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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.
For further information, please contact the group
company secretary, Rosh Naidoo
T: +27 11 840 4000
E:
companysecretary@tigerbrands.comReporting 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:
Business process
Nature of
assurance
Assurance provider In this report
Annual financial
statements
External
audit
Ernst & Young Inc The scope of this
audit is limited to
information in the
annual financial
statements and does
not extend to any
financial or
operating indicators
in the integrated
annual report.
Risk management
and internal controls
Internal
audit
KPMG Services
(Pty) Limited
Risk management,
page 93.
Audit committee
report, page 74.
Environmental risk
assessments
External
audit
Marsh
(Pty) Limited
Pages 63 to 67.
Social responsibility
and sustainability
External
audit
JSE Limited
National
Business
Initiative (NBI)
Tiger Brands is part
of the SRI Index.
Tiger Brands reports
annually on its
carbon emissions
under the global
CDP.
B-BBEE
External
verification
EmpowerLogic
(Pty) Limited
Transformation,
page 58.
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.
Chairman
Chairman
Board
Audit committee