Wrap Text
Posting of annual report and financial statements,
notice of annual general meeting and proxy form
Mediclinic International plc
(Incorporated in England and Wales)
Company Number: 08338604
LSE Share Code: MDC
JSE Share Code: MEI
NSX Share Code: MEP
ISIN: GB00B8HX8Z88
LEI: 2138002S5BSBIZTD5I60
("Mediclinic", or the "Company", or the "Group")
18 June 2021
POSTING OF ANNUAL REPORT AND FINANCIAL STATEMENTS, NOTICE OF ANNUAL GENERAL MEETING AND PROXY FORM
Mediclinic announces that its Annual Report and Financial Statements in respect of the financial
year ended 31 March 2021 ("2021 Annual Report") and notice of the Company's 2021 annual
general meeting ("AGM") (the "Notice") are being published today on the Company's website.
The 2021 Annual Report, together with the Group's 2021 Clinical Services and Sustainable
Development Reports, are being made available on the Group’s annual reporting website at:
annualreport.mediclinic.com; the Notice at: investor.mediclinic.com/shareholder-
centre/shareholder-meetings.
In accordance with Listing Rule 9.6.1, the 2021 Annual Report and the Notice are also being
submitted to the National Storage Mechanism and will shortly be available f or inspection there at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Shareholders who elected to receive shareholder information electronically are being notified that
these documents are available on the Company's website and hard copies of the documents are
being posted today to shareholders who elected to receive shareholder information in hard copy.
In accordance with DTR 6.3.5 of the FCA's Disclosure Guidance and Transparency Rules, additional
information is set out in the appendix to this announcement. The information in the appendix is
extracted from the 2021 Annual Report and should be read in conjunction with the Company's
preliminary results announcement issued on 26 May 2021 (RNS number 8045Z). Together, these
constitute the information required by DTR 6.3.5 to be communicated in full unedited text through a
Regulatory Information Service. This material is not a substitute f or reading the full 2021 Annual
Report.
Arrangements for the AGM and Shareholder Event
The AGM will be held on Tuesday, 27 July 2021 at 15:00 BST at Rosewood London Hotel, 252 High
Holborn, London, WC1V 7EN, United Kingdom ("UK"). Due to continued uncertainty regarding the
UK Government's restrictions on large indoor public events and travel, as well as the higher potential
COVID-19 transmission risk of indoor events, the AGM will be scaled back.
It is expected to be purely functional, principally putting the resolutions to shareholders and calling
the poll. Shareholders and corporate representatives are strongly encouraged not to attend in
person and not to appoint any proxy other than the chair of the AGM to attend.
However, to ensure that all shareholders have the opportunity to engage with the Board before
submitting their proxy votes, there will be a live online shareholder engagement event on
Monday, 19 July 2021 at 14:00 (BST). Further information can be found in the notice of AGM.
Mediclinic will continue to closely monitor the latest COVID-19 legislation and guidance issued by
the UK Government. The Company will notify shareholders as soon as reasonably practicable of
any proposed changes to the arrangements f or the AGM through an announcement to the London
Stock Exchange ("LSE") and JSE and on investor.mediclinic.com/events/event-details/2021-agm.
In compliance with JSE requirements, for shareholders on the South African Branch Register: (i) the
record date for the purpose of determining which shareholders are entitled to participate in and vote
at the AGM is Friday, 23 July 2021; and (ii) the last day to trade in the Company's shares in order
to be recorded as a shareholder by the voting record date is therefore Tuesday, 20 July 2021.
About Mediclinic International plc
Mediclinic is a diversified international private healthcare services group, established in South Africa
in 1983, with divisions in Switzerland, Southern Africa (South Africa and Namibia) and the United
Arab Emirates ("UAE").
The Group's core purpose is to enhance the quality of life.
Its vision is to be the partner of choice that people trust for all their healthcare needs.
Mediclinic is focused on providing specialist-orientated, multi-disciplinary services across the
continuum of care in such a way that the Group will be regarded as the most respected and trusted
provider of healthcare services by patients, medical practitioners, funders and regulators of
healthcare in each of its markets.
