Wrap Text
Unaudited Group Results and dividend declaration
for the six months ended 31 March 2013
Tiger Brands Limited
Registration number 1944/017881/06
Incorporated in the Republic of South Africa
Share code: TBS ISIN:ZAE000071080
www.tigerbrands.com
UNAUDITED GROUP RESULTS AND DIVIDEND DECLARATION
for the six months ended 31 March 2013
Highlights
Interim dividend per share
310 cents +5,1%
Earnings per share
824 cents +2,3%
Headline earnings per share
818 cents +4,0%
COMMENTARY
OVERVIEW
The on-going economic pressures, resultant constraints on consumer spending and increased competitive intensity in the
domestic market provide an appropriate context for these results. The group was able to recover
volumes in certain key categories, notably within the Bakeries, Rice and Snacks & Treats businesses, and maintained
profit margins across many of the domestic businesses whilst exercising pricing restraint. However, increased
volatility and inflation in soft commodity prices negatively affected volumes and profit margins in the Milling business
and Rice margins were affected by the on-going pricing differential between Thai and Indian rice. The performance of
the remaining businesses was mixed, with the Culinary, Home and Personal Care businesses affected by intense competitor
activity whilst most of the other businesses in the group achieved solid results, underpinned by strong volume growth.
The group achieved a significant milestone in executing against its strategic intent of geographic expansion in
concluding its acquisition of a 63,35% interest in the Nigerian based listed company, Dangote Flour Mills (DFM) with
effect from 4 October 2012. DFM is the second largest flour miller in Nigeria with significant downstream interests in the
production of pasta and noodles. Whilst the DFM business represents a significant growth opportunity for the group over the
medium term, the acquisition has had a dilutive effect on the groups results in the six-month period to 31 March 2013,
due to challenging and competitive market dynamics as well as expensive debt funding in the underlying business. This,
coupled with the back to basics approach being followed to align the business to Tigers operating standards, has
contributed to a volume decline in the short term.
FINANCIAL RESULTS
Notwithstanding the dilutive effect of the DFM acquisition, the group achieved a 4% growth in headline earnings per
share of 818 cents compared to that achieved in the corresponding period of the previous year. On a like for like basis,
excluding the full impact of the DFM acquisition, headline earnings per share grew by 14% to 897 cents.
Group turnover of R14,0billion grew by 21% largely as a result of DFMs first time contribution to turnover of
R1,6billion. Excluding DFM, group turnover increased by 7% to R12,4billion. Turnover for the domestic businesses increased
by 6%, driven by pricing inflation of 5% and 1% volume growth. Operating income of R1,7 billion was broadly in line with
the prior year, notwithstanding the negative contribution from DFM as well as the significant decline in profitability of
the Rice business due to a deliberate focus on volume recovery through pricing restraint on its core brands. Excluding
the impact of Rice and DFM, operating income grew by 9%, driven by a strong performance by the Bakeries, Snacks & Treats,
Baby and the International businesses. The compression in the operating margin from 14,6% to 12,0% was largely related
to the impact of DFM and the change in the pricing dynamics of the Rice business.
Net financing costs increased to R209 million whilst the groups share of income from Associate companies grew by 56%
to R255million due to an excellent performance by all of the groups associate companies. Of note is the performance of
UAC Foods Nigeria, which tripled its profitability in the current period, benefitting from the Fix, Optimise and Grow
strategy adopted since Tiger Brands entry into the business in May 2011. On a constant currency basis, income from
associates grew by 43% and accounted for 19% of group earnings (2012: 13%).
Net income after tax and minority interests grew by 2,6%, benefitting from the groups lower effective tax rate
primarily due to the abolition of STC with effect from 1 April 2012. After adjusting for capital profits, headline earnings
per share increased by 4,0%.
Cash generated from operations increased by 43% to R1,8billion after taking into account working capital changes.
Working capital utilisation for the period increased by R340million, reflecting a R441million improvement relative to the
comparable prior period movement.
