Company						Group
2017		2016			(R’million)	2017		2016
				15	Investments in associated companies
				15.1	(For more detail, refer Annexure B)
967,6		967,6			Listed, at cost	1 472,1		1 472,1
171,1		421,1			Unlisted, at cost less amounts written off*	755,8		1 005,8
					Share of accumulated other comprehensive income	323,2		409,4
					Share of accumulated profits since acquisition	1 992,1		1 845,4
1 138,7		1 388,7				4 543,2		4 732,7
6 443,1		6 598,4			Fair value of listed investments	6 443,1		6 598,4
					The trading results of the associate companies whose results are equity accounted in the consolidated financial statements are as follows:
					Revenue (100%)	26 356,2		29 573,6
					Profit for the year (100%)	1 577,4		2 425,2

*

An impairment has been recognised in the current year of R250 million, in relation to the UAC Foods Investment, which arose mainly as a result of deteriorating macro-economic factors within Nigeria, largely linked to commodity prices, further exacerbated by severe currency devaluations as well as forex liquidity challenges. This specific investment was written down to its recoverable amount, which was determined through the use of a DCF valuation model, taking into consideration 10-year forecasts, a terminal growth rate of 8% and discounted using a post-tax WACC rate of 17,8%. For purposes of translating the Nigerian Naira denominated recoverable amount, given the forex and liquidity challenges and various exchange rates in commercial use in Nigeria, the parallel exchange rate has been used (linked to NAFEX) being more indicative of the exchange rate to which cash flows would ultimately be realised. Based on this, the valuations have been converted at the appropriate parallel rate of NGN:USD385 as compared to an official rate of NGN:USD306. The discount rate applied is deemed to be the most sensitive key assumption, where a 1% further increase in the discount rate applied would result in a further impairment of  R35 million.

	Group
	(R’million)	Oceana	Empresas Carozzí	UAC Foods	National Foods Holdings Limited	Total
15.2	Reconciliation of associates income
	2017
	Income attributable to ordinary shareholders of Tiger Brands before abnormal items	224,1	216,0	15,6	69,1	524,8
	Abnormal items	5,4	–	–	3,1	8,5
	Income attributable to ordinary shareholders of Tiger Brands	229,5	216,0	15,6	72,2	533,3
	Less: Total dividends					(386,6)
	Total share of associated companies’ income less dividends received					146,7
	2016
	Income attributable to ordinary shareholders of Tiger Brands before abnormal items	402,1	233,1	29,2	79,4	743,8
	Abnormal items	47,2	69,2	–	0,5	116,9
	Income attributable to ordinary shareholders of Tiger Brands	449,3	302,3	29,2	79,9	860,7
	Less: Total dividends					(406,4)
	Total share of associated companies’ income less dividends received					454,3

		Group
	(R’million)	2017		2016
15.3	Share of movement in associates’ reserves
	The aggregate statement of financial position of all associates are summarised as follows (100%):
	Property, plant and equipment	12 480,5		11 733,7
	Goodwill and intangible assets	7 951,7		7 710,0
	Investments	387,3		322,8
	Deferred taxation	198,2		202,8
	Net current assets	2 575,7		4 437,1
	Total assets	23 593,4		24 406,4
	Long-term liabilities	(6 461,7)		(7 850,2)
	Deferred taxation	(2 376,2)		(2 135,1)
	Total shareholders’ funds	14 755,5		14 421,1

15.4	The annual assessment of the criteria as noted in the accounting policies concludes that Oceana Fishing Limited is a material associate of Tiger Brands with further disclosure is noted in Annexure B.