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Tiger Brands Limited integrated annual report
2015 187
38 Related-party disclosures
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.