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Integrated Annual Report 2015 ADDING VALUE to LIFE

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Integrated Annual Report 2015 ADDING VALUE to LIFE Integrated annual report 2015 ADDING VALUE TO LIFE Tiger Brands regards its employees as its greatest asset, and is committed to their growth in the evolution of the organisation. We aim to attract and retain key talent to build organisational competencies and leadership capacity for long-term growth and to cement our reputation as a good corporate citizen. Contents 2015 at a glance 1 Introduction Chairman’s letter to stakeholders 2 Tiger Brands – adding value to life 4 Group profile 8 Our organisational structure 8 Our history 10 Business Our global presence 11 overview Managing our business 12 Our leadership 13 Our business model 16 Our key relationships 18 Key factors Our values 18 driving Our operating environment 22 our strategy Our competitive advantages and 24 market position Strategy 28 Our strategy Strategic choices for sustained growth 28 Strategic review Q&A with the chief executive officer 30 Chief financial officer’s review 32 Five-year review 35 Financial review Value-added statement 36 Segment report 37 Summary of ratios and statistics 39 Grains 40 Consumer Brands – food 42 Operational Home, Personal Care and Baby 44 review Exports and International 45 Nigeria 48 Associates 49 Sustainability review 50 Stakeholder engagement 51 Non-financial Our people 53 review Transformation 58 Our communities 60 Environment 63 Corporate governance 68 Committee reports 74 Governance Remuneration report 78 review Risk management report 93 King III application register 96 Directors’ approval 105 Certificate by company secretary 105 Report of the independent auditor 106 Statutory information 107 Effects of changing prices 109 Annual Income statements 110 financial Statements of comprehensive income 111 statements Statements of financial position 112 Statements of cash flows 113 Notes to the cash flow statements 114 Statements of changes in equity 116 Notes to the financial statements 119 Annexures 191 Shareholders’ diary 194 Declaration of final dividend 194 Shareholders’ Analysis of registered shareholders 195 information and company schemes Definitions 196 Company information 197 About this report This integrated annual report provides a consolidated view P Addressing consumer needs by ensuring our products are of Tiger Brands Limited’s performance for the year ended competitively priced and offer value for money 30 September 2015, and follows a similar report for the P Driving growth in the balance of the continent financial year to 30 September 2014. P Ensuring continued investment in our assets and capabilities to support the group’s long-term growth ambitions. For further information, please contact the group company secretary, Rosh Naidoo Please refer to page 93 for our risk report. T: +27 11 840 4000 E: [email protected] There were no changes to the boundary or any measurement techniques in 2015. Reporting principles and approach Supplementary information By integrating its financial, social and environmental This report is one element of a suite of reports to stakeholders. performance, this report gives stakeholders a fuller It should be read in conjunction with the following reports on understanding of the group’s business, prospects and our website for a full understanding of the group: strategy in the context of its operating environment. P Sustainability report P GRI G4 Index The annual financial statements have been prepared in P King III application register. accordance with International Financial Reporting Standards (IFRS) and the South African Companies Act. Assurance Our current combined assurance model is set out below: In reporting on non-financial aspects of its performance, the group is guided by: Nature of P King III report – the key principles have been applied and Business process assurance Assurance provider In this report material non-adherence explained Annual financial External Ernst & Young Inc The scope of this P Listings Requirements of the JSE Limited statements audit audit is limited to information in the P Standards and codes governing specific areas, including the annual financial Department of Trade and Industry’s broad-based black statements and does economic empowerment (B-BBEE) Codes of Good Practice not extend to any financial or P Guiding principles of the International Integrated Reporting operating indicators Committee (IIRC) framework (2013) – Tiger Brands reports in the integrated against strategic goals and has included the six capitals annual report. proposed in this framework as appropriate (page 16) Risk management Internal KPMG Services Risk management, P Principles and guidelines from the Global Reporting Initiative and internal controls audit (Pty) Limited page 93. Audit committee and the relevant sector supplement (collectively GRI G4) in report, page 74. accordance with the core level of application. Environmental risk External Marsh Pages 63 to 67. assessments audit (Pty) Limited Boundary and scope Social responsibility External JSE Limited Tiger Brands is part While this report is aimed primarily at providers of and sustainability audit National of the SRI Index. capital, we believe the balance between financial and Business Tiger Brands reports non-financial disclosure will be of interest to all stakeholder Initiative (NBI) annually on its carbon emissions groups. The report covers the operations of Tiger Brands under the global and its subsidiary and associate companies for the review CDP. period. There were no significant changes in size, structure B-BBEE External EmpowerLogic Transformation, or ownership of the group during the year, except as verification (Pty) Limited page 58. disclosed in this report. Approval In the operating environment section on page 22, we identify The audit committee and board acknowledge their joint external threats, opportunities and outcomes that have a responsibility for ensuring the integrity of the integrated significant effect on the group’s ability to create value. In annual report. Appropriate judgement and rigour have been elaborating on our strategy, page 28, we identify the most applied in preparing this report and we conclude that it material issues for the group and outline our response: is presented in accordance with the IIRC framework. P In increasingly competitive markets, defending and growing the leading market shares of our core brands in South Africa P Sustaining the equity of our brands through product Chairman Chairman quality improvements, innovation and marketing support Board Audit committee 2015 at a glance for the year ended 30 September 2015 Key achievements PDomestic operating income up by 11% to R3,6 billion PDomestic operating margin up to 15,2% PMarket leadership sustained in core categories PVolume and value market leadership regained in bread PGrains operating income up 7% and operating margins of 18,1% despite increased competition in bread PGroceries operating income up 28% and operating margins up to 9,6% PReinvigoration of Home and Personal Care (excluding stationery), with operating income up 24% and operating margin of 17,3% despite 72% increase in marketing investment PDecisive action taken on Tiger Branded Consumer Goods plc (TBCG) (formerly Dangote Flour Mills plc (DFM)) Tiger Brands Limited integrated annual report 2015 1 Chairman’s letter to stakeholders This integrated annual report is intended to give stakeholders a clear understanding of Tiger Brands’ performance and its strategy for driving growth in complex and competitive markets. I am pleased to present results for the year to 30 September sell its 65,7% shareholding in TBCG to DIL for a nominal 2015 that underscore the progress achieved against our consideration of US$1 and write off its shareholder loans strategy, despite the challenges experienced in certain of to TBCG of R0,7 million. Tiger Brands will also assume our exports and international businesses. and settle outstanding debt guaranteed on behalf of TBCG, amounting to R0,4 billion. The transaction is Operating environment aimed at ensuring that TBCG is maintained as a viable In South Africa, a constrained economy has placed pressure going concern, able to retain its employees and meet its on consumers while increasing competitor activity, obligations to its stakeholders. particularly in the food sector, has exacerbated the challenges. We elaborate on our operating environment on Performance page 22. Commendably, the group has maintained its Details of the group’s results are detailed by the chief leading position in key categories, and protected both its financial officer on page 32. brands and margins through improved operational focus, increased marketing investment and greater efficiencies. From the board’s perspective, we believe the 11% increase Progress has also been achieved in reducing the group’s in domestic operating earnings in a highly competitive environmental impact and managing our natural and human market underscores the strength of our brands, the capability resources more effectively, as detailed later in this report. and experience of our management teams as well as the commitment of our workforce. In Nigeria, the 55% decline in the oil price has had a significant effect on the country’s government revenues while While acknowledging setbacks during the period, we the local currency devalued 25% against the US dollar over are confident that the group’s strategy continues to the year. The capable team now in place in Nigeria has support our long-term growth ambitions. However, managed these factors as well as could be expected, renewed focus
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