At 31 March 2021, Mediclinic comprised 74 hospitals, five subacute hospitals, two mental health
facilities, 18 day case clinics and 18 outpatient clinics. Hirslanden operated 17 hospitals and four
day case clinics in Switzerland with more than 1 900 inpatient beds; Mediclinic Southern Africa
operations included 50 hospitals (three of which in Namibia), five sub -acute hospitals, two mental
health facilities and 12 day case clinics (four of which operated by Intercare) across South Africa,
and around 8 600 inpatient beds; and Mediclinic Middle East operated seven hospitals, two day
case clinics and 18 outpatient clinics with more than 900 inpatient beds in the UAE. In addition,
under management contracts, Mediclinic Middle East operates one hospital in Abu Dhabi and will
open a 200-bed hospital in the Kingdom of Saudi Arabia in mid-2022.
The Company's primary listing is on the LSE in the UK, with secondary listings on the JSE in South
Africa and the Namibian Stock Exchange in Namibia.
Mediclinic also holds a 29.9% interest in Spire Healthcare Group plc, a leading private healthcare
group based in the United Kingdom and listed on the LSE.
For further information, please contact:
Company Secretary, Link Company Matters Limited
Caroline Emmet
+44 (0)333 300 1930
Investor Relations, Mediclinic International plc
James Arnold, Head of Investor Relations
ir@mediclinic.com
+44 (0)20 3786 8181
Media queries
FTI Consulting
Ben Atwell/Ciara Martin – United Kingdom
+44 (0)20 3727 1000
Sherryn Schooling – South Africa
+27 (0)21 487 9000
Registered address: 6th Floor, 65 Gresham Street, London, EC2V 7NQ, United Kingdom
Website: www.mediclinic.com
Corporate broker (United Kingdom): Morgan Stanley & Co International plc and UBS Investment
Bank
JSE sponsor (South Africa): Rand Merchant Bank (A division of FirstRand Bank Limited)
NSX sponsor (Namibia): Simonis Storm Securities (Pty) Ltd
APPENDIX
A. PRINCIPAL RISKS AND UNCERTAINTIES
The Group's principal risks and uncertainties are detailed below, as extracted from pages 98–104
of the 2021 Annual Report. For further information, please refer to the 2021 Annual Report.
1. PANDEMICS AND INFECTIOUS DISEASES
TYPE OF RISK: OWNER RISK APPETITE RISK RATING
External risk/Threat Group Chief Clinical Low Critical
Officer
PRINCIPAL RISK KEY KEY MITIGATION TREND
A pandemic occurs STAKEHOLDERS • Hospital and FY21: Stable
when an infectious • Clients business incident FY20: Increase
disease rapidly • Employees response
infects many people • Governments and planning The risk relating to
and spreads to authorities • Central the COVID-19
multiple countries and • Investors coordination of pandemic remains at
continents. • Medical task teams and an elevated level.
practitioners clinical
These risks refer to • Professional governance
the Group's ability to societies • Monitoring LINK TO STRATEGY
respond effectively to • Financial Goal 1
the potential adverse CONSIDERED IN scenario planning Goal 2
clinical, operational VIABILITY • Communication Goal 3
and business effects ASSESSMENT strategy
caused by a
pandemic or Yes, modelled
infectious disease. adverse impact on
volumes caused by
COVID-19 pandemic.
2. DISRUPTIVE INNOVATION AND DIGITALISATION
TYPE OF RISK: OWNER RISK APPETITE RISK RATING
Strategic Group Chief Moderate to Critical
Innovation Officer significant
PRINCIPAL RISK KEY KEY MITIGATION TREND
Disruptive innovation STAKEHOLDERS • Dedicated FY21: Increase
and digitalisation risks • Clients Innovation FY20: Increase
incorporate the • Employees function which
disintermediation and • Industry partners includes digital The increased risk
erosion of the • Investors transformation relates to increased
Mediclinic business • Medical • Strategic planning demand from clients
model due to the practitioners processes and stakeholders for
impact of • Proactive adoption of virtual
technological monitoring solutions and
development. It refers CONSIDERED IN • Continuum of innovation.
to the extent and VIABILITY care strategy
speed at which new ASSESSMENT
technologies (and LINK TO STRATEGY
combinations thereof) No. Goal 1
change and transform Goal 3
industries, and to
what extent an
organisation can
exploit these
opportunities by being
responsive and
innovative, while
managing associated
risks.
