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REPORT 
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Tiger Brands’ full year performance was impacted by the suspension of operations at Value Added Meat Products (VAMP) and a challenging trading environment

Revenue declined by 9% to
R28,5 billion
Group operating income** declined by 28% to
R3,3 billion
Group operating margin** down 310bps to
11,7%
HEPS down 26% to
1 587
 cents per share
Dividend unchanged at
1 080cps
Dividend cover reduced to
1,75x based on HEPS
Oceana Group Limited
(Oceana) stake to be 
unbundled

* From continuing operations.
** Before IFRS 2 charges.
THE YEAR IN 
REVIEW
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