Annual financial statements

Five-year review

 

(R'million)  2018     2017 
Reclass+		 2016 
Restated*		 2015 
Restated~		 2014    
Consolidated income statements                      
Revenue 		 28 474     31 298  30 588  28 690  30 126    
Profit before taxation, income from associates, abnormal items and impairments 		 3 207     4 317  3 941  3 823  3 155    
Income from associates 		 731     533  861  603  597    
Abnormal items and impairments 		 (684)    (583) (324) (339) (1 056)   
Profit before taxation 		 3 254     4 267  4 478  4 087  2 696    
Taxation 		 (837)    (1 234) (1 209) (977) (832)   
Profit for the year from continuing operations 		 2 417     3 033  3 269  3 110  1 864    
Attributable to:                      
Owners of the parent – continuing operations 		 2 390     3 011  3 243  3 122  1 991    
Non-controlling interests – continuing operations 		 27     22  26  (12) (127)   
Consolidated statements of financial position                      
Property, plant and equipment 		 4 599     4 588  4 542  4 641  5 868    
Goodwill and intangible assets 		 3 447     3 597  3 941  4 233  4 527    
Investments 		 5 102     4 720  4 905  4 312  3 422    
Current assets 		 10 764     10 665  11 099  11 617  10 728    
Assets classified as held-for-sale 		 –     365  –  –  –    
Total assets 		 23 912     23 935  24 487  24 803  24 545    
Issued capital and reserves before share-based payment reserve 		 16 691     16 244  15 059  13 407  12 753    
Share-based payment reserve 		 611     560  489  424  425    
Non-controlling interests 		 163     257  487  (53) 770    
Deferred taxation liability/(asset)		 354     304  211  150  (28)   
Provision for post-retirement medical aid 		 618     619  666  643  626    
Long-term borrowings 		 74     2  1 069  1 215  627    
Current liabilities 		 5 401     5 776  6 506  9 017  9 372    
Liabilities classified as held-for-sale 		 –     173  –  –  –    
Total equity and liabilities 		 23 912     23 935  24 487  24 803  24 545    
Consolidated cash flow statements                      
Cash operating profit after interest and taxation 		 2 998     4 024  3 432  2 841  3 168    
Working capital changes 		 (573)    745  (604) (812) (348)   
Dividends received 		 179     350  406  326  287    
Cash available from operations 		 2 604     5 119  3 234  2 355  3 107    
Dividends and capital distributions paid 		 (1 855)    (1 834) (1 661) (1 643) (1 467)   
Net cash flow from operating activities 		 749     3 285  1 573  712  1 640    
Net cash flow from investing activities 		 (599)    (803) 115  (1 056) (415)   
Net cash flow before financing activities 		 150     2 482  1 688  (344) 1 225    
Net cash flow from financing activities 		 (2)    (1 140) (562) 76  (1 109)   
Net increase/(decrease) in cash and cash equivalents 		 148     1 342  1 126  (268) 116    
* The comparatives have been restated for the early adoption of IFRS 15: Revenue from Contracts with Customers.
# 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.
~ Restated as required by IFRS 5 in relation to the treatment of Tiger Branded Consumer Goods plc (TBCG) as a discontinued operation.
+ As part of the annual assessment of all disclosure and presentation, the JSE Report on Proactive Monitoring of Financial Statements issued in February 2018 was reviewed. As a consequence, the group has restated its cash flow treatment relating to equity-settled share option schemes as financing activities. The presentation of comparative figures has therefore been adjusted to conform to the presentation of the current period. The cash flow related to equity-settled share schemes (September 2017: R77,8 million) has been reclassified out of operating activities and proceeds from BMT shares exercised (September 2017: R24,0 million) has been reclassified from investing activities.