tiger brands limited interim results investor presentation · 2019-06-27 · interim results...
TRANSCRIPT
Tige
rBr
ands
Lim
ited
Inte
rim
Resu
lts
Inve
stor
Pres
enta
tion
2010
Add
ing
valu
e to
lif
e
Gro
up r
esul
ts a
nd c
apita
l dis
trib
utio
n fo
r ha
lf ye
ar e
nded
31
Mar
ch 2
010
1
AG
END
A
Corp
orat
e St
rate
gy
A Co
ntex
t fo
r Pe
rfor
man
ce
Salie
ntFe
atur
esSa
lient
Fea
ture
s
Fina
ncia
l Ana
lysi
s
Segm
enta
l Per
form
ance
Out
look
2
COR
PO
RA
TEST
RA
TEG
Y
Pete
rMat
lare
Chie
fExe
cuti
veO
ffic
er
3
Ensu
ring
apl
atfo
rmfo
rsus
tain
edgr
owth
Focu
son
orga
nic
grow
thce
ntra
lto
Org
anic
Gro
wth
Focu
son
orga
nic
grow
thce
ntra
lto
long
term
valu
ecr
eatio
n
Ope
ratio
nale
xcel
lenc
eis
key
for
succ
ess
Acq
uisi
tions
rem
ain
acr
itica
lgr
owth
vect
orgr
owth
vect
or
Exte
ndin
gin
toad
jace
ntca
tego
ries
will
cont
inue
Inte
rnat
iona
lEx
pans
ion
Dom
esti
cA
cqui
siti
ons
Inve
stm
enti
nou
rfa
cilit
ies
rem
ains
anen
able
rto
grow
th
Inve
stm
enti
nbr
ands
key
tolo
ngte
rmeq
uity
Inve
stm
enti
npe
ople
unde
rpin
sIn
vest
men
tin
peop
leun
derp
ins
long
term
perf
orm
ance
44
Cont
extf
orPe
rfor
man
ce:
Econ
omic
Tren
ds
Cons
umer
spen
ding
pow
erre
mai
nsco
nstr
aine
d
GD
Pgr
owth
reco
very
star
tsin
Q4
2009
But…
..
•H
ouse
hold
debt
rem
ains
high
•87
000
0jo
bslo
st•
Dis
posa
ble
inco
me
cont
inue
sto
drop
•Re
alho
useh
old
cons
umpt
ion
expe
nditu
rep
pin
nega
tive
terr
itory
and
expe
nditu
reon
non
dura
bles
fails
tore
cove
r
5
Sour
ce:S
ARe
serv
eBa
nk/
Ned
bank
Econ
omic
guid
e/
Econ
omet
rix
Cont
extf
orPe
rfor
man
ce:
Mar
ketT
rend
s
Tota
lmar
ketv
olum
ede
clin
esde
epen
into
Q1
2010
Rl
ld
lih
Tih
dli
dl
ij
itf
ti
Real
volu
me
decl
ines
,how
ever
,Tig
erha
sde
clin
edle
ssin
maj
ority
ofca
tego
ries
To
tal S
ou
th A
fric
a -
To
tal C
ateg
ory
- V
olu
me
Gro
wth
/ Dec
line
Tre
nd
s
-1.0
-
Cate
gori
esin
whi
chTi
ger
Bran
dspa
rtic
ipat
es
-2.7
-3.0
-2.0
Cat
ego
ry V
olu
me
Gro
wth
-5.0
-4.0
-6.1
-6.7
-7.0
-6.0
Sou
rce:
Nie
lsen
-8.0
Mat
LY
vs
Mat
TY
6mm
Cu
rr v
s 6m
m Y
A3m
m C
urr
vs
YA
Sou
rce:
Nie
lsen
6
Cont
extf
orPe
rfor
man
ce:S
hopp
erB
ehav
iour
Shop
perb
ehav
iour
chan
ges
unde
rbu
dget
pres
sure
Few
ersh
oppi
ngoc
casi
ons
inth
em
onth
Broa
dshe
etpr
ice
shop
ping
Broa
dshe
etpr
ice
shop
ping
Switc
hto
chea
per
groc
ery
bran
dsRe
taile
rspu
shde
aler
own
bran
dsto
enha
nce
mar
gins
faci
litat
edby
favo
urab
leex
chan
gera
teBo
thm
anuf
actu
rers
and
reta
ilers
have
felt
the
impa
ctof
thes
ech
alle
ngin
gtim
es
Act
ion
sTaken
toSave
on
HH
Exp
en
dit
ure
%
75
68
68
67
65
55
53
48
47
60
70
80
SABehav
iour
Glo
bal
Behav
iour
48
47
45
30
28
30
40
50
15
46
54
55
50
43
34
37
38
34
30
24
18
13
0
10
20
way
sEn
t.th
eslec
ands
Exp
ays
ch.
