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2015 Integrated Report

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2015 Integrated Report A WORLD INSPIRED INTEGRATED REPORT 2015 About This is Leadership this report Barloworld review 1 3 13 A period of transition Report scope and boundary Barloworld has come to the end of our five-year strategic planning The integrated report covers the performance of Barloworld horizon, charted from October 2010 through September 2015, and Limited for the financial year October 2014 to September accordingly this report will address our performance in that period, 2015 in all our geographic regions in which the Barloworld but also look to the future beyond 2015. group and its subsidiaries operate. The consolidated data incorporates the company and all entities controlled by The 2015 report reflects on the achievements, the successes and the Barloworld as if they are a single economic entity. Associates learnings from the past five years of our journey of executing our and joint ventures are equity accounted. There are no other value creation strategy to 2015, and how this journey will continue entities over which the group has significant influence that towards realising our Vision 2020. it believes should be included in the report. Financial and non-financial data is aligned to the same financial reporting We continue to focus on the six strategic focus areas (SFAs) that are period allowing for comparison of performance data. consistent through our operations and align group activity, inform risks and provide a framework to identify opportunities. These best Our consolidated annual financial statements are prepared capture Barloworld’s key priorities as well as the inputs and outcomes in accordance with International Financial Reporting of the capitals employed in the organisation. Our human, intellectual, Standards (IFRS). Any limitations will be disclosed in natural, manufactured, financial, social and relationship capitals are the relevant section. deployed through a systematic, structured and integrated planning process throughout the group, facilitating an aligned group strategic 3.5 – 3.11 framework. Significant changes during the reporting In identifying the strategy to 2020 two of the SFAs have been refined to reflect the evolution of our strategic focus areas. period During the reporting period the disposals of the Logistics Given the forward-looking element of the report, our 2016 to 2020 business in Spain, Sea Air Transport (SAT) in Germany, and SFAs will be reflected throughout the report where relevant. the Agriculture business in Russia were carried out. Motor Retail acquired GM Ferndale and Avis Fleet acquired Tanzuk STRATEGIC FOCUS AREAS (SFAs) Limited in Tanzania. None of the changes resulted in the restatement of the financial and non-financial information. People Disclosure Barloworld endeavours to achieve the highest standards of disclosure by providing meaningful, accurate and balanced information to stakeholders. d Diversity and inclusion* Assurance The financial information in this report has been prepared according to IFRS and independently assured, together Sustainable development with material non-financial indicators and the group’s GRI Application Level, by our external auditors Deloitte and Touche. Innovative customer solutions** Supplementary documents Annual general meeting (AGM) booklet Profitable growth This document and the AGM booklet are also available online along with: t A full remuneration report R Financial returns t A full corporate governance report t A full annual consolidated financial statements report *Evolved from Empowerment and transformation. **Evolved from Integrated customer solutions. t A set of responses to the GRI sustainability reporting guideline G3.1 Our audience Long-term providers of capital form the primary audience of the Our integrated reporting is aligned to GRI 3.1 Barloworld integrated report. However, our value creation activities Application Level A+. This refers to the information benefit and impact a wide range of stakeholders, whose interests are disclosed in this integrated report and supplementary addressed in the report. documents as well as the information provided on Our integrated reporting is guided by various codes and standards our website. including King III. About this report > 1 About this report Roadmap to 2015 Performance review Governance Assurance and developing against strategic review our Vision 2020 focus areas statements 28 48 112 133 Forward-looking information About this report Our integrated report contains forward-looking information – that is, information related to future IFC A period of transition events. In this context, forward-looking statements IFC Our audience often address our expected future business, results, IFC Report scope and boundary financial performance and financial condition, and IFC Significant changes during the reporting period often contain words such as “expect”, “anticipate”, IFC Disclosure “intend”, “plan”, “believe”, “seek”, “could”, IFC Assurance “should”, “would”, “see”, or “will”. Forward- looking statements by their nature involve risk and IFC Supplementary documents uncertainty as they relate to future events that are, 1 Forward-looking information to different degrees, outside Barloworld’s control. 