National Foods Annual Report 2022
Our Vision
To be the preferred supplier of branded FMCG and Stockfeed products in Zimbabwe and selected regional markets.
Our Mission
- We manufacture and distribute a diversified portfolio of branded FMCG and Stockfeed products to the consumer mass market.
- To delight our customers and consumers through delivering profitable category based initiatives.
Overview
06 History of Our Group
08 Group Structure
10 Our Products and Brands
RESPECTFUL
We are professional, promote diversity, encourage dialogue, value other people's perspectives, time and space as well as insist on civility from all employees no matter their position in the organisation chart.
INNOVATIVE
HARDWORKING
We make the most of our time and consistently produce good work, in addition, we are productive motivated, dedicated, and self-reliant.
12 Recognitions and Awards
Performance
Review
16Performance Highlights
We spark creativity and | |
involve employees at all | COMPETITIVE |
levels to contribute ideas | |
on new products as well | We have a strong |
as come up with solutions | |
desire to succeed | |
to workplace challenges or | |
problems. | |
Our Values |
RESULTS DRIVEN | |
We are motivated | |
PURPOSEFUL | by goals and use |
targets to remain | |
We have an aim | focused on our work. |
HONEST | RESILIENT |
We are genuine, able to speak | We are able to withstand |
what's on our minds and abide by | adversity and bounce back |
consistent ethical standards | from difficult events. |
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18Chairman's Statement
Governance
26 Directorate and Administration
28 Corporate Governance
31 Risk Management
33 Ethics AndBusiness Conduct
Sustainabilityin Our Business
38 Sustainability Strategy and Governance
40 Materiality Process
41 OurStakeholders and Relationships
43Making Health and Nutrition Affordable
andAccessible
46 Responsible Production
48Environment andClimate Change
56 Our Employees
58Occupational Health and Safety
61Trainingand Development
63Diversityand Inclusion
64 Human Rights
65COVID-19 Management
66 Community Investment and Development
69 Supply Chain
69Paymentof Taxes
71 Sustainable Development Goals
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National Foods Annual Report 2022
About 0ur Report
National Foods Holdings Limited, a company listed on the Zimbabwe Stock Exchange (ZSE) is proud to present the annual report for the year ended 30 June 2022. The report conveys information on our financial and sustainability performance, demonstrating how we have created value for our varied stakeholders in the past year.
The contents of this report are intended to give the reader insight into noteworthy aspects of the National Foods business, as well as the industry within which it participates. The report allows us to present the information in a clear, transparent, accurate manner to a reasonable and sufficient degree.
The information should be timely, factual, useful, as well as readily available and understandable. This does not require proprietary information to be made public, nor does it involve providing information that is privileged or that would breach legal, commercial, security or personal privacy obligations.
Reporting Boundary
The report covers information for National Foods Holdings Limited, whose core operations are based in Zimbabwe. In this report, unless otherwise noted, references to ''our'', ''we'', ''us'', ''the Company'', ''the Group'', "NFL", "National Foods" refers to National Foods Holdings Limited.
The report reflects our belief in strong corporate sustainable practices underpinning our value creation for our stakeholders. We use the dynamic cyclical approach towards continued performance improvement in our operations as well as in our reporting. In the context of this report and our forward looking statements "shall" indicates a requirement; "should" indicates a recommendation; "may" indicates a permission; and "can" indicates a possibility or a capability.
Reporting Frameworks
Throughout this document, we used a range of guidelines and reporting criteria for presenting information in this report. Key standards, guidelines and frameworks applied are as follows:
- Companies and Other Business Entities Act (Chapter 24:31)
- International Financial Reporting Standards (IFRS)
- Zimbabwe Stock Exchange (ZSE) Listing Requirements
- The Zimbabwe National Code of Corporate Governance
- International Standard Organisation (ISO) 26000 Guidance on Social Responsibility (SR)
- The Global Reporting Initiative (GRI) Standards
A summary of the applicable United Nations Sustainable Development Goals (SDGs) in relation to National Foods is also presented.
