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To Open the Annual Report for 2019 Annual Report 2019 Contents 02 15 22 OVERVIEW Strategy and Governance About This Report 2 Performance Dairibord Holdings Limited Vision, Mission and Values 3 Commentary Board of Directors 23 History of the Company 4 Performance Highlights 14 Dairibord Holdings Limited Our Brands 6 Chairman’s Statement 15 Senior Management 24 Group Structure 7 Group Chief Executive’s Corporate Governance & Ethics 25 Group Brands and Markets 8 Review of Operations 18 Risk Management 29 Markets Served 9 Our Sustainable Business Model 10 Awards 12 31 52 135 FINANCIAL ANNEXURE Sustainability REPORTS Glossary of Terms 136 Strategy Statement of Director’s GRI Content Index 137 Our Approach to Sustainability 32 Responsibility 53 Shareholders Analysis 2019 141 Stakeholder Engagement 34 Directors’ Report 54 Shareholders Analysis 2018 142 Materiality Process 36 Independent Auditors’ Notice to Shareholders 143 Reporting Practices 37 Report 56 Shareholders Calendar 145 Statement of Profit or Loss Corporate Information 146 and Other Comprehensive Income 59 Statements of Financial Position 60 38 Statements of Cash Flows 61 Statements of Changes in Equity 62 Notes to the Financial SUSTAINABILITY Statements 63 PERFORMANCE UNAUDITED SUPPLEMENTARY Our Consumers 39 INFORMATION Quality Control and Statement of Profit or Loss Standards 39 and Other Comprehensive Our Supply Chain 40 Income 108 Sustainable Production 42 Statements of Financial Caring for The Planet 44 Position 109 Our People and Statements of Cash Flows 110 Communities 45 Statements of Changes in Equity 111 Notes to the Financial Statements 112 Overview Strategy and Performance Governance Sustainability Strategy Sustainability Performance Financial Reports 1 Commentary About This Report We are pleased to present the annual report for Dairibord Holdings Limited, a company listed on the Zimbabwe Stock Exchange (ZSE). The report is produced and published annually to provide a transparent account of how we have used the resources endowed us to generate sustainable value. The report provides material information about our business, operating context, prospects, governance, strategy and stakeholder interests for the year 1 January 2019 to 31 December 2019. Reporting Frameworks The Board of Directors of Dairibord Holdings Limited are satisfied that this report was prepared with due consideration of the following reporting requirements and provisions: • The Companies Act [Chapter 24:03] • Listing requirements of the Zimbabwe Stock Exchange (ZSE) • International Financial Reporting Standards (IFRS) • Global Reporting Initiative (GRI) Standards This report has been prepared in accordance with the GRI Standards ‘Core’ option. Reporting Boundary The report covers the primary activities of the company in Zimbabwe. In this report, unless otherwise noted references to ‘’our’’ , ‘’we’’, ‘’us’’ , ‘’the Company’’, “Dairibord” refers to Dairibord Holdings Limited and its subsidiaries. External Assurance The integrated financial and non-financial disclosures provided in this report are intended to provide reliable and accurate information for stakeholders. Non-financial information in this report was reviewed by internal subject matter experts and management but not externally assured. The financial statements were audited by Ernst & Young Chartered Accountants (Zimbabwe). An independent auditors’ report on the financial statements contained in this report appears on pages 56-58. Our Board has approved this Report. Forward-looking Statements This report contains certain forward-looking statements concerning Dairibord’s financial position, results, operations and businesses. These statements and forecasts involve risk and uncertainty, as they relate to events and depend on circumstances that occur in the future. Various factors could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. Readers are cautioned not to put undue reliance on forward-looking statements. We welcome your feedback on our reporting and any suggestions you have in terms of our business and reporting practices. To do so, please email Mercy Ndoro on [email protected], or Call +263 (242) 790801-6. Josphat Sachikonye Antony Mandiwanza Chairman Group Chief Executive 2 Dairibord Holdings Limited 2019 Annual Report Vision, Mission and Values lity, Accountabi nsibi lity, F po airn Res es y, s a rit nd eg T nt ea : I m es w lu o a r V k r As a corporte citizen, u we are committed to O We shall nurture a spirit of discharging our duties team work to optimize responsibly in all our synergies and benefit from dealings with mutual co-existence stakeholders Our Vision To