RCL FOODS LIMITED ABRIDGED
INTEGRATED ANNUAL REPORT 2022
"MORE FOOD
TO MORE PEOPLE,
MORE OFTEN."
ABOUT THE REPORT
OUR BUSINESS AT A GLANCE
HOW WE OPERATE
OUR STRATEGIC PROGRESS
OUR KEY REPORTS AND REVIEWS
BOUNDARY AND SCOPE
The aim of this Abridged Integrated Annual Report is to provide stakeholders with a balanced and holistic view of both the financial and environmental, social and governance (ESG) impacts of RCL Foods Limited (RCL FOODS or the Group) to enable them to obtain a better understanding of its long-term prospects. The report also includes the financial performance of RCL FOODS' joint ventures and associates. It covers the performance for the twelve months ended June 2022 and provides an overview of operations of the Group with relevant comparatives to the previous period.
MATERIAL ASPECTS AND
COMPARABILITY
Materiality has been applied to qualitative and quantitative disclosures contained in this report. An item is considered material if it could influence the decisions of our business and its stakeholders. There have been no significant changes to the content and scope of this report from prior years. To enhance the comparability of information, certain comparative figures may have been restated and these have been noted as such.
ASSURANCE AND APPROVAL
The Board acknowledges its responsibility for the content of RCL FOODS' Abridged Integrated Annual Report. The Board has contributed to the identification of matters that are material to RCL FOODS and these matters have been used to select relevant information to be addressed in the report. Management has prepared and verified the information in the report, ensuring an accurate, balanced, and comprehensive overview of the organisation. The information has been verified by a combination of internal and external assurance providers. Details of the assurance element and providers are set out on page 1 of the Annual Financial Statements, available on our website at www.rclfoods.com/financial-results-and-reports-2022.The report has been reviewed by the RCL FOODS Audit Committee and Board who have assessed its content and believe that the 2022 Abridged Integrated Annual Report is presented in accordance with the Framework, 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 2 September 2022.RCL FOODS values feedback and therefore welcomes any questions or comments regarding this report. These can be emailed to the Company Secretary, Lauren Kelso, at lauren.kelso@rclfoods.com. Stakeholders are also directed to the Group's website for this report and other relevant additional supporting reports, Board committee charters and compliance information.
RELATED REPORTS
This Abridged Integrated Annual Report forms part of, and should be read in conjunction with, a suite of reports available online on our website, namely:
Sustainable Business Report
SUSTAINABLE BUSINESS REPORT 2022
ANNUAL
STATEMENTS 2022
FINANCIALAnnual Financial Statements
CORPORATE
REPORT 2022
GOVERNANCECorporate Governance Report
REMUNERATION | Remuneration Report |
REPORT | |
2022 |
KING IV
REGISTER 2022
APPLICATIONKing IV Application Register
REPORTING GUIDANCE
For Sustainable Development
ABRIDGED FINANCIAL STATEMENTS
ANNUAL REPORT 2022
ABRIDGED INTEGRATED
RCL FOODS LIMITED
1
NAVIGATING THE REPORT
ICON REFERENCES
Our capitals
FINANCIAL CAPITAL
HUMAN CAPITAL
INTELLECTUAL CAPITAL
MANUFACTURED CAPITAL
NATURAL CAPITAL
SOCIAL AND RELATIONSHIP
CAPITAL
Our stakeholders
COMMUNITIES
CONSUMERS
CUSTOMERS
EMPLOYEES
GOVERNMENT
INVESTORS AND FUNDERS
MEDIA
SUPPLIERS
FURTHER READING
Signifies that related information is available online at www.rclfoods.com
