Value creation, preservation or, conversely, erosion are the consequences of how we utilise and leverage our capitals in the course of our business activities. Through our processes, decisions and actions these capitals change over time. Creating and preserving value is the ultimate goal in the development of our strategy and this integrated thinking is further embedded in everything we do. An abridged diagram of this value creating model is presented on page 10, while detailed descriptions of our inputs, activities, outputs and outcomes are presented in the relevant sections of this report.

Our business does not operate in a vacuum. The environment in which we function, as well as our internal strengths and weaknesses, continuously present us with opportunities to create and preserve value for our stakeholders and risks that can quickly erode such value. Identifying the key risks and opportunities to our business is a group-wide continuous process. Through a collaborative approach, a multi-disciplinary team regularly meets to discuss material matters and risks deemed critical to our business, which in turn, informs the evolution of our business model and approach in the short, medium and long term.

We strive to keep our stakeholders informed of any and all developments in our business timely, openly and transparently. Throughout the year we regularly communicate with all relevant stakeholders through JSE SENS, as well as our own digital channels, including our website and social media profiles.