be the leading foods and beverages company in Africa, Our integrity will be displayed commanding a position of in all our interactions with sustainable market leadership We take responsibility for stakeholders while embracing driven by strong brands and our own actions. environmentally friendly superior human capital practices Our Mission To provide our customers with the best quality foods and beverages for the sustenance We will be fair in of good health all our dealings Overview Strategy and Performance Governance Sustainability Strategy Sustainability Performance Financial Reports 33 Commentary History of the Company Our story traces back to 1952 when we were still the Dairy Marketing Board a state-owned parastatal established through the Agricultural Marketing Act. Our establishment then was for the reception of all milk delivered to us, manufacturing and orderly marketing of milk and dairy products and the administration of regulations applicable to producer registrations. Our set up in 1952 provided a foundation through which we have grown to be one of the leading milk processors in Southern Africa. Dairy Marketing Board established under the Agricultural Act of 1952. New plant commissioned DMB subsequently assumed control in Bulawayo. of milk processing co-operatives in Harare, Bulawayo, Gweru, Kadoma New cheese plant opened and Mutare. in Kadoma. 1952 1960 1978 1983 1990 1993 1994 1997 2001-03 2006 2016 2019 New Dairy Sterilised Milk Plant Chitungwiza Powder and commissioned in commissioned in Butter plant Commissioned. Harare. Chipinge. 4 Dairibord Holdings Limited 2019 Annual Report Nutritious Foods and Beverages for the Sustenance of Good Health From Generation to Generation Dairibord holdings restructures its Zimbabwe operations into one operating entity effectively transferring Lyons and NFB Logistics DZL acquires 100% of into Dairibord Zimbabwe (Private) Martindale (Private) Limited. Limited in 2001 and forms NFB Logistics in 2003. DMB is commercialised and DZL is born. 1952 1960 1978 1983 1990 1993 1994 1997 2001-03 2006 2016 2019 DZL is listed on the Dairibord Holdings is born out of the Dairibord Holdings Zimbabwe Stock restructuring of the DZL Group. The Limited disposes of Exchange becoming company is transformed into a holding its entire interests in the first state-owned company with four subsidiaries - Dairibord Malawi. company in Zimbabwe Dairibord Zimbabwe (Private) Limited, to do so. Martindale (Private) Limited, Dairibord Malawi (Private) Limited and NFB Logistics (Private) Limited. The name of the holding company changed to Dairibord Holdings Limited from Dairibord Zimbabwe Limited (DZL). Overview Strategy and Performance Governance Sustainability Strategy Sustainability Performance Financial Reports 5 Commentary Our Brands The Cream Of Ice Creams All our operations follow a rigorous quality assessment process that ensures that our products are safe and healthy for the consumer. Quality and safety is an integral part of our product design. Overview6 DairibordStrategy Holdings and Limited Performance 2019 Annual Report Governance Sustainability Strategy Sustainability Performance Financial Reports Commentary Group Structure Dairibord Holdings Limited is a manufacturer and marketer of quality milk, foods and beverages. The company is listed on the Zimbabwe Stock exchange. The company owns Dairibord Zimbabwe (Private) Limited as its flagship subsidiary. Dairibord Holdings also has 100% interest in 4 property companies Goldblum Investments, Chatmos Enterprises, Qualinex Investments and Slimline Investments. Lyons Africa, Lyons Zimbabwe and NFB Logistics are dormant companies also owned by DHL. Dairibord Holdings Limited Dairibord Qualinnex Zimbabwe Investments (Private) (Private) Limited Limited 100% 100% Chatmos Slimline Enterprises Investments (Private) (Private) Limited Goldblum Limited Investments 100% 100% (Private) Limited 100% Lyons Zimbabwe Lyons Africa (Private) Limited (Private) (Dormant) NFB Logistics Limited (Private) (Dormant) Limited (Dormant) 100% 100% 100% Overview Strategy and Performance Governance Sustainability Strategy Sustainability Performance Financial Reports 7 Commentary Group Brands and Markets Group Brands and Markets 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. Product Category Product Type Brands Dairibord Zimbabwe (Private) Limited Long Shelf Life Dairibord Steri Milk, Dairibord Chimombe Dairibord Supermilk Liquid Cultured Dairibord Lacto Milks Flavoured Milks Flaver Raver Cream Dairibord Sterilised Cream Yoghurts Dairibord Yummy, Dairibord Froot Scoop Dairibord Yogie Ice Cream Sticks Nutty Squirrel, Skippy
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