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About the Integrated Report EOH 2019 INTEGRATED REPORT 2019 INTEGRATED 2019 Integrated Report About The Integrated Report Introduction and scope of the Materiality Approval of the integrated report EOH’s integrated report focuses on report We are pleased to present our 2019 information that is material to EOH’s The Board acknowledges that it is integrated report which covers the business. It provides a concise overview responsible for ensuring the integrity of performance of EOH Holdings Limited of EOH’s performance, prospects and this report and has applied its collective (‘EOH Holdings’ or ‘the Company’) and ability to continue to provide sustainable mind in the preparation thereof. The its subsidiaries (hereafter referred to value for all its stakeholders. The Board believes that the report has, in as ‘EOH’ or ‘the Group’) as well as its legitimate interests of all stakeholders all material respects, been presented associates and interests in joint ventures have been taken into account and all in accordance with the IIRC integrated for the year ended 31 July 2019. material information has been included reporting <IR> Framework. in this report. EOH’s integrated report contains the full set of audited Consolidated Annual Assurance Financial Statements for the year ended The Board of directors of the Company 31 July 2019. (‘the Board’), assisted by the Audit Stephen van Coller Committee, is responsible for ensuring Chief Executive Officer Preparation of the integrated the integrity of the integrated report. report Accordingly, EOH applies the combined The following reporting frameworks were assurance model by using a combination considered when preparing this report: of external service providers and the • The Companies Act of South Africa. input of management. The audit opinion Dr Xolani Mkhwanazi • The Listings Requirements of the JSE expressed by the external auditors is Chairman Limited (‘JSE Listings Requirements’). included in their audit report as part 1 November 2019 • The principles of the King IV Report of the Consolidated Annual Financial on Corporate Governance™ or King IV™ Statements. (‘King IV’)*. • International Financial Reporting Forward looking statements Standards (‘IFRS’). This report contains forward-looking • International Integrated Reporting statements which are based on Council (‘IIRC’) integrated reporting assumptions and management’s (‘<IR>’) Framework. view of EOH’s future performance. Such statements are, by their nature, EOH continues to progress on the estimates, subject to risks and journey outlined by King IV, while uncertainties, which may result in EOH’s ensuring increased integration of actual performance being different from reported financial, social, governance that expressed or implied in any forward and environmental information. EOH looking statements. These statements uses the concepts, guiding principles have not been audited by EOH’s external and content elements contained in the auditors. <IR> Framework as a platform for this integrated report. * Copyright and trademarks are owned by the Institute of Directors in Southern Africa NPC and all of its rights are reserved. Contents IFC About The Integrated Report 02 About EOH 04 Chairman’s Report 06 Courageous leadership 2019 08 Chief Executive Officer’s Report 14 Operating Model 16 Chief Financial Officer’s Report 21 Five-year Review 22 Chief Risk Officer’s Report 25 Comprehensive Remediation Plan Status Report 28 Risk Overview 32 Stakeholder Engagement 33 Sustainability Report 35 EOH Sustainability Framework 36 Our Six Sustainability Themes 52 Governance Report 53 EOH Governance Framework 58 EOH Board 62 Corporate Governance 68 Remuneration Report 76 Nomination and Remuneration Committee Report 78 Audit Committee Report 82 Governance and Risk Committee Report 85 Technology and Information Committee Report 87 Social and Ethics Committee Report 90 Annual Financial Statements 161 Shareholder analysis 163 Glossary 164 Corporate information www.eoh.co.za EOH INTEGRATED REPORT 2019 01 About EOH The Group continues to be an undisputed EOH Group Purpose market leader in its core ICT businesses, To provide the technology, knowledge, skills and organisational ability which operate principally under the iOCO critical to the development and growth of the markets we serve. brand name. The nature of this business is systemic to both the public and private To be an ethical and relevant force for good and to play a positive role in sector and is an integral technology society, beyond normal business practice. partner for a number of South Africa’s leading JSE-listed, blue-chip companies, as well as key metros and government Our Philosophies departments. The Group’s c.10 500 employees deliver services to over 2 500 large enterprise customers across all