Sanford • Integrated Report • 2017 • Business model

• Value creation

Key observations:

The business model in Sanford’s 2017 Integrated Annual Report concisely shows how inputs are transformed by the business into outputs (4.18 of the <IR> Framework) and outcomes (4.19-4.20). First, the six capital inputs Sanford rely on (4.14-4.15) are outlined through summary narrative before further discussion, accompanied by an infographic, explains the company’s value creation process (4.16-4.17). Next, Sanford’s main output – seafood – is highlighted (4.18) and the revenue gained from it quantified. The model then provides deeper insight into what this output means for internal and external stakeholders (4.19) by highlighting six outcomes, each of which is aligned to one or more of the UN Sustainable Development Goals (SDGs). As this section is structured around ‘How we [Sanford] create value’, the report shows further alignment with the <IR> Framework, specifically 2B, which cites value creation as a fundamental concept of integrated reporting.