This integrated annual report – our fifth since we embarked on the integrated reporting journey in 2011 – intends to convey relevant information about our business to all stakeholders, primarily our providers of financial capital.

As we continue our integrated reporting journey, we aim to disclose further information about how our business creates financial and non-financial value and its ability to create such value, both in the present and future, is shaped and influenced by its external environment, relationships and most key material themes.


This report covers the Alexander Forbes Group Holdings financial year from 1 April 2014 to 31 March 2015. Its contents pertain to the operations of Alexander Forbes Group Holdings Limited (AFGH), previously Alexander Forbes Equity Holdings Proprietary Limited (AFEH). During the reporting year, the group was listed on the Johannesburg Stock Exchange (JSE) as AFH. Our listing further strengthens our drive to increase transparency and the quality and reliability of our integrated reporting.

The figures contained in this report reflect the performance of the group’s continuing operations. The UK-based Trustee Services business, which was discontinued in the prior year, was disposed of in the first quarter of the year reported. LCP Europe continues to be held in discontinuance and is expected to be disposed of in the 2015/16 financial year. In March 2015 the board of directors approved a management proposal to dispose of the Alexander Forbes Compensation Technologies business. For the purposes of financial reporting, the results of this business are now classified as discontinued operations until the date of its disposal.

This report includes the abridged financial statements for AFGH. The full financial statements are available online at this link. Non-financial information additional to that contained in this printed report is also available online. This information includes an explanation of our determination and prioritisation of our most material issues and their presentation as material themes against which we report.

At the time of publishing our preliminary results, we also made available a presentation which is used in our discussions with investors and analysts. The presentation material and a webcast of the presentation are available on our website.


The principles of the King Report on Governance for South Africa 2009 (King III) provide valuable direction for our operations and reporting thereof. This report has been compiled in accordance with the International Integrated Reporting Council’s Integrated Reporting (<IR>) Framework.

Our financial statements are produced in accordance with the International Financial Reporting Standards (IFRS) and comply with the JSE Listings Requirements and the Companies Act of South Africa 2008.


Certain statements and opinions expressed in this document may constitute forward-looking statements which involve known and unknown risks and other uncertainties. Stakeholders should not place undue reliance on these statements and opinions as risks and uncertainties may mean that actual results and outcomes differ materially from those expressed or implied in such forward-looking statements and opinions.

The company does not undertake to publicly update any revisions to these forward-looking statements or opinions to reflect events or circumstances after the date of this document, or to reflect the occurrence of anticipated events.

In particular, we communicate a high-level five-year ambition statement. These ambition statements inform our general planning framework and we use this as a reference target within the organisation and should in no way be viewed as a forecast.


This summarised report is extracted from audited information, but is not itself audited. The annual financial statements were audited by PricewaterhouseCoopers Inc., who expressed an unmodified opinion thereon. The audit report does not necessarily report on all of the information contained in this report. Shareholders are therefore advised that, in order to obtain a full understanding of the nature of the information that has been audited, they should obtain a copy of the auditor’s report together with the accompanying audited consolidated annual financial statements, both of which are available for inspection at the company’s registered office.

Our B-BBEE rating has been independently verified by Empowerdex Proprietary Limited.


Having reviewed the draft document, the board of directors and Audit Committee has mandated a sub-committee to review and approve for release the 2014/15 integrated annual report. Accordingly, the sub-committee has reviewed and approved this report based on management’s assurance.


We welcome and appreciate your feedback. Please email your comments to investorrelations@aforbes.co.za.

We have recently appointed a dedicated investor relations manager, Mrs Marinda Dippenaar.