CAGR* | 2015 R’m |
2014 R’m |
2013 (restated) R’m | 2012 R’m |
2011 R’m |
2010 R’m |
2009 R’m |
||
INCOME STATEMENTS | |||||||||
Revenue | 13.7% | 35 238 | 30 495 | 24 436 | 21 986 | 18 625 | 17 141 | 16 351 | |
Normalised EBITDA | 13.1% | 7 179 | 6 467 | 5 237 | 4 659 | 4 103 | 3 736 | 3 431 | |
Past-service cost | – | 241 | 35 | 14 | 33 | 97 | – | ||
Impairment of property and equipment |
(31) | (8) | – | (4) | (34) | – | – | ||
Insurance proceeds | – | 40 | – | – | 84 | – | – | ||
Profit on sale of property, equipment and vehicles |
87 | 4 | 6 | – | – | – | – | ||
Pre-acquisition tariff provision |
– | – | (151) | – | – | – | – | ||
EBITDA | 7 235 | 6 744 | 5 127 | 4 669 | 4 186 | 3 833 | 3 431 | ||
Depreciation | (1 403) | (1 195) | (975) | (890) | (726) | (705) | (672) | ||
Amortisation/impairment of goodwill |
(109) | (44) | (19) | (20) | (12) | (13) | (12) | ||
Operating profit | 13.0% | 5 723 | 5 505 | 4 133 | 3 759 | 3 448 | 3 115 | 2 747 | |
Other gains and losses | 93 | 2 | 531 | (26) | 13 | 28 | – | ||
Income from associates | 2 | 3 | 2 | 1 | 4 | 7 | 2 | ||
Income from joint venture |
(1) | – | 3 | – | – | – | – | ||
Finance income | 103 | 73 | 69 | 85 | 61 | 41 | 67 | ||
Finance cost | (1 179) | (1 221) | (5 166) | (1 642) | (1 491) | (1 524) | (1 602) | ||
Finance cost excluding one-off charges |
(1 179) | (1 221) | (1 472) | (1 642) | (1 491) | (1 524) | (1 602) | ||
Derecognition of Swiss interest rate swap |
– | – | (3 531) | – | – | – | – | ||
Accelerated recognition of capitalised financing fees |
– | – | (163) | – | – | – | – | ||
Profit/(loss) before tax | 4 741 | 4 362 | (428) | 2 177 | 2 035 | 1 667 | 1 214 | ||
Income tax expense | (206) | (776) | (418) | (693) | (654) | (481) | (502) | ||
Profit/(loss) for the year | 4 535 | 3 586 | (846) | 1 484 | 1 381 | 1 186 | 712 | ||
Attributable to: | |||||||||
Equity holders of the Company |
4 297 | 3 385 | (1 105) | 1 221 | 1 177 | 1 058 | 636 | ||
Non-controlling interests | 238 | 201 | 259 | 263 | 204 | 128 | 76 | ||
4 535 | 3 586 | (846) | 1 484 | 1 381 | 1 186 | 712 | |||
Headline earnings/(loss) | 4 081 | 3 355 | (1 110) | 1 222 | 1 110 | 1 028 | 624 | ||
Normalised headline earnings |
32.9% | 3 443 | 3 052 | 1 924 | 1 211 | 1 082 | 852 | 624 | |
* compounded annual growth rate |
2015 R’m |
2014 R’m |
2013 (restated) R’m | 2012 (restated) R’m | 2011 R’m |
2010 R’m |
2009 R’m |
||
STATEMENTS OF FINANCIAL POSITION | ||||||||
ASSETS | ||||||||
Property, equipment and vehicles |
53 776 | 49 597 | 40 137 | 34 726 | 30 409 | 28 046 | 32 479 | |
Intangible assets | 11 565 | 9 210 | 7 279 | 6 350 | 5 565 | 5 243 | 6 293 | |