During the period, the group acquired the 63,35% shareholding in DFM for R1,5billion and recognised additional
stand-alone debt of R1,5billion in the underlying business as a result of the acquisition. No additional purchase
consideration is due for payment in terms of the earn-out arrangements relating to the acquisition. The group also increased
its shareholding in Oceana Group Limited by 4,5% at a cost of R314million with effect from 1 March 2013 and invested
R289million in capital projects during the period. The capital expenditure was mainly in respect of projects aimed at improving
capacity and manufacturing efficiencies in the domestic business. The group also successfully upgraded its ERP system over the
half year-end as part of its journey towards standardising the various ERP platforms across the businesses. Net debt as at
31 March 2013 increased to R4,6billion (September 2012: R1,2billion), representing a 36% gearing ratio.
OPERATIONAL UPDATE
Grains division
Turnover for the Grains division increased by 6,7% to R4,8billion, with solid volume growth being achieved in the
Bread, Rice and Oats categories. However, operating income decreased by 9% to R724million, largely as a result of the
on-going pressures in the Rice market arising from the pricing differential between Thai and Indian rice and the long
term view taken by the group in supporting its core rice brands through a difficult trading cycle. This has yielded some
benefit as Rice volumes increased by 12% during the period.
The Maize business also underperformed, due to increased competition and significant volatility in soft commodity
prices during the period, which affected the groups procurement positions and depressed margins due to an inability to
fully recover raw material costs through price increases. Excluding Rice and Maize, the rest of the Grains businesses grew
operating income by 7%, with the Bread business achieving volume growth of 4% and strong operating leverage driven by
improved distribution within Albanys core local and traditional customer base.
The Jungle business achieved strong growth, driven by a solid volume performance and new product innovation. During
the period, Jungle successfully launched the Jungle Oats Berry range and, through its entry into the adjacent ready to eat
category, Jungle Crunchalot, a health-range kids breakfast cereal. Both the Wheat and Sorghum milling businesses
continue to face competitive pricing pressures and significant raw material cost inflation, which negatively affected volumes
during the period.
A number of capital projects were completed during the period, including the successful commissioning of the Hennenman
mill in December 2012 on time and under budget, as well as the quick cooking maize plant in March 2013. The group was
first to market in launching a quick cooking maize meal product, which significantly reduces the cooking time of maize
meal, thereby enhancing consumer convenience.
Consumer brands
The performance of the Consumer Brands businesses was mixed, with certain businesses facing on-going volume and margin
pressures due to intense market competition, whilst other businesses, such as Snacks & Treats, Baby and Out of Home
achieved a solid operating performance, underpinned by strong volume growth.
Turnover for the Groceries business was flat year on year, at R2,0 billion, with raw material cost pressures driving
above inflationary price increases which impacted negatively on volumes and exacerbated the on-going price-driven market
competition. Operating income decreased by 6% to R265million, with operating margins softening by 100 bps to 13,5%,
largely as a result of volume pressures. Tiger remains the market leader within the defined market segment and continues to
drive innovation and value added propositions in order to achieve long-term sustainable growth. A number of capital
projects were initiated during the first half, to improve manufacturing efficiencies and to ensure the groups long term
competitive positioning within the tomato products and mayonnaise segments. The tomato rationalisation project will be
completed during the fourth quarter of the current financial year, whilst the mayonnaise project is expected to be completed
during the second half of the 2014 financial year. In line with the groups strategy of extending its participation
into adjacent categories, the Mrs Balls chutney brand was acquired with effect from 2 April 2013 for a purchase
consideration of R475million, following approval by the Competition Commission.
The Snacks & Treats business grew turnover by 11%, underpinned by volume growth of 7%. Strong operational leverage was
achieved with operating income increasing by 25% to R157million. Most of the divisions core brands performed well and
Beacon continues to maintain its leading market shares in the sugar confectionery category, delivering successfully on
innovation with a number of new market launches. During the period, the group acquired the Mars sugar confectionery
brands in South Africa, thereby re-entering the flat lollies and bubble-gum segments of the market.
Turnover for the Beverages business increased by 4% to R633million. This was underpinned by volume growth of 3%, with
Oros and Energade maintaining their leading positions notwithstanding on-going pressure from the rapid growth of the
dairy fruit blend segment, which continues to be driven by aggressive competitor activity. Operating income grew by 7% to
R89 million, positively impacted by manufacturing and procurement efficiencies. During the period, the division embarked
on a major capital initiative to improve its manufacturing architecture, through the consolidation of certain of its
facilities and installation of high speed bottling capability to drive long-term competitiveness. This project is expected
to be completed in the second half of the 2014 financial year.
