IHH Annual Report 2021 A PDF

Scaling
New Peaks
Co-creating Future Growth
Annual Report 2021

Content
Group Overview Sustainability Financial Statements
‘Care. For Good.’ Strategy 2 Scope and Boundary 63 Directors’ Report 142
Case Study Report Highlights 64 Statement by Directors 149
Trust 4 Sustainability Approach and Policy 65 Statutory Declaration 149
Synergy 6 The Sustainability Journey 66 Independent Auditors’ Report 150
Growth 8 Sustainable Development Goals 67 Statements of Financial Position 155
Sustainability 10 Our Global Initiative 69 Statements of Profit or Loss and Other
IHH at a Glance 12 Our Patients 70 Comprehensive Income 157
Financial Highlights 14 Our People 74 Statements of Changes in Equity 158
Operational Highlights 16 Our Organisation 78 Statements of Cash Flows 164
10 Year Milestones 18 Our Environment 81 Notes to the Financial Statements 166
Awards and Accreditations 20 Our Community 84
Additional Corporate Information
Strategic Report Governance Analysis of Shareholdings 300
Chairman’s Statement 24 Board of Directors 88 List of Top 30 Largest Shareholders 303
MD & CEO’s Message 28 Group Management 95 List of Top 10 Properties 305
Market Outlook 32 Corporate Governance Overview Notice of Twelfth Annual General Meeting 307
Business Model 36 Statement 100 Form of Proxy
Business Strategy 38 Nomination and Remuneration
Stakeholder Engagement 40 Committee Report 116
Our Material Sustainability Matters 44 Audit Committee Report 122
Risk Management 47 Risk Management Committee Report 126
Principal Risks 48 Statement on Risk Management and
Internal Control 128
Sustainability Governance 134
Performance Review Investor Relations Report 135
GCFO’s Message 52
Operations Review
Other Information
Malaysia 56
Singapore 57 Additional Compliance Information 138
Turkey and Europe 58 Directors’ Responsibility Statement 140
India 59
Greater China 60
IMU Health 61
Parkway Life REIT 61
About This Report

The Company’s Annual Report 2021 has been prepared in accordance
with the International <IR> Framework set by the Value Reporting
Foundation and with reference to the Global Reporting Initiative (GRI),
including the Sector Specific Sustainability Topics for Healthcare
Providers and Services and Healthcare Technology – to enhance
reporting connectivity while providing stakeholders with a more A shared aspiration, these three words sum up what IHH Healthcare
holistic view of how the Company creates and sustains value. stands for:
• Our vision to be the world's most trusted healthcare services network;
Our reporting processes also comply with the provisions of the
• Our purpose to touch lives and transform care;
Malaysian Code on Corporate Governance, the Main Market Listing
Requirements (MMLR) and the Sustainability Reporting Guide • And our commitment to provide greater good to our patients, people,
(2nd edition) of Bursa Malaysia Securities Berhad, the Companies the public and our planet.
Act 2016, and the Malaysian Financial Reporting Standards (MFRS).
Care – As a world-leading integrated healthcare provider, we aim to
Besides financial reporting, our Report also includes non-financial make healthcare not just about health, but care, with a pulse of empathy.
performance, opportunities, risks and outcomes attributable to,
or associated with, all our stakeholders that significantly influence For Good – Because we believe in building a better world, not just for us
IHH’s ability to create value. but for generations to come.
Scaling New Peaks
Co-creating Future Growth
We are scaling new peaks as we chart

our path towards sustainable future growth.
With strong fundamentals anchored on
trust, IHH continues to grow from strength
to strength to realise our purpose of
“Touching lives. Transforming care.”
Our Purpose
Touching Lives.
Transforming Care.
Our Vision
To be the world’s most trusted
healthcare services network
Navigation Icons
Our Mission Principal Risk
To take exemplary care of
our patients, anchored around Geopolitical Pandemic
Climate
Change
our people who strive to
continuously raise the bar Cybersecurity
Foreign
in clinical, operational and and Data
Exchange
Privacy
service excellence
Trust, Synergy, Growth and Sustainability
Our Values Trust Synergy
P atients First
We put patients’ needs first Growth Sustainability
I ntegrity
We do the right thing Stakeholder Engagement
Doctors,
Senior Investors and
E mpathy Management
Nurses and
Shareholders
Employees
We listen with our hearts
Academia Students Patients
T eamwork
We are better together
Accreditation Local
Regulators
Bodies Communities
E xcellence
We champion continuous Intermediaries
Suppliers and
improvement and Service Providers
innovation
Trust
As healthcare providers, we are driven to
live up to the trust our patients place in us
by providing the best medical care and
outcomes. In addition to this, by fostering
a culture of trust within IHH, we motivate
our employees to reach their full potential
and ensure they are well-equipped to deliver
the best patient care.
Read about our Transforming Healthcare

with Trust on Pages 4 and 5
Our ‘Care. For Good.’ Strategy is underpinned by the

trust culture we have built with our stakeholders. As we
celebrate our 10th year anniversary in 2022 as a listed
company, we will embark on a journey to seek growth,
while continue to be guided by the same True North by
doing good for patients, people, public and the planet.
We will always provide Care. For Good.
2 IHH Healthcare Berhad Annual Report 2021

Synergy
We will drive stronger synergies within
the Group to enable us to deepen our
clinical service offerings and quality by
leveraging on our operating scale of
80 hospitals across 10 countries.
Read about Strengthening Our Core on

Pages 6 and 7
Growth
IHH is poised for sustainable growth and this
will be driven by five Growth Engines to provide
greater returns for all stakeholders.
Read about our five Growth Engines on

Pages 8 and 9
Sustainability
We are doubling down on care with a
compelling sustainability agenda for our
key stakeholders. We are committed to
delivering exemplary care for our patients,
people and the communities we serve.
Read more about our Sustainability agenda on

page 10 and 11
Trust We are driven by our mission and guided by our
purpose to build upon trust to serve our stakeholders
in the communities we operate. Through serving
communities, IHH can contribute to the efforts in
supporting Sustainable Development Goal 3 –
Good Health and Well-being.

4
high-volume procedures to be
analysed for quality improvement
and safety of care
Reach “best in class” quality

outcomes and improvements by
2024
• In Singapore and Hong Kong, IHH

Transforming hospitals have introduced fixed-fee
Healthcare with Trust packages for some procedures. Using
an AI (artificial intelligence) engine,
To better identify and ultimately predict which analyses a patient’s specific
the outcomes and costs of our care, condition and profiles to predict
we launched a Value Driven Outcomes medical outcomes, our hospitals have
(VDO) initiative. Our goal is to increase been able to predict bills with about
trust and the long-term sustainability 80 per cent accuracy – allowing them
of healthcare by ensuring more clarity, to lock in prices ahead of time.
transparency and consistency for
our patients. Strong Working
With our size and geographic presence, Partnerships
we can make processes more efficient,
invest in intellectual property and Our people have stepped up to partner
information technology, and amortise public agencies and governments across
our investments over extensive operations the markets we operate in to combat
across multiple countries. This allows us against the pandemic. We are proud to
to offer better treatment to more people play a key role to work together with the
at a lower cost. public healthcare sector to slow down the
spread of the virus as well as ensure the
Some of our initiatives: sick continue to receive quality care at
• Monitoring post-operative mobility our hospitals.
and quality of life for knee
replacement patients to determine At the same time, we recognise
if return visits are necessary. antibiotic resistance as a growing
issue and is exploring ways to ensure
• We offered liquid biopsy over antibiotics remain effective to treat
conventional biopsy to streamline infectious diseases.
the process and make it more
convenient for patients. Worked
closely with insurers to rationalise
costs for patients.
IHH Healthcare Berhad Annual Report 2021 5

Collaborating with Having this common technology platform
will enable us to provide operational
Acibadem to roll out excellence across our different markets.
Cerebral Plus This includes multiple data standardisation,
ease of changes, seamless linkages across
The Cerebral Plus (C+) project, a functions and comprehensive data analytics,
collaborative effort of IHH Malaysia among others.
Hospitals and Acibadem, has finally
taken off and went live on 1 May at For example, patients can now sign off
Pantai Hospital Ipoh. The new C+ hospital forms electronically without the
system is modelled after the Hospital hassle of hard copies. They can also better
Information System used across manage their health matters such as making
Acibadem Hospitals. The collaboration medical appointments and viewing their
reflects the synergistic value of our medical results using the system. Doctors
global operations that enables us to can also access their medical notes and
share, adopt and benefit from best appointments on the go.
practices across the Group.
We look forward to completing the rollout
of C+ for the rest of our hospitals in Malaysia
in 2022.
1
Customised in-house Hospital
Information System (HIS)
62,000
Man-hours of
collaborative hard work
16
Malaysia Hospitals to use HIS
in 2022

Synergy
We are taking forward-looking strides
by making opportunities in existing markets
for growth, improving operational efficiency,
and implementing best practices across
our network.

Growth We have embarked on our five
Growth Engines to improve returns
and provide sustainable growth for
all stakeholders, including patients,
people and the public.

Five Growth Engines
IHH will embark on its growth strategy in 2022,
with a clear goal to increase returns for our
stakeholders. IHH have introduced five growth
engines which are anchored on the same
true north to build trust.
Recover from COVID-19 Develop Our

As COVID-19 services normalise, we Laboratory Business
1 expect to see continued recovery in our
4
COVID-19 has propelled the growth of
core business and drive our operations this space and has resulted in frequent
to pre-COVID levels. We have seen a testing as the world emerges into the
firm rebound in our Turkey and Europe “new normal”. Our vision is to become
operations and India operations. In the world’s most trusted medical laboratory
other markets such as Singapore and services provider. As market leaders with
Malaysia, there is still ample room for over 30 years under our belt, our 60+
recovery as movement restrictions ease. laboratories across Malaysia, Singapore
and Turkey saw around 40 million tests
Achieve Organic Growth in 2021. SRL Diagnostics in India also run
IHH will look for capital efficient growth 430+ laboratories which saw about 30
2 based on our Cluster Strategy laid out million tests in 2021. This is set to grow
in 2020. Long term macro trends favour further in the coming years.
healthcare and we will continue to ride
on these trends to expand within the Drive Innovation &
clusters. This is done by continuing to Digital Transformation
fill up existing beds, ramping up current 5
occupancy rates and improving utilisation IHH wants to build trust with its
across the hospitals. patients by having a ‘truly patient first’
platform by embarking on a digital
transformation journey with an investment
Acquire Strategic Assets of US$100 million over the next three
Our strong balance sheet now positions years. The adoption of digital technologies
3 the Group for a new phase for growth will enable IHH to deliver care beyond
via strategic acquisitions. IHH will look the hospital walls in a seamless way
into acquiring strategic assets based to empower our patients with the ability
on our cluster strategy in existing and to do self-care. Embracing technology
adjacent markets that we can operate solutions will create a healthcare delivery
well in. ecosystem to bring convenience to our
patients and improve seamless care from
online to our brick-and-mortar business.

Patients Community
As a healthcare provider, we are We support community education and
focused on empowering our patients engagement programs to promote health
with access to safe, effective, and awareness and improve the quality of
high-quality healthcare services. In line life for those who need it most.
with IHH’s core values of ‘Patients First’,
we seek to provide not only the
best care, but also at the right price, Organisation
so our patients may continue to benefit
from excellent value and outcome. Underpinning all we do is a strict
adherence to our ethical standards and
corporate governance standards while
People having the flexibility to innovate and
drive technological developments.
It has been two years since the onset
of the COVID-19 pandemic and our
frontliners have tirelessly held the fort, Environment
protecting our communities and our
most vulnerable populations. We are We embody the spirit of being a
implementing various initiatives to sustainable organisation by managing
promote their well-being, to ensure our energy and resource use as well as
that they can perform their jobs safely implementing conservation efforts
and comfortably while offering throughout our operations.
competitive remuneration and
opportunities for advancement. Read more at our Sustainability Report on
page 62

Sustainability
We are doubling down on the care in healthcare.
We are focused on doing good for our patients,
people, public and the planet. We will always
provide ‘Care. For Good.’

Group Overview
IHH at a Glance
As at 1 April 2022
100% 90% 100%
With a network of 58 hospitals Acibadem Holdings is Turkey’s leading The International Medical University
throughout the region, including private healthcare provider, offering is IHH’s medical education arm.
Malaysia, Singapore, India and integrated healthcare services across IMU oversees the established higher
Greater China, Parkway Pantai is one of 22 hospitals in Turkey, Macedonia, learning institutions of International
Asia’s largest integrated private Bulgaria, the Netherlands and Serbia. Medical College and IMU in Malaysia.
healthcare groups. The “Acibadem” brand is renowned
for its clinical excellence in Europe
and North Africa regions.
100%
100%
35.60%
31.17%

Acibadem Mount Elizabeth Gleneagles
Setting the healthcare benchmarks in Turkey The two hospitals in Singapore are among Located in our key Asian markets, this
and the region, this visionary brand combines the world’s top destinations for medical world-class private hospital brand is known
the top experts and latest technology with the treatment, known for top experts, excellent for its international standing and stature,
contemporary sophistication of a five-star hotel, clinical outcomes and exceptional delivering superior clinical outcomes in
offering generous personal space and personalised service. extensive modern facilities.
attention to detail.
Pantai Parkway
Our Portfolio of
Excellence in
Healthcare
We are proud of our
leading brands in our
various markets, each
underpinned by an
Conveniently located across Malaysia, Pantai Born in Singapore, Parkway is one of Asia’s
proudly serves families and communities with outstanding reputation leading brands in private healthcare, offering
quality healthcare, always delivered with friendly, for clinical outcomes the full spectrum of integrated healthcare
familiar smiles. services from clinics to hospitals and a wide
and quality care. range of ancillary services. Brands include
Parkway Hospitals, Parkway Shenton, Parkway
Laboratories and Parkway Radiology.
Fortis Healthcare Prince Court Medical Centre IMU
Fortis Healthcare is a leading integrated Prince Court, a distinguished hospital for The International Medical University (IMU) is an
healthcare delivery service provider in India. Malaysians, expatriates and medical tourism educational arm that combines research and
The healthcare verticals of Fortis primarily patients, is recognised for its outstanding healthcare practice to develop knowledgeable,
comprise hospitals, diagnostics and day care achievements and breakthroughs in medicine. competent and caring healthcare professionals.
specialty facilities. Together with IMU Healthcare, the group
improved the health of patients and communities
by synergising care and providing quality
integrated healthcare facilities.

Group Overview
Financial Highlights
Revenue by Strategic EBITDA by Strategic Profit After Tax and

Business Units Business Units Minority Interest (PATMI)
(RM million) (RM million) excluding exceptional items
(RM million)
Parkway Pantai Parkway Pantai
12,371.1 2,947.6 1,594.8

10,745.2
2,370.7
9,553.9
1,989.2 1,027.6
7,450.4 920.7
6,902.6 1,518.2
1,349.1 715.3
595.3
FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21
Acibadem Holdings Acibadem Holdings
4,347.3 1,198.9
3,853.5 3,676.2 3,764.7
3,462.2
853.5
796.1
617.9 617.3
Basic Earnings per Share

excluding exceptional items
FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21 (sen)
IMU Health IMU Health
250.4 257.5 259.0

248.7 257.6 80.6
84.9 87.2 86.7 17.15
75.7
11.36
9.49
6.76 7.13
FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21
PLife REIT PLife REIT See pages 52 to 55 on Financial Review

for more information.
342.3 335.7 347.9

367.0 370.7 321.7
349.9
308.9
282.7 294.4
FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21 The above charts are not drawn to scale.

FY2017 FY2018 FY2019 FY2020 FY2021
A. Income Statement (RM Million)

Revenue by Strategic Business Units
Singapore 3,848.3 3,890.7 4,289.8 3,886.5 5,033.2
Malaysia 1,836.4 2,019.8 2,331.1 2,187.1 2,727.2
India 708.6 851.3 3,320.9 2,655.8 3,728.8
Greater China 332.7 499.6 604.6 662.4 876.9
PPL Others* 176.6 188.9 198.9 142.1 5.0
Parkway Pantai 6,902.6 7,450.4 10,745.2 9,533.9 12,371.1
Acibadem Holdings 3,853.5 3,676.2 3,764.7 3,462.2 4,347.3
IMU Health 250.4 257.5 259.0 248.7 257.6
Others* 2.1 3.6 4.1 4.8 2.6
11,008.6 11,387.8 14,773.0 13,249.6 16,978.6
PLife REIT total revenue 342.3 335.7 347.9 367.0 370.7
PLife REIT inter-segment revenue (208.3) (202.5) (208.4) (212.0) (217.5)
Total 11,142.6 11,520.9 14,912.5 13,404.6 17,131.8
EBITDA1 by Strategic Business Units

Singapore 1,060.9 1,143.2 1,475.1 1,359.5 1,704.3
Malaysia 513.8 578.5 675.2 555.9 760.1
India 13.7 6.3 360.0 200.5 666.5
Greater China (252.0) (208.7) (175.5) (146.5) (69.6)
PPL Others* 12.7 (1.2) 35.8 19.8 (113.7)
Parkway Pantai 1,349.1 1,518.2 2,370.7 1,989.2 2,947.6
Acibadem Holdings 617.9 617.3 853.5 796.1 1,198.9
IMU Health 80.6 84.9 87.2 75.7 86.7
Others* (50.8) (64.4) (78.7) (81.6) (85.2)
1,996.8 2,156.0 3,232.7 2,779.4 4,148.0
PLife REIT 282.7 321.7 294.4 308.9 349.9
Eliminations – – (209.3) (212.0) (218.5)
Total 2,279.5 2,477.7 3,317.7 2,876.3 4,279.4
Profit After Tax and Minority Interest (“PATMI”)

Including Exceptional Items 970.0 627.7 551.5 288.9 1,862.5
Excluding Exceptional Items 595.3 1,027.6 920.7 715.3 1,594.8
B. Financial Position (RM Million)
Total Assets 38,925.5 45,114.5 45,053.3 44,534.3 45,510.3
Net Borrowings 1,559.5 2,807.3 6,385.0 7,441.0 5,856.0
Equity attributable to Owners of the Company 21,890.2 21,994.0 22,339.5 21,739.8 22,424.9
C. Financial Ratios
Basic Earnings per Share (sen)
Including Exceptional Items 11.31 6.54 5.28 2.27 20.20
Excluding Exceptional Items 6.76 11.36 9.49 7.13 17.15
Net Assets2 per Share (RM) 2.66 2.51 2.55 2.48 2.55
Net Tangible Assets3 per Share (RM) 1.08 0.90 0.88 0.87 0.94
Return on Equity4 (%)
Including Exceptional Items 4.42% 2.86% 2.49% 1.31% 8.43%
Excluding Exceptional Items 2.71% 4.68% 4.15% 3.25% 7.22%
Return on Total Assets (%)
Including Exceptional Items 2.49% 1.39% 1.22% 0.65% 4.09%
Excluding Exceptional Items 1.53% 2.28% 2.04% 1.61% 3.50%
Net Debt Equity Ratio5 (times) 0.06 0.10 0.23 0.28 0.21
Notes
The above financial summary may not be comparable Comparative figures for the previous year are restated, 3. Being net assets attributable to ordinary shareholders
across the periods presented due to the changes in where applicable, upon the completion of the Purchase (excluding non-controlling interests) less goodwill
the Group structure. Price Allocation on the Group’s acquisitions of subsidiaries and intangible assets.
For changes in the accounting policies, adoption of as required under MFRS 3, Business Combinations. 4. Being PATMI for the year over average of equity
new and/or revised accounting standards, as well as 1. Being earnings before interest, tax, depreciation, attributable to owners of the Company as at year-
changes in presentation of financial statements for the amortisation, exchange differences, share of end and beginning of the year.
current financial year, only the comparative figures results of associates and joint ventures and other 5. Debt includes loans and borrowings as well as lease
for the previous year are restated to conform with non-operational items. liabilities (arising from IFRS16) and overdrafts.
the requirements arising from the said changes 2. Being net assets attributable to ordinary shareholders
or adoption. * Others comprise mainly corporate offices as well as
(excluding non-controlling interests). other investment holding entities.

Group Overview
Operational Highlights
FY2017 FY2018 FY2019 FY2020 FY2021
Malaysia
No. of hospitals at end of year 14 15 15 16 16
No. of licensed beds1 at end of year 2,399 2,503 2,537 2,908 2,961
No. of operational beds1 at end of year 2,182 2,327 2,372 2,696 2,676
Inpatient admissions2 197,563 203,419 218,051 158,944 151,944
Average length of stay3 (days) 2.7 2.7 2.7 2.9 3.1
Occupancy rate4 67% 67% 70% 49% 48%
Average revenue per inpatient admission (in RM) 6,237 6,615 7,054 8,428 10,346

Singapore
No. of licensed beds1 at end of year 942 967 998 998 1,039
No. of operational beds1 at end of year 928 942 960 991 989
Occupancy rate4 64% 63% 65% 55% 54%
Average revenue per inpatient admission (in RM5) 29,360 31,636 33,065 34,775 36,878

India
No. of licensed beds1 at end of year 1,664 5,954 5,887 6,154 6,011
No. of operational beds1 at end of year 1,192 4,845 4,770 5,004 4,756
Occupancy rate4 63% 59% 69% 54% 66%

Turkey and Europe
No. of licensed and operational beds6 at end of year 3,818 4,099 4,157 4,189 4,202
No. of overnight beds6 at end of year 2,729 2,781 2,863 2,893 2,997
Occupancy rate4 74% 78% 75% 67% 77%
Notes
The above information comprise operational data 1. Licensed beds are approved number of beds by 6. Under Turkish Law, “licensed beds” refer to the
relating to hospitals owned by subsidiaries in the the Ministry of Health that the hospital regularly approved number of beds used for observation
Group’s home markets only. It does not include data maintains and staffs. and treatment of at least 24 hours, including
relating to hospitals owned by joint ventures and Operational beds is an internal measure which intensive care, premature and infant unit beds,
associates of the Group, and does not include includes licensed beds utilised for patients. beds in the burn care units and as indicated in the
hospitals that are managed for third parties. hospital operation licenses. In addition to licensed
2. Represents the total number of overnight inpatients beds, “operational beds” include beds used for
Hospitals in Turkey and Europe do not compile certain admitted.
operational data, including number of operational treatments of less than 24 hours such as
beds, the average length of stay and occupancy rate, 3. Represents the average number of days an chemotherapy, radiotherapy and sedation or
on the same basis as the rest of the regions and overnight inpatient stays. other beds such as incubators, labour beds, beds
therefore, these numbers may not be comparable. 4. Represents the percentage of hospital operational/ for examination, small treatments and relaxation,
overnight beds occupied by inpatients. from which Acibadem derives revenue and does
For changes in classification/definitions for the current not require licensing.
financial year, only the comparative figures for the Occupancy rate may be lower due to new hospitals
previous year are restated to conform with the current that are in the ramp up stage. “Overnight beds” comprise beds used for
classification/definitions. observation and treatment of at least 24 hours.”
5. Prior years’ average revenue per inpatient
admission had been translated using the
exchange rate as at 31 December 2021 so as to
be comparable across periods.

Number of Hospitals Number of Operational Beds
16
Malaysia
2,676
Malaysia
4
Singapore
989
Singapore
31
India
4,756 India
22
Turkey & Europe
4,202
Turkey & Europe
Number of Average Revenue per

Inpatient Admissions Inpatient Admission (RM)
151,944 Malaysia
10,346Malaysia
64,227Singapore
36,878
Singapore
320,543 India
8,114India
219,582
Turkey & Europe
8,020
Turkey & Europe
See pages 56 to 61 on Operations Review and pages 62 to 84 on Sustainability for more information.

Group Overview
10 Year Milestones
• IHH Healthcare (IHH) successfully debuted on its

concurrent IPO in the Main Market of Bursa Malaysia
and Main Board of SGX-ST with 30 hospitals in markets
such as Malaysia, Singapore and Turkey
• IHH was included as a constituent of the following major
indices:
– FTSE Bursa Malaysia KLCI
– FTSE All-World Index
– FTSE All-Emerging Index
– FTSE Global Style Index • IHH forms strategic
• IHH was subsequently listed as a constituent partnership with Taikang
of the following: Insurance Group to
– MSCI Global Standard Indices (Large Cap Segment) accelerate its China growth
– FTSE Straits Times STI • Parkway Pantai and
• Opened Mount Elizabeth Novena Hospital in Singapore Shanghai Hongxin enter into
land contract for Parkway
Shanghai Hospital
• Opened Acibadem Atakent Hospital • Acibadem expansion to
in Turkey Bulgaria with the acquisition
• Opened Pantai Hospital Manjung of Tokuda Hospital and
in Malaysia merger with City Clinic
• Mount Elizabeth Novena opens • IHH divested equity stake

Singapore’s first maternity ward in Apollo Hospitals in India
in 16 years
25 July 2014 2016

2012 2013 2015 2017
• Parkway Laboratories offers • IHH expanded foothold in India via majority acquisition • Opened state of the art
first-of-its-kind MaterniT21 of Global Hospitals and Continental Hospitals Acibadem Altunizade Hospital
PLUS™ test for foetal DNA • Opening of Gleneagles Hospital Medini in Malaysia in Istanbul, Turkey
sequencing • Gleneagles Hospital Hong Kong
• Opening of Gleneagles Hospital Kota Kinabalu in Malaysia
• Gleneagles Hospital Hong opened in Wong Chuk Hang,
• Opening of Acibadem Taksim Hospital in Turkey
Kong awarded the Wong Chuk Hong Kong island south
Hang private hospital site • Acibadem International Medical
• Launch of Life Renewed with Centre opened in Amsterdam,
the help of Khazanah-IHH Fund Netherlands
• Gleneagles Global Hospital,
Richmond Town, Bengaluru,
launched in India
• Introduce precision medicine to
service offerings for customised
treatment plans for cancer patients
in Singapore

• Acibadem Turkey expands Europe footprint
with 70% stake in Bel Medic Group, a leading
• Mitsui entered a share purchase agreement healthcare operator in Serbia
to increase their stake in IHH to 32.9% • Gleneagles Hospital Medini • IHH Healthcare completes divestment of
• IHH consolidated its interest in Acibadem launches Cancer Centre Apollo Gleneagles Hospital Kolkata Joint Venture
to approximately 90% equipped with state-of-the-art and Continental Hospitals
radiotherapy system • IHH Malaysia’s Pantai Hospitals appointed
• IHH announced its 31.17% stake acquisition
via preferential allotment in Fortis Healthcare • IHH invests in genomic to provide COVID-19 vaccination at Setia City
medicine company Lucence Convention Centre in Malaysia
• IHH Malaysia announced the acquisition of to provide cancer patients
Amanjaya Specialist Centre (now Pantai • IHH Malaysia’s laboratory arm, Pantai Premier
better treatment outcomes Pathology, is one of only two laboratories in
Hospital Laguna Merbok), Kedah in Malaysia
• Mount Elizabeth Hospital Malaysia to receive an accreditation from the
• Acibadem Maslak Hospital in Turkey celebrated its 40th anniversary College of American Pathologists
completes expansion, now the largest
hospital of Acibadem Group • Gleneagles Hospital • IHH signed new long-term master lease
after expanding its service celebrated its 60th anniversary agreements for three hospitals in Singapore
area by 2.5 times with Parkway Life Real Estate Investment Trust
• IHH Singapore partnered with a

Singapore based company to
launch an AI-powered predictive
hospital bills estimation system
2021
2019 2020
2018
• Parkway Laboratories is the first private laboratory to be approved

by MOH to perform COVID-19 testing in Singapore
• Pantai and Gleneagles Hospitals across Malaysia commit 200 beds
to assist the public health system in treating non-COVID-19 patients
amid outbreak
• IHH rolled out telemedicine services and made virtual consultation
available across all its key markets worldwide
• IHH invests in Telehealth Start-up “Doctor Anywhere” to scale up
its digital ecosystem
• IHH Malaysia strengthens its Kuala Lumpur cluster through the
acquisition of Prince Court Medical Centre
• Launch of Fortis Hospital Vadapalani, Chennai, by the Honourable
Chief Minister of Tamil Nadu, Thiru Edappadi K. Palaniswami.
Fortis Healthcare’s 27th hospital in India
• Launch of IHH’s vision, mission and core values and our commitment to
build trust with all stakeholders

Group Overview
Awards and Accreditations

Awards
Gleneagles Hospital Kuala Lumpur
IHH Healthcare Turkey & Europe
GlobalHealth Asia-Pacific Award
SBR Management Excellence Awards Acibadem Healthcare Group
• Value-Based Hospital of the Year
2021 by Singapore Business Review
• Endocrinology Service Provider of Capital 500
• Executive of the Year – Healthcare
the Year • 79th among Turkey’s 500
Category
• Diabetes Service Provider of largest companies
All-Asia Executive Team 2021 by the Year • 1st in healthcare category
Institutional Investor
Gleneagles Hospital Medini Johor • 13th among the top 25 companies
• Ranked #2 for “Best CEO” and with the highest number of employees
“Best IR Program” (Healthcare & GlobalHealth Asia-Pacific Awards • 51st among 248 companies in
Pharmaceuticals category)
• Women’s Health & Fertility Medical Istanbul based on province
SBR Technology Excellence Awards Centre of the Year
Tech Brands Turkey
2021 by Singapore Business Review
• Most Technological Healthcare Brand
• Mobile – Healthcare Category
Social Media Awards Turkey 2021
Malaysia Book of Records
• Most number of Hashtags in a Singapore • Golden Award – Healthcare Sector
breast cancer awareness campaign Mount Elizabeth Hospital
The Asset Triple A Sustainable Capital GlobalHealth Asia-Pacific Healthcare
Markets Country Awards 2020 and Hospital Awards 2021
• Best M&A deal • Hospital of the Year
India
• Best Hospital of the Year in Fortis Hospital Anandapur
Singapore
Economic Times Healthcare Awards
• ENT Service Provider of the Year
• Best Multi-Speciality Hospital – East
Malaysia • Neurology Service Provider of
the Year Fortis Escorts Heart Institute
Prince Court Medical Centre
• Oncology (Medical) Service Provider
GlobalHealth Asia-Pacific Award of the Year
• Best Hospital – Cardiology – National
• Medical Tourism Hospital of • Stroke Centre of the Year
the Year • Transplant Service Provider of Fortis Memorial Research & Institute
• Nephrology Service Provider of the Year
the Year MOH Nurses’ Merit Award
• Best Hospital – Cardiology – North
• Orthopaedic Service Provider of
the Year Gleneagles Hospital • Best Hospital – Gastroenterology &
Hepatology – North
• Men’s Health Service Provider of GlobalHealth Asia-Pacific Healthcare
the Year and Hospital Awards 2021: Fortis Hospital, Bannerghatta Road
Pantai Hospital Kuala Lumpur • Spine Care Service Provider of
the Year
GlobalHealth Asia-Pacific Award • Best Hospital – Gastroenterology &
• Respiratory Service Provider of
Hepatology – South
• Hospital COVID-19 Healthcare the Year
Service Provider of the Year
• Oncology (Surgical) Service Provider
of the Year

Accreditations
Fortis BG Road Joint Commission International (JCI)
• Brother Siju PV – Florence Malaysia Pantai Hospital Kuala Lumpur

Nightingale Nurses Award 2021, Gleneagles Hospital Kuala Lumpur
Karnataka Gleneagles Hospital Penang
Fortis Hospital, Mohali Turkey Acibadem Adana Hospital

Acibadem Altunizade Hospital
• AHPI Award 2021 for ‘Quality Acibadem City Clinic UMBAL
Beyond Accreditation’ Acibadem Maslak Hospital
Fortis Escorts, New Delhi Acibadem Mehmet Ali Aydinlar University
Atakent Hospital
• AHPI Award 2021 for ‘Excellence Clinical Hospital Acibadem Sistina
in Healthcare’
Singapore Gleneagles Hospital
Global Hospitals, Mumbai Mount Elizabeth Hospital
Mount Elizabeth Novena Hospital
Nursing Excellence 2021 Parkway East Hospital
Navbharat Award National Accreditation Board for Hospitals and Healthcare Providers
(NABH)
• Best Multiorgan Transplant Hospital
in Western India 2021 India Gleneagles Global Hospital, Lakdi-Ka-Pul
Global Hospital, Mumbai
Gleneagles Global Hospitals
Gleneagles Global Health City
Excellence in Gynecology &
Malaysia Society for Quality Health (MSQH)
Obstetrics award 2021 – Times group
Malaysia Pantai Hospital Cheras, Pantai Hospital Penang,
Pantai Hospital Kuala Lumpur, Pantai Hospital Ampang,
Pantai Hospital Ipoh, Pantai Hospital Batu Pahat,
Pantai Hospital Manjung, Pantai Hospital Sungai
Greater China Petani, Pantai Hospital Ayer Keroh, Pantai Hospital
Klang, Gleneagles Hospital Kuala Lumpur, Gleneagles
Gleneagles Hospital Hong Kong Hospital Penang, Gleneagles Hospital Medini Johor,
Hong Kong Living Parent & Gleneagles Hospital Kota Kinabalu and Prince Court
Baby Awards Medical Centre
• Best Private Hospital
Hong Kong Business Technology
Excellence Awards 2021
• Remote hypertension care service
– online services, healthcare
Health Impact Award (Gold) – Dutch
Chamber of Commerce

Building trust among our stakeholders
is a critical foundation of our strategy.
Doing greater good by our patients,
people, the public and our planet,
we build strong and sustainable growth.
Strategic Report
Chairman’s Statement 24
MD & CEO’s Message 28
Market Outlook 32
Business Model 36
Business Strategy 38
Stakeholder Engagement 40
Our Material Sustainability Matters 44
Risk Management 47
Principal Risks 48

Strategic Report
Chairman’s It has been a challenging

Statement year as the world comes
to terms with COVID-19.
Even in the face of changing
times, IHH has remained
steadfast. Our clear vision
and purpose have helped
us focus on what matters
and provide resilience to our
business model. The key to
preserving trust and driving
IHH toward sustainability
is good governance.
Tan Sri Mohd Azlan Hashim
Non-Executive Chairman
alongside the public healthcare sector

in combating national pandemics.
In addition to supporting COVID-19
screening efforts, we continue to
enhance the clinical capacities of the
various countries.
Dear Stakeholders, As a leading healthcare organisation at the

helm of the pandemic, the improvement
Our public and private partnership in return on equity in 2021 proved that
efforts with governments of the countries we are gaining firm ground.
where we operate are essential. I would
like to commend the teams at IHH who Keeping IHH focused on delivering quality
have been working tirelessly to make performance is testament to the untiring
an impact for our communities towards efforts of the Management Team. Despite
bettering their health. With efforts in the unprecedented challenges on the
dedicating resources into public and business, the team has ensured both
private partnerships, private operators sustainability of the business and the
such as ourselves have a deep well-being of our employees, our most
responsibility in playing a critical role important asset.

Our Long-term as we continue to work towards the Roadmap annually to ensure
meeting their expectations. it remains current and progress
Commitment is being made toward our goals.
Sustainability is a key element of The next half-decade will be spent
IHH’s management philosophy. It is implementing our five-year Sustainability In line with demonstrating our commitment
a critical component to upholding Roadmap and Action Plan with Key for a sustainable business, we have
the trust our stakeholders place in us. Performance Indicators (KPIs) to track formed a dedicated sustainability team
our progress in the areas we believe led by a senior executive. The team’s
IHH has made significant progress are critical to IHH’s sustainable future. role is to champion the sustainability
since we started our sustainability mandate of the Group.
journey in 2016. In 2021, we finalised Designed to align with our five
our five-year Sustainability Roadmap sustainability pillars and three strategic At the same time, we are currently on
and Action Plan and implemented thrusts – Quality Healthcare, Eco-Efficiency track to fully integrating sustainability
the Sustainability policy. We engaged and Sustainable Growth – our targets across our operations, providing
in a materiality assessment exercise will ensure that we direct our efforts comprehensive disclosures on
to recognise the changing expectations in areas that will benefit the Group and sustainability performance, and
of stakeholders. The assessment stakeholders most. The Sustainability obtaining assurance for all disclosures
ensures that we stay keenly aware Management Committee (SMC) reviews by 2026.
of our stakeholders’ needs
Sustainability Journey
2016 2018 2020 2026 Goals
• Disclosed our inaugural • Inclusion of Gleneagles • Established Sustainability Policy • Fully integrate
sustainability statement in Global Hospital Richmond sustainability across
our Annual Report Road (Bengaluru) in the • Established Key Performance all operations
scope of sustainability Indicators (KPIs)
• Established our Sustainability reporting • Provide comprehensive
governance structure with • Developed a five-year disclosures on
clear lines of accountability Sustainability Roadmap sustainability
for sustainability management and Action plan performance
• Conducted our first materiality • Increased priority of health and • Obtain assurance for
assessment to identify our safety-related material matters all disclosures
material sustainability matters in response to COVID-19
2017 2019 2021

• Inclusion of hospitals in India in • Inclusion of Greater China • Finalized five-year
the scope of sustainability reporting and Eastern Europe in Sustainability Roadmap
scope of reporting and Action Plan
• Adopted six United Nations
Sustainable Development Goals • Establishing Anti-Bribery • Implemented
and Corruption (ABC) Policy Sustainability Policy
• Established Terms of Reference
for the Sustainability Committee • Reviewed material
to outline roles and responsibilities matters and conducted
of members a materiality assessment
• Conducted materiality assessment
to ensure relevance of material
sustainability matters
Please refer to page 62 for details from our Sustainability Statement.

Strategic Report
Chairman’s Statement
Guided by our purpose Caring for our People 2020. And for his firm focus on creating a
bedrock of trust, Dr Kelvin Loh was named
of “Touching Lives. At IHH, the safety and well-being of our Executive of the Year – Healthcare at
staff and patients are paramount, especially
Transforming Care.”, for a business directly exposed to pandemic
the 2021 Singapore Business Review
(SBR) Management Excellence Awards.
I am proud that our risks. Over the year, IHH has implemented
several initiatives to safeguard patients
team of IHH staff and staff’s physical and mental health. Instilling Trust
demonstrates integrity Some of these include managing employee The Board is committed to good corporate
fatigue by boosting staffing, creating job governance and, to that end, has aligned
and empathy, strives rotations, and having designated COVID-19 its practices to the revised Malaysian
routes and areas to prevent contamination.
for continuous Code of Corporate Governance, issued
on 28 April 2021.
improvement and Our patients are at the very heart of
everything we do and we rely on the With the amendment of our policies in 2020,
promotes innovation. entire Group to ensure that this happens. all new employees globally receive training
Our people embrace It continues to be a core value embraced on the Code of Conduct, Whistleblowing
in the Group today and an integral part Policy, and Anti-Bribery and Corruption
these values, which of our long-term sustainability strategy. Policy as part of their employee induction.
help us gain the trust The aspects of our core values are Patients At our Turkey-based healthcare subsidiary,
First, Integrity, Empathy, Teamwork Acibadem Holdings, e-learning videos have
of all stakeholders. and Excellence. been created to enhance our Groupwide
understanding of our operating Code
Today, COVID-19 has impacted the way and Policies.
we do business and it is imperative that
we focus on the qualities and our core Driving Innovation and technology are also
values that will take us further in to the important cornerstones of IHH’s future.
future. All of our decisions are guided by Over the years, IHH has embarked on a
this shared set of core values, supported digital transformation journey involving
by an engaged and collaborative workforce electronic medical records, telemedicine,
to lead us to become the world’s most patient portals, and knowledge sharing
trusted healthcare services network. platforms. In the course of our business
operations, we are acutely aware of the
Guided by our purpose of “Touching Lives. possibility of data breaches compromising
Transforming Care.”, I am proud that our the data of our patients. We value the
team of IHH staff demonstrates integrity trust that our patients has placed in us and
and empathy, strives for continuous take cybersecurity and patient confidentiality
improvement and promotes innovation. seriously by putting in place stringent
Our people embrace these values, which safeguard to secure data privacy. The Group
help us gain the trust of all stakeholders. complies with local regulations regarding
data protection in all its regions.
COVID-19 has presented challenges to
our staff, but they have consistently taken The Group has a Personal Data Protection
it in their stride and delivered exceptional Policy and a Privacy Notice or Policy
care and service. It is an honour for us that Statement safeguarding the access,
five of our nurses have been recognised disclosure, and storage of personal data.
with the Singapore Ministry of Health Additionally, Data Protection Officers
Nurses’ Merit Award 2021, up from four in (DPOs) have been appointed to implement

the Personal Data Protection Policy in all to help raise funds for breast cancer In another unprecedented
jurisdictions while also educating and patients in the More Than Aware Annual
providing advisory support to internal Family Fun Run in Shanghai. In Malaysia, year, IHH displayed
stakeholders on data protection matters. Pantai Hospital Ampang welcomed
some 200 senior citizens to lunch in
unwavering perseverance
We are also launching Cyber Security September as part of World Gratitude Day. and resilience, and
Centres of Excellence (COE) across
the board. COEs enable standardised To add to the convenience for the wider
focused on our long-term
policies and processes, technology upgrades, community, IHH Malaysia pioneered the future growth and
increase detection capability, and offer drive-thru COVID-19 swab tests from the
better responses to malicious actors. onset of the pandemic. Pantai Hospital
success. I want to thank
As part of our efforts to address the Penang took it a step further by introducing our patients, employees,
dynamic threat landscape, we make drive-thru COVID-19 vaccination in July.
it mandatory for all our employees partners, doctors and
to complete an Information Security In Turkey, Acibadem launched a 360 management for their
Awareness training course that marketing and communications campaign
was launched in 2021. to educate and encourage the public to contributions, support
get vaccinated. This was in the spirit of and trust in IHH.
These policies and practices complement dispelling fake news and misinformation
our efforts to improve patients’ lives around the COVID-19 vaccination. The
through technology and help us achieve integrated campaign spanned multiple
our vision to become the most trusted online and offline consumer touchpoints
healthcare services network in the world. and was widely reported in the media.
We have achieved these accomplishments,

Delivering Results as well as many others, because our
Our underlying assets remain very people put the needs of others above
strong, despite pandemic pressures. their own. In another unprecedented year,
Given our continuing balance sheet IHH displayed unwavering perseverance
strength, an encouraging long-term and resilience, and focused on our
outlook for the Company and our ability long-term future growth and success. I
to execute on the strategy, the Board want to thank our patients, employees,
declared a dividend of 6 sen per share, partners, doctors and management for their
amounting to RM527,780,000, a 50% contributions, support and trust in IHH.
increase compared to a year ago.
As we enter the new year celebrating
A Stronger and IHH’s 10th anniversary of being listed
on Bursa Malaysia and SGX, we are
Healthier Future more determined than ever to honour
While staying focused on the future and our commitment and to provide
ensuring our business runs smoothly, our sustainable growth to our stakeholders.
IHH team worked to ensure that patients
and communities’ needs were seen to. Thank you.
Over the past year, we not only opened

our doors to the community, but we
Tan Sri Mohd Azlan Hashim
opened our hearts too. In June, Parkway Non-Executive Chairman
Health China fielded a team of 50 runners

Strategic Report
MD & CEO’s 2021 tested our people’s

Message resiliency, financial discipline,
and vision. The strong
foundation we have built
over the years enabled us
to weather the challenges
arising from COVID-19,
financially and operationally.
We were able to pursue
sustainable growth amid
extraordinary circumstances
and see the benefits of
our efforts.
Dr Kelvin Loh
Managing Director and Chief Executive Officer
one cannot fully predict the future.

Nothing could have exemplified this
better than this pandemic. Hence,
it is important to build adaptability
in our organisation, which in turn
provides resilience.
Dear Stakeholders, In 2020, I laid out our strategy to sharpen

our focus on improving returns while
2021 tested our people’s resiliency, delivering growth and achieving stronger
financial discipline, and vision. synergies. We are happy to report that
Thankfully, the strong foundations we have achieved the Return on Equity
we have built enabled us to weather (ROE) target set in 2021 ahead of schedule.
the challenges arising from COVID-19 2020 was also the year the pandemic hit
financially and operationally. – our business was most impacted in the
second quarter where national lockdowns
One lesson I have learnt is that even resulted in the postponement of non-
in the best efforts of mapping out urgent medical procedures and resulted
trends and doing strategic planning, in a drop in foreign patients.

But by sticking closely to our 2020 day, we stand firm to our vision of being Highlights
strategy, underpinned by our purpose the world’s most trusted healthcare
of building trust, our performance rebounded services network by providing patient-
in 2021. Thanks to our focus on safety
for our people and building trust for
centred quality care.
RM17.1 billion
both COVID and non-COVID patients, In furthering trust, we have focused Revenue
our patient admission into our hospitals on delivering added value through our
has continued to grow over the year. We
have also responded swiftly to evolving
Value Driven Outcomes (VDO) initiative,
where we improve the quality of medical RM1.9 billion
Net Income
patient trends such as digitalisation and care for patients while optimising
telemedicine, even before the pandemic, healthcare costs. Now practised in five
which has allowed us to build on the
trust our stakeholders have in us.
regions – Singapore, Malaysia, Turkey,
Brunei, Hong Kong – VDO allows us to
17.15
look at value from the patient's point of Earnings per share excluding
Our revenue grew 28% to RM17.1 billion view. Moving forward, we are working to exceptional items (sen)
from FY2020, witnessing firm growth cover all VDO procedures by 2024 and
across all the countries we operate in.
Despite disruptions and movement
create a culture of improvement with our
physician partners. Read more about
8.43%
the VDO in our Case Study on page 4. Return on Equity (December 2021)
controls from resurging waves of the
pandemic, more local patients returned
to our hospitals to seek treatment. EBITDA Concurrently, we continue to strengthen
grew to RM4.3 billion, and Net Operating trust with our stakeholders. We are
Income (excluding exceptional items) fighting the COVID-19 war alongside
increased to RM1.6 billion. Net Income local governments. In Singapore, the
or PATMI grew to RM1.9 billion on the Changi Airport Group awarded Parkway
back of stronger revenue from returning Laboratory Services the contract to
local patients, contributions from COVID-19 become a laboratory vendor to provide C+ was localised and rolled out in Malaysia
services rendered, and maintaining Polymerase Chain Reaction (PCR) tests across Pantai Hospitals and Gleneagles
cost discipline. for on-arrival travellers at Changi Airport Kuala Lumpur Hospital. This successful
starting from November 2021. For our rollout is a testimony to our teamwork
In the wake of COVID-19, the global people, we support and ensure that they across borders, during heightened travel
average health spending to GDP ratio are empowered to carry out their work restrictions and our commitment to
jumped from 8.8% in 2019 to 9.7% in safely while enabling them to grow. excellence. We have also surpassed
2020. The pandemic has shown the For our shareholders, we have achieved the RM100 million target in cost savings
importance of public and private ahead of time the goal of doubling our with a Group procurement bulk-purchasing
partnerships and that collaboration return of equity that we announced at initiative in 2021.
between these sectors will be the way the start of 2020. We are not done yet,
forward. On our end, we continue to and we remain committed to further
actively support the public healthcare improving our returns and performance
Sustainable Growth for
sector and have collaborated with going forward. Generations to Come
governments to manage COVID-19 We are at the point of our journey where
through efforts such as testing, screening Global Operations we are poised to accelerate our growth,
and vaccination services. do so in a sustainable way, and continue
Synergised to improve our ROE for all our stakeholders.
Trust: The Cornerstone Our sizeable global healthcare network
uniquely positions us to leverage our Journeying into 2022, we have set our
of Our Business scale and group synergies to generate sights on four strategic pillars anchored
Healthcare decisions are deeply personal value across the business. The rollout on ‘Care. For Good.’. We will provide
and based on trust. Only by doing right of the digital Cerebral Plus (C+), a sustainable growth for all stakeholders,
by our stakeholders can we build a business proprietary Hospital Information System including patients, people and the public.
that touches lives and transforms care for developed by our very own Acibadem This is the new Growth Strategy as we
generations to come. Group, has been a key milestone in our celebrate our 10th anniversary as a listed
implementation of synergistic platforms company. Our four strategic pillars are;
We learned from this pandemic that throughout the year. C+ allows for build a trust culture, improve operations
people need to trust authority figures data standardisation, ease of changes, locally, synergise globally, develop
and remember that healthcare professionals seamless integration of functions, and growth engines, and have a compelling
have their best interests at heart. To this comprehensive data analytics. sustainability agenda.

Strategic Report
MD & CEO’s Message
We have identified five areas of sustainable Sustained Recovery Turkey & Europe
growth engines. First, we begin with
and Resilient For the full year of 2021, our Turkish
post-COVID-19 recovery as we emerge and European business has been on
into the new normal. Second, we will grow Performance a strong recovery path. Our Non-Lira
organically by improving bed occupancy contribution from operations has
and utilisation of existing facilities. We in Our Operations increased since 2017 to about 40%.
seek to continue to improve operating and Markets In addition, prices adjustments for our
efficiency and revenue intensity through service offerings were adjusted to
more sophisticated and complex medical Malaysia counter inflation in the country.
offerings. This will fundamentally There has been sustained recovery in
enhance the returns on our current Malaysia, with contributions from increased With that, Acibadem has continuously
asset base. local patient admission, complex medical been enhancing its services in Turkey
cases and COVID-19 related services. and Europe by undertaking more complex
Third, we will acquire strategic assets This is despite the movement control cases during the year. In Q3 2021,
utilising cluster strategy and into adjacent order (MCO) enacted in January 2021. Acibadem performed a highly complex,
markets with our deep operating know-how. At the same time, we have made 27-hour milestone operation to separate
We are well-positioned to seize merger & significant progress with the rollout of a set of conjoined twins.
acquisition opportunities, and will explore C+ at Pantai Hospital Ipoh and Pantai
investments in the healthcare value chain Hospital Penang. Looking into 2022, Through cross-currency swaps, we have
to deepen our home markets presence. our goal is to increase patient volumes hedged our foreign debt exposure and
This expansion of our clusters will allow and bed occupancy to pre-Covid level stabilised earnings. We diversified our
us to improve operational efficiencies and as the situation normalises, to grow via European based earnings to about 28%
tap on synergistic savings from operating the cluster strategy approach, and to of revenue. We aim to expand our footprint
overheads in our localities. extend reach to a rapidly growing in Europe to funnel more medical tourism
middle-class population in the country. to our Turkey hospitals.
Fourth, we aim to develop our laboratory
business in the various markets to become Singapore
a global laboratory platform. COVID-19
India
has propelled the robust growth of this The performance of Singapore’s hospitals We saw a strong recovery of core
space, and more frequent testing is has remained resilient despite lower non-COVID business, driving cost discipline
required as we move towards endemic foreign patient volumes. On the other and increasing productivity. With the
living. Laboratory services is a core hand, Parkway Laboratory Services is the streamlining of operations, our cost
business in our portfolio and in 2021 first private laboratory in Singapore to run savings plan for Fortis has borne fruit.
accounted for RM2.0 billion in revenue. the PCR test for COVID-19 testing. Our
laboratory capabilities have been enhanced As part of our strategy to increase
for COVID-19 to increase testing capacity. returns for our stakeholders, we divested
Fifth, we will see us driving innovation
Continental Hospitals in Hyderabad and
and embarking on a digital transformation
A new master lease agreement with Apollo Gleneagles Hospital Joint Venture
journey through digital and health tech
PLife REIT for three Singapore hospitals in Kolkata. We remain committed to
platforms. Today’s patients are seeking
will extend our term until 2042. The move growth in our India operations and Fortis
new ways to access healthcare. We want
strengthens IHH’s ability to operate at its is our largest platform. This is in line with
to fulfil that need and offer our patients
prime locations and serve patients in the Group’s continued execution of its
an omnichannel health experience.
Singapore. The agreement includes an strategy, one pillar of which is to review its
approximate RM460 million in renewal portfolio and capital deployment
Digital technologies enable the shift of to prioritise returns.
care downstream, and we see this as an capital expenditure, further enhancing
opportunity. Investing in technologies will our hospitals’ competitiveness and
quality positioning. Additionally, Fortis and Gleneagles Global
enable us to seamlessly deliver parts of Hospitals in India are providing increasingly
our care beyond the hospital walls. This complex procedures in India, including
enables our patients to continue to trust Our goal is to drive revenue intensity
as a “super” specialisation hub in the removing a 10kg tumour in Gurugram
us, as we innovate to provide them with and a hand transplant in Mumbai.
greater convenience, confidence and future. In 2023, IHH will be the first
empower them to make active decisions private hospital in ASEAN to open
the Proton Therapy Center in Mount In the coming years, our focus will be on
in their healthcare journey. We see increased improving the performance of Fortis and
investments in digitalisation and innovation Elizabeth Novena Hospital. We will
also be placing our focus on growing Gleneagles Global Hospitals to capture the
as a host of new technologies are high growth potential of private healthcare
integrated into care delivery, genomics the primary care and ambulatory
care segment. and laboratory services, through SRL
and precision medicine. Diagnostics, in India.

Greater China The COVID-19 outbreak has underscored Combining our online
the importance of doubling down on
We are pleased to announce that and onsite services
preventive and primary care to ensure
Gleneagles Hospital Hong Kong (GHK)
achieved EBITDA breakeven in
hospitals can manage any future outbreaks.
The World Health Organization noted that
will enable us to give
May 2021 and it is in a strong growth
trajectory. Patient growth continued
healthy, productive, and economically our patients greater
secure populations are backed by primary
despite COVID-19. GHK will focus on
health care systems that leave no one
convenience,
increasing services and operational
beds with our goal to grow EBITDA
behind. At the same time, as the Asian empowerment and
population ages, the need for hospital
continuously.
beds will increase. Acute tertiary care
the ability to do self-
A delay in the ramp-up of Gleneagles
will continue to rise in physical settings care. We seek to
such as complex surgeries, cardiovascular
Chengdu Hospital, hampered by the
illness, and cancer treatment. create a consumer-first,
COVID-19 pandemic, saw the impairment
of its assets. However, we will continue patient-centric model
COVID-19 has shown a number of spike
to focus on ramping up the hospital’s
mutations and beyond Omicron, we might to allow patients to
operations with the introduction of high
acuity specialties and re-examining the
continue to see new variants. However, draw from an even
we will remain resilient by sticking closely
physician engagement model to expand
the patient base in Chengdu. Meanwhile,
to our strategy of putting the patients at wider network
we will work on minimising start-up costs
the centre of all we do. of services.
for new hospitals in China, as the Group
looks to open Parkway Shanghai This year we are excited to mark the
Hospital in late 2022. 10th anniversary of IHH’s listing in
Malaysia and Singapore. In commemoration
of the listing, we will launch various
Our Gratitude campaigns to celebrate the rich legacy
We have certainly been hit with curveballs of the various brands under IHH, and
from the pandemic, but are beginning to unveil IHH’s ‘Care. For Good.’ Strategy
see a return to normality with the broader anchored on four strategic pillars, and ecosystem, we see an opportunity to
rollout of vaccines and booster shots. While #CareForGood initiatives, which drives deliver our core services seamlessly
patients are at the centre of our healthcare our sustainability agenda for the Group. from within the hospital walls and beyond.
delivery, we are cognizant that we are not Since our initial public offering in 2012, We seek to create a consumer-first,
able to deliver care without our people. we have seen the Group grow from patient-centric model to allow patients
strength to strength. For the full year to draw from an even wider network
I thank our people who are doing their best of 2021, IHH’s share price has improved of services.
for our patients and our doctors and nurses by 33% and outperformed the KLCI
who go home with mask marks on their by 37%. Keeping our focus on our vision to be
faces after a long day of caring for their the world’s most trusted healthcare
patients. Our cleaners have stepped up Our focus in the next phase will be services network, we are on track for
their sanitising frequency to keep our centred on our commitment to care sustainable growth in the new normal.
patients safe. These are the very people for patients, people, the public and our
who can count on us to stand by them planet. We will continue to strengthen our As we emerge from the pandemic, IHH
when they do the right thing for our patients. trust culture; improve operations locally, will not lose sight of our True North, our
synergise globally; and develop purpose to touch lives and transform care,
To this end, we assure our people that we sustainable growth platforms, with a and to keep our people and patients safe.
will protect their livelihoods and make sure clear goal to increase ROE, including our We are poised for sustainable growth and
they have the equipment and resources focus on growing the laboratory business are committed to growing our returns as
they need to fight the pandemic war. and setting aside US$100 million over we execute our growth strategy.
the next three years for our digital
transformation journey.
Future Forward Thank you.
Our core operations have rebounded We are pursuing a patient-centric digital
from the challenges we faced in the past transformation roadmap to deliver better, Dr Kelvin Loh Chi-Keon
two years. Our focus is to ensure that our seamless, and affordable care over the Managing Director and
people and patients continue to trust us. next few years. In building our digital Chief Executive Officer

Strategic Report
Market Outlook
As the world emerges from the pandemic, we expect some short-term headwinds such as
rising staff costs and inflationary pressures. We remain committed to deliver on our new
‘Care. For Good.‘ Strategy to provide sustainable growth and continue the journey to improve
returns for our stakeholders.
Trend Impact to Group
Current Trends
Economic landscape The global economy is expected to grow by 4.4 per cent in 2022, slowing from 5.9 per cent in 2021. In 2023,
growth is forecast at 3.8 per cent.
As a result of rising energy prices, supply chain disruptions, and widespread wage pressures, inflation has been
higher and more broad-based than expected, especially in many emerging and developing economies. Inflation
is expected to remain elevated. It is anticipated that inflation will result in higher operational costs at IHH, partly
as a result of salary competitiveness pressures.
As we move into an endemic period for COVID-19, government healthcare spending is expected to increase
in Malaysia and Singapore. Healthcare expenditure in Malaysia could reach RM 91.1 billion by 2025 with a 5-year
compound annual growth rate of 7.6 per cent in local currency terms and 8.9 per cent in US currency terms.
Singapore is anticipating an increase in healthcare expenditures as it transitions towards living with COVID-19.
Although private healthcare will remain in high demand, affordability of healthcare will continue to be a priority.
Strong demand for The elderly population of Asia is expected to reach more than 923 million by 2050. As life expectancy, chronic disease
private healthcare and co-morbidity rise in the region, the demand for private healthcare will rise substantially. As of 2017, Asia’s
healthcare spending totalled US$1.69 trillion. By 2026, it is expected to jump to US$2.27 trillion. Mass affluent
income is projected to grow from 57 million to 137 million in the ASEAN region alone by 2030, accounting for
21 per cent of the combined population. The rising affluence of patients demands personalised, efficient and
seamless healthcare experiences, and IHH must be ready to take advantage of these opportunities.
COVID-19 Impact The healthcare industry must adapt nimbly to disease outbreaks, epidemics, and pandemics, by stepping up security
measures and enhancing protections. Such health crises will likely increase the cost of staffing and consumables.
We do this to prevent cross-infections and ensure the safety of our staff, patients, and visitors. During times like
these, doctors and patients will likely postpone non-urgent procedures, thus impacting the healthcare industry financially.
Health systems worldwide are under pressure from this pandemic, including IHH. Our staff and patients, particularly
those working on the frontline, are at risk.
Nevertheless, in 2021, the situation was dynamic and evolving. IHH steadily saw a gradual recovery in the local
patient population. A rise in medical tourism is also expected due to the easing of border restrictions such as with
the implementation of Singapore’s Vaccinated Travel Lanes (VTLs) programme.
Long-Term Trends
Shifting preference As a result of COVID-19, consumers feel challenged and increasingly determined to become more active, engaged,
to digitally enabled, and empowered in managing their healthcare needs. Increasingly, consumers are using technology for monitoring
convenient and their health. Consumers use virtual visits more than ever before, and most say they will continue to do so.
seamless clinician-
patient interactions

Our Response Link to Link to
Strategy Principal Risk
The Group expects pressure from staff costs from the recruitment and retention of healthcare professionals
as we position ourselves for the recovery of business as usual (BAU) services.
To further grow our business performance, we will take the following steps:
• We will make healthcare better by using our global scale to extract synergies and improve operating
efficiencies to become a one IHH network.
• Enabling efficient capital growth by identifying and evaluating new and existing cluster opportunities
that are earnings accretive to IHH.
• We are extending existing revenue streams into new areas through our laboratory services and
partnerships with public health organisations.
• A patient-centric digital transformation roadmap will be implemented to deliver better, seamless, and
more affordable care to our patients over the next few years.
• A compelling sustainability agenda to care for patients by empowering them, care for our people by
shaping the best place for them to work at, care for the public by doing good for our communities and
care for the planet by making responsible choices to protect our planet’s health.
• As we stay guided by our vision to be the world’s most trusted healthcare services network, we remain on a
strong and sustainable growth trajectory in the new normal.
Our growth strategy is driven by five engines. We will examine these areas to provide sustainable growth
for stakeholders, including patients, people and the public:
• Recovering from COVID-19: Increasing volumes and occupancy to pre-pandemic levels as situation normalises.
• Achieving organic growth: Improving bed occupancy and utilisation of existing capacity.
• Acquiring strategic assets: According to cluster strategy and to adjacent markets.
• Developing our laboratory business: As a global laboratory platform.
• Driving innovation and digital transformation: Through digital and health tech platforms with US$100 million
allocated from 2022-2025.
IHH has remained agile in adapting to COVID-19. By diversifying our business services, such as improving
our laboratory business, which helps with COVID-19 testing, we can create new revenue streams. As proof
points of our commitment to combating COVID-19, we have also undertaken several COVID-19 related
services, such as taking in COVID-19 patients, vaccination projects, border screenings, and on-arrival tests.
In addition, IHH’s revenue streams are diversified across geographies. In markets such as Turkey and India,
where COVID-19 related services dropped in Q3 2021, it experienced a rebound in non-COVID core business
due to the high demand for private health care.
Over the past year, IHH has undertaken several initiatives:

• One of which is a strategic investment in a digital healthcare platform called Doctor Anywhere (DA)
so that the specialists from four of IHH’s hospitals in Singapore – Gleneagles, Mount Elizabeth,
Mount Elizabeth Novena and Parkway East – can offer teleconsultations. With this investment, our
brick-and-mortar operations will be complemented with the regional digital healthcare platform DA.
The solution will also allow us to deliver seamless, cost-effective care wherever our patients are.
• We have budgeted US$100 million in capital expenditures for the next three years for digital
healthcare initiatives.
• We will also train our clinical staff to develop digital capabilities. The seamless transition facilitates the
delivery of care beyond hospital walls. Among these services are repeat consultations, some early triage,
prescription refills, trend tracking and possibly even remote monitoring.

Strategic Report
Market Outlook
Trend Impact to Group
Long-Term Trends
Greater demand for Treatment care and cost transparency are essential to consumers. The majority of patients want to know how well
transparency they will be treated and their outcomes.
Recruitment and In recent years, the demand for skilled healthcare professionals has significantly risen, and the COVID-19 pandemic
retention of skilled has elevated this demand even more. As a result of burnout, about 1,500 healthcare workers resigned in Singapore
healthcare professionals during the first half of 2021, compared to 2,000 annually before the pandemic. According to the World Health
amid a competitive Organization and the World Bank, a shortage of 18 million healthcare workers is projected to occur worldwide
landscape by 2030. About 4.7 million additional health workers will be needed in Southeast Asia alone to achieve adequate
coverage. With this rise in demand for skilled and effective professionals, labour costs have also increased over the
years. Many healthcare providers are challenged to deliver effective and efficient services due to labour shortages
and higher costs.
Even though IHH remains well staffed, we are aware of the increased pressure on employees, especially frontline
workers, especially due to the pandemic. Given the rapid increase in the number of people and their growing needs,
we must find solutions to reduce labour-intensive tasks and improve overall productivity in the healthcare industry.
Geopolitical Tensions International companies can be exposed to business risks as a result from the escalating geopolitical tensions.
With current tensions in Europe and Asia, this disrupt supply chains and result in rising commodity and energy prices.
The economic implication of the tension and potential sanctions remain unclear. However, many organisations are
proactively managing the business risks arising from the situation.
Digital adoption / As healthcare service providers merge and consolidate their operations to maximise economies of scale, the industry
transformation is set in a competitive landscape. New disruptive services might change how patients consume healthcare services
in hospitals due to the speed with which healthcare companies and start-ups are adopting technology.
Public and private Healthcare demand and supply are mismatched globally, from drug shortages to protective equipment shortages,
partnership especially during the COVID-19 crisis. COVID-19 underscores the importance of public and private partnerships in
addressing healthcare emergencies efficiently and effectively. For a sound and sustainable healthcare ecosystem,
there must be mutual trust and collaboration between the private and public sectors.
Please refer to our Performance Review starting on Page 56 to see how these trends have impacted each of our home and key markets.

Our Response Link to Link to
Strategy Principal Risk
It has been several years since we began developing our Value Driven Outcomes (VDO) initiative. We
have completed setting common core indicators and market benchmarks for four priority procedures
(Knee Replacement Surgery, Knee Ligament Repair Surgery, Cardiac Angioplasty and Colonoscopy).
We have analysed the data to gain more insights into quality and cost of care for improvement.
Our goal is for all our markets to cover the four VDO procedures by 2024 and create a culture of
improvement together with our physician partners.
Over time, the pandemic would likely catalyse redefining expectations of healthcare services and financing
models as government coffers and payers shrink. There is a growing demand for value.
We developed and launched our very own AI-powered billing estimation tool. The AI tool will be used in
most, if not all, of Malaysia’s 16 hospitals by the end of 2022. Pilot tests will also take place at Gleneagles
Hospital Hong Kong.
We ensure competitive remuneration packages and career development opportunities for our employees,
we leverage technology and innovation to increase productivity. We continue to attract and retain top talent
thanks to our well-established reputation and cross-country exchange programs between our business units.
By increasing digitalisation, innovation, and technology.
Maintaining a positive mindset and constant upskilling are the cornerstones of our culture. We host a
Quality Summit where our employees present innovative projects from different markets every year.
Winning projects are selected for implementation so that the Group can improve productivity standards.
Our nurses are provided with stress and anxiety management tools through wellness programs.
The successful roll out of Cerebral Plus (C+) in some of IHH Malaysia’s hospitals can now offer greater
convenience, allowing our employees to focus on tasks that matter.
One of our approaches is to establish natural hedges of our future borrowings to match our investments,
preventing any mismatch in earnings with debt service. We reduce our dependence on a single market
by diversifying across our markets. The effect is to offset cyclical dips in one market with gains in another.
With our strong portfolio of cash-generating assets and strong cash flow generation in developed markets,
we are well-positioned to support our growth in emerging markets such as Malaysia, Turkey, India, and
Greater China. Please refer to pages 52 to 55 for our GCFO’s message.
Our capabilities and capacity to handle more complex medical cases have been strengthened. We are
bringing out better technologies, which will help us treat conditions in a less invasive ways and give
our patients a better quality of life. For example, Gleneagles Global Hospitals, Parel was the first Mumbai
hospital to successfully perform a bilateral hand transplant. Following the surgery, the patient could regain
95% of her hand function and lead an independent and normal life.
Our complementary digital ecosystem and services continue to be enhanced, and we have recently partnered
with a regional digital healthcare company, Doctor Anywhere (DA). The end-to-end digital platform allows
patients to schedule and receive virtual consultations with a doctor from anywhere and at any time. As a
result of this partnership with DA, we can expand our digital ecosystem to better serve our clients with a
full range of healthcare services.
With our international network, IHH is ready to be an extension of public healthcare systems and lend
our support to patients where we can. When the COVID-19 pandemic broke out, IHH was among the
first healthcare groups to take in COVID-19 patients. In 2021, we continued to enhance our public and
private partnership offerings.
Turkey’s Dalaman YDA Airport Acibadem PCR Laboratory has been operating since 1 June 2021 and
performs PCR tests for passengers 24/7.
Singapore’s Changi Airport Group awarded Parkway Laboratory Services the contract to provide
Polymerase Chain Reaction (PCR) tests for arrival travellers at Changi Airport from November 2021.

Strategic Report
Business Model
We are IHH, one of the world’s largest healthcare networks, with 80 hospitals in 10 countries.
With our unique reach and scale, we strive to continuously raise the bar in healthcare across
multiple geographies including our markets of Malaysia, Singapore, Turkey and India, and
create synergies throughout our network. We offer our patients comprehensive and personalised
care ranging from primary to quaternary and even ancillary services such as laboratory,
diagnostics, imaging and rehabilitation.
Our Assets
With a robust financial profile in each of our markets, IHH Healthcare is well-positioned for sustained
Financial growth. We benefit from a cash-generating operating model that allows us to access capital easily
Capital and invest for growth in a disciplined, prudent and capital-efficient manner.
Our Group provides integrated healthcare services through a global network of hospitals, clinics,
Manufactured and ancillary services in 10 countries. Providing excellent care with the best-in-class healthcare
Capital equipment and technology in our hospitals is one of our many responsibilities as an integrated
healthcare service.
With the extensive knowledge and expertise of our Board and management, we have been able to
Human establish an all-inclusive clinical governance framework to ensure that all our patients receive the best
Capital possible care. To build relationships with our patients and stakeholders, our employees must possess
the necessary skills and competencies. Our talent retention strategy includes a multi-pronged
approach to remuneration, training, and development opportunities to attract and retain highly
qualified clinical and non-clinical personnel.
The individual patient experience is at the core of our quest for innovative solutions to improve patient
Intellectual care, outcomes, and experience. Our ability to leverage intellectual and digital assets allows us to
Capital improve our operations and the delivery of affordable care.
The in-house bill estimation solution FeeAdvisor.ai has been progressively deployed in our hospitals
in Malaysia and Singapore. The product will also be pilot tested in Gleneagles Hospital Hong Kong.
FeeAdvisor.ai is an important part of our hospitals’ financial counselling process where patients get
clarification and more transparency regarding their medical bills before admission.
Our healthcare brands are renowned for their premier service quality and are among the most
prestigious in Asia and Central and Eastern Europe. These brands include Gleneagles, Mount
Elizabeth, Pantai, Parkway, IMU, Fortis Healthcare, Acibadem and Prince Court.
To provide the highest level of service, we must be committed to our key stakeholders. We strive
Social and to build long-term relationships through proactive engagement with our patients, employees,
Relationship physicians, business partners, and various governments and communities.
Capital
To protect our planet and the wider community, we prioritise efficient consumption of natural
Natural resources and appropriate management of generated wastes.
Capital
Trust Synergy
‘Care. Our strategy is built on a Our network of 80 hospitals across
For Good.’ foundation of trust among our
patients, employees and
10 countries allows the Group to
achieve stronger synergies by
Strategy communities, which engenders
strong and sustainable growth.
pooling together best practices
and building deep capabilities.

As we build on what we do well and share our strengths and resources globally, we are
making healthcare better, faster, easier and more affordable for our patients. With the wide
range of healthcare services the Group provides, we are able to deliver excellent clinical
outcomes for patients and deliver long term sustainable value for our stakeholders.
Value generated Value preserved Value eroded
Delivering Value to Our Stakeholders Value Generated,

Preserved or Eroded
• Group revenue
• Net Income
• Declared dividends
• Share price
• Return on Equity
• Number of hospitals and medical clinics

• Capital expenditures into medical equipment
• Financial investments into upgrading works
• Singapore Business Review names IHH Managing Director and CEO Dr Kelvin Loh as
Executive of the Year (Healthcare)
• Employee engagement rate
• Number of long service awardees
• Number of recipients of the Ministry of Health (Singapore)’s Nurses Merit Award 2021
• American Nurses Credentialing Center (ANCC) awards IHH Singapore a four-year
re-accreditation as a provider of nursing continuing professional development.
• More affordable care

• Improvement in clinical quality indicators
• Patient satisfaction scores

• Launched engagement activities for our doctors and nurses
• Safeguards are in place to protect patients’ data and privacy.
• Waste minimisation efforts

• Appropriate hazardous waste management
• Energy efficiency efforts
Growth Sustainability
• Recovering from COVID-19 • Driving innovation and digital Care for Patients, People,
• Achieving organic growth transformation: Public and Planet
• Acquiring strategic assets
• Developing our laboratory
business

Strategic Report
Business Strategy
Our vision and strategy is underpinned by four pillars, Trust, Synergy, Growth and Sustainability.
As we are poise for our next phase of growth which is driven by our five growth engines, this
will be anchored on the ‘Care. For Good.’ Strategy. This means we will double down on the
Care in healthcare and not just by doing Good, but doing it for generations to come.
Our Strategy
By providing excellent medical care

and outcomes, we stay true to our patients’
trust in us. Our culture of trust motivates our
employees to reach their full potential and
ensures they deliver the best patient care.
Trust
c h ing Liv
ou es IHH’s global scope allows us to bring deep
T operating capabilities across our network

and drive stronger synergies through the
growing breadth and depth of our services
and quality.
Synergy
Poised for sustainable growth – creating

new peaks. As we emerge and live in the
new norm, IHH is looking to build on our
organic growth through improving on
operating metrices on the current asset base.
Thereafter, IHH is looking to build on our
new peaks to grow in new strategic areas
according to our cluster strategy and/or in
Growth
Tr
adjacent markets across multiple areas of the
an r e healthcare industry. We will embark on our
s fo r mi n g C a digital transformation journey to include

ramping up our laboratory capabilities and
collecting health data to build a truly seamless
offline to online global healthcare ecosystem.
We will be doubling down on care with a

compelling sustainability agenda for our key
stakeholders. We are committed to delivering
exemplary care to 4P’s: our patients, people,
Sustainability the public and our planet. We will always
provide Care. For Good.

