Statement of financial position

as at 30 September 2025

			Restated^#	Restated^#
(R'million)	Notes	2025	2024	2023
ASSETS
Non-current assets
Property, plant and equipment	4.1	5 946	5 782	5 841
Right-of-use assets^	4.2	315	414	349
Goodwill	5.1	1 612	1 652	1 660
Intangible assets	5.1	1 245	1 369	1 401
Investments		778	3 906	3 673
Investments in associated companies	5.2	313	3 347	3 092
Other investments	4.4	454	546	563
Loans	4.5	11	13	18
Deferred taxation asset	3.2	–	36	44
Current assets		15 088	13 423	13 037
Inventories	4.6	6 042	7 423	7 504
Trade and other receivables	4.7	4 170	4 277	4 632
Tax receivable^		26	67	22
Short-term investments	4.8	1 781	31	35
Cash and cash equivalents	10.7	3 069	1 625	844
Assets classified as held for sale	13.2	1 971	41	–
Total assets		26 955	26 623	26 005
EQUITY AND LIABILITIES
Issued capital and reserves		16 984	18 210	17 341
Ordinary share capital and share premium	7.2	17	18	18
Non-distributable reserves		361	3 234	3 028
Accumulated profits		18 330	16 849	15 968
Tiger Brands Limited shares held by subsidiary	7.4	(813)	(933)	(718)
Tiger Brands Limited shares held by empowerment entities	7.4	(1 456)	(1 463)	(1 473)
Share-based payment reserve	9.2	545	505	518
Non-controlling interests		255	217	201
Total equity		17 239	18 427	17 542
Non-current liabilities		743	891	1 739
Deferred taxation liability	3.2	257	360	312
Post-retirement medical aid obligations – long term^	9.4	245	228	216
Long-term borrowings	8.2	241	303	1 211
Current liabilities		8 626	7 305	6 724
Trade and other payables	4.9	6 293	4 880	4 373
Rebates and incentives accruals^	4.10	1 040	929	900
Employee-related accruals	4.11	564	465	428
Post-retirement medical aid obligations – short term^	9.4	25	23	22
Taxation		588	69	117
Short-term borrowings	8.3	116	939	884
Liabilities directly associated with assets classified as held for sale	13.2	347	–	–
Total equity and liabilities		26 955	26 623	26 005

Refer to note 12 for prior period restatements

These items have been represented separately on the face of the statement of financial position. Right-of-use assets were previously disclosed in property, plant and equipment, taxation receivable was previously disclosed in trade and other receivables and rebates and incentives accruals were previously disclosed in trade and other payables. The post-retirement medical aid obligations have been represented to show long-term and short-term separately