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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
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 MISSION
We are committed to providing quality
products that improve the health and
lives of people in the markets we serve.
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
on pages 54 to 57.
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.