Driven by 5 Growth Engines Our Enablers
Recover from COVID-19

Transforming healthcare
with trust through Value IHH expects to see increased volumes and
Driven Outcomes and
1 occupancy to pre-pandemic levels as the
strong working situation normalises. For example, our core
partnerships operations in Malaysia and Singapore has ample
room to fill up beds and ramp up occupancy in
our hospitals as local patients return for elective
Read more on treatments and with the return of foreign patients
pages 4–5 from medical tourism.
Achieve Organic Growth

Collaborating with
IHH will look to drive efficient capital growth by
Purpose-driven
Acibadem to roll
out Cerebral Plus
2 improving bed occupancy and better utilisation Employees
of existing capacity.
Read more on
pages 6–7
Acquire Strategic Assets Culture of

Our strong balance sheet now positions the Group Innovation
3 for a new phase for growth via strategic acquisitions.
IHH will look to acquire strategic assets based on
our cluster strategy in existing and adjacent markets
that we can operate well in.
IHH’s five engines Trusted and
for growth as laid
out in 2022 Responsible
Partners
Develop Our Laboratory Business
Read more on
pages 8–9 Our vision is to become the world’s most trusted
4 medical laboratory services provider. IHH has a
leading presence for its diagnostics laboratories
in markets such as Malaysia, Singapore, Turkey Environmental
and India. We will utilise our leading positions and Stewardship
capabilities to grow in the diagnostic laboratories
segment in the coming years.
A compelling
Drive Innovation &
Sustainability agenda Digital Transformation
5
We will transform our business model so that we
Read more on have an entire healthcare ecosytem in which
pages 10–11 we connect patients in our digital world, to bring
convenience to our patients and improve seamless
care from online to our brick-and-mortar business.

Strategic Report
Stakeholder Engagement
IHH recognises that our stakeholders are people impacted by the Group’s position as one of
the world’s leading international healthcare providers. We realise that their voices are integral
to our decision-making process. Our key stakeholders include senior management, doctors,
nurses, employees, investors, shareholders, academia, students, patients, accreditation
bodies, regulators, local communities, intermediaries, suppliers and service providers.
Stakeholder Group Stakeholder Profiles
Senior Management Senior Management sits right below the Board of Directors in our
governance structure. They guide the Group’s economic, environmental
and social strategic decisions to achieve constant and sustainable
business growth.
Doctors, Nurses This stakeholders group is the backbone of our organisation and
critical to our success as a leading international healthcare provider.
and Employees We prioritise having a conducive work environment, one that
encourages open communication to promote optimal performance.
Investors and Our investors and shareholders provide capital funding for IHH to
develop our operations across all geographic regions. Their emphasis
Shareholders is on the Group’s performance and reputation, providing value to
our patients, which then become value to our investors.
Academia Our academia at IMU have the ultimate responsibility to nurture the
next generation of healthcare professionals. We strive to foster their
success, and that of our students, by ensuring our academia are
provided all the necessary resources to provide a top quality education.
Students IMU students are the future of healthcare. We provide them

with a conducive learning environment and quality education,
creating opportunities for them to develop into highly skilled
healthcare professionals.

IHH strives to better understand our stakeholders’ key issues and concerns through
numerous engagements. By mapping stakeholder interests against business objectives,
we can help define our strategic priorities. We aim to build a meaningful relationship with
all our stakeholders through active and continuous engagement.
Key Expectations IHH’s Response Methods and Frequency of Engagement

• Financial performance At IHH, our Senior Management • Monthly IHH Operations Meetings
• Talent attraction and retention is equipped with resources and • Quarterly Board Meetings
support systems to effectively
• Succession planning • Quarterly Board Audit Committee Meetings
lead and support their teams in
• Operational performance striving to perform to the best • Quarterly Board Risk Management Committee Meetings
• Sustainable growth of their abilities, which in turn • Monthly Board Steering Committee Meeting
enhances the Group’s reputation
• Board Nomination Committee Meetings (as required)
and performance.
• Staff and doctor engagement/ Town hall meetings are • Annual Town Hall Meetings
feedback sessions conducted to have an open • Annual Focus Group Sessions
• Positive workplace culture and dialogue with employees to
• Annual/Bi-annual Employee Engagement Surveys
a conducive working environment address their concerns and
develop strategies to improve • Weekly Physician’s Meetings
• Career development and training
performance. Training and • Annual Quality Summit
• Celebrate and share quality improvement development programs are
efforts across IHH Group provided to enhance skill sets
• Embark on innovative approaches to and support career growth.
inspire and encourage idea generation
at work
• Continued operational growth Our investors and shareholders • Annual General Meeting (AGM)
and financial sustainability are directly linked to the wealth • Extraordinary General Meeting (EGM) (as required)
• Clear and transparent reporting creation of the Group. Their
• Ongoing investor conferences, site visits and ad hoc events
investment decisions and interest
• Strong Corporate Governance framework with investors, engagement sessions with sell-side and
in IHH depends on both the
• Effective and timely buy-side analysts
financial and non-financial
shareholder engagement performance of the Group. • On-going non-deal roadshows
• Succession planning • Corporate website
• Research and development At IHH, we cultivate an • Bi-annual Town Hall Meetings

• Strong relationship with Partner environment where academia • Faculty Meetings (every two months)
Schools/Universities can exchange ideas and
• Quarterly Dean Meetings
information on the latest
• Education financing, teaching • Biennial Staff Barometer Survey
healthcare development and
and learning support
research, as well as provide
• Industry partnership a platform for community
• Students’ welfare and emotional support engagements.
• Strong relationship with
residents and community
• High-quality education at affordable prices At IHH, we strive to provide • Regular monitoring of teaching and learning activities
• Highest knowledge, skills and competency world-class education and • Quarterly Meeting with Students’ Representative Council
upon graduation and throughout support to the next generation
• I-Barometer survey on student’s satisfaction
professional career of medical professionals. We
foster an environment • Mentor-Mentee system
conducive for learning and • Programme Director briefing to the class every semester
keeping abreast of the latest
industry developments.

Strategic Report
Stakeholder Engagement
Stakeholder Group Stakeholder Profiles
Patients At IHH, our patients are among our most valued stakeholder groups.
We provide them with satisfactory levels of healthcare services to
build trust and loyalty, and improve clinical outcomes.
Accreditation Bodies Accreditation bodies such as Malaysia Society for Quality in Health (MSQH),
Joint Commission International (JCI), Malaysia Research Assessment
(MyRA), ensure that IHH provides high-level healthcare services and
education in line with accreditation requirements and standards.
Regulators Regulators assess IHH’s operations and ensure compliance with

relevant laws and regulations. We maintain frequent communication
with them to ensure that the Group is kept up to date with the latest
regulatory requirements.
Local Communities Local communities are the main beneficiaries of our Corporate Social
Responsibility (CSR) initiatives. These initiatives primarily aim to
develop and enrich the communities we engage with and improve
public health awareness.
Intermediaries Intermediaries are third-party representatives that assist us in the provision

of healthcare services across IHH hospitals and clinics. Some examples
of our intermediaries include insurance companies, corporate customers,
and third-party administrators.
Suppliers and Suppliers and service providers are an important group to IHH as they
support our operations by providing the quality provisions necessary
Service Providers for our operations. We maintain an ethical and professional relationship
with our suppliers and service providers to ensure a transparent and
sustainable supply chain.

Key Expectations IHH’s Response Methods and Frequency of Engagement
• Delivery of quality healthcare At IHH, we strive to deliver • Consultations (as required)
• Patient experience excellent healthcare services • Patient Satisfaction Surveys conducted throughout the year
that revolve around patient
• Health awareness and information • Admission and Discharge
care. We conduct patient
• Cost-effectiveness satisfaction surveys to better • Patient Education and Family Conferences (as required)
• Patient privacy and data protection understand and enhance
our performance.
• Regular audits and verifications To ensure that we meet the • Triennial JCI audit and inspections
• Meeting international benchmarks requirements set by the • Annual MSQH surveillance audit
accreditation bodies, regular
• MSQH certification inspection conducted every four (4) years
audits and inspections are
conducted to evaluate our • Triennial NABH certification audit
performance and actions • MQA audits (as required)
are taken to bridge any
• Biennial SETARA Assessment
“gaps” identified.
• Annual Malaysia Research Assessment (“MyRA”)
• Compliance Regular inspections and audits • Formal correspondence and meetings (as required)
• Regulatory reform relating to are conducted to ensure that • Hospital visits (as required)
hospital planning we comply with relevant
• Biennial audits and inspections by the Ministry of Health
legislations and requirements.
• Employee and patient safety
• Improving accessibility to IHH conducts various health • On-going programmes for free medical treatment
healthcare services and education programmes to • Health awareness initiative
• Increasing public awareness promote the health and wellbeing
• Scholarships and professorships are endowed and carried
about healthcare of our local communities.
out in perpetuity
• Providing opportunities to the next • Sponsorships and donations
generation of healthcare professionals
• Funding community projects
• At the service level – timeliness of the At IHH, we strive to strengthen • Daily Guarantee Letter/Referrals
guarantee letter issuance from relationships with intermediaries • Health talks, forums, Continuing Medical Education (“CME”)
intermediaries through frequent engagement carried out monthly or every two months
• The cost of healthcare in private hospitals, via referral letters and talks to
• Process and service improvements carried out monthly,
especially in medical treatment packages guarantee smooth operations
quarterly, or when required
and services of our healthcare systems.
• Hospital empanelment/renewal (as required)
• Claim and charges review meeting (as required)
• Cost-effectiveness We foster good relationships • Vendor presentations and product demonstrations are
• Fair and transparent negotiations with our suppliers and service conducted upon the introduction of new products
providers by ensuring • Formal sessions to update knowledge on product
• Value proposition price and quality
transparent tender processes information conducted at least twice a year
as well as evaluating their
• Tender briefings are held at each tender session upon
service performances.
the user’s request on tender specifications
• Tender clarification sessions are held with each tender
launched on details in related to tender submissions
• Price negotiations with vendors are carried out regularly
– both for existing and new purchases.

Strategic Report
Our Material Sustainability Matters

Material sustainability is one of the highest priority sustainability areas for the Group.
In terms of our business and the sustainability of our operations, these topics present
both opportunities and risks. In FY2019, we developed our current list of material sustainability
matters, which has been maintained since last year. Following a meeting with the SMC
to discuss the relevance of the material matters, it was decided to keep the same list for
FY2021. Twenty material matters have been chosen in alignment with our five core pillars.
Our Patient Our People Our Organisation Our Environment Our Community
• Patient Safety and • Occupational • Ethics and Integrity • Waste • Affordable and
Welfare Safety and Health • Regulatory Management Accessible
• Quality of Care • Human Rights Compliance • Energy Treatment
and Patient • Employee • Corporate Conservation • Community
Satisfaction Capability Building Governance • Water Efficiency Engagement
• Privacy of Patients’ • Talent Recruitment • Technology and • Green Design and
Data and Medical and Retention Innovation Construction
Records • Economic • Climate Change
Performance
• Cost-Effectiveness
After the 20 material matters were confirmed, an assessment was performed to generate a materiality matrix. Each matter is ranked
based on its relative importance from the matrix's stakeholder and business perspective.
A three-step process was used to develop the materiality matrix.
01 02 03
Identification Prioritisation Validation
The relative importance of each The Board reviewed the matrix

Those material matters most material matter was determined and validated the findings.
relevant to IHH’s operations and using a weighted ranking method.
stakeholders were determined. The assessment was conducted
After consideration, the same with members of the Sustainability
material matters from FY2020 Management Committee (“SMC”).
were maintained for this Additionally, members from five
financial year. key stakeholder groups were
engaged to obtain the perspective
of external stakeholders.

IHH's Materiality Matrix for FY2021 is presented below.
Material Sustainability Matter Legend
Very High
Our Patients
Patient Safety and Welfare A
Quality of Care and Patient Satisfaction B C
BA
Privacy of Patients’ Data and Medical Records D D
Significance to IHH’s Stakeholders

F
Our Organisation E
Ethics and Integrity C H
Regulatory Compliance F G
L J
Corporate Governance G O K I
N M
Technology and Innovation I
Economic Performance L
Cost-Effectiveness M
P
Our People R Q
Occupational Safety and Health E T S
Human Rights H
Employee Capability Building J
Talent Recruitment and Retention K
Moderate
Our Environment
Waste Management N
Moderate Significance to IHH’s Business Operations Very High
Energy Conservation Q
Water Efficiency R
Green Design and Construction S
Climate Change T
Our Community
Affordable and Accessible Treatment O
Community Engagement P
As in previous years, the top three material matters are Patient Safety and Welfare, Quality of Care and Patient Satisfaction, and
Ethics and Integrity.
Human Rights, Technology and Innovation, and Employee Capability Building were prioritised, reflecting the "new normal" operating
during the COVID-19 pandemic. For this reporting year, economic matters such as Economic Performance, Cost-Effectiveness, and
Affordable and Accessible Treatment have decreased relative importance. Similarly, the current COVID-19 epidemic and the shift
in stakeholders' focus towards health and safety issues and topics relating to employee wellness may have contributed to this trend.

Strategic Report
Our Material Sustainability Matters
Mapping Our Material Matters
All of IHH's sustainability topics, key performance indicators, and the United Nations Sustainable Development Goals are deeply
entwined with one another and with IHH's five sustainability pillars. The map below illustrates this:
Our Sustainability Pillars
Our Patient Our People Our Organisation Our Environment Our Community
• Patient Safety and • Occupational • Ethics and • Waste Management • Affordable and
Welfare Safety and Health Integrity • Energy Accessible
• Quality of Care and • Human Rights • Regulatory Conservation Treatment
Patient Satisfaction • Employee Compliance • Water Efficiency • Community
• Privacy of Patients’ Capability Building • Corporate • Green Design and Engagement
Data and Medical • Talent Recruitment Governance Construction
Records and Retention • Technology and • Climate Change
Innovation
• Economic
Performance
KPI: KPI: • Cost-Effectiveness KPI:
Patient Employee Waste
Satisfaction Appraisals Reduction
Our Stakeholders

Risk Management
Managing risk is an integral part of our business strategy and drives stronger, more sustainable
strategies to achieve long-term growth and profitability. IHH Healthcare’s robust risk management
framework is underpinned by a collaborative risk culture with clearly defined ownership and
accountability for risk management at all levels.
Risk Management Framework determination, the Group’s level of An Enterprise Risk Management (ERM)
risk appetite and tolerance, and actively framework is deployed at the Group level
The Board has overall responsibility for
highlight, assess, and monitor key and major operations divisions. This
risk governance and provides oversight
business risks of the Group. framework provides a systematic process
of risk management systems and
for the Group and its business units to
internal controls implemented by Group
In addition, the AC assists the Board identify, assess and mitigate key business
management within all business units
in fulfilling its statutory and fiduciary risks in a proactive and timely manner,
and functions.
responsibilities by ensuring a sound with quarterly updates to the RMC.
and robust internal control framework
The Audit Committee (AC) and Risk
is implemented across the Group. Our Corporate Governance Overview
Management Committee (RMC) oversee
The AC further ensures the effective Statement, Statement on Risk Management
the design and effectiveness of the Risk
implementation of such framework and Internal Control, Audit Committee
Management framework and policies.
to enhance the Group’s ability to Report and Risk Management Committee
In doing so, the AC and RMC review
achieve its strategic objectives. Report are described in more detail on
and recommend, for the Board’s
pages 100 to 133.
Integration of Risk Management and Material Matters

Risk Treatment, Process
Monitor and Review Review
Risk Evaluation, Stakeholder

Communication and RISK CORPORATE MATERIALITY Engagement and
Consultation MANAGEMENT STRATEGY ASSESSMENT Prioritisation
Risk Identification Identification and Categorisation

and Analysis of Sustainability Issues
The Group faces an evolving landscape may be emerging in our business Across major Group entities to
of economic, environmental, social and environment. Sustainability has been manage sustainability risks through
governance-related (EESG) risks and integrated into our ERM framework, responses needed to counter threats
opportunities that have the potential where matters that are critical to the and take advantage of opportunities.
to significantly impact our business Group are assessed and managed Annual risk reviews are undertaken
performance and sustainability. based on defined risk rating criteria of with independent assurance to ensure
likelihood and impact. This approach our risk management framework and
Through stakeholder engagement and allows us to compare sustainability issues processes are sound and effective
materiality assessments, the Group with other business risks, and prioritise and the risk implication of any change
regularly reviews and assesses our resources to manage risks. For more in strategy is identified, assessed and
EESG risks – including the risk dimension information on material sustainability documented. Refer to page 126 for more
of missed opportunities – that exist or matters, refer to page 44. on our risk management strategy.

Strategic Report
Principal Risks
With a well-designed risk management system, the Group is able to identify, track, and
mitigate the principal risks associated with our operations. As a result of this system,
the Group is equipped to make informed decisions, ensuring that all risks are managed
in a manner consistent with expectations and returns.
Key Area Principal Description

Risk Factor
In the countries where we operate, we are subject to political, economic, and social
Strategic developments, conditions, and changes that are more complex due to COVID-19.
In our capacity as a healthcare services provider, the Group faces the risk of infectious
Operational disease outbreaks.
Global supply chains continued to be impacted by the COVID-19 pandemic amid virus
mutations in 2021, causing uncertainty across industries and sectors.
In the midst of the ongoing pandemic, the Group faces government directives, movement
restrictions, and changes in patient behaviour in the countries where we operate,
affecting patient volume and affordability due to the global economic downturn.
Information Technology (IT) systems are used to support the Group’s business, including
Cyber and the handling and storage of personal and confidential information. The Group may be
Information subject to penalties and legal action for breaches of privacy and security regulations
resulting from cyber attacks and security breaches.
Technology As a result of the COVID-19 pandemic, medical and technological advancements in the
healthcare industry have accelerated, thus intensifying cybersecurity threats.
Even as the Group strives to build a trust culture, leakage of personal and confidential
data would cause reputational damage and adversely affect revenue.
Climate change presents new risks to the Group. Aside from physical risks such as
Environmental, flooding that may threaten our healthcare facilities, and climate-related disease burdens,
social, and the Group is vulnerable to transition risks that might arise from society’s response to
climate change. For example, increasing stakeholder expectations on sustainability
governance performance may lead to an increase in regulations and business costs, undermine
(ESG) viability, and reduce asset values.
The Group is exposed to foreign exchange risk on sales, purchases, cash and cash
Financial equivalents, receivables and payables, loans and borrowings denominated in currencies
other than the respective functional currencies of Group entities. The volatility of exchange
rates could adversely impact our business, financial condition, results of operations,
and prospects.
Volatile currencies include the Turkish Lira, whose value has depreciated by approximately
40% against the US dollar since 2021. The net import economy was thereby put under
upward inflationary pressure, which had the effect of increasing costs and eroding margins if
price adjustments were asymmetric. Since many of our entities have functional currencies
other than the Malaysian Ringgit, the Group is also exposed to currency translation risks.
In addition to the Turkish Lira, the Singapore Dollar followed by the Indian Rupee are the
principal foreign currencies we use in business.
Trend indicates change in pre-mitigation risk level over the year:
Pre-mitigation risk increased Pre-mitigation risk remained unchanged Pre-mitigation risk decreased

Mitigation Measures Material Matters Trend
The Group’s key mitigating strategy involves diversifying our business model and geographic focus. • Regulatory Compliance
In doing so, we can leverage synergies, which in turn will boost earnings. • Economic Performance
By being present in multiple countries, the Group is able to better mitigate the effects of political
instability and market volatility in each of those countries. Our monitoring efforts continue for
countries facing political uncertainty to ensure any adverse effects are understood and mitigated
where possible.
The Group has helped administer COVID-19 vaccines through vaccination centres to support • Cost-Effectiveness
mass vaccination efforts throughout the world. Furthermore, the Group provided testing facilities • Occupational Safety
and hospital beds to public hospitals for both COVID-19 and non-COVID-19 patients. and Health
Through improved productivity and cost control, as well as enhanced revenue streams from • Patient Safety and Welfare
COVID-19 services, operational resilience has been strengthened.
• Quality of Care and
The Group continuously monitors occupancy rates, revenue intensity, medical tourism shares, Patient Satisfaction
and other metrics for our core business to adjust operations to meet patient trends.
We have developed a Group Personal Data Protection governance framework to guide Data • Protection of Personal
Protection regulatory compliance and Data Protection best practices. Divisional Data Protection Data and Data Subjects
Officers have been appointed, which will facilitate the implementation of the framework. All • Regulatory Compliance
relevant personnel are receiving general and specialized training in Data Protection.
• Employee Capability
As part of continuing security reviews and upgrades, we monitor networks and systems, conduct Building
vulnerability assessments and penetration tests.
While the Group maintains insurance coverage to mitigate against the various cybersecurity risks,
there can be no guarantee that all costs and losses will be fully covered.
We are committed to creating sustainable and long-term business growth and protecting our • Climate Change
community and environment with the ‘first, do no harm’ principle. • Community Engagement
Our Sustainability Statement outlines our approach to sustainability. Our Sustainability Management • Energy Conservation
Committee, chaired by our Managing Director and Chief Executive Officer, has taken the first step
• Green Design and
in developing our five-year Sustainability Roadmap and Action Plan, with Key Performance Indicators
Construction
(KPIs) implemented to track our progress toward the goals we consider critical to ensuring IHH’s
sustainable future. • Waste Management
• Water Efficiency
The Group actively monitors the effect of foreign exchange risk on our cash flow and the degree • Economic Performance
of natural hedges and, where possible, minimizes such risk by either borrowing in the functional
currency of the respective entities or entering financial derivative contracts like foreign exchange
forward contracts and cross-currency interest rate swaps to financially hedge our exposure. The
Group does not hedge against translation effects and positions which do not have underlying real
cash flows.
The Group continues to monitor market and pricing trends, while working on minimising costs
through efficiency and productivity improvements in affected countries. An upside opportunity
exists in the expansion of international travel as medical tourists may seek to benefit from favourable
foreign currency exchange rates.

Growing
with Purpose
We aim to touch lives and transform care by
providing exemplary service to our patients,
anchored on a continuous focus on clinical,
operational, and service excellence.
Performance Review
GCFO’s Message 52
Operations Review
– Malaysia 56
– Singapore 57
– Turkey and Europe 58
– India 59
– Greater China 60
– IMU Health 61
– Parkway Life REIT 61

Performance Review
GCFO’s Growth in the

Message healthcare industry
continues to be driven
by strong underlying
trends around ageing
population, a growing
demand for quality
healthcare, regional
disparities in infrastructure
and services as well as fast
technological advancement.
Joerg Ayrle
Group Chief Financial Officer
coverage, shifting care towards value

Overview and outcomes, and improving patient-
provider relationships to overcome the
As the world learns to live with COVID-19, challenges from the ongoing pandemic.
the global healthcare industry is working
towards getting its business back to As the Group celebrates its 10th year
pre-pandemic levels and to resuming anniversary of listing in 2022, we are
back on its growth trajectory, underpinned unveiling ‘Care. For Good.’ – our strategy
by the long-term mega trends such as to provide strong sustainable growth
a rapidly ageing population and rising for all stakeholders, our patients and
affluence. Companies will focus on customers, our people, the public
increasing investments in innovative and communities we work in and
technologies, attaining universal health our shareholders.

I am pleased to report that as we recover Fortis Healthcare and a 75.62% stake in Financial Highlights
from COVID-19 and enter into the next Global Hospitals, where the third largest
phase of our growth journey, the Group revenue contributor last year with 22%
aims to implement its strategy through its
five growth engines: firstly, to increase patient
based on strong growth. With that, IHH
remains committed to growing its operations RM3.53 billion
volumes and occupancy to pre-COVID in the subcontinent. Net Cash from
levels. Secondly, our network of services Operating Activities
will look at further improving bed occupancy As for its presence in Turkey and Europe
and asset utilisation to grow organically.
Thirdly, we will acquire strategic assets
which contributed about 25% of its Group’s
revenue, Acibadem is on a stronger footing 8.43%
based on the cluster strategy and in existing to weather through volatility in the Turkish Return on Equity (December 2021)
and/or adjacent markets. Fourthly, for our Lira (TL). Non-Lira contributions from our
medical diagnostic laboratories business,
we expect to grow our top line as we find
operations have been steadily increasing
since 2017. To date, non-Lira revenue 1.37
synergies and drive efficiencies. We are now accounts for 41% of the Acibadem Net Debt/EBITDA
focused on growing this business into a Group’s revenues, which comprises our
global laboratory platform. Lastly, we will
invest strongly in our digital transformation
European operations and foreign currencies
revenue receipts from increasing numbers
RM4.3 billion
journey. We see ourselves setting aside of foreign patients into Turkey. As such, EBITDA
about US$100 million over the next IHH may consider plans for organic and
three years in our IT infrastructure inorganic expansion in the near term to
to drive digital transformation. cope with the sustained growth in demand
even as patient load from COVID-19 have
Our operations in Malaysia have weathered tapered off. To that point, Acibadem
the challenging times through the pandemic Atasehir Hospital, a 280-bed capacity
gaining market share and strengthening hospital, is expected to open by the
core earnings. Our flagship Singapore third quarter of 2022.
businesses have surpassed expectations
with an agile approach to new revenue Gleneagles Hospital Hong Kong (GHK)
streams and strong collaborations with saw improvements made in patient
the Singapore government. admission, occupancy and revenue
intensity - breaking even in May 2021
Geographically, our operations in India and continued to generate positive
where the Group has a 31.17% stake in EBITDA for the rest of the year.

Performance Review
GCFO’s Message
Performance remains
strong across all markets.
In particular, Turkey
and Europe continue to
outperform as operations
are able to manage the
challenges arising from
the pandemic and continue
to gain market share as
we improve the quality
of our earnings.
In the fourth quarter of 2021, GHK rose 28% to RM17.1 billion and saw a 49%
reported RM195.2 million in revenue rise in EBITDA to RM4.3 billion, a 25% EBITDA
and RM2.4 million in EBITDA (Earnings margin range which we are comfortable
before Interest, Taxes, Depreciation with. Net Operating Income excluding
and Amortisation), an increase by 125%. exceptional items more than doubled
Inpatient admissions were up 16%, while from RM715.3 million to RM1.6 billion and
revenue intensity was up 6.5%. Quarterly Net Income increased to RM1.9 billion.
occupancy averaged 65%.
The strong performance for the full year
One of our cornerstone investments is 2021 was achieved on the back of a
Parkway Life REIT, our listed real estate recovery in patient footfall, better operational
business, outpacing the market in achieving efficiencies and delivery of COVID-19
capital returns. We are excited to look related services across its hospital network.
forward to continuous value accretive In particular, Turkey and Europe via
expansion. The recent rent renewal in our Acibadem, continued to outperform as
three main hospitals in Singapore provides the operations were able to manage the
the foundation for sustainable growth. challenges arising from the pandemic.
The business continued to gain market
As part of our portfolio strategy review share as it saw increased volume from
to improve returns and operational local patients and the return of foreign
efficiency, we have divested our stake patients since Turkey started to ease
in a joint venture in Apollo Gleneagles border restrictions since second half
Hospital in Kolkata for RM225.1 million of 2020. As Acibadem expanded its
and a 62.23% stake in Continental Hospitals operations into Europe such as Bulgaria,
in 2021. We continue to focus on building Macedonia, Serbia and the Netherlands,
resilience by monetising non-core businesses its European operations are now
and managing our cost base to capture contributing about 28% of Acibadem’s
earnings accretive opportunities to revenue. Combined with medical
pursue capital efficient growth. tourism, about 41% of its revenue are
in hard currency.
I am excited to share that for the first time,
the Group issued its audited financial Presently, China is a small nascent market
statements at the same time as its full year for IHH which is built around strong
financial results, making IHH one of the outpatient clinic operations and new
select few to do so on both Bursa and SGX. hospital investments. Our operations remain
loss making in 2021 and we will need time
to look into the business strategy and
Our Performance find better ways of working operating in
China. IHH has been in Greater China for
The Group had a strong year and recorded more than a decade and continues to see
a stellar performance in 2021. Our revenue this region as a growth area.

Capital Management Dividend Our growth will be
& Liquidity strong and sustainable,
The Board of Directors declared a first
and final dividend of 6 sen per share supported by the
IHH has always sought to maintain
a solid capital base and ensure
for Bursa shareholders and 1.93 cents long-term megatrends.
per share for SGX shareholders at the
long-term financial sustainability.
We aim to maintain a healthy
back of strong performance for the full We will continue to use
year of 2021, a 50% increase and a sign
debt-to-equity ratio while complying
that we have reached a new level of
our operating scale,
with debt covenants and regulatory
requirements through prudent
performance compared to a year ago. extract operating synergy
asset management.
We remain prudent in terms of the based on our global
In addition to effectively managing
dividend pay-out even though the network to make
underlying earnings have improved.
payments, receipts, and financial We believe that this is a sustainable healthcare better.
risks, we are constantly reviewing dividend, and we want shareholders
our funding strategy to have enough to participate in the success that our
liquidity to meet our obligations. colleagues in the healthcare frontline
Compared to the previous year, have delivered through this period.
our net debt to equity ratio has
decreased from 0.28 to 0.21. Overall,
our cash position remains strong, with Looking Ahead
net cash generated from operating
activities of RM3.5 billion and a total IHH is pleased with our performance
cash balance of RM5.0 billion. in FY2021 and we are confident that the
growth trajectory will continue. However,
Based on our consolidated balance we also expect some near-term softness
sheet and statement of cash flows due to inflationary pressures and tapering
at the end of FY2021, we are well- of COVID-related services.
positioned to meet the Company’s
working capital and CAPEX needs We remain optimistic that this is temporary,
for the next 12 to 18 months. with the pent-up medical demand more than
offset short term headwinds. Also, with the
I believe in the coming year, we expect easing of travel restrictions, foreign patients
to see more CAPEX spent as IHH will return. We also believe that operations
embarks on new growth initiatives. will remain resilient as business-as-usual
services recover in 2022.
Return on Equity Our growth will be strong and sustainable,

supported by the long term mega trends
We have a clear focus to increase such as ageing population, advancement
our Return on Equity (ROE) for our in medical technologies and rising affluence.
stakeholders. This has led to a We will use our operating scale, to extract
substantial ROE expansion in 2021 operating synergies based on our global
where we achieved 8.43%. Based on network to make healthcare better for our
this, we will remain committed in our stakeholders. All these will be underpinned
journey to increase ROE. The drivers by our ‘Care. For Good.‘ Strategy and driven
for our growth from here include by a compelling sustainability agenda.
recovering from COVID-19, achieving
organic growth, acquiring strategic Thank you.
assets, developing our laboratory
business, and driving innovation Joerg Ayrle
and digital transformation.
Group Chief Financial Officer

Performance Review
Operations Review
IHH Malaysia Performance Indicators
IHH Malaysia is one of the largest private Indicator FY2020 FY2021
healthcare providers in Malaysia, operating
Financial
a range of established healthcare services,
including private hospitals, ancillary services Revenue RM2.2 billion RM2.7 billion
and education facilities. EBITDA RM555.9 million RM760.1 million
Operational
Our healthcare network comprises
four Gleneagles Hospitals, 11 Pantai Average occupancy 49% 48%
Hospitals and Prince Court Medical Inpatient admissions 158,944 151,944
Centre, complemented by ancillary
Average revenue per inpatient admission RM8,428 RM10,346
services including Pantai Integrated
Rehab and Pantai Premier Pathology,
and a primary care clinic under Twin IHH carried out various initiatives over the enhancement of neurology and
Towers Medical Centre. the year to improve operational excellence. oncology services at Pantai Hospital
For example, we implemented Cerebral Kuala Lumpur.
Three of our hospitals are accredited Plus (C+) - a new Hospital Information System
by Joint Commission International (JCI) (HIS) for seamless integration of functions Since launching the Value Driven
and 15 of them by the Malaysian Society as well as for comprehensive data analytics. Outcomes (VDO) initiative, IHH Malaysia
for Quality in Health (MSQH). C+, which offers an entire healthcare solution, has been measuring outcomes and
helps our patients better manage their cost data for several vital procedures.
Performance Highlights healthcare needs, such as setting medical This information is now being shared
appointments and accessing medical with doctors for better outcomes in
Revenue has improved 25% year-on-year
results. The system, modelled after the recovery and reducing the cost of
to RM2.7 billion, due to performing more
HIS used at our Acibadem hospitals in care for our patients. We are rapidly
COVID-19 services, undertaking more
Turkey, was localised and implemented expanding VDO to cover many more
complex cases, and increased contribution
in Pantai Hospital Ipoh and Pantai Hospital procedures. It is an assurance to our
from inpatient admissions from local patients.
Penang. C+ will eventually be rolled out patients that we are constantly striving
EBITDA grew by 37% to RM760.1 million.
across the remaining 14 IHH hospitals in to deliver better value, improved
Inpatient admissions decreased 4%, while
Malaysia by 2022. The implementation medical outcomes, and transparency.
revenue intensity grew 22.8%. The average
of C+ is a testimony to our teamwork
occupancy for the year was 48% while
COVID-related services contributed to
between Malaysia and Turkey and our Outlook
commitment to excellence.
12% of our revenue. Globally and in Malaysia, the situation
with COVID-19 is constantly evolving. We
Over the year, IHH Malaysia saw its medical
With the ongoing pandemic, IHH continued continue to monitor closely the recovery
diagnostics laboratory arm, Pantai Premier
to support various public sector initiatives in Malaysia so that we can plan to pursue
Pathology, receive an international
in the fight against COVID-19. To offer organic and inorganic growth as and
added convenience for patients, Pantai accreditation from the College of American
when the time is right.
Hospital Penang was the first private Pathologists, a gold standard for laboratory
hospital in the Northern region to conduct services. It is one of only two laboratories
As movement controls are gradually lifted
a drive-through vaccination service. 10% in Malaysia to receive such an accreditation.
and normal activities are resumed, we expect
of our beds were also allocated to accept Meanwhile, Prince Court Medical Centre
commemorated its 12th year in clinical local and foreign patient volumes to increase
COVID-19 patients in our hospitals which and ‘business-as usual’ services to return.
was increased to 13% in May 2021, our excellence since its inception with a
successful 101st kidney transplant. Our goal is to drive bed occupancy, improve
hospitals committed to doubling our utilisation of our infrastructure and
ICU beds for to treat COVID-19 patients. maintain cost discipline, while staying
IHH Malaysia continued to improve on
focus on executing on our cluster strategy
At the peak of the pandemic in Q2, we its clinical service offerings. Pantai Hospital
Sungai Petani was the first private hospital and extending our reach to the fast-growing
continued to help at 19 vaccination centres middle-income segment.
and conducted COVID-19 laboratory in Malaysia to offer REZUM Water Vapour
testing. To further alleviate the stress on Therapy – a minimally invasive surgery
– to treat benign prostatic hyperplasia To work more efficiently and provide
the public healthcare system, IHH treated better service to our patients, we intend
non-COVID patients decanted from the (prostatic gland enlargement). Pantai and
Gleneagles Hospitals have improved to extend C+ to the rest of our hospitals
government hospitals to help manage the in Malaysia in 2022.
situation during this pandemic. their centres of excellence, including

IHH Singapore Performance Indicators
IHH is the largest private healthcare Indicator FY2020 FY2021
provider in Singapore and operates
Financial
some of the most reputable and trusted
healthcare brands in the country and Revenue RM3.9 billion RM5.0 billion
the region. IHH Singapore operates over EBITDA RM1.4 billion RM1.7 billion
1,000 beds across four JCI-accredited
Operational
hospitals – Gleneagles Hospital, Mount
Elizabeth Hospital, Mount Elizabeth Average occupancy 55% 54%
Novena Hospital and Parkway East Inpatient admissions 64,071 64,227
Hospital, where more than 1,500
Average revenue per inpatient admission RM34,775 RM36,878
accredited specialists provide quality
and effective multi-disciplinary specialist
care. We also operate more than In addition, to building trust and providing Mount Elizabeth Hospital and Parkway
35 patient assistance centres worldwide value to our patients, we strive to improve East Hospital. Furthermore, about
to reach out to an international pool our quality of care. IHH Singapore is proud RM460 million upgrade to our facilities
of patients. to announce that five of our nurses received provided by the landlord will help us
the Nurses’ Day Merit Award awarded by boost our competitiveness and access
Our Parkway brand includes the Parkway Singapore’s Ministry of Health. Singapore’s growing healthcare market.
Shenton network of over 30 primary care
clinics island-wide and managed care and In September 2021, IHH launched a Outlook
employee benefits company, iXchange, teleconsultation service in collaboration
with the regional digital healthcare platform We expect revenues from COVID-19 services
as well as a wide range of specialty and
Doctor Anywhere (DA). The service enables to normalise as our core operations
ancillary services such as Parkway Cancer
simultaneously return to normal. Additionally,
Centre, Parkway Radiology, Parkway specialists at our four hospitals to receive
staff costs are expected to increase as
Laboratories (including Angsana Molecular consultations via the web. With this platform,
the Group strengthens its clinical talent
& Diagnostics), Parkway Rehab and Parkway patients can receive affordable medical
force across our hospital services network.
Emergency Services. advice and second opinion consultations
Inflationary increase in cost of operations
from experts at IHH for sought-after
is also expected. The Group will continue
specialties such as orthopaedics,
Performance Highlights gastroenterology, and general surgery
to maintain cost discipline.
Singapore saw a steady growth (colorectal). Amidst the changing healthcare
performance from the offering of One of our key focuses will remain on driving
landscape, IHH Singapore is targeting to
COVID-19 services and increased revenue intensity as a “super” specialisation
strengthen its primary care segment of
contribution from local patient volumes. hub. The opening of the Proton Therapy
the business. We are developing a one-stop
Foreign patients remained low due to Center in Mount Elizabeth Novena in 2023
multi-disciplinary medical centre at
the curtailment of international travel. will illustrate this. As a next-generation
Woodleigh mall to provide intermediate
Revenue grew 30% to RM5.0 billion, cancer treatment, proton beams are used
ambulatory care, including radiological
while EBITDA grew 25% to RM1.7 billion. to more precisely target cancer cells while
services, to ensure patient needs are
There was an increase in inpatient causing far less harm to healthy tissues
met more comprehensively, and quality
admissions to 64,227 as revenue and organs around them.
care is provided. The centre is expected
intensity increased by 6.0% from higher to open in 2023.
intensity procedures and taking in A gradual recovery of our medical tourism
serious COVID-19 patients in Q4. sector is also being optimistically anticipated
IHH Singapore has continued to enhance
The average occupancy was at 54%. with the successful rollout of global
its service offerings in the year. In Mount
vaccination programmes and the opening
Elizabeth Novena Hospital, the Mount
IHH Singapore remains committed to of Vaccinated Travel Lanes (VTLs).
Elizabeth Breast Care Centre was launched
supporting the government’s efforts in the to provide a one-stop solution with greater
fight against COVID-19. During the year, With the Board’s endorsement, IHH has
privacy and comfort for female patients.
IHH Singapore assisted with various developed a three-pronged transformation
Mount Elizabeth Novena Hospital has also
vaccination exercises, border screenings, strategy to expand our core services beyond
made progress with the ground-breaking
on-arrival testings, and COVID-19 laboratory our hospital walls so that our patients can
and installation of its cyclotron for its Proton
testing. With the addition of the 11th PCR access care online in a convenient manner
Therapy Centre slated to open in 2023.
machine to increase test capacity, laboratory before and after their hospital stay. IHH
and diagnostic capabilities were added Singapore is looking to launch its new
As part of our strategic collaboration healthcare app in the second half of 2022.
to further support the COVID-19 efforts.
with PLife REIT in 2021, we extended We will continue to invest in our digital
About 15% of our beds were dedicated
our lease agreements by another 20 ecosystem and use digital technologies
to treating COVID-19 patients. We
years to 31 December 2042 for our to deliver seamless care beyond the
generated 25% of our revenue from
three hospitals – Gleneagles Hospital, hospital walls.
COVID-related services for the year.

Performance Review
Operations Review
Turkey and Europe Performance Indicators

IHH’s Acibadem brand sets the benchmark Indicator FY2020 FY2021
for clinical excellence in Turkey and
Financial
Europe. Across Turkey, Macedonia,
Bulgaria and the Netherlands, Acibadem Revenue RM3.5 billion RM4.3 billion
operates more than 4,100 beds throughout EBITDA RM0.8 billion RM1.2 billion
22 hospitals. It offers high-quality diagnostic Operational
services and clinical treatment options
for Turkish and international patients. Average occupancy 67% 77%
Offering state-of-the-art medical technology Inpatient admissions 186,662 219,582
services, such as smart radiotherapy, Average revenue per inpatient admission RM6,781 RM8,020
robotic surgery, intraoperative radiotherapy,
and digital tomosynthesis mammography.
also processed COVID-19 laboratory cross-currency swaps. Diversifying
Five of our Acibadem Hospitals are
tests. At the same time, we are proud our businesses and geography reduces
accredited by Joint Commission
that Acibadem City Clinic Tokuda Hospital our reliance on one market. As a result,
International (JCI), the international gold
passed an external international quality cyclical dips in one market are offset
standard for quality and patient safety.
assessment of COVID-19 diagnostics by gains in another.
with honours.
Performance Highlights Taking advantage of synergies across
Our operations in Turkey and Europe IHH’s Acibadem also celebrated the IHH network, Acibadem’s staff have
continued to recover strongly. Revenue significant milestones. This includes helped develop Cerebral Plus (C+) for
improved by 26% to RM4.3 billion, and successfully completing a 27-hour implementation in Malaysian hospitals.
EBITDA grew by 51% to RM1.2 billion. long critical separation surgery for a Looking into driving operational excellence
Inpatient admission volume continued pair of conjoined twins at Acibadem across the Group, this collaboration enables
to rise with an increase of 18%. Revenue Altunizade Hospital. Acibadem Sistina IHH’s hospitals to provide patients with
intensity increased by 18.3% with the Hospital opened its Premium Physical an integrated and efficient system, displaying
undertaking of more complex cases Therapy & Sports Center for holistic good teamwork across international borders.
and price adjustments to counter and healthy living.
inflation. Bed occupancy stood at 77%. Outlook
Turkey and Europe operations were the Our growth prospects in Turkey and
Europe remain optimistic despite Lira In light of the volatile Turkish Lira and an
first to see COVID-19 restrictions ease.
depreciation and inflationary pressures inflationary environment in Turkey, we
As a result, both domestic and
this year. There is potential for further strive to strengthen our ability to de-risk
international operations continued to
growth via mergers and acquisitions growth by expanding our Euro-denominated
grow strongly.
and organic means, including further revenue through excellent care and service
expansion into Europe. In March 2021, delivery for patients in the European and
In Turkey, we continued to maintain
Acibadem entered into Serbia via the Balkan regions. These effects will also be
our operational hedge. The non-Lira
acquisition of Bel Medic Hospital, as partially mitigated by maintaining cost
revenue, or the hard currency revenue,
part of its growth strategy for the discipline, improving case mixes, and
accounted for 41% of the Group’s total
Eastern European market. Acibadem growing foreign-denominated revenue.
revenue, which comprised of the
European operations and foreign patients Bel Medic Hospital was immediately
earnings accretive and further The Group is actively looking for avenues
coming to Turkey. In Turkey, foreign
diversified Acibadem’s revenue base to expand our existing platform to grow
patients increased to 23% of revenues
with its Euro-hedged earnings. To and consolidate assets. In Q3 2022,
in Q4, exceeding pre-COVID-19 levels.
further minimise Acibadem’s exposure we expect to open Acibadem Ataşehir
to currency volatility, Acibadem has Hospital, a 280-bed capacity hospital
As part of the fight against COVID-19,
also partially hedged the company’s on the Anatolian side of Istanbul. We are
aside from treating COVID-19 patients
foreign debt position by entering into also looking to increase our presence
and administering vaccinations, Acibadem
in our European cluster.

IHH India Performance Indicators
In India, IHH is one of the largest private Indicator FY2020 FY2021
healthcare providers offering extensive
Financial
healthcare services from primary care to
highly specialised acute medical treatment, Revenue RM2.7 billion RM3.7 billion
as well as diagnostics care. Our well- EBITDA RM200.5 million RM666.5 million
established healthcare facilities include Operational
27 Fortis Hospitals, 7 Gleneagles Global
Hospitals, 3 medical centres and over Average occupancy 54% 66%
400 SRL Diagnostics laboratories under Inpatient admissions 270,581 320,543
Fortis Healthcare. Average revenue per inpatient admission RM7,048 RM8,114
Four of our Fortis Hospitals are accredited

Fortis recorded more than 12,600 non-COVID patients in 2021. This is
by Joint Commission International (JCI),
teleconsultations between patients and testament to our ability to meet the
with 24 Fortis and Gleneagles Global
our healthcare professionals. To strengthen healthcare demand in India should the
Hospitals accredited by National
our laboratory testing services, Fortis also pandemic evolve in 2022.
Accreditation Board for Hospitals and
acquired the balance of the 50% stake
Healthcare Providers (NABH).
in DDRC SRL Diagnostics. Looking forward, our expansion plans
for the hospital operations include the
Performance Highlights As part of our portfolio strategy review, expansion of our medical technological
India saw a substantial recovery of its core we divested the Continental Hospitals equipment and capabilities. For example,
non-COVID business in the past year. and Apollo Gleneagles Hospitals Kolkata our hospitals are currently acquiring
Revenue grew by 40% to RM3.7 billion on joint venture to focus on strengthening MRI-LINACs that enable accurate and fast
contribution from COVID-related services our healthcare capabilities for our radiosurgery in India.
as well as a strong rebound from non-COVID patients and creating more value for
inpatient admissions since the third quarter. our stakeholders. Our priority remains Telemedicine will also emerge as an
EBITDA increased to RM666.5 million. to deepen and grow our presence in essential and indispensable part of
Inpatient admissions increased by 19%, India, a key market for IHH through healthcare as it grows from a complement
and revenue intensity increased by 15.1%. its multi-city based platform assets. to modern medicine. Globally, the COVID-19
This was attributed to India’s operations pandemic has changed healthcare and
taking up more severe COVID-19 cases IHH India has embarked on technological triggered an expansion of the telemedicine
and urgent ailments in the first half as initiatives to enhance digital health offerings, market. It is anticipated that the practice
well as a firm rebound of non-COVID such as the introduction of Mitra robot will grow the most in countries with
patients seeking elective treatments in COVID-19 screening at Fortis Hospital, fewer doctors per capita, such as those
the second half. The average occupancy Bannerghatta Road. The use of digital in Asia-Pacific.
was at 66%. technologies has enabled our healthcare
workers to work in a safer environment. IHH India has introduced telemedicine to
IHH India has always been a strong supporter complement face-to-face medical treatment
of the country’s efforts in combating the Outlook in response to the increasing number of
pandemic by treating COVID-19 patients, India remains one of our key markets with patients who wish to avoid human contact
assisting in its efforts to vaccinate the very strong growth potential. Keeping our due to the spread of new coronavirus
population and in performing COVID growth objective in sight, we have constantly infections. There was an average of 370
laboratory testing. improved our India operations since online medical consultations per day in
acquisition through the synergies and India, and we will use digitisation to offer
Our India operations continue to focus operational know-how available to us more efficient and lower-cost treatment
on cost savings and streamlining. With that, and by rebuilding the brand and trust. than other hospitals.
Gleneagles Global Hospitals achieved By implementing a strict cost reduction
PATMI positive in 2021 on the back of programme, we will continue to focus SRL Diagnostics enjoys a broad footprint
improved operations and cost savings. on maintaining cost discipline and and is considered the second largest
improving productivity. laboratory by scale in India. SRL Diagnostic
Our efforts to provide value for our patients is well-positioned to tap on the growth
and to improve the quality of care remain Our operations observed high numbers trends in the diagnostic space as awareness
unwavering. Within the first six weeks of of COVID patients and adapted quickly for self-testing and preventive healthcare
the launch of the tele-consult service, and nimbly to the robust recovery of have increased post-pandemic.

Performance Review
Operations Review
Greater China Performance Indicators

We have four ParkwayHealth Medical Indicator FY2020 FY2021
Centres under our auspices in Greater
Financial
China, including Gleneagles Chengdu
Hospital and Parkway Hospital People’s Revenue RM662.4 billion RM876.9 million
Square. In addition, we operate the EBITDA RM(146.5) million RM(69.6) million
multi-specialty Gleneagles Hospital
Hong Kong that opened in March 2017. health monitoring devices to provide This is in line with IHH’s commitment
Parkway Health Central Hong Kong services to hypertension patients. to provide a high standard of services
Medical Center is also part of our along with technology advancements
Greater China portfolio. To boost its range of services for patients, as one of the largest healthcare groups
the hospital launched a new Maternal in the world.
Performance Highlights Fetal Medicine Centre. This centre offers
In Greater China, Gleneagles Hospital comprehensive antenatal diagnosis, Outlook
Hong Kong (GHK) has shown good assessment and treatment for high-risk
pregnant women and their unborn The outlook for Greater China remains
improvements – achieving breakeven challenging with factors including the
in May 2021 and maintaining EBITDA babies. The Radiology Department
also saw the launch of a new Digital government’s zero COVID policy,
positive for the year 2021. For the year, uncertainty over the implications of the
GHK reported a 35% increase in revenue Subtraction Angiography (DSA) Suite.
“common prosperity” drive, and recent
to RM711.9 million and reduced EBITDA outbreaks of COVID-19 cases in the
losses by 78% to RM23.0 million. Inpatient GHK is also committed to doing its part
for the community and contributing to community. This is expected to have
admissions increased by 24%, while some impact on its growth into 2022.
revenue intensity increased by 5.8%. The the healthcare development of Hong Kong.
In addition to working with companies of To mitigate this, the Group will look to
average occupancy for the year was at manage its costs structure as well as
61%. Gleneagles Chengdu Hospital different sectors in Hong Kong on various
innovative initiatives, GHK has been minimise start-up costs from new
remains in a ramping-up stage as IHH China hospitals.
is mindful of keeping start-up costs low committed to its unique partnership with
as we prepare the opening of Parkway The University of Hong Kong, which
oversees the hospital’s clinical governance. Construction for the Parkway Shanghai
Shanghai Hospital in the second half Hospital is underway and is expected
of 2022. The pair have also started collaborating
on medical research projects. to be completed and in operation
in 2022.
Over the year, GHK was awarded the
“Online Services – Healthcare Award” This is on top of opening the first satellite
medical clinic in Central offering general As for GHK, the Group foresees a
at the Hong Kong Business Magazine continuous drive for EBITDA growth
Technology Excellence Awards 2021. practice (GP) and specialist consultation
services in 2019 and the “My Gleneagles as services and operational beds
This win celebrates its innovative remote are ramped up.
hypertension care programme, which SmartHealth” app in 2020 for outpatient
leverages teleconsultation and remote appointment bookings.

IMU Health Performance Indicators
As part of the Group's medical and Indicator FY2020 FY2021
health sciences education portfolio,
Financial
IMU Health manages the International
Medical University (IMU) and International Revenue RM248.7 million RM257.6 million
Medical College (IMC) in Malaysia, offering EBITDA RM75.7 million RM86.7 million
medical, dentistry, pharmacy, nursing,
health sciences, and complementary Performance Highlights medicine and dentistry. By benchmarking
and alternative medicine programmes. our programmes against international
IMU and IMC, which provide tertiary Despite the challenges faced during the
standards, IMU is consistently improving.
education in the form of diploma, COVID-19 pandemic, IMU Health's
IMU's ratings of 5-stars and 6-stars by
undergraduate and postgraduate revenue increased by 4% to RM 257.6
QS Star and SETARA further enhance
studies, including micro-credentialling million. Measures to streamline
its competitiveness. Ground-breaking
have been awarded the SETARA rating operations, adjustments to the academic
for the new IMU hospital took place in
for the second time in a row, in which calendar and investment in technology to
December 2017 and is expected to open
IMU received 6 stars (Outstanding). ensure effective delivery of teaching and
in Q4 of 2022. In addition to medical and
learning saw an increased EBITDA of
nursing students' existing attachments
15% to RM86.7 million from higher
In 1992, IMU was established as a at government hospitals, it will offer
revenue and a lower base in FY2020.
college to provide medical education some opportunities for attachments
to students who could subsequently and observations at the hospital.
complete their degrees at partner Outlook
universities abroad. IMU was granted Growing its contribution in the health IMU Health is also looking forward to
university status in 1999 and now offers eco-system, IMU is expanding its offering new opportunities with the Malaysian
its own degree programmes. Students with programmes in data sciences such government’s 2022 budget allocation
can complete their degree programmes as health informatics and digital health. of RM32.4 billion for the Health
in Malaysia or at foreign universities. Aside from this, IMU still has the ability Ministry and sponsorship of specialist
IMU currently has 35 partner universities to attract international students to its programmes worth RM100 million.
across Australasia, the United Kingdom, programmes, despite increased This will benefit 3,000 medical and
Ireland, North America, and China. competition from a growing number dental contract officers in pursuing
of institutions offering programmes in continuous medical education.
Parkway Life REIT Performance Indicators

IHH holds a 35.60% equity stake in its Indicator FY2020 FY2021
real estate arm, Parkway Life Real Estate
Financial
Investment Trust (PLife REIT). One of
Asia's largest listed healthcare REITs Gross Revenue RM367.0 million RM370.7 million
by asset size, PLife REIT invests in EBITDA RM308.9 million RM349.9 million
income-producing real estate and
Gearing 38.5% 35.4%
real estate-related assets used primarily
for healthcare and healthcare-related
purposes. PLife REIT owns a well-diversified
In FY2021, a significant milestone was Outlook
achieved as IHH and PLife REIT extended
portfolio of 56 properties with a total Moving ahead, uncertainties remain with
their strategic collaboration for Mount
portfolio value of about RM7.1 billion the recovery of the global economy clouded
Elizabeth Hospital, Gleneagles Hospital and
as at 31 December 2021. by various factors such as inflationary
Parkway East Hospital. The RM460 million
risk, Russia-Ukraine conflict and threats of
Renewal Capex Agreement to upgrade the
Performance Highlights facilities will further enhance service offerings
COVID-19 variants. The healthcare industry
PLife REIT’s gross revenue increased continues to remain essential in a rapidly
the hospitals are known for. The year also
marginally to RM370.7 million in FY2021. ageing population and with greater demand
saw PLife REIT strengthen its presence in
This was mainly due to the divestment for better quality healthcare and global
its core market Japan, with its 3rd strategic
in January 2021 of a non-core property aged care services.
asset recycling initiative via the divestment
in Japan and the depreciation of the of a non-core industrial property and further
Japanese Yen, partially offset by the With an enlarged portfolio of quality
acquisitions of nursing home properties.
increased revenue contribution from healthcare assets, a bevy of partnerships
Overall, PLife REIT continues to offer one
existing portfolio and newly acquired with a range of established operators in
of the strongest earnings visibility among
properties in December 2020, July 2021 the region and deep experience in this
S-REITs. With one of the lowest effective
and December 2021. EBITDA increased sector, PLife REIT remains well-positioned
all-in cost of debt among its S-REIT peers
13% to RM349.9 million mainly from the to ride on the back of strong growth in
at 0.52%, its interest cover was improved
RM16.3 million gain on divestment in January the healthcare sector as it upholds its
from 18.1 times in FY2020 to 21.5 times in
2021 and higher valuation gains recorded. commitment to deliver value and growth
FY2021. Gearing remained healthy at 35.4%.
for unitholders in a sustainable manner.

Sustainable
through Care
We believe that sustainable Sustainability
practices are inextricably Scope and Boundary 63
connected to our ability to Report Highlights 64
deliver continuous value for Sustainability Approach and Policy 65
our stakeholders and grow as Benchmarking Sustainability and Sustainability Pillar 68
a business. Our sustainability Our Global Initiative 69
agenda is centred on Care – Our Patients 70
Care for Patients, People, Our People 74
Public and Planet. Our Organisation 78

Our Environment 81
Our Community 84

Sustainability
Sustainability Report
About this Report Malaysia
Our Vision at IHH Healthcare Berhad
Hospital
(referred to as “IHH” in this report) is
• Pantai Hospital Ampang • Pantai Hospital Penang
to become the world’s most trusted • Pantai Hospital Ayer Keroh • Pantai Hospital Sungai Petani
healthcare network through patient- • Pantai Hospital Batu Pahat • Prince Court Medical Centre
centred care. We are committed to • Pantai Hospital Cheras • Gleneagles Hospital Kota Kinabalu
achieving our Vision and improving • Pantai Hospital Ipoh • Gleneagles Hospital Kuala Lumpur
the sustainability of our operations by • Pantai Hospital Klang • Gleneagles Hospital Medini
constantly seeking improvements and • Pantai Hospital Kuala Lumpur • Gleneagles Hospital Penang
innovation. Our sixth annual Sustainability • Pantai Hospital Laguna Merbok Academic
Report documents our efforts to explore • Pantai Hospital Manjung • International Medical University
and enhance sustainability aspects of
our business. Singapore
• Mount Elizabeth Novena Hospital • Parkway East Hospital
Scope and Boundary • Mount Elizabeth Hospital • Gleneagles Hospital
Unless otherwise noted, this report contains
information on the Group's performance
India
and initiatives in sustainability across
the period from 1 January 2021 to • Aware Gleneagles Global Hospitals • Gleneagles Global Hospital,
31 December 2021 ("FY2021"). LB Nagar Richmond Road
• BGS Gleneagles Global Hospitals Kengeri • Gleneagles Global Health City
• Gleneagles Global Hospitals Perumbakkam
IHHʼs Operations Lakdi-Ka-Pul • Continental Hospital
The key home markets are defined as • Gleneagles Global Hospitals Parel
those with the greatest operating capacity.
These include Malaysia, Singapore, Turkey, Greater China
and India. Other countries served by the
Group include Greater China, Brunei, China
Bulgaria, Macedonia, the Netherlands, • Gleneagles Hospital Chengdu • Shanghai Rui Ying Clinic Co. Ltd
and Serbia. Additionally, we have our • Shanghai Xin Rui Healthcare Co. Ltd (Tomorrow Square Clinic)
(Luwan Clinic/GPS Clinic) • Suzhou Industrial Park Yuan Hui Clinic
academic branch International Medical
• Shanghai Rui Xin Healthcare Co. Ltd Co. Ltd
University ("IMU").
(Shanghai Center Clinic) • Chengdu Shenton Health Clinic Co. Ltd
• Shanghai Rui Pu Clinic Co. Ltd Hong Kong
(Jinqiao Clinic) • Gleneagles Hospital Hong Kong
• Shanghai Rui Xiang Clinic Co. Ltd
(Hongqiao Clinic)
10 Turkey*
Countries
• Acibadem Adana Hospital • Acibadem Kadiköy Hospital
80
• Acibadem Altunizade Hospital • Acibadem Kayseri Hospital
• Acibadem Ankara Hospital • Acibadem Kocaeli Hospital
• Acibadem Bakirköy Hospital • Acibadem Kozyatağı Hospital
Hospitals • Acibadem Bodrum Hospital • Acibadem Maslak Hospital
>15,000
• Acibadem Bursa Hospital • Acibadem Mehmet Ali Aydinlar Üniversitesi
• Acibadem Eskişehir Hospital Atakent Hospital
• Acibadem Fulya Hospital • Acibadem Taksim Hospital
Licensed Beds • Acibadem International Hospital
Europe*
Bulgaria Netherlands
• Acibadem City Clinic Cardio Hospital • Acibadem International Medical Center
• Acibadem City Clinic Mladost Hospital Serbia
• Acibadem City Clinic Tokuda Hospital • Acibadem Bel Medic Hospital
Macedonia
• Acibadem Sistina Hospital
* Turkey and Europe are collectively referred to as Acibadem, or “ASYH”.

Sustainability
Reporting Framework (2nd edition). Further, this statement By using Integrated Reporting, IHH can
incorporates the Global Reporting consider and communicate both financial
The statement has been prepared
Initiative Standards, including the and non-financial risks and opportunities.
in compliance with the Bursa Malaysia
Sector Specific Sustainability Topics The table of contents below summarises
Securities Berhad's Main Market Listing
for Healthcare Providers and Services where the sustainability-related content
Requirements, with reference to the
and Healthcare Technology. can be found in the Integrated Report.
Sustainability Reporting Guide
Contents of the Sustainability Statement Location within the Integrated Report Page number
Material Sustainability Matters Our Material Sustainability Matters 44 – 46
Stakeholder Engagement Stakeholder Engagement 40 – 43
Sustainability Statement Scope and Boundary Sustainability Statement 63
Sustainability Highlights Sustainability Statement 64
Our Sustainability Approach and Policy Sustainability Statement 65
The Sustainability Journey Sustainability Statement 66
Our Global Initiatives (KPIs) Sustainability Statement 69
Disclosures related to the Material Sustainability Matters Our Patients 70 – 73

Our People 74 – 77
Our Organisation 78 – 80
Our Environment 81 – 83
Our Community 84 – 85
The Governance Structure Sustainability Governance Report 134
FY2021 Report Highlights
• Reached the group-wide KPI goal Adherence to COVID-19

• guidelines
Our Patients
for Net Promoter Score to ensure patient safety
• Gave performance appraisals • Recorded zero workplace fatalities

Our People
to all eligible employees in all business units
• Established telemedicine to support • A competitive tendering process

Our Organisation patients via video consultations from ensures the cost-effectiveness of our services
the comfort of their home under the Group Procurement Strategy
• Solar panels generated 61,356 kWh

• Implemented waste reduction initiatives
Our Environment of electricity at IHH Malaysia’s Pantai
across all business units
Hospital Laguna Merbok (PHLM)
• Contributed to the advancement of

• Offering transparent and fixed-
Our Community biomedicine by supporting the Indian
price medical packages Council of Medical Research

inability Policy
S u s ta
Our Patients
Our Approach to Sustainability

We have developed a comprehensive
framework that outlines the Group’s
approach to embed sustainable values
to help further IHH’s sustainability
ty
uni
ambitions and support the United
Ou
Quality
mm
r Pe
Nations Sustainable Development Healthcare Improve
Build trust locally,
Our Co
Agenda. Our Sustainability Strategy
ople
Framework shows how important culture synergise
IHH’s globally
sustainability focus areas align with Sustainability
relevant United Nations Sustainable Approach
Development Goals (“SDGs”), as well
Sustainable Eco-
as our five Sustainability Pillars and Growth Efficiency
Group-wide Sustainability Policy.
Develop robust,
sustainable growth
platforms
on
O
rE ti
u
nv sa
iro a ni
nm rg
e nt rO
Ou
The Sustainability Policy, developed and approved by our Board in FY2020, provides principles guiding how a culture of sustainability
should be promoted across the Group. The Policy complements our sustainable approach to our business by expanding on our key
sustainability focus areas.
IHH Sustainability Policy Tenets
Providing high-quality healthcare services

1 Ensuring ethics and transparency are at the forefront
of our daily operations 6 through highly trained medical, nursing, and
administrative personnel
Analysing and improving our environmental

Complying with legislation, regulations, and codes of
2 practice governing medical facilities in the countries
where we operate
7 performance by identifying and monitoring the
environmental impacts of the Group’s business
activities and facilities
Raising employee awareness of environmental

3 Enriching the local economy and delivering
sustainable economic growth to investors 8 issues and encouraging green practices as much
as possible
Engaging continuously with all relevant stakeholders,
4 such as but not limited to patients, employees,

suppliers, and students to manage their concerns 9 Making a positive impact on local communities and
assisting them with improving their quality of life
and expectations of the Group
5 Continually working to improve the quality of our

healthcare services to meet stakeholder expectation

Sustainability
IHH's Sustainability Journey IHH has made significant strides to and current knowledge to better focus on
embed sustainability throughout all our targets. Our targets reflect our five
International experiences in the past
its operations. A robust governance sustainability pillars and three strategic
few years have reinforced the value
structure governs all sustainability-related thrusts, ensuring we are directing our
of sustainable practices at IHH. Our
matters, and we have adopted seven of efforts in the direction that will significantly
business model is based on a tri-fold
the Sustainable Development Goals. impact the Group and stakeholders. Our
strategy in sustainability – Quality
Sustainability Management Committee
Healthcare, Eco-Efficiency and Sustainable
The FY2021 reporting period marks our ("SMC") reviews the Roadmap annually
Growth. Our objective is to become
first steps in our five-year Sustainability to ensure it remains up to date and that
the most trusted healthcare provider
Roadmap and Action Plan, including we are progressing towards our goals.
globally and create sustained value
implementing Key Performance Indicators
for our stakeholders through
(KPIs) to track our progress toward the We have enhanced our report to
five sustainability pillars.
goals we consider fundamental to IHH's communicate IHH's sustainability
sustainable future. Last year, a Sustainability performance concisely and transparently.
In 2016, we introduced our first
Roadmap was created to develop a clear Please refer to more information about
sustainability statement and identified
timeline for our objectives and goals. The the Group's sustainability efforts on
the Group's material sustainability
Group can build upon existing strategies page 70 to 84.
priorities. In the six years since the report,
2016 2020 2026 Goals

• Fully integrate
• Disclosed our inaugural • Established Sustainability
sustainability across
sustainability statement in our Policy
all operations
Annual Report • Established Key Performance
• Provide comprehensive
• Established our Sustainability 2018 Indicators (KPIs)
disclosures on
governance structure with • Developed a five-year
• Inclusion of Gleneagles sustainability
clear lines of accountability for Sustainability Roadmap
Global Hospital performance
sustainability management and Action Plan
Richmond Road • Obtain assurance
• Conducted our first materiality • Increased priority of health
(Bengaluru) in the for all disclosures
assessment to identify our and safety-related material
scope of sustainability
material sustainability matters matters, in response
reporting
to COVID-19
2017 2019
• Inclusion of hospitals in India in • Inclusion of Greater China
the scope of sustainability and Eastern Europe in the
reporting scope of reporting 2021
• Adopted six United Nations • Establishing Anti-Bribery • Finalised five-year
Sustainable Development Goals and Corruption (ABC) Sustainability Roadmap
• Established Terms of Reference Policy and Action Plan
for the Sustainability Committee • Implemented
to outline roles and Sustainability Policy
responsibilities of members • Reviewed material
• Conducted materiality assessment matters and conducted
to ensure the relevance of materiality assessment
material sustainability matters

The United Nations Sustainable Development Goals
With a global network of private healthcare systems spanning ten countries, IHH recognises the importance of developing a science-based
foundation for addressing the Group's sustainability challenges. Globally, IHH has committed to reducing social inequalities and tackling
climate change in line with the Sustainable Development Goals (SDGs) while safeguarding universal human rights.
The Group has identified seven SDGs most relevant to its business and best placed to make a significant impact. We review the Goals
annually to ensure our operations and initiatives align with each SDG. As illustrated below, the Group has adopted the relevant SDGs
to contribute to the 2030 Global Agenda for Sustainable Development.
16. Peace, Justice and Strong Institutions 3. Good Health and Well-Being
• Regular reviews and updates to our Code • High vaccination rate at our dedicated
of Conduct, Whistleblowing Policy and vaccination centres for the public
Anti-Bribery and Corruption Policy • Implementation of Value Driven
• Whistleblowing Policy ensures confidentiality Outcome Initiatives to improve quality
and prevents retaliation and outcomes for patients
• Delivering quality healthcare in all
regions we operate in
12. Responsible Consumption

and Production
• 60% of Xylene waste recovered 4. Quality Education
and recycled in our
• Transition to online
Acibadem operations
training platforms to
• Recycled water used
adapt to COVID-19
for landscaping and
challenges
toilets in Malaysia
• Implementation of
and India
Learning Management
• Elimination of single
Systems in Malaysia,
use plastic bottles
Singapore, India, Hong
and containers while
Kong, and China
embarking on biodegradable
and recyclable alternatives
across IHH Malaysia
9. Industry, Innovation 7. Affordable and Clean Energy

and Infrastructure • Solar panel system attached to
• Regular review of operations to Pantai Hospital Laguna Merbok
ensure compliance with have generated 61,356 kWh of
government guidelines and electricity in FY2021
industry standards 8. Decent Work and • Energy-saving initiatives such as
• Embrace innovations such as Economic Growth LED bulbs, solar-powered water
telemedicine and green heaters, and energy-efficient
• Comprehensive tendering
building design chilling systems have been
processes ensure our contracts
and suppliers are secured at a implemented
competitive price
• Strict adherence to Occupational
Safety & Health procedures to
safeguard staff wellbeing

Sustainability
Our Pillars of Sustainability

In FY2017, the Group established its five sustainability pillars. Our five key strategic areas define our highest priorities and allow us
to tailor our sustainability efforts, ensuring our initiatives are developed for those areas where they will most benefit.
Our Patients
We put the needs of our patients first. Patients are vital to what we do as the world’s leading private healthcare
provider. Our ultimate goal is to provide safe, effective, and high-quality healthcare services to our patients to
ensure their safety and satisfaction.
Our People
Operational efficiency is a function of our human capital. We strive to make our team members feel appreciated
by maintaining a safe and conducive working environment. Our diverse team’s unique perspectives and
dedication to work make our team strong.
Our Organisation
We take pride in operating ethically and following all applicable legislation and industry best practices
throughout the organisation. This commitment to integrity has earned us the reputation we have.
Our Environment
We take strict measures to minimise our environmental footprint and decrease our operation’s impact on the
environment. To protect our planet and the wider community, we focus on efficient consumption of natural
resources and appropriate management of generated wastes.
Our Community
Community support is integral to the success of our Group. Our goal is to promote healthy living and wellbeing
in our communities by providing basic healthcare and health education.

