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 FOR THE YEAR ENDING 30 SEPTEMBER 2022

In accordance with paragraph 3.4(b) of the Listings Requirements of the JSE Limited (“JSE”), Tiger
Brands is required to publish a trading statement as soon as it is satisfied that a reasonable degree of
certainty exists that its financial results for the year ending 30 September 2022 will differ by more
than 20 percent when compared to the previous financial year (FY2021).

Shareholders are accordingly advised that:

    •   Earnings per share (EPS) from total operations for the year ending 30 September 2022 is
        expected to be between 35% and 45% (or between 399 cents and 514 cents) higher than the
        1 142 cents reported in FY2021.
    •   Headline earnings per share (HEPS) from total operations for the year ending 30 September
        2022 is expected to be between 35% and 45% (or between 394 cents and 507 cents) higher
        than the 1 127 cents reported in FY2021.
    •   EPS from continuing operations for the year ending 30 September 2022 is expected to be
        between 45% and 55% (or between 482 cents and 589 cents) higher than the 1 070 cents
        reported in FY2021.
    •   HEPS from continuing operations for the year ending 30 September 2022 is expected to be
        between 35% and 45% (or between 394 cents and 507 cents) higher than the 1 127 cents
        reported in FY2021.

Shareholders are reminded of the base impact of costs relating to the canned vegetable product
recall and civil unrest included in the second six months of last year, which impact the year-on-year
comparative performance. The after-tax impact of insurance recoveries related to these events in
the current year amount to approximately R157 million or 96 cents per share.

Once-off costs related to the precautionary recall of certain Baby Powder products are estimated at
between R20 million and R25 million, and largely comprise the cost of the potentially affected stock
that will be written off, as well as the logistics costs of the recall.

The impact of load-shedding during the current period has been mostly offset by the significant
investment made previously in electricity generating capacity. As a result, there has been minimal
disruption to supply, although the use of generators comes at a cost of approximately four times the
existing Eskom tariff. Under this scenario, future business continuity will be dependent on the
consistent supply of diesel. The effect of prolonged electricity outages on inbound supply is being
closely monitored.

Despite the above-mentioned challenges, the full year earnings growth reflects a significantly
improved underlying performance in the second half of the year, driven by recoveries in Snacks &
Treats, Wheat Millbake and Exports. In addition, good progress was made in realigning pricing to
take into account the extraordinary cost pressures on soft commodities, ingredients, packaging and
logistics. As a result, our overall annual basket inflation has increased from 3% for the six months

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ended 31 March 2022 to 15% for the 5 months to 31 August 2022. High levels of inflation are
anticipated to persist across our basket well into the next financial year, which will require ongoing
agility and judicious price/volume management in the face of a challenged consumer.

The financial information above has not been reviewed or reported on by the Company´s auditors.

Tiger Brands’ results for the year ending 30 September 2022 are expected to be released on SENS on
or about 2 December 2022.

Bryanston

26 September 2022

Sponsor
J.P. Morgan Equities South Africa Proprietary Limited




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