Tiger Brands Limited · JSE:TBS
Tiger Brands — H1 2013 Earnings Presentation
86 slides from Tiger Brands's earnings presentation, March 2013
Slide 1: Tiger Brands Limited Interim Results Presentation to Investors
Group Domes+c Opera+ons Nigeria Exports and Interna+onal TIGER BRANDS LIMITED INTERIM RESULTS PRESENTATION TO INVESTORS For the six months ended March 2013
Slide 2: Agenda
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Agenda Strategic Review Financial Analysis Business Performance – DomesFc OperaFons Business Performance – Nigeria Business Performance – Exports & InternaFonal Conclusion and Outlook 2
Slide 3: Strategic Review
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Strategic Review Peter Matlare Chief Execu+ve Officer
Slide 4: Key Features
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Key Features • Challenging domes+c trading environment – Constrained consumer – Intense compe++on – Rising cost infla+on further impacted by vola+le soJ commodity prices and Rand weakness • Strong underlying performance notwithstanding challeng
Slide 5: Global and domestic constraints weighing on outlook for SA economy
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Global and domesFc constraints weighing on outlook for SA economy Real GDP growth • Weak global demand, wildcat strikes in the 7 mining, transport and agricultural sectors 6 and further slowdown in fixed investment 5 and consumer spending likel
Slide 6: SA consumers remain under pressure
Group Domes+c Opera+ons Nigeria Exports and Interna+onal SA consumers remain under pressure Y-‐o-‐Y % change 2010 2011 2012 2013 2014 • Significant slow down in Consumer spending 3.7 5.0 3.5 3.0 3.9 consumer spending and final consump+on expenditure Durable goods 18.1 15.7 11.0 6.3 7.4 growth during
Slide 7: Rand disposable income growth likely to slow further during 2013
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Rand disposable income growth likely to slow further during 2013… 8 Forecast 6 4 2 percent 0 -‐2 -‐4 Employment growth slows -‐6 00 01 02 03 04 05 06 07 08 09 10 11 12 13 Formal employment Real disposable income Source: BER 7
Slide 8: Market trends: Categories in which Tiger participates
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Market trends: Categories in which Tiger parFcipates Markets starFng to reflect volume growth Total South Africa : Category Volume and Value Growth trends • Market flat year on year 12,0% • However, most of the 9,9% 10,0% categories in which Tig
Slide 9: Tiger Brands: Analysis of change in turnover
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Tiger Brands : Analysis of change in turnover 15,0 For the most part, Tiger Brands recorded a stable trend in R'billions volume, and a marginal increase in value due to deliberate focus 14,5 on pricing restraint. 14,0 13,5 6,7% organic growth
Slide 10: Update: Domestic business model reconfiguration
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Update: DomesFc business model reconfiguraFon Volume & Sales GeneraFng fuel to drive Growth profitable growth • Shared F & A services OperaFng Brand Leverage investment • Centralised procurement & R500m InnovaFon annualised • Shared Logis+cs ser
Slide 11: Major Capital Projects
Group Domes+c Opera+ons Nigeria Exports and Interna+onal MAJOR CAPITAL PROJECTS Business unit DescripFon Group Finance, Procurement and ERP transforma+on Beverages Beverages manufacturing architecture S&T Gums and Jellies -‐ Addi+onal capacity and manufacturing capabili+es Culinary Reloca+on of Tom
Slide 12: International expansion gaining momentum
Group Domes+c Opera+ons Nigeria Exports and Interna+onal InternaFonal expansion gaining momentum Drive internaFonal scale to achieve 35% contribuFon to top-‐line Geographic and Category Expansion First • Fix & integrate 18 months 18 – 24 • Op+mise acquisi+ons months 24+ months • Invest for the futu
Slide 13: Acquisitions
Group Domes+c Opera+ons Nigeria Exports and Interna+onal AcquisiFons • Focus remains on both organic and expansionary growth • Dangote Flour Mills – Acquisi+on of 63.35% interest with effect from 4 October 2012 – Ini+al results for six month period to 31 March 2013 disappoin+ng – Fix it phase over th
