the power of potential - adcorp · adcorp employees to share in the group’s financial fortunes....
TRANSCRIPT
-
TH
E P
OW
ER
OF
PO
TE
NT
IAL
AN
NU
AL
RE
PO
RT
20
10
SHA
PIN
G S
A’S
WO
RK
FOR
CE
adco
rp A
R 2
010
cove
r.in
dd
16/
24/1
0 7
:48:
03 A
M
-
CO
MPA
NY
OV
ERV
IEW
O
ur m
issi
on
2
Pe
rform
an
ce
ag
ain
st s
tate
d ta
rge
ts
2
St
rate
gic
prio
ritie
s
3
W
ha
t ma
kes
us
wh
o w
e a
re
4
O
ur p
rou
d h
isto
ry o
f em
po
we
rme
nt
5
C
orp
ora
te s
oc
ial i
nve
stm
en
t 6
G
rou
p a
t a g
lan
ce
10
In
du
stry
lea
de
rs
12
EXEC
UTI
VE
REP
OR
TS
14
In
co
min
g C
ha
irma
n’s
rep
ort
16
C
hie
f Exe
cu
tive
’s re
po
rt
18
Tr
ibu
te to
pa
st C
ha
irma
n
27
CO
RP
OR
ATE
GO
VER
NA
NC
E 28
Bo
ard
of d
irec
tors
30
C
orp
ora
te g
ove
rna
nc
e
34
FIN
AN
CIA
L ST
ATE
MEN
TS
47
SHA
REH
OLD
ERS’
IN
FOR
MA
TIO
N
95
CO
NTE
NTS
-
SA
LIE
NT
FE
AT
UR
ES
N
orm
alis
ed
EBI
TDA
do
wn
by
14%
N
orm
alis
ed
ea
rnin
gs
pe
r sh
are
do
wn
by
19%
C
ash
co
nve
rsio
n ra
tio 9
2%
Ba
lan
ce
sh
ee
t stre
ng
the
ne
d b
y R1
12,5
milli
on
ca
pita
l ra
ised
4
500
lea
rne
rsh
ips
fac
ilita
ted
Sc
rip d
istrib
utio
n w
ith a
ca
sh d
ivid
en
d e
lec
tion
of 1
15 c
en
ts p
er s
ha
re
SA
’S M
OS
T E
MP
OW
ER
ED
CO
MP
AN
Y*
20
08 S
A’s
mo
st e
mp
ow
ere
d c
om
pa
ny/
Win
ne
r Su
pp
ort
Se
rvic
es
Sec
tor
20
09 S
A’s
mo
st e
mp
ow
ere
d c
om
pa
ny/
Win
ne
r Su
pp
ort
Se
rvic
es
Sec
tor
20
10 P
lac
ed
2n
d O
vera
ll/W
inn
er S
up
po
rt S
erv
ice
s Se
cto
r
WH
AT
SH
AR
EH
OLD
ER
S C
AN
EX
PE
CT
To
tal t
ran
spa
ren
cy
in th
e c
on
du
ct o
f th
e a
ffairs
of t
he
bu
sine
ss
So
un
d c
orp
ora
te g
ove
rna
nc
e
A
prim
ary
foc
us
on
ca
sh g
en
era
tion
(a
s p
riorit
y o
ver r
ep
ort
ed
pro
fit)
A
foc
us
on
org
an
ic g
row
th c
en
tred
aro
un
d m
arg
in m
an
ag
em
en
t as
we
ll a
s g
row
th a
ch
ieve
d
thro
ug
h s
trate
gic
ac
qu
isitio
n
A
retu
rn o
f exc
ess
ca
sh re
sou
rce
s to
sh
are
ho
lde
rs w
ithin
the
co
nfin
es
of m
ain
tain
ing
an
ac
ce
pta
ble
leve
l of g
ea
ring
A
co
mm
itme
nt t
o b
roa
d-b
ase
d b
lac
k e
co
no
mic
em
po
we
rme
nt (
BBBE
E) a
nd
tra
nsf
orm
atio
n
* Co
nsis
ten
tly ra
ted
on
e o
f SA
’s m
ost
em
po
we
red
co
mp
an
ies
on
the
Jo
ha
nn
esb
urg
Se
cu
ritie
s Ex
ch
an
ge
in te
rms
of t
he
Fin
an
cia
l Ma
il’s To
p
Emp
ow
ere
d C
om
pa
nie
s Su
rve
y ra
ted
by
em
po
we
rde
x.
Ad
co
rp A
nn
ua
l R
ep
ort
1
Ad
co
rp,
a t
ho
ug
ht
lea
de
r
IN
ITS
FIE
LD A
ND
CO
NSI
DER
ED A
N
e
min
en
t a
uth
ori
ty
W
ITH
REG
AR
D T
O T
HE
SOU
TH A
FRIC
AN
LA
BO
UR
MA
RK
ET
COMPANY OVERVIEW EXECUTIVE REPORTS CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION
-
To p
osi
tio
n t
he
Gro
up
as
the
lea
din
g p
rov
ide
r o
f H
UM
AN
CA
PIT
AL
MA
NA
GE
ME
NT
an
d B
US
INE
SS
PR
OC
ES
S O
UT
SO
UR
CIN
G s
erv
ice
s o
ffe
rin
g:
c
om
pre
he
nsi
ve S
TAFF
ING
an
d R
ECR
UIT
MEN
T se
rvic
es
an
d s
olu
tio
ns;
b
usi
ne
ss p
roc
ess
ou
tso
urc
ing
(B
PO
) a
nd
TR
AIN
ING
se
rvic
es;
an
d
re
leva
nt
EMP
LOY
EE B
ENEF
IT,
FIN
AN
CIA
L, W
ELLN
ESS
an
d L
IFES
TYLE
pro
du
cts
an
d
serv
ice
s to
ou
r si
zea
ble
co
ntr
ac
t w
ork
forc
e.
OU
R M
ISSI
ON
PE
RFO
RM
AN
CE
AG
AIN
ST S
TATE
D T
AR
GE
TS
2
Ad
co
rp A
nn
ua
l R
ep
ort
45 40 35 30 25 20 15 10 5 0
percent (%)
7 6 5 4 3 2 1 0
percent (%)
8 7 6 5 4 3 2 1 0
times
Retu
rn o
n as
sets
man
aged
(RO
AM)
Retu
rn o
n sa
les
(RO
S)As
set t
urno
ver (
ATO
)
05
06
08
0
9
10 T
arge
t05
0
6
08
09
10
Tar
get
05
06
08
0
9
10 T
arge
t
-
Ad
co
rp A
nn
ua
l R
ep
ort
3
AD
CO
RP
’S C
UR
RE
NT
STR
ATE
GIC
PR
IOR
ITIE
S A
RE
TO
:
e
xplo
it n
ew
bu
sin
ess
op
po
rtu
nit
ies;
fo
cu
s o
n n
ew
ind
ust
ry s
ec
tors
;
fu
rth
er
au
tom
ate
an
d o
pti
mis
e b
ac
k o
ffic
e p
roc
ess
ing
to
ac
hie
ve lo
we
st c
ost
pro
vid
er
sta
tus;
fo
cu
s o
n id
en
tific
ati
on
an
d m
itig
ati
on
of
key
risk
are
as;
e
nh
an
ce
th
e c
ash
-to
-ca
sh c
ycle
;
e
xtra
ct
be
ne
fits
of
Mic
roso
ft D
yna
mic
s A
x sy
ste
m;
p
lay
the
le
ad
ing
ro
le i
n N
EDLA
C n
eg
oti
ati
on
s re
ga
rdin
g
Lab
ou
r b
roki
ng
;
le
vera
ge
an
d c
om
me
rcia
lise
lea
rne
rsh
ips;
an
d
d
rive
em
po
we
rme
nt.
The
fo
cu
s is
to
e
nh
an
ce
o
ur
ma
rke
t p
osi
tio
nin
g
thro
ug
h
sop
his
tic
ati
on
, te
ch
no
log
ica
l a
dva
nc
es
an
d
stra
teg
ic
init
iati
ves
tha
t w
ill p
rov
ide
a s
ign
ific
an
t va
lue
ad
d f
or
clie
nts
.
