About this report

Our Integrated Report (report or IR) provides information about AfroCentric Investment Corporation Limited (AfroCentric, the AfroCentric Group, the Company or the Group) for the year ended 30 June 2020.

The report is intended for current and prospective investors and interested stakeholders. It provides information on AfroCentric's governance, material risks and opportunities, performance against strategy, our impact on society and our prospects.

Integrated thinking

Through the careful consideration of the relationship between the capital resources that we use and affect, and the potential trade-offs inherent in our strategic choices, we manage our resources to provide integrated healthcare solutions to our clients and increase access to reliable, affordable and quality healthcare. This enables us to create value by maintaining financial returns and enhancing the lives of our stakeholders.

This year, we have changed the structure of our report in line with our constant pursuit of more deeply embedded integrated thinking. Recognising that the core of our business creates ongoing value by contributing to a sustainable future through the achievement of our central purpose, we have removed the separate discussion on socio-economic impact as this is integrated throughout our performance discussion.

Reporting scope and boundary

Material events between the year-end and September 2020, when the Board approved the report, are also included. The scope, boundary and measurement methods of our reporting approach are materially similar as in 2020. Prior year figures for our Non-executive Directors' remuneration have been restated to exclude the VAT component to align with our internal reporting practices and Annual Financial Statements. Furthermore, certain restatements have been included with regard to our Executive Directors' remuneration, the details of which have been included in our remuneration report.

Our integrated reporting boundary

(Risks, opportunities and outcomes in terms of the International
Integrated Reporting Council (IIRC) Integrated Reporting <IR> Framework)

Risks and opportunities arising from our enterprise risk management (see Corporate Governance Review for more detail)

Risks and opportunities arising from our external operating environment (see External environment for more detail)

Risks and opportunities arising from our stakeholder engagement (see Our stakeholders for more detail)

Reporting approach

This report has been prepared to provide balanced, reliable, transparent and relevant information to our providers of financial capital and other interested stakeholders. We strive to demonstrate how we execute our strategy to create value using our chosen business model and taking into account the nature, quality and availability of the resources and relationships we rely on.

Only matters that are material to our value creation have been included in this report. We consider matters to be material if they have the potential to substantively affect our ability to create and sustain value for our stakeholders over the short, medium and long term (see Our material matters for more detail).

As a means of ensuring we supply relevant information to our various stakeholders, our approach to reporting includes the use of a suite of reports.

Reporting suite

We are committed to effectively communicating with our stakeholders. Our IR is supplemented by our full suite of reports accessible on our Group website at

Our IR is primarily addressed to our providers of capital and other interested stakeholders. It details the Group's strategy, as well as our performance against the strategy, including demonstrating the Group's value creation journey.
  • Management and governance oversight
  • Board oversight and approval
  • B-BBEE verification (Mazars Consulting Services)Note: No independent assurance was obtained on the report as a whole.
Note: No independent assurance was obtained on the report as a whole.

The Notice of Annual General Meeting (AGM) provides statutory information distributed to shareholders to convene the AGM. Proxies are attached for the voting of all resolutions tabled.
  • Management and governance oversight

The Group Annual Financial Statements (AFS) is a comprehensive report of the Group's audited financial statements, prepared in accordance with the International Financial Reporting Standards (IFRS).
  • Internal controls
  • Management and governance oversight
  • Internal audit
  • Unmodified external audit opinion (PricewaterhouseCoopers Inc.)

Frameworks and compliance

IIRC's International <IR> Framework
Johannesburg Stock Exchange (JSE) Listings Requirements
King Report on Corporate GovernanceTM for South Africa, 2016 (King IV)1
Companies Act 71 of 2008, as amended (Companies Act)
SAICA Financial Reporting Guides as issued by the Accounting Practices Committee
Financial Pronouncements as issued by the Financial Reporting Standards Council
International Financial Reporting Standards (IFRS)

1 Copyright and trademarks are owned by the Institute of Directors in South Africa NPC and all of its rights are reserved. All further use in this document is done with acknowledgement of this ownership.


Outlook information is considered to be that which details the challenges, opportunities and uncertainties we are likely to encounter in pursuing our strategy, as well as the potential implications for our business model and future performance.

Outlook information can be found throughout this report; however, the majority of this information is detailed in the following sections:

Our material matters

Our business model

Chairman's review

Chief Executive Officer's (CEO's) review

Our operating context

Unpacking our performance

Chief Financial Officer's (CFO's) review

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 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 this report. The Board is of the opinion that this IR addresses all material matters, offering a balanced perspective of the Group's strategy and how it relates to AfroCentric's ability to create value in the short, medium and long term. The report addresses the use of and effects on the capital resources, and how the availability of these capital resources impacts the Group's strategy and business model. We, as the Board, believe that this report has been prepared in accordance with the International 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 10 September 2020.

Dr Anna Mokgokong Ahmed Banderker Hannes Boonzaaier Bruno Fernandes
Chairman Group CEO Group CFO Lead Independent Non-executive Director
(Audit and Risk Committee Chairperson)


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 or telephonically at +27 (0)11 671 2475.