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Tiger Brands Limited Integrated Annual Report
2014
Annual financial statements
Effects of changing prices
The group has a diverse range of operations spread
throughout South Africa as well as internationally.
Many of these operations are affected by different
inflation factors due to the varying nature of
businesses, climatic conditions, geographical
locations and business cycles. The diversity of these
factors does not allow for meaningful inflation-
adjusted statements to be prepared using a simple,
standardised procedure.
The effect of inflation is monitored by examination
of cash flows inherent in operating results, budgets,
plans and new projects, with emphasis concentrated
towards the objective of the creation of shareholder
wealth in real terms.
The following graphs show the extent to which
certain key performance indicators compare when
discounted by the movement in the Consumer Price
Index (base December 2012).
0
200
400
600
800
1000
Capital expenditure (Rm)
634,0
818,0
614,7
480,0
417,4
750,0
928,8
597,1
727,6
982,9
■
Normal
■
Adjusted for in ation
2014
2013
2012
2011
2010
0
500
1 000
1 500
2 000
2 500
3 000
3 500
Cash available from operations (Rm)
2 626,0 2 665,0
2 546,1
2 632,0
2 288,7
2 443,4
2 936,0
2 362,8
2 879,3
3 106,9
■
Normal
■
Adjusted for in ation
2014
2013
2012
2011
2010
0
500
1000
1500
2000
2500
3000
3500
4000
Pro t before tax and abnormal items (excludes
income from associates) (Rm)
2 952,0
3 200,0
2 862,1
3 356,0
2918,3
2 933,9
2981,3
2232,9
2 721,0
3 154,8
■
Normal
■
Adjusted for in ation
2014
2013
2012
2011
2010