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2020 Integrated Report One Barloworld Delivering value while adapting and transforming BARLOWORLD LIMITED INTEGRATED REPORT 2020 About Barloworld Barloworld is an industrial processing, distribution and service company which distributes leading international brands. In our Original Equipment Manufacturers (OEM) businesses we provide integrated sales, rental, fleet management and product support through offering flexible, value adding, and innovative business solutions to our customers backed by leading global brands. The brands we represent on behalf of our principals include Caterpillar, Avis, Budget, Mercedes-Benz, Toyota, Volkswagen, Audi, BMW, Ford, Mazda, among others. The divisions of the Group comprise Equipment (earthmoving equipment and power systems), Automotive (car rental, motor retail, fleet services, used vehicles and disposal solutions), Logistics (transport management, supply chain optimisation and freight forwarding solutions) and Consumer Industries (Ingrain – starch and glucose). Barloworld has a proven track record of long term relationships with global principals and customers. We have an ability to develop and grow businesses in multiple geographies including challenging territories with high growth prospects. One of our core competencies is an ability to leverage systems and best practices across our chosen business segments. As an organisation we are committed to sustainable development and playing a leading role in empowerment and transformation. The Company was founded in 1902 and currently has operations in 16 countries around the world. SEND US YOUR FEEDBACK Help us to understand what matters to you by sending your comments and feedback on our integrated report to [email protected] or [email protected] or visit www.barloworld.com to download the feedback form. Our purpose To inspire a world of difference, enabling growth and progress in society Our vision To delight our customers and maximise shareholder value Our sustainability commitment To be a responsible corporate; delivering products, services and solutions that generate sustainable outcomes 1 Contents PAGES PAGES PAGES IFC – 10 14 – 40 46 – 57 OUR REPORT OUR OUR OVERVIEW BUSINESS STRATEGY About Barloworld IFC One Barloworld structured to Chief executive officer‘s Review 46 Aim of our Report 04 deliver value 15 Our Strategy (short, medium Scope and Boundary 04 Our Global Presence and long term) 50 (longer term approach) Materiality Approach 04 16 Creating a Platform for Growth Our Operating Context (Mongolia and Ingrain) Outlook 04 18 54 Our Material Matters, Strategy Execution (the BBS) Reporting Frameworks 04 56 Risks, Opportunities and Internal Controls and Combined Responses (ensuring longevity) 20 Assurance 04 Our response to the Board Approval 04 global pandemic 36 Forward Looking Statements 04 Our Business Model Navigation Tools 05 (adaptable/delivering results) 38 Our Reporting Suite 06 Value Creation through the Towards long term Capitals (for the long term) value creation 06 and our Trade-Offs 40 Recent Milestones 08 2020 in Review 09 Chairman’s Review 10 SECTION SECTION SECTION 1 2 3 CONTENTS CONTINUED PAGES PAGES PAGES 58 – 75 76 – 153 154 – 222 OUR OUR OUR STATUTORY GOVERNANCE PERFORMANCE REPORTS AND Board Overview 58 Group finance director’s Review 76 ANCILLARY Governance 63 Overall Performance (financial INFORMATION Board Committee Focus Areas 67 and non-financial key performance Board Committee Meetings indicators) 80 Remuneration Report 155 and Attendance 68 Unpacking our strategic enablers Social, ethics and transformation (Leveraging our scale and assets committee Report Executive Committee Overview 72 192 and maintaining leading brands) 84 Audit Committee Report 194 Equipment southern Africa 85 Summarised Annual Financial Equipment Eurasia 89 Statements 198 Automotive 94 Shareholder Profile 220 Logistics 100 Glossary 221 Corporate 105 Corporate Information Khula Sizwe 108 222 AGM notice Separate Booklet Managing Talent 110 Developing Leaders 113 Differentiated Relationships 115 Stakeholder Engagement 116 Transformation 122 Socio-economic development 125 Social Investment (CSI) 130 Sustainability 136 Value added Statement 148 Assurance report for selected non-financial indicators 150 Assurance Matrix 153 SECTION SECTION SECTION 2 3 4 5 6 3 Our report overview AIM OF OUR REPORT encounter in pursuing our strategy, and what independently assured (limited assurance) Our integrated report aims to provide a the potential implications for our business model by independent external auditors – refer pages balanced and accurate reflection of our and future performance are. 150 – 153. Reporting criteria for the selected strategy, performance, risks, opportunities and Natural and Human Capital indicators can Outlook information