About This Report
The Growthpoint Properties
Integrated Annual Report
endeavours to portray a holistic
and integrated representation
of the Group’s performance in
terms of both its profitability
and its long-term sustainability.
This report aims to inform our
stakeholders about the objectives
and strategies of the Group, as
well as its performance and value
creation.
ANNUAL FINANCIAL STATEMENTS (AFS)
The statutory AFS are prepared in accordance with International Financial Reporting Standards
(IFRS), JSE Listings Requirements and the requirements of the Companies Act 2008, as amended.
INTEGRATED ANNUAL REPORT (IAR)
Incorporating an overview of our organisation, our key risks and opportunities, performance reviews
including reports from our Chairman, Chief Executive Officer and Financial Director, key matters,
sectoral reviews, corporate social responsibility, corporate governance and risk management.
The IAR should be read together with the statutory AFS which, combined, provide a complete
overview of Growthpoint’s performance and prospects.
AGM NOTICE
The booklet containing the AGM notice also includes the summarised audited AFS for FY15, and
relevant extracts from the IAR supporting the notice and report to shareholders by the Social,
Ethics and Transformation Committee.
REPORT SCOPE AND BOUNDARY
This report covers the period from 1 July 2014 to 30 June 2015 (FY15) and provides an overview
of the operations and performance of all businesses. This encompasses the South African
businesses of Growthpoint Properties, its share in the V&A Waterfront and Growthpoint Properties
Australia (GOZ).
MATERIALITY
The concept of “materiality” is fundamental to corporate reporting practice. To be effective,
reporting should provide information that is of value or material interest to the intended users of
the report.
Growthpoint’s definition of materiality is based on a combination of IFRS and the International
Integrated Reporting Framework of the International Integrated Reporting Council (IIRC).
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| HELPING THE ENVIRONMENT
by reducing paper usage and
printing consumption, our IAR
and AFS are available on our
website www.growthpoint.co.za |
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OUR WEBSITE includes further
details, descriptions and images
of Growthpoint’s property assets. |
Growthpoint has determined that materiality can best be described as those issues that could
substantively influence the assessment and decisions of shareholders and other stakeholders with
regard to its ability to create value in the short, medium and long term.
In defining materiality for our IAR, Growthpoint is striving to bring together the material
information about its strategy, governance, performance and prospects in a manner that reflects
the commercial, social and environmental context within which it operates.
INTEGRATED REPORTING JOURNEY
Growthpoint first issued an IAR in FY10. The reports in subsequent years, as well as the current
year, have evolved and been refined to reflect developments with regard to integrated reporting.
Those developments having the most significant impact on our reporting in more recent times
have been the International Integrated Reporting Framework issued by the IIRC, EY’s Excellence in
Integrated Reporting Awards and PwC’s survey of JSE Top 40 companies’ integrated reports.
We recognise that integrated reporting is work in progress and we will endeavour to continue to
improve our reporting, taking cognisance of future pronouncements by the IIRC and feedback from
our stakeholders.
ASSURANCE
Growthpoint has a combined assurance model to enable its Audit Committee to express the view
that it is satisfied that suitable assurance has been obtained for all material statements made in
the IAR.
The “Three Lines of Defence” model is utilised to facilitate the assessment of assurance with
specific regard to integrated reporting. Utilising this model as a basis, the following lines of defence
have been identified:
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First line of defence: Line management and support functions. These are internal functions
that own and manage the information and are ideally placed to identify incorrect information
due to their familiarity with the function. |
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Second line of defence: Executive management. These are internal oversight functions that
oversee the information and serve as a review mechanism to identify incorrect information. |
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Third line of defence: The Board, also through its committees, provides independent assurance
of the information. |
Accordingly, some of the assurance is provided by external sources whilst other assurance is
provided with reference to appropriate internal sources.
RESPONSIBILITY STATEMENT
The Audit Committee and management acknowledge their responsibility to ensure the integrity of
this report. The Audit Committee has applied its mind to the report and believes that it addresses
all material issues, and presents fairly the integrated performance of the organisation.
This report was approved by Audit Committee on 8 September 2015, and is signed on its behalf by:
LA Finlay
Chairman of the Audit Committee |
LN Sasse
Chief Executive Officer |
 NAVIGATION – To make it easy
to read and navigate the report,
we have incorporated a
cross-reference symbol to
find related information. |
