DOCSLIB.ORG

Investment Reviews Investing in Sectors That Have a Solid Track Record

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Investment Reviews Investing in Sectors That Have a Solid Track Record The purpose behind Remgro’s investments is to ensure superior returns to shareholders by way of sustainable dividend and capital growth. INVESTMENT INVESTMENT REVIEWS INVESTING IN SECTORS THAT HAVE A SOLID TRACK RECORD BANKING HEALTHCARE CONSUMER PRODUCTS INSURANCE INDUSTRIAL INFRASTRUCTURE MEDIA AND SPORT OTHER INVESTMENTS 42 REPORTS TO SHAREHOLDERS | Investment reviews BANKING 29% CONTRIBUTION TO 30 June 2019 30 June 2018 HEADLINE EARNINGS R million R million BANKING 2019 RMH 2 644 2 486 FirstRand 1 093 1 039 71% 3 737 3 525 RMH FirstRand PROFILE RMH is the biggest shareholder in FirstRand Limited (FirstRand), South Africa’s 28.2% largest banking group, with a 34% stake. RMH is the founding shareholder of EFFECTIVE FirstRand and views this as its core asset. On a selective basis, RMH invests in INTEREST other banking and property businesses. CORPORATE INFORMATION FINANCIAL HIGHLIGHTS SUSTAINABILITY MEASURES Market cap at 30 June 2019 Year ended Refer to FirstRand as RMH is an R119 148 million 30 June 2019 investment holding company. R million % Listed on the JSE Limited Chief Executive Officer Headline earnings 9 390 6 H L Bosman Normalised Remgro nominated directors earnings 9 394 7 J J Durand, F Knoetze (alternate) Dividends Website declared per rmh-online.co.za share (cents) 376 7 RMB HOLDINGS LIMITED (RMH) RMH’s main asset is a fully diluted interest of 34% in FirstRand, and its performance is therefore primarily related to that of FirstRand. The RMH strategy also includes investments in the property sector with a long-term capital growth focus. RMH’s contribution to Remgro’s headline earnings for the year under review increased to R2 644 million (2018: R2 486 million) due to the good operational performance of FirstRand. FirstRand’s contribution to RMH’s normalised earnings amounted to R9 502 million (2018: R8 995 million), while RMH Property contributed a normalised earnings of R44 million (2018: R16 million). RMH’s funding and administration costs increased to R248 million (2018: R196 million). RMH’s property investments are housed in a wholly owned subsidiary, RMH Property Holdings Proprietary Limited (RMH Property), managed by a dedicated investment team. During the financial year, the intrinsic value of RMH Property decreased from R722 million to R649 million. www.remgro.com | Remgro Limited | Integrated Annual Report 2019 43 PROFILE FirstRand’s portfolio of integrated financial services businesses comprises FNB, 3.9% RMB, WesBank, Aldermore and Ashburton Investments. The group operates in EFFECTIVE South Africa, certain markets in sub-Saharan Africa and the United Kingdom, and INTEREST offers a universal set of transactional, lending, investment and insurance products and services. FirstRand can provide its customers with differentiated and competitive (TOTAL value propositions due to its unique and highly flexible model of leveraging the EFFECTIVE most appropriate brand, distribution channel, licence and operating platform INTEREST: 13.5%) available within the portfolio. This approach, which is underpinned by the disciplined allocation of financial resources and enabled by disruptive digital and data platforms, allows the group to fully optimise the franchise value of its portfolio. CORPORATE INFORMATION FINANCIAL HIGHLIGHTS SUSTAINABILITY MEASURES Market cap at 30 June 2019 Year ended CSI/Training spend R384 530 million 30 June 2019 R646 million R million % Listed on the JSE Limited Number of employees Chief Executive Officer Operating income 94 107 11 48 780 A P Pullinger Operating profit 39 968 8 BBBEE status Remgro nominated directors Headline earnings 27 887 5 Level 1 F Knoetze, J P Burger, J J Durand Normalised Environmental aspect earnings 27 894 6 (alternate) Scope 1 and 2 emissions Dividends Website of 224 190 tonnes CO e declared per 2 www.firstrand.co.za share (cents) 291 6 FIRSTRAND LIMITED (FIRSTRAND) FirstRand’s contribution to Remgro’s headline earnings represents Remgro’s 3.9% direct interest in FirstRand and excludes the indirect contribution from FirstRand through Remgro’s 28.2% interest in RMH. The contribution of FirstRand to Remgro’s headline earnings for the year under review increased to R1 093 million (2018: R1 039 million). FirstRand’s headline earnings for its year ended 30 June 2019 increased by 5% to R27 887 million (2018: R26 509 million). The group’s performance to June 2019 includes a full 12 months’ contribution from Aldermore, compared to a three-month contribution in the previous year. Net interest income (NII) increased 9% (18% including Aldermore), underpinned by strong growth in deposits of 11% and solid advances growth of 9%, partially offset by the negative capital and deposit endowment impact given the five basispoints decline in average interest rates over the year. Non-interest revenue (NIR) increased 6%, a resilient performance given the lack