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View Annual Report Adding value to life Tiger Brands integrated annual reportTiger and consolidated financial statements 2016 INTEGRATED ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS 2016 Adding value to life Our reputation as a good corporate citizen is essential in our evolution. Understanding the diverse needs of all our stakeholders – our people, communities, shareholders, governments, suppliers and others – guides our strategies for building mutually beneficial relationships that add real value. For more information Visit our website see pages within the report for additional information For further information visit our website: www.tigerbrands.com Contents Introduction 1 2016 at a glance Business overview 2 Group profile 3 Our organisational structure 6 Our footprint 10 Managing our business 11 Our leadership 14 Chairman’s review 16 Chief executive officer’s review 20 Strategic review 22 Creating a virtuous growth cycle Key factors driving our strategy 24 Our key relationships 26 Our operating environment 28 Our competitive advantages and market position 29 2016 awards and accolades Financial review 30 Chief financial officer’s review 33 Five-year review 34 Value-added statement 35 Segment report 37 Summary of ratios and statistics Operational review 40 Grains 42 Consumer Brands – food 46 Home, Personal Care and Baby 48 International (including Exports) 51 Associates Non-financial review 54 Sustainability review 56 Our people 60 Health and safety 63 Transformation 65 Our communities 69 Our customers and consumers 74 Environment Governance review 82 Governance review 87 Committee reports 92 Remuneration report 102 Risk management report 107 Preparation of annual financial statements 107 Directors’ approval 107 Certificate by company secretary 108 Report of the independent auditor 109 Consolidated financial statements 119 Notes to the consolidated financial statements Shareholders’ information 186 Shareholders’ diary 186 Declaration of final dividend 144 187 Analysis of registered shareholders and company schemes 188 Definitions 190 Company information Introduction About this report This integrated annual report provides a consolidated view of Tiger Brands Limited’s performance for the year ended 30 September 2016, and follows a similar report for the financial year to 30 September 2015. For further information, please contact the company secretary, Thiroshnee Naidoo T: +27 11 840 4000 E: [email protected] Reporting principles and approach •• Managing sustainability and reputation – building on our By integrating financial, social and environmental performance, current strong brands and reputation while protecting our this report gives stakeholders a full understanding of our licence to operate through rigorous governance and business, prospects and strategy in the context of our operating engaging with stakeholders. environment. There were no changes to the boundary or any The annual financial statements have been prepared in measurement techniques in 2016. accordance with International Financial Reporting Standards (IFRS) and the South African Companies Act. Supplementary information This report forms part of a suite of reports to stakeholders. It In reporting on non-financial aspects, we are guided by: should be read with the reports on our website for a full •• King III report – the key principles have been applied and understanding of the group: material non-adherence explained •• Annual financial statements •• Listings Requirements of the JSE Limited •• Supplementary report •• Standards and codes governing specific areas, including •• GRI G4 Index the Department of Trade and Industry’s broad-based black •• King III application register. economic empowerment (BBBEE) codes of good practice Assurance •• Guiding principles of the International Integrated Reporting Our current combined assurance model is set out below: Committee (IIRC) framework (2013) – Tiger Brands reports against strategic goals (currently under review) and, as Nature of appropriate, how these affect the six capitals proposed in Business process assurance Assurance provider In this report this framework (page 22 and 23) Annual financial External Ernst & Young Inc The scope of this audit is •• Principles and guidelines from the Global Reporting statements audit limited to information in the annual financial Initiative and the relevant sector supplement (collectively statements and does not GRI G4) in line with the core level of application. extend to any financial or operating indicators in the integrated annual Boundary and scope report. While this report is aimed primarily at providers of capital, Risk management Internal KPMG Services Risk management, page we believe financial and non-financial disclosure will interest and internal