About
THIS
REPORT

This Integrated Report (report) covers the holistic performance of AfroCentric Investment Corporation Limited (AfroCentric, the AfroCentric Group, the Company or the Group) for the year ended 30 June 2018.

This report is addressed to current and prospective investors, and our other stakeholders. It builds on the 2017 report and includes an overview of the Group, how we create value, and our performance and outlook. The report explains how AfroCentric is governed and the organisation’s impact on society.

Scope and boundary

The AfroCentric Group operates primarily in South Africa and has a footprint in Namibia, Zimbabwe, Botswana, Kenya, Swaziland and Mauritius.

Any material events between the year-end and the report’s approval by the Group’s Board of Directors (the Board) on 12 September 2018 are also included. The scope, boundary and measurement methods of our reporting approach are materially the same as in 2017. Any restatements to comparatives are highlighted in the relevant section.

 


Value

We define value creation as the ability to use our resources to provide access to sustainable quality healthcare, sustain financial returns, transform the lives of all our stakeholders, and provide integrated healthcare solutions to our clients.

 

Value creation reporting overview

AfroCentric prepared this report to concisely provide balanced, reliable, transparent and relevant information that management deems material to our primary audience.

Material matters.

AfroCentric uses financial, manufactured, intellectual, human, social and relationship and natural capital to create value. Through our business activities and efficiencies in the healthcare value chain, we transform these six capitals into outputs and outcomes. Our interaction with natural capital is minimal, and therefore does not have detailed performance reporting. The business model entails various trade-offs between these six capitals.

ABOUT THIS REPORT

Reporting approach

The content of this report aligns to the principles of the International Integrated Reporting Council's (IIRC) Integrated Reporting <IR> Framework and other applicable frameworks and regulations for financial and non-financial reporting as listed in the reporting suite.

Reporting suite

The Integrated Report should be read in conjunction with the Group Annual Financial Statements.

Report   Integrated Report     Group Annual Financial Statements
Content  
  • An overview of the Group's business model, stakeholder engagement, material matters and strategy
  • Performance and prospects
  • Operational reviews
  • A Corporate Governance report
  • A Remuneration Committee report
  • Notice of the Annual General Meeting
  • A form of proxy
    
  • Full audited Group Annual Financial Statements for the financial year ended 30 June 2018
  • Directors' report
  • Independent auditor's report
  • Audit and Risk Committee report
Applicable frameworks/ guidelines  
  • IIRC Integrated <IR> Reporting Framework
  • JSE Listings Requirements
  • King Report on Governance for South Africa 2016 (King IV)
  • The Companies Act 71 of 2008, as amended (Companies Act)
    
  • International Financial Reporting Standards (IFRS)
  • SAICA Financial Reporting Guides as issued by the Accounting Practices Committee
  • The Financial Pronouncements as issued by the Financial Reporting Standards Council
  • The Companies Act
Assurance  
  • Management and governance oversight
  • Board oversight and approval
  • Broad-Based Black Economic Empowerment verification (Honeycomb BEE Ratings
    Proprietary Limited)
Note: No independent assurance was obtained on the report as a whole.		  
  • Internal controls
  • Management and governance oversight
  • Internal audit
  • Unmodified external audit opinion
    (PricewaterhouseCoopers Inc.)
Available   Reports are available online at www.afrocentric.za.com/cd-ar-reports.php, and physical copies are available on request from the Group Investor Relations office
(Nosipho Phewa at investor-relations@afrocentric.za.com).

Feedback

We are committed to communicating effectively with our stakeholders, and we value feedback on this report. Any questions or requests for additional information relating to our report can be directed to Nosipho Phewa at investor-relations@afrocentric.za.com or telephonically: 011 671 2475

Forward-looking statements

Certain statements in this document may constitute 'forward-looking statements'. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could result in the actual performance or achievements of AfroCentric and its subsidiaries being materially different from future results, performance or achievements expressed or implied by such forward-looking statements. The AfroCentric Group undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of publication of this report, or to reflect the occurrence of anticipated events. These have not been reviewed or reported on by the Group's auditors.

Board approval

The Board acknowledges its responsibility for the integrity of the Integrated Report. The directors have applied their collective mind to its content and believe that it addresses all material matters, and fairly represents the integrated performance of the Group. The directors believe that this report has been prepared in accordance with the IIRC's Framework. The Audit and Risk Committee, which has oversight and responsibility for integrated reporting, recommended the report for approval by the Board of Directors.

This report was approved for release on 12 September 2018.

On behalf of the Board:

Dr Anna Mokgokong
Chairman		 Antoine van Buuren
Group Chief Executive Officer		 Hannes Boonzaaier
Group Chief Financial Officer