Global Initiatives (Our Key Performance Indicators)
IHH established three global key performance indicators ("KPIs") applicable to all countries where it operated last year. Our KPIs
were developed to improve our management of three key sustainability areas while ensuring consistency across the whole
organisation. Our three KPIs reflect three aspects of our sustainability: "Our Patients", "Our People", and "Our Environment".
Our Patients KPI Target Business Units Achieved

A unique NPS target IHH Malaysia
Material Matter: Quality of Care and Patient Satisfaction
is set for each business
IHH Singapore
units, based on their
The Net Promoter Score (“NPS”) measures how satisfied our Greater China
unique performance
patients are with their experience. We use the NPS to gauge
factors and criteria. Hong Kong
the likelihood patients will recommend our services to their
family and friends. IHH India
Acibadem
Our People KPI Target Business Units Achieved

100% of eligible IHH Malaysia
Material Matter: Employee Capability Building
employees across all
IHH Singapore
business units are to
Our employees are the Group’s most vital asset to deliver Greater China
receive performance
superior quality healthcare services. To ensure our operations
appraisals. Hong Kong
remain successful, we ensure employees remain satisfied with
their jobs and work environment. Employee performance IHH India
appraisals is an important way to check in with our employees,
evaluate their work, and help them achieve their unique Acibadem
professional development goals. IMU
Our Environment KPI Target Business Units Achieved

Each business units IHH Malaysia
Material Matter: Waste Management
must conduct waste
IHH Singapore
recovery activities to
Reducing waste sent to landfills is a fundamental aspect of Greater China
reduce the quantity of
reducing our environmental footprint. As an environmentally
non-scheduled waste Hong Kong
conscious organisation, we have established a waste
entering the landfills.
management process that maximises the recovery of non- IHH India
scheduled wastes, thereby reducing the amount of waste
sent to landfills. Acibadem
IMU

Sustainability
Our Patients
Patient Safety and Welfare correct dose. Data is also collected on introduced guidelines requiring patients
the use of broad-spectrum antimicrobials who have been in the hospital within the
IHH’s approach to sustainable
to determine the appropriate dosage or past month to be screened for MDRO.
healthcare centres on serving patients
if such treatment is needed at all. Data Those who test positive will be isolated
safely and reliably. IHH patients entrust
will be shared among hospitals to and treated separately to prevent the
their health and wellbeing to us. In return
improve the ASP. Singapore has also spread of MDRO.
for this trust, the Group implements
multiple initiatives to improve patient
wellbeing. Following our hospital policy
and governance frameworks, IHH Case Study: COVID-19 Vaccination and Swab Centre
strives to improve patient safety by
in Singapore
adequately training our employees
and maintaining open communication
Vaccination Centres and Swab Sites and Polymerase Chain Reaction (“PCR”)
channels with patients.
In support of national efforts, IHH tests. The segregation of contaminated
Healthcare Singapore operated up areas from non-contaminated areas
Worldwide, medicine administration
to five mass vaccination centres was similar to that found in our hospitals.
has become a top concern for healthcare
(“VCs”) in FY2021. Three are open Sites were demarcated to prevent the
providers. Globally, unsafe medication
to all eligible members of the public intermingling of different groups, and
practices and medication errors are the
(“MOP”) located at Hong Kah Ministry of Health (“MOH”) audits were
leading causes of injury and avoidable
Secondary School (“HKSS”), Bukit conducted to ensure compliance with
harm in healthcare systems, according
Timah Community Club (“BTCC”), government protocol.
to the World Health Organisation (“WHO”).
Administering medicines and drugs Taman Jurong Community Club
(“TJCC”). Two VCs, Benoi Sector In addition, we developed our own
incorrectly can have significant adverse
(“BSVC”) and Sungei Kadut Industrial Operations Playbook, using SOPs
health effects and compromise the
Area (“SKVC”), served truck drivers and WIs, and keep our staff updated
immune system, resulting in long recovery
who frequently delivered goods from on the latest protocols and advisories.
times and increased healthcare costs.
Malaysia into Singapore. The vaccine Our primary focus is on operational
We review all prescriptions to ensure
operations at VCs were aligned with efficiency and clinical precision,
the type and dose are appropriate for
the advisory document outlined by ensuring that MOPs were swabbed
the patient’s treatment before prescribing
the MOH. Staff were briefed each day rapidly and without bunching to
the medication. Before discharge, patients
on the Standard Operating Procedure reduce the risk of cross-transmission.
will receive instruction from our medical
(“SOP”) and Work Instructions (“WI”) MOPs received their results promptly
staff on using their medications properly.
regarding vaccination, with copies once swab samples were collected
Special counselling sessions are arranged
placed at each station and internal and safely processed.
for certain types of medication,
including inhalers. checks performed by on-site
management. People who received Both the VC and swab sites enjoyed
vaccinations were guided, screened great success with implementation.
While antibiotics were heralded as a
and monitored throughout the process. We committed to vaccinating at least
breakthrough in medicine, their use has
Personnel on-site monitored MOPs 140 MOP per hour; however, our
led to the emergence of Multi-Drug-
for any side effects and provided dedicated mass VCs achieved
Resistant Organisms (MDRO)
immediate assistance. Vaccinated approximately 160 MOP per hour.
or ‘Superbugs’. The World Health
individuals received disposable masks Over 2,000 samples were collected
Organisation (“WHO”) has listed drug
and bottles of hand sanitiser for and processed per day at our
resistance as one of the top 10 global
personal use after vaccination. swab sites.
health issues for 2021. We recognise
our responsibility to respond to this
In addition, we managed on-site In FY2021, we delivered over 690,000
pressing issue as an international private
swab operations, providing both doses of vaccine and performed over
healthcare provider. In our Antimicrobial
the Antigen Rapid Test (“ART”) 1.74 million PCR swabs.
Stewardship Programme (“ASP”), we
emphasise the importance of administering
antibiotics at the right time, with the

Preventing the spread Protecting our complications, doctors administering
sedatives to ventilator-dependent
of COVID-19 Patient’s Welfare patients in critical care must determine
Our hospitals follow the Patient Safety, how much sedative to administer
Quality, and Clinical Governance before surgery or treatment. The
Framework to provide patients with Nursing Team implemented Clinical
the best clinical outcome and experience Practice Guidelines and relevant
possible. The framework adheres to Work Instructions (“WI”) based on
We took the necessary steps as a leader national licensing standards and the evidence-driven practices to assess
and frontliner against the pandemic, Joint Commission International (“JCI”) the level of sedation patients require.
ensuring our hospitals did not become standard for patient safety and healthcare
potential sites for outbreaks while setting quality. During FY2021, we referred to Our hospital’s internal review has
an example for others. Initial measures the Singapore Ministry of Health (“MOH”) determined that our current modified
included temperature monitoring and contact for additional COVID-19 guidelines. Aldrete-score system is not suitable for
tracing via the ‘TraceTogether’ App.
assessing the home-readiness of patients
To ensure that COVID-positive patients Our hospitals administer medications after recovering from sedation. As a new
were isolated from the rest of the hospital, based on established best practices scoring system based on standardised
we also instituted strict segregation of and expert reviews. IHH Singapore has criteria, a modified Post Anaesthesia
staff and patients in hospitals. further enhanced this process by Discharge Scoring System (“PADSS”)
incorporating technology into the has been introduced to resolve this issue.
To prevent airborne disease transmission, administration and dispensing processes. The PADSS was introduced through
we have completed an Air Conditioning Medicines are stored in automatic training material which included relevant
and Mechanical Ventilation (“ACMV”) dispensing cabinets accessible only to hospital policies. This material was circulated
review of our facilities to ensure that authorised personnel. Patients’ identities among the Singapore hospitals.
COVID-19 wards do not circulate will be verified via Quick Response (“QR”)
contaminated air and that our facilities codes on wrist tags by nurses retrieving
meet ASHRAE Standards. medication based on specific orders. Quality of Care and
Patient Satisfaction
To minimise the risk of COVID-19 As a result of technological advancements, We are committed to providing quality
transmission among staff, we created medical devices are becoming integrated healthcare services and products. To
specialised teams for treating COVID-19 into the healthcare system. In the hospital, meet the needs and expectations of our
patients and providing services to the patients’ parameter sensors are linked patients, we developed a comprehensive
COVID wards at our hospitals to prevent to the hospital’s electronic medical record system for measuring progress.
cross-deployment. While performing their (“EMR”), where results of medical tests can
duties, all staff were required to wear full be directly transferred to patient records. Our Sustainable Roadmap includes
Personal Protective Equipment (“PPE”) The result is a fast and consistent flow establishing an annual KPI, the Net
and be fully vaccinated against COVID-19. of critical information while reducing Promoter Score (“NPS”). Both inpatients
For early detection of COVID-19 infection transcription errors and gaps in and outpatients are tracked for NPS
in healthcare workers, we enrolled our medical records. in all business units. Group performance
staff handling incoming patients for the
is reviewed quarterly. In FY2021, we
Rostered Routine Testing (“RRT”), Our initiatives encompass all stages of demonstrated a strong market presence
per MOH directive. Staff members with the treatment procedure, from patient and high patient satisfaction.
respiratory symptoms were urged not preparation to discharge. To avoid medical
to report to work and seek medical
attention immediately.
NPS Target Region Achievement
The fight against COVID-19 requires the
cooperation of all stakeholders, not just Each business units sets its own Malaysia
our healthcare workers. Health Declarations NPS target based on division-specific
Singapore
are required at selected contact points performance factors.
Greater China
for early identification and isolation of
suspected COVID-19 cases. Patients Hong Kong
admitted due to testing positive for India
COVID-19 will be restricted to designated
routes within the hospital and closely Turkey & Europe
monitored to prevent contamination.

Sustainability
Our Patients
Case Study: Value-Driven Outcomes in Malaysia and Singapore

Malaysia: Our clinical quality indicators are based on four key procedures:
The IHH Healthcare teams in Malaysia
have gathered together to examine FY2021 Target VDO Procedures FY2021 Results
care outcomes to develop ways to To complete full-year tracking and Percutaneous
improve the quality and safety of care. reporting of Clinical Quality Indicators Coronary Intervention
Healthcare teams use the Value Driven
Total Knee
Outcomes (“VDO”) framework to review
Replacement Surgery
and analyse outcomes data such as
clinical quality indicators to ensure Arthroscopic Surgery
the highest standards are being met. for Anterior Cruciate
In addition, the framework seeks to Ligament Conditions
continuously enhance the safety
Colonoscopy
and quality of care to our patients
while optimising costs.
To provide the best-in-class service risks and ensure compliance. In addition
For instance, in a colonoscopy, doctors quality to the nation’s healthcare sector, to accredited surveys, our hospitals
have been able to adopt best practices we incorporate best practices into our received JCI accreditation as proof
by rigorously measuring and comparing clinical governance policies and operating of their quality.
our clinical processes and outcomes procedures. Regulatory requirements
across hospitals. are met with a management system Along with the NPS survey discussed
that is monitored and tracked to ensure above, we also engage third parties to
VDO will be implemented in both compliance. Our medical devices undergo survey discharged patients. By year-end
laparoscopic cholecystectomy (for quality control and are sourced only FY2021, our Total Experience Index
non-malignant conditions) and from licensed providers to comply (“TEI”) score was 90%, exceeding
hysterectomy (for malignant conditions) with the Medical Device Act. We have our target of 87%.
at IHH Malaysia hospitals in Q4 conducted internal and corporate audits
of FY2021. of our hospital’s operations to assess
Singapore: care. Clinical protocols are then 1. Patient Experience Survey

Singapore, like Malaysia, has formalised for consistency across As a balanced scorecard measure,
implemented its VDO initiatives to our hospitals based on these standards. the Patient Experience Survey
review the quality and safety of care analyses satisfaction across six
provided to patients whilst reducing Engaging our Patients metrics: Overall, Staff, Facility,
the cost required to provide that As part of IHH Singapore’s effort to Journey, Treatment, and Value.
care. Clinical quality indicators are improve patient satisfaction, our Patient Patients are given questionnaires
compared to the total cost to the Experience department solicits constructive regarding their clinical outcomes.
patient for selected medical procedures. feedback from patients. We currently The feedback generated is used
The data is analysed by the hospital’s use the following systems to collect to aid in the continuous improvement
teams of doctors and nurses to ensure patient feedback: process. Our TEI score ended
and maintain the highest quality of FY2021 at 90.2% – well above
our target of 89%.
FY2021 Target VDO Procedures FY2021 Results 2. Feedback Form

To complete full-year tracking and Percutaneous Feedback received through our
reporting of Clinical Quality Indicators Coronary Intervention feedback channels is monitored as a
complaint rate (measured as “Complaints
Total Knee per 100 patient days”) and analysed
Replacement Surgery monthly to recognise and address
Arthroscopic Surgery increasing complaint trends.
for Anterior Cruciate
Ligament Conditions
Colonoscopy

Enhanced Healthcare Services
To maintain our reputation as a prominent healthcare provider in Singapore, we adhere to several policies and procedures that
govern our hospital services to ensure compliance with local regulations.
Delivery of Patient Care Serious Reportable Event Medical Equipment

Keeping in line with the requirements “Root Cause Analysis of Serious Biomedical Engineering (“BME”)
of the Private Hospitals and Medical Reportable Events” policy lays inspects and approves all medical
Clinics Act, we have established out a framework for reviewing devices before they are used on
a Quality Assurance mechanism significant incidents and instituting patients.
in each of our hospitals. preventive measures.
Proper Medication Use Sterilised Products

The Medication Management and Use Plan provide guidance A product recall order will be issued within 12 hours if
on appropriate selection and storage of medications, as received sterilised products fail the Biological Indicator test.
well as their safe prescription, administration and monitoring
in IHH Singapore Hospitals.
Privacy of Patient’s Data and storing personal data in the Group’s Data Protection Officers (“DDPOs”) in all
possession. It outlines expectations jurisdictions to ensure that the Personal
and Medical Records regarding the use and handling of Data Protection Policy is implemented
The healthcare industry has embraced personal data during business operations and provide educational and advisory
technological advancements to improve and ensures compliance with applicable services on data protection matters to
connectivity between care teams and laws and regulations. internal stakeholders.
patients. The COVID-19 pandemic has
accelerated the move to online meetings Training on personal data protection Cyber Security Center of Excellence
and consultations, necessitating their basics and e-Posters on personal data (“COE”) initiatives are underway in all
conduct. Although EMR and online protection is currently in development. IHH regions. COEs enable Group-wide
healthcare services offer many advantages, It will be made available to all relevant standardised processes, policies,
IHH recognises that there are risks parties via an e-learning platform. technological upgrades, and enhanced
associated with data breaches in the detection capabilities. By standardising
course of business that may compromise The Personal Data Protection Notice or COEs across the Group, we can
the privacy of our patients, students, Privacy Policy Statement and consent simultaneously improve security
customers, suppliers, service providers form for IHH are available on our performance and governance at a
and partners. We take cybersecurity and corporate website for our employees, reasonable cost.
data privacy seriously since they impact customers, suppliers, service providers,
IHH’s reputation and patient and doctor and partners to view, understand, and All employees will be required to
information confidentiality. The Group be aware of our data protection practices complete a course on Information
complies with local data privacy laws in before providing us with any personal Security Awareness in 2021 to address
all regions where it operates. information. Group-wide, the Personal Data the dynamic threat landscape and
Protection Notice provides stakeholders improve the security of our information
IHH introduced its Personal Data with transparency on handling their systems and data. The course is
Protection Policy that outlines the data and explains how personal data designed to help employees identify and
Group’s basic requirements and is processed under existing laws. recognise common cyber security threats
considerations in handling, disclosing, Additionally, IHH has appointed Division and prevent falling victim to a cyberattack.

Sustainability
Our People
Occupational Safety We focus on making the trainings practical cooperation with suppliers and distributors
and relevant by organising the programmes to secure uninterrupted supply.
and Health in modules. All employees are trained
Employees are the Group’s greatest on topics such as fire safety, emergency We also recognise the possibility of
assets and their safety and wellbeing response plan, workplace violence stressed and overburdened healthcare
are paramount to IHH’s long-term and infection control, with specialised workers due to increased workload arising
strategy. All IHH hospitals are equipped training provided on safe handling of from the pandemic. Additional manpower
with Occupational Safety and Health dangerous chemicals and management was recruited to provide optimal healthcare
(“OSH”) Management System that meets of chemical spills. services during periods of increased
all regulatory requirements and occupancy, with rotation systems in place
standards. Internal policies and COVID-19 Safety Measures to avoid burnout. IHH remains committed
procedures have been established to complying with all government
encompassing all facets of OSH, from COVID-19 brought many uncertainties
to the healthcare industry and to adapt regulations pertaining to work hours.
pre-emptive measures to post-incident
reporting and handling. to such situations, decisive measures
were needed to protect our staff Staff Vaccination
In accordance with SOPs, an OSH worldwide. Our first act was to develop Getting our staff vaccinated is critical
Committee is established in every a COVID-19 response team and plan. not only to keep our workforce safe but
hospital and clinic to oversee all OSH New hospital protocols and work to also set an example for the wider
matters. Employee representatives are procedures were established with public. We at IHH strongly recommend
present in OSH Committee meetings expert guidance to safely handle all eligible members of public to get
to report any complaints or communicate suspected COVID-19 patients. Strict fully vaccinated and contribute to a
any changes to policies/procedures. triage screening, testing and dedicated COVID-resistant society. The vaccination
Regular risk assessments will be carried hospital wards have allowed our staff rate among IHH staff as of Q4 FY2021
out to proactively identify any unsafe to perform their duties without worry are presented below:
work practices or hazardous situations. of COVID-19 infection.
A dedicated OSH mechanism is also China 88%
available for employees to report any In the early stages, potential shortage Fortis 95%
issues that could potentially harm a of essential PPEs such as face shields,
Hong Kong 93%
staff or patient. Findings from risk N95 masks, gloves and disposable gown
assessments will be reviewed by was identified as a major risk to IHH India 95%
the Committee for implementation operations. The stockpile and Malaysia 100%
of Corrective and Preventive consumption rate of PPEs were
Action (“CAPA”). monitored daily to ensure our supplies IMU 99%
not fall below critical levels. Our Turkey and Europe 86%
In order to inculcate safety at the Procurement Teams took proactive
workplace, all employees attend measures to source PPEs through close Singapore 100%
compulsory safety training every year.
Protecting our staff’s health and wellbeing through the provision of Personal Protective Equipment (PPE), At IHH, our staff’s welfare and safety is our top priority.
establishing safe work practices, and ongoing infection control training. We want to ensure that our staff are protected for
them to perform their duties with peace of mind.

Human Rights human rights extends beyond the We take a firm stance against discrimination
Group’s operations. All IHH associates across all levels of operation, from the Board
At IHH, we recognise the principles of
are made aware of our Third-Party Code to new hires. Our Workforce Diversity Policy
universal human rights and strive to
of Conduct. Upon entering a business is designed to provide a safe and inclusive
ensure this commitment is exemplified by
deal with the Group, our associates work environment for all employees and
our actions. Respect for human rights and
acknowledge that they comply with is regularly reviewed by our management.
the interests of employees are enshrined
IHH’s expectations in multiple issues This policy is applied Group-wide and
in the Group’s core values: Patients First,
such as labour standards, business embedded throughout our operations from
Integrity, Empathy, Teamwork, and
conduct and sustainable practices. hiring practices to promotion opportunities.
Excellence. Our dedication to protecting
Case Study: Non-discrimination in Singapore

IHH Singapore endeavours to be a
progressive employer by complying
with the following guidelines:
1. Fair Consideration Framework

under the Ministry of Manpower
(“MOM”)
2. Tripartite Alliance on Fair and
Progressive Employment Practices
(“TAFEP”)
3. Terms and Conditions of
Collective Agreement
IHH Singapore abides by the Tripartite

Guidelines on Fair Employment Practices
(“TGFEP”). Under the TGFEP, candidates Workplace diversity improves team performance. Photo: Gleneagles Hospital’s 2021 Workplan Seminar.
are selected based on merit regardless
of age, race, gender, religion, marital
status or disability. During the recruitment When hiring foreign workers, we comply We do not employ any individual under
and selection process, the Human with MOM and Immigration and Checkpoints the age of 16 or engage in forced labour
Resource (“HR”) Talent Acquisition Authority (“ICA”) requirements. If external practices. As IHH Singapore maintains
Team conducts a thorough reference agencies are to be engaged in the recruitment a strict adherence to the guidelines and
check and background verification to process, we perform an assessment and framework, no risks involving human
ensure the candidates are trustworthy select reputable employment agencies rights infringement were identified
and meet our employment criteria. that are registered with the government. in its operations.

Sustainability
Our People
Employee Capability Building individual job scopes; technical skills for through a mixture of job exposure,
our clinical staff, and functional and projects and formal programmes. Since
At IHH, we have a skilled and competent
behavioural competencies for non-clinical the onset of COVID-19, a greater portion
team at the helm of our operations.
staff. Our training initiatives provide of our training initiatives have moved to a
Employee training is planned with holistic
employees with ample opportunities virtual platform to adapt to the new normal.
development in mind but with a focus on
Case Study: Training and Learning Management System in China

Key Training Programmes Thirty of our staff also attended JCI to further promote knowledge transfer
In FY2021, we successfully conducted training sessions to better understand between IHH hospitals. Fifty accounts
three training programmes to raise the the JCI standards and framework. were created for our nurses as pilot users
competency level of our employees. to test the system’s implementation.
A series of workshops were conducted Learning Management System (“LMS”) As of this moment, our Nursing
throughout the year for fifty frontline The LMS has been successfully implemented department will download LMS training
staff on administrative skills, grooming in Malaysia, Singapore, and Hong Kong, material to be reviewed offline so that
standards, telecommunication skills as a method of synchronising staff training they can provide their feedback on the
and customer complaint management. and development across our regions. system. Currently, the LMS content is
These workshops aim to improve Each team member has access to their from Singapore and is only available
staff awareness when attending to own unique LMS account, which can in English. Due to this multi-language
patients’ needs, as well as strengthen be used to track progress through the support limitation, the LMS is yet to be
communication between clinics. Sixteen learning materials. offered to all staff. Nevertheless, we will
of our internal trainers attended a two day continue to improve on the LMS as it
‘Train the Trainer’ course to enhance Recently, the LMS was introduced at provides a beneficial avenue for hospitals
their abilities to conduct training sessions Gleneagles Hospital Chengdu, China, to collaborate on learning opportunities.
and teach others.
Talent Recruitment and endless learning opportunities Employee Recognition Awards for
have allowed us to shape IHH into Long Term Service and Employee of the
and Retention a strong employer. Month. Hospital staff also celebrate cultural
In the current competitive business festivities depending on the regions they
environment, having a diverse and Our talent acquisition team keeps are in. Additionally, we undertake initiatives
motivated workforce is crucial for the meritocracy at the forefront of their to identify qualified individuals for potential
Group’s success. Our commitment to decisions. We continue to engage with career advancement. We have made it
preventing discrimination at the workplace universities to scout fresh graduates as a KPI for all eligible employees across
is instilled in IHH’s core values. potential new hires during career events. IHH to undergo performance appraisals.
Internship programmes are implemented
Talent Acquisition in select hospitals, with job offers for We retain our current talent by offering
In this reporting period, we took significant students who exhibit high potential competitive remuneration and benefits.
steps to elevate our effort in talent during the internship. Our employees are remunerated according
acquisition. This includes leveraging the to market rates and in compliance with
Group’s reputation and high professional Retention relevant wage regulations. IHH provides
standards to attract new talent to the IHH We endeavour to understand the needs conventional benefits across the Group
family. As a private healthcare group with and issues faced by our staff by listening such as annual leave, medical benefits
global market presence, IHH is recognisable to and obtaining their feedback. To enrich and insurance coverage, with fringe
to most people within the medical field our human capital, we launched many benefits awarded depending on business
in the countries we operate in. This, engagement activities including National units such as mobile reimbursements,
combined with clear career progression Doctor and International Nurse Day, subsidised parking and food vouchers.

Our People – Employee Strength
As of Q4 FY2021, our global workforce is predominantly based in India (41%)1 , and Turkey and Europe (29%), followed by
Malaysia (19%)2.
Group Employee Breakdown

Country Gender (%) Age Group (%) Employment Category (%)
Proportion of global <30 30-50 >50 Non- Senior
workforce in (%) Male Female years years years Executive Executive Management Management
Malaysia (19%) 21.3 78.7 35.2 56.5 8.3 64.7 28.3 6.4 0.6
Singapore (8%) 27.4 72.6 17.7 60.6 21.7 14.5 64.3 18.8 2.4
India (41%) 54.2 45.8 41.5 52.4 6.1 71.9 21.8 5.3 1.0
Hong Kong (2%) 23.5 76.5 22.4 58.7 18.9 37.1 49.9 12.4 0.6
China (1%) 21.0 79.0 13.2 77.4 9.4 44.7 44.0 9.9 1.4
Turkey & Europe (29%) 32.8 67.2 44.7 44.9 10.4 90.9 6.5 2.0 0.6
Group Total (100%) 38.7 61.3 38.7 52.0 9.3 70.5 22.8 5.8 0.9
Employee Breakdown Employee Breakdown by Employee Breakdown by

by Gender Age Group Employment Category
1%
9% 6%
61% 39% 52% 39% 70% 23%
Male Female <30 years 30-50 years >50 years Senior Management Management
Executive Non-Executive
Notes
1 India data is inclusive of Fortis.
2 Malaysia data is inclusive of IMU.

Sustainability
Our Organisation
Regulatory Compliance
IHH’s Code of Conduct We comply with each country’s
Contains an outline of the Group’s values and expected standards local laws and regulations in which
of behaviour. we operate. We must update our
procedures whenever laws and
regulations change to remain compliant.
Whistleblowing Policy
Provides a channel through which employees can confidentially report
incidents of malpractice, improper conduct, wrongdoings, corruption, Case Study: Regulation
fraud, and/or abuse within the Group, without fear of retaliation. Changes at IMU
IMU’s team monitors legislation and
Anti-Bribery and Corruption (“ABC”) Policy regulations constantly to ensure
The ABC Policy was implemented in FY2019 and built on the principles we remain compliant if changes or
outlined in the Code of Conduct, including compliance with all anti-corruption updates occur. We obtain news and
laws specific to the Group’s countries. advice about changes to applicable laws
and regulations from government
announcements and our lawyers on
our panel where appropriate. We
Ethics, Integrity and are selected based on merit, regardless notify all staff of regulatory changes
of gender, age, or background. directly impacting IMU if they occur.
Corporate Governance
To address any changes, new policies
In every aspect of our business, IHH Group-wide policies are regularly will be created and presented to
adheres to high ethical standards. reviewed to ensure they remain relevant the Management Committee for
Our team members recognise that and in line with industry best practices. approval, followed by training for
their efforts and actions reflect IHH’s In FY2020, we amended our Code of all impacted staff.
values as a whole. Conduct and Whistleblowing Policy.
These policies are freely available on The OSH (Noise Exposure) Regulation
Our corporate governance and our corporate website. 2019 was recently updated by
group policies apply to all of our authorities. Following the update,
operations at the global level. The In all global operations, new employees a noise risk assessment was carried
Board of Directors of the Group is are trained on the Code of Conduct, out at the IMU premises, and it was
responsible for directing the business Whistleblowing Policy, and Anti-Bribery determined that no persons were
in line with the Malaysian Code on and Corruption Policy as part of their being exposed to excessive noise
Corporate Governance 2021 (“MCCG”). induction. The update of these policies levels. To ensure that all staff members
Detailed roles and responsibilities is communicated to all employees via were fully informed of the topic and
for Board members are outlined in email. In Acibadem this year, e-learning associated risks, we also provided
the Board Charter can be found on videos were developed to ensure DOSH Requirement Training on noise
our corporate website. As per our employees understand the Code exposure. The OSH Committee meets
Boardroom Diversity Policy, all Directors of Conduct and the policies. quarterly to discuss and communicate
any further legislative updates.
IMU is ISO45001 (occupational health

and safety) certified.

Technology and Innovation
IHH understands that staying on top of Case Study: Telemedicine Innovation in Hong Kong
innovations and technologies will help
us succeed in the future. With the impact Hong Kong became the first location 1. Safe and convenient – An online
of the COVID-19 pandemic, it is becoming where we implemented our Group- consultation eliminates the need
increasingly evident that businesses are wide telemedicine initiative in March for customers to leave their homes
embracing new technologies to adapt to 2020. Using telemedicine, patients and risk being exposed to COVID-19.
the “new normal.” A group-wide initiative, in oncology, gastroenterology, and
telemedicine is just one way in which the hepatology could consult with doctors 2. Professional and comprehensive –
Group is using technology to support and get prescriptions from the comfort appointments are made with an on-duty
and improve patients’ lives. of their own homes. doctor with referrals for a specialist
follow-up if needed. If necessary, DrGo
Through a partnership with AIA Hong users can also seek further in-person
Kong, a leading insurance provider, consultations at Gleneagles Specialist
the telemedicine initiative was expanded Outpatient Clinics.
with the launch of Doctor on the Go
(“DrGo”), providing high-quality video
consultations with doctors at Gleneagles
Hospital Hong Kong. Consultations and
diagnoses can be provided via video
platform, with the medication and other 3. Premium service – through our
documents delivered directly to the partnership with AIA, pre-approval
patient’s home, often within 4 hours and cashless arrangement services
of the appointment. are available for select customers1.
There are three main advantages Gleneagles Hong Kong has consulted
of DrGo over traditional in-person 790 patients via its app, with 475
consultations: consultations scheduled in FY2021.
1 The selection depends on the customer’s specific medical benefits plan under AIA.

Sustainability
Our Organisation
Cost-Effectiveness launched a WeChat mini-programme departments so that Hospitals, Parkway

to assist patients with online appointments. Shenton, and Parkway Cancer Centre
For our patients to benefit from excellent
This year, Greater China is transitioning are all incorporated into the central
service value, we have established
to a newly established centralised system procurement office of IHH Singapore.
comprehensive supply chain management
for monitoring all our clinics’ Gross Operating
strategies, including methods to ensure
Profits (“GOP”). The setup of an escalation To reduce third-party costs at Acibadem,
we get the best price from our suppliers.
mechanism for underperforming clinics direct purchasing is used whenever possible.
In accordance with the Group Procurement
is now possible. For instance, bulk purchasing of drugs,
Strategy and System, we encourage
medical & non-medical consumables,
our suppliers and contractors to offer
Hong Kong’s procurement team regularly and prices fixed for general expenses
competitively priced bids throughout
reviews offers and negotiates with suppliers, and utilities have been pursued to combat
our global operations. Each business
along with systematic reviews of inventory the current inflationary pressures.
units conducts additional practices
and consumables costs.
to improve cost-effectiveness within its
area, in addition to the Tendering Policy. Economic Performance
We benchmark our cost structures
periodically against our key competitors There have been significant economic
A pre-qualification process in IHH’s impacts worldwide due to the COVID-19
in IHH Malaysia. We review profitability
operations in Greater China assesses pandemic, and IHH is no exception. Due to
margins against the previous year’s
vendor pricing structure and includes public concern over COVID-19 transmission,
budget every month.
market research, analyses, and forecasts voluntary treatment has decreased or
to gauge price fairness. To ensure the very been delayed. Our supply chains are
best price, a “sanity check” is performed In IHH Singapore, procurement is handled
strategically through volume consolidation, being rigorously evaluated, and we are
against past purchase records, internal adopting innovative technologies, including
and external peers, and online stores. taking the entire IHH Group into account.
The hospitals are currently working to reduce telemedicine, to overcome these challenges.
the annual tender cost of raw food and
Medication, consumables and inventory Detailed financial information can be
beverages by 30%. The procurement office
are monitored regularly at hospitals to found on page 142.
is also working on reorganising the pharmacy
minimise product loss. We have also
Case Study: Acibadem Return on Equity despite Economic Downturn

In Acibadem, rising international serving more foreign patients in Turkey has steadily increased from 82%
commodity prices and global supply and expanding its European operations. in Q4 2020 to 106% in Q4 2021.
chain disruptions have contributed Consequently, additional foreign currency
to inflation3 and currency depreciation. reserves have been built up, and foreign Despite local economic challenges
Combining this with an increase in patient volume has continued to increase. such as inflation and the global economic
Credit Default Swap (“CDS”) rates With the increase in foreign patients, challenges caused by the COVID-19
makes combating currency depreciation many of our existing loans and overseas pandemic, Acibadem has achieved
one of our key challenges in the region. borrowings have been hedged through a strong return on equity (“ROE”)
CCS4 and our foreign currency cash through hedging activities and strong
Acibadem has strengthened its foreign balance. Our hedging coverage ratio operating performance.
currency-denominated operations by
3 In FY 2021, inflation increase in Turkey has been reported to be up by 36.08% compared to the previous year.
4 CCS refers to “cross currency swap” – exchange of interest payments and principal in foreign currency to principal and interest payments in local currency.

Our Environment
Green Design
We believe that good sustainability practices begin during the design phase for our operations to be truly sustainable. As a result of
embracing sustainable infrastructure from the beginning, we can enjoy several long-term benefits, including reduced air conditioning
costs and benefits for patients from natural light and green spaces.
Case Study: Malaysia’s First Green Hospital – Pantai Hospital Laguna Merbok
In 2014, Pantai Hospital Laguna Merbok and anxiety reduction are critical to All plastic cutlery has been replaced
(“PHLM”) achieved GBI Silver certification, the recovery process. with wooden cutlery at the hospital
becoming the first purpose-built hospital cafeteria, allowing us to reduce landfill
to incorporate green technologies A 44% reduction in water use has been waste by about 6,500 pieces of plastic
and design into its construction and achieved by installing water-efficient cutlery each month. Using reusable
operations in Malaysia. IHH acquired fittings in the hospital. Landscapes ceramic mugs instead of plastic bottles
100% ownership of the hospital in are watered entirely using rainwater has eliminated 1,300 plastic bottles
2018 and conducted a GBI renewal harvesting and reclaimed reverse each month. Using biodegradable
assessment in 2021. The reassessment osmosis water used in haemodialysis. containers has reduced paper waste
found that PHLM scored particularly by 1,500 pieces each month.
well in Energy Efficiency, Sustainable PHLM installed rooftop solar panels
Site Planning & Management, and in FY2020, producing 60,977 kWh Aquaponics Facilities at PHLM
Innovation. The noteworthy innovations of electricity, which accounted for
are green vehicle charging stations, 3.2% of the hospital’s overall electricity
condensate water harvesting, solar consumption. In FY2021, solar electricity
hot water for showers, and LED generation totalled 61,356 kWh, an
façade lighting. increase in the previous year’s total.
Regular monitoring of the solar system
The hospital’s orientation was is possible through real-time data display.
deliberately designed to reduce
heat transfer from the sun, reducing Red hybrid tilapia (Oreochromis spp.)
internal temperatures and, therefore, and black tilapia (Oreochromis niloticus)
less reliance on air conditioning. A window are raised on-site through the hospital’s
fitting is carefully adjusted to eliminate aquaponics project. These fish species
glare so that patients’ rooms receive were chosen for their ease of rearing and
adequate natural daylight. rapid maturation. The fish are harvested
once mature and served in the hospital
A tranquil indoor courtyard with plants cafeteria. Also grown at PHLM are four
and flowers surrounds the inpatient types of vegetables (baby bok choy, coral
ward rooms, providing a soothing lettuce, kailan, and choy sum), served
perspective of the hospital. Relaxation in the cafeteria and inpatient meals.

Sustainability
Our Environment
Resource Use
Greater China and Hong Kong
and Conservation Direct contracting with a recycling company to handle medical and hazardous
Waste Management products in China.
In the healthcare industry, where medical,
biological, and other hazardous wastes Over 60 kg of takeaway plastic waste has been saved from entering landfills
are produced along with general waste due to the “bring your own container” programme in Hong Kong. In addition to
such as paper and plastics, proper handling recycling 13,435 kg of cardboard, and 490 kg of magazines and newspapers,
and management are imperative. A lack we upgraded our quilt fabric with more durable material to last longer.
of adequate waste management can
impact the environment and our larger
community. The Group adheres to strict
India
waste management regulations in each
country of operation and engages licensed Transitioning to electronic prescriptions and electronic billing to reduce
contractors to handle and dispose of paper waste.
clinical waste.
Reducing waste output is one of the Malaysia

three Key Performance Indicators for
A zero-plastic-bottle initiative has been launched to eliminate plastic bottles
our Global Initiatives. To minimise waste
in our hospital cafeterias. Our priority is to acquire reusable, recyclable, or
generation and landfill disposal, we are
biodegradable alternatives.
undertaking the following activities:
Singapore
Segregated bins are placed in various locations around the hospitals to collect
recyclable general waste. As part of these initiatives, staff have been trained
on the correct kinds of waste to be recycled versus disposed of in landfills.
Turkey & Europe

Pathology laboratories often use Xylene, which can be recycled through a recycling
device, which will allow the recycled material to be used again as a product wash.
At Acibadem Atakent Hospital, 60% of Xylene was recycled annually, amounting
to 720 litres.

Energy Conservation, Climate hours. The temperature setpoint for the best efficiency. Besides harvesting
major facilities has been raised from rainwater for gardening, we have recently
Change, and Water Efficiency 22°C to 24°C. In addition, every ward launched our Solar System Project in
We have also taken steps to reduce received low-flow showerheads estimated hospitals across Malaysia.
our water and electricity consumption to reduce water consumption by 30%.
throughout all our operations in We have installed leak detection sensors
order to reduce our environmental We have upgraded our central chillers and water meters in Singapore that
footprint further. in India to more energy-efficient monitor water usage. When a discrepancy
models. Plans include installing solar is detected, we can act immediately to
Our efforts in China include raising and water heaters with heat pumps, further prevent a leak.
promoting awareness of energy-saving reducing our dependence on grid
mechanisms, such as standardising electricity. After wastewater is treated, At Acibadem, the steam generators
the use of lighting and air-conditioning it is recycled for gardening, landscaping, in our Bulgaria facilities have been
with optimal ranges. All hospitals are and flushing toilets. upgraded with high-efficiency units that
equipped with water-efficient features offer energy recovery of up to 65%.
such as sensor faucets and high- Malaysian hospitals were designed, Periodic energy studies are conducted
efficiency toilets. reviewed, and then fitted with appropriate to monitor consumption and identify
Heating, Ventilation, and Air Conditioning areas that can be reduced. Regular
In Hong Kong, fluorescent bulbs have (“HVAC”) systems depending on their maintenance ensures the maximum
been replaced with LED lights. A timer unique structure and ventilation effectiveness of machinery. In addition,
controls the light in common areas requirements. HVAC systems are new, energy-efficient dishwashers have
and turns them off during non-business fine-tuned after installation to ensure recently been installed.
Solar System Project in hospitals across Malaysia.

Sustainability
Our Community
Affordable and
Case Study: Fixed price packages in Hong Kong
Accessible Treatment
For some of our patients, uncertainties imaging to operating room charges,
The financial situation should not restrict concerning the cost of healthcare nursing procedure charges, inpatient
an individual’s access to healthcare. can prevent them from seeking an medication, and consumables. The
We are dedicated to providing affordable appointment. To ensure patients are packages we offer are tailored to
treatments for all patients while still offering not surprised by bill sizes, we present meet the specific needs of our patients
the high level of service and quality that a transparent price list of major items. in each of our areas of operation.
our patients expect. To assist patients Furthermore, we offer complimentary Gleneagles Hospital Hong Kong,
in making informed decisions about financial counselling to all patients to for example, currently offers 240
treatment options, our pricing structure help them manage their costs and fixed-price medical packages
is transparent and easy to understand. make informed decisions before in various specialties.
undergoing any treatment.
Available since 2017, the packages
We pride ourselves on our transparent have steadily gained popularity with
price packages. All costs associated with our patients. This year, Gleneagles
the procedure are included in the package Hospital Hong Kong has 7,513
price, and there are no additional costs admissions under the price
if the patient is discharged within the package system.
scheduled length of the stay. Packages
include everything from a doctor’s fee The packages are promoted on
to an anaesthetist’s fee, room charges our website, social media, and
to meals, laboratory testing and diagnostic press releases.

Community
Case Study: Social Initiatives at Fortis
Engagement
Embracing social initiatives is at the effective healthcare facilities and
We are dedicated to improving the lives heart of Fortis’ Vision, philosophy, and services across the country for
of our patients and the communities in commitment to staying connected to the patients affected by COVID-19.
which we operate. We conduct community greater community. As well as identifying
education and engagement programs those most in need of help and support, 2. Indian Council of Medical Research
throughout the year to promote health we strive to meet the unmet needs of (“ICMR” ): Donation of INR 2.5 crores
awareness and improve the quality of marginalised groups within the community. on 26 September 2020, to support
life for those who need it most. Fortis’ social initiative policy can be found the Central and State Government’s
on its corporate website. medical infrastructure set-up for
COVID-19 patients.
During FY20211, Fortis and its subsidiaries
contributed a total of INR 17.02 crores 3. Bharat Ke Veer Corpus Fundz
(approx. MYR 9.5 million) to various by India’s Ministry of Home Affairs:
social initiatives. The three primary Donation of INR 8.62 crores on
donation projects in FY2021 were: 30 March 2021, to benefit the family
members of the Central Armed Police
1. PM CARES Fund: Donation of INR Forces’ officers who had given their
5.90 crore on 2 April 2020, to set up lives in the service of the nation.
Bharat Ke Veer Corpus Fundz by India’s Ministry of Home Affairs to benefit the family members of the
Central Armed Police Forces’ officers who had given their lives in the service of the nation.
1 Fortis follows an April-March financial year.

Responsible
Business
Championed by the Board, our robust
governance structure ensures that business
is conducted responsibly, ethically and at the
highest levels of integrity.
Governance
Board of Directors 88
Group Management 95
Corporate Governance Overview Statement 100
Nomination and Remuneration Committee Report 116
Audit Committee Report 122
Risk Management Committee Report 126
Statement on Risk Management and Internal Control 128
Sustainability Governance 134
Investor Relations Report 135

Governance
Board of Directors
Our Board of Directors
comprises an effective
combination of individuals
with a diverse range
of skills, knowledge
and experience that
complement our Tan Sri Mohammed Azlan bin Hashim
Chairman, Independent, Non-Executive
strategic objectives. Chairman of the Steering Committee
Nationality: Malaysian
Gender: Male
Age: 65
Date of Appointment: 30 March 2011
Length of Service: 11 years (As at 1 April 2022)
Date of Last Re-election: 28 May 2019
Work Experience
Tan Sri Mohammed Azlan bin Hashim was appointed to the Board
of IHH Healthcare Berhad in March 2011 as Deputy Chairman
and was re-designated from Non-Independent Non-Executive
Deputy Chairman to Non-Independent Non-Executive Chairman
on 1 January 2018. On 27 November 2018, Tan Sri Azlan was
re-designated from Non-Independent Non-Executive Chairman
to Independent Non-Executive Chairman following his cessation
as a nominee director of Khazanah Nasional Berhad.
Tan Sri Azlan also serves as a Director and Chairman, Investment

Panel of Employees Provident Fund, a role he held since
1 September 2020.
Tan Sri Azlan previously served as Executive Chairman of the (then)

Kuala Lumpur Stock Exchange Group from 1998 to 2004 and in
various other senior management roles, including at Bumiputra
Merchant Bankers Berhad and Amanah Capital Malaysia Berhad.
Academic/Professional Qualification(s)
• Bachelor of Economics, Monash University
• Fellow Member, Institute of Chartered Accountants, Australia
• Member, Malaysian Institute of Accountants
• Fellow Member (Hon), The Malaysian Institute of Chartered
Secretaries and Administrators
Present Directorship(s)
• D&O Green Technologies Berhad
• Marine & General Berhad
• Khazanah Nasional Berhad
• Telekom Malaysia Berhad
Notes
• Does not have any family relationships with any directors and/or any major shareholders of the Company
• Does not have any conflict of interest with the Company
• Does not have any convictions for offences within the past five years other than for traffic offences, if any
• Details of the Directors’ attendance at Board meetings are set out in the Corporate Governance Overview Statement on pages 100 to 115 of this Annual Report

Dr Kelvin Loh Chi-Keon Takeshi Akutsu
Managing Director and Chief Executive Officer, Non-Independent, Non-Executive
Non-Independent, Executive
Member of the Steering Committee
Nationality: Singaporean Nationality: Japanese

Gender: Male Gender: Male
Age: 48 Age: 55
Date of Appointment: 1 July 2019 Date of Appointment: 1 April 2022
Length of Service: 2 years 9 months (As at 1 April 2022) Length of Service: – (As at 1 April 2022)
Date of Last Re-election: 23 June 2020 Date of Last Re-election: –
Work Experience Work Experience
Dr Kelvin Loh Chi-Keon was appointed the Chief Executive Officer Appointed to the Board of IHH Healthcare Berhad (IHH) in April 2022,
(CEO) (designate) and Executive Director of IHH Healthcare Berhad Mr Takeshi Akutsu is the Managing Officer & Chief Operating Officer
(IHH) on 1 July 2019 and assumed the position of Managing Director of Wellness Business Unit at Mitsui & Co., Ltd (Mitsui) in its Tokyo
and CEO of IHH with effect from 1 January 2020. He also serves on Headquarters.
the Boards and Board Committees of IHH subsidiaries.
Mr Akutsu has over 30 years of working experience in Mitsui mainly
Dr Loh started his career as a practising physician and then spent engaged in consumer related business such as fashion industry and
a decade in the public sector in Singapore in areas such as clinical service business sector. Between April 2020 to March 2022, he served
services development, hospital planning and hospital operations. as the Managing Officer, General Manager of Corporate Planning
Dr Loh first joined IHH Group in 2008. Between 2008 and 2017, and Strategy Division of Mitsui responsible for the conglomerate’s
he held a number of senior management roles before taking over strategic and business planning. Prior to that, he served as General
as the CEO for its Singapore Operations Division (now known Manager in the Planning & Administrative Division for Innovation &
as IHH Healthcare Singapore), covering among other services, Corporate Development unit and Consumer & Healthcare unit. In the
the four multi-specialty tertiary hospitals – Mount Elizabeth, Planning & Administrative Division, he managed various administrative
Mount Elizabeth Novena, Gleneagles and Parkway East. functions to new projects (initial screening, due diligence, project
formation, post-merger integration, etc.) and reinforcement of earning
In 2017, Dr Loh moved to Columbia Asia Group as CEO where he power / productivity improvement to existing projects.
was responsible for overseeing its 28 hospitals across four countries
in Asia. He rejoined IHH in July 2019. Between 2007 to 2009, he was seconded to Recruit Co., Ltd.,
a Japanese listed Media and Human Capital service company,
An expert in lean management systems, Dr Loh was previously a and served as a Director in its Business Development office.
member of Singapore’s National Expert Advisory Panel for Healthcare
Productivity and Advisor to the Asia Productivity Organisation. Academic/Professional Qualification(s)
• Bachelor of Engineering, Waseda University, Faculty of Science
Academic/Professional Qualification(s) and Engineering
• Bachelor of Medicine and Bachelor of Surgery (MBBS),
National University of Singapore Present Directorship(s)
• Masters of Business Administration, NUS Business School, Singapore • Nil
• Graduate of the Insead Advanced Management Programme
• Nil
Notes

Governance
Board of Directors
Takeshi Saito Dr Farid bin Mohamed Sani

Non-Independent, Non-Executive Non-Independent, Non-Executive
Member of the Steering Committee Member of the Steering Committee
Member of the Nomination and Remuneration Committee Member of the Nomination and Remuneration Committee
Nationality: Japanese Nationality: Malaysian

Age: 50 Age: 46
Date of Appointment: 28 March 2019 Date of Appointment: 29 November 2019
Length of Service: 3 years (As at 1 April 2022) Length of Service: 2 years 4 months (As at 1 April 2022)
Date of Last Re-election: 28 May 2021 Date of Last Re-election: 23 June 2020
Appointed to the Board of IHH Healthcare Berhad (IHH) in 2019, Appointed to the Board of IHH Healthcare Berhad (IHH) in November
Mr Takeshi Saito was an alternate director to Mr Satoshi Tanaka and 2019, Dr Farid bin Mohamed Sani is the Head, Chief Investment
Mr Koji Nagatomi, during their tenure as Directors of IHH between Officer’s Office of Khazanah Nasional Berhad (Khazanah). He also
June 2015 and March 2019. He also serves on the Boards of a few serves on the Board and Board Committees of IHH subsidiaries.
IHH subsidiaries. Mr Saito currently serves as Chief Executive Officer
(CEO) of MBK Healthcare Management Pte Ltd (MHM), a wholly- Dr Farid re-joined Khazanah in December 2018 after serving as
owned subsidiary of Mitsui & Co., Ltd (Mitsui) based in Singapore, Chief Strategy Officer of UEM Group. Prior to that, Dr Farid was
which manages the healthcare assets within the portfolio of Mitsui. with Telekom Malaysia Berhad from 2012 to 2017. Dr Farid first
joined Khazanah in July 2004 until 2011. Prior to joining Khazanah,
Preceding his appointment as CEO of MHM, he served as General Dr Farid was a consultant at McKinsey & Co.
Manager of Healthcare Business 1st Department in Healthcare
Business Division of Mitsui. In 2017, he was an Executive Assistant
to a Representative Director and Executive Vice President of Mitsui.
Between 2015 and 2016, he was the General Manager of the Provider • Bachelor of Arts (Chemical Engineering), University of Cambridge
Network Department, Medical Healthcare Business Division 1, Consumer • Masters in Engineering (Chemical Engineering),
Service Business Unit of Mitsui and also sat on the Board and Executive University of Cambridge
Committee of Parkway Pantai Limited, a wholly-owned subsidiary of IHH, • PhD in Chemical Engineering, University of Cambridge
as an alternate director. In 2011, Mr Saito was seconded to Parkway
Group Healthcare as Vice President of Strategic Planning, following
his appointment as Director of the Medical Healthcare Business Present Directorship(s)
Department at Mitsui, where he led the investment in IHH. • Nil
Prior to this in 2007, Mr Saito was appointed Manager of the
Strategic Planning/Business Development Department of the
Life Science Division at Mitsui, which subsequently became the
Medical Healthcare Division in 2008.
• Bachelor of Political Science, Keio University, Japan
• Master of Business Administration, Kellogg School of Management,
Northwestern University
• Nil
Notes

Mehmet Ali Aydinlar Tunku Alizakri bin Raja Muhammad Alias
Member of the Steering Committee Member of the Risk Management Committee
Member of the Nomination and Remuneration Committee
Nationality: Turkish Nationality: Malaysian

Age: 65 Age: 52
Date of Appointment: 24 January 2012 Date of Appointment: 1 January 2021
Length of Service: 10 years 2 months (As at 1 April 2022) Length of Service: 1 year 3 months (As at 1 April 2022)
Date of Last Re-election: 23 June 2020 Date of Last Re-election: 28 May 2021
Appointed to the Board of IHH Healthcare Berhad (IHH) in January 2012, Appointed to the Board of IHH Healthcare Berhad (IHH) in January 2021,
Mr Mehmet Ali Aydinlar is also the Chairman of Acibadem Saglik Tunku Alizakri bin Raja Muhammad Alias was the Chief EPF Officer of the
Yatirimlari Holding A.S. (ASYH), a 90%-owned subsidiary of IHH. Employees Provident Fund (EPF), a post he held since 20 August 2018 to
28 February 2021. He joined the EPF on 1 January 2014 as the Deputy Chief
He was re-designated from Executive Director to Non-Executive
Executive Officer for the Strategy Division, overseeing national policies on
Director of IHH on 1 March 2019 following his cessation as the social protection, and developing EPF products and services. He was also
Chief Executive Officer (CEO) of ASYH. Mr Aydinlar, after an an ex-officio member of the EPF Board and Investment Panel.
illustrious tenure as founding CEO of ASYH, continues to serve
as the Chairman of the Board of Acibadem group of companies. Tunku Alizakri has extensive experience covering fund management and
the financial industry, public sector administration and central banking,
media and telecommunications, property development, plantations and
Mr Aydinlar is also the Chairman of the Turkish Accredited Hospitals
oil and gas. He was also the Vice Chair of Technical Commission on
Association and Vice Chairman of Private Hospitals and Healthcare Organisation, Management & Innovation of International Social Security
Institutions Association (OHSAD). A certified public accountant- Association and the Secretary-General of Asean Social Security
turned-entrepreneur, Mr Aydinlar has been recognised for his Association.
extensive experience in management and involvement in the
healthcare sector since 1993 and received numerous prestigious Prior to joining the EPF, he was the Chief Marketing Officer and
Chief Operating Officer of the Iclif Leadership and Governance Centre.
awards including but not limited to “Ernst & Young Entrepreneur He has also held the positions of Director of Strategic Management at
of the Year, Turkey” for the year 2018 for his entrepreneurship and Bank Negara Malaysia, Director and Head of Strategy and Corporate
contributions in healthcare industry. Affairs at DiGi Telecommunications Sdn Bhd, and Vice President and
Head of Group Strategic Planning at Malayan Banking Berhad.
Being a philanthropist, Mr Aydinlar is also the Chairman of the Board
of Trustees of Acibadem University, an ambitious social responsibility Academic/Professional Qualification(s)
undertaking initiated by Mr Aydinlar to advance healthcare in Turkey • Master of Business Administration (MBA), Cornell University
through education and research.
• Bachelor of Law (LLB), King’s College University of London
Academic/Professional Qualification(s) • Barrister-at-Law, Honourable Society of Lincoln’s Inn (London)
• Business Administration Degree, Galatasaray Economy and Present Directorship(s)
Management College
• Sime Darby Plantation Berhad
Present Directorship(s) • Prudential BSN Takaful Berhad
• Nil • Malaysia Venture Capital Management Berhad
• Bumi Armada Berhad
• Malaysia Aviation Group Berhad
• Malaysia Airlines Berhad
Notes

Governance
Board of Directors
Jill Margaret Watts Dato’ Muthanna bin Abdullah

Independent, Non-Executive Independent, Non-Executive
Chairman of the Risk Management Committee Chairman of the Nomination and Remuneration Committee
Member of the Audit Committee Member of the Audit Committee
Member of the Nomination and Remuneration Committee Member of the Risk Management Committee
Nationality: Australian Nationality: Malaysian
Gender: Female Gender: Male
Age: 63 Age: 62
Date of Appointment: 4 April 2018 Date of Appointment: 1 January 2021
Length of Service: 4 years (As at 1 April 2022) Length of Service: 1 year 3 months (As at 1 April 2022)
Date of Last Re-election: 28 May 2021 Date of Last Re-election: 28 May 2021
Appointed to the Board of IHH Healthcare Berhad (IHH) in April 2018, Appointed to the Board of IHH Healthcare Berhad (IHH) in January 2021,
Ms Jill Margaret Watts currently serves on several Boards of Directors, Dato’ Muthanna bin Abdullah currently serves as an independent member
including St Vincent’s Health Australia Ltd, Healthcare Logic Global of several boards of companies.
and Lendlease Retirement Living Trust. She was previously a Director Dato’ Muthanna began his career as a lawyer at Skrine & Co. He then
of the Australian Chamber of Commerce, United Kingdom, the Royal became Partner at Abdullah A. Rahman & Co. before becoming Managing
Australian Flying Doctor Service, United Kingdom, Ramsay Sante in Partner at Lee Hishammudin Allen & Gledhill. Dato’ Muthanna then
France and the Netcare Group in South Africa. Ms Watts also served became Managing Partner at Abdullah Chan & Co. before he assumed
on several Industry Boards including NHS Partners Network and the the role of Consultant at Abdullah Chan & Co., a role he continues to hold
Association of Independent Hospital Operators. at present.
Professionally, Dato’ Muthanna has frequently advised companies
Ms Watts was the Group Chief Executive Officer of BMI (GHG) on local and international cross-border acquisitions and investments
Health Care Group (BMI Healthcare) in United Kingdom from 2014 including corporate restructurings required to transform businesses.
to 2017. Prior to her appointment at BMI Healthcare, she was the
Dato’ Muthanna is the Honorary Consul of The Republic of San Marino
Group Chief Executive Officer of Ramsay Health Care, United to Malaysia.
Kingdom for over six years. She was the Chair of NHS Partners
Network between 2009 and 2012. He is also the Trustee of The Habitat Foundation, Yayasan Siti Sapura,
a board member of the Kuala Lumpur Business Club and The Malaysian
Aerospace Industry Association.
• Registered Nurse, Northwick Park Hospital, London, United Kingdom Previously he served on boards of 2 international chambers –
the British and the Swiss – and presently is the Avocat Au Confiance
• Midwifery, Mater Mothers Hospital, Brisbane, Australia to the Swiss Embassy.
• Grad. Dip Health Administration and Information Systems,
University of Central Queensland, Australia Academic/Professional Qualification(s)
• Master in Business Administration, Griffith University, • Bachelor of Law (LLB), University of Buckingham
Queensland, Australia • Barrister-at-Law, Honourable Society of Middle Temple (England)
• Wharton Fellow, Pennsylvania University, United States of America Present Directorship(s)
• Digital Nasional Berhad
• MSM Malaysia Holdings Berhad
• Nil
• Sapura Resources Berhad
• Malaysia Life Reinsurance Group Berhad
• MSIG Insurance (Malaysia) Berhad
Notes

Ong Ai Lin Satoshi Tanaka
Independent, Non-Executive Independent, Non-Executive
Chairman of the Audit Committee Member of the Audit Committee
Member of the Risk Management Committee Member of the Nomination and Remuneration Committee
Member of the Nomination and Remuneration Committee
Nationality: Malaysian Nationality: Japanese
Gender: Female Gender: Male
Age: 66 Age: 64
Date of Appointment: 1 January 2021 Date of Appointment: 1 January 2021
Length of Service: 1 year 3 months (As at 1 April 2022) Length of Service: 1 year 3 months (As at 1 April 2022)
Date of Last Re-election: 28 May 2021 Date of Last Re-election: 28 May 2021
Appointed to the Board of IHH Healthcare Berhad (IHH) in January Appointed to the Board of IHH Healthcare Berhad (IHH) in January
2021, Ms Ong Ai Lin has over 30 years of experience in providing 2021. Mr Tanaka currently serves as Representative Director,
Business Continuity Management (BCM), Governance Risk and Executive Vice President of Sekisui House, Ltd., one of the largest
Compliance, Information Security, Cyber Security, Technology Risk homebuilders in Japan, a role he held since April 2021.
and Governance and Data Privacy services in the United Kingdom,
Singapore, Indonesia, Thailand, Vietnam, Philippines, Sri Lanka, Mr Tanaka began his career at Mitsui & Co., Ltd. (Mitsui) in 1981 and
Cambodia and Malaysia. had been with Mitsui for 38 years until his retirement in June 2019.
During his tenure with Mitsui, Mr Tanaka had held various roles
Ms Ong was a Partner/Senior Executive Director at including as Representative Director, Executive Vice President
PricewaterhouseCoopers (PwC) Malaysia and also led the BCM since 2017, after serving as Senior Executive Managing Officer
and Information Security practice for PwC Malaysia. In addition to her and Chief Operating Officer of the Asia Pacific Business Unit of
board portfolio, she is a member of the SIRIM ISO Technical Mitsui since 2015.
Committee on Information Security and a former president of ISACA
(previously known as the Information Systems Audit and Control From 2010 to 2015, Mr Tanaka has held various positions including
Association) Malaysia Chapter from June 1997 to June 1999. as Executive Managing Officer and Chief Operating Officer of the
Consumer Service Business Unit. In 2007, he was appointed General
Her knowledge and experience earned her the “Best Certified Manager of the Corporate Planning and Strategy Division, preceded
Business Continuity Professional in Malaysia” award from Disaster by his appointment as General Manager of the Investor Relations
Recovery Institute International in 2012 and “Cybersecurity Lifetime Division in 2004.
Achievement Award” by CyberSecurity Malaysia in 2018.
During Mr Tanaka’s tenure with Mitsui, he was appointed to IHH
Academic/Professional Qualification(s) Board of Directors as a representative of MBK Healthcare Partners
Limited for the period from May 2011 to April 2017. He is also a
• BA. (Hons.) in Economics, University of Leeds, United Kingdom
director of Kuraray Co., Ltd.
• Associate, Institute of Chartered Accountants in England and
Wales (ICAEW) Academic/Professional Qualification(s)
• Member, Malaysian Institute of Accountants (MIA) • Master of Business Administration, Harvard Business School
• Bachelor of Arts in Literature, University of Tokyo, Japan
• RHB Bank Berhad Present Directorship(s)
• RHB Islamic Bank Berhad • Nil
• Tenaga Nasional Berhad
• FIDE Forum
Notes

Governance
Board of Directors
Tomo Nagahiro Mok Jia Mei

(Alternate Director to Takeshi Akutsu) (Alternate Director to Dr Farid bin Mohamed Sani)
Nationality: Japanese Nationality: Malaysian

Gender: Male Gender: Female
Age: 46 Age: 36
Date of Appointment: 3 April 2019 Date of Appointment: 21 March 2022
Length of Service: 3 years (As at 1 April 2022) Length of Service: – (As at 1 April 2022)
Date of Last Re-election: – Date of Last Re-election: –
Mr Tomo Nagahiro is an alternate director to Mr Takeshi Akutsu Ms Mok Jia Mei is an alternate director to Dr Farid bin Mohamed Sani
on the Board of IHH Healthcare Berhad (IHH), a role he assumed on the Board of IHH Healthcare Berhad, a role she assumed in
in April 2022. Prior to his current position in IHH, he was appointed March 2022.
alternate director to Mr Masato Sugahara and Mr Koji Nagatomi in
April 2020 and April 2019 respectively and ceased to be their Ms Mok Jia Mei joined Khazanah Nasional Berhad (Khazanah) in
alternate in March 2022 and March 2020 respectively, following April 2021 and is currently covering the healthcare sector within
their resignation as Directors of IHH. the Investments Division. Prior to joining Khazanah, she was part
of the investment team of Ikhlas Capital, a Southeast Asia-focused
Mr Nagahiro has been General Manager of Strategic Planning private equity fund, from 2019 to 2020. From 2008 to 2019, she
Department in Wellness Business Unit of Mitsui & Co., Ltd (Mitsui), was with the Group Strategy division of CIMB Group, where she was
overseeing Mitsui’s investment in IHH since April 2019. responsible for evaluating and executing mergers and acquisitions
and various corporate exercises.
Mr Nagahiro has over 20 years of working experience having served
in multiple divisions in Mitsui, spanning from strategic planning, business Academic/Professional Qualification(s)
development and operations management. Preceding his current
• Bachelor of Commerce (Hons) in Actuarial Studies, University
appointment, he was seconded to MIMS Pte Ltd which is based in
of Melbourne, Australia
Singapore as the Chief Operating Officer from 2015 to 2018.
Prior to this, Mr Nagahiro was seconded to Parkway Pantai Limited, Present Directorship(s)

a wholly-owned subsidiary of IHH, as Assistant Vice President of • Nil
Strategic Planning and Business Development where he led multiple
business development projects from 2013 to 2015.
• Bachelor of Arts in Law, University of Tokyo, Japan
• Master of Business Administration, Kellogg School of Management,
Northwestern University
• U.S. Certified Public Accountant
• Nil
Notes

Group Management
Work Experience Academic/Professional Qualification(s)
Dr Kelvin Loh Chi-Keon was appointed the Chief • Bachelor of Medicine and Bachelor of Surgery
Executive Officer (CEO) (designate) and Executive (MBBS), National University of Singapore
Director of IHH Healthcare Berhad (IHH) on 1 July • Masters of Business Administration, NUS Business
2019 and assumed the position of Managing Director School, Singapore
and CEO of IHH with effect from 1 January 2020. He
• Graduate of the Insead Advanced Management
also serves on the Boards and Board Committees of
Programme
IHH subsidiaries.
Dr Loh started his career as a practising physician and
then spent a decade in the public sector in Singapore
in areas such as clinical services development, hospital
planning and hospital operations. Dr Loh first joined
IHH Group in 2008. Between 2008 and 2017, he held
a number of senior management roles before taking
over as the CEO for its Singapore Operations Division
(now known as IHH Healthcare Singapore), covering
among other services, the four multi-specialty tertiary
Dr Kelvin Loh Chi-Keon hospitals – Mount Elizabeth, Mount Elizabeth Novena,
Gleneagles and Parkway East.
Managing Director and
In 2017, Dr Loh moved to Columbia Asia Group as
Chief Executive Officer, CEO where he was responsible for overseeing its
Non-Independent, Executive 28 hospitals across four countries in Asia. He
rejoined IHH in July 2019.
Nationality: Singaporean An expert in lean management systems, Dr Loh was
Gender: Male previously a member of Singapore’s National Expert
Advisory Panel for Healthcare Productivity and
Age: 48 (As at 1 April 2022) Advisor to the Asia Productivity Organisation.
Date of Appointment: 1 July 2019

Mr. Joerg Ayrle was appointed the Group Chief • Masters of Business Administration major in
Financial Officer of IHH Healthcare Berhad (IHH) Finance & Controlling, Marketing, Finance-
on 1 February 2021. With a wealth of international Mathematics, University of Augsburg, Germany
experience from United States, Germany, Singapore, • Advisory Professor, Tongji University,
China and Thailand, he will be responsible for Shanghai/ China
providing financial leadership and strategic guidance
• Certified Fellow at the Institute of Directors,
for IHH and its operations and the business plan
Thailand
development. In his role, Joerg will ensure effective
management of resources, safeguard shareholders’
interests and steer financial and management
reporting, treasury, tax and investor relations
functions and support the companies M&A activities.
Prior to joining IHH, Mr. Ayrle was the GCFO of
Thai Union Group and steered the Company’s
financial transformation journey, winning multiple
awards including Best CFO Asia by Corporate
Joerg Ayrle Treasurer in 2016.
Group Chief Financial Officer He also had a successful career with tech giants
Osram and Siemens. Most notably, he was Chief
Financial Officer & Treasurer of Osram Sylvania,
USA, and Managing Director of Corporate Finance
Mergers, Acquisitions & Post Closing (ASIA) for
Nationality: German Siemens, China.
Gender: Male
Age: 53 (As at 1 April 2022)
Date of Appointment: 1 February 2021
Notes

Governance
Group Management
Work Experience Between 2008 and 2015, Mr Sim was also an adjunct
lecturer at Nanyang Business School, during which
Mr Joe Sim Heng Joo is Group Chief Operating he was recognised with a Teacher of the Year Award.
Officer of IHH Healthcare Berhad (IHH). He was also an Adjunct Associate Professor at
He was appointed Group Chief Operating Officer the National University of Singapore’s School of
of IHH with effect from 1 January 2020. He was Public Health and Business School before he
previously Chief Executive Officer of IHH’s Malaysia joined the IHH.
Operations Division where he was instrumental Currently he sits on the Board of IHH’s subsidiaries,
in providing strategic direction and leadership PLife REIT and Fortis Healthcare Ltd, as a Non-executive
for the Group’s integrated healthcare businesses Director.
in Malaysia.
Mr Sim has extensive experience spanning over Academic/Professional Qualification(s)
20 years in the public and private healthcare industry. • Masters in Public Administration, Kennedy School
Prior to joining IHH in 2017, he held leadership roles of Government, Harvard University
within the National University Health System and • Bachelors of Arts in Electronic and Information
National Healthcare Group in Singapore. Science Tripos, University of Cambridge
Mr Sim began his career with the Singapore
Joe Sim Heng Joo Administrative Service and held different positions
at the Ministry of Finance, Community Development
Group Chief Operating Officer Council and Ministry of Defence. In 2000, he founded
a company that developed business-to-business
trading hubs before joining Accenture where he
was responsible for developing thought leadership,
concepts and innovations on next-generation revenue.
Nationality: Singaporean
Gender: Male
Date of Appointment: 1 January 2020

Mr Ashok Pandit is Group Chief Strategy and • Post Graduate Diploma in Management,
Business Development Officer of IHH Healthcare Indian Institute of Management, Bangalore, India
Berhad (IHH). • Bachelor of Engineering (Mechanical),
He was appointed Group Chief Strategy and Delhi College of Engineering, India
Business Development Officer of IHH with effect
from 1 August 2021.
Ashok Pandit brings to IHH more than 27 years of
investment banking experience in the Asia Pacific.
Prior to joining IHH in May 2021 as Group Chief Special
Projects Officer, he was Managing Director, Global
Co-Head of Sovereign Wealth and Pension Funds and
Head of Financial Sponsor Coverage (Asia Pacific) at
Deutsche Bank AG, Singapore. During his 15-year tenure
at Deutsche Bank, Mr Pandit held senior investment
banking positions, advising leading global institutions
Ashok Pandit and corporations on capital raising, mergers and
acquisitions, and advisory and capital restructuring.
Group Chief Strategy & He led deals that raised over US$100 billion in the
Business Development Officer capital markets and was a key player in IHH’s
US$2 billion IPO in 2012, which was ranked the
world’s third largest IPO of the year.
Nationality: Indian
Gender: Male
Date of Appointment: 1 August 2021
Notes

Ms Ida Suryati brings with her more than 25 years of • Bachelor of Law (Hons), Universiti Kebangsaan
experience in various legal and company secretarial Malaysia
roles in agribusiness, oil and gas and fast moving • Master of Law (LLM) (Commercial), University of
consumer goods companies. Ida was admitted to Cambridge, United Kingdom
the High Court of Malaya as an advocate and solicitor
• Master of Law (LLM), University of Malaya, Malaysia
in 1997.
She began her career as Management Trainee in
Unilever Malaysia and worked there as an Assistant
Manager in legal and company secretarial roles
until year 2000. Thereafter she moved to hold legal
and company secretarial positions in Golden Hope
Plantations Berhad (now a part of Sime Darby Group)
(2000–2002), Tradewinds (M) Berhad (2002–2009)
and MISC Berhad (2009–2011). Immediately prior
to joining IHH Healthcare Berhad (IHH) in June 2019,
Ida served in FGV Holdings Berhad (FGV), a
Ida Suryati Ab. Rahim Malaysian-based global agribusiness public listed
company, between 2011 and 2019.
Group General Counsel and
Her last position in FGV was as Chief Counsel and
Company Secretary she had held various leadership roles in FGV including
as Head, Sustainability & Environment, Head, Group
Governance and Compliance, Vice President,
Nationality: Malaysian International Business and as Group Company
Gender: Female Secretary for the period between 2011 and 2013.

Date of Appointment: 27 June 2019

Ms Angela Ryan joined IHH Healthcare Bhd (IHH) as • Bachelor of Laws (Honours), University of the
Group Chief Human Resources Officer with 25 years West of England, United Kingdom
of global HR experience and expertise in creating • Postgraduate Diploma in European Business
people-centered organisational, cultural and Administration, Bristol Business School,
HR transformation. United Kingdom
Prior to joining IHH, Ms Ryan was the Senior Vice • Master’s degree in European Business,
President of Human Resources (Asia Pacific and Bristol Business School, United Kingdom
the Middle East) at Fox Networks Group (The Walt • Candidate – Doctor of Professional Studies:
Disney Company). Preceding this, Ms Ryan served Human Resources, Middlesex University,
for 11 years with GroupM (WPP Plc), a leading global United Kingdom
media investment company, holding various
leadership roles including Global Chief Human • Fellow of the Chartered Institute of Personnel
Resources and Talent Officer. and Development
Angela Ryan
Group Chief Human Resources Officer
Nationality: British
Gender: Female
Date of Appointment: 16 September 2019
Notes

Governance
Group Management

Mr. Stephen Byrne was appointed the Group Head • Member of the Institute of Chartered Accountants
of Internal Audit of IHH Healthcare Berhad (IHH) on UK (FCA)
4 January 2021. In this position, he is responsible for • Bachelor of Science (Honours) in Physics with
designing a proactive strategy to mitigate corporate Study in Continental Europe from the University
risk and improve business processes and internal of Bristol, UK and University of Mainz, Germany
control mechanisms.
Mr. Byrne has 25 years of international experience in
both corporate and site-based roles. His career spans
numerous sectors including manufacturing, resources
and healthcare, the most current being his position
as Group Manager, Risk and Assurance with global
packaging company Orora in Melbourne, Australia.
Stephen Byrne
Group Head, Internal Audit
Nationality: Australian
Gender: Male
Date of Appointment: 4 January 2021

Ms Nili Shayrina binti Saat has more than 20 years • Bachelor of Arts (Hons) in Accounting and
of experience in Risk Management with broad Finance of Lancaster University, UK
industry experiences and market exposure
in South East Asia and the Central Europe,
North Africa and Middle East region.
Prior to joining IHH in 2018, Nili was the Director
of Risk Management and Business Process for
Eagle Hills Properties in Abu Dhabi, United Arab
Emirates where she oversaw the risk management
and business process improvement functions for
the group.
Preceding this, she was attached to Iskandar
Investment Berhad for six years, holding
several roles including the Innovation Chief,
spearheading the Innovation initiatives for the
organisation, and Head of Risk Management &
Nili Shayrina binti Saat Compliance where she was responsible for
Group Head, Risk Management setting up the function.
Nationality: Malaysian
Gender: Female
Date of Appointment: 19 November 2018
Notes

Work Experience His past national appointments include those of
President of the Malaysian Society of Haematology
Professor Abdul Aziz Baba was promoted as the and Chairman of the National Conjoint Board for
President of IMU Health Sdn Bhd, a wholly-owned Postgraduate Medical Programmes, as well as
subsidiary of IHH Healthcare Berhad (IHH), on Chairman of the Specialist Advisory Committee
1 January 2018. Since 1 January 2016, he is also (Clinical Haematology) of the National Specialist
the Chief Executive Officer and Vice-Chancellor of IMU Register. Prof Aziz has also been a member of the
Education Sdn Bhd, a wholly-owned subsidiary of IHH, Malaysian Medical Council (MMC) and has served
responsible for operating the International Medical the MMC on several accreditation visits to local and
University (IMU). Prior to assuming this role, Prof Aziz foreign medical institutions. Currently he serves as
served as Vice President of IMU since 1 November a member of the Joint Technical Committee of the
2013, a role he was promoted to since joining IMU in Malaysian Medical Council, the Executive Committee
1 July 2013 as Vice President with responsibility for of the National Cancer Council Malaysia (MAKNA),
the Medical and Dental Programmes. the Vice Chancellor’s Council for Private University
Before he joined IMU, Prof Aziz held several (VCCPU) and the Accreditation Committee of the
key academic administrative positions at the Malaysian Qualifying Agency (MQA).
School of Medical Sciences (SMS) of Universiti Sains
Malaysia (USM). These included the positions of Academic/Professional Qualification(s)
Prof Abdul Aziz Baba Dean (2005–2012) and Deputy Dean (2003–2005). • Bachelor of Medicine and Bachelor of Surgery
Preceding this he served as a Professor (2000), (MBBS), University of Melbourne, Australia
President, IMU Health Sdn Bhd Associate Professor (1992) and Lecturer and Clinical • Membership of the Royal Colleges of Physicians
Haematologist/Oncologist at USM’s SMS, following of the United Kingdom
the completion of his postgraduate training in 1986.
During his tenure with USM, Prof Aziz was instrumental • Membership of the Royal College of Physicians
in establishing the Clinical Haematology and of Ireland, Dublin
Nationality: Malaysian Stem Cell Transplantation service at USM’s • Fellow of the Royal College of Physicians of
Gender: Male teaching hospital, HUSM. Edinburgh (UK)
Age: 66 (As at 1 April 2022) Prof Aziz undertook his undergraduate medical • Member, Academy of Medicine Malaysia
training at the University of Melbourne on a Colombo
Date of Appointment: 1 July 2013
Plan scholarship and graduated in November 1979.
He subsequently trained in Internal Medicine,
Haematology and Medical Oncology at several
leading overseas institutions in Singapore,
Scotland and Melbourne, Australia.

