REPORTING APPROACH

The aim of the integrated annual report is to provide stakeholders with a balanced and holistic view of the financial, social, environmental and economic impacts of RCL FOODS Limited (“RCL FOODS” or “Group”) to enable them to obtain a better understanding of the Group’s longterm prospects. This report includes all the subsidiaries of RCL FOODS. It covers the performance for the year ended 30 June 2015 and provides a view of operations of the Group with relevant comparisons to the previous period.

There has been no change in the scope and boundary of this report, relative to the previous report, nor have there been significant changes in the size or ownership during the current reporting period, other than through organic growth of operations. There has been no material restatement of information provided in earlier reports. Where historical data has been adjusted in this report, the relevant numbers have been annotated and a brief explanation included at the bottom of the tables. Given the substantial corporate activity in the 2013 and 2014 financial years, RCL FOODS has continued to provide pro forma financial results fo the previous financial year, to give shareholders a better understanding of the underlying performance of the Group.

The Group changed its operating structure during the 2015 financial year, from four operating subsidiaries, Foodcorp, Rainbow, TSB and Vector, to three business divisions: “Consumer” (which houses Rainbow as well as Foodcorp’s Grocery, Beverage, Pie and Speciality divisions), “Sugar& Milling” (which houses TSB, Rainbow’s Feed division Epol and Foodcorp’s Milling and Baking divisions) and Vector (logistics and sales service for RCL FOODS and third party customers). There is also a Group Shared Services function that oversees issues pertaining to strategy, finance, information technology, human resources, governance and communication and a Group treasury function. Due to the reporting changes required to give effect to the new divisional structures, RCL FOODS will only report its segmental information on this basis in the 2016 financial year.

In compiling this report, RCL FOODS has considered the following requirements:

  • International Financial Reporting Standards (IFRS) in respect of the annual financial statements;
  • The JSE Listings Requirements;
  • King III;
  • The Companies Act, 2008, as amended;
  • Sustainability Reporting Guidelines developed by the Global Reporting Initiative (GRI); and
  • The International Integrated Reporting Framework.

The information in this report has been selected to cater for the interests of stakeholders that require a broad overview of the present and future direction and prospects of the RCL FOODS Group – shareholders, funders, regulators, prospective employees, suppliers and community members, amongst others. Stakeholders with more in-depth needs, such as employees and customers are invited to contact RCL FOODS directly or visit our website, www.rclfoods.com for further information.

Matters that substantially affect the Group’s ability to create and sustain value over the short, medium and long-term are considered material and are included in this report. Material issues are identified and selected for inclusion through an evaluation of RCL FOODS’ risk register, as well as a process of dialogue amongst senior executives and the board.

The integrated report forms part of, and should be read in conjunction with a suite of reports available online on our website. Other reports available are:

  ASSURANCE AND APPROVAL
The information in the Group’s Integrated Annual Report has been verified by a combination of internal and external assurance providers. Details of the assurance element and providers are set out in the relevant sections of the Annual Financial Statements, here and the Sustainability Report, here both reports being available on our website www.rclfoods.com.
 
The Board acknowledges its responsibility for the content of RCL FOODS’ Integrated Annual Report. The Board has assessed the content of this report and believes that it addresses all material issues and fairly presents the integrated performance of the Group. The Board has authorised the release of this report at the RCL FOODS Board meeting held on 1 September 2015.
 

RCL FOODS values feedback and therefore welcomes any questions or comments regarding this report. These can be emailed to the Company Secretary, John Maher, at john.maher@rclfoods.com. Stakeholders are also directed to the Group’s website for this report and other relevant additional supporting reports and compliance information such as the Group’s Sustainability Report for the 2015 financial year, King III application table and committee charters. 


USABILITY FEATURES

This icon signifies that related information is available elsewhere in the report.
This icon signifies that related information is available online at www.rclfoods.com.
   

For ease of use and referencing, all these reports have also been incorporated into an expanded integrated report, available online or in downloadable form. Shareholders are also reminded that they are entitled to a hard copy on demand. Shareholders may request a copy by contacting the Company Secretary.