Slide 14: Financial Highlights
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Financial Highlights Six month period ended 31 March 2013 % change Turnover R14.0 billion 20.6% DFM and Rice R2.7 billion n/a Rest of Group R11.3 billion 6.6% OperaFng income R1.7 billion (0.5%) OperaFng margin – Group 12.0% (2.6%) DFM (3.3%)
Slide 15: HEPS (cents) – Six months ended March
Group Domes+c Opera+ons Nigeria Exports and Interna+onal HEPS (cents) – Six months ended 31 March 900 818 787 800 700 600 +4.0% 500 400 300 200 100 0 2012 2013 15
Slide 16: Total distribution – cents per share
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Total distribuFon – cents per share 350 310 295 300 250 200 +5.1% 150 100 50 0 2012 2013 16
Slide 17: Financial Analysis
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Financial Analysis Funke Ighodaro Chief Financial Officer
Slide 18: Financial Highlights
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Financial Highlights Six months ended 31 March 2013 2012 % change Group turnover 13 984 11 591 20.6% DFM and Rice (2 698) (1 002) Rest of Group 11 286 10 589 6.6% Group operaFng margins before IFRS 2 charges -‐ Including DFM and Rice 12.7% 15
Slide 19: Income Statement for the six months ended March
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Income Statement for the six months ended 31 March % Rm 2013 2012 Change Turnover 13 984 11 591 20.6% OperaFng Income before IFRS 2 charges 1 775 1 821 (2.5%) % Opera7ng margin 12.7% 15.7% IFRS 2 charges (94) (132) 28.8% – Equity senled (20) (
Slide 20: Income Statement for the six months ended March
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Income Statement for the six months ended 31 March % Rm 2013 2012 Change Profit before taxaFon and abnormal items 1 737 1 787 (2.8%) Income tax expense (432) (504) 14.3% Profit ajer taxaFon before abnormal items 1 305 1 283 1.7% Abnormal items (
Slide 21: Turnover performance for six months ended March
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Turnover performance for six months ended 31 March Rm 2013 2012 % Change Total 13 984 11 591 20.6 DomesFc operaFons 10 332 9 778 5.7 Grains 4 762 4 464 6.7 -‐ Milling and Baking 3 463 3 281 5.5 -‐ Other Grains 1 299 1 183 9.8 Consumer Brands
Slide 22: Turnover growth for the group excluding DFM up 6.7%
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Turnover growth for the group excluding DFM up 6.7% 14,0 Millions 13,5 13,0 R1.6bn R14,0bn 12,5 R229m R257m R(1m) 12,0 R 116m R 182m 11,5 11,0 10,5 10,0 H1 2012 Milling and Other Grains Consumer HPCB InternaFonal DFM H1 2013 Turnover baking Br
Slide 23: Contribution to turnover
Group Domes+c Opera+ons Nigeria Exports and Interna+onal ContribuFon to turnover 2013 2012 Nigeria Nigeria Exports and 2% 13% Milling and Interna+onal Milling and Baking 14% Baking 25% 28% Exports and Home, Personal Interna+onal care and Baby 13% 9% Out of Home Home, 1% Personal care Other grains an
Slide 24: Operating Income before abnormal items
Group Domes+c Opera+ons Nigeria Exports and Interna+onal OperaFng Income before abnormal items OperaFng Income % % OperaFng margins* Rm 2013 2012 Change 2013 2012 Total 1 681 1 689 (0.5) 12.7 15.7 DomesFc operaFons 1 473 1 437 2.5 15.2 16.0 Grains 724 794 (8.8) 15.2 17.8 -‐ Milling and Baking 622 6
Slide 25: Contribution to operating income
Group Domes+c Opera+ons Nigeria Exports and Interna+onal ContribuFon to operaFng income 2013 2012 Nigeria Exports and Nigeria -‐3% Interna+onal 0% Milling and Exports and Baking Interna+onal Milling and 14% 36% 16% Baking 37% Other -‐10% Other -‐6% Home, Personal Home, Personal care and Baby care
Slide 26: Income from Associates
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Income from Associates Rm 2013 2012 % Change Oceana 109 74 47.3 Carozzi 101 68 48.5 UAC of Nigeria 22 7 214.2 Na+onal Foods Limited 23 15 53.3 Share of earnings from Associates 255 164 55.5 • On a constant currency basis, contribu+on from Asso
Slide 27: Group Balance Sheet
