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2014 Integrated Report Investing in the future makes a sustainable difference Power Aut omo tiv re e ctu tru as fr In Lo g i st ic s g n i n i M A g r i c u l t u r e Integrated Report 2014 About this report Report preamble and introduction In our 2013 report we focused on the six Strategic Focus Areas (SFAs) that are consistent through our operations and align group activity, inform risks and provide a framework to identify opportunities. We have maintained this focus in our 2014 report as it captures the key priorities of the organisation as well as the input and outcomes of the capitals employed in the organisation. Our human, intellectual, natural, manufactured, financial, social and relationship capitals are deployed through a systematic, structured and integrated planning process throughout the group, facilitating an aligned group strategic framework. The performance review is in line with Our integrated reporting is guided by Significant changes during this strategic framework as the context in various codes and standards, including the reporting period which material issues are highlighted and King III and best practice, giving our During the reporting period, we disposed reported on. stakeholders insight into the workings of of our motor retail business in Australia, the organisation. As it is our intent to We have again used icons for our six key effective 31 March 2014. areas of strategic focus and provided provide information that is important for the assessment of our value creation in page references to aid navigation Changes in accounting through the report. the short, medium and long term, we have also included more robust policies and discontinued Page information that is future-oriented. operations Strategic focus areas (SFAs) reference Barloworld’s results for the half year Report scope and boundary ended 31 March 2013 and year ended Profitable growth Page 49 Our integrated report covers the financial 30 September 2013 have been restated period October 2013 to September to reflect changes in accounting policies People Page 53 2014, highlighting all 24 geographic as well as the disclosure of the Australian territories in which Barloworld and its motor retail interests as discontinued Integrated subsidiaries operate. Associates and joint operations. Page 59 ventures are equity accounted. The customer solutions Changes in accounting policies resulting consolidated data incorporates the from applying IAS19 (revised) Employee Sustainable company and all entities controlled by Page 92 Benefits and IFRS 10 Consolidated development Barloworld as a single economic entity. Financial Statements, resulted in a There are no other entities over which Empowerment and restatement of prior year results on a Page 101 the group has significant influence that it transformation comparable basis. This report covers believes should be included in the report. continuing operations unless stated R Both financial and non-financial data is Financial returns Page 107 otherwise. aligned to the same financial reporting period, allowing for comparison of performance data. Assurance Introduction The financial information in this report While the primary audience of The report provides a perspective of past has been prepared according to IFRS the Barloworld integrated report and current performance, while giving and independently assured, together are long-term providers of capital, sight of future prospects and addressing with material non-financial indicators Barloworld’s Value Based Management the short, medium and long-term and the group’s GRI Application Level, (VBM) philosophy requires that, to be account of the various capitals employed by Deloitte & Touche. sustainable, our value creation activities in the value creation activities. Our benefit and impact a wide range of annual financial statements are prepared stakeholders, and therefore the interests in accordance with IFRS unless otherwise of these stakeholders are addressed in stated. Any limitations will be disclosed the report. in the relevant section. GRI 3.5 to 3.11 Linking our material issues to our Strategic Focus Are Core strategic themes The group has identified top imperatives that form our material focus areas for each Strategic focus areas (SFAs) Strategic objectives Profitable growth Achieve targeted compound growth in total shareholder returns over five years to September 2015. People Build an organisation that adds value to employees as our success is based on inspired, aligned, empowered, results-driven, globally competitive, passionate people who create value through strategic innovation and continuous improvement. Integrated customer Drive market leadership through competitive differentiation by accelerating the solutions evolution of our business model from pure distribution to the provision of flexible, value-adding, integrated customer solutions. Sustainable Develop products and services to capitalise on emerging sustainable business development opportunities, realise cost savings through energy efficiency and other sustainable business practices, and enhance Barloworld’s reputation by leading in sustainable development. Empowerment and transformation Enhance competitiveness, credibility, legitimacy and reputation in the eyes of all stakeholders by leading in broad-based empowerment and transformation. Financial returns Achieve top-quartile financial returns as measured against peer groups R in each of our chosen business segments. eas and the capitals core strategic theme. Key performance indicators have been set to track progress. Material issues related to our strategic objectives Capitals – Key growth initiatives – Capital allocation Financial – Shareholder returns – Cost management Manufactured – Employee value model – Talent management Human – Leadership development – Health and safety Intellectual – Customer value proposition – Customer relationships Human – Alignment with principals – Innovation Intellectual – Operational excellence – Technology-enabled solutions Manufactured – Reducing our environmental footprint – Stakeholder engagement – Responsible value chain – Ethics and compliance Natural – Products and services – Governance Social – Corporate social investment – Diversity – Enterprise and supplier development Human Social – Financial value drivers – Source of funding/structure – Financial returns – Working capital Financial – Cash management Barloworld Limited 1 Determining materiality Integrated Report 2014 Barloworld uses ongoing engagement and review throughout the year as the basis for defining integrated report content. Through these processes, the group prioritises report content and validates the importance of issues with the concerned stakeholder groups. The principle of materiality guides the prioritisation of topics identified during the stakeholder engagement process. − Review of internal and external macro factors Identification − Deliberation at both operational and board levels − Define strategies and set targets Prioritisation happens in a number of ways: − Risk identification process − Ongoing stakeholder engagement − Values, policies and Code of Conduct Prioritisation − Customer surveys − Employee perception surveys − Internal and external audit reports − Meeting agendas and minutes − Regulatory requirements Validation is primarily an internally driven process with endorsement by various board sub-committees. Validation − Further stakeholder engagement − Executive and audit committees, as well as board final sign-off We believe our materiality framework is sufficiently robust to instil confidence in our report’s content, particularly when read in conjunction with other information in our suite of annual reporting. In distilling the common themes emanating from stakeholder engagements and other processes for determining material issues, the need for us to provide more information on the future opportunities for Barloworld emerged. We have therefore sought to give a bit more colour into the general trends that inform our medium to long-term prospects, related investment and use of capitals. GRI 3.5 Barloworld Limited 2 Integrated Report 2014 Supplementary documents Printed documents Annual General Meeting (AGM) booklet 2014 Online documents This document is also available online along with: Barloworld is well 1. Remuneration report http://www.barloworld-reports.co.za/integrated-reports/ir-2014/ rem-report/rem-about.php positioned to take advantage of growth prospects in a world that calls for 2. Corporate Governance report innovative customer http://www.barloworld-reports.co.za/integrated-reports/ir-2014/ corp-gov/gov-about.php solutions that we can provide in mining, infrastructure, energy, agriculture, 3. Annual Consolidated Financial Statements http://www.barloworld-reports.co.za/integrated-reports/ir-2014/ afs/financial-about-report.php automotive and logistics. We are investing in the future. 4. GRI G3.1 Content Index and a set of 2014 responses to the GRI Sustainability Reporting Guidelines G3.1 http://www.barloworld-reports.co.za/integrated-reports/ir-2014/ gri-index/ Our integrated reporting is aligned to GRI 3.1 Application Level A+. This refers to the information disclosed in this integrated report and supplementary documents as well as the information provided on our website. Barloworld Limited 3 Group profile Integrated Report 2014 How we make a sustainable difference for our stakeholders: By providing flexible value-adding integrated solutions through the representation of leading global brands in: Equipment Automotive and and Corporate
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