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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Mediclinic International Plc | LSE:MDC | London | Ordinary Share | GB00B8HX8Z88 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 501.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMMDC
RNS Number : 7063B
Mediclinic International PLC
21 June 2016
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
21 June 2016
POSTING OF ANNUAL REPORT AND FINANCIAL STATEMENTS, NOTICE OF ANNUAL GENERAL MEETING AND PROXY FORM
Mediclinic International plc (the "Company") has today posted to shareholders its Annual Report and Financial Statements in respect of the financial year ended 31 March 2016 ("2016 Annual Report"), as well as the Notice of Annual General Meeting and Form of Proxy in relation to the Company's annual general meeting to be held on Wednesday, 20 July 2016 at the Rosewood London Hotel, 252 High Holborn, London, WC1V 7EN at 15:00 (UK time).
In accordance with Listing Rule 9.6.1, the above documents will be submitted to the UK Listing Authority via a National Storage Mechanism and will shortly be available to the public for inspection at www.morningstar.co.uk/NSM
The documents are also available on the Company's website at www.mediclinic.com.
The Company released its preliminary results on 25 May 2016 (RNS No. 1973Z), and this announcement should be read in conjunction with this. The financial information contained in the preliminary results announcement does not constitute the Company's statutory accounts for the years ended 2015 and 2016 but is derived from those accounts. Statutory accounts for 2016 will be delivered to the Registrar of Companies in due course. The Auditors have reported on those accounts; their report was (i) unqualified, (ii) did not include a reference to any matters to which the Auditors drew attention by way of emphasis without qualifying their report and (ii) did not contain a statement under Section 498(2) or (3) of the Companies Act 2006. The text of the Auditors' report can be found in the Company's full Annual Report and Financial Statements on the Company's website.
Registered address: 1st Floor, 40 Dukes Place, London, EC3A 7NH, United Kingdom
Website: www.mediclinic.com
JSE sponsor: Rand Merchant Bank (A division of FirstRand Bank Limited)
NSX sponsor: Simonis Storm Securities (Pty) Ltd
Enquiries:
Victoria Dalby
Capita Company Secretarial Services Limited
+44 (0)207 954 9600
Victoria Geoghegan/Liz Morley/Nick Lambert/Aarti Iyer
Bell Pottinger
+44 (0)203 772 2468
APPICES
The following appendices should be read in conjunction with, and not as a substitute for, reading the full 2016 Annual Report. Take note that references and definitions in the text below are as in the 2016 Annual Report.
APPIX A: PRINCIPAL RISKS
The Company's principal risks are detailed below. For further information on the risks for the financial year ended 31 March 2016 please refer to the 2016 Annual Report.
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PRINCIPAL DESCRIPTION OF RISK MITIGATION OF
RISK RISK
-------------- ------------------------------------------------------------ ------------------------------------------------------------
Regulatory Adverse changes in
risk laws and regulations * Proactive engagement strategies with stakeholders
impacting on the
Group or the failure
to comply with laws * Health policy units created to conduct research and,
and regulations which provide strategic input into, reform processes
may result in losses,
fines, prosecution
or damage to reputation. * Active industry participation across all platforms
The risk also includes
ethical and governance * Company secretarial and/or legal departments support
risks that refer operational management, monitor regulatory
to unexpected negative developments and, where necessary, obtain expert
consequences of unethical legal advice for the effective implementation of
actions or the failure compliance initiatives
of the control and
oversight mechanisms
which were designed * Compliance risks identified and assessed as part of
and implemented to departmental risk registers
uphold the ethical
standards and controls
of the Group. * Visible ethical leadership
* Monitoring and investigation of incidents reported on
the Ethics line
* Board level oversight
-------------- ------------------------------------------------------------ ------------------------------------------------------------
Competition The risk relating
to the uncertainty * Proactive monitoring
created by the existence
of competitors or
the emergence of * Strategic planning processes
new competitors with
their own strategies.
* Quality and value of care processes
-------------- ------------------------------------------------------------ ------------------------------------------------------------
Business The increased financial
investment exposure relating * Strategic planning processes
and to major strategic
acquisition business investments
risks and acquisitions. * Due diligence processes
During the last financial
year, Mediclinic
made strategic investments * Investment mandates
in Spire Healthcare,
as well as acquired
the Al Noor Hospitals * Board oversight
Group.
* Post-acquisition management processes
-------------- ------------------------------------------------------------ ------------------------------------------------------------
Economic The downturn in the
and business general economic * Systems to monitor developments in the economic and
environment and business environment, business environment of trends and early warning
including all those indicators
factors that affect
a company's operations,
customers, competitors, * Proactive monitoring and negotiation by Group's
stakeholders, suppliers Funder Relations Departments
and industry trends.