ems
ten
tion
rand
s
king
Cutd
ownon
Take
Away
utDo
wnon
Out
ofHo
meE
Spen
dLe
sson
new
clot
h Save
onGa
s/Elec
tchto
chea
perg
roce
rybr
an CutD
ownTe
lExp
CutD
ownHo
liday
Delay
upgr
adingTe
ch
Delay
repl
acem
entH
Hite
m
Use
myca
rles
sof
ten
Cuto
utan
nual
vaca
tio
wnor
BuyCh
eape
rAlc
Bra CutD
ownSm
okin
g
SN
il
Cut
Switc
De
CutD
owSo
urce
:N
iels
en
7
Tige
rBra
nds
Res
pons
e
Mi
tti
hi
Mar
gin
prot
ectio
nem
phas
is
Incr
ease
dm
arke
ting
inve
stm
ent
Incr
ease
dTr
ade
inve
stm
entf
orac
tivat
ion
Judi
ciou
spr
ice
man
agem
ent
Lead
ing
bran
dspa
rtly
miti
gate
def
fect
sof
seve
redo
wnt
urn
The
bene
fitof
adi
vers
ified
bask
etst
rate
gy
8
Salie
ntFe
atur
es
FMCG
Ope
rati
ons
p
Turn
over
2%
Ope
ratin
gin
com
e+5
%
9
HEP
S(c
ents
)
764.
280
0
900
627.
366
8.9
600
700
400
500
+22%
200
300
+7%
0
100
F20
09F
2010
F20
10(e
xclB
EE)
F20
09F
2010
F20
10(e
xclB
EE)
F20
09F
2010
F20
10(e
xclB
EE)
10
Inte
rim
Dis
trib
utio
n–
cent
spe
rsh
are
245
270
250
300
200
250
150
+10%
50100 050
F20
09F
2010
F20
09F
2010
F20
09F
2010
11
FIN
AN
CIA
LA
NA
LYSI
S
Mic
hael
Flem
ing
Mic
hael
Flem
ing
Chie
fFin
anci
alO
ffic
er
12
Inco
me
Stat
emen
tfo
rH
alf
year
endi
ngM
arch
Rm20
1020
09%
Chan
ge
Cont
inui
ngop
erat
ions
gp
Turn
over
10,1
8711
,154
(9%
)
FMCG
10,1
8710
,418
(2%
)
Oce
ana
736
Oce
ana
736
Ope
rati
ngIn
com
e1,
594
1,60
2
FMCG
1,59
41,
523
5%
Oce
ana
79O
cean
a79
Inco
me
from
inve
stm
ents
1113
(18%
)
Net
finan
cing
cost
s(4
8)(1
64)
71%
If
Ai
9458
63%
Inco
me
from
Ass
ocia
tes
9458
63%
Prof
itbe
fore
taxa
tion
and
abno
rmal
item
s1,
651
1,50
99%
Inco
me
tax
expe
nse
(463
)(4
72)
2%
Prof
itaf
tert
axat
ion
befo
reab
norm
alit
ems
1,18
81,
037
15%
13
Inco
me
Stat
emen
tfo
rH
alf
year
endi
ngM
arch
%Rm
2010
2009
Chan
ge
Cont
inui
ngop
erat
ions
Pfi
fi
bf
bli
118
81
037
15%
Prof
itaf
tert
axat
ion
befo
reab
norm
alit
ems
1,18
81,
037
15%
Abn
orm
alite
ms
(187
)(5
1)Ta
xon
abno
rmal
item
s35
2Pr
ofit
afte
rtax
atio
n1
036
988
5%Pr
ofit
afte
rtax
atio
n1,
036
988
5%D
isco
ntin
ued
Ope
ratio
ns–
Sea
Har
vest
43N
etpr
ofit
for
the
peri
od1,
036
1,03
11%
Att
ribu
tabl
eto
:A
ttri
buta
ble
to:
Ord
inar
ysh
areh
olde
rs1,
046
990
6%N
onCo
ntro
lling
Inte
rest
(10)
41
HEP
S(c
ents
)exc
ludi
ngon
ceof
fem
pow
erm
entt
rans
actio
nco
sts
764.
