About this report

This report has been compiled to enable Bidvest stakeholders to make an informed assessment about our ability to create value over time.

To facilitate such an assessment: We introduce the Group, outline who we are, where we operate, what we do, and how we create and sustain value; Provide a high-level strategic and governance overview incorporating the chairman’s statement and review our leadership team and governance and remuneration practices; Provide an operational summary of our performance and strategy in the CEO’s statement; Identify the material matters that impact on value creation in terms of our operating environment, and the principal risks and opportunities facing the Company; Reflect on our interaction with the six capitals which enable our business and our key stakeholder relationships and review our financial performance and plans in terms of our strategic focus areas and across our operations. This report covers the period from 1 July 2016 to 30 June 2017.

Our reporting process has been guided by the principles and requirements contained in the International Financial Reporting Standards (IFRS), the IIRC’s International Framework, the Global Reporting Index Sustainability Reporting Standards (GRI), the King Code on Corporate Governance 2016 (King IV), the JSE Listings Requirements and the South African Companies Act, No 71 of 2008. We have provided extracts from the consolidated annual financial statements (AFS) in this report. The full set of AFS, and our Annual Governance report, are available online or can be requested from our company secretary. This report provides information on all those matters that we believe could substantively affect value creation at Bidvest.

Integrated thinking is intrinsic to how we manage our business and to our internal strategy development and reporting practices. Our strategy has been developed to ensure that we manage the resources and relationships needed to create value over time. We use a combined assurance model to provide us with assurance obtained from management and from internal and external assurance providers. Deloitte & Touche audited our 2017 AFS and provided an unmodified opinion thereon. The extracts from the AFS in this integrated report are audited. Our audit, risk and compliance committee provides internal assurance to the board on an annual basis on the execution of the combined assurance plan. The Group’s financial, operating, compliance and risk management controls are assessed by the Group’s internal audit function, which is overseen by the audit, risk and compliance committee. No additional external assurance has been sought.

The board has applied its collective mind to the preparation and presentation of the information in this report, which has been guided by the IIRC’s International Framework. The board believes that this report addresses all material issues and presents a balanced and fair account of the Group’s performance for the reporting period, as well as an accurate reflection of our core strategic commitments.

Signed on the board’s behalf:

CWL Phalatse

LP Ralphs
Chief executive

27 October 2017