Integrated Annual Report
2023
stefanuttistocks.com
About this report
Overview | its stakeholders, the boundary has been extended beyond | ||
financial reporting to include the material interests | |||
About this report | inside front cover | attributable to or associated with key stakeholders. | |
Company profile | 2 | Stefanutti Stocks endeavours to achieve a high standard | |
Strategic report | |||
in all disclosures in this report and to provide meaningful, | |||
Business model | 4 | accurate, complete, transparent and balanced information | |
to stakeholders. The board and board committees were | |||
Stakeholder engagement | 6 | ||
actively involved in the disclosures made in this report. | |||
Material risks | 8 | ||
Risk management | 9 | This report was prepared in accordance with the requirements | |
Chairman's report | 16 | of the South African Companies Act, No. 71 of 2008, as | |
Performance review | 18 | amended (the Companies Act), the Listings Requirements of | |
Chief Financial Officer's report | 22 | the JSE Limited (JSE), the principles of the King IV Report on | |
Corporate Governance™ (King IV) (copyright and trademarks | |||
Five-year financial review | 25 | ||
are owned by the Institute of Directors in Southern Africa NPC | |||
Value-added statement | 26 | ||
and all of its rights are reserved) for South Africa 2016, the | |||
Group structure | 27 | ||
International Integrated Annual Reporting Council's International | |||
Operational reviews | 28 | Framework, the International Financial Reporting Standards | |
Governance | (IFRS), Financial Reporting Pronouncements as issued by the | ||
44 | Financial Reporting Standards Council, the SAICA Financial | ||
Board of directors | Reporting Guides as issued by the Accounting Practices | ||
Executive Committee | 46 | Committee, as well as the company's Memorandum of | |
Corporate governance report | 48 | Incorporation (MOI). | |
Social and Ethics Committee report | 58 | The Stefanutti Stocks Integrated Annual Report contains | |
Sustainability highlights | 60 | ||
a summary extract of the annual financial statements. The | |||
Audit, Governance and Risk Committee report | 61 | ||
2023 financial statements have been prepared under the | |||
Remuneration report | 65 | ||
supervision of the Chief Financial Officer (CFO), Yolanda | |||
Summary extract of financial statements | du Plessis, and have been audited by Mazars, the group's | ||
external auditors. The integrated annual report, as well as | |||
Consolidated Statement of Profit or Loss | |||
75 | the comprehensive annual financial statements, sustainability | ||
and Other Comprehensive Income | |||
report, and investor presentations for the year ended | |||
Consolidated Statement of Financial Position | 77 | ||
28 February 2023, are available on the company's website. | |||
Consolidated Statement of Changes in Equity | 78 | The requirement for external sustainability assurance | |
Consolidated Statement of Cash Flows | 79 | ||
Notes to the summary of the financial statements | 80 | is considered annually and is at this stage not deemed | |
necessary by the relevant board committees. This report | |||
Notice of annual general meeting | |||
contains the most material issues of concern to all the | |||
Notice of annual general meeting | 87 | company's stakeholders. For additional information visit | |
Form of proxy | 95 | the company's website: www.stefanuttistocks.com. | |
Notes to the form of proxy | 96 | Materiality | |
Additional information | |||
99 | Materiality is determined taking into account the International | ||
Shareholders' diary | |||
Framework, King IV principles and internal policies. | |||
Abbreviations and definitions | 100 | ||
The group defines material issues as those matters having the | |||
Corporate information | inside back cover | ||
potential to affect its strategy, business model, sustainability | |||
or one or more of the capitals (as further described on pages | |||
Scope and boundary | 4 and 5) over the short, medium, and long term, taking into | ||
account the likelihood and consequence of the matters. | |||
The integrated annual report for 2023 comprises the | Forward-looking statements | ||
operations of Stefanutti Stocks Holdings Limited and | |||
its subsidiaries, joint operations and equity-accounted | The statements made within this integrated annual | ||
investees (the company, the group, or Stefanutti Stocks). | |||
report may contain forward-looking information including | |||
This report is primarily intended to address the information | statements regarding the company's intent, belief or current | ||
requirements of investors (the group's equity shareholders | expectations with respect to Stefanutti Stocks's businesses | ||
and prospective investors). Stefanutti Stocks also presents | and operations, market conditions, results of operations and | ||
information relevant to the way it creates value for | financial condition, capital adequacy, specific provisions | ||
clients, employees and other key stakeholders. | and risk management practices. | ||
The information in this report covers the financial and | Investors/shareholders are cautioned not to place undue | ||
non-financial performance of the company for the year | reliance on these forward-looking statements. Forward- | ||
ended 28 February 2023, and where it is relevant to include | looking statements are based on Stefanutti Stocks's current | ||
information post year-end, this has been incorporated and | expectations and involve risks and uncertainties that could | ||
noted. In assessing the risks, opportunities and outcomes | cause actual results to differ materially from those expressed | ||
that materially impact the group's ability to create value for | or implied in such forward-looking statements. |
These statements are based on a number of assumptions that are subject to change. The integrated annual report includes only matters up to the date of this report and the period reported on. Stefanutti Stocks disclaims any duty to update the information herein.
Board responsibility statement
The board of directors acknowledges its responsibility to ensure the integrity of the integrated annual report. The board has accordingly applied its mind, collectively and individually, to the integrated annual report and, in its opinion, the integrated annual report addresses all material issues, and fairly presents the integrated performance of the organisation and its impacts. The integrated annual report has been prepared taking into account the recommendations of King IV. The board authorised the integrated annual report for release on 19 June 2023.
