(R'million) | Notes | Unaudited six months ended 31 March 2024 |
Unaudited six months ended 31 March 2023 |
Audited year ended 30 September 2023 |
|
---|---|---|---|---|---|
Continuing operations | |||||
Total revenue | 19 229,9 | 19 380,6 | 37 388,5 | ||
Total cost of sales | (13 852,7) | (14 139,1) | (27 048,2) | ||
Gross profit | 5 377,2 | 5 241,5 | 10 340,3 | ||
Sales and distribution expenses | (2 479,8) | (2 426,6) | (4 702,0) | ||
Marketing expenses | (542,4) | (540,7) | (969,1) | ||
Other operating expenses | (1 050,5) | (958,8) | (1 777,9) | ||
Sundry income | 23,1 | 32,2 | 167,9 | ||
Expected credit loss (raised)/reversed | (7,4) | 8,7 | 59,0 | ||
Operating income before impairments and non-operational items | 2 | 1 320,2 | 1 356,3 | 3 118,2 | |
Impairments and fair value losses | 3 | – | – | (43,2) | |
Operating income after impairments | 1 320,2 | 1 356,3 | 3 075,0 | ||
Non-operational items | 4 | 127,5 | 33,0 | 33,0 | |
Profit including non-operational items | 1 447,7 | 1 389,3 | 3 108,0 | ||
Finance costs | (190,2) | (115,0) | (267,9) | ||
Finance income | 27,2 | 21,2 | 29,9 | ||
Foreign exchange loss | (52,7) | (14,8) | (33,6) | ||
Investment income | 11,6 | 12,4 | 18,0 | ||
Income from associated companies | 396,2 | 274,7 | 696,6 | ||
Profit before taxation | 1 639,8 | 1 567,8 | 3 551,0 | ||
Taxation | (328,0) | (379,0) | (817,1) | ||
Profit for the period from continuing operations | 1 311,8 | 1 188,8 | 2 733,9 | ||
Discontinued operation | |||||
Profit for the period from discontinued operation | 9 | 102,2 | – | – | |
Profit for the year | 1 414,0 | 1 188,8 | 2 733,9 | ||
Attributable to: | |||||
Owners of the parent | 1 394,0 | 1 170,7 | 2 697,2 | ||
– Continuing operations | 1 291,8 | 1 170,7 | 2 697,2 | ||
– Discontinued operation | 102,2 | – | – | ||
Non-controlling interests | 20,0 | 18,1 | 36,7 | ||
– Continuing operations | 20,0 | 18,1 | 36,7 | ||
1 414,0 | 1 188,8 | 2 733,9 | |||
Weighted average number of shares in issue | 156 241 258 | 156 374 568 | 156 390 363 | ||
Basic earnings per ordinary share (cents) | 892,2 | 748,7 | 1 724,7 | ||
– Continuing operations | 826,8 | 748,7 | 1 724,7 | ||
– Discontinued operation | 65,4 | – | – | ||
Diluted basic earnings per ordinary share (cents) | 879,2 | 735,3 | 1 700,0 | ||
– Continuing operations | 814,7 | 735,3 | 1 700,0 | ||
– Discontinued operation | 64,5 | – | – | ||
Headline earnings per ordinary share (cents) | 808,0 | 731,0 | 1 734,7 | ||
– Continuing operations | 742,6 | 731,0 | 1 734,7 | ||
– Discontinued operation | 65,4 | – | – | ||
Diluted headline earnings per ordinary share (cents) | 796,2 | 718,0 | 1 709,8 | ||
– Continuing operations | 731,7 | 718,0 | 1 709,8 | ||
– Discontinued operation | 64,5 | – | – | ||
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(R'million) | Unaudited six months ended 31 March 2024 |
Unaudited six months ended 31 March 2023 |
Audited year ended 30 September 2023 |
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Profit for the period | 1 414,0 | 1 188,8 | 2 733,9 |
Other comprehensive (loss)/gain, net of tax | (139,0) | 851,4 | 412,0 |
Foreign currency translation reserve (FCTR) adjustments1 | 21,5 | 77,5 | 83,1 |
Share of associates other comprehensive (loss)/gain and FCTR1 | (147,9) | 708,7 | 227,0 |
Net gain on cash flow hedges1 | 13,5 | 5,9 | 4,1 |
Net (loss)/gain on FVOCI2 financial assets | (26,1) | 59,3 | 80,6 |
