NOTES

1. BASIS OF PREPARATION AND CHANGES TO THE GROUP’S ACCOUNTING POLICIES

The preparation of these results have been supervised by Pamela Padayachee, Acting Chief Financial Officer of Tiger Brands Limited.

The condensed consolidated interim results for the six months ended 31 March 2020 have been prepared in accordance with the International Financial Reporting Standard, (IAS 34) Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council, the requirements of the South African Companies Act No 71 of 2008 and the Listings Requirements of the JSE Limited. These statements have not been audited or reviewed.

The accounting policies adopted in the preparation of the condensed consolidated interim results are consistent with those applied in preparation of the Group’s annual consolidated financial statements for the year ended 30 September 2019, except for IFRS 16 Leases which was adopted 1 October 2019 and applied using a modified retrospective approach. The majority of the Group’s financial instruments measured at fair value in terms of IFRS 13, are noted as level 1 hierarchy, which are valued based on quoted market prices.

The determination of whether the VAMP business should be disclosed and measured as held-for-sale in terms of IFRS 5 as at 31 March 2020 is a significant judgement area. In applying this judgement, specific consideration was given as to whether it is highly probable that the sale will be completed within one year from 31 March 2020. As a number of the key terms and conditions are still to be agreed and inherent uncertainties exist, it is considered appropriate to treat VAMP as a continuing operation in the current period.