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PERFORMANCE REVIEW
Reports to stakeholders
continued
28
Tiger Brands Limited Integrated Annual Report
2014
operating margin improving from 11,4% to
11,8%.
The domestic businesses grew operating
income by 7% to R3,3 billion. Whilst this
performance was negatively affected by a
9% decline in the operating income of the
Home, Personal Care and Baby (“HPCB”)
business, operating income from the
domestic food businesses increased by
12% to R2,9 billion.
The Exports and International businesses,
excluding Nigeria, continued to reflect
pleasing growth, increasing turnover by
16% to R4,6 billion and operating income
by 20% to R691 million.
Overview
Tiger Brands has achieved pleasing results in
a difficult trading environment, overcoming a
disappointing first-half performance to grow
operating income by 15% for the full year.
Headline earnings per share from continuing
operations increased by 15% to 1 804 cents.
However, earnings per share from continuing
operations declined by 21% to 1 243 cents,
largely due to the impairments recognised in
respect of the group’s investment in Dangote
Flour Mills (DFM).
Group turnover increased by 11% to
R30,1 billion, underpinned by 4% volume
growth and 5% pricing inflation. Operating
income before abnormal items increased by
15% to R3,6 billion, with the overall group
Chief Executive Officer’s report
Peter Matlare
Chief Executive Officer
The group continues to
make steady progress in
executing against its
long-term strategic
objectives.