262
7.3
22%
HEP
S(c
ents
)66
8.9
627.
37%
HEP
S(c
ents
)66
8.9
627.
37%
EPS
(cen
ts)
662.
263
1.2
5%
14
Turn
over
byop
erat
ing
segm
ent
RmM
arch
2010
Mar
ch20
09%
Chan
geRm
2010
2009
Chan
geFM
CG10
,187
10,4
18(2
%)
Dom
esti
cFo
od8,
357
8,48
1(1
%)
Gra
ins
418
54
682
(11%
)G
rain
s4,
185
4,68
2(1
1%)
Mill
ing
and
baki
ng2,
905
3,15
8(8
%)
Oth
ergr
ains
1,28
01,
524
(16%
)G
roce
ries
1,75
11,
419
23%
Gro
ceri
es1,
751
1,41
923
%Sn
acks
&Tr
eats
920
877
5%Be
vera
ges
642
623
3%Va
lue
Add
edM
eatP
rodu
cts
721
741
(3%
)(
)O
utof
Hom
e13
813
9(1
%)
HPC
972
1,03
1(6
%)
Pers
onal
Care
300
345
(13%
)Ba
byCa
re30
128
65%
Hom
eCa
re37
140
0(7
%)
Expo
rts
&In
tern
atio
nal
935
969
(4%
)O
ther
–in
ter
segm
ent
(76)
(63)
(21%
)Fi
shin
gO
cean
a(2
009:
toM
arch
)73
6To
talC
onti
nuin
gO
pera
tion
s10
,187
11,1
54(9
%)
15
Ope
rati
ngIn
com
ebe
fore
abno
rmal
item
s
Ope
rati
ngIn
com
e%
%O
pera
ting
Mar
gins
Rm20
1020
09Ch
ange
2010
2009
FMCG
1,59
41,
523
5%15
.7%
14.6
%
Dom
esti
cFo
od1
400
113
124
%16
7%13
3%D
omes
tic
Food
1,40
01,
131
24%
16.7
%13
.3%
Gra
ins
782
601
30%
18.7
%12
.8%
Mill
ing
and
Baki
ng58
244
032
%20
.0%
13.9
%O
ther
grai
ns20
016
124
%15
.6%
10.6
%G
i27
525
010
%15
7%17
6%G
roce
ries
275
250
10%
15.7
%17
.6%
Snac
ks&
Trea
ts15
514
29%
16.9
%16
.2%
Beve
rage
s80
6620
%12
.5%
10.7
%Va
lue
Add
edM
eatP
rodu
cts
7756
38%
10.7
%7.