of private equity realisations compared to the prior year. Realisations were down 60% year-on-year. FirstRand believes that normalised earnings more accurately reflect operational performance and therefore headline earnings are adjusted to take into account non-operational items and accounting anomalies. Normalised earnings for the year ended 30 June 2019 increased 6% to R27.9 billion, at a normalised return on equity (ROE) of 22.8% (2018: 23.0%). FNB’s normalised earnings increased 11% to R25.3 billion. ROE increased from 38.8% to 41.9%. FNB’s results reflect another strong operating performance from its domestic franchise, driven by healthy NIR growth on the back of ongoing customer gains and increased transactional volumes, and high-quality NII growth, particularly from deposit generation. The performance of FNB’s rest of Africa portfolio improved significantly. RMB’s normalised earnings decreased by 4% to R7.1 billion and the ROE reduced from 25.3% to 21.7%. RMB’s results were impacted year-on-year by the non-repeat of significant private equity realisations in the second half of the prior year, however, the rest of its portfolio delivered a resilient performance driven by growth in earnings and solid operational leverage. WesBank delivered a subdued performance and its normalised earnings was down 2% to R1.8 billion. FirstRand acquired Aldermore effective 1 April 2018. Aldermore delivered a solid operational performance, contributing normalised earnings of R1.7 billion for the 12 months (2018: R0.3 billion for the three months) at an ROE of 12.4% (2018: 12.1%). 44 REPORTS TO SHAREHOLDERS | Investment reviews HEALTHCARE CONTRIBUTION TO 30 June 2019 30 June 2018 HEADLINE EARNINGS R million R million Mediclinic 1 693 1 556 PROFILE Mediclinic’s business consists of the provision of comprehensive, high-quality 44.6% hospital services on a cost effective basis in Southern Africa, the United Arab EFFECTIVE Emirates, Switzerland and the United Kingdom. INTEREST CORPORATE INFORMATION FINANCIAL HIGHLIGHTS SUSTAINABILITY MEASURES Market cap at 30 June 2019 Year ended CSI/Training spend £2 248 million 30 June 2019 R127 million £ million % Primary listing: Number of employees London Stock Exchange Revenue 2 932 1.9 32 398 Secondary listing: Operating profit 81 128.1 BBBEE status JSE Limited Adjusted earnings 198 (10.4) Level 5 Chief Executive Officer Dividends Environmental aspect R van der Merwe declared per Scope 1 and 2 emissions of share (pence) 7.9 – 165 760 tonnes CO e Remgro nominated directors 2 J J Durand, P J Uys (alternate) Website www.mediclinic.com MEDICLINIC INTERNATIONAL PLC (MEDICLINIC) Mediclinic has a March year-end and therefore the results for the 12 months to 31 March 2019 have been equity accounted in Remgro’s results for the year under review. Mediclinic’s contribution to Remgro’s headline earnings for the year under review amounted to R1 693 million (2018: R1 556 million). Mediclinic’s turnover for the financial year ended 31 March 2019 increased by 2% to £2 932 million (2018: £2 876 million). Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) decreased by 4% from £515 million to £493 million, while underlying margins declined from 17.9% to 16.8%. Mediclinic has an interest of 100% in Hirslanden, the holding company of the largest private hospital group in Switzerland. Hirslanden’s revenue for the year under review increased by 2% to CHF1 778 million (2018: CHF1 735 million) and adjusted EBITDA was 10% lower at CHF285 million (2018: CHF318 million). The adjusted EBITDA margin decreased from 18.3% to 16.0% due to tariff reductions and less favourable insurance mix. Cost savings and efficiency savings partly offset this. Mediclinic Southern Africa’s revenue increased by 5% to R15 960 million (2018: R15 204 million) for the year under review, mainly due to a 4.3% increase in the average income per bed-day. Adjusted EBITDA increased by 4% to R3 385 million (2018: R3 245 million), resulting in the underlying EBITDA margin decreasing from 21.3% to 21.2% due to lower patient volumes, partly offset by cost management and efficiency initiatives. At 31 March 2019, Mediclinic Middle East owned and operated seven hospitals and 20 clinics with a total of 926 beds in Dubai and Abu Dhabi. Revenue increased by 7% to AED3 262 million (2018: AED3 050 million) for the year under review. Adjusted EBITDA increased by 7% to AED425 million (2018: AED397 million), while the adjusted EBITDA margin remained flat at 13.0%. These increases were mainly due to increased patient volumes. www.remgro.com | Remgro Limited | Integrated Annual Report 2019 45 CONSUMER PRODUCTS 32% 44% CONTRIBUTION TO 30 June 2019 30 June 2018 HEADLINE EARNINGS R million R million CONSUMER PRODUCTS Distell – entity contribution 459 467 2019 – IFRS 3 charge (47) (8) RCL Foods 254 647 Siqalo Foods – entity contribution 332 – 24% – IFRS 3 charge (80) – Unilever* – 499 918 1 605 Distell RCL Foods Siqalo Foods * Effective 2 July 2018, Unilever repurchased Remgro’s interest in the company for a total consideration amounting to R11.9 billion.
