Tiger Brands Limited · JSE:TBS
Tiger Brands — FY2013 Earnings Presentation
90 slides from Tiger Brands's earnings presentation, November 2013
Slide 1: Tiger Brands Limited Results Presentation to Investors
www.tigerbrands.co.za TIGER BRANDS LIMITED RESULTS PRESENTATION TO INVESTORS for the Year ended September 2013
Slide 2: Agenda
2 Group Grains Consumer Brands Nigeria Exports and International Agenda Business Strategic Review Financial Analysis Performance Grains Business Business Performance Performance Outlook Consumer Brands International
Slide 3: Strategic Review
www.tigerbrands.co.za Strategic Review Peter Matlare Chief Executive Officer
Slide 4: Overview
4 Group Grains Consumer Brands Nigeria Exports and International Overview • Trading conditions in South Africa remain challenging – On-going financial pressures on Consumers – Intensely competitive landscape with manufacturers and retailers vying for volume growth – Higher input costs and inability
Slide 5: Overview
5 Group Grains Consumer Brands Nigeria Exports and International Overview • Positive strides made in strategic journey towards building a sustainable platform – Strategic initiatives outlined in prior year aimed at regaining volume share in the domestic market starting to bear fruit, albeit with som
Slide 6: Global economy slow to recover, but Sub-Sahara Africa growth encouraging
6 Group Grains Consumer Brands Nigeria Exports and International Global economy slow to recover, but Sub-Sahara Africa growth encouraging Y-o-Y % change 2012 2013 2014 Economic growth Global 3.2 2.9 3.6 • IMF outlook for global GDP growth revised downwards in 2013, slow recovery Advanced Markets 1.5
Slide 7: Context for Performance
7 Group Grains Consumer Brands Nigeria Exports and International Context for Performance 8 Real GDP growth • Slowdown in domestic GDP growth expected in 2013 due to weak global 6 demand and adverse effect of 4 industrial unrest YoY % change 2 0 • Negative impact of unemployment, high debt levels and
Slide 8: Market trends show slow recovery
8 Group Grains Consumer Brands Nigeria Exports and International Market trends show slow recovery (categories in which Tiger participates ) Total South Africa Market recovery slow Category Volume and Value Growth Trends • Volumes show small positive recovery 10,00 over the last 12 months compared to
Slide 9: Progress on business strategy - Domestic
9 Group Grains Consumer Brands Nigeria Exports and International Progress on business strategy - Domestic Domestic performance disappointing Volume & • However, cost saving programme delivers Sales Growth good returns – Common ERP platform Operating – Shared F & A service Brand investment Leverage &
Slide 10: Solid top-line organic growth boosted by contribution from acquisitions
10 Group Grains Consumer Brands Nigeria Exports and International Solid top-line organic growth boosted by contribution from acquisitions 28,0 R'billions 27,0 26,0 10,7% R27,0bn 25,0 +8,4% Organic Growth 1,9% 0,6% 24,0 5,8% 23,0 22,0 R22,7bn 22,7 22,7 22,7 22,7 21,0 20,0 2012 Turnover Pricing inflat
Slide 11: Tough trading performance in Milling, Groceries and DFM
11 Group Grains Consumer Brands Nigeria Exports and International Tough trading performance in Milling, Groceries and DFM 3 500,0 3 400,0 -5,2% 3 300,0 +10,7% 3 200,0 -5,1% -11,2% -0,8% 3 100,0 R3,5bn 3 000,0 2 900,0 R3,1bn 2 800,0 2012 EBIT Milling Groceries Rice Rest of Group DFM 2013 EBIT (ex DFM
Slide 12: International expansion gains traction but much work to do at DFM
12 Group Grains Consumer Brands Nigeria Exports and International International expansion gains traction but much work to do at DFM • DFM adds significant scale to Tiger’s operations in core categories in which Tiger has expertise and strengthens the group’s pan- African expansion strategy – Potenti
