Tiger Brands Integrated Annual Report 2015

About this report

This integrated annual report provides a consolidated view of Tiger Brands Limited’s performance for the year ended 30 September 2015, and follows a similar report for the financial year to 30 September 2014.

Reporting principles and approach

By integrating its financial, social and environmental performance, this report gives stakeholders a fuller understanding of the group’s business, prospects and strategy in the context of its operating environment.

The annual financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and the South African Companies Act.

In reporting on non-financial aspects of its performance, the group is guided by:

• King III report – the key principles have been applied and material non-adherence explained
• Listings Requirements of the JSE Limited
• Standards and codes governing specific areas, including the Department of Trade and Industry’s broad-based black economic empowerment (B-BBEE) Codes of Good Practice
• Guiding principles of the International Integrated Reporting Committee (IIRC) framework (2013) – Tiger Brands reports against strategic goals and has included the six capitals proposed in this framework as appropriate (page 16)
• Principles and guidelines from the Global Reporting Initiative and the relevant sector supplement (collectively GRI G4) in accordance with the core level of application.

Boundary and scope

While this report is aimed primarily at providers of capital, we believe the balance between financial and non-financial disclosure will be of interest to all stakeholder groups. The report covers the operations of Tiger Brands and its subsidiary and associate companies for the review period. There were no significant changes in size, structure or ownership of the group during the year, except as disclosed in this report.

In the operating environment section on page 22, we identify external threats, opportunities and outcomes that have a significant effect on the group’s ability to create value. In elaborating on our strategy, page 28, we identify the most material issues for the group and outline our response:

• In increasingly competitive markets, defending and growing the leading market shares of our core brands in South Africa
• Sustaining the equity of our brands through product quality improvements, innovation and marketing support
• Addressing consumer needs by ensuring our products are competitively priced and offer value for money
• Driving growth in the balance of the continent
• Ensuring continued investment in our assets and capabilities to support the group’s long-term growth ambitions.

Please refer to page 93 for our risk report.

There were no changes to the boundary or any measurement techniques in 2015.

Supplementary information

This report is one element of a suite of reports to stakeholders. It should be read in conjunction with the following reports on our website for a full understanding of the group:

• Sustainability report
• GRI G4 Index
• King III application register.

Assurance

Our current combined assurance model is set out below:

Approval

The audit committee and board acknowledge their joint responsibility for ensuring the integrity of the integrated annual report. Appropriate judgement and rigour have been applied in preparing this report and we conclude that it is presented in accordance with the IIRC framework.