The business environment
risk includes the * Focus on quality and continuum of care to reinforce
power of funders company position
and the potential
negative impact on
tariffs and fees
resulting from the
shift of the relative
negotiating power
towards funders,
away from healthcare
service providers.
-------------- ------------------------------------------------------------ ------------------------------------------------------------
Operational Operational risk
and credit refers to various * Preservation of a sound internal financial control
risks types of operational environment
events with a potential
for financial loss.
* Effective risk management processes
Credit risk is the
risk of loss due
to a funder's inability * Extensive combined assurance processes
to pay the outstanding
balance owing, default
by banks and/or other * Monitoring of operations through KPI's
deposit-taking institutions,
or the inability
to recover outstanding * Continuous enhancement of operational efficiency and
amounts due from cost reduction
the patient.
* Regulated minimum solvency requirements for funders.
* Monitoring of approved funders
* Treasury policy
* Board level oversight
-------------- ------------------------------------------------------------ ------------------------------------------------------------
Availability The cost, terms and
and cost availability of capital * Long-term planning of capital requirements and
of capital to finance strategic cash-flow forecasting
(Including expansion opportunities
financing and/or the refinancing
and liquidity or restructuring * Scrutiny of cash-generating capacity within the Group
risk) of existing debt
which has been affected
by prevailing capital * Proactive and long-term agreements with banks and
market conditions. other funders relating to funding facilities
The impact of negative
interest rates currently * Monitoring of compliance with requirements of debt
prevalent in Switzerland. covenants
* Further details on capital risk management and the
Group's borrowings are contained in the annual
financial statements
-------------- ------------------------------------------------------------ ------------------------------------------------------------
Clinical All clinical risks
risks associated with the * Refer to the Clinical Services Report for a detailed
provision of clinical analysis of the strategies to manage and monitor
care resulting in clinical risks
undesirable clinical
care or clinical
outcomes. * A group-wide clinical risk register implemented per
platform
The risks include
a pandemic and disease
outbreak: A pandemic * Accreditation processes
is an epidemic of
infectious disease
that is spreading * Clinical governance processes
through human populations
across a large region.
Disease outbreak * Monitoring of clinical performance indicators
involves highly infectious
diseases with a high
mortality rate. * Implementation of comprehensive processes for
infection control and prevention
Such risks may also
result in damage
to the Mediclinic * Marketing and communication strategies
brand equity. Brand
equity refers to
the value of the * Focus on quality management processes
Group's brand names.
* Stakeholder engagement and disclosure strategies
-------------- ------------------------------------------------------------ ------------------------------------------------------------
Information Information systems
systems security risk (including * Comprehensive IT logical access, change and physical
security cyber risk) relates access controls
and to the unauthorised
availability access to information
risk systems, failure * Disaster recovery planning
of data integrity
and confidentiality.
Availability risk * System design and architecture
relates to the instances
where systems are
not available for * Group ICT security committee
use by its intended
users.
A risk which is closely * Experienced project management team
associated with Information
Systems risk is project
delivery. Project * Proactive monitoring and oversight
Delivery risk refers
to issues or occurrences
that may potentially * Reallocation of tasks and resources
interfere with successful
completion of projects,
including its scope,
timeliness and appropriateness
of delivery.
-------------- ------------------------------------------------------------ ------------------------------------------------------------
Quality The risk refers to
and stability the quality of service * Patient satisfaction surveys (both internal and
of and the stability external)
operational of the operations.
services It includes but is
not limited to: * Complaints monitoring
* Incidents of poor service or incidents where
operational management fail to respond effectively to
complaints. * Training programmes
* Operational interruptions which refers to any * Supervision of service levels
disruption of the facility and may include the threat
of disrupted power or water supply.
* Emergency backup power generation
* Fire and allied perils causing damage or business
interruption. * Emergency planning
* Plans to deal with disasters
* Extensive fire-fighting and detection systems,
including comprehensive maintenance processes.
* Comprehensive insurance to deal with financial impact
of potential disasters
-------------- ------------------------------------------------------------ ------------------------------------------------------------
Availability, The availability
recruitment and support of admitting * Monitoring of doctor satisfaction, movement and
and retention doctors, whether doctors' profiles
of skilled independent or employed,
resources are critical to the
and medical services the Group * Details on the relationship with doctors provided in
practitioners provides. the Sustainable Development Report.
There is a shortage
of skilled labour, * The employment, recruitment and retention strategies
particularly a shortage explained in the Sustainable Development Report.
of qualified and
experienced nursing
staff in Southern * Extensive training and skills development programme,
Africa. and foreign recruitment program, further explained in
the Sustainable Development Report.