Slide 13: HEPS (Cents) Year-ended September
13 Group Grains Consumer Brands Nigeria Exports and International HEPS (Cents) Year-ended 30 September 1 800 1 781 1 750 1 700 1 689 5,4% 1 650 (Excl DFM) 1 624 1 600 (3,8%) 1 550 (Incl DFM) 1 500 2012 2013 2 013 *2013 includes earnings from discontinued operations - Dangote Agrosacks
Slide 14: Total Distributions – Cents per share
14 Group Grains Consumer Brands Nigeria Exports and International Total Distributions – Cents per share 880 865 860 850 840 820 800 +1,8% 780 760 740 720 700 2012 2013
Slide 15: Financial Analysis
www.tigerbrands.co.za Financial Analysis Funke Ighodaro Chief Financial Officer
Slide 16: Trading Results
16 Group Grains Consumer Brands Nigeria Exports and International Trading Results Revenue EBIT Operating margin % % Rm 2013 2012 Change 2013 2012 Change 2013 2012 Domestic businesses 20 250 19 043 6.3 2 881 3 023 (4.7) 14.2 15.9 Exports and International 4 424 3 634 21.7 580 451 28.6 13.2 12.4 (excl
Slide 17: Income statement for the year ended September
17 Group Grains Consumer Brands Nigeria Exports and International Income statement for the year ended September % Rm 2013 2012 Change Turnover 27 003 22 677 19.1 Operating income 3 072 3 474 (11.6) Income from investments 17 20 (15.0) Net financing charges (379) (138) - Income from Associates 515 41
Slide 18: Income statement for the year ended September
18 Group Grains Consumer Brands Nigeria Exports and International Income statement for the year ended September % Rm 2013 2012 Change Profit after taxation before abnormal items 2 394 2 749 (12.9) Abnormal items after tax (5) (1) - Non controlling interest 119 (30) - Profit from Continuing Operation
Slide 19: Turnover by operating segment
19 Group Grains Consumer Brands Nigeria Exports and International Turnover by operating segment Rm 2013 2012 % Change TOTAL REVENUE - Continuing Operations 27 003 22 677 19.1 DOMESTIC OPERATIONS 20 250 19 043 6.3 Grains 9 735 8 853 10.0 Milling and Baking 7 243 6 682 8.4 Other Grains 2 492 2 171 14.
Slide 20: Contribution to turnover
20 Group Grains Consumer Brands Nigeria Exports and International Contribution to turnover 2013 2012 Nigeria Nigeria Exports and 2% Milling and Milling and 10% International Baking Baking Exports and 27% 14% 29% International HPCB 15% 8% OOH HPCB 2% 7% OOH VAMP 2% 6% Other Grains 8% Other Grains VAM
Slide 21: Operating income before abnormal items
21 Group Grains Consumer Brands Nigeria Exports and International Operating income before abnormal items Operating Income % % Operating margins Rm 2013 2012 Change 2013 2012 Operating Income - Continuing Operations 3 072 3 474 (11.6) 11.4 15.3 DOMESTIC OPERATIONS 3 015 3 201 (5.8) 14.9 16.8 Grains 1
Slide 22: Contribution to operating income
22 Group Grains Consumer Brands Nigeria Exports and International Contribution to operating income 2013 2012 Nigeria Other Costs Nigeria Other Costs (13%) (5%) Milling and Exports and 0% (7%) Milling and Baking International Baking 45% 13% Exports and 42% International HPCB 19% 13% OOH HPCB 2% 14% O
Slide 23: Abnormal items for the year ended September
23 Group Grains Consumer Brands Nigeria Exports and International Abnormal items for the year ended September Rm 2013 2012 Profit on disposal of Intangible Asset - 36 Acquisition costs (15) (25) Profit on disposal of property, plant and equipment 11 - Write-off of intangible assets (3) - Other 4 (6)
Slide 24: Reconciliation between profit for the year and headline earnings
24 Group Grains Consumer Brands Nigeria Exports and International Reconciliation between profit for the year and headline earnings Rm 2013 2012 Profit attributable to ordinary shareholders 2 508 2 718 Associates - Headline earnings adjustments (1) 6 Profit on sale of property, plant and equipment an
