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Our integrated report to stakeholders includes a summary printed report supplemented by full governance, financial and ESG reports online, providing a holistic account of the value we create and how we expect to continue doing so.
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The Imperial Logistics Limited (Imperial or the group) integrated report for the period 1 July 2019 to 30 June 2020 covers our governance, strategy and risk, and our financial, operational and sustainability performance and prospects, in relation to our material issues.
The risks, opportunities and outcomes associated with stakeholders outside of our financial reporting boundary, are dealt with insofar as these relationships materially affect our ability to create value in the short, medium and long term. This report discusses our dependence and impact on the six capitals of the International
A fundamental shift in our strategic transformation journey is organising and positioning Imperial, based on the solutions we offer our clients (our capabilities) and less so on regions. As such, effective 1 July 2020, Imperial operates within two overarching solutions - market access and logistics - and is categorised into three businesses: Market Access, Logistics Africa and Logistics International. This report is aligned to the new organisational structure.
The integrated report also adopts a structure that allows for duplication in certain sections to provide readers with a complete picture of Imperial's context, strategy, associated priorities and actions. This will allow certain stakeholders to read some and not all of the report, depending on their interests and information needs.
Our internal and external reporting processes comply with the South African Companies Act 71 of 2008, as amended (Companies Act), the King IV Report on Corporate Governance (King IV) and the Listings Requirements of the Johannesburg Stock Exchange (JSE) (share code: IPL). In line with King IV recommendations, our integrated reporting adheres to the principles and requirements of the International Integrated Reporting Council's (IIRC) International
Financial information is extracted from the audited consolidated annual financial statements for the year ended 30 June 2020 (AFS), which is prepared on an International Financial Reporting Standards (IFRS) basis, unless otherwise specified. Our external assurance provider, Deloitte & Touche, has issued an unmodified audit opinion on the AFS, available online. Selected non-financial information included in this report and in the supplementary reports available online has been assured by Deloitte & Touche, and their independent limited assurance report is included.
To provide a more meaningful assessment of the group's performance for the year, pro forma information and non-IFRS financial measures have been included in this report. The pro forma financial information has been prepared for illustrative purposes only and because of its nature may not fairly present the group's financial position, results of operations and cash flows. The directors of Imperial are responsible for compiling the pro forma financial information on the basis applicable to the criteria as detailed in paragraphs 8.15 to 8.34 of the JSE Listings Requirements and the SAICA Guide on Pro Forma Financial Information, revised and issued in September 2014. The group's external auditor, Deloitte & Touche, has issued an unmodified reporting accountant's report on the pro forma information on 25 August 2020, a copy of which is available for inspection at the group's registered office.
We define material issues as those factors most likely to influence the decisions of our stakeholders in relation to the capital inputs they provide to the group, and the outcomes they expect to derive in return. The process followed to determine our material issues, which are linked to key stakeholder concerns and associated management priorities. The group's executive committee was instrumental in determining the material issues for the year, and they were reviewed and approved by the group board. They have informed the preparation of the integrated report and the ESG report online, and are discussed in detail throughout the narrative.
Interviews with executive and non-executive leadership, together with other internal and external sources of information, particularly strategy documents sent to the board, have been used to prepare our reports. The group executive committee oversees the process and controls applied in the information gathering process and reviews all the content of our reports to ensure their integrity. Our reports are submitted to the group audit and risk committee and group social, ethics and sustainability committee who recommend them to the board for approval.
The board of Imperial Logistics Limited acknowledges its responsibility to ensure the integrity of the 2020 integrated report and ESG report. The group audit and risk committee, together with executive management, are responsible for the preparation and presentation of the report and the group social, ethics and sustainability committee is responsible for the preparation and presentation of the ESG content. Both committees have reviewed and recommended the reports to the board for approval.
In the board's opinion, the reports address all material issues and matters that may impact the group's ability to create value over time, and provide a balanced and appropriate overview of the group's strategy, risks, performance and prospects.
The board believes that this report has been materially prepared in accordance with guidelines of the IIRC's International
On behalf of the board
Group chief executive officer
22 September 2020