2021INTEGRATED ANNUAL REPORT
THE SPIRIT OF BRICKMAKING
CONTENTS
1 | About our integrated annual report |
5 | Financial highlights |
6 | Operational highlights |
Who we are | 7 |
8 | Group profile |
Overview | 14 |
15 | Financial indicators |
17 | Chairperson's report |
23 | CEO's report |
30 | Financial Director's report |
Governance | 40 |
- Corporate governance
- Board of Directors
- Board sub-Committees
- Executive Committee
- Corporate governance report
- Combined assurance
- Stakeholder engagement
- Risk management
- Report of the Nomination Committee
- Report of the Remuneration Committee
- Report of the Social and Ethics Committee
Sustainability | 105 | |
106 | Sustainability report | |
Competent person's report | 128 | |
129 | Competent person's report | |
Annual Financial Statements | 142 | |
143 | Consolidated and separate annual financial statements | |
144 | Statement by the CEO and Financial Director | |
145 | Statement of responsibility and approval by the directors | |
146 | Certification by Company Secretary | |
147 | Report of the Audit and Risk Committee | |
156 | Directors' report | |
163 | Independent auditor's report | |
168 | Consolidated and separate statement of | financial position |
169 | Consolidated and separate statement of profit or loss and other | |
comprehensive income | ||
170 | Consolidated and separate statement of changes in equity | |
171 | Consolidated and separate statement of cash flows | |
172 | Notes to the consolidated and separate financial statements | |
Shareholders | 236 | |
237 | BBBEE shareholding | |
242 | Market performance | |
243 | Shareholders' diary | |
244 | Notice of Annual General Meeting | |
255 | Form of proxy (Attached) | |
257 | BBBEE Compliance Report | |
259 | Corporate information |
ABOUT OUR INTEGRATED ANNUAL REPORT
This Integrated Annual Report strives to convey the essence of who the Brikor Group and its directors are as well as what they believe in. It strives to indicate the Group's commitment to sustainability, accuracy, transparency and integrity. Substance, rather than form, is applied in the structure and content of this report to invigorate existing stakeholders and invite potential future stakeholder interest in the Group. This is accomplished through sharing the history of the Group and providing a proud view into the vision of where the Group wishes to find itself in the short-, medium- and long-term.
REPORTING FRAMEWORKS
The 2021 Integrated Annual Report has been compiled in accordance with the principles and requirements of:
- International Financial Reporting Standards (IFRS);
- King IV™ on corporate governance;
- JSE Listings Requirements (service issue 27);
- Companies Act, no 71 of 2008, as amended (Companies Act);
- GRI Sustainability Reporting Standards; and
- all other relevant legislative and non-legislative principles and guidelines.
The Company has adopted the value-adding principles enshrined in King IV™ and views integration, together with Board and Executive Committee education, as a phase of the process.
These frameworks inform our
REPORTING PHILOSOPHY
We continuously strive to improve our reporting elements, alignment to relevant reporting frameworks and best practice.
We seek to provide relevant and material information for investors and other stakeholders through a report that is accessible to the reader.
Our objective is to strengthen our application of integrated reporting guiding principles and content elements, focusing on:
- material matters in the sustainability section;
- streamlining financial reporting;
- enhancing the transparency of the remuneration chapter;
- benchmarking performance according to achievements;
- improving connectivity of information; and
- simplification of complex matters.
The reporting philosophy led to our
BRIKOR LIMITED Integrated Annual Report 2021
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BRIKOR LIMITED Integrated Annual Report 2021
About our integrated annual report
continued
REPORT STRUCTURE | ||||||||||
EXTERNAL ENVIRONMENT | ||||||||||
CAPITALS | Purpose, mission and vision | CAPITALS | ||||||||
VERNAN | C | E | ||||||||
O | ||||||||||
Financial | G | Financial | ||||||||
Risks and opportunities | Strategy and resource | |||||||||
allocation | ||||||||||
Manufactured | Business model | Manufactured | |
Intellectual | Business | Intellectual | |
activities | Outcomes (positive | ||
Inputs | and negative over | ||
the short-, medium- | |||
Outputs | and long-term) | ||
Human | Human | ||
Social and | Social and | ||
relationship | Performance | Outlook | relationship |
Natural | Natural |
Value creation, preservation or erosion over time
The integrated reporting framework recommends reporting on the capital resources that are utilised in the creation, preservation or erosion of value.