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Group Balance Sheet March March September Rm 2013 2012 2012 Assets Property, plant & equipment 5 937 3 318 3 359 Goodwill and intangible assets 4 854 4 021 4 012 Investments 3 079 2 518 2 655 Current Assets 9 416 7 176 7 413 23 286 17 033 17 4
Slide 28: Key Statistics
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Key StaFsFcs 31 March 31 March 30 September 2013 2012 2012 Net (Debt)/Cash (Rm) (4 606) (2 404) (1 182) Net Debt/Equity % 35.6 22.7 10.1 Net interest cover (+mes) 8 22 25 Opera+ng income margin before IFRS 2 charges % 12.7 15.7 16.1 Effec+ve ta
Slide 29: Cashflow statement for the six months ended March
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Cashflow statement for the six months ended 31 March Rm 2013 2012 Cash operaFng profit 2 165 2 057 Working capital requirements (340) (781) Cash generated from operaFons 1 825 1 276 Net financing costs (209) (77) Dividends received 128 94 Taxa+on
Slide 30: Capital Expenditure and Commitments
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Capital Expenditure and Commitments Rm 2013 2012 Capital expenditure 289 238 -‐ Replacement 198 135 -‐ Expansion 91 103 DepreciaFon 344 208 Capital commitments 1 078 489 -‐ Contracted 168 237 -‐ Approved 910 252 • Significant increase in de
Slide 31: Domestic Operations
Group Domes+c Opera+ons Nigeria Exports and Interna+onal DomesFc OperaFons Noel Doyle Business Execu+ve
Slide 32: Overview of Domestic Operations
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Overview of DomesFc OperaFons Resilience & strength of pornolio demonstrated in a challenging environment • Excluding Rice, the domes+c opera+ons achieved 10% growth in opera+ng income • Volume and profit growth achieved in the face of significa
Slide 33: Milling & Baking
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Milling & Baking Baked Goods drives growth in operaFng income • Albany volume growth ahead of market • Further investment being ini+ated for greater management focus on value added and other baked goods segments • Flour & Maize categories were
Slide 34: Wheat Milling – From growth to volume decline
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Wheat Milling -‐ From growth to volume decline Wheat milling (Sagis) % YoY Wheat milling (Sagis) 25% 20% 15% 10% 5% 0% -‐5% -‐10% -‐15% 34
Slide 35: Maize Milling – Continuation of declining volume trend
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Maize Milling -‐ ConFnuaFon of declining volume trend White maize milling (Sagis) White maize milling (Sagis) % YoY 12% 8% 4% 0% -‐4% -‐8% -‐12% 35
Slide 36: Other Grains – Rice
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Other Grains -‐ Rice Impact of global supply dynamics significant • In line with strategy, volumes grew significantly to recover to 2011 levels • Alterna+ve sourcing is constantly under review. However, brand equity will not be sacrificed for sh
Slide 37: Other Grains – Breakfast & Sorghum Beverages
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Other Grains – Breakfast & Sorghum Beverages Jungle innovaFon drives performance • High innova+on rate driving very strong growth • Sorghum and maize based hot porridges feel the impact of input cost pressures as volumes and margins are squeez
Slide 38: Milling and Baking – Strategic intent in Execution
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Milling and Baking – Strategic intent in ExecuFon First to market with Quick Cooking Maize 38
Slide 39: Other Grains – Strategic Intent in Execution
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Other Grains – Strategic Intent in ExecuFon Jungle – Jungle Red Berry extending consumpFon periods 39
Slide 40: Other Grains – Strategic Intent in Execution
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Other Grains – Strategic Intent in ExecuFon Jungle – Entry into Children's ready to eat 40
Slide 41: Groceries
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Groceries Feeling the impact of tough trading environment but doing the right things • Significant raw material cost push in peanuts, beans and wheat • New entrants into the Mayonnaise category had some impact • Quarter 1 impacted by transport