Load more

Recommended publications
  • Remgro at a Glance
    OVERVIEW I II CONTENTS 2 14 Group profi le Remgro's values 4 16 Remgro's unlisted investments Directorate and ownership structure Originally established in the 1940s by 6 20 A strong family legacy Tomorrow matters the late Dr Anton Rupert, Remgro aims to be the trusted investment company 8 23 Investment strategy Doing business ethically of choice that consistently creates 10 24 sustainable stakeholder value. Remgro's approach to capital allocation Consolidated results at year-end 12 26 Remgro’s profi t at holding company level Investment portfolio analysis 1 GROUP PROFILE DIVERSIFIED CONSUMER FINANCIAL PORTFOLIO SOCIAL IMPACT HEALTHCARE INFRASTRUCTURE INDUSTRIAL INVESTMENT MEDIA Our interests PRODUCTS SERVICES INVESTMENTS INVESTMENTS VEHICLES consist mainly of investments (2) in the following industries 44.6% 77.1% 30.6% 54.7% 50.0% 36.3% 32.3% 4.0% 50.0% (3) (1) 31.8% 44.1% 23.3% 24.9% 28.1% 0.1% 100% (3) 100% 22.8% 100% 44.1% 100% Equity accounted investment Subsidiary Investment at fair value through other comprehensive income 30.0% 37.7% 100% Listed entity Number of Remgro nominated director/s; alternates excluded (3) infrastructure fund (1) Voting rights in Distell equal 56.4%. (2) Voting rights in Blue Bulls equal 36.7%. 33% 16.2% (3) Limited Partners in Pembani Remgro, Milestone Capital and Prescient – therefore limited (or no) voting rights. 2 3 REMGRO’S INDUSTRIAL INFRASTRUCTURE Why does UNLISTED PGSI holds an interest in PG Group Remgro invest Holdings, South Africa’s leading infrastructure fund INVESTMENTS integrated fl at glass business. in certain CIVH’s key operating PRIF is a fund Air Products produces oxygen, companies are Dark focused on private nitrogen, argon, hydrogen and carbon sectors? CONSUMER PRODUCTS Fibre Africa and Vumatel, sector investment in dioxide for sale to major industrial which construct and own infrastructure across users.
    [Show full text]
  • Integrated Annual Report
    eMedia Holdings | 2020 INTEGRATED ANNUAL REPORT ANNUAL eMedia Holdings | 2020 INTEGRATED 2020 INTEGRATED ANNUAL REPORT CONTENTS 2 Group at a glance 3 About this report 4 Who we are 19 5 Our companies 6 Financial highlights Corporate governance 8 Directors’ profile 20 Corporate governance report 10 Chief executive officer’s report 24 King lV application register 14 Operations report 29 Report of the audit and risk committee 15 Shareholder snapshot 31 Report of the remuneration committee 18 Directors’ interest in shares 33 Report of the social and ethics committee 34 Sustainability report 34 Environmental 36 Transformation 38 Human relations 39 Summarised annual financial results 40 Directors’ report 44 Declaration by the company secretary 45 Independent auditor’s report 46 Summarised consolidated financial results 52 Notes to the summarised consolidated results 59 Notice of annual general meeting 67 Form of proxy 68 Notes to form of proxy 69 Corporate information eMedia Holdings integrated annual report 2020 1 GROUP AT A GLANCE Ethical conduct, good corporate governance and risk governance are fundamental to the way that eMedia Holdings manages its business. Stakeholders’ interests are balanced against effective risk management and eMedia Holdings’ obligations to ensure ethical management and responsible control. 2 eMedia Holdings integrated annual report 2020 ABOUT THIS REPORT eMedia Holdings Limited (eMedia Holdings) presents this for the approval of these, which are then endorsed by the integrated annual report for the year ended 31 March 2020. board. All risks that are considered material to the business have This report aims to provide stakeholders with a comprehensive been included in this report.
