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 2022 Headline earnings(1) |
30 June 2022 Net assets |
Year ended 30 June 2021 Headline earnings(1) |
30 June 2021 Net assets |
|||
| Book value(2) |
Intrinsic value |
Book value(2) |
Intrinsic value |
||||
| Healthcare | |||||||
| Mediclinic | 1 267 | 26 681 | 29 568 | 674 | 24 581 | 19 358 | |
| Consumer products | |||||||
| Distell | – entity contribution | 735 | 8 386 | 11 969 | 538 | 7 578 | 11 665 |
| – IFRS 3 charge(3) | (11) | – | – | (47) | – | – | |
| RCL Foods | 846 | 8 816 | 7 355 | 759 | 8 262 | 6 926 | |
| Siqalo Foods | – entity contribution | 401 | 6 261 | 6 345 | 405 | 6 226 | 7 277 |
| – IFRS 3 charge(3) | (65) | – | – | (79) | – | – | |
| Financial services | |||||||
| RMI | 796 | 5 307 | 13 069 | 898 | 10 174 | 14 713 | |
| Business Partners | 70 | 1 193 | 1 193 | 23 | 1 273 | 1 273 | |
| Infrastructure | |||||||
| CIVH | 47 | 6 905 | 13 756 | (435) | 4 981 | 12 054 | |
| Grindrod | 263 | 1 559 | 1 559 | 16 | 842 | 842 | |
| SEACOM | 37 | 40 | 776 | 26 | 23 | 799 | |
| Other infrastructure investments | 266 | 67 | 67 | 17 | 701 | 701 | |
| Industrial | |||||||
| Air Products | 422 | 1 162 | 4 690 | 322 | 1 063 | 4 523 | |
| TotalEnergies | 1 076 | 3 158 | 3 274 | 366 | 2 242 | 2 539 | |
| Wispeco | 281 | 1 448 | 1 402 | 264 | 1 229 | 1 188 | |
| Other industrial investments | 21 | 189 | 379 | 62 | 198 | 415 | |
| Diversified investment vehicles | |||||||
| KTH | 80 | 1 497 | 2 145 | (182) | 1 456 | 2 044 | |
| Prescient China Equity Fund | – | 1 189 | 1 189 | – | 1 211 | 1 211 | |
| Milestone III | – | 792 | 792 | – | 1 234 | 1 234 | |
| Other diversified investment vehicles | 15 | 1 876 | 2 122 | (78) | 1 449 | 1 567 | |
| Media | |||||||
| eMedia Investments | 145 | 856 | 738 | 43 | 815 | 616 | |
| Other media investments | 33 | 111 | 150 | 10 | 3 | 137 | |
| Portfolio investments | |||||||
| FirstRand | 389 | 7 141 | 7 141 | 191 | 7 659 | 7 659 | |
| Discovery | – | 5 410 | 5 410 | – | – | – | |
| Momentum Metropolitan | – | 1 439 | 1 439 | – | – | – | |
| Other portfolio investments | 55 | 809 | 809 | 56 | 661 | 661 | |
| Social impact investments | (20) | 132 | 132 | (66) | 135 | 135 | |
| Central treasury | |||||||
| Finance income/cash at the centre | 224 | 12 280 | 12 280 | 212 | 9 706 | 9 706 | |
| Finance costs/debt at the centre | (627) | (7 838) | (7 838) | (861) | (7 821) | (7 821) | |
| Other net corporate costs/assets | (252) | 1 577 | 2 221 | (249) | 2 178 | 2 919 | |
| 6 494 | 98 443 | 124 132 | 2 885 | 88 059 | 104 341 | ||
| Potential CGT liability | (3 930) | (4 150) | |||||
| Total | 6 494 | 98 443 | 120 202 | 2 885 | 88 059 | 100 191 | |
Additional segmental information is disclosed in note 2 and 12.1 in the Annual Financial Statements.
| (1) | Refer to note 2 for the calculation of headline earnings. |
| (2) | Total book value equals shareholders’ equity. |
| (3) | 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 2022 Annual General Meeting of Remgro will be held by way of electronic participation only (refer to the Notice of Shareholders regarding the electronic participation process).