5%O
utof
Hom
e31
1692
%22
.3%
11.5
%H
PC24
426
0(6
%)
25.0
%25
.2%
Pers
onal
8810
5(1
6%)
29.2
%30
.3%
B aby
care
8779
10%
28.9
%27
.7%
abyc
ae
89
0%8
9%%
Hom
ecar
e69
76(1
0%)
18.6
%19
.1%
Expo
rts
&In
tern
atio
nal
2515
6(8
4%)
2.6%
16.1
%O
ther
(73)
(24)
Fish
ing
–O
cean
a79
10.7
%
TOTA
LCO
NTI
NU
ING
OPE
RATI
ON
S1,
594
1,60
215
.7%
14.4
%
16
Abn
orm
alIt
ems
for
Hal
fye
aren
ded
Mar
ch
Rm20
1020
09
Cont
inui
ngop
erat
ions
Empo
wer
men
ttra
nsac
tion
cost
s–
BEE
Phas
eII
(185
)Em
pow
erm
entt
rans
actio
nco
sts
BEE
Phas
eII
(185
)
Loss
onsa
leof
prop
erty
,pla
nt&
equi
pmen
t,an
dim
pair
men
tcha
rges
onin
tang
ible
s(1
0)
Loss
onsa
leof
inve
stm
ents
(4)
f(3
3)Co
sts
rela
ting
toth
eun
succ
essf
ulat
tem
ptto
acqu
ireAV
ILtd
(33)
Reco
gniti
onof
pens
ion
fund
surp
luse
s6
Oth
er(2
)(1
0)
Tota
l(1
87)
(51)
17
HEP
Sex
clud
ing
once
offe
mpo
wer
men
ttr
ansa
ctio
nco
sts
asat
Mar
ch
Rm20
1020
09%
Chan
ge
Gro
up
Hea
dlin
eea
rnin
gs1 ,
057
984
7%g
,BE
EPh
ase
IIem
pow
erm
entt
rans
actio
nco
sts
afte
rta
x15
1H
eadl
ine
earn
ings
excl
udin
gon
ceof
fem
pow
erm
entc
osts
1,20
898
423
%
HEP
S(c
ents
)exc
ludi
ngon
ceof
fem
pow
erm
entt
rans
actio
nco
sts
764.
262
7.3
22%
Wei
ghte
dav
erag
esh
ares
(000
’s)
158
014
156
863
1%
18
Gro
upBa
lanc
eSh
eet
atM
arch
RmM
arch
2010
Mar
ch20
09
Ass
ets
Ass
ets
Fixe
das
sets
and
Inta
ngib
les
4,57
03,
698
Inve
stm
ents
1,58
51,
711
Curr
entA
sset
s6,
001
6,28
0Ca
sh16
613
9Ca
sh16
613
9A
sset
scl
assi
fied
ashe
ldfo
rsal
e89
912
,322
12,7
27Eq
uity
and
Liab
iliti
esO
diSh
hld
Eit
755
35
925
Ord
inar
ySh
areh
olde
rsEq
uity
7,55
35,
925
Non
cont
rolli
ngIn
tere
sts
305
458
Long
term
Borr
owin
gs40
952
5Sh
ort
term
Borr
owin
gs64
61,
718
bl
Non
curr
entL
iabi
litie
s44
747
0Cu
rren
tLia
bilit
ies
2,96
23,
397
Liab
ilitie
scl
assi
fied
ashe
ldfo
rsal
e23
412
,322
12,7
27
19
Key
Stat
isti
csas
atM
arch
Rm20
1020
09
Cont
inui
ngop
erat
ions
Net
Deb
t88
92,
104
Net
Deb
t/Eq
uity
%11
%33
%W
orki
ngca
pita
lper
R1tu
rnov
er(c
ents
)22
.219
.4N
etin
tere
stco
ver(
times
)33
.29.