Slide 42: Groceries – Investing in brands
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Groceries – InvesFng in brands Black Cat Face Lij 42
Slide 43: Groceries – Investing in brands
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Groceries -‐ InvesFng in brands Power Brands CreaFng Pull! 43
Slide 44: Groceries – Renovating
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Groceries -‐ RenovaFng All Gold Taste Delight Makeover 44
Slide 45: Groceries – Responding to consumer search for value
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Groceries – Responding to consumer search for value Koo Value Offerings 45
Slide 46: Groceries – Strategic Acquisitions
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Groceries – Strategic AcquisiFons Seamless IntegraFon • Assumed control of selling and marke+ng of the brand in April • Focus on understanding the supply chain with a view to op+mise • Develop brand strategy for execu+on in F14 46
Slide 47: Home, Personal Care & Baby
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Home, Personal Care & Baby Powerful performance from Baby, the key performance driver • Baby performance well balanced with good growth in both nutri+on and well-‐being, underpinned by great innova+on • Home and Personal Care reflect ongoing m
Slide 48: Home, Personal Care & Baby – Innovation hitting the shelves
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Home, Personal Care & Baby – InnovaFon hisng the shelves 48
Slide 49: Snacks & Treats
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Snacks & Treats Strong volume growth & favourable mix generate excellent profit performance • Strong volume growth • Posi+ve mix • Good growth in slabs and strong Easter performance • Compe++ve set requires judicious price management • Capacity
Slide 50: Snacks & Treats – Innovation and Renovation
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Snacks & Treats -‐ InnovaFon and RenovaFon Over and above Various TVC’s, S&T Brands were supported with New InnovaFon and Brand RenovaFon 50
Slide 51: Beverages
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Beverages Severe pricing pressures overcome with volume growth and cost/efficiency projects • Results reflect strong volume growth with negligible pricing growth • Projects executed deliver real savings to help mi+gate market pricing pressures –
Slide 52: Beverages Innovation and Renovation
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Beverages InnovaFon and RenovaFon InnovaFon and brand renovaFon conFnue to drive Performance I N N O V A T I O N Energade Maxidrate Oros Lite Superjuice new variants Rose’s Ready To Drink Superjuice vol RENOVATION Hall’s Super 7 52
Slide 53: Beverages – Point of Purchase Activations
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Beverages -‐ Point of Purchase AcFvaFons Summer In-‐store Volume Drive 53
Slide 54: Value Added Meat Products
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Value Added Meat Products Compete to grow strategy brings home the bacon • Pricing restraint in the face of significant input costs, coupled with successful innova+on, contributes to strong volume growth • Costs extremely well managed 54
Slide 55: Value Added Meat Products – Innovation
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Value Added Meat Products -‐ InnovaFon Polony Caps Cheese No Pork French Back by popular demand June ’13 11% of Segment Sales 55
Slide 56: Out of Home
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Out of Home Leveraging Tiger basket into new customers and channels • Strong volume growth across all channels • Good mix migra+on offsets margin pressures par+cularly in the grains porlolio 56
Slide 57: Domestic Operations Outlook
Group Domes+c Opera+ons Nigeria Exports and Interna+onal DomesFc OperaFons Outlook Headwinds intensifying • Macro economic challenges are likely to intensify • Margins in flour & maize in par+cular remain under pressure & H2 will not have the benefit of H1 in terms of opening procurement posi+ons • Co