These forms are classified as the six forms of capital being financial, manufactured, intellectual, human, social and relationship and natural. These capitals form the basis against which all concepts, ideas and challenges are measured to ensure that the best possible value proposition for all stakeholders is realised.
SCOPE OF THIS REPORT
The report covers the integrated financial and non-financial performance of the Brikor Group, which includes Brikor Limited and its subsidiary for the period 1 March 2020 to 28 February 2021.
Sustainability reporting coincides with Brikor's Integrated Annual Report, and forms part of the Integrated Annual Report. The Group only operates within the boundaries of South Africa, with its head office located in Nigel.
The primary objective of this Integrated Annual Report is to demonstrate the ability of Brikor to create and retain value as well as to prevent the erosion of value. The Integrated Annual Report will provide a greater understanding of the Group's strategy, its business model and its major impacts across economic, social and environmental aspects as well as insight into how the Group is managed.
A synopsis of economic, environmental and social indicators is presented on pages 105 to 127, as the Group progresses on its path to adopt a more integrated approach in its reporting.
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About our integrated annual report
continued
The adoption of integrated reporting principles is a developmental and evolutionary process and it may take some time to fully implement these principles and achieve the desired level of reporting. This report, nevertheless, offers stakeholders a more holistic view of Brikor's operations and provides insight on both financial and non- financial matters for the reporting period ended 28 February 2021.
As the concepts and practices of integrated reporting develop, management will aim to improve disclosures and application as deemed appropriate.
The Integrated Annual Report is also available online at www.brikor.co.za.
APPROACH TO SUSTAINABILITY
The Group maintains that true sustainability requires integration into each aspect of its day-to-day business activities to deliver long-term sustainable value to all stakeholders. The dynamic nature of sustainability and sustainability reporting demands a willingness to adopt advancements in conceptual understanding, which led to the adoption of the six capitals, which form the identifiable core attributes that require ongoing commitment for the Group to become truly sustainable.
MATERIAL ISSUES
The extent of disclosure and content of this report is driven through the application of materiality determined by the Brikor Board of Directors. This materiality is not only based on a quantitative value, but also the qualitative nature of a material issue and how it impacts on the achievement of the strategic targets and sustainable profitability of the Group, and its ability to create and retain value over time as well as prevent the erosion of value. The disclosure excludes information which could lead to loss of the Group's competitive advantage and price-sensitive information has also been excluded.
Material issues
The directors, in consultation with management, annually identify the issues that could have the most significant impact on the Group's ability to create sustainable value for its stakeholders. In determining these material issues, the directors consider internal and external factors, including the Group's strategy, the needs, expectations and concerns of its stakeholders, and the economic and trading environment. These material issues are reviewed each year during the course of the Board's strategic planning process.
The risks relating to these material issues are disclosed together with opportunities to provide our stakeholders with insight into the growth drivers of the business and are disclosed on pages 73 to 79 of the Integrated Annual Report.
ASSURANCE, COMPARABILITY AND RESTATEMENTS
A combined assurance model is applied to provide a coordinated approach to all assurance activities.
The content of this Integrated Annual Report has been reviewed by the directors and management but has not been externally assured.
The consolidated and separate financial statements have been audited by Nexia SAB&T, who expressed an unmodified audit opinion. The consolidated and separate financial statements have been prepared in accordance with IFRS. The BBBEE rating and the Competent Person's Report were verified by accredited external independent service providers Amax BEE Verifications (Pty) Ltd and Minxcon (Pty) Ltd, respectively, and the Board is satisfied with the processes for measuring all other non-financial information.
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Brikor Ltd. published this content on 24 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 June 2021 15:05:14 UTC.