mediclinic

Mediclinic Integrated Annual Report 2015

  • DOWNLOAD CENTRE
  • SHAREHOLDER INFORMATION
  • ADDITIONAL REPORTS
  • Integrated Business Overview
    • Report profile
    • Performance highlights
    • Value added statement
    • Organisational overview
    • Board of directors
    • Our vision
    • Our values
    • Strategic objectives
    • Investment case
    • Seven-year review
  • Performance and Future Outlook
    • Chairman's Report
    • Chief Executive Officer's Report
    • Chief Financial Officer's Report
  • Operational Reviews
    • Southern Africa
    • Switzerland
    • United Arab Emirates
  • Governance and sustainability
    • Clinical Services Report
    • Risk Management Report
    • Corporate Governance Report
    • Social and Ethics Committee Report
    • Material Sustainability Issues
    • Remuneration Report
  • Summarised financial statements
    • Independent auditor's report on summarised financial statements
    • Summarised consolidated statement of financial position
    • Summarised consolidated income statement
    • Summarised consolidated statement of comprehensive income
    • Summarised consolidated statement of changes in equity
    • Summarised segmental report
    • Summarised consolidated statement of cash flows
    • Selected notes on the summarised consolidated financial statements
  • Annual General Meeting
  • Report profile
  • Performance highlights
  • Value added statement
  • Organisational overview
  • Board of directors
  • Our vision
  • Our values
  • Strategic objectives
  • Investment case
  • Seven-year review

Seven-year review

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
 
 
Note:   The financial performance, position and cash flows, as well as reported earnings per share numbers, have not been restated for comparative numbers prior to the adoption date of new and revised IFRS standards in terms of IAS 1 and IAS 8.
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
 
 
* The Group consolidated Hirslanden’s results from the effective date of its acquisition, 26 October 2007. The figures are provided for a full year for comparative purposes.
** The adjusted net asset value per ordinary share exclude the valuation of the derivative financial instruments and the Swiss pension liability.