“We stay ahead of the curve by finding the nexus between healthcare, access products and financial services, and expanding into the rest of the continent.” – RH Bophelo
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Overview
The Integrated Report represents the financial results and the social, economic and governance aspects of RH Bophelo, which in the opinion of the Board of Directors, are material to RH Bophelo’s ability to create and sustain value for all its stakeholders over the short, medium and long term.
Healthcare Investments
The notable acquisitions in healthcare include: (i) Africa Health Care Proprietary Limited (Africa Health Care/AHC); (ii) Medicare Private Hospital (Medicare); (iii) Rondebosch Medical Centre (RMC); (iv) Vryburg Private Hospital (VPH); (v) RH Bell Clinic; (vi) Fauchard Day Clinic; and (VII) Phelang Bonolo Healthcare Procurement and Management Proprietary Limited (PBHPM).
This portfolio represents about 90% of the Group’s total investments, which includes a total of 1696 beds, of which 511 are owned by AHC, and 1049 are managed by AHC through management contracts across eight South African provinces (136 beds are currently not managed by AHC).
Financial Services Investments
This is a new portfolio that currently represents about 10% of the Company, which consists of investments in underwriting management agency (UMA) healthcare and short-term insurance. The underlying assets include; (i) Wesmart Financial Services (Wesmart) and (ii) Genric Insurance Company (Genric).
RH Bophelo has positioned itself to service the working uninsured population of South Africa, which is estimated to be 20-35% thereof. We achieve this through partnerships and roll-ups of independent hospital operators, and by allocating capital for their expansion.
Cross-listing on the RSE
The cross-listing of RH Bophelo’s shares was done by way of an introduction and followed approval by the RSE and CMA-R.
The purpose of the RSE listing is to diversify RH Bophelo’s investor base and to facilitate RH Bophelo’s shares availability to the wider East African public, as well as to provide an easy and efficient way for RH Bophelo’s stakeholders and partners in the region to participate beneficially in the growth and fortunes of RH Bophelo through ownership.
Our Strategy
The strategy is built on three (3) main pillars, which are as follows:
1. Hospital infrastructure network and management contracts
2. Healthcare funds
3. Healthcare access and insurance
RH Bophelo is building an ecosystem of networked investments focused on the healthcare and financial services sectors. This investment network includes infrastructure and related access products that compliment RH Bophelo’s value chain and expands RH Bophelo’s reach and footprint to its target market (being the lower and middle-income earners and working uninsured). Creating a successful healthcare investment ecosystem is achieved through investing in innovative access products and builds on strategic partnerships in order to leverage growth.
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Performance and Future Outlook
The vision of RHB has not changed that vision is, “The provision of affordable and accessible healthcare by building an efficient and sustainable integrated healthcare ecosystem”. We are three years into this vision, and we have never been more relevant than now. The world has changed with the emergence of the global pandemic and the economic, social and individual dislocation that it has caused.
Healthcare is a top priority (as it should be), and governments and institutions are seeking a way to bring affordable healthcare to the people. RHB is building an ecosystem of networked investments focused on the healthcare sector. This network includes infrastructure and related access products that increase RHB’s value chain and expands RHB’s reach and footprint to its target market, i.e. the working uninsured and other lower-wage earners. Creating an ecosystem is achieved through innovative access products and builds on strategic partnerships in order to leverage growth.
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Corporate Governance Overview
The Board of Directors is committed to providing effective and ethical leadership and, as such, it is reflected in our Board composition. During the current financial year, the Board, in collaboration with the Remuneration and Nominations Committee (RNC), focused on creating a diverse, experienced, competent, creative and functional Board, with the addition of three (3) independent Non-Executive female Directors to the Board. This diverse Board is comprised of members with the capability and capacity to provide fresh perspectives and strategic input as well as act independently on all Board matters.
The Board members accept responsibility as custodians of corporate governance within the Group and are therefore accountable to our stakeholders for the provision of value creation in a responsible and balanced manner.
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Annual Financial Statements
The Directors are of the opinion, based on the information and explanations given by management, that the system of internal control provides reasonable assurance that the financial records may be relied on for the preparation of the annual financial statements. However, any system of internal financial control can provide only reasonable, and not absolute, assurance against material misstatement or loss.
The annual financial statements were prepared on a going concern basis. The assets of the Company, fairly valued, exceed its liabilities fairly valued. The Directors are of the opinion that the Company will continue as a going concern in the foreseeable future.
The annual financial statements were audited by the independent auditors, to whom unrestricted access was given to all financial records and related information, including minutes of all meetings of shareholders, the Board of Directors and committees of the Board.
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Shareholders’ Information
Notice is hereby given that the Annual General Meeting of shareholders of RH Bophelo Limited will be held entirely via a remote interactive platform Microsoft Teams on Wednesday, 30 September 2020 at 10h00 (the AGM), to conduct the business set out below and to consider and, if deemed fit, adopt, with or without modification, the ordinary and special resolutions set out in this notice. RH Bophelo will be assisted by Computershare Investor Services Proprietary Limited (the Company’s Transfer Secretaries) who will also act as scrutineers.
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“Our focus as a company is to create sustainable value for the shareholders while at the same time having a positive impact on society through the provision of affordable healthcare.” – John Oliphant (Chairman)
