| Notes to the financial statements | Note 34 |
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Group |
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(R’million) |
2017 |
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2016
Restated |
# |
| 34 |
Analysis of profit from discontinued operations |
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In the current year, the results of the discontinued operation (EATBI) and the results of the held-for-sale business (Haco) was included in the profit for the year as set out below. The prior year includes the results of the discontinued operation (TBCG). |
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Profit for the year from discontinued operations (attributable to owners of the company) |
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Revenue |
561,2 |
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2 556,8 |
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Expenses |
(547,2) |
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(2 442,7) |
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Operating income before impairments and abnormal items |
14,0 |
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114,1 |
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Abnormal items |
97,9 |
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49,7 |
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Operating income after impairments and abnormal items |
111,9 |
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163,8 |
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Finance costs |
(0,2) |
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(99,5) |
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Profit before taxation |
111,7 |
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64,3 |
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Taxation |
(6,7) |
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(11,4) |
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Profit for the year from discontinued operations |
105,0 |
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52,9 |
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Attributable to non-controlling interest |
3,3 |
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9,6 |
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Attributable to owners of parent |
108,3 |
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62,5 |
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Cash flows from discontinued operations |
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Net cash inflows from operating activities |
138,6 |
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363,6 |
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Net cash inflows/(outflows) from investing activities |
1,4 |
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(65,9) |
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Net cash (outflows)/inflows from financing activities |
(80,8) |
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90,5 |
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Net cash inflows |
59,2 |
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388,2 |
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Cash flow on disposal of subsidiary |
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Cash and cash equivalents disposed |
(60,0) |
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(1 075,7) |
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Proceeds received on disposal in the year* |
83,8 |
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– |
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Total cash inflow on disposal of subsidiary |
23,8 |
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(1 075,7) |
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Balance sheets disposed of: |
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Summarised statement of financial position |
Group |
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(R’million) |
April
2017 |
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February
2016 |
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Non-current assets |
196,3 |
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722,9 |
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Current assets |
310,9 |
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1 538,7 |
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Non-current liabilities |
(2,3) |
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(148,4) |
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Current liabilities |
10,9 |
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(2 651,3) |
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Net asset value |
515,8 |
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(538,1) |
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Effective 4 April 2017, Tiger Brands Limited disposed of its 51% shareholding in East African Tiger Brands
Industries Plc. (EATBI) to its existing Ethiopian partner, East Africa Group (EAG) for USD18,5 million. The
comparative relates to the disposal of Tiger Branded Consumer Goods (TBCG) in the prior year.
| * |
A further R280,2 million remains outstanding at 30 September 2017 and will be received in tranches from East African Group (EAG) as per the sales agreement. |
| # |
Restated as required by IFRS 5 in relation to the treatment of East Africa Tiger Brands Industries Plc. (EATBI) and Haco Tiger
Brands (E.A.) Limited (Haco) as discontinued operations. |
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| Notes to the financial statements | Note 34 |
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