Directs readers to the page in the Abridged Integrated Annual Report with more details
Directs readers to the page in the Sustainable | |
SBR | Business Report with more details |
Directs readers to the page in the Corporate | |
GOV | Governance Report with more details |
Shareholders are reminded that they are entitled to a hard copy of this report on request. This can be obtained by contacting the Company Secretary on +27 31 242 8600 or at lauren.kelso@rclfoods.com
CONTENTS
OUR BUSINESS
AT A GLANCE
6 WHO WE ARE
8 VALUE WE CREATE
10 WHAT DRIVES US
- OUR BRANDS
- OUR BRAND HIGHLIGHTS
14 OUR HISTORY AND FOOTPRINT
- OUR SUSTAINABLE BUSINESS DRIVE
- OUR SUSTAINABLE BUSINESS DRIVE IN ACTION
20 OUR SUSTAINABLE IMPACT IN 2022: EXECUTIVE SUMMARY
HOW WE
OPERATE
24 OUR OPERATING CONTEXT
26 OUR VALUE CREATION MODEL
UNPACKING OUR VALUE CREATION:
28 OUR CAPITAL INPUTS, OUTCOMES, TRADE-OFFS AND STAKEHOLDERS IMPACTED
36 OUR STAKEHOLDER ENGAGEMENT
48 OUR MATERIAL RISKS AND OPPORTUNITIES
58 OUR LEADERS
60 OUR CORPORATE GOVERNANCE
OUR STRATEGIC
PROGRESS
64 RCL FOODS VALUE-ADDED BUSINESS
- RAINBOW
- VECTOR LOGISTICS
OUR KEY REPORTS
AND REVIEWS
72 CHAIRMAN'S REPORT
76 CEO'S REPORT
84 CFO'S REPORT
- RECONCILIATION BETWEEN REPORTED AND UNDERLYING RESULTS
- DEFINITIONS AND RATIOS
- OUR FIVE-YEAR REVIEW
101 SHARE INFORMATION
ABRIDGED FINANCIAL STATEMENTS
104 REGULATORY APPROVALS
108 ABRIDGED FINANCIAL STATEMENTS
129 SHAREHOLDER INFORMATION
RCL FOODS LIMITED ABRIDGED INTEGRATED ANNUAL REPORT 2022
2 | 3 |
OUR BUSINESS AT A GLANCE
6 | WHO WE ARE |
8 | VALUE WE CREATE |
10 | WHAT DRIVES US |
11 | OUR BRANDS |
12 | OUR BRAND HIGHLIGHTS |
14 | OUR HISTORY AND FOOTPRINT |
16 | OUR SUSTAINABLE BUSINESS DRIVE |
17 | OUR SUSTAINABLE BUSINESS |
DRIVE IN ACTION | |
20 | OUR SUSTAINABLE IMPACT IN 2022: |
EXECUTIVE SUMMARY |
OUR BUSINESS AT A GLANCE
HOW WE
OPERATE
OUR STRATEGIC PROGRESS
OUR KEY
REPORTS
AND
REVIEWS
ABRIDGED FINANCIAL STATEMENTS
ANNUAL REPORT 2022
ABRIDGED INTEGRATED
RCL FOODS LIMITED
4 | 5 |
OUR BUSINESS AT A GLANCE
WHO WE ARE
WE OPERATE THROUGH: | PRODUCING: | ||
MORE THAN | 93 million jars of mayonnaise | ||
260 | 24 million jars of peanut butter | ||
operations | |||
31 million bags of pet food | |||
OVER | 120 million pies | ||
20 000 | 49 million litres of beverages | ||
employees | |||
350 000 tons of flour | |||
MORE THAN | 240 million units of bread, buns and rolls | ||
30 brands | 33 million units of Speciality products | ||
IN OVER 20 CATEGORIES | |||
677 000 tons of sugar sold externally | |||
OUR | 300 000 tons of chicken products | ||
DO MORE | |||
FOUNDATION | 1,2 million tons of animal feed | ||
ACROSS OUR THREE BUSINESSES:
RCL FOODS
VALUE-ADDEDRAINBOW* BUSINESS
REVENUEREVENUE
CONTRIBUTION:CONTRIBUTION:
R21,2 billion R11,4 billion
EMPLOYEES:EMPLOYEES:
9 544 | 6 439 |
BUSINESS UNITS | |
GROCERIES | RAINBOW |
Grocery, Pies, | Rainbow, Epol and |
Beverages | Driehoek Animal Feed |
BAKING
Milling, Bread Buns
& Rolls, Speciality
SUGAR
Sugar, Molatek
Animal Feed
* Formerly Chicken Division
OUR
BUSINESS
AT A
GLANCE
HOW WE
OPERATE
OUR
STRATEGIC
PROGRESS
OUR KEY
REPORTS
AND
REVIEWS
ABRIDGED
FINANCIAL
STATEMENTS
VECTOR
LOGISTICS
REVENUE
CONTRIBUTION:
R3,7 billion
EMPLOYEES:
5 728
SALES
SOLUTIONS
SUPPLY CHAIN
INTELLIGENCE
WAREHOUSING
DISTRIBUTION
IMPORTS/
EXPORTS
CREDIT
MANAGEMENT
ANNUAL REPORT 2022
ABRIDGED INTEGRATED
RCL FOODS LIMITED
6 | 7 |
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RCL Foods Limited published this content on 27 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 September 2022 12:30:00 UTC.