3. ECONOMIC AND BUSINESS ENVIRONMENT
TYPE OF RISK: OWNER RISK APPETITE RISK RATING
External risk/Threat Group CFO Moderate to High
significant
PRINCIPAL RISK KEY KEY MITIGATION TREND
These risks relate to STAKEHOLDERS • Monitor FY21: Stable
the downturn in the • Clients developments FY20: Increase
general economic • Governments and and trends in the
and business authorities economic and The global economic
environments • Healthcare business environment and
impacting the insurers environments and outlook remain
affordability of • Investors early warning uncertain.
healthcare for funders indicators
and self-paying • Proactive
patients. CONSIDERED IN monitoring and LINK TO STRATEGY
VIABILITY negotiation by the Goal 1
The business ASSESSMENT Group's Funder Goal 2
environment risks Relations Goal 6
include the effect of Yes, modelled volume functions
market dynamics on reduction and • Focus on quality
tariffs and fees. downturn in the and continuum of
macroeconomic and care to reinforce
business the Group’s
environment. market position
4. REGULATORY AND COMPLIANCE
TYPE OF RISK: OWNER RISK APPETITE RISK RATING
External risk/Threat Group Chief Low High
Governance Officer
and divisional CEOs
PRINCIPAL RISK KEY KEY MITIGATION TREND
These risks relate to STAKEHOLDERS • Proactive FY21: Stable
adverse changes in • Governments and engagement with FY20: Increase
legislation and authorities stakeholders
regulations impacting • Industry partners • Health policy The risk remains
on the Group, or • Investors units created to stable for the period
where failure to • Medical conduct research under review. It
comply with practitioners and provide relates to the
legislation and strategic input continued healthcare
regulations may result CONSIDERED IN into reform reform and the
in losses, fines, VIABILITY processes introduction of new
penalties or damage ASSESSMENT • Active industry legislation or
to reputation. The participation regulations.
Group is also Yes, modelled across all
exposed to an reductions in tariffs divisions LINK TO STRATEGY
increasing and volumes • Company Goal 1
compliance Secretarial, Legal Goal 2
monitoring cost. and Compliance Goal 5
functions support Goal 6
The risks include operational
healthcare reform by management,
regulators aimed at monitor
reducing the cost of regulatory
healthcare, developments,
broadening the and, where
access to quality necessary, obtain
healthcare and expert legal
increasing quality advice for the
standards monitoring effective
by regulators. implementation of
compliance
The Group monitors initiatives
the emerging risks
from climate change • Compliance risks
in line with regulatory identified and
changes and disclosure assessed as part
requirements. of compliance
management
The actions the processes
Group is taking to • Group’s
mitigate the impact of Sustainable
climate change, and Development
minimise its impact Strategy
on the environment, addresses
are described on environmental
page 58. risks (refer to
page 55)
5. INFORMATION SYSTEMS SECURITY AND CYBERATTACKS
TYPE OF RISK: OWNER RISK APPETITE RISK RATING
External risk/Threat Group Chief Low High
Information Officer
PRINCIPAL RISK KEY KEY MITIGATION TREND
Information systems STAKEHOLDERS • Comprehensive FY21: Stable
security and • Clients information FY20: Increase
cyberattack risks • Employees and systems identity
relate to the potential access The risk relates to the
unauthorised access applicants management, continued external
to information • Governments and change and threat from
systems through authorities physical access cyberattacks and
external or internal controls breaches, which has
attack or • Investors remained at similar
unauthorised • Regular security levels to the prior
breaches resulting in reviews reporting period.