    [Show full text]
  • Restructuring of the Rembrandt Group Circular to Shareholders and Notices of Annual General Meetings 30 August 2000
    Rembrandt Group Limited Rembrandt Controlling Investments Limited Technical Investment Corporation Limited Technical and Industrial Investments Limited Restructuring of the Rembrandt Group Circular to shareholders and notices of annual general meetings 30 August 2000 Attorneys Joint sponsoring brokers Deutsche Bank Securities Deutsche Bank Securities (SA) (Pty) Ltd Hofmeyr Herbstein & Gihwala Inc. (Registration number 1995/011798/07) Reporting accountants PricewaterhouseCoopers Inc. Chartered Accountants (SA) Registered Accountants and Auditors (Registration no 1998/012055/21) Indien u ’n Afrikaanse vertaling van hierdie dokument wil hê, skakel asseblief 0800 996 164 If you have any questions regarding the restructuring of the Rembrandt Group, call the Information Agents on 0800 996 164 (or + 44 20 7335 7278 if you are phoning from outside South Africa) are acting as Information Agents to answer your questions about the restructuring. Corporate information Directors of Rembrandt Group Limited (Registration number 1948/031037/06) Johann Rupert (Chairman) P J Erasmus* E de la H Hertzog (Co-Deputy Chairman) D M Falck M H Visser (Co-Deputy Chairman and Managing Director) J Malherbe P E Beyers E Molobi* W E Bührmann J A Preller G D de Jager* P G Steyn* J W Dreyer T van Wyk * non-executive Directors of Rembrandt Controlling Investments Limited (Registration number 1952/000002/06) Johann Rupert (Chairman) D M Falck E de la H Hertzog (Co-Deputy Chairman) J Malherbe M H Visser (Co-Deputy Chairman and Managing Director) E Molobi* P E Beyers J A
    [Show full text]
  • Integrated Annual Report 2019 2019 INTEGRATED ANNUAL REPORT Website At
    Remgro Limited | Integrated Annual Report 2019 2019 INTEGRATED ANNUAL REPORT CREATING SHAREHOLDER VALUE SINCE 1948 Originally established in the 1940s by the late Dr Anton Rupert, Remgro’s investment portfolio has evolved substantially and currently includes more than 30 investee companies. MORE INFORMATION This Integrated Annual Report is published as part of a set of reports in respect of the financial year ended 30 June 2019, all of which are available on the Company’s website at www.remgro.com. INVESTOR TOOLS Cross-reference to relevant sections within this report Download from our website: www.remgro.com View more information on our website: www.remgro.com CONTENTS www.remgro.com | Remgro Limited | Integrated Annual Report 2019 1 OVERVIEW 1OF BUSINESS 4 REMGRO’S APPROACH TO REPORTING 7 SALIENT FEATURES 8 GROUP PROFILE REPORTS TO 10 COMPANY HISTORY SHAREHOLDERS 12 OUR BUSINESS MODEL 2 24 CHAIRMAN’S REPORT 14 UNDERSTANDING THE BUSINESS OF AN INVESTMENT HOLDING COMPANY 25 CHIEF EXECUTIVE OFFICER’S REPORT 16 KEY OBJECTIVES AND 32 CHIEF FINANCIAL OFFICER’S REPORT PRINCIPAL INTEGRATED RISKS 40 INVESTMENT REVIEWS 18 DIRECTORATE AND MEMBERS OF COMMITTEES 20 EXECUTIVE MANAGEMENT STRUCTURE 21 SHAREHOLDERS’ DIARY AND COMPANY INFORMATION FINANCIAL 4 REPORT 118 AUDIT AND RISK COMMITTEE REPORT GOVERNANCE AND 121 REPORT OF THE BOARD OF DIRECTORS SUSTAINABILITY 126 REPORT OF THE INDEPENDENT AUDITOR 3 127 SUMMARY FINANCIAL STATEMENTS 66 CORPORATE GOVERNANCE REPORT 79 RISK AND OPPORTUNITIES MANAGEMENT REPORT 86 REMUNERATION REPORT 104 SOCIAL AND ETHICS COMMITTEE REPORT 106 ABRIDGED SUSTAINABLE DEVELOPMENT REPORT ADDITIONAL 5 INFORMATION 146 FIVE-YEAR REVIEW AND SHARE STATISTICS 148 SHAREHOLDERS’ INFORMATION 151 NOTICE TO SHAREHOLDERS ATTACHED FORM OF PROXY Remgro invests in businesses that can deliver superior earnings, cash flow generation and dividends over the long term.
