About this report
Adcock Ingram regards this report, the second consecutive12-month period to be reported on, since the general business restructure commenced in 2014, as a valuable opportunity to engage with its stakeholders and to respond to issues raised by them. The matters reported on in the integrated report are considered by leadership throughout the year as being vital to the sustainability of the Group and include all material aspects up to the date of issue of this report.
A full set of annual financial statements is included with the integrated report.
Adcock Ingram has continued the journey towards providing a more comprehensive picture of the Group in one document, working towards producing a more integrated report as recommended in the revised King Code on Governance Principles for South Africa (King III).
Reporting principles
Adcock Ingram is a public company incorporated in South Africa in accordance with the provisions of the Companies Act 71 of 2008 (Companies Act) and complies with the principles of King III unless otherwise stated, the Companies Act, the JSE Limited Listings Requirements and other legislative requirements. The Group subscribes to high ethical standards and principles of corporate governance. For more details, and an overview of the Group governance and structure, please see the corporate governance section.
In addition to the above, the Group adheres to International Financial Reporting Standards (IFRS) in compiling its annual financial statements.
Scope and boundary of this report
Adcock Ingram’s integrated report covers the financial year 1 July 2015 to 30 June 2016. The report is released at least 15 business days prior to its Annual General Meeting to be held on 24 November 2016. Comparatives are for the year 1 July 2014 to 30 June 2015.
The report provides a general narrative on the performance of the Group which includes the holding company, and its subsidiaries and joint ventures across all territories.
The business in South Africa has a material impact on the overall sustainability of the Group. The Group’s presence in Kenya and Zimbabwe individually and collectively constitutes a small percentage of the Group’s operations and together with India and Ghana, the investments which are in the process of being divested, are for that reason excluded from the operational review. Data is given, where relevant, about our businesses in Kenya, Ghana, Zimbabwe and India. Comparatives are included where available.
Assurance
In line with its responsibility, the Board ensures the integrity of the integrated report. The Board has accordingly applied its mind to the integrated report and, in its opinion, the report presents fairly the integrated performance of the Group.
ANNUAL FINANCIAL STATEMENTS 2016
The annual financial statements for the year ended 30 June 2016 were approved by the Board on 25 August 2016. Ernst & Young Inc., the independent auditors, have audited the annual financial statements as disclosed in their unqualified report.
SUSTAINABILITY INFORMATION
The sustainability information has not been assured in the current or prior year.
B-BBEE STATUS
The Group’s B-BBEE status has been verified by Empowerlogic, an independent verification agency, for the 2015 financial year. Through the external verification process conducted by the agency, the Group has been assessed as a Level 4 contributor in terms of the revised codes of the B-BBEE Act. This rating is valid until 30 November 2016.
OUR MISSION
We are committed to providing quality products that improve the health and lives of people in the markets we serve.
OUR PROFILE
Adcock Ingram manufactures, markets and distributes a wide range of healthcare products. The Company is a leading supplier to both the private and public sectors of the South African market.
OUR VALUES
We: Are committed to providing Quality products and services
Act with Integrity at all times
Believe in Transparency and open Communication
Believe in Empowerment of our people, thus encouraging entrepreneurship, innovation and accountability
Practise non-discrimination and offer equal opportunity
Have Respect for people, society and the environment