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Brand Strategy Tiger Brands / The brands behind the brand GROUP OVERVIEW group overview ● Revenue from continuing operations ● Eliscip et eraesequis: Doloboreetum amoc Headline earnings Operating income Dividend R13 billion (excluding Spar) onsequent acili atetut. PER SHARE FROM CONTINUING OPERATIONS FOR THE YEAR Amcommodmod● Operating dolo pratum margin nis non amcon from prtum eaum continuing alit vul puter pratun mis ysin agna amcommodoperations mprtum eaum alit13,9% vul puter pratun (excluding mis ysin agna Spar) amcommod mod dolo pratummod mprtum eaum alit vul puter pratun mis ysin agna amcommod mod dolo up 19% up 23% up 28% pratummod● Total mprtum dividend eaum alit vul puterfor pratun the mis year ysin up 28% DIVISIONAL HIGHLIGHTS Increased operating income by 29% on an 8% increase Domestic Food in revenue TIGER BRANDS: VISION 2004, TODAY AND LOOKING FORWARD Vision 2004 Tiger Brands Today Towards 2010 Successful innovations in Bioplus and Compral contributed Consumer Healthcare to growth ● Create an ability to attract, retain and ● The core businesses have grown and The building blocks going forward: develop the best people. been honed over the last five years; ● Organic growth in adjacent segments of minorities purchased; acquisitions made Despite increased regulation, operating income was up 20% driven ● Achieve organic growth (profitable the market and innovation of the core Regulated Healthcare in key growth areas and non-core by a strong performance from generics top-line growth). brands. businesses unbundled. ● Attain superior financial performance. ● International market development, ● The businesses and core competencies, globalisation and focus on the ‘Out of ● Build a culture of innovation. upon which we intend to build, have Hospital Products Continued to benefit from the further widening of its product base Home’ market. been identified. ● Developing a culture of continuous ● Strategies to deal with the challenges of improvement. a strong currency and a low inflationary The strong exchange rate had a detrimental effect on the fishing Fishing environment are being implemented. ● Acquisitions in food and healthcare. industry ● Further lowering of the dividend cover. Steps to unlock shareholder value have included: Successfully unbundled and separately listed on the Spar JSE Securities Exchange in October 2004 ● Unbundling of Spar. ● Share repurchase programme. Results benefited from higher deciduous fruit volumes and ● Lowering of the dividend cover. Exports and International improved dollar prices page 1 page 2 Tiger Brands / The brands behind the brand GROUP OVERVIEW group overview ● Revenue from continuing operations ● Eliscip et eraesequis: Doloboreetum amoc Headline earnings Operating income Dividend R13 billion (excluding Spar) onsequent acili atetut. PER SHARE FROM CONTINUING OPERATIONS FOR THE YEAR Amcommodmod● Operating dolo pratum margin nis non amcon from prtum eaum continuing alit vul puter pratun mis ysin agna amcommodoperations mprtum eaum alit13,9% vul puter pratun (excluding mis ysin agna Spar) amcommod mod dolo pratummod mprtum eaum alit vul puter pratun mis ysin agna amcommod mod dolo up 19% up 23% up 28% pratummod● Total mprtum dividend eaum alit vul puterfor pratun the mis year ysin up 28% DIVISIONAL HIGHLIGHTS Increased operating income by 29% on an 8% increase Domestic Food in revenue TIGER BRANDS: VISION 2004, TODAY AND LOOKING FORWARD Vision 2004 Tiger Brands Today Towards 2010 Successful innovations in Bioplus and Compral contributed Consumer Healthcare to growth ● Create an ability to attract, retain and ● The core businesses have grown and The building blocks going forward: develop the best people. been honed over the last five years; ● Organic growth in adjacent segments of minorities purchased; acquisitions made Despite increased regulation, operating income was up 20% driven ● Achieve organic growth (profitable the market and innovation of the core Regulated Healthcare in key growth areas and non-core by a strong performance from generics top-line growth). brands. businesses unbundled. ● Attain superior financial performance. ● International market development, ● The businesses and core competencies, globalisation and focus on the ‘Out of ● Build a culture of innovation. upon which we intend to build, have Hospital Products Continued to benefit from the further widening of its product base Home’ market. been identified. ● Developing a culture of continuous ● Strategies to deal with the challenges of improvement. a strong currency and a low inflationary The strong exchange rate had a detrimental effect on the fishing Fishing environment are being implemented. ● Acquisitions in food and healthcare. industry ● Further lowering of the dividend cover. Steps to unlock shareholder value have included: Successfully unbundled and separately listed on the Spar JSE Securities Exchange in October 2004 ● Unbundling of Spar. ● Share repurchase programme. Results benefited from higher deciduous fruit volumes and ● Lowering of the dividend cover. Exports and International improved dollar prices page 1 page 2 Tiger Brands / The brands behind the brand GROUP OVERVIEW continued Focusing on . Continuous Improvement and Innovation innovative processes innovative products #!3('%.