audit Proprietary 102. all stakeholder groups. The report covers the operations of controls Limited Audit committee report, page 87. Tiger Brands Limited (Tiger Brands) and its subsidiary and Environmental risk External Marsh Proprietary Pages 74 to 79. associate companies for the review period. The only assessments audit Limited significant change in our size, structure or ownership during Social External JSE Limited Tiger Brands ranks well the year was the disposal of Tiger Branded Consumer responsibility and audit National on the FTSE ESG ratings Goods plc (TBCG) (formerly Dangote Flour Mills). sustainability Business (part of the FTSE4Good Initiative (NBI) series), a multi- dimensional measure of In the operating environment section (pages 26 and 27) and environmental, social and governance risk report starting on page 102, we identify external threats, exposure and practice. opportunities and outcomes with a significant effect on our The group reports ability to create value. In elaborating on the strategic review annually on its carbon emissions under the currently under way (pages 20 and 21), we identify the global CDP. Refer to most material issues for the group and outline our response: website. •• Allocation of capital – identify categories with the best BBBEE External EmpowerLogic Transformation, page 63 to potential for growth, margin enhancement and requisite verification Proprietary Limited 64. return on investment in South Africa while refining the international strategy to be accretive to domestic Approval performance The audit committee and board acknowledge their joint responsibility for ensuring the integrity of the integrated •• People and talent – the current operating environment annual report. Appropriate judgement and rigour have been demands the right calibre, capability and capacity of applied in preparing this report and we conclude that it is human resources to stabilise the business in the short term presented in accordance with the IIRC framework. and grow in the long term. This in turn will require a leadership mix of strategic and entrepreneurial thinking, coupled with sound execution capabilities •• Optimum organisational structure – that leverages group Chairman Chairman functions to deliver optimal operating efficiency Board Audit committee 22 November 2016 2016 at a glance for the year ended 30 September 2016 Key performance indicators* Turnover Operating income** up 11% to up 5% to R31,7 billion R4,2 billion Group volumes Tiger Brands Limited Tiger up 1%, with domestic volumes up 2% 1 Integrated annual report 2016 Income from associates up 43% to R861 million Grains operating income at R2 billion amid high inflation Groceries operating income up 13% in raw materials and operating margin of 9,9% *From continuing operations. **Before impairment, abnormal items and IFRS 2 charges. Business overview Group profile Tiger Brands is one of Africa’s largest, listed FMCG manufacturers and distributes brands spanning food, home and personal care and baby products. In South Africa, it has leading market shares across a broad range of categories and has grown over the years through acquisitions and by developing its brands. In addition to our core South African business, we also have comprehensive insights into the categories and markets operations in West, East and Central Africa and have built in which we operate. a sizeable exports business for our products throughout Africa. In addition to controlled operations, Tiger Brands holds meaningful minority interests in associate companies: Tiger Brands prides itself on being a world-class •• South Africa: JSE-listed Oceana Group Limited (42,1%) manufacturer and marketer of fast-moving consumer goods (fishing) (FMCG). Our success is underpinned by the strength of our •• Chile: Empresas Carozzí (24,4%) (FMCG) brands and continuous improvement initiatives. Marketing investment in support of our core brands has increased over •• Nigeria: UAC Foods Limited (49,0%) (FMCG) Integrated annual report 2016 recent years while consumer and shopper research provides •• Zimbabwe: Listed National Foods Holdings Limited (37,4%) (FMCG). 2 Salient features Financial Tiger Brands Limited Tiger Earnings per share (EPS) Headline EPS (HEPS) Final dividend from total operations from total operations 2 034 cents 2 127 cents 702 cents per share (2015: 1 068 cents) (2015: 1 786 cents) (2015: 611 cents) EPS from continuing HEPS from continuing Total dividend operations operations 2 007 cents 2 130 cents 1 065 cents per share (2015: 1 930 cents) (2015: 2 091 cents) (2015: 950 cents) Non-financial Market-leading brands Voluntary participation in CDP (global standard for disclosure on carbon emissions and water management) Well rated under FTSE ESG, a multi-dimensional
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