Ad
co
rp w
ill c
on
tin
ue
its
dri
ve i
n e
mp
ow
eri
ng
an
d s
ha
pin
g
the
So
uth
Afr
ica
n w
ork
forc
e t
hro
ug
h o
pe
rati
on
al e
xce
llen
ce
,
tra
inin
g a
nd
ski
lls d
eve
lop
me
nt.
120
100
80 60 40 20 0
percent (%)
40 35 30 25 20 15 10 5 0
days
40 35 30 25 20 15 10 5 0
percent (%)
Cash
con
vers
ion
ratio
Deb
tors
day
sG
earin
g le
vel
05
06
08
0
9
10 T
arge
t05
0
6
08
09
10
Tar
get
05
06
08
0
9
10 T
arge
t
STR
ATE
GIC
PR
IOR
ITIE
S
COMPANY OVERVIEW EXECUTIVE REPORTS CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION
-
4
Ad
co
rp A
nn
ua
l R
ep
ort
WH
AT
MA
KE
S U
S W
HO
WE
AR
E
AB
OU
T A
DC
OR
PTh
e A
dco
rp G
rou
p w
as
fou
nd
ed in
197
8 a
s a
recr
uitm
ent
ad
vert
isin
g
bu
sines
s.
In
1987
, th
e G
rou
p
liste
d
on
th
e Jo
ha
nn
esb
urg
Sec
urit
ies
Exch
an
ge
(JSE
). S
ub
seq
uen
t to
its
listin
g, t
he
Gro
up
acq
uire
d in
tere
sts
in a
ma
rket
rese
arc
h
bu
sines
s a
s w
ell a
s a
pu
blic
rela
tion
s co
nsu
ltan
cy
prio
r to
m
aki
ng
a n
um
ber
of
sizea
ble
acq
uisi
tion
s in
th
e h
um
an
ca
pita
l ma
na
gem
ent (
sta
ffin
g a
nd
tra
inin
g)
spa
ce d
urin
g
the
1990
s.
Ove
r th
e p
ast
10
yea
rs,
the
Gro
up
ha
s d
evel
op
ed t
o
bec
om
e So
uth
A
frica
’s
lea
din
g
pro
vid
er
of
hu
ma
n
cap
ital
ma
na
gem
ent
an
d b
usin
ess
pro
cess
ou
tso
urc
ing
se
rvic
es (
BPO
) w
ith a
pro
ud
tra
diti
on
of
crea
ting
va
lue
for
ou
r sh
are
ho
lder
s,
pro
vid
ing
q
ua
lity
serv
ice
to
ou
r cl
ien
ts,
inn
ova
ting
un
iqu
e p
rod
uct
an
d s
ervi
ce s
olu
tion
s,
dev
elo
pin
g a
nd
up
skilli
ng
ou
r siz
eab
le c
an
did
ate
ba
se,
trailb
lazin
g i
n t
erm
s o
f b
lack
eco
no
mic
em
po
wer
men
t, co
nve
rtin
g a
hig
h p
rop
ort
ion
of o
ur p
rofit
into
ca
sh, p
ayi
ng
g
ener
ou
s d
ivid
end
s a
nd
ad
her
ing
to th
e h
igh
est s
tan
da
rds
of c
orp
ora
te g
ove
rna
nce
.
The
Gro
up
is a
tho
ug
ht l
ead
er in
its
field
an
d is
co
nsid
ered
a
s a
n e
min
ent
au
tho
rity
with
reg
ard
to
th
e So
uth
Afri
can
la
bo
ur m
ark
et.
GR
OU
P C
OM
PA
NY
AW
AR
DS
AD
CO
RP
AW
AR
DS
Rec
og
nise
d a
s th
e “m
ost
em
po
wer
ed li
sted
co
mp
any
in
So
uth
A
frica
” in
te
rms
of
the
Fin
an
cia
l M
ail/
Em
po
wer
dex
To
p E
mp
ow
erm
ent
Co
mp
an
ies
Surv
ey
2008
an
d 2
009
an
d ra
ted
2n
d o
vera
ll in
201
0. 2
009
– Su
nd
ay
Tim
es/
Busi
ne
ss
Tim
es
Top
10
0 C
om
pa
nie
s –
rec
og
nis
ed
a
s o
ne
o
f th
e
top
10
0 c
om
pa
nie
s in
So
uth
Afri
ca
. 2
009
– Ra
nke
d
1st
in
the
Lea
der
ship
Ex
celle
nce
Bu
sines
s Su
pp
ort
Ser
vice
s ca
teg
ory
aw
ard
ed b
y th
e C
orp
ora
te R
esea
rch
Fo
un
da
tion
(C
RF).
Adco
rp’s
prem
ier e
vent
of
the
year
is t
he C
hairm
an’s
Awar
ds. T
his
even
t is
dedic
ated
to th
ose
emplo
yees
that
hav
e ea
rned
rec
ognit
ion
and
hono
ur fo
r the
ir ha
rd w
ork
and
com
mitm
ent w
here
by in
dividu
al
emplo
yees
and G
roup
com
panie
s are
reco
gnise
d and
rewa
rded
for t
heir
exce
ption
al ac
hieve
men
ts an
d co
ntrib
ution
s.
Adco
rp p
rides
itse
lf on
its
solid
per
form
ance
and
sus
taine
d gr
owth
achie
ved
over
the p
ast y
ears,
all o
f whic
h wo
uld n
ot h
ave b
een
poss
ible
with
out t
he e
xcep
tiona
l con
tribu
tion
of it
s peo
ple.
CH
AIR
MA
N’S
AW
AR
DS
�
200
9 –
Ca
teg
ory
win
ner
in th
e A
nnu
al R
epo
rt A
wa
rds
– “T
he
ben
chm
ark
for g
ove
rna
nce
rep
ort
ing
in A
frica
”. 2
009
– In
vest
men
t A
na
lyst
s So
ciet
y o
f So
uth
ern
A
frica
a
wa
rd
for
rep
ort
ing
a
nd
co
mm
un
ica
tion
s –
Co
mp
an
ies
with
a
m
ark
et
cap
italis
atio
n
bel
ow
R5
billi
on
.
AD
CO
RP
TALE
NT
RES
OU
RC
ING
Bes
t C
olo
ur
Ad
vert
fo
r BP
– S
un
da
y Tim
es A
dve
rtisi
ng
A
wa
rds.
EMM
AN
UEL
S 2
009
– Be
st
HR
Serv
ice
Pr
ovi
de
r (O
uts
ou
rce
r)
(B
PeSA
We
ste
rn C
ap
e).
200
9 –
Best
H
R Se
rvic
e
Pro
vid
er
(Ou
tso
urc
er)
(BPe
SA K
ZN).
2
009
– Re
cru
iter o
f th
e Y
ea
r (Ju
nc
tion
Aw
ard
s).
STA
FF U
NEE
D R
ote
k en
gin
eerin
g
– M
an
ag
ing
D
irect
or
Aw
ard
fo
r o
uts
tan
din
g
acc
om
plis
hm
ent
an
d
con
trib
utio
n
to
Safe
ty in
Ro
tek
eng
inee
ring
.
QU
EST
BPe
SA
Best
O
uts
ou
rced
Tr
ain
ing
So
lutio
n
2009
; G
au
ten
g, W
este
rn C
ap
e a
nd
Kw
aZu
lu-N
ata
l.
CA
PAC
ITY
To
pco
N
atio
na
l Bu
sines
s A
wa
rds
– W
inn
er
in
the
Na
tion
al B
usin
ess
Serv
ices
Ca
teg
ory
.
DA
V Re
cru
iter
of
the
ye
ar
Perm
an
en
t Po
sitio
ns
“Ca
ree
r Ju
nc
tion
Su
rve
y A
ug
ust
200
9”.