Remeasurement raised in terms of IAS 19R | – | – | 48,2 |
Tax effect | – | – | (31,0) |
Total comprehensive income for the period, net of tax | 1 275,0 | 2 040,2 | 3 145,9 |
Attributable to: | |||
Owners of the parent | 1 249,3 | 2 005,3 | 3 086,8 |
Non-controlling interests | 25,7 | 34,9 | 59,1 |
1 275,0 | 2 040,2 | 3 145,9 |
1 | Items that may be subsequently reclassified to profit or loss including the related tax effects, with the exception of R5,1 million gain (2023: R3,1 million loss) relating to the share of associates’ other comprehensive loss, and fair value losses on equity instruments measured at FVOCI |
2 | FVOCI – Fair value through other comprehensive income |
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(R'million) | Unaudited six months ended 31 March 2024 |
Restated# Unaudited six months ended 31 March 2023 |
Audited year ended 30 September 2023 |
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ASSETS | |||||||
Non-current assets | 13 314,0 | 12 979,4 | 12 914,7 | ||||
Property, plant and equipment* | 6 299,9 | 5 903,1 | 6 101,6 | ||||
Goodwill | 1 652,5 | 1 650,1 | 1 651,2 | ||||
Intangible assets | 1 399,3 | 1 403,3 | 1 409,9 | ||||
Investments | 3 931,0 | 3 980,1 | 3 707,8 | ||||
Investments in associated companies | 3 342,2 | 3 377,2 | 3 092,0 | ||||
Other investments | 534,4 | 552,1 | 561,5 | ||||
Loans | 54,4 | 50,8 | 54,3 | ||||
Deferred taxation asset | 31,3 | 42,8 | 44,2 | ||||
Current assets | 14 125,3 | 12 979,5 | 12 921,9 | ||||
Inventories | 8 156,2 | 7 344,0 | 7 503,6 | ||||
Trade and other receivables | 4 948,2 | 4 977,6 | 4 642,4 | ||||
Cash and cash equivalents | 1 020,9 | 657,9 | 775,9 | ||||
TOTAL ASSETS | 27 439,3 | 25 958,9 | 25 836,6 | ||||
EQUITY AND LIABILITIES | |||||||
Total equity | 17 333,3 | 16 693,7 | 17 304,2 | ||||
Issued capital and reserves | 17 107,9 | 16 517,0 | 17 103,7 | ||||
Non-controlling interests | 225,4 | 176,7 | 200,5 | ||||
Non-current liabilities | 1 821,8 | 1 814,9 | 1 771,7 | ||||
Deferred taxation liability | 308,3 | 246,4 | 322,7 | ||||
Post-retirement medical aid obligation | 243,3 | 303,6 | 238,0 | ||||
Long-term borrowings1** | 1 270,2 | 1 264,9 | 1 211,0 | ||||
Current liabilities | 8 284,2 | 7 450,3 | 6 760,7 | ||||
Trade and other payables | 5 046,7 | 5 530,4 | 5 335,3 | ||||
Employee-related accruals | 373,6 | 352,8 | 434,7 | ||||
Taxation | 9,1 | 46,2 | 107,0 | ||||
Short-term borrowings2** | 2 854,8 | 1 520,9 | 883,7 | ||||
TOTAL EQUITY AND LIABILITIES | 27 439,3 | 25 958,9 | 25 836,6 | ||||
Net debt** | (3 104,1) | (2 127,9) | (1 318,8) |
* | Right-of-use assets are included within property, plant and equipment amounting to R388,9 million (2023: R411,9 million) |
** | Net debt includes lease liabilities. Excluding lease liabilities, the net debt is R2,674 billion (2023: R1,664 billion) |
# | Refer to note 7 for details on restatements |
1 | Includes the utilisation of the revolving credit facility amounting to R1,0 billion (2023: R1,0 billion) |
2 | Includes the utilisation of borrowing facilities with the group’s banking partners amounting to R2,7 billion (2023: R1,3 billion) |
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(R'million) | Share capital and premium |
Non- distributable reserves |
Accumulated profits |
Shares held by subsidiary and empowerment entities |
Share-based payment reserve |
Total attributable to owners of the parent |
