The content of this report covers the activities of all divisions and subsidiaries of AYO, across all regions of operation in South Africa and outside of South Africa as relevant. The emphasis is on AYO’s South African operations, which contribute 99% of the Group’s revenue. All subsidiaries, joint ventures and associate companies recognised in the annual financial statements are included in this report.

This report provides material information relating to our strategy and business model, operating context, material risks, stakeholder interests, performance, prospects and governance for the period 1 September 2018 to 31 August 2019.

The report extends beyond financial reporting and includes non-financial performance, opportunities, risks and outcomes attributable to or associated with our key stakeholders, which have a significant influence on our ability to create value.

This report is primarily intended to address the information requirements of investors (our equity and preference shareholders and prospective investors). We also present information relevant to the way we create value for other key stakeholders, including our staff, clients, regulators and society.

We apply the principle of materiality in assessing what information should be included in our Integrated Report. The report focuses particularly on those issues, opportunities and challenges that impact materially on AYO’s ability to be a sustainable business that consistently delivers value to shareholders and all stakeholders. Our material matters influence our long term business strategy, targets and short to medium-term business plans and inform the content of this report. The material matters are assessed continually to ensure that our strategy remains relevant in the fast-changing operating environment. The process of identifying material matters involves the Chief Executive Officer (CEO), Chief Financial Officer (CFO) and Executive Management Committee (EXCO) members. The Board assumes responsibility for approval of the material matters.

This report contains forward-looking statements on AYO’s future performance and prospects. Forward-looking statements are not statements of fact, but statements by the management of the AYO Group based on its current estimates, projections, expectations, beliefs and assumptions. While these statements represent our judgements and future expectations at the time of preparing this report, several emerging risks, uncertainties and other important factors could influence actual results to differ materially from our expectations. No assurance can be given that any forward looking statements will materialise, and undue reliance should not be placed on such statements.