Mr Tahsin Güney was appointed as the Chief • Bachelor of Public Administration, Middle East
Executive Officer of Acibadem Saglik Yatirimlari Technical University, Ankara, Turkey
Holding A.S on 1 March 2019. He is a highly • Master of Actuarial Science and Statistics,
experienced healthcare professional with deep City University, London, UK
knowledge on hospital operations and management.
He first joined Acibadem in 2008 as Planning and
Business Development Director and has served
as Deputy General Manager since 2013.
Armed with a Bachelor’s degree in Public
Administration and a Master’s degree in Actuarial
Science and Statistics, Mr Tahsin Güney started
his career in 1990 as an Assistant Inspector at
Turkey’s Social Security Agency, where he rose
through the ranks to become Acting President
and Acting President of the Board in 2008.
He was one of the top leading bureaucrats during
Tahsin Güney the social security and general health insurance
Chief Executive Officer, reform studies in Turkey between 2003-2008.
Acibadem Saglik Yatirimlari
Holding A.S
Nationality: Turkish
Gender: Male
Date of Appointment: 1 March 2019
Notes

Governance
Corporate Governance
Overview Statement
Our Commitment to Good • Main Market Listing Requirements Principle A – Board
(MMLR) of Bursa Malaysia Securities
Corporate Governance Berhad (Bursa Securities); and
Leadership and Effectiveness
At IHH Healthcare Berhad (IHH or the 1. Board Responsibilities
• Bursa Securities Corporate
Company), together with its subsidiaries
Governance Guide. The Board directs and oversees the
(the Group), we strongly believe that
sound corporate governance practices management of the business and affairs
are essential for delivering shareholder The Board is pleased to present of IHH and the Group, with the goal of
value, enhancing business integrity, this statement, pursuant to Paragraph achieving long-term success of the
maintaining investors’ confidence and 15.25 of the MMLR, for the financial Company and delivering sustainable value
achieving the Group’s corporate year ended 31 December 2021 to its stakeholders. Apart from making major
objectives and vision. (CG Overview Statement) in respect policy decisions, the Board determines the
of the following principles: strategic direction of the Company, ensures
that the necessary resources are in place
The Board, Management and employees
Principle A – Board Leadership for the Company to meet its objectives
of the Group are committed to achieving
and Effectiveness; and monitors the Management’s execution
and maintaining the highest standards of
Principle B – Effective Audit and Risk of strategy and financial performance.
corporate governance. We continuously
Management; and Together with Management, the Board sets
strive to refine the Group’s corporate
the tone from the top by providing thought
governance practices and processes Principle C – Integrity in Corporate leadership, championing good corporate
and shall always uphold the pillars of Reporting and Meaningful Relationship governance culture within the Company and
corporate governance such as ethical with Stakeholders. formalising and committing to ethical values.
behaviour, accountability, transparency
and sustainability. The CG Overview Statement The Board is also mindful of their wider
shall be read together with the obligations and considers the impact
The Board is committed to ensure that Corporate Governance Report 2021, their decisions will have on the Group’s
the Group’s Corporate Governance which is available on the Company’s various stakeholders such as its patients,
Framework complies with the following website at https://www.ihhhealthcare. employees, shareholders, the community
requirements and guidelines: com/investors/corporate-governance/ and the environment as a whole.
corporate-governance-reports. Sustainability considerations have
• Companies Act 2016;
been integrated in corporate strategy,
• Malaysian Code on Corporate governance and decision-making to create
Governance (MCCG); sustainable value to its stakeholders.
Corporate Governance Framework

Legislations and Vision, Mission Policies and Quality and
Strategy
Compliance and Core Values Procedures Assurance
Audit Committee Internal Audit
Risk Management Committee

Group
Board of Directors
Steering Committee Management

Stakeholders
Organisation
Managing Director and Operating Companies’

Chief Executive Officer Management Team
Nomination and Sustainability

Remuneration Committee Committee
International Clinical
Governance Advisory Council
Company
Secretary

Board Charter The Group has also established a Third Division of Roles and
Party Code of Conduct which outlines
The Board Charter describes the
the minimum standards for compliance
Responsibilities between the
roles and responsibilities of the Board,
Board Committees, individual Directors
by third parties in all business dealings Chairman and the MD & CEO
with the Group. The Group expects all At IHH, the roles and responsibilities
and Management. The Board Charter
third parties with business dealings with of the Chairman and MD & CEO are
contains, among others, the principles
the Group to comply with all applicable separated and clearly defined in the
for the operation of the Board and has
laws, regulations and standards as well Board Charter in line with best practices.
a formal schedule of matters specifically
as the Third Party Code of Conduct. The separation of the positions of the
reserved for the Board’s decision.
Chairman and MD & CEO promotes
In August 2019, the Group adopted accountability and facilitates the division
The Board Charter is available for
the Anti-Bribery and Corruption Policy of responsibilities between them so that
reference on the Company’s website
(ABC Policy) which spells out the steps no one individual can influence the
at https://www.ihhhealthcare.com/
required in managing, escalating, Board’s discussion and decision-making.
investors/corporate-governance.
assessing, preventing and reporting
any potential or actual bribery and The Chairman is responsible for the
The Board reviews the Board Charter as
corruption during the course of business. leadership of the Board in its collective
and when it deems fit to ensure it is relevant
and aligned to the Company’s objectives, oversight of Management and is
The ABC Policy which was developed instrumental in creating the necessary
strategies, operating environment and the
in line with the existing Whistleblowing conditions inside and outside the
applicable rules and regulations. The Board
Policy (further details as elaborated boardroom. The Chairman promotes
Charter was last reviewed by the Board in
below) and the Code, aims to further and oversees the highest standards in
June 2020.
enhance the Group’s existing processes the adoption and implementation of
in combating bribery and corruption in good corporate governance practices
Limits of Authority line with the introduction of corporate within the Board and Company. The
The Limits of Authority (LOA) is a Group liability provisions pursuant to Section Chairman also sets the Board agenda,
policy which prescribes the authority 17A of the Malaysian Anti-Corruption leads board meetings and discussions,
limits for the Board, Board Committees, Commission Act 2009. encourages active participation and
Managing Director & Chief Executive allows dissenting views to be freely
Officer (MD & CEO) and Senior Management Read about the Code, Third Party expressed as well as ensures proper
personnel, to facilitate compliance with Code of Conduct and ABC Policy governance of the board proceedings.
the principles of good corporate governance. at https://www.ihhhealthcare.com/
Although the operations of the Group investors/corporate-governance. The MD & CEO focuses on the business
are governed by the LOA, the overall and the day-to-day management of the
management and control of the business Whistleblowing Policy Company, in line with the strategy and
and affairs of the Group vests with the objectives approved by the Board.
Board. Where necessary, the Board It is in the interest of our stakeholders
shall review the LOA to fit the Group’s that we maintain confidence in the
operating environment. The LOA was integrity of the operations of IHH and Board Committees
last updated in February 2020. all its operating subsidiaries. We have Board Committees are set up to manage
established a confidential reporting specific tasks for which the Board is
procedure that enables external parties, responsible within clearly defined Terms
Corporate Integrity suppliers, contractors, key stakeholders, of Reference (TOR). This ensures that the
The Board is committed to promoting shareholders and employees to raise members of the Board can spend their
good business conduct and maintaining concerns to prevent or deter improper time more efficiently while the Board
a healthy corporate culture that engenders activities. A Whistleblowing Policy is in Committees are entrusted with the
integrity, transparency and fairness. The place within the Group and it ensures that authority to examine particular issues.
Board has, since 2013, established a Code whistleblowers are protected from reprisals
of Conduct (the Code) which has been or victimisation as a result of making the The Board has to date established the
implemented throughout the Group. The information known in good faith. following Board Committees:
Code provides for the ethics and standard • Audit Committee (AC)
of conduct expected of all employees Read about our Whistleblowing Policy
when performing their roles for the Group. at https://www.ihhhealthcare.com/ • Risk Management Committee (RMC)
The Code was last reviewed and investors/corporate-governance. • Nomination and Remuneration
approved for adoption by the Board Committee (NRC)
in November 2020. • Steering Committee (SC)

Governance
Corporate Governance Overview Statement
The Board Chairman is not a chairman the risk management framework of the The composition and the summary
or member of the AC, RMC and NRC Group by Management so that the Group of meetings attended by the NC,
of the Company. Board committee has in place a sound, effective and robust RC and NRC members, as well as
meetings are conducted separately risk management and internal control the activities carried out by the NC,
from the board meetings to enable framework. The RMC also assists the RC and NRC, are set out separately
objective and independent discussion Board in fulfilling its key risk oversight in the NRC Report as laid out on
during the meetings. responsibilities in an integrated and pages 116 to 121 of this Annual Report.
strategic manner and provides oversight,
The TOR of the relevant Board Committees direction and guidance to Management Steering Committee
are available on the Company’s website on the Group’s risk management matters.
The SC functions to assist the Board
at https://www.ihhhealthcare.com/
The composition and the summary of in reviewing the Group’s long-term and
investors/corporate-governance.
meetings attended by the RMC members, short-term strategies, evaluating major
as well as the activities carried out by transactions, material borrowings,
Audit Committee the RMC, are set out separately in the any investment projects, financial
The AC’s primary role is to assist RMC Report as laid out on pages 126 to management (such as operating budgets,
the Board in fulfilling its statutory and 127 of this Annual Report. capital expenditures, cashflow, dividend
fiduciary responsibilities for oversight payout, etc.), broad procurement strategy
of the quality and integrity of the and procurement and tender processes
accounting, auditing and financial Nomination and that any of the Group entities may undertake.
reporting of the Group and monitoring Remuneration Committee
the effectiveness of the systems The functions of the Nomination Committee The SC comprises the following members:
of internal control. To achieve these, (NC) and Remuneration Committee (RC)
the AC oversees the reports of external Chairman: Tan Sri Mohammed Azlan
of the Company have been combined
and internal auditors and safeguards bin Hashim
into the NRC effective from 28 May 2021.
the integrity of financial reporting, Members: Dr Kelvin Loh Chi-Keon
as well as ensures a sound system In relation to the nomination responsibilities, Takeshi Saito
of internal controls to safeguard the NRC plays a key role in the oversight Dr Farid bin Mohamed Sani
and enhance enterprise value. It also of the nomination and selection process Mehmet Ali Aydinlar
oversees the implementation of the of the Board members and Senior
Whistleblowing Policy for the Group. Management, assesses and monitors
the composition and effectiveness of
Company Secretaries
The composition and the summary of the Board and undertakes development The Board has ready and unrestricted
meetings attended by the AC members, needs and succession planning initiatives access to the advice and services
as well as the activities carried out by for the Board and the Group as a whole. of the Company Secretaries. The
the AC, are set out separately in the Company Secretaries support the
AC Report as laid out on pages 122 to In relation to the remuneration Board in its leadership role, discharge
125 of this Annual Report. responsibilities, the NRC is responsible of fiduciary duties and as stewards of
for recommending and reviewing governance. They provide an important
remuneration policies, the remuneration advisory role to the Board on issues
Risk Management Committee relating to corporate governance and
framework and performance measures
The RMC assists the Board in overseeing compliance with applicable statutory
of the individual Directors and
the establishment and implementation of and regulatory rules.
Senior Management.

Summary of Board Activities in the financial year 2021
Pursuant to the Board Charter, the Board, among others, performed the following roles and responsibilities during the financial year 2021:
Focus Area Key Discussion Topics

Strategy • Governing and setting of the strategic direction of the Group. The Board ensures that the strategic
plan of the Company supports long-term value creation and includes strategies on economic,
environmental and social considerations underpinning sustainability.
• Reviewing, challenging and deciding on Management’s proposals for the Group and monitoring the
implementation by Management.
Operations • Overseeing the conduct of the Group’s businesses, including supervising and assessing
Management’s performance to determine whether the business is being managed properly.
• Ensuring that the necessary resources are in place for the Company to meet its objectives and review
Management’s performance.
Financial • Reviewing and approving financial statements and the Company’s annual reports.
Risk, Compliance and • Ensuring that there is a sound framework for internal controls and risk management.
Internal Controls • Understanding the principal risks of the Group’s business.
• Ensuring the implementation of appropriate systems to manage these risks and that there is an
appropriate risk management framework to identify, analyse, evaluate, manage and monitor
significant financial and non-financial risks.
• Ensuring the integrity of the Company’s financial and non-financial reporting.
• Reviewing the adequacy and the integrity of the Group’s internal control systems and management
information systems to safeguard and enhance enterprise value.
Governance • Setting the Company’s core values and standards, and ensuring that the obligations to the
Company’s shareholders and other stakeholders are understood and met.
• Together with Management, promoting good corporate governance culture within the Company
which reinforces ethical, prudent and professional behaviour.
• Together with Management, implementing its policies and procedures, which include managing
conflict of interest, preventing the abuse of power, corruption, insider trading and money laundering.
• Undertaking a formal and objective annual evaluation to determine the effectiveness of the Board, its
Committees, each individual Director as well as the Board Chairman.
• Determining the remuneration of Directors and Management in accordance with the MCCG, which
takes into account the demands, complexities and performance of the Company as well as skills and
experience required.
Sustainability • Setting the Group’s sustainability strategies, priorities and targets and taking into account sustainability
considerations when exercising its duties including among others the development and implementation
of the Group’s strategies, business plans, major plans of action and risk management.
• Ensuring that the Group’s sustainability strategies, priorities, targets and achievements are
communicated by Management to its internal and external stakeholders.
• Taking appropriate action to ensure the Directors stay abreast with the sustainability issues relevant
to the Company and its business, including climate-related risks and opportunities.
• Identifying a designated person within Management, to provide dedicated focus to manage
sustainability strategically, including the integration of sustainability considerations in the Group’s
operations.
Succession Planning • Establishing succession plans including appointing, training, fixing the compensation of and replacing
key management including ensuring that Management has the necessary skills and experience, and
there are measures in place to provide for the orderly succession of the Board and Management.
Investor Relations • Developing and implementing an Investor Relations programme and shareholders’ communication
policy to enable effective communication with stakeholders.

Governance
The Board held its Board Strategy Forum The Board is committed to acting in the best Board Commitment
(Strategy Forum) in October and November interests of the Group and its shareholders
The Board commitment can be observed
2021 to review the Group’s performance by exercising due diligence and care in
from the attendance of Directors at the
and set the Group’s strategic directions discharging its duties and responsibilities
Board meetings as depicted below and
and aspirations. The Strategy Forum was to ensure that high ethical standards are
the attendance of Directors at the Board
attended by all the Directors, Senior applied at all times. This is undertaken
Committee meetings as disclosed in the
Management and the relevant Heads of through compliance with the relevant rules,
respective Board Committee reports in this
Department of the Group. At the Strategy regulations, directives and guidelines, in
Annual Report.
Forum, the Board and Management addition to adopting the best practices
discussed the Group’s strategy and in the MCCG and CG Guide.
established common understanding of
the Group’s strategic goals and execution.
During the financial year under review, the Board met nine times for its meetings, of which five meetings were pre-scheduled and
the remaining four meetings were convened on ad-hoc basis. The details of the attendance of the Board members during the
financial year under review are as follows:
Director Designation Total Meetings Attended

Tan Sri Mohammed Azlan bin Hashim Chairman, 9/9
Independent Non-Executive Director
Dr Kelvin Loh Chi-Keon Managing Director and Chief Executive Officer, 9/9
Non-Independent Executive Director
Masato Sugahara Non-Independent Non-Executive Director 9/9
(Resigning on 31 March 2022)
Takeshi Saito Non-Independent Non-Executive Director 9/9
Dr Farid bin Mohamed Sani Non-Independent Non-Executive Director 9/9
Mehmet Ali Aydinlar Non-Independent Non-Executive Director 9/9
Tunku Alizakri bin Raja Muhammad Alias Non-Independent Non-Executive Director 9/9
Jill Margaret Watts Independent Non-Executive Director 9/9
Dato’ Muthanna bin Abdullah Independent Non-Executive Director 9/9
Ong Ai Lin Independent Non-Executive Director 9/9
Satoshi Tanaka Independent Non-Executive Director 9/9
Rossana Annizah binti Ahmad Rashid Independent Non-Executive Director 5/5
(Resigned on 28 May 2021)
Shirish Moreshwar Apte Independent Non-Executive Director 5/5
(Retired on 28 May 2021)
During the financial year under review, with positive social and environmental assisted by the Board Committees and
the Non-Executive Directors met among impact. IHH works to create lasting value, Sustainability Committee which is chaired
themselves without the presence of the not only for our patients and our by the MD & CEO, ensures that the
MD & CEO and other Management. people, but also for our community, Company has in place a sound and
our organisation and our environment robust risk management and internal
Embedding Sustainability into (five Sustainability Pillars). control framework and ensures that such
Business Strategy and Operations framework has been effectively
IHH recognises that it has a responsibility The Board ensures that there are adequate implemented to enhance the Company’s
to the global community in contributing processes and frameworks in place for ability to achieve its strategic objectives
towards a healthy and sustainable future. the ongoing sustainability of the business for purposes of building trust and brand
To do this, we focus on areas where and to maximise value for shareholders value of the Group for long term
opportunities for our business intersect and other key stakeholders. The Board, sustainability of the organisation.

The Group has established a Sustainability
Policy which provides guiding principles
inability Policy
on how the culture of sustainability should S u s ta
be promoted across the Group. The O u r P a ti e n t s
Sustainability Policy complements the
Group’s approach to sustainability by
expanding on the key focus areas of
IHH’s sustainability strategy.
IHH embeds sustainability across
ty
uni
all aspects of our business. IHH
Ou
Quality
mm
r Pe
defines its approach to sustainability Healthcare Improve
Build trust locally,
Our Co
through Sustainability Pillars that
ople
cover key economic, governance, culture synergise
IHH’s globally
environmental and social aspects of Sustainability
our business. The illustration on the Approach
right demonstrates how IHH’s business
Sustainable Eco-
strategy, Sustainability Pillars, the Growth Efficiency
Sustainability Policy and the United
Nation’s Sustainable Development Develop robust,
Goals come together comprehensively. sustainable growth
platforms
The Sustainability Policy is available on
the Company’s website at https://www.
on
O
rE ti
u
nv sa
ihhhealthcare.com/investors/corporate- iro a ni
governance. nm rg
e nt rO
Ou
The details of the Company’s approach
to sustainability are set out separately
in the Sustainability Report as laid out on
pages 63 to 85 of this Annual Report and
the Corporate Governance Report which
is available on the Company’s website at
https://www.ihhhealthcare.com/investors/
corporate-governance/corporate- having any conflict of interest or undue Directors. Therefore, the INEDs made
governance-reports. influence. They act independently of up 45% of the Board Composition
Management and are free from any (excluding two Alternate Directors).
business or other relationships that
2. Board Composition could interfere with the exercise of IHH’s Policy on Nomination and
and Effectiveness independent judgement or the ability to Assessment process of Board Members
Our Board consists of individuals of different act in the best interests of the Company. (Policy) provides that an INED which
backgrounds, academic qualifications, reaches 9 years of cumulative tenure
experience, knowledge and skills. This IHH aspires to have a majority of shall be subject to an annual assessment
allows the Board as a whole to draw on a Independent Non-Executive Directors by the Board and the Board will provide
diverse yet balanced group of individuals (INED) on the Board and the Board justifications if it intends to seek annual
to provide insights, perspectives and views that the appointment of new shareholders’ approval at annual general
independent judgement to lead and INEDs on the Board should be based meeting in the event that it wishes to retain
steer the business of the Group. on the skillsets and not be restricted the INED beyond his/her 9-year tenure.
to the independent element. The Company shall apply the two-tier
Independent Directors voting process consistent with the
Independent Directors are appointed to As at the end of the financial year under provisions of the MCCG when seeking
ensure objectivity to the oversight function review, there were thirteen members such shareholders’ approval. The Policy
of the Board and evaluate the performance on the Board comprising five INEDs, provides that an INED must not remain as
and well-being of the Company without five NINEDs, one Non-Independent an independent director for a period of
Executive Director and two Alternate more than 12 years.

Governance
Diversity Policy b. Independence The assessment of the Board and Board

Committees covered, among others, the
The Company recognises that a Board Number of
following areas:
comprising individuals of diverse Independence Directors
backgrounds and perspectives, serving
Independent Directors 5
a common purpose, is a compelling Board
competitive advantage for the Company. Non-independent 6
The Board leverages on the strengths of the Directors
• Board composition, development
differences in skills, regional and industry
and structure
experience, background, age, race, gender c. Gender Diversity • Board leadership
and other qualities of our Directors in
maintaining a competitive advantage. These Number of • Board governance oversight
differences are considered in determining Gender Directors and processes
the optimum composition of the Board. • Sustainability governance
Male 9
The criteria, process and requirements • Board agenda, meetings and information
to be undertaken by the NRC and Board in Female 2 • Board dynamics and culture
discharging their responsibilities in terms of • Board and management relationship
nomination, assessment and re-election of d. Age Diversity • Board and stakeholder engagement
the Board members are set out in the Policy.
Besides the above, the Company has also Number of
adopted a Boardroom Diversity Policy which Age Directors
sets out the approach to diversity on the Board Committees
40 – 49 years 2
Board including gender, age, cultural
background and ethnic diversity. 50 – 59 years 3
• Composition and experience of members
60 – 69 years 6
• Fulfilment of objectives in line with their
The Group has implemented a Workforce respective TORs
Diversity Policy which is applicable to
During the financial year under review, • Effectiveness and efficiency of decision-
employees of the Group across all the
the Board and NRC have assessed making process
regions within which IHH operates.
and viewed that the current Board size • Quality of information communicated
The Group will not set any fixed targets
is appropriate. to the Board
around age, gender and ethnic diversity,
but will actively work towards having the • Effectiveness of the Board Committees’
appropriate diversity. Annual Evaluation Chairmen
The Board undertakes an annual

Read about our Boardroom Diversity evaluation to determine the effectiveness
Policy and Workforce Diversity Policy of the Board, Board Committees and Individual AC members
at https://www.ihhhealthcare.com/ each individual Director.
investors/corporate-governance. • Execution of responsibilities, financial
In the financial year under review, the Board literacy and the understanding of
Board Composition, Dynamics had carried out the annual Board and business/industry
Director Effectiveness (BDEE) evaluation • Significant accounting policies,
and Effectiveness on the effectiveness of the Board, Board accounting estimates and financial
As at 31 December 2021, the details Committees, individual Directors, individual reporting practices
of the Board diversity (excluding two AC members, INEDs, MD & CEO, Group • Significant financial and non-financial
Alternate Directors) are as follows: Chief Financial Officer (GCFO) and external risks
and internal auditors. This was conducted • Internal control systems and risk
a. Tenure internally and facilitated by the NRC/AC management practices.
and Company Secretaries.
Number of
Tenure Directors
The BDEE was carried out through The Board also evaluated the
0 – 3 years 8 questionnaires and discussions were performance of the MD & CEO.
3 – 6 years 1 held at the NRC and Board meetings Based on the overall results of the
in relation to the outcomes and evaluation conducted in respect
6 – 9 years – improvement plans. During the BDEE of the financial year under review,
9 years and above 2 exercise, in addition to the areas of the Board was satisfied with the
assessment, Board members had provided performance of the MD & CEO.
feedback on the areas of improvement.

Overall, the results of the BDEE in The Board had assessed each of the an onboarding programme and orientation
respect of the financial year under review Directors seeking re-election at the for new Directors.
demonstrated that the Board is working Twelfth Annual General Meeting (AGM)
well given its organisational model and and upon assessing the Directors’ The organisation of such programmes
board structure and that the Directors performance, commitment and ability internally is facilitated by the Company
demonstrated a high level of commitment to discharge their fiduciary duties to Secretaries. The Directors have attended
to their fiduciary duties and have the Company, the Board agreed that trainings on a consistent basis to
consistently fulfilled their responsibilities they are eligible to stand for re-election keep abreast on the latest trends and
as members of the Board and relevant and supported their re-election as developments. Three in-house training
Board Committees. The Board will take Directors of the Company. sessions were held and attended by a
the necessary actions in respect of areas majority of the Directors during the
that could be further strengthened. Directors’ Training financial year entitled “Indian Insider
Trading Compliance Framework”,
The Board also assessed the independence The Board acknowledges the importance “IHH Healthcare Quality Summit 2021
of INEDs in respect of the financial of continuous education for the Directors – Quality & Innovation: Reimagined”
year under review. Based on the overall and encourages all Directors to attend and “Sustainability – The Business
assessments conducted for the financial appropriate programmes, courses and of Responsibility”.
year under review, the Board is satisfied seminars in order to stay abreast with
that the INEDs of the Company are the relevant business development Tunku Alizakri bin Raja Muhammad Alias,
independent from the management and the outlook in the industry and to Dato’ Muthanna bin Abdullah, Ong Ai Lin
and free from any business or other ensure that they are equipped with and Satoshi Tanaka, who were appointed
relationships which could interfere with the necessary skills and knowledge to as Directors of the Company during the
the exercise of independent judgement. perform their duties and responsibilities financial year 2021, had attended the
as Directors. The Company also organises Mandatory Accreditation Programme.
The training programmes attended by the Directors during the financial year 2021 are as follows:
Director List of Training, Conferences, Seminars, Workshops Attended

Tan Sri Mohammed Azlan i. EPF’s inaugural Sustainability Day and the Launch of EPF Sustainable Investment Policy
bin Hashim ii. Webinar Series on Ethics & Integrity
iii. Malaysian Code on Corporate Governance Updates
iv. Board Knowledge sharing session on Behavioral Insights
v. Board & Leadership Talk Series #2: Trends In Customer Behaviours
vi. Board Continuous Development Program Series: Asset Allocation
vii. IHH Healthcare Quality Summit 2021 – Quality & Innovation: Reimagined
viii. Khazanah Megatrends Forum 2021 – The Invention of Tomorrow
ix. Sustainability – The Business of Responsibility
x. Board & Leadership Talk Series #6: Managing Cyber Risk In A Rapidly Evolving Threat Landscape
xi. Private Equity Training
Dr Kelvin Loh Chi-Keon i. Rising Together: Post-Covid Collaborative Opportunities
ii. Indian Insider Trading Compliance Framework
iii. Conduct of Directors & Common Pitfalls in Listing Requirements
iv. World AI Show Virtual Connect – Malaysia 2021
v. Executing Business Transformation for Sustainable Performance – New Perspective on
Future Challenges
vi. Disclosure Obligations and Transactions
viii. Khazanah Megatrends Forum 2021 – The Invention of Tomorrow
x. BlackRock Asia Pacific C-Suite Summit – Investing for the future
xi. Bloomberg New Economy Forum 2021, Singapore

Governance

Masato Sugahara i. Indian Insider Trading Compliance Framework
(Resigning on 31 March ii. Business Networking Training – Management & Leadership School
2022)
iii. Brain Science Frontier
iv. Spreading Gene Theraphy
v. Overview of Allm Inc.
vi. DX initiatives in Integrated Hospitality Services
vii. Current Status and Future of Digital Treatment in Japan and Overseas
viii. Introduction to Corporate Branding and Digital Marketing
x. Strategic Research Institute Customization Seminar
xi. Health Management Lecturer
xii. Medical devices for treatment apps and programs
Takeshi Saito i. Indian Insider Trading Compliance Framework
ii. IHH Healthcare Quality Summit 2021 – Quality & Innovation: Reimagined
iii. Sustainability – The Business of Responsibility
Dr Farid bin i. Indian Insider Trading Compliance Framework
Mohamed Sani ii. The Updated Malaysian Code on Corporate Governance April 2021 – Implications to Listed
Corporations, Directors & Management
iii. IHH Healthcare Quality Summit 2021 – Quality & Innovation: Reimagined
iv. Khazanah Megatrends Forum 2021 – The Invention of Tomorrow
v. Sustainability – The Business of Responsibility
Mehmet Ali Aydinlar i. Indian Insider Trading Compliance Framework
ii. Sustainability – The Business of Responsibility
Tunku Alizakri bin Raja i. IHH Board Orientation Programme
Muhammad Alias ii. Circular Economy and Sustainability Strategies
iii. Mandatory Accreditation Programme for Directors of Public Listed Companies
iv. Board’s Role in the Changing World
v. Director’s Training Topic: Data
vi. Financial Institutions Directors’ Education CORE Programme
viii. Sustainability – The Business of Responsibility
Jill Margaret Watts i. Thriving in the age of scale insurgent
ii. Indian Insider Trading Compliance Framework
iii. Reflections on 2020
iv. Sustainable leadership
v. Directors’ obligations in Workplace Health And Safety
vi. The New Reality of Cyber Hygiene
vii. Leadership on boards in the new era
viii. IHH Healthcare Quality Summit 2021 – Quality & Innovation: Reimagined
ix. Khazanah Megatrends Forum 2021 – The Invention of Tomorrow
x. Sustainability – The Business of Responsibility
xi. EQT APAC Investor Conference

Dato’ Muthanna i. Indian Insider Trading Compliance Framework
bin Abdullah ii. IHH Board Orientation Programme
iii. Understanding Board Decision-Making Process
iv. Nominating and Remuneration Committees – Beyond Box-Ticking & Enhancing Effectiveness
v. Mandatory Accreditation Programme for Directors of Public Listed Companies
vi. Risk Management in Technology (RMiT) & Digital Transformation: What they mean for
Governance and Strategy of Bank and Insurance Boards?
vii. BNM-FIDE FORUM-MASB Dialogue on MFRS17 Insurance Contracts: What Every Director
Must Know
viii. World AI Show Virtual Connect – Malaysia 2021
ix. IHH Healthcare Quality Summit 2021 – Quality & Innovation: Reimagined
x. Khazanah Megatrends Forum 2021 – The Invention of Tomorrow
xi. Sustainability – The Business of Responsibility
xii. Securities Commission Malaysia’s Audit Oversight Board conversation with the Audit Committee
Ong Ai Lin i. Indian Insider Trading Compliance Framework
ii. IHH Board Orientation Programme
iii. FIDE FORUM Webinar: Rethinking Our Approach to Cyber Defence in FIs
iv. Briefing on MFRS17: Insurance Contract
v. Briefing on “Data Analytic Strategy Implementation Progress Update”
vi. FIDE FORUM Webinar: BNM-FIDE FORUM Dialogue: The Role of Independent Director in
Embracing Present and Future Challenges
vii. Briefing on Defending Your Company & Keeping Up to Date with Key Cybersecurity Risks
viii. MIA International Accountants Conference 2021
ix. SIDC Conference Invitation: SRI 2021 Conference – Paving the Way for Profitability through
Sustainability
x. FIDE FORUM Webinar: BNM-FIDE FORUM Dialogue on Risk Management in Technology (RMiT):
Insights 1 year
xi. IHH Healthcare Quality Summit 2021 – Quality & Innovation: Reimagined
xii. Khazanah Megatrends Forum 2021 – The Invention of Tomorrow
xiii. Sustainability – The Business of Responsibility
xiv. Bursa-FIDE FORUM Dialogue on Sustainability
xv. Digital Transformation in Islamic Finance Towards Shariah Compliance
xvi. Climate Change, Reporting And Sustainability Trends: The Inter-Links Towards Addressing
Sustainable Development Goals And Climate Change
Satoshi Tanaka i. Indian Insider Trading Compliance Framework
ii. IHH Board Orientation Programme
iii. A Compliance Risk Management Seminar (Anti-bribery seminar)
iv. Outline of CG Code Revision and Points for Response – Based on Preceding Cases
vi. Current Status of Management Compensation

Governance

Tomo Nagahiro i. Indian Insider Trading Compliance Framework
(Alternate Director to ii. Brain Science Frontier
Masato Sugahara)
iii. Spreading Gene Theraphy
(Ceasing as Alternate
Director on 31 March iv. Overview of Allm Inc.
2022) v. DX Initiatives in Integrated Hospitality Services
vi. Current Status and Future of Digital Treatment in Japan and Overseas
vii. Introduction to Corporate Branding and Digital Marketing
viii. Sustainability – The Business of Responsibility
ix. Strategic Research Institute Customization Seminar
x. Health Management Lecturer
xi. Medical devices for treatment apps and programs
Wong Eugene i. Indian Insider Trading Compliance Framework
(Alternate Director to ii. Understanding Board Decision-Making Process
Dr Farid bin Mohamed Sani)
iii. Nomination and Remuneration Committees: Beyond Box-Ticking and Enhancing Effectiveness
(Resigned on 21 February
2022) iv. Khazanah Megatrends Forum 2021 - The Invention of Tomorrow
The Board was satisfied that the trainings by aligning pay and performance against In the process, the NRC may receive
attended by the Directors in year 2021 were the key strategic drivers of our long-term advice from external consultants for
sufficient, appropriate and had aided the growth. Our policy on Directors’ remuneration the recommendation of the Group’s
Directors in the discharge of their duties. serves to attract, retain and motivate capable remuneration policy. The Board takes
Directors to manage the Group successfully. the ultimate responsibility of approving
During the financial year under review and The remuneration has been carefully the remuneration of the Executive
as part of the BDEE, the Directors completed aligned with industry practices, taking Director and the Executive Director
the assessment of their individual areas into account the appropriate calibre of does not participate in discussions
for development. The findings of this each Director, while upholding the and decisions on his own remuneration.
technical competency assessment would interests of our shareholders.
be used to determine the training and The Non-Executive Directors’ (NEDs)
development needs of the Directors. The The Executive Directors’ remuneration remuneration package reflects
Directors were encouraged to attend package is designed in such a way the merits, valuable contribution and
relevant training programmes to enhance that it links the rewards to corporate level of responsibilities undertaken
their ability in discharging their duties and individual performance. The NRC by the individual NED. The Board
and responsibilities as Directors. is responsible for reviewing and determines the fees payable to
recommending to the Board the NEDs, and individual Directors do
3. Remuneration policy and framework of the Directors’ not participate in decisions regarding
remuneration and the remuneration their own remuneration package.
As the Company grows, we believe in package for our Executive Director.
appropriate remuneration for our talents

The details of aggregate remuneration of Directors for the financial year ended 31 December 2021 are as follows:
Company (RM‘000)
Benefits- Other
No Name Directorate Fee Allowance Salary Bonus in-kind emoluments Total
1 Tan Sri Mohammed Azlan bin Independent 950 – – – 28 – 978
Hashim Director
2 Dr. Kelvin Loh Chi-Keon Executive Director – Negligible 1,354 7,027 19 1,805 10,205
3 Masato Sugahara 1 Non-Executive 285 – – – – – 285
(Resigning on 31 March 2022) Non-Independent
Director
4 Takeshi Saito 1 Non-Executive 432 – – – – – 432
Non-Independent
Director
5 Dr. Farid bin Mohamed Sani1 Non-Executive 505 – – – – – 505
Non-Independent
Director
6 Mehmet Ali Aydinlar Non-Executive 385 – – – – – 385
Non-Independent
Director
7 Tunku Alizakri bin Raja Non-Executive 379 – – – – – 379
Muhammad Alias2 Non-Independent
Director
8 Jill Margaret Watts Independent 589 – – – – – 589
Director
9 Dato’ Muthanna bin Abdullah Independent 508 – – – – – 508
Director
10 Ong Ai Lin Independent 508 – – – – – 508
Director
11 Satoshi Tanaka Independent 404 – – – – – 404
Director
12 Tomo Nagahiro Non-Executive – – – – – – –
(Alternate Director to Masato Non-Independent
Sugahara) Director
Director on 31 March 2022)
13 Wong Eugene Non-Executive – – – – – – –
(Alternate Director to Dr. Non-Independent
Farid bin Mohamed Sani) Director
(Resigned on 21 February 2022)
14 Rossana Annizah binti Independent 330 – – – – – 330
Ahmad Rashid Director
15 Shirish Moreshwar Apte Independent 318 – – – – – 318
(Retired on 28 May 2021) Director
Total 5,593 Negligible 1,354 7,027 47 1,805 15,826
Notes
1. Fees for representatives of Pulau Memutik Ventures Sdn Bhd and MBK Healthcare Management Pte Ltd on the Board are paid directly to Khazanah Nasional Berhad
and Mitsui & Co., Ltd, respectively.
2. For the period from 1 January 2021 – 28 February 2021, fees for representative of Employees Provident Fund Board (EPF) on the Board are paid equally to EPF and
the Nominee Director. From 1 March 2021 onwards, fees for representative of EPF are paid directly to the Nominee Director.

Governance
Group (RM‘000)
Benefits- Other
No Name Directorate Fee Allowance Salary Bonus in-kind emoluments Total
1 Tan Sri Mohammed Azlan Independent 950 – – – 28 – 978
bin Hashim Director
2 Dr. Kelvin Loh Chi-Keon Executive Director – Negligible 4,696 11,445 128 6,306 22,575
3 Masato Sugahara 1
Non-Executive 285 – – – – – 285
(Resigning on 31 March 2022) Non-Independent
Director
4 Takeshi Saito 1 Non-Executive 762 – – – – – 762
Non-Independent
Director
5 Dr. Farid bin Mohamed Sani1 Non-Executive 556 – – – – – 556
Non-Independent
Director
6 Mehmet Ali Aydinlar Non-Executive 2,611 – – – – 1,065 3,676
Non-Independent
Director
7 Tunku Alizakri bin Raja Non-Executive 379 – – – – – 379
Muhammad Alias2 Non-Independent
Director
8 Jill Margaret Watts Independent 589 – – – – – 589
Director
9 Dato’ Muthanna bin Abdullah Independent 508 – – – – – 508
Director
10 Ong Ai Lin Independent 508 – – – – – 508
Director
11 Satoshi Tanaka Independent 404 – – – – – 404
Director
12 Tomo Nagahiro Non-Executive – – – – – – –
(Alternate Director to Non-Independent
Masato Sugahara) Director
Director on 31 March 2022)
13 Wong Eugene Non-Executive – – – – – – –
(Alternate Director to Dr. Non-Independent
Farid bin Mohamed Sani) Director
(Resigned on 21 February 2022)
14 Rossana Annizah binti Independent 517 – – – – – 517
Ahmad Rashid Director
15 Shirish Moreshwar Apte Independent 454 – – – – – 454
(Retired on 28 May 2021) Director
Total 8,523 Negligible 4,696 11,445 156 7,371 32,191
Notes
1. Fees for representatives of Pulau Memutik Ventures Sdn Bhd and MBK Healthcare Management Pte Ltd on the Board are paid directly to Khazanah Nasional Berhad
and Mitsui & Co., Ltd, respectively.
2. For the period from 1 January 2021 – 28 February 2021, fees for representative of Employees Provident Fund Board (EPF) on the Board are paid equally to EPF and
the Nominee Director. From 1 March 2021 onwards, fees for representative of EPF are paid directly to the Nominee Director.

Senior Management’s Remuneration auditors every five years, except for under • Directors’ Responsibility Statement for
There is a framework in place which certain circumstances as determined by the audited financial statements of the
defines the IHH Remuneration philosophy the Board. Management assesses the Company and the Group on page 140;
and includes compensation tools such as experiences, capabilities, audit approach • Company and the Group financial
pay ranges (based on market data) of and independence of the audit firms we statements for financial year ended
different levels of Senior Management engage and subsequently recommends 31 December 2021 on pages 142 to
according to job grade structure and their appointment or reappointment to the 299; and
location. A review of the job grade structure AC for approval.
• AC Report on pages 122 to 125.
has been undertaken to enable consistent
adoption and application across the Group. On an annual basis, Management will review
the service levels of the auditors, agree 2. Risk Management and
The Company’s remuneration policy is on amendments to their scope of work to Internal Control Framework
based on competitive and market-aligned address new developments in the business
Organisations worldwide face a
guidelines, taking into account the and recommend their reappointment to
wide range of uncertain internal and
different levels of Senior Management the AC. All major non-audit services
external factors that may affect the
according to roles, responsibilities and proposed by the auditors are presented
achievement of their objectives. Risk
levels of accountability. to the AC to determine if the auditors’
Management focuses on identifying and
independence will be compromised.
evaluating threats and opportunities
The Board determines all bonuses and accross the Group while Internal Control
share-based payments, where applicable, The annual evaluation of the external
helps mitigate threats and take
at the recommendation of the RC / NRC. auditors is also carried out via evaluation
advantage of opportunities. The RMC
This is done after reviewing the individual forms by the MD & CEO, Group Chief
assists the Board to oversee the Group’s
performance appraisals and achievements Financial Officer, Group Head, Internal
overall risk management framework and
of the key performance indicators of the Audit and the AC. The evaluated areas
quality delivery of the Group’s medical
Group’s Balanced Scorecard, which was include objectivity and independence,
services, with the assistance of the
approved by the Board. This ensures that technical competence and ability,
International Clinical Governance
the remuneration packages for our Senior understanding of IHH Group’s businesses
Advisory Council (ICGAC).
Management are fair, equitable, and industry, resources assigned and
competitive and commensurate with their capability of the engagement partner and
The RMC comprises three INEDs and
individual performance, taking the Group’s engagement team, as well as the ability
one NINED from diverse backgrounds,
performance into consideration. to provide constructive observations,
namely healthcare, banking, business
recognise implications and make
strategy, sustainability, risk management,
recommendations in areas needing
Principle B – Effective Audit improvement, particularly with respect to
legal, cybersecurity and corporate
governance. These appointed members
and Risk Management the organisation’s internal control system
have been carefully chosen for their
over financial reporting. The AC and
1. Audit Committee Management also took into consideration
sound judgement, objectivity, integrity,
The AC plays a crucial role in assisting the management experience and keen
the information presented in the external
Board to fulfil its oversight responsibilities knowledge of the industry.
auditors’ Annual Transparency Report
through review of financial information and when evaluating the external auditors.
provides an unbiased review of the The Board is of the view that the system
effectiveness and efficiency of the Group’s of internal control and risk management
Oversight of Financial Reporting
internal controls. The AC comprises four in place during the financial year 2021 is
The Board, assisted by the AC, oversees sound and sufficient to safeguard the
INEDs from diverse backgrounds with the financial reporting processes and the
extensive experience in healthcare, banking, Group’s assets and shareholders’
quality of the financial reporting by the investments, as well as the interests
business strategy, risk management, legal, Group. The AC reviews the quarterly
cybersecurity and corporate governance. of customers, regulators, employees
financial results and audited financial and other stakeholders.
All the AC members are financially literate, statements which are then approved by
competent and are able to understand the Board before their release to Bursa
matters under the purview of the AC Please refer to the AC Report, RMC Report
Securities and Singapore Exchange and Statement on Risk Management and
including the financial reporting process. Securities Trading Limited (SGX). Internal Control as laid out on pages 122
Review of External Auditors to 125, pages 126 to 127 and pages 128 to
Please refer to the following reports/ 133 respectively of this Annual Report for
In line with market practice, the Company statements as contained in this Annual further details on the risk management and
performs a major review of our external Report for further details: internal control framework of the Group.

Governance
Internal Audit Principle C – Integrity in In view of the Company’s dual listing status,
A key duty of the AC is to oversee we adopt the MCCG and Singapore Code
Corporate Reporting and of Corporate Governance, as well as the
the Company’s internal controls. The
independent internal audit function Meaningful Relationship disclosure obligations under the MMLR
of the Group is an important resource with Stakeholders and the Mainboard Rules of SGX, where
to help carry out this responsibility. applicable, in all our communications.
Apart from IMU Group and Gleneagles 1. Engagement with
Hong Kong, the majority of the Group’s Stakeholders Please refer to pages 40 to 43 of this
Internal Audit function is undertaken Annual Report for more about how the
The Group recognises the importance
in-house which reports directly to the Company engages our key stakeholders
of effective and timely communication
AC and supported by co-sourcing with and pages 135 to 137 of this Annual Report
with stakeholders to keep them informed
independent external subject matter for our Investor Relations Report section
of the Group’s latest financial performance
experts, where necessary. The internal on shareholder engagement.
and business matters affecting the
audit function of Fortis Healthcare Limited Company. Having open, clear and timely
Group is undertaken in-house and communication is a key thrust to building 2. Conduct of General Meetings
supported by outsourced independent confidence and trust between the Group AGM
internal audit firms. The Group’s Internal and its stakeholders, shareholders and the
Audit is guided by international standards IHH regards accountability as a key
investing community at large. Management
and professional best practices of Internal value for our stakeholders and
is committed to providing information that
Audit. The Group Internal Audit uses shareholders. Shareholders are invited
accurately and fairly represents the
structured risk-based and strategic-based to attend or participate virtually at our
Group to ensure our stakeholders have
approaches to develop its strategic audit AGM, the Group’s principal platform
clear and factual insights into the Group’s
plan, which is reviewed and approved for meaningful dialogue between private
strategy, financial performance and all
by the AC annually. and institutional shareholders with the
material matters affecting the Company
Board and Management of the Group.
through announcements made on Bursa
The internal audit function is further disclosed This platform also offers the opportunity
Securities and SGX including the Company’s
in the AC Report and Statement on for the Group to obtain constructive and
quarterly financial results. The Company
Risk Management and Internal Control valuable feedback from IHH’s shareholders.
ensures that its communication with
on pages 122 to 125 and pages 128 to various stakeholders through various
133 respectively of this Annual Report. Before proceeding with the agenda of the
means complies with the following criteria:
AGM, the MD & CEO presents to the
shareholders the business strategy, outlook,
operational and financial performance of
the Group during the year under review
and an overview of the growth strategies
of the Group moving forward. This
accords our shareholders with a better
understanding of the growth trajectory
and returns of their investment.
IHH values the feedback and input from our

stakeholders. Shareholders are encouraged
to participate in the proceedings and in
the event the AGM is held on a fully virtual
basis, shareholders may pose questions in
real-time whilst the meeting is in progress.
Transparent Accurate Consistent We ensure sufficient time is provided for
shareholders to ask questions on the Group’s
information will information should be and Timely performance, and on any resolutions
be released in a balanced complete and accurate all stakeholders proposed, with the Board members and
and fair manner when released will receive the same Management being available to address
information through broad concerns raised by them.
public dissemination,
which is made as and During the AGM, queries raised by the
when possible Minority Shareholder Watch Group (MSWG)
on IHH’s business or other pertinent
governance issues raised prior to the

AGM, and feedback, are shared with all governance. To achieve this objective, than just in terms of gender as the
shareholders. In addition, the results of the the Board has identified the following appointment of Board members should
voting of each resolution are immediately key focus areas and future priorities in be based on objective criteria, merit
announced after the voting and verification relation to the corporate governance and with due regard for diversity.
process by the independent scrutineers. practices.
Nevertheless, the Board remains committed
The Notice and agenda of the AGM, 1. Board Independence in its efforts to actively continue to work
together with the Form of Proxy, are At the end of the financial year, the towards having at least 30% women
given to shareholders at least 28 days INEDs made up 45% of the Board representation on the Board depending
prior to the AGM. This gives shareholders comprising eleven members (excluding on the availability of the right candidates
sufficient time to prepare to attend or two Alternate Directors). The INEDs and the requirements of the Board from
appoint a proxy or proxies to attend and reinforce the objectivity and impartiality a skills perspective.
vote on their behalf. Each item of special of the Board. The Board believes the
business included in the Notice of AGM is current board composition provides the 3. Sustainability
accompanied by an explanatory statement appropriate balance in terms of skills, The Board and the RMC will oversee
for the proposed resolution to facilitate knowledge, experience and independent the effective delivery of strategies,
the full understanding and evaluation elements to promote the interests of priorities and targets identified under
of the issues involved. all shareholders and to govern the our Sustainability Pillars in an integrated
Group effectively. and strategic manner to support the
The Chairman of the Board ensures that Group’s long-term strategy and success.
the AGM supports meaningful interactive Presently, there is a proper check and The MD & CEO chairs the Sustainability
engagement and robust discussions balance provided by the INEDs and Committee whose responsibilities include:
between the Board, Senior Management by the representatives of different
and shareholders. All Directors and Senior shareholders. Additionally, there is (a) Monitoring the key performance
Management attend or participate virtually no single largest shareholder who is indicators and targets; and
and are available at the AGM to address controlling the Company through
shareholders’ questions relating to functions Board representation. (b) Execution of IHH’s sustainability
and activities within their purview, unless strategy based on the Group’s
another pressing commitment precludes The Board acknowledges that promoting objectives and compliance with
them from doing so. good corporate governance practices is the governance framework.
an ongoing process and, as such, the
The minutes of the general meetings will Board will continuously assess and
be published on IHH’s corporate website Compliance Statement
implement relevant measures to enhance
no later than 30 business days after the and safeguard the Board’s independence IHH’s corporate governance structure is
conclusion of the general meeting. in the long term whilst simultaneously central to the operation of the Board and the
ensuring it remains dynamic and in line Group, and maintaining its high standards
The shareholders also can channel with the needs of the Group. is critical for our sustainable growth.
feedback and pose questions to the
Company via [email protected]. 2. Women Representation on Board In this vein, we continuously explore
new measures to refine the Company’s
At the end of the financial year, the Board
In support of the Government of governance framework to improve our
had two women Directors, representing
Malaysia’s ongoing efforts to contain system of policies and procedures to meet
approximately 18% of the Board
the spread of the Coronavirus (COVID-19) the expectations of our stakeholders. We
composition (excluding Alternate
and the Government’s advice of physical strive towards a model of governance that
Directors). Notwithstanding that there are
distancing, the Company held its Eleventh reflects our culture of performance,
less than 30% women Directors, the
AGM on 28 May 2021 on a fully virtual compliance and accountability. We are
Board is comprised of Directors with diverse
basis entirely via Remote Participation and committed to strengthening the Group’s
backgrounds, international expertise,
Electronic Voting (RPEV) facilities, pursuant position and status as the world’s most
experience and culture, all of whom
to Section 327(2) of the Companies Act trusted healthcare services network.
contribute to the diverse perspectives
2016 and the Company’s Constitution.
and insights to the Board decisions.
The Board has reviewed, deliberated
upon and approved this CG Overview
Key Focus Areas and The Board does not specify a target for
Statement and the Corporate Governance
Future Priorities boardroom gender diversity. In ensuring
Report 2021 in line with the practices and
Board diversity, the Board aims to achieve
Moving forward, the Company will guidance of the MCCG and in accordance
synergies of thinking through diverse
continue working towards achieving with the resolution of the Board, dated
cultures, experience, skills, etc. rather
higher standards of corporate 29 March 2022.

Governance
Nomination and Remuneration

Committee Report
The Nomination and Remuneration Committee was first established on 18 April 2012
prior to its division into the Nomination Committee (NC) and Remuneration Committee
(RC) on 1 July 2018. On 28 May 2021, functions of the NC and RC have been combined
into the Board Committee known as the Nomination and Remuneration Committee
(NRC). Unless otherwise stated, references made to the NRC in this report shall also
mean the NC and RC.
Roles of the NRC • Select, engage and seek approval The TOR of the NRC was last reviewed
from the Board (within the Group’s and approved for adoption by the Board
The NRC’s primary role is to assist the
Limits of Authority) for fees for in May 2021.
Board in fulfilling its fiduciary responsibilities
professional advisors that the NRC
relating to the review and assessment of
may require to carry out its duties; The TOR of the NRC is published on
the nomination and selection process of
Board members and Senior Management, • Have full and unrestricted access the Company’s website at https://www.
review of Board and Senior Management to information, records, properties ihhhealthcare.com/investors/corporate-
succession plans and talent management, and employees of the Group; governance.
assessment of the Board, its Committees • Seek input from the concerned
and each individual Director’s performance, individuals on remuneration Composition and Meetings
evaluation of the training and development policies, but no individual should be The NRC is comprised exclusively
needs of the Board members as well as directly involved in deciding their own of Non-Executive Directors, a majority
implementation of policies and procedures remuneration; and of whom are independent and represent
on remuneration, including reviewing the • Have access to the advice and an appropriate balance and diversity of
Group’s executive remuneration policy, services of the Company Secretary. skills, experience, gender and knowledge.
remuneration framework and performance
measures criteria and the various incentive The NC and RC met three times,
or retention schemes implemented by Terms of Reference respectively, before their functions
the Group. The NRC is governed by a clearly were combined and the committee
defined and documented Terms of was known as the NRC. The NRC met
In carrying out its duties and responsibilities, Reference (TOR). The NRC’s TOR is four times during the year under review.
the NRC has the following authorities: reviewed and updated from time to The composition of the NC/RC/NRC and
time, as the need arises, to ensure that the attendance record of its members
• Perform the activities required to it remains up-to-date and in conformity for the year under review are as follows:
discharge its responsibilities and with the applicable regulations and
make recommendations to the Board; Group’s policies.
NC and RC (functions combined into NRC on 28 May 2021)

Shirish Moreshwar Apte (Chairman) Independent Non-Executive Director 3/3

(Ceased as Chairman on 28 May 2021)
Rossana Annizah binti Ahmad Rashid (Member) Independent Non-Executive Director 3/3
(Ceased as Member on 28 May 2021)
Dr Farid bin Mohamed Sani (Member) Non-Independent Non-Executive Director 3/3


NRC
Dato’ Muthanna Bin Abdullah (Chairman) Independent Non-Executive Director 4/4

(Appointed on 28 May 2021)
Jill Margaret Watts (Member) Independent Non-Executive Director 4/4

Ong Ai Lin (Member) Independent Non-Executive Director 4/4

Satoshi Tanaka (Member) Independent Non-Executive Director 4/4

Takeshi Saito (Member) Non-Independent Non-Executive Director 3/3

(Appointed on 13 July 2021)
Dr Farid bin Mohamed Sani (Member) Non-Independent Non-Executive Director 3/3

Tunku Alizakri Bin Raja Muhammad Alias (Member) Non-Independent Non-Executive Director 3/3
The NRC meetings were attended on particular subject matters, to the relevant process owners for
by the Managing Director & Chief upon invitation by the NRC. action. The Chairman of the NRC
Executive Officer (MD & CEO) and would provide a report highlighting
Group Chief Human Resources Officer Minutes of the NRC meetings would significant points of the decisions and
together with other relevant members be circulated to all members for recommendations made by the NRC
of the Senior Management and comments and the decisions made to the Board and significant matters
professional advisors engaged by the NRC would be communicated reserved for the Board’s approval, if any.

Governance
Nomination and Remuneration Committee Report
Summary of Activities 9. Deliberated on matters relating

to Board succession planning,
During the financial year under review,
IHH Talent Management Programme
the NRC carried out the following
and BCR talent review, appointments,
key activities:
talent movements updates, succession
planning and talent development plans;
1. Assessed the independence of the
Independent Non-Executive Directors
(INED) during the year 2020 and 10. Reviewed the Non-Executive
director reaching 9-year tenure; Directors fees from 1 July 2021
until 30 June 2022;
2. Assessed and recommended to
the Board, the composition of 11. Discussed and recommended to
the Board, Board Committees of the Board for approval, the bonus
the Company and Board of and salary increment (where
Directors of the subsidiaries; applicable) for the Group and long
term incentive grant for the eligible
employees of the Group upon
3. Recommended the re-election of
assessing the performance of the
Directors at the Eleventh Annual
Group for year 2020 and 2021;
General Meeting (AGM) to the
Board for consideration;
12. Discussed the enhancements to
the long term incentive scheme for
4. Reviewed the final report of the
the eligible employees of the Group;
Board and Directors Effectiveness
Evaluation (BDEE) in respect of the
financial year 2020 by the external 13. Discussed the BCR Remuneration
facilitator and recommendations Philosophy to ensure IHH’s
of action/improvement plans; remuneration policy supports IHH’s
strategy and business objectives;
5. Assessed the Board Committees’
composition, performance, 14. Reviewed and recommended to the
quality, skills, competencies and Board for approval, the NC Report
effectiveness for the year 2020; and RC Report for inclusion in the
Annual Report 2020;
6. Assessed the performance and
achievement of the key performance 15. Reviewed and recommended to
indicators of the Group for 2020 the Board for approval, the adoption
against the approved balanced of the TOR of the NRC; and
scorecard (BSC);
16. Discussed the New Directors
7. Conducted performance evaluation Familiarisation Programme and
of the MD & CEO and the Group’s Directors’ trainings in 2021.
Business Critical Role (BCR);
8. Deliberated and recommended

to the Board for approval, the
BSC framework and targets of
the Group for the year 2021;

Selection and Appointment of Directors
The Group has adopted the Policy on the Nomination and Assessment Process of Board Members (Policy) that sets out the process
and requirements to be undertaken by the NRC and Board in discharging their responsibilities in terms of the nomination, assessment
and re-election of Board members in compliance with the Main Market Listing Requirements of Bursa Malaysia Securities Berhad and
Malaysian Code on Corporate Governance (MCCG). The Policy is administered by the NRC.
The process for the appointment of a new director is summarised in the diagram below:
Step 1 Candidate identified

The candidate can be identified on the recommendation of the existing Directors,
Senior Management, shareholders or third party referrals.
Step 2 Assessment and evaluation to be conducted by the NRC

The assessment should be conducted based on the following criteria:
(i) Integrity and judgement (v) Independent judgement

(ii) Knowledge (vi) Performance and contribution
(iii) Diversity including gender, age, ethnicity (vii) Experience and accomplishments
and cultural background (viii) Board interaction
(iv) Commitment (ix) Any other criteria deemed fit
For an Independent Director position, additional assessment on

independence would need to be carried out.
The NRC would also need to consider the size and composition of the Board to be in compliance
with MMLR and MCCG and to facilitate the making of informed and critical decisions.
Step 3 Recommendation to be made by the NRC to the Board
Step 4 Discussion and decision to be made by the Board on the proposed new appointment
Step 5 If the proposed appointment is approved: If the proposed appointment is rejected:

Invitation or offer to be made to the proposed/potential The whole process to be re-commenced.
candidate to join the Board.

Governance
Nomination and Remuneration Committee Report
Re-election of Directors Tenure of Independent well given its organisational model and
board structure and that the Directors
The NRC ensures that the Directors Directors demonstrated a high level of commitment
retire and are re-elected in accordance The NRC acknowledges the role to their fiduciary duties as well as have
with the relevant laws and regulations played by the INEDs in bringing consistently fulfilled their responsibilities
and the Constitution of the Company. independent and objective judgement as members of the Board and relevant
to Board’s discussions. Board Committees. The Board will take
Pursuant to Clause 113(1) of the the necessary actions in respect of areas
Constitution of the Company, at Upon reaching nine years of cumulative that could be further strengthened.
least one-third of the Directors tenure and beyond, an INED shall be
(excluding Directors seeking re-election subject to the annual assessment
pursuant to Clause 120 of the Constitution pursuant to the Policy. Pursuant to the
Boardroom Diversity
of the Company) are required to retire said assessment and subject to the The Company recognises and embraces
by rotation at each AGM, provided always Policy of the Company, the Board will the benefits of having a diverse Board and
that all Directors, including the Managing provide justifications when seeking sees increasing diversity at Board level
Director and Executive Directors, shall annual shareholders’ approval at AGM as an essential element in maintaining
retire from office at least once every in the event that it wishes to retain the competitive advantage. Thus, the Board
three years. A retiring Director is eligible Director as INED. The Board should will take the necessary measures to ensure
for re-election. undertake a rigorous review to determine that in every possible event, boardroom
whether the “independence” of the diversity will be taken into consideration
Pursuant to Clause 120 of the Director has been impaired. Findings in the board appointment, as well as
Constitution of the Company, any from the review should be disclosed annual assessment.
Director so appointed to fill a casual to the shareholders for them to make
vacancy or as an addition to the an informed decision. Gender Diversity
existing Directors, shall hold office The Company appreciates the benefits
only until the next following AGM, In accordance with the Policy, an INED of having gender diversity in the
and shall then be eligible for re-election must not remain as an INED in such capacity boardroom as a mix-gendered board
but shall not be taken into account for a period of more than twelve years. would offer different viewpoints, ideas
in determining the Directors who are and market insights which enables better
to retire by rotation at that meeting. During the financial year under review, problem solving to gain competitive
none of the INEDs have reached the advantage in serving an increasingly
The Directors recommended to be nine-year tenure. diverse customer base, compared to the
re-elected at the AGM are subject boardroom dominated by one gender.
to prior assessment by the NRC Board and Directors
and they are required to give their The Board also takes cognisance of
consent on their re-election. In Effectiveness Evaluation the MCCG to have at least 30% women
assessing the candidates, the NRC The Board undertakes an annual evaluation participation on the board of Large
takes into consideration their character, to determine the effectiveness of the Board, Companies. Large Companies are
experience, integrity, competence its committees and each individual directors. defined in the MCCG as companies on
and time to effectively discharge During the financial year under review, the FTSE Bursa Malaysia Top 100 Index
their role as Directors, as well as the Board had carried out the annual or companies with market capitalisation
their contribution and performance BDEE exercise conducted internally and of RM2 billion and above. The Company
based on the performance evaluation facilitated by the Company Secretary. does not set any specific target for women
undertaken during the year under Directors on the Board but will actively
review. The recommendations are The BDEE exercise was carried out through continue to work towards having at least
thereafter submitted to the Board for questionnaires and discussions were held 30% women Directors on the Board.
deliberation prior to recommending at the NRC and Board meetings in relation
to the shareholders for approval. to the outcomes and improvement plans. The Company has been and shall
During the BDEE exercise, in addition to continue to provide a suitable working
The list of directors who are standing the areas of assessment, Board members environment that is free from harassment
for re-election under Clause 113(1) had provided feedback on the areas of and discrimination in order to attract and
of the Constitution of the Company improvement moving forward. retain women participation on the Board.
and Clause 120 of the Constitution
of the Company are as stipulated in Overall, the results of the BDEE in Presently, there are three women
the Notice of AGM of the Company. respect of the financial year under review Directors representing 23% women
demonstrated that the Board is working representation on the Board.

Age Diversity The Company does not set any
The Board acknowledges the benefits specific target for ethnic and
of having diversity in the boardroom in cultural background diversity in
terms of age demographics, which would the boardroom but will work towards
create professional environments that are having appropriate ethnic and cultural
rich with experience and maturity, as well background diversity on the Board.
as youthful exuberance. The Board with
a wide range of age has the advantage The Board is comprised of Directors
of creating a dynamic, multi-generational from different ethnic and cultural
workforce with a diverse range of skill backgrounds and foreign countries
sets that are beneficial to the Company. where the Group has significant
presence. The Company believes that
The Company does not set any specific the Board members from different
target for boardroom age diversity but ethnicity and cultures contribute to
will work towards having appropriate more holistic and quality discussions
age diversity on the Board. and more effective and feasible ideas
compared to a Board with predominantly
The Company does not fix a maximum the same ethnic and culture. Having
age for its Directors given that such Board members from different ethnic
Directors are normally reputed and and cultural backgrounds widens the
experienced in the corporate world Board’s perspectives, especially when
and could continue to contribute to making a decision that touches on issues
the Board in steering the Company. that are peculiar to a particular ethnic
or cultural group or country.
The Board is composed of Directors
from diversified age groups ranging The Board is of the view that, while
from the age of 36 to 66, which enables it is important to promote boardroom
the Board to drive the Group in delivering diversity in terms of gender, age,
operational excellence. The Board ethnicity and cultural background, the
would be able to tap on information normal selection criteria based on an
from Directors of different age groups effective blend of competencies, skills,
in order to have better understanding extensive experience and knowledge
of the needs and the sensitivities of to strengthen the Board should remain
the stakeholders in their age group. a priority and the Board will ensure that
Board decisions are made objectively in
Cultural Background and the best interests of the Company taking
Ethnic Diversity into account diverse perspectives and
insights. Nonetheless, the Company will
The Board recognises that as today’s
work towards achieving the appropriate
world becomes increasingly global
boardroom diversity mix covering gender,
in its outlook and as the marketplace
age, ethnicity and cultural background
becomes increasingly global in nature,
to enhance its effectiveness and
cultural background and ethnic diversity
governance performance.
in the boardroom would be encouraged
as it provides advantages that can help
The NRC is responsible for ensuring
a company prosper, including but not
that the boardroom diversity objectives
limited to, sharing of knowledge in
are adopted in board recruitment, board
different markets where the Group is
performance evaluation and succession
operating to enhance the Group’s global
planning processes.
presence as well as sharing of viewpoints
by Directors from different cultural and
The Boardroom Diversity Policy is
ethnic backgrounds as when a variety of
accessible for reference on the Company’s
viewpoints are thrown into the problem-
website at https://www.ihhhealthcare.
solving mix, new and innovative solutions
com/investors/corporate-governance.
can be reached.

Governance
Audit Committee Report

The Audit Committee (AC) was established on 1 July 2018 consequent to the division of the
Audit and Risk Management Committee (ARMC) into two separate committees, namely the AC
and Risk Management Committee, respectively. The ARMC was established on 18 April 2012.
Roles of the AC Management whereby all employees Group’s policies. The TOR of the AC was
of the Group are required to comply last reviewed and approved by the Board
The AC’s primary role is to assist the Board
with the requests made by the AC; in February 2020.
in fulfilling its statutory and fiduciary
responsibilities for oversight of the quality • Have direct communication channels
and integrity of the accounting, auditing to engage with the external auditors The TOR of the AC is published
and financial reporting of the Group and and internal auditors and also engage on the Company’s website at https://
monitoring the effectiveness of the with the Senior Management, such as www.ihhhealthcare.com/investors/
systems of internal control. the Managing Director and Chief corporate-governance.
Executive Officer (MD & CEO), the
In carrying out its duties and responsibilities, Chief Operating Officer and the Composition and Meetings
the AC has the following authority: Chief Financial Officer of the Group
The AC is comprised exclusively of
and its operating subsidiaries, on a
Independent Non-Executive Directors, and
• Approve any appointment or continuous basis in order to be kept
no Alternate Director is appointed as a
termination of senior staff members informed of matters affecting the Group;
member of the AC. The AC members come
of the internal audit function; • Appoint an independent party to from diverse backgrounds with extensive
• Convene meetings with the external conduct or to assist in conducting experience in healthcare, banking, business
auditors, the internal auditors or both, any investigation, upon the terms of strategy, risk management, legal, cyber
excluding the attendance of other appointment to be approved by the AC; security and corporate governance. The
directors and employees of the Group, • Authorise the AC Chairman to composition of the AC is in compliance
whenever deemed necessary, and such carry out the AC’s responsibilities with Paragraph 15.09(1) of the MMLR.
meetings with the external auditors as required under the Whistleblowing
shall be held at least twice a year; Policy for the Group; and The Board believes that the composition
• Obtain external professional advice • Have access to the advice and of the AC provides the appropriate balance
or other advice and invite persons services of the Company Secretary. in terms of skills, experience, gender
with relevant experience to attend and knowledge to ensure the effective
its meetings, if necessary; Terms of Reference functioning of the AC.
• Investigate any matter within its Terms The AC is governed by a clearly defined
and established TOR. The AC TOR is During the financial year under review,
of Reference (TOR), have the resources
reviewed and updated from time to time, the AC held six meetings in total. The
which it needs to do so and have full
as the need arises, to ensure that it composition of the AC and the attendance
and unrestricted access to information
remains up-to-date and in conformity with record of its members for the year under
pertaining to the Group and the
the applicable laws, regulations and the review are as follows:

Ong Ai Lin (Chairman) Independent Non-Executive Director 2/2
Jill Margaret Watts (Member) Independent Non-Executive Director 6/6
Dato’ Muthanna bin Abdullah (Member) Independent Non-Executive Director 2/2

Satoshi Tanaka (Member) Independent Non-Executive Director 2/2
Rossana Annizah binti Ahmad Rashid (Chairman) Independent Non-Executive Director 4/4
Shirish Moreshwar Apte (Member) Independent Non-Executive Director 4/4

The AC meetings were attended by 5. Reviewed and approved the external resources within the internal audit
the Senior Management of the Group auditors’ audit plan and strategy team to carry out the audit work;
and Group Head, Internal Audit to for the financial year ended
brief the AC on agenda items of the 31 December 2021; 12. Reviewed the effectiveness of the
AC meetings. Group’s internal audit functions and
6. Reviewed and recommended to the improvement plans taking into
The external auditors also attended Board for approval, the revaluation of consideration the review conducted
and briefed the AC on matters relating investment properties of the Group by Bursa Malaysia Berhad and Institute
to external audit at all the AC meetings which was undertaken by independent of Internal Auditors Malaysia on the
held during the financial year and valuers to ensure that the current effectiveness of Internal Audit function
provided a high-level review of the market value of the investment of selected listed issuers in 2019;
financial position of the Group. properties was in compliance with
MFRS 140, Investment Property; 13. Deliberated on the internal audit
Minutes of the AC meetings were reports issued by the internal audit
circulated to all members for comments External Auditors function of the respective operating
and the decisions made by the AC were 7. Recommended to the Board for divisions during the year;
communicated to the relevant process approval, the re-appointment of KPMG
owners for action. At the Board meetings, PLT as external auditors for the financial 14. Deliberated on the implementation
the Chairman of the AC would provide year ended 31 December 2021 upon of the management action plans on
a report, highlight pertinent issues, assessing their independence, suitability outstanding issues on a quarterly
significant points of the decisions and performance; basis to ensure that all key risks
and recommendations made by the and control weaknesses are being
AC to the Board and matters reserved 8. Reviewed and recommended to the properly addressed until the issues
for the Board’s approval, if any. Board for approval, the proposed fees are fully resolved and rectified;
for the annual and one-time audit and
Summary of Activities non-audit related services rendered 15. Met with the Group Head, Internal
by the external auditors for the financial Audit, twice, without the presence
During the financial year, the AC carried
year ended 31 December 2020; of the Executive Director and
out the following key activities:
Management, during the year
9. Noted the KPMG PLT’s Transparency under review to obtain feedback on
Financial Reporting the internal audit activities, audit
Report 2020;
1. Reviewed and recommended to the findings and any other related matters;
Board for approval, the unaudited
10. Met with the external auditors twice
quarterly financial results of the 16. Reviewed the Key Performance
without the presence of the Executive
Group and the draft announcements Indicators, competency and resources
Director and Management during the
pertaining thereto; of the internal audit function to ensure
year under review to discuss any issues
or reservations arising from the audits that, collectively, the internal audit
2. Deliberated on the report of the and any other matters the external function is suitable and has the required
external auditors on the audit focus auditors may wish to discuss, including expertise, resources and professionalism
areas and key findings arising from but not limited to the cooperation to discharge its duties;
their review of the unaudited quarterly rendered by the Group’s employees
financial results of the Group; to facilitate their audit work; 17. Reviewed and approved the Internal
Audit Charter for the financial years
3. Deliberated on the issues arising from Internal Audit ended/ending 31 December 2021 and
the annual statutory audit performed by 31 December 2022;
the external auditors, Management’s 11. Reviewed and approved the internal
responses to the audit findings and any audit work plan for the financial years
18. Deliberated on the whistleblowing
changes in or implementation of major ended/ending 31 December 2021
cases received by the Group through
accounting policy changes for the and 31 December 2022 and discussed
the whistleblowing communication
financial years ended 31 December Internal Audit’s focus areas for
channel and implementation
2020 and 31 December 2021; improvement for the financial year
plan to resolve the issue;
ending 31 December 2022 to ensure
4. Reviewed and recommended to the that there is adequate scope and
19. Deliberated on the proposed
Board for approval, the Annual Audited comprehensive coverage over the
enhancements to the
Financial Statements of the Company activities of IHH Group and that all
Whistleblowing process;
and the Group for the financial year high-risk areas are audited annually,
ended 31 December 2020; as well as the availability of adequate

Sustainability
Audit Committee Report
Related Party Transactions (RPTs) 25. Deliberated on the Group treasury

and Recurrent Related Party initiatives, Group debt and cash
Transactions (RRPTs) position, bank covenants and
20. Noted the summary report of the compliance, balance sheet risk
RPTs and RRPTs monitoring and management and rate risk
tracking by Management to ensure management;
compliance with the MMLR;
26. Reviewed and recommended to the
21. Discussed the RPTs and RRPTs to be Board for approval, the revisions to
undertaken by the Group and report the Group’s and subsidiaries’ LOA;
of the internal auditors in respect of
their verifications of the RPTs and 27. Discussed the summary report of
RRPTs; financial assistance provided to the
subsidiaries and associates of the
Verification of the Allocation of Long Group to ensure that it is fair and
Term Incentive Plan (LTIP) units and reasonable and not detrimental to
Enterprise Option Scheme (EOS) options the Company and its shareholders;
22. Verified the allocation and movement
28. Deliberated on the findings of the
of LTIP units and EOS options
independent review on the
respectively for the year 2020 to
Procurement Governance Framework
ensure that it had been carried out in
and processes of the Group are
accordance with the approved criteria
adequate controls in place to address
and matrix as stipulated in the Bye
procurement related governance
Laws of LTIP and EOS;
practices; and
Other Activities
29. Discussed the annual statement by
23. Deliberated on the ancillary Management in respect of the
governance, control and reputational compliance of the Code of Conduct
risk reports as highlighted by the ACs to Regulate, Monitor and Report
of the relevant operating subsidiaries Trading in Securities of Specific
of the Group; Indian Companies pursuant to the
requirements under the Securities
24. Reviewed and recommended to the and Exchange Board of India
Board for approval, the AC Report (Prohibition of Insider Trading)
and Statement on Risk Management Regulations, 2015.
and Internal Control for inclusion in
the Annual Report 2020;

Group Internal Audit Function standards, policies, guidelines and advice
to the subsidiaries’ internal audit functions
The internal audit function is under
to standardise the internal audit activities
the responsibility of the Group Internal
within the Group.
Audit (Group IA) department led by the
Group Head, Internal Audit. Group IA
Group IA adopts a systematic and disciplined
is independent and reports directly to
approach to evaluate the adequacy and
the AC. Group IA has direct control
effectiveness of the financial, operational
over internal audit activities in Malaysia,
and compliance processes. Structured
Singapore, China and India (excluding
risk-based and strategic-based approaches
Fortis Healthcare Limited Group which
are adopted in identifying the internal
is a publicly listed company in India).
audit activities that are aligned with the
Group IA maintains oversight of Acibadem’s
Group’s strategic plans to ensure those
internal audit activities through close
risks faced by the Group are adequately
partnership with the internal audit function
reviewed. In addition, international standards
of Acibadem. Apart from IMU Group and
and best practices are adopted to enhance
Gleneagles Hong Kong, the majority of
the relevancy and effectiveness of the
the Group’s internal audit function is
internal audit activities.
undertaken in-house and supported by
co-sourcing with independent external
subject matter experts, where necessary. The internal audit reports are issued to
Fortis Healthcare Limited Group undertakes Management for their comments and
its internal audit function in-house which is for them to agree on action plans with
also supported by outsourced independent deadlines to complete the necessary
internal audit firms periodically. Group preventive and corrective actions. The
IA has visibility and ability to influence reports and summary of key findings are
those internal audit activities at all tabled to the AC for deliberation to ensure
levels throughout the Group including that Management undertakes to carry out
in respect of those operating companies’ the agreed remedial actions.
internal audit function which are outsourced
to independent internal audit firms. Please refer to the Statement on
Risk Management and Internal Control
Group IA provides independent, objective as laid out on pages 128 to 133 of this
assurance on areas of operations reviewed Annual Report for the summary of
and makes recommendations based on the work of the internal audit function
the best practices that will improve and undertaken during the year ended
add value to the Group. Group IA identifies, 31 December 2021.
coordinates, monitors and oversees the
internal audits that are to be carried out The total costs incurred to maintain
throughout the Group and also provides the internal audit function of the Group
in 2021 was RM13.2 million.

