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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 : 0149J
Mediclinic International plc
23 June 2017
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", the "Company" or the "Group")
23 June 2017
POSTING OF ANNUAL REPORT AND FINANCIAL STATEMENTS, NOTICE OF ANNUAL GENERAL MEETING AND PROXY FORM
Mediclinic's Annual Report and Financial Statements in respect of the financial year ended 31 March 2017 ("2017 Annual Report") is being posted to shareholders during the course of today, together with the Notice of Annual General Meeting and Form of Proxy in relation to the Company's annual general meeting to be held on Tuesday, 25 July 2017 at the Rosewood London Hotel, 252 High Holborn, London, WC1V 7EN at 15:00 (BST).
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 will also be made available on the Company's website at www.mediclinic.com during the course of today.
The Company released its preliminary results on 24 May 2017 (RNS No. 0335G), and this announcement should be read in conjunction with that announcement. The financial information contained in the preliminary results announcement does not constitute the Company's statutory accounts for the years ended 31 March 2016 and 2017, but is derived from those accounts. Statutory accounts for year ended 31 March 2017 will be delivered to the Registrar of Companies in due course. The Company's 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 2017 Annual Report.
About Mediclinic International plc
Mediclinic is an international private healthcare group with operating platforms in Southern Africa (South Africa and Namibia), Switzerland and the United Arab Emirates. Its core purpose is to enhance the quality of life of patients by providing acute care, specialist-orientated, multi-disciplinary healthcare services. Mediclinic also holds a 29.9% interest in Spire Healthcare Group plc, a LSE listed and UK-based private healthcare group.
Mediclinic comprises 74 hospitals and 37 clinics. Mediclinic Southern Africa operates 49 hospitals and 2 day clinics throughout South Africa and 3 hospitals in Namibia with more than 8 000 inpatient beds in total; Hirslanden operates 16 private acute care facilities and 4 clinics in Switzerland with more than 1 600 inpatient beds; and Mediclinic Middle East operates 6 hospitals and 31 clinics with more than 700 inpatient beds in the United Arab Emirates.
During February 2016, the combination of the Company (previously named Al Noor Hospitals Group plc), with operations mainly in Abu Dhabi in the United Arab Emirates, and Mediclinic International Limited was completed. Mediclinic International Limited was a South African based international private healthcare group founded in 1983 and listed on the JSE, the South African stock exchange, since 1986, with operations in South Africa, Namibia, Switzerland and the United Arab Emirates (mainly in Dubai). The combination resulted in the renaming of the enlarged group to Mediclinic International plc.
Mediclinic has a primary listing on the Main Market of the LSE, with secondary listings on the JSE in South Africa and the NSX in Namibia.
For further information, please contact:
Capita Company Secretarial Services Limited
Victoria Dalby
+44 (0)207 954 9600
Investor Relations, Mediclinic International plc
James Arnold, Head of Investor Relations
ir@mediclinic.com
+44 (0)20 3786 8181
Media queries
FTI Consulting
Brett Pollard/Debbie Scott (UK)
+44 (0)20 3727 1000
Frank Ford (South Africa)
+27 (0)21 487 9000
Registered address: 1st Floor, 40 Dukes Place, London, EC3A 7NH, United Kingdom
Website: www.mediclinic.com
Corporate broker: Morgan Stanley & Co International plc
JSE sponsor: RAND MERCHANT BANK (A division of FirstRand Bank Limited)
NSX sponsor: Simonis Storm Securities (Pty) Ltd
APPICES
The following appendices should be read in conjunction with, and not as a substitute for, reading the full 2017 Annual Report. Take note that page references and definitions in the text below are as in the 2017 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 2017, please refer to the 2017 Annual Report.
Hot Features
Premium
PRINCIPAL DESCRIPTION OF RISK MITIGATION OF RISK
RISK
-------------- ------------------------------------------------------------ ------------------------------------------------------------
Regulatory Adverse changes in
and laws and regulations * Proactive engagement strategies with stakeholders
Compliance impacting the Group
risk or the failure to
comply with laws * Health policy units created to conduct research and
and regulations which provide strategic input for reform processes
may result in losses,
fines, prosecution
or damage to reputation. * Active industry participation across all platforms
The risk includes
ethical and governance * Company secretarial and 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 organisation. * Compliance management
* 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.
The risk includes * Quality and value of care processes
the outmigration
of care, partly driven
by further technological
developments and
the development of
alternative care
models.
