Introducing our 2023 report - Famous Brands IAR 2023

Our reporting suite and principles

We performed strongly against our strategy and continued to grow and develop our brands.

This 2023 Integrated Annual Report (IAR or this report) is our primary report to stakeholders. The report covers the 2023 financial year from 1 March 2022 to 28 February 2023. It describes the performance of Famous Brands Limited (Famous Brands or the Company), its subsidiaries (together referred to as the Group), and its associates in all territories where the Company operates. These territories are South Africa (SA), the rest of Africa and the Middle East (AME) and the United Kingdom (UK).

The scope of this report covers our core operations’ financial and non-financial performance. We report on strategy, the six capitals upon which we rely and impact, and the opportunities, risks and outcomes attributable to or associated with our key stakeholders, who significantly influence our ability to create value.

For the most part, unless stated otherwise, statistics in this report relate to the SA business (excluding our associates). Statistics related to a specific geographic territory are denoted as such.

The IAR, Group Annual Financial Statements (AFS), Notice of Annual General Meeting (AGM), and other financial results-related information are available online at www.famousbrands.co.za/investor-centre/financial-results/.

Improving our reporting

We are committed to transparent reporting and high-quality disclosures. We acknowledge that further improvements are possible, and we invite feedback to be sent to investorrelations@famousbrands.co.za.

Materiality of information included

The Board approved the management’s bases for determining materiality for the purpose of deciding which information should be included in this report. This report provides information on all matters we believe are material to our value creation process. Our operating context, the legitimate interests of key stakeholders and our key risks were considered in determining information deemed material for inclusion in this report.

We define strategic matters as those which are most material to our formulation and execution of strategy and those that have the potential to significantly affect our ability to create stakeholder value and contribute to the future sustainability of the Group.

Reporting frameworks and compliance

This report was prepared according to relevant regulations, standards and best practices. Famous Brands aligns its reporting with the following reporting requirements and principles:

The International Integrated Reporting Framework, 2021¹.
King IV Report on Corporate GovernanceTM for South Africa, 2016 (King IV)².
International Financial Reporting Standards (IFRS) and the International Financial Reporting Interpretations Committee’s (IFRIC) Interpretations.
The Companies Act, No. 71 of 2008, as amended (Companies Act).
The Johannesburg Stock Exchange (JSE) Listings Requirements.

¹	The International Integrated Reporting Framework is now part of the IFRS Foundation as the International Integrated Reporting Council is no longer in existence.
²	Copyright and trademarks are owned by the Institute of Directors in South Africa NPC and all of its rights are reserved.

Assurance obtained

The Group’s combined assurance model leverages the assurance obtained from management, and internal and external assurance providers, while a strong ethical environment and internal controls ensure compliance.

We rely on our internal controls and management review to assure our internal financial and operational information.

We are audited by KPMG, which signs off on an independent audit opinion on the AFS. Our B-BBEE certificate is verified by Honeycomb BEE Rating. Our annual greenhouse gas (GHG) emissions are assessed and verified by The Carbon Report.

Board responsibility statement

The Board, assisted by the Audit and Risk and Social and Ethics Committees, acknowledges its responsibility for ensuring the integrity of the IAR and has applied its collective mind in preparing it.

The process we followed

This report was drafted from detailed internal management and Board reports and interviews with senior management and Board members.

Content owners and the Group Executive committee (Exco) review the report before it is submitted to the Audit and Risk and Social and Ethics Committees for further review.

The Board performs a final review of the report and approves it for release to stakeholders.

The Board believes that the report has, in all material respects, been presented according to the International Integrated Reporting Framework and addresses the Group’s material matters.

The Board authorised this report for release on 21 June 2023.

Santie Botha

Independent Chairman

Darren Hele

CEO

Forward looking statements disclaimer

This report contains forward looking statements, which are based on assumptions and best estimates made by management regarding the Group’s future performance. Such statements are, by their nature, subject to risks and uncertainties, which may result in the Group’s actual performance in future being different from that expressed or implied in any forward looking statements. The Group’s external auditors have not audited these statements.

The Group neither accepts any responsibility for any loss arising from the use of the information contained in this report nor does it undertake to publicly update or revise its forward looking statements.