    [Show full text]
  • Integrated Annual Report 2019 2019 INTEGRATED ANNUAL REPORT Worldreginfo - Fe9ca6a0-3330-442E-A99f-Ebe086198619 Website At
    Remgro Limited | Integrated Annual Report 2019 2019 INTEGRATED ANNUAL REPORT WorldReginfo - fe9ca6a0-3330-442e-a99f-ebe086198619 CREATING SHAREHOLDER VALUE SINCE 1948 Originally established in the 1940s by the late Dr Anton Rupert, Remgro’s investment portfolio has evolved substantially and currently includes more than 30 investee companies. MORE INFORMATION This Integrated Annual Report is published as part of a set of reports in respect of the financial year ended 30 June 2019, all of which are available on the Company’s website at www.remgro.com. INVESTOR TOOLS Cross-reference to relevant sections within this report Download from our website: www.remgro.com View more information on our website: www.remgro.com WorldReginfo - fe9ca6a0-3330-442e-a99f-ebe086198619 CONTENTS www.remgro.com | Remgro Limited | Integrated Annual Report 2019 1 OVERVIEW 1OF BUSINESS 4 REMGRO’S APPROACH TO REPORTING 7 SALIENT FEATURES 8 GROUP PROFILE REPORTS TO 10 COMPANY HISTORY SHAREHOLDERS 12 OUR BUSINESS MODEL 2 24 CHAIRMAN’S REPORT 14 UNDERSTANDING THE BUSINESS OF AN INVESTMENT HOLDING COMPANY 25 CHIEF EXECUTIVE OFFICER’S REPORT 16 KEY OBJECTIVES AND 32 CHIEF FINANCIAL OFFICER’S REPORT PRINCIPAL INTEGRATED RISKS 40 INVESTMENT REVIEWS 18 DIRECTORATE AND MEMBERS OF COMMITTEES 20 EXECUTIVE MANAGEMENT STRUCTURE 21 SHAREHOLDERS’ DIARY AND COMPANY INFORMATION FINANCIAL 4 REPORT 118 AUDIT AND RISK COMMITTEE REPORT GOVERNANCE AND 121 REPORT OF THE BOARD OF DIRECTORS SUSTAINABILITY 126 REPORT OF THE INDEPENDENT AUDITOR 3 127 SUMMARY FINANCIAL STATEMENTS 66 CORPORATE GOVERNANCE REPORT 79 RISK AND OPPORTUNITIES MANAGEMENT REPORT 86 REMUNERATION REPORT 104 SOCIAL AND ETHICS COMMITTEE REPORT 106 ABRIDGED SUSTAINABLE DEVELOPMENT REPORT ADDITIONAL 5 INFORMATION 146 FIVE-YEAR REVIEW AND SHARE STATISTICS 148 SHAREHOLDERS’ INFORMATION 151 NOTICE TO SHAREHOLDERS ATTACHED FORM OF PROXY WorldReginfo - fe9ca6a0-3330-442e-a99f-ebe086198619 Remgro invests in businesses that can deliver superior earnings, cash flow generation and dividends over the long term.
    [Show full text]
  • 1 Working Paper 11/2017 GROWTH and STRATEGIES of LARGE, LEAD FIRMS
    Working Paper 11/2017 GROWTH AND STRATEGIES OF LARGE, LEAD FIRMS - REMGRO LIMITED COMPANY ASSESSMENT Pamela Mondliwa, Nicholas Nhundu, Anthea Paelo, Mmamoletji Thosago and Thando Vilakazi Centre for Competition, Regulation and Economic Development, University of Johannesburg [email protected]; [email protected]; [email protected]; [email protected]; [email protected] Abstract The orientation and investment strategies of large firms are at the heart of how countries develop and industrialize. In South Africa, big businesses are now highly internationalised and the investments of lead firms can shape patterns of industrial development and subsequently its ability to embark on an inclusive, labour-absorptive growth trajectory. For industrial policy to be effective there is a critical need to understand the investment trends, strategies and decision-making of large firms, as the policy levers designed to influence the firms’ decisions are unlikely to be effective in the absence of such an understanding. This study focuses on analysing the behaviour and strategies of Remgro Limited over the period 2010 – 2015 as a case study for developing a system for tracking the behaviour of large, lead and dynamic firms across the economy, and abroad. The company is chosen as a large conglomerate group (controlled by the Rupert family) with substantial long-term investments held across several sectors in the South African economy, and abroad. The study uses publically available information from annual reports and announcements to assess whether investments made are largely local or abroad, in which sectors investments are focused and possible reasons why, the interaction of the company with government policies including BBBEE, and how influence exerted over investee companies, including through strategic board members and profit retention, can affect investment outcomes.