Sustainability
Risk Management Committee Report

The Risk Management Committee (RMC) was established on 1 July 2018 consequent to the
division of the Audit and Risk Management Committee (ARMC) into two separate committees,
namely the Audit Committee and RMC respectively. The ARMC was established on 18 April 2012.
Roles of the RMC to comply with the requests made The TOR of the RMC was last
by the RMC; reviewed and approved by the Board
The RMC assists the Board in overseeing
in February 2022.
the establishment and implementation
of the risk management framework of • Have direct communication channels
IHH group of companies (the Group) to engage with Senior Management, The TOR of the RMC is published on
by Management so that the Group has such as the Managing Director and the Company’s website at https://www.
in place a sound, effective and robust Chief Executive Officer (MD & CEO), ihhhealthcare.com/investors/corporate-
risk management and internal control the Chief Operating Officer and the governance.
framework. The RMC also assists the Chief Financial Officer of the Group
Board in fulfilling its key risk oversight and its operating subsidiaries, on a Composition and Meetings
responsibilities in an integrated and continuous basis in order to be kept
informed of matters affecting the Group; The RMC is comprised exclusively
strategic manner and provides oversight, of Non-Executive Directors, a majority
direction and guidance to Management of whom are independent. The RMC
on the Group’s risk management matters. • Appoint an independent party to
conduct or to assist in conducting members come from diverse backgrounds
any investigation, upon the terms of with extensive experience in healthcare,
In carrying out its duties and responsibilities, banking, business strategy, risk
the RMC has the following authority: appointment to be approved by
the RMC; and management, legal, cyber security
and corporate governance.
• Obtain external professional advice or
other advice and invite persons with • Have access to the advice and
services of the Company Secretary. The Board believes that the composition
relevant experience to attend its of the RMC provides the appropriate
meetings, if necessary; balance in terms of skills, experience,
Terms of Reference gender and knowledge to ensure the
• Investigate any matter within its The RMC is governed by a clearly effective functioning of the RMC.
Terms of Reference (TOR), have the defined and established TOR. The RMC
resources which it needs to do so and TOR is reviewed and updated from During the financial year under review,
have full and unrestricted access to time to time, as the need arises, to the RMC held four meetings in total.
information pertaining to the Group ensure that it remains up-to-date and The composition of the RMC and the
and the Management, whereby all in conformity with the applicable laws, attendance record of its members for
employees of the Group are required regulations and the Group’s policies. the year under review are as follows:

Jill Margaret Watts (Chairman) Independent Non-Executive Director 4/4
(Redesignated as Chairman on 28 May 2021)
Dato’ Muthanna bin Abdullah (Member) Independent Non-Executive Director 2/2
Ong Ai Lin (Member) Independent Non-Executive Director 2/2
Tunku Alizakri bin Raja Muhammad Alias (Member) Non-Independent Non-Executive Director 2/2
Rossana Annizah binti Ahmad Rashid (Chairman) Independent Non-Executive Director 2/2
Shirish Moreshwar Apte (Member) Independent Non-Executive Director 2/2

The RMC meetings were attended by the Bribery and Corruption Risk Management 9. Reviewed the Clinical Internal Audit
Senior Management of the Group, Group 4. Reviewed the Group’s anti-bribery Plan for financial year 2022;
Head, Risk Management & Compliance, and corruption risk reports, including
Group Head, Internal Audit and Group Head, the risk profile, key controls and 10. Reviewed the findings of the 2020
Medical & Quality to brief the RMC on mitigation action plans against possible Joint Commission International (JCI)
agenda items of the RMC meetings. bribery and corruption, and incident accreditation survey reports for better
reporting in line with the Group’s understanding on the level of compliance
Minutes of the RMC meetings would be Anti-Bribery and Corruption Policy; and improvement purposes;
circulated to all members for comments
and the decisions made by the RMC 5. Reviewed Anti-Corruption Sustainability Disclosures
would be communicated to the relevant Implementation Review conducted 11. Discussed the materiality matrix
process owners for action. At the Board by independent advisor as part of the and sustainability reporting
meetings, the Chairman of the RMC Group’s efforts in ensuring adequate approach going forward;
would provide a report highlighting procedures in line with the requirement
pertinent issues, significant points of of Section 17A of the Malaysian Anti 12. Reviewed and recommended to the
the decisions and recommendations Corruption Commission Act 2009 Board for approval the Sustainability
made by the RMC to the Board and (Amendment 2018); Statement covering the period from
matters reserved for the Board’s 1 January 2021 to 31 December 2021.
approval, if any. Medical Quality and Clinical The Sustainability disclosures were
Quality Updates prepared in line with the Global
Summary of Activities 6. Reviewed the reports on Medical Reporting Initiative (GRI) Standards
During the financial year, the RMC Quality and Clinical Quality Updates, and GRI’s Sector Specific Sustainability
carried out the following key activities: which encompassed the following: Topics for Healthcare Providers and
Services and Healthcare Technology
Enterprise Risk Management (i) clinical quality indicators of for inclusion in the Annual Report 2021;
1. Reviewed the Group’s consolidated the Group’s operating divisions
in Malaysia, Singapore, India, Other Activities
Enterprise Risk Management (ERM)
reports, including the ERM reports Hong Kong, Turkey and Brunei 13. Reviewed and recommended to
of the respective operating divisions, with the key objectives of the Board for approval the RMC
which covered the ERM reporting monitoring and assessing the Report, as well as Statement on Risk
status, risk profile, risk priorities and clinical performance of hospitals Management and Internal Control for
risk mitigation plans to ensure the so as to facilitate continuous inclusion in the Annual Report 2020;
key risks that arise with the quality improvement and
developments in the operating benchmarking; 14. Reviewed the proposed revisions
environment are effectively managed; to the TOR of the RMC, in line with
(ii) action plans/initiatives the changes in the Malaysian Code
2. Discussed the ERM strategic review undertaken to drive quality on Corporate Governance (MCCG).
undertaken by Management and improvement activities; The TOR of the RMC has been
the ERM transformation roadmap revised to, among others, enhance
and timeline to further strengthen (iii) trend of serious reportable the RMC’s role in assisting the Board
the Group’s ERM framework to events which highlighted problem in fulfilling its key risk oversight
safeguard shareholders’ investments areas in clinical performance and responsibilities and ensuring that
and the Group’s assets; opportunities for improvement; and sustainable strategies, priorities and
targets are aligned with the Group’s
Cyber Security Risk Management (iv) the Group’s medico-legal business; and
litigation cases;
3. Reviewed the reports pertaining to
15. Reviewed and recommended to
cyber risk, which covered, among others,
7. Reviewed the clinical activities the Board for approval the Personal
the cyber security risk universe and
undertaken by the Group’s Data Protection Policy, which among
residual risk profile, cyber security threat
hospitals for quality assurance others, serves as the Group’s
report, cyber security strengthening
and improvement purposes; intra-group personal data sharing
plan and cyber security roadmap
protocol and organisation rules for
assessment and planning, aiming to
8. Reviewed the IHH Clinical Governance dealing with personal data.
identify and mitigate any potential
Audit Framework and plan by the
cyber threat which may impact the
internal auditors;
Group’s IT system;

Governance
Statement on Risk Management

and Internal Control
The Board of Directors of IHH Healthcare Berhad (IHH or the Company), together with
that of its subsidiary companies (the Group), is committed to maintaining a sound system
of risk management and internal control. In accordance with Paragraph 15.26(b) of the
Listing Requirements of Bursa Malaysia Securities Berhad, the Board is pleased to provide
the following Statement on Risk Management and Internal Control prepared in accordance
with the “Statement on Risk Management and Internal Control: Guidelines for Directors
of Listed Issuers”.
Board Responsibility the respective departments in charge the Group. It encompasses authorised

for the year under review and up to signatories for Procurement and
The Board, in discharging its
the date of approval of this statement Payment, Financial Treasury, Human
responsibilities, is fully committed to
for inclusion in the annual report. Capital Management, Corporate
maintaining a sound system of risk
Transactions, Legal Documentation and
management and internal control, as well
The Board, through the AC, provides Donations. It defines the authority limit for
as to review its adequacy, integrity and
constructive focus and an independent each level of management in the
effectiveness to safeguard shareholders’
view on the financial reporting process business units and the Group as a whole.
investment and the Group’s assets.
and ensuring Management maintains Major capital investment, acquisition and
The system of risk management and
a sound system of internal controls to disposal are approved by the Board of
internal control by its nature is designed
safeguard and enhance enterprise value. the business units and the Group.
to manage key risks that may hinder the
achievement of the Group’s business
The internal control system covers areas Recommendations by Internal Auditors
objectives within an acceptable risk
profile. In view of the limitations inherent of finance, operations and compliance, The Group has an Internal Audit function
in any system of risk management and and provides reasonable assurance to review the effectiveness of the material
internal control, the systems put in place that the following objectives have internal controls of the business units,
can only manage risks within tolerable been achieved: based on the approved annual audit plan.
and knowledgeable levels, rather than Unannounced visits are conducted
eliminate the risk of failure to achieve (i) Reliability and integrity of randomly to ensure compliance at all times.
business objectives completely. financial reports;
(ii) Compliance with relevant regulations, Consequently, Management ensures that
policies, procedures and laws; the recommendations made by the Internal
Control Structure Auditors to strengthen and improve the
(iii) Safeguarding of assets;
The Board is assisted by the Audit internal controls have been implemented.
Committee (AC) which consists of four (iv) Effective and efficient utilisation
Independent Non-Executive members of resources; and
Performance Monitoring and Budgets
of the Board, and the Risk Management (v) Ensuring the Group’s long-term
Annual budgets of the business units are
Committee (RMC) which consists of sustainability
consolidated into the IHH Group Budget
three Independent Non-Executive For the year ended 2021, the Board is for approval by the IHH Board.
members and one Non-Independent of the view that the present system of
Non-Executive member of the Board. internal control is adequate and has The IHH Board discusses and monitors
The Board, through the AC and RMC, been adhered to, to the best of its ability. the performance of the Group, together
maintains risk oversight within the The opinion is based on the following with that of the business units, at the
Group to ensure that the implementation key internal controls practised: quarterly IHH Board Meetings.
of the approved policies and procedures
on risks and controls is as intended. The Limits of Authority Procurement and Project Management
approved policies and appropriate key
The Limits of Authority established There is a Centralised Procurement
internal controls have been put in place
by the Group serves to govern the function in each business unit for major
to mitigate the key risk areas which
operations of all companies within purchases, such as hospital equipment,
have been identified and assessed by

drugs, maintenance expenditures Clinical Governance The Council comprises the
and expansion projects. This ensures following members:
International Clinical Governance
adherence to the Group Procurement
Advisory Council (ICGAC)
Guidelines and provides economies 1. Tan Sri Dato’ Abu Bakar Suleiman,
of scale during negotiations. In its sixth year as an independent Chairman, International Medical
high-level advisory committee, the University Malaysia (IMU) Group
Major expenditure is subject to Council continues to serve as an advisory
Tender procedures and evaluated by in the areas of Clinical Governance which 2. Dr Joseph Sheares, Cardiothoracic
the Management Tender Committee covers the management of Clinical Affairs, surgeon, Mt Elizabeth Hospital,
or IHH Board Steering Committee including Quality and Patient Safety, Clinical Singapore
as appropriate. Risk Management, Continuing Professional
Development and clinical training. 3. Tan Sri Datuk Dr K. Ampikaipakan,
There is also a Centralised Project Consultant respiratory physician at
Management office in each business For the year ended 31 December 2021, Pantai Hospital, Kuala Lumpur, Malaysia
unit to handle and manage major Management continues to make significant
renovation and expansion projects progress on the implementation of the 4. Dr E.H Akalin, Independent academic
undertaken by the respective following plan of actions based on the consultant, Istanbul, Turkey
business units. recommendations by the ICGAC:
5. Professor Yeoh Eng Kiong, Director
Legal and Regulatory 1. Strengthening the overall Clinical at the JC School of Public Health and
Governance framework Primary Care of The Chinese University
The business units adhere strictly to
the applicable Acts and Regulations, (a) Through defining the roles of Hong Kong (CUHK)
as required of an institution operating and responsibilities of key
committees and personnel
private hospitals, medical clinics,
with regards to clinical
Control Environment
private higher education, and healthcare
governance; The operating structure includes a defined
services. This includes the established
delegation of responsibilities in terms of
Acts and Regulations such as the Private 2. Measuring and reporting on Quality
the management of business units. The
Hospital and Medical Clinic Act, Private (a) Establishing a standardised limit of authority is clearly defined and set
Hospital and Medical Clinic Regulations, quality report and out in the Group’s policies.
Dangerous Drugs and Poison Act, Private (b) Implementing a process to select,
Higher Educational Institutional Act, as define, analyse and report process These policies and procedures are reviewed
well as the Occupational Safety and Health and outcome quality indicators; regularly and updated when necessary.
Act. Quality audits are also conducted by 3. Improving Quality group-wide by
the Quality Assurance function within the
(a) Providing an annual system A Whistleblowing Policy is in place within
hospital and by the Group Accreditation,
wide quality plan; the Group’s business units. This policy
Standards and Medical Affairs Departments
(b) Establishing unit-based skills encourages employees to report any
on an ongoing basis.
in quality; wrongdoing by any person in the Group to
(c) Strengthening system-wide the proper authorities so that the appropriate
Fraud Prevention
cross learning; business action can be taken immediately.
The Board strives to have zero (d) Improving the quality of
incidences of fraud with strong internal care and reduce cost The system of risk management and internal
accounting controls, proper segregation through standardisation control, covers not only financial controls
of duties in the work processes, and of common processes; but also operational, risk and compliance
regular audits carried out by the Group 4. Further enhancing doctor controls as well. These systems are designed
Internal Audit team. engagement through greater to manage, rather than eliminate, the risk
participation in physician-led of failure arising from non-achievement of
The inherent system of internal controls peer review committees, value the Group’s policies, goals and objectives.
is designed to provide a reasonable, based healthcare and clinical
though not absolute, assurance against pathway initiatives. Such systems provide reasonable, rather
the risk of fraud, material errors or losses. than absolute, assurance against material
incidents or loss.

Governance
Statement on Risk Management and Internal Control
Risk Management risk management responsibilities. The Group recognises that Enterprise

Business units have a primary Risk Management (ERM) is a proactive
The Group recognises that risk
responsibility for managing risk management system for anticipating
management is an important and
exposures. RMCD is structured to emerging risks and putting in place
integral part of good management
provide adequate risk and compliance pre-emptive action plans so that the effect
and corporate governance practice,
advisory support to IHH business units of uncertainties on fulfilling business goals
and fundamental to driving shareholder
globally. RMCD is the central resource and objectives are minimised. Environmental,
value through quality healthcare.
for managing the portfolio of risks social and governance risks have become
Although risks cannot be completely
assumed by the Group as a whole, much more prevalent in recent years and
eliminated, effective risk identification
and works closely with business units the Group manages these risks with the
and management can reduce the
to strengthen their risk management same care and discipline as any other
uncertainties associated with executing
practices and capabilities as well as business risk.
the Group’s business strategies and
to guide the priorities and direction of
maximising opportunities that may arise.
the Group’s risk management activities. The Group has in place a Risk Management
Risk updates are consolidated and Framework which is consistent with the
Risk Management and Compliance
analysed for monitoring and reporting to definition of an ‘appropriate framework’
Department (RMCD) assists the
the Group’s RMC on a quarterly basis. in Standard ISO 31000:2018 Risk
Board and RMC in discharging their
Management – Guidelines.
Step Description
1. Context Setting Understand the business’s
strategy, value drivers, and
potential risk in the context of the
1 industry, value chain,
Context 2
and stakeholder expectations
Setting Identify
2. Risk Define potential risks and
Identification uncertainties that could positively
or negatively affect the business’s
goals and evaluate their impacts
and vulnerability to those impacts
Proactive,
5 3. Risk Assessment Determine the critical risks
Robust &
Monitor & Prioritisation facing the business at the
& Report Consistent 3 enterprise-level
Assess &
Prioritise 4. Risk Response Develop and implement plan
to respond to a risk; Understand
its root causes, including the
development of Key Risk
4 Indicators (KRIs) to help monitor
Respond how the risk changes over time
5. Risk Monitoring Track priority risks and engage
& Reporting in routine discussions with
leadership on the status and
Read more on Principal Risk on page 48 impact of risk treatment plans
The framework encompasses practices relating to the identification, assessment and measurement, response, and action, as well as
monitoring and reporting of the strategic and operational control risks pertinent to achieving our key business objectives.

Evaluate-Response-Monitor (E-R-M) 17. In collaboration with Group IT, Group IA highlights significant gaps
Process continuously conducted a Group-wide identified in governance, risk management
For the year ended 31 December 2021, risk assessment of Cyber Security and control, makes recommendations for
the major risk management activities exposures as planned and presented improvements, and tables management
undertaken during the year were as to the RMC on quarterly basis; action plans to the AC through audit reports
follows: 18. Undertook placements and renewals and during its quarterly AC meetings.
of the Group Insurance Programme,
1. Conducted annual risk review through including the Group’s Directors & Group IA also follows up on the management
workshop and/or questionnaire in line Officers Policy; action plans to address the improvements
with the business planning cycle; on a quarterly basis, and results of the status
19. Monitored cost of insurance claims
are presented at the quarterly AC meetings.
2. Assessed emerging risks and and claims settlement through
developed risk action plans with quarterly claims meetings with
Group IA adopts a systematic and
internal stakeholders; insurance service providers;
disciplined approach to evaluate the
3. Reviewed and enhanced risk categories 20. Commenced implementation of adequacy and effectiveness of the Group’s
to be in line with RMC’s expectations; Insider Trading compliance governance, internal control, and risk
4. Partnered Group Internal Audit to framework in relation to Fortis management system, using the Committee
review the adequacy and Healthcare Limited; and of Sponsoring Organisations of the
effectiveness of the risk control 21. Carried out ad-hoc assignments Treadway Commission (COSO) Internal
processes and risk reporting systems; requested by Senior Management. Control – Integrated Framework.
5. Established an ERM transformation
roadmap outlining key initiatives to be For 2021, the consolidated risk report For the year ended 31 December 2021,
implemented from 2022 onwards; includes those of Fortis Healthcare the major internal audit activities were
Limited and PLife REIT risk profiles. The as follows:
6. Continued focus on Data Protection
consolidated risk report and updates are • Developed a risk-based annual
and Anti-Bribery & Corruption initiatives;
analysed for monitoring and reporting to audit plan;
7. Undertaken an external review of the the Group’s RMC on a quarterly basis.
Group’s anti-corruption governance • Performed financial and operational
with commitment to implement key audits on revenue cycle management,
recommendations in 2022; Group Internal Audit procurement and inventory and the
The Group has an independent internal capital and operating expenditure
8. Augmented key Group SOPs for
audit function, which is an integral part of hospitals, clinics and ancillary
Divisions’ adoption to augment
of the Group’s assurance framework, and departments within the Group;
existing SOPs relevant to the
prevention of bribery & corruption; reports directly to the AC. Group Internal • Reviewed the IHH Clinical Governance
Audit’s (Group IA) primary mission is to Audit Framework with a focus on
9. Augmented Group and Division policies provide an independent and objective the framework structure, oversight
relevant to Personal Data Protection; assessment of the adequacy and responsibilities, education and
10. Commenced implementation of the effectiveness of the risk management, infrastructure;
IHH Personal Data Protection Policy; internal control and governance processes.
• Conducted Information Technology
11. Publication of the IHH Data Protection The internal audit function within the
(IT) audits, risk assessments, security
Notice; Group is structured such that the internal
and control reviews across the
audit function of the business units has a
12. Institutionalised the Group Third Party entities of the Group;
reporting line to Group IA and to the AC.
Code of Conduct and the Group • Reviewed the level of compliance
Audits are performed on all major units or
Personal Data Protection Framework; with established policies and
areas in the audit population to provide
13. Conducted Group-wide risk independent and objective reports on procedures and statutory requirements
assessment of bribery and corruption operational and management activities in to ensure that major units complied
vulnerable areas and existing controls the Group. Group IA will also perform ad with the requirements, with any
to identify key gaps and improvement hoc audits and investigations requested non-compliances highlighted to
opportunities; by the AC and/or by Senior Management Management for remediation;
14. Appointment of Division Compliance and will follow up on the implementation • Witnessed the tendering process for
Leads; of audit recommendations by Management procurement of services or assets to
15. Appointment of Division Data to ensure that all key risks are addressed. ensure the activities in the tendering
Protection Officers; process were conducted in a fair,
The Annual Internal Audit Plans of the transparent and consistent manner;
16. Commencement of Group-wide Data
Group are reviewed and approved by • Carried out ad hoc assignments and
Protection training initiative;
the AC annually. investigations requested by the AC
and/ or Senior Management; and

Governance
Statement on Risk Management and Internal Control
COSO
Internal Control –
Integrated Framework
The adequacy and effectiveness
of the Group’s risk management, Monitoring
Inf
tio
internal control and governance
or
ica
ma
processes are assessed and
un
ti on
m
reported according to the
om
a
nd
following five interrelated Control Activities
dC
C
COSO components:
an
om
n
mu
tio
nic
ma
a
or
tio
Inf
n
Risk Assessment
Control Environment
• Followed up on the implementation Although the Group is a networked 3. The Medical Affairs department/
of the Management Action Plans to organisation, a documented and auditable Medical Execution Committee
ensure that necessary actions have trail of accountability has been established oversees the accreditation, as well as
been taken to remedy any significant within the business units of the Group. the qualifications and experience of
gaps identified in governance, risk our medical practitioners, and do not
management and control. Each business unit of the Group is hesitate to remove their privileges
tasked with undertaking these corporate if they are found to be unethical or
The internal audit function reviews governance and risk management practices, negligent. They also ensure patient
for the adequacy and effectiveness of as well as implementing the same: safety and quality of services delivered
the internal control process and ensures within the hospitals, and compliance
that necessary actions have been taken 1. A governance and management with government regulations;
to remedy any significant failures or structure is established within each 4. The respective quality committees
weaknesses for the financial year in hospital for functional accountability or councils of the business units
review and up to the date of approval with operational/functional heads ensure the quality of services and
of this statement for inclusion in the reporting financial, operational (clinical the safety of patients;
annual report. and non-clinical) risks, compliance with
5. On a quarterly/monthly basis, the
statutory and regulatory requirements
operations divisions are to submit
In the course of performing its duties, and reputational risks to the Hospital
to the Group CEO updates pertaining
Group IA has unrestricted access to all Chief Executive Officer (CEO)/Director;
to clinical/medico-legal cases, IT,
functions, records, documents, personnel, 2. Hospital CEOs/Directors, Business hospital development projects,
or any other resources or information, Heads, Business Unit Heads and business matters, HR matters,
at all levels throughout the Group. Corporate Heads report on business financial performance and analyses,
operations issues to the Senior group target savings, as well as the
Other Risk and Management on a monthly basis. outlook for the business and strategic
Matters such as nursing issues, projects. This information will form the
Control Processes clinical/medical incidents with lapses, body of the Executive Report by the
The overall governance structure, and adverse outcomes, potential legal Group CEO to the Board of each
formally defined policies and procedures issues and media exposure, are reported business unit, ultimately surfacing
play a major part in establishing the and addressed at the hospital quality at the Board of the Group;
control and risk environment of the Group. meetings chaired by the Hospital CEOs;

6. Senior management tracks the risk management and internal control Review of the Statement
development of any potential is operating adequately and effectively
medico-legal cases. Any significant in all material aspects, based on the
by External Auditors
risk exposures or trends, in risk management and internal control The external auditors have reviewed
terms of incident type or case system of the Group. Taking into this Statement on Risk Management and
categorisation, are highlighted to consideration the information and Internal Control pursuant to the scope
the Board/RMC quarterly; assurances given, the Board is satisfied set out in Audit and Assurance Practice
with the adequacy, integrity and Guide (AAPG) 3, Guidance for Auditors
7. Insurance policies relating to
effectiveness of the Group’s system on Engagements to Report on the
workforce compensation, property
of risk management and internal control. Statement on Risk Management and
damage and equipment breakdown,
For the financial year under review, Internal Control included in the Annual
cyber liability and network business
there were no material control failure Report issued by the Malaysian Institute
interruption, third party liability,
or adverse consequences that have of Accountants (MIA), for inclusion in the
professional indemnity and medical
directly resulted in any material losses annual report of the Group for the year
malpractice liability, are procured
to the Group. The investigations on ended 31 December 2021, and reported
to meet the local regulatory
Fortis Group by the Securities and to the Board that nothing has come to
requirements and business
Exchange Board of India (SEBI) and the their attention that causes them to
requirements of the operational
Serious Fraud Investigation Office (SFIO), believe that the statement intended to
divisions and the wider Group;
Ministry of Corporate Affairs of India are be included in the annual report of the
8. Financial risk management systems Group, in all material respects:
still ongoing, for matters that occurred
are in place to address credit risk,
prior to IHH’s acquisition of Fortis. The
liquidity risk, market risk, interest (a) has not been prepared in accordance
information relating to the SEBI and
rate risk and foreign currency risk; with the disclosures required by
SFIO investigations are available in
9. Group Internal Audit independently IHH’s Audited Financial Statements paragraphs 41 and 42 of the Statement
audit and report findings on financial, and Quarterly Financial Results. Since on Risk Management and Internal
operational and compliance controls the acquisition on 18th November 2018, Control: Guidelines for Directors of
to the AC or the Board. In addition, the Board of Fortis has initiated additional Listed Issuers, or
on an annual basis, the external control procedures and has appointed (b) is factually inaccurate.
auditors perform statutory audit Ernst & Young LLP, India, to conduct
and report findings on financial enquiries of certain entities and transactions AAPG 3 does not require the external
controls relevant to the statutory in Fortis Group (the Project) in relation to auditors to consider whether the Directors’
audit to the AC; and the issues raised in the investigation. Statement on Risk Management and
10. Employees must abide by the Internal Control covers all risks and
Code of Conduct and avoid any On 16 September 2020, the Board of controls, or to form an opinion on the
dealings or conduct that could be Fortis in considering and discussing adequacy and effectiveness of the
or could appear to be in conflict the Project results, noted the enquiries. Group’s risk management and internal
with the Group’s interests, unless All amounts identified in the enquiries control system, including the assessment
such business relationships are had been previously provided for or and opinion by the Board of Directors
consented to by the Board. expensed in the financial statements and management thereon. The auditors
of Fortis Group. There are no other are also not required to consider whether
Adequacy and Effectiveness improper transactions identified by the the processes described to deal with
of the Group’s Risk enquiries or the management which material internal control aspects of
Management and Internal had not been expensed or provided for. any significant problems disclosed in
the annual report will, in fact, remedy
Control Systems The measures to protect and the problems.
IHH’s Management is accountable enhance shareholders’ value and
to the Board for the implementation business sustainability continue to be
of the processes involved in identifying, a focal point of the Group and, therefore,
evaluating and managing risk and the system of risk management and
internal control. In the financial year internal control across the Group continues
under review and up to the date of to be subject to enhancement, validation
approval of this Statement, the Board and regular review.
has received assurances from the
Managing Director and Chief Executive The Group’s system of risk management
Officer, as well as Chief Financial and internal controls does not cover
Officer, that the Group’s system of associates and joint ventures.

Governance
Sustainability Governance
By developing a solid governance system, we can implement sustainability initiatives and
monitor their success. At the pinnacle of our governance structure, the Board of Directors
sets the tone from the top. The Board is supported by its Risk Management Committee
(“RMC”), and the Sustainability Management Committee (“SMC”) which is chaired by the
Managing Director and Chief Executive Officer (“MD & CEO”). The multi-tiered governance
system of IHH ensures the sustainability strategy is aligned with the Group’s overall goal and
per the Terms of Reference for each Committee, Sub-Committee, and the Board of Directors.
In addition, the SMC is supported by engagements with CEOs and Sustainability Representatives
(“SReps”) from each of our countries of operation.
IHH’s Sustainability Governance Structure
Board of Directors
Risk Management Committee
Sustainability Management Committee (SMC)

Group Head of
Sustainability Chaired by Managing Director and Chief
Executive Officer (“MD” & “CEO”)
Sustainability Sustainability Representatives Sustainability Sustainability Sustainability

Representatives (Turkey and Europe) Representatives Representatives Representatives
(Malaysia*) (Greater China**) (Singapore) (India***)
* including IMU
** including Hong Kong
*** including Fortis Healthcare
Roles and Responsibilities
Board of Directors SMC
• Endorses and oversees the Group’s sustainability direction • Monitors the key performance indicators and targets
and strategy • Executes IHH’s sustainability strategy based on the Group’s
• Issues final approval on the sustainability statement and objectives and complies with the governance framework
its contents provided by the Board’s and respective Board
Subcommittees’ Terms of Reference.
MD & CEO Country’s CEO and SReps
• Oversees the delegation of duties to the SMC • Executes the sustainability initiatives established by
• Reports to the Board on sustainability inititatives the SMC
implemented • Collects data and monitors the ongoing sustainability
performance

Investor Relations Report
Building Trust with Effective and Constant Communication
Effective communication between IHH Healthcare, our shareholders and the general public
is essential. Good, clear and credible communication fosters confidence and a better
understanding of our business.
The Investor Relations and Corporate constantly keep investors up-to-date Group Corporate Website
Communications Department at IHH on our strategic developments
facilitates communication with all our and financial performance.
& Social Media
stakeholders, including domestic and IHH Healthcare’s corporate website
international investors. Through various Against a backdrop of a global pandemic, provides stakeholders a dedicated
channels in Malaysia and internationally, IHH continues to engage in investor platform for accessing key information.
the Investor Relations team facilitates relations activities focusing on communication The information includes IHH’s corporate
communications between the Group with shareholders and investors, with profile, profiles of Board Members and
and our investment community. the aim of continuously enhancing the Senior Management, share prices,
corporate brand and value. Although we financial results, dividend policy,
Using strategic communication platforms, have changed the format of some activities annual reports, media releases,
we engage in active dialogue with to minimise the spread of infection, the investor presentations, and information
stakeholders, and share timely, accurate, Investor Relations team strive to maintain about the Annual General Meeting.
and comprehensive information about and improve timely and appropriate
the Group’s corporate developments, information disclosure in this uncertain In addition to providing the latest
financial performance, and material social and economic environment. disclosures, our team ensures that the
operations. This includes the submission The Investor Relations team was focused Investor Relations section of our website
and discussion of our annual reports, on delivering up-to-date status on various is regularly updated. Regulatory
and holding Annual General Meetings. markets and operations related development. announcements made by IHH to Bursa
In addition, we make timely and material We continue to engage in investor relations Malaysia and SGX are also available
corporate news announcement timely activities more actively than ever, to on our Investor Relations webpage at
on Bursa Malaysia Securities Berhad deepen the dialogue with our stakeholders https://www.ihhhealthcare.com/investors/
(Bursa Malaysia) and Singapore as well as to demonstrate the resiliency investor-relations. Investor inquiries or
Exchange Limited (SGX). of the business in 2021. concerns regarding the Group can be
directed to the Investor Relations
Our senior management plays an The Group also conducts analyst briefings Department. At the same time, interesting
active role in the Group’s comprehensive on the release of our quarterly and media highlights pertaining to IHH for the
Investor Relations programme. In 2021, briefings on the release of our full year results. investor communities are also published
IHH launched its inaugural IHH Throughout the year, Investor Relations on the IHH Healthcare LinkedIn, Twitter
HealthcareInsider Webinar hosted by updates the Board on its shareholdings and Telegram pages.
our Group CFO, Mr Joerg Ayrle to share position, Investor Relations activities,
with capital markets on key topics in recommendations by analysts, feedback Analyst Briefings for Quarterly
relation to the Group’s core business from the investment community, and
operations.These webinars recordings share price performance movements.
and Annual Financial Results
are available on the IHH website and Announcement
the video-on-demand platform, Vimeo, Board members have endorsed our In 2021, IHH’s Senior Management
to broaden our reach and engagement Investor Relations Policy, which is conducted four analyst briefings and
with our stakeholders . This is in addition designed to ensure effective and one media briefing via conference call
to holding regular in-house meetings, timely communication with investors to discuss and communicate the Group’s
physical and virtual investor conferences, and stakeholders by IHH. Our policy quarterly and annual financial results.
and conference calls with financial analysts, mandates that we keep all stakeholders A recording of these conference calls
institutional shareholders, and fund informed of material developments. and materials related to the results
managers, both locally and internationally. Our Investor Relations programme announcements were uploaded
The team has also set up push notification is also outlined with guidelines as to IR’s website.
platforms to share relevant corporate to how processes and procedures
information with stakeholders via Telegram. can be followed to ensure its
It is through these platforms that we continued success.

Governance
Investor Relations Report
These materials are included for • a set of presentation slides with Our analyst briefings were also
each quarter: operational and financial data; broadcast live via webcast for the
• a press release highlighting key • on-demand access to a recording benefit of overseas stakeholders or
operational and financial highlights; of the briefing. those who were unable to participate
in person.
• a consolidated quarterly financial report;
IHH Stock Performance for Full Year 2021
40,000,000
8
7 35,500,000
13 14
12
30,000,000
6 11
10
3 5 6 8 9
4 7
1 2 25,000,000
5
20,000,000
4
15,000,000
3
10,000,000
2
1 5,000,000
0 0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021
Volume Price
No Event Date RM
1 IHH Healthcare Malaysia Steps Up COVID-19 Measures; Ready to Treat COVID-19 Patients 11/02/2021 5.13
2 IHH FY2020 Financial Results Announcement; IHH Healthcare Malaysia’s Pantai Hospital Kuala Lumpur Appointed 26/02/2021 5.08
as a Vaccination Centre for Frontliners of Private Hospitals and Clinics in Kuala Lumpur
3 Pantai Hospital Klang Helps Administer COVID-19 Vaccine for Frontliners of Private Hospitals and Clinics in Klang 25/03/2021 5.41
4 Acibadem Enters Into Serbia As Part Of Its Growth Strategy For Eastern European Market 29/03/2021 5.34
5 IHH Healthcare Completes Divestment Of Apollo Gleneagles Hospital Kolkata Joint Venture 30/04/2021 5.38
6 IHH 11th Annual General Meeting 28/05/2021 5.34
7 IHH Q1 2021 Financial Results Announcement 31/05/2021 5.3
8 Pantai Premier Pathology Becomes More Internationally Accessible With Accreditation From College of American 08/06/2021 5.37
Pathologists
9 IHH Healthcare Bags Two Accolades At Institutional Investor’s 2021 All-Asia Executive Rankings, Ranks Top 5 Overall 30/06/2021 5.47
In Healthcare & Pharmaceuticals Category
10 PLife REIT And IHH Healthcare Extend Strategic Collaboration For Singapore Hospitals 14/07/2021 5.64
11 IHH Q2 2021 Financial Results Annoucement 26/08/2021 5.84
12 IHH Extends Digital Healthcare Ecosystem Through Further Collaboration With Doctor Anywhere 02/09/2021 6.36
13 IHH Q3 2021 Financial Results Announcement 29/11/2021 6.6
14 IHH Healthcare Complete Divestment of Continental Hospitals 14/12/2021 6.5

Conferences and Roadshows Among these were two HealthcareInsider operations beyond the financials
webinars by our senior management of the company.
Despite the various travel and work
on the global vaccination roll-out and
restrictions in place, the IR team strived to
on emerging healthcare trends. These Our Key Events table below shows
provide timely access for our stakeholders
webinars aim to provide valuable insights all conferences and NDRs where
to the Group’s senior management team.
to analysts and investors into our we participated.
Throughout the year, Investor Relations
conducted local and international investor
conferences and non-deal roadshows Date Conference and Roadshows Participated
(NDRs). In the absence of physical investor 8-Jan 12th Credit Suisse ASEAN Conference
conferences because of COVID-19 4-Mar Malaysia Virtual Roadshow @ Maybank
movement restrictions, we engaged our
10-Mar BoAML Virtual Roadshow
investors through a virtual format such as
MS Teams, Webex, Zoom and teleconference 30-Mar GCFO Introduction Session with Sell Side Analysts
facilities. Virtual events allow us to provide 8-Jun Credit Suisse Asian Healthcare Conference
updates on our strategic developments, 17-Jun UBS OneAsean Conference
latest quarterly operational and financial
performance, material operations affecting 30-Aug CGS-CIMB's Premier Roundtable Engagement Series
the Group and the business outlook to 8-Sep J.P. Morgan’s Asia Pacific CEO-CFO Conference
our shareholders and investors. This 16-Sep 28th Annual CITIC CLSA Flagship Investors' Forum 2021 (AM)
was also a good opportunity to hear
13-Oct Bursa Maybank Malaysia IHH Healthcare Investor Day
directly from the investment community
about their perceptions of the Group. 20-Oct Nomura Virtual Malaysia Corporate Day 2021
Analyst Coverage
Investors continue to show high interest in IHH. The Group received coverage from 23 analysts as of 31 March 2022, showing strong
interest among domestic and international equity research houses.
No Firms No Firms
1 Affin Securities Sdn Bhd 13 K&N Kenanga Holdings Bhd
2 AmInvestment Bank Berhad 14 Macquarie Securities Ltd
3 Bank of America Merrill Lynch Global Research 15 Maybank Kim Eng Securities
4 BIMB Securities Sdn Bhd 16 MIDF Amanah Investment Bank Bhd
5 CIMB Securities Pte Ltd 17 Morgan Stanley
6 CLSA Limited 18 Nomura Securities Co Ltd/Tokyo
7 Credit Suisse Holdings USA Inc 19 Public Investment Bank
8 DBS Vickers Securities 20 RHB Research Institute Sdn Bhd
9 Goldman Sachs India Sec Pte Ltd 21 TA Securities Holdings Bhd
10 Hong Leong Investment Bank Bhd 22 UBS Securities Malaysia Sdn
11 J.P. Morgan Securities (Malaysia) Sdn Bhd 23 UOB Kay Hian Pte Ltd
12 KAF Seagroatt & Campbell Sec Sdn Bhd
At the same time, IHH and our In 2021, our Senior Management team in respect of any financial year. A number
senior management have been was also profiled on periodicals such as of factors guided the Board of Directors in
regularly profiled and featured on The Edge, Future CFO, The CEOs Magazine considering dividend payments, including:
investment-interest portals and and The Business Times Singapore.
magazines. These included an (i) the amount of cash and cash
interview with Managing Director Accordingly, the Board of Directors equivalents the Group has available;
and CEO Dr Kelvin Loh on ‘kopi-C’, wishes to announce that IHH Healthcare (ii) its return on equity and retained
a regular column on the SGX website will continue to follow the dividend earnings; and
and a company profile on Bursa Blitz policy, whereby at least 20% of the
(iii) its projected levels of capital
by Bursa Malaysia. Group’s profit after tax and minority
expenditure and other investments.
interests are distributed to its shareholders

Other Information
Additional Compliance Information

The following information is provided in accordance with Paragraph 9.25 of the Main
Market Listing Requirements (MMLR) of Bursa Malaysia Securities Berhad (Bursa Securities),
as set out in Part A of Appendix 9C thereto.
Utilisation of Proceeds (ii) LTIP of Parkway Holdings Limited (v) Enterprise Option Scheme (EOS)
(Parkway LTIP) for a duration of of our Company for a duration of
There were no proceeds raised by
10 years from 21 April 2011 and 10 years from 22 June 2015 and
the Company from corporate proposals
expired on 24 March 2021; expiring on 21 June 2025.
during the financial year ended
31 December 2021 (FY2021).
(iii) LTIP of Pantai Holdings Berhad (IHH LTIP, Parkway LTIP, Pantai LTIP,
(now known as Pantai Holdings and IMU LTIP are collectively referred
Employee Share Schemes Sdn Bhd) (Pantai LTIP) for a duration to as “LTIPs”)
The following are employee share of 10 years from 24 May 2011 and
schemes established by our Group expired on 24 March 2021; Brief details on the numbers of LTIP
and in existence during FY2021: units/EOS options granted, vested and
(iv) LTIP of IMU Health Sdn Bhd outstanding since the commencement
(i) Long Term Incentive Plan (LTIP) (IMU LTIP) for a duration of 10 years of the LTIPs and EOS until FY2021 are
of our Company (IHH LTIP) for a from 25 August 2011 and expired as follows:
duration of 10 years from 25 March on 24 March 2021; and
2011 and expired on 24 March 2021;
LTIPs EOS
Total number of LTIP units/EOS options granted 71,525,415 61,521,000
Total number of LTIP units/EOS options surrendered/exercised 62,152,045 18,677,000
Total number of LTIP units/EOS options lapsed/cancelled/opted out 9,373,370 21,003,000
Total number of LTIP units/EOS options outstanding – 21,841,000
Granted to Directors and Chief Executive
LTIPs EOS
Aggregate number of LTIP units/EOS options granted 18,804,000 35,786,000
Aggregate number of LTIP units/EOS options surrendered/exercised 18,804,000 23,156,000
Aggregate number of LTIP units/EOS options outstanding – 12,630,000
Note: Includes the LTIP units/EOS options granted to Directors and Chief Executive who have left our Company/our Group.
The LTIPs have expired on 24 March 2021 Management of the Company, shall number of issued shares of our Company,
and thus, all unvested LTIP units had not exceed the aggregate of 2% of shall not exceed in aggregate 10% of the
lapsed upon expiry. our Company’s total number of issued total number of shares to be issued under
shares. Additionally, the total number the LTIPs and EOS respectively. None of
In accordance with the Bye Laws for the of shares which may be issued under our Directors and Senior Management,
LTIPs and EOS respectively, the total number LTIP units and EOS options granted to either singly or collectively with persons
of shares which may be issued under a participant, who either singly or connected with them, owns 20% or more
the LTIPs and EOS to eligible participants, collectively with persons connected with of the total number of issued shares of
including Executive Directors and Senior him or her owns 20% or more of the total our Company.

There were no LTIP units and EOS and Senior Management of the Directors since the commencement
options granted during the FY2021. Company are 27% and 60% of the dates of the LTIPs and EOS until FY2021.
total number of LTIP units and EOS
Since the commencement of the options granted respectively. Details of the LTIP units and EOS
LTIP and EOS, the actual percentage options exercised during the financial
of LTIP units and EOS options granted There were no LTIP units and EOS year are disclosed in Note 21 of the
in aggregate to Executive Directors options granted to the Non-Executive financial statements.
Audit and Non-Audit Fees

The amount of audit and non-audit fees paid or payable to external auditors by the Group and the Company respectively for FY2021
are as follows:
Audit fees Non-Audit fees

Group Company Group Company
RM’000 RM’000 RM’000 RM’000
KPMG PLT 1,504 492 926 476
Affiliates of KPMG PLT 8,441 438 3,855 503
Total 9,945 930 4,781* 979
* Approximately 70% and 20% of the non-audit fees are in relation to interim financial statements reviews and tax services respectively.
Services rendered by KPMG PLT are and Major Shareholders’ interests Recurrent Related
not prohibited by regulatory and other subsisting as at 31 December 2021
professional requirements and are or entered into since the end of the
Party Transactions
based on globally practised guidelines previous financial year: The recurrent related party transactions
on auditors’ independence. of a revenue nature incurred by the
• A shareholders’ agreement dated Group for FY2021 did not exceed the
23 December 2011 was entered threshold prescribed under Paragraph
Material Contracts 10.09(1) of the MMLR.
into among the Company, Integrated
Involving Directors’, Healthcare Hastaneler Turkey Sdn Bhd,
Chief Executive’s and Bagan Lalang Ventures Sdn Bhd,
Hatice Seher Aydinlar and Mehmet
Major Shareholders’ Interests Ali Aydinlar, whereby the parties have
Save as disclosed below and in the agreed on, among others, the rights
financial statements, there were no and obligations of the parties regarding
material contracts entered into by the the governance of Acibadem Saglik
Company and/or its subsidiaries Yatirimlari Holding A.S. and its group.
involving Directors’, Chief Executive’s

Other Information
Directors’ Responsibility Statement

The Directors are required by the Companies Act 2016 to prepare financial statements
for each financial year. These are to be made out in accordance with the applicable
approved accounting standards and to give a true and fair view of the state of affairs
of the Group and the Company at the end of the financial year as well as of the results
and cash flows of the Group and Company for the financial year.
In preparing the financial statements, the Directors have adopted suitable accounting policies and applied them consistently.
The Directors have also made judgment and estimates that are on a going concern basis as the Directors have a reasonable
expectation, having made enquiries that the Group and Company have resources to continue in operational existence for the
foreseeable future.
The Directors have overall responsibility for taking such steps necessary to safeguard the assets of the Group and to prevent
and detect fraud and other irregularities.
The Statement by Directors pursuant to Section 251(2) of the Companies Act 2016 is set out in the financial statements.

Financial Statements
Directors’ Report 142
Statement by Directors 149
Statutory declaration 149
Independent Auditors’ Report 150
Statements of Financial Position 155
Statements of Profit or Loss
and Other Comprehensive Income 157
Statements of Changes in Equity 158
Statements of Cash Flows 164
Notes to the Financial Statements 166
Directors’ Report
for the year ended 31 December 2021
The Directors have pleasure in submitting their report and the audited financial statements of the Group and of the Company for the
financial year ended 31 December 2021.
PRINCIPAL ACTIVITIES
The Company is principally engaged in investment holding, whilst the principal activities of the subsidiaries are as stated in note 42 to
the financial statements. There has been no significant change in the nature of these activities during the financial year.
SUBSIDIARIES
The details of the Company’s subsidiaries are disclosed in note 42 to the financial statements.
RESULTS
Group Company
RM’000 RM’000
Profit for the year attributable to:

Owners of the Company 1,862,525 1,304,571
Non-controlling interests 314,060 –
2,176,585 1,304,571
RESERVES AND PROVISIONS

Except as disclosed in the financial statements, there were no material transfers to or from reserves and provisions during the financial
year under review.
DIVIDENDS
Since the end of the previous financial year, the Company paid a first and final single tier cash dividend of 4 sen per ordinary share
amounting to RM351,163,000 for the financial year ended 31 December 2020 on 30 April 2021.
The Board of Directors have declared that a first and final single tier cash dividend of 6 sen per ordinary share for the financial year ended
31 December 2021 to be paid on 29 April 2022 to shareholders whose names appear in the Record of Depositors of Bursa Malaysia
Depository Sdn Bhd and The Central Depository (Pte) Limited (“CDP”) at the close of business on 31 March 2022. The Company shall
apply the RM:SGD noon middle rate as disclosed in the Bank Negara Malaysia’s website on 31 March 2022 as the basis for computing
the dividend quantum to be paid in SGD to the Singapore investors whose Company’s shares are traded on SGX-ST.
DIRECTORS OF THE COMPANY

Directors who served during the financial year until the date of this report are:
Tan Sri Mohammed Azlan Bin Hashim
Dr. Kelvin Loh Chi-Keon
Masato Sugahara
Takeshi Saito
Dr. Farid Bin Mohamed Sani
Mehmet Ali Aydinlar
Tunku Alizakri Bin Raja Muhammad Alias
Jill Margaret Watts
Dato’ Muthanna Bin Abdullah
Ong Ai Lin
Satoshi Tanaka
Tomo Nagahiro (Alternate Director to Masato Sugahara)
Rossana Annizah Binti Ahmad Rashid Resigned on 28 May 2021
Shirish Moreshwar Apte Retired on 28 May 2021
Wong Eugene (Alternate Director to Dr. Farid Bin Mohamed Sani) Resigned on 21 February 2022
The names of Directors of subsidiaries are set out in the subsidiaries’ statutory accounts and the said information is deemed incorporated
herein by such reference and made a part hereof.

DIRECTORS’ INTERESTS
The interests and deemed interests in the ordinary shares, units convertible into ordinary shares and options over ordinary shares of
the Company and of its related corporations (other than wholly owned subsidiaries) of those who were Directors at financial year end
(including the interests of the spouses or children of the Directors who themselves are not Directors of the Company) as recorded in the
Register of Directors’ Shareholdings are as follows:
Number of ordinary shares

At At
1 January Options 31 December
2021 exercised Bought Sold 2021
Interests in the Company

Mehmet Ali Aydinlar
– Direct 421,399,132 245,000 – – 421,644,132
– Deemed 98,287,041 – – – 98,287,041
Ong Ai Lin
– Direct 10,000 – – – 10,000
Number of ordinary shares of TL1.00 each

At At
Interests in subsidiaries
Acıbadem Sağlık Yatirimlari Holding A.Ş. (“ASYH”)
Mehmet Ali Aydinlar
– Direct 274,809,547 – – – 217,211,842*
– Deemed 21,290,454 – – – 16,828,159*
Acıbadem Sağlık Hizmetleri ve Ticaret A.Ş. (“ASH”)

Mehmet Ali Aydinlar
– Direct 1 – – – 1
– Deemed 1 – – – 1
Acıbadem Proje Yönetimi A.Ş.

Mehmet Ali Aydinlar
– Direct 1 – – – 1
Aplus Hastane Otelcilik Hizmetleri A.Ş.

Mehmet Ali Aydinlar
– Direct 1 – – – 1
– Deemed 2 – – – 2
* The decrease in direct and deemed interest of Mehmet Ali Aydinlar in ASYH during the financial year is a result of cancellation of shares following
ASYH’s capital reduction which was registered on 8 September 2021.

Directors’ Report
DIRECTORS’ INTERESTS (continued)

At At
Interests in a subsidiary
International Hospital Istanbul A.Ş.
Mehmet Ali Aydinlar
– Direct 1 – – – 1
– Deemed 1 – – – 1
Number of units convertible into ordinary shares

At At
1 January Lapsed/ 31 December
2021 Granted Exercised cancelled 2021

Long Term Incentive Plan (“LTIP”)
Mehmet Ali Aydinlar 245,000 – (245,000) – –
Number of options over ordinary shares

At At
1 January Lapsed/ 31 December
2021 Granted Exercised cancelled 2021

Enterprise Option Scheme (“EOS”)
Mehmet Ali Aydinlar 5,127,000 – – – 5,127,000
Number of units
At At
Interests in a subsidiary
Parkway Life Real Estate Investment Trust (“PLife REIT”)
– Direct 120,000 – – – 120,000
Except as disclosed above, none of the other Directors holding office as at 31 December 2021 had any interest in the ordinary
shares, options over ordinary shares and units convertible into ordinary shares of the Company and of its related corporations during
the financial year.

DIRECTORS’ BENEFITS
Since the end of the previous financial year, no Director of the Company has received nor become entitled to receive any benefit (other
than those fees and other benefits included in the aggregate amount of remuneration received or due and receivable by Directors as
shown in the financial statements or the fixed salary of a full-time employee of the Company or of related corporations) by reason of a
contract made by the Company or a related corporation with the Director or with a firm of which the Director is a member, or with a company
in which the Director has a substantial financial interest, other than certain Directors who have substantial financial interests in companies
which traded with certain companies in the Group in the ordinary course of business as disclosed in note 39 to the financial statements.
There were no arrangements during and at the end of the financial year which had the object of enabling Directors of the Company to
acquire benefits by means of the acquisition of shares in, or debentures of, the Company or any other body corporate apart from the
issue of the LTIP and EOS as disclosed in note 21.
ISSUE OF SHARES AND DEBENTURES

During the financial year, the Company issued:
i. 1,854,000 new ordinary shares pursuant to the surrender of vested LTIP units; and
ii. 17,644,000 new ordinary shares pursuant to the exercise of vested EOS options.
Upon completion of the above, the issued and fully paid number of shares of the Company increased from 8,777,219,463 to 8,796,717,463
as at 31 December 2021.
There were no other changes in the issued and paid-up capital of the Company, and no other debenture were issued during the financial year.
OPTIONS GRANTED OVER UNISSUED SHARES

No options were granted to any person to take up unissued shares of the Company during the financial year apart from the issue of share
options pursuant to the following schemes:
EOS
At an extraordinary general meeting held on 15 June 2015, the Company’s shareholders approved the establishment of the EOS for
granting of non-transferrable options to eligible employees of the Group any time during the existence of the scheme.
The salient features and the other terms of the EOS are, inter alia, as follows:
i. Eligible employees are executive directors and selected senior management employed by the Group who has been selected by
the Board at its discretion, if as at the offer date, the employee:
– has attained the age of 18 years;
– is in the full time employment and payroll of the Group including contract employees or in the case of a director, is on the
board of directors of the Group; and
– falls within such other categories and criteria that the Board may from time to time at its absolute discretion determine.
ii. The aggregate number of shares to be issued under the EOS shall not exceed 2% of the issued and paid-up ordinary share capital
(excluding treasury shares) of the Company.
iii. The EOS shall be in force for a period of 10 years from 22 June 2015.
iv. The EOS options granted in each year will vest in the participants over a three-year period, in equal proportion (or substantially
equal proportion) each year.
v. The exercise price for the EOS option granted shall be determined by the Board which shall be based on the 5-day weighted
average market price of the underlying shares a day immediately preceding the date of offer with a discount of not more than 10%
or such other percentage of discount as may be permitted by Bursa Securities or any other relevant regulatory from time to time
(subject to the Board’s discretion to grant the discount).

Directors’ Report
OPTIONS GRANTED OVER UNISSUED SHARES (continued)

EOS (continued)
vi. Each EOS option gives a conditional right to the participant to receive 1 Share, upon exercise of the option and subject to the
payment of the exercise price.
vii. The EOS options are granted if objective performance targets or such other objective conditions of exercise that the Board may
determine from time to time on a yearly basis and which are met.
viii. The total number of EOS options which may be allocated to a participant who either singly or collectively with persons connected
with him owns 20% or more of the issued and paid-up capital of the Company shall not exceed in aggregate 10% of the total number
of Shares to be issued under the EOS.
ix. Options granted but not yet vested and any unexercised options shall lapse with immediate effect and cease to be exercisable if the
participant is no longer in employment with the Group, by way of termination, disqualification or resignation or in the case of a director,
cease or disqualified to be a Director of the Group or the participant becomes a bankrupt, unless the Board determines otherwise.
LTIP
At an extraordinary general meeting held on 25 March 2011, the Company’s shareholders approved the establishment of the LTIP
scheme for the granting of non-transferrable convertible units to eligible employees of the Group at any time during the existence of
the scheme.
The salient features and the other terms of the LTIP are, inter alia, as follows:
i. Eligible employees are employees that are in the full time employment and in the payroll of the Group including contract employees
for at least 6 months or persons that fall within other categories or criteria that the Board may determine from time to time, at its
absolute discretion.
ii. The aggregate number of shares to be issued under the LTIP shall not exceed 2% of the issued and paid-up ordinary share capital
of the Company.
iii. The LTIP shall be in force for a period of 10 years from 25 March 2011.
iv. The LTIP units granted in each year will vest in the participants within three years in equal proportions.
v. Each unit of LTIP is entitled to be converted to 1 ordinary share of the Company after listing of the Company.
vi. Eligible employees who are offered LTIP units but have elected to opt out of the scheme will receive cash LTIP units instead which
will be redeemed by the Company over a three year period in equal proportions each year.
vii. Options granted but not yet vested will be cancelled with immediate effect and cease to be exercisable if the participant is no
longer in employment with the Group, by way of termination, disqualification or resignation or in the case of an executive director,
cease or disqualified to be a Director or the participant becomes a bankrupt, unless the Board determines otherwise.
The LTIP expired on 24 March 2021 and, accordingly, all unvested LTIP units lapsed upon the expiry of the LTIP.
There were no options granted by the Company during the financial year.
The Group acquired Fortis Healthcare Limited and its subsidiaries (“Fortis Group”) on 13 November 2018. Fortis Group has share-
based payment schemes and the salient features and terms of these schemes, as well as options granted during the financial year, are
disclosed in note 21 to the financial statements.

INDEMNITY AND INSURANCE COSTS
During the financial year, the Company maintained a Directors’ and Officers’ Liability Insurance for the Group’s directors and officers.
The insurance premium incurred by the Company was RM816,000.
OTHER STATUTORY INFORMATION

Before the financial statements of the Group and of the Company were made out, the Directors took reasonable steps to ascertain that:
i. all known bad debts have been written off and adequate provision made for doubtful debts, and
ii. any current assets which were unlikely to be realised in the ordinary course of business have been written down to an amount
which they might be expected so to realise.
At the date of this report, the Directors are not aware of any circumstances:
i. that would render the amount written off for bad debts or the amount of the provision for doubtful debts in the Group and in the
Company inadequate to any substantial extent, or
ii. that would render the value attributed to the current assets in the financial statements of the Group and of the Company misleading, or
iii. which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group and of the
Company misleading or inappropriate, or
iv. not otherwise dealt with in this report or the financial statements, that would render any amount stated in the financial statements
of the Group and of the Company misleading.
At the date of this report, there does not exist:
i. any charge on the assets of the Group or of the Company that has arisen since the end of the financial year and which secures the
liabilities of any other person, or
ii. any contingent liability in respect of the Group or of the Company that has arisen since the end of the financial year.
No contingent liability or other liability of any company in the Group has become enforceable, or is likely to become enforceable, within
the period of twelve months after the end of the financial year which, in the opinion of the Directors, will or may substantially affect the
ability of the Group and of the Company to meet their obligations as and when they fall due.
In the opinion of the Directors, except for those disclosed in the financial statements, the financial performance of the Group and of the
Company for the financial year ended 31 December 2021 have not been substantially affected by any item, transaction or event of a
material and unusual nature nor has any such item, transaction or event occurred in the interval between the end of that financial year
and the date of this report.

Directors’ Report
SIGNIFICANT EVENTS
Significant events during the financial year are as disclosed in notes 40 and 41 to the financial statements.
SUBSEQUENT EVENTS
Significant events subsequent to the end of the reporting period is as disclosed in note 48 to the financial statements.
CONSOLIDATION OF SUBSIDIARIES WITH DIFFERENT FINANCIAL YEAR END

Pursuant to Section 247(7) of the Companies Act 2016, the Company has applied and has been granted approval by the Companies
Commission of Malaysia for the following subsidiaries of the Company to continue to have or to adopt a financial year which does not
coincide with the Company in relation to the financial year ended 31 December 2021:
• Parkway Healthcare India Private Limited
• Andaman Alliance Healthcare Limited
• Ravindranath GE Medical Associates Private Limited (“RGE”) and its subsidiaries (“RGE Group”)
• Fortis Healthcare Limited (“Fortis”) and its subsidiaries (“Fortis Group”)
The details of the subsidiaries of RGE and Fortis are disclosed in note 42 to the financial statements.
AUDITORS
The auditors, KPMG PLT, have indicated their willingness to accept re-appointment.
The auditors’ remuneration is disclosed in note 29 to the financial statements.
Signed on behalf of the Board of Directors in accordance with a resolution of the Directors:

Director

Director
Date: 23 February 2022

Statement by Directors
pursuant to Section 251(2) of the Companies Act 2016
In the opinion of the Directors, the financial statements set out on pages 155 to 299 are drawn up in accordance with Malaysian Financial
Reporting Standards, International Financial Reporting Standards and the requirements of the Companies Act 2016 in Malaysia so as
to give a true and fair view of the financial position of the Group and of the Company as of 31 December 2021 and of their financial
performance and cash flows for the financial year then ended.
Signed on behalf of the Board of Directors in accordance with a resolution of the Directors:

Director

Director
Date: 23 February 2022
Statutory declaration
pursuant to Section 251(1)(b) of the Companies Act 2016
I, Joerg Ayrle, the officer primarily responsible for the financial management of IHH Healthcare Berhad, do solemnly and sincerely
declare that the financial statements set out on pages 155 to 299 are, to the best of my knowledge and belief, correct and I make this
solemn declaration conscientiously believing the declaration to be true, and by virtue of the Statutory Declarations Act 1960.
Subscribed and solemnly declared by the abovenamed Joerg Ayrle, Passport No.: C4KLC5TX4 at Kuala Lumpur in the Federal Territory on
23 February 2022.
Joerg Ayrle
Before me:
Commissioner for Oaths

Independent Auditors’ Report

To the members of IHH Healthcare Berhad
(Registration No. 201001018208 (901914-V))
(Incorporated in Malaysia)
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

Opinion
We have audited the financial statements of IHH Healthcare Berhad, which comprise the statements of financial position as at
31 December 2021 of the Group and of the Company, and the statements of profit or loss and other comprehensive income, statements
of changes in equity and statements of cash flows of the Group and of the Company for the year then ended, and notes to the financial
statements, including a summary of significant accounting policies, as set out on pages 155 to 299.
In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Group and of the Company
as at 31 December 2021, and of their financial performance and their cash flows for the year then ended in accordance with Malaysian
Financial Reporting Standards, International Financial Reporting Standards and the requirements of the Companies Act 2016 in Malaysia.
Basis for Opinion

We conducted our audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing. Our
responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements
section of our auditors’ report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Independence and Other Ethical Responsibilities
We are independent of the Group and of the Company in accordance with the By-Laws (on Professional Ethics, Conduct and Practice)
of the Malaysian Institute of Accountants (“By-Laws”) and the International Ethics Standards Board for Accountants’ International Code
of Ethics for Professional Accountants (including International Independence Standards) (“IESBA Code”), and we have fulfilled our other
ethical responsibilities in accordance with the By-Laws and the IESBA Code.
Emphasis of Matter
1 We draw attention to Note 46 to the financial statements on the ongoing investigation by Serious Fraud Investigation Office
(“SFIO”) on Fortis Healthcare Limited (“Fortis”) and its subsidiaries (“Fortis Group”). Fortis Group has been submitting all information
required by the various investigating agencies and is fully cooperating in the investigations/inquiries.
As explained in the aforesaid note, the outcome of the investigation cannot be predicted at this juncture and the financial impact
to the Group, if any, will only be recognised in the period that the outcome is known.
2 We draw attention to Note 47(a) to the financial statements on the judgment dated 15 November 2019 by the Supreme Court of
India (“Judgment”), relating to the issuance of a suo-moto contempt notice to, amongst others, Fortis, and directed its Registry to
register a fresh contempt petition in regard to alleged violation of its order dated 14 December 2018.
Since the issuance of the Judgment, several parties have filed applications before the Supreme Court, in attempts to seek remedies
for themselves. On 5 March 2020, Northern TK Venture Pte. Ltd., the immediate holding company of Fortis filed the necessary
applications to intervene in the aforementioned Supreme Court proceedings.
As stated in the said aforesaid note, the Group believes that it has a strong case on merits. The ultimate outcome of the Supreme
Court proceedings is unknown at this juncture and therefore the potential impact, if any, to the Group’s financial statements
cannot be determined.
Our opinion is not modified in respect of the aforesaid matters.

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS (continued)
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements
of the Group and of the Company for the current year. These matters were addressed in the context of our audit of the financial
statements of the Group and of the Company as a whole, and in forming our opinion thereon, and we do not provide a separate opinion
on these matters.
We have determined the matters described below to be the key audit matters to be communicated in our report.
a. Impairment of goodwill and intangible assets – Group

Refer to Notes 2(f) and 2(g) – Significant accounting policies: “Goodwill on consolidation” and “Intangible assets” and
Note 6 – Goodwill on consolidation and intangible assets.
The key audit matter

As at 31 December 2021, the Group’s goodwill and intangible assets of RM14.2 billion represented 31.2% of the Group’s total assets.
In view of the financial significance of the balance, the inherent uncertainties and the level of judgement required by us in
evaluating the Group’s assumptions included within the value in use (“VIU”) method and fair value less costs to sell (“FVLCTS”)
method, impairment of goodwill and intangible assets is a key audit matter.
The Group conducted an impairment assessment on all its cash-generating units (“CGUs”) to identify if the recoverable amount is
less than the carrying amount, indicating that the goodwill and intangible assets may be impaired.
The Group determined the recoverable amounts of CGUs using VIU method involving cash flow projections with a terminal value
or FVLCTS method. Key assumptions within these methods include revenue growth, Earnings Before Interest, Tax, Depreciation
and Amortisation (“EBITDA”) margin, long-term growth rates and discount rates.
During the year, an impairment charge of RM6.1 million was recognised in the profit or loss of the Group in respect of the cash-
generating units where its recoverable amount is less than the Group’s carrying amount.
How the matter was addressed in our audit

We performed the following audit procedures, among others:
• We assessed the appropriateness of using VIU or FVLCTS methods as the basis for determining the CGUs’ recoverable
amounts.
• We evaluated the Group’s cash flow projections by performing retrospective assessment of the key assumptions driving
the business units’ cash flow projections, in particular revenue growth and EBITDA margin, to the latest internal board
approved budget and plan, external market data, the historical accuracy of the Group’s estimates in the previous years and
our understanding of the future prospects of the business or investments.
• We worked with our internal valuation specialists to challenge the discount rates and long-term growth rates, and comparing
these assumptions to economic and industry forecasts.
• We performed our own sensitivity of the impairment calculation to changes in the key assumptions used by the Group to
assess the extent of the changes that would be required for the assets to be impaired.
• We also assessed the adequacy of key assumptions disclosure in the Group’s financial statements.



Key Audit Matters (continued)
b. Impairment of investment in a subsidiary – Company
Refer to Note 2(a)(i) – Significant accounting policies: “Subsidiaries” and Note 7 – Investments in subsidiaries.
The key audit matter

During the year, the Company continued to face challenges in its investment in the subsidiary that held investments in subsidiaries
in Central and Eastern Europe, in particular the continuing depreciation of Turkish Lira currency over the years. This increased
the risk that the Company’s net carrying value of its cost of investment in this subsidiary, exceeds its recoverable amount. We
identified the impairment of investment in this subsidiary as a key audit matter as it required us to exercise judgement in evaluating
the assumptions used in deriving the recoverable amount of investment in this subsidiary, which include revenue growth, EBITDA
margin, long-term growth rate, discount rate and EBITDA multiple.
Based on the impairment assessment performed by the Company using the recoverable amount as the greater of VIU or FVLCTS
methods, no impairment loss was charged to the profit or loss of the Company for the current year.
How the matter was addressed in our audit

We performed the following audit procedures, among others:
• We assessed the Company’s assessment on indicators of impairment in investment in this subsidiary.
• We assessed the appropriateness of using VIU or FVLCTS methods as the basis for determining the subsidiary’s recoverable
amount and checked the mathematical accuracy of these methods.
• We evaluated the subsidiary’s VIU and FVLCTS methods by performing retrospective assessment of the key assumptions
driving the subsidiary’s cash flow projections, in particular revenue growth, EBITDA and EBITDA margin, to the latest internal
board approved budget and plan, external market data, the historical accuracy of the subsidiary’s estimates in the previous
years and our understanding of the future prospects of the investment.
• We worked with our own valuation specialists to challenge the discount rate, long-term growth rate and EBITDA multiple,
and comparing these assumptions to economic and industry forecasts.
• We performed our own sensitivity of the impairment calculation to changes in the key assumptions used by the Company to
assess the extent of the changes that would be required for the investment to be impaired.
• We also assessed the adequacy of key assumptions disclosure in the Company’s financial statements.
Information Other than the Financial Statements and Auditors’ Report Thereon
The Directors of the Company are responsible for the other information. The other information comprises the information included in
the annual report, but does not include the financial statements of the Group and of the Company and our auditors’ report thereon. The
annual report is expected to be made available to us after the date of this auditors’ report.
Our opinion on the financial statements of the Group and of the Company does not cover the annual report and we will not express any
form of assurance conclusion thereon.
In connection with our audit of the financial statements of the Group and of the Company, our responsibility is to read the other information
identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial
statements of the Group and of the Company or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
When we read the annual report, if we conclude that there is a material misstatement therein, we are required to communicate the
matter to the Directors of the Company and take appropriate actions in accordance with approved standards on auditing in Malaysia
and International Standards on Auditing.

Responsibilities of the Directors for the Financial Statements
The Directors of the Company are responsible for the preparation of financial statements of the Group and of the Company that give
a true and fair view in accordance with Malaysian Financial Reporting Standards, International Financial Reporting Standards and the
requirements of the Companies Act 2016 in Malaysia. The Directors are also responsible for such internal control as the Directors
determine is necessary to enable the preparation of financial statements of the Group and of the Company that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements of the Group and of the Company, the Directors are responsible for assessing the ability of the
Group and of the Company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the Directors either intend to liquidate the Group or the Company or to cease operations, or
have no realistic alternative but to do so.
Auditors’ Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements of the Group and of the Company as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with approved standards on auditing
in Malaysia and International Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing, we exercise
professional judgement and maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements of the Group and of the Company, whether due
to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than
for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control of the Group and
of the Company.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures
made by the Directors.
• Conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the
Group or of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditors’ report to the related disclosures in the financial statements of the Group and of the Company or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditors’ report. However, future events or conditions may cause the Group or the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements of the Group and of the Company, including
the disclosures, and whether the financial statements of the Group and of the Company represent the underlying transactions and
events in a manner that gives a true and fair view.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the
Group to express an opinion on the financial statements of the Group. We are responsible for the direction, supervision and
performance of the group audit. We remain solely responsible for our audit opinion.



Auditors’ Responsibilities for the Audit of the Financial Statements (continued)
We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit and significant audit
findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the Directors with a statement that we have complied with relevant ethical requirements regarding independence, and
to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where
applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with the Directors, we determine those matters that were of most significance in the audit of the financial
statements of the Group and of the Company for the current year and are therefore the key audit matters. We describe these matters
in our auditors’ report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances,
we determine that a matter should not be communicated in our auditors’ report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

In accordance with the requirements of the Companies Act 2016 in Malaysia, we report that the subsidiaries of which we have not acted
as auditors are disclosed in Note 42 to the financial statements.
OTHER MATTER
This report is made solely to the members of the Company, as a body, in accordance with Section 266 of the Companies Act 2016 in
Malaysia and for no other purpose. We do not assume responsibility to any other person for the content of this report.
KPMG PLT Lee Yee Keng

(LLP0010081-LCA & AF 0758) Approval Number: 02880/04/2023 J
Chartered Accountants Chartered Accountant
Petaling Jaya, Malaysia

23 February 2022

Statements of Financial Position
as at 31 December 2021
Group Company
2021 2020 2021 2020
Note RM’000 RM’000 RM’000 RM’000
Assets
Property, plant and equipment 3 10,840,572 11,569,497 330 512
Right-of-use assets 4 6,529,336 6,612,132 2,293 247
Investment properties 5 3,875,123 3,612,547 – –
Goodwill on consolidation 6 12,170,705 12,123,112 – –
Intangible assets 6 2,022,627 1,990,429 – –
Investments in subsidiaries 7 – – 19,713,748 19,713,748
Interests in associates 8 157,613 142,869 – –
Interests in joint ventures 9 6,307 122,765 – –
Other financial assets 10 76,345 63,891 – –
Trade and other receivables 14 131,425 127,329 8,371 13,134
Tax recoverables 302,224 287,697 – –
Derivative assets 25 297,208 108,304 – –
Deferred tax assets 11 567,731 427,749 1,311 1,288
Total non-current assets 36,977,216 37,188,321 19,726,053 19,728,929
Development properties 12 73,862 90,083 – –

Inventories 13 455,065 420,153 – –
Trade and other receivables 14 2,497,529 1,953,142 76,505 59,546
Tax recoverables 18,373 21,760 117 564
Other financial assets 10 340,733 422,593 111,394 190,915
Derivative assets 25 127,967 33,410 – –
Cash and cash equivalents 15 5,017,680 4,187,806 1,214,880 146,676
8,531,209 7,128,947 1,402,896 397,701
Assets classified as held for sale 16 1,844 216,992 – –
Total current assets 8,533,053 7,345,939 1,402,896 397,701
Total assets 45,510,269 44,534,260 21,128,949 20,126,630

Statements of Financial Position

as at 31 December 2021 (continued)
Group Company
2021 2020 2021 2020
Note RM’000 RM’000 RM’000 RM’000
Equity
Share capital 17 19,614,918 19,473,364 19,614,918 19,473,364
Other reserves 18 (2,846,392) (1,988,281) 33,799 80,053
Retained earnings 5,656,406 4,254,736 1,433,173 465,905
Total equity attributable to owners of the Company 22,424,932 21,739,819 21,081,890 20,019,322
Perpetual securities 19 2,158,358 2,158,061 – –
Non-controlling interests 7 2,693,541 3,137,489 – –
Total equity 27,276,831 27,035,369 21,081,890 20,019,322
Liabilities
Loans and borrowings 20 7,609,491 8,664,676 – –
Lease liabilities 1,783,904 1,704,084 1,307 –
Employee benefits 21 135,225 117,678 5,711 3,836
Trade and other payables 24 1,420,424 228,330 – –
Derivative liabilities 25 471 800 – –
Deferred tax liabilities 11 1,234,665 1,168,256 – –
Total non-current liabilities 12,184,180 11,883,824 7,018 3,836
Bank overdrafts 15 24,229 22,401 – –

Loans and borrowings 20 1,237,427 996,384 – –
Lease liabilities 218,630 241,226 996 253
Employee benefits 21 165,127 147,238 5,668 5,079
Trade and other payables 24 4,052,574 3,891,883 31,905 94,993
Derivative liabilities 25 – 7,316 – –
Tax payable 351,271 289,595 1,472 3,147
6,049,258 5,596,043 40,041 103,472
Liabilities classified as held for sale 16 – 19,024 – –
Total current liabilities 6,049,258 5,615,067 40,041 103,472
Total liabilities 18,233,438 17,498,891 47,059 107,308
Total equity and liabilities 45,510,269 44,534,260 21,128,949 20,126,630
The notes on pages 166 to 299 are an integral part of these financial statements.