9O
pera
ting
inco
me
mar
gin
%(F
MCG
)15
7%14
6%O
pera
ting
inco
me
mar
gin
%(F
MCG
)15
.7%
14.6
%Ef
fect
ive
tax
rate
befo
reab
norm
alite
ms
29.7
%32
.3%
20
Cash
flow
for
Hal
fye
aren
ding
Mar
ch
Mh
Mh
RmM
arch
2010
Mar
ch20
09
Cash
Ope
rati
ngPr
ofit
182
51
842
Cash
Ope
rati
ngPr
ofit
1,82
51,
842
Wor
king
capi
talr
equi
rem
ents
(212
)(5
13)
Cash
gene
rate
dfr
omop
erat
ions
1,61
31,
329
Net
divi
dend
sre
ceiv
ed/(
netf
inan
cing
cost
s)31
(140
)N
etdi
vide
nds
rece
ived
/(ne
tfin
anci
ngco
sts)
31(1
40)
Taxa
tion
paid
(511
)(6
00)
Cash
avai
labl
efr
omop
erat
ions
1,13
358
9Ca
pita
ldis
trib
utio
nsan
ddi
vide
nds
(743
)(8
77)
Capi
tald
istr
ibut
ions
and
divi
dend
s(7
43)
(877
)N
etca
shin
flow
/(ou
tflo
w)f
rom
oper
atin
gac
tivi
ties
390
(288
)N
etca
shou
tflo
wfr
omin
vest
ing
activ
ities
(923
)(3
43)
Net
cash
(out
flow
)/in
flow
from
finan
cing
activ
ities
(6)
79N
etca
sh(o
utflo
w)/
inflo
wfr
omfin
anci
ngac
tiviti
es(6
)79
Net
decr
ease
inca
shan
dca
sheq
uiva
lent
(539
)(5
52)
Cash
and
cash
equi
vale
nts
atbe
ginn
ing
ofth
eye
ar18
7(7
25)
Cash
and
cash
equi
vale
nts
aten
dof
the
peri
od(3
52)
(1,2
77)
21
Capi
talE
xpen
ditu
re&
Com
mit
men
tsH
alfy
ear
toM
arch
Rm20
1020
09
Cont
inui
ngop
erat
ions
Capi
tale
xpen
ditu
re(R
mill
ion)
463
252
130
Repl
acem
ent
184
130
Expa
nsio
n27
912
3
Capi
talc
omm
itm
ents
(Rm
illio
n)81
849
7
cont
ract
ed43
113
9
appr
oved
387
358
pp
22
GRA
INS
Thab
iSeg
oale
Thab
iSeg
oale
Bus
ines
sEx
ecut
ive
23
Perf
orm
ance
mom
entu
msu
stai
ned
Perf
orm
ance
Dri
vers
Perf
orm
ance
Hig
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27
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rce:
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ourc
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Nie
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ket
28
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ourc
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)
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29
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Incr
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din
vest
men
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30
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SUM
ERBR
AN
DS
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ombe
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mac
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Exec
utiv
eD
irec
tor
31
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sts
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man
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re
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onna
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ime
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a
Expe
nse
man
agem
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32
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ket
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e
Long
term
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ort
term
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re
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me
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e (%
)12
mm
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Bake
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So
urc
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iels
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eb20
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ou
rce:
Nie
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Feb
2010
33
Cros
se&
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kwel
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tion
Seam
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grat
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umed
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ply
chai
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lling
and
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ithef
fect
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ct20
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itil
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ceA
chie
ved
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ject
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te
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So
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53.2
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34
Sust
aine
dIn
vest
men
tBe
hind
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ds
CON
TIN
UED
KOO
BRA
ND
INV
ESTM
ENT
:Th
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!
Expa
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ama
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l
