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INTEGRATED REPORT 2011 About This Report

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INTEGRATED REPORT 2011 About This Report SEKUNJALO INVESTMENTS LIMITED INTEGRATED REPORT 2011 SEKUNJALO INVESTMENTS LIMITED INTEGRATED integrated report 2011 WWW.SEKUNJALO.COM about this report This is Sekunjalo Investments Limited’s We are also working towards reporting first attempt at integrated reporting, on creating shared value in terms of as we are committed to complying economic and societal benefits relative with the principles of King III. We also to cost, joint company and community acknowledge that an exclusive financial value creation. focus in our reporting is no longer appropriate given the broad spectrum Internally, we are investing in putting of environmental, socio-economic and together an integrated management governance factors that play an integral system for our diverse group of part in ensuring the long-term viability companies. We are cognisant of the fact of our business. that we have to report on our ability to operate effectively in a time of systemic This integrated report encompasses the change by reviewing our organisational Group’s sustainable related activities for competencies required to achieve our the period under review. It covers the strategic objectives. We are also in the scope of operations of our direct business process of monitoring and reporting on units regarding material issues. material impacts, risks and opportunities associated with the changing business The journey on which we are embarking environment and the implications these – from compliance-based sustainability have on our strategic objectives. to integrated sustainability – will take a few years to fully achieve. The Group is fully committed to and conscious of the necessity for environmentally sound practices and has started the process. We are moving away from only financial reporting and corporate social issues to reporting on matters creating shared value that sustains and enhances the systems and resources upon which that value depends. This encompasses the five capitals – financial capital, manufactured capital, human capital, societal capital and natural capital. GREYMATTER & FINCH # 5656 contents Financial highlights 2 Five-year review 3 Vision and mission 4 Board of directors 6 Executive chairman’s report 8 Chief executive officer’s report 12 Chief financial officer’s report 18 Group structure 22 Corporate governance report 24 Sustainability report 34 Shareholder information 58 Dates of importance to shareholders 136 Administration 136 financial highlights 2011 2010 2009 2008 2007 R’000 R’000 R’000 R’000 R’000 Revenue 440 390 403 169 399 481 601 534 449 516 Profit/(loss) before tax 36 500 21 085 (44 223) (1 177) 174 106 Profit/(loss) after tax (including portion attributable to non-controlling interests) 29 205 8 790 (58 772) 5 633 112 416 Headline earnings 34 181 12 898 7 571 19 088 152 688 Net asset value – Group 435 065 403 202 392 297 449 590 591 070 Net asset value – Company 682 706 639 344 629 268 632 850 1 031 492 Total assets – Group 778 761 727 638 723 457 898 985 953 774 Total assets – Company 816 901 807 103 774 845 740 413 1 181 104 Earnings per share (cents) 5.38 1.67 (12.05) 1.32 28.67 Headline earnings per share (cents) 6.99 2.64 1.55 3.94 38.20 Net asset value per share – Group (cents) 86.83 82.22 80.57 93.18 125.97 Net asset value per share – Company (cents) 139.52 130.65 128.20 129.33 219.84 2 SEKUNJALO INVESTMENTS LIMITED INTEGRATED REPORT 2011 SEKUNJALO INVESTMENTS LIMITED INTEGRATED REPORT 2011 3 five-year review STATEMENT OF FINANCIAL POSITION 2011 2010 2009 2008 2007 R’000 R’000 R’000 R’000 R’000 Assets 778 761 727 638 723 457 898 985 953 774 Property, plant and equipment 143 443 138 193 143 614 195 535 201 374 Intangible and biological assets 89 790 107 654 121 206 185 645 143 948 Investments and loans 368 218 314 518 246 990 159 565 361 081 Deferred tax assets 24 804 24 956 31 332 35 165 14 607 Current assets 187 409 173 027 161 929 286 451 192 331 Assets of disposal groups classified as held for sale 3 336 18 386 53 964 40 433 Equity 435 065 403 202 392 297 449 590 591 070 Equity attributable to equity holders of the parent 424 870 402 335 394 239 455 948 561 329 Non-controlling interest 10 195 867 (1 942) (6 359) 29 741 Liabilities 343 696 324 436 331 160 449 396 362 704 Non-current financial liabilities 75 738 55 960 58 923 53 467 46 486 Deferred tax liabilities 102 124 97 239 93 044 87 190 106 911 Current liabilities 165 834 165 561 165 971 261 763 178 203 Post-employment medical costs 1 630 1 080 794 1 017 2 072 Operating lease liability 1 119 1 198 687 293 348 Liabilities of disposal groups classified as held for sale 5 676 11 741 45 666 28 684 Net asset value Group 435 065 403 202 392 297 449 590 591 070 Company 682 706 639 344 629 268 632 849 1 031 492 