1 Navigation aid Therefore actual events may differ materially from 1 Send us your feedback the stated expectations. Readers are thus cautioned This is Barloworld not to place undue reliance on these statements which only provide management’s view 2 Materiality at the time of the report. 3 Core strategic themes 4 Group profile and where we operate 6 Organisation structure 7 Governance approach 8 Business model 10 Value added highlights 11 Statement of total value added 12 Performance against key indicators Leadership review 13 Chairman’s letter 16 Q and A with the chief executive 22 Finance director’s review 25 Group executive: Human resources, strategy and sustainability report Roadmap to 2015 and developing our Vision 2020 28 2015 progress review 30 Looking forward – Our medium-term strategy to 2020 34 Engaging with our stakeholders 38 Managing risk All supplementary documents are available on the 44 Managing technology Barloworld website: www.barloworld.com. Performance review against strategic focus areas 48 People NAVIGATION AID 53 CEO awards 2015 56 Diversity and inclusion 60 Sustainable development Web links www.barloworld.com 70 Innovative customer solutions – operational reviews 98 Profitable growth Global Reporting Initiative (GRI 3.1) links to 100 Financial returns http://www.barloworld-reports.co.za/ Governance review integrated-reports/ir-2015/gri-index/index.php 112 Who governs us 114 Governance and ethics SEND US YOUR FEEDBACK 124 Remuneration report 131 Social, ethics and transformation report 132 Shareholder profile To ensure that we report on issues that matter to our stakeholders please provide any feedback and Assurance statements questions to: [email protected] or 133 Statement by the board of directors [email protected]. 133 Certificate by secretary Visit www.barloworld.com to download the 134 Independent auditors’ report feedback form. 135 Independent auditors’ non-financial assurance report 137 Corporate information Barloworld Limited > Integrated Report 2015 > 2 Materiality Barloworld has a robust, systematic and structured strategic planning process through which the key determinants of value creation are identified, prioritised and targets set against them. These key determinants are the strategic focus areas (SFAs) that have a material impact on value creation for each of our identified stakeholder groups. The SFAs therefore form the overarching strategic framework and context for the material themes that are expanded on in the report. The Barloworld approach to determining and prioritising the report content is an ongoing process throughout the year that considers internal and external factors which have and/or could have a substantive impact on the organisation’s value creation activities and interactions. Defining the material themes INTERNAL EXTERNAL PROCESS FACTORS FACTORS t 4USBUFHJDUBSHFUTBOE,1*T t 3FHVMBUPSZ FDPOPNJD TPDJPQPMJUJDBM t #PBSEEJTDVTTJPOTBOENJOVUFT environmental and global developments IDENTIFICATION t &OHBHFNFOUXJUITFOJPSFYFDVUJWFT t 3FQPSUJOHGSBNFXPSLTBOE*'34 t *TTVFTSBJTFEUISPVHITUBLFIPMEFS t (3*SFQPSUJOH PRIORITISATION engagements t $%1T$MJNBUF$IBOHFBOE8BUFS VALIDATION t $PNQBOZQPMJDJFT WBMVFT FUIJDTBOEDPEFT disclosures of conduct t '54&+4&3FTQPOTJCMF*OWFTUNFOU*OEFY t 3JTLNBOBHFNFOUQSPDFTTFT t 6OJUFE/BUJPOT(MPCBM$PNQBDU 6/($ EXECUTIVE RATIFICATION AUDIT COMMITTEE OVERSIGHT The strategic framework is replicated in all divisions and functions to ensure alignment across the group. Therefore there is some commonality in the material themes that form the report content, as well as variations unique to individual businesses based on specific industry, geographic, operational and general business factors. The material themes are unchanged from the previous year. 3.5 This is Barloworld > 3 Core strategic themes STRATEGIC MATERIAL STAKEHOLDERS CAPITALS FOCUS AREAS THEMES IMPACTED IMPACTED People t &NQMPZFFFOHBHFNFOU t &NQMPZFFTBOEUIFJS t )VNBO t -FBEFSTIJQEFWFMPQNFOU representatives t *OUFMMFDUVBM t 5BMFOUNBOBHFNFOU t *OEVTUSZBTTPDJBUJPOT t .BOVGBDUVSFE t 4BGFUZ t 4PDJBM Diversity and t 8PSLGPSDFQSPåMFCZ t 1VCMJDTFDUPS t )VNBO inclusion gender and race t &NQMPZFFTBOEUIFJS t .BOVGBDUVSFE d t -PDBMJTBUJPO representatives t 4PDJBM t &OUFSQSJTFBOETVQQMJFS t $JWJMTPDJFUZBOE development communities t ###&&DPEFTJO t 1SJODJQBMTBOETVQQMJFST South Africa
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