    [Show full text]
  • Directorate and Members of Committees
    OVERVIEW OF BUSINESS DIRECTORATE AND MEMBERS OF COMMITTEES NON-EXECUTIVE DIRECTORS J P RUPERT (66) E DE LA H HERTZOG (66) J MALHERBE (60) APPOINTED: 18 August 2000 APPOINTED: 18 August 2000 APPOINTED: 11 October 2006 CHAIRMAN DEPUTY CHAIRMAN DEPUTY CHAIRMAN Directorships: Mr Rupert is the Chairman Directorships: Non-executive Directorships: Compagnie of Compagnie Financière Richemont SA Chairman of Mediclinic International Financière Richemont SA and Reinet and the Chairman of Reinet Investments plc. He obtained a Master of Medicine Investments Manager SA. He qualified Manager SA, the management company degree, a Fellowship of the Faculty of as a Chartered Accountant and of Reinet Investments S.C.A. He studied Anaesthesiologists and a PhD worked with a predecessor firm of economics and company law at the (honoris causa). He is a past Chairman PricewaterhouseCoopers before joining Stellenbosch University and has had an of the Council of Stellenbosch University Rand Merchant Bank Limited in 1985. extensive career in international business, and has served as non-executive He joined the Rembrandt Group banking and finance. After working for Deputy Chairman of Remgro since in 1990 and was appointed as Chase Manhattan Bank and Lazard June 2005. non-executive Co-Deputy Chairman Frères in New York he founded Rand of Remgro in November 2014. Merchant Bank Limited in 1979. In 1985 he joined the Rembrandt Group. He holds honorary doctorates in Law, Economics and Commerce, is the Chancellor of the Stellenbosch University and Chairman of the Peace Parks Foundation. INDEPENDENT NON-EXECUTIVE DIRECTORS S E N DE BRUYN SEBOTSA (44) G T FERREIRA (68) P K HARRIS (66) N P MAGEZA (61) APPOINTED: 16 March 2015 APPOINTED: 4 November 2009 APPOINTED: 28 November 2001 APPOINTED: 4 November 2009 Directorships: Co-founder of Identity LEAD INDEPENDENT DIRECTOR Directorships: Non-executive Director Directorships: Previously the Chief Capital Partners Proprietary Limited in of FirstRand Limited, FirstRand Bank Operations Officer of the Absa Group.
    [Show full text]
  • Integrated Annual Report
    eMedia Holdings | 2020 INTEGRATED ANNUAL REPORT ANNUAL eMedia Holdings | 2020 INTEGRATED 2020 INTEGRATED ANNUAL REPORT CONTENTS 2 Group at a glance 3 About this report 4 Who we are 19 5 Our companies 6 Financial highlights Corporate governance 8 Directors’ profile 20 Corporate governance report 10 Chief executive officer’s report 24 King lV application register 14 Operations report 29 Report of the audit and risk committee 15 Shareholder snapshot 31 Report of the remuneration committee 18 Directors’ interest in shares 33 Report of the social and ethics committee 34 Sustainability report 34 Environmental 36 Transformation 38 Human relations 39 Summarised annual financial results 40 Directors’ report 44 Declaration by the company secretary 45 Independent auditor’s report 46 Summarised consolidated financial results 52 Notes to the summarised consolidated results 59 Notice of annual general meeting 67 Form of proxy 68 Notes to form of proxy 69 Corporate information eMedia Holdings integrated annual report 2020 1 GROUP AT A GLANCE Ethical conduct, good corporate governance and risk governance are fundamental to the way that eMedia Holdings manages its business. Stakeholders’ interests are balanced against effective risk management and eMedia Holdings’ obligations to ensure ethical management and responsible control. 2 eMedia Holdings integrated annual report 2020 ABOUT THIS REPORT eMedia Holdings Limited (eMedia Holdings) presents this for the approval of these, which are then endorsed by the integrated annual report for the year ended 31 March 2020. board. All risks that are considered material to the business have This report aims to provide stakeholders with a comprehensive been included in this report.
