Tiger Brands

About this report

This integrated annual report provides a consolidated view of Tiger Brands Limited's performance for the year to 30 September 2017, and follows a similar report for the year to 30 September 2016.

Reporting principles and approach

By integrating financial, social and environmental performance, this report gives stakeholders a full understanding of our business, prospects and strategy in the context of our 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 environmental, social and governance (ESG) aspects, we are guided by:

• King IV report
• 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 (BBBEE) codes of good practice
• Guiding principles of the International Integrated Reporting Committee (IIRC) framework (2013) – Tiger Brands reports against strategic goals and, as appropriate, how these affect the six capitals proposed in this framework
• We no longer apply the principles and guidelines of the Global Reporting Initiative (GRI G4), which will be discontinued in July 2018. For Tiger Brands, the comprehensive King IV is more applicable and appropriate.

Boundary and scope

While this report is aimed primarily at providers of capital, we believe financial and non-financial disclosure will interest all stakeholder groups. The report covers the operations of Tiger Brands and its subsidiaries, with limited disclosure on associate companies, for the review period. There were no changes to the boundary or any measurement techniques in 2017.

The only significant change in our size, structure or ownership during the year was the disposal of our 51% interest in Ethiopia (East African Tiger Brands Industries). On 23 November 2017, Tiger Brands was notified that the transaction regarding the disposal of Haco Tiger Brands (Haco) has been approved by the Competition Authorities in Kenya. The estimated profit or loss on disposal is not expected to be material. These disposals reflect the refined approach to our Africa strategy of exiting non-core categories.

In the risk report, we identify external threats, opportunities and outcomes with a significant potential effect on our ability to create value. In our strategic review, we identify the most material issues for the group and outline our response.

Supplementary information

This report should be read with the annual financial statements on our website for a full understanding of the group.

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 report.
	Risk management and internal controls		Internal audit				Risk management. Audit committee report.
	Environmental risk assessments		External audit		Marsh Proprietary Limited		Environment.
	Social responsibility and sustainability		External audit		FTSE Russell		Tiger Brands ranks well on the FTSE ESG ratings (part of the FTSE4Good series), a multi-dimensional measure of environmental, social and governance exposure and practice. The group reports annually on its carbon emissions under the global CDP. Refer to website. In future, we will also publish a social return on investment (SROI) review of our socio-economic development projects.
	BBBEE		External verification		EmpowerLogic Proprietary Limited		Transformation.

Approval

The audit committee and board acknowledge their joint responsibility for ensuring the integrity of the integrated 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.

Khotso Mokhele Chairman Board 28 November 2017

Rob Nisbet Chairman Audit committee