Slide 25: Acquisitions
25 Group Grains Consumer Brands Nigeria Exports and International Acquisitions Rm Purchase Acquisition Date of acquisition Nature of asset acquired consideration DFM 4 Oct 2012 63,35% shareholding 1 513 Oceana Group Limited 1 Mar 2013 4,5% shareholding 314 Mrs Ball's Trademark 1 April 2013 Trademark
Slide 26: Group balance sheet as at September
26 Group Grains Consumer Brands Nigeria Exports and International Group balance sheet as at 30 September Rm 2013 2012 Assets Property, plant & equipment 5 499 3 359 Goodwill and intangible assets 5425 4 012 Investments 3413 2655 Current Assets (excluding cash) 8 831 7 412 Assets held-for-sale 1 281
Slide 27: Key statistics
27 Group Grains Consumer Brands Nigeria Exports and International Key statistics 2013 2012 Net Debt (Rm) (4 470) (1 182) Net Debt/Equity % 32.1 10.1 Working capital per R1 turnover (cents) 23.2 22.2 Net interest cover (times) 8.2 25.3 Effective tax rate (before abnormal items and associates income %
Slide 28: Cash flow statement for the year ended September
28 Group Grains Consumer Brands Nigeria Exports and International Cash flow statement for the year ended 30 September Rm 2013 2012 Cash operating profit 4 311 4 224 Working Capital (337) (592) Cash generated from operations 3 974 3 632 Net Financing cost/Investment income (109) 58 Tax paid (986) (1
Slide 29: Capital Expenditure and Commitments
29 Group Grains Consumer Brands Nigeria Exports and International Capital Expenditure and Commitments Rm 2013 2012 Capital expenditure 727 480 - Replacement 540 303 - Expansion 187 177 Capital commitment* 780 421 - Contracted 372 105 - Approved 408 316 *Excludes proposed capital expenditure of R922
Slide 30: Subsequent events
30 Group Grains Consumer Brands Nigeria Exports and International Subsequent events • Sale of Agrosacks to reduce DFM debt • Refinancing of DFM debt will ease interest burden • Mandatory offer to DFM minorities expected to be completed by December 2013 • Acquisition, subject to regulatory approval,
Slide 31: Grains
www.tigerbrands.co.za Grains Noel Doyle Business Executive
Slide 32: Grains Overview
32 Group Grains Consumer Brands Nigeria Exports and International Grains Overview Volume growth reverses long term trends. Ongoing margin pressures reflected in EBIT performance The year under review was characterised H1 H2 FY by: ∆ % % % • Significant cost push and volatility in most Volume (tons)
Slide 33: Market share recoveries in a tough trading environment
33 Group Grains Consumer Brands Nigeria Exports and International Market share recoveries in a tough trading environment Volume Market Growth Tiger Growth Market Share Performance Bread Buns & Rolls Rice Maize Flour Consumer Premixes Breakfast - Oats (Jungle) - Maize (Ace Instant) - Sorghum
Slide 34: Milling & Baking - Wheat
34 Group Grains Consumer Brands Nigeria Exports and International Milling & Baking- Wheat Market continues to show volume declines Wheat Milling ∆ month on month vs. prior 10,00% 8,00% 6,00% 4,00% 2,00% 0,00% -2,00% -4,00% -6,00% -8,00% -10,00% -12,00% Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-1
Slide 35: Milling & Baking - Wheat
35 Group Grains Consumer Brands Nigeria Exports and International Milling & Baking - Wheat Raw material cost push compresses margin • Pleasing volume growth in a contracting market • 26% raw material cost increase year-on-year • Non availability of procurement opportunity below import parity exacerb
Slide 36: Milling & Baking - Maize
36 Group Grains Consumer Brands Nigeria Exports and International Milling & Baking- Maize Market continues to show volume declines Maize Milling ∆ month on month vs. prior 16,00% 12,00% 8,00% 4,00% 0,00% -4,00% -8,00% -12,00% Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-