Non- controlling interests |
Total equity |
|
Balance at 1 October 2022 | 18,0 | 2 158,0 | 14 867,6 | (2 187,3) | 752,6 | 15 608,9 | 142,3 | 15 751,2 | |
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Profit for the period | – | – | 1 170,7 | – | – | 1 170,7 | 18,1 | 1 188,8 | |
Other comprehensive income | – | 834,6 | – | – | – | 834,6 | 16,8 | 851,4 | |
Total comprehensive income | – | 834,6 | 1 170,7 | – | – | 2 005,3 | 34,9 | 2 040,2 | |
Transfers between reserves | – | 247,3 | (251,2) | – | 3,9 | – | – | – | |
Share-based payment1 | – | – | – | – | (51,9) | (51,9) | – | (51,9) | |
Dividends on ordinary shares (net of dividend on treasury shares) | – | – | (1 048,5) | – | – | (1 048,5) | (0,5) | (1 049,0) | |
Sale of empowerment shares2 | – | – | – | 3,2 | – | 3,2 | – | 3,2 | |
Balance at 31 March 2023 – Restated# | 18,0 | 3 239,9 | 14 738,6 | (2 184,1) | 704,6 | 16 517,0 | 176,7 | 16 693,7 | |
Profit for the period | – | – | 1 526,5 | – | – | 1 526,5 | 18,6 | 1 545,1 | |
Other comprehensive (loss)/income | – | (480,4) | 35,4 | – | – | (445,0) | 5,6 | (439,4) | |
Total comprehensive (loss)/income | – | (480,4) | 1 561,9 | – | – | 1 081,5 | 24,2 | 1 105,7 | |
Transfers between reserves | – | 196,5 | (0,6) | – | (195,9) | – | – | – | |
Share-based payment1 | – | – | – | – | 17,6 | 17,6 | – | 17,6 | |
Dividends on ordinary shares (net of dividend on treasury shares) | – | – | (514,4) | – | – | (514,4) | (0,4) | (514,8) | |
Sale of empowerment shares2 | – | – | – | 2,0 | – | 2,0 | – | 2,0 | |
Balance at 30 September 2023 | 18,0 | 2 956,0 | 15 785,5 | (2 182,1) | 526,3 | 17 103,7 | 200,5 | 17 304,2 | |
Profit for the period | – | – | 1 394,0 | – | – | 1 394,0 | 20,0 | 1 414,0 | |
Other comprehensive (loss)/income | – | (144,7) | – | – | – | (144,7) | 5,7 | (139,0) | |
Total comprehensive (loss)/income | – | (144,7) | 1 394,0 | – | – | 1 249,3 | 25,7 | 1 275,0 | |
Transfers between reserves | – | 396,2 | (412,3) | – | 16,1 | – | – | – | |
Share buy-back transaction3 | – | – | – | (110,5) | – | (110,5) | – | (110,5) | |
Share-based payment1 | – | – | – | – | (61,8) | (61,8) | – | (61,8) | |
Dividends on ordinary shares (net of dividend on treasury shares) | – | – | (1 078,3) | – | – | (1 078,3) | (0,8) | (1 079,1) | |
Sale of empowerment shares2 | – | – | – | 5,5 | – | 5,5 | – | 5,5 | |
Balance at 31 March 2024 | 18,0 | 3 207,5 | 15 688,9 | (2 287,1) | 480,6 | 17 107,9 | 225,4 | 17 333,3 |
1 | Included in the movement of the share-based payment are options of R99,5 million (2023: R33,9 million) exercised |
2 | Relates to the exercising of options vested post the December 2014 lock-in period in terms of the Black Managers Participation Right Scheme (BMT). In the current year, R5,5 million (2023: R3,2 million) related to BMT I |
3 | During the current year, the group embarked on a share buy-back programme, in which 572 354 of the listed Tiger Brands shares were repurchased at an average price of R193,06 per share. The shares were issued at an original par value of R0,1 per share |
# | Refer to note 7 for details on restatements |
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(R’million) | Unaudited six months ended 31 March 2024 |
Restated# Unaudited six months ended 31 March 2023 |
Audited year ended 30 September 2023 |
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Cash operating profit | 2 109,7 | 1 999,7 | 4 264,5 |
