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MEDICLINIC | ANNUAL REPORT AND FINANCIAL STATEMENTS AND FINANCIAL STATEMENTS REPORT ANNUAL ANNUAL REPORT AND FINANCIAL 201 7 STATEMENTS for the year ended 31 March 2017 www.mediclinic.com REPORT PROFILE SCOPE, BOUNDARY AND REPORTING CYCLE This Annual Report and Financial Statements (“Annual Report”) of Mediclinic International plc (the “Company” or “Mediclinic”) presents the financial results, and the economic, social and environmental performance of the Mediclinic Group for the financial year ended 31 March 2017 (the “reporting period”), and covers the Company’s operations in Southern Africa, Switzerland and the United Arab Emirates (the “Group”). REPORTING PRINCIPLES The information in this Annual Report is deemed to be useful and relevant to our stakeholders, with due regard to our stakeholders’ expectations through continuous engagement, or that the Board believes may influence the perception or decision-making of our stakeholders. The information provided aims to provide our stakeholders with an understanding of the Group’s financial, social, environmental and economic impacts to enable them to evaluate the ability of Mediclinic to create and sustain value for our stakeholders. This Annual Report was prepared in accordance with the International Financial Reporting Standards, the EXTERNAL AUDIT AND LSE Listing Rules, the JSE Listings Requirements, the UK Corporate Governance Code, and the UK ASSURANCE Companies Act (including the recently promulgated Companies, Partnerships and Group (Accounts and The Company’s annual financial statements and the Non-Financial Reporting) Regulations 2016) aimed at Group’s consolidated annual financial statements were improving the transparency of companies regarding audited by the Group’s independent external auditors, non-financial and diversity information, where relevant. PricewaterhouseCoopers LLP, in accordance with The Company applied the majority of the principles International Standards of Auditing (UK and Ireland). contained in the UK Corporate Governance Code. The Group follows various other voluntary external Principles not applied are explained in the Corporate accreditation, certification and assurance initiatives, AR Governance Statement, included in this Annual complementing the Group’s combined assurance Report. The Company’s reporting on sustainable model, as reported on in the Risk Management section AR development included in this report, supplemented of this report The Group believes that this adds to the SDR by the Sustainable Development Report available transparency and reliability of information reported to on the Company’s website at www.mediclinic.com, our stakeholders. was done in accordance with the GRI Sustainability Reporting Standards 2016 and the Non-Financial Reporting Regulations 2016 referred to above. GLOSSARY Please refer to the glossary of terms used in this report on pages 234 to 235. AR GREYMATTER & FINCH # 11076 REPORT PROFILE AND CONTENTS MEDICLINIC ANNUAL REPORT 2017 1 CONTENTS IFC Report Profile STRATEGIC REPORT 2 Performance Highlights 5 At a Glance 8 Chairman’s Statement 11 Chief Executive Officer’s Review 14 Financial Review 19 Five-Year Summary 20 Investment Case 21 Value Added Statement 22 Business Model 24 Our Strategy, Progress and Aims 30 Risk Management, Principal Risks and Uncertainties 37 Clinical Services Overview 44 Divisional Review – Switzerland 47 Divisional Review – Southern Africa 50 Divisional Review – United Arab Emirates FURTHER INFORMATION 54 Sustainable Development Highlights This Annual Report is published as part of a set of reports, as listed below. The icons below are used as a cross-referencing GOVERNANCE AND REMUNERATION tool to refer to the relevant pages of these reports or within this Annual Report. 69 Chairman’s Introduction 70 Board of Directors Annual Report and Financial Statements 2017 AR 72 Senior Management Clinical Services Report 2017 73 Corporate Governance Statement CSR Directors’ Remuneration Report Sustainable Development Report 2017 85 SDR 108 Nomination Committee Report Notice of Annual General Meeting 2017 AGM 111 Clinical Performance and Sustainability Committee Report These reports are available on the Company’s website at www.mediclinic.com from the date of distribution of this 114 Audit and Risk Committee Report Annual Report and the Company’s Notice of Annual General Meeting by no later than 23 June 2017. 123 Directors’ Report 129 Statement of Directors’ Responsibilities APPROVAL OF ANNUAL REPORT FINANCIAL STATEMENTS This Annual Report and Financial Statements, including the 130 Contents and General Information Strategic Report herein, were approved by the Disclosure Committee, duly authorised by the Board, on 23 May 2017. 