Assurance
The scope of work performed by the Company's independent financial auditors, Deloitte & Touche (Zimbabwe) as part of their assurance of financial information is provided on page 76 to 79. Other non-financial information provided in this report has been internally audited by Instinct Risk Advisory Services. The report is primarily endorsed by third party conformity assessment activities which include:
- Impartiality - objectivity with regard to the outcome of a conformity assessment activity
- Independence - freedom of a person or organisation from the control or authority of another person or organisation
-
Validation - confirmation of plausibility for a specific intended use
or application, through the provision of objective evidence that specified requirements have been fulfilled - Verification - confirmation of truthfulness, through the provision of objective evidence that specified requirements have been fulfilled
Sustainability Report Declaration
The international standard ISO 26000 is the framework used to integrate Social Responsibility (SR) into our values and practices and communicates the commitment, performance and other information related to SR for the sustainability information in this annual report. ISO 26000 is interoperable with most Protocols and may be used in conjunction with the GRI protocol1. Black Crystal Consulting provides the third party assurance that all considerations were taken into account to ensure the report complies in all material aspects with provisions of the selected standard and linkage requirements.
Forward Looking Statements
The report contains forward-looking statements concerning the financial condition and business operations of National Foods. All statements other than those of historical fact may be deemed to be forward-looking statements. These are statements of future expectations based on management's assumptions and expectations, hence they involve known and unknown risks which may lead to results and performance differing materially from those implied in these statements
Feedback
The Company values opinions from all our stakeholders which assist us in building a sustainable Company and improving our reporting. We welcome feedback which can be provided to our Company Secretary Leigh Howes, email leigh.howes@natfood.co.zw.
Todd Moyo
Independent, Non-Executive Chairman
Michael Lashbrook
Chief Executive Officer
1 GRI G4 Guidelines and ISO 26 000: 2010 How to use the GRI G4 Guidelines and ISO 26 000 in conjunction (https://www.iso.org/iso/iso-gri-26000_2014-01-28.pdf)
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National Foods Annual Report 2022
Overview
06 History of Our Group
08 Group Structure
10 Our Productsand Brands
12 Recognitions and Awards
4 | 5 |
National Foods Annual Report 2022
History of Our Group
Since our corporate establishment in 1920, we have remained resilient and committed to feeding the nation.
National Foods has a long history stretching back to the early part of the last century, when two families, the Palte family and the Harris family, started separate businesses, which eventually came together as one.
2016 |
The Company acquired |
40% of Pure Oil an edible oil |
producer under the ZimGold |
Brand. |
2021
1908 | 1952 | ||
Tiger Oats (now | |||
J. Palte & Co. | Tiger Brands) | ||
acquired majority | |||
established | |||
shareholding in | |||
in Bulawayo and | |||
J. Palte and Co. | |||
traded as Millers | |||
& Merchant | |||
1920 | |||
1920 | 1975 | |
Rhodesian | ||
Milling and | ||
Harris Brothers established | Manufacturing | |
Company merged | ||
in Bulawayo and owned The | ||
with Palte | ||
Red Seal Brand | ||
Harris Industrial | ||
Mark Harris Manufacturing | Holdings to form | |
National Foods | ||
established the iconic Gloria | ||
Holdings Limited | ||
Brand. | ||
Mark Harris Manufacturing | ||
renamed Rhodesian | ||
Milling and Manufacturing | ||
Company | ||
1984
National Foods Workers Trust (Private) Limited was established to provide a scheme for worker participation in both the equity and profits of the company. Through donations from the company, the Trust has acquired 9.53% shareholding over the years
2003
Innscor acquired shareholding in National Foods Holdings. Today Innscor holds a 37.45% share
2019 | ||||
2011 | In 2019 National | |||
Foods purchased | ||||
Tiger Brands raised | a world class | |||
National Foods acquired | ||||
extrusion line from | ||||
its holding in | Breathaway Food Caterers | Buhler heralding the | ||
National Foods by | Limited, a snack and biscuit | Company's entrance | ||
acquiring 11% from | manufacturing company with | into the breakfast | ||
Innscor Africa. Today | ZapNax, Wings, KING Kurls, | cereals category. | ||
Tiger Brands holds a | and IRIS Brands | |||
37.45% share |
2013 | 2018 | 2020 | ||
National Foods | National Foods | |||
started providing | Logistics (Natlog) | |||
resources to | was created as | |||
support farming and | a joint venture | National Foods | ||
continues to this day | partnering Equity | |||
celebrates 100 | ||||
Distribution Services, | ||||
years of feeding | ||||
formerly National | ||||
the nation | ||||
Foods outsource | ||||
distribution service | ||||
provider. |
NF restructured into autonomous Business Units which increased from 5 to 8. The front end of the business (GTM) was also restructured into 3 channel specific selling units.
2022
National
Foods disposed its 40% stake in Pure Oil Industries
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National Foods Holdings Ltd. published this content on 28 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 November 2022 06:54:04 UTC.