Slide 37: Milling and Baking - Maize
37 Group Grains Consumer Brands Nigeria Exports and International Milling and Baking - Maize A tough year • First half impacted by an unfavourable procurement position in Q1 • Second half reflects continuing market share losses but rate of volume decline halved in H2 • Consumer search for value saw
Slide 38: Milling and Baking - Bakeries
38 Group Grains Consumer Brands Nigeria Exports and International Milling and Baking - Bakeries Good volume performance drives strong profit growth and increased market share • Albany regained market leadership • Operating income growth was very pleasing despite significant cost push • 30% growth in
Slide 39: Milling and Baking – Sorghum Cereals, Beverages & Ace Instant
39 Group Grains Consumer Brands Nigeria Exports and International Milling and Baking – Sorghum Cereals, Beverages & Ace Instant Operating Income maintained notwithstanding significant declines in beverage volumes • Long term volume decline in sorghum beverages exacerbated by the impact of legislatio
Slide 40: Other Grains - Rice
40 Group Grains Consumer Brands Nigeria Exports and International Other Grains - Rice F2013 Volume recovery objective achieved • Volumes recovered to F2011 levels. No 1 Essential food in Top Brands award Relative price premium was adjusted to sustainable levels • Tastic and Aunt Caroline retain mark
Slide 41: Other Grains - Jungle
41 Group Grains Consumer Brands Nigeria Exports and International Other Grains - Jungle Good operating results reflect successful execution of strategy • Very strong performance driven by successful innovation & precision in price point management • Innovation a key driver of strong volume growth •
Slide 42: Grains Summary
42 Group Grains Consumer Brands Nigeria Exports and International Grains Summary • A strong second half performance has improved underlying business health metrics • The business carries good momentum into F2014. Maize and Wheat categories face continued cost push • Focus remains on innovation, bran
Slide 43: Consumer Brands
www.tigerbrands.co.za Consumer Brands Grattan Kirk Business Executive
Slide 44: Groceries
44 Group Grains Consumer Brands Nigeria Exports and International Groceries Tough Trading Conditions and Supply Chain inefficiencies lead to significant decline in profitability Sales R 3 707m - 1.7% EBIT R 361m - 33.1% • Poor Q1 F13 volume performance on the back of price increase • Decision not to
Slide 45: Groceries – Consumer value propositions
45 Group Grains Consumer Brands Nigeria Exports and International Groceries – Consumer value propositions Significant step up in innovation Vegetable Mixes KOO 1KG Value Packs Pasta value pack Flavoured Beans Black Cat Tubs 2L Tomato Sauce Flavoured Mayonnaise Hot Sauces Range
Slide 46: Groceries
46 Group Grains Consumer Brands Nigeria Exports and International Groceries Back to basics approach and focus on execution • Strengthening management capability • Supply Chain optimisation projects on track • Go to market strategy with customer • Continued innovation • Investment in our brands
Slide 47: Snacks & Treats
47 Group Grains Consumer Brands Nigeria Exports and International Snacks & Treats Strong volume growth in chocolate & efficiency focus generates pleasing profit growth Sales R 1 924m + 9.2% EBIT R 304m + 13.9% • Strong Brands • Good market share growth in chocolate slabs driven by enhanced value pro
Slide 48: Snacks & Treats
48 Group Grains Consumer Brands Nigeria Exports and International Snacks & Treats Brand Innovation and renovation
Slide 49: Beverages
49 Group Grains Consumer Brands Nigeria Exports and International Beverages Volume and cost savings/efficiency projects drive growth Sales R 1 020m + 3.0% EBIT R 107m + 5.8% • Pleasing volume growth • Projects delivering real savings to help mitigate market pricing pressures – Factory consolidation
