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Eabl-2019-Annual-Report 0.Pdf DELIVERING VALUE TOGETHER 2019 Integrated Report and Financial Statements DELIVERING VALUE TOGETHER EABL in 2019 ast African Breweries Limited (EABL) is a regional leader in beverage alcohol with an exceptional collection of brands across beer and spirits. Although our business is concentrated in three core markets of Kenya, Uganda and Tanzania, our products are sold in more than 10 countries across Africa and beyond. Our Ebrands are an outstanding combination of local beers and international premium spirits. These include: Tusker, Guinness, Bell Lager, Serengeti Lager, Kenya Cane, Uganda Waragi, Smirnoff and Johnnie Walker among others. Our performance ambition is to be among the best performing, most trusted and respected consumer products company in Africa. We are proud of the brands we make and the positive impact they have on society. We are passionate about alcohol playing a positive role in society as part of a balanced lifestyle. Contents Our Business Model 4 Driving EABL’s Sustainability 5 Our Strategy 6 Financial Highlights 8 Executive Summary 10 Chairman’s Statement 14 Group Managing Director’s Statement 18 Sustainability 22 Brands 36 Consumer Focus 59 People and Culture 62 Compliance and Ethics 68 Board of Directors 72 EABL Senior Management 76 Notice of Annual General Meeting 77 Corporate Governance Statement 80 Governance Auditor’s Report 86 Statement of Directors’ Responsibilities - Governance 87 Annual Report and Financial Statements 88 Corporate Information 90 Directors’ Report 92 Directors’ Remuneration Report 100 Statement of Directors’ Responsibilities 106 Report of the Independent Auditor 107 Financial Statements 110 Principal Shareholders and Share Distribution 172 Information to Shareholders 173 Our Business Model Our Business Model ast African Breweries Limited (EABL) is a regional and geographic reach enable us to deliver sustainable leader in beverage alcohol with iconic brands performance and create value for our shareholders. across beer and spirits. Our heritage since 1922 The consumer is at the heart of our business. has enabled us understand consumers across We are proud of our long heritage of investing in Ethe region, adopting world-class marketing and individual markets within the region and enriching the innovation skills to build powerful brands that play a community, as well as building brands that continue positive role in society. to meet consumer needs and provide enjoyment to EABL is structured into a market-based business millions. Our business model is centered on country model, applying country-specific strategies to meet specific strategies which allow us the agility to consumer needs. Our business model enables us to respond to changing consumer and customer needs, identify and act on consumer trends early. East Africa’s as well as respond to market trends. We are a proud vibrant beverage alcohol market has supported grain-to-glass business: delivery of sustainable performance over the years. Producing quality beer, spirits and adult non- EABL operates across East Africa region through alcoholic beverages (ANADs). subsidiaries: Kenya Breweries Limited (KBL), Uganda Investing in responsible marketing to build Breweries Limited (UBL), Serengeti Breweries Limited aspiration for high quality brands. (SBL), UDV (Kenya) Limited, East African Beverages Continuously innovating to unlock new (South Sudan) Limited, East African Breweries Rwanda opportunities and deliver new offerings that meet Limited and East African Maltings Limited (EAML). changing consumer demands. Although our business is concentrated in Kenya, Transforming sales execution and extending our Uganda and Tanzania, our brands are sold in more than reach to ensure our consumers can access and 10 countries across Africa and beyond. Our portfolio enjoy our brands every day, everywhere. 4 Leading total beverage Strong iconic brands Extensive footprint in alcohol (TBA) company in supply and distribution Eastern Africa • 97 years of experience, • Diversified offering – 40+ • Operating across 6 since 1922 brands. Owning the most countries within East alcohol brands in East Africa • 1% GDP contribution in Africa Kenya • 6 production sites with • Outstanding combination recent addition of Kisumu • Market leadership in 2 of local beers and plant key markets international premium brands • Partnering with 62,000 • +2 million people farmers to supply our raw impacted directly or • Tusker, named most materials indirectly admired East African alcohol brand in 2019 by • Investing in capacity Brand Africa building from grain to glass • Iconic national pride brands – Tusker, Bell and Serengeti EABL 2019 Integrated Report and Financial Statements Driving EABL’s Sustainability Driving EABL’s Sustainability 62,000 Number