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Tiger Brands Limited Annual Results Presentation to Investor

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Tiger Brands Limited Annual Results Presentation to Investor Group Grains Consumer Brands Exports and Internaonal TIGER BRANDS LIMITED RESULTS PRESENTATION TO INVESTORS for the year ended 30 September 2012 Group Grains Consumer Brands Exports and Internaonal Agenda Strategic Review Financial Analysis Business Performance - Grains Business Performance - Consumer Brands Business Performance – Internaonal Outlook 2 Group Grains Consumer Brands Exports and Internaonal Strategic Review Peter Matlare Chief Execuve Officer Group Grains Consumer Brands Exports and Internaonal Financial Highlights 2012 % change Turnover R22,7 billion + 11.0% Operang income before IFRS2 charge R3,65 billion +8.7% Operang margin before IFRS2 charge 16.1% -0.3% 4 Group Grains Consumer Brands Exports and Internaonal Operang context – slow down in global economy Y-o-Y % change 2011 2012 2013 • IMF outlook for global GDP growth revised Actual downwards. Global 3.8 3.3 3.6 • On-going impact of Advanced Markets 1.6 1.3 1.5 Eurozone recession USA 1.8 2.2 2.1 adversely affecng global export demand in key Euro area 1.4 -0.4 0.2 emerging economies. Japan -0.8 2.2 1.2 • Growth in Sub-Sahara Emerging markets 6.2 5.3 5.6 Africa remains firm. China 9.2 7.8 8.2 • Global slowdown and India 6.8 4.9 6.0 weaker resource prices SS-Africa 5.1 5.0 5.7 affect growth outlook. 5 Group Grains Consumer Brands Exports and Internaonal Global woes and negave senment weigh on South African economy Real GDP growth • Domesc GDP growth slowed from 7 3.1% in 2011 to 2.4% in 2012H1. 6 5 • Growth in real consumer spending, 4 private fixed investment and 3 exports all faltering. 2 YoY % change 1 • Growth in consumer spending – the 0 mainstay of the domesc economic -1 recovery over the last two years -2 connues to slow. -3 2001-Q1 2003-Q2 2005-Q3 2007-Q4 2010-Q1 2012-Q2 2014-Q3 Real GDP growth BER – 12Q1 12Q2 12Q3 12Q4 13Q1 13Q2 13Q3 13Q4 2011 2012 2013 2014 Oct 2012 y-o-y % 2.1 2.7 2.6 1.2 1.8 1.9 2.5 4.0 3.1 2.2 2.6 3.8 6 Group Grains Consumer Brands Exports and Internaonal Operang context – muted growth in domesc economy Y-o-Y % change 2010 2011 2012 2013 2014 • Slow down in consumer Consumer spending 3.7 5.0 3.3 3.7 4.2 spending in 2012 due to inflaonary increases in Govt consumpon 4.9 4.5 4.2 4.3 4.4 food prices, fuel and Fixed investment -1.6 4.4 5.4 4.4 6.1 energy costs. Gross domesc expend 4.2 4.3 4.0 4.0 4.7 • Above inflaonary Exports 4.5 5.9 0.2 5.2 6.7 increases in producer price inflaon, exacerbated by Imports 9.6 9.7 6.8 8.1 9.3 Rand weakness. GDP 2.9 3.1 2.2 2.6 3.8 • Impact of industrial unrest Employment Growth in the mining sector. (formal) -0.8 2.2 1.4 1.7 2.0 CPI (ave) 4.3 5.0 5.5 5.4 5.2 • Weak business confidence weighs on formal PPI (ave) 6.0 8.4 6.1 4.6 4.4 employment growth. R/$ (Q4 ave) 6.91 8.09 8.25 7.85 7.90 7 Group Grains Consumer Brands Exports and Internaonal Operang context – consumer expenditure Y-o-Y % change 2010 2011 2012 2013 2014 • Significant slow down in final consumpon expenditure 18.1 15.7 10.2 5.7 7.0 Durable goods growth during 2012. Semi-durable goods 2.0 7.0 5.6 5.6 6.5 • Solid employment growth Non-durable goods 1.3 2.9 2.7 2.7 3.2 boosted non-durable goods sales during 2011, but Services 3.4 3.8 1.6 3.4 3.7 uncertain job security has Total FCE – hampered growth into the 3.7 5.0 3.3 3.7 4.2 Volume growth second half of 2012. • Adverse effect of higher sin taxes and rising food and electricity prices on growth of non-durable goods during 2012. • Projecons for 2013 show connued slow growth in consumer non-durable spend. 8 Group Grains Consumer Brands Exports and Internaonal Market trends – categories in which Tiger parcipates Markets connued to show volume • Volumes down by 1.7% declines as inflaon climbed during 2012 over the 12 mm period as Total South Africa : Category Volume and Value Growth trends consumers responded to 8 6,4 tough economic condions 5,7 6 5,1 and high inflaon. 