TIGER BRANDS LIMITED - Trading Statement

Trading Statement

TIGER BRANDS LIMITED
“Tiger Brands”•or “the Company”•
(Incorporated in the Republic of South Africa)
(Registration number 1944/017881/06)
Share code: TBS
ISIN: ZAE000071080


TRADING STATEMENT


Tiger Brands is satisfied that sufficient certainty exists with regard to its performance for the
twelve months ended 30 September 2014, to enable it to issue this trading statement.

As a consequence of an improved trading performance in the second half of the year,
headline earnings per share from continuing operations will reflect an increase of between
13% to 16% compared to the prior year.

It is expected that earnings per share from continuing operations will be between 20% and
23% lower than that reported in the previous year. In this regard, reference is made to the
trading statement issued on 15 May 2014 and to the results of the Company for the half-year
ended 31 March 2014 where a decision had been taken to impair certain assets related to
the group’s investment in Dangote Flour Mills Plc (“DFM”).

As reported previously, Dangote Agrosacks, a packaging subsidiary of DFM, was sold in
December 2013. The results of this business were accounted for as a discontinued
operation in both the 2013 and 2014 financial years. Including the profit contribution from
the discontinued operation, the group’s earnings per share from total operations is expected
to decline by between 21% and 24% whilst headline earnings per share from total operations
is expected to increase by between 10% and 13% compared to the previous year.

In summary, the expected earnings for the 2014 financial year is as follows:-

                                       2013                 % change                 2014
                                     Restated*                                  Earnings range
HEPS
- Continuing operations             1574 cents             13% to 16%         1779 to 1826 cents
- Total operations                  1629 cents             10% to 13%         1792 to 1841 cents

EPS
- Continuing operations           1575 cents         -20% to -23%   1260 to 1213 cents
- Total operations                1613 cents         -21% to -24%   1274 to 1226 cents
*Restated due to the adoption of IAS19(Revised) as per SENS announcement released on
21 May 2014

The information in this trading statement has not been reviewed or reported on by the
Company’s auditors.

The Company is expected to release its final results for the year ended 30 September 2014
on 19 November 2014 at which time full details in respect of the performance of the Group
will be provided.
Bryanston
5 November 2014


Sponsor:
J.P. Morgan Equities South Africa Proprietary Limited

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