---

About this report

4

Business overview

6

Key financial indicators

6

Our organisational structure

8

Our footprint

10

Business operations

12

Our history

14

Our vision and mission

16

Our values

17

Corporate strategy

18

Leadership

21

Performance review

20

Reports to stakeholders

26

Chairman’s letter to stakeholders

26

Chief Executive Officer’s report

30

Chief Financial Officer’s report

34

Divisional review

38

Grains

38

Consumer Brands – food businesses

40

Home, Personal Care and Baby (HPCB)

44

Exports and International (excluding Nigeria)

45

Nigeria

48

Associates

50

Key statistics

52

Definitions

52

Five-year review

54

Segmental report

55

Value added statement

57

Summary of ratios and statistics

58

Governance and risk

60

Corporate governance

60

Risk management

70

Audit committee

76

Social, ethics and transformation committee

80

Remuneration report

82

Remuneration report

82

Sustainability

108

Our approach

108

Stakeholder engagement

110

Our people

112

Transformation

119

Our communities

121

Environmental impact

125

Annual financial statements

128

Responsibility for annual financial statements

130

Report of the independent auditor

131

Directors’ approval

132

Certificate by Company Secretary

132

Preparation of annual financial statements

132

Statutory information

133

Effects of changing prices

135

Income statements

136

Statements of comprehensive income

137

Statements of financial position

138

Statements of cash flows

139

Notes to the cash flow statements

140

Statements of changes in equity

142

Notes to the financial statements

145

Annexure A

241

Annexure B

242

Annexure c

243

Shareholder information

244

Application of King III

244

Administration

251

Analysis of shareholders

252

Shareholders’ diary

259

Declaration of final dividend number 140

259

Notice of annual general meeting

260

Re-election of directors and election of audit committee

272

Form of proxy

273