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Introduction
2015 at a glance
1
Chairman’s letter to stakeholders
2
Tiger Brands – adding value to life
4
Business
overview
Group profile
8
Our organisational structure
8
Our history
10
Our global presence
11
Managing our business
12
Our leadership
13
Our business model
16
Key factors
driving
our strategy
Our key relationships
18
Our values
18
Our operating environment
22
Our competitive advantages and
market position
24
Our strategy
Strategy
28
Strategic choices for sustained growth
28
Strategic review
Q&A with the chief executive officer
30
Financial review
Chief financial officer’s review
32
Five-year review
35
Value-added statement
36
Segment report
37
Summary of ratios and statistics
39
Operational
review
Grains
40
Consumer Brands – food
42
Home, Personal Care and Baby
44
Exports and International
45
Nigeria
48
Associates
49
Non-financial
review
Sustainability review
50
Stakeholder engagement
51
Our people
53
Transformation
58
Our communities
60
Environment
63
Governance
review
Corporate governance
68
Committee reports
74
Remuneration report
78
Risk management report
93
King III application register
96
Annual
financial
statements
Directors’ approval
105
Certificate by company secretary
105
Report of the independent auditor
106
Statutory information
107
Effects of changing prices
109
Income statements
110
Statements of comprehensive income
111
Statements of financial position
112
Statements of cash flows
113
Notes to the cash flow statements
114
Statements of changes in equity
116
Notes to the financial statements
119
Annexures
191
Shareholders’
information
Shareholders’ diary
194
Declaration of final dividend
194
Analysis of registered shareholders
and company schemes
195
Definitions
196
Company information
197
Contents