UAP HOLDINGS PLC (FORMERLY UAP HOLDINGS LIMITED)
ANNUAL REPORT & FINANCIAL STATEMENTS 2019
EAST AFRICA IS COVERED EAST AFRICA IS COVERED
The UAP Old Mutual Group is the East African business of Old Mutual Limited which is a Pan-African Financial Services Group with a rich heritage of 175 years and presence in 13 African countries.
The Group has operations in Kenya, Uganda, Tanzania, South Sudan and Rwanda with over 1,400 employees, 3.8M customers, 12 iconic properties and USD 2 Billion in funds under management.
Whether it is insurance, investments, savings or banking, we’ve got you covered. 3
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KENYA IS COVERED Whether it is insurance, investments, savings or banking, UAP Old Mutual has got you covered.
www.uapoldmutual.com/kenya UAP Holdings PLC (formerly UAP Holdings Limited) 2019 Annual Report and Financial Statements 5
CONTENTS
ABOUT US Old Mutual Limited 8 Our purpose, vision and values 9 UAP Old Mutual Group 10 UAP Holdings PLC 11 Our history 12 - 13 UAP Old Mutual Group quick facts 14 Awards and accolades 15
DIRECTORS Board of directors 18 - 19 Director profiles 20 - 25 UAP subsidiaries' directors 26 - 31 UAP Old Mutual East Africa leadership team 32- 33
KEY STATEMENTS Chairman’s statement 34 - 37 Group Chief Executive Officer’s report 38 - 41
CORPORATE GOVERNANCE REPORT 42 - 53 Legal and compliance audit opinion on UAP Holdings PLC 54 [SECTION TO BE CUT OFF] RISK MANAGEMENT REPORT 55 - 58
SUSTAINABILITY REPORT 59 - 71
DIRECTORS’ REPORT 72 - 75 Directors’ remuneration report 76 - 78 Statement of directors responsibilities 79
AUDITED FINANCIAL STATEMENTS Independent auditors’ report to the members of UAP Holdings PLC (formerly UAP Holdings Limited) 81- 86 Consolidated statement of profit or loss 87 Consolidated statement of other comprehensive income 88 Company statement of profits or loss 89 Company statement of other comprehensive income 90 Consolidated statement of financial position 91 Company statement of financial position 92 Consolidated statement of changes in equity 93 Company statement of changes in equity 94 Consolidated statement of cash flows 95 Company statement of cash flows 96 Notes to financial statement 97 - 185
AGM Notice of the 12th AGM 188 - 190 Proxy form 191 - 193 [SECTION TO BE CUT OFF] 7
UGANDA IS COVERED Whether it is insurance, investments or savings UAP Old Mutual has got you covered. www.uapoldmutual.com/uganda UAP Holdings PLC (formerly UAP Holdings Limited) 8 2019 Annual Report and Financial Statements
OLD MUTUAL LIMITED AFRICA
WHO WE ARE Old Mutual was established in Cape Town in 1845 as South Africa’s first mutual life ON 17 MAY 2020 insurance company, offering financial security in uncertain times. OLD MUTUAL TURNED 175. Today, the Group has grown into a premium pan-African financial services Group that offers a broad spectrum of financial solutions to retail and corporate customers This is an incredible across key market segments in 14 countries, with listings on five stock exchanges. milestone that we can be really proud of. It means we We now employ about 30,000 people in our primary operations in South Africa have succeeded in staying and the Rest of Africa, and a niche business in China. relevant to our customers and responsive to their ◊ Africa (South Africa, Namibia, Botswana, Zimbabwe, Kenya, Malawi, Tanzania, changing needs, year after Nigeria, Ghana, Uganda, Rwanda, South Sudan and eSwatini) year for 175 years. ◊ Asia (China)
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• Kenya • Uganda • Tanzania • R anda • Sout Sudan