FINANCIAL REPORT
Our portfolio continued to deliver a
resilient set of results despite the impact of a
subdued macroeconomic environment, underpinned
by our strong capital allocation strategy.
FINANCIAL REPORT
Our portfolio continued to deliver a
resilient set of results despite the impact of a
subdued macroeconomic environment, underpinned
by our strong capital allocation strategy.
| R million | Year ended 30 June 2021 Headline earnings(2) |
30 June 2021 Net assets | Year ended 30 June 2020 Headline earnings(2) |
30 June 2020 Net assets |
|||
| Book value(3) |
Intrinsic value |
Book value(3) |
Intrinsic value |
||||
| Healthcare | |||||||
| Mediclinic | 674 | 24 581 | 19 358 | 1 655 | 27 443 | 18 769 | |
| Consumer products | |||||||
| RCL Foods | 759 | 8 262 | 6 926 | 92 | 7 189 | 6 029 | |
| Distell – entity contribution | 538 | 7 578 | 11 665 | 165 | 7 128 | 5 330 | |
| – IFRS 3 charge(4) | (47) | – | – | (47) | – | – | |
| Siqalo Foods | – entity contribution | 405 | 6 226 | 7 277 | 414 | 6 285 | 6 145 |
| – IFRS 3 charge(4) | (79) | – | – | (79) | – | – | |
| Financial services | |||||||
| RMI | 898 | 10 174 | 14 713 | 599 | 9 736 | 13 708 | |
| Business Partners | 23 | 1 273 | 1 273 | 25 | 1 244 | 1 232 | |
| Infrastructure | |||||||
| CIVH | (435) | 4 981 | 12 054 | (649) | 4 458 | 10 584 | |
| Grindrod | 16 | 842 | 842 | (12) | 532 | 532 | |
| SEACOM | 26 | 23 | 799 | (10) | 8 | 909 | |
| Other infrastructure investments | 17 | 701 | 701 | (45) | 226 | 226 | |
| Industrial | |||||||
| Air Products | 322 | 1 063 | 4 523 | 333 | 1 264 | 3 979 | |
| TotalEnergies | 366 | 2 242 | 2 539 | (20) | 2 029 | 2 515 | |
| Wispeco | 264 | 1 229 | 1 188 | 80 | 1 008 | 810 | |
| Other industrial investments | 62 | 198 | 415 | (126) | 205 | 309 | |
| Diversified investment vehicles | |||||||
| KTH | (182) | 1 456 | 2 044 | (164) | 1 601 | 1 961 | |
| Milestone III | – | 1 234 | 1 234 | – | 1 251 | 1 251 | |
| Prescient China Equity Fund | – | 1 211 | 1 211 | – | 1 156 | 1 156 | |
| Other diversified investment vehicles | (78) | 1 449 | 1 567 | (91) | 1 050 | 1 107 | |
| Media | |||||||
| eMedia Investments | 43 | 815 | 616 | 78 | 805 | 947 | |
| Other media investments | 10 | 3 | 137 | – | 41 | 41 | |
| Portfolio investments | |||||||
| FirstRand | 191 | 7 659 | 7 659 | 657 | 7 068 | 7 068 | |
| Other portfolio investments | 56 | 661 | 661 | 38 | 782 | 782 | |
| Social impact investments | (66) | 135 | 135 | 19 | 331 | 331 | |
| Central treasury | |||||||
| Finance income/cash at the centre | 212 | 9 706 | 9 706 | 479 | 17 073 | 17 073 | |
| Finance costs/debt at the centre | (861) | (7 821) | (7 821) | (949) | (15 288) | (15 288) | |
| Other net corporate costs/assets | (249) | 2 178 | 2 919 | (705) | 2 148 | 2 817 | |
| Continuing operations | 2 885 | 88 059 | 104 341 | 1 737 | 86 773 | 90 323 | |
| Discontinued operations | – | – | – | 1 430 | – | – | |
| 2 885 | 88 059 | 104 341 | 3 167 | 86 773 | 90 323 | ||
| Potential CGT liability | (4 150) | (3 050) | |||||
| Total | 2 885 | 88 059 | 100 191 | 3 167 | 86 773 | 87 273 | |
| (1) | Refer to the change in reporting platforms here. |
| (2) | Refer to note 3 for the calculation of headline earnings. |
| (3) | Total book value equals shareholders’ equity. |
| (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. |
The 2021 Annual General Meeting of Remgro will be held by way of electronic participation only (refer to the Notice to Shareholders regarding the electronic participation process).