AfroCentric Group Integrated Annual Report 2016

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AfroCentric INTEGRATED ANNUAL REPORT 2016 3
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.
REPORTING APPROACH
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 adopting
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 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.
ABOUT THIS REPORT
An overview
of the Group
companies and
subsidiaries is
provided on page 12.
The Group Annual Financial Statements are published in the
Integrated Annual Report (supplementary information) and is
available on the website,
This can also be requested from the Group Investor
Relations office in writing.
MATERIALITY
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.
ASSURANCE
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.
APPROVAL
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
Chairperson Group Chief Executive Officer
AfroCentric Investment Corporation Limited (“AfroCentric”) is pleased to present
its Integrated Annual Report (“report”) for the financial year ended 30 June 2016
to shareholders.
Introduction