Slide 50: Beverages - Innovation
50 Group Grains Consumer Brands Nigeria Exports and International Beverages - Innovation Exciting new products recently launched
Slide 51: Beverages – Point of purchase activations
51 Group Grains Consumer Brands Nigeria Exports and International Beverages – Point of purchase activations Summer 2013 In-store Volume Drive
Slide 52: Value Added Meat Products
52 Group Grains Consumer Brands Nigeria Exports and International Value Added Meat Products Continued progress in executing strategy, results in pleasing market share gains Sales R 1 584m + 9.3% EBIT R 103m + 11.2% • Pricing pressure in the face of significant input costs increases • Market share ga
Slide 53: Value Added Meat Products
53 Group Grains Consumer Brands Nigeria Exports and International Value Added Meat Products Enterprise Chef’s Cut – driving premiumisation
Slide 54: Value Added Meat Products – Innovation drives growth
54 Group Grains Consumer Brands Nigeria Exports and International Value Added Meat Products – Innovation drives growth Innovation – Value proposition
Slide 55: Value Added Meat Products – Collaboration and in-store support
55 Group Grains Consumer Brands Nigeria Exports and International Value Added Meat Products – Collaboration and in-store support Retailer collaboration and in-store POP
Slide 56: Out of Home
56 Group Grains Consumer Brands Nigeria Exports and International Out of Home Leveraging Tiger basket into new customers and channels Sales R 403m + 14.9% EBIT R 80m + 17.9% • Strong performance with positive leverage • Excellent cost control • New customer acquisition strategy paying dividends • Go
Slide 57: In summary
57 Group Grains Consumer Brands Nigeria Exports and International In summary • We will continue to – Invest in our Brands – Invest in our People – Invest in Technology and Supply Chain Optimisation • Relentless focus on Innovation • Fixation on cost control
Slide 58: Consumer Brands (HPCB)
www.tigerbrands.co.za Consumer Brands (HPCB) Neil Brimacombe Business Executive
Slide 59: Home, Personal Care and Baby
59 Group Grains Consumer Brands Nigeria Exports and International Home, Personal Care and Baby Tough trading conditions Net Sales R 1 877m + 0.6% EBIT R 439m - 3.2% • Strong Baby performance • Headwinds in Home and Personal Care driven by: – Market contraction in most categories – Major competitive
Slide 60: Home Care: Aggressive Competition
60 Group Grains Consumer Brands Nigeria Exports and International Home, Personal Care and Baby Home Care: Aggressive Competition Net Sales R 577m - 0,7% EBIT R 92m - 20,0% • H2 business recovery in Air Care, Sanitary and Insecticides • Offset by pressure in Surface and especially Laundry Care – High
Slide 61: Personal Care: Categories under pressure
61 Group Grains Consumer Brands Nigeria Exports and International Home, Personal Care and Baby Personal Care: Categories under pressure Net Sales R 583m - 6.8% EBIT R 141m - 9.8% • Rationalisation of ranges and re-focusing of core brands • Supply issues on Body Care and Hair Care • H2 recovery in De
Slide 62: Baby Category: Excellent Performance
62 Group Grains Consumer Brands Nigeria Exports and International Home, Personal Care and Baby Baby Category: Excellent Performance Net Sales R 717m + 8.9% EBIT R 207m + 12.9% • Baby performance well balanced with good growth in both nutrition and well-being • Successful defence of Jars segment • No
Slide 63: Home, Personal Care and Baby - In Summary
63 Group Grains Consumer Brands Nigeria Exports and International Home, Personal Care and Baby In Summary • Tough trading conditions and highly competitive environment to persist • Significant c. R100m upgrade Capex of Personal Care facility • Rationalisation, simplification, and consequent focus •