%2!4%$&2/-/0%2!4)/.32M 2%6%.5%2M 2004 highlights ● Headline earnings per share up 19% ● Operating income from continuing operations up 23% ● Total dividend up 28% %!2.).'3!.$$)6)$%.$30%23(!2%CENTS /0%2!4).'-!2'). 2003 290 778 2003 8,3 ● Dividend cover reduced to 2,5 times 2002 290 817 2002 10,1 2001 213 600 2001 9,9 2000 213 543 2000 9,4 ● Share buy-back programme commenced (EADLINEEARNINGSPERORDINARYSHARE $IVIDENDSPERORDINARYSHARE ● Spar unbundling successfully completed in October 2004 page 3 page 4 Tiger Brands / The brands behind the brand GROUP OVERVIEW continued Focusing on . Continuous Improvement and Innovation innovative processes innovative products #!3('%.%2!4%$&2/-/0%2!4)/.32M 2%6%.5%2M 2004 highlights ● Headline earnings per share up 19% ● Operating income from continuing operations up 23% ● Total dividend up 28% %!2.).'3!.$$)6)$%.$30%23(!2%CENTS /0%2!4).'-!2'). 2003 290 778 2003 8,3 ● Dividend cover reduced to 2,5 times 2002 290 817 2002 10,1 2001 213 600 2001 9,9 2000 213 543 2000 9,4 ● Share buy-back programme commenced (EADLINEEARNINGSPERORDINARYSHARE $IVIDENDSPERORDINARYSHARE ● Spar unbundling successfully completed in October 2004 page 3 page 4 key performance indicators (Rands in millions) 2004 2003 Return on average net assets employed (%) 63,5 62,5 Operating margin (%) – total business (including Spar) 9,3 8,3 Operating margin (%) – continuing operations (excluding Spar) 13,9 12,1 Net debt to equity (%) 34,1 55,3 fi nancial highlights (Rands in millions) 2004 2003 % change Consolidated results Revenue – continuing operations (excluding Spar) 13 188,1 12 587,0 5 Operating income – continuing operations (excluding Spar) 1 950,0 1 589,2 23 Headline earnings 1 553,8 1 300,5 19 Total assets employed 12 257,4 11 201,5 9 Cash generated from operations 2 898,3 1 916,8 51 Capital expenditure 454,9 363,7 25 Ordinary share performance Headline earnings per ordinary share (cents) 927 778 19 Headline earnings per ordinary share (cents) (excluding Spar) 758 622 22 Dividends per ordinary share (cents) 370 290 28 Dividend cover (times) 2,5 2,7 (7) Market price at year-end (cents) 9 801 6 850 43 page 5 Tiger Brands / The brands behind the brand GROUP OVERVIEW continued group at a glance CONTRIBUTION TO OPERATING CONTRIBUTION OPERATING INCOME AND OPERATING DIVISION INCOME TO GROUP NATURE OF BUSINESS REVENUE PER DIVISION domestic food Domestic 2004 2003 % Food DOMESTIC FOOD R’m R’m change Grains: Ace, Albany, Golden Cloud, Jungle, King Korn, Morvite, Tastic 36% Leading supplier of major food brands Groceries: All Gold, Black Cat, Colmans, Koo, Fatti’s & Moni’s 36% Revenue 8 821,7 8 203,3 8 Snacks & Treats: Anytime, Black Cat, FFWD, Inside Story, Wonderbar, Beacon Operating income 859,8 666,9 29 Operating margin 9,7% 8,1% Perishables: DairyBelle, Enterprise, Like it Lean consumer healthcare 2004 2003 % Consumer CONSUMER HEALTHCARE R’m R’m change OTC medicines: Bioplus, Citro Soda, Compral, Panado, Osteo-Matrix Healthcare Leading supplier of health, personal, baby and home care brands Personal care: Gill, Ingram’s Camphor Cream, Lemon Lite 11% Revenue 1 252,2 1 073,2 17 Homecare: Airoma, Doom, FastKill, ICU, Jeyes, Peaceful Sleep, Rattex Operating income 263,8 219,1 20 Operating margin 21,1% 20,4% Babycare: Elizabeth Anne’s, Purity 11% 2004 2003 % regulated healthcare REGULATED HEALTHCARE R’m R’m change Branded medicines: Betadine, Corenza C, Fucidin, Glucomed, Medikeel, Nebilet, Novartis Ophthalmic, Myprodol, Syndol, Leading supplier of branded prescription and generic medicines Synap Forte, Zildem 20% Regulated Revenue 1 103,2 911,3 21 Operating income 467,1 389,4 20 Generic medicines: Adco Generics, including Adco-Dol and Adco-Simvastatin, Alcophyllex, Zetomax, Adco-Zolpidem, Zopimed Healthcare 20% Operating margin 42,3% 42,7% 2004 2003 % hospital products HOSPITAL PRODUCTS R’m R’m change Adcock Ingram Critical Care: Medication Delivery – Sabax intravenous solutions, Colleague and Hospital Leading supplier of medicine delivery, blood, renal, diagnostic and other Flo-Gard infusion pumps, Baxter kidney dialysis solutions/accessories, Prograf, Fenwal blood products, range of medical 9% Products hospital products Revenue 638,4 617,2
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