the unavailability of • Disaster recovery
systems, failure of planning
data integrity and loss
of confidential data. CONSIDERED IN • Group information LINK TO STRATEGY
VIABILITY security and data
ASSESSMENT privacy policies Goal 1
• Group ICT Goal 3
No. Security Goal 4
Committee
6. COMPETITION
TYPE OF RISK: OWNER RISK APPETITE RISK RATING
External risk/Threat Group CEO and Moderate Medium
divisional CEOs
Principal Risk
KEY KEY MITIGATION TREND
This risk relates to the STAKEHOLDERS • Proactive FY21: Decrease
uncertainty created • Clients monitoring FY20: Increase
by existing and/or • Employees • Strategic planning
emerging competitors processes Providers in the
with alternative • Healthcare healthcare market
business models. insurers • Quality and value remain competitive
• Industry partners of care processes
with a slightly
The risk includes the • Investors improved risk
outmigration of care • Medical exposure for the
(partly driven by practitioners Group.
further technological
developments) and
the development of CONSIDERED IN LINK TO STRATEGY
alternative care VIABILITY
models. ASSESSMENT Goal 1
Yes, modelled Goal 2
reductions in volumes Goal 3
as well as tariffs. Goal 6
7. WORKFORCE RISKS
TYPE OF RISK OWNER RISK APPETITE RISK RATING
Internal preventable Group Chief Strategy Low Medium
risk and Human
Resources Officer
and divisional CEOs
PRINCIPAL RISK KEY KEY MITIGATION TREND
There is a shortage of STAKEHOLDERS • Systems to FY21: Stable
skilled labour, • Employees and monitor FY20: Stable
particularly of potential satisfaction,
qualified and applicants movement and Vacancies and
experienced nursing • Investors profiles of turnover ratios in
employees in • Medical medical respect of skilled
Southern Africa. practitioners practitioners resources and
medical practitioners
The availability and • Details on the
relationship and are expected to
support of admitting remain at similar
medical practitioners, CONSIDERED IN engagement with
levels to the prior
whether independent VIABILITY medical
ASSESSMENT practitioners reporting period.
or employed, are
provided in the
critical to the Group’s Yes, modelled 2021 LINK TO STRATEGY
services. shortage of qualified Sustainable
Goal 2
The risk includes the and experienced Development
potential negative healthcare Report
effect of COVID-19 on employees. • Employment,
frontline healthcare recruitment and
workers, who are retention
working under strategies
immense and explained in the
unprecedented 2021
pressure for extended Sustainable
periods and putting Development
their physical, mental Report
and social wellbeing • Extensive training
at risk and skills
development
programme and
international
recruitment
programme
explained in the
2021
Sustainable
Development
Report
• The wellbeing of
all employees is
actively
monitored and
managed through
well-established
support
structures. Refer
to the ‘The people
who set
Mediclinic apart’
case study on
page 18 and the
2021
Sustainable
Development
Report for more
information
8. BUSINESS PROJECTS
TYPE OF RISK OWNER RISK APPETITE RISK RATING
Strategic Group CEO, Moderate Medium
divisional CEOs and
Group Chief
Information Officer
PRINCIPAL RISK KEY KEY MITIGATION TREND
The Group is STAKEHOLDERS • Effective project FY21: Stable
adapting to the • Clients governance FY20: Decrease
evolving operational • Medical practices,
and regulatory practitioners
environment and • Industry partners methodologies These risks remain
healthcare market. • Investors and reporting stable for the year
These risks refer to • Suppliers • Experienced under review.
issues or occurrences • Employees project
that could interfere management
with successful teams LINK TO STRATEGY
completion of CONSIDERED IN • Proactive Goal 1
projects, including VIABILITY monitoring and
Goal 2
timelines, cost and ASSESSMENT oversight
quality. Goal 3
Yes, modelled failure
to deliver sustainable Goal 6
cost savings.