Slide 64: Tiger Brands International (excluding Nigeria)
www.tigerbrands.co.za Tiger Brands International (excluding Nigeria) Neil Brimacombe Business Executive
Slide 65: International Expansion
65 Group Grains Consumer Brands Nigeria Exports and International International Expansion R'000 Exports & Davita EATBI (Ethiopia) ETB'000 400 000 35% 100 000 20% 350 000 300 000 30% 80 000 15% 24% 25% 24% 11% 12% 250 000 25% 60 000 200 000 7% 10% 150 000 20% 40 000 14% 100 000 5% 12% 15% 20 000 50 0
Slide 66: Tiger Brands International (excl. Nigeria)
66 Group Grains Consumer Brands Nigeria Exports and International Tiger Brands International (excl. Nigeria) Tiger Brands International (excl. Nigeria) Net Sales R 3 944m + 21.6% EBIT R 575m + 25.3% Mali Niger Chad • Exports Sudan Ghana Nigeria – Rest of Africa: Continued good growth Ethiopia – Davi
Slide 67: Tiger Brands International: Exports (including Davita)
67 Group Grains Consumer Brands Nigeria Exports and International Tiger Brands International: Exports (including Davita) Tiger Brands Exports: Sustained Growth Harare, Zimbabwe Net Sales R 2 704m + 19.3% EBIT R 409m + 20.3% Rest of Africa Exports : Growth drivers • Continued excellent growth in Sout
Slide 68: Tiger Brands International: Exports
68 Group Grains Consumer Brands Nigeria Exports and International Tiger Brands International: Exports Continued investment in core brands Maputo, Lusaka, Zambia Mozambique Maputo, Mozambique Harare, Zimbabwe
Slide 69: Tiger Brands International: Davita
69 Group Grains Consumer Brands Nigeria Exports and International Tiger Brands International: Davita Good Performance: On Track Davita Growth drivers • Successful leveraging of Tiger Brands distributor base with Davita products • Excellent growth in West, East and South East Africa • Continued progr
Slide 70: Tiger Brands International: Davita
70 Group Grains Consumer Brands Nigeria Exports and International Tiger Brands International: Davita Investing in core brands Mozambique and Nigeria Kinshasa, DRC
Slide 71: Tiger Brands International: Langeberg & Ashton Foods
71 Group Grains Consumer Brands Nigeria Exports and International Tiger Brands International: Langeberg & Ashton Foods Improved Performance Net Sales R 1 192m + 18.3% EBIT R 42m + 59.5% Key points • Soft demand in Key markets • Flat market pricing vs. past year • Exchange rate benefits • Cost focus
Slide 72: Tiger Brands International: East Africa (Haco TB & EATBI)
72 Group Grains Consumer Brands Nigeria Exports and International Tiger Brands International: East Africa (Haco TB & EATBI) Good Performance: On Track Net Sales R 724m + 23.5% EBIT R 92m + 33.5% Kenya growth drivers • Regional export growth continues • Good performance on core HPC and Stationery cat
Slide 73: Brand development: Innovation in 2013
73 Group Grains Consumer Brands Nigeria Exports and International Brand development: Innovation in 2013
Slide 74: Investing in Market Penetration: Haco (TB)
74 Group Grains Consumer Brands Nigeria Exports and International Investing in Market Penetration: Haco (TB)
Slide 75: Tiger Brands International: EATBI, Ethiopia
75 Group Grains Consumer Brands Nigeria Exports and International Tiger Brands International: EATBI, Ethiopia Excellent progress Ethiopia Growth drivers • Strong volume growth – New distributors – Consumer demand • Excellent growth in core categories • Progress on regional export initiatives • Conti
Slide 76: Tiger Brands International: EATBI, Ethiopia
76 Group Grains Consumer Brands Nigeria Exports and International Tiger Brands International: EATBI, Ethiopia Investments in Facilities and People
Slide 77: Tiger Brands International: Central Africa