major industries Solutions A diverse, A vibrant and Building The Taking throughout South Africa, Africa, Europe that create ethical, and innovative technology elimination of action on and the Middle East. As a proudly South value for our talented digital skills in corruption climate customers workforce ecosystem communities change African business, EOH is committed to sustainable transformation, making a positive, meaningful contribution to society, and is a level 1 Broad- based Black Economic Empowerment To lead To be a To nurture To invest in Share the Protecting our (‘B-BBEE’) contributor. and grow responsible innovation, the digital lessons we planet through innovative and employer, partnerships and maths have learned enabling sustainable nurturing and growth skills needed and enable a technologies technology talent and the in the digital by future high integrity solutions best people sector generations business 3 September‘18 15 January‘19 ‘19July A year of Appointment: BEE transaction with Appointment: Reorganised business Appointment: Appointment: Appointment of New • Announced • ICT business Stephen van Coller Lebashe implemented Megan Pydigadu into three key pillars – Lufuno Nevhutalu Fatima Newman Board Chairman and partnership relaunched as iOCO changes Group CEO with effect 1 October Group CFO NEXTEC, iOCO, IP Head: Public Sector Group Chief Risk three Independent agreement between 2018 Officer Non-executive CCS and RIB Directors Software SE • Release of ENSafrica investigation report 1 October‘18 March‘19 02 EOH INTEGRATED REPORT 2019 u About EOH Chairman’s Report u EOH is one of the largest technology services companies in Africa and has a wide range of solutions in industry consulting, IT services, software, industrial technologies and business process outsourcing. THE EOH BUSINESS COMPRISES THREE MAJOR PILLARS WITH CLEAR ALIGNMENT OF FOCUS AND GROUPINGS OF VALUE: NEXTEC IP iOCO The NEXTEC grouping of a A group of high potential An ICT business focused on variety of businesses at various IP companies with scaled traditional and cutting-edge stages of incubation for growth technology, ready to be taken technology system integration and scaling to market with partners 2019 Revenue (%) Salient features for the year under review • 10 Enhanced King IV compliant Board and new executive leadership. • Strategic focus defined for theshort term. Further refinement and assessment of portfolio ongoing. 38 52 • Embarked upon a fit-for-purpose capital structure. • Progress made towards reducing leverage. 2019 Gross prot (%) Key financial indicators • Continuing revenue – R11 791 million. 23 • Normalised EBITDA – R792 million. • Cash of R1 049 million. 47 • Net asset value of R1 957 million. 30 ■ iOCO ■ NEXTEC ■ IP 3 September‘18 8 April‘19 ‘19July Appointment: BEE transaction with Appointment: Reorganised business Appointment: Appointment: Appointment of New • Announced • ICT business Stephen van Coller Lebashe implemented Megan Pydigadu into three key pillars – Lufuno Nevhutalu Fatima Newman Board Chairman and partnership relaunched as iOCO Group CEO with effect 1 October Group CFO NEXTEC, iOCO, IP Head: Public Sector Group Chief Risk three Independent agreement between 2018 Officer Non-executive CCS and RIB Directors Software SE • Release of ENSafrica investigation report 15 March‘19 June‘19 ‘19July EOH INTEGRATED REPORT 2019 03 Chairman’s Report Dr Xolani Mkhwanazi Chairman “I was mindful to look beyond the headlines and saw the tremendous value, technology innovation and entrepreneurial spirit upon which EOH was built. EOH has the potential to power both the private and public sector to redress inequality by creating an inclusive digital economy and society.” was committed to fixing the past and was Q: Dr Mkhwanazi, what were putting in place the building blocks of Q: How do you view EOH in the your first impressions of EOH when the EOH of the future. This included the context of the operating environment? you were appointed as Chairman in daunting task of leading an investigation June 2019? in the midst of high stakeholder scrutiny. A: Our South African democracy and society have been greatly impacted by From the very beginning, I was drawn I was mindful to look beyond the scourge of corruption. It is an anchor A: to its uncompromising commitment to the headlines and saw the tremendous that drags us all down, a millstone transparency and zero tolerance for value, technology innovation and around the necks of productive citizens. corruption as a Board and Executive entrepreneurial spirit upon which EOH It increases the costs of doing business, Committee (‘EXCO’). I believe that this was built. I found a business with some stunts competitiveness and has a will be one of the defining factors in of the best minds and solutions
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