Investment reviews

The central treasury division’s contribution to headline earnings for the year under review amounted to R83 million (2013: R3 million). The increase resulted mainly from foreign exchange losses of R98 million on the hedging of the repatriation of funds from Remgro’s offshore cash portfolio accounted for in the comparative year.

Net corporate costs amounted to R134 million (2013: R102 million) and were largely impacted by the receipt of an after-tax underwriting fee of R46 million from Mediclinic, relating to its rights offer in the comparative year.