can be found throughout future outlook in relation to material financial, be accessed via https://www.barloworld. this report, however, the majority of this economic, social and governance issues. This com/pdf/sustainability/policies/2020/ information can be found in Section 1. report primarily addresses how we create value barloworld-non-financial-reporting- over the short, medium and long term and, criteria-fy2020.pdf as such, is of particular interest to our long REPORTING FRAMEWORKS term investors while also providing appropriate Our integrated report is guided by various BOARD APPROVAL information to all our key stakeholders. codes and standards, including the: The board of directors acknowledges its ○ King IV report on Corporate Governance responsibility to ensure the integrity of the SCOPE AND BOUNDARY for South Africa (King IV) integrated report. The board has accordingly ○ International Integrated <IR> Framework This integrated report covers the performance applied its collective mind and, in its (<IR> Framework) of Barloworld Limited for the financial year opinion, this integrated report addresses ○ Companies Act 71 of 2008 (as amended) ended 30 September 2020 for all geographic all material matters, and offers a balanced (Companies Act) regions in which the Barloworld Group and our view of its strategy and how it relates to the ○ Johannesburg Stock Exchange Listings subsidiaries operate. organisation’s ability to create value in the Requirements (JSE Listings Requirements) short, medium and long term. This report The consolidated data incorporates the company ○ Global Reporting Initiative Sustainability adequately addresses the use of and effects and all entities controlled by Barloworld as if Reporting Standards (GRI standards) on the capitals, and the manner in which the ○ they were a single economic entity. During the United Nations Sustainable Development availability of these capitals are impacting (SDGs) reporting period, a decision was taken not to Barloworld’s strategy and business model. divest from Avis Fleet and 2019 was restated ○ International Financial Reporting to include Avis Fleet as part of continuing Standards (IFRS) We, as the board, believe that this report operations. 2019 was also restated for has been prepared in accordance with the reclassification of contract liabilities from other INTERNAL CONTROLS AND International <IR> Framework. This report liabilities, disaggregation of non-operating and COMBINED ASSURANCE was approved by the board on capital items, and inclusion of inventory in transit The board, with the support of the audit 14 December 2020. and the related payables. These restatements committee, is ultimately responsible for Signed on behalf of the board of directors by were disclosed as prior year errors. Barloworld’s system of internal control, designed to identify, evaluate, manage, and There are no other entities over which the Group provide reasonable assurance against material has significant influence that it believes should misstatement and loss. be included in the report. We apply a combined assurance model, which NEO PHAKAMA DONGWANA Both financial and non-financial data are aligned seeks to optimise the assurance obtained from Chairman to the same financial reporting period allowing management as well as internal and external for comparison of performance data. The assurance providers while fostering a strong decision taken not to divest from Avis Fleet has ethical climate and mechanisms to ensure resulted in the restatement of natural capital compliance. The process is monitored and indicators. Any limitations are disclosed in the evaluated under the direction of internal audit, relevant section. while external audit teams cover key controls DOMINIC SEWELA Any material events up to the board approval and accounting matters in the course of their Group chief executive officer of this report on 14 December 2020 are audits. also included. Other levels of external assurance are obtained as and when required. The board and the MATERIALITY APPROACH audit committee assessed the effectiveness This report aims to disclose information of controls for the year ended NOPASIKA LILA about matters that substantively affect 30 September 2020 as satisfactory, primarily Group finance director our ability to create value over the short, through a process of management self- medium and long term. For us, short term assessment, including formal confirmation from FORWARD LOOKING STATEMENTS refers to the next 18 months, while 19 months executive management and also considered We may, in this report, make certain to five years is considered medium term. reports from internal audit, external audit and statements that are not historical facts and Anything beyond that is deemed long
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