INTEGRATED ANNUAL REPORT 2024

for the year ended 30 September 2024

About this report

Tiger Brands' 2024 integrated reporting suite

Our 2024 integrated reporting process comprises the following reports:

Integrated annual report 2024

Provides a succinct review of our strategy and business model, operating context, operational performance and governance. Aimed primarily at existing and potential investors, lenders and other creditors, it is written for use by all parties who have an interest in Tiger Brands' long-term performance.

Annual financial statements 2024

Comprehensive review of our financial results, with audited financial statements, prepared in accordance with IFRS accounting standards.

Sustainability report 2024

Reviews our performance in managing our most significant impacts on people, society and the environment (impact materiality), and in addressing the significant 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).

Report audience and purpose

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, lenders and other creditors who have an interest in Tiger Brands’ capacity to create value over the short, medium and long term, and those 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 2024, the report is intended to help report users to assess whether Tiger Brands is a good long-term investment. The IR should be read in conjunction with our sustainability report (SR) and our annual financial statements (AFS), available on our website: www.tigerbrands.co.za.

Reporting frameworks

The reporting process across our reporting suite complies with the following regulatory requirements:

  • South African Companies Act, 71 of 2008 (as amended)
  • King IV Code on Corporate Governance™ for South Africa, 2016 (King IV)
  • The International Financial Reporting Standards (IFRS) accounting standards, developed and maintained by the International Accounting Standards Board (IASB)

Our reporting has also been informed by the following disclosure standards and frameworks:

  • The GRI Sustainability Reporting Standards
  • The IFRS sustainability standards recently released by the International Sustainability Standards Board (ISSB): IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures
  • The Processed Foods Sustainability Accounting Standard issued by the Sustainability Accounting Standards Board (SASB)
  • The JSE Sustainability Disclosure Guidance and JSE Climate Disclosure Guidance

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.

Our approach to materiality

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.

Our materiality process

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 current 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 (see group profile to how we sustain value), our operating context (see our key relationships to material risks and opportunities), our strategy and our governance. The most significant risks impacting value (see material risks and opportunities), 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, however, to inform report users' assessments of value creation; hence we have chosen once again not to list a separate 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.

Report boundary

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

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 board and audit and risk committees and sustainability committee are responsible for overseeing the effectiveness of combined assurance arrangements within the organisation, directing the effort of the three lines of assurance.

First line of assurance: All levels of management – covering strategy development and implementation, performance measurement, risk management and company control and monitoring of assurance to laws and regulations.

Second line of assurance: Corporate functions and oversight forums (such as the company secretariat, compliance function, combined assurance forums, operational audit and risk committees) – all risk and assurance management structures of the company such as risk management, compliance and legal services.

Third line of assurance: Internal audit, external audit and other assurance providers who are independent of the operational activities of the company and provide assurance to the board. This year, Deloitte audited our consolidated annual financial statements, from which extracts have been included in this report. The auditor's report does not report on all the information included in the IR. EmpowerLogic (Proprietary) Limited provided external verification of our B-BBEE activities. Marsh South Africa conducted risk control audits at our manufacturing sites and warehouses covering health, safety, security, fire protection and readiness.

Board approval

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 presents a balanced and fair account of Tiger Brands' performance, governance practices and operating context for the financial year ended 30 September 2024, as well as an accurate reflection of our strategic commitments. On the advice of the audit committee, the board approved the integrated report and the consolidated annual financial statements on 3 December 2024.

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