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Annual Report TWENTY 18/19 INTEGRATED REPORT DENEL SOC INTEGRATED REPORT TWENTY 18/19 REPORTING SCOPE AND BOUNDARY This report provides information on Denel SOC’s strategy and business model, financial data, operations and its ability to create value for the period 01 April 2018 to 31 March 2019. Financial information includes information regarding associated companies. All significant items are reported on a comparative basis. ASSURANCE Financial information The financial information in this report has been prepared in accordance with International Financial Reporting Standards (IFRS). It was independently audited by Denel’s external auditors, the Auditor General of South Africa. The report of the external auditors on the financial statements is included on page 102. Non-financial information The following main standards have been considered in providing non-financial information: ∞ The Companies Act (Act 71 of 2008) ∞ The King IV Code on Corporate Governance ∞ The IIRC’s International <IR> Framework ∞ GRI G4 guidelines REPORT CONTENT This report outlines the group’s outlook and highlights opportunities and challenges, as well as planned actions to address them. The planned actions take into account business priorities, risks and recommendations made by stakeholders. Denel is committed to sustainable development, and responds to the economic, social and natural environmental imperatives where it conducts business. These principles are embedded in the group’s corporate strategy and values and are reflected in the financial and economic decisions made by the group. Denel actively identifies material matters through engagements with internal and external stakeholders and considers the group’s risk management processes and feedback from sustainability indices. This process ensures that the group’s corporate responsibility programmes remain relevant and meaningful to Denel’s stakeholders and reflects the changing landscape of corporate responsibility. APPROVAL OF THE REPORT The Denel Board, supported by the Audit Committee, has taken overall responsibility and accountability for this report. The Board confirms that it has collectively reviewed its content and concluded that the Integrated Report is presented in accordance with the International <IR> Framework. The Board believes that this report is a balanced and appropriate presentation of the profile and performance of Denel. The Board approved this report on page 96. MS M HLAHLA MR T SADIK Chairperson Audit Chairperson ABOUT THIS REPORT A GLOBAL DEFENCE TECHNOLOGY COMPANY INTEGRATED REPORT TWENTY 18/19 TWENTY 18/19 CONTENTS INTEGRATED REPORT WHO WE ARE 1 Vision, Purpose and values 06 Performance indicators 07 Who we are 08 Chairperson’s report 10 Board of Directors 14 Executive Management Committee 18 Organisational structure 20 Where we operate 21 Business model and value creation 22 CREATING VALUE FOR OUR STAKEHOLDERS 2 Human capital 26 Social capital 28 Environmental capital 30 Intellectual capital 32 Financial capital 33 STAKEHOLDER ENGAGEMENT 3 How we engage with our stakeholders 36 Material risks 41 EXTERNAL ENVIRONMENT AND STRATEGY 4 External environment 48 Strategic objectives 49 02 DENEL GROUP INTEGRATED REPORT TWENTY 18/19 GLOBAL DEFENCE DENEL SOC LTD TECHNOLOGY COMPANY PERFORMANCE REVIEW 5 CEO’s report 54 Operational reviews 57 Financial performance 64 Shareholder compact 67 OUR GOVERNANCE 6 Governance framework 70 Remuneration report 87 CONSOLIDATED ANNUAL FINANCIAL STATEMENTS 7 Report of the Audit Committee 94 Director’s report 97 Statement of Company Secretary 101 Independent auditors report to Parliament 102 Annual Financial Statements 112 INFORMATION SERVICE 8 GRI index 226 Statistics 230 Glossary 234 Corporate information 237 This integrated report is available on Denel’s website www.denel.co.za DENEL GROUP 03 INTEGRATED REPORT TWENTY 18/19 WHO WE ARE WHO WE ARE PART 1 1 PART WHO WE ARE OUR VISION AND PURPOSE VISION We are an innovative global defence, security and related technology solutions company. PURPOSE To provide turnkey solutions of defence, security and related technology, to our clients by designing, developing, integrating, testing & evaluating and supporting artillery, armour protected vehicles, missiles munitions, unmanned aerial vehicle systems, aircraft maintenance and aerostructures based on high end technology effectively and efficiently. OUR VALUES PERFORMANCE We embrace operational excellence INTEGRITY We are honest, truthful and ethical INNOVATION We create sustainable, innovative solutions CARING We care for people, customers, suppliers, communities and the environment ACCOUNTABILITY We take responsibility for our actions A GLOBAL DEFENCE TECHNOLOGY COMPANY 06 INTEGRATED REPORT TWENTY 18/19 PART 1 PERFORMANCE HIGHLIGHTS ECONOMIC Revenue