Slide 58: Tiger Brands in Nigeria
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Tiger Brands in Nigeria Thabi Segoale Business Execu+ve
Slide 59: Tiger Brands in Nigeria: Strategy in action
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Tiger Brands in Nigeria Strategy in acFon Growth opportunity – strong macro-‐economic fundamentals • Robust macro-‐economic outlook – GDP forecast = Avg. of 7% per annum over next 5 years • Large popula+on – ~170 million; growing at 2-‐3% p
Slide 60: Dangote Flour Mills
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Dangote Flour Mills Loss of focus in lead up to Tiger’s acquisiFon Key performance inhibitors Performance indicators • Significant volume declines/loss of market share • Volumes (15.9%) • Turnover 15.3% • Internal opera+onal inefficiencies • EBIT
Slide 61: Dangote Flour Mills: Integration in progress
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Dangote Flour Mills IntegraFon in progress Focus area Progress update • Migrated from SBUs to satellite manufacturing units OperaFng 1. • Integrated management plalorm model • Dedicated demand crea+on/fulfilment plalorms Business • Strengthenin
Slide 62: Dangote Flour Mills: Good progress on integration
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Dangote Flour Mills Good progress on integraFon • Improving supply chain efficiencies • Improving service levels & market penetra+on • Re-‐ac+va+ng previously moth-‐balled capacity • Established/leveraging strategic partnerships Update on othe
Slide 63: UAC Foods
Group Domes+c Opera+ons Nigeria Exports and Interna+onal UAC Foods ConFnued solid performance Strong growth driven by: NGN’000 UAC Foods 16 000 000 • On going investment in addi+onal 14 000 000 capacity/efficiencies in progress 12 000 000 10 000 000 • Con+nued brand investment +24%/ +142% 8 000 000 •
Slide 64: Deli Foods
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Deli Foods Challenges being addressed Performance indicators • Opera+ng plalorm remains stable • Volumes 4.9% • Biscuit category = 7-‐8%* annual growth • Turnover 12.8% in volumes • EBIT (R3.6m) • Approved CAPEX in progress • Innova+on & bran
Slide 65: Tiger Brands in Nigeria: Way Forward
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Tiger Brands in Nigeria Way Forward • Fixing/integra+on of DFM – on track for comple+on in two to three years • UAC Foods & Deli Foods – CAPEX to support growth • Pursuing synergies across mul+ple businesses • Strategy on track and growth pros
Slide 66: Tiger Brands International (excluding Nigeria)
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Tiger Brands InternaFonal (excluding Nigeria) Neil Brimacombe Business Execu+ve
Slide 67: International Expansion: Delivering on Strategy
Group Domes+c Opera+ons Nigeria Exports and Interna+onal InternaFonal Expansion Delivering on Strategy Exports & Davita (SA) EATBI (Ethiopia) 350 000 40% 30% 300 000 Ebit +8% 35% 80 000 Ebit +19% 25% 250 000 24% 25% 24% 30% 24% 60 000 20% ETB'000 25% R'000 200 000 12% 14% 20% 11% 12% 15% 150 000 11%
Slide 68: International Expansion
Group Domes+c Opera+ons Nigeria Exports and Interna+onal InternaFonal Expansion Steady growth driven by: • Fix, op+mise, grow • A relentless emphasis on con+nuous • Organisa+onal and cultural alignment to improvement and efficiencies drive performance • Renova+on and extension of the core • Adherence
Slide 69: Tiger Brands International (excl. Nigeria): Continued Good Performance
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Tiger Brands InternaFonal (excl. Nigeria) ConFnued Good Performance • Net Sales +12.6% • EBIT + 8.6% • Exports Mali Mali Niger Niger Chad – Africa: Sustained growth Sudan Sudan – Davita: On track Ghana Nigeria Ghana Nigeria Ethiopia Ethiopia –
Slide 70: Tiger Brands International: Exports (including Davita)
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Tiger Brands InternaFonal: Exports (including Davita) Tiger Brands Exports: Sustained Growth • Net sales +11% • EBIT + 8% Africa Exports: Growth drivers • Con+nued excellent growth in Southern Africa countries • Excellent volume performance fr