131 Group Financial Statements 218 Company Financial Statements SHAREHOLDER INFORMATION 231 Shareholder Information Edwin Hertzog 233 Company Information Non-executive Chairman 23 May 2017 234 Glossary 236 Forward-looking Statements 2 MEDICLINIC ANNUAL REPORT 2017 PERFORMANCE HIGHLIGHTS STRATEGIC REPORT PERFORMANCE HIGHLIGHTS GROUP FINANCIAL RESULTS • Revenue up 30% to £2 749m; up 15% compared to pro forma FY16 revenue including Al Noor (£2 391m) • Underlying EBITDA up 17% to £501m; underlying EBITDA margin decreased to 18.2% from 20.4% • Operating profit up 26% to £362m • Underlying earnings per share down 19% to 29.8 pence • In constant currency, revenue and underlying EBITDA increased by 15% and 3% respectively • Cash flow conversion at 101% of underlying EBITDA • Total dividend of 7.90 pence per share; in line with dividend policy OPERATING PERFORMANCE • Hirslanden revenue up 3% to CHF1 704m; underlying EBITDA up 5% to CHF340m; underlying EBITDA margin of 20.0% • Southern Africa revenue up 7% to ZAR14 367m; underlying EBITDA up 6% to ZAR3 049m; underlying EBITDA margin of 21.2% • Middle East revenue up 72% to AED3 109m; revenue down 8% versus pro forma for the Al Noor combination; underlying EBITDA down 5% to AED364m; underlying EBITDA margin of 11.7% 3000 REVENUE (£’M)* 400 OPERATING PROFIT (£’M)* 600 UNDERLYING EBITDA (£’M)** 250 UNDERLYING EARNINGS (£’M)** 2500 350 500 362 2 749 200 219 220 345 342 300 501 193 307 2000 400 189 288 250 428 2 107 150 403 401 1 977 390 1 892 1500 1 818 200 300 100 143 1000 150 200 100 50 500 50 100 0 0 0 0 2017 2017 2017 2017 2015 2015 2015 2015 2013 2013 2013 2013 2016 2016 2016 2016 2014 2014 2014 2014 * IFRS measure ** Non-IFRS measure AR See the reconciliations between the statutory and underlying (non-IFRS) measures on pages 16 to 17. Mediclinic Plc_AR 2017_FRONT_V7_11076_18July_SS.indd 2 2017/07/20 8:14 AM PERFORMANCE HIGHLIGHTS MEDICLINIC ANNUAL REPORT 2017 3 KEY PERFORMANCE INDICATORS % FINANCIAL 2017 2016 change Revenue £'m 2 749 2 107 30% EBITDA1 £'m 509 382 33% Underlying EBITDA1 £'m 501 428 17% Operating profit £'m 362 288 26% Earnings2 £'m 229 177 29% Underlying earnings1 £'m 220 219 0% Basic earnings per share pence 31.0 29.6 5% Underlying basic earnings per share1 pence 29.8 36.7 (19%) Total dividend per share3 pence 7.90 7.90 – Net debt at the year end £'m 1 669 1 536 9% Capital expenditure on projects, new equipment and replacement of equipment £'m 249 186 34% Southern Africa £'m 72 52 38% Switzerland £'m 127 98 30% United Arab Emirates £'m 50 36 39% Notes 1 The Group uses underlying income statement reporting as non-IFRS measures in evaluating performance and as a method to provide shareholders with clear and consistent reporting. See the reconciliations between the statutory and the non-IFRS measures in the Financial Review on pages 16 to 17. AR 2 Earnings refer to profit attributable to equity holders. 3 The total dividend per share for the year ended 31 March 2017 in British pound comprises the proposed final dividend of 4.70 pence per share (2016: 5.24 pence) and the interim dividend of 3.20 pence per share, paid in December 2016 (2016: 2.66 pence). Group results are subject to movements in foreign currency exchange rates. Refer to page 15 for exchange AR rates used to convert the operating platforms’ results to pound sterling. OPERATIONAL 2017 2016 Number of hospitals in operation 74 73 Southern Africa 52 52 Switzerland 16 16 United Arab Emirates 6 5 Number of clinics in operation 37 45 Southern Africa 2 2 Switzerland 4 4 United Arab Emirates 31 39 Number of licensed/registered beds (including day facility beds) 10 486 10 415 Southern Africa 8 095 8 017 Switzerland 1 677 1 677 United Arab Emirates 714 721 Number of licensed/registered theatres (including day facility theatres) 400 387 Southern Africa 278 270 Switzerland 97 92 United Arab Emirates 25 25 4 MEDICLINIC ANNUAL REPORT 2017 PERFORMANCE HIGHLIGHTS KEY PERFORMANCE INDICATORS (continued) SDR SOCIAL, ENVIRONMENTAL AND OTHER 2017 2016 Included in RobecoSAM Dow Jones Sustainability Index Yes Yes Number of employees 32 625 32 884 Southern Africa 16 848 16 832 Switzerland 9 402 9 120 United Arab Emirates 6 375 6 932 Staff turnover rate Southern Africa 6.3% 6.8% Switzerland 7.2% 5.2% United Arab Emirates 19.8% 12.4% Training spend as approximate percentage of payroll Southern Africa 3.2% 3.6% Switzerland 4.8% 5.0% United Arab Emirates 0.1% 0.3% Corporate social investment spend Southern Africa* R'm 12.3 11.8 Switzerland CHF'm 2.5 2.5 United Arab Emirates AED'm 1.0 0.8 Transformation (South Africa only) Percentage black employees 71.2% 70.5% Percentage black management employees 27.7% 25.7% Total energy usage (gigajoules/bed day) 1.792 1.652 Southern Africa** 0.327 0.333 Switzerland (per calendar year) 0.474 0.477 United Arab Emirates (hospitals only)** 0.991 0.842 Ranking in CDP Climate Disclosure Leadership Index Included in Included in (per calendar year)** the Global the Global A List for A List for perform- perform- ance ance (CDP 2017) (CDP 2016) Notes * The corporate social investment of Mediclinic Southern Africa excludes the significant financial support to academic institutions in the amount of R9.7m (2016: R8.0m) during the year.
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