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The board of directors of Tiger Brands Limited has given general declarations in terms of section 75 of the Companies Act on directors’ personal financial interests. These declarations indicate that certain directors hold positions of influence in other entities which are suppliers, service providers, customers and/or competitors of Tiger Brands Limited.
Transactions conducted with these director-related customers and suppliers were on an arm’s length basis.
The sales to and purchases from related parties are made at normal market prices. Outstanding balances at the year end are unsecured and settlement occurs in cash. For the year ended 30 September 2015, the group has not recorded any impairment of receivables relating to amounts owed by related parties (2014: Rnil). This assessment is undertaken at each financial year through examining the financial position of the related party and the market in which the related party operates.
Details of material transactions with related parties not disclosed elsewhere in the financial statements are as follows:
| (R’million) |
Sales to
related
parties |
Purchases
from
related
parties |
Amounts
owed by
related
parties |
Fees
received
from related
parties |
|
| GROUP |
|
|
|
|
|
| 2015 |
|
|
|
|
|
| Related party – associates |
|
|
|
|
|
| Oceana Group Limited |
– |
– |
– |
0,6 |
|
| UAC Foods |
– |
– |
18,9 |
9,5 |
|
| GROUP |
|
|
|
|
|
| 2014 |
|
|
|
|
|
| Related party – associates |
|
|
|
|
|
| Oceana Group Limited |
– |
– |
– |
0,5 |
|
| UAC Foods |
– |
– |
18,4 |
10,1 |
|
| |
GROUP |
| (R’million) |
2015 |
|
2014 |
|
| Other related parties |
|
|
|
|
| Key management personnel* |
|
|
|
|
| Short-term employee benefits |
108,6 |
|
95,2 |
|
| Post-employment and medical benefits |
10,4 |
|
12,8 |
|
| Share-based payments |
28,7 |
|
76,9 |
|
| Total compensation paid to key management personnel |
147,7 |
|
184,9 |
|
| * Key management personnel comprises the top tier of the organisation and the managing executives of the individual businesses. |
| (R’million) |
Amounts
owned by
related
party1 |
|
Amounts
owed to
related
parties1 |
|
Dividends
received |
|
| COMPANY |
|
|
|
|
|
|
| 2015 |
|
|
|
|
|
|
| Related party – intergroup |
|
|
|
|
|
|
| Subsidiaries |
|
|
|
|
|
|
| Durban Confectionery Works Proprietary Limited |
33,0 |
|
– |
|
– |
|
| Tiger Consumer Brands Limited |
– |
|
86,6 |
|
1 230,0 |
|
| Tiger Brands (Mauritius) Limited |
– |
|
240,2 |
|
– |
|
| Enterprise Foods Proprietary Limited |
0,4 |
|
– |
|
– |
|
| Langeberg Holdings Limited |
702,4 |
|
– |
|
– |
|
| Langeberg Foods Africa Proprietary Limited |
– |
|
201,6 |
|
– |
|
| Langeberg & Ashton Foods Proprietary Limited |
499,5 |
|
– |
|
– |
|
| The Duntulum Trust |
18,9 |
|
– |
|
– |
|
| Gloriande NV |
0,2 |
|
– |
|
– |
|
| Tiger Food Brands Intellectual Property Holding Company Proprietary Limited |
381,1 |
|
– |
|
325,0 |
|
| Pharma I Investment Holdings Limited |
1 227,6 |
|
– |
|
– |
|
| Investment and dormant companies |
165,5 |
|
16,4 |
|
– |
|
| Chocolaterie Confiserie Camerounaise |
– |
|
– |
|
43,4 |
|
| Deli Foods Nigeria Limited |
31,2 |
|
– |
|
– |
|
| East Africa Tiger Brands Industries |
46,5 |
|
– |
|
8,8 |
|
| Davita Trading Proprietary Limited |
– |
|
– |
|
75,0 |
|
| Empowerment entities |
|
|
|
|
|
|
| Tiger Brands Foundation |
378,5 |
|
– |
|
145,0 |
|
| Thusani II |
72,9 |
|
– |
|
28,9 |
|
| Associate |
|
|
|
|
|
|
| Oceana Group Limited |
– |
|
– |
|
188,9 |
|
| National Foods Holdings Limited |
– |
|
– |
|
24,5 |
|
| UAC Foods |
– |
|
– |
|
29,8 |
|
| 1 |
Interest free with no fixed repayment terms. Not repayable before 30 September 2016 except for the amount owing by
Langeberg & Ashton Foods Proprietary Limited, and the amount owing to Tiger Consumer Brands Limited that bear interest as may be
agreed on from time to time and are repayable on demand. Interest has not been charged for the year (2014: Rnil). |
| (R’million) |
Amounts
owned by
related
party1 |
|
Amounts
owed to
related
parties1 |
|
Dividends
received |
|
| COMPANY |
|
|
|
|
|
|
| 2014 |
|
|
|
|
|
|
| Related party – intergroup |
|
|
|
|
|
|
| Subsidiaries |
|
|
|
|
|
|
| Durban Confectionery Works Proprietary Limited |
33,0 |
|
– |
|
– |
|
| Tiger Consumer Brands Limited |
– |
|
76,1 |
|
1 270,0 |
|
| Tiger Brands (Mauritius) Limited |
– |
|
196,0 |
|
– |
|
| Enterprise Foods Proprietary Limited |
0,4 |
|
– |
|
– |
|
| Langeberg Holdings Limited |
702,4 |
|
– |
|
– |
|
| Langeberg Foods Africa Proprietary Limited |
– |
|
201,6 |
|
– |
|
| Langeberg & Ashton Foods Proprietary Limited |
499,5 |
|
– |
|
– |
|
| The Duntulum Trust |
18,9 |
|
– |
|
– |
|
| Gloriande NV |
0,2 |
|
– |
|
– |
|
| Tiger Food Brands Intellectual Property Holding Company Proprietary Limited |
354,3 |
|
– |
|
– |
|
| Pharma I Investment Holdings Limited |
1 227,6 |
|
– |
|
– |
|
| Investment and dormant companies |
165,5 |
|
16,4 |
|
– |
|
| Chocolaterie Confiserie Camerounaise |
– |
|
– |
|
39,2 |
|
| Deli Foods Nigeria Limited |
25,5 |
|
– |
|
– |
|
| East Africa Tiger Brands Industries |
33,6 |
|
– |
|
3,0 |
|
| Davita Trading Proprietary Limited |
– |
|
– |
|
160,0 |
|
| Empowerment entities |
|
|
|
|
|
|
| Tiger Brands Foundation |
293,7 |
|
– |
|
132,4 |
|
| Thusani II |
58,7 |
|
– |
|
26,5 |
|
| Associate |
|
|
|
|
|
|
| Oceana Group Limited |
– |
|
– |
|
164,3 |
|
| National Foods Holdings Limited |
– |
|
– |
|
15,8 |
|
| UAC Foods |
– |
|
– |
|
38,0 |
|
| Other |
– |
|
0,3 |
|
– |
|
| Tiger Brands Employee Share Trust |
|
|
|
|
|
|
| 1 |
Interest free with no fixed repayment terms. Not repayable before 30 September 2015 except for the amount owing by
Langeberg & Ashton Foods Proprietary Limited, and the amount owing to Tiger Consumer Brands Limited. |
|