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Investment Reviews INVESTMENT REVIEWS BANKING HEALTHCARE CONSUMER PRODUCTS INSURANCE INDUSTRIAL INVESTING IN SECTORS INFRASTRUCTURE THAT HAVE A SOLID TRACK MEDIA AND SPORT RECORD OTHER INVESTMENTS 32 www.remgro.com REPORTS TO SHAREHOLDERS INVESTMENT REVIEWS Remgro Limited 33 Integrated Annual Report 2018 Banking 30 June 2018 30 June 2017 CONTRIBUTION TO HEADLINE EARNINGS R million R million RMH 2 486 2 232 FirstRand 1 039 931 3 525 3 163 28.2% EFFECTIVE INTEREST PROFILE RMH is the biggest shareholder in FirstRand Limited (FirstRand), South Africa’s largest banking group, with a 34% stake. RMH is the founding shareholder of FirstRand and views this as its core asset. On a selective basis, MAJOR GEOGRAPHIC PRESENCE RMH invests in other banking and property AFRICA: South Africa (directly) businesses. Refer to FirstRand for indirect exposure. CORPORATE INFORMATION FINANCIAL HIGHLIGHTS SUSTAINABILITY MEASURES Market cap at 30 June 2018 Refer to FirstRand as RMH is only R106 993 million Year ended an investment holding company. 30 June 2018 Listed on the JSE Limited R million % Chief Executive Officer H L Bosman Headline earnings 8 851 12 Normalised earnings 8 815 8 Remgro nominated directors J J Durand, F Knoetze (alternate) Website www.rmh-online.co.za RMB HOLDINGS LIMITED (RMH) RMH’s contribution to Remgro’s headline earnings for the year RMH’s main asset is a fully diluted interest of 34% in FirstRand, under review increased to R2 486 million (2017: R2 232 million) and its performance is therefore primarily related to that of due to good operational performance of FirstRand. FirstRand’s FirstRand. The RMH strategy also includes investments in the contribution to RMH’s normalised earnings amounted to property sector with a long-term capital growth focus. These R8 995 million (2017: R8 334 million), while RMH Property investments are housed in a wholly owned subsidiary, RMH contributed a normalised earnings of R16 million (2017: R8 million). Property Holdings Proprietary Limited (RMH Property), managed by a dedicated investment team. During the financial year, RMH Property expanded its core partnership by acquiring a direct interest in Atterbury Europe. 34 www.remgro.com REPORTS TO SHAREHOLDERS INVESTMENT REVIEWS 3.9% EFFECTIVE DIRECT INTEREST (total effective interest: 13.5%) PROFILE FirstRand’s portfolio of integrated financial services businesses comprises FNB, RMB, WesBank, Aldermore and Ashburton Investments. The group operates in South Africa, certain markets in sub-Saharan Africa and the UK, and offers a universal set of transactional, lending, investment and insurance products and services. FirstRand can provide its customers with differentiated and competitive value propositions due to its unique and highly flexible model of leveraging the most appropriate brand, distribution channel, licence MAJOR GEOGRAPHIC PRESENCE and operating platform available within the portfolio. AFRICA: South Africa, Tanzania, Zambia, Mozambique, This approach, which is underpinned by the disciplined NBLS countries, Nigeria allocation of financial resources and enabled by disruptive digital and data platforms, allows the group to OTHER: China, United Kingdom, India fully optimise the franchise value of its portfolio. CORPORATE INFORMATION FINANCIAL HIGHLIGHTS SUSTAINABILITY MEASURES Market cap at 30 June 2018 CSI/Training spend R358 390 million Year ended R1 286 million 30 June 2018 Listed on the JSE Limited R million % Number of employees 44 916 Chief Executive Officer A P Pullinger Operating income 84 724 9 BBBEE status Operating profit 36 262 9 Level 2 Remgro nominated directors Headline earnings 26 509 12 J J Durand, F Knoetze Environmental aspect Normalised earnings 26 411 8 Total emissions of tonnes CO e (scope 1, Website 2 2 and 3) www.firstrand.co.za Carbon emissions (tonnes, South Africa only): 258 858 FIRSTRAND LIMITED (FIRSTRAND) FirstRand’s normalised earnings for the year under review FirstRand’s contribution to Remgro’s headline earnings increased by 8% to R26 411 million (2017: R24 471 million). represents Remgro’s 3.9% direct interest in FirstRand and FNB’s contribution to normalised earnings increased by 16% to excludes the indirect contribution from FirstRand through R14 877 million (2017: R12 801 million). The results reflect another Remgro’s 28.2% interest in RMH. The contribution of FirstRand strong operating performance from its domestic franchise, to Remgro’s headline earnings for the year under review driven by strong non-interest revenue growth on the back of increased to R1 039 million (2017: R931 million). ongoing customer gains and increased transactional volumes, and high quality net interest income growth, particularly from FirstRand’s headline earnings for its year ended 30 June 2018 deposit generation. FNB’s rest of Africa portfolio showed an increased by 12% to R26 509 million (2017: R23 762 million), as improved performance year on year. its businesses delivered quality top-line growth and superior return on equity. The group’s net interest income and non- RMB contributed R7 327 million (2017: R6 919 million) to interest