Tiger Brands Ltd
JSE:TBS
Income Statement
Earnings Waterfall
Tiger Brands Ltd
Revenue
|
37.4B
ZAR
|
Cost of Revenue
|
-27B
ZAR
|
Gross Profit
|
10.3B
ZAR
|
Operating Expenses
|
-7.2B
ZAR
|
Operating Income
|
3.1B
ZAR
|
Other Expenses
|
-421m
ZAR
|
Net Income
|
2.7B
ZAR
|
Income Statement
Tiger Brands Ltd
Sep-2003 | Mar-2004 | Sep-2004 | Mar-2005 | Sep-2005 | Mar-2006 | Sep-2006 | Mar-2007 | Sep-2007 | Mar-2008 | Sep-2008 | Mar-2009 | Sep-2009 | Mar-2010 | Sep-2010 | Mar-2011 | Sep-2011 | Mar-2012 | Sep-2012 | Mar-2013 | Sep-2013 | Mar-2014 | Sep-2014 | Mar-2015 | Sep-2015 | Mar-2016 | Sep-2016 | Mar-2017 | Sep-2017 | Mar-2018 | Sep-2018 | Mar-2019 | Sep-2019 | Mar-2020 | Sep-2020 | Mar-2021 | Sep-2021 | Mar-2022 | Sep-2022 | Mar-2023 | Sep-2023 | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue | ||||||||||||||||||||||||||||||||||||||||||
Revenue |
23 039
N/A
|
24 412
+6%
|
25 829
+6%
|
20 681
-20%
|
15 198
-27%
|
15 047
-1%
|
15 453
+3%
|
16 040
+4%
|
16 210
+1%
|
17 188
+6%
|
18 954
+10%
|
21 123
+11%
|
20 430
-3%
|
19 463
-5%
|
19 316
-1%
|
19 468
+1%
|
20 430
+5%
|
21 682
+6%
|
22 677
+5%
|
24 529
+8%
|
27 003
+10%
|
28 487
+5%
|
30 072
+6%
|
29 711
-1%
|
28 660
-4%
|
29 404
+3%
|
30 588
+4%
|
31 673
+4%
|
31 298
-1%
|
30 589
-2%
|
28 365
-7%
|
28 013
-1%
|
28 579
+2%
|
28 430
-1%
|
29 796
+5%
|
31 057
+4%
|
30 954
0%
|
31 267
+1%
|
34 029
+9%
|
36 651
+8%
|
37 389
+2%
|
|
Gross Profit | ||||||||||||||||||||||||||||||||||||||||||
Cost of Revenue |
(21 121)
|
(22 171)
|
(23 463)
|
(16 433)
|
(8 883)
|
(8 836)
|
(9 276)
|
(9 866)
|
(10 303)
|
(11 148)
|
(12 575)
|
(14 087)
|
(13 282)
|
(12 241)
|
(12 037)
|
(12 164)
|
(12 795)
|
(13 664)
|
(14 466)
|
(16 224)
|
(18 566)
|
(19 713)
|
(20 540)
|
(19 992)
|
(18 981)
|
(19 621)
|
(20 870)
|
(21 526)
|
(20 856)
|
(20 257)
|
(19 107)
|
(19 156)
|
(19 475)
|
(19 450)
|
(20 837)
|
(21 760)
|
(22 144)
|
(22 600)
|
(23 713)
|
(25 982)
|
(27 048)
|
|
Gross Profit |
1 919
N/A
|
2 243
+17%
|
2 367
+6%
|
4 248
+79%
|
6 315
+49%
|
5 996
-5%
|
6 178
+3%
|
6 175
0%
|
5 907
-4%
|
6 040
+2%
|
6 379
+6%
|
7 036
+10%
|
7 148
+2%
|
7 222
+1%
|
7 279
+1%
|
7 305
+0%
|
7 636
+5%
|
8 018
+5%
|
8 211
+2%
|
8 306
+1%
|
8 438
+2%
|
8 774
+4%
|
9 532
+9%
|
9 719
+2%
|
9 680
0%
|
9 783
+1%
|
9 719
-1%
|
10 147
+4%
|
10 442
+3%
|
10 332
-1%
|
9 258
-10%
|
8 857
-4%
|
9 104
+3%
|
8 980
-1%
|
8 959
0%
|
9 297
+4%
|
8 810
-5%
|
8 667
-2%
|
10 316
+19%
|
10 670
+3%
|
10 340
-3%
|
|
Operating Income | ||||||||||||||||||||||||||||||||||||||||||
Operating Expenses |
(10)
|
(10)
|
(23)
|
(1 798)
|
(3 591)
|
(3 557)
|
(3 567)
|
(3 633)
|
(3 661)
|
(3 669)
|
(3 737)
|
(4 060)
|
(3 956)
|
(4 008)
|
(4 265)
|
(4 331)
|
(4 400)
|
(4 644)
|
(4 743)
|
(4 953)
|
(5 350)