Cash Debt: Equity R3.8bn R575m -2.05:1 2017/18 | R5.8bn 2017/18 | R1.3bn 2017/18 | 7.39:1 Borrowings Net profit/loss R&D R3.4bn (R1 749m) R108m 2017/18 | R3.3bn 2017/18 | (R1 053m) 2017/18 | R769m TRANSFORMATION Female B-BBEE appointments Level 6 2017/18 | Level 6 58% 2017/18 | 44% ACI* appointments 83% 2017/18 | 83% SOCIAL Skills Corporate development social investment R32m R593k 2017/18 | R52m 2017/18 | R9.4m Employee Black-owned * numbers spend 3 968 R417m 2017/18 | 4 629 2017/18 | R614m * ”Black”/ACI means African, Coloured or Indian persons as defined by the B-BBEE Act. INTEGRATED REPORT TWENTY 18/19 07 1 PART WHO WE ARE WHO WE ARE ONE DENEL. ONE VISION. ONE PURPOSE! Denel is a state-owned commercially-driven company and strategic partner for innovative defence, security, aerospace and related technology solutions. Denel provides turnkey solutions of defence equipment to its clients by designing, developing, integrating and supporting artillery, munitions, missiles, aerostructures, aircraft maintenance, unmanned aerial vehicles systems (UAVS) and optical payloads based on high-end technology. OUR BUSINESS DIVISIONS ARE AS FOLLOWS: DENEL AERONAUTICS Denel Aeronautics operates in conjunction with Denel Aerostructures (SOC) Ltd and incorporates the Denel Technical Academy (DTA). Denel Aeronautics delivers end-to-end-aeronautical solutions including aircraft, engine and component maintenance, repair and overhaul services (MRO), aircraft system upgrades and integration together with design, development and manufacturing of complex metallic and composite aerostructures. Denel Aeronautics is the original equipment manufacturer (OEM) of the Rooivalk combat support helicopter, as well as the design authority for both the Oryx medium transport helicopter and the Cheetah multi-role fighter aircraft. DENEL DYNAMICS As an innovation leader in advanced systems technology, the core business of Denel Dynamics is the design, development and manufacture of tactical missiles and precision-guided weapons. It also offers competitive tactical UAVS and high-speed target systems and develops satellite systems for the SA government through SANSA (South African National Space Agency). Denel Dynamics’ flagship programmes include the A-Darter joint development of the air-to-air missile with Brazil and its successful relationship with the Finnish Navy using the Umkhonto surface-to-air missile. These programmes contribute to Denel’s ability to penetrate international markets. DENEL LAND SYSTEMS Denel Land Systems (DLS) is a leading project-based, consolidated systems designer and integrator of combat turrets, artillery and infantry systems, small arms and armoured vehicles. It is also a subsystem supplier for artillery, rapid-fire medium-calibre weapons and combat vehicle systems. Part of DLS, the Mechem business unit, is a global leader in solutions for a safer environment through the clearance of landmines and explosive remnants of war (ERW), as well as mine- and ballistic-protected vehicle design and manufacture. Its customers include the United Nations (UN), other international agencies, governments and commercial customers worldwide. 08 INTEGRATED REPORT TWENTY 18/19 PART 1 DENEL VEHICLE SYSTEMS Denel Vehicle Systems (DVS) is a subsidiary of Denel SOC, which provides turnkey vehicle systems to military and police customers in South Africa and in selected export markets. DVS has three divisions, i.e. Denel OMC, Denel Gear Ratio and Denel Mechatronics. DVS has close relationships with the SANDF, especially the SA Army, Armscor and the SAPS, as well as with the NIMR and IGG companies in the UAE and several other local and international customers, suppliers and collaborators. LMT SOC LTD (RF) LMT specialises in the design and manufacture of armoured vehicles with protection against ballistics, landmines and improvised explosive devices (IEDs). Its design capabilities provide for the integration of protection technologies into armoured vehicles with, amongst others, flat or semi-flat floor landmine protection. DENEL OVERBERG TEST RANGE Denel Overberg Test Range is a versatile test range specialising in in-flight systems performance measurements for the local and international defence and aerospace industries. Its spectrum of services range from tests of short-range guided munitions for land, sea and air combat, to the evaluation of modern standoff weapons and aviation systems. DENEL PRETORIA METAL PRESSINGS Pretoria Metal Pressings (PMP), is an integrated manufacturer of small - and medium-calibre ammunition, brass products, detonics, power cartridges and mining drill bits. The company has been supplying products to military and police forces, and to the hunting and sporting fraternities around the world, for more than 80 years. DENEL SOVEREIGN
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