Other investments and loans | 93 | 68 | 63 | 708 | 708 | 15 | 24 | |
Investment in associate | 2 | 4 | 2 | 1 | 4 | 11 | 8 | |
Investment in joint venture | 65 | 67 | 65 | 53 | – | – | – | |
Deferred income tax assets | 302 | 302 | 239 | 210 | 210 | 220 | 178 | |
Derivative financial instruments |
10 | 60 | 100 | – | 33 | – | – | |
Current assets | 13 366 | 11 226 | 8 857 | 8 121 | 6 608 | 4 829 | 4 892 | |
Total assets | 79 179 | 70 534 | 56 742 | 50 169 | 43 537 | 38 364 | 43 874 | |
EQUITY | ||||||||
Equity attributable to owners of parent |
32 064 | 24 468 | 17 206 | 10 199 | 9 489 | 6 650 | 7 091 | |
Non-controlling interests | 1 098 | 923 | 796 | 1 288 | 1 071 | 966 | 898 | |
LIABILITIES | ||||||||
Long-term interest-bearing borrowings |
27 927 | 28 704 | 25 351 | 22 859 | 20 414 | 20 667 | 24 349 | |
Deferred income tax liability | 7 729 | 7 251 | 6 182 | 5 325 | 4 773 | 4 399 | 5 162 | |
Retirement benefit obligations | 1 292 | 414 | 709 | 709 | 383 | 346 | 997 | |
Derivative financial instruments |
465 | 38 | 85 | 3 739 | 2 170 | 2 331 | 2 512 | |
Provisions | 1 094 | 868 | 687 | 361 | 271 | 185 | 229 | |
Current liabilities | 7 510 | 7 868 | 5 726 | 5 689 | 4 966 | 2 820 | 2 636 | |
Total equity and liabilities | 79 179 | 70 534 | 56 742 | 50 169 | 43 537 | 38 364 | 43 874 | |
CAGR* | 2015 R’m |
2014 R’m |
2013
(restated) R’m |
2012 R’m |
2011 R’m |
2010 R’m |
2009 R’m |
|||||
STATEMENTS OF CASH FLOWS | ||||||||||||
Cash generated from operating activities |
15.3% | 7 848 | 6 340 | 5 571 | 4 266 | 4 179 | 3 800 | 3 346 | ||||
Net finance cost | (916) | (982) | (1 508) | (1 525) | (1 368) | (1 396) | (1 438) | |||||
Tax paid | (924) | (743) | (514) | (525) | (495) | (444) | (522) | |||||
Cash flow from operating activities |
6 008 | 4 615 | 3 549 | 2 216 | 2 316 | 1 960 | 1 386 | |||||
Cash flow from investment activities |
(4 594) | (2 539) | (527) | (1 055) | (2 563) | (1 271) | (1 380) | |||||
Cash flow from financing activities |
(361) | (1 605) | (2 837) | (735) | 688 | (542) | 125 | |||||
Cash distributions to minorities |
(123) | (99) | (206) | (111) | (59) | (55) | (54) | |||||
Distributions to shareholders |
(822) | (688) | (488) | (436) | (398) | (374) | (339) | |||||
Proceeds from issuance of ordinary shares |
3 114 | – | 4 896 | – | 1 331 | – | – | |||||
Movement in borrowings |
(2 461) | (851) | (2 943) | (214) | (208) | (155) | 547 | |||||
Refinancing transaction costs |
(125) | – | (615) | – | – | – | – | |||||
Settlement of interest rate swap |
– | – | (1 633) | – | – | – | – | |||||
Acquisition of non–controlling interest |