9. PATIENT SAFETY AND CLINICAL QUALITY
TYPE OF RISK OWNER RISK APPETITE RISK RATING
Internal preventable Group Chief Clinical Low Medium
risk Officer
PRINCIPAL RISK KEY KEY MITIGATION TREND
These risks relate to STAKEHOLDERS • Refer to the 2021 FY21: Stable
all clinical risks • Clients Clinical Services FY20: Stable
associated with the • Employees and Report for a
provision of clinical potential detailed analysis Clinical processes
care resulting in of the strategies across all divisions
applicants
undesirable clinical to manage and remained a key focus
• Healthcare
outcomes insurers monitor clinical area for the Group.
Clinical risks are • Industry partners risks Risk exposure
managed daily at all • Medical • A Group-wide remained at a
facilities. High-priority practitioners clinical risk comparable level to
clinical risk areas register the prior reporting
include patient safety implemented per period.
CONSIDERED IN division
culture, adverse
VIABILITY • Accreditation
obstetric outcomes,
ASSESSMENT processes LINK TO STRATEGY
medication errors,
surgical and Yes, modelled • Clinical Goal 1
procedural adverse reductions in volumes governance
Goal 2
events and multidrug- as well as tariffs. processes
resistant organisms. • Monitoring of
Such risks may also clinical
result in damage to performance
Mediclinic’s reputation indicators
and impact on brand • Focus on quality
management
equity 1.
processes
• Stakeholder
engagement and
disclosure
strategies
• Clinical audits
Note
1 Brand equity refers to the commercial value derived from the consumer perception of the Group’s brand
names rather than the services provided under those brand names.
10. AVAILABILITY AND COST OF CAPITAL
TYPE OF RISK OWNER RISK APPETITE RISK RATING
External risk/threat Group CFO Moderate Medium
PRINCIPAL RISK KEY KEY MITIGATION TREND
The Group requires STAKEHOLDERS • Long-term FY21: Stable
capital to finance • Investors planning of FY20: Increase
strategic expansion • Banks capital
opportunities and/or requirements and Interest rates are
refinance or cash-flow expected to remain at
restructure existing CONSIDERED IN forecasting comparable levels
debt – the cost, terms during 2021. Long-
VIABILITY • Scrutiny of cash-
and availability of ASSESSMENT generating term financing
which depend on arrangements are in
Yes, modelled capacity within
prevailing market the Group place.
increased cost of
conditions. capital as well as • Proactive and The Group's leverage
working capital long-term across the divisions is
deterioration. agreements with at levels where the
banks and other refinancing at current
funders relating to market conditions
funding facilities should be possible.
• Systems to
monitor
compliance with LINK TO STRATEGY
requirements of Goal 1
debt covenants
Goal 3
• Refer to note 17
of the Group Goal 6
annual financial
statements for
further details on
capital risk
management and
the Group's
borrowings
11. FINANCIAL AND CREDIT RISK
TYPE OF RISK OWNER RISK APPETITE RISK RATING
External risk/threat Group CFO Low Medium
PRINCIPAL RISK KEY KEY MITIGATION TREND
Credit risks relate to STAKEHOLDERS • Preservation of a FY21: Stable
possible loss due to a • Healthcare sound internal FY20: Increase
funder’s inability to insurers financial control
pay the outstanding environment The credit risks did
• Investors
balance owing; not change
• Effective
default by banks operational risk significantly and
and/or other deposit- CONSIDERED IN management remained stable.
taking institutions; or VIABILITY processes
the inability to recover ASSESSMENT • Effective
outstanding amounts LINK TO STRATEGY
monitoring and
due from patients. oversight of n/a
operations
Credit risk with Yes, modelled • Regulated
respect to trade working capital minimum
receivables consists deterioration. solvency
mainly of medical requirements for
schemes and funders
insurance companies, • Monitoring of
which are required to approved funders
maintain minimum • Group Treasury
reserve levels. In Policy
Switzerland and the
UAE, a large part of
trade receivables is
owed by cantonal or
government-funded
programmes, which
support healthcare
providers with early
release of payments
due during COVID-19
business disruptions.