Hig
he
st R
ate
d E
xecu
tive
Sea
rch
Co
mp
an
y in
SA
“PM
R D
iam
on
d A
rrow
Aw
ard
De
ce
mb
er 2
009”
. P
MR
Go
lde
n
Arro
w
Aw
ard
Fe
bru
ary
“O
uts
tan
din
g
Exe
cu
tive
Se
arc
h C
on
sulta
nc
y”.
-
Ad
co
rp A
nn
ua
l R
ep
ort
5
OU
R P
RO
UD
HIS
TOR
Y O
F E
MP
OW
ER
ME
NT
Tha
t So
uth
Afri
ca
is s
ad
dle
d w
ith a
leg
ac
y o
f se
vere
so
cio
-
ec
on
om
ic im
ba
lan
ce
be
twe
en
pre
do
min
an
tly w
hite
an
d
bla
ck
citi
zen
s is
no
t a m
atte
r of d
ispu
te. T
he
ch
alle
ng
e lie
s
in h
ow
to
re
me
dy
this
imb
ala
nc
e.
In t
he
priv
ate
se
cto
r,
the
ch
alle
ng
e h
as
be
en
to
he
lp re
me
dy
this
imb
ala
nc
e
thro
ug
h
a
po
licy
an
d
pro
ce
ss
of
bro
ad
-ba
sed
b
lac
k
ec
on
om
ic e
mp
ow
erm
en
t (BB
BEE)
.
BBBE
E o
pe
rate
s o
n s
eve
n le
vels:
sh
are
ho
ldin
g;
m
an
ag
em
en
t co
ntro
l;
e
mp
loym
en
t eq
uity
;
sk
ills d
eve
lop
me
nt;
p
roc
ure
me
nt;
e
nte
rpris
e d
eve
lop
me
nt;
an
d
so
cio
-ec
on
om
ic d
eve
lop
me
nt.
Go
vern
me
nt
ha
s in
dic
ate
d t
ha
t it
inte
nd
s to
mo
ve a
wa
y
from
a c
om
pu
lsory
to
an
en
ab
ling
po
licy
of
BBBE
E. T
his
pla
ce
s a
n
en
orm
ou
s re
spo
nsib
ility
an
d
ob
liga
tion
o
n
co
mp
an
ies
suc
h a
s A
dc
orp
.
The
Gro
up
ha
s a
pro
ud
hist
ory
of
em
po
we
rme
nt
da
ting
ba
ck
as
far
as
1990
. A
t a
sh
are
ho
ldin
g l
eve
l, a
Gro
up
-
wid
e
tran
sac
tion
w
as
an
no
un
ce
d
in
2007
th
at
ha
s
sign
ifica
ntly
b
olst
ere
d
the
e
mp
ow
erm
en
t c
red
en
tials
of
the
Gro
up
wh
ile a
lso c
rea
ting
an
op
po
rtu
nity
fo
r a
ll
Ad
co
rp
em
plo
yee
s to
sh
are
in
th
e
Gro
up
’s
fina
nc
ial
fort
un
es.
In t
erm
s o
f th
is BB
BEE
tran
sac
tion
, a c
on
sort
ium
co
mp
risin
g
wo
me
n’s
g
rou
pin
g,
Wo
me
n
Inve
stm
en
t
Port
folio
Ho
ldin
gs
(Wip
ho
ld),
Sim
eka
Gro
up
(Pt
y) L
imite
d
an
d a
n A
dc
orp
em
plo
yee
sh
are
inc
en
tive
tru
st o
wn
an
effe
ctiv
e 2
5,1%
sh
are
ho
ldin
g in
Ad
co
rp H
old
ing
s Lim
ited
.
The
Gro
up
’s o
vera
ll b
lac
k o
wn
ers
hip
in t
erm
s o
f th
e B
EE
sco
rec
ard
h
as
be
en
c
ert
ified
b
y Em
po
we
rde
x to
b
e
33,5
4%. D
irec
t bla
ck
fem
ale
ow
ne
rsh
ip in
Ad
co
rp H
old
ing
s
is c
alc
ula
ted
to b
e 9
,12%
, usin
g th
e m
od
ified
flo
w-th
rou
gh
prin
cip
le. F
or t
he
pu
rpo
ses
of t
he
sc
ore
ca
rd, b
lac
k fe
ma
le
ow
ne
rsh
ip is
de
em
ed
to
be
15,
90%
afte
r th
e e
xclu
sion
of
the
40%
sh
are
ho
ldin
g t
ha
t is
cla
ssifie
d a
s a
Ma
nd
ate
d
Inve
stm
en
t.
Bec
au
se B
BBEE
ha
s b
ee
n a
rea
l pa
rt o
f wh
o w
e a
re a
nd
wh
at w
e d
o, w
e h
ave
inc
orp
ora
ted
it in
to e
very
pa
rt o
f ou
r
bu
sine
ss. T
his
is w
hy
the
Ad
co
rp G
rou
p h
as
for t
he
pre
vio
us
two
ye
ars
be
en
re
co
gn
ised
as
the
mo
st e
mp
ow
ere
d
liste
d c
om
pa
ny
in S
ou
th A
fric
a in
te
rms
of
the
Fin
an
cia
l
Ma
il/Em
po
we
rde
x Su
rve
y, a
nd
ha
s re
ce
ntly
be
en
ran
ked
sec
on
d o
vera
ll in
resp
ec
t of t
he
201
0 su
rve
y. F
urt
he
rmo
re,
we
ha
ve b
ee
n ra
ted
as
the
mo
st e
mp
ow
ere
d c
om
pa
ny
in o
ur s
ec
tor f
or t
he
last
five
ye
ars
. Ad
co
rp h
as
be
en
rate
d
as
a L
eve
l 2 B
BBEE
co
ntri
bu
tor i
n te
rms
of t
he
De
pa
rtm
en
t
of
Tra
de
an
d I
nd
ust
ry’s
BBB
EE C
od
e o
f Le
ad
Pra
ctic
e.
Som
eth
ing
we
are
tru
ly p
rou
d o
f.
EM
PO
WE
RM
EN
T
The
Adco
rp G
roup
has
for
the
prev
ious
two
year
s be
en r
ecog
nised
as th
e mo
st em
powe
red
listed
com
pany
in S
outh
Afri
ca in
term
s of
the
Finan
cial
Mail/
Empo
werd
ex S
urve
y, an
d ha
s re
cent
ly be
en
rank
ed s
econ
d ov
erall
in r
espe
ct of
the
2010
sur
vey.
Furth
ermo
re,
we ha
ve be
en ra
ted as
the m
ost e
mpow
ered
comp
any i
n our
secto
r for
the p
revio
us fi
ve ye
ars.
The
Grou
p ha
s a
prou
d his
tory
of em
powe
rmen
t dati
ng b
ack
as fa
r
as 1
990.
The
Grou
p’s o
vera
ll bla
ck o
wner
ship
in ter
ms o
f the
BEE
scor
ecar
d ha
s bee
n ce
rtifie
d by
Emp
ower
dex t
o be 3
3,54%
.
�
COMPANY OVERVIEW EXECUTIVE REPORTS CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION
-
CO
RP
OR
ATE
SO
CIA
L IN
VE
STM
EN
T
Soc
ial i
nve
stm
en
t is
a v
ital p
art
of
ou
r id
en
tity
at
Ad
co
rp
an
d w
e a
re p
rou
d t
o s
o p
osit
ive
ly im
pa
ct
as
ma
ny
live
s a
s w
e d
o.
Eac
h y
ea
r w
e in
vest
1%
of
ou
r a
nn
ua
l pro
fits
ba
ck
into
so
cie
ty
thro
ug
h
sch
em
es
an
d
pro
jec
ts
we
b
elie
ve w
ill p
rovi
de
th
e g
rea
test
be
ne
fit t
o t
he
gre
ate
st
nu
mb
er o
f pe
op
le.
In o
rde
r to
alig
n o
ur
pro
jec
ts w
ith o
ur
co
re b
usin
ess
–
hu
ma
n c
ap
ital –
we
ha
ve re
foc
use
d o
ur e
ffort
s in
the
pa
st
yea
r to
em
ph
asis
e h
igh
sc
ho
ol
ed
uc
atio
na
l a
ssist
an
ce
a
nd
bu
rsa
ry s
ch
em
es.