Statements of Profit or Loss
and Other Comprehensive Income
Group Company
2021 2020 2021 2020
Note RM’000 RM’000 RM’000 RM’000
Revenue 26 17,131,763 13,404,604 1,393,542 391,238

Other operating income 722,449 738,396 1,826 6,743
Inventories and consumables (3,604,102) (2,798,168) – –
Purchases and contracted services (1,533,014) (1,298,180) – –
Development cost of properties sold 12 (2,540) – – –
Staff costs 27 (6,079,462) (5,201,241) (74,883) (59,906)
Depreciation and impairment of property, plant and equipment 3 (1,116,081) (960,323) (245) (289)
Depreciation and impairment of right-of-use assets 4 (320,859) (379,091) (988) (990)
Amortisation and impairment of intangible assets 6 (47,251) (57,899) – –
Operating lease expenses 4c (80,649) (66,922) (1,052) (1,235)
Net loss on impairment of financial instruments (80,605) (107,433) – –
Other operating expenses (1,929,742) (2,019,893) (13,285) (26,270)
Finance income 28 543,601 242,855 2,450 789
Finance costs 28 (1,087,627) (947,586) (1,491) (2,030)
Share of profits of associates (net of tax) 8 31,034 7,072 – –
Share of profits of joint ventures (net of tax) 9 8,822 11,316 – –
Profit before tax 29 2,555,737 567,507 1,305,874 308,050
Income tax expense 32 (379,152) (361,661) (1,303) (1,383)
Profit for the year 2,176,585 205,846 1,304,571 306,667
Other comprehensive income, net of tax

Items that are or may be reclassified subsequently to profit or loss
Foreign currency translation differences from foreign operations (397,621) (246,152) 40 28
Realisation of foreign currency translation reserve (“FCTR”) upon
disposal/substantive liquidation of subsidiaries and a joint venture 47,723 (132,971) – –
Hedge of net investments in foreign operations 151,274 (59,978) – –
Cash flow hedge 11,617 (7,864) – –
Cost of hedging reserve (213) 234 – –
30 (187,220) (446,731) 40 28
Items that will not be reclassified subsequently to profit or loss

Remeasurement of defined benefit liabilities 30 (8,512) (9,592) – –
Total comprehensive income for the year 1,980,853 (250,477) 1,304,611 306,695
Profit attributable to:

Owners of the Company 1,862,525 288,882 1,304,571 306,667
Non-controlling interests 7 314,060 (83,036) – –
Profit for the year 2,176,585 205,846 1,304,571 306,667
Total comprehensive income attributable to:

Owners of the Company 1,714,730 (107,977) 1,304,611 306,695
Non-controlling interests 266,123 (142,500) – –
Total comprehensive income for the year 1,980,853 (250,477) 1,304,611 306,695
Earnings per ordinary share (sen):

Basic 33 20.20 2.27
Diluted 33 20.20 2.27

Statements of Changes in Equity

Attributable to owners of the Company

Non-distributable
Share
Share option Revaluation Hedge
capital reserve reserve reserve
Group Note RM’000 RM’000 RM’000 RM’000
At 1 January 2020 19,455,138 83,500 83,434 15,251

Foreign currency translation differences from foreign operations – – – –
Realisation of FCTR upon substantive liquidation of
a subsidiary and a joint venture – – – –
Hedge of net investments in foreign operations – – – –
Cash flow hedge – – – (2,798)
Costs of hedging reserves – – – –
Remeasurement of defined benefit liabilities – – – –
Total other comprehensive income for the year 30 – – – (2,798)
Profit for the year – – – –
Total comprehensive income for the year – – – (2,798)
Contributions by and distributions to owners

Share-based payment transactions 21 – 23,721 – –
Transfer to share capital on share options exercised 18,226 (18,226) – –
Cancellation of vested share options – (8,827) – –
Dividends to owners of the Company 34 – – – –
Dividends to non-controlling interests – – – –
Payment of coupon on perpetual securities 19 – – – –
Accrued perpetual securities distribution 19 – – – –
Issue of shares by subsidiaries to non-controlling interests – – – –
Changes in ownership interests in subsidiaries 41 – – – 1
Disposal of a subsidiary 40 – – – –
Changes in fair value of liabilities on put options granted
to non-controlling interests 36(viii) – – – –
Transfer per statutory requirements – – – –
Total transactions with owners 18,226 (3,332) – 1
At 31 December 2020 19,473,364 80,168 83,434 12,454

Distributable
Foreign
currency Non-
Cost of Capital Legal translation Retained Perpetual controlling Total
hedging reserve reserve reserve reserve earnings Total securities interests equity
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
325 (3,708,985) 53,091 1,943,889 4,413,888 22,339,531 2,158,169 3,596,269 28,093,969

– – – (232,661) – (232,661) – (13,491) (246,152)
– – – (132,971) – (132,971) – – (132,971)

– – – (21,366) – (21,366) – (38,612) (59,978)
– – – – – (2,798) – (5,066) (7,864)
83 – – – – 83 – 151 234
– – – – (7,146) (7,146) – (2,446) (9,592)
83 – – (386,998) (7,146) (396,859) – (59,464) (456,323)
– – – – 288,882 288,882 – (83,036) 205,846
83 – – (386,998) 281,736 (107,977) – (142,500) (250,477)
– (106) – – – 23,615 – (234) 23,381

– – – – – – – – –
– – – – 8,827 – – – –
– – – – (350,960) (350,960) – – (350,960)
– – – – – – – (168,507) (168,507)
– 1,310 – – – 1,310 (89,951) – (88,641)
– – – – (89,843) (89,843) 89,843 – –
– – – – – – – 626 626
– (8,794) – 2 – (8,791) – 10,097 1,306
– 6,413 – – (6,413) – – (65,120) (65,120)
– (67,066) – – – (67,066) – (93,142) (160,208)

– – 2,499 – (2,499) – – – –
– (68,243) 2,499 2 (440,888) (491,735) (108) (316,280) (808,123)
408 (3,777,228) 55,590 1,556,893 4,254,736 21,739,819 2,158,061 3,137,489 27,035,369


for the year ended 31 December 2021 (continued)

Non-distributable
Share
Share option Revaluation Hedge
capital reserve reserve reserve
At 1 January 2021 19,473,364 80,168 83,434 12,454

Foreign currency translation differences from foreign operations – – – –
Realisation of FCTR upon disposal of subsidiaries and
a joint venture – – – –
Hedge of net investments in foreign operations – – – –
Cash flow hedge – – – 4,132
Costs of hedging reserves – – – –
Remeasurement of defined benefit liabilities – – – –
Total other comprehensive income for the year 30 – – – 4,132
Profit for the year – – – –
Total comprehensive income for the year – – – 4,132

Share-based payment transactions 21 – 5,930 – –
Transfer to share capital on share options exercised 141,554 (38,364) – –
Cancellation of vested share options – (13,860) – –
Dividends to owners of the Company 34 – – – –
Dividends to non-controlling interests – – – –
Payment of coupon on perpetual securities 19 – – – –
Accrued perpetual securities distribution 19 – – – –
Issue of shares by a subsidiary to non-controlling interests – – – –
Changes in ownership interests in subsidiaries 41 – – – 1
Acquisition of subsidiaries – – – –
Disposal of subsidiaries 40 – – – –
Changes in fair value/Recognition of liabilities on
put options granted to non-controlling interests 36(viii) – – – –
Transfer per statutory requirements – – – –
Total transactions with owners 141,554 (46,294) – 1
At 31 December 2021 19,614,918 33,874 83,434 16,587

Distributable
Foreign
currency Non-
Cost of Capital Legal translation Retained Perpetual controlling Total
hedging reserve reserve reserve reserve earnings Total securities interests equity
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
408 (3,777,228) 55,590 1,556,893 4,254,736 21,739,819 2,158,061 3,137,489 27,035,369

– – – (245,378) – (245,378) – (152,243) (397,621)
– – – 47,723 – 47,723 – – 47,723

– – – 53,802 – 53,802 – 97,472 151,274
– – – – – 4,132 – 7,485 11,617
(76) – – – – (76) – (137) (213)
– – – – (7,998) (7,998) – (514) (8,512)
(76) – – (143,853) (7,998) (147,795) – (47,937) (195,732)
– – – – 1,862,525 1,862,525 – 314,060 2,176,585
(76) – – (143,853) 1,854,527 1,714,730 – 266,123 1,980,853
– 4 – – – 5,934 – 8 5,942
– – – – – 103,190 – – 103,190
– – – – 13,860 – – – –
– – – – (351,163) (351,163) – – (351,163)
– – – – – – – (242,744) (242,744)
– 344 – – – 344 (88,003) – (87,659)
– – – – (88,300) (88,300) 88,300 – –
– – – – – – – 477 477
– (6,276) – (6) – (6,281) – (45,316) (51,597)
– – – – – – – 20,439 20,439
– 86,823 – – (25,030) 61,793 – (70,176) (8,383)
– (755,134) – – – (755,134) – (372,759) (1,127,893)

– – 2,224 – (2,224) – – – –
– (674,239) 2,224 (6) (452,857) (1,029,617) 297 (710,071) (1,739,391)
332 (4,451,467) 57,814 1,413,034 5,656,406 22,424,932 2,158,358 2,693,541 27,276,831


for the year ended 31 December 2021 (continued)

Non-distributable Distributable
Foreign
Share currency
Share option translation Retained Total
capital reserve reserve earnings equity
Company Note RM’000 RM’000 RM’000 RM’000 RM’000
At 1 January 2020 19,455,138 83,500 (143) 501,371 20,039,866

Foreign currency translation differences from
foreign operations, representing total other
comprehensive income for the year – – 28 – 28
Profit for the year – – – 306,667 306,667
Total comprehensive income for the year – – 28 306,667 306,695

of the Company
Share-based payment transactions – 23,721 – – 23,721
Transfer to share capital
on share options exercised 18,226 (18,226) – – –
Cancellation of vested share options – (8,827) – 8,827 –
Dividends to owners of the Company 34 – – – (350,960) (350,960)
Total transactions with owners of

the Company 18,226 (3,332) – (342,133) (327,239)
At 31 December 2020 19,473,364 80,168 (115) 465,905 20,019,322

Non-distributable Distributable
Foreign
Share currency
Share option translation Retained Total
capital reserve reserve earnings equity
Company Note RM’000 RM’000 RM’000 RM’000 RM’000
At 1 January 2021 19,473,364 80,168 (115) 465,905 20,019,322

Foreign currency translation differences from
foreign operations, representing total other
comprehensive income for the year – – 40 – 40
Profit for the year – – – 1,304,571 1,304,571
Total comprehensive income for the year – – 40 1,304,571 1,304,611

of the Company
Share-based payment transactions – 5,930 – – 5,930
Transfer to share capital
on share options exercised 141,554 (38,364) – – 103,190
Cancellation of vested share options – (13,860) – 13,860 –
Dividends to owners of the Company 34 – – – (351,163) (351,163)
Total transactions with owners of

the Company 141,554 (46,294) – (337,303) (242,043)
At 31 December 2021 19,614,918 33,874 (75) 1,433,173 21,081,890

Statements of Cash Flows

Group Company
2021 2020 2021 2020
Note RM’000 RM’000 RM’000 RM’000
Cash flows from operating activities

Profit before tax 2,555,737 567,507 1,305,874 308,050
Adjustments for:
Dividend income 26 (2,585) (4,853) (1,393,542) (391,238)
Finance income 28 (543,601) (242,855) (2,450) (789)
Finance costs 28 1,087,627 947,586 1,491 2,030
Depreciation and impairment of property,
plant and equipment 3 1,116,081 960,323 245 289
Depreciation and impairment of right-of-use assets 4 320,859 379,091 988 990
Amortisation and impairment of intangible assets 6 47,251 57,899 – –
Impairment loss made/(written back):
– Goodwill 29 6,090 396,513 – –
– Trade and other receivables 29 80,605 107,433 – –
– Inventories 29 (973) 557 – –
Write-off:
– Property, plant and equipment 29 1,863 2,921 – –
– Trade and other receivables 29 20,749 10,166 – 243
– Inventories 29 3,601 3,852 – –
Gain on disposal of property, plant and equipment 29 (14,975) (10,024) – –
Gain on disposal of an investment property 29 (16,335) – – –
Gain on disposal of subsidiaries 29 (53,032) (5,849) – –
(Gain)/Loss on disposal of joint ventures 29 (139,053) 407 – –
Change in fair value of investment properties 29 (87,107) (45,471) – –
Remeasurement to fair value of interest in a joint venture 29 (86,061) – – –
Realisation of FCTR upon substantive liquidation
of a subsidiary and a joint venture 29 – (132,971) – –
Provision for loan taken by a joint venture 29 2,563 (14) – –
Share of profits of associates (net of tax) (31,034) (7,072) – –
Share of profits of joint ventures (net of tax) (8,822) (11,316) – –
Equity-settled share-based payments 21 5,942 23,381 2,750 6,921
Net unrealised foreign exchange differences (3,682) 743 (331) (5,538)
Operating profit/(loss) before changes in working capital 4,261,708 2,997,954 (84,975) (79,042)
Changes in working capital:
Development properties (1,185) (5,870) – –
Inventories (137,281) (100,136) – –
Trade and other receivables (1,034,778) (132,706) (8,647) 24,258
Trade and other payables 933,729 15,723 20,890 11,133
Cash generated from/(used in) operations 4,022,193 2,774,965 (72,732) (43,651)
Tax paid (490,316) (330,166) (2,566) (707)
Net cash from/(used in) operating activities 3,531,877 2,444,799 (75,298) (44,358)

Group Company
2021 2020 2021 2020
Note RM’000 RM’000 RM’000 RM’000
Cash flows from operating activities

Interest received 52,017 60,873 1,597 620
Acquisitions of subsidiaries and a business,
net of cash and cash equivalents acquired 40 (221,761) (1,053,576) – –
Purchase of equity investments (12,722) (28,539) – –
Net placement of fixed deposits with tenor
of more than 3 months (2,129) (64,690) – –
Purchase of property, plant and equipment (1,027,402) (874,241) (63) (174)
Purchase of investment properties (312,868) (82,239) – –
Development and purchase of intangible assets (43,381) (29,957) – –
Net cash inflow/(outflow) from disposal of subsidiaries 40 192,561 (51,977) – –
Proceeds from disposal of joint ventures 9,16 225,080 3,233 – –
Proceeds from redemption of money market funds 83,039 – 83,039 –
Proceeds from disposal of property, plant and equipment 76,777 23,171 – –
Proceeds from disposal of an investment property 16 111,299 – – –
Proceeds from disposal of intangible assets 16,026 11,927 – –
Dividends received from subsidiaries 26 – – 1,390,957 386,385
Dividends received from associates 15,212 1,362 – –
Dividends received from joint ventures 16,891 6,827 – –
Repayment of advances by a joint venture 9,671 – – –
Net cash (used in)/from investing activities (821,690) (2,077,826) 1,475,530 386,831
Cash flows from financing activities

Finance costs paid (303,118) (340,054) – –
Proceeds from loans and borrowings 2,833,956 3,188,456 – –
Repayment of loans and borrowings (3,374,149) (2,599,427) – –
Payment of lease liabilities 4d (383,142) (493,940) (1,007) (1,018)
Payment of perpetual securities distribution (87,659) (88,641) – –
Dividends paid to non-controlling interests (242,744) (168,507) – –
Dividends paid to owners of the Company (351,163) (350,960) (351,163) (350,960)
Proceeds from exercise of share options 103,190 – 103,190 –
Acquisition of non-controlling interests – (31) – –
Issue of shares by subsidiaries to non-controlling interests 846 626 – –
Changes in restricted cash 11,097 (7,580) – –
Repayment of advances from a subsidiary – – (83,039) –
Net cash used in financing activities (1,792,886) (860,058) (332,019) (351,978)
Net increase/(decrease) in cash and cash equivalents 917,301 (493,085) 1,068,213 (9,505)
Effect of exchange rate fluctuations on cash held (91,478) 115,669 (9) 12
Cash and cash equivalents at 1 January 2,264,047 2,641,463 146,676 156,169
Cash and cash equivalents at 31 December 3,089,870 2,264,047 1,214,880 146,676

Notes to the Financial Statements
IHH Healthcare Berhad is a company incorporated and domiciled in Malaysia. It is listed on Bursa Malaysia Securities Berhad and Singapore
Exchange Securities Trading Limited. The address of the Company’s principal place of business and registered office is as follows:
Level 11, Block A
Pantai Hospital Kuala Lumpur
8 Jalan Bukit Pantai
59100 Kuala Lumpur
The consolidated financial statements of the Company as at and for the financial year ended 31 December 2021 comprise the Company
and its subsidiaries (together referred to as the “Group” or “IHH Group” and individually referred to as “Group entities”) and the Group’s
interests in associates and joint ventures. The financial statements of the Company as at and for the financial year ended 31 December
2021 do not include other entities.
The Company is principally engaged in investment holding activities, whilst the principal activities of the subsidiaries are as stated in note
42 to the financial statements. There has been no significant change in the nature of these activities during the financial year.
These financial statements were authorised for issue by the Board of Directors on 23 February 2022.
1. BASIS OF PREPARATION
(a) Statement of compliance
The financial statements of the Group and of the Company have been prepared in accordance with Malaysian Financial
Reporting Standards (“MFRSs”), International Financial Reporting Standards and the requirements of the Companies Act
2016 in Malaysia.
The following are accounting standards, interpretations and amendments of the MFRSs that have been issued by the
Malaysian Accounting Standards Board (“MASB”) but have not been adopted by the Group and the Company:
MFRSs, interpretations and amendments effective for annual periods beginning on or after 1 January 2022
• Amendments to MFRS 1, First-time Adoption of Malaysian Financial Reporting Standards (Annual Improvements to
MFRS Standards 2018−2020)
• Amendments to MFRS 3, Business Combinations – Reference to the Conceptual Framework
• Amendments to MFRS 9, Financial Instruments (Annual Improvements to MFRS Standards 2018−2020)
• Amendments to Illustrative Examples accompanying MFRS 16, Leases (Annual Improvements to MFRS Standards
2018−2020)
• Amendments to MFRS 116, Property, Plant and Equipment – Proceeds before Intended Use
• Amendments to MFRS 137, Provisions, Contingent Liabilities and Contingent Assets – Onerous Contracts –
Cost of Fulfilling a Contract
• Amendments to MFRS 141, Agriculture (Annual Improvements to MFRS Standards 2018−2020)
MFRSs, interpretations and amendments effective for annual periods beginning on or after 1 January 2023
• MFRS 17, Insurance Contracts
• Amendments to MFRS 17, Insurance Contracts – Initial application of MFRS 17 and MFRS 9 – Comparative Information
• Amendments to MFRS 101, Presentation of Financial Statements – Classification of Liabilities as Current or Non-current
and Disclosures of Accounting Policies
• Amendments to MFRS 108, Accounting Policies, Changes in Accounting Estimates and Errors – Definition of
Accounting Estimates
• Amendments to MFRS 112, Income Taxes – Deferred Tax related to Assets and Liabilities arising from a Single Transaction
MFRSs, interpretations and amendments effective for annual periods beginning on or after a date yet
to be confirmed
• Amendments to MFRS 10, Consolidated Financial Statements and MFRS 128, Investments in Associates and
Joint Ventures – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture

1. BASIS OF PREPARATION (continued)
(a) Statement of compliance (continued)
The Group and the Company plans to apply the abovementioned accounting standards and amendments:
• from the annual period beginning on 1 January 2022 for those amendments that are effective for annual periods
beginning on or after 1 January 2022, except for Amendments to MFRS 1, First-time Adoption of Malaysian Financial
Reporting Standards (Annual Improvements to MFRS Standards 2018−2020) and Amendments to MFRS 141, Agriculture
(Annual Improvements to MFRS Standards 2018−2020) which are not applicable to the Group and the Company.
• from the annual period beginning on 1 January 2023 for the accounting standard and amendments that are effective
for annual periods beginning on or after 1 January 2023, except for MFRS 17, Insurance Contracts and Amendments
to MFRS 17, Insurance Contracts – Initial application of MFRS 17 and MFRS 9 – Comparative Information which are not
applicable to the Group and the Company.
The initial application of the abovementioned amendments is not expected to have any material financial impacts to the
current period and prior period financial statements of the Group and the Company.
The Group and Company had elected to early adopt the Amendments to MFRS 16, Leases – Covid-19-Related Rent
Concessions beyond 30 June 2021 and applies the practical expedient to the rent concessions granted to the Group and
Company. Consequently, rent concessions received have been recognised in profit or loss.
(b) Basis of measurement

The financial statements have been prepared on the historical cost basis other than as disclosed in note 2.
(c) Functional and presentation currencies

These financial statements are presented in Ringgit Malaysia (“RM”), which is the Company’s functional currency. All financial
information is presented in RM and has been rounded to the nearest thousand, unless otherwise stated.
(d) Use of estimates and judgements

The preparation of the financial statements in conformity with MFRSs requires management to make judgements, estimates
and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and
expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised
in the period in which the estimates are revised and in any future periods affected.
There are no significant areas of estimation uncertainty and critical judgements in applying accounting policies that have
significant effect on the amounts recognised in the financial statements other than those disclosed in the following notes:
• Note 3 – measurement of the recoverable amounts of property, plant and equipment
• Note 4 – extension options and incremental borrowing rate in relation to leases
• Note 5 – measurement of the fair value of investment properties
• Note 6 – measurement of the recoverable amounts of cash-generating units
• Note 7 – measurement of the recoverable amounts of investments in subsidiaries
• Note 21 – measurement of share-based payment
• Note 22 and 23 – measurement of retirement benefits and employment termination benefits
• Note 24 – measurement of fair value of liabilities on put options granted to non-controlling interests
• Note 36 – measurement of expected credit loss (“ECL”) allowance for trade and other receivables:
key assumption in determining the weighted-average loss rate
• Note 40 – determination of fair value of assets acquired and liabilities assumed in business combinations
• Note 45 to 47 – assessment on whether the risk of loss is remote, possible or probable required significant
judgement given the complexities involved

2. SIGNIFICANT ACCOUNTING POLICIES

The accounting policies set out below have been applied consistently to the periods presented in these financial statements and
have been applied consistently by Group entities, unless otherwise stated.
Changes in accounting policies

The Group has applied the following new MFRSs, interpretations and amendments for the first time for the annual period beginning
on 1 January 2021:
• Amendments to MFRS 9, Financial Instruments, MFRS 139, Financial Instruments: Recognition and Measurement,
MFRS 7, Financial Instruments: Disclosures, MFRS 4, Insurance Contracts and MFRS 16, Leases – Interest Rate Benchmark
Reform – Phase 2
The application of amendment relating to the interest rate benchmark reform – Phase 2 Amendments, does not have a material
effect on the financial statements.
The Group applied the Phase 2 amendments retrospectively. However, in accordance with the exceptions permitted in the
Phase 2 amendments, the Group has elected not to restate comparatives for the prior periods to reflect the application of these
amendments. Since the Group had no transactions for which the benchmark rate had been replaced with an alternative benchmark
rate as at 31 December 2020, there is no impact on opening equity balances as a result of retrospective application.
Specific policies applicable from 1 January 2021 for interest rate benchmark reform
The Phase 2 amendments provide practical relief from certain requirements in MFRS Standards. These reliefs relate to modifications
of financial instruments and lease contracts or hedging relationships triggered by a replacement of a benchmark interest rate in a
contract with a new alternative benchmark rate.
If the basis for determining the contractual cash flows of a financial asset or financial liability measured at amortised cost changes
as a result of interest rate benchmark reform, then the Group updates the effective interest rate of the financial asset or financial
liability to reflect the change that is required by the reform. A change in the basis for determining the contractual cash flows is
required by interest rate benchmark reform if the following conditions are met:
– the change is necessary as a direct consequence of the reform; and
– the new basis for determining the contractual cash flows is economically equivalent to the previous basis – i.e. the basis
immediately before the change.
If changes are made to a financial asset or financial liability in addition to changes to the basis for determining the contractual cash
flows required by interest rate benchmark reform, then the Group first updates the effective interest rate of the financial asset or
financial liability to reflect the change that is required by interest rate benchmark reform. Subsequently, the Group applies the
policies on accounting for modifications to the additional changes.
The amendments also provide an exception to use a revised discount rate that reflects the change in interest rate when
remeasuring a lease liability because of a lease modification that is required by interest rate benchmark reform.
Finally, the Phase 2 amendments provide a series of temporary exceptions from certain hedge accounting requirements when
a change required by interest rate benchmark reform occurs to a hedged item and/or hedging instrument that permit the hedge
relationship to be continued without interruption. The Group applies the following reliefs as and when uncertainty arising from
interest rate benchmark reform is no longer present with respect to the timing and the amount of the interest rate benchmark-
based cash flows of the hedged item or hedging instrument:
– the Group amends the designation of a hedging relationship to reflect changes that are required by the reform without
discontinuing the hedging relationship; and
– when a hedged item in a cash flow hedge is amended to reflect the changes that are required by the reform, the amount
accumulated in the cash flow hedge reserve is deemed to be based on the alternative benchmark rate on which the hedged
future cash flows are determined.
Where uncertainty persists in the timing or amount of the interest rate benchmark-based cash flows of the hedged item or hedging
instrument, the Group continues to apply the existing accounting policies.

2. SIGNIFICANT ACCOUNTING POLICIES (continued)
(a) Basis of consolidation
(i) Subsidiaries
Subsidiaries are entities controlled by the Company. The financial statements of subsidiaries are included in the
consolidated financial statements from the date that control commences until the date that control ceases.
The Group controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity
and has the ability to affect those returns through its power over the entity. Potential voting rights are considered
when assessing control only when such rights are substantive. The Group also considers it has de facto power over
an investee when, despite not having the majority of voting rights, it has the current ability to direct the activities of the
investee that significantly affect the investee’s return.
Investments in subsidiaries are measured in the Company’s statement of financial position at cost less any impairment
losses, unless the investment is classified as held for sale or distribution. The cost of investment includes transaction costs.
(ii) Business combinations

Business combinations are accounted for using the acquisition method from the acquisition date, which is the date on
which control is transferred to the Group.
For new acquisitions, the Group measures the cost of goodwill at the acquisition date as:
• the fair value of the consideration transferred; plus
• the recognised amount of any non-controlling interests in the acquiree; plus
• if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less
• the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed.
When the excess is negative, a gain on bargain purchase is recognised immediately in profit or loss.
For each business combination, the Group elects whether it measures the non-controlling interests in the acquiree
either at fair value or at the proportionate share of the acquiree’s identifiable net assets at the acquisition date.
Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in
connection with a business combination are expensed as incurred.
Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration
is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent
changes in the fair value of the contingent consideration are recognised in profit or loss.
(iii) Acquisitions of non-controlling interests

The Group accounts for all changes in its ownership interest in a subsidiary that do not result in a loss of control as equity
transactions between the Group and its non-controlling interest holders. Any difference between the Group’s share of
net assets before and after the change, and any consideration received or paid, is adjusted to or against Group reserves.
(iv) Acquisitions from entities under common control

Business combinations arising from transfers of interests in entities that are under the control of the shareholder that
controls the Group are accounted for as if the acquisition had occurred at the beginning of the earliest comparative
period presented or, if later, at the date that common control was established; for this purpose comparatives are
restated. The assets and liabilities acquired are recognised at the carrying amounts recognised previously in the Group
controlling shareholder’s consolidated financial statements. The components of equity of the acquired entities are
added to the same components within Group’s equity and any resulting gain or loss is recognised directly in equity.


(a) Basis of consolidation (continued)
(v) Loss of control
Upon the loss of control of a subsidiary, the Group derecognises the assets and liabilities of the former subsidiary, any
non-controlling interests and the other components of equity related to the former subsidiary from the consolidated
statement of financial position. Any surplus or deficit arising on the loss of control is recognised in profit or loss. If the
Group retains any interest in the former subsidiary, then such interest is measured at fair value at the date that control is
lost. Subsequently, it is accounted for as an equity-accounted investee or as a financial asset depending on the level of
influence retained.
(vi) Associates
Associates are entities, in which the Group has significant influence, but not control, over the financial and operating policies.
Investments in associates are accounted for in the consolidated financial statements using the equity method less
any impairment losses. The cost of the investment includes transaction costs. The consolidated financial statements
include the Group’s share of the profit or loss and other comprehensive income of the associates, after adjustments if
any, to align the accounting policies with those of the Group, from the date that significant influence commences until
the date that significant influence ceases.
When the Group’s share of losses exceeds its interest in an associate, the carrying amount of that interest including
any long-term investments is reduced to zero, and the recognition of further losses is discontinued except to the extent
that the Group has an obligation or has made payments on behalf of the associate.
When the Group ceases to have significant influence over an associate, any retained interest in the former associate
at the date when significant influence is lost is measured at fair value and this amount is regarded as the initial carrying
amount of a financial asset. The difference between the fair value of any retained interest plus proceeds from the
interest disposed of and the carrying amount of the investment at the date when equity method is discontinued is
recognised in the profit or loss.
When the Group’s interest in an associate decreases but does not result in a loss of significant influence, any retained
interest is not remeasured. Any gain or loss arising from the decrease in interest is recognised in profit or loss. Any gains
or losses previously recognised in other comprehensive income are also reclassified proportionately to the profit or loss
if that gain or loss would be required to be reclassified to profit or loss on the disposal of the related assets or liabilities.
Investments in associates are measured in the Company’s statement of financial position at cost less any impairment
losses. The cost of investment includes transaction costs.
(vii) Joint arrangements

Joint arrangements are arrangements of which the Group has joint control, established by contracts requiring
unanimous consent for decisions about the activities that significantly affect the arrangements’ returns.
Joint arrangements are classified and accounted for as follows:
• A joint arrangement is classified as “joint operation” when the Group or the Company has rights to the assets
and obligations for the liabilities relating to an arrangement. The Group and the Company account for each of its
share of the assets, liabilities and transactions, including its share of those held or incurred jointly with the other
investors, in relation to the joint operation.
• A joint arrangement is classified as “joint venture” when the Group or the Company has rights only to the net
assets of the arrangements. The Group accounts for its interest in the joint venture using the equity method.
Investments in joint venture are measured in the Company’s statement of financial position at cost less any
impairment losses, unless the investment is classified as held for sale or distribution. The cost of investment
includes transaction costs.

(a) Basis of consolidation (continued)
(viii) Non-controlling interests
Non-controlling interests at the end of the reporting period, being the equity in a subsidiary not attributable directly
or indirectly to the equity holders of the Company, are presented in the consolidated statement of financial position
and statement of changes in equity within equity, separately from equity attributable to the owners of the Company.
Non-controlling interests in the results of the Group is presented in the consolidated statement of profit or loss and
other comprehensive income as an allocation of the profit or loss and the comprehensive income for the year between
non-controlling interests and owners of the Company.
Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if
doing so causes the non-controlling interests to have a deficit balance.
(ix) Transactions eliminated on consolidation

Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions
between subsidiaries in the Group, are eliminated in preparing the consolidated financial statements.
Unrealised gains arising from transactions with equity-accounted associates and joint ventures are eliminated against
the investment to the extent of the Group’s interest in the investees. Unrealised losses are eliminated in the same way
as unrealised gains, but only to the extent that there is no evidence of impairment.
(b) Foreign currency

(i) Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currencies of Group entities at exchange
rates at the dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies at the end of the reporting period are retranslated to
the functional currency at the exchange rate at that date.
Non-monetary assets and liabilities denominated in foreign currencies are not retranslated at the end of the reporting
date, except for those that are measured at fair value which are retranslated to the functional currency at the exchange
rate at the date that the fair value was determined.
Foreign currency differences arising on retranslation are recognised in profit or loss, except for differences arising on
the retranslation of equity instruments where they are measured at fair value through other comprehensive income or
a financial instrument designated as a cash flow hedge, which are recognised in other comprehensive income.
In the consolidated financial statements, when settlement of a monetary item receivable from or payable to a foreign
operation is neither planned nor likely to occur in the foreseeable future, foreign exchange gains and losses arising
from such a monetary item are considered to form part of a net investment in a foreign operation and are recognised in
other comprehensive income, and are presented in the foreign currency translation reserve (“FCTR”) in equity.
(ii) Foreign operations

The assets and liabilities of foreign operations including goodwill and fair value adjustments arising on acquisition, are
translated to RM at exchange rates at the end of the reporting period. The income and expenses of foreign operations
are translated to RM at exchange rates at the dates of the transactions.
Foreign currency differences are recognised in other comprehensive income and accumulated in the FCTR in equity.
However, if the operation is a non-wholly owned subsidiary, then the relevant proportionate share of the translation
difference is allocated to the non-controlling interests. When a foreign operation is disposed of, such that control,
significant influence or joint control is lost, the cumulative amount in the FCTR related to that foreign operation is
reclassified to profit or loss as part of the gain or loss on disposal.


(b) Foreign currency (continued)
(ii) Foreign operations (continued)
When the Group disposes of only part of its interest in a subsidiary that includes a foreign operation, the relevant
proportion of the cumulative amount is reattributed to non-controlling interests. When the Group disposes of only part
of its investment in an associate or joint venture that includes a foreign operation while retaining significant influence
or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss.
(c) Financial instruments

(i) Recognition and initial measurement
A financial asset or a financial liability is recognised in the statement of financial position when, and only when, the
Group becomes a party to the contractual provisions of the instrument.
A financial asset (unless it is a trade receivable without significant financing component) or a financial liability is initially
measured at fair value plus or minus, for an item not at fair value through profit or loss, transaction costs that are directly
attributable to its acquisition or issuance. A trade receivable without a significant financing component is initially
measured at the transaction price.
An embedded derivative is recognised separately from the host contract where the host contract is not a financial
asset, and accounted for separately if, and only if, the derivative is not closely related to the economic characteristics
and risks of the host contract and the host contract is not measured at fair value through profit or loss. The host
contract, in the event an embedded derivative is recognised separately, is accounted for in accordance with policy
applicable to the nature of the host contract.
(ii) Financial instrument categories and subsequent measurement

Financial assets
Categories of financial assets are determined on initial recognition and are not reclassified subsequent to their initial
recognition unless the Group changes its business model for managing financial assets in which case all affected
financial assets are reclassified on the first day of the first reporting period following the change of the business model.
(a) Amortised cost

Amortised cost category comprises financial assets that are held within a business model whose objective is to
hold assets to collect contractual cash flows and its contractual terms give rise on specified dates to cash flows
that are solely payments of principal and interest on the principal amount outstanding. The financial assets are
not designated as fair value through profit or loss. Subsequent to initial recognition, these financial assets are
measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment
losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any
gain or loss on derecognition is recognised in profit or loss.
Interest income is recognised by applying effective interest rate to the gross carrying amount except for credit
impaired financial assets (see note 2(o)(i)) where the effective interest rate is applied to the amortised cost.
(b) Fair value through profit or loss

All financial assets not measured at amortised cost or fair value through other comprehensive income are
measured at fair value through profit or loss. This includes derivative financial assets (except for a derivative that
is a designated and effective hedging instrument). On initial recognition, the Group may irrevocably designate a
financial asset that otherwise meets the requirements to be measured at amortised cost or at fair value through
other comprehensive income as at fair value through profit or loss if doing so eliminates or significantly reduces
an accounting mismatch that would otherwise arise.
Financial assets categorised as fair value through profit or loss are subsequently measured at their fair value. Net
gains or losses, including any interest or dividend income, are recognised in the profit or loss.

(c) Financial instruments (continued)
(ii) Financial instrument categories and subsequent measurement (continued)
Financial assets (continued)
(c) Fair value through other comprehensive income
(i) Debt investments
Fair value through other comprehensive income category comprises debt investment where it is held
within a business model whose objective is achieved by both collecting contractual cash flows and
selling the debt investment, and its contractual terms give rise on specified dates to cash flows that are
solely payments of principal and interest on the principal amount outstanding. The debt investment is
not designated as fair value through profit or loss. Interest income calculated using the effective interest
method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net
gains and losses are recognised in other comprehensive income. On derecognition, gains and losses
accumulated in other comprehensive income are reclassified to profit or loss.
Interest income is recognised by applying effective interest rate to the gross carrying amount except for credit
impaired financial assets (see note 2(o)(i)) where the effective interest rate is applied to the amortised cost.
(ii) Equity investments

This category comprises investment in equity that is not held for trading, and the Group irrevocably elect to
present subsequent changes in the investment’s fair value in other comprehensive income. This election
is made on an investment-by-investment basis. Dividends are recognised as income in profit or loss unless
the dividend clearly represents a recovery of part of the cost of investment. Other net gains and losses
are recognised in other comprehensive income. On derecognition, gains and losses accumulated in other
comprehensive income are not reclassified to profit or loss.
All financial assets, except for those measured at fair value through profit or loss and equity investments measured at
fair value through other comprehensive income, are subject to impairment assessment (see note 2(o)(i)).
Financial liabilities
Except for liabilities on put options granted to non-controlling interests, the categories of financial liabilities at initial
recognition are as follows:
(a) Fair value through profit or loss

Fair value through profit or loss category comprises financial liabilities that are derivatives (except for a derivative
that is a financial guarantee contract or a designated and effective hedging instrument), contingent consideration in a
business combination and financial liabilities that are specifically designated into this category upon initial recognition.
On initial recognition, the Group may irrevocably designate a financial liability that otherwise meets the
requirements to be measured at amortised cost as at fair value through profit or loss:
(a) if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise;
(b) a group of financial liabilities or assets and financial liabilities is managed and its performance is evaluated
on a fair value basis, in accordance with a documented risk management or investment strategy, and
information about the group is provided internally on that basis to the Group’s key management personnel; or
(c) if a contract contains one or more embedded derivatives and the host is not a financial asset in the scope
of MFRS 9, Financial Instruments, where the embedded derivative significantly modifies the cash flows and
separation is not prohibited.


(ii) Financial instrument categories and subsequent measurement (continued)
Financial liabilities (continued)
(a) Fair value through profit or loss (continued)
Financial liabilities categorised as fair value through profit or loss are subsequently measured at their fair value
with gains or losses, including any interest expense are recognised in the profit or loss.
For financial liabilities where it is designated as fair value through profit or loss upon initial recognition, the Group
recognises the amount of change in fair value of the financial liability that is attributable to change in credit risk in
the other comprehensive income and remaining amount of the change in fair value in the profit or loss, unless the
treatment of the effects of changes in the liability’s credit risk would create or enlarge an accounting mismatch.
(b) Amortised cost

Other financial liabilities not categorised as fair value through profit or loss and liabilities on put options granted
to non-controlling interests are subsequently measured at amortised cost using the effective interest method.
Interest expense and foreign exchange gains and losses are recognised in the profit or loss. Any gains or losses
on derecognition are also recognised in the profit or loss.
Liabilities on put options granted to non-controlling interests

The Group granted put options to the non-controlling interests in existing subsidiaries over their equity interests in
those subsidiaries which provide for settlement in cash by the Group. The Group recognises a liability for the present
value of the exercise price of the options. Subsequent to initial recognition, the Group recognises the changes in the
carrying amount of the financial liabilities in equity.
(iii) Financial guarantee contracts

A financial guarantee contract is a contract that requires the issuer to make specified payments to reimburse the
holder for a loss it incurs because a specified debtor fails to make payment when due in accordance with the original
or modified terms of a debt instrument.
Financial guarantees issued are initially measured at fair value. Subsequently, they are measured at higher of:
• the amount of the loss allowance; and
• the amount initially recognised less, when appropriate, the cumulative amount of income recognised in
accordance to the principles of MFRS 15, Revenue from Contracts with Customers.
Liabilities arising from financial guarantees are presented together with other provisions.
(iv) Regular way purchase or sale of financial assets

A regular way purchase or sale of financial assets is recognised and derecognised, as applicable, using trade date or
settlement date accounting in the current year.
Trade date accounting refers to:
(a) the recognition of an asset to be received and the liability to pay for it on the trade date, and
(b) derecognition of an asset that is sold, recognition of any gain or loss on disposal and the recognition of a receivable
from the buyer for payment on the trade date.

(iv) Regular way purchase or sale of financial assets (continued)
Settlement date accounting refers to:
(a) the recognition of an asset on the day it is received by the Group, and
(b) derecognition of an asset and recognition of any gain or loss on disposal on the day that it is delivered by the Group.
Any change in the fair value of the asset to be received during the period between the trade date and the settlement
date is accounted in the same way as it accounts for the acquired asset.
Generally, the Group applies settlement date accounting unless otherwise stated for the specific class of asset.
(v) Hedge accounting

At inception of a designated hedging relationship, the Group documents the risk management objective and strategy
for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the
hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are
expected to offset each other.
Hedges directly affected by interest rate benchmark reform
Phase 1 amendments: Prior to interest rate benchmark reform – when there is uncertainty arising from Interest rate
benchmark reform
For the purpose of evaluating whether there is an economic relationship between the hedged items and the
hedging instruments, the Group assumes that the benchmark interest rate is not altered as a result of interest rate
benchmark reform.
For a cash flow hedge of a forecasted transaction, the Group assumes that the benchmark interest rate will not be
altered as a result of interest rate benchmark reform for the purpose of assessing whether the forecast transaction
is highly probable and presents an exposure to variations in cash flows that could ultimately affect profit or loss. In
determining whether a previously designated forecast transaction in a discontinued cash flow hedge is still expected
to occur, the Group assumes that the interest rate benchmark cash flows designated as a hedge will not be altered as
a result of interest rate benchmark reform.
The Group will cease to apply the specific policy for assessing the economic relationship between the hedged item
and the hedging instrument (i) to a hedged item or hedging instrument when the uncertainty arising from interest rate
benchmark reform is no longer present with respect to the timing and the amount of contractual cash flows of the
respective item or instrument or (ii) when the hedging relationship is discontinued. For its highly probable assessment
of the hedged item, the Group will no longer apply the specific policy when the uncertainty arising from interest rate
benchmark reform about the timing and the amount of the interest rate benchmark-based future cash flows of the
hedged item is no longer present, or when the hedging relationship is discontinued.
Phase 2 amendments: Replacement of benchmark interest rates – when there is no longer uncertainty arising from
interest rate benchmark reform
When the basis for determining the contractual cash flows of the hedged item or the hedging instrument changes as a
result of interest rate benchmark reform and therefore there is no longer uncertainty arising about the cash flows of the
hedged item or the hedging instrument, the Group amends the hedge documentation of that hedging relationship to
reflect the change(s) required by interest rate benchmark reform. A change in the basis for determining the contractual
cash flows is required by interest rate benchmark reform if the following conditions are met:
– the change is necessary as a direct consequence of the reform; and
– the new basis for determining the contractual cash flows is economically equivalent to the previous basis –
i.e. the basis immediately before the change.


(v) Hedge accounting (continued)
interest rate benchmark reform (continued)
For this purpose, the hedge designation is amended only to make one or more of the following changes:
– designating an alternative benchmark rate as the hedged risk;
– updating the description of hedged item, including the description of the designated portion of the cash flows
or fair value being hedged; or
– updating the description of the hedging instrument.
The Group amends the description of the hedging instrument only if the following conditions are met:
– it makes a change required by interest rate benchmark reform by changing the basis for determining the
contractual cash flows of the hedging instrument;
– the chosen approach that is economically equivalent to changing the basis for determining the contractual cash
flows of the original hedging instrument; and
– the original hedging instrument is not derecognised.
The Group amends the formal hedge documentation by the end of the reporting period during which a change required
by interest rate benchmark reform is made to the hedged risk, hedged item or hedging instrument. These amendments
in the formal hedge documentation do not constitute the discontinuation of the hedging relationship or the designation
of a new hedging relationship.
If changes are made in addition to those changes required by interest rate benchmark reform described above, then the
Group first considers whether those additional changes result in the discontinuation of the hedge accounting relationship.
If the additional changes do not result in discontinuation of the hedge accounting relationship, then the Group amends the
formal hedge documentation for changes required by interest rate benchmark reform as mentioned above.
When the interest rate benchmark on which the hedged future cash flows had been based is changed as required by
interest rate benchmark reform, for the purpose of determining whether the hedged future cash flows are expected
to occur, the Group deems that the hedging reserve recognised in other comprehensive income for that hedging
relationship is based on the alternative benchmark rate on which the hedged future cash flows will be based.
(a) Cash flow hedge

A cash flow hedge is a hedge of the exposure to variability in cash flows that is attributable to a particular risk
associated with all, or a component of, a recognised asset or liability or a highly probable forecast transaction and
could affect the profit or loss. In a cash flow hedge, the portion of the gain or loss on the hedging instrument that
is determined to be an effective hedge is recognised in other comprehensive income and accumulated in equity
and the ineffective portion is recognised in profit or loss. The effective portion of changes in the fair value of the
derivative that is recognised in other comprehensive income is limited to the cumulative change in fair value of
the hedged item, determined on a present value basis, from inception of the hedge.
Subsequently, the cumulative gain or loss recognised in other comprehensive income is reclassified from equity
into profit or loss in the same period or periods during which the hedged forecast cash flows affect profit or loss. If
the hedge item is a non-financial asset or liability, the associated gain or loss recognised in other comprehensive
income is removed from equity and included in the initial amount of the asset or liability. However, loss recognised
in other comprehensive income that will not be recovered in one or more future periods is reclassified from
equity into profit or loss immediately.

(v) Hedge accounting (continued)
interest rate benchmark reform (continued)
(a) Cash flow hedge (continued)

The Group designates only the change in fair value of the spot element of forward contracts as the hedging
instrument in cash flow hedging relationships. The change in fair value of the forward element of forward
exchange contracts (“forward points”) and/or the foreign currency basis spread are separately accounted for as
cost of hedging and recognised in a cost of hedging reserve within equity.
Cash flow hedge accounting is discontinued prospectively when the hedging instrument expires or is sold,
terminated or exercised, the hedge is no longer highly effective, the forecast transaction is no longer expected
to occur or the hedge designation is revoked. If the hedge is for a forecast transaction, the cumulative gain or loss
on the hedging instrument remains in equity until the forecast transaction occurs. When hedge accounting for
cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve and the cost of
hedging reserve remains in equity until, for a hedge of a transaction resulting in recognition of a non-financial item,
it is included in the non-financial item’s cost on its initial recognition or, for other cash flow hedges, it is reclassified
to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss.
If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated
in the hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss.
(b) Hedge of a net investment

A hedge of a net investment is a hedge in the interest of the net assets of a foreign operation. In a net investment
hedge, the portion of the gain or loss on the hedging instrument that is determined to be an effective hedge
is recognised in other comprehensive income and the ineffective portion is recognised in profit or loss. The
cumulative gain or loss recognised in other comprehensive income is reclassified from equity into profit or loss
on disposal of the foreign operation.
(vi) Derecognition
A financial asset or part of it is derecognised when, and only when, the contractual rights to the cash flows from the
financial asset expire or transferred, or control of the asset is not retained or substantially all of the risks and rewards of
ownership of the financial asset are transferred to another party. On derecognition of a financial asset, the difference
between the carrying amount of the financial asset and the sum of consideration received (including any new asset
obtained less any new liability assumed) is recognised in profit or loss.
A financial liability or a part of it is derecognised when, and only when, the obligation specified in the contract is
discharged, cancelled or expires. A financial liability is also derecognised when its terms are modified and the cash
flows of the modified liability are substantially different, in which case, a new financial liability based on modified terms
is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount of the
financial liability extinguished or transferred to another party and the consideration paid, including any non-cash assets
transferred or liabilities assumed, is recognised in profit or loss.
(vii) Offsetting
Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position
when, and only when, the Group or the Company currently has a legally enforceable right to set off the amounts and it
intends either to settle them on a net basis or to realise the asset and liability simultaneously.


(d) Property, plant and equipment
(i) Recognition and measurement
Items of property, plant and equipment are measured at cost less any accumulated depreciation and any accumulated
impairment losses.
Cost includes expenditures that are directly attributable to the acquisition of the asset and any other costs directly
attributable to bringing the asset to working condition for its intended use, and the costs of dismantling and removing
the items and restoring the site on which they are located. The cost of self-constructed assets also includes the cost of
materials and direct labour. For qualifying assets, borrowing costs are capitalised in accordance with the accounting
policy on borrowing costs. Cost also may include transfers from equity of any gain or loss on qualifying cash flow
hedges of foreign currency purchases of property, plant and equipment.
Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment.
The cost of property, plant and equipment recognised as a result of a business combination is based on fair value at
acquisition date. The fair value of property is the estimated amount for which a property could be exchanged between
knowledgeable, willing parties in an arm’s length transaction after proper marketing wherein the parties had each
acted knowledgeably, prudently and without compulsion. The fair value of other items of plant and equipment is based
on the quoted market prices for similar items when available and replacement costs when appropriate.
When significant parts of an item of property, plant and equipment have different useful lives, they are accounted for
as separate items (major components) of property, plant and equipment.
The gain or loss on disposal of an item of property, plant and equipment is determined by comparing the proceeds
from disposal with the carrying amount of property, plant and equipment and is recognised net within “other operating
income” and “other operating expenses” respectively in profit or loss.
(ii) Subsequent costs

The cost of replacing a component of an item of property, plant and equipment is recognised in the carrying amount
of the item if it is probable that the future economic benefits embodied within the component will flow to the Group,
and its cost can be measured reliably. The carrying amount of the replaced component is derecognised to profit or
loss. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred.
(iii) Depreciation
Depreciation is based on the cost of an asset less its residual value. Significant components of individual assets are
assessed, and if a component has a useful life that is different from the remainder of that asset, then that component
is depreciated separately.
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each component of
an item of property, plant and equipment from the date that they are available for use. Freehold land is not depreciated.
Property, plant and equipment under construction (construction-in-progress) are not depreciated until the assets are
ready for their intended use.
The estimated useful lives for the current and comparative periods are as follows:
• Buildings 5 – 60 years
• Hospital and medical equipment, renovations, furniture and fittings and equipment 3 – 25 years
• Laboratory and teaching equipment 2 – 10 years
• Motor vehicles 4 – 8 years
Depreciation methods, useful lives and residual values are reviewed at the end of the reporting period, and adjusted
as appropriate.

(e) Leases
From 1 January 2021, where the basis for determining future lease payments changes as required by interest rate benchmark
reform, the Group remeasures the lease liability by discounting the revised lease payments using the revised discount rate
that reflects the change to an alternative benchmark interest rate.
At inception or on reassessment of a contract that contains a lease component, the Group allocates the consideration in the
contract to each lease and non-lease component on the basis of their relative stand-alone prices. However, for leases of
properties in which the Group is a lessee, it has elected not to separate non-lease components and will instead account for
the lease and non-lease components as a single lease component.
(i) Recognition and initial measurement

(a) As a lessee
The Group recognises a right-of-use (“ROU”) asset and a lease liability at the lease commencement date. The
ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any
lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate
of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is
located, less any lease incentives received.
The lease liability is initially measured at the present value of the lease payments that are not paid at the
commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily
determined, the respective Group entities’ incremental borrowing rate. Generally, the Group entities use their
incremental borrowing rate as the discount rate.
Lease payments included in the measurement of the lease liability comprise the following:
• fixed payments, including in-substance fixed payments less any incentives receivable;
• variable lease payments that depend on an index or a rate, initially measured using the index or rate as at
the commencement date;
• amounts expected to be payable under a residual value guarantee;
• the exercise price under a purchase option that the Group is reasonably certain to exercise; and
• penalties for early termination of a lease unless the Group is reasonably certain not to terminate early.
The Group excludes variable lease payments that are linked to future performance or usage of the underlying
asset from the lease liability. Instead, these payments are recognised in profit or loss in the period in which the
performance or use occurs.
The Group has elected not to recognise ROU assets and lease liabilities for short-term leases that have a lease
term of 12 months or less and leases of low-value assets. The Group recognises the lease payments associated
with these leases as an expense on a straight-line basis over the lease term.
(b) As a lessor
When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an
operating lease.
To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of
the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance
lease; if not, then it is an operating lease.
If an arrangement contains lease and non-lease components, the Group applies MFRS 15, Revenue from
Contracts with Customers, to allocate the consideration in the contract based on the stand-alone selling prices.
When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sublease
separately. It assesses the lease classification of a sublease with reference to the ROU asset arising from the
head lease, not with reference to the underlying asset. If a head lease is a short-term lease to which the Group
applies the exemption described above, then it classifies the sublease as an operating lease.


(e) Leases (continued)
(ii) Subsequent measurement
(a) As a lessee
The ROU asset is subsequently depreciated using the straight-line method from the commencement date to the
earlier of the end of the useful life of the ROU asset or the end of the lease term. The estimated useful lives of ROU
assets are determined on the same basis as those of property, plant and equipment. In addition, the ROU asset is
periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there
is a change in future lease payments arising from a change in an index or rate, if there is a revision of in-substance
fixed lease payments, or if there is a change in the Group’s estimate of the amount expected to be payable
under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase,
extension or termination option.
When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the ROU
asset, or is recorded in profit or loss if the carrying amount of the ROU asset has been reduced to zero.
(b) As a lessor
The Group recognises lease payments received under operating leases as income on a straight-line basis over
the lease term as part of “revenue”.
The Group recognises finance income over the lease term, based on a pattern reflecting a constant periodic rate
of return on the Group’s net investment in the lease. The Group aims to allocate finance income over the lease
term on a systematic and rational basis. The Group applies the lease payments relating to the period against the
gross investment in the lease to reduce both the principal and the unearned finance income. The net investment
in the lease is subject to impairment requirements in MFRS 9, Financial Instruments (see note 2(o)(i)).
(f) Goodwill on consolidation

Goodwill arises on business combinations is measured at cost less any accumulated impairment losses. In respect of equity-
accounted associates and joint ventures, the carrying amount of goodwill is included in the carrying amount of the investment
and an impairment loss on such an investment is not allocated to any asset, including goodwill, that forms part of the carrying
amount of the equity-accounted associates and joint ventures.
(g) Intangible assets

(i) Research and development
Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and
understanding, is recognised in profit or loss as incurred.
Expenditure on development activities, whereby the application of research findings are applied to a plan or design for
the production of new or substantially improved products and processes, is capitalised only if development costs can
be measured reliably, the product or process is technically and commercially feasible, future economic benefits are
probable and the Group intends to and has sufficient resources to complete development and to use or sell the asset.
The expenditure capitalised includes the cost of materials, direct labour and overheads costs that are directly
attributable to prepare the asset for its intended use. For qualifying assets, borrowing costs are capitalised in
accordance with the accounting policy on borrowing costs. Other development expenditure is recognised in profit or
loss as incurred.
Capitalised development expenditure is measured at cost less any accumulated amortisation and any accumulated
impairment losses.

(g) Intangible assets (continued)
(ii) Other intangible assets
Customer relationships that are acquired by the Group, which have finite useful lives, are measured at cost less any
accumulated amortisation and any accumulated impairment losses.
Brand names and hospital licenses that have indefinite lives and other intangible assets that are not yet available for
use are stated at cost less impairment losses.
(iii) Subsequent expenditure

Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific
asset to which it relates. All other expenditure is recognised in profit or loss as incurred.
(iv) Amortisation
Amortisation is calculated based on the cost of an asset less its residual value.
Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful lives of intangible assets
from the date that they are available for use.
The estimated useful lives for the current and comparative periods are as follows:
• Customer relationships 5 – 20 years
• Capitalised development costs 5 – 10 years
• Brand use rights remaining term of the right
• Other intangibles 2 – 10 years
Amortisation methods, useful lives and residual values are reviewed at the end of each reporting period and adjusted,
if appropriate.
Goodwill, intangible assets with indefinite useful lives and intangible assets not yet available for use are not amortised
but are tested for impairment annually and whenever there is an indication that they may be impaired.
(h) Investment properties

(i) Recognition and measurement
Investment properties are properties which are owned or ROU asset held under a lease contract to earn rental income
or for capital appreciation or for both, but not for sale in the ordinary course of business, use in the production or supply
of goods or services or for administrative purposes.
Investment properties which are owned are measured initially at cost. Cost includes expenditure that is directly
attributable to the acquisition of the investment property. The cost of self-constructed investment property includes
the cost of materials and direct labour, any other costs directly attributable to bringing the investment property to a
working condition for their intended use and capitalised borrowing costs. ROU asset held under a lease contract that
meets the definition of investment property is initially measured similarly as other ROU assets.
Subsequently, investment properties are measured at fair value with any changes therein recognised in profit or loss
for the period in which they arise. Where the fair value of the investment property under construction is not reliably
determinable, the investment property under construction is measured at cost until either its fair value becomes reliably
determinable or construction is complete, whichever is earlier.
The fair value of investment properties held by the Group as a ROU asset reflects the expected cash flows. Accordingly,
where valuation obtained for a property is net of all payments expected to be made, the Group added back any
recognised lease liability to arrive at the carrying amount of the investment property using the fair value model.
An investment property is derecognised on its disposal, or when it is permanently withdrawn from use and no future
economic benefits are expected from its disposal. The difference between the net disposal proceeds and the carrying
amount is recognised in profit or loss in the period in which the item is derecognised.


(h) Investment properties (continued)
(ii) Reclassification to/from investment property
When an item of property, plant and equipment is transferred to investment property following a change in its use, any
difference arising at the date of transfer between the carrying amount of the item immediately prior to transfer and its
fair value is recognised directly in equity as a revaluation of property, plant and equipment. However, if a fair value gain
reverses a previous impairment loss, the gain is recognised in profit or loss. Upon disposal of an investment property, any
surplus previously recorded in equity is transferred to retained earnings; the transfer is not made through profit or loss.
When the use of a property changes such that it is reclassified as property, plant and equipment or inventories, its fair
value at the date of reclassification becomes its cost for subsequent accounting.
(i) Development properties

Properties under development
The cost of properties under development comprises specifically identified costs, including acquisition costs, development
expenditure, borrowing costs and other related expenditure that can be allocated on a reasonable basis to the properties
under development. Borrowing costs payable on loans funding development properties are also capitalised, on a specific
identification basis, as part of the cost of the development properties until the completion of development.
Development properties are stated at the lower of cost and net realisable value. Net realisable value represents the estimated
selling price less cost to be incurred in selling the properties.
Completed properties
Completed properties comprise completed development properties held for sale. It is stated at the lower of cost and net
realisable value. Net realisable value is the estimated selling price less cost to be incurred in selling the properties.
(j) Inventories
Inventories are measured at the lower of cost and net realisable value.
The cost of inventories is calculated using the weighted average cost formula and comprises all costs of purchase and other
costs incurred in bringing the inventories to their existing location and condition. Due allowance is made for all damaged,
expired and slow moving items.
Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs necessary to
make the sale.
When inventories are sold, the carrying amount of those inventories is recognised as an expense in the period in which the
related revenue is recognised. The amount of any allowance for write-down of inventories to net realisable value and all
losses of inventories are recognised as an expense in the period the write-down or loss occurs. The amount of any reversal
of any allowance for write-down of inventories, arising from an increase in net realisable value, is recognised as a reduction
in the amount of inventories recognised as an expense in the period in which the reversal occurs.
(k) Contract assets/Contract liabilities

Contract assets are recognised when the Group’s right to consideration is conditional on something other than the passage
of time. Contract assets are subject to impairment in accordance to MFRS 9, Financial Instruments (see note 2(o)(i)).
Contract liabilities are stated at cost and represents the obligation of the Group to transfer goods or services to a customer
for which consideration has been received (or the amount is due) from the customers.
(l) Contract costs

(i) Incremental costs of obtaining a contract
The Group recognises incremental costs of obtaining contracts when the Group expects to recover these costs.

(l) Contract costs (continued)
(ii) Costs to fulfil a contract
The Group recognises a contract cost that relate directly to a contract or to an anticipated contract as an asset when
the cost generates or enhances resources of the Group, will be used in satisfying performance obligations in the future
and it is expected to be recovered.
These contract costs are initially measured at cost and amortised on a systematic basis that is consistent with the
pattern of revenue recognition to which the asset relates. An impairment loss is recognised in the profit and loss when
the carrying amount of the contract cost exceeds the expected revenue less expected cost that will be incurred. Where
the impairment condition no longer exists or has improved, the impairment loss is reversed to the extent that the
carrying amount of the contract cost does not exceed the amount that would have been recognised had there been
no impairment loss recognised previously.
(m) Cash and cash equivalents

Cash and cash equivalents consist of cash on hand, balances and deposits with banks and highly liquid investments which
have an insignificant risk of changes in fair value with original maturities of three months or less, and are used by the Group in
the management of their short term commitments. For the purpose of the statement of cash flows, cash and cash equivalents
are presented net of bank overdrafts and pledged deposits.
(n) Assets classified as held for sale

Assets, or disposal groups comprising assets and liabilities, that are expected to be recovered primarily through sale or
distribution to owners rather than through continuing use, are classified as held for sale or distribution.
Immediately before classification as held for sale or distribution, the assets, or components of a disposal group, are
remeasured in accordance with the Group’s accounting policies. Thereafter generally the assets, or disposal group, are
measured at the lower of their carrying amount and fair value less cost of disposal.
Any impairment loss on a disposal group is first allocated to goodwill, and then to remaining assets and liabilities on pro
rata basis, except that no loss is allocated to inventories, contract assets, contract costs, financial assets, deferred tax
assets, and investment properties, which continue to be measured in accordance with the Group’s accounting policies.
Impairment losses on initial classification as held for sale or distribution and subsequent gains or losses on remeasurement
are recognised in profit or loss. Gains are not recognised in excess of any cumulative impairment loss.
Intangible assets and property, plant and equipment once classified as held for sale or distribution are not amortised or
depreciated. In addition, equity accounting of equity-accounted associates and joint ventures ceases once classified as held
for sale or distribution.
(o) Impairment
(i) Financial assets
The Group recognises loss allowances for expected credit losses on financial assets measured at amortised cost,
debt investments measured at fair value through other comprehensive income, contract assets and lease receivables.
Expected credit losses are a probability-weighted estimate of credit losses.
The Group measures loss allowances at an amount equal to lifetime expected credit loss, except for debt securities
that are determined to have low credit risk at the reporting date, cash and bank balance and other debt securities for
which credit risk has not increased significantly since initial recognition, which are measured at 12-month expected
credit loss. Loss allowances for trade receivables, contract assets and lease receivables are always measured at an
amount equal to lifetime expected credit loss.
When determining whether the credit risk of a financial asset has increased significantly since initial recognition and
when estimating expected credit loss, the Group considers reasonable and supportable information that is relevant
and available without undue cost or effort. This includes both quantitative and qualitative information and analysis,
based on the Group’s historical experience and informed credit assessment and including forward-looking information,
where available.


(o) Impairment (continued)
(i) Financial assets (continued)
Lifetime expected credit losses are the expected credit losses that result from all possible default events over the
expected life of the asset, while 12-month expected credit losses are the portion of expected credit losses that result
from default events that are possible within the 12 months after the reporting date. The maximum period considered
when estimating expected credit losses is the maximum contractual period over which the Group is exposed to credit risk.
The Group estimates the expected credit losses on trade receivables using a provision matrix with reference to
historical credit loss experience.
An impairment loss in respect of financial assets measured at amortised cost is recognised in profit or loss and the
carrying amount of the asset is reduced through the use of an allowance account.
An impairment loss in respect of debt investments measured at fair value through other comprehensive income is
recognised in profit or loss.
At each reporting date, the Group assesses whether financial assets carried at amortised cost and debt securities at
fair value through other comprehensive income are credit-impaired. A financial asset is credit impaired when one or
more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.
The gross carrying amount of a financial asset is written off (either partially or full) to the extent that there is no realistic
prospect of recovery. This is generally the case when the Group determines that the debtor does not have assets or
sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. However,
financial assets that are written off could still be subject to enforcement activities in order to comply with the Group’s
procedures for recovery amounts due.
(ii) Other assets

The carrying amounts of other assets (except for inventories, lease receivables, deferred tax assets, development
properties, investment properties measured at fair value and non-current assets classified as held for sale) are
reviewed at the end of each reporting period to determine whether there is any indication of impairment. If any such
indication exists, then the asset’s recoverable amount is estimated. For goodwill and intangible assets that have
indefinite useful lives or that are not yet available for use, the recoverable amount is estimated each period at the same
time and whenever there is an indication that they may be impaired.
For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates
cash inflows from continuing use that are largely independent of the cash inflows of other assets or cash-generating
units. Subject to an operating segment ceiling test, for the purpose of goodwill impairment testing, cash-generating
units to which goodwill has been allocated are aggregated so that the level at which impairment testing is performed
reflects the lowest level at which goodwill is monitored for internal reporting purposes. The goodwill acquired in a
business combination, for the purpose of impairment testing, is allocated to a cash-generating unit or a group of cash-
generating units that are expected to benefit from the synergies of the combination.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs
of disposal. In assessing value in use, the estimated future cash flows are discounted to their present value using a
pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the
asset or cash-generating unit.
An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit exceeds its
estimated recoverable amount.
Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of cash-generating units
are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating unit (group of cash-
generating units) and then to reduce the carrying amounts of the other assets in the cash-generating unit (groups of
cash-generating units) on a pro rata basis.

(o) Impairment (continued)
(ii) Other assets (continued)
An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised
in prior periods are assessed at the end of each reporting period for any indications that the loss has decreased or
no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the
recoverable amount since the last impairment loss was recognised. An impairment loss is reversed only to the extent
that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of
depreciation or amortisation, if no impairment loss had been recognised. Reversals of impairment losses are credited
to profit or loss in the financial year in which the reversals are recognised.
(p) Equity instruments

Instruments classified as equity are measured at cost on initial recognition and are not remeasured subsequently.
(i) Issue expenses

Costs directly attributable to the issue of shares and share options classified as equity are recognised as a deduction
from equity.
(ii) Ordinary shares

Ordinary shares are classified as equity.
(iii) Distributions of non-cash assets to owners of the Company

The Group measures a liability to distribute non-cash assets as a dividend to the owners of the Company at the fair
value of the assets to be distributed. The carrying amount of the dividend is remeasured at each reporting period and
at the settlement date, with any changes recognised directly in equity as adjustments to the amount of the distribution.
On settlement of the transaction, the Group recognises the difference, if any, between the carrying amounts of the
assets distributed and the carrying amount of the liability in profit or loss.
(q) Perpetual securities

Perpetual securities do not have a maturity date and the issuer is able to elect to defer making a distribution, subject to the
terms and conditions of the securities issue. Accordingly, perpetual securities are presented within equity as the issuer is
not considered to have a contractual obligation to make principle repayments or distributions in respect of its perpetual
securities. Distributions are treated as dividends which will be directly debited from retained earnings. Incremental costs
directly attributable to the issuance of perpetual securities are deducted against the proceeds from the issue.
(r) Compound financial instruments

A compound financial instrument is a non-derivative financial instrument that contains both a liability and an equity component.
Compound financial instruments issued by the Group comprise convertible notes that can be converted to share capital at
the option of the holder, when the number of shares to be issued does not vary with changes in their fair value.
The proceeds are first allocated to the liability component, determined based on the fair value of a similar liability that
does not have a conversion feature or similar associated equity component. The residual amount is allocated as the equity
component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to
their initial carrying amounts.
Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortised
cost using the effective interest method. The equity component of a compound financial instrument is not remeasured
subsequent to initial recognition.
Interest, losses and gains relating to the financial liability are recognised in profit or loss. On conversion, the financial liability
is reclassified to equity; no gain or loss is recognised on conversion.


(s) Employee benefits
(i) Short-term employee benefits
Short-term employee benefit obligations in respect of salaries, annual bonuses, paid annual leave and sick leave are
measured on an undiscounted basis and are expensed as the related service is provided.
A liability is recognised for the amount expected to be paid under short-term cash bonus if the Group has a present
legal or constructive obligation to pay this amount as a result of past service provided by the employee and the
obligation can be estimated reliably.
The Group’s contributions to defined contribution plans are charged to profit or loss in the financial year to which
they relate. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in future
payments is available.
(ii) Defined benefit plans

The Group has non-funded defined benefit plans given to employees of certain subsidiaries within the Group.
The Group’s net obligation in respect of defined benefit retirement plan and termination plan are calculated separately
for each plan by estimating the amount of future benefit that employees have earned in return for their services in the
current and prior periods, discounting that amount and deducting the fair value of any plan assets.
The calculation is performed annually by a qualified actuary using the projected unit credit method. When the calculation
results in a potential asset for the Group, the recognised asset is limited to the present value of economic benefits
available in the form of any future refunds from the plan or reductions in future contributions to the plan. To calculate
the present value of economic benefits, consideration is given to any applicable minimum funding requirements.
Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan
assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognised immediately in
other comprehensive income. The Group determines the net interest expense or income on the net defined liability or
asset for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of
the annual period to the then net defined benefit liability or asset, taking into account any changes in the net defined
benefit liability or asset during the period as a result of contributions and benefit payments.
Net interest expense and other expenses relating to defined benefit plans are recognised in profit or loss.
When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past
service or the gain or loss on curtailment is recognised immediately in profit or loss. The Group recognises gains and
losses on the settlement of a defined benefit plan when the settlement occurs.
The gain or loss on settlement is the difference between the present value of the defined benefit obligation being
settled as determined on the date of settlement and the settlement price, including any plan assets transferred and
any payments made directly by the Group in connection with the settlement.
(iii) Share-based payment transactions

The grant date fair value of share-based payment granted to employees is recognised as an employee expense, with
a corresponding increase in equity, over the period that the employees unconditionally become entitled to the awards.
The amount recognised as an expense is adjusted to reflect the number of awards for which the related service and non-
market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based
on the number of awards that meet the related service and non-market performance conditions at the vesting date.
The fair value of the employee share options is measured using the trinomial option pricing model. Measurement inputs
include share price on measurement date, exercise price of the instrument, expected volatility (based on weighted
average historic volatility adjusted for changes expected due to publicly available information), weighted average cost of
capital, earnings before interest, tax, depreciation, amortisation, exchange differences and other non-operational items
(“EBITDA”) multiples, expected dividends, and the risk-free interest rate (based on government bonds). Service and
non-market performance conditions attached to the transactions are not taken into account in determining fair value.

(t) Provisions
A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be
estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions
are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of
the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.
(u) Revenue and other income

(i) Revenue from contracts with customers
Revenue is measured based on the consideration specified in a contract with a customer in exchange for transferring
goods or services to a customer, excluding amounts collected on behalf of third parties. The Group recognises revenue
when (or as) it transfers control over a product or service to customer. An asset is transferred when (or as) the customer
obtains control of the asset.
The Group transfers control of a good or service at a point in time unless one of the following criteria is met over time:
(a) the customer simultaneously receives and consumes the benefits provided as the Group performs;
(b) the Group’s performance creates or enhances an asset that the customer controls as the asset is created or
enhanced; or
(c) the Group’s performance does not create an asset with an alternative use and the Group has an enforceable right
to payment for performance completed to date.
(ii) Rental income

Rental income receivable under operating lease is recognised in profit or loss on a straight-line basis over the term of
the lease. Lease incentives granted are recognised as an integral part of the total rental income over the term of the
lease. Contingent rentals are recognised as income in the reporting period in which they are earned.
(iii) Government grant income

Government grants related to assets are recognised initially as deferred income at fair value when there is reasonable
assurance that they will be received and that the Group will comply with the conditions associated with the grant.
These grants are then recognised in profit or loss on a systematic basis over the useful life of the asset. Grants that
compensate the Group for expenses incurred are recognised in profit or loss on a systematic basis in the same periods
in which the expenses are recognised, unless the conditions for receiving the grant are met after the related expenses
have been recognised. In this case, the grant is recognised when it becomes receivable.
(iv) Dividend income

Dividend income from investments is recognised in profit or loss on the date that the right to receive payment is established.
(v) Finance income

Finance income comprises interest income from bank deposits and debt securities, net fair value gain of financial
instruments that are recognised in profit or loss and net exchange gain from foreign currency denominated interest-
bearing borrowings and lending.
Interest income
Interest income is recognised as it accrues using the effective interest method in profit or loss except for interest
income arising from temporary investment of borrowings taken specifically for the purpose of obtaining a qualifying
asset which is accounted for in accordance with the accounting policy on borrowing costs.


(v) Finance costs
Finance costs comprises interest expense on borrowings, lease liabilities and bonds, amortisation of borrowing transaction
costs and discount on bonds, bank charges, net fair value losses on financial instruments that are recognised in profit or loss
and net exchange losses from foreign currency denominated interest-bearing borrowings and lending.
Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are
recognised in profit or loss using the effective interest method.
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that
necessarily take a substantial period of time to get ready for their intended use or sale, are capitalised as part of the cost of
those assets.
The capitalisation of borrowing costs as part of the cost of a qualifying asset commences when expenditure for the asset
is being incurred, borrowing costs are being incurred and activities that are necessary to prepare the asset for its intended
use or sale are in progress. Capitalisation of borrowing costs is suspended or ceases when substantially all the activities
necessary to prepare the qualifying asset for its intended use or sale are interrupted or completed.
Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying
assets is deducted from the borrowing costs eligible for capitalisation.
(w) Income tax

Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognised in profit or loss except
to the extent that it relates to a business combination or items recognised directly in equity or other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or
substantively enacted by the end of the reporting period, and any adjustment to tax payable in respect of previous financial years.
Deferred tax is recognised using the liability method, providing for temporary differences between the carrying amounts of
assets and liabilities in the statement of financial position and their tax bases. Deferred tax is not recognised for the following
temporary differences: the initial recognition of goodwill, the initial recognition of assets or liabilities in a transaction that is
not a business combination and that affects neither accounting nor taxable profit or loss. Deferred tax is measured at the
tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been
enacted or substantively enacted by the end of the reporting period.
Where investment properties are carried at their fair value in accordance with the accounting policy set out in note 2(h), the
amount of deferred tax recognised is measured using the tax rates that would apply on sale of those assets at their carrying
value at the reporting date unless the property is depreciable and is held with the objective to consume substantially all of
the economic benefits embodied in the property over time rather than through sale. In all other cases, the amount of deferred
tax recognised is measured based on the expected manner of realisation or settlement of the carrying amount of the assets
and liabilities, using tax rates enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are
not discounted.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and
they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they
intend to settle current tax assets and liabilities on a net basis or their tax assets and liabilities will be realised simultaneously.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the
temporary difference can be utilised. Deferred tax assets are reviewed at the end of each reporting period and are reduced
to the extent that it is no longer probable that the related tax benefit will be realised.
A tax incentive that is not a tax base of an asset is recognised as a reduction of tax expense in profit or loss as and when it is
granted and claimed. Any unutilised portion of the tax incentive is recognised as a deferred tax asset to the extent that it is
probable that future taxable profits will be available against which the unutilised tax incentive can be utilised.