12. QUALITY OF SERVICE AND OPERATIONAL STABILITY
TYPE OF RISK OWNER RISK APPETITE RISK RATING
Internal preventable Group Chief Clinical Low Medium
risk Officer and divisional
Chief Operating
Officers
PRINCIPAL RISK KEY KEY MITIGATION TREND
Operational risks STAKEHOLDERS • Patient FY21: Stable
refer to diverse types • Clients satisfaction FY20: Increase
of operational events • Employees surveys (both
with a potential for internal and These risks did not
financial loss, • Investors external) change significantly
operational • Medical
interruptions or practitioners • Complaints and remain stable.
reputational damage. monitoring
• Training
LINK TO STRATEGY
These risks refer to CONSIDERED IN programmes and
the quality of service VIABILITY supervision of Goal 2
and the stability of the ASSESSMENT service levels Goal 5
operations, including: Not specifically. • Emergency
However, volume backup electricity
• incidents of poor
reductions have been generation
service or where
modelled. • Emergency and
operational
disaster planning
management fails
to respond • Extensive fire-
effectively to fighting and
complaints; detection
systems,
• operational including
interruptions, comprehensive
which refer to any maintenance
disruption of the processes
facility and may
include the threat • Comprehensive
of disrupted insurance cover
electricity or for financial
water supply; and impact of
potential
• fire and allied disasters
perils causing
damage or
business
interruption.
13.BUSINESSINVESTMENTS AND ACQUISITIONS
TYPE OF RISK OWNER RISK APPETITE RISK RATING
Strategic Group CFO Moderate Medium
PRINCIPAL RISK KEY KEY MITIGATION TREND
These risks relate to STAKEHOLDERS • Strategic planning FY21: Stable
increased financial • Governments and processes FY20: Decrease
exposure due to authorities • Due diligence
major strategic • Industry partners processes The investment and
business investments governance
and acquisitions. • Investors • Investment processes remained
mandates unchanged for the
• Board oversight period under review.
They include the
sensitivity of the CONSIDERED IN • Post-acquisition
assumptions made VIABILITY management
when capital is ASSESSMENT processes LINK TO STRATEGY
allocated and the No.
effective Goal 1
implementation of Goal 3
major investment Goal 6
decisions.
Key:
Increase: Risk exposure has increased due to change in business environment; increased
investments; increased dependency of operations on information technology;
information sensitivity; and associated cost.
Decrease: Proactive and continuous monitoring; favourable results of negotiations; effective
treasury; and risk management processes have resulted in lowering of risk
exposure.
Stable: Risk exposure has remained largely unchanged as the operating and regulatory
environments have remained stable, and enhanced risk mitigation measures
have kept the risk at the same level.
B. STATEMENT OF DIRECTORS’ RESPONSIBILITIES
The Statement of Directors’ Responsibilities In Respect of the Financial Statements below is
extracted from page 182 of the 2021 Annual Report. This statement relates solely to the 2021 Annual
Report and is not connected to the information presented in this announcement or the preliminary
results announcement released on 26 May 2021.
The directors are responsible for preparing the annual report and the financial statements in
accordance with applicable legislation and regulations.
The Act requires the directors to prepare financial statements for each financial year. Under the Act,
the directors have prepared the Group annual financial statements and the Company annual
financial statements in accordance with IFRS as adopted by the E U. Under the Act, the directors
must not approve the financial statements unless they are satisfied that these give a true and f air
view of the state of affairs of the Group and Company and of the prof it or loss of the Group and
Company for the reporting period. In preparing the financial statements, the directors are required
to:
- select suitable accounting policies and then apply them consistently;
- state whether applicable IFRS as adopted by the EU have been followed f or the Group
annual financial statements and f or the Company annual financial statements, subject to
any material departures disclosed and explained in the financial statements;
- make judgements and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the Group and Company will continue in business.
