About this report
Our Integrated Report provides information about AfroCentric for the year ended 30 June 2022.
This report is intended for current and prospective investors and stakeholders with an interest in our Group. It provides information on AfroCentric Investment Corporation Limited's (AfroCentric's, the AfroCentric Group's, the Company's or the Group's) governance, material risks and opportunities, performance against strategy, impact on society, and prospects.
Integrated thinking
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 or preserve value using our chosen business model and considering the nature, quality and availability of the resources and relationships we rely on, as well as our contribution to broader goals.
By carefully considering the relationship between the capitals that we use and affect, as well as the potential trade-offs inherent in our strategic choices, we manage our resources to provide integrated healthcare solutions for our clients and increase access to sustainable, affordable and quality healthcare for their members. This enables us to create value by sustaining financial returns and enhancing the lives of our stakeholders.
To demonstrate our commitment to sustainable development, we have included references to the SDGs – those that relate to our strategy and to which we can most significantly contribute. However, based on our strategic intent, our primary contribution is to
SDG 3 – Good Health and Well-being – and specifically to target 3.8.
Reporting scope and boundary
Material events between the year-end and 26 September 2022, when the Board approved the report, are also included. Our reporting approach's scope, boundary and measurement methods are materially similar to those in 2021. There were no restatements to comparatives.
Our integrated reporting boundary
Our Integrated Report covers all material matters arising from our
Reporting approach
Only matters 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
The following frameworks have been used in compiling our report:
- Integrated Reporting Framework
- JSE Listings Requirements
- King Report on Corporate Governance for South Africa, 2016 (King IV)TM1
- Companies Act 71 of 2008, as amended (Companies Act)
- The South African Institute of Chartered Accountants' 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)
Reporting suite
Our Integrated Report is supplemented by our full suite of reports accessible on our Group website at www.afrocentric.za.com.
Our IR is primarily addressed to our providers of capital and other interested stakeholders. It details the Group's strategy and our performance against it, including demonstrating the Group's value creation journey.
Assurance
- Management and governance oversight
- Board oversight and approval
- Broad-Based Black Economic Empowerment (B-BBEE) verification (Honeycomb BEE Ratings)
No independent assurance was obtained on the report as a whole.
The Group Annual Financial Statements (AFS) provide comprehensive information pertaining to the Group's audited financial statements, prepared in accordance with IFRS.
Assurance
- Internal controls
- Management and governance oversight
- Internal audit
- Unmodified external audit opinion (PricewaterhouseCoopers Inc.)
The notice of AGM provides statutory information distributed to shareholders to convene the AGM. In addition, proxies are attached for the voting of all resolutions tabled.
Assurance
- Management and governance oversight
| 1 | Copyright and trademarks are owned by the Institute of Directors in Southern Africa NPC and all of its rights are reserved. All further use in this document is done with acknowledgement of this ownership. |
Outlook
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:
Chief Executive Officer's (CEO's) review
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 cause 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 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.
Process disclosure and assurance approach
Our integrated reporting process began with reviewing the material matters for reporting. Content gathering for the report included engagements across the business and at Board level, as well as drawing from Board and Board committee submissions. We apply a combined assurance approach over the Group's operations. Therefore, internal controls, management assurance, compliance and internal audit reviews, as well as the services of independent external assurance providers, support the accuracy of the disclosures within our published reports.
In line with their mandate, the Integrated Report is reviewed and recommended to the Board for approval by the Audit and Risk Committee. The Board takes final accountability for approving the Group's external disclosures.
Board approval
The Board acknowledges its responsibility for the integrity of this report. This report provides relevant information to providers of financial capital to enable informed capital allocation decisions while supplying information relevant to our broader stakeholders. The report 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 capitals and how the availability of these capitals impacts the Group's strategy and business model. Furthermore, we believe this report demonstrates how the Group seeks to fulfil its purpose and, in this way, creates sustainable value for all its stakeholders. Our opinion is that this Integrated Report presents a fair and balanced view of AfroCentric's performance and outlook. We, as the Board, believe that this report has been prepared in accordance with the International Integrated Reporting
This report was approved for release on 26 September 2022.
| Dr Anna Mokgokong Chairman |
Joe Madungandaba Deputy Chairman |
Bruno Fernandes Lead Independent Director |
Mmaboshadi Chauke Independent Non-executive Director |
| Alice le Roux Independent Non-executive Director |
Gary Allen Non-executive Director |
Dr Nkateko Munisi Non-executive Director |
Kanyisa Mkhize Non-executive Director |
| Ahmed Banderker Group CEO |
Hannes Boonzaaier Group CFO |
Willem Britz Non-executive Director |
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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 Bongiwe Ncube at investor-relations@afrocentric.za.com or telephonically at +27 (0)11 671 2475.
