SCOPE, BOUNDARY AND REPORTING CYCLE
This Annual Report and Financial Statements of Mediclinic International plc (formerly Al Noor Hospitals Group plc) (“Mediclinic” or “the Company”) presents the economic, social and environmental performance, and the financial results of the Mediclinic Group for the reporting period ended 31 March 2016, and covers all operations in Southern Africa, Switzerland and the UAE.
SIGNIFICANT EVENTS DURING REPORTING PERIOD
The successful completion of the Combination of Mediclinic International Limited and Al Noor Hospitals Group plc by way of a reverse takeover of Mediclinic International Limited, resulting in the continued listing of the enlarged Company on the London Stock Exchange and the secondary listings of the Company on the Johannesburg Stock Exchange and the Namibian Stock Exchange.
Other noteworthy developments during the reporting period include:
- Acquisition of a 29.9% interest in Spire Healthcare plc, a UK-based private healthcare group.
- Restructure of the MP1 Investment Holdings Proprietary Limited black economic empowerment transaction, initially implemented in 2005.
The contents included in the Annual Report are deemed to be useful and relevant to our stakeholders, with due regard to our stakeholders’ expectations through continuous engagement, or that the Board believes may influence the perception or decision-making of our stakeholders. The information provided aims to provide our stakeholders with a good understanding of the financial, social, environmental and economic impacts of the Group to enable them to evaluate the ability of Mediclinic to create and sustain value for our stakeholders.
This Annual Report was prepared in accordance with the International Financial Reporting Standards, the LSE Listing Rules, the JSE Listings Requirements, the UK Corporate Governance Code, as well as the UK Companies Act, where relevant. The Company has applied the majority of the principles contained in the UK Corporate Governance Code – all the principles which the Company did not apply are explained in the Corporate Governance Statement in this Annual Report. The Company has also considered and applied many of the recommendations contained in the International Integrated Reporting Framework issued by the International Integrated Reporting Committee in December 2013. The Company’s reporting on sustainable development included in the Annual Report, supplemented by the Sustainable Development Report, was done in accordance with the GRI G4 Sustainability Reporting Guidelines.
EXTERNAL AUDIT AND ASSURANCE
The Company’s annual financial statements and the Group’s consolidated annual financial statements were audited by the Group’s independent external auditors, PricewaterhouseCoopers LLP, in accordance with International Standards of Auditing (UK and Ireland).
Various other voluntary external accreditation, certification and assurance initiatives are followed in the Group, complementing the Group’s combined assurance model, as reported on in the Risk Management section of the Annual Report. We believe that this adds to the transparency and reliability of information reported to our stakeholders.