The HPCB division achieved turnover in line with the prior year of R997million, with the Baby business posting a solid
performance, offsetting the weaker performances of the Personal Care and Home Care businesses. The Baby business
achieved turnover and operating income growth of 12% and 20% respectively, underpinned by 4% volume growth. This performance
was driven by the jarred baby foods, cereals and medicinal segments, at a higher margin contribution. Purity maintained
its leading position in the homogenised baby food segment notwithstanding the competitive pressures from new market
entrants. The Homecare division achieved solid volume growth within the pest category, although intense market competition
negatively affected pricing within the category. Volumes in the Personal Care business declined due to the rationalisation
of product lines as well as intense market competition. The renewed focus on core brands through innovation and
improved service levels delivered positive leverage, with operating income growing by 6% to R71million.
Exports and International (excluding Nigeria)
In aggregate, the Exports and International businesses, excluding the Nigerian businesses, achieved 13% growth in
turnover to R1,8billion and operating income growth of 9% to R265million. The negative leverage was mainly attributable to a
weak trading performance by Langeberg & Ashton Foods due to lower sales volumes. This was partially offset by the
benefit of foreign currency gains. Langeberg & Ashton Foods continues to experience weak demand from developed markets and
tight competition coupled with punitive tariff structures in certain markets, which have impeded volume growth.
Exports performed well over the period, benefitting from strong demand especially from within the SADC countries.
However, operating margins softened slightly due to an adverse sales mix. Davita recorded good volume growth in the second
quarter, following labour disruptions at the start of the year, which negatively affected volumes and its performance for
the half year. The demand for the Jolly Jus and Benny products remains strong and plans are underway to increase
manufacturing capacity in order to meet growing demand.
The East and Central African businesses in Kenya, Ethiopia and Cameroon achieved solid growth in turnover and
earnings, both in local currency and in Rand terms, underpinned by strong volume growth.
Nigeria
DFM faced a number of challenges during the reporting period, which negatively affected sales volumes and the companys
profitability. This arose from industry competition, rising costs, internal operational inefficiencies and weak
financial disciplines. Following Tiger Brands acquisition of a 63,35% interest in the company with effect from 4 October
2012, management has embarked on a turnaround plan aimed at improved product quality and manufacturing standards, as well
as the resumption of volume growth through innovation and focussed, revitalised marketing and route to market strategies.
Action has also been taken to strengthen financial disciplines and systems. In line with the groups experience in other
markets, including Nigeria, it is envisaged that this integration phase will last between two to three years, after which
it is expected that the DFM business will contribute meaningfully to the groups overall results.
Deli Foods performance remains muted because of capacity limitations. Additional manufacturing capacity is being
added to expand the companys product range and to address manufacturing inefficiencies and reposition the business for
profitable growth going forward.
OUTLOOK
The group remains focussed on delivering its key strategic objectives of ensuring the long-term growth of its South
Africa operations and the profitable expansion of its business across the balance of the continent. The process of turning
around the Nigerian businesses is well underway and it is expected that the businesses will fully achieve the groups
investment case within a two to three-year timeframe. Significant capital is being invested in the domestic businesses over
the next 18 months to improve operational efficiencies and position the group to compete more effectively in a value-driven
economy. These initiatives should start to yield results by the second half of the 2014 financial year. In the short term,
volatility in soft commodity prices and foreign currency movements is likely to persist, exacerbating a tough trading
environment.
For and on behalf of the Board
André Parker Peter Matlare
Chairman Chief Executive Officer 29 May 2013
INTERIM DIVIDEND No 137
The Board has approved and declared an interim dividend of 310 cents per ordinary share (gross) in respect of the six
months ended 31 March 2013.
The dividend will be subject to the Dividends Tax that was introduced with effect from 1 April 2012. In accordance
with paragraphs 11.17 (a) (i) to (x) and 11.17(c) of the JSE Listings Requirements the following additional information
is disclosed:
The dividend has been declared out of income reserves;
The local Dividends Tax rate is 15% (fifteen per centum);
There are no Secondary Tax on Companies (STC) credits utilised;
The gross local dividend amount is 310 cents per ordinary share for shareholders exempt from the Dividends Tax;
The net local dividend amount is 263,50 cents per ordinary share for shareholders liable to pay the Dividends Tax;
Tiger Brands has 191 517 468 ordinary shares in issue (which includes 10 326 758 treasury shares); and
Tiger Brands Limiteds income tax reference number is 9325/110/71/7.
