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 (www.bidcorpgroup.com).
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 |
Feedback
We value your comments and suggestions, should you feel that there is important information that you would like to see included in future reports, please contact us on admin@bidcorp.co.za.
