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To Open Dairibord Annual Report 2015 Content Scope of this Report Overview We are pleased to present the annual report for Dairibord Corporate Profile 3 Holdings Limited, a company listed on Zimbabwe Stock Vision, Mission & Values 4 Exchange (ZSE) which include Dairibord Zimbabwe (Private) Group Structure 5 Limited, Martindale (Trading Private) Limited t/a Lyons, Dairibord Malawi Limited, Kutal Investments (Private) Limited and NFB Group Brands & Markets 6 Logistics (Private) Limited for the year ended 31 December Our Business Model 7 2015. Group Financial Highlights 10 This report is targeted at a broad range of our stakeholders with the aim of presenting a balanced review of material issues Governance, Ethics & Engagements from our operations. The report includes our operations in Zimbabwe and Malawi. Chairman’s Statement 11 Group Chief Executive’s Review of Operations 14 This report is prepared using Global Reporting Initiatives (GRI Corporate Governance & Ethics 19 – G4 Core) Guidelines in measuring our progress towards sustainability. This report is our fourth sustainability report. The Daribord Holding Limited Management 21 previous report was prepared meeting GRI G3.1. Application Sustainability Strategy & Governance 23 Level-C reporting requirements. Risk Management. 25 Our sustainability reporting is integrated with our financial Material Issues and Report Boundary 27 reports. Our financial statements are audited by Ernst & Young Stakeholder Engagement 28 Chartered Accountants (Zimbabwe). An independent auditors’ report on the financial statements contained in this report appears on page 39 of this Annual Report. Performance Sustainability Performance 30 Forward looking Statements Certain statements in this report constitute ‘forward looking Statement of Directors’ Responsibility 37 statements’. Such statements involve known and unknown Report of Directors 38 risks, uncertainties and other factors that may cause the actual results, performances, objectives or achievements of Independent Auditors’ Report 39 Dairibord Holdings to be materially different from future results, Annual Financial Statements 40 performance, objectives or achievements expressed or implied in forward looking statements. Annexure The performance of Dairibord Holdings is subject to effects Glossary of Terms 80 of changes in the operating environment and other factors. Dairibord Holdings undertake no obligation to update publicly GRI Content Index 81 or to release any revision of these forward looking statements to Shareholder Analysis 82 reflect the events or circumstances after the date of publication Notice to Shareholders 83 of these pages or to reflect the occurrence of unanticipated events. Shareholders’ Calendar 84 We would welcome your feedback on our reporting and any Form of Proxy suggestions you have in terms of what you would like to see incorporated in our report for 2016. To do so, please email: Loose [email protected] Corporate Information 87 Chairman Chief Executive Officer Dairibord Holdings Limited 2015 Annual Report Corporate Profile OVERVIEW Dairibord Holdings Limited is a manufacturer and marketer of (yoghurt, ice creams, condiments and spreads) and beverages quality milk, foods and beverages. The company is listed on (cordials, ready-to-drink dairy and non-dairy, tea and mineral the Zimbabwe Stock Exchange. Dairibord Holdings Limited water) which are marketed in both the domestic and export has 100% ownership in Martindale Trading (Private) Limited t/a markets. Lyons, Lavenson Investments (Private) Limited, NFB Logistics (Private) Limited, Kutal Investments (Private) Limited and 68.4% Dairibord Holdings Limited is one of the largest manufacturing shareholding in Dairibord Malawi Limited. Kutal Investments and marketing companies in Zimbabwe with over 45 brands. is a property holding company which leases its properties to The Group has factories in Harare, Chitungwiza, and Chipinge. GOVERNANCE, ETHICS & ENGAGEMENTS & ETHICS GOVERNANCE, Group companies. Lavenson Investments (Private) Limited has The operations in Malawi are located in Blantyre. a 100% ownership in Dairibord Zimbabwe (Private) Limited. The Group produces an extensive range of products which includes liquid milks (short and long shelf life milk), foods PERFORMANCE ANNEXURE 3 Dairibord Holdings Limited 2015 Annual Report Vision, Mission and Values VISION To be the leading foods and beverages company in Africa, commanding a position of sustainable market leadership driven by strong brands and superior human capital. MISSION To provide our customers with the best quality foods and beverages for the sustenance of good health VALUES Innovation: We are committed to innovation and addressing changing customers’ needs and we will continuously develop our processes to produce