|
(5 564)
|
(6 016)
|
(6 017)
|
(5 647)
|
(5 665)
|
(5 615)
|
(5 849)
|
(5 918)
|
(5 979)
|
(5 969)
|
(6 040)
|
(5 934)
|
(4 372)
|
(6 481)
|
(6 575)
|
(6 575)
|
(6 517)
|
(6 885)
|
(7 376)
|
(7 222)
|
|
Selling, General & Administrative |
0
|
0
|
0
|
(1 321)
|
(2 709)
|
(2 665)
|
(2 743)
|
(2 815)
|
(2 761)
|
(2 818)
|
(2 945)
|
(3 125)
|
(3 036)
|
(3 052)
|
(3 183)
|
(3 252)
|
(3 303)
|
(3 370)
|
(3 456)
|
(3 626)
|
(3 794)
|
(4 017)
|
(4 251)
|
(4 267)
|
(4 235)
|
(4 288)
|
(4 230)
|
(4 341)
|
(4 368)
|
(4 464)
|
(4 504)
|
(4 590)
|
(4 596)
|
(4 595)
|
(4 839)
|
(4 887)
|
(4 902)
|
(5 040)
|
(5 270)
|
(5 548)
|
(5 612)
|
|
Depreciation & Amortization |
(9)
|
(10)
|
(39)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Other Operating Expenses |
0
|
0
|
16
|
(477)
|
(881)
|
(892)
|
(825)
|
(818)
|
(900)
|
(852)
|
(793)
|
(934)
|
(920)
|
(957)
|
(1 083)
|
(1 080)
|
(1 098)
|
(1 275)
|
(1 287)
|
(1 328)
|
(1 558)
|
(1 549)
|
(1 765)
|
(1 751)
|
(1 412)
|
(1 377)
|
(1 385)
|
(1 507)
|
(1 550)
|
(1 515)
|
(1 465)
|
(1 450)
|
(1 338)
|
223
|
(1 643)
|
(1 688)
|
(1 673)
|
(1 477)
|
(1 615)
|
(1 828)
|
(1 610)
|
|
Operating Income |
1 909
N/A
|
2 232
+17%
|
2 345
+5%
|
2 452
+5%
|
2 725
+11%
|
2 654
-3%
|
2 611
-2%
|
2 542
-3%
|
2 246
-12%
|
2 371
+6%
|
2 642
+11%
|
2 976
+13%
|
3 192
+7%
|
3 214
+1%
|
3 013
-6%
|
2 972
-1%
|
3 235
+9%
|
3 374
+4%
|
3 468
+3%
|
3 352
-3%
|
3 087
-8%
|
3 210
+4%
|
3 517
+10%
|
3 702
+5%
|
4 033
+9%
|
4 117
+2%
|
4 103
0%
|
4 299
+5%
|
4 524
+5%
|
4 353
-4%
|
3 289
-24%
|
2 817
-14%
|
3 170
+13%
|
4 608
+45%
|
2 478
-46%
|
2 723
+10%
|
2 236
-18%
|
2 150
-4%
|
3 431
+60%
|
3 294
-4%
|
3 118
-5%
|
|
Pre-Tax Income | ||||||||||||||||||||||||||||||||||||||||||
Interest Income Expense |
(173)
|
(182)
|
(172)
|
(293)
|
(482)
|
(317)
|
(79)
|
(19)
|
18
|
31
|
(2)
|
(120)
|
(21)
|
146
|
189
|
251
|
221
|
200
|
298
|
289
|
153
|
125
|
207
|
257
|
459
|
537
|
718
|
560
|
362
|
503
|
725
|
600
|
2 041
|
385
|
362
|
242
|
349
|
361
|
516
|
486
|
490
|
|
Non-Reccuring Items |
5
|
(148)
|
(159)
|
(35)
|
(107)
|
278
|
465
|
117
|
204
|
89
|
(115)
|
(26)
|
285
|
119
|
(186)
|
(1)
|
136
|
153
|
11
|
(3)
|
(7)
|
(828)
|
(1 016)
|
(240)
|
(393)
|
(300)
|
(324)
|
(298)
|
(583)
|
(999)
|
(620)
|
(4)
|
132
|
(667)
|
(569)
|
50
|
(138)
|
(170)
|
12
|
35
|
(10)
|
|
Gain/Loss on Disposition of Assets |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
17
|
0
|
(17)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Total Other Income |
0
|
0
|
0
|
(1)
|
(1)
|
(1)
|
(1)
|
0
|
0
|
0
|
0
|
0
|
1
|
1
|
0
|
1
|
0
|
(1)
|
(1)
|
(1)
|
1
|
0
|
(11)
|
0
|
(12)
|
0
|
(19)
|
0
|
(35)
|
0
|
(13)
|
(2)
|
(16)
|
0
|
(50)
|
0
|
(49)
|
0
|
(45)
|
0
|
(47)
|
|
Pre-Tax Income |
1 741
