ANNEXURE A

SEGMENT REPORT FOR THE YEAR ENDED 30 JUNE 2019

R million Year ended
30 June
2019
Headline
earnings(1)		 30 June 2019
Net assets		 Year ended
30 June
2018		 30 June 2018
Net assets
Book
value(2)		 Intrinsic
value		 Headline
earnings(1)		 Book
value(2)		 Intrinsic
value
             
Banking            
RMH 2 644 16 245 33 545 2 486 15 385 30 123
FirstRand 1 093 5 825 15 069 1 039 5 486 14 045
             
Healthcare            
Mediclinic 1 693 24 019 17 891 1 556 29 373 31 329
             
Consumer products            
Unilever – – – 499 3 588 11 900
RCL Foods 254 7 968 7 960 647 8 128 11 534
Distell(3) – entity contribution 459 9 055 9 060 467 9 110 9 674
– IFRS 3 charge(4) (47) – – (8) – –
Siqalo Foods – entity contribution 332 6 164 6 164 – – –
– IFRS 3 charge(4) (80) – – – – –
             
Insurance            
RMI 1 161 9 335 15 947 1 228 8 479 17 285
             
Industrial            
Air Products 343 1 093 4 264 289 1 026 4 158
Total 328 2 174 2 722 501 2 007 2 382
KTH 161 1 816 2 127 55 1 964 2 218
Wispeco 121 933 866 122 874 984
PGSI (9) 302 302 4 692 692
             
Infrastructure            
CIVH (204) 5 064 8 403 48 2 301 4 940
Grindrod 72 1 049 1 049 (46) 1 624 1 624
Grindrod Shipping (65) 292 292 – 623 623
SEACOM (2) – 912 15 353 870
Other infrastructure interests 25 259 259 40 256 256
             
Media and sport            
eMedia Investments 39 773 773 1 866 866
Other media and sport interests (19) 269 267 (48) 223 268
             
Other investments(5) 39 4 620 4 795 66 4 060 4 196
             
Central treasury            
Cash at the centre/Finance income 755 15 727 15 727 524 13 704 13 704
Debt at the centre/Finance costs (711) (13 919) (13 919) (630) (14 097) (14 097)
             
Other net corporate costs/assets (187) 2 034 2 499 (282) 2 073 2 536
  8 195 101 097 136 974 8 573 98 098 152 110
Potential CGT liability     (5 327)     (6 438)
Total   101 097 131 647   98 098 145 672
             

Additional segmental information is disclosed in note 12.1 in the Annual Financial Statements that is published on the Company’s website at www.remgro.com

(1) Refer to note 4 for the calculation of headline earnings.
(2) Total book value equals shareholders’ equity.
(3) The comparative year includes the headline earnings of Capevin Holdings Limited.
(4) IFRS 3 charge represents the amortisation and depreciation expenses, net of tax, relating to the additional assets identified when Remgro obtained control over these entities.
(5) Consists mainly of the investments in Business Partners and the Milestone entities.