Net asset value per share (cents) Group 86.83 82.22 80.57 93.18 125.97 Company 139.52 130.65 128.20 129.33 219.84 STATEMENT OF COMPREHENSIVE INCOME 2011 2010 2009 2008 2007 R’000 R’000 R’000 R’000 R’000 Revenue 440 390 403 169 399 481 601 534 449 516 Profit/(loss) before depreciation and amortisation (EBITDA) 72 275 51 761 (5 863) 35 085 191 077 Profit/(loss) before taxation 36 500 21 085 (46 244) (1 177) 174 106 Taxation (7 295) (12 510) (13 928) 3 352 (61 690) Profit/(loss) for the year from continuing operations 29 205 8 575 (60 172) 2 175 112 416 (Loss)/profit for the year from discontinued operations (1 165) 215 (668) 3 458 – Profit/(loss) for the year 28 040 8 790 (58 772) 5 633 112 416 Attributable to: Equity holders of the company 26 304 8 176 (58 941) 6 415 114 620 Minority interests 1 736 614 169 (782) (2 204) Headline earnings 34 181 12 898 7 571 19 088 152 688 cents cents cents cents cents Earnings per share 5.38 1.67 (12.05) 1.32 28.67 Headline earnings per share 6.99 2.64 1.55 3.93 38.20 Diluted earnings per share 5.38 1.67 (12.05) 1.32 27.52 2 SEKUNJALO INVESTMENTS LIMITED INTEGRATED REPORT 2011 SEKUNJALO INVESTMENTS LIMITED INTEGRATED REPORT 2011 3 vision and mission CORPORATE PROFILE It is the empowerment partner of choice to many large and small businesses and enjoys Sekunjalo Investments Limited (“Sekunjalo” or solid partnerships and investments with “the Company” or “the Group”) is a majority multinationals such as Siemens, Microsoft, black-owned and black-controlled investment Julphar, GlaxoSmithKline, British Telecoms holding company situated in Southern Africa with South Africa and Saab South Africa. international partners. The Group holds strategic investments as well as investments in Marine, As a BBBEE business, Sekunjalo has strong roots Technology, Heath and Biotherapeutics, Private amongst historically disadvantaged individuals Equity and Enterprise Development supporting (“HDIs”) and community organisations. These form Broad Based Black Economic Empowerment the majority of the Group’s shareholder base. (“BBBEE”) and Small, Medium and Micro Black control of Sekunjalo exceeds 75% and the Enterprises (SMMEs). majority of its economic benefits are enjoyed by black stakeholders. Sekunjalo appoints the boards and management of all its subsidiary companies. It currently Sekunjalo is recognised by its peers as a pioneer indirectly employs over 2 000 employees and over in promoting the interests of HDIs and previously 10 000 people, predominantly in southern Africa, marginalised communities. The Sekunjalo Group benefit from its investments and associated has received numerous awards for its business companies. Sekunjalo is a significant exporter and performance and its achievement of real generates a large portion of income in economic transformation for marginalised foreign currency. South Africans. Sekunjalo has a growing international reputation The Group’s commitment to transformation, as a founder company of the World Economic including employment equity, skills and Forum (“WEF”) New Champions and Community enterprise development, as well as corporate Global Growth Company (“CGGC”) and an social investment, makes it a role model Advisory Board Member of the Community of for BBBEE. Global Growth Companies. MISSION STATEMENT Sekunjalo has strong BBBEE credentials and has been ranked as the country’s top most Sekunjalo is an investment holding company that Empowerment Company in 2010 and the 2nd seeks to empower individuals and communities most Empowerment Company in 2011 by the through sustainable profitable investments. Financial Mail. The Financial Mail/Empowerdex It provides affordable products and services to awards have also authoritatively ranked the achieve this goal. Company in 2006 as the Top Empowerment Company and in 2004 and 2005 as one of the “Empowering people through profits” is a key Top Empowerment Companies (2nd and 7th foundation of Sekunjalo’s mission statement. respectively) out of the Top 200 companies The Company recognises that the best way listed on the Johannesburg Stock Exchange. for business to be sustainable is to partner Sekunjalo also won the award in its sector in communities and government in a social 2004, 2005, 2006 and 2010. Sekunjalo was a contract to achieve economic growth and finalist of the 2011 Metropolitan Oliver give more South Africans access to this Empowerment Awards in the Financial Services growing prosperity. Category for Business Excellence. 4 SEKUNJALO INVESTMENTS LIMITED INTEGRATED REPORT 2011 SEKUNJALO INVESTMENTS LIMITED INTEGRATED REPORT 2011 5 TRANSFORMATION INVESTMENT PHILOSOPHY For Sekunjalo, transformation is beyond the need Sekunjalo’s investment philosophy is to follow for BBBEE but is inclusive of transformation of the sound business principles and practices in culture, ethics and values of the organisation.
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