Slide 71: Tiger Brands International: Exports
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Tiger Brands InternaFonal: TIGER BRANDS INTERNATIONAL : EXPORTSExports ConFnued investment in core brands 71
Slide 72: Tiger Brands International: Davita
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Tiger Brands InternaFonal: Davita Good Performance: Investment on track Growth drivers • Successful leveraging of Tiger Brands distributor base with Davita products • Strong growth in Nigeria, Mozambique, Tanzania and Uganda • Con+nued progres
Slide 73: Tiger Brands International: Davita
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Tiger Brands InternaFonal: TIGER BRANDS INTERNATIONAL : EXPORTSDavita InvesFng in core brands Mozambique Zambia 73
Slide 74: Tiger Brands International: L&AF
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Tiger Brands InternaFonal: L&AF Markets remain challenging • Net Sales +4% • EBIT (39%) Key Points • Key markets remain soJ • Flat market pricing vs. past year • Exchange rate/prudent cover • Cost focus • Geographic expansion 74
Slide 75: Tiger Brands International: East Africa (Haco TB & EATBI)
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Tiger Brands InternaFonal: East Africa (Haco TB & EATBI) Excellent Organic Growth • Net sales +18% • EBIT +32% Kenya growth drivers • Regional exports excep+onal • Pleasing growth in on core HPC & Sta+onery product sectors • Market penetra+on
Slide 76: Investing in our Brands
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Excellence in BrandExcellence Activation in Brand AcFvaFon InvesFng in our Brands 76
Slide 77: Investing In Core Brands: Recent Innovation
Group Domes+c Opera+ons Nigeria Exports and Interna+onal InvesFng In Core Brands: Recent InnovaFon 77
Slide 78: Investing in Market Penetration: Haco (TB)
Group Domes+c Opera+ons Nigeria Exports and Interna+onal InvesFng in Market PenetraFon: Haco (TB) 78
Slide 79: Tiger Brands International: EATBI, Ethiopia
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Tiger Brands InternaFonal: EATBI, Ethiopia Excellent progress Growth drivers • Strong volume growth – New distributors – Consumer demand • Excellent growth in core categories • Regional export ini+a+ves gain trac+on • Con+nued investments in f
Slide 80: EATBI, Ethiopia: Investments in Facilities and People
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Tiger Brands InternaFonal: EATBI, Ethiopia Investments in FaciliFes and People 80
Slide 81: Tiger Brands International: Central Africa
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Tiger Brands InternaFonal: Central Africa Cameroon: Excellent performance • Net sales +30% • EBIT +56% Growth drivers • Excellent volume and share growth in core categories • Con+nuous improvement program expands margins • Regional Exports: ne
Slide 82: Fixing and Optimising: Investing in facilities
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Fixing and OpFmising InvesFng in faciliFes Boiler Refurbishment / Natural Gas Burner Blizzard Flowpacking PFM Machine 82
Slide 83: Driving Brand Growth
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Driving Brand Growth Driving Market PenetraFon 83
Slide 84: Tiger Brands International: Central Africa
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Tiger Brands InternaFonal: Central Africa Engaging our Consumers 84
Slide 85: Tiger Brands International: Very pleasing results
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Tiger Brands InternaFonal Very pleasing results • Interna+onal expansion remains key growth vector • Con+nue to drive growth on core: availability and visibility • Con+nued investment in facili+es, people, brands • Acquisi+ons remain a key the
Slide 86: Conclusion and Outlook
Group Domes+c Opera+ons Nigeria Exports and Interna+onal Conclusion and Outlook • Reasonable set of results • However, challenging trading condi+ons expected to persist • Good progress on execu+on of domes+c strategy – Investment in facili+es, brands and go to market capability – Driving cost efficien