Shareholders are advised of the following dates in respect of the interim dividend:
Last day to trade cum the interim Dividend Friday, 21 June 2013
Shares commence trading ex the interim dividend Monday, 24 June 2013
Record date to determine those shareholders entitled to the interim Dividend Friday, 28 June 2013
Payment in respect of the interim Dividend Monday, 1 July 2013
Share certificates may not be dematerialised or re-materialised between Monday, 24 June 2013 and Friday, 28 June 2013,
both days inclusive.
By order of the Board
I W M Isdale Sandton
Secretary 29 May 2013
CONDENSED CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
31 March Change 31 March 30 September
Rm 2013 % 2012 2012
Turnover 13 984 20,6 11 591 22 677
Cost of sales (9 583) (29,3) (7 414) (14 466)
Gross profit 4 401 5,4 4 177 8 211
Sales and distribution expenses (1 617) (11,6) (1 449) (2 863)
Marketing expenses (299) (3,5) (289) (593)
Other operating expenses (804) (7,2) (750) (1 281)
Operating income before abnormal items 1681 (0,5) 1 689 3 474
Abnormal items 8 (55,6) 18 5
Operating income after abnormal items 1 689 (1,1) 1 707 3 479
Net financing costs (209) (77) (138)
Investment income 10 (9,1) 11 20
Income from associated companies 255 55,5 164 416
Profit before taxation 1 745 (3,3) 1 805 3 777
Taxation (434) 14,7 (509) (1 029)
Profit for the period 1 311 1,2 1 296 2 748
Attributable to non-controlling interests 4 (14) (30)
Attributable to owners of the parent 1 315 2,6 1 282 2 718
Basic earnings per ordinary share (cents) 824,0 2,3 805,4 1 706,7
Diluted basic earnings per ordinary share (cents) 808,0 3,0 784,7 1 671,5
Headline earnings per ordinary share (cents) 818,3 4,0 786,5 1 689,0
Diluted headline earnings per ordinary share 802,5 4,7 766,3 1 654,2
Statement of comprehensive income
Profit for the period 1 311 1,2 1 296 2 748
Net (loss)/gain on hedge of net investment in foreign operation* (5) 7 (5)
Foreign currency translation adjustments* 287 (49) (2)
Net movement on cash flow hedges* (75) (19) 59
Net (loss) on available for sale financial assets* - (6) (1)
Tax effect* 9 (6) 1
Comprehensive income for the period, net of tax 1 527 1 223 2 800
Attributable to non-controlling interests 4 (14) (30)
Attributable to owners of the parent 1 531 26,6 1 209 2 770
*Items that may subsequently be reclassified to profit or loss.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
as at as at Year ended
31 March 31 March 30 September
Rm 2013 2012 2012
ASSETS
Non-current assets 13 908 9 857 10 070
Property, plant and equipment 5 937 3 318 3 359
Goodwill 3 053 2 361 2 361
Intangible assets 1 801 1 660 1 651
Deferred taxation asset 38 - 44
Investments 3 079 2 518 2 655
Current assets 10 005 7 569 7 784
Inventories 4 618 3 943 3 658
Trade and other receivables 4 798 3 233 3 755
Cash and cash equivalents 589 393 371
TOTAL ASSETS 23 913 17 426 17 854
EQUITY AND LIABILITIES
Issued capital and reserves 11 960 10 202 11 303
Non-controlling interests 963 381 393
TOTAL EQUITY 12 923 10 583 11 696
Non-current liabilities 2 511 1 095 936
Deferred taxation liability 362 309 294
Provision for post-retirement medical aid 480 391 407
Long-term borrowings 1 669 395 235
Current liabilities 8 479 5 748 5 222
Trade and other payables 4 293 2 810 3 257
Provisions 540 508 515
Short-term borrowings 3 526 2 402 1 318
Taxation 120 28 132
TOTAL EQUITY AND LIABILITIES 23 913 17 426 17 854
Net debt 4 606 2 404 1 182
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
31 March 31 March 30 September
Rm 2013 2012 2012
Cash operating profit/(loss) 2 165 2 057 4 224
Working capital changes (340) (781) (592)
Cash generated from operations 1 825 1 276 3 632
Financing costs net of dividends received (81) 17 58
Taxation paid (550) (574) (1 058)
Cash available from operations 1 194 719 2 632
Dividends paid (911) (831) (1 318)
Net cash inflow/(outflow) from operating activities 283 (112) 1 314
Net cash outflow from investing activities (2 145) (615) (732)
- Capital expenditure (289) (238) (480)