    [Show full text]
  • Annual Report June 2020
    INTEGRATED ANNUAL REPORT 2020 Originally established in the 1940s by the late Dr Anton Rupert, REMGRO AIMS TO BE THE TRUSTED INVESTMENT COMPANY OF CHOICE THAT CONSISTENTLY CREATES SUSTAINABLE STAKEHOLDER VALUE. The hexagonal theme used in this year’s Integrated Annual Report draws inspiration from the hexagonal honeycomb structure that bees use to build one of the most effective and durable structures in nature. This shape represents the multi-dimensionality of our business and our people that work together in an organic way to bring forth prosperity to all our stakeholders. INVESTOR TOOLS Cross-reference to relevant sections Download from our website: View more information on our website: within this report www.remgro.com www.remgro.com Contents OVERVIEW OF REPORTS TO 01 BUSINESS 02 SHAREHOLDERS 3 Remgro’s approach to reporting 23 Chairman’s Report 6 Salient features 25 Chief Executive Officer’s Report 8 Group profile 30 Chief Financial Officer’s Report 10 Company history 38 Investment reviews 12 Our business model 14 Understanding the business of Remgro 16 Key objectives and principal integrated risks 18 Directorate and members of committees 20 Executive management structure 21 Shareholders’ diary and Company information GOVERNANCE AND FINANCIAL 03 SUSTAINABILITY 04 REPORT 65 Corporate Governance Report 116 Audit and Risk Committee Report 77 Risk and Opportunities Management Report 119 Report of the Board of Directors 84 Remuneration Report 125 Report of the Independent Auditor 103 Social and Ethics Committee Report 126 Summary financial statements 105 Abridged Sustainable Development Report ADDITIONAL 05 INFORMATION 142 Five-year review and share statistics 144 Shareholders’ information 147 Notice to shareholders Attached Form of proxy Integrated Annual Report 2020 1 OVERVIEW OF 01 BUSINESS REMGRO INVESTS IN BUSINESSES THAT CAN DELIVER SUPERIOR EARNINGS, CASH FLOW GENERATION AND DIVIDENDS OVER THE LONG TERM.
    [Show full text]
  • Sustainable Development Report 1
    2019 SUSTAINABLE DEVELOPMENT REPORT 1 www.remgro.com SUSTAINABLE DEVELOPMENT REPORT SUSTAINABILITY HIGHLIGHTS SUCCESSFUL PARTICIPATION IN THE FTSE/JSE RESPONSIBLE INVESTMENT INDEX “Our true power CONTINUED does not lie in our PARTICIPATION IN THE CARBON sameness, but in DISCLOSURE our rich diversity: PROJECT (CDP) diversity of fauna and flora; people CONTINUED MEMBERSHIP OF THE and cultures.” ETHICS INSTITUTE – Dr Anton Rupert OF SOUTH AFRICA OBTAINING OUR LEVEL 7 CONTRIBUTOR STATUS IN TERMS OF THE BBBEE SCORECARD www.remgro.com | Remgro Limited | Sustainable Development Report 2019 2 INTRODUCTION provides a better understanding of Remgro’s efforts on the Remgro’s value system incorporates the guidelines for doing social and environmental front in order to achieve its key business successfully drawn up by its founder, Dr Rupert, nearly objectives of maximising value creation over the short, medium 60 years ago. These guidelines include the following: and long term; while doing business ethically. Refer to the sustainability highlights on the previous page for Remgro’s • – because it lasts the longest Honesty external recognition and achievements during the reporting • Correctness – because it creates trust with friends period in this regard. and opponents • Courtesy – which means dignity without pride and EXTERNAL ASSURANCE friendliness without subservience We acknowledge the increasing requirements from investors • Service – in every respect to your client, your fellow human and regulatory and other guidelines, such as the King IV Report being, your country on Corporate Governance for South Africa (2016) (King IV) and the integrated reporting guidelines, for the external assurance • Mutual support – so that you push others up the ladder of of selected non-financial information.
