) | 849 | 557 | – | 52 | 1 458 | |
| – International (Deciduous fruit (LAF) and Chococam) | – | – | 2 807 | – | 2 807 | |
| Total operations | 21 084 | 9 497 | 7 095 | 981 | 38 657 | |
| 2024 restated# | ||||||
| (R'million) | Retail | Wholesale | Exports | Other | Total | |
| Continuing operations | 19 615 | 8 584 | 4 418 | 877 | 33 494 | |
| Milling and Baking | 4 222 | 3 848 | 1 | 94 | 8 165 | |
| Grains | 4 728 | 1 373 | 725 | 183 | 7 009 | |
| Culinary | 4 939 | 1 974 | 2 670 | 266 | 9 849 | |
| Snacks, Treats and Beverages | 3 870 | 1 092 | 534 | 301 | 5 797 | |
| Home, Personal and Baby Care^ | 1 856 | 297 | 488 | 33 | 2 674 | |
| Discontinued operations | 904 | 570 | 2 643 | 51 | 4 168 | |
| – Grains (Maize milling) | 904 | 570 | – | 51 | 1 525 | |
| – International (Deciduous fruit (LAF) and Chococam) | – | – | 2 643 | – | 2 643 | |
| Total operations | 20 519 | 9 154 | 7 061 | 928 | 37 662 | |
| * | Restated for IFRS 5 discontinued operations in relation to the treatment of Maize milling (grains), Deciduous fruit (LAF) (international) – divisions of Tiger Consumer Brands Limited and Chococam (international) disclosed in note 13.1 |
| Total assets | Total liabilities | Capital expenditure | ||||||||||
| Restated# | Restated# | Restated# | ||||||||||
| (R'million) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||
| Milling and Baking | 3 312 | 3 110 | 1 170 | 720 | 481 | 171 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Grains | 2 498 | 2 959 | 2 269 | 1 599 | 30 | 86 | ||||||
| Culinary | 7 213 | 6 860 | 1 764 | 1 426 | 293 | 299 | ||||||
| Snacks, Treats and Beverages | 3 726 | 3 457 | 1 157 | 1 008 | 127 | 147 | ||||||
| Home, Personal and Baby Care^ | 1 577 | 1 270 | 540 | 335 | 26 | 69 | ||||||
| Corporate* | 6 203 | 6 790 | 1 853 | 2 252 | 140 | 51 | ||||||
| International** | 455 | 2 100 | 359 | 496 | – | 147 | ||||||
| Total continuing operations | 24 984 | 26 546 | 9 112 | 7 836 | 1 097 | 970 | ||||||
| Assets classified as held for sale | 1 971 | 41 | 347 | – | 92 | – | ||||||
| Total operations | 26 955 | 26 587 | 9 459 | 7 836 | 1 189 | 970 | ||||||
| ^ | The Baby Wellbeing business shown as part of this segment, was sold effective 31 March 2025 |
| * | 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 |
| ** | These assets and liabilities remain within the group and will be realised through normal operations |
| # | Restated for IFRS 5 discontinued operations in relation to the treatment of Maize milling (grains), Deciduous fruit (LAF) (international) – divisions of Tiger Consumer Brands Limited and Chococam (international) disclosed in note 13.1. Refer to note 12 for details on prior period restatements |
| Reconciliation of total assets |
Reconciliation of total liabilities |
|||||||
| Restated# | Restated# | |||||||
| (R'million) | 2025 | 2024 | 2025 | 2024 | ||||
| Total assets/liabilities | 26 955 | 26 587 | 9 459 | 7 836 | ||||
|---|---|---|---|---|---|---|---|---|
| Deferred taxation asset/liability | – | 36 | 257 | 360 | ||||
| Total per statement of financial position | 26 955 | 26 623 | 9 716 | 8 196 | ||||
The geographical segmental disclosure is shown below:
| Revenue | Operating income before impairments and non-operational items |
Split of non-current assets |
||||||||||
| Restated# | Restated# | Restated# | ||||||||||
| (R'million) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||
| South Africa | 30 104 | 29 076 | 3 093 | 2 141 | 9 118 | 8 694 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Outside South Africa | 4 288 | 4 418 | 739 | 697 | – | – | ||||||
| – BLNE* | 1 698 | 1 723 | 209 | 207 | – | – | ||||||
| – Mozambique | 995 | 1 054 | 202 | 172 | – | – | ||||||
| – Zambia | 302 | 287 | 26 | 25 | – | – | ||||||
| – Zimbabwe | 544 | 477 | 93 | 77 | – | – | ||||||
| – Rest of world | 749 | 877 | 209 | 216 | – | – | ||||||
| Continuing operations | 34 392 | 33 494 | 3 832 | 2 838 | – | – | ||||||
| South Africa | 1 458 | 1 525 | (132) | 70 | – | – | ||||||
| Outside South Africa | 2 807 | 2 643 | 77 | 326 | – | 523 | ||||||
| – Cameroon | 1 670 | 1 633 | 205 | 246 | – | 523 | ||||||
| – Rest of world | 1 137 | 1 010 | (128) | 80 | – | – | ||||||
| Discontinued operations | 4 265 | 4 168 | (55) | 396 | – | – | ||||||
| Total operations | 38 657 | 37 662 | 3 777 | 3 234 | 9 118 | 9 217 | ||||||
| Investments | 778 | 3 906 | ||||||||||
| Current assets | 15 088 | 13 423 | ||||||||||
| Total continuing operations | 24 984 | 26 546 | ||||||||||
| Assets classified as held for sale | 1 971 | 41 | ||||||||||
| Deferred tax asset | – | 36 | ||||||||||
| Total assets per statement of financial position | 26 955 | 26 623 | ||||||||||
| # | Restated as required for IFRS 5 in relation to the treatment of Maize milling (grains), Deciduous fruit (LAF) (international) – divisions of Tiger Consumer Brands Limited and Chococam (international) disclosed in note 13.1 and the prior period restatements disclosed in note 12 |
| * | Botswana, Lesotho, Namibia and Eswatini |