TIGER BRANDS LIMITED
'Tiger Brands'' or 'the Company''
(Incorporated in the Republic of South Africa)
(Registration number 1944/017881/06)
Share code: TBS
Tiger Brands is satisfied that sufficient certainty exists with regard to its performance for the six months
ended 31 March 2015, to enable it to issue this trading statement.
The group delivered a solid underlying performance relative to the comparable period in the previous
year. However, the results were negatively impacted by foreign exchange losses in Dangote Flour Mills
(“DFM”) arising from the devaluation of the Nigerian Naira and a weak performance by the group’s
Kenyan subsidiary, Haco Tiger Brands.
Earnings per share (EPS) from continuing operations of 832 cents (2014: 376 cents) is 121% higher than
the same period last year. Last year’s figure included the impairment of goodwill and intangible assets
related to the group’s investment in DFM. Basic EPS, which includes continuing and discontinued
operations, of 832 cents (2014: 395 cents) is 111% higher than the same period last year.
Headline earnings per share (HEPS) from continuing operations of 853 cents (2014: 856 cents) is in line
with the previous period. Basic HEPS, which includes continuing and discontinued operations, of 853
cents (2014: 867 cents) is 2% lower than the same period last year.
The information in this trading statement has not been reviewed or reported on by the Company's
The Company is expected to release its interim results for the six months ended 31 March 2015 on 20
May 2015 at which time full details in respect of the performance of the group will be provided.
14 May 2015
J.P. Morgan Equities South Africa Proprietary Limited
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