– | – | (1 971) | – | – | – | – | |||||
Other | 56 | 33 | 123 | 26 | 22 | 42 | (29) | |||||
Net movement in cash and bank overdrafts |
1 053 | 471 | 185 | 426 | 441 | 147 | 131 | |||||
Opening balance of cash and bank overdrafts |
3 485 | 2 705 | 1 979 | 1 447 | 967 | 941 | 787 | |||||
Exchange rate fluctuations on foreign cash |
241 | 309 | 541 | 108 | 39 | (121) | 23 | |||||
Closing balance of cash and bank overdrafts |
4 779 | 3 485 | 2 705 | 1 981 | 1 447 | 967 | 941 | |||||
|
CAGR* | 2015 R’m |
2014 R’m |
2013 Restated R’m | 2012 R’m |
2011 R’m |
2010 R’m |
2009 R’m |
||
STATISTICS AND PERFORMANCE PER PLATFORM |
|||||||||
Mediclinic Southern Africa | |||||||||
Number of hospitals | 52 | 52 | 52 | 52 | 52 | 52 | 51 | ||
Licensed beds | 7 885 | 7 614 | 7 436 | 7 378 | 7 103 | 7 035 | 6 855 | ||
Licensed theatres | 269 | 258 | 254 | 254 | 253 | 252 | 248 | ||
Normalised revenue (R’m) |
10.4% | 12 323 | 11 205 | 10 059 | 9 423 | 8 632 | 7 680 | 6 792 | |
Normalised EBITDA (R’m) |
10.3% | 2 625 | 2 418 | 2 158 | 1 957 | 1 837 | 1 651 | 1 458 | |
Normalised EBIT (R’m) |
9.7% | 2 231 | 2 153 | 1 882 | 1 701 | 1 608 | 1 445 | 1 281 | |
Normalised EBITDA margin (%) |
21.3% | 21.6% | 21.5% | 20.8% | 21.3% | 21.5% | 21.5% | ||
Hirslanden | |||||||||
Number of hospitals | 16 | 14 | 14 | 14 | 14 | 13 | 13 | ||
Licensed beds | 1 655 | 1 567 | 1 487 | 1 479 | 1 457 | 1 365 | 1 334 | ||
Licensed theatres | 88 | 78 | 76 | 76 | 76 | 71 | 71 | ||
Normalised revenue (R’m) |
13.4% | 18 610 | 15 874 | 12 043 | 10 732 | 8 659 | 8 335 | 8 737 | |
Normalised EBITDA (R’m) |
10.7% | 3 614 | 3 297 | 2 584 | 2 350 | 2 026 | 1 953 | 1 961 | |
Normalised EBIT (R’m) |
9.7% | 2 631 | 2 494 | 1 980 | 1 794 | 1 593 | 1 516 | 1 507 | |
Normalised revenue (CHF’m) |
6.2% | 1 563 | 1 436 | 1 330 | 1 270 | 1 218 | 1 134 | 1 091 | |
Normalised EBITDA (CHF’m) |
3.6% | 303 | 298 | 286 | 278 | 285 | 266 | 245 | |
Normalised EBIT (CHF’m) |
2.7% | 221 | 227 | 219 | 212 | 224 | 206 | 188 | |
Normalised EBITDA margin (%) |
19.4% | 20.8% | 21.5% | 21.9% | 23.4% | 23.4% | 22.5% | ||
Mediclinic Middle East | |||||||||
Number of hospitals | 2 | 2 | 2 | 2 | 2 | 2 | 2 | ||
Licensed beds | 382 | 382 | 382 | 334 | 336 | 336 | 321 | ||
Licensed theatres | 10 | 10 | 10 | 10 | 10 | 10 | 10 | ||
Normalised revenue (R’m) |
31.8% | 4 305 | 3 416 | 2 485 | 1 831 | 1 334 | 1 126 | 822 | |
Normalised EBITDA (R’m)* |
48.1% | 940 | 752 | 495 | 352 | 240 | 132 | (7) | |
Normalised EBIT (R’m)* |
69.8% | 805 | 616 | 382 | 254 | 164 | 57 | (60) | |
Normalised revenue (AED’m) |
26.4% | 1 430 | 1 238 | 1 072 | 902 | 681 | 529 | 351 | |
