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Annual Report Tiger Brands Limited Annual Report 2008

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Annual Report Tiger Brands Limited Annual Report 2008 Annual Report For the year ended September 2008 Tiger Brands Limited Annual Report 2008 Adding value to life www.tigerbrands.com Contents ifc Our vision and strategy 1 Group highlights 2 Group at a glance 4 Chairman’s statement 8 Directorate 11 Executive management committee 12 Chief executive officer’s review 18 Group financial review Divisional reviews 22 Domestic foods 28 Consumer healthcare 32 Fishing 36 Exports and international Sustainability report 42 Corporate governance 52 Directors’ and senior management’s remuneration 60 Management reporting 61 Human resources 70 Corporate social investment 74 Environmental report Annual financial statements 77 Contents 88 Shareholders’ diary ibc Administration Notice of annual general meeting, see separate document enclosed with this report Our vision and strategy Listed on the JSE, Tiger Brands Limited is a branded fast-moving consumer packaged goods company that operates mainly in South Africa and selected emerging markets. Our vision To be the world’s most admired branded consumer packaged goods company in emerging markets. Strategy implementation Ongoing focus and investment in: Brand building and innovation of core business ) Capital expansion ) Acquisitions domestic ) Africa expansion ) Rebuilding our reputation Tiger Brands Annual Report 2008 www.tigerbrands.com Group highlights 1 ❖ A demanding year with many changes ❖ Challenging economic environment ❖ Significant raw material and other cost pressures Turnover from continuing ❖ Demand for our brands remains robust operations ❖ Pleasing results achieved in most businesses +23% ❖ Expansion by acquisition in new geographies r 51,0% stake in Haco Industries (Kenya) r 74,7% stake in Chococam (Cameroon) ❖ Unbundling of Adcock Ingram ❖ Planned domestic expansion through organic and Operating income before acquisitive growth abnormal items from continuing operations +17% (Rands in millions) 2008 2007 % change Consolidated results (continuing operations) Turnover 19 888,4 16 209,9 23 Operating income 2 627,9 2 245,7 17 Headline earnings 1 886,3 1 381,2 37 Total assets employed 12 676,9 10 295,6 23 Headline earnings per share Cash generated from operations* 3 094,2 2 939,0 5 from continuing operations Capital expenditure 641,8 540,4 +36% Ordinary share performance (continuing operations) Headline earnings per ordinary share (cents) 1 194,7 878,0 36 Dividends and distributions out of capital per ordinary share (cents) 786,0 660,0 19 Dividend cover (times) 1,9 1,9 Total dividend Market price at year-end (cents)** 13 740 18 185 786 cents * Group results, including Adcock Ingram Holdings Limited. **Share price for 2007 includes Adcock Ingram Holdings Limited. per share +19% Tiger Brands Annual Report 2008 www.tigerbrands.com 2 Group at a glance Domestic foods Consumer healthcare The Domestic foods division is a leading The Consumer healthcare division is a manufacturer, distributor and marketer of leading manufacturer, distributor and major food brands.. marketer of personal care, babycare and Grains: Ace, Albany, Golden Cloud, Jungle, homecare brands. King Korn, Morvite, Tastic Personal care: Gill, Ingram’s Camphor Groceries: All Gold, Black Cat, Colmans, Cream, Lemon Lite, Perfect Touch, KOO, Fatti’s & Moni’s Protein Feed Snacks & Treats and Beverages: Anytime, Babycare: Elizabeth Anne’s, Purity Black Cat, FFWD, Jelly Tots, Inside Story, Homecare: Airoma, Doom, FastKill, ICU, Wonderbar, Smoothies, Maynards, Beacon, Jeyes, Peaceful Sleep, Rattex, Bio-Classic Energade, Oros, Hall’s, Roses Value Added Meat Products: Enterprise, Like-it-Lean Out of Home: Food service and home meal replacement Contribution to group operating income Rm Contribution to group operating income Rm +9% +18% 2008 R1 740,6 million 2008 R450,0 million 2007 R1 601,5 million 2007 R382,7 million 2006 R1 208,3 million 2006 R261,1 million Salient features Salient features Domestic 2008 2007 % Consumer 2008 2007 % foods Rm Rm change healthcare Rm Rm change Turnover 14 446,8 11 713,9 23 Turnover 1 765,8 1 602,0 10 Operating income 1 740,6 1 601,5 9 Operating income 450,0 382,7 18 Operating margin Operating margin (%) 12,0 13,7 (%) 25,5 23,9 Tiger Brands Annual Report 2008 www.tigerbrands.com 3 Fishing Exports and international Sea Harvest Corporation is involved in Tiger Brands has direct and indirect deep-sea fishing, fresh and frozen fish and interests in international food businesses in processing and marketing of fish products. Chile, Zimbabwe, Kenya and Cameroon. Oceana is involved in the fishing, Empresas Carozzi (Chile, Peru, Argentina): processing, marketing and trading of a wide Carozzi, Costa, Molitalia, Bonafide – 24% variety of marine species. It also has National Foods Holdings Limited interests in cold storage operations. (Zimbabwe): Red Seal, Gold Seal – 26% Sea Harvest: Feasts of Flavour, Simply DATLABS (Pvt) Limited (Zimbabwe): Delicious