- Acquisitions (1 868) (433) (317)
- Proceeds from disposal of assets 13 - 61
- Other movements (1) 56 4
Net cash inflow/(outflow) from financing activities 954 (197) (297)
- Proceeds from issue of share capital 19 18 25
- Acquisition of additional shares in Langeberg & Ashton Foods - - (90)
- Long & short term borrowings raised/(repaid) 935 (215) (232)
Net (decrease)/increase in cash and cash equivalents (908) (924) 285
Effect of exchange rate changes 19 (24) (8)
Cash and cash equivalents at the beginning of the period (735) (1 012) (1 012)
Cash and cash equivalents at the end of the period (1 624) (1 960) (735)
Cash resources 589 393 371
Short term borrowings regarded as cash and cash equivalents (2 213) (2 353) (1 106)
OTHER SALIENT FEATURES
Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
31 March 31 March 30 September
Rm 2013 2012 2012
Capital Commitments 1 078 489 421
- Contracted 168 237 105
- Approved 910 252 316
Contingent liabilities
- guarantees and contingent liabilities 20 48 19
CONDENSED SEGMENTAL ANALYSIS
Unaudited Unaudited
six months six months Audited
ended ended year ended
31 March 31 March 30 September
Rm 2013 2012 Change % 2012
Turnover
Domestic Operations 10 332 9 778 5,7 19 043
Grains 4 762 4 464 6,7 8 854
Milling and baking 3 463 3 281 5,5 6 682
Other Grains 1 299 1 183 9,8 2 172
Consumer Brands 5 570 5 314 4,8 10 190
Groceries 1 961 1 953 0,4 3 772
Snacks & Treats 953 861 10,7 1 762
Beverages 633 611 3,6 990
Value Added Meat Products 822 732 12,3 1 450
Out of Home 204 159 28,3 351
Home, Personal care and Baby 997 998 (0,1) 1 865
Domestic intergroup sales - - - (1)
Exports & International 3 652 1 813 101,4 3 634
Exports and international* 1 823 1 619 12,6 3 244
Nigeria 1 829 194 390
Total turnover 13 984 11 591 20,6 22 677
Operating income before abnormal items
Domestic Operations 1 473 1 437 2,5 3 023
Grains 724 794 (8,8) 1 732
Milling and baking 622 610 2,0 1 473
Other Grains 102 184 (44,6) 259
Consumer Brands 854 810 5,4 1 522
Groceries 265 283 (6,4) 539
Snacks & Treats 157 126 24,6 267
Beverages 89 83 7,2 101
Value Added Meat Products 54 50 8,0 93
Out of Home 40 29 37,9 68
Home, Personal care and Baby 249 239 4,2 454
Other (105) (167) 37,1 (231)
Exports & International 208 252 (17,5) 451
Exports and international* 265 244 8,6 459
Nigeria (57) 8 (8)
Total operating income before abnormal items 1 681 1 689 (0,5) 3 474
*Excludes Nigerian businesses, comparatives restated accordingly.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Shares held
Share Non- by subsidiary
capital distributable Accumulated and empowerment
Rm premium reserves profits entities
Balance at 1 October 2011 70 1 189 10 979 (2 676)
Net profit - - 1 282 -
Other comprehensive income - (73) - -
70 1 116 12 261 (2 676)
Issue of share capital and premium 18 - - -
Acquisition of additional shares in Langeberg & Ashton Foods - (72) - -
Transfers between reserves - 81 (81) -
Share-based payment reserve - - - -
Dividends on ordinary shares (net of dividend on treasury shares) - - (831) -
Balance at 31 March 2012 88 1 125 11 349 (2 676)
Net profit - - 1 436 -
Other comprehensive income - 125 - -
88 1 250 12 785 (2 676)
Issue of share capital and premium 7 - - -
Transfers between reserves - 159 (159) -
Share-based payment reserve - - - -
Dividends on ordinary shares (net of dividend on treasury shares) - - (483) -
Balance at 30 September 2012 95 1 409 12 143 (2 676)
Net profit - - 1 315 -
Other comprehensive income - 216 - -
95 1 625 13 458 (2 676)
Issue of share capital and premium 19 - - -
Recognition of minority interests in Dangote Flour Mills Plc - - - -
Transfers between reserves - 137 (137) -
Share-based payment reserve - - - -
Dividends on ordinary shares (net of dividend on treasury shares) - - (908) -
Sale of shares - - - 1
Balance at 31 March 2013 114 1 762 12 413 (2 675)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY continued
Total
Share-based attributable
payment to owners of Non-controlling Total
Rm reserve the parent interests equity