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OO
35
Snac
ks&
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ts
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sing
perf
orm
ance
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orm
ance
Hig
hlig
hts
Sale
s+5
%
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li
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Suga
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fect
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mes
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nelu
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re
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e
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orm
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boos
ters
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anne
lmix
boos
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n
Cont
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son
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lsFo
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bran
dsin
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rity
chan
nels
36
Man
agin
gin
toug
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mes
Key
Man
agem
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ativ
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Cont
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toex
trac
teff
icie
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savi
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ugh
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ech
ain
Impr
oved
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omer
s
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and
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Rele
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inno
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ogra
mm
em
eetin
gco
nsum
eran
dtr
ader
need
s
37
Snac
ks&
Trea
ts Inno
vati
onsu
ppor
ting
cate
gory
cons
umpt
ion
Jung
leJu
ngle
now
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teSi
ze
New
desi
gn–
enha
nced
flavo
ur
Beac
onBa
ked
Bars
Bake
dBa
rsCa
pita
lise
onbi
gev
ents
38
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rage
s
Cont
inue
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ood
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ress
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s+3
%
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ratin
gM
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n+1
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orm
ance
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vers
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ket
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leng
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Core
bran
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e
Effic
ienc
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Exce
llent
cost
man
agem
ent
Hig
hly
com
petit
ive
pric
ing
Wea
kde
man
din
Q1
Exce
llent
cost
man
agem
ent
39
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erag
es
Dri
ving
grow
thby
inve
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gin
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core
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Oro
s M
othe
rbra
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cam
paig
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utdo
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Cri
cket
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dia
Adv
erti
sing
40
Bev
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Exci
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cons
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7 S
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s
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cove
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hare
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very
Inve
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nfa
cilit
ies
cont
inue
sto
pay
divi
dend
s
42
Out
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ome
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re
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inte
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tegr
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this
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nel
43
Lang
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ton
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and
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44
HPC
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Pers
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Pers
