Annexure B

Interest in associated companies

  Principal place of business Currency Year end Percentage holding   Nature of business Listed/ unlisted
        2017      2016      
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 Carozzì 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% (2016: 43,8%). After accounting for the treasury and empowerment shares, the earnings are equity accounted at 49,0% (2016: 49,0%).

Detailed disclosure of Oceana Group Limited is noted below, as per note 15.3.

Summarised statement of comprehensive income

         
(R'million) September 
2017 		    September 
2016 		   
Revenue  6 807,9     8 244,0    
Profit after taxation  479,4     958,3    
Attributable to outside shareholders  468,3     916,5    
Other comprehensive loss, net of taxation  (144,5)    (69,4)   
Total comprehensive income for the year  334,9     888,9    
Attributable to outside shareholders  323,8     847,1    
Dividends received  255,3     211,9    

Summarised statement of financial position

         
(R'million) September 
2017 		    September 
2016 		   
Non-current assets  6 493,6     6 735,7    
Current assets  3 549,7     4 371,1    
Non-current liabilities  (3 924,3)    (5 121,8)   
Current liabilities  (2 362,4)    (1 977,3)   
Net asset value  3 756,6     4 007,7    

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

(R'million) September 2017   September
2016		  
Tiger Brands effective share of Oceana's NAV 1 795,7   1 913,5  
Goodwill on acquisition 238,8   238,8  
Carrying value of investment in Oceana 2 034,5   2 152,3  
Fair value of investment in Oceana 4 701,4   6 511,1