Wh
ile t
he
bu
rsa
ry c
om
po
ne
nt
spe
arh
ea
ds
ou
r C
SI e
ffort
s, th
e g
ard
en
s a
nd
hyd
rop
on
ic
tun
ne
ls w
e h
ave
est
ab
lish
ed
ac
ross
th
e c
ou
ntr
y o
ver
the
pa
st t
hre
e y
ea
rs c
om
ma
nd
a g
rea
t d
ea
l of o
ur
time
a
nd
effo
rt,
an
d a
so
urc
e o
f g
rea
t p
ride
to
th
e G
rou
p.
In a
dd
itio
n t
o t
he
se,
we
are
also
en
ga
ge
d in
a s
erie
s o
f a
d h
oc
pro
jec
ts th
at w
e w
ere
un
ab
le to
turn
ou
r ba
ck
on
o
nc
e w
e h
ad
be
en
ma
de
aw
are
of t
he
m.
BU
RS
AR
Y S
CH
EM
ES
Ad
co
rp is
cu
rren
tly re
spo
nsib
le fo
r th
e e
du
ca
tion
al n
ee
ds
of
132
pre
vio
usly
d
isad
van
tag
ed
c
hild
ren
b
etw
ee
n
gra
de
s 7
an
d 1
2 a
t a
to
tal c
ost
of
R401
000
. Wh
ile e
ac
h
ap
plic
an
t’s s
itua
tion
is c
are
fully
ass
ess
ed
an
d a
ssist
an
ce
is
aw
ard
ed
on
me
rit,
wh
ere
po
ssib
le w
e g
ive
pre
fere
nc
e
to c
hild
ren
fro
m r
ura
l are
as
wh
ose
pa
ren
ts o
r c
are
giv
ers
a
re fi
na
nc
ially
stre
sse
d.
To q
ua
lify
for
a g
ran
t th
e c
hild
mu
st h
ave
atta
ine
d a
n
ave
rag
e o
f at l
ea
st 5
5% fo
r th
ree
ye
ars
prio
r to
ap
plic
atio
n.
Wh
ile s
ch
oo
l gra
de
s in
th
e fa
ce
of
po
vert
y a
re a
t b
est
a
blu
nt i
nd
ica
tor o
f ab
ility,
we
ho
pe
this
min
imu
m in
dic
ate
s a
n e
nth
usia
sm fo
r stu
dy
tha
t will
see
the
stu
de
nt t
hro
ug
h
to m
atri
c –
an
d b
eyo
nd
. Fu
rth
erm
ore
, we
lin
k th
e a
mo
un
t o
f ass
ista
nc
e w
e g
ive
to th
e c
hild
’s g
rad
es,
so
a c
hild
tha
t d
oe
s w
ell
at
sch
oo
l will
be
ne
fit w
ith in
cre
ase
d s
ch
ola
stic
su
pp
ort
th
at
co
uld
in
clu
de
, fo
r e
xam
ple
, e
xcu
rsio
ns,
sc
ho
ol u
nifo
rms
an
d s
po
rts
eq
uip
me
nt.
To e
nsu
re t
ha
t th
e m
axim
um
be
ne
fit i
s m
ad
e o
f th
e
mo
ne
y w
e m
ake
ava
ilab
le,
we
alw
ays
pa
y it
dire
ctly
to
th
e
sch
oo
l. W
e
also
m
on
itor
ea
ch
c
hild
’s
ne
ed
s th
rou
gh
ou
t th
e y
ea
r, a
nd
thro
ug
h tw
ice
ye
arly
ac
ad
em
ic
test
resu
lts.
GA
RD
EN
SFo
r th
e p
ast
se
vera
l ye
ars
, A
dc
orp
’s m
ain
CSI
fo
cu
s h
as
be
en
ve
ge
tab
le g
ard
en
s a
nd
hyd
rop
on
ic tu
nn
els,
wh
ich
a
re a
ble
to
su
pp
ly a
ra
ng
e o
f ve
ge
tab
les
thro
ug
ho
ut
the
ye
ar.
No
t o
nly
do
th
e g
ard
en
pro
jec
ts,
wh
ich
co
ver
in t
he
re
gio
n o
f 11
700
m2
in G
au
ten
g,
We
ste
rn C
ap
e
an
d
Kwa
Zulu
-Na
tal,
pro
vid
e
foo
d
for
the
u
nsk
illed
, u
ne
mp
loye
d p
eo
ple
wh
o w
ork
in th
em
, th
ey
also
pro
vid
e
the
op
po
rtu
nity
for t
he
se p
eo
ple
to m
ake
a li
vin
g th
rou
gh
th
e s
ale
of t
he
pro
du
ce
.
Ad
co
rp
pro
vid
ed
th
e
fina
nc
e
for
the
n
ec
ess
ary
in
frast
ruc
ture
, e
qu
ipm
en
t, se
ed
, fe
rtilis
er
an
d t
rain
ing
, a
s w
ell
as
suffi
cie
nt m
en
tors
hip
an
d s
up
po
rt fo
r th
e g
ard
en
s fo
r th
e fir
st 1
8 m
on
ths
to e
nsu
re th
eir
sust
ain
ab
ility
an
d th
at
the
be
ne
ficia
ries
rec
eiv
ed
the
ne
ce
ssa
ry s
kills
to c
on
tinu
e
wh
at w
e h
ad
he
lpe
d s
tart
.
Ou
r c
om
mitm
en
t to
th
e g
ard
en
pro
jec
ts r
em
ain
s so
lid
an
d th
is ye
ar w
e h
ave
se
t asid
e R
300
000
for t
he
ir b
en
efit
. Bu
t w
hile
we
will
en
sure
th
eir
on
go
ing
su
cc
ess
, w
e f
ee
l th
ey
ha
ve re
ac
he
d a
leve
l of a
uto
no
my
suc
h th
at w
e c
an
b
eg
in to
foc
us
ou
r atte
ntio
n e
lsew
he
re.
6
Ad
co
rp A
nn
ua
l R
ep
ort
-
Ad
co
rp A
nn
ua
l R
ep
ort
7
AD
HO
C P
RO
JE
CT
STh
e d
’Alm
eid
a fa
mily
Rad
io s
tatio
n 9
4.7’
s a
nn
ua
l c
ha
rity
driv
e k
no
wn
as
the
C
hris
tma
s W
ish L
ist b
rou
gh
t to
ou
r a
tten
tion
th
e p
ligh
t o
f Te
resa
d’A
lme
ida
, a
n a
bu
sed
wife
an
d m
oth
er
of
fou
r w
ho
ha
d b
ee
n e
vic
ted
fro
m h
er h
om
e a
nd
wa
s liv
ing
in a
b
ac
k ro
om
at h
er s
iste
r’s h
ou
se.
He
r e
lde
st t
wo
bo
ys,
ha
vin
g n
o b
ed
s to
sle
ep
in
, w
ere
fo
rce
d t
o s
tay
with
th
eir
alc
oh
olic
fa
the
r, a
nd
th
e e
lde
r b
oy
ha
d t
o d
rop
ou
t o
f h
is c
om
pu
ter
stu
die
s c
lass
at
sch
oo
l be
ca
use
he
ha
d n
o c
om
pu
ter
at
ho
me
. Prim
ary
sc
ho
ol e
du
ca
tion
fo
r th
e 1
0-ye
ar-o
ld d
au
gh
ter,
too
, w
as
in je
op
ard
y b
ec
au
se o
f he
r mo
the
r’s s
ho
rta
ge
of m
on
ey.
The
plig
ht
of
the
d’A
lme
ida
fa
mily
wa
s o
ne
we
fe
lt w
e
co
uld
no
t tu
rn o
ur
ba
ck
on
, a
nd
we
ag
ree
d t
o p
ay
R46
000
for
the
bo
ys’
sch
oo
ling
at
Jep
pe
Hig
h S
ch
oo
l fo
r 20
10.
