Dear Shareholders,
Despite tough trading conditions, TCC delivered a good performance in 2014. We grew volume and
revenue while reducing our underlying cost base. However, the huge tax increase adversely impacted

Although gross turnover increased by 3.6% to TZS 461.6 billion (2013: TZS 445.6 billion) driven by
domestic market volume growth and pricing, net sales declined by 2.3% to TZS 283.9 billion (2013: TZS
290.6 billion) due to a huge 25% excise tax increase in July. As a result, gross profit fell by 8.1% to TZS
171.5 billion (2013: TZS 186.6 billion) and net profit was down 12.1% to
TZS 68.6 billion (2013: TZS 78.1 billion). The volume growth, pricing and cost efficiency gains could not
off-set the excise tax and consumer-down-trading impacts.
Our share price rose 95% (December 31, 2013: TZS 8,600 per share: December 31, 2014:
TZS 16,740 per share) and market capitalization increased to TZS 1.67 trillion up from
TZS 860 billion in 2013, reflecting growing investors’ confidence in the sustainability
of our business.

Based on 2014 results, the Board of Directors have recommended a final ordinary gross dividend of TZS
250 per share (2013: TZS 200 per share) and a special gross dividend of TZS 150 per share (2013: TZS
250 per share). When added to the interim dividend of TZS 250 per share paid in November 2014, the
total dividend for the year is TZS 650 per share (2013: TZS 750 per share). The final gross ordinary and
special dividends will be paid on or about May 07, 2015, subject to shareholders’ approval at the Annual
General Meeting to be held on April 22, 2015.

2015 outlook
We expect the operating environment to remain challenging. Another excessive tax increase will
certainly impact results. Nonetheless, I am confident that with our proven strategy, strong brands,
talented people and continous focus on our consumers while further driving efficiency and effectiveness,
we will continue growing our business and increasing shareholder’s value.

My sincere appreciation go to our employees for their dedication and hard work; to the Board of
Directors for their farsighted support; and most importantly, to our customers and consumers for their
trust and loyalty as well as, to our shareholders, for their continued support to the business.

Further details can be obtained from a link below