revenue grew by 10% and 7% respectively year on year, FirstRand’s normalised earnings, representing an increase while operating expenses increased by 9%. of 6% from the previous year, driven by good growth in high quality earnings and solid operational leverage. The group believes that normalised earnings more accurately WesBank’s contribution to normalised earnings decreased by reflect operational performance and therefore headline 9% to R3 626 million (2017: R3 996 million), with both the South earnings are adjusted to take into account non-operational African retail and UK vehicle asset finance businesses posting items and accounting anomalies. declines in profits, whilst the personal loans business performed strongly and corporate delivered a solid performance. Remgro Limited 35 Integrated Annual Report 2018 Healthcare 30 June 2018 30 June 2017 CONTRIBUTION TO HEADLINE EARNINGS R million R million Mediclinic 1 556 1 875 44.6% EFFECTIVE INTEREST PROFILE Mediclinic’s business consists of the provision of comprehensive, high-quality hospital services on a cost-effective basis in Southern Africa, the United Arab Emirates, Switzerland and the United Kingdom. MAJOR GEOGRAPHIC PRESENCE AFRICA: South Africa OTHER: Switzerland, United Arab Emirates, United Kingdom CORPORATE INFORMATION FINANCIAL HIGHLIGHTS SUSTAINABILITY MEASURES Market cap at 30 June 2018 CSI/Training spend £3 882 million/R70 323 million Year ended £46 million 31 March 2018 Primary listing: £ million % Number of employees London Stock Exchange 31 504 Secondary listing: JSE Limited Revenue 2 870 4.4 BBBEE status Chief Executive Officer Operating profit (288) (179.6) Level 5 R van der Merwe Adjusted earnings 221 0.4 Environmental aspect Remgro nominated directors Scope 1 and 2 emissions J J Durand, P J Uys (alternate) of 173 302 tonnes CO2e Website www.mediclinic.com MEDICLINIC INTERNATIONAL PLC (MEDICLINIC) Mediclinic has an interest of 100% in Hirslanden, the holding Mediclinic has a March year-end and therefore the results for company of the largest private hospital group in Switzerland. the 12 months to 31 March 2018 have been equity accounted Hirslanden’s revenue for the year under review increased by in Remgro’s results for the year under review. Mediclinic’s 2% to CHF1 735 million (2017: CHF1 704 million) and adjusted contribution to Remgro’s headline earnings for the year under EBITDA was 7% lower at CHF318 million (2017: CHF340 million). review amounted to R1 556 million (2017: R1 875 million). The adjusted EBITDA margin decreased from 20.0% to 18.3% due to decreased revenue from changes in the regulatory Mediclinic’s turnover for the financial year ended 31 March environment and insurance mix and continued investment 2018 increased by 4% to £2 870 million (2017: £2 749 million). costs relating to a strategic programme. This was offset by cost Adjusted earnings before interest, tax, depreciation and management programmes and efficiency savings. amortisation (EBITDA) increased by 3% from £501 million to £515 million, while underlying margins declined from 18.2% Mediclinic Southern Africa’s revenue increased by 5% to to 17.9 %. R15 106 million (2017: R14 367 million) for the year under review, 36 www.remgro.com REPORTS TO SHAREHOLDERS INVESTMENT REVIEWS mainly due to a 6.7% increase in the average income per review. Adjusted EBITDA increased by 9% to AED397 million bed-day. Adjusted EBITDA increased by 6% to R3 245 million (2017: AED364 million), while the adjusted EBITDA margin (2017: R3 049 million), resulting in the underlying EBITDA margin increased from 11.7% to 12.7%. These increases were due increasing from 21.2% to 21.5% due to cost management to efficiency and cost management initiatives, as well as and efficiency initiatives, partly offset by the ongoing shift increased patient volumes. in mix towards medical versus surgical cases and lower patient volumes. The group is well positioned to continue to drive long-term value for its shareholders with a well-balanced portfolio of At 31 March 2018, Mediclinic Middle East owned and global operations in all three attractive healthcare markets. operated six hospitals and 22 clinics with a total of 748 beds Together with the investment in Spire Healthcare Group plc, in Dubai and Abu Dhabi. Revenue increased by 1% to this portfolio provides the group with a sound platform for AED3 134 million (2017: AED3 109 million) for the year under sustainable long-term performance. Remgro Limited 37 Integrated Annual Report 2018 Consumer products 30 June 2018 30 June 2017 CONTRIBUTION TO HEADLINE EARNINGS R million R million Unilever* 499 449 Distell 459 481 RCL Foods 647 424 1 605 1 354 * Effective 2 July 2018, Unilever repurchased Remgro’s interest in the company for a total consideration amounting to R11.9 billion. The consideration consists of Unilever’s Spreads business (owning brands like Rama, Stork and Flora) in Southern Africa and R4.9 billion cash. 31.8% EFFECTIVE INTEREST PROFILE Distell produces and markets fine wines, spirits and flavoured alcoholic beverages in South Africa MAJOR GEOGRAPHIC PRESENCE and internationally.
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