Furt
he
rmo
re,
we
ple
dg
ed
to
co
ntin
ue
fu
nd
ing
th
eir
ed
uc
atio
n u
ntil
the
y c
om
ple
ted
sc
ho
ol o
n c
on
diti
on
th
at t
he
ir re
sults
pro
ved
the
ir d
ilige
nc
e.
We
fe
lt th
at
livin
g w
ith t
he
ir a
lco
ho
lic f
ath
er
wa
s n
ot
co
nd
uc
ive
to
th
e b
oys
’ st
ud
ies,
an
d w
e t
he
refo
re a
lso
pro
vid
ed
a b
un
k b
ed
to
go
in t
he
ir m
oth
er’s
re
side
nc
e.
In a
dd
itio
n,
we
pro
vid
ed
vo
uc
he
rs f
or
Pic
k n
Pa
y th
at
wo
uld
en
title
Tere
sa to
R3
600
wo
rth
of g
roc
erie
s p
er m
on
th
for a
ye
ar.
We
also
insis
ted
on
rein
sta
ting
th
e b
oy
into
his
co
mp
ute
r c
lass
es
an
d w
e b
ou
gh
t th
e f
am
ily a
R7
000
co
mp
ute
r
an
d
prin
ter
to
en
ab
le
his
stu
die
s in
th
is su
bje
ct
as
we
ll a
s p
rovi
de
a
fu
nd
am
en
tal
lea
rnin
g
too
l fo
r th
e
oth
er c
hild
ren
.
The
yo
un
ge
r d
au
gh
ter’s
prim
ary
sc
ho
ol f
ee
s, a
mo
un
ting
to R
4 00
0 fo
r th
e y
ea
r, w
ere
also
pro
vid
ed
.
Alfr
ed
Ne
dzi
vha
ni –
ta
xi ra
nk
tra
de
r
The
an
nu
al
94.7
Cyc
le C
ha
llen
ge
pro
vid
es
a c
rea
tive
pla
tform
for
mo
ne
y to
be
raise
d in
aid
of w
ort
hy
ca
use
s.
In N
ove
mb
er
last
ye
ar,
Ad
co
rp s
po
nso
red
an
ice
-cre
am
bic
ycle
to th
e tu
ne
of R
20 0
00 to
su
pp
ort
the
CH
OC
co
w
ch
alle
ng
e, a
n in
itia
tive
cre
ate
d b
y th
e c
hild
ho
od
ca
nc
er
org
an
isatio
n. T
his
initi
ativ
e in
volv
ed
65
spo
nso
red
rid
ers
in
co
w s
uits
ta
kin
g p
art
in t
he
ra
ce
on
ice
-cre
am
bic
ycle
s
with
the
fun
ds
go
ing
to th
e s
up
po
rt a
nd
ca
re o
f ch
ildre
n
affl
icte
d w
ith c
an
ce
r. Th
e s
po
nso
rsh
ip o
pp
ort
un
ity c
au
gh
t
the
e
ye
of
Ca
mp
be
ll Bo
me
la,
he
ad
o
f A
dc
orp
C
SI,
be
ca
use
it w
as
a li
gh
t-he
art
ed
wa
y to
ra
ise f
un
ds
for
a
serio
us
an
d o
ften
tra
gic
ailm
en
t.
Afte
r th
e c
ycle
ra
ce
, a
de
cisi
on
wa
s ta
ken
to
bu
y th
e
bic
ycle
– w
hic
h h
ad
be
en
ad
orn
ed
with
the
Ad
co
rp lo
go
– w
ith t
he
fu
ll R5
000
go
ing
to
CH
OC
. Th
e b
icyc
le w
as
the
n d
on
ate
d t
o A
lfre
d N
ed
zivh
an
i, a
n i
nfo
rma
l tra
de
r
sellin
g fr
uit,
sw
ee
ts a
nd
loo
se c
iga
rette
s in
th
e R
an
db
urg
Taxi
Ran
k.
Alfr
ed
w
as
take
n
co
mp
lete
ly
by
surp
rise
b
y th
e
gift
,
wh
ich
inc
lud
ed
a fr
idg
e a
nd
fre
eze
r th
at
he
ke
ep
s a
t h
is
sta
ll a
t th
e
ran
k.
The
e
ntre
pre
ne
ur,
wh
o
ca
me
to
Joh
an
ne
sbu
rg f
rom
Ve
nd
a in
199
5 in
se
arc
h o
f a
be
tter
life,
ha
d b
eg
un
ha
wki
ng
his
wa
res
to c
om
mu
ters
as
a w
ay
to m
ake
en
ds
me
et
wh
en
he
fo
un
d h
e c
ou
ld
on
ly
co
mm
an
d
a
pitt
an
ce
fro
m
the
c
asu
al
wo
rk
he
wa
s o
ffere
d.
With
th
e ic
e-c
rea
m b
icyc
le a
nd
th
e f
ridg
e-
free
zer
co
mb
ina
tion
, A
lfre
d’s
p
oss
ible
ra
ng
e
of
wa
res
COMPANY OVERVIEW EXECUTIVE REPORTS CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION
-
wa
s b
roa
de
ne
d
to
inc
lud
e
ice
-cre
am
s a
nd
c
old
drin
ks,
dra
ma
tica
lly i
nc
rea
sing
his
po
ten
tial
to m
ake
a
de
ce
nt l
ivin
g.
Josh
ua
Ra
sho
po
la
In
2000
, 30
-ye
ar-o
ld
Josh
ua
Ra
sho
po
la,
a
rec
en
t a
cc
ou
nta
nc
y g
rad
ua
te e
mp
loye
d b
y D
elo
itte
& T
ou
ch
e,
wa
s in
volv
ed
in a
se
riou
s m
oto
r a
cc
ide
nt.
The
ac
cid
en
t le
ft th
is p
rom
isin
g y
ou
ng
ma
n a
qu
ad
riple
gic
, an
d w
ha
t c
ou
ld h
ave
be
en
on
e o
f th
is c
ou
ntr
y’s
gre
ate
st s
uc
ce
ss
sto
ries
ha
d in
ste
ad
tu
rne
d in
to a
tra
ge
dy
– u
ntil
, in
ea
rly
2009
, his
sto
ry w
as
bro
ug
ht t
o A
dc
orp
’s a
tten
tion
.
Ou
r fir
st in
tera
ctio
n w
ith J
osh
ua
wa
s w
he
n w
e p
rovi
de
d
him
with
a R
40 0
00 s
tate
-of-t
he
-art
mo
toris
ed
wh
ee
lch
air
to re
pla
ce
his
ba
ttere
d m
an
ua
l ch
air.
Jo
shu
a re
ca
lls t
he
m
om
en
t as
on
e in
wh
ich
he
reg
ain
ed
his
ind
ep
en
de
nc
e
an
d a
t la
st fe
lt a
sp
ark
of i
nte
rest
in liv
ing
afte
r a b
lea
k n
ine
ye
ars
of b
ein
g to
tally
de
pe
nd
en
t on
oth
ers
.
Du
ring
fo
llow
-up
visi
ts w
ith t
his
hig
hly
ed
uc
ate
d m
an
, w
e f
elt
we
ne
ed
ed
to
do
mo
re f
or
him
. Jo
shu
a’s
id
ea
o
f o
pe
nin
g a
n i
nte
rne
t c
afé
in
a r
oo
m a
ttac
he
d t
o
his
ho
me
ma
de
se
nse
on
ma
ny
leve
ls, n
ot
the
lea
st o
f w
hic
h w
as
his
ac
co
un
tan
cy
ba
ckg
rou
nd
an
d h
is n
atu
ral
en
trep
ren
eu
rial
spiri
t. Th
at
his
ho
me
is
with
in
wa
lkin
g
dist
an
ce
o
f th
e
TUT
ca
mp
us
in
Sosh
an
gu
ve
ou
tsid
e
Pre
toria
wa
s a
no
the
r p
osit
ive
fa
cto
r, a
s w
as
the
so
cia
l in
tera
ctio
n s
uc
h a
bu
sine
ss w
ou
ld e
nsu
re f
or
this
ofte
n
isola
ted
m
an
. W
ha
t w
e
co
uld
n
eve
r h
ave
im
ag
ine
d
wa
s h
ow
mu
ch
Jo
shu
a w
ou
ld t
ea
ch
an
d e
mp
ow
er
the
st
ud
en
ts a
nd
re
side
nts
in
his
co
mm
un
ity w
ith t
he
th
ree
d
esk
top
co
mp
ute
rs,
iBu
rst
co
nn
ec
tion
an
d f
ax-
sca
nn
er-
prin
ter t
ha
t Ad
co
rp d
on
ate
d.