    [Show full text]
  • REMGRO* IS an INVESTMENT HOLDING COMPANY * Or the Company
    OVERVIEW OF BUSINESS GROUP PROFILE OUR BUSINESS Originally established in the 1940s by the late Dr Anton Rupert as a tobacco manufacturer, Remgro’s investment portfolio has evolved substantially and currently includes more than 30 investee companies. The Company is listed on the Johannesburg Securities Exchange (JSE) operated by the JSE Limited in South Africa under the “Industrials – Diversified Industrials” sector, with the share code “REM”. REMGRO* IS AN INVESTMENT HOLDING COMPANY * or the Company Our interests consist FOOD, LIQUOR AND HOME CARE Page 34 mainly of investments BANKING Page 37 in the following industries: HEALTHCARE Page 39 INSURANCE Page 41 INDUSTRIAL Page 42 INFRASTRUCTURE Page 47 MEDIA AND SPORT Page 51 4 WWW.REMGRO.COM OVERVIEW OF BUSINESS GROUP STRUCTURE AT 30 JUNE 2016 REMGRO LIMITED (PRINCIPAL INVESTMENTS – EQUITY INTEREST HELD) FOOD, LIQUOR AND HOME CARE 25.8% Unilever 30.9% Distell 77.3% RCL Foods BANKING 28.2% RMBH 3.9% FirstRand HEALTHCARE 44.6% Mediclinic INSURANCE 30.3% RMI Holdings INDUSTRIAL 50.0% Air Products 34.9% Kagiso Tiso Holdings 24.9% Total 37.7% PGSI 100% Wispeco INFRASTRUCTURE 23.1% Grindrod 50.9% CIV group 30.0% SEACOM MEDIA AND SPORT 32.3% eMedia 50.0% Premier Team Holdings (Saracens) 50.0% Blue Bulls 24.9% Western Province Rugby 100% Stellenbosch Academy of Sport OTHER INVESTMENTS 42.8% Business Partners TREASURY AND MANAGEMENT SERVICES 100% Millennia Jersey – Jersey 100% Remgro Finance Corporation 100% Remgro Healthcare Holdings 100% Remgro International – Jersey 100% Remgro Jersey GBP – Jersey 100% Remgro Management Services Percentages represent the effective interests held. Annexures A and B in the Financial Report provide further information of subsidiary companies and investments.
    [Show full text]
  • 2017 Integrated Annual Report
    REMGRO LIMITED 2017 INTEGRATED ANNUAL REPORT 2017 INTEGRATED ANNUAL REPORT CREATING SHAREHOLDER VALUE SINCE 1948 INVESTOR TOOLS Cross-reference to relevant sections within this report Download from our website: www.remgro.com View more information on our website: www.remgro.com MORE INFORMATION This Integrated Annual Report is published as part of a set of reports in respect of the financial year ended 30 June 2017, all of which are available on the Company’s website at www.remgro.com. 2017 2017 ANNUAL SUSTAINABLE FINANCIAL DEVELOPMENT STATEMENTS REPORT CONTENTS OVERVIEW OF BUSINESS GOVERNANCE AND SUSTAINABILITY REMGRO’S APPROACH TO REPORTING 2 CORPORATE GOVERNANCE REPORT 57 Scope and boundaries of report, external audit and assurance and significant events RISK MANAGEMENT REPORT 64 SALIENT FEATURES 3 SOCIAL AND ETHICS COMMITTEE REPORT 70 GROUP PROFILE 4 ABRIDGED SUSTAINABLE DEVELOPMENT REPORT 72 Summary of the Company’s business, group structure, history, our business model, ownership structure, REMUNERATION REPORT 81 understanding the business of an investment holding company, and key objectives and principal integrated risks FINANCIAL REPORT FIVE-YEAR REVIEW AND SHARE STATISTICS 12 SUMMARY FINANCIAL STATEMENTS 93 DIRECTORATE AND MEMBERS OF COMMITTEES 14 NOTICE TO SHAREHOLDERS 118 EXECUTIVE MANAGEMENT STRUCTURE 16 SHAREHOLDERS’ DIARY AND COMPANY SHAREHOLDERS’ ACTIONS REQUIRED INFORMATION 17 FORM OF PROXY ATTACHED REPORTS TO SHAREHOLDERS CHAIRMAN’S REPORT 18 CHIEF EXECUTIVE OFFICER’S REPORT 20 CHIEF FINANCIAL OFFICER’S REPORT 25 INVESTMENT REVIEWS 32 p.18 CHAIRMAN’S REPORT p.81 REMUNERATION REPORT p.57 CORPORATE GOVERNANCE REPORT p.93 FINANCIAL REPORT REMGRO LIMITED 1 INTEGRATED ANNUAL REPORT 2017 REMGRO’S APPROACH TO REPORTING The 2017 Integrated Annual Report provides a holistic view of Remgro only has two main operating subsidiaries, i.e.
    [Show full text]