ABOUT THIS REPORT
AfroCentric Investment Corporation Limited (“AfroCentric”) is pleased to present its Integrated Annual Report (“report”) for the financial year ended 30 June 2016 to shareholders.
The content of the report was compiled by members of the AfroCentric Group (“the Group”) to ensure that the information provided is balanced, reliable, transparent and relevant to stakeholders. In particular, it focuses on the needs and interests of stakeholders.
This report addresses AfroCentric’s objective of facilitating the delivery of healthcare services to its clients via a spectrum of various service offerings to enhance its value creation to stakeholders.
SCOPE AND BOUNDARY
The report covers the consolidated performance of the Group. No material changes were made and all significant matters are reported on consistently, with no material restatements.
The Group operates primarily in South Africa, but has an established presence in neighbouring African countries and Mauritius.
The report content was aligned to the principles of the International Integrated Reporting Council’s (“IIRC”) International Reporting <IR> Framework released in December 2013. This includes outlining how the business creates value, depicting the business model and ado pting a more intense future focus, and addresses certain first-time disclosures such as AfroCentric’s six capitals and its material matters.
The Group Annual Financial Statements were prepared in accordance with International Financial Reporting Standards (“IFRS”), the SAICA Financial Reporting Guides as issued by the Accounting Policies Committee, the Financial Pronouncements as issued by the Financial Reporting Standards Council, the Companies Act and the Johannesburg Stock Exchange (“JSE”) Listings Requirements. The Group applied the King Code of Governance Principles (“King III”) and sought to align with best local reporting practices.
The Group Annual Financial Statements are published in the Integrated Annual Report (supplementary information) and is available on the website, www.afrocentric.za.com. This can also be requested from the Group Investor Relations office in writing.
Materiality was applied in determining the disclosure and content in the report. This ensures that the report remains concise and relevant to stakeholders. As part of this process, management identified the material matters that could impact positively or negatively on the Group’s ability to create value and are likely to have a material impact on revenue and profitability.
The content of the Integrated Annual Report was reviewed by the Board of Directors and Management.
The external auditors, PricewaterhouseCoopers Inc. provided assurance on the Group Annual Financial Statements and expressed an unmodified audit opinion. This is confirmed in the Report of the Independent Auditors contained in the Group Annual Financial Statements.
The Board acknowledges its responsibility to ensure the integrity of the Integrated Annual Report. The Directors confirm they have reviewed the content of the report and believe it addresses the material matters and is a fair presentation of the performance of the Group. The Audit and Risk Committee, which has oversight and responsibility for integrated reporting, recommended the report for approval by the Board of Directors. The Board approved the 2016 Integrated Annual Report for release to shareholders in October 2016.
|Dr Anna Mokgokong
|Antoine Van Buuren
Group Chief Executive Officer