Suc
h a
do
na
tion
wo
uld
ha
ve b
ee
n ir
resp
on
sible
with
ou
t e
nsu
ring
th
e p
rem
ises
wa
s se
cu
re,
an
d f
or
this
rea
son
A
dc
orp
a
lso
inst
alle
d
bu
rgla
r p
roo
fing
a
nd
p
alis
ad
e
fen
cin
g o
n t
he
pre
mise
s, b
ring
ing
th
e t
ota
l sp
en
t o
n t
his
pro
jec
t to
alm
ost
R10
0 00
0.
Sin
ce
Jo
shu
a o
pe
ne
d f
or
bu
sine
ss,
the
MJ
Xpre
ss C
afé
ha
s g
on
e f
rom
stre
ng
th t
o s
tren
gth
with
an
ave
rag
e o
f
20
cu
sto
me
rs
pe
r d
ay
an
d
an
in
cre
asin
gly
h
ea
lthy
ba
lan
ce
sh
ee
t. So
po
sitiv
e is
th
e o
utlo
ok
tha
t Jo
shu
a is
talk
ing
ab
ou
t op
en
ing
a s
ec
on
d c
afé
in a
ne
w p
rem
ises
an
d e
xpa
nd
ing
his
offe
ring
to in
clu
de
on
line
tax
retu
rns.
Ad
co
rp’s
CSI
po
licy
is to
ha
ve p
roje
cts
se
lf-su
sta
inin
g
with
in 1
8 m
on
ths,
an
d o
ur t
ime
with
Jo
shu
a is
alm
ost
up
.
Ho
we
ver
sorr
y w
e w
ill b
e t
o h
ave
ou
r c
on
tac
t w
ith h
im
min
imise
d, w
e a
re p
rou
d o
f his
ac
hie
vem
en
t an
d th
e p
art
we
ha
ve p
laye
d in
it.
Ac
tion
for B
lind
an
d D
isab
led
Ch
ildre
n
Wh
en
Pa
ul D
rake
of t
he
org
an
isatio
n A
ctio
n fo
r Blin
d a
nd
Disa
ble
d C
hild
ren
ca
lled
Ad
co
rp a
skin
g f
or
a d
on
atio
n
in 2
009,
we
we
re d
ete
rmin
ed
to
ass
ist. “
Ac
tion
” is
a n
on
-
go
vern
me
nta
l org
an
isatio
n th
at g
ive
s b
lind
an
d d
isab
led
you
ths,
typ
ica
lly a
ge
d f
rom
16
to 2
2, t
he
ski
lls t
o b
e
ind
ep
en
de
nt a
nd
fun
ctio
na
l me
mb
ers
of s
oc
iety
.
The
stu
de
nts
, so
me
of
wh
om
bo
ard
at
the
Ro
od
ep
oo
rt,
Joh
an
ne
sbu
rg w
est
, p
rem
ises,
go
th
rou
gh
an
MS
Offi
ce
spe
cia
list
ce
rtific
ate
co
urs
e in
itia
lly,
afte
r w
hic
h t
he
y c
an
mo
ve o
nto
mo
re s
pe
cia
list t
rain
ing
su
ch
as
the
Cu
sto
me
r
Rela
tion
s M
an
ag
em
en
t Sy
ste
ms
co
urs
e
an
d
ca
ll
ce
ntre
tra
inin
g.
CO
RP
OR
ATE
SO
CIA
L IN
VE
STM
EN
T c
on
tinu
ed
8
Ad
co
rp A
nn
ua
l R
ep
ort
“Sinc
e Jo
shua
op
ened
fo
r bu
sines
s th
e
MJ X
pres
s Ca
fé h
as g
one
from
stre
ngth
to
stren
gth
with
an
aver
age
of 2
0 cu
stom
ers
per
day
and
an in
crea
singly
hea
lthy
balan
ce s
heet
.
So p
ositiv
e is
the
outlo
ok th
at J
oshu
a is
talki
ng
abou
t ope
ning
a se
cond
caf
é in
a ne
w pr
emise
s
and
expa
nding
his
offe
ring
to i
nclud
e on
line
tax r
etur
ns”.
JO
SH
UA
RA
SH
OP
OLA
-
Ad
co
rp A
nn
ua
l R
ep
ort
9
“His
cont
inued
effo
rts, h
ard
work
and
dedic
ation
has
paid
off w
hen
he
was
rece
ntly
selec
ted
to re
pres
ent S
outh
Afri
ca in
the
2010
trial
s to
be h
eld in
Pola
nd”.
The
tra
inin
g is
aim
ed
at g
ivin
g th
e s
tud
en
ts a
se
nse
of s
elf
wo
rth
th
rou
gh
th
eir
ab
ility
to e
arn
th
eir
ow
n l
ivin
g,
an
d
ind
ee
d to
co
ntri
bu
te to
the
we
ll-b
ein
g o
f th
eir
fam
ilies.
Ad
co
rp
too
k th
e
de
cisi
on
to
sp
on
sor
an
in
div
idu
al’s
ed
uc
atio
n r
ath
er
tha
n t
o s
imp
ly h
an
d o
ver
a lu
mp
su
m
of
ca
sh t
o t
he
org
an
isatio
n a
nd
, o
n P
au
l’s s
ug
ge
stio
n,
we
in
itia
lly f
un
de
d t
he
fin
al
sta
ge
s o
f Th
ula
ni
Nto
zini’s
ed
uc
atio
n.
Thu
lan
i h
as
sinc
e
left
Ac
tion
a
nd
n
ow
,
inst
ea
d o
f q
ue
uin
g u
p e
ac
h m
on
th t
o g
et
his
R1 0
10
sta
te g
ran
t, h
e e
arn
s R5
000
a m
on
th f
rom
ma
kin
g u
se
of h
is e
du
ca
tion
an
d h
is o
wn
po
ten
tial.
Thu
lan
i’s s
uc
ce
ss w
as
suc
h t
ha
t w
e d
ec
ide
d in
Fe
bru
ary
this
yea
r to
fu
nd
th
e e
ntir
e 1
8-m
on
th s
tud
y p
rog
ram
me
of
an
oth
er
blin
d s
tud
en
t, Ed
ga
r, a
yo
un
g m
an
in
his
ea
rly 2
0s.
He
is
a b
oa
rde
r a
t A
ctio
n a
nd
is
cu
rren
tly
en
rolle
d i
n t
he
MS
Offi
ce
sp
ec
ialis
t c
ert
ifica
te c
ou
rse
.
We
ha
ve a
gre
ed
to
en
tire
ly f
un
d h
is c
ou
rse
an
d l
ivin
g
exp
en
ses
to t
he
tu
ne
of
R9 0
00 f
or
2010
, a
nd
we
lo
ok
forw
ard
to w
atc
hin
g h
im g
o fr
om
stre
ng
th to
stre
ng
th o
ver
the
co
urs
e o
f his
stu
die
s.
Bon
ga
ne
Zim
Bon
ga
ne
is
an
o
rph
an
w
ho
liv
es
with
h
is a
un
t in
Tsa
kan
e,
Bra
kpa
n.
He
is
15
yea
rs
old
a
nd
a
ke
en
gym
na
st w
ho
is t
ota
lly c
om
mitt
ed
to
his
spo
rt. H
e t
rave
ls
gre
at d
ista
nc
es
by
foo
t to
en
sure
he
ge
ts to
gym
pra
ctic
es
an
d c
om
pe
titio
ns.
In 2
008,
he
to
ok
pa
rt in
an
Ac
rob
atic
Gym
na
stic
co
mp
etit
ion
in
Gla
sglo
w a
nd
wa
s p
lac
ed
5th
ove
rall
in th
e 1
1 to
16
ag
e g
rou
p.