The directors are also responsible for safeguarding the assets of the Group and Company and hence
for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for keeping adequate accounting records that are sufficient to show
and explain the Group and Company’s transactions and disclose with reasonable accuracy at any
time the financial position of the Group and Company and enable them to ensure that the financial
statements and the Remuneration Committee Report comply with the Act and the Group financial
statements with Article 4 of the IAS Regulation.
The directors are responsible for the maintenance and integrity of the Company's website.
Legislation in the UK governing the preparation and dissemination of financial statements may differ
from legislation in other jurisdictions.
DIRECTORS’ CONFIRMATIONS
The directors consider that this Annual Report, and accounts, taken as a whole, is fair, balanced
and understandable and provides the information necessary for shareholders to assess the Group
and Company’s position and performance, business model and strategy.
Each of the directors, whose names and functions are listed f rom page 107 of this Annual Report,
confirm that, to the best of their knowledge:
- the Company annual financial statements, which have been prepared in accordance with
IFRS as adopted by the EU, give a true and fair view of the assets, liabilities, financial
position and profit or loss of the Company;
- the Group annual financial statements, which have been prepared in accordance with IFRS
as adopted by the EU, give a true and fair view of the assets, liabilities, financial position
and prof it or loss of the Group; and
- the Directors’ Report includes a fair review of the development and performance of the
business and the position of the Group and Company, together with a description of the
principal risks and uncertainties that these entities face.
In the case of each director in office at the date the Directors’ Report is approved:
- so far as the director is aware, there is no relevant audit information of which the Group and
Company’s auditors are unaware; and;
- they have taken all the steps that they ought to have taken as a director in order to make
themselves aware of any relevant audit information and to establish that the Group and
Company’s auditors are aware of that information.
CA van der Merwe PJ Myburgh
Group Chief Executive Officer Group Chief Financial Officer
25 May 2021 25 May 2021
C. RELATED PARTY TRANSACTIONS
The following description of related party transactions involving the Company and is subsidiaries
during the financial year ended 31 March 2021 is extracted from page 274 of the 2021 Annual
Report.
35. RELATED PARTY TRANSACTIONS
Remgro Ltd owns, through various subsidiaries (Remgro Healthcare [Pty] Ltd, Remgro Health
Ltd and Remgro Jersey GBP Ltd), 44.56% (2020: 44.56%) of the Company's issued share
capital.
The following transactions were carried out with related parties:
2021 2020
£’m £’m
i) Transactions with shareholders
Remgro Management Services Ltd (subsidiary of Remgro
Ltd)
Managerial and administration fees 0.3 0.4
ii) Key management compensation (1)
Key management includes the directors (executive and non-
executive) and members of the Group Executive Committee
Salaries and other short-term benefits
Short-term benefits 8 5
iii) Transactions with associates and joint ventures
Zentrallabor Zürich
Fees earned – (1)
Purchases 11 8
Wits University Donald Gordon Medical Centre (Pty) Ltd
Fees paid 2 2
Agency fees received (1) (2)
Spire Healthcare Group plc
Non-executive director fee(2) – –
iv) Loans to related parties
Wits University Donald Gordon Medical Centre (Pty) Ltd 2 2
Bourn Hall LLC 2 2
Zentrallabor Zürich ZLZ (3) – –
v) Other receivables & payables due from/(to) related parties
Wits University Donald Gordon Medical Centre (Pty) Ltd 2 2
Zentrallabor Zürich ZLZ (1) (1)
Notes
1. Details of directors’ remuneration are contained in the Remuneration Committee Report on pages 164–
181.
2. Amount is less than £0.1m.
3. Amount is less than £0.5m.
Terms and conditions
Managerial and administration fees were bought on a cost -plus basis. All other transactions were
made on normal commercial terms and conditions and at market rates.
The loan to Wits University Donald Gordon Medical Centre (Pty) Ltd is interest free and repayable
on demand. The loan to Bourn Hall LLC earns interest at a rate of 7% per annum and is repayable
in March 2022. The loan to Zentrallabor Zürich ZLZ is interest free and repayable in August 2022.
Date: 18-06-2021 05:30:00
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