BUSINESS PARTNERS LIMITED (BUSINESS PARTNERS)

Business Partners has a March year-end and therefore its results for the 12 months to 31 March 2017 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 R54 million (2016: R48 million).

Business Partners’ headline earnings for the 12 months ended 31 March 2017 amounted to R127 million (2016: R113 million), an increase of 12.4%. The increase is mainly due to higher investment income and property revenue, 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 15% of the investment portfolio at 31 March 2016 to 20% at 31 March 2017, a reflection of the adverse economic and difficult trading conditions experienced by small and medium enterprises.

During the year under review, funding for 327 (2016: 372) investment projects amounting to R1 147 million (2016: R1 107 million) was approved.