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Board of Directors Annual Report Financial Year 2020 Board of Directors Annual Report Financial year 2020 saudigermanhealth.com 920007997 Middle East Healthcare Company Annual Report (Saudi German Hospital) Chairman's Speech Our distinguished shareholders Greetings, On behalf of the Board of Directors of Middle East Healthcare Company (Saudi German Hospital) I am pleased to share with you the Board's annual report on the company's performance for the year ended 31/12/2020. The year 2020 was a difficult year for the countries of the world due to the outbreak of the Corona pandemic, but the kingdom's economy proved its ability in the face of the repercussions of the pandemic, where the Kingdom was able to take health and economic measures aimed primarily at protecting human health by reducing the spread of the epidemic and providing free treatment for infected cases. The goals of Vision 2030 and economic policies are gaining momentum and the various development projects within the vision will be a major boost to the economy in general and specifically to the healthcare sector, as the Kingdom policy of not starting any new government hospitals represents a great opportunity to increase private sector investment in health care and thereby increase operational efficiency and overall standards for patient’s service. The kingdom's healthcare industry is expected to develop with steady population growth and increasing of new diseases not only among the elderly but also among young people. The expansion projects of The Middle East Healthcare Company will increase its market share, Saudi German-Dammam Hospital opened in February 2020, as well as the opening of the one-day surgery hospital in Jeddah in the second quarter of 2021, and work is currently under way on the 300-bed Saudi German Hospital in Mecca, as well as the opening of the expansion at Riyadh Hospital, which will open at the end of 2021. In addition, the company will continue to take advantage of the concept of the light asset model to find additional revenue at no significant cost to the company through management supervision agreements for hospitals outside Saudi Arabia under the Saudi German Hospital brand, which reflects positively on the company's profits without any impact on its assets, and the company is currently focusing on many policies to increase and enhance internal operations and improve operating efficiency, which will positively affect the company's performance. Finally, on behalf of the Board of Directors, I would like to thank our auditors, customers, suppliers and employees for their support. I also take this opportunity to thank the Board members for their valuable efforts. I would like to thank all of the company's shareholders for their continued support. Eng. Sobhi Abdul Jalil Batterjee saudigermanhealth.com 920007997 Chairman saudigermanhealth.com 920007997 1 Middle East Healthcare Company Annual Report (Saudi German Hospital) Greetings, The Board of Directors is pleased to submit to the company's shareholders the annual report for year 2020, which presents the company's activities, its overall status, the results of its operations, and the auditor's report on the company's annual consolidated financial statements. 1. Company Overview The Middle East Healthcare Company (Saudi German Hospital) was established in Saudi Arabia as a closed joint stock company in accordance with Royal Decree No. M/6 of 22/3/1385 Hijri and Commercial Register No. 4030149460 issued on 06/04/1425 Hijri (corresponding to 25/5/2004) in Jeddah. On 19 February 2015, the company obtained the approval of the CMA to offer a total of 27,612,000 shares for the IPO and the company's shares were listed on the Saudi Stock Exchange (Tadawul) on March 29, 2016. The company's capital consists of 92.04 million shares with a book value of SAR 10 per share paid in full with a total value of SAR 920.4 million at the end of 2020. 2. The legal structure of the company and its subsidiaries Middle East Healthcare Company (Saudi German Hospital) Hail National Dammam Branch AJ SONS Company Madinah Branch Riyadh Branch Asir Branch Jeddah Branch MEAHCO 47% Beverly Clinics saudigermanhealth.com 920007997 saudigermanhealth.com 920007997 2 Middle East Healthcare Company Annual Report (Saudi German Hospital) 3/ The company's vision and mission The Company Vision: To be the leader in the healthcare sector in the region by building the largest network of hospitals, quality of service and care provided to patients and enhancing value for all stakeholders. The company's mission: To provide high quality healthcare in all specialties with the highest ethical standards and personal care to outstanding good results and ensure patient satisfaction. 