Annual integrated report 2016

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About this report
How to read this report
The Bidcorp annual integrated report for the year ended June 30 2016 reports consolidated information gathered from the global spread of the
group’s divisions. Bidcorp’s geographic reach encompasses over 35 countries on five continents. Due to the expanse of local geographic regulations,
we only include limited material sustainability information in the annual integrated report. Additional information is available on request at a business
level.
In line with the guidelines from the Integrated Reporting Committee of South Africa we have incorporated the relevant six capitals as a platform to
inform this review. By using the Global Reporting Initiative (GRI) framework while striving for concise reporting, only information relevant to the specific
Bidcorp environment is reported. The GRI (G3/G4) indicator index can be found within our online report.
We stress that this report should be read together with the information available on the Bidcorp website .
Bidcorp is excited to embark on this
reporting journey guided by King III. Bidcorp
is committed to reporting integrated and
transparent financial, economic, environmental,
social and governance information. The aim
of this report is to present a holistic overview
of the value Bidcorp creates for stakeholders
by communicating content that is useful and
relevant in an open and balanced manner.
Bidcorp embraces a decentralised
entrepreneurial management structure.
Stakeholder engagement by necessity
happens at a group, divisional and company
level, across a multitude of geographies.
Each business engages with stakeholders
important to their operations and which
may be significantly impacted by their
business activities, important commercial and
sustainability issues and local relevance.
Identifying and measuring the top contributors
in certain key sustainability indicators – training
spend, CSI spend, water, electricity, petrol and
diesel usage – continues to create awareness
across our geographies, businesses and
encourages innovative thinking.
Assurance
To ensure the integrity of the annual integrated
report, Bidcorp adopts a combined assurance
model, which includes management, external
audit, internal audit and other independent
assurance providers. The annual financial
statements included in this annual integrated
report have been audited by the external
auditors, KPMG.
The unbundling of Bidcorp from The
Bidvest Group Limited was effective on
May 30 2016. Prior to the unbundling, Bidcorp
and The Bidvest Group Limited undertook
a number of asset-for-share transactions,
the details of which have been set out in the
directors’ report.
Accordingly, the statutory financial information
for the years ended June 30 2016 and
June 30 2015 does not reflect the full
performance of the Bidcorp Group as it is
currently structured. To assist shareholders
in their understanding of Bidcorp, pro forma
financial information for the years ended
June 30 2016 and June 30 2015 has been
disclosed in the annual financial statements
as well as used in the financial results
commentary. This reflects Bidcorp as it is now
structured and as though it was in effect from
the beginning of both financial years.
Materiality
Our report focuses on issues which the board
believe are material to stakeholders and could
impact value creation in the business. We aim
to demonstrate the connectivity between our
business model, strategy and our risks and
opportunities analysis. The material issues are
monitored by management on an ongoing
basis. All matters that are considered material
to the business have been included in this
report.
Forward looking statements
The annual integrated report may contain
statements regarding the future financial
performance of the group and specific
businesses, which may be considered to be
forward looking statements. By their nature,
forward looking statements involve risk and
uncertainty, and although we have taken
reasonable care to ensure the accuracy of the
information presented, no assurance can be
given that such expectations will prove to have
been correct.
Board responsibility
It is the board’s responsibility to ensure the
integrity of the annual integrated report. The
audit and risk committee and social and ethics
committee acknowledge their responsibility to
ensure the integrity of this annual integrated
report. The board has accordingly applied its
mind to the content of the report and in the
opinion of the board, believes it addresses
all material issues and presents fairly the
integrated performance of the organisation and
its social and environmental impacts.
The annual integrated report has been
prepared in line with best practice pursuant
to the recommendations of the King III
Code (principle 9.1). The Bidcorp board has
authorised the annual integrated report for
release on October 7 2016.
Brian Joffe
Executive chairman
Bernard Berson
Chief executive officer
David Cleasby
Chief financial officer
Group overview
Bidcorp Limited Annual integrated report 2016 | Page 1