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1.Tiger Brands Financial Report 2018 Pp1-31.Indd

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1.Tiger Brands Financial Report 2018 Pp1-31.Indd We nourish and nurture more lives Annual Financial every day Statements 2018 WorldReginfo - 93155e14-7e28-450a-ae83-902e6e47f4b6 Contents Annual fi nancial statements Preparation of annual nancial statements 1 Notes to the cash ow statements 12 Responsibility for annual nancial statements 1 Statements of changes in equity 14 Directors’ approval 1 Notes to the nancial statements 17 Certi cate by company secretary 1 Annexures 64 Report of the independent auditor 2 Segment report 89 Statutory information 7 Value added statement 91 Income statements 8 Five-year review 92 Statements of comprehensive income 9 Summary of ratios and statistics 93 Statements of nancial position 10 De nitions 95 Statements of cash ows 11 Company information 97 Tiger Brands Limited Annual Financial Statements 2018 WorldReginfo - 93155e14-7e28-450a-ae83-902e6e47f4b6 Preparation of annual fi nancial statements The preparation of the annual fi nancial statements for the year ended 30 September 2018, which appear on pages 7 to 94 in the annual fi nancial statements, has been supervised by Noel Doyle, chief fi nancial offi cer of Tiger Brands Limited. Responsibility for annual fi nancial statements The directors of Tiger Brands Limited are responsible for the integrity of the annual fi nancial statements of the company, consolidated subsidiaries, associates and the objectivity of other information presented in the integrated annual report. The fulfi lment of this responsibility is discharged through the establishment and maintenance of sound management and accounting systems, an organisational structure which provides for delegation of authority and establishes clear responsibility, together with the constant communication and review of the operations’ performance measured against approved plans and budgets. Management and employees operate in terms of a code of ethics approved by the board. The code requires compliance with all applicable laws and maintenance of the highest integrity in the conduct of all aspects of the business. The annual fi nancial statements, prepared in terms of International Financial Reporting Standards, are audited by our external auditors in conformity with International Standards on Auditing. An audit committee of the board of directors, composed entirely of independent non-executive directors, meets periodically with our internal and external auditors as well as management to discuss internal fi nancial controls and auditing and fi nancial reporting matters. The auditors have unrestricted access to management, fi nancial records as well as the audit committee. The directors have no reason to believe that the group’s operations will not continue as going concerns in the year ahead, other than where closures or discontinuations are anticipated, in which case provision is made to reduce the carrying cost of the relevant assets to net realisable value. Directors’ approval The annual fi nancial statements for the year ended 30 September 2018, which appear on pages 7 to 94 are in agreement with the books of account at that date, were approved by the board of directors on 21 November 2018 and signed on its behalf by: Khotso Mokhele Lawrence Mac Dougall Chairman Chief executive offi cer 21 November 2018 Certifi cate by company secretary Certifi ed in terms of section 88(2)(e) that the company has fi led required returns and notices in terms of the Companies Act, No 71 of 2008, and that all such returns and notices appear to be true, correct and up to date. Kgosi Monaisa Company secretary 21 November 2018 Tiger Brands Limited Annual Financial Statements 2018 Page 1 WorldReginfo - 93155e14-7e28-450a-ae83-902e6e47f4b6 Report of the independent auditor To the shareholders of Tiger Brands Limited Auditors Code of Professional Conduct for Registered Auditors (IRBA Code), the International Ethics Standards Board for Report on the audit of the consolidated Accountants Code of Ethics for Professional Accountants (IESBA and separate financial statements Code) and other independence requirements applicable to Opinion performing audits of Tiger Brands Limited. We have fulfilled our other ethical responsibilities in accordance with the IRBA Code, We have audited the consolidated and separate financial IESBA Code, and in accordance with other ethical requirements statements of Tiger Brands Limited set out on pages 8 to 90, applicable to performing the audit of Tiger Brands Limited. We which comprise the consolidated and separate statements of financial position as at 30 September 2018, and the believe that the audit evidence we have obtained is sufficient consolidated and separate income statements, statements and appropriate to provide a basis for our opinion. of comprehensive income, the consolidated and separate Key audit matters statements of changes in equity and the consolidated and separate statements of cash flows for the year then ended, Key audit matters are those matters that, in our professional and notes to the consolidated financial statements, including judgement, were of most significance in our audit of the a summary of significant accounting policies. financial statements of the current period. These matters were addressed in the context of our audit of the financial statements In our opinion, the accompanying consolidated and separate as a whole, and in forming our opinion thereon, and we do not financial statements present fairly, in all material respects, the provide a separate opinion on these matters. For each matter consolidated and separate financial position of the group as below, our description of how our audit addressed the matter is at 30 September 2018, and its consolidated and separate provided in that context. financial performance and its consolidated and separate cash flows for the year then ended in accordance with International We have fulfilled the responsibilities described in the Auditor’s Financial Reporting Standards (IFRSs) and the requirements of responsibilities for the audit of the consolidated and separate the Companies Act of South Africa. financial statements section of our report, including in relation to Basis for opinion these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the We conducted our audit in accordance with International risks of material misstatement of the consolidated and separate Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s responsibilities financial statements. The results of our audit procedures, for the audit of the consolidated and separate financial including the procedures performed to address the matters statements section of our report. We are independent of the below, provide the basis for our audit opinion on the group in accordance with the Independent Regulatory Board for accompanying consolidated and separate financial statements. Page 2 Tiger Brands Limited Annual Financial Statements 2018 WorldReginfo - 93155e14-7e28-450a-ae83-902e6e47f4b6 Key audit matter and audit consideration Audit scope and procedures Revenue recognition – Rebates and discounts As described in the accounting policy notes and Our audit procedures included considering the appropriateness of the group’s reflected in notes 2 and 23 to the group financial revenue recognition accounting policies including those relating to incentives statements, Revenue is measured at the fair value of and rebates. We tested the effectiveness of the group’s controls over the the consideration received/receivable excluding calculation of incentives and rebates and the correct timing of revenue normal discounts, rebates, settlement discounts and recognition and measurement. promotional allowances, which are earned by Our audit procedures in respect of the payable recognised and the revenue customers on the group’s sales. deductions made, included the following, based on our materiality: Rebates and discounts are a key audit matter as the › On a sample basis, based on the high value rebates and incentives final amount due to each customer that is eligible paid, we inspected the terms in the agreement and agreed them to for a rebate and incentive is considered to be inputs used in the calculation; complex and requires significant judgement and › Using data extraction tools, we agreed the sales volumes used in the estimation by management each year in calculation to those per the accounting records and considered whether establishing an appropriate accrual for rebates the amounts being used related to the correct period per the agreement earned at the year end due to the number of rebate and recalculated the rebates and incentives due to each customer based agreements in place. This is due to a number of on their contractual terms; operational, supply and market share metrics which › We developed an independent expectation of the estimated rebates and vary annually and are used in the final estimation of incentives due to each customer based on actual sales year to date and the rebates and incentive due to the each customer. operational, supply and customer market share metrics. We then compared this expectation to actual results. Where our recalculation The majority of these rebates and incentives tend to based on the contractual terms and estimation based on sales year to be low in unit value but based on high volume. The date and operational, supply and customer market share metrics differed agreements include those which span the financial to management’s final provision, we obtained
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