-------------- ------------------------------------------------------------ ------------------------------------------------------------
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 prior
financial year, Mediclinic * Investment mandates
made strategic investments
in Spire Healthcare,
and acquired the * Board oversight
Al Noor Hospitals
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 the Company's 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 operations through KPIs
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 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 was 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 compliance with requirements of debt
prevalent in Switzerland. covenants
* Further details on capital risk management and the
Group's borrowings are contained in the consolidated
financial statements on page 164
-------------- ------------------------------------------------------------ ------------------------------------------------------------
Clinical All clinical risks
risks associated with the * Refer to the Clinical Services Overview from page 37
provision of clinical and the Clinical Services Report available on the
care resulting in Company's website at www.mediclinic.com for a
undesirable clinical detailed analysis of the strategies to manage and
care or clinical monitor clinical risks
outcomes.
The risks include * A Group-wide clinical risk register implemented per
a pandemic and disease platform
outbreak. A pandemic
is an epidemic of
infectious disease * Accreditation processes
that is spreading
through human populations
across a large region. * Clinical governance processes
Disease outbreak
involves highly infectious
diseases with a high * Monitoring clinical performance indicators
mortality rate.
Such risks may also * Implementation of comprehensive processes for
result in damage infection control and prevention
to the Mediclinic
brand equity. Brand
equity refers to * Marketing and communication strategies
the value of the
Group's brand names.
* Focus on quality management processes
* 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.
* Experienced project management team
A risk which closely
associated with information
systems risk is project * Proactive monitoring and oversight
delivery. Project
delivery risk refers
to issues or occurrences * Reallocation of tasks and resources
that may potentially
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 are any disruption of * Supervision of service levels
the facility and including the threat of disrupted
power or water supply; and
* 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 doctor satisfaction, movement and doctors'
and retention doctors, whether profiles
of skilled independent or employed,
resources are critical to the
and medical services the Group * Details on the relationship with doctors are provided
practitioners provides. in the Sustainable Development Report available on
the Company's website at www.mediclinic.com
There is a shortage
of skilled labour,
particularly a shortage * The employment recruitment and retention strategies
of qualified and are explained in the Sustainable Development
experienced nursing Highlights on page 60 and in more detail in the
staff in Southern Sustainable Development Report available on the
Africa. Company's website at www.mediclinic.com
* Extensive training and skills development programme,
and foreign recruitment program, further explained in
the Sustainable Development Highlights on page 61 and
in more detail in the Sustainable Development Report
available on the Company's website at
www.mediclinic.com
-------------- ------------------------------------------------------------ ------------------------------------------------------------
APPENDIX B: RELATED-PARTY TRANSACTIONS
The following description of related-party transactions involving the Company and its subsidiaries during the financial year ended 31 March 2017 is extracted from page [xx] of the 2017 Annual Report and is repeated in this announcement solely for the purpose of complying with DTR 6.3.5:
GROUP
2017 2016
GBP'm GBP'm
34. RELATED-PARTY TRANSACTIONS
Remgro Limited owns, through various
subsidiaries (Remgro Healthcare
(Pty) Limited, Remgro Health Limited
and Remgro Jersey GBP Limited)
44.56% (2016: 44.56%) 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 Right Offer (August 2015)
Remgro Management Services Limited
(subsidiary of Remgro Limited)
- Managerial and administration
fees 0.30 0.20
- Internal audit services 0.20 0.10
- Management fee relating to the
acquisition of equity investment
(Spire Healthcare Group plc) - 2
- Underwriting fees in respect
of the rights offer - 4
V & R Management Services AG (subsidiary
of Remgro Limited)
- Administration fees* - -
Acquisition of equity investment
(Spire Healthcare Group plc)
- During the prior period, Mediclinic
International (RF) (Pty) Ltd (previously
Mediclinic International Ltd) 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 30 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 7 4
- Short-term benefits 6 4
- Post-employment benefits* - -
- Share-based payment 1 -
iii) Transactions with associates
Zentrallabor Zürich (ZLZ)
- Fees earned (1) (1)
- Purchases 10 7
Spire Healthcare Group plc
- Non-executive director fee* - -
*amount is less than GBP0.5m.
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACSSELSUDFWSELM
(END) Dow Jones Newswires
June 23, 2017 06:00 ET (10:00 GMT)
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