INTEGRATED ANNUAL REPORT 2023
For the year ended 30 September 2023
For the year ended 30 September 2023
Our 2023 integrated reporting process comprises the following reports:
Provides a succinct review of our strategy and business model, operating context, operational performance, and governance. Aimed primarily at existing and potential investors and providers of capital, it is written for use by all parties who have an interest in Tiger Brand’s long-term performance.
Comprehensive review of our financial results, with audited financial statements, prepared in accordance with IFRS accounting standards.
Reviews our performance in managing our most significant impacts on people, society and the environment (impact materiality), and in addressing the signifi cant sustainability-related risks and opportunities that could reasonably be expected to affect cash flows, access to finance, or cost of capital over the short, medium or long term (financial materiality).
These reports are all available at www.tigerbrands.com.
Tiger Brands’ integrated report (IR) is our primary annual report in our annual reporting suite. The IR is written mainly for existing and potential investors, providers of capital who have an interest in Tiger Brands’ capacity to create value over the short, medium and long term, and who are assessing whether to provide resources to the company. Although this report will be of interest to a broad range of interested parties – including customers, government and regulators, current and prospective employees, civil society organisations and the media – the primary purpose of this report is to inform the decisions of report users relating to the provision of resources to the company.
By providing a frank review of our business model and strategy, the risks and opportunities in our operating environment, and our governance activities and performance for the financial year ending 30 September 2023, the report is intended to help report users assess whether Tiger Brands is a good long-term investment. The IR should be read in conjunction with our sustainability report (SR) and our audited annual financial statements (AFS), available on our website: www.tigerbrands.co.za.
The reporting process across our reporting suite complies with the following regulatory requirements:
Our reporting has also been informed by the following disclosure standards and frameworks:
Noting the growing call from investors and analysts for transparent, reliable and comparable ESG data, we have also made provision for the disclosure expectations of relevant ESG rating agencies.
In response to recent developments in global disclosure standards and frameworks, we have adopted “double materiality” across our reporting suite.
Financial materiality: Our IR provides information on those matters that are likely to influence report users’ assessment of Tiger Brands’ future cash flows over the short term (less than 12 months), medium term (one to three years) and long term (beyond three years). Our AFS reflect the effects on company value and cash flow that have already taken place at the time of the financial year end.
Impact materiality: Our SR provides disclosure on the most significant impacts of our operations and activities on people, society and the environment over the short, medium or long term; this includes impacts caused by the company in its own operations, products or services, as well as the impacts directly linked to Tiger Brands’ upstream and downstream value chain. We have also made provision in the SR for financially-material ESG risks and opportunities impacting the business, thus adopting a “double materiality” perspective for our sustainability report.
To identify the issues for inclusion in our IR and SR, we ran an independently facilitated materiality workshop in which management representatives from across the company considered the following issues:
Our business model – reviewing Tiger Brands’ significant revenue and cost streams and areas for differentiation and identifying our most important resources and relationships across our value chain, including specific resources and relationships we depend on for capital value retention and growth.
Our dependencies and impacts on the capitals – reviewing where we have the most significant dependencies and impacts (positive and negative, direct and indirect) on each of the capital stocks.
Our operating environment – identifying the most important trends in our operating environment, including relevant sustainability-related risks and opportunities that we anticipate will impact our performance over time, and reflecting on the outcomes of our latest internal risk assessment process.
Our stakeholders’ interests – reviewing the matters of greatest interest to our stakeholders and providing for the latest developments in global disclosure standards and for the outcomes of recent assessments of relevant ESG rating agencies and internal board discussions.
Our strategy – reflecting on the robustness of our strategy to ensure Tiger Brands’ long-term resilience is informed by the above analysis.
The outcomes of this internal materiality process informed the content and structure of our IR and SR. We prioritised the matters for inclusion in these reports based on their relative importance, applying the principle of double materiality.
Our aim is that all the information in the IR is material, in that it should be reasonably capable of influencing the decision of any report user wishing to make an informed assessment relating to the provision of resources to the company. Our IR is structured in a manner to enable such an assessment, by providing information on: our business, our operating context, our strategy and our governance. The most significant risks impacting value, together with the key trends in our operating environment are often seen as constituting a discrete set of material issues.
These risks and trends are not sufficient to inform report users’ assessments of value creation; hence we have chosen once again not to list a separate set of material issues.
In assessing those issues that materially impact value creation, we have looked beyond the conventional financial reporting boundary to provide for the relevant interests of key stakeholders. We have considered the most significant risks, opportunities and impacts associated with our own operations, as well as with the activities directly linked to Tiger Brands’ upstream and downstream value chain.
Combined assurance refers to the incorporation of all assurance services and activities to optimise our risk and governance oversight function within our risk appetite. All assurance providers co-ordinate efforts and reporting, ensuring alignment of governance and risk activities with the company strategy and improved business performance. The audit and risk and sustainability committees of the board are responsible for overseeing the effectiveness of combined assurance arrangements within the organisation, directing the effort of the three lines of assurance:
As members of the Tiger Brands board, we acknowledge our collective responsibility for ensuring the integrity of this report, which was drafted with input from all members of the executive team. The board has applied its collective mind to the preparation and presentation of the information in this report. We believe that the report is presented in accordance with the Integrated Reporting Framework, and that it presents a balanced and fair account of Tiger Brands’ performance, governance practices and operating context for the financial year ended 30 September 2023, as well as an accurate reflection of our strategic commitments. On the recommendation of the audit committee, the board approved the integrated report and the consolidated annual financial statements on 30 November 2023.
We invite our stakeholders to review this report and to provide feedback on the company’s performance, strategy and disclosure.
Geraldine Fraser-Moleketi
Chairman
Tjaart Kruger
Chief executive officer
Donald Wilson
Chairman of audit committee
| 1 | Does not include audit disciplines at third-party owned or managed manufacturing and warehousing facilities, with some of these third-party facilities excluded from the programme |
