Business Partners LIMITED (BUSINESS PARTNERS)

Business Partners has a March year-end and therefore its results for the 12 months to 31 March 2018 have been equity accounted in Remgro’s results for the year under review. Headline earnings attributable to Remgro for the year under review amounted to R65 million (2017: R54 million).

Business Partners’ headline earnings for the 12 months ended 31 March 2018 amounted to R151 million (2017: R127 million), an increase of 18.9%, while profit attributable to shareholders increased by 5.4% to R218 million. The increase is mainly due to higher investment income and property revenue, as well as prudent cost management, which was partially offset by higher credit losses.

The risk in the investment portfolio has increased over the period. Investments with repayment obligations in arrear increased from 20% of the investment portfolio at 31 March 2017 to 21.4% at 31 March 2018, a reflection of the adverse economic and difficult trading conditions experienced by SMEs.

During the year under review, funding for 295 (2017: 327) investment transactions amounting to R1 049 million (2017: R1 147 million) was approved.

In providing financial support to SME entrepreneurs, the company’s key development impact objective is the employment that is facilitated or unlocked by the capital provided. Business Partners facilitated 11 601 job opportunities during the year in review (2017: 12 395).