His
co
ntin
ue
d e
ffort
s, h
ard
wo
rk a
nd
de
dic
atio
n h
as
pa
id
off
wh
en
he
wa
s re
ce
ntly
se
lec
ted
to
re
pre
sen
t So
uth
Afri
ca
in t
he
201
0 tri
als
to b
e h
eld
in P
ola
nd
. Ma
ny
of h
is
ho
pe
s a
nd
asp
iratio
ns
ha
ng
on
th
e p
rem
ise t
ha
t h
e w
ill
ha
ve s
uffi
cie
nt f
un
din
g to
su
pp
ort
his
ac
hie
vem
en
ts.
Ad
co
rp b
elie
ves
Bon
ga
ne
’s h
ard
wo
rk a
nd
de
dic
atio
n
mu
st b
e r
ec
og
nise
d a
nd
re
wa
rde
d,
pa
rtic
ula
rly w
he
re
his
co
mm
itme
nt l
eve
ls e
xce
ed
exp
ec
tatio
ns.
Ad
co
rp h
as
de
cid
ed
to
sp
on
sor
his
trip
to
Po
lan
d t
o c
om
pe
te in
th
e
Wo
rld A
ge
Gro
up
Ga
me
s. T
his
spo
nso
rsh
ip o
f R2
5 00
0
ha
s b
ee
n
ma
de
in
c
on
jun
ctio
n
with
a
n
on
-pro
fit
org
an
isatio
n, D
ina
led
i.
Ad
co
rp ta
kes
prid
e in
rec
og
nisi
ng
the
po
we
r of p
ote
ntia
l,
pa
rtic
ula
rly w
he
n it
co
me
s to
th
e u
nd
erp
rivile
ge
d, w
hic
h
led
to th
e s
po
nso
rsh
ip o
f Bo
ng
an
e Z
im.
BO
NG
AN
E Z
IM
COMPANY OVERVIEW EXECUTIVE REPORTS CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION
-
GR
OU
P A
T A
GLA
NC
E
SE
RV
ICE
OFF
ER
ING
S
BUSINESS PROCESS OUTSOURCING
a
nd
ad
min
istra
tion
co
rpo
rate
tra
inin
g s
olu
tion
s
rele
van
t, a
ccre
dite
d e
du
catio
n
an
d tr
ain
ing
pro
gra
mm
es
re
cru
itmen
t pra
ctic
es
ha
nd
ling
for l
arg
e-s
ca
le p
roje
cts
of i
nsu
ran
ce
co
mp
an
ies
an
d m
em
be
rs
of a
ffin
ity g
rou
ps
STAFFING
FLEX
IBLE
PERM
ANEN
T
10
A
dc
orp
An
nu
al
Re
po
rt
MA
RK
ET
ING
SO
LU
TIO
NS
FM
S
-
Ad
co
rp A
nn
ua
l R
ep
ort
1
1
KE
Y D
RIV
ER
S F
OR
GR
OW
THD
IFFE
RE
NTI
ATO
RS
wo
rkfo
rce
ma
na
gem
ent s
olu
tion
tech
no
log
y to
un
lock
op
timu
m
clie
nt b
enefi
ts
can
did
ate
s o
ver a
ll le
vels,
ski
lls s
ets
an
d v
ario
us
ind
ust
ries
d
efin
ed s
ervi
ce le
vel a
gre
emen
ts
(pre
vio
usly
disa
dva
nta
ged
in
div
idu
als)
pla
cem
ents
emp
ow
erm
ent p
rofile
– a
pp
ly –
mea
sure
the
wo
rkin
g e
nvi
ron
men
t
fun
ctio
ns
by
clie
nts
inp
ut c
ost
s to
va
riab
le m
ark
et d
ema
nd
of t
he
Skills
Dev
elo
pm
ent A
ct
n
um
ero
us
lea
din
g, b
ran
de
d
co
nsu
ltan
cie
s c
om
bin
ing
un
riva
lled
kn
ow
led
ge
, exp
erie
nc
e, d
ata
ba
ses
an
d
ad
vert
isin
g re
ac
h
de
velo
pm
en
t of u
niq
ue
hu
ma
n c
ap
ital
stra
teg
ies
an
d re
sou
rce
pla
nn
ing
serv
ice
s e
na
blin
g fu
lly o
uts
ou
rce
d
rec
ruitm
en
t offe
ring
s
pa
rtic
ula
rly th
e c
on
stru
ctio
n a
nd
in
frast
ruc
ture
se
cto
rs
ma
na
ge
d s
taffi
ng
so
lutio
ns
fina
nc
ial s
erv
ice
s o
fferin
gs
rec
ruitm
en
t pro
jec
ts
for l
ess
co
st
to
exis
ting
clie
nt b
ase
an
d
tem
po
rary
wo
rkfo
rce
ity a
nd
co
nsis
ten
cy
of s
erv
ice
d
eliv
ery
with
reg
ard
to a
dd
ed
va
lue
se
rvic
es
to p
olic
y h
old
ers
ma
tch
the
de
ma
nd
s o
f th
e m
ark
et
serv
ice
offe
ring
s
cu
lture
of d
elib
era
te c
urio
sity
sta
ffed
by
tale
nte
d p
rofe
ssio
na
ls
tec
hn
ica
l an
d p
roc
ess
exc
elle
nc
e
sele
ct t
he
be
st c
an
did
ate
s in
qu
ick
turn
aro
un
d ti
me
s
an
ide
ntit
y w
hic
h w
ill a
ttra
ct
em
plo
yee
s w
ho
will
rela
te to
the
ski
ll
an
d c
ultu
re re
qu
irem
en
ts
sele
ctio
n p
rofili
ng
with
in a
qu
an
tifia
ble
, c
on
siste
nt,
scie
ntifi
ca
lly v
erifi
ed
an
d le
ga
lly
co
mp
lian
t fra
me
wo
rk
COMPANY OVERVIEW EXECUTIVE REPORTS CORPORATE GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION
-
12
A
dc
orp
An
nu
al
Re
po
rt
In t
his
reg
ard
, th
e fo
llow
ing
initi
ativ
es
ha
ve re
ce
ntly
be
en
ro
lled
ou
t:
Skill
stre
am
(S
ou
th
Afri
ca
) –
An
in
du
stry
-lea
din
g
ven
do
r m
an
ag
em
en
t so
lutio
n
(VM
S)
for t
he
effe
ctiv
e (
co
st, r
isk, t
ime
an
d q
ua
lity)
ma
na
ge
me
nt
(so
urc
e, o
nb
oa
rd, r
em
un
era
te a
nd
invo
ice
) o
f a
clie
nt’s
d
ive
rse
wo
rkfo
rce
. Ski
llstre
am
is t
he
VM
S o
f c
ho
ice
of
the
w
orld
’s
lea
din
g
sta
ffin
g
co
mp
an
ies
an
d
Ad
co
rp
ha
s e
xclu
sive
rig
hts
to th
e p
rod
uc
t in
Afri
ca
.
AD
fusi
on
– A
n
ind
ust
ry-le
ad
ing
re
cru
itmen
t p
roce
ssin
g
solu
tion
th
at e
na
ble
s cl
ien
t sel
f-su
ffici
enc
y th
rou
gh
a
p
red
eter
min
ed
can
did
ate
se
lect
ion
a
nd
m
atc
hin
g
ab
ility
faci
lita
ting
th
e cr
eatio
n o
f cl
ien
t-ow
ned
da
tab
ase
s a
llow
ing
clie
nts
to
a
ctiv
ely
pa
rtic
ipa
te
in
thei
r o
wn
d
irect
so
urc
ing
o
f ca
nd
ida
tes.
