At AEEI we believe that the strength of our relationships with our key stakeholders is critical to achieving our strategic objectives and creating mutual value for the Company and our stakeholders. As such, our stakeholder management approach involves gaining a thorough understanding of key stakeholders and assessing the matters that are material to them, including risks and opportunities. Our approach manages stakeholders’ expectations and how much material matters impact them and the Group.

AEEI appreciates the role of its stakeholders and is committed to nurturing impactful relationships that deliver mutual benefits and encourage transparent, objective and relevant communication. The Group recognises that its business is but one of the stakeholders in the macro socio-economic and environmental system. It is essential for the Group to compete successfully in an increasingly complex and ever-changing business environment and to systematically bring about the change needed for sustainable development. Building and maintaining trust and respect with our various stakeholders has a positive impact on our reputation and is essential in addressing risks and opportunities. We strive to respond timeously and appropriately to issues raised during our interactions.

Stakeholder engagement involves communicating our strategy, performance, decisions and activities that impact our stakeholders or are of significant interest to them, as well as understanding the needs and perspectives of our stakeholders.

Our stakeholders are integral to our ability to protect, create and grow value, a process that is advanced through relationships with others and balances the needs, interests and expectations of material stakeholders in the best interests of the Company over time.

The views and actions of our stakeholders can impact our ability to execute our strategy and conduct our business activities. Feedback from our stakeholders enables us to develop and update our engagement plan to help us create stronger partnerships and improve our overall relationships. We respond appropriately and timeously to matters that emerge – whether they are regulatory, shareholder-based or other.

We have identified the following key stakeholder groups with whom the Group engages in a structured manner:



A strategic, integrated business management and reporting approach that addresses economic, social and environmental issues, and reviews of business performance is done on a regular basis. We engage through formal and informal interactions and these channels include:

  • Annual general meeting
  • Annual and interim results presentations
  • SENS announcements
  • Pre-results and post-results feedback
  • Integrated report
  • Sustainability information
  • Investor analyst reports
  • Roadshows
  • Site visits
  • Media – print, television, radio broadcasts and social media
  • Ad hoc meetings (as requested)
  • Investor conferences
  • Our website –


Consistent financial performance and organic growth: Revenue increased by 239% from R701m to R2.4bn. Headline earnings increased by 316% from R119m to R496m. Headline earnings per share increased by 316% from 24.24c to 100.89c. Normalised headline earnings increased by 300% from R123m to R540m. Total assets to year-end grew to R7.4bn. A final dividend of 6 cents per share was declared to shareholders, which equates to a total annual dividend of 17 cents for the financial year. Net cash generated from operating activities increased by 9% from R131m to R143m. Dividends to shareholders for the 2019 financial year-end equate to R83.5m. NAV per share increased from 1 152.98c to 1 304.15c.

Strong Board and experienced executive management team: Maintained the diversity on our Board and our executive management team and also retained skills.

Sustainable growth strategy: Delivery across all our strategic focus areas. Our performance and outlook of our strategic focus areas can be found on page 28.

Transparent reporting: We maintained transparency in our reporting to provide investors with complete and relevant information to make informed decisions. This is reflected in our achievements and external awards received – refer to page 15 for more information.

Vision 2020 Vision strategy to ensure sustained financial performance and responsible investments to ensure growth and to manage the risks and opportunities in our markets.

The responsible allocation of capital, sound corporate governance practices, transparent executive remuneration and a stable dividend policy.


A measure of the value created by the Group is the amount of value added by its diverse activities to the cost of raw materials, products and services purchased.

This statement shows the total value created and how it was distributed.