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Accolades Dairibord Holdings Limited 2016 Annual Report

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Accolades Dairibord Holdings Limited 2016 Annual Report Accolades Dairibord Holdings Limited 2016 Annual Report Scope of our Report Content We are pleased to present the annual report for Dairibord Holdings OVERVIEW Limited, a company listed on the Zimbabwe Stock Exchange (ZSE) which include Dairibord Zimbabwe (Private) Limited, Dairibord Malawi Limited Corporate Profile 3 and four property companies namely Slimline Investments (Private) Vision, Mission & Values 4 Limited, Goldblum (Private) Limited, Chatmos (Private) Limited and Group Structure 5 Qualinex (Private) Limited for the year ended 31 December 2016. Group Brands & Markets 6 This report is targeted at a broad range of our stakeholders with the aim Our Business Model 7 of presenting a balanced review of material issues from our operations. Group Financial Highlights 10 The report includes our operations in Zimbabwe and Malawi. Reporting Framework GOVERNANCE, ETHICS & ENGAGEMENTS This report is prepared using Global Reporting Initiatives (GRI) Chairman’s Statement 11 Sustainability Reporting Guidelines in measuring our progress towards sustainability. This report is our first sustainability report prepared Group Chief Executive’s Statement 14 meeting GRI G4 Sustainability Reporting Guidelines (Core). The previous Corporate Governance & Ethics 18 report applied GRI G3.1 application Level-C reporting requirements. Dairibord Holdings Limited Board and Management 20 Our sustainability reporting is integrated with our financial statements Sustainability Strategy 21 prepared in accordance with International Financial Reporting Standards Risk Management 23 (IFRS). Our financial statements are audited by Ernst & Young Chartered Material Issues and Report Boundary 25 Accountants (Zimbabwe). An independent auditors’ report on the financial statements contained in this report appears on page 36 of Stakeholder Engagement 26 our annual report. PERFORMANCE Forward looking Statements Certain statements in this report constitute ‘forward looking statements’. Sustainability Performance 27 Such statements involve known and unknown risks, uncertainties and Statement of Directors’ Responsibility 34 other factors that may cause the actual results, performances, objectives Report of Directors 35 or achievements of Dairibord Holdings to be materially different from future results, performance, objectives or achievements expressed or Independent Auditor’s Report 36 implied in forward looking statements. Annual Financial Statements 39 The performance of Dairibord Holdings is subject to effects of changes in the operating environment and other factors. Dairibord Holdings ANNEXURE undertake no obligation to update publicly or to release any revision of Glossary of Terms 77 these forward looking statements to reflect the events or circumstances GRI Content Index 78 after the date of publication of this report or to reflect the occurrence of unanticipated events. Shareholder Analysis 80 Notice to Shareholders 82 We would welcome your feedback on our reporting and any suggestions Shareholders’ Calendar 83 you have in terms of what you would like to see incorporated in our report for 2017. To do so, please email: [email protected] Form of Proxy Loose Chairman Chief Executive Officer Corporate Information 84 2 Dairibord Holdings Limited 2016 Annual Report Corporate Profile Dairibord Holdings Limited is a manufacturer and marketer of quality milk, foods and beverages. The company is listed on the Zimbabwe Stock Exchange (ZSE). Its operating subsidiaries are Dairibord Zimbabwe (Private) Limited and Dairibord Malawi Limited. The company also has 100% interest in 4 property companies namely Goldblum Investments (Private) Limited, Chatmoss Properties (Private) Limited, Quallinnex Properties (Private) Limited, and Slimline Investments (Private) Limited. The Group produces an extensive range of products which include liquid milks (long and short shelf life), foods (yoghurts, ice creams, condiments and spreads) and beverages (cordials, ready to drink dairy and non-dairy, tea and water) which are marketed and distributed in domestic and export markets. Dairibord Holdings Limited is one of the largest manufacturing and marketing companies in Zimbabwe with over 45 brands. The Group has factories in Harare, Chitungwiza and Chipinge. The factory in Malawi is located in Blantyre. 