Cafemol, Ingram’s Camphor Cream, Oceana: Lucky Star, Glenryck Lanolene Milk – 50% Haco Industries Kenya Limited (Kenya): Bic, Jeyes, Palmers, TCB, Motions, Miadi, Ace – 51% Chococam S.A. (Cameroon): Tartina, Arina, Kola, Big Gum, Tutoux, Mambo, Martinal, Start – 74% Contribution to group operating income Rm Contribution to group operating income Rm +26% +111% 2008 R249,6 million 2008 R219,8 million 2007 R198,0 million 2007 R104,2 million 2006 R98,7 million 2006 R35,1 million Salient features Salient features Fishing 2008 2007 % Exports and 2008 2007 % Rm Rm change international Rm Rm change Turnover 2 298,7 1 923,9 19 Turnover 1 519,3 1 105,4 37 Operating income 249,6 198,0 26 Operating income 219,8 104,2 111 Operating margin Operating margin (%) 10,9 10,3 (%) 14,5 9,4 Tiger Brands Annual Report 2008 www.tigerbrands.com 4 Chairman’s statement The company is settling down after a very diffi cult period. Notwithstanding these diffi culties, Peter and his team have delivered strong results and made signifi cant strategic progress. PIC TO COME Lex van Vught Chairman To the shareholders In my last letter to shareholders diffi culties, Peter and his team I advised you that the most have delivered strong results signifi cant issues then facing the and made signifi cant strategic company were the appointment progress. of a new Chief Executive Offi cer In one of the most eventful years and the settling down of the in the company’s history, the company following the adverse most important event has been impact of bread and milling the listing and unbundling of collusion issues. Adcock Ingram Holdings Limited Peter Matlare assumed as a separately listed and responsibility as Chief Executive focused pharmaceutical Offi cer of the company with company. This resulted in Tiger effect from 1 April 2008. I am Brands achieving its longer term pleased to report that Peter strategic goal of becoming a has immediately placed his focused, branded, fast-moving mark on the company and has consumer goods company with won the confi dence of the particular focus on food, board as well as the support of personal care and homecare his management team. The products. The unbundling and company is settling down after separate listing of Adcock a very diffi cult period. Ingram Holdings Limited has Notwithstanding these been readily accepted by the Tiger Brands Annual Report 2008 www.tigerbrands.com 5 Operating profit market which was refl ected by that the allegations made in the 2008 R2 627,9 m the combined values of the two complaints referral were 2007 R2 245,7 m separate listed entities on substantially correct. The closing of the fi rst day of trade 2006 R2 583,0 m company then engaged in a exceeding the closing market transparent and open manner 2005 R2 170,0 m value of a Tiger Brands share on with the Competition 2004 R1 744,0 m the last day of trading prior to Commission in an endeavour to Note the unbundling by R0,4 billion. reach a satisfactory and urgent 2007 and 2008 include the effects of the This enhanced shareholder unbundling of Adcock Ingram Holdings Limited. conclusion. The agreement value was sustained until the that was reached with the end of the fi nancial year. The Competition Commission and listing of Adcock Ingram which was subsequently Holdings Limited was adjudged confi rmed by the Competition the most successful listing on the JSE in the 2008 calendar Tribunal was a payment of year. As Adcock Ingram Holdings R53,5 million being the Limited will be required to equivalent of 7% of the turnover report separately to its own of the company’s hospital shareholders, notwithstanding products business. the fact that the results of The board again acted quickly, Adcock Ingram Holdings Limited responsibly and transparently in for 11 months are included in the addressing this issue in order to results refl ected for this past avoid long-term uncertainties that year, the focus of this report will would not be in the shareholders’ be primarily on the company’s continuing operations. interests. On behalf of the board and the company I apologise Governance issues unreservedly for this breach of acceptable ethical standards. After having resolved the action The company undoubtedly that had been taken by the suffered further reputational Competition Commission damage. The onus is on against the company in the the board and its executive previous year relating to anti- management to convince all its competitive activity that had stakeholders of its integrity, taken place in the company’s ethical conduct and responsibility milling and baking operations, as a respected corporate citizen the company in February 2008 making a worthwhile contribution received a complaint referral to the society in which it relating to alleged anti- operates. Further details of the competitive activity that had taken place in the company’s steps taken by the company are hospital products operation covered under the governance housed within Adcock Ingram section of this report. Critical Care (Pty) Limited.
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