INTEGRATED ANNUAL REPORT About this report For the year ended 28 February 2015 Defining report content and materiality but do not own have been included. In addition, we have included sustainability data for Central African Wilderness The sustainability strategy and structure of Wilderness, which Safaris Limited which was treated as an associate in the is based on the 4Cs (Commerce, Conservation, Community financial statements until the effective date of the sale of and Culture), was first implemented in 2010. At that time, this business; and the content of the integrated reports that followed was also established. Sustainability is built into the very DNA of • We have not covered impacts arising in our supply chain. Wilderness, where sustainability specialists across the 4Cs are We do, however, intend to extend our boundaries to employed at both regional and Group levels (see p17). include our supply chain in future. These specialists have been responsible for defining the A full list of the reporting units falling within the scope of this content of the report, based on the aspects they believe to report is given in the Appendices. To summarise, the report be most material in their respective C. At the outset, this covers: process was also overseen and advised on by an independent consultant specialising in sustainable ecotourism. • Seven offices in five countries (this is a reduction from the 11 offices reported in 2014, due to the sale During the process we also defined the various elements of of our investments in the tour operating business in our stakeholder universe (see figure 8, p 19). Aspects are Swakopmund and the Malawi associate Central African considered material and have been included in the report if, Wilderness Safaris Limited); from the process described above, they are believed to have • Flying operations in three countries; a significant impact on the business or on one or more of our stakeholders and their respective engagement with Wilderness. • 52 camps in seven countries. This differs from the numbers Regular sustainability workshops held since 2010 have ensured reported in prior years as the result of the following that we continue to re-evaluate our materiality definition changes: process. The sustainability or 4Cs specialists are responsible – Addition of Hoanib Skeleton Coast Camp in Namibia; for prioritising the material issues within their respective C. – Sale of Pafuri Camp in South Africa which was This is approved by the Sustainability Committee which is previously damaged by flooding; and tasked by the Board to provide oversight in all sustainability issues. This process also allows us to ensure that any aspects – Sale of the Malawi business which operates six camps. that may under normal circumstances be considered material Where possible and meaningful, we have shown the effects of to the industry, but which we do not believe are material the changes in scope and illustrated trends in performance. to our organisation or our stakeholders, are given due consideration and attention. We take further comfort that an attempt at a more objective materiality process undertaken Accuracy, completeness and comparability of data in 2015 has resulted in no significant changes to the material This is the Group’s fifth integrated report. The data reported aspects covered in the Integrated Report. Where relevant the in this document is based on our fifth year of reporting on materiality matrix results are provided in the report, while the sustainability indicators. We believe that there has been a general full assessment results can be found in the online appendices. improvement in the quality of the data and some errors reported in prior years have been detected and corrected. Nonetheless, Scope and boundaries some of the data continues to be based upon broad assumptions The scope of this report covers the aspects deemed material and extrapolations and requires further refinement (we have in the context of the Group and its stakeholders, based upon noted where this is the case). As time goes by, we expect the process described above. We have prepared the report our measurement and reporting activities to become more in accordance with the GRI G4 – Core. However, the GRI sophisticated and therefore more accurate and complete. indicators are biased towards manufacturing and extractive industries and contain many matters that are not relevant to Context and attribution our operations. These have been excluded and a note to that This report outlines and discusses progress across a wide effect has been made in the GRI checklist. At the same time, range of dimensions, using the 4Cs sustainability framework the remaining GRI aspects do not cover all matters which are which is explained in some detail in the body of the report. It relevant to us. In order to capture these missing items, we have is important to note that our degree of influence varies across reviewed a number of sustainable tourism initiatives to identify these dimensions and from location to location, depending other possible issues and included