{"id":446,"date":"2014-08-20T14:20:54","date_gmt":"2014-08-20T12:20:54","guid":{"rendered":"http:\/\/www.remgro.com\/ar2015\/reports-to-shareholders\/chief-executive-officers-report\/"},"modified":"2015-10-19T12:51:39","modified_gmt":"2015-10-19T10:51:39","slug":"chief-executive-officers-report","status":"publish","type":"page","link":"https:\/\/www.remgro.com\/ar2015\/index.php\/reports-to-shareholders\/chief-executive-officers-report\/","title":{"rendered":"Chief Executive Officer’s report"},"content":{"rendered":"
\"Jannie-Durand\"\r\n
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INTRODUCTION<\/h2>\r\n

Remgro\u2019s intrinsic net asset value is the best indicator of the value added for our shareholders. Over the year under review the intrinsic net asset value per share has increased by 17.5% from R245.96 at 30 June 2014 to R288.89 at 30\u00a0June\u00a02015. Over the same period the JSE all share index has increased by 1.7%, while Remgro\u2019s share price grew by 11.3%. Refer to these<\/a> tables where the relative performances are set out in more detail.<\/p>\r\n \r\n

This report aims to provide shareholders with a better understanding of the methodology behind the calculation of the intrinsic net asset value, especially relating to the valuation of our unlisted investments. A summary of our investing activities during the year under review is also provided.<\/p>\r\n

INTRINSIC net asset VALUE<\/h2>\r\n

The intrinsic net asset value of the Group includes valuations of all investments, incorporating subsidiary and associated companies and joint ventures, either at listed market value or, in the case of unlisted investments, at directors\u2019 valuation. The net assets of wholly owned non-investment subsidiary companies consist mainly of monetary items (included at book value) and property (included at fair value).<\/p>\r\n

The following factors are taken into account in determining the directors\u2019 valuation of unlisted investments:<\/p>\r\n