(x) Earnings per ordinary share
The Group presents basic and diluted earnings per share (“EPS”) data for its ordinary shares.
Basic earnings per share is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by
the weighted average number of ordinary shares outstanding during the period, adjusted for own shares held.
Diluted earnings per share is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted
average number of ordinary shares outstanding, adjusted for own shares held, for the effects of all dilutive potential ordinary
shares, which comprise share options granted to employees.
Both basic and diluted EPS of the Group are adjusted to take into consideration the effect of perpetual securities distribution
on earnings.
(y) Operating segments

An operating segment is a component of the Group that engages in business activities from which it may earn revenues
and incur expenses, including revenues and expenses that relate to transactions with any of the Group’s other components.
Operating segment results are reviewed regularly by the chief operating decision maker, which in this case is the Board of
Directors of the Company, to make decisions about resources to be allocated to the segment and to assess its performance,
and for which discrete financial information is available.
(z) Contingencies
(i) Contingent liabilities
Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated
reliably, the obligation is not recognised in the statements of financial position and is disclosed as a contingent liability,
unless the probability of outflow of economic benefits is remote. Possible obligations, whose existence will only
be confirmed by the occurrence or non-occurrence of one or more future events, are also disclosed as contingent
liabilities unless the probability of outflow of economic benefits is remote.
(ii) Contingent assets

When an inflow of economic benefit of an asset is probable where it arises from past events and where existence
will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within
the control of the entity, the asset is not recognised in the statements of financial position but is being disclosed as a
contingent asset. When the inflow of economic benefit is virtually certain, then the related asset is recognised.
(aa) Fair value measurements

Fair value of an asset or a liability, except for share-based payment and lease transactions, is determined as the price that
would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the
measurement date. The measurement assumes that the transaction to sell the asset or transfer the liability takes place either
in the principal market or in the absence of a principal market, in the most advantageous market.
For non-financial asset, the fair value measurement takes into account a market participant’s ability to generate economic
benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset
in its highest and best use.
When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair value
is categorised into different levels in a fair value hierarchy based on the input used in the valuation technique as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can access at the
measurement date.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
or indirectly.
Level 3: Unobservable inputs for the asset or liability.
The Group recognises transfers between levels of the fair value hierarchy as of the date of the event or change in
circumstances that caused the transfers.

3. PROPERTY, PLANT AND EQUIPMENT

Hospital and
medical
equipment,
renovations, Laboratory
furniture and and other
Freehold fittings and teaching Motor Construction-
land Buildings equipment equipment vehicles in-progress Total
Group Note RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Cost
At 1 January 2020 1,411,288 6,074,013 9,073,882 73,124 50,891 776,114 17,459,312
Acquisitions through business
combinations 40 – 717,520 462,457 – 316 2,072 1,182,365
Disposal of subsidiaries 40 – – (43,216) – (303) – (43,519)
Additions – 73,835 404,543 5,328 6,275 437,168 927,149
Disposals – (2,618) (102,390) – (5,575) (174) (110,757)
Write off – – (31,908) (5,481) (145) – (37,534)
Reclassification – 28,704 177,055 – 3,631 (209,390) –
Transfer from ROU assets 4 – 236,748 – – – – 236,748
Transfer to assets classified
as held for sale 16 – – (2,659) – – – (2,659)
Translation differences (38,994) (33,510) (466,855) – (2,863) (4,855) (547,077)
At 31 December 2020/
1 January 2021 1,372,294 7,094,692 9,470,909 72,971 52,227 1,000,935 19,064,028
combinations 40 – – 105,537 – 2,235 54 107,826
Disposal of subsidiaries 40 (37,756) (235,105) (88,635) – (67) (4,952) (366,515)
Additions 4,520 20,410 397,962 6,715 7,688 664,234 1,101,529
Disposals (49,020) (2,510) (128,537) – (4,046) (2,889) (187,002)
Write off – (41) (56,187) (515) (282) – (57,025)
Reclassification 2,432 50,432 223,471 (914) 2,652 (278,073) –
Transfer from development
properties 12 – 17,405 – – – – 17,405
as held for sale 16 – (2,083) – – – – (2,083)
Translation differences (19,555) (69,060) (812,762) – (6,282) (35,210) (942,869)
At 31 December 2021 1,272,915 6,874,140 9,111,758 78,257 54,125 1,344,099 18,735,294

3. PROPERTY, PLANT AND EQUIPMENT (continued)
Hospital and
medical
equipment,
renovations, Laboratory
furniture and and other
Freehold fittings and teaching Motor Construction-
land Buildings equipment equipment vehicles in-progress Total
Accumulated depreciation and

impairment losses
At 1 January 2020 – 1,120,774 5,059,025 47,524 35,670 11 6,263,004
combinations 40 – 279,906 385,288 – 245 – 665,439
Disposal of subsidiaries 40 – – (28,990) – (192) – (29,182)
Depreciation charge for the year – 146,440 794,022 6,635 5,539 – 952,636
Impairment loss – – 6,073 – 1,602 12 7,687
Disposals – (801) (92,862) – (3,947) – (97,610)
Write off – – (29,008) (5,460) (145) – (34,613)
Transfer from ROU assets 4 – 30,543 – – – – 30,543
as held for sale 16 – – (2,066) – – – (2,066)
Translation differences – (3,333) (260,027) – 2,064 (11) (261,307)
1 January 2021 – 1,573,529 5,831,455 48,699 40,836 12 7,494,531
combinations 40 – – 53,219 – 1,559 – 54,778
Disposal of subsidiaries 40 – (41,034) (71,536) – (67) – (112,637)
Depreciation charge for the year – 155,881 780,930 7,152 4,710 – 948,673
Impairment loss – – 165,843 – 55 1,510 167,408
Disposals – (896) (121,904) – (3,067) – (125,867)
Write off – (41) (54,324) (515) (282) – (55,162)
as held for sale 16 – (345) – – – – (345)
Translation differences – (20,112) (453,535) – (3,044) 34 (476,657)
At 31 December 2021 – 1,666,982 6,130,148 55,336 40,700 1,556 7,894,722
Net carrying amount

At 1 January 2020 1,411,288 4,953,239 4,014,857 25,600 15,221 776,103 11,196,308
1 January 2021 1,372,294 5,521,163 3,639,454 24,272 11,391 1,000,923 11,569,497
At 31 December 2021 1,272,915 5,207,158 2,981,610 22,921 13,425 1,342,543 10,840,572


Renovations,
furniture and
fittings and Motor
equipment vehicles Total
Company RM’000 RM’000 RM’000
Cost
At 1 January 2020 1,550 911 2,461
Additions 174 – 174
Translation differences (4) (2) (6)
At 31 December 2020/1 January 2021 1,720 909 2,629
Additions 63 – 63
At 31 December 2021 1,783 909 2,692
Accumulated depreciation
At 1 January 2020 1,398 436 1,834
Depreciation charge for the year 107 182 289
Translation differences (5) (1) (6)
At 31 December 2020/1 January 2021 1,500 617 2,117
Depreciation charge for the year 92 153 245
At 31 December 2021 1,592 770 2,362
Net carrying amount

At 1 January 2020 152 475 627
At 31 December 2020/1 January 2021 220 292 512
At 31 December 2021 191 139 330
Securities
As at 31 December 2021, property, plant and equipment of the Group with carrying amounts of RM2,645,020,000 (2020:
RM2,551,586,000) were charged to licensed financial institutions for credit facilities and term loans granted to the Group.
Borrowing costs
In 2021, the Group capitalised borrowing costs at 3.0% to 5.3% (2020: 3.0% to 5.3%), amounting to RM27,079,000 (2020:
RM20,800,000).
ROU assets depreciation

Included in the additions of construction-in-progress of the Group is the depreciation expense of ROU assets amounting to
RM3,822,000 (2020: RM3,618,000) (see note 4).
Transfers
In 2020, leasehold buildings of the Group with carrying amounts of RM206,205,000 were transferred from ROU assets to property,
plant and equipment to better reflect the nature of the assets.

Impairment loss
Gleneagles Chengdu Hospital (“GCD”) was operational in late 2019. However, its ramp up was longer than expected and was
hampered by the COVID-19 pandemic. The Group performed an assessment of the recoverable amount of the property, plant and
equipment of GCD and determined it to be lower than the carrying amount. The recoverable amount was estimated based on its
fair value less costs of disposal, where majority of the property, plant and equipment (except for certain medical equipment) were
written down to nil. Accordingly, an impairment loss of RM166,074,000 was recognised in profit or loss and included in ‘depreciation
and impairment of property, plant and equipment’. The fair value measurement was categorised as a Level 3 fair value.
4. LEASES
The Group leases certain land and buildings, clinics, offices, equipment and vehicles. The leases are between more than 1 year and
99 years and may have options to renew after expiry. Lease payments are renegotiated at the end of lease terms or periodically
to reflect market rentals.
(a) Right-of-use assets

Land and
buildings Equipment Motor vehicles Total
At 1 January 2020 6,634,292 96,985 4,739 6,736,016

Acquisitions through business combinations 40 416,110 1,641 249 418,000
Disposal of a subsidiary 40 (839) – (112) (951)
Additions 202,508 27,901 14,481 244,890
Modification/Reassessment (97,173) (651) 80 (97,744)
Transfer to property, plant and equipment 3 (206,205) – – (206,205)
Depreciation charge for the year (315,430) (27,317) (2,385) (345,132)
Impairment loss (37,528) (49) – (37,577)
Translation differences (85,284) (11,768) (2,113) (99,165)
At 31 December 2020/1 January 2021 6,510,451 86,742 14,939 6,612,132
Acquisitions through business combinations 40 34,694 – – 34,694
Additions 429,929 21,308 – 451,237
Modification/Reassessment 56,924 (1,057) 2,796 58,663
Depreciation charge for the year (293,842) (26,597) (2,354) (322,793)
Impairment loss (1,888) – – (1,888)
Translation differences (278,744) (16,713) (7,252) (302,709)
At 31 December 2021 6,457,524 63,683 8,129 6,529,336
Land and
buildings Equipment Total
Company RM’000 RM’000 RM’000
At 1 January 2020 1,215 22 1,237

Depreciation charge for the year (972) (18) (990)
At 31 December 2020/1 January 2021 243 4 247
Additions – 87 87
Modification/Reassessment 2,947 – 2,947
Depreciation charge for the year (980) (8) (988)
At 31 December 2021 2,210 83 2,293

4. LEASES (continued)
(a) Right-of-use assets (continued)
i. Depreciation capitalised in carrying amount of another asset
During the year, depreciation expense of ROU assets amounting to RM3,822,000 (2020: RM3,618,000) was capitalised
in property, plant and equipment (see note 3).
ii. Extension options

Some properties, equipment and motor vehicles leases contain extension options exercisable by the Group before
the end of the non-cancellable contract period. Where applicable, the Group seeks to include extension options in
new leases to provide operational flexibility. The extension options held are exercisable only by the Group and not by
the lessors. The Group assesses at lease commencement whether it is reasonably certain to exercise the extension
options. The Group reassesses whether it is reasonably certain to exercise the options if there is a significant event or
significant changes in circumstances within its control.
The Group estimated that the potential future lease payments, should it exercise the extension options, would result in
an increase in lease liability of RM88,506,000 as at 31 December 2021 (2020: RM88,771,000).
iii. Significant judgements and assumptions in relation to lease

The Group assesses at lease commencement by applying significant judgement, whether it is reasonably certain to
exercise the extension options. Group entities consider all facts and circumstances, including their past practice and any
cost that will be incurred to change the asset if an option to extend is not taken, to help them determine the lease term.
The Group also applied judgement and assumptions in determining the incremental borrowing rate of the respective
leases. Group entities first determine the closest available borrowing rates before using significant judgement to
determine the adjustments required to reflect the term, security, value or economic environment of the respective leases.
iv. Restriction imposed by lease

For certain leases of properties, equipment and vehicles, the Group is restricted from entering into any sub-lease
arrangements.
v. Leases committed but not yet commenced

As at 31 December 2021, the Group has entered into new leases which will result in an increase in lease liability of
RM53,611,000 (2020: RM45,391,000).
vi. Impairment loss

In 2020, RGE Group continued to incur operating losses arising from the challenges faced in its business operations.
The Group performed an assessment of the recoverable amount using the value in use approach and determined the
recoverable amount to be lower than the carrying amount. Accordingly, an impairment loss of RM32,455,000 was
recognised in profit or loss and included in ‘depreciation and impairment of right-of-use assets’.

(b) Leases as lessor
Operating lease
The Group leases out investment properties and certain properties. The Group has classified these leases as operating
leases, because they do not transfer substantially all of the risks and rewards incidental to the ownership of the assets.
The following were recognised in profit or loss:
Group
2021 2020
RM’000 RM’000
Rental income 272,339 272,305

Variable rental income that do not depend on an index or rate 1,515 1,041
273,854 273,346
The following table sets out a maturity analysis of lease receivables, showing the undiscounted lease receivables after the
end of the financial year:
Group
2021 2020
RM’000 RM’000
Less than one year 198,300 217,294

One to two years 168,771 172,164
Two to three years 140,717 141,516
Three to four years 110,072 121,563
Four to five years 101,522 101,973
More than five years 542,945 436,633
Total 1,262,327 1,191,143
(c) Amounts recognised in profit or loss

Group Company
2021 2020 2021 2020
RM’000 RM’000 RM’000 RM’000
(Expenses)/Income arising from leases:

Expenses relating to short-term leases (65,152) (50,451) (1,050) (1,233)
Expenses relating to leases of low-value assets (3,231) (3,246) (2) (2)
Expenses relating to variable lease payments not included
in the measurement of lease liabilities (12,266) (13,225) – –
Income from subleasing ROU assets 10,958 10,285 – –

(d) Cash outflows for leases as lessee
Group Company
2021 2020 2021 2020
RM’000 RM’000 RM’000 RM’000
Included in net cash used in operating activities

Payment relating to short-term leases (65,152) (50,451) (1,050) (1,233)
Payment relating to leases of low-value assets (3,231) (3,246) (2) (2)
Payment relating to variable lease payments
not included in the measurement of lease liabilities (12,266) (13,225) – –
(80,649) (66,922) (1,052) (1,235)
Included in net cash used in financing activities
Payment of lease liabilities (383,142) (493,940) (1,007) (1,018)
Total cash outflows for leases (463,791) (560,862) (2,059) (2,253)
5. INVESTMENT PROPERTIES
Group
2021 2020
Note RM’000 RM’000
At 1 January 3,612,547 3,508,182

Additions 315,587 80,774
Transfer to assets classified as held for sale 16 – (94,028)
Change in fair value recognised in profit or loss 87,107 45,471
Translation differences (140,118) 72,148
At 31 December 3,875,123 3,612,547
Investment properties include land, retail units and medical suites within hospitals and nursing homes with care services leased or
intended to be leased to external parties.
Change in fair value is recognised as a gain or loss in profit or loss and is respectively included in ‘other operating income’ or ‘other
operating expenses’ in the statement of profit or loss and other comprehensive income. All gains are unrealised.
The followings are recognised in profit or loss in respect of investment properties:
Group
2021 2020
RM’000 RM’000

Direct operating expenses:
– income generating investment properties (28,544) (19,480)
– non-income generating investment properties (1,195) (24)
169,648 180,432

5. INVESTMENT PROPERTIES (continued)
Fair value hierarchy
The fair values of investment properties are categorised as follows:
Level 3
2021 2020
RM’000 RM’000
Land and buildings 3,875,123 3,612,547
Determination of fair value

The fair values of investment properties were determined by external, independent valuation companies, having appropriate
recognised professional qualifications and recent experience in the location and category of properties being valued.
Valuation processes
In determining the fair value, the valuers have used valuation methods which involved certain estimates. In assessing the fair
value measurements, the Group reviewed the valuation methodologies and evaluated the assessments made by the valuers. The
Group exercised its judgement and was satisfied that the valuation methods and estimates were reflective of the current market
conditions. The valuation reports were prepared in accordance with recognised appraisal and valuation standards.
The following table shows the valuation techniques used in the determination of fair values of investment properties, as well as the
significant unobservable inputs used in the valuation models.
Inter-relationship between
significant unobservable inputs
Valuation technique Significant unobservable inputs and fair value measurement
Discounted cash flow approach: • Risk-adjusted discount rates The estimated fair value would
The method involves the estimation range from 4.5% to 7.0% increase/(decrease) if:
and the projection of an income stream (2020: 4.6% to 7.0%) • the risk-adjusted discount
over a period and discounting the rates were lower/(higher); or
income stream with an appropriate • Terminal yield rates range
rate of return. from 4.8% to 6.8% • the terminal yield rates
(2020: 4.9% to 6.8%) were lower/(higher).
Direct comparison approach: • Premium made for differences The estimated fair value would
The method involves the analysis of in type of development increase/(decrease) if premium
comparable sales of similar properties (including design, use and made for differences in type of
and adjusting the sale prices to that proximity to complementary development was higher/(lower).
reflective of the investment properties. businesses) range from
0% to 30% (2020: 0% to 25%)
Direct capitalisation approach: • Capitalisation rates The estimated fair value

The method capitalises an income range from 4.5% to 6.7% would increase/(decrease) if
stream into a present value using (2020: 4.8% to 6.7%) the capitalisation rates were
revenue multipliers or single-year lower/(higher).
capitalisation rates.

6. GOODWILL ON CONSOLIDATION AND INTANGIBLE ASSETS

Total
Total intangible
Brand Hospital Customer Other intangible Goodwill on assets and
names licences relationships intangibles* assets consolidation goodwill
Cost
At 1 January 2020 1,607,604 204,650 327,558 444,256 2,584,068 12,852,757 15,436,825
combinations 40 35,500 12,310 – 6,163 53,973 127,696 181,669
Additions – – – 29,957 29,957 – 29,957
Disposals – – – (13,542) (13,542) – (13,542)
Write off – – – (3,039) (3,039) – (3,039)
Translation differences (68,074) (18,852) (19,699) (26,589) (133,214) (193,690) (326,904)
1 January 2021 1,575,030 198,108 307,859 437,206 2,518,203 12,786,763 15,304,966
combinations 40 – 71,761 32,791 130,312 234,864 238,414 473,278
Disposal of subsidiaries 40 – – – – – (64,578) (64,578)
Additions – – – 43,381 43,381 – 43,381
Disposals – – – (16,512) (16,512) – (16,512)
Write off – – – (49,340) (49,340) – (49,340)
Translation differences (62,962) (102,296) (31,625) (31,704) (228,587) (182,737) (411,324)
At 31 December 2021 1,512,068 167,573 309,025 513,343 2,502,009 12,777,862 15,279,871
* Other intangibles include capitalised development costs and brand use rights.

6. GOODWILL ON CONSOLIDATION AND INTANGIBLE ASSETS (continued)
Total
Total intangible
Brand Hospital Customer Other intangible Goodwill on assets and
names licences relationships intangibles* assets consolidation goodwill
Accumulated amortisation
and impairment losses
At 1 January 2020 – – 256,230 246,572 502,802 278,084 780,886
Acquisitions through
business combinations 40 – – – 51 51 – 51
Amortisation charge
for the year – – 15,892 40,487 56,379 – 56,379
Impairment loss – – – 1,520 1,520 396,513 398,033
Disposal – – – (1,615) (1,615) – (1,615)
Write off – – – (3,039) (3,039) – (3,039)
Translation differences – – (16,496) (11,828) (28,324) (10,946) (39,270)
At 31 December 2020/1
January 2021 – – 255,626 272,148 527,774 663,651 1,191,425
Acquisitions through
business combinations 40 – – – 2,230 2,230 – 2,230
Disposal of subsidiaries 40 – – – – – (64,578) (64,578)
Amortisation charge
for the year – – 13,915 33,336 47,251 – 47,251
Impairment loss – – – – – 6,090 6,090
Disposal – – – (485) (485) – (485)
Write off – – – (49,340) (49,340) – (49,340)
Translation differences – – (30,944) (17,104) (48,048) 1,994 (46,054)
At 31 December 2021 – – 238,597 240,785 479,382 607,157 1,086,539
Net carrying amount

At 1 January 2020 1,607,604 204,650 71,328 197,684 2,081,266 12,574,673 14,655,939
1 January 2021 1,575,030 198,108 52,233 165,058 1,990,429 12,123,112 14,113,541
At 31 December 2021 1,512,068 167,573 70,428 272,558 2,022,627 12,170,705 14,193,332
* Other intangibles include capitalised development costs and brand use rights.


Goodwill, brand names and hospital licences are allocated to the Group’s operating divisions which represent the lowest level
within the Group at which the goodwill, brand names and hospital licences are monitored for internal management purposes.
The aggregate carrying amounts of goodwill, brand names and hospital licences allocated to each operating unit were as follows:
Goodwill Brand names Hospital licences

2021 2020 2021 2020 2021 2020
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Group
Singapore healthcare services 5,892,205 5,850,626 1,145,173 1,145,173 – –
Malaysia healthcare services 2,231,673 2,221,641 151,500 151,500 12,310 12,310
India healthcare services
– Fortis Group 2,716,985 2,474,994 – – – –
China healthcare services 195,871 190,743 – – – –
Turkey healthcare services 754,587 1,006,799 215,395 278,357 155,263 185,798
PLife REIT 154,408 153,333 – – – –
Education services 224,976 224,976 – – – –
12,170,705 12,123,112 1,512,068 1,575,030 167,573 198,108
Amortisation
The amortisation of customer relationships, capitalised development costs and brand use rights were recognised in ‘amortisation
and impairment of intangible assets’ in the statements of profit or loss and other comprehensive income.
Impairment testing for cash-generating units containing goodwill, brand names and hospital licences
(a) Healthcare services and Education services CGUs
Key assumptions used in determining recoverable amount
For the purpose of impairment testing, the carrying amounts are allocated to the Group’s operating divisions which are the
cash-generating units (“CGU”). Recoverable amount of each CGU, except for PLife REIT, is estimated based on its value in
use. The value in use calculations apply a discounted cash flow model using cash flow projections based on past experience,
actual operating results, approved financial budgets for 2022 and 5 years business plans.
The key assumptions for the computation of value in use of goodwill, brand names and hospital licences included the following:
(i) Anticipated annual revenue growth rates for 2022 to 2026 (2020: 2021 to 2025):
2021 2020
Per annum Per annum
Singapore healthcare services 0%–13% 5%–12%

Malaysia healthcare services 5%–10% 7%–24%
– Fortis Group 7%–12% 11%–28%
– RGE Group –* 11%–13%
China healthcare services 16%–23% 10%–66%
Turkey healthcare services 9%–13% 6%–28%
Education services 4%–6% 1%–7%

Impairment testing for cash-generating units containing goodwill, brand names and hospital licences (continued)
(a) Healthcare services and Education services CGUs (continued)
Key assumptions used in determining recoverable amount (continued)
(ii) EBITDA margins assumptions:
2021 2020
Singapore healthcare services 29%–31% 32%–36%

Malaysia healthcare services 27%–29% 28%–29%
– Fortis Group 17%–25% 15%–22%
– RGE Group –* 12%–20%
China healthcare services 0%–33% 17%–28%
Turkey healthcare services 25%–27% 24%–27%
Education services 32%–38% 29%–31%
The projections were in line with the proposed expansion plans for the respective CGUs.
(iii) Terminal value was estimated using the perpetuity growth model:
2021 2020
Singapore healthcare services 1.0% 1.0%

Malaysia healthcare services 3.0% 3.0%
– Fortis Group 4.6% 4.6%
– RGE Group –* 5.0%
China healthcare services 3.0% 3.0%
Turkey healthcare services 5.0% 5.0%
Education services 0% 0%
The terminal values were applied to steady-state estimated earnings at the end of the projected period.
(iv) Discount rates based on cost of capital plus an appropriate risk premium for the respective CGUs at date of assessment:
2021 2020
Singapore healthcare services 6.2% 8.8%

Malaysia healthcare services 7.3% 12.2%
– Fortis Group 12.3% 13.1%
– RGE Group –* 17.9%
China healthcare services 9.8% 12.1%
Turkey healthcare services 19.1% 26.8%
Education services 12.5% 13.0%
(v) There will be no other significant changes in government policies and regulations which will directly affect the CGUs’
businesses. Inflation for operating expenses is in line with estimated gross domestic product growth rates for the
respective countries based on past trends.
* Goodwill for RGE Group was fully impaired in 2020.
The values assigned to the key assumptions represent the Group’s assessment of future trends in the healthcare and education
market and are based on both external sources and internal sources (historical data).


Impairment testing for cash-generating units containing goodwill, brand names and hospital licences (continued)
(a) Healthcare services and Education services CGUs (continued)
Key assumptions used in determining recoverable amount (continued)
As at 31 December 2020, the Group has identified that a reasonably possible change in EBITDA margin for the years 2021 to
2025 for Fortis Group could cause the carrying amount of the CGU to exceed its recoverable amount. An approximate 0.1%
increase in discount rate or 0.2% decrease in EBITDA margin for the years 2021 to 2025 would have reduced the recoverable
amount of Fortis Group to its carrying amount.
As at 31 December 2020, the Group also identified that a reasonably possible change in discount rate and EBITDA margins for
the years 2021 to 2025 for China Healthcare services could cause the carrying amount of the CGU to exceed its recoverable
amount. An approximate 1.2% increase in discount rate or a 6.5% decrease in the revenue growth rates for the years 2021 to
2025 at the reporting date would have reduced the recoverable amount of China healthcare services to the carrying amount.
In 2020, RGE Group continued to incur operating losses arising from challenges faced in its business operations, especially
in the midst of the COVID-19 pandemic. The Group performed an assessment of recoverable amount using the value in
use approach for RGE Group and determined the recoverable amount of the CGU was lower than its carrying amount.
Accordingly, an impairment loss of RM396,513,000 on RGE Group was recognised in ‘other operating expenses’ in the
statement of profit or loss.
Except as mentioned above, the Group believes there are no reasonably foreseeable changes in the above key assumptions
that would cause the carrying values of the remaining CGUs to materially exceed their recoverable amounts, other than
changes in prevailing operating environments, of which the impact is not ascertainable.
(b) PLife REIT

The recoverable amount of PLife REIT is based on fair value less cost to sell, using the open market price of PLife REIT as at
the end of the financial year.
7. INVESTMENTS IN SUBSIDIARIES
Company
2021 2020
RM’000 RM’000
Cost of investment
Unquoted shares in Malaysia 22,009,669 22,009,669
Unquoted shares outside Malaysia – 31
22,009,669 22,009,700
Allowance for impairment loss (2,295,921) (2,295,952)
19,713,748 19,713,748
The movement of cost of investment in subsidiaries during the year were as follows:
Company
2021 2020
RM’000 RM’000
At 1 January 22,009,700 22,009,700

Write off against allowance for impairment loss (31) –
At 31 December 22,009,669 22,009,700

7. INVESTMENTS IN SUBSIDIARIES (continued)
Significant judgements and estimates in measurement of the recoverable amounts of investments in subsidiaries
During the year, the Company continued to face challenges in its investment in the subsidiary that held investments in subsidiaries
in Central and Eastern Europe, in particular the continuing depreciation of Turkish Lira currency over the years. Hence, significant
judgements and estimates were required in deriving the recoverable amount of this investment.
Changes in investments in subsidiaries

On 12 July 2021, Integrated Healthcare Holdings (Bharat) Limited (“IHH(B)L”) was struck off from the Register of Companies
pursuant to Section 308 of the Mauritius Companies Act 2001. Consequential thereto, the Company wrote off its cost of investment
in IHH(B)L against provision made in prior years.
Details of the subsidiaries are as disclosed in note 42.
Although the Group owns less than half of the ownership interest in the following entities, the Group consolidated them as
subsidiaries in accordance with MFRS 10, Consolidated Financial Statements, on the following basis:
a) Fortis
The Group controls majority of Fortis’ board by virtue of the share subscription agreement with Fortis.
b) Gleneagles JPMC Sdn. Bhd. (“GJPMC”)

Prior to 31 October 2020, the Group controlled the Board of GJPMC by virtue of agreement with other shareholders of GJPMC.
On 31 October 2020, the Group lost its control of GJPMC following a dilution in its interest in the entity (see note 40). As a
result, GJPMC ceased to be consolidated as a subsidiary but is equity accounted for as an associate of the Group.
c) PLife REIT
The Group has de facto control over PLife REIT, on the basis that the remaining voting rights in PLife REIT are widely
dispersed and there is no indication all other shareholders exercise their votes collectively.
The Group, via PLife REIT, does not hold any ownership interest in the special purpose entities (“SPEs”) listed in note 42.
Notwithstanding that the Group does not have any direct or indirect shareholdings in these SPEs, the Group has accounted for
the SPEs as subsidiaries in accordance with MFRS 10, Consolidated Financial Statements, as PLife REIT receives substantially
all of the returns related to the SPEs’ operations and net assets and has the current ability to direct these SPEs’ activities that
most significantly affect their returns based on the terms of agreements under which these SPEs were established.


Non-controlling interests in subsidiaries
The Group’s subsidiaries that have material non-controlling interests (“NCI”) are as follows:
Material NCI Other

individually
PLife Fortis immaterial
REIT Group GHK(i) subsidiaries Total
2021 RM’000 RM’000 RM’000 RM’000 RM’000
NCI percentage of ownership interest

and voting interest 64.40% 68.83% 40.00%
Carrying amount of NCI 1,298,175 1,499,956 (ii) (841,946) 737,356 2,693,541
Profit/(Loss) allocated to NCI 186,832 167,288 (101,292) 61,232 314,060
Summarised financial information before

intra-group elimination
As at 31 December
Non-current assets 4,999,740 5,728,832 2,122,089
Current assets 120,333 634,200 149,319
Non-current liabilities (2,588,197) (2,130,844) (4,198,459)
Current liabilities (362,417) (731,680) (177,713)
Net assets/(liabilities) 2,169,459 3,500,508 (iii) (2,104,764)
Year ended 31 December

Revenue 370,694 3,113,435 712,072
Profit/(Loss) for the year 293,257 330,583 (iv) (253,230)
Total comprehensive income 306,849 317,441 (258,434)
Cash flows from/(used in) operating activities 277,087 497,994 (16,093)

Cash flows used in investing activities (231,223) (198,991) (21,227)
Cash flows (used in)/from financing activities (30,776) (288,223) 57,556
Net increase in cash and cash equivalents 15,088 10,780 20,236
Dividends paid to NCI 167,094 – –

Non-controlling interests in subsidiaries (continued)
Material NCI Other
individually
immaterial
PLife REIT Fortis Group GHK(i) subsidiaries Total
2020 RM’000 RM’000 RM’000 RM’000 RM’000
NCI percentage of ownership interest

and voting interest 64.38% 68.83% 40.00%
Carrying amount of NCI 1,266,661 1,488,564 (ii) (734,293) 1,116,557 3,137,489
Profit/(Loss) allocated to NCI 147,369 (79,816) (149,362) (1,227) (83,036)
Summarised financial information before

intra-group elimination
As at 31 December
Non-current assets 4,755,083 5,482,331 2,258,073
Current assets 195,352 563,833 104,047
Non-current liabilities (2,266,256) (953,713) (3,912,849)
Current liabilities (563,937) (1,506,504) (285,003)
Net assets/(liabilities) 2,120,242 3,585,947 (iii) (1,835,732)
Year ended 31 December

Revenue 367,024 2,185,929 534,401
Profit/(Loss) for the year 229,411 (95,297)(iv) (373,405)
Total comprehensive income 219,050 (275,364) (377,724)
Cash flows from/(used in) operating activities 275,065 174,535 (85,536)

Cash flows used in investing activities (87,031) (135,221) (20,062)
Cash flows (used in)/from financing activities (187,202) 4,666 119,295
Net increase in cash and cash equivalents 832 43,980 13,697
Dividends paid to NCI 160,951 – –
i. GHK Hospital Limited (“GHK”).

ii. Does not include the NCIs of non-wholly owned subsidiaries of Fortis.
iii. Includes net assets of RM331,069,000 (2020: RM369,005,000) attributable to NCIs within Fortis Group which are individually immaterial.
iv. Includes total profit of RM94,808,000 (2020: RM20,545,000) attributable to NCIs within Fortis Group which are individually immaterial.


Significant restrictions
PLife REIT
The Group does not have significant restrictions on its ability to access or use the assets and settle the liabilities of PLife REIT other
than those resulting from the regulatory framework within which the subsidiary operates. PLife REIT is regulated by the Monetary
Authority of Singapore (“MAS”) and is supervised by the Singapore Exchange Securities Trading Limited (“SGX-ST”) for compliance
with the Singapore Listing Rules. Under the regulatory framework, transactions with PLife REIT are either subject to review by
PLife REIT’s Trustee or must be approved by a majority of votes by the remaining holders of Units in PLife REIT (“Unitholders”) at
a meeting of Unitholders.
The assets of PLife REIT are held in trust by a Trustee for the Unitholders. As at 31 December 2021, the carrying amounts of PLife REIT’s
assets and liabilities were RM5,120,073,000 (2020: RM4,950,435,000) and RM2,950,614,000 (2020: RM2,830,193,000) respectively.
8. INTERESTS IN ASSOCIATES
Company
2021 2020
RM’000 RM’000
Investment in shares
Unquoted shares 47,742 47,401
Quoted shares 407,040 405,772
Share of post-acquisition reserves (297,169) (310,304)
157,613 142,869
Fair value of quoted shares

Level 1 86,578 89,516
Details of the associates are disclosed in note 43.

The Group does not have any material associates. Summarised financial information of the associates are presented in aggregate
representing the Group’s share, based on their respective financial statements prepared in accordance with MFRS, modified for
fair value adjustments on acquisition and differences in the Group’s accounting policies, if any:
Individually
immaterial associates
2021 2020
RM’000 RM’000
Share of profit from continuing operations, representing share of

total comprehensive income 31,034 7,072
9. INTERESTS IN JOINT VENTURES

Group
2021 2020
RM’000 RM’000
Investment in unquoted shares 203,412 290,644

Share of post-acquisition reserves (74,523) (45,632)
128,889 245,012
Allowance for impairment loss (122,582) (122,247)
6,307 122,765
Details of the joint ventures are disclosed in note 44.

9. INTERESTS IN JOINT VENTURES (continued)
In 2020, the Group disposed off its investments in Shanghai Hui Xing Hospital Management Co., Ltd. and Shanghai Hui Xing Jinpu
Co., Ltd. for a cash consideration of RMB5,512,000 (equivalent to RM3,233,000). Loss on disposal amounting to RM407,000 was
recognised in profit or loss.
In 2020, interests in joint venture with a carrying amount of RM65,666,000 was transferred to assets classified as held for sale
(see note 16).
The Group does not have any material joint ventures. Summarised financial information of the joint ventures are presented in
aggregate representing the Group’s share, based on their respective financial statements prepared in accordance with MFRS,
modified for fair value adjustments on acquisition and differences in the Group’s accounting policies, if any:
Individually immaterial
joint ventures
2021 2020
RM’000 RM’000
Share of profit from continuing operations, representing share of total comprehensive income 8,822 11,316
10. OTHER FINANCIAL ASSETS

Group Company
2021 2020 2021 2020
RM’000 RM’000 RM’000 RM’000
Non-current
Investments at fair value through other comprehensive income
(“FVOCI”)
– Unquoted shares 72,581 59,714 – –
Investments at amortised cost
– Fixed deposits with tenor of more than 3 months 3,354 3,770 – –
Others
– Club memberships 410 407 – –
76,345 63,891 – –
Current
Investments at fair value through profit or loss (“FVTPL”)
– Money market funds 111,394 190,915 111,394 190,915
– Mutual funds – 690 – –
Investments at amortised cost
– Fixed deposits with tenor of more than 3 months 229,339 230,988 – –
340,733 422,593 111,394 190,915
Equity investments designated at FVOCI

The Group designated its investments in unquoted shares shown below at FVOCI as the Group intends to hold these investments
for long term strategic purposes.
Fair value as at
31 December 31 December
2021 2020
RM’000 RM’000
Lucence Life Sciences Pte. Ltd. 30,817 30,637

Doctor Anywhere Pte. Ltd. 41,685 28,985

11. DEFERRED TAX ASSETS AND LIABILITIES

The amounts included in the statements of financial position after appropriate offsetting are as follows:
Assets Liabilities Net

2021 2020 2021 2020 2021 2020
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Group
Unutilised tax losses 198,231 235,084 – – 198,231 235,084
Investment tax allowances 161,137 6,348 – – 161,137 6,348
Receivables/Provisions 283,700 218,748 (63,546) (39,835) 220,153 178,913
Property, plant and equipment 20,270 137,366 (582,191) (704,037) (561,921) (566,671)
Investment properties – – (120,891) (118,582) (120,890) (118,582)
Intangible assets – – (437,398) (439,681) (437,398) (439,681)
Leases 5,550 27,654 (142,754) (72,695) (137,204) (45,041)
Others 12,747 15,015 (1,789) (5,892) 10,958 9,123
681,635 640,215 (1,348,569) (1,380,722) (666,934) (740,507)
Set off (113,904) (212,466) 113,904 212,466 – –
567,731 427,749 (1,234,665) (1,168,256) (666,934) (740,507)
Company
Receivables/Provisions 1,311 1,288 – – 1,311 1,288

11. DEFERRED TAX ASSETS AND LIABILITIES (continued)
Investment Property,
Unutilised tax tax Receivables/ plant and Investment Intangible
losses allowances Provisions equipment properties assets Leases Others Total
Note RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Group
At 1 January 2020 256,076 6,481 193,594 (588,566) (103,752) (447,915) (3,183) 5,491 (681,774)
Acquired through business
combinations 40 – – – (36,863) – (12,528) – – (49,391)
Disposal of subsidiaries 40 – – (35) 1,950 – – – (164) 1,751
Recognised in profit or loss 32 (8,177) (133) (8,472) 51,491 (11,212) (1,525) (38,205) 5,251 (10,982)
Recognised in other
comprehensive income 30 – – 3,171 – – – – – 3,171
Translation differences (12,815) – (9,345) 5,317 (3,618) 22,287 (3,653) (1,455) (3,282)
1 January 2021 235,084 6,348 178,913 (566,671) (118,582) (439,681) (45,041) 9,123 (740,507)
Acquired through business
combinations 40 – – 813 (8,408) – (40,276) 117 – (47,754)
Disposal of subsidiaries 40 – – – 12,876 – – – – 12,876
Recognised in profit or loss 32 (34,979) 237,707 72,669 (5,955) (10,333) 6,233 (88,411) 2,024 178,955
Recognised in other
comprehensive income 30 – – 3,400 – – – – – 3,400
Translation differences (1,874) (82,918) (35,641) 6,237 8,024 36,326 (3,869) (189) (73,904)
At 31 December 2021 198,231 161,137 220,154 (561,921) (120,891) (437,398) (137,204) 10,958 (666,934)
Company
At 1 January 2020 – – 208 – – – – – 208
Recognised in profit or loss 32 – – 1,073 – – – – – 1,073
Translation differences – – 7 – – – – – 7
1 January 2021 – – 1,288 – – – – – 1,288
Recognised in profit or loss 32 – – 16 – – – – – 16
Translation differences – – 7 – – – – – 7
At 31 December 2021 – – 1,311 – – – – – 1,311
Deferred tax assets and liabilities are offset where there is legally enforceable right to set off current tax assets against current tax
liabilities and where the deferred taxes relate to the same taxation authority.
Unrecognised deferred tax assets

Deferred tax assets have not been recognised in respect of the following items (stated at gross):
Group
2021 2020
RM’000 RM’000
Deductible temporary difference 1,223,589 1,179,265

Unutilised tax losses 3,740,951 3,548,672
4,964,540 4,727,937
Deferred tax assets have not been recognised in respect of these items because it is not probable that future taxable profit will be
available against which the respective subsidiaries can utilise the benefits therefrom. Tax losses are subject to agreement by the
tax authorities and compliance with tax regulations in the countries in which the subsidiaries operate.
The unutilised tax losses carried forward do not expire under current tax legislations, except for the amount of RM1,573,572,000
(2020: RM1,707,569,000) which will expire in the next 1 to 8 years.

12. DEVELOPMENT PROPERTIES

Group
2021 2020
At 1 January 90,083 84,213

Additions 3,724 5,870
Recognised in profit or loss (2,540) –
Transfer to property, plant and equipment 3 (17,405) –
As at 31 December 73,862 90,083
13. INVENTORIES
Group
2021 2020
RM’000 RM’000
Pharmaceuticals, surgical and medical supplies 455,065 420,153
At 31 December 2021, inventories with carrying amount of RM99,821,000 (2020: RM71,906,000) were pledged to licensed financial
institutions as securities for credit facilities granted to certain subsidiaries.
14. TRADE AND OTHER RECEIVABLES

Group Company
2021 2020 2021 2020
RM’000 RM’000 RM’000 RM’000
Non-current
Trade receivables – 142 – –
Other receivables 20,188 39,792 – –
Interest receivables 60 94 – –
Deposits 58,517 23,404 – –
Financial assets, at amortised cost 78,765 63,432 – –
Prepayments 52,660 63,897 8,371 13,134
131,425 127,329 8,371 13,134
Current
Trade receivables 2,146,387 1,612,584 – –
Trade amounts due from:
– Associates 4,965 4,530 – –
– Joint ventures 2,596 23,730 – –
2,153,948 1,640,844 – –
Other receivables 91,688 106,065 – 544

Non-trade amounts due from:
– Subsidiaries – – 68,754 52,524
– Associates 62 266 – –
– Joint ventures 1,599 10,378 – –
Interest receivables 11,150 15,101 90 170
Deposits 120,080 64,748 5 5
Financial assets, at amortised cost 2,378,527 1,837,402 68,849 53,243
Prepayments 119,002 115,740 7,656 6,303
2,497,529 1,953,142 76,505 59,546
Amounts due from subsidiaries are unsecured, interest-free and are repayable on demand.

14. TRADE AND OTHER RECEIVABLES (continued)
Offsetting of financial assets and financial liabilities
The following table provides information of financial assets and liabilities that have been set off for presentation purpose:
Net carrying
amount in
Balances the statement
Gross that are of financial
amount set off position
Group Note RM’000 RM’000 RM’000
2021
Trade receivables 2,184,821 (30,873) 2,153,948
Trade payables 24 (1,546,443) 30,873 (1,515,570)
2020
Trade receivables 1,701,366 (60,380) 1,640,986
Trade payables 24 (1,309,461) 60,380 (1,249,081)
Certain trade receivables and trade payables were set off for presentation purpose as the Group has enforceable rights to set off
the amounts and intends either to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.
15. CASH AND CASH EQUIVALENTS

Group Company
2021 2020 2021 2020
Note RM’000 RM’000 RM’000 RM’000
Cash and bank balances 1,516,681 1,402,442 324,838 49,676

Fixed deposits with tenor of 3 months or less 3,500,999 2,785,364 890,042 97,000
Cash and cash equivalents in the statements
of financial position 5,017,680 4,187,806 1,214,880 146,676
Add:
Cash and cash equivalents included
in assets classified as held for sale 16 – 6,907 – –
Less:
Secured bank overdrafts (24,229) (22,401) – –
Deposits placed in escrow account (1,900,284) (1,894,365) – –
Restricted cash (3,297) (13,900) – –
Cash and cash equivalents in the statements
of cash flows 3,089,870 2,264,047 1,214,880 146,676
Deposits placed in escrow account

These are the amounts deposited in accordance with the requirements of Securities and Exchange Board of India (Substantial
Acquisition of Shares and Takeovers Regulations) (“SEBI (SAST) Regulations”) relating to the Group’s Mandatory Open Offer (“Offer”)
to acquire up to an additional 197,025,660 and 4,894,308 equity shares of Fortis and Fortis Malar Hospitals Limited respectively
(see note 38). These amounts can only be released in the manner prescribed in Clause 17(10) of the SEBI (SAST) Regulations.

16. ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE

Group
2021 2020
RM’000 RM’000
Assets classified as held for sale

Property, plant and equipment 1,844 6,962
Investment property – 94,584
Interests in a joint venture – 65,666
Other financial assets – 234
Trade and other receivables – 42,639
Cash and cash equivalents – 6,907
1,844 216,992
Liabilities classified as held for sale
Trade and other payables – (19,024)
i. Property, plant and equipment

Included in property, plant and equipment classified as held for sale as at 31 December 2020 was a piece of freehold land in
India amounting to RM6,198,000 that was committed for sale.
The land was sold during the year at its carrying amount.
ii. Investment property

In 2020, PLife REIT entered into a non-binding Memorandum of Understanding to sell an industrial property located in Japan.
Accordingly, the investment property was transferred to asset classified as held for sale in the statement of financial position
as at 31 December 2020.
The sale of the property was completed in January 2021 for a total sales consideration of JPY2.9 billion (approximately
RM113.1 million) and a gain of approximately RM16.3 million was recognised in profit or loss.
iii. Interests in a joint venture

In 2020, the Group planned to divest its investment in Apollo Gleneagles Hospital Ltd. Accordingly, investment in the joint
venture was transferred to assets classified as held for sale as at 31 December 2020.
In April 2021, the divestment was completed for a consideration of INR4.1 billion (equivalent to RM225.1 million) and a gain of
RM139.1 million was recognised in the profit or loss.
iv. Investment in a subsidiary

In 2020, the Group had planned to divest its investment in Andaman Alliance Healthcare Limited (“AAHL”), a 52% owned
subsidiary. Accordingly, the assets and liabilities of AAHL were classified as assets and liabilities held for sale as at 31
December 2020.
During the year, the assets and liabilities of AAHL were no longer classified as held for sale due to change in exit plans for
the Group’s investments in AAHL.

17. SHARE CAPITAL
Group and Company
Number Number
of shares Amount of shares Amount
2021 2021 2020 2020
’000 RM’000 ’000 RM’000
Issued and fully paid shares with no par value

classified as equity instruments:
Ordinary shares
At 1 January 8,777,219 19,473,364 8,773,990 19,455,138
Issued pursuant to the surrender of vested
Long Term Incentive Plan (“LTIP”) units 1,854 10,127 3,229 18,226
Issued pursuant to the exercise of vested
Enterprise Option Scheme (“EOS”) units 17,644 131,427 – –
At 31 December 8,796,717 19,614,918 8,777,219 19,473,364
The holders of ordinary shares are entitled to receive dividends as declared from time to time, and are entitled to one vote per
share at general meetings of the Company.
18. OTHER RESERVES

The movement in each category of the other reserves are disclosed in the consolidated statements of changes in equity.
The nature and purpose of each category of reserves are as follows:
(a) Share option reserve

Share option reserve comprises the cumulative value of employee services received for the issue of share options and
conditional award of performance shares.
(b) Revaluation reserve

Revaluation reserve relates to the revaluation of property, plant and equipment immediately prior to its reclassification as
investment property.
(c) Hedge reserve

Hedge reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedges relating to
hedged transactions that have not yet occurred.
(d) Cost of hedging reserve

Cost of hedging reserve reflects gain or loss on the portion excluded from the designated hedging instrument that relates to
the time value element of interest rate cap contracts.
(e) Capital reserve

Capital reserve comprises mainly:
(i) non-cash contribution from/distribution to holding companies within the Group for the common control transfer
of subsidiaries;
(ii) difference between the consideration paid/received and net assets acquired/disposed in equity transactions with
non-controlling interests;
(iii) capital gain/loss arising from the payment of a non-controlling interest’s subscriptions to the share capital of subsidiaries
or arising from the Group’s subscription of additional shares of non-wholly owned subsidiaries;
(iv) financial liabilities arising from initial issue of put options to non-controlling interests for sale of interests in subsidiaries
to the Group, and its subsequent remeasurement; and
(v) Realised exchange gains/losses on payment of coupons of perpetual securities.

18. OTHER RESERVES (continued)

(f) Legal reserve
Legal reserve comprises:
(i) first and second legal reserves for the Group’s subsidiaries in Turkey. The first legal reserves are generated by annual
appropriations amounting to 5 percent of income disclosed in the Group’s Turkey-based subsidiaries’ statutory
accounts until it reaches 20 percent of the paid-up share capital of these subsidiaries. If the dividend distribution is
made in accordance with statutory records, a further 1/11 of dividend distribution, in excess of 5 percent of paid-up share
capital are to be appropriated to increase the second legal reserve; and
(ii) statutory reserve fund (“SRF”) for the Group’s subsidiaries in the People’s Republic of China (“PRC”) who are required
by the Foreign Enterprise Law to allocate 10% of the statutory profits after tax as determined in accordance with the
applicable PRC accounting standards and regulations to the SRF annually. Subject to approval from the relevant PRC
authorities, the SRF may be used to offset any accumulated losses or increase the registered capital of the subsidiaries.
The SRF is not available for dividend distribution to shareholders.
(g) Foreign currency translation reserve

Foreign currency translation reserve of the Group comprises:
(i) foreign exchange differences arising from the translation of the financial statements of foreign operations whose
functional currencies are different from the functional currency of the Company;
(ii) the exchange differences on monetary items which form part of the Group’s net investment in the foreign operations,
provided certain conditions are met; and
(iii) the effective portion of any foreign currency differences arising from hedges of the Group’s net investment in a
foreign operation.
19. PERPETUAL SECURITIES

In July 2017, a wholly owned subsidiary, Parkway Pantai Limited (“PPL”) established a US$2.0 billion Multicurrency Term Note
Programme (“MTN programme”).
In the same month, senior perpetual securities (“perpetual securities”) with an aggregate principal amount of US$500.0 million
(approximately RM2,130.8 million) were issued by PPL under the MTN programme. The perpetual securities bear an initial semi-
annual distribution of 4.25% per annum which will be reset in July 2022 and at every 5 years thereafter.
The salient features of the perpetual securities are as follows:
i) unrated and listed on the Singapore Stock Exchange;
ii) direct, unconditional, unsubordinated and unsecured obligations of PPL;
iii) no fixed redemption date but PPL has the option to redeem at the end of 5 years from date of issuance at their principal
amounts and on each subsequent semi-annual periodic distribution payment date;
iv) may also be redeemed at the option of PPL upon the occurrence of certain events as detailed in the terms and conditions of
offering circular and pricing supplement of the perpetual securities;
v) expected periodic distribution amount may be deferred by PPL and are cumulative, subject to the terms and conditions in
the offering circular of the perpetual securities; and
vi) shall at all times rank pari passu and without any preference among the perpetual securities issued and (save for certain
obligations required to be preferred by law) equally with all other unsecured obligations (other than subordinated obligations,
if any) of PPL, from time to time outstanding.
The issued perpetual securities are classified as equity as the payment of cumulative distribution or redemption of the securities
are at the option of PPL.
During the financial year, distributions amounting to RM88,300,000 (2020: RM89,843,000) were accrued to perpetual security
holders, and distributions amounting to RM87,659,000 (2020: RM88,641,000) were paid to the perpetual security holders.

20. LOANS AND BORROWINGS
Group
2021 2020
RM’000 RM’000
Non-current
Secured 1,079,929 1,091,363
Bank loans 2,221 2,296
Loans from corporates
Unsecured
Bank loans 5,162,308 6,183,745
Fixed rate medium term notes 431,713 462,925
Loans from corporates* 933,320 924,347
7,609,491 8,664,676
Current
Secured 179,823 336,204
Bank loans 1,008 988
Unsecured 1,055,928 658,534
Bank loans 668 658
Loans from corporates 1,237,427 996,384
Total loans and borrowings 8,846,918 9,661,060
* Includes loans from non-controlling interests of RM869,305,000 (2020: RM863,921,000)

20. LOANS AND BORROWINGS (continued)

The terms and conditions of outstanding loans and borrowings are as follows:
Currency Nominal interest rate Year of maturity Carrying amount

Group % RM’000
2021
Secured bank loans EUR Euribor (1) + 1.4% to 1.9% 2022 – 2030 111,150
Secured bank loans INR MCLR (2) + 0.0% to 2.85% 2022 – 2030 685,002
Secured bank loans MKD 3.60% 2022 11,038
Secured bank loans MKD NBMRIR (3) + 2.05% 2022 – 2024 7,219
Secured bank loans RMB PBC interest rate (4) 2022 – 2031 436,625
Secured bank loans RMB PBC loan prime rate (5) + 0.848% 2022 8,718
Secured loans from corporates INR 7.80% – 9.00% 2022 – 2025 3,229
Unsecured bank loans EUR 1.85% 2022 – 2024 44,741
Unsecured bank loans EUR Euribor (1) + 0.38% to 1.90% 2022 – 2028 821,767
Unsecured bank loans HKD HIBOR (6) + 0.83% to 1.07% 2024 – 2025 1,823,869
Unsecured bank loans JPY LIBOR (7) + 0.30% to 0.50% 2024 – 2027 1,303,685
Unsecured bank loans JPY COF (8) 2022 291,892
Unsecured bank loans MYR COF (8) + 0.4% to 0.7% 2022 – 2023 338,025
Unsecured bank loans SGD 0.72% 2022 143,297
Unsecured bank loans SGD SORA (9) + 0.35% to 0.5% 2024 – 2026 517,843
Unsecured bank loans SGD SOR (10) + 0.79% 2025 673,103
Unsecured bank loans SGD SWAP rate + 0.95% 2027 212,515
Unsecured bank loans TRY 15.92% 2022 47,499
Unsecured fixed rate medium term notes JPY 0.51% – 0.65% 2023 – 2027 431,713
Unsecured loans from corporates HKD HIBOR (6) + 1.30% 2026 865,331
Unsecured loans from corporates RMB PBC interest rate (4) 2023 – 2025 67,343
Unsecured loans from corporates AED 0.00% 2022 646
Unsecured loans from corporates USD 6.00% 2023 668
8,846,918
1 Euro Interbank Offer Rate

2 Marginal Cost of Funds Based Lending Rate
3 National Bank of Macedonia Reference Interest Rate
4 People’s Bank of China benchmark loan interest rate
5 People’s Bank of China loan prime rate
6 Hong Kong Interbank Offered Rate
7 London Interbank Offered Rate
8 Bank’s Cost of Funds
9 Singapore Overnight Rate Average
10 Singapore Swap Offer Rate

Currency Nominal interest rate Year of maturity Carrying amount

Group % RM’000
2020
Secured bank loans EUR Euribor (1) + 1.4% to 1.5% 2021 – 2030 175,567
Secured bank loans INR MCLR (2) + 0.5% to 2.85% 2021 – 2030 989,427
Secured bank loans MKD NBMRIR (3) + 2.05% 2021 – 2024 16,182
Secured bank loans RMB PBC interest rate (4) 2022 – 2031 246,391
Secured loans from corporates INR 7.80% – 9.27% 2021 – 2025 3,284
Unsecured bank loans EUR 1.85% 2021 – 2024 61,398
Unsecured bank loans EUR Euribor (1) + 0.38% to 1.05% 2021 – 2028 1,007,282
Unsecured bank loans HKD HIBOR (6) + 0.83% to 1.07% 2024 – 2025 1,724,374
Unsecured bank loans JPY LIBOR (7) + 0.3% to 0.41% 2021 – 2025 1,241,026
Unsecured bank loans JPY COF (8) 2021 82,653
Unsecured bank loans MYR COF (8) + 0.70% 2023 13,677
Unsecured bank loans SGD SOR (10) + 0.45% to 0.89% 2021 – 2026 1,301,165
Unsecured bank loans SGD SWAP rate + 0.95% 2027 1,401,972
Unsecured bank loans SGD COF (8) 2021 8,732
Unsecured fixed rate medium term notes JPY 0.57% to 0.65% 2022 – 2024 462,925
Unsecured loans from corporates HKD HIBOR (6) + 1.30% 2026 859,803
Unsecured loans from corporates RMB PBC interest rate (4) 2022 – 2025 63,545
Unsecured loans from corporates RMB PBC loan prime rate (5) 2027 368
Unsecured loans from corporates AED 0.00% 2022 636
Unsecured loans from corporates USD 6.00% 2021 653
9,661,060
1 Euro Interbank Offer Rate

2 Marginal Cost of Funds Based Lending Rate
3 National Bank of Macedonia Reference Interest Rate
4 People’s Bank of China benchmark loan interest rate
5 People’s Bank of China loan prime rate
6 Hong Kong Interbank Offered Rate
7 London Interbank Offered Rate
8 Bank’s Cost of Funds
9 Singapore Overnight Rate Average
10 Singapore Swap Offer Rate


The secured Indian Rupee (“INR”) denominated bank loans are secured over the assets of certain subsidiaries and associates
(2020: assets and shares of certain subsidiaries and associates).
The secured INR denominated loans from corporates are secured over specific equipment of certain subsidiaries.
The secured Macedonian Denar (“MKD”) and Euro Dollars (“Euro”) denominated bank borrowings are secured over assets of
certain subsidiaries.
The secured Chinese Renminbi (“RMB”) denominated bank loans are secured over medical equipment, hospital in construction and
a ROU asset relating to prepaid lease for land (2020: hospital in construction and a ROU asset relating to prepaid lease for land).
Breach of loan covenant

In 2020, one of the subsidiaries, Continental Hospitals Private Limited (“Continental”), breached its loan covenants in respect
of a bank loan amounting to RM81,707,000. There were breaches of several non-financial covenants since 31 December 2018.
Consequently, the bank loan became repayable on demand and was classified in full as a current liability. Continental ceased to
be a subsidiary of the Group in December 2021 (see note 40).
Unsecured fixed rate medium term notes

PLife REIT has through its wholly owned subsidiary, Parkway Life MTN Pte Ltd (“PLife MTN”), put in place a SGD500 million
Multicurrency Debt Issuance Programme, to provide PLife REIT with the flexibility to tap various types of capital market products
including issuance of perpetual securities when needed.
Under the Debt Issuance Programme, PLife MTN is able to issue notes while HSBC Institutional Trust Services (Singapore) Limited
(in its capacity as trustee of PLife REIT) (“PLife REIT Trustee”) is able to issue perpetual securities.
All sums payable in respect of the notes issued by PLife MTN are unconditionally and irrevocably guaranteed by PLife REIT Trustee.
As at 31 December 2021, there are three series of outstanding fixed rate notes issued under the Multicurrency Debt Issuance
Programme amounting to JPY11.8 billion (approximately RM431.7 million) (2020: JPY11.8 billion (approximately RM462.9 million))
with maturity dates between 2023 to 2027 (2020: 2022 to 2024).

The HKD-denominated loans from corporates are in relation to the non-controlling interest’s share of financing granted to a
subsidiary, GHK.

Reconciliation of movement of liabilities to cash flows arising from financing activities
Fixed rate Loans
Bank medium from Lease Interest
loans term notes corporates liabilities payables Total
Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
At 1 January 2020 7,539,671 446,430 917,798 2,073,933 19,812 10,997,644

Net changes from financing cash flows 562,800 – 993 (493,940) (314,818) (244,965)
Acquisition of subsidiaries – – – 10,815 – 10,815
Disposal of a subsidiary – – – (984) – (984)
Change in leases – – – 142,424 – 142,424
Foreign exchange movement 146,141 16,495 9,498 42,354 35,846 250,334
Other liability-related changes 21,234 – – 170,708 329,336 521,278
At 31 December 2020/1 January 2021 8,269,846 462,925 928,289 1,945,310 70,176 11,676,546
Net changes from financing cash flows (543,070) – – (383,142) (300,241) (1,226,453)
Acquisition of subsidiaries 23,972 – – 35,001 – 58,973
Disposal of subsidiaries (55,273) – – – – (55,273)
Change in leases – – – 509,612 – 509,612
Foreign exchange movement (221,977) (31,212) 9,315 (268,152) 5,387 (506,639)
Other liability-related changes 4,490 – (387) 163,905 309,629 477,637
At 31 December 2021 7,477,988 431,713 937,217 2,002,534 84,951 10,934,403
Lease
liabilities
Group RM’000
1 January 2020 1,252

Net changes from financing cash flows (1,018)
Other liability-related changes 19
At 31 December 2020/1 January 2021 253
Net changes from financing cash flows (1,007)
Change in leases 3,034
Other liability-related changes 23
At 31 December 2021 2,303

21. EMPLOYEE BENEFITS

Group Company
2021 2020 2021 2020
Note RM’000 RM’000 RM’000 RM’000
Non-current
Retirement benefits 22 91,649 83,787 – –
Employment termination benefits 23 17,173 20,588 – –
Provision for unconsumed leave 8,188 2,352 – –
Deferred bonus scheme 895 714 371 240
Gratuity 17,320 10,237 5,340 3,596
135,225 117,678 5,711 3,836
Current
Retirement benefits 22 7,785 7,253 – –
Employment termination benefits 23 1,244 1,188 – –
PTM long term incentive plan (cash-settled) 1,911 1,553 – –
Defined contribution plan 46,307 41,076 96 263
Provision for unconsumed leave 94,391 86,187 2,066 1,236
Deferred bonus scheme 11,730 6,401 1,747 –
Gratuity 1,759 3,580 1,759 3,580
165,127 147,238 5,668 5,079
PTM long term incentive plan (cash-settled)

In 2009, the long term incentive (“LTI”) plan of a subsidiary, Parkway Trust Management Limited (“PTM”), was approved to award
eligible employees with units in PLife REIT held by PTM when certain prescribed performance targets are met. The LTI plan is
administered by the Nominating and Remuneration Committee of PTM.
Provision for unconsumed leave

The balances represent the cash value of the unconsumed leave balance entitled to the employees at the end of the financial year.
Employees of certain subsidiaries can carry-forward a portion of the unconsumed leave and utilise it in future service periods or
receive cash compensation on termination of employment. Unconsumed leave that does not fall due wholly within twelve months
after the end of the period in which the employees render the related service and are not expected to be utilised wholly within
twelve months after the end of such period is classified as non-current. The obligation is measured based on independent actuarial
valuation using projected unit credit method.
Deferred bonus scheme (cash-settled)

There are various deferred bonus schemes within the Group that are awarded to eligible employees when certain prescribed
performance targets are met and/or the employee remains within the Group for a prescribed period. These deferred bonus
schemes would vest in tranches over a prescribed period. The aim of such deferred bonus schemes is to make total employee
remuneration sufficiently competitive to recruit, reward, retain and motivate outstanding employees.

21. EMPLOYEE BENEFITS (continued)
Share-based payment scheme
(a) LTIP
On 25 March 2011, the Group established the LTIP scheme to grant non-transferrable convertible units to eligible employees
of the Group.
The LTIP units granted will vest in the participants within three years from the date of grant. All LTIP units that have been
granted and vested must be surrendered to the Company for allotment of shares of the Company on the basis of one share
for each LTIP unit. The LTIP units have no exercise price and the LTIP scheme was in force for a period of 10 years from
25 March 2011 and expired on 24 March 2021. LTIP units that lapsed upon expiry of the scheme were converted to a cash-
settled payout which is part of the deferred bonus scheme.
The movement in the number of outstanding LTIP units are as follows:
Key management Other eligible

personnel employees
2021 2020 2021 2020
’000 ’000 ’000 ’000
Number of LTIP units

Outstanding at 1 January 245 2,260 2,091 2,292
Transfers – (1,551) – 1,551
Granted during the year – – – 1,842
Forfeited during the year – – – (829)
Exercised during the year (245) (464) (1,609) (2,765)
Lapsed during the year – – (482) –
Outstanding at 31 December – 245 – 2,091
Exercisable at 31 December – – – –
The LTIP units outstanding as at 31 December 2020 had a weighted average contractual life of 1.45 years.
Fair value of options and assumptions

The fair value of services received in return for the LTIP units granted is determined based on Trinomial Option Pricing Model,
and taking into account the terms and conditions under which the units were granted.
In 2020, a total of 1,842,000 equity-settled LTIP units were granted to eligible employees. There was no equity-settled LTIP
units granted in 2021.
Inputs to the model used for measurement of the fair value of LTIP units granted in 2020 are as follows:
Other eligible
employees
2020
Fair values at grant date RM5.21
Share price at grant date RM5.21

Expected volatility (average volatility) 15.67%
Option life (expected average life) 0.92 years
Expected dividend yield 0.00%
Risk free rate 2.97%


Share-based payment scheme (continued)
(b) Enterprise Option Scheme (“EOS”)
On 15 June 2015, at an extraordinary general meeting, the Company’s shareholders approved the establishment of the EOS
scheme to grant share options to eligible personnel.
The EOS options granted in each year will vest in the participants over a 3-year period. Each EOS option gives the participant
a right to receive one share, upon exercise of the option and subject to the payment of the exercise price.
The exercise price for the EOS option granted shall be determined by the Board which shall be based on the 5-day weighted
average market price of the underlying shares a day immediately preceding the date of offer with a discount of not more than
10% or such other percentage of discount as may be permitted by Bursa Securities or any other relevant regulatory from time
to time (subject to the Board’s discretion to grant the discount).
The EOS shall be in force for a period of 10 years from 22 June 2015.
The movement in the number of outstanding EOS options are as follows:
Key management Other eligible

personnel employees
Weighted Weighted
average Number average Number
exercise price of options exercise price of options
’000 ’000
2021
Outstanding at 1 January RM5.89 5,127 RM6.04 41,704
Forfeited during the year – – RM6.37 (7,346)
Exercised during the year – – RM5.85 (17,644)
Outstanding at 31 December RM5.89 5,127 RM6.09 16,714
Exercisable at 31 December RM5.92 4,179 RM6.19 12,706
2020
Outstanding at 1 January RM6.03 35,536 RM6.00 20,315
Transfers RM6.06 (30,409) RM6.06 30,409
Forfeited during the year – – RM6.00 (9,020)
Outstanding at 31 December RM5.89 5,127 RM6.04 41,704
Exercisable at 31 December RM5.93 2,470 RM6.11 29,065
The EOS options outstanding as at 31 December has the following features:
2021 2020
Exercise price RM5.67 – RM6.55 RM5.67 – RM6.55

Weighted average contractual life (in years) 7.12 7.46

(c) Fortis Employee Stock Option Plan (“Fortis ESOP”)
Fortis has share-based payment schemes, “Employee Stock Option Plan 2007” and “Employee Stock Option Plan
2011”, granted to the eligible employees and directors of Fortis and its subsidiaries. The schemes were approved by the
shareholders of Fortis in 2007 and 2011 respectively.
Each option under the schemes, when exercised, would be converted into one fully paid up equity share of INR10.00 each
of Fortis. There are no conditions for vesting other than continued employment with Fortis and its subsidiaries.
The movement in the number of the outstanding Fortis ESOP options are as follows:
2020
Weighted
average Number
exercise price of options
‘000
Outstanding at 1 January INR152.94 159

Forfeited during the year INR152.94 (159)
Outstanding at 31 December – –
(d) Malar Employee Stock Option Plan (“Malar ESOP”)

Fortis Malar Hospital Limited (“Malar”) has a share-based payment scheme, Malar Employee Stock Option Plan 2008 (“Malar
ESOP”), granted to the eligible employees of Malar and its subsidiary.
The Malar ESOP was approved by the board of directors of Malar on 31 July 2008 /28 May 2009 and by Malar’s shareholders in
the annual general meeting held on 29 September 2008/21 August 2009. The Malar ESOP was effective from 21 August 2009.
The Malar ESOP options will vest in the participants equally over a 4-year period.
There shall be no lock-in period after the options have vested. The vested options will be eligible to be exercised on the
vesting date itself. Notwithstanding any provisions to the contrary, the options must be exercised before the end of the
tenure of the plan.
The movement in the number of outstanding Malar ESOP options are as follows:
2021 2020
Weighted Weighted
’000 ’000
Outstanding at 1 January INR26.20 11 INR26.20 23

Forfeited during the year INR26.20 (11) INR26.20 (12)
Outstanding at 31 December – – INR26.20 11
Exercisable at 31 December – – INR26.20 11
The Malar ESOP options outstanding at 31 December has the following features:
2021 2020
Exercise price – INR26.20

Weighted average contractual life (in years) – 5.0


(e) SRL Employee Stock Option Plan (“SRL ESOP”)
SRL Limited (“SRL”) has provided share-based payment schemes, “Employee Stock Option Plan 2009” and “Employee Stock
Option Plan 2013”, granted to the eligible employees and directors of SRL and its subsidiaries. The schemes were approved
by SRL’s shareholders on 17 August 2009 and 20 September 2013 respectively.
There are no conditions for vesting other than continued employment with SRL and its subsidiaries.
The movement in the number of outstanding SRL ESOP options are as follows:
2021 2020
Weighted Weighted
’000 ’000
Outstanding at 1 January INR194.68 784 INR289.85 1,040

Reversal of forfeiture in prior year* INR40.00 26 – –
Forfeited during the year INR674.00 (25) INR579.79 (256)
Outstanding at 31 December INR174.24 785 INR194.68 784
Exercisable at 31 December INR174.24 785 INR178.88 759
The SRL ESOP options outstanding as at 31 December has the following features:
2021 2020
Exercise price INR40 – INR428 INR40 – INR674

Weighted average contractual life (in years) Not applicable* 0.7
* During the year, SRL has extended the exercise period of all outstanding options till the occurrence of a future event. In addition,
employees due to retire or get superannuated prospectively will be entitled to exercise the options before the future event.
Value of employee services received for issue of share options

Group Company
2021 2020 2021 2020
Note RM’000 RM’000 RM’000 RM’000
Share-based payment expense included

in staff costs 27 5,942 23,381 2,750 6,921

22. RETIREMENT BENEFITS
Certain Malaysia-based and India-based subsidiaries of the Group have defined benefits plans that provide pension benefits to
employees upon retirement. The plans entitle a retired employee to receive one lump sum payment upon retirement. At the end
of the financial year, the present values of the unfunded obligations are as follows:
Group
2021 2020
Present value of unfunded obligations 99,434 91,040
Movement in liability for defined benefit obligations

At 1 January 91,040 85,331
Included in profit or loss
– Current service costs 11,891 9,210
– Past service credit 18 50
– Interest on obligation 5,018 4,905
– Transition amount 601 –
17,528 14,165
Included in other comprehensive income
Remeasurement gain/(loss)
Actuarial gain/(loss) arising from:
– Demographic assumptions 227 278
– Financial assumptions (2,406) 4,094
– Experience adjustments (255) (2,046)
30 (2,434) 2,326
Others
– Additions through business combinations 3,317 –
– Disposal of subsidiaries (1,559) –
– Benefits paid (8,585) (9,032)
– Translation differences 127 (1,750)
At 31 December 99,434 91,040
Actuarial assumptions
Principal actuarial assumptions at the end of the reporting period:
Group
2021 2020
% %
Discount rate 4.0 – 6.75 4.0 – 7.0

Future salary growth 5.0 – 8.0 5.0 – 8.0
Future mortality 0.01 – 1.15 0.01 – 1.15

22. RETIREMENT BENEFITS (continued)

Sensitivity analysis
Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions
constant, would have affected the defined benefit obligation by the amounts below:
Group
Increase Decrease
RM’000 RM’000
2021
Discount rate (1% movement) (9,045) 10,767
Future salary growth (1% movement) 10,737 (9,174)
Future mortality (1% movement) (58) 2
2020
Discount rate (1% movement) (8,272) 9,858
Future salary growth (1% movement) 9,694 (8,291)
Future mortality (1% movement) – –
Whilst the analysis does not take account of the full distribution of cash flows expected under the plan, it does provide an
approximation to the sensitivity of the assumptions shown.
23. EMPLOYMENT TERMINATION BENEFITS

Certain Turkey-based subsidiaries of the Group are required by local laws to pay termination benefits to each employee who has
completed one year of service and whose employment is terminated without due cause, is called up for military services, dies or
who retires after completing 25 years of service (20 years for women) and reaches the retirement age (58 years for women and
60 years for men).
The termination benefits are calculated as one month gross salary for every employment year and as at 31 December 2021,
the ceiling amount has been limited to TL8,285 (2020: TL7,117), equivalent to RM2,586 (2020: RM3,881). The reserve has been
calculated by estimating the present value of future probable obligations of these subsidiaries arising from retirement of the
employees. The calculation was based upon the retirement pay ceiling announced by the local government.
In Bulgaria, the subsidiaries have an obligation to pay certain amounts to each employee who retires in accordance with Art. 222,
3 of the Labor Code (“LC”). According to these regulations in the LC, when a labor contract of an employee, who has acquired
a pension right, is ended, the employer is obliged to pay to the employee compensations in the amount of two gross monthly
salaries. In case the employee’s length of service in the Company equals to or is greater than 10 or more years as at the retirement
date, the compensation amounts to six gross monthly salaries.