of farmers recruited by EABL to supply raw materials 240,000 Kshs 1.2 billion Number of people employed in Amount of money paid to sorghum farmers by EABL’s farming community EABL in 2019 5 5 million Kshs 64 billion Number of people benefiting from EABL annual contribution to the Exchequer EABL’s water projects across East Africa 27,000 13.9 million EUs Number of retailers trained on Volumes produced by EABL across East Africa responsible delivering practices EABL 2019 Integrated Report and Financial Statements Our Strategy Our Strategy ur strategy is underpinned by our core passionate desire to serve our consumers and the communities in which we operate in by offering extensive choice of products at different price points to suit different occasions and economic levels. Our purpose is to celebrate life every day, everywhere, and we are passionate about alcohol playing a positive role in Osociety as part of a balanced lifestyle. Our strategic ambition is to create the best performing, most trusted and respected consumer products company in Africa. It is critical that we prioritise where to invest and win based on an understanding of growth potential, profitability and our own right to win. AMBITION To create the best performing, most trusted and respected consumer products company in Africa. STRATEGIC IMPERATIVES Vibrant Mainstream Beer Explode Mainstream Spirits Win in Premium Total Beverage Alcohol Return Guinness and our local power brands Unlock and serve consumer needs through Transform penetration and share by Value Recruitment 6 to sustainable long term growth. aspirational and affordable portfolio. disrupting and shaping the future of Grow TBA and extend our share premium segment. through differentiated, accessible and viable offering. KEY ENABLERS Aspirational and Accessible Innovations. Route to Consumer Stakeholder Relationships Supply Footprint Productivity Competitive coverage that drives market Respected partner in community shaping Guarantee supply through an advantaged Culture of ruthless monitoring and share gains across the 4 imperatives. industry tax and regulation to drive full but fit for purpose value chain. evaluation and investment allocation to portfolio growth. drive down cost and make every shilling worth more. Guaranteed through our people • Strategic imperatives and enablers are swiftly and fully resourced • Employer of choice with leading diversity and local talent agenda • Simple, agile and externally oriented organization • Significantly up-weighted commercial capabilities Our strategy is delivered through 4 executional priorities: Bringing vibrancy and dynamism to mainstream beer Mainstream beer is the backbone of our business. Ensuring we sustain growth of our local and global power brands is therefore critical to our growth ambition. We continue to build strength of our key brands such as Tusker, Bell and Serengeti as the emblems of identity and national pride. Exploding mainstream spirits Mainstream spirits is a sizeable growing opportunity. We continue to invest in our mainstream spirits portfolio of powerful local and global brands that are aspirational and accessible, allowing us to penetrate new segments/ occasions. In F19, we continued with our strategy to expand our portfolio with relevant innovations that serve changing consumer preferences and respond to affordability concerns. EABL 2019 Integrated Report and Financial Statements Our Strategy Accelerating and winning in premium Disrupting and shaping the future of premium by building aspiration for our brands and ensuring availability among the growing population of aspirational and discerning customers looking for wider choices in their consumption repertoire. Unlocking TBA growth with value Upto 50 percent of alcohol consumed is sold through informal channels, making this sector one of the biggest sources of growth in the region. We will continue to innovate at scale to provide safe and accessible alternatives to our value driven consumers. We are also committed to partnering with governments across the region in addressing the health risks associated with consumption of illicit alcohol. Delivery of our ambition is further reinforced by our focus on building an effective route to consumer strategy ensuring our brands are highly accessible and available; investing across our supply chain from grain to glass, guaranteeing supply through an advantaged but fit for purpose value chain; enforcing a culture of continuous evaluation to optimize our costs for maximum returns. Lastly, we pride ourselves in being a respected partner in the community by partnering with the government in shaping industry tax and regulation for the betterment of our communities. Our brands ur broad portfolio consists of outstanding local jewels and international
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