Normalised EBITDA (AED’m)* |
38.2% | 312 | 272 | 214 | 171 | 122 | 62 | (3) | |
Normalised EBIT (AED’m)* |
58.1% | 267 | 223 | 165 | 125 | 84 | 27 | (25) | |
Normalised EBITDA margin (%) |
21.8% | 22.0% | 19.9% | 19.2% | 18.0% | 11.8 % | (0.9%) | ||
* The compounded annual growth rate calculated from 2010. |
CAGR* | 2015 R’m |
2014 R’m |
2013 Restated R’m |
2012 R’m |
2011 R’m |
2010 R’m |
2009 R’m |
||||||
Share ratios | |||||||||||||
Headline earnings per ordinary share (cents) | |||||||||||||
Basic | 27.7% | 483.9 | 413.1 | (149.5) | 179.9 | 184.2 | 180.8 | 111.5 | |||||
Diluted | 28.5% | 474.9 | 404.4 | (145.4) | 173.7 | 176.3 | 171.7 | 105.6 | |||||
Normalised headline earnings per ordinary share (cents) | |||||||||||||
Basic | 24.1% | 408.2 | 375.8 | 259.3 | 178.3 | 179.6 | 149.9 | 111.5 | |||||
Diluted | 24.9% | 400.6 | 367.8 | 252.2 | 172.1 | 171.9 | 142.4 | 105.6 | |||||
Distribution per ordinary share (cents) | 7.6% | 106.5 | 96.0 | 85.8 | 78.0 | 73.0 | 73.0 | 68.6 | |||||
Net asset value per ordinary share (cents)** | 19.9% | 3 752.5 | 3 020.3 | 2 129.8 | 1 609.4 | 1 516.7 | 1 181.4 | 1 265.5 | |||||
JSE | |||||||||||||
Market capitalisation (R’bn) | 105.9 | 61.9 | 53.1 | 24.5 | 18.9 | 16.0 | 12.7 | ||||||
Price (cents per share) | |||||||||||||
31 March | 12 200 | 7 483 | 6 420 | 3 750 | 2 900 | 2 700 | 2 150 | ||||||
Highest | 13 000 | 7 839 | 6 548 | 4 199 | 3 150 | 2 765 | 2 575 | ||||||
Lowest | 7 085 | 6 037 | 3 601 | 2 810 | 2 325 | 1 865 | 1 535 | ||||||
Number of shares traded (000) | 309 829 | 311 802 | 125 013 | 118 734 | 98 979 | 101 801 | 116 798 | ||||||
Price-earnings ratio | 25.2 | 18.0 | (42.9) | 19.2 | 15.7 | 14.7 | 19.3 | ||||||
Normalised price-earnings ratio | 29.9 | 19.8 | 24.8 | 19.4 | 16.1 | 17.8 | 19.3 | ||||||
Number of shares | |||||||||||||
Ordinary shares issued (000) | 867 957 | 826 957 | 826 957 | 652 315 | 652 315 | 593 014 | 593 014 | ||||||
Weighted average for basic earnings per share (000) | 843 385 | 812 084 | 741 858 | 679 152 | 602 467 | 568 721 | 559 336 | ||||||
Weighted average for diluted earnings per share (000) | 859 318 | 829 720 | 762 862 | 703 651 | 629 488 | 598 656 | 590 999 | ||||||
Exchange rates | |||||||||||||
Swiss franc | |||||||||||||
Average rate | ZAR/CHF | 11.91 | 11.05 | 9.05 | 8.45 | 7.11 | 7.35 | 8.01 | |||||
Closing rate | ZAR/CHF | 12.55 | 11.96 | 9.69 | 8.50 | 7.42 | 6.93 | 8.32 | |||||
UAE dirham | |||||||||||||
Average rate | ZAR/AED | 3.01 | 2.76 | 2.32 | 2.03 | 1.96 | 2.13 | 2.41 | |||||
Closing rate | ZAR/AED | 3.32 | 2.88 | 2.52 | 2.09 | 1.85 | 2.00 | 2.58 | |||||
|