Zanele Matlala | Russell Crawford |
Chairman of the board | Chief Executive Officer |
19 June 2023 |
CEO and CFO responsibility statement on internal financial controls
After due, careful and proper consideration, the directors, whose names are stated below, hereby confirm that:
- The annual financial statements, an extract of which is set out on pages 75 to 86 and which are available on the website, fairly present in all material respects the financial position, financial performance and cash flows of the issuer in terms of IFRS;
- To the best of our knowledge and belief, no facts have been omitted or untrue statements made that would make the annual financial statements false or misleading;
- Internal financial controls have been put in place to ensure that material information relating to the issuer and its consolidated subsidiaries have been provided to effectively prepare the financial statements of the issuer;
- The internal financial controls are adequate and effective and can be relied upon in compiling the annual financial statements, having fulfilled our role and function as executive directors with primary responsibility for implementation and execution of controls;
- Where we are not satisfied, we have disclosed to the Audit, Governance and Risk Committee and the auditors any deficiencies in design and operational effectiveness of the internal financial controls and have taken steps to remedy the deficiencies; and
- We are not aware of any fraud involving directors.
Preparation of financial statements
The financial statements, available on the group's website www.stefanuttistocks.com as well as the extract from the financial statements contained in this integrated annual report, have been prepared under the supervision of the CFO, Yolanda du Plessis, CA(SA). The extract of financial statements has been audited in compliance with the applicable requirements of the Companies Act No. 71 of 2008 as amended.
Yolanda du Plessis
Chief Financial Officer
19 June 2023
Compliance with Companies Act and MOI
Stefanutti Stocks Holdings Limited is in compliance with the provisions of the Companies Act, or relevant laws of establishment, specifically relating to its incorporation and is operating in conformity with its MOI.
Certificate by the Company Secretary
In terms of section 88(2)(e) of the Companies Act No. 71 of 2008 as amended, I certify that, to the best of my knowledge and belief, Stefanutti Stocks Holdings Limited has, in respect of the financial year ended 28 February 2023, lodged with the Companies and Intellectual Property Commission all returns and notices required of a public company in terms of the Companies Act and that all such returns and notices are true, correct and up to date.
William Somerville
Company Secretary
19 June 2023
Independent auditor's report
The unmodified independent auditor's report, which includes an emphasis of matter, can be found on page 11 of the consolidated annual financial statements on the company's website www.stefanuttistocks.com.
S Vorster is the individual audit partner responsible for the audit.
Russell Crawford | Yolanda du Plessis |
Chief Executive Officer | Chief Financial Officer |
19 June 2023 |
Stefanutti Stocks Integrated Annual Report 2023 | 1 |
Company profile
The group offers highly diversified services across a wide spectrum of engineering and construction disciplines.
Stefanutti Stocks is one of South Africa's leading engineering and construction groups and is listed on the JSE Main Board in the "Construction and Materials - Construction" sector.
Vision
If you can dream it, we can construct it.
Mission
Excellence in execution
CIDB contractor
Category 9
B-BBEE contributor
Level 1
South African employees
2 707
Group workforce
6 405
Values
Candour
Frank and respectful discussions with the objective of finding positive outcomes.
Accountability
Taking personal responsibility for one's actions and the resultant outcomes.
People relations
The value, which results in people treating one another fairly and with respect, and always being mindful of the human dignity of others.
Professionalism
The application of a competent, disciplined and meticulous approach to all aspects of business, resulting in performance of high quality and reliability.
Excellence
A passionate mindset that puts quality at the forefront of all business activity.
Dynamic
Embracing openness and flexibility of mind and an energetic, proactive solution-driven attitude.
2 | Stefanutti Stocks Integrated Annual Report 2023 |
Operational footprint
Inland
Coastal
Western Cape Africa
The group operates throughout South Africa and sub-Saharan Africa with multi-disciplinary expertise including concrete structures, specialist concrete repairs, piling, geotechnical services, roads and earthworks, renewable energy, bulk pipelines, materials handling, tailings management, all forms of building works, mechanical, electrical and piping.
Stefanutti Stocks is registered with the Construction Industry Development Board (CIDB) as a Category 9 Contractor, with no restrictions on the size of projects for which the group can tender. The group is ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 certified.
The group's operational footprint on the African continent spans South Africa and sub-Saharan Africa, including Botswana, Eswatini, Malawi, Mauritius, Namibia, Zambia and Zimbabwe in both the private and public sectors.
Regional operations in Africa
Shaded countries on the map indicate the group's operational footprint
Clients include governments, state-owned companies, local authorities, large industrial entities, mining corporations, financial institutions and property developers.
The group's workforce is 6 405 including 2 707 South African employees, with its head office based in Kempton Park, Gauteng.
The group has a values-driven culture which underpins sustainable partnerships with all stakeholders.
The above is achieved by setting and meeting measurable key objectives to support sustainable earnings growth and, at the same time, maintaining a sound financial position while implementing key non-financial objectives to support Stefanutti Stocks's strategy.
Stefanutti Stocks Integrated Annual Report 2023 | 3 |
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Disclaimer
Stefanutti Stocks Holdings Limited published this content on 28 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 June 2023 11:55:04 UTC.