Annexures
Annexures B
Interest in associated companies
| Principal place of business |
Currency | Year end | Percentage holding |
Nature of business |
Listed/ unlisted |
||||
| 2018 | 2017 | ||||||||
| 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 Carozzí | 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% (2017: 43,8%). After accounting for the treasury and empowerment shares, the earnings are equity-accounted at 48,9% (2017: 48,9%). |
Detailed disclosure of Oceana Fishing Limited is noted below, as per note 14.3.
Summarised statement of comprehensive income
| (R’million) | September 2018 |
September 2017 |
||
| Revenue | 7 732,7 | 6 807,9 | ||
|---|---|---|---|---|
| Profit after taxation | 882,2 | 479,4 | ||
| Attributable to outside shareholders | 857,8 | 468,3 | ||
| Other comprehensive income/(loss), net of taxation | 240,2 | (144,5) | ||
| Total comprehensive income for the year | 1 122,4 | 334,9 | ||
| Attributable to outside shareholders | 1 098,0 | 323,8 | ||
| Dividends received from Oceana | 64,0 | 255,3 |
Summarised statement of financial position
| (R’million) | September 2018 |
September 2017 |
||
| Non-current assets | 6 685,1 | 6 493,6 | ||
|---|---|---|---|---|
| Current assets | 4 014,4 | 3 549,7 | ||
| Non-current liabilities | (3 818,7) | (3 924,3) | ||
| Current liabilities | (2 158,9) | (2 362,4) | ||
| Net asset value | 4 721,9 | 3 756,6 |
Reconciliation of the summarised financial information presented to the carrying amount of Tiger Brands’ interest in Oceana
| (R’million) | September 2018 |
September 2017 |
||
| Tiger Brands’ effective share of Oceana’s NAV | 2 307,1 |
1 795,7 | ||
|---|---|---|---|---|
| Goodwill on acquisition | 238,8 | 238,8 | ||
| Carrying value of Oceana | 2 545,9 | 2 034,5 | ||
| Fair value of investment in Oceana | 4 709,4 | 4 701,4 |