Balance at 1 October 2011 298 9 860 386 10 246
Net profit - 1 282 14 1 296
Other comprehensive income - (73) - (73)
298 11 069 400 11 469
Issue of share capital and premium - 18 - 18
Acquisition of additional shares in Langeberg & Ashton Foods - (72) (19) (91)
Transfers between reserves - - - -
Share-based payment reserve 18 18 - 18
Dividends on ordinary shares (net of dividend on treasury shares) - (831) - (831)
Balance at 31 March 2012 316 10 202 381 10 583
Net profit - 1 436 16 1 452
Other comprehensive income - 125 - 125
316 11 763 397 12 160
Issue of share capital and premium - 7 - 7
Transfers between reserves - - - -
Share-based payment reserve 16 16 - 16
Dividends on ordinary shares (net of dividend on treasury shares) - (483) (4) (487)
Balance at 30 September 2012 332 11 303 393 11 696
Net profit - 1 315 (4) 1 311
Other comprehensive income - 216 216
332 12 834 389 13 223
Issue of share capital and premium - 19 - 19
Recognition of minority interests in Dangote Flour Mills Plc - - 577 577
Transfers between reserves - - - -
Share-based payment reserve 14 14 - 14
Dividends on ordinary shares (net of dividend on treasury shares) - (908) (3) (911)
Sale of shares - 1 - 1
Balance at 31 March 2013 346 11 960 963 12 923
NOTES
Unaudited Unaudited Audited
Six months Six months Year ended
ended ended 30 September
31 March 31 March 2012
Rm 2013 2012
1. Operating income before abnormal items
Depreciation (included in cost of sales and other operating expenses) 344 208 426
Amortisation 22 11 20
IFRS 2 (included in other operating expenses)
-- Equity settled 20 19 36
-- Cash settled 74 113 142
2. Abnormal items
Advisory and due diligence costs (8) (18) (25)
Net profit on disposal of property, plant and equipment and intangibles 11 35 36
Other 5 1 (6)
Abnormal profit before taxation 8 18 5
Taxation (2) (5) (6)
Abnormal profit attributable to owners of the parent 6 13 (1)
3. Reconciliation between profit for the period and headline earnings
Profit attributable to ordinary shareholders 1 315 1 282 2 718
Adjusted for:
Profit on sale of assets (9) (30) (35)
Impairment of assets - - 7
Headline earnings for the period 1 306 1 252 2 690
4. Business combinations
2013
Dangote Flour Mills Plc (DFM)
On 4 October 2012, Tiger Brands acquired 63,35% of the issued share capital of Dangote Flour Mills Plc (DFM), for the purchase consideration of
R1,5 billion. In accordance with IFRS3 the Purchase Price Allocation will be completed within 12 months of the acquisition date by no later than
30 September 2013.
The abridged group interim results have been prepared in accordance with International Financial Reporting Standards (IFRS), IAS 34: Interim
Financial Reporting as issued by the Accounting Practices Board, the South African Companies Act (No 71 of 2008, as amended) and the Listings
Requirements of the JSE Limited. The principal accounting policies and methods of computation are consistent with those used in the audited Annual
Financial Statements for the year ended 30 September 2012.
PREPARATION OF RESULTS
The preparation of these results has been supervised by O Ighodaro, Chief Financial Officer of Tiger Brands Limited.
Independent non-executive directors
A C Parker (Chairman), B L Sibiya (Deputy Chairman), S L Botha, R M W Dunne (British),
K D K Mokhele, M P Nyama, R D Nisbet, M Makanjee, M J Bowman
Executive directors
P B Matlare (Chief Executive Officer), C F H Vaux, O Ighodaro (Chief Financial Officer)(Nigerian)
Company Secretary
I W M Isdale
Share registrars
Computershare Investor Services (Pty) Limited, 70 Marshall Street, Johannesburg, 2001
Postal address
PO Box 61051, Marshalltown, 2107, South Africa.
Telephone
(011) 370 5000
Telephone:
011 840 4000
Facsimile:
011 514 0477
Physical address:
Tiger Brands Limited, 3010 William Nicol Drive, Bryanston
Postal address:
PO Box 78056, Sandton, 2146, South Africa
www.tigerbrands.com
Date: 30/05/2013 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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