This integrated report was prepared by Spur Corporation Ltd to provide stakeholders with insight regarding the group’s business model, strategy, key business drivers, performance and prospects.
The report covers the financial year 1 July 2018 to 30 June 2019. It was prepared for the benefit of the group’s stakeholders, with a focus on aspects relevant to providers of financial capital.
It covers the activities of the group and includes information relating to the South African and international franchise, retail and ancillary operations. Environmental information relates only to the South African head office, corporate offices and manufacturing facilities, and excludes international operations and restaurants.
This integrated report is part of a suite of publications the group produces to best meet the needs of various stakeholders. The publications are available at https://www.spurcorporation.com/investors/results-centre/.
The content of this report is broadly comparable with the 2018 report. The only material events that may impact comparability are:
|To improve communication to providers of financial capital, the 2019 integrated report includes the following improvements:
The group considers, uses and applies a range of content guidance documents in the preparation of the reporting elements:
1 Copyright and trademarks are owned by the Institute of Directors in South Africa NPC and all of its rights are reserved.
Spur Corporation uses a combined assurance model to ensure the integrity and validity of the information in this report. The model includes, but is not limited to, the group’s outsourced internal audit function, risk management and compliance functions, the external auditors and regulatory inspectors, and other external assurance providers, as appropriate or necessary from time to time.
|Consolidated and separate financial statements|
|The financial statements were audited by KPMG Inc., who expressed an unmodified audit opinion thereon.|
|The group has re-assessed its transformation strategy and restructured the team responsible for transformation. Following the implementation of the revised Broad-based Black Economic Empowerment Codes of Good Practice (“BEE Codes”) issued by the Department of Trade and Industry (“dti”) in 2017, the group scores below the minimum threshold for procurement recognition in accordance with the BEE Codes. Therefore, the group elected to obtain a nil scorecard from its verification agency for the current year and will seek a comprehensive scorecard for the year ahead, following the implementation of the revised transformation strategy.|
|The audit committee reviewed this integrated report to provide assurance over material non-financial elements of the report, including the online sustainability and governance supplements. The committee also considered the sustainability information disclosed in the integrated report and assessed its reliability against operational information, and for consistency with the financial statements.|
The board acknowledges its responsibility to ensure the integrity and completeness of this report.
The directors confirm that they have collectively assessed the report’s contents, preparation and presentation, including the appropriateness of the reporting frameworks used. The board believes this report addresses the material challenges and opportunities the group faces and is an accurate representation of the group’s strategy and performance for the financial year.
The board consequently approved the 2019 integrated report for publication on Tuesday, 22 October 2019.