INTEGRATED ANNUAL REPORT 2023

For the year ended 30 September 2023

Who we are

Tiger Brands is one of Africa’s largest listed manufacturers of fast-moving consumer goods (FMCG). Our core business is the manufacture, marketing and distribution of everyday branded food and beverages.

Our products are relevant across every meal occasion and are well-positioned to grow. The portfolio also includes leading brands in the home and personal care segments, supported by a growing presence in Africa.

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Group profile

Our core business is providing everyday branded food to large and growing markets, primarily in South Africa and neighbouring countries. We target best-in-class profitability, underpinned by a cost-conscious culture and a strong commitment to ESG performance.

We have leading positions in most categories and our iconic brands are well-entrenched with consumers in South Africa, as illustrated by the percentage share of market.

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  • GRAINS
  • CONSUMER BRANDS
  • HOME AND PERSONAL CARE
  • EXPORTS AND INTERNATIONAL

Revenue R17,0bn 2022: R15,5 billion

Operating income R838m 2022: R1,3 billion

Revenue R13,3bn 2022: R12,4 billion

Operating income R1,2bn 2022: R1,4 billion

Revenue R2,2bn 2022: R1,9 billion

Operating income R461m 2022: R308 million

Revenue R4,9bn 2022: R4,3 billion

Operating income R601m 2022: R350 million

Leadership reviews

  • CHAIRMAN'S REVIEW
  • CHIEF EXECUTIVE OFFICER'S REVIEW
  • CHIEF FINANCIAL OFFICER'S REVIEW

GERALDINE FRASER-MOLEKETI

Chairman

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While not always immediately visible in our year-on-year results, it is important to recognise that, in the past three years, we have successfully delivered some important corrective measures and continued to make valuable progress in the foundational areas of our business.

It is clear that, in these three years, we have made some valuable strides in key areas of our strategy, laying an important foundation for further growth in the context of a particularly tough operating environment.

TJAART KRUGER

Chief executive officer

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I am honoured and excited to be taking on the challenge of chief executive of Tiger Brands, returning to a company where I spent some important formative years of my career. Although it is fair to say that Tiger Brands has faced some challenges recently and not delivered on its full potential, I strongly believe that the company has what is needed to restore the business to its rightful position.

DEEPA SITA

Chief financial officer

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Tiger Brands’ results for the 12 months ended 30 September 2023 reflect the challenging trading environment marked by high food inflation, cost-conscious consumers continuing to trade out of premium products, rand depreciation and unreliable electricity supply.

Total revenue increased by 10% to R37,4 billion, driven by price inflation of 11%, favourable foreign exchange gains of 1%, and marginal overall volume declines of 2%.

Investment Case

With almost 30% of the grocery basket and 10 Billion Rand Brands, Tiger Brands has leading positions in most categories, and its iconic brands are well-entrenched with consumers in South Africa.

Our products provide a solution for every meal occasion and meet consumer needs through a range of daily touchpoints.

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