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senwes integrated report 2017
ABOUT THIS REPORT
Scope and boundaries Board approval
This report covers Senwes’ activities, which include those
conducted by the company’s key operating divisions (Senwes
Credit, Senwes Grainlink and Senwes Equipment), Senwes’
subsidiaries, joint ventures and associates. A simplified group
structure can be found on p. 56 and a brief overview of the
significant activities on p. 14. This report provides information
relating to Senwes’ operating context, material risks and op
portunities, strategy, business model, corporate governance
and financial performance for the period 1 May 2016 to 30
April 2017. The Senwes board of directors acknowledges its responsibility
relating to the integrity of the information presented in this
integrated report for the 2016/17 financial year. According to
the board and executive committee, the information presen
ted in this integrated report provides a fair and balanced view
of the company’s performance and matters considered to be
material in Senwes’ value creation process.
This integrated report (available in Afrikaans and English), as
well as the separate group annual financial statements (only
available in English) and separate sustainability report (only
available in English) for the above-mentioned reporting period,
are available on the Senwes website at www.senwes.co.za.
Reporting principles and guidelines
The process followed by the group to report on the past fi
nancial year has been guided mainly by the principles and
guidelines set out by the International Integrated Reporting
Framework, the International Financial Reporting Standards
(IFRS), the Companies Act of South Africa, No 71 of 2008 (as
amended), the King Code of Governance Principles for South
Africa, 2016 (King IV) and the Department of Trade and Indus
try’s Codes for Broad-Based Black Economic Empowerment.
The different approaches to determine materiality, followed
by the International Reporting Framework and the G4 Sus
tainability Guidelines, led to a separate Sustainability Report
for this financial year.
Determining materiality and
target audience
The group determines materiality as those issues of substantial
importance that affect the company's ability to create value
over the short, medium and long term. This report is primarily
aimed at providing current and potential investors with quali
ty and accurate information on the group’s objectives, risk
mitigating actions and strategies. The report is also relevant
for any other stakeholder who wishes to make an informed
assessment regarding the company’s ability to create value
and deliver on its brand promise.
Assurance
Ernst & Young Inc. conducted an independent audit of the
group annual financial statements. The rest of the report, con
sisting of non-financial information, has not been subjected to
an independent audit or review and has been compiled based
on internal records and information in the public domain un
der supervision of CF Kruger, CA (SA), Group Chief Financial
Officer.
Forward-looking statements
This report includes forward-looking statements which relate
to Senwes’ future performance and prospects. These state
ments represent the company’s judgements and expectations
but by their nature, involve risk and uncertainty as they relate
to events and depend on circumstances that may or may not
occur in the future.
The group does not undertake to update or revise any of these
forward-looking statements publicly, whether to reflect new in
formation or future events or otherwise. The forward-looking
statements have not been reviewed or reported on by the
group’s external auditors.
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Danie Minnaar
CHAIRMAN
Klerksdorp
29 June 2017
Francois Strydom
GROUP CHIEF EXECUTIVE OFFICER