AD
time
– A
n a
uto
ma
ted
tim
e-sh
eet s
yste
m w
hic
h fa
cilit
ate
s th
e a
uto
ma
tion
a
nd
a
uth
oris
atio
n
of h
ou
rs w
ork
ed b
y co
ntra
cto
rs p
rovi
din
g fo
r va
stly
imp
rove
d
acc
ou
ntin
g a
nd
in
tern
al
con
trols
in b
oth
th
e cl
ien
t a
nd
A
dco
rp e
nvi
ron
men
t. Pr
ior
to A
Dtim
e, t
he
reco
rdin
g o
f co
ntra
ct h
ou
rs w
ork
ed w
as
esse
ntia
lly a
ma
nua
l pro
cess
p
ron
e to
erro
r an
d fr
au
d.
Inst
an
t Ta
len
t – A
we
b-e
na
ble
d, d
irec
t re
cru
itme
nt a
nd
pla
ce
me
nt m
od
el.
IND
US
TRY
LE
AD
ER
S –
A
DC
OR
P T
EC
HN
OLO
GY
SO
LUTI
ON
SA
dc
orp
ha
s re
co
gn
ised
the
imp
era
tive
to d
eve
lop
ce
rta
in
ne
w b
usin
ess
initi
ativ
es w
hic
h w
ill sig
nific
an
tly c
om
ple
me
nt
Ad
co
rp’s
tra
diti
on
al r
ec
ruitm
en
t, st
affi
ng
an
d B
PO b
usin
ess
a
ctiv
itie
s. In
ad
diti
on
to
th
eir
co
mm
erc
ial v
iab
ility
in t
he
ir o
wn
rig
ht,
the
se in
itia
tive
s w
ill h
ave
the
ad
de
d a
dva
nta
ge
o
f sig
nific
an
tly d
iffe
ren
tiatin
g A
dc
orp
’s tr
ad
itio
na
l bu
sine
ss
offe
ring
s in
a h
igh
ly fr
ag
me
nte
d a
nd
co
mp
etit
ive
ma
rke
t p
lac
e.
Imp
ort
an
tly,
the
se i
niti
ativ
es
will
also
en
ab
le o
ur
clie
nts
to
be
tter
ac
hie
ve t
he
ir in
he
ren
t h
um
an
ca
pita
l g
oa
ls,
be
ing
q
ua
lity,
e
ffic
ien
cy,
c
om
plia
nc
e
an
d
miti
ga
tion
of r
isk.
The
un
de
rlyin
g b
usin
ess
ca
se f
or
the
de
velo
pm
en
t o
f th
ese
initi
ativ
es
ha
s b
ee
n u
nd
erp
inn
ed
by
the
fo
llow
ing
c
on
side
ratio
ns:
As
sistin
g o
ur
clie
nts
to
fu
lly c
om
ply
with
all
pre
vailin
g
an
d re
leva
nt l
ab
ou
r le
gisl
atio
n.
As
sistin
g o
ur c
lien
ts w
ith th
e id
en
tific
atio
n o
f sig
nific
an
t ris
ks in
th
e e
mp
loym
en
t e
nvi
ron
me
nt
as
we
ll a
s th
e
de
velo
pm
en
t of a
pp
rop
riate
risk
miti
ga
tion
stra
teg
ies,
p
art
icu
larly
as
suc
h r
isks
rela
te t
o t
he
use
of c
on
trac
t w
ork
ers
.
As
sistin
g
ou
r c
lien
ts
ac
hie
ve
op
tima
l p
rod
uc
tivity
, e
ffic
ien
cy
an
d c
ost
be
ne
fits
in t
he
de
plo
yme
nt
an
d
hiri
ng
of t
he
ir w
ork
forc
e.
As
sistin
g o
ur
clie
nts
by
pro
vid
ing
ap
pro
pria
te a
nd
c
ost
-effe
ctiv
e t
ec
hn
olo
gie
s to
op
timise
th
e s
ou
rcin
g
of q
ua
lity
ca
nd
ida
tes.
Pro
du
ct
de
velo
pm
en
t h
as
foc
use
d
on
th
e
use
o
f te
ch
no
log
y a
nd
we
b e
na
ble
me
nt
with
th
e a
dva
nta
ge
th
at
the
se in
itia
tive
s a
dd
a h
igh
de
gre
e o
f so
ph
istic
atio
n
an
d b
en
efit
to th
e tr
ad
itio
na
l offe
ring
s o
f th
e G
rou
p.
Adco
rp h
as r
ecog
nised
the
impe
rativ
e to
deve
lop c
erta
in ne
w bu
sines
s ini
tiativ
es
which
wi
ll sig
nifica
ntly
com
plem
ent
Adco
rp’s
tradit
ional
recr
uitm
ent,
staffi
ng
and
BPO
busin
ess a
ctivi
ties.
Thes
e init
iative
s will
also e
nable
our c
lient
s
to b
ette
r ac
hieve
the
ir inh
eren
t hu
man
capit
al go
als,
being
qua
lity,
effic
iency
,
com
plian
ce a
nd m
itigat
ion o
f risk
.
-
Ad
co
rp A
nn
ua
l R
ep
ort
1
3
IND
US
TRY
LE
AD
ER
S –
A
DC
OR
P E
MP
LOY
ME
NT
IND
EX
On
a m
on
thly
ba
sis,
the
Gro
up
pu
blis
he
s th
e A
dc
orp
Em
plo
yme
nt I
nd
ex.
The
ind
ex
is a
rep
rese
nta
tive
ind
ica
tor
of e
mp
loym
en
t tre
nd
s in
the
So
uth
Afri
ca
n e
co
no
my.
Ad
co
rp
po
sse
sse
s m
an
y ric
h
sou
rce
s o
f fin
e-g
rain
ed
d
ata
bo
th f
rom
with
in t
he
Gro
up
, su
ch
as
pe
rma
ne
nt
an
d t
em
po
rary
pla
ce
me
nts
, jo
b s
ea
rch
tim
es
an
d w
ork
a
pp
lica
tion
s fro
m s
pe
cific
in
du
stria
l se
cto
rs,
as
we
ll a
s d
ata
rela
ting
to s
kills
de
velo
pm
en
t le
vie
s, u
ne
mp
loym
en
t in
sura
nc
e c
laim
s, la
bo
ur r
ela
tion
s c
ase
s a
nd
the
like
.
Ad
co
rp’s
d
ata
is
rea
dily
a
vaila
ble
w
ith
no
m
ate
rial
de
lays
in d
ata
co
llec
tion
an
d is
re
liab
le d
ue
to
th
e u
se
of
po
pu
latio
n
me
asu
res
rath
er
tha
n
sam
ple
su
rve
y m
eth
od
olo
gie
s. C
om
pris
ing
a r
ela
tive
ly h
igh
pro
po
rtio
n
of t
em
po
rary
, pa
rt-ti
me
an
d o
the
r “a
typ
ica
l” e
mp
loym
en
t ty
pe
s, A
dc
orp
da
ta t
en
ds
to h
ave
a l
ea
din
g-in
dic
ato
r re
latio
nsh
ip w
ith b
roa
de
r em
plo
yme
nt.
Ou
tsid
e o
f th
e A
dc
orp
Em
plo
yme
nt
Ind
ex,
th
e p
rima
ry
oth
er
sou
rce
o
f e
mp
loym
en
t d
ata
in
So
uth
A
fric
a
is St
atis
tics
SA’s
Q
ua
rte
rly
Lab
ou
r Fo
rce
Su
rve
y (Q
LFS,
St
atis
tica
l Re
lea
se P
0211
), w
hic
h is
a s
urv
ey
of t
he
lab
ou
r m
ark
et a
ctiv
itie
s o
f a s
am
ple
of i
nd
ivid
ua
ls a
ge
d b
etw
ee
n
15 a
nd
64
yea
rs. T
his
da
ta is
su
bje
ct t
o m
an
y d
efic
ien
cie
s.
The
su
rve
y re
sults
are
re
lea
sed
be
twe
en
fo
ur
an
d s
ix w
ee
ks a
fter
the
en
d o
f e
ac
h q
ua
rte
r, w
ith t
he
resu
lt th
at
the
da
ta is
a b
ela
ted
gu
ide
to u
nd
erly
ing
ec
on
om
ic a
nd
e
mp
loym
en
t tre
nd
s. D
ue
to
sm
all