Working capital changes | (1 349,3) | (1 667,1) | (1 561,3) |
Cash generated from operations | 760,4 | 332,6 | 2 703,2 |
Finance income and income from investments received | 38,8 | 33,6 | 47,9 |
Finance costs paid | (185,5) | (107,4) | (256,2) |
Dividends received from associated companies and subsidiaries | – | 27,4 | 247,1 |
Taxation paid | (489,3) | (462,2) | (808,0) |
Cash available from operations | 124,4 | (176,0) | 1 934,0 |
Dividends paid | (1 079,1) | (1 049,0) | (1 563,8) |
Net cash (outflow)/inflow from operating activities | (954,7) | (1 225,0) | 370,2 |
Proceeds from disposal of intangible assets | 127,5 | – | – |
Proceeds from disposal of property, plant, equipment and vehicles | 14,7 | 19,7 | 26,8 |
Funds held in escrow | 2,4 | 22,7 | 39,2 |
Proceeds on disposal of investment | – | – | 2,6 |
Purchase of investment | (1,9) | – | – |
Purchase of property, plant, equipment and computer software | (559,7) | (476,4) | (1 212,6) |
Cash outflow from investing activities | (417,0) | (434,0) | (1 144,0) |
Net cash outflow before financing activities | (1 371,7) | (1 659,0) | (773,8) |
Black Managers Trust (BMT) shares exercised | 2,7 | 1,9 | 4,1 |
Shares exercised relating to equity-settled scheme | (99,5) | (37,7) | (38,0) |
Repurchase of shares | (110,5) | – | – |
Repayment of principal portion of lease liabilities | (112,9) | (99,4) | (203,4) |
Short-term borrowings raised | 2 957,5 | 1 222,2 | 1 103,9 |
Short-term borrowings repaid | (962,0) | (880,0) | (1 380,0) |
Long-term borrowings raised | – | 1 000,0 | 1 002,1 |
Net cash inflow from financing activities | 1 675,3 | 1 207,0 | 488,7 |
Net increase/(decrease) in cash and cash equivalents | 303,6 | (452,0) | (285,1) |
Effect of exchange rate changes on cash and cash equivalents | (58,6) | 8,6 | (40,3) |
Reclassification of cash and cash equivalents to other receivables | – | (14,6) | (14,6) |
Cash and cash equivalents at the beginning of the period | 775,9 | 1 115,9 | 1 115,9 |
Cash and cash equivalents at the end of the period | 1 020,9 | 657,9 | 775,9 |
Cash resources | 977,3 | 613,0 | 732,3 |
Cash relating to venture capital initiatives | 43,6 | 44,9 | 43,6 |
1 020,9 | 657,9 | 775.9 |
# Refer to note 7 for details on restatements
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(R’million) | Unaudited six months ended 31 March 2024 |
Unaudited six months ended 31 March 2023 |
Audited year ended 30 September 2023 |
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Capital commitments | 1 127,5 | 1 260,0 | 1 615,8 |
– Contracted | 734,8 | 486,4 | 570,0 |
– Approved | 392,7 | 773,6 | 1 045,8 |
Capital commitments will be funded from normal operating cash flows and the utilisation of existing borrowing facilities. | |||
Capital expenditure | 559,7 | 476,4 | 1 212,6 |
– Replacement | 394,2 | 142,6 | 767,0 |
– Expansion | 165,5 | 333,8 | 445,6 |
Replacement capital expenditure is in line with the approved capex plan. | |||
Guarantees | |||
– Guarantees (unutilised) | 36,8 | 24,0 | 35,3 |
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(R’million) | Unaudited six months ended 31 March 2024 |
Unaudited six months ended 31 March 2023 |
Audited year ended 30 September 2023 |
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REVENUE | |||||
Domestic Operations | 16 662,7 | 17 269,4 | 32 537,0 | ||
Grains | 8 168,4 | 8 958,9 | 17 030,1 | ||
Milling and Baking1 | 5 109,2 | 6 068,4 | 11 505,4 | ||