a wide variety of quality new products and services. Commitment: Customer satisfaction is the yardstick against which our company’s performance in all spheres will be measured. Exceeding our customer needs and expectations will be a commitment shared by every person in the company. Professionalism: We will recruit and develop a well trained work force in which job competence, performance and succession stability are the primary objectives. Integrity: Our integrity will be displayed in all our interactions with stakeholders while embracing environmentally friendly practices. Responsibility: As a corporate citizen, Dairibord Holdings Limited is committed to discharging itself responsibly in all its dealings with stakeholders. Accountability: We take responsibility for our own actions. Sensitivity: We will provide a safe and positive working environment for our employees. Openness, two way communication, personal development, trust and recognition of achievement will be fostered to achieve our mission. Our goal is to be responsible and accountable to our shareholders through value creation in which sustainable profitability is a key requisite. We have developed and maintained a well-documented management system supported by an internationally recognized up-to-date enterprise wide management system. Fairness: We will be fair in all our dealings Zero Tolerance to Corruption: Our strategies and operations are anchored on principles of sound corporate governance. We shall not tolerate any form of corrupt dealings with our stakeholders. We will embrace ethical relationships with suppliers, employees, government, customers, consumers and regulatory authorities. To this end, the Group operates a zero tolerance to corruption policy. Teamwork. We shall nurture a spirit of team work to optimise synergies and benefit from mutual co-existence 4 Dairibord Holdings Limited 2015 Annual Report Group Structure OVERVIEW Dairibord Holdings Limited GOVERNANCE, ETHICS & ENGAGEMENTS & ETHICS GOVERNANCE, Martindale Lavenson Dairibord NFB Logistics Kutal Trading Investments Malawi (Private) Investments (Private) (Private) Limited Limited (Private) Limited Limited Limited 100% 100% 68.4% 100% 100% Dairibord Repsol Lyons Africa Lyons Abrupt Westside Zimbabwe Estates (Private) Zimbabwe Enterprises Foods (Private) (Private) Limited (Private) (Private) (Private) Limited Limited Limited Limited Limited PERFORMANCE 100% 100% 100% 100% 100% 100% Soilmark Rosenwald Goldblum Slimline Chatmoss Qualinex Farming Estates Investments Investments Enterprises (Private) (Private) (Private) (Private) (Private) (Private) Limited Limited Limited Limited Limited Limited 100% 100% 100% 100% 100% 100% ANNEXURE 5 Dairibord Holdings Limited 2015 Annual Report Group Brands & Markets Dairibord Holdings Limited is one of the largest manufacturing and marketing companies in Zimbabwe with over 45 active product brands. The Group has factories in Harare, Chitungwiza, and Chipinge. The operations in Malawi are located in Blantyre. The table below summarises Dairibord Holdings Brands. Product Category Product Type Brands Dairibord Zimbabwe (Private) Limited Lyons Dairibord Malawi Limited Liquid Milks Long Shelf Life Dairibord Steri Milk Dairibord Ching’ombe Dairibord Chimombe Cultured Dairibord Lacto Dairibord Chambiko Short Shelf Life Dairibord Fresh Milk Cream Dairibord Fresh Cream Foods Yoghurts Dairibord Yummy Dairibord Yoghurt Dairibord Froot Scoop Dairibord Yogie Yuphoria Ice cream Sticks Nutty Squirrel Lyons Maid Dairibord Ice Lollies Skippy Choc Sundae Cups Bigga Bear Super Split Plus 20 Monsta Mouse Green Giant Mello Ice Ice cream Cones Divine Napoli Bulk Ice Creams Dairibord Real dairy Lyons Maid Dairibord Bulk Ice Creams Dairibord Novelty Cheese Gouda and Cheddar Sauces & Rabroy Tomato Condiments Sauce Rabroy Salad Cream Rabroy Mayonnaise Magic Whip Lyons Peanut Butter Beverages Ready To Drink Nutriplus Cascade Family Choice Juices Fun ‘n Fresh Juice Up Natural Joy Pfuko/Udiwo Crushes & Cordials Quench Family Choice Xtra value Bottled Water Dairibord Aqualite Dairibord Aquamadzi Tea Quick Brew Tea Quick Brew Rooibos Lyons Drinking Drinking Chocolate Chocolate Logistics Refrigerated Insulated Tankers Flat Deck Passenger 6 Dairibord Holdings Limited 2015 Annual Report Our Business Model The Group’s principal business is the manufacturing and distribution of foods and beverages. In line with our mission, the portfolio is focused on providing customers and consumers with quality foods and beverages for the sustenance of good health. Our Stakeholders The Group is committed to open and honest interaction with all its stakeholders. The Group believes in inclusivity and responsive- ness through ongoing stakeholder engagement. OVERVIEW Our stakeholder portfolio and their key interests
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