4/ Company Management The company is currently managed by a board of directors consisting of seven (7) non-executive members, three are independent. The current three-year term of the Board of Directors began on 17/9/2020 and ends on 16/09/2023. The company has formed the Audit Committee and Nominations and Remunerations Committee, which are subject to rules and regulations that determine their respective competences and these rules and regulations are part of the company's governance manual, and both committees follow directly to the Board and provide the Board with their recommendations on all matters related to their work, and the Board conducts an annual review of the policies of each committee based on the recommendations received by each committee. The executive director of the company consists of a team with extensive knowledge and experience to manage the company in accordance with the directions of the Board of Directors. saudigermanhealth.com 920007997 saudigermanhealth.com 920007997 3 Middle East Healthcare Company Annual Report (Saudi German Hospital) 5/Organizational structure saudigermanhealth.com 920007997 saudigermanhealth.com 920007997 4 Middle East Healthcare Company Annual Report (Saudi German Hospital) 6/ Company’s Financial Year According to the company's article of association, the financial year starts on January 1st and ends on the last day of December each year. 7/ Company Auditor (KPMG)Al-Fawzan & Co., audited the company for the financial year 2020. 8/ Health Sector Overview 8/1 Macroeconomic Outlook: Saudi Arabia has announced its budget for 2021, with 990 billion Saudi riyals (about $2.64 billion), the second largest budget in the kingdom's history. A) Budget deficit. The 2012 budget estimates a deficit of 141 billion riyals, which is about 157 billion riyals less than 2020 budget deficit of 298 billion riyals. The 2021 budget projected revenues to reach 849 billion riyals, increasing by 79 billion riyals for 2020, which indicates that the amount of revenue is 770 billion riyals. B) Public debt New budget data showed that the size of public debt in 2022 increased to 937 billion riyals, compared to 854 billion riyals last year. Itis estimated that by the end of 2021 the total public debt will reach 32.7% of GDP. This is in the light of the government borrowing policy, which balances withdrawals from the Kingdom general reserves with other sources of financing from inside and outside the Kingdom to maintain appropriate levels of domestic liquidity as well as to benefit from foreign exchange flows. saudigermanhealth.com 920007997 saudigermanhealth.com 920007997 5 Middle East Healthcare Company Annual Report (Saudi German Hospital) C) Spending by sector The distribution of public spending in the 2021budget came to different sectors of the country, in which spending on education sector ranked first with the allocation of 186 billion riyals, followed by the health and social development sector with 175 billion riyals. Military spending came in third place with 175 billion riyals by a decrease of 18.3% over the current year. The Internal affairs sector ranked last with 34 billion riyals. D) Healthcare industry in Saudi Arabia The development and growth of most industries is largely linked to the progress and decline of the overall economy, but the healthcare industry is among the few industries that are not affected due to its importance despite the decline in government spending that has already occurred in fiscal year 2016. The population of Saudi Arabia is about 34.8 million, while the population density per square kilometer in the Kingdom is 15.1, and between 2010 and 2016 the kingdom's population increased at a compound annual growth rate of 2.65% assuming the same level of growth until 2050 in which The kingdom's population is expected to reach 77.2 million, however, according to a World Bank report, the kingdom's population is expected to reach 45.1 million by 2050 and the increase in the population, along with rising incomes, is expected to increase the demand for medical services. According to a recent report on the kingdom's healthcare industry, the demand for health care is expected to increase as a result of the demographic shift and increase in health insurance coverage, with the proportion of young people under 40 years of age in the kingdom's population being approximately 70% and the future of health services has been planned accordingly, as by 2035 it is expected that: Population aged 40-59 increased by 1.5% The population over 60 years of age is three times more than the current levels. The healthcare sector in the Kingdom is expected to grow, particularly specialized health care and microsurgery due to the ageing of the population, changing demographics, increasing diseases associated with modern lifestyle and chronic diseases. (Source: Reports from Samba, Colliers, Knight Frank, World Bank) saudigermanhealth.com 920007997 6 Middle East Healthcare Company Annual Report (Saudi German Hospital) 9/ The company's main objectives Company objectives: The establishment, operation and management of hospitals, clinics, medical centers and institutions, rehabilitation centers, laboratories, radiology and pharmacies.
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