Other Grains2 | 3 059,2 | 2 890,5 | 5 524,7 | ||
Consumer Brands | 7 224,9 | 7 036,9 | 13 341,2 | ||
Groceries | 3 344,3 | 3 413,6 | 6 414,8 | ||
Snacks and Treats | 1 484,7 | 1 388,6 | 2 784,6 | ||
Beverages | 1 344,7 | 1 220,5 | 2 159,9 | ||
Baby | 599,9 | 585,3 | 1 147,0 | ||
Food Service Solutions | 451,3 | 428,9 | 834,9 | ||
Home and Personal Care (HPC) | 1 269,4 | 1 273,6 | 2 165,7 | ||
Personal Care | 357,8 | 371,8 | 836,0 | ||
Home Care | 911,6 | 901,8 | 1 329,7 | ||
Exports and International | 2 567,2 | 2 111,2 | 4 851,5 | ||
Exports3 | 1 328,4 | 1 217,1 | 2 513,6 | ||
International operation | |||||
– Central Africa (Chococam) | 836,4 | 682,5 | 1 440,7 | ||
Deciduous Fruit (LAF) | 614,9 | 439,3 | 1 342,9 | ||
Other inter-group sales | (212,5) | (227,7) | (445,7) | ||
Total revenue | 19 229,9 | 19 380,6 | 37 388,5 |
1 Comprises maize milling, wheat milling, and baking and sorghum-based products
2 Comprises rice, pasta and oat-based breakfast cereals
3 The key markets contributing to Exports revenue are Mozambique at 39% (2023: 37%); Zambia at 11% (2023: 11%); Zimbabwe at 14% (2023: 10%); and Nigeria at 3% (2023: 3%)
All segments operate on an arm's length basis in relation to inter-segment pricing.
The information above has been disclosed under the existing structure and will be reviewed at year end.
(R’million) | Unaudited six months ended 31 March 2024 |
Unaudited six months ended 31 March 2023 |
Audited year ended 30 September 2023 |
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OPERATING INCOME BEFORE IMPAIRMENTS AND NON-OPERATIONAL ITEMS | |||||
Domestic Operations | 1 121,8 | 1 162,3 | 2 482,9 | ||
Grains | 171,4 | 342,5 | 837,6 | ||
Milling and Baking1 | 181,8 | 267,7 | 602,2 | ||
Other Grains2 | (10,4) | 74,8 | 235,4 | ||
Consumer Brands | 693,8 | 554,7 | 1 162,4 | ||
Groceries | 202,6 | 126,4 | 307,5 | ||
Snacks and Treats | 106,0 | 108,7 | 228,6 | ||
Beverages | 229,8 | 196,2 | 340,1 | ||
Baby | 66,8 | 45,7 | 133,8 | ||
Food Service Solutions | 88,6 | 77,7 | 152,4 | ||
Home and Personal Care (HPC) | 275,8 | 255,8 | 460,6 | ||
Personal Care | 31,4 | 14,6 | 117,6 | ||
Home Care | 244,4 | 241,2 | 343,0 | ||
Other3 | (19,2) | 9,3 | 22,3 | ||
Exports and International | 265,3 | 163,2 | 600,6 | ||
Exports | 117,0 | 76,4 | 286,4 | ||
International operation | |||||
– Central Africa (Chococam) | 122,7 | 102,6 | 221,8 | ||
Deciduous Fruit (LAF) | 25,6 | (15,8) | 92,4 | ||
Total operating income from continuing operations before the following items | 1 387,1 | 1 325,5 | 3 083,5 | ||
Insurance claims received | – | 20,0 | 142,7 | ||
Restructuring and related costs | (29,6) | – | (94,6) | ||
IFRS 2 charges | (37,3) | 10,8 | (13,4) | ||
Total operating income from continuing operations | 1 320,2 | 1 356,3 | 3 118,2 | ||
Discontinued operation | |||||
– Value-added Meat Products | 102,2 | – | – | ||
Total operating income | 1 422,4 | 1 356,3 | 3 118,2 |
1 Comprises maize milling, wheat milling, and baking and sorghum-based products
2 Comprises rice, pasta and oat-based breakfast cereals
3 Includes the corporate office and management expenses relating to international investments
All segments operate on an arm's length basis in relation to inter-segment pricing.
The information above has been disclosed under the existing structure and will be reviewed at year end.
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