Towards rapid, sustainable and inclusive development

About this report

This integrated report covers our financial and non-financial strategy and performance aspects for the financial year 1 April 2012 to 31 March 2013 and our prospects. When referring to “IDC”, “we” or “our”, we mean the Industrial Development Corporation and its financing subsidiaries. The non-financial part includes some aspects of the following subsidiaries: Foskor, Scaw Metals and Small Enterprise Finance Agency (sefa). In the relevant sections of the report, further clarity on boundary can be obtained.

We are continually working on the extension of scope and boundary to include more subsidiaries.

In preparing the report, management considered the guidelines on integrated reporting as provided by the International Integrated Reporting Committee, King III and the Companies Act. Financial information was prepared in accordance with IFRS, while our sustainability-related information has been compiled following the guidelines of the Global Reporting Initiative (GRI 3.1), supported by internally-developed guidelines and policies. Our GRI index can be found at the end of the report (GRI checklist).

IDC has declared a B+ application level in terms of the GRI G3.1 guidelines.

IDC followed a combined assurance approach on information contained in this report. This was achieved through a combined financial and non-financial assurance team from KPMG and Sizwe Ntsaluba Gobodo (SNG) with support from the IDC’s internal audit team. In addition to the annual financial statements and their opinion included here, selected sustainability information was assured at a limited level using the International Standards for Assurance Engagements (ISAE 3000); Assurance Engagements other than audits; and reviews of historical information. Their report is provided here.

The external auditors were engaged to provide assurance on the financial information contained in the financial section of this report.

The external assurance providers are independent from the IDC, with this independence having been evaluated by the Board Audit Committee.

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Investing in the economy

This is an investment in specialised communications solutions and RF technology-based products that also highlights the IDC’s commitment to improving customer turnaround time.

Coega Dairy Holdings

The IDC has identified increased competition in the dairy value chain and import substitution in the cheese industry as key sector development goals. We also singled out the need for increased farmer (and specifically B-BBEE) participation in dairy value-adding initiatives.

Windtown Lagoon Resort 

The newly built Windtown Lagoon Resort and Spa reflects the IDC’s focus to funding community-based projects that have potential to create employment opportunities in far-flung regions.

R13.1 billion
R16.0 billion
18 922
3 950
© The IDC 2013. All rights not expressly allowed are reserved. P.O. Box 784055, Sandton, 2146, South Africa