Integrated Annual Report for the Year Ended 29 February 2016 About This Report
Total Page:16
File Type:pdf, Size:1020Kb
Integrated Annual Report For the year ended 29 February 2016 About this report Scope and boundaries we market but do not manage have been we expect our measurement and reporting excluded from the boundaries, whereas activities to become more sophisticated and The scope of this report covers the aspects those camps that we manage but do not therefore more accurate and complete. deemed material in the context of the own have been included; and Group and its stakeholders, based upon the process described on pages 18 and 19. • We have not covered impacts arising Context and attribution in our supply chain. We do, however, We have prepared the report in accordance This report outlines and discusses progress with the GRI G4 – Core. However, the GRI intend to extend our boundaries to include our supply chain in future. across a wide range of dimensions, using indicators are biased towards manufacturing the 4Cs sustainability framework which and extractive industries and contain A full list of the reporting units falling within is explained in some detail in the body of many matters that are not relevant to our the scope of this report is given in the the report. It is important to note that our operations. These have been excluded and a online appendices: Table G. To summarise, degree of influence varies across these note to that effect has been made in the GRI the report covers: dimensions and from location to location, checklist. At the same time, the remaining • Eight offices in six countries; depending upon the nature of our tenure GRI aspects do not cover all matters which • Flying operations in three countries; and contractual engagement, and local are relevant to us. In order to capture these circumstances. As a consequence of this, the missing items, we have reviewed a number • 48 camps in six countries. This differs extent to which we are solely responsible of sustainable tourism initiatives to identify from the numbers reported in prior years for any advance or regression in whichever other possible issues and included these in as the result of the following changes: dimension also varies. For example, under our assessment framework. The resulting – Our withdrawal from the the Conservation C, our degree of influence framework is therefore an amalgam of the management and marketing contract over biodiversity varies greatly and so GRI indicators which are relevant to our in respect of the Lango and Ngaga business, plus additional indicators from camps in Odzala-Kokoua National we take care when claiming any direct other sources. Park, Republic of Congo; and attribution. – Addition of Gomoti Camp and closure Likewise, under the Community C, the level Comments about this report and the of Khwai Adventurer and Discoverer, of our impact on local communities varies initiatives detailed herein can be directed to as well as Linyanti Adventurer Camps [email protected]. (all in Botswana). according to the size of the area concerned, the size and proximity of the community This report covers our financial year from Where possible and meaningful, we have concerned, the nature of our involvement, 1 March 2015 to 29 February 2016. The shown the effects of the changes in scope and other factors. We have taken care in financial results reported are those of the and illustrated trends in performance. these situations to make clear the extent to Wilderness Holdings Limited Group. A full which any achievements or failures under list of the companies making up this Group Accuracy, completeness and these dimensions are a consequence of our is presented on pages 169 to 171. comparability of data engagement. The financial scope and boundaries of this This is the Group’s sixth integrated report. document have been set in accordance with The data reported in this document is Assurance International Financial Reporting Standards. based on our sixth year of reporting on We have considered the recommendation Full details of the accounting policies sustainability indicators. We believe that of the King Code of Corporate Governance adopted are given in the Annual Financial there has been a general improvement in (King III) to seek independent third party Statements. In terms of the sustainability the quality of the data and some errors assurance and decided not to seek external aspects reported in this document, we have reported in prior years have been detected assurance this year. Our reporting processes adopted the following approach to setting and corrected. Nonetheless, some of the have improved and are still improving after the scope and boundaries: data continues to be based upon broad previous assurance engagements. We • We report the results associated with assumptions and extrapolations and may consider seeking external assurance operations falling directly under our requires further refinement (we have noted again, once it is clear that there is real value control. This means that camps which where this is the case). As time goes by, associated with doing so. BACK FLAP OPEN Contents About Wilderness ifc Five-year review 2 Wilderness timeline 4 At a glance – Who is Wilderness? 