these in our assessment upon the nature of our tenure and contractual engagement, framework. The resulting framework is therefore an amalgam and local circumstances. As a consequence of this, the extent to of the GRI indicators which are relevant to our business, plus which we are solely responsible for any advance or regression additional indicators from other sources. in whichever dimension also varies. For example, under the Comments about this report and sustainability initiatives Conservation C, our degree of influence over biodiversity detailed herein can be directed to varies greatly and so we take care when claiming any direct [email protected]. attribution. This report covers our financial year from 1 March 2014 to Likewise, under the Community C, the level of our impact on 28 February 2015. The financial results reported are those local communities varies according to the size of the area of the Wilderness Holdings Limited Group. A full list of concerned, the size and proximity of the community concerned, the companies making up this Group is presented in the the nature of our involvement, and other factors. We have Appendices. taken care in these situations to make clear the extent to which any achievements or failures under these dimensions are a The financial scope and boundaries of this document have consequence of our engagement. been set in accordance with International Financial Reporting Standards. Full details of the accounting policies adopted Assurance are given in the Annual Financial Statements. In terms of the We have considered the recommendation of the King Code of sustainability aspects reported in this document, we have Corporate Governance (King III) to seek independent third party adopted the following approach to setting the scope and assurance and decided not to seek external assurance this boundaries: year. We believe that our reporting processes have improved • We report the results associated with operations falling and are still improving after previous assurance engagements. directly under our control. This means that camps which When our sustainability data gathering matures further, we we market but do not manage have been excluded from may consider seeking external assurance again, once it is clear the boundaries, whereas those camps that we manage that there is real value associated with doing so. A | Wilderness Holdings Limited Integrated Annual Report 2015 Wilderness Holdings Limited Integrated Annual Report 2015 | a Contents About this report Key performance At a glance Top achievements in Our African The Wilderness Board of Flap indicators Who is Wilderness? sustainability footprint business directors 1 2 4 6 8 20 Chairman’s letter Chief Executive Sustainability Commerce Conservation Community Culture 22 Officer’s letter Report 28 34 50 76 24 26 Corporate Report of the Audit Report of the Report of the Global Reporting Annual financial Directors’ governance Committee Remuneration Social, Ethics and Initiative (GRI) G4 statements responsibility 84 94 and Nomination Sustainability content index 102 and approval of Committee Committee 100 the annual financial 95 99 statements 104 Directors’ Independent Group financial Company financial Appendices Corporate report auditor’s report to the statements statements 165 information 105 shareholders 110 154 Inside back cover 108 About Wilderness Key performance indicators The body of this report provides detailed indications of our performance across the 4Cs. This page provides a high-level snapshot of some of our key performance indicators: Commerce Conservation Carbon emissions per bednight Occupancy rates, owned beds (%) Turnover (P’000) (tonnes CO2e) Target: 0.08 2013 56 2013 744 935 2013 0.09 2014 62 2014 843 288 2014 0.085 Sustainability report 2015 65 2015 944 586 2015 0.081 Numbers of bednights sold is the most Bednight sales, multiplied by the rate Given concerns about global warming, basic determinant of our financial results. achieved per bednight sold (which varies carbon emissions from the business are of However, varying numbers of available beds from camp to camp and from season great interest to stakeholders. We report (due to new camps or closures) distort this to season), gives us turnover in source this on a per bednight basis to eliminate the result and so occupancy rates in percentage currency. This is difficult to illustrate due effects of changes in the level of business. terms are the most useful indicator of to the number of currencies involved. capacity utilisation. Therefore, the turnover, converted into Pula, shows growth of the business. See p33 for further information See p31 for further information See p46 for further information Net profit after tax (P’000) Headline earnings per share (thebe) Bottled water consumption (l/bednight) Target: 0.5 2013 27 704 2013 11.13 2013 2.16 2014 48 490 2014 16.07 2014 2.39 2015 76 232 2015 31.66 2015 1.24 Our after-tax earnings are the figure of most HEPS is generally accepted as the earnings Production, transport and disposal of plastic governance Corporate interest to investors.