23. EMPLOYMENT TERMINATION BENEFITS (continued)
Group
2021 2020
Present value of unfunded obligations 18,417 21,776
Movement in the liability for defined benefits obligations
At 1 January 21,776 19,582

Included in profit or loss
– Current service costs 2,838 3,193
– Interest on obligation 1,962 1,557
4,800 4,750
Remeasurement loss
– Actuarial loss arising from financial assumptions 30 14,346 10,437
Others
– Benefits paid (13,028) (9,440)
– Translation differences (9,477) (3,553)
At 31 December 18,417 21,776
Actuarial assumptions
Principal actuarial assumptions at the end of the reporting period (expressed as weighted averages):
Group
2021 2020
Turkey
Annual inflation rate 17% 9%
Discount rate 21% 13%
Retirement pay ceiling amount TL8,285 TL7,117
Bulgaria
Future salary growth 0.25% 0.20%
Future income growth 10.0% 3.2%
No sensitivity analysis is presented as any reasonably possible changes in the above key assumptions are not expected to
materially affect the employment termination benefits obligation.

24. TRADE AND OTHER PAYABLES

Group Company
2021 2020 2021 2020
RM’000 RM’000 RM’000 RM’000
Non-current
Trade payables 276 10 – –
Other payables 17,565 21,363 – –
Accruals 3,643 8,018 – –
Interest payables 70,981 – – –
Liabilities on put options granted to non-controlling interests 1,263,581 133,252 – –
1,356,046 162,643 – –
Deposits 64,378 65,687 – –
1,420,424 228,330 – –
Current
Trade payables 1,515,294 1,249,071 – –
Other payables 473,499 532,064 2,803 1,439
Non-trade amounts due to:
- Subsidiaries – – 549 82,968
- Joint ventures 283 255 – –
Accruals 1,079,028 755,631 28,553 10,586
Interest payables 13,970 70,176 – –
Provision for loan taken by a joint venture 45,131 42,021 – –
Liabilities on put options granted to non-controlling interests 674,867 1,004,406 – –
3,802,072 3,653,624 31,905 94,993
Deposits and rental advance billings 171,560 162,412 – –
Contract liabilities 78,942 75,847 – –
4,052,574 3,891,883 31,905 94,993
Amounts due to subsidiaries are unsecured, interest-free and are repayable on demand, except for an amount of RM81,571,000 at
31 December 2020 which was unsecured, repayable on demand and interest-bearing at 1.85% per annum.
Contract liabilities
Contract liabilities mainly relate to considerations received/receivable from students for education services. Revenue from
educational services is recognised over the course semester. The contract liabilities are recognised as revenue over a period of
30 to 270 days when the services are rendered.
Significant changes to contract liabilities balance during the year are as follows:
Group
2021 2020
RM’000 RM’000
Contract liabilities at the beginning of the period recognised as revenue 75,847 69,846

24. TRADE AND OTHER PAYABLES (continued)
Liabilities on put options granted to non-controlling interests
(i) Pursuant to the acquisition of RGE in 2015, the Group granted the following put options to a non-controlling interest of RGE:
(a) An option for the non-controlling interest to sell their 7.13% interest in RGE, on a fully diluted basis, to the Group at a
fixed consideration of INR1,463.0 million (equivalent to RM82.8 million) (2020: RM82.6 million) less price adjustment
of not more than INR110.0 million subject to the occurrence of a certain event in 2018 pursuant to an option agreement
entered with the non-controlling interests. Since 31 December 2018, this put option does not have any value as the
target was not met; and
(b) Another option to sell their remaining interest in RGE to the Group at the prevailing market price on the date the option
is exercised. This put option can only be exercised from December 2020 onwards and does not have an expiry date.
(ii) Pursuant to the acquisition of Continental in 2015, the Group granted a put option to a non-controlling interest to sell its
existing interest in Continental to the Group at the prevailing market price on the date the option is exercised. The put option
can only be exercised from March 2018 onwards and does not have an expiry date. In December 2021, Continental ceased
to be a subsidiary of the group (see note 40). Consequential thereto, the liability on put option granted to non-controlling
interest was derecognised.
(iii) Pursuant to the acquisition of City Hospitals and Clinics AD (“City Clinic”), the Group granted put options to non-controlling
interests of Acibadem City Clinic B.V. (“ACC BV”), who were formerly shareholders of City Clinic, to sell their shares in ACC
BV, to the Group at the higher of the prevailing market price or an amount determined by the formula prescribed in the
agreement. These put options are exercisable until May 2022.
(iv) Pursuant to the disposal of 15% equity interest in ACC BV by the Group to International Finance Corporation (“IFC”),
the Group granted put options to IFC to sell their shares in ACC BV to the Group at the higher of the cost of investment
of IFC or an amount determined by the formula prescribed in the agreement. The put options can only be exercised from
June 2022 to May 2026.
(v) Pursuant to the acquisition of Angsana Holdings Pte. Ltd. (“Angsana”) in 2017, the Group granted put options to the
non-controlling interests to sell their existing interests in Angsana to the Group at the prevailing market price on the date the
options are exercised. The put options can only be exercised from August 2020 onwards and do not have an expiry date.
(vi) Pursuant to a shareholders’ agreement and exit agreement entered into by SRL, Fortis and certain non-controlling interests
of SRL, Fortis granted a cash put option to certain non-controlling interests of SRL to sell their shares in SRL to Fortis upon
the occurrence of certain trigger event (i.e. Cash Option Trigger Event) as stated in the exit agreement. The Cash Option
Trigger Event occurred prior to the Group’s acquisition of Fortis and the exercise period for the cash put option was extended
several times, with the latest extension of the exercise period given till 31 March 2021. On 30 March 2021, SRL, Fortis and
certain non-controlling interests of SRL signed an amendment agreement to incorporate new proposed exit rights for the
certain non-controlling shareholders of SRL, and to also simultaneously terminate the existing exit agreement. Accordingly,
the certain non-controlling interests of SRL have agreed not to exercise the cash put option for a further period of 36 months
from 5 February 2021, being the relevant date as defined in the amendment agreement.
(vii) Pursuant to the acquisition of General Hospital Acibadem Bel Medic (f.k.a. Opsta Bolnica Bel Medic (Bel Medic General
Hospital)) (“Bel Medic”) (see note 40), the Group granted put options to non-controlling interests of Bel Medic to sell their
shares in Bel Medic to the Group at an amount determined by the formula prescribed in the shareholders’ agreement. These
put options are exercisable between July 2026 and July 2029, unless expedited upon the occurrence of a certain event from
July 2024. If expedited, the put options can be exercised at a prescribed discount.
During the year, change in fair value of liabilities on put options granted to non-controlling interests amounting to RM1,061,542,000
loss (2020: RM160,208,000 loss) was recognised in equity (see note 36(viii)).

24. TRADE AND OTHER PAYABLES (continued)

Provision for loan taken by a joint venture
In 2013, Khubchandani Hospitals Private Limited (“KHPL”), a 50% owned joint venture, was granted a term loan facility to fund the
construction and pre-operating costs of its hospital. A wholly owned subsidiary of the Group, Parkway Holdings Limited (“PHL”),
is a joint sponsor under the Sponsor Support Agreement for the term loan facility where the sponsors are required to provide for
any shortfall payable by KHPL in the event of termination or non-completion of the hospital project. On 5 January 2017, the bank
served a notice to KHPL that the hospital project was unlikely to be completed. In view that KHPL is unlikely to be able to repay the
loan, the Group made a provision for its 50% share of the amounts that KHPL owes the licensed bank.
25. DERIVATIVE ASSETS AND LIABILITIES

Group
2021 2020
RM’000 RM’000
Non-current assets
Held at fair value through profit or loss
– Foreign exchange forward contracts 17,921 6,778
– Cross currency swaps 249,945 94,939
Held for hedging
– Cross currency interest rate swaps 27,199 3,883
– Interest rate caps 2,143 2,704
297,208 108,304
Current assets
– Foreign exchange forward contracts 3,530 –
– Cross currency swaps 124,437 33,410
127,967 33,410
Non-current liabilities
Held for hedging
– Interest rate swaps (471) (800)
Current liabilities
– Foreign exchange forward contracts – (373)
Held for hedging
– Interest rate swaps – (86)
– Cross currency interest rate swaps – (6,857)
– (7,316)

25. DERIVATIVE ASSETS AND LIABILITIES (continued)
Nominal value Fair value
2021 2020 2021 2020
RM’000 RM’000 RM’000 RM’000
Derivatives at fair value through profit or loss

– Foreign exchange forward contracts 240,632 264,176 21,451 6,405
– Cross currency swaps 360,489 748,566 374,382 128,349
– Call option granted to NCI 28,305 28,217 – –
Derivatives used for hedging

– Interest rate caps 863,268 925,428 2,143 2,704
– Interest rate swaps 161,085 318,602 (471) (886)
– Cross currency interest rate swaps 252,311 404,029 27,199 (2,974)
1,906,090 2,689,018 424,704 133,598
The Group enters into interest rate caps, interest rate swaps, cross currency interest rate swaps, cross currency swaps and foreign
exchange forward contracts to manage interest rate fluctuations and exchange rate fluctuations on certain loans, as set out in note
36(vi) and (vii).
Call option granted to NCI

The Group granted a call option to non-controlling interests of RGE to purchase the Group’s 3% interest in RGE on a fully diluted
basis, at a fixed price of INR500.0 million (equivalent to RM28.3 million), pursuant to an option agreement entered with the non-
controlling interests. The call option granted to non-controlling interests is classified as a financial derivative liability.
There was no change in fair value of the call option during 2021 and 2020.
Offsetting financial assets and financial liabilities

The Group’s derivative transactions are entered into under International Swaps and Derivatives Association (“ISDA”) master netting
agreements. In general, under such agreements, the amounts owed by each counterparty in respect of the same transactions
outstanding in the same currency under the agreement are aggregated into a single net amount that is payable by one party to
the other. In certain circumstances, for example when a credit event such as a default occurs, all outstanding transactions under
the agreement are terminated, the termination value is assessed and only a single net amount is due or payable in settlement of
all outstanding transactions.
The above agreements do not meet the criteria for offsetting in the statement of financial position as the right to set-off recognised
amounts is enforceable only following an event of default, insolvency or bankruptcy of the Group or the counterparties. In addition,
the Group and its counterparties do not intend to settle on a net basis or to realise the assets and settle the liabilities simultaneously
in its normal course of business.

26. REVENUE
Group Company
2021 2020 2021 2020
RM’000 RM’000 RM’000 RM’000
Healthcare services 16,569,364 12,862,164 – –

Education services 266,919 256,532 – –
Management fees 15,045 7,709 – –
Sale of development properties 3,996 – – –
Revenue from contracts with customers 16,855,324 13,126,405 – –
Rental income 273,854 273,346 – –
Dividend income
– from subsidiaries – – 1,390,957 386,385
– from money market funds 2,585 4,853 2,585 4,853
17,131,763 13,404,604 1,393,542 391,238
Disaggregation of revenue from contracts with customers

In the following table, revenue from contracts with customers is disaggregated by reportable segments:
Sale of
Healthcare Education Management development
services services fees properties Total
RM’000 RM’000 RM’000 RM’000 RM’000
2021
Reportable segments
Singapore 4,945,877 10,987 1,605 – 4,958,469
Malaysia 2,695,331 – – 3,996 2,699,327
India 3,703,050 – 8,418 – 3,711,468
Greater China 876,133 – 7 – 876,140
Central and Eastern Europe 4,347,258 – – – 4,347,258
IMU Health Malaysia 1,715 255,932 – – 257,647
Others – – 5,015 – 5,015
16,569,364 266,919 15,045 3,996 16,855,324
2020
Reportable segments
Singapore 3,802,434 9,596 1,344 – 3,813,374
Malaysia 2,160,333 – – – 2,160,333
India 2,635,414 – 2,706 – 2,638,120
Greater China 661,624 – 6 – 661,630
Central and Eastern Europe 3,462,176 – – – 3,462,176
IMU Health Malaysia 1,767 246,936 – – 248,703
Others 138,416 – 3,653 – 142,069
12,862,164 256,532 7,709 – 13,126,405

26. REVENUE (continued)
Healthcare services revenue
Healthcare services revenue generally relates to contracts with patients in which performance obligations are to provide
healthcare services. The performance obligations for inpatient services are generally satisfied over a short period, and revenue
from inpatients is recorded when the healthcare services is performed. The performance obligations for outpatient and daycase
services are generally satisfied over a period of less than one day, and revenue is also recorded when the healthcare services
is performed. The Group has a range of credit terms which are typically short term, in line with market practice, and without any
financing component. There are no variable considerations, and no obligation for returns or refunds or warranties for healthcare-
related services.
Education services revenue

Education services revenue primarily consist of tuition fees. Tuition fee for educational services not yet provided is recorded as
contract liability (see note 24) and recognised as revenue over the period when the services are rendered. There are no variable
considerations. The Group maintains a tuition refund policy which provided for all, or a portion of tuition fees to be refunded if
a student withdrew a semester within the stated refund periods. Refunds are recorded as a reduction of the related remaining
contract liability and a reduction of revenue in the month that the student withdraws from a semester. If a student withdraws at the
time when only a portion, or none, of the tuition fees was refundable, then the Group continues to recognise the tuition fees that
was not refunded over the period of the related semester.
Management fees
Management fee is recognised over time for management and consultancy services provided. The stage of completion is assessed
by reference to surveys of work performed. The Group has a range of credit terms which are typically short term, in line with market
practice, and without any financing component.
27. STAFF COSTS

Group Company
2021 2020 2021 2020
Note RM’000 RM’000 RM’000 RM’000
Salaries, bonuses and other costs 5,826,720 4,953,121 70,863 51,564

Contribution to defined contribution plans 246,800 224,739 1,270 1,421
Equity-settled share-based payments 21 5,942 23,381 2,750 6,921
6,079,462 5,201,241 74,883 59,906

28. FINANCE INCOME AND COSTS

Group Company
2021 2020 2021 2020
RM’000 RM’000 RM’000 RM’000
Finance income
Interest income 49,084 69,144 1,517 789
Fair value gain on investments at FVTPL 933 – 933 –
Fair value gain on financial derivatives 493,584 173,711 – –
543,601 242,855 2,450 789
Finance costs
Interest on loans and borrowings (308,311) (316,551) – –
Interest on lease liabilities (163,326) (170,708) (23) (19)
Interest on amounts due to a subsidiary – – (1,468) (1,925)
Exchange loss on loans and borrowings (604,966) (436,772) – –
Fair value loss on investments at FVTPL – (86) – (86)
Fair value loss on financial derivatives – (5,795) – –
Other finance costs (38,103) (38,474) – –
Less capitalised interest expenses in property, plant and
equipment from:
– Interest on loans and borrowings 21,282 12,126 – –
– Interest on lease liabilities 5,797 8,674 – –
(1,087,627) (947,586) (1,491) (2,030)
29. PROFIT BEFORE TAX

(a) Auditors’ remuneration charged to profit or loss comprises:
Group Company
2021 2020 2021 2020
RM’000 RM’000 RM’000 RM’000
Auditors’ remuneration
Audit fees
– KPMG PLT (1,504) (1,509) (492) (423)
– Overseas affiliates of KPMG PLT (8,441) (9,853) (438) (442)
– Other auditors (354) (357) – –
Non-audit fees
– KPMG PLT (926) (499) (476) (499)
– Overseas affiliates of KPMG PLT (3,855) (2,051) (503) (510)
– Other auditors (1,708) (1,190) – –

29. PROFIT BEFORE TAX (continued)
(b) Profit before tax is arrived at after crediting/(charging):
Group Company
2021 2020 2021 2020
Note RM’000 RM’000 RM’000 RM’000
Material income/(expenses)
Government grants 71,175 288,164 278 882
Exchange gains/(losses) – net 10,512 7,231 331 5,538
Realisation of FCTR upon substantive liquidation
of a subsidiary and a joint venture – 132,971 – –
Impairment loss (made)/written back
– Goodwill 6 (6,090) (396,513) – –
– Trade and other receivables (80,605) (107,433) – –
– Inventories 973 (557) – –
Write-off:
– Property, plant and equipment 3 (1,863) (2,921) – –
– Trade and other receivables (20,749) (10,166) – (243)
– Inventories (3,601) (3,852) – –
Gain on disposal of property, plant and equipment 14,975 10,024 – –
Gain on disposal of an investment property 16 16,335 – – –
Gain on disposal of subsidiaries 40 53,032 5,849 – –
Gain/(Loss) on disposal of joint ventures 9,16 139,053 (407) – –
Change in fair value of investment properties 5 87,107 45,471 – –
Remeasurement to fair value of interest in
a joint venture 40 86,061 – – –
Provision for loan taken by a joint venture 24 (2,563) 14 – –
Government grants
The Group received various grants to help deal with the impact from COVID-19 pandemic, including RM46.2 million in
Singapore (2020: RM151.3 million and RM34.1 million in Singapore and Hong Kong respectively) related to wage subsidy
programmes introduced in response to the COVID-19 pandemic. The grants were recognised in profit or loss in ‘other
operating income’ as the related wages and salaries were recognised.
In 2020, the Group also received RM38.4 million related to property tax rebates received from the Singapore Government,
via landlords. The grant was recognised in profit or loss in ‘other operating expense’.

30. OTHER COMPREHENSIVE INCOME

2021 2020
Before tax Tax benefit Net of tax Before tax Tax benefit Net of tax
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Group (Note 11) (Note 11)
Items that are or may be reclassified

subsequently to profit or loss
Foreign currency translation differences
from foreign operations (397,621) – (397,621) (246,152) – (246,152)
Realisation of FCTR upon disposal/
substantive liquidation of subsidiaries
and a joint venture 47,723 – 47,723 (132,971) – (132,971)
Hedge of net investments in
foreign operations 151,274 – 151,274 (59,978) – (59,978)
Cash flow hedge:
– Changes in fair value 11,617 – 11,617 (7,995) – (7,995)
– Reclassification adjustments for
losses included in profit or loss – – – 131 – 131
11,617 – 11,617 (7,864) – (7,864)
Cost of hedging reserve (213) – (213) 234 – 234
(187,220) – (187,220) (446,731) – (446,731)
Items that will not be reclassified
subsequently to profit or loss
Remeasurement of defined benefit
liabilities (note 22 and 23) (11,912) 3,400 (8,512) (12,763) 3,171 (9,592)
(199,132) 3,400 (195,732) (459,494) 3,171 (456,323)
2021 2020
Before tax Net of tax Before tax Net of tax
Company RM’000 RM’000 RM’000 RM’000
Items that are or may be reclassified subsequently to profit or loss

Foreign currency translation differences from foreign operations 40 40 28 28
31. KEY MANAGEMENT PERSONNEL COMPENSATION

Key management personnel of the Group are those persons having the authority and responsibility for planning, directing and
controlling the activities of the Group. The Group considers the Directors of the Company to be key management personnel in
accordance with MFRS 124, Related Party Disclosures.
The key management personnel compensation are as follows:
Group Company
2021 2020 2021 2020
RM’000 RM’000 RM’000 RM’000
Non-executive Directors:
– Fees 8,522 8,021 5,593 4,655
– Remuneration and other benefits 28 28 28 28
– Share-based payment 1,065 4,000 – –
9,615 12,049 5,621 4,683
Executive Director:
– Remuneration and other benefits 23,124 20,234 10,369 9,860
32,739 32,283 15,990 14,543
The estimated monetary value of Directors’ benefit-in-kind is RM156,000 (2020: RM163,000).

32. INCOME TAX EXPENSE
Group Company
2021 2020 2021 2020
Note RM’000 RM’000 RM’000 RM’000
Current tax expense

Current year 565,593 361,436 1,486 3,066
Over provided in prior years (7,486) (10,757) (167) (610)
558,107 350,679 1,319 2,456
Deferred tax (credit)/expense

Origination and reversal of temporary differences (209,389) 5,423 (205) (1,073)
Changes in tax rates 32,579 – – –
(Over)/Under provided in prior years (2,145) 5,559 189 –
11 (178,955) 10,982 (16) (1,073)
379,152 361,661 1,303 1,383
Reconciliation of income tax expense

Group Company
2021 2020 2021 2020
RM’000 RM’000 RM’000 RM’000
Profit before tax 2,555,737 567,507 1,305,874 308,050

Less:
Share of profits of associates (net of tax) (31,034) (7,072) – –
Share of profits of joint ventures (net of tax) (8,822) (11,316) – –
2,515,881 549,119 1,305,874 308,050
Income tax calculated using Malaysia tax rate of 24%

(2020: 24%) 603,811 131,789 313,410 73,932
Effect of tax rates in foreign jurisdictions (94,882) (44,228) (227) (350)
Effect of change in tax rates 32,579 – – –
Tax exempt income (181,992) (118,228) (334,543) (94,095)
Tax incentive (215) (73) – –
Non-deductible expenses 226,717 135,392 22,641 22,506
Recognition of deferred tax assets (228,246) (2,127) – –
Deferred tax assets not recognised 31,011 264,334 – –
(Over)/Under provided in prior years (9,631) (5,198) 22 (610)
379,152 361,661 1,303 1,383

33. EARNINGS PER SHARE

Group
2021 2020
Basic and diluted earnings per share is based on:

Net profit attributable to ordinary shareholders (RM’000)
Profit after tax and non-controlling interests 1,862,525 288,882
Perpetual securities distribution (88,300) (89,843)
1,774,225 199,039
Basic earnings per share
Weighted average number of shares (’000) 8,782,187 8,775,950
Basic earnings per share (sen) 20.20 2.27
Diluted earnings per share

For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all
dilutive potential ordinary shares.
Group
2021 2020
Weighted average number of ordinary shares used in calculation of basic earnings

per share (’000) 8,782,187 8,775,950
Weighted average number of unissued ordinary shares from units under LTIP (’000) 459 3,137
Weighted average number of unissued ordinary shares from units under EOS (’000) 85 –
Weighted average number of ordinary shares used in calculation of diluted earnings
per share (’000) 8,782,731 8,779,087
Diluted earnings per share (sen) 20.20 2.27
At 31 December 2021, 21,509,000 outstanding EOS options (2020: 46,831,000) were excluded from the diluted weighted average
number of ordinary shares calculation as their effect would have been anti-dilutive.
The average market value of the Company’s shares for purposes of calculating the dilutive effect of share options was based on
quoted market prices of the Company for the period during which the options were outstanding.

34. DIVIDENDS
Dividends recognised by the Company:
Per ordinary share Total amount Date of payment

sen RM’000
2021
First and final single tier cash dividend
for financial year ended 31 December 2020 4.0 351,163 30 April 2021
2020
First and final single tier cash dividend
for financial year ended 31 December 2019 4.0 350,960 30 April 2020
The Board of Directors have declared that a first and final single tier cash dividend of 6 sen per ordinary share for the financial
year ended 31 December 2021 to be paid on 29 April 2022 to shareholders whose names appear in the Record of Depositors of
Bursa Malaysia Depository Sdn Bhd and CDP at the close of business on 31 March 2022. The Company shall apply the RM:SGD
noon middle rate as disclosed in the Bank Negara Malaysia’s website on 31 March 2022 as the basis for computing the dividend
quantum to be paid in SGD to the Singapore investors whose Company’s shares are traded on SGX-ST.
Per ordinary share Total amount

sen RM’000
First and final single tier cash dividend for financial year ended 31 December 2021 6.0 527,906*
* Based on 8,798,432,000 ordinary shares as at 23 February 2022.
35. SEGMENT REPORTING

Operating segments
The Group has seven reportable segments, as described below, which are the Group’s strategic business units. Except for IMU
Health and PLife REIT, the strategic business units offer hospital and healthcare services in different locations, and are managed
separately. IMU Health is an educational service provider while PLife REIT is a real estate investment trust. For each of the strategic
business units, the Group’s Board of Directors reviews internal management reports on at least a quarterly basis.
The Group’s reportable segments comprise:
• Singapore
• Malaysia
• India
• Greater China
• Acibadem Holdings
• IMU Health
• PLife REIT
Management monitors the operating results of each of its business units for the purpose of making decisions on resource allocation
and performance assessment. Performance is measured based on segment EBITDA.
Inter-segment pricing is determined on negotiated basis.
Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a
reasonable basis.

35. SEGMENT REPORTING (continued)

Parkway Pantai (1)
Greater PPL
Singapore Malaysia India China Others(2)
2021 RM’000 RM’000 RM’000 RM’000 RM’000
Revenue and expenses

Revenue from external customers 5,033,275 2,727,152 3,728,777 876,887 5,015
Inter-segment revenue 118,501 1,000 95 – 2,509,507
Total segment revenue 5,151,776 2,728,152 3,728,872 876,887 2,514,522
EBITDA 1,783,209 760,144 666,473 (69,554) 2,319,398

plant and equipment (169,622) (212,335) (155,180) (349,275) (875)
Depreciation and impairment of ROU assets (285,099) (25,847) (34,834) (78,267) (2,084)
Amortisation of intangible assets – (3,051) (26,771) (3,956) –
Foreign exchange differences (453) (183) 1,911 438 2,376
Finance income 343 10,645 14,665 4,936 5,007
Finance costs (13,236) (1,029) (122,943) (66,242) (16,621)
Share of profits of associates (net of tax) 1,263 – 10,875 – 18,896
Share of profits of joint ventures (net of tax) 889 – 7,933 – –
Others 50,701 (4,220) 275,583 (29,063) (38,845)
Profit/(Loss) before tax 1,367,995 524,124 637,712 (590,983) 2,287,252
Income tax expense (216,815) (125,535) (119,383) (6,874) (14,269)
Profit/(Loss) for the year 1,151,180 398,589 518,329 (597,857) 2,272,983
Assets and liabilities

Cash and cash equivalents 240,884 287,144 2,188,152 334,779 269,220
Other assets 13,990,313 6,080,287 7,349,787 3,789,831 3,865,249
Segment assets as at 31 December 2021 14,231,197 6,367,431 9,537,939 4,124,610 4,134,469
Loans and borrowings – 300,000 689,545 3,201,887 355,813

Other liabilities 5,363,537 822,734 2,972,975 1,035,515 1,086,984
Segment liabilities as at 31 December 2021 5,363,537 1,122,734 3,662,520 4,237,402 1,442,797

Acibadem IMU
Holdings Health PLife
CEE (3) Malaysia REIT (1) Others (4) Eliminations Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
4,347,258 257,647 153,167 2,585 – 17,131,763

– 2,411 217,527 1,394,306 (4,243,347) –
4,347,258 260,058 370,694 1,396,891 (4,243,347) 17,131,763
1,198,862 86,709 349,919 1,309,104 (4,124,834) 4,279,430
(191,898) (12,834) (23,817) (245) – (1,116,081)

(83,200) (4,172) (12,711) (988) 206,343 (320,859)
(12,834) (639) – – – (47,251)
89 2 6,001 331 – 10,512
496,093 2,530 12,831 2,450 (5,899) 543,601
(864,216) – (14,439) (1,467) 12,566 (1,087,627)
– – – – – 31,034
– – – – – 8,822
– – – – – 254,156
542,896 71,596 317,784 1,309,185 (3,911,824) 2,555,737
146,597 (17,036) (24,527) (1,310) – (379,152)
689,493 54,560 293,257 1,307,875 (3,911,824) 2,176,585
279,815 123,119 79,485 1,215,082 – 5,017,680

4,516,816 536,791 5,040,588 200,327 (4,877,400) 40,492,589
4,796,631 659,910 5,120,073 1,415,409 (4,877,400) 45,510,269
1,716,517 38,025 2,545,131 – – 8,846,918

2,267,330 178,195 405,483 47,074 (4,793,307) 9,386,520
3,983,847 216,220 2,950,614 47,074 (4,793,307) 18,233,438


Parkway Pantai (1)
Greater PPL
Singapore Malaysia India China Others(2)
2020 RM’000 RM’000 RM’000 RM’000 RM’000
Revenue and expenses

Revenue from external customers 3,886,504 2,187,134 2,655,752 662,433 142,069
Inter-segment revenue 107,778 1,000 – – 102,592
Total segment revenue 3,994,282 2,188,134 2,655,752 662,433 244,661
EBITDA 1,433,058 555,928 200,513 (146,540) 19,767

plant and equipment (163,318) (192,296) (169,968) (179,848) (6,657)
Depreciation and impairment of ROU assets (280,012) (23,269) (72,535) (74,500) (11,767)
Amortisation and impairment of intangible assets (2,429) (709) (32,544) (5,341) –
Foreign exchange differences (313) (174) (3,023) (1,216) 6,077
Finance income 589 20,215 27,620 54,356 9,829
Finance costs (22,125) (3,227) (139,857) (130,290) (34,596)
Share of profits/(losses) of associates (net of tax) 1,639 – 1,564 – 3,941
Share of profits/(losses) of joint ventures (net of tax) 840 – 11,207 (731) –
Others 35,961 (10,230) (457,063) (407) (7,340)
Profit/(Loss) before tax 1,003,890 346,238 (634,086) (484,517) (20,746)
Income tax expense (142,251) (97,079) (43,842) (7,215) (17,229)
Profit/(Loss) for the year 861,639 249,159 (677,928) (491,732) (37,975)
Assets and liabilities

Cash and cash equivalents 252,452 674,244 1,979,604 421,345 524,135
Other assets 12,867,764 6,066,746 7,208,493 3,888,852 2,866,810
Segment assets as at 31 December 2021 13,120,216 6,740,990 9,188,097 4,310,197 3,390,945
Loans and borrowings – – 994,001 2,894,479 1,401,975

Other liabilities 4,178,228 752,825 2,299,941 967,531 157,015
Segment liabilities as at 31 December 2021 4,178,228 752,825 3,293,942 3,862,010 1,558,990
1. Parkway Pantai Group, per the corporate structure, comprises the “Parkway Pantai” and “PLife REIT” segments.
2. “PPL Others” comprises mainly Parkway Pantai's associate in Brunei, corporate office as well as other investment
holding entities within Parkway Pantai.
3. “CEE” refers to Central and Eastern Europe.
4. Others comprises mainly the Group’s corporate office as well as other investment holding entities.

Acibadem IMU
Holdings Health PLife
CEE (3) Malaysia REIT (1) Others (4) Eliminations Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
3,462,176 248,703 154,980 4,853 – 13,404,604

– 3,193 212,046 390,332 (816,941) –
3,462,176 251,896 367,026 395,185 (816,941) 13,404,604
796,057 75,672 308,853 308,932 (675,953) 2,876,287
(212,506) (11,973) (23,468) (289) – (960,323)

(100,717) (4,807) (12,640) (18) 201,174 (379,091)
(16,232) (644) – – – (57,899)
41 27 274 5,538 – 7,231
184,426 3,345 21 789 (58,335) 242,855
(667,284) 21 (18,457) (2,011) 70,240 (947,586)
(72) – – – – 7,072
– – – – – 11,316
13,188 – – 193,536 – (232,355)
(3,099) 61,641 254,583 506,477 (462,874) 567,507
(11,737) (15,747) (25,171) (1,390) – (361,661)
(14,836) 45,894 229,412 505,087 (462,874) 205,846
87,129 32,646 69,417 146,834 – 4,187,806

4,888,806 577,544 4,881,019 213,689 (3,113,269) 40,346,454
4,975,935 610,190 4,950,436 360,523 (3,113,269) 44,534,260
1,929,211 13,677 2,427,717 – – 9,661,060

1,867,258 179,883 402,477 54,807 (3,022,134) 7,837,831
3,796,469 193,560 2,830,194 54,807 (3,022,134) 17,498,891


Geographical segment
In presenting information on the basis of geographical segments, segment revenue is based on the geographical location of
operations. Segment assets are based on the geographical location of the assets.
Greater Other
Singapore Malaysia India China Japan CEE regions Others (1) Eliminations Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
2021
Revenue from
external
customers 5,033,275 2,984,937 3,728,777 876,887 153,029 4,347,258 – 7,600 – 17,131,763
Non-current
assets (2) 14,465,303 5,970,496 5,782,177 3,596,894 2,503,205 3,090,961 – 114,721 (85,394) 35,438,363
2020
Revenue from
external
customers 3,886,504 2,435,979 2,655,752 662,433 154,838 3,462,176 138,416 8,506 – 13,404,604
Non-current
assets (2) 14,274,868 5,971,093 5,705,977 3,715,290 2,362,135 3,881,901 – 89,799 (93,346) 35,907,717
1 Others include balances relating to corporate offices, which are unallocated.

2 Non-current assets consist of property, plant and equipment, ROU assets, investment properties, goodwill on consolidation and intangible assets.
36. FINANCIAL INSTRUMENTS

(i) Categories of financial instruments
The table below provides an analysis of financial instruments categorised as follows:
(a) Amortised cost
(b) Fair value through profit or loss (“FVTPL”)
– Mandatorily required by MFRS 9
(c) Fair value through other comprehensive income (“FVOCI”)
– Equity instrument designated upon initial recognition (“EIDUIR”)
(d) Derivatives used for hedging

36. FINANCIAL INSTRUMENTS (continued)
(i) Categories of financial instruments (continued)
Derivatives
Carrying Amortised Mandatorily FVOCI - used for
2021 amount cost at FVTPL EIDUIR hedging
Group RM’000 RM’000 RM’000 RM’000 RM’000
Financial assets
Other financial assets
– Unquoted shares 72,581 – – 72,581 –
– Money market funds 111,394 – 111,394 – –
– Fixed deposits 232,693 232,693 – – –
Trade and other receivables (1) 2,457,292 2,457,292 – – –
Derivative assets
– Foreign exchange forward contracts 21,451 – 21,451 – –
– Cross currency swaps 374,382 – 374,382 – –
– Cross currency interest rate swaps 27,199 – – – 27,199
– Interest rate caps 2,143 – – – 2,143
Cash and cash equivalents 5,017,680 5,017,680 – – –
8,316,815 7,707,665 507,227 72,581 29,342
Bank overdrafts (24,229) (24,229) – – –
Loans and borrowings (8,846,918) (8,846,918) – – –
Trade and other payables (2) (3,219,670) (3,219,670) – – –
Derivative liabilities
– Interest rate swaps (471) – – – (471)
(12,091,288) (12,090,817) – – (471)
Company
Financial assets
Money market funds 111,394 – 111,394 – –
Trade and other receivables (1) 68,849 68,849 – – –
1,395,123 1,283,729 111,394 – –
Trade and other payables (2) (31,905) (31,905) – – –
1 Excludes prepayments.
2 Excludes liabilities on put options granted to non-controlling interests, deposits, rental advance billings and contract liabilities.


(i) Categories of financial instruments (continued)
Derivatives
Carrying Amortised Mandatorily FVOCI - used for
2020 amount cost at FVTPL EIDUIR hedging
Financial assets
Other financial assets
– Unquoted shares 59,714 – – 59,714 –
– Money market funds 190,915 – 190,915 – –
– Mutual funds 690 – 690 – –
– Fixed deposits 234,758 234,758 – – –
Trade and other receivables (1) 1,900,834 1,900,834 – – –
Derivative assets
– Foreign exchange forward contracts 6,778 – 6,778 – –
– Cross currency swaps 128,349 – 128,349 – –
– Cross currency interest rate swaps 3,883 – – – 3,883
– Interest rate caps 2,704 – – – 2,704
6,716,431 6,323,398 326,732 59,714 6,587
Bank overdrafts (22,401) (22,401) – – –
Loans and borrowings (9,661,060) (9,661,060) – – –
Trade and other payables (2) (2,678,609) (2,678,609) – – –
Derivative liabilities
– Foreign exchange forward contracts (373) – (373) – –
– Interest rate swaps (886) – – – (886)
– Cross currency interest rate swaps (6,857) – – – (6,857)
(12,370,186) (12,362,070) (373) – (7,743)
Company
Financial assets
Money market funds 190,915 – 190,915 – –
Trade and other receivables (1) 53,243 53,243 – – –
Cash and cash equivalents 146,676 146,676 – – –
390,834 199,919 190,915 – –
Trade and other payables (2) (94,993) (94,993) – – –
1 Excludes prepayments.
2 Excludes liabilities on put options granted to non-controlling interests, deposits, rental advance billings and contract liabilities.

(ii) Net gains/(losses) arising from financial instruments
Group Company
2021 2020 2021 2020
RM’000 RM’000 RM’000 RM’000
Financial assets at amortised cost

– Recognised in profit or loss (52,270) (48,455) 1,517 546
Financial liabilities at amortised cost
– Recognised in profit or loss (932,661) (779,657) (1,468) (1,925)
Financial instruments mandatorily at FVTPL
– Recognised in profit or loss 497,102 174,449 3,518 4,767
Derivatives used for hedging
– Recognised in profit or loss – (1,766) – –
– Recognised in other comprehensive income 30,417 (13,959) – –
30,417 (15,725) – –
(457,412) (669,388) 3,567 3,388
(iii) Financial risk management

The Group and the Company have exposures to the following risks from their financial instruments:
• Credit risk
• Liquidity risk
• Market risk
(iv) Credit risk

Credit risk is the risk of a financial loss if a customer or counterparty to a financial instrument fails to meet its contractual
obligations. The Group’s primary exposure to credit risk, arises principally through its trade receivables and investment in
debt securities. The Company’s exposure to credit risk arises principally from its amounts due from subsidiaries and financial
guarantee provided to banks for banking facilities and cross currency swaps granted to subsidiaries.
Trade receivables
Risk management objectives, policies and processes for managing the risk
The Group has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations
are performed on major customers requiring credit over a certain amount. Self-pay customer may be requested to place an
initial deposit or obtain a letter of guarantee at the time of admission to the hospital. Additional deposit is requested from the
customer when the hospital charges exceed a certain level.
At the end of each reporting date, the Group assesses whether any of the trade receivables are credit impaired.
The gross carrying amounts of credit impaired trade receivables are written off (either partially or fully) when there is no
realistic prospect of recovery. This is generally the case when the Group determines that the debtor does not have the assets
or sources of income that could generate sufficient cash flows to repay the amount subject to the write-off. Nevertheless,
trade receivables that are written off could still be subject to enforcement activities.
There are no significant changes as compared to previous year.


(iv) Credit risk (continued)
Trade receivables (continued)
Exposure to credit risk, credit quality and collateral
As the Group does not require any collateral in respect of its financial assets, the maximum exposure to credit risk are
represented by the carrying amounts of financial assets in the statements of financial position.
Credit risk concentration profile

The exposure of credit risk for trade receivables as at the end of the reporting period (by geographical distribution)
were as follows:
Group
2021 2020
Malaysia 389,327 309,703

Singapore 1,032,650 570,559
India 496,420 517,777
North Asia 83,484 53,324
Middle East 7,598 17,497
South East Asia 36,861 27,516
CEE 440,543 515,704
Others 13,888 7,219
2,500,771 2,019,299
Impairment losses (346,823) (378,313)
14 2,153,948 1,640,986
At 31 December 2021, the Group has outstanding trade receivables from one significant customer amounting to
RM196,727,000, which is individually 5% or more of the Group’s gross trade receivables. As at 31 December 2020, there
were no significant customer with outstanding trade receivables which was individually 5% or more of the Group’s gross
trade receivables.
Recognition and measurement of impairment losses

The Group uses a provision matrix to measure the lifetime expected credit loss (“ECL”) allowance for trade receivables.
In measuring the ECL, trade receivables are grouped based on shared credit risk characteristics such as customer types,
geographic region and days past due. Customer types include self-pay customers, insurers, third party administrators and
government bodies.
Loss rate is calculated using a “roll-rate” method based on the probability of a receivable progressing through successive
stages of delinquency to being written off.
In calculating the ECL rates, the Group considers historical loss rates for each category of customers, based on actual
credit loss experience over the past four years. This is adjusted by scalar factors to reflect differences between economic
conditions during the period over which the historic data has been collected, current conditions and the Group’s view of
economic conditions over the expected lives of the receivables. The scalar factors for self-pay customers are based on actual
and forecast real income growth rates of respective countries. The scalar factors for corporate and government customers
are based on default probability risk rates of the customer.

Trade receivables (continued)
Recognition and measurement of impairment losses (continued)
The following table provides information about the exposure to credit risk and ECLs for trade receivables.
Gross carrying amount Impairment loss Net balance

Group RM’000 RM’000 RM’000
2021
Not credit impaired
Not past due 1,035,754 (3,218) 1,032,536
Past due 1 – 30 days 399,085 (3,449) 395,636
Past due 31 – 180 days 628,780 (21,848) 606,932
Past due 181 days – 1 year 103,716 (28,722) 74,994
Past due more than 1 year 226,786 (204,764) 22,022
2,394,121 (262,001) 2,132,120
Credit impaired
Individually impaired 106,650 (84,822) 21,828
2,500,771 (346,823) 2,153,948
2020
Not credit impaired
Not past due 867,105 (3,249) 863,856
Past due 1 – 30 days 335,676 (2,432) 333,244
Past due 31 – 180 days 293,663 (15,284) 278,379
Past due 181 days – 1 year 63,889 (31,547) 32,342
Past due more than 1 year 347,950 (226,385) 121,565
1,908,283 (278,897) 1,629,386
Credit impaired
Individually impaired 111,016 (99,416) 11,600
2,019,299 (378,313) 1,640,986
The movement in the allowance for impairment in respect of trade receivables during the year are shown below:
Group
RM’000
At 1 January 2020 314,311

Acquisitions through business combinations 1,604
Disposal of subsidiaries (191)
Impairment loss 95,407
Written off (25,735)
Translation differences (7,083)
At 31 December 2020/1 January 2021 378,313
Acquisitions through business combinations 2,046
Disposal of subsidiaries (5,477)
Impairment loss 26,369
Written off (40,613)
Translation differences ( 13,815)
At 31 December 2021 346,823


Fixed deposits and cash and cash equivalents
Cash and fixed deposits are placed with financial institutions which are regulated and with good credit ratings. As at the end
of the reporting period, the maximum exposure to credit risk is represented by their carrying amounts in the statement of
financial position.
The Group and the Company consider their fixed deposits and cash and cash equivalents to have low credit risk based on the
external credit ratings of the counterparties. The amount of the allowance on fixed deposits and cash and cash equivalents
was negligible.
Amounts due from subsidiaries

The Company provides unsecured advances to subsidiaries. The Company regularly monitors the ability of the subsidiaries
to repay the advances on an individual basis.

As at the end of the reporting period, the maximum exposure to credit risk is represented by their carrying amounts in the
statement of financial position.
Impairment losses
The Company determines the probability of default from these receivables individually using internal information available.
The Company considers these receivable balances as low credit risk unless there is a significant increase in credit risk when
a subsidiary’s financial position deteriorates significantly or the balance is overdue for more than 365 days. As at the end of
the reporting period, the ECL allowance on these low-credit-risk balances is insignificant.
Financial guarantees
The Company provided unsecured financial guarantees to banks in respect of banking facilities and cross currency swaps
(“CCS”) arrangements granted to certain subsidiaries.
The Company monitors on an ongoing basis the abilities of the borrowing entities to service their loans and CCS obligations
on an individual basis.

The maximum exposure of the Company in respect of financial guarantees at 31 December 2021 amounted to RM958,051,000
(2020: RM1,342,214,000) representing the outstanding bank loans and CCS obligations of its subsidiaries.
At the end of the reporting period, the Company does not consider it probable that claims will be made against the Company
under the financial guarantees. The financial guarantees are not recognised since the fair value on initial recognition was
not material.
Provision for loan taken by a joint venture

A wholly owned subsidiary, PHL is a joint sponsor under the Sponsor Support Agreement for the term loan facility granted
to KHPL whereby the sponsors are required to provide for any shortfall payable by KHPL in respect of the term loan facility
in the event of termination or non-completion of hospital project.

The maximum exposure of the Group in respect of the loan at the reporting date amounted to RM45,131,000 (2020:
RM42,021,000) representing the Group’s 50% share of bank loans drawn down and interest payable by KHPL (see note 24).
On 5 January 2017, the bank served a notice to KHPL that the hospital project was unlikely to be completed. In view that KHPL
is unlikely to be able to repay the loan, the Group made a provision for its 50% share of the amounts KHPL owed the bank.

(v) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s exposure
to liquidity risk arises principally from its various payables and loans and borrowings.
Maturity analysis
The Group monitors its liquidity risk and maintains a level of cash and cash equivalents and bank facilities deemed adequate
to finance the Group’s operations and to mitigate the effects of fluctuations in cash flows. The Group ensures that it has
sufficient cash and available undrawn credit facilities to meet expected operational expenses, including the servicing of
financial obligations. This excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such
as natural disasters.
It is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at significantly
different amounts.
The following table provides the maturity profile of the Group’s and the Company’s financial liabilities as at the end of the
reporting period. The amounts are gross and undiscounted, include contractual interest payments and exclude the impact
of netting arrangements:
After 1 year
Carrying Contractual Within but within After
amount cash flows 1 year 5 years 5 years
2021
Non-derivative financial liabilities
Bank overdrafts 24,229 24,229 24,229 – –
Loans and borrowings 8,846,918 9,694,086 1,391,862 6,775,320 1,526,904
Lease liabilities 2,002,534 3,656,522 385,632 1,186,896 2,083,994
Trade and other payables* 5,158,118 5,158,118 3,456,134 1,639,879 62,105
16,031,799 18,532,955 5,257,857 9,602,095 3,673,003
Derivative financial instruments

Foreign exchange forward contracts
(gross-settled) (21,451)
– inflows (240,633) (80,510) (160,123) –
– outflows 222,064 75,374 146,690 –
Cross currency
interest rate swaps (gross-settled) (27,199)
– inflows (283,110) (8,364) (274,746) –
– outflows 255,374 832 254,542 –
Cross currency swaps (gross-settled) (374,382)
– inflows (687,399) (230,936) (456,463) –
– outflows 428,871 160,881 267,990 –
Interest rate swaps (net-settled) 471 481 225 256 –
Interest rate caps (net-settled) (2,143) – – – –
(424,704) (304,352) (82,498) (221,854) –
15,607,095 18,228,603 5,175,359 9,380,241 3,673,003


(v) Liquidity risk (continued)
Maturity analysis (continued)
After 1 year
2020
Bank overdrafts 22,401 22,401 22,401 – –
Loans and borrowings 9,661,060 10,431,109 1,171,158 6,422,507 2,837,444
Lease liabilities 1,945,310 3,351,160 400,319 1,226,959 1,723,882
Trade and other payables* 3,816,267 3,816,267 3,653,624 2,256 160,387
15,445,038 17,620,937 5,247,502 7,651,722 4,721,713
Derivative financial instruments

Foreign exchange forward contracts (gross-settled) (6,405)
– inflows (259,501) (99,663) (159,838) –
– outflows 252,108 96,961 155,147 –
Cross currency interest rate swaps (gross-settled) 2,974
– inflows (406,679) (153,946) (252,733) –
– outflows 409,724 154,819 254,905 –
Cross currency swaps (gross-settled) (128,349)
– inflows (1,183,004) (246,908) (936,096) –
– outflows 1,311,353 333,208 978,145 –
Interest rate swaps (net-settled) 886 907 346 561 –
Interest rate caps (net-settled) (2,704) – – – –
(133,598) 124,908 84,817 40,091 –
15,311,440 17,745,845 5,332,319 7,691,813 4,721,713
* Excludes deposits, rental advance billings and contract liabilities

(v) Liquidity risk (continued)
Maturity analysis (continued)
After 1 year
Company RM’000 RM’000 RM’000 RM’000 RM’000
2021
Lease liabilities 2,303 2,334 1,018 1,316 –
Trade and other payables # 31,905 31,905 31,905 – –
34,208 34,239 32,923 1,316 –
2020
Lease liabilities 253 254 254 – –
Trade and other payables # 94,993 94,993 94,993 – –
95,246 95,247 95,247 – –
# Excludes deposits and rental advance billings
(vi) Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect
the Group’s financial position or cash flows.
(a) Foreign currency risk

The Group is exposed to foreign exchange risk on sales, purchases, cash and cash equivalents, receivables and
payables, and loans and borrowings that are denominated in a currency other than the respective functional currencies
of Group entities. The currencies giving rise to this risk are primarily the Singapore Dollar, United States Dollar, Euro,
Japanese Yen, India Rupee and Chinese Renminbi.
The Group uses foreign exchange forward contracts to manage its exposure to foreign currency movements on its net
income denominated in Japanese Yen from its investments in Japan. Where necessary, the foreign exchange forward
contracts are rolled over at maturity.
The Group actively monitors its foreign currency risk and minimises such risk by borrowing in the functional currency of the
borrowing entity or by borrowing in the same currency as the foreign investment (i.e. natural hedge of net investments).
The Group also enters in cross currency interest rate swaps and cross currency swaps to realign borrowings to the
same currency of the Group’s foreign investments to achieve a natural hedge (see note 36(vii)).
In respect of other monetary assets and liabilities held in currencies other than the functional currencies, the Group
ensures that the net exposure is kept to an acceptable level by buying or selling foreign currencies at spot rate where
necessary to address short term imbalances.
The nominal value and fair value of the foreign exchange forward contracts, cross currency swaps and cross currency
interest rate swaps are disclosed in note 25.


(vi) Market risk (continued)
(a) Foreign currency risk (continued)
Exposure to foreign currency risk
The Group’s exposure to foreign currency risk, based on carrying amounts as at the end of the reporting period are
as follows:
United
Singapore States Japanese India Chinese
Dollar Dollar Euro Yen Rupee Renminbi Others*
Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
2021
Carrying value
Trade and other receivables 161 17,747 7,214 – 69 – 523
Intra-group receivables 103,019 3,242 – – 14,085 586 –
Cash and cash equivalents 205,319 535,131 69,775 803 – 7,835 7,213
Loans and borrowings – (668) (803,459) – – – (18,903)
Trade and other payables (100) (88,844) (39,884) (1,613) (52,231) (5,775) (1,001)
Intra-group payables (94,461) (3,304) – – – (1,275) (24,309)
Liabilities on put options granted to
non-controlling interests – – (439,371) – (235,496) – –
213,938 463,304 (1,205,725) (810) (273,573) 1,371 (36,477)
Off balance sheet net derivative assets
Foreign exchange forward contracts – 2,725 3,499 (214,536) – – –
Cross currency swaps – – 676,233 – – – –
213,938 466,029 (525,993) (215,346) (273,573) 1,371 (36,477)
* Others include mainly British Pound, Hong Kong Dollar, Malaysian Ringgit, United Arab Emirates Dirham, Mauritian Rupee and
Sri Lankan Rupee.
United
Singapore States Japanese India Chinese
Dollar Dollar Euro Yen Rupee Renminbi Others*
Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
2020
Carrying value
Trade and other receivables – 20,631 925 – 23,220 – 283
Intra-group receivables 50,477 3,966 – – 6,751 1,024 136
Cash and cash equivalents 35,873 24,470 3,311 1,864 – 7,366 397
Loans and borrowings – (653) (1,244,247) – – – (631)
Trade and other payables (102) (83,524) (6,169) (1,170) – (6,229) (1,812)
Intra-group payables (91,017) (390) – – – (1,531) (31,618)
Liabilities on put options granted to
non-controlling interests – – (170,969) – (175,487) – –
(4,769) (35,500) (1,417,149) 694 (145,516) 630 (33,245)
Off balance sheet net derivative
assets/liabilities
Foreign exchange forward contracts – 3,235 3,531 (247,408) – – –
Cross currency swaps – – 885,606 – – – –
(4,769) (32,265) (528,012) (246,714) (145,516) 630 (33,245)
* Others include mainly British Pound, Hong Kong Dollar, Malaysian Ringgit, Swiss Franc, Australian Dollar and Bangladeshi Taka.

(a) Foreign currency risk (continued)
Exposure to foreign currency risk (continued)
Singapore Malaysian United States Australian
Dollar Ringgit Dollar Dollar
2021
Trade and other receivables 87,137 – – –
Cash and cash equivalents 201,062 – 4,107 –
Trade and other payables – (166) – –
288,199 (166) 4,107 –
2020
Trade and other receivables 35,989 – 3 –
Cash and cash equivalents 29,782 – 14,172 –
Trade and other payables – (3,012) (276) (95)
65,771 (3,012) 13,899 (95)
A 10% (2020: 10%) strengthening of the following currencies against the respective functional currencies of the Group
entities at the end of the reporting period would have increased/(decreased) profit or loss before tax by the amounts
shown below. This analysis assumes that all other variables, in particular interest rates, remained constant and ignores
any impact of forecasted sales and purchases.
2021 2020
Equity Profit or loss Equity Profit or loss
Group RM’000 RM’000 RM’000 RM’000
Singapore Dollar – 21,394 – (477)

United States Dollar – 46,603 – (3,227)
Euro (43,937) (8,662) (17,097) (35,704)
Japanese Yen – (21,535) – (24,671)
India Rupee (23,550) (3,807) (17,549) 2,997
Chinese Renminbi – 137 – 63
Others* – (3,648) – (3,324)
(67,487) 30,482 (34,646) (64,343)
* Others include mainly British Pound, Malaysian Ringgit, Swiss Franc, Australian Dollar, and Bangladeshi Taka.
2021 2020
Equity Profit or loss Equity Profit or loss
Singapore Dollar – 28,820 – 6,577

Malaysian Ringgit – (17) – (301)
United States Dollar – 411 – 1,390
Australian Dollar – – – (10)
– 29,214 – 7,656
A 10% (2020: 10%) weakening of the above currencies against the respective functional currencies of the Group entities
at the end of the reporting period would have an equal but opposite effect on the above currencies to the amounts
shown above, on the basis that all other variables remained constant.


(b) Interest rate risk
This relates to changes in interest rates which affect mainly the Group’s fixed deposits and its loans and borrowings.
The Group’s fixed-rate financial assets and loans and borrowings are exposed to a risk of change in their fair values
while the variable-rate financial assets and loans and borrowings are exposed to a risk of change in cash flows due to
changes in interest rates. Short term receivables and payables are not significantly exposed to interest rate risk.
The Group has no significant concentration of interest rate risk that may arise from exposure to the Group’s fixed
deposits and its obligations with banks and financial institutions.
The Group’s policy is to manage its interest cost using a mix of fixed and variable rate debts as well as by rolling over its
fixed deposits and variable rate borrowings on a short-term basis. In respect of long-term borrowings, the Group may
enter into interest rate derivatives to manage its exposure to adverse movements in interest rates.
Interest rate swaps, cross currency interest rate swaps and interest rate caps have been entered into to achieve an
appropriate mix of fixed and floating rate exposures within the Group’s policy (see note 36(vii)).
The nominal value and fair value of the interest rate swaps, cross currency interest rate swaps and interest rate caps
are disclosed in note 25.
Hedging relationships that are impacted by interest rate benchmark reform may experience ineffectiveness because
the uncertainty about when and how replacement may occur for the relevant hedged item and hedging instrument
due to the interest rate benchmark reform transition. For further details, see ‘Managing interest rate benchmark reform
and associated risks’ below.
Exposure to interest rate risk

The interest rate profile of the Group’s and the Company’s significant interest-bearing financial instruments, based on
carrying amounts as at the end of the reporting period are as follows:
Group Company
2021 2020 2021 2020
RM’000 RM’000 RM’000 RM’000
Fixed rate instruments

Fixed deposits 1,833,408 1,125,757 890,042 97,000
Amounts due to a subsidiary – – – (81,571)
Bank loans (246,575) (61,398) – –
Fixed rate medium term notes (431,713) (462,925) – –
Loans from corporates (4,543) (4,573) – –
Variable rate instruments

Bank overdrafts (24,229) (22,401) – –
Bank loans (7,231,413) (8,208,448) – –
Loans from corporates (932,674) (923,716) – –
Provision for loan taken by a joint venture (45,131) (42,021) – –
Interest rate caps 2,143 2,704 – –
Interest rate swaps (471) (886) – –
Cross currency interest rate swaps 27,199 (2,974) – –

(b) Interest rate risk (continued)
Fair value sensitivity analysis for fixed rate instruments
The Group does not account for any fixed rate financial assets and liabilities at FVTPL. Therefore, a change in interest
rates at the end of the reporting period would not affect profit or loss.
Cash flow sensitivity analysis for variable rate instruments

A change of 100 basis points (“bp”) in interest rates at the end of the reporting period would increase/(decrease)
amounts charged or credited to profit or loss and equity as shown below. This analysis assumes that all other variables,
in particular foreign currency rates, remain constant.
Equity Profit or loss
100bp 100bp 100bp 100bp
increase decrease increase decrease
Group RM’000 RM’000 RM’000 RM’000
2021
Interest rate caps 20,357 (253) 4,662 –
Interest rate swaps 3,013 (86) 1,613 (1,613)
Cross currency interest rate swaps 8,335 (8,680) 2,525 (2,525)
Other variable rate instruments – – (82,987) 82,987
31,705 (9,019) (74,187) 78,849
2020
Interest rate caps 26,394 (308) 4,968 –
Interest rate swaps 4,322 (1,026) 3,168 (3,168)
Cross currency interest rate swaps 12,509 (13,118) 4,017 (4,017)
Other variable rate instruments – – (92,179) 92,179
43,225 (14,452) (80,026) 84,994
Managing interest rate benchmark reform and associated risks

Overview
A fundamental reform of major interest rate benchmarks is being undertaken globally, including the replacement of
some interbank offered rates (IBORs) with alternative nearly risk-free rates (referred to as ‘interest rate benchmark
reform’). The Group has exposures to IBORs on its financial instruments that will be replaced or reformed as part of
these market-wide initiatives. The Group anticipates that interest rate benchmark reform will impact its existing risk
management practice and application of hedge accounting.
The Group evaluates the extent to which contracts reference IBOR cash flows, whether such contracts will need to
be amended as a result of interest rate benchmark reform and how to manage communication about interest rate
benchmark reform with counterparties.


(b) Interest rate risk (continued)
Managing interest rate benchmark reform and associated risks (continued)
Hedge accounting
The Group has evaluated the extent to which its cash flow hedging relationships are subject to uncertainty driven by
interest rate benchmark reform as at 31 December 2021. As the last loan repricing took place on 15 November 2021,
the Group’s hedged items and hedging instruments continue to be indexed to Japanese Yen LIBOR.
As at the reporting date, the Group has completed supplementary loan agreement for certain bank loans at no increase
in loan interest and finalised the key term of the derivatives instrument arising from the IBORs reform with the respective
counterparties. The interest bearing loans and derivatives (hedging instruments) will be transited on the same date and
to the same benchmark indexes to avoid any ineffectiveness in relation to the application of the hedge accounting. The
hedging relationships were not affected arising from this transition.
The Group’s exposure to Japanese Yen LIBOR or Singapore-dollar SOR designated in hedging relationships is
SGD332.4 million and SGD81.9 million (equivalent to approximately RM1.02 billion and RM252.3 million) nominal amount
at 31 December 2021, respectively, representing both the nominal amount of the derivative financial instruments and
the principal amount of the Group’s hedged JPY-denominated and SGD-denominated committed bank loan liabilities
maturing in 2024 to 2027.
(vii) Hedging activities

Interest rate caps
As part of the Group’s effort in managing its exposure to interest rate movement on its floating rate loans, the Group also
entered into interest rate caps during the year. As at 31 December 2021, the Group had interest rate caps with a notional
principal of RM863,268,000 (2020: RM925,428,000).
These instruments are designated as hedging instruments. As at 31 December 2021, the change of time value of the interest
rate caps of RM213,000 loss (2020: RM234,000 gain) was recognised in the cost of hedging reserve. There was no intrinsic
value recognised in the hedge reserve during the year.
Cash flow hedge

The Group manages its exposure to interest rate movements on certain floating rate loans and borrowings by entering into
interest rate swaps, where appropriate. As at 31 December 2021, the Group has interest rate swaps with a total notional
amount of RM161,085,000 (2020: RM318,602,000) to provide fixed rate funding up to 2024 (2020: up to 2024) at a weighted
average effective interest rate of 0.16% (2020: 0.13%) per annum.
Also, the Group has cross currency interest rate swaps (“CCIRS”) with notional amount of RM252,311,000
(2020: RM404,029,000) as at 31 December 2021 to manage its foreign currency risk and interest rate risk arising from the
financing of Japanese properties using Singapore dollar facilities. To maintain a natural hedge, the Group utilised CCIRS to
realign the Singapore dollar denominated loans back into effective Japanese Yen denominated loans to match its underlying
Japanese Yen denominated assets.

(vii) Hedging activities (continued)
Cash flow hedge (continued)
As at 31 December 2021, where the interest rate swaps and cross currency interest rate swaps were designated as hedging
instruments in qualifying cash flow hedges, the effective portion of the changes in fair value of the swaps of RM11,617,000
gain (2020: RM7,995,000 loss) and RM19,013,000 gain (2020: RM6,329,000 loss) were recognised in the hedge reserve
and FCTR respectively.
In 2020, where hedge accounting was discontinued, not practised or ineffective, change in fair value of interest rate swaps
amounting to RM144,000 gain was charged to profit or loss. Accordingly, change in fair value of these interest rate swaps,
previously recognised in the hedge reserve amounting to RM131,000 loss was reclassified to profit or loss. Change in fair
value of CCIRS of RM1,779,000 loss was also recognised in profit or loss.
At 31 December 2021, the Group held the following instruments to hedge exposures to changes in interest rates.
Maturity
2021 2021 2020 2020
Within More than Within More than
1 year 1 year 1 year 1 year
Interest rate risk

Cross currency interest rate swaps
Net exposure (RM’000) – 252,311 153,186 250,843
Fixed interest rate – 0.36% 0.54% 0.36%
Interest rate swaps

Net exposure (RM’000) – 161,085 145,919 172,683
Fixed interest rate – 0.16% 0.10% 0.16%
Interest rate caps

Net exposure (RM’000) – 863,268 – 925,428
Fixed interest cap rate – 0.25% – 0.25%


The amounts at 31 December relating to items designated as hedged items were as follows:
Balances
remaining in the
hedge reserve
from hedging
Change in relationships for
value used for Cost of which hedge
calculating hedge Hedge hedging accounting is no
ineffectiveness reserve reserve longer applied
RM’000 RM’000 RM’000 RM’000
Interest rate risk

2021
Variable-rate instruments – 277 332 –
2020
Variable-rate instruments – (3,857) 408 –
The following table provides a reconciliation by risk category of components of equity and analysis of other comprehensive
income (“OCI”) items resulting from cash flow hedge accounting:
2021 2021 2020 2020

Cost of Cost of
hedging Hedge hedging Hedge
reserve reserve reserve reserve
RM’000 RM’000 RM’000 RM’000
Cash flow hedge

At 1 January 408 12,454 325 15,251
Changes in fair value (213) 11,617 234 (7,995)
Hedge ineffectiveness recognised in profit or loss – – – 131
(213) 11,617 234 (7,864)
OCI attributed to NCI 137 (7,485) (151) 5,066
Changes in ownership interest in subsidiaries with no
change in control – 1 – 1
At 31 December 332 16,587 408 12,454

The amounts relating to items designated as hedging instruments were as follows:
Line item in the statement of Changes in

Carrying amount financial position where the value of Line item in
the hedging Hedge Cost of profit or loss
the hedging the hedged instrument ineffectiveness hedging that includes
Nominal instrument is item is recognised recognised in recognised hedge
amount Assets Liabilities included included in OCI profit or loss in OCI ineffectiveness
Interest rate risk RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
2021
Cross currency
interest rate Financial Loans and Not
swaps 252,311 27,199 – derivatives borrowings 11,197 – – applicable
Financial Loans and Not
Interest rate swaps 161,085 – (471) derivatives borrowings 420 – – applicable
Interest rate caps 863,268 2,143 – derivatives borrowings – – (213) applicable
11,617 – (213)
2020
Cross currency
interest rate Financial Loans and
swaps 404,029 3,883 (6,857) derivatives borrowings (7,951) (1,779) – Finance cost
Financial Loans and
Interest rate swaps 318,602 – (886) derivatives borrowings (44) (131) – Finance cost
Interest rate caps 925,428 2,704 – derivatives borrowings – – 234 applicable
(7,995) (1,910) 234
Hedge of net investments in foreign operations

The Group’s Japanese Yen (“JPY”) denominated unsecured bank loans were designated as a natural hedge of the
Group’s net investments in Japan. In 2014, the Group refinanced a JPY denominated loan with a Singapore Dollar (“SGD”)
denominated loan which was overlaid with a cross currency interest rate swaps to realign this SGD borrowing into an
effective JPY loan to maintain a natural hedge for its net investments in Japan.
The amounts related to items designated as hedging instruments were as follows:
Changes in
the value of Line item in
Line item in the statement the hedging Hedge profit or loss
Carrying amount
of financial position instrument ineffectiveness that includes
Nominal where the hedging recognised in recognised in hedge
amount Assets Liabilities instrument is included OCI profit or loss ineffectiveness
Foreign currency risk RM’000 RM’000 RM’000 RM’000 RM’000
2021
Foreign currency
denominated
loans and Not
borrowings 2,033,670 – (2,027,288) Loans and borrowings 151,274 – applicable
2020
Foreign currency
denominated
loans and Not
borrowings 2,193,817 – (2,186,912) Loans and borrowings (59,976) – applicable


Hedge of net investments in foreign operations (continued)
The amounts related to items designated as hedged items were as follows:
Balances remaining
in the foreign currency
translation reserve from
Change in value hedging relationships for
used for calculating Foreign currency which hedge accounting
hedge ineffectiveness translation reserve is no longer applied
RM’000 RM’000 RM’000
2021
Net investment in SPEs with JPY
functional currency (149,585) (162,012) –
2020
Net investment in SPEs with JPY
functional currency 60,062 (12,274) –
(viii) Fair value information

The carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy
are as follows. It does not include fair value information for financial assets and financial liabilities not measured at fair value
if the carrying amount is a reasonable approximation of fair value.
Fair value Carrying

Group Level 1 Level 2 Level 3 Total amount
2021 Note RM’000 RM’000 RM’000 RM’000 RM’000
Financial assets
Unquoted shares at FVOCI 10 – – 72,581 72,581 72,581
Money market funds at FVTPL 10 – 111,394 – 111,394 111,394
Foreign exchange forward contracts 25 – 21,451 – 21,451 21,451
Cross currency swaps 25 – 374,382 – 374,382 374,382
Cross currency interest rate swaps 25 – 27,199 – 27,199 27,199
Interest rate caps 25 – 2,143 – 2,143 2,143
– 536,569 72,581 609,150 609,150
Liabilities on put options granted to NCI 24 – – (1,938,448) (1,938,448) (1,938,448)
Interest rate swaps 25 – (471) – (471) (471)
– (471) (1,938,448) (1,938,919) (1,938,919)

(viii) Fair value information (continued)
Fair value Carrying
Group Level 1 Level 2 Level 3 Total amount
2020 Note RM’000 RM’000 RM’000 RM’000 RM’000
Financial assets
Unquoted shares at FVOCI 10 – – 59,714 59,714 59,714
Mutual funds at FVTPL 10 – 690 – 690 690
Foreign exchange forward contracts 25 – 6,778 – 6,778 6,778
Cross currency swaps 25 – 128,349 – 128,349 128,349
Cross currency interest rate swaps 25 – 3,883 – 3,883 3,883
Interest rate caps 25 – 2,704 – 2,704 2,704
– 333,319 59,714 393,033 393,033
Liabilities on put options granted to NCI 24 – – (1,137,658) (1,137,658) (1,137,658)
Foreign exchange forward contracts 25 – (373) – (373) (373)
Interest rate swaps 25 – (886) – (886) (886)
Cross currency interest rate swaps 25 – (6,857) – (6,857) (6,857)
– (8,116) (1,137,658) (1,145,774) (1,145,774)
Company
2021
Financial assets
2020
Financial assets


Level 2 fair value
Level 2 fair value is estimated using inputs other than quoted prices that are observable for the financial assets or liabilities
either directly or indirectly.
Derivatives, money market funds and mutual funds
The fair value of foreign exchange forward contracts, cross currency swaps, cross currency interest rate swaps, interest rate
swaps, interest rate caps, money market funds and mutual funds are based on banker quotes.
Transfer between Level 1 and Level 2 fair values

There has been no transfers between Level 1 and Level 2 fair values during the financial year (2020: no transfer in either direction).
Level 3 fair value

The following table shows a reconciliation of Level 3 fair values:
Liabilities on put options

Unquoted shares at FVOCI granted to NCI
RM’000 RM’000
At 1 January 2020 30,645 (1,033,565)

Purchase of equity investments 28,539 –
Change in fair value to equity – (160,208)
Translation differences 530 56,115
At 31 December 2020/1 January 2021 59,714 (1,137,658)
Arising from business combinations – (66,351)
Disposal of subsidiaries – 61,793
Purchase of equity investments 12,722 –
Change in fair value to equity – (1,061,542)
Translation differences 145 265,310
At 31 December 2021 72,581 (1,938,448)
Measurement of fair values

The carrying amounts of financial assets and financial liabilities with a maturity of less than one year (including trade and
other receivables, other financial assets, cash and cash equivalents, bank overdrafts and trade and other payables) are
measured on the amortised cost basis and approximate their fair values due to their short-term nature and where the effect
of discounting is immaterial.

Valuation techniques and significant unobservable inputs
The following tables show the valuation techniques used in measuring Level 2 and Level 3 fair values, as well as the
significant unobservable inputs used.
(a) Financial instruments measured at fair value

Inter-relationship
between significant
unobservable inputs
Significant and fair value
Type Valuation technique unobservable inputs measurement
Group
Interest rate swaps, Market comparison technique: The fair Not applicable Not applicable
foreign exchange values are based on valuations provided
forward contracts, by the financial institutions that are the
cross currency counterparties to the transactions. These
swaps, cross quotes are tested for reasonableness by
currency interest discounting estimated future cash flows
rate swaps and based on the terms and maturity of each
interest rate caps contract and using market interest rates for
a similar instrument at the reporting date.
Liabilities on put Discounted cash flows: The fair values are Risk-adjusted discount The estimated fair
options granted to based on the subsidiary’s equity value rates at 7.7% to 16.52% value would increase/
non-controlling computed mainly using the discounted cash (2020: 8.3% to 15.0%) (decrease) if the
interests flow method based on present value of risk-adjusted discount
projected free cash flows of the subsidiary rates were lower/
discounted using a risk-adjusted discount (higher).
rate. For liabilities on put options granted to
non-controlling interests, the expected
payment is then discounted using a
risk-adjusted discount rate.
Market approach: The fair values are Enterprise The estimated fair
computed by taking into consideration Value/Earnings value would increase/
comparable companies of the underlying before interest, tax, (decrease) if the
equity instrument, market multiples, depreciation and weighted average
financial information of the underlying amortization (EV/ EV/EBITDA multiple
equity instrument, enterprise to equity EBITDA) multiple. were higher/(lower).
value and a discount/premium applied
in the valuation.
Equity Market approach: The fair values are Not applicable Not applicable
investments – computed by taking into consideration
at FVOCI comparable companies of the equity
investments, market multiples, financial
information of the equity investments,
enterprise to equity value and a discount/
premium applied in the valuation.


Valuation techniques and significant unobservable inputs (continued)
(b) Financial instruments not carried at fair value
Type Valuation technique
Group
Unsecured fixed rate medium term notes Market comparison technique: The fair value is estimated taking
into consideration of the quoted price.
Loans and borrowings Discounted cash flows: Based on the current market rate of
borrowing of the respective Group entities at the reporting date.
37. CAPITAL MANAGEMENT

The Group’s objectives when managing capital is to maintain a strong capital base and safeguard the Group’s ability to continue
as a going concern, so as to maintain investor, creditor and market confidence and to sustain future development of the business.
The Group monitors and maintains an optimal debt-to-equity ratio that complies with debt covenants and regulatory requirements.
Group
2021 2020
Loans and borrowings 20 8,846,918 9,661,060

Bank overdrafts 24,229 22,401
Lease liabilities 2,002,534 1,945,310
Less: Cash and cash equivalents 15 (5,017,680) (4,187,806)
Net debt 5,856,001 7,440,965
Total equity 27,276,831 27,035,369
Debt-to-equity ratio 0.21 0.28
There were no changes in the Group’s approach to capital management during the financial year.
Except as disclosed in note 20, the Group complies with all externally imposed capital requirements for the financial years ended
31 December 2021 and 2020.

38. CAPITAL AND OTHER COMMITMENTS
Group
2021 2020
RM’000 RM’000
(a) Capital expenditure commitments

Property, plant and equipment and investment properties
– Contracted but not provided for 541,431 631,682
(b) Joint venture

Share of capital commitment of joint venture – 184
(c) Other commitments 1,896,122 1,890,215

Maximum amount committed for Fortis Open Offer 1 16,070 16,020
Maximum amount committed for Malar Open Offer 1 1,912,192 1,906,235
1 The actual number of Fortis shares and the actual number of Fortis Malar Hospitals Limited shares that Northern TK Venture Pte. Ltd. (“NTK”)
will be acquiring can only be determined at the end of the Fortis Open Offer and Malar Open Offer respectively.
On 13 November 2018, IHH acquired 31.17% equity interest in Fortis through a preferential allotment by Fortis to an indirect
wholly owned subsidiary of the Company, NTK. As a consequence of the preferential allotment by Fortis, NTK is required to
carry out the following:
(i) a mandatory open offer for acquisition of up to 197,025,660 equity shares of face value of INR10 each in Fortis, representing
additional 26% of the Expanded Voting Share Capital of Fortis, at a price of not less than INR170 per share (“Fortis Open
Offer”) or such higher price as required under the Securities and Exchange Board of India (Substantial Acquisition of Shares
and Takeovers) Regulations, 2011.
(ii) in light of the acquisition of the controlling stake of Fortis, a mandatory open offer for acquisition of up to 4,894,308 fully paid
up equity shares of face value of INR10 each in Malar, representing 26% of the paid-up equity shares of Malar at a price of
INR58 per share (“Malar Open Offer”). The Malar Open Offer is subject to the completion of the Fortis Open Offer.
In light of the 14 December 2018 status quo Order, and the 15 November 2019 Judgment mentioned in note 