6 Our African footprint 8 The Wilderness business 28 Board of Directors 30 Chairman’s letter 32 Chief Executive Officer’s letter Sustainability report 36 Commerce 42 Community 68 Culture 76 Conservation Corporate governance 98 Corporate governance 106 Report of the Audit Committee 107 Report of the Remuneration and Nomination Committee 111 Report of the Social, Ethics and Sustainability Committee 112 Global Reporting Initiative (GRI) G4 content index Annual financial statements 116 Directors’ responsibility and approval of the annual and separate financial statements 117 Independent auditor’s report 118 Directors’ report 120 Consolidated statement of comprehensive income 121 Consolidated statement of financial position 122 Consolidated statement of changes in equity 124 Consolidated statement of cash flows 125 Summary of significant accounting policies 133 Notes to the consolidated annual financial statements 160 Company statement of comprehensive income 160 Company statement of financial position 161 Company statement of changes in equity 161 Company statement of cash flows 162 Notes to the Company annual financial statements 169 Subsidiary and associate companies of Wilderness Holdings Limited 171 Subsidiary and associate companies of Wilderness Safaris Investment and Finance Proprietary Limited 172 Analysis of ordinary shareholders Shareholders’ information 176 Notice of annual general meeting 178 Annexure A: Notice of annual general meeting – under special business 180 Contact information 181 Form of proxy 182 Notes to the form of proxy This icon indicates information that appears online The online appendices referenced in the report can be found here: http://www.wilderness-holdings.com/integrated-annual-report/ online-appendices-2016.pdf Five-year review Wilderness makes investments and manages its businesses for the long run. The business has now been listed for six years, has been maintaining detailed sustainability data for five of these years, and is thus now able to show long-term trends in data for the most important key performance indicators. Commerce Table 1: Five-year review 2012 2013 2014 2015 2016 USD:ZAR exchange rate 7.39 8.37 9.99 10.95 13.50 USD:P exchange rate 6.94 7.71 8.56 9.08 10.42 Occupancy rate % (restated)* 54% 56% 61% 63% 58% Turnover (P million) 680 745 843 945 935 Sustainable profit (P million) 68 95 133 167 173 EBITDA (P million) 78 109 151 182 199 Profit before tax (P million) 16 33 78 109 120 Tax rate 49% 15% 37% 30% 38% Profit after tax (P million) 8 28 48 76 74 HEPS (thebe) 3.76 11.13 16.07 32.49 31.03 Cash generated by operations (P million) 67 78 184 131 135 Capital expenditure (P million) 66 73 81 99 139 Total equity (P million) 331 337 375 444 470 * Occupancy refers to owned camps only. Figure 3: Profitability 90 36 EBITDA grew by 80 32 70 28 60 24 10% to P199 million Thebe 50 20 40 16 in the 2016 financial year million Pula 30 12 20 8 10 4 0 0 2012 2013 2014 2015 2016 Profit after tax (P million) HEPS (thebe) Figure 1: Occupancy rate (restated)* Figure 4: Cash flow 71 200 68 175 65 150 62 125 59 100 56 75 Percentage Pula million Pula 53 50 50 25 47 0 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 * Occupancy refers to owned camps only Cash generated by operations Capital expenditure Figure 2: Turnover Figure 5: Total equity 1 000 500 950 475 900 450 850 425 800 400 750 375 Pula million Pula Pula million Pula 700 650 350 600 325 550 300 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 We have achieved a 2% reduction in numbers of non-citizens in our Community workforce since 2012 Internal community Figure 6: Total staff Figure 7: Non-citizens in work force Botswana Botswana Namibia Namibia Seychelles Seychelles South Africa South Africa Zambia Zambia Zimbabwe Zimbabwe 0 200 400 600 800 1 000 1 200 0 20 40 60 80 Number of staff % 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 External community Figure 8: Total community partnership value Figure 9: Community donations Vumbura Plains; Botswana Little Vumbura Banoka Bush Camp; Namibia Khwai Discoverer; Khwai Adventurer; Wilderness Tented South Africa Moremi Tented Camp; Santawani Zambia Damaraland Camp Zimbabwe* 0 500 1 000 1 500 2 000 2 500 Doro !Nawas P’000 2012 2013 2014 2015 2016 Desert Rhino; Hoanib Skeleton Coast * The Zimbabwe figures include amounts raised by Grand Circle Foundation (GCF) with Wilderness and CITW assisting with the selection,