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Inte
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sts
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lyco
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46
Pers
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Pers
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inno
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47
Hom
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Mar
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Sour
ce:N
iels
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b20
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impr
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48
Hom
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49
Baby
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50
Baby
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Inno
vati
ondr
ives
prof
itab
legr
owth
51
SUM
MA
RYH
PC HPC
rem
ains
ake
yfo
cus
area
Add
il
lk
dti
tb
dd
Add
ress
serv
ice
leve
lwea
knes
ses
and
cont
inue
tobe
ddo
wn
new
lyin
tegr
ated
divi
sion
Org
anic
grow
thth
roug
hIn
nova
tion
and
Bran
dbu
ildin
g
Gro
wth
into
new
/adj
acen
tcat
egor
ies
thro
ugh
acqu
isiti
ons
and
allia
nces
52
Tige
rBr
ands
Inte
rnat
iona
l
Pete
rM
atla
reCh
iefE
xecu
tive
Off
icer
53
Tige
rBr
ands
Inte
rnat
iona
l
Our
Prio
rity
Zone
s–
noch
ange
san
dfo
cus
rem
ains
Inte
rnat
iona
lexp
ansi
on
Our
Prio
rity
Zone
sno
chan
ges
and
focu
sre
mai
ns
Inte
rnat
iona
lexp
ansi
onco
ntin
ues
tobe
apr
iori
ty
Cont
inue
tore
sour
ceCo
ntin
ueto
reso
urce
Key
appo
intm
ents
mad
e
54
Tige
rBr
ands
Inte
rnat
iona
l
Key
met
rics
–st
rong
grow
thde
spit
ecu
rren
cyst
reng
thKe
ym
etri
csst
rong
grow
thde
spit
ecu
rren
cyst
reng
th
F201
0N
etsa
les
EBIT
Com
men
ts
Expo
rts
R189
mR3
0mEx
clud
ing
Dec
iduo
usFr
uit
Afr
ican
subs
idia
ries
R250
mR2
5mH
aco
&Ch
ococ
amA
fric
ansu
bsid
iari
esR2
50m
R25m
Hac
o&
Choc
ocam
55
Tige
rBr
ands
Inte
rnat
iona
l:Ex
port
s
And
grow
thco
ntin
ues…
Net
sale
sR1
89m
+28%
Gro
wth
driv
ers
EBIT
R30m
+28%
Cont
inue
din
dept
hm
arke
tana
lysi
san
dco
nsum
erac
tivat
ion
Cont
inue
dim
prov
emen
tsin
supp
lych
ain
Cont
inue
dim
prov
emen
tsin
supp
lych
ain
Focu
sed
supp
orto
fcor
ebr
ands
Build
ing
stro
ngre
latio
nshi
psw
ithdi
stri
buto
rsE
xpor
t war
ehou
sedi
stri
buto
rs
Chal
leng
es
Inm
arke
tava
ilabi
lity
offo
reig
ncu
rren
cyan
da
stro
ngRa
ndim
pact
ing
grow
th
56
Tige
rBr
ands
Inte
rnat
iona
l:Ex
port
s
Cont
inui
ngto
inve
stin
key
coun
trie
s
Zam
bia:
Fatt
i’san
dM
oni’s
inst
ore
prom
otio
nD
oom
activ
atio
n:M
ozam
biqu
eEn
erga
deT2
0Cr
icke
tSpo
nsor
ship
,Har
are
Com
mun
itysa
mpl
ing:
Zim
babw
eD
oom
outd
oora
dver
tisin
g:Zi
mba
bwe
Fatt
i’san
dM
oni’s
:Zam
bia
Com
mun
itysa
mpl
ing:
Zim
babw
eD
oom
outd
oora
dver
tisin
g:Zi
mba
bwe
Fatt
isan
dM
onis
:Zam
bia
57
Tige
rBr
ands
Inte
rnat
iona
l:H
aco
(Ken
ya)
Del
iver
ing
onth
est
rate
gy
Gh
iG
row
thD
rive
rs
Expa
nded
pene
trat
ion
Impr
oved
serv
ice
leve
ls
Loca
lcur
renc
y:
Sale
s+1
8%on
PYIm
prov
edse
rvic
ele
vels
Inve
stm
enti
nfa
cilit
ies
Incr
ease
dm
arke
ting
inve
stm
ent
EBIT
+41%
onPY
g
Incr
ease
dpe
netr
atio
nof
SAbr
ands
58
Tige
rBr
ands
Inte
rnat
iona
l:H
aco
(Ken
ya)
Stro
ngBr
ands
/Su
stai
ned
mar
ket
lead
ersh
ip/
BiC
/TC
B/
SOSo
ft
Ball
pens
Valu
esh
are
inEa
stA
fric
a65
%to
70%
BiC
Shi
Vl
Shi
EA
fi
20%
45%
BiC
Shav
ing
Valu
eSh
are
inEa
stA
fric
a20
%to
45%
BiC
Hai
rCa
reVa
lue
shar
ein
East
Afr
ica
25%
to35
%TC
B&
Mia
di
Fb
iS
fV
lSh
iE
Af
i20
%40
%J
SS
fFa
bric
Soft
ener
Valu
eSh
are
inEa
stA
fric
a20
%to
40%
Jeye
sSo
Soft
Sour
ce:N
iels
enM
ar20
1012
mm
59
Choc
ocam
Cam
eroo
nCh
ococ
am(C
amer
oon) Inte
grat
ion
cont
inue
s
Loca
lcur
renc
yN
etSa
les
5%vs
PYLo
calc
urre
ncy
Net
Sale
s5%
vsPY
Loca
lcur
renc
yEB
IT2%
vsPY
Inhi
bito
rsFa
ctor
yco
nstr
aint
sha
mpe
rse
rvic
ele
vels
Fact
ory
cons
trai
nts
ham
per
serv
ice
leve
ls
Sust
aina
ble
plat
form
forf
utur
egr
owth
:•
Real
ignm
ento
fPeo
ple
and
Cultu
re
•Co
stsa
ving
driv
enth
roug
hpr
oces
sim
prov
emen
t
•M
anuf
actu
ring
proc
ess
revi
ewan
dim
prov
emen
t
•Fo
cus
onbr
and
reno
vatio
nan
dm
arke
tingg
60
SUM
MA
RYTB
I
Cont
inui
ngto
purs
ueop
port
unit
ies
and
noch
ange
info
cus
Cont
inui
ngto
purs
ueop
port
unit
ies
and
noch
ange
info
cus
Afr
ican
cont
inen
tfoc
us
Emph
asis
onid
entif
ied
sub
regi
ons,
mai
ntai
ning
focu
s
Acq
uisi
tion
rem
ains
ake
yth
eme
Cont
inue
todr
ive
expo
rts
61
OU
TLO
OK
Diff
icul
ttra
ding
cond
ition
sar
eex
pect
edto
cont
inue
duri
ngth
e2n
d
half
asco
nsum
ersp
endi
ngre
mai
nsun
der
pres
sure
.
Inve
stin
gin
our
bran
ds,p
eopl
ean
dfa
cilit
ies
rem
ains
core
Ensu
rew
ear
ere
spon
sive
tom
arke
tcon
ditio
ns
Cont
inue
topu
rsue
oppo
rtun
ities
both
dom
estic
ally
and
inte
rnat
iona
lly
62
2010
63