“The report addresses both financial and non-financial information to enable stakeholders to assess the Group’s ability to create value.”
Scope and boundary
This integrated report covers the South African and international operations of the Pioneer Food Group Ltd (“Pioneer Foods”) or (“the Group”) for the period from 1 October 2013 to 30 September 2014. The report addresses both financial and non-financial information to enable stakeholders to assess the Group’s ability to create value.
The business divisions have been restructured during the course of the 2014 fiscal year, and therefore the reporting framework has been adapted to show financial performance, sustainability progress and information relating to the operating environment according to the following divisions:
- Essential Foods (formerly Sasko)
- Groceries (formerly Bokomo Foods and Ceres Beverages)
Joint ventures were reported as part of Bokomo Foods or Sasko in previous years. In line with the IFRS changes on joint venture reporting, joint ventures are now equity accounted and comparatives have been restated.
Quantum Foods was unbundled from the Group and listed as a separate entity on the Johannesburg Stock Exchange (“JSE”) on 6 October 2014. As in the 2013 integrated report, Quantum Foods is treated as an asset held for sale. The Zambian and Ugandan businesses are reported as part of this division.
Pioneer Foods International
Exports have been identified as a key growth vector for the Group. Accordingly, one of the objectives of the restructuring was to position Pioneer Foods International (“PFI”) as a separate business and will be reported as such in the new financial year. PFI will be incorporating all exports and operational responsibility for the dried fruit business. The equity accounted joint ventures of Bowman Ingredients SA, Heinz Foods SA, Bokomo Botswana, Bokomo Namibia, as well as the wholly-owned Bokomo Foods UK will also form part of the international business’s management responsibility.
This integrated report follows international and South African reporting guidelines and best practices, including:
- The revised King Code on Governance Principles for South Africa (“King III”)
- The JSE Listings Requirements
- International Financial Reporting Standards (“IFRS”)
- The Companies Act, Act 71 of 2008, as amended
- Global Reporting Initiative (“GRI”) G4 Guidelines
The summary consolidated financial statements for the year ended 30 September 2014 can be found here. The integrated report, as well as a complete set of annual financial statements, is available on the Group’s corporate website.
The integrated report can be requested in print format from the company secretary and relevant contact information is provided here.
The financial statements included in this report were independently audited by PricewaterhouseCoopers Inc. This is the first year that the Group has had certain non-financial data externally assured, and an assurance statement from EY is available on the Group’s corporate website here, along with a full GRI G4 Index. Pioneer Foods’ B-BBEE status was verified by AQRate.
The Board of Pioneer Foods reviewed the 2014 integrated report on 20 November 2014 and is satisfied that it is a fair and accurate representation of the Group’s performance and prospects.