4 • Volume declines more pronounced in H1 2012 at 2 -2.7%, but eased into H2 0,0 0 to -0.8%. -0,5 -0,8 • Some recoveries in the -2 -1,7 -2,7 3mm as strategies were -4 executed. Mat LY vs Mat H1 Curr vs H1 H2 Curr vs H2 6mm Curr vs TY YA YA Prev Catetory Value Growth Category Volume Growth Source: Nielsen 9 Group Grains Consumer Brands Exports and Internaonal Tiger retains leading posion across most categories September 2012 Posion InsecGcides 1 Leading brands Homecare Air Care 3 Sanitary Cleaners 3 • Tiger Brands connues to Face Care 7 Hand & Body 2 maintain the No.1 or 2 Personal care Hair Care 3 Hair Styling Preps 1 posion across most of the Deodorants 5 Tomato sauce 1 categories in which it Canned Tomato products 1 Baked Beans 1 parcipates. Culinary Canned Vegetables 1 Pasta 1 Jam 1 Peanut Buer 1 Mayonnaise/salad cream 1 Rice 1 Grains Bread 1 RTE Cereals 3 Hot Cereals 1 Baby Care 2 Baby Baby Food 1 Baby Cereal 2 Countlines 3 Confeconery Slabs 3 Sugar sweets 1 Boxed Assortments 1 CPM Chilled Processed Meats 1 Beverages Sports Drinks 1 Liquid Concentrates 1 10 Group Grains Consumer Brands Exports and Internaonal Where we are today 23,0 0.7% R'billions 22,5 5,3% organic growth 22,0 4.1% -2.7% 0.7% 21,5 8.0% 21,0 R22.7bn 20,5 20,0 11% 19,5 19,0 2011 Turnover Pricing inflaon Volume Forex Full year effect of PY CY Acquisions 2012 Turnover acquisions 11 Group Grains Consumer Brands Exports and Internaonal Where we are today Domesc business: • Increased volality and substanal cost inflaon in so commodies and above inflaonary increases in energy and fuel costs. • Impact of slow down in the economy with consumers under increasing financial pressure. • Markets show volume declines in certain categories as consumers cut back on consumpon. • Heightened compeon within the retail trade. • Increased competor intensity as a consequence of constrained consumer demand. • Consumers expand their brand repertoire to include economy and private label brands. 12 Group Grains Consumer Brands Exports and Internaonal How we have responded Selling Supply chain • Merchandising force remodelled for • Improvements in manufacturing greater efficiency architecture • Customer centric structures enhanced • Logiscs review • Increased trade and brand investment • Operang efficiencies • Focus on price points • Increased manufacturing capacity • Revenue diversificaon iniaves • New manufacturing capability and process technology • Focused technology agreements Structure / People Markeng • Restructured business units • Renovaon of core brands • Resource opmisaon • Enhanced focus on innovaon • Shared services cost synergies • Contemporary markeng campaigns • Strengthened leadership capacity • Value focused messaging • Consumer and Shopper insights 13 Group Grains Consumer Brands Exports and Internaonal Domesc Businesses Over-arching goals • Regain volume shares. • Enhance value proposion to customers. • Maintain margins – increase efficiencies and lower costs. • Re-invest savings to drive top-line growth. • Strengthen brand health. 14 Group Grains Consumer Brands Exports and Internaonal Generang “fuel” through cost savings • Shared F & A services Sustained • Centralised procurement profitability and cash flow • Shared Logiscs services Cost savings • Opmise Trade spend Markeng & • Brand Operaonal cost efficiencies investment • Improve manufacturing architecture Supported by single- enabling IT plaorm 15 Group Grains Consumer Brands Exports and Internaonal Internaonal expansion gaining momentum Drive internaonal scale to achieve 30% contribuon to top-line Geographic and Category Expansion • Consolidate and grow current acquisions • New acquisions in Emerging markets • Increase Exports • Greenfields iniaves Enhance Profitability and Cash Flow 16 Group Grains Consumer Brands Exports and Internaonal Where we are today Internaonal businesses connue to deliver • Internaonal revenues pleasing. • Rest of Africa growth remained more robust. • Export growth has been significant. • Acquision of Davita has enhanced distribuon network throughout rest of Africa. • Acquisions have shown solid growth – integraon and opmisaon processes progressing well. • Nigerian businesses impacted by social unrest during 2012 but good recovery. 17 Group Grains Consumer Brands Exports and Internaonal HEPS (cents) – year ended 30 September 1 700 1 689 1 680 +7.3% 1 660 1 640 1 620 1 600 1 580 1 575 1 560 1 540 1 520 1 500 2011 2012 18 Group Grains Consumer Brands Exports and Internaonal Total distribuons – cents per share 850 850 840 +7.5% 830 820 810 800 791 790 780 770 760 2011 2012 19 Group Grains Consumer Brands Exports and Internaonal Financial Review Funke Ighodaro Chief Financial Officer Group Grains Consumer Brands Exports and Internaonal Solid Performance overall despite muted domesc growth Group turnover • Solid performance by domesc % Operang margin before IFRS2 charge businesses in challenging economic 25,0 20,0% R3,7bn climate. 18,0% R2,4bn 12,4% R1,8bn 16,0% 20,0 • Substanal input cost inflaon and R’billions 8,8% intense compeon negavely 1,4% 14,0% affect domesc margin. 15,0 12,0% R17,5bn R18,0bn R19,0bn 10,0% • Robust growth and improved margins in exports and internaonal 10,0 8,0% 17.8% 17.5% 16.8% businesses.
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