77 Group Grains Consumer Brands Nigeria Exports and International Tiger Brands International: Central Africa Cameroon: Excellent Performance Net Sales R 516m + 32.0% EBIT R 74m + 47.7% Growth drivers • Excellent volume and share growth in core categories • Continuous improvement program expands marg
Slide 78: Driving Brand Growth
78 Group Grains Consumer Brands Nigeria Exports and International Driving Brand Growth Driving Market Penetration
Slide 79: Tiger Brands International: Central Africa
79 Group Grains Consumer Brands Nigeria Exports and International Tiger Brands International: Central Africa Engaging our Consumers
Slide 80: Tiger Brands International
80 Group Grains Consumer Brands Nigeria Exports and International Tiger Brands International Very pleasing results • International expansion remains key growth vector • Continue to drive growth on core: availability and visibility • Continued investment in Facilities, People, Brands • Acquisitions r
Slide 81: Tiger Brands Nigeria
www.tigerbrands.co.za Tiger Brands Nigeria Thabi Segoale Business Executive
Slide 82: Tiger Brands in Nigeria
82 Group Grains Consumer Brands Nigeria Exports and International Tiger Brands in Nigeria Steady Progress, more work to be done Our Plan • Stabilise the delivery platform • Leverage inter-company synergies to save costs and enable revenue growth • Leverage Tiger Brands group’s capabilities to accele
Slide 83: DFM
83 Group Grains Consumer Brands Nigeria Exports and International DFM Disappointing trading performance worsened by once-off costs Turnover R 2 329m EBIT - R 389m Key performance inhibitors • Poor sales volumes • Internal operational inefficiencies • Rising input costs • Provisions for once-off cost
Slide 84: DFM
84 Group Grains Consumer Brands Nigeria Exports and International DFM Prospects remain positive • Core categories remain in positive growth • Inter-group sales to improve wheat milling capacity utilisation • Investment in supply chain infrastructure will enable further cost savings and alternative r
Slide 85: UAC Foods
85 Group Grains Consumer Brands Nigeria Exports and International UAC Foods Consolidating for future growth Gala launches “mini” TBL Attributable Inc + 17% for kids! Salient points • Capacity upgrade projects to deliver future growth • Competition intensified • Significant focus on innovation • Inte
Slide 86: Deli Foods
86 Group Grains Consumer Brands Nigeria Exports and International Deli Foods Stable platform, steady recovery Turnover R 480m + 23,1% EBIT R 5m + 169,2% Salient points • Strong category growth • Freeing up manufacturing bottle-necks releases additional sales volumes • Benefits of collaboration with
Slide 87: Tiger Brands in Nigeria
87 Group Grains Consumer Brands Nigeria Exports and International Tiger Brands in Nigeria In summary • Nigeria investments are core to strategy • Fix, Optimise, Grow strategy is well under way • Drive organic growth through: – Re-vitalisation of current brands – Adjacent segment opportunities – Expa
Slide 88: Outlook
88 Group Grains Consumer Brands Nigeria Exports and International Outlook • Remain confident in Group strategy to deliver sustainable growth • Trading conditions in South Africa expected to remain challenging • Current trading conditions in Nigeria likely to persist • Continued good growth anticipat
Slide 89: Tiger Brands Limited
www.tigerbrands.co.za TIGER BRANDS LIMITED RESULTS PRESENTATION TO INVESTORS for the Year ended September 2013
Slide 90: Disclaimer
90 Group Grains Consumer Brands Nigeria Exports and International Disclaimer Certain statements in this presentation may be defined as forward looking within the meaning of the United States Securities legislation. Forward-looking statements involve known and unknown risks, uncertainties and other i