3 Dairibord Holdings Limited 2016 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 pro- duce a wide variety of quality new products and services. 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. 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. Team work. We shall nurture a spirit of team work to optimise synergies and benefit from mutual co-existence. 4 Dairibord Holdings Limited 2016 Annual Report Group Structure New Group structure Dairibord Holdings Limited Dairibord Dairibord Chatmoss Goldblum Slimline Qualinnnex Malawi Zimbabwe Investments Investments Investments Investments Limited (Private) (Private) (Private) (Private) (Private) Limited Limited Limited Limited Limited 68.4% 100% 100% 100% 100% 100% Lyons NFB Logistics Lyons Africa Zimbabwe (Private) (Private) (Private) Limited Limited Limited (Dormant) (Dormant) (Dormant) 100% 100% 100% The new Group structure was effective from 1 January 2016 in line with the on-going reorganisation. Old Group Structure Dairibord Holdings Limited Martindale Lavenson Dairibord NFB Logistics Kutal Trading (Private) Investments Malawi Limited (Private) Investments Limited (Private) Limited (Private) t/a Lyons Limited Limited 100% 100% 68.4% 100% 100% Dairibord Repsol Estates Lyons Africa Lyons Abrupt Westside Zimbabwe (Private) (Private) Zimbabwe Enterprises Foods (Private) (Private) Limited Limited (Private) (Private) Limited Limited Limited Limited 100% 100% 100% 100% 100% 100% Soilmark Rosenwald Goldblum Slimline Chatmoss Qualinex Farming Estates (Private) Investments Investments Enterprises (Private) (Private) Limited (Private) (Private) (Private) Limited Limited Limited Limited Limited 100% 100% 100% 100% 100% 100% 5 Dairibord Holdings Limited 2016 Annual Report Group Brands and Markets The table below summarises Dairibord Holdings Brands. Following the decorporatisation of Martindale Trading (Private) Limited and NFB Logistics (Private) Limited from 1 January 2016, the brands under these companies were transferred to Dairibord Zimbabwe (Private) Limited from that date. The table below summarises Dairibord Holdings’ Brands. Product Category Product Type Brands Dairibord Zimbabwe (Private) Limited Dairibord Malawi Limited Long Shelf Life Dairibord Steri Milk Dairibord Ching’ombe Dairibord Chimombe Cultured Dairibord Lacto Dairibord Chambiko Liquid Milks Short Shelf Life Dairibord Fresh Milk Cream Dairibord Fresh Cream Yoghurts Dairibord Yummy Dairibord Yoghurt Dairibord Froot Scoop Dairibord Yogie Yuphoria Ice cream Sticks Nutty Squirrel Dairibord Ice Lollies Skippy Choc Bigga Bear Super Split Plus 20 Monsta Mouse Green Giant Mello Ice Lyons Maid Foods Sundae Cups Ice cream cones Devine Ice cream Bulk Ice Creams Dairibord Real dairy Dairibord Bulk Ice Creams Lyons Maid Dairibord Novelty Sauces & Condiments Rabroy Tomato Sauce Rabroy Salad Cream Rabroy Mayonnaise Magic Whip Lyons Peanut Butter Ready To Drink Cascade Family Choice Juices Pfuko-Udiwo Maheu Juice Up Nutriplus Fun ‘n Fresh Natural Joy Crushes & Cordials Quench Family Choice Beverages Bottled Water Dairibord Aqualite Dairibord Aquamadzi Tea Quick Brew Tea Bags Drinking Chocolate Lyons Drinking Chocolate 6 Dairibord Holdings Limited 2016 Annual Report Our Business Model The Group’s principal business is the manufacturing and marketing of liquid milks, foods and beverages. In line with our mission, the portfolio is focused on providing customers and consumers with the best quality foods and beverages for the sustenance of good health. Restructuring The corporate structure of the business was changed with effect from 1 January 2016 and this paved way for further integration of operations. The emerging structure will support the same product portfolio with a streamlined value chain. A unitary organizational structure to support the new corporate structure was finalized and effected from 1 January 2017. Our Stakeholders The Group is committed to open and honest interaction with all its stakeholders. The Group believes in inclusivity and responsiveness through ongoing stakeholder engagement. Our stakeholder portfolio and their key interests Stakeholders Issues of interest Our Customers and consumers §
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