-------------- ------------------------------------------------------------ ------------------------------------------------------------
APPIX B: RELATED-PARTY TRANSACTIONS
The following description of related-party transactions involving the Company and its subsidiaries during the financial year ended 31 March 2016 is extracted from page 200 of the 2016 Annual Report and is repeated in this announcement solely for the purpose of complying with DTR 6.3.5:
GROUP
------ --------------------------------------------- --------------------
2016 (Restated)
GBP'm 2015
GBP'm
------ --------------------------------------------- ------- -----------
33. RELATED-PARTY TRANSACTIONS
Remgro Limited owns, through various
subsidiaries (Remgro Healthcare
Holdings (Pty) Ltd, Remgro Health
Limited and Remgro Jersey GBP
Limited) 44.56% (2015:41.35%)
of the Company's issued share
capital.
------ --------------------------------------------- ------- -----------
The following transactions were
carried out with related third
parties:
------ --------------------------------------------- ------- -----------
i) Transactions with shareholders
------ --------------------------------------------- ------- -----------
Share subscription
- Remgro Group and its subsidiaries 600 -
In addition to the share subscription
(February 2016), Remgro also participated
in the Rights Offer (August 2015).
Remgro Management Services Limited
(subsidiary of Remgro Limited)
- Managerial and administration
fees*
- Internal audit services*
- Management fee relating to the - -
acquisition of equity investment
(Spire Healthcare Group plc)
- Underwriting fees in respect - -
of the rights offer
2 -
4 -
------ --------------------------------------------- ------- -----------
Balance due to - -
------ --------------------------------------------- ------- -----------
V&R Management Services AG (subsidiary
of Remgro Limited) - -
- Administration fees*
------ --------------------------------------------- ------- -----------
Acquisition of equity investment
(Spire Healthcare Group plc)
- During the period under review,
Mediclinic International Limited
and Remgro Limited jointly negotiated
the terms of the transaction to
acquire an equity investment in
Spire Healthcare Group plc with
the seller. Refer to note 29 for
additional information.
------ --------------------------------------------- ------- -----------
ii) Key management compensation
------ --------------------------------------------- ------- -----------
Key management includes the directors
(executive and non-executive)
and members of the Executive Committee.
------ --------------------------------------------- ------- -----------
Salaries and other short term
benefits 4 3
- Short-term benefits 4 3
- Post-employment benefits* - -
- Share-based payment - -
---------------------------------------------------- ------- -----------
iii) Transactions with associates
------ --------------------------------------------- ------- -----------
Zentrallabor Zürich (ZLZ)
- Fees earned (1) (1)
- Purchases 7 7
---------------------------------------------------- ------- -----------
Spire Healthcare Group plc
- Non-executive director fee* - n/a
---------------------------------------------------- ------- -----------
*Amount is less than GBP0.5m.
---------------------------------------------------- ------- -----------
APPENDIX C: DIRECTORS' RESPONSIBILITY STATEMENT
The consolidated financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the European Union and are based on appropriate accounting policies consistently applied and supported by reasonable and prudent judgements and estimates.
The directors are responsible for preparing the annual financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the group and parent company financial statements in accordance with International Financial Reporting Standards (IFRSs), as adopted by the European Union. Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the company and group for that period. In preparing these financial statements, the directors are required to:
-- select suitable accounting policies and then apply them consistently;
-- make judgements and accounting estimates that are reasonable and prudent;
-- state whether applicable IFRSs, as adopted by the European Union, have been followed, subject to any material departures disclosed and explained in the financial statements;
-- prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and enable them to ensure that the financial statements and the Directors' Remuneration Report comply with the Companies Act 2006 and, as regards the Group financial statements, Article 4 of the IAS Regulation. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The directors consider that the Annual Report, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company's position, performance, business model and strategy.
The directors confirm that, to the best of their knowledge:
-- the Group financial statements, which have been prepared in accordance with IFRSs as adopted by the EU, give a true and fair view of the assets, liabilities, financial position and profit of the Group; and
-- the Directors' Report, Risk Management Report (including Viability Statement), Financial Review and Divisional Reviews contained in the Annual Report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal risks and uncertainties that it faces.
The consolidated financial statements have been prepared on a going concern basis and the directors believe that the Group will continue to be in operation in the foreseeable future.
The consolidated financial statements set out in the Annual Report and Financial Statements have been approved by the Board of Directors and are signed on their behalf by:
Danie Meintjes Craig Tingle Director Director
London
25 May 2016
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACSSEDFFSFMSEEM
(END) Dow Jones Newswires
June 21, 2016 04:00 ET (08:00 GMT)
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