N/A
|
1 902
+9%
|
2 014
+6%
|
2 123
+5%
|
2 135
+1%
|
2 614
+22%
|
2 996
+15%
|
2 640
-12%
|
2 468
-7%
|
2 491
+1%
|
2 525
+1%
|
2 847
+13%
|
3 457
+21%
|
3 463
+0%
|
3 016
-13%
|
3 223
+7%
|
3 592
+11%
|
3 726
+4%
|
3 776
+1%
|
3 637
-4%
|
3 234
-11%
|
2 507
-22%
|
2 696
+8%
|
3 719
+38%
|
4 087
+10%
|
4 354
+7%
|
4 478
+3%
|
4 561
+2%
|
4 267
-6%
|
3 857
-10%
|
3 382
-12%
|
3 411
+1%
|
5 326
+56%
|
4 326
-19%
|
2 220
-49%
|
3 015
+36%
|
2 399
-20%
|
2 341
-2%
|
3 915
+67%
|
3 814
-3%
|
3 551
-7%
|
|
Net Income | ||||||||||||||||||||||||||||||||||||||||||
Tax Provision |
(549)
|
(652)
|
(659)
|
(615)
|
(570)
|
(607)
|
(715)
|
(736)
|
(741)
|
(735)
|
(791)
|
(920)
|
(977)
|
(934)
|
(840)
|
(907)
|
(1 014)
|
(1 029)
|
(1 029)
|
(930)
|
(837)
|
(839)
|
(832)
|
(877)
|
(977)
|
(1 091)
|
(1 209)
|
(1 252)
|
(1 234)
|
(1 113)
|
(835)
|
(812)
|
(965)
|
(863)
|
(727)
|
(821)
|
(597)
|
(575)
|
(1 020)
|
(959)
|
(817)
|
|
Income from Continuing Operations |
1 192
|
1 249
|
1 354
|
1 508
|
1 565
|
2 007
|
2 281
|
1 904
|
1 727
|
1 756
|
1 734
|
1 927
|
2 479
|
2 527
|
2 175
|
2 316
|
2 579
|
2 698
|
2 748
|
2 708
|
2 397
|
1 668
|
1 864
|
2 842
|
3 110
|
3 262
|
3 269
|
3 309
|
3 033
|
2 745
|
2 546
|
2 599
|
4 361
|
3 463
|
1 493
|
2 193
|
1 802
|
1 766
|
2 895
|
2 855
|
2 734
|
|
Income to Minority Interest |
(28)
|
(17)
|
(19)
|
(13)
|
(12)
|
(9)
|
(19)
|
(44)
|
(49)
|
(55)
|
(71)
|
(83)
|
(49)
|
2
|
17
|
17
|
6
|
10
|
(1)
|
17
|
119
|
162
|
127
|
82
|
12
|
(30)
|
(26)
|
(26)
|
(22)
|
(25)
|
(27)
|
(25)
|
(28)
|
(27)
|
(26)
|
(27)
|
(29)
|
(29)
|
(31)
|
(34)
|
(37)
|
|
Equity Earnings Affiliates |
92
|
75
|
41
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Net Income (Common) |
1 258
N/A
|
1 308
+4%
|
1 375
+5%
|
1 523
+11%
|
1 553
+2%
|
2 017
+30%
|
2 303
+14%
|
2 120
-8%
|
2 243
+6%
|
2 353
+5%
|
2 274
-3%
|
2 173
-4%
|
2 485
+14%
|
2 541
+2%
|
2 192
-14%
|
2 332
+6%
|
2 584
+11%
|
2 680
+4%
|
2 719
+1%
|
2 756
+1%
|
2 577
-6%
|
1 890
-27%
|
2 020
+7%
|
2 727
+35%
|
1 727
-37%
|
2 091
+21%
|
3 306
+58%
|
3 289
-1%
|
3 119
-5%
|
2 839
-9%
|
2 401
-15%
|
2 426
+1%
|
3 863
+59%
|
2 779
-28%
|
1 014
-64%
|
2 053
+102%
|
1 893
-8%
|
1 722
-9%
|
2 865
+66%
|
2 820
-2%
|
2 697
-4%
|
|
EPS (Diluted) |
7.35
N/A
|
7.78
+6%
|
8.04
+3%
|
9.23
+15%
|
9.52
+3%
|
12.6
+32%
|
14.39
+14%
|
13.08
-9%
|
14.19
+8%
|
14.52
+2%
|
14.39
-1%
|
13.75
-4%
|
15.72
+14%
|
16.08
+2%
|
13.36
-17%
|
14.48
+8%
|
15.95
+10%
|
16.45
+3%
|
16.78
+2%
|
16.9
+1%
|
15.61
-8%
|
11.59
-26%
|
12.31
+6%
|
16.62
+35%
|
10.5
-37%
|
12.67
+21%
|
19.91
+57%
|
19.69
-1%
|
18.77
-5%
|
17.22
-8%
|
14.51
-16%
|
14.59
+1%
|
23.25
+59%
|
16.67
-28%
|
6.07
-64%
|
12.25
+102%
|
11.3
-8%
|
10.39
-8%
|
17.38
+67%
|
18.03
+4%
|
17
-6%
|