Half Year 2024 Tiger Brands Ltd Earnings Call Transcript
Key Points
- Tiger Brands Ltd (JSE:TBS) has identified ZAR500 million in cost savings, focusing on streamlining the organization and improving efficiency.
- The company has implemented a new operating model with six MDs in place, driving decision-making and execution.
- Significant progress has been made in capital allocation, targeting specific return levels for CapEx projects.
- The company has a strong focus on innovation and automation, with several projects already in place.
- Tiger Brands Ltd (JSE:TBS) has a clear strategy for portfolio optimization, including potential exits for underperforming businesses.
- The bakeries and grains businesses are underperforming and require significant recovery efforts.
- The company faces supply chain challenges due to extreme weather patterns, impacting raw material availability and pricing.
- There are ongoing issues with maintenance and efficiency in the bakeries, leading to breakdowns and late deliveries.
- The company has not taken a price increase in the bakeries since last year, impacting margins.
- High inflation in agricultural products and commodities continues to pressure costs, with limited relief from packaging and other ingredients.
Good morning, everyone. Welcome to the results presentation for our interim results. Welcome to all the analysts, shareholders. There's a lot of Tiger people, yes, and you'll see I'll talk about the new structure and the MDs, there's at least three of them here. There's one that's sick and one of them is on study leave. So there should be four here if we count.
Welcome. I think the results starting at 10 and pick and pay started at half-past 8 this morning is messing up a few people's diary a little bit this morning. But be that as it may. So there's the agenda that we are going to follow today.
So I'll start off with just updating on the transformation journey, which I think is very pertinent for where we are taking and what we're possibly doing. Thushen Govender left the last job of taking you through the first half performance and the operational review of what happens in the business for the six months and then I'll conclude again with the strategic update and the outlook for us going forward.
So where are we in the
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