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IHH HEALTHCARE BERHAD 201001018208 (901914-V) IHH Healthcare Berhad Growing with Purpose Annual Report 2019 ANNUAL REPORT 2019 Contents Group Overview Governance Our Purpose IHH at a Glance 2 Board of Directors 94 Case Study Group Management 1 0 1 Touching lives, Focus with Fortitude 4 Corporate Governance 1 0 6 Scale with Excellence 6 Overview Statement transforming care Optimise with Efficiency 8 Nomination Committee Report 1 1 7 Financial Highlights 10 Remuneration Committee Report 1 22 Operational and 1 2 Audit Committee Report 1 24 Our Vision Sustainability Highlights Risk Management Committee Report 1 29 Corporate Milestones 1 4 Statement on Risk Management 1 3 2 To be the world’s most Awards and Accreditations 1 6 and Internal Control Sustainability Governance 1 38 trusted healthcare Strategic Report Investor Relations Report 1 39 Chairman’s Statement 20 services network CEO’s Message 26 Other Information Looking Ahead With Our New CEO 30 Additional Compliance Information 1 4 2 Our Mission Business Model 34 Directors’ Responsibility Statement 1 44 Stakeholder Engagement 36 To take exemplary Our Material Matters 40 Financial Statements Market Outlook 42 Directors’ Report 1 46 care of our patients, Business Strategy 44 Statement by Directors 1 53 Risk Management 46 Statutory Declaration 1 53 anchored around Principal Risk 4 7 Independent Auditors’ Report 1 54 Statements of Financial Position 1 59 our people who strive Performance Review Statements of Profit or Loss and 1 6 1 Financial Review 51 Other Comprehensive Income to continuously raise Operating Review Statements of Changes in Equity 1 62 the bar in clinical, Malaysia 54 Statements of Cash Flows 1 68 Singapore 55 Notes to the Financial Statements 1 7 1 operational and Turkey 56 India 57 Additional Corporate Information Analysis of Shareholdings 314 service excellence Greater China 5 8 List of Top 30 Largest Shareholders 317 IMU Health 59 List of Top 10 Properties 319 ParkwayLife REIT 59 Our Values Notice of Tenth Annual General Meeting 321 Sustainability Form of Proxy 1. Patients First Defining Our Scope 62 We put patient’s needs first Benchmarking Sustainability 64 Our Patients 65 Our People 73 2. Integrity We do the right thing Our Organisation 78 Our Environment 84 Our Community 88 3. Empathy We listen to our people About This Report 4. Teamwork We are better together The Annual Report 2019 has been prepared in accordance with the International <IR> Framework set by the International Integrated Reporting Council (IIRC) and the Global Reporting Initiative (GRI) – Core Option and GRI Sector Disclosures – to enhance 5. Excellence reporting connectivity while providing stakeholders with a more holistic view of how the We champion continuous Company creates and sustains value. improvement and innovation Our reporting processes also comply with the provisions of the Malaysian Code on Corporate Governance, the Main Market Listing Requirements (MMLR) and the Sustainability Reporting Guide of Bursa Malaysia Securities Berhad, the Companies Act 2016, and the Malaysian Financial Reporting Standards (MFRS). Besides financial reporting, our Report also includes non-financial performances, opportunities, risks and outcomes attributable to, or associated with, all our stakeholders that significantly influence IHH’s ability to create value. FOCUS WITH FORTITUDE SCALE WITH EXCELLENCE OPTIMISE WITH EFFICIENCY With our strong fundamentals and sound investment strategies, IHH continues to Focus, Scale and Optimise as we grow from strength to strength to realise our vision “To be the world’s most trusted healthcare services network”. Read more on Business Strategy on pages 44 and 45 Group Overview IHH at a Glance As at 30 April 2020 Our Divisions IHH Healthcare Berhad 100% 90% 100% With a network of 56 hospitals Acibadem Holdings is Turkey’s leading The International Medical University throughout the region, including private healthcare provider, offering is IHH’s medical education arm. Malaysia, Singapore, India, integrated healthcare services across IMU oversees the established higher Greater China, Sri Lanka and Brunei, 21 hospitals in Turkey, Macedonia, learning institutions of International Parkway Pantai is one of Asia’s largest Bulgaria and the Netherlands. The Medical College and IMU in Malaysia. integrated private healthcare groups. “Acibadem” brand is renowned for its clinical excellence in the Central and Eastern Europe, Middle East and North Africa regions. 100% 100% 35.62% 31.17% 2 IHH Healthcare Berhad | Annual Report 2019 Our Leading Hospital Brands IHH offers an integrated network of hospital and ancillary services through a wide array of brands. Our brands are among the most prestigious in Asia and are widely recognised for their clinical excellence in Central and Gleneagles Eastern Europe, the Middle East and Gleneagles is the Group’s international brand, North Africa regions. with footprint in Malaysia, Singapore, India, China, Hong Kong and Brunei. Across Asia, the brand is synonymous with personalised care and superior clinical outcomes. Mount Elizabeth Pantai Acibadem With two established hospitals in Singapore Pantai has a strong reputation in Malaysia for Acibadem is renowned for its clinical excellence specialising in tertiary and quaternary care, delivering quality healthcare through a wide as a leading private healthcare provider in Mount Elizabeth is among the world’s top spectrum of services ranging from hospitals Turkey. It offers the full suite of integrated destinations for medical treatment. to laboratory and rehabilitation services. healthcare services and has a presence in Bulgaria, Macedonia and the Netherlands. Parkway Shenton ParkwayHealth Fortis Healthcare Parkway Shenton is a well-known primary ParkwayHealth is the brand for Parkway Fortis Healthcare is a leading integrated healthcare brand in Singapore with an Pantai’s ancillary services in Singapore, healthcare delivery service provider in India. extensive network of practitioner clinics, including radiology and laboratory services. The healthcare verticals of Fortis primarily 24-hour clinics and executive health screening It is also the preferred primary healthcare comprise hospitals, diagnostics and day care centres across the island state. network for expatriates and locals in China. specialty facilities. Currently, Fortis operates its healthcare delivery services in India and Sri Lanka. 3 FOCUS WITH FORTITUDE Keeping our pulse on a sustainable growth strategy, IHH continues ramping up existing operations and strengthening our presence in home markets where we see rising affluence, ageing populations, and the demand for quality private healthcare. OUR STRATEGIES IN ACTION Geographical Cluster Strategy; Leveraging International Scale UNLOCKING VALUE THROUGH FORTIS July 2018 Q4 2018 Q1 2019 (end of 100-day plan) • Proposed acquisition of • Acquired 31.17% stake with • Completed the acquisition and consolidated various 31.17% in Fortis through board control in Fortis Indian subsidiaries of RHT Health Trust for INR36.0 billion a INR40 billion (about • Initiated a 100-day turnaround (about RM2.1 billion), eliminating business trust costs to RM2.4 billion) subscription plan which includes improving improve operational profitability to a preferential allotment operational efficiencies, • Successful in refinancing high-cost debt with of Fortis shares at INR170 operating leverage, lower-cost borrowings per share renegotiating credit lines • Improved credit rating to investment grade (BBB-) and procurement costs with Indian credit rating agencies ICRA and CARE • New CEO Dr Ashutosh Raghuvanshi appointed; New CFO Mr Vivek Goyal appointed FORTIS IN NUMBERS * Fortis’ India hospitals including hospitals 26* 4,000+ with O&M arrangement Hospitals Licensed Beds 4 IHH Healthcare Berhad | Annual Report 2019 Geographical Cluster Strategy; Leveraging International Scale Read more on Business Strategy on pages 44 and 45 Q2 2019 Q3 2019 Q4 2019 • Post 100-day turnaround plan – second straight quarter of operational • Further improved credit • Continued profit before tax, with higher revenue and improved balance sheet rating to investment improvement through • Contributions from Fortis raised Q2 2019 revenues by RM671.4 million grade BBB+ from BBB- cost efficiency compared to Q2 2018 with India credit agency initiatives through optimising manpower • Cost-saving initiatives undertaken to drive operational performance • Global synergies from costs, improvement in and enhance profitability shared savings when investing in new cardiac IT and infrastructure, • Streamlined organisational structure for more efficiency between angioplasty equipment corporate office hospital operations and corporate functions. with IHH from global expense, supply chain • Initiatives to improve manpower productivity in both clinical and procurement platform and procurement non-clinical areas Diagnostic415+ Centres 2,600+Doctors 20,000+Staff 5 Macedonia Netherlands Bulgaria Sri Lanka Turkey India Brunei Malaysia 1 1 3 1 16 33* 1 15 hospital hospital hospitals hospital hospitals hospitals hospital hospitals * Includes Fortis Hospitals 4 9 with O&M medical medical arrangement centres centres and 50/50 JV, Apollo Gleneagles Hospital Home Markets Other International Markets Key Growth Markets OUR STRATEGIES IN ACTION Geographical Cluster Strategy; Leveraging International Scale BENEFITS OF INTERNATIONAL SCALE Ability to Continuously Integrated Synergies gained leverage deepening systems to drive through shared expertise and operating
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