Annexure B

Interest in associated companies

  Principal
place of
business
Currency Financial
reporting
date
  Percentage
holding
  Nature of
business
  Listed/
unlis
 
(%)         2016       2015          
Oceana Group Limited South Africa South African rand September   42,1*     42,1   Fishing   Listed  
National Foods Holdings Limited Zimbabwe US dollar June   37,4       37,4   Food processing   Listed  
Empresas Carozzí Chile Chilean peso December   24,4       24,4   Food processing   Unlisted  
UAC Foods Nigeria Nigerian naira December   49,0       49,0   Food processing   Unlisted  
* Taking treasury shares into account, the voting rights are 43,8% (2015: 43,8%). After accounting for the treasury and empowerment shares, the earnings are equity-accounted at 49,0% (2015: 49,0%).

Detailed disclosure of Oceana Fishing Limited is noted below, as per note 16.3.

Summarised statement of comprehensive income

(R’million) September
2016
      September
2015
 
Revenue 8 244,0       6 168,8  
Profit after taxation 958,3       642,2  
Attributable to outside shareholders of Oceana 916,5       611,2  
Other comprehensive (loss)/income, net of taxation (69,4)       454,1  
Total comprehensive income for the year 888,9       1 096,3  
Attributable to outside shareholders of Oceana 847,1       1 065,3  
Dividends received from Oceana 211,9       188,9  

Summarised statement of financial position

(R’million) September
2016
      September
2015
 
Non-current assets 6 735,7       6 824,1  
Current assets 4 371,1       3 989,3  
Non-current liabilities (5 121,8)       (5 301,0)  
Current liabilities (1 977,3)       (1 948,1)  
Net asset value 4 007,7       3 564,3  

Reconciliation of the summarised financial information presented to the carrying amount of Tiger Brands’ interest in Oceana

(R’million) September
2016
      September
2015
 
Tiger Brands effective share of Oceana’s NAV 1 913,5       1 707,1  
Goodwill on acquisition 238,8       238,8  
Equity-accounted carrying value 2 152,3       1 945,9  
Fair value of investment in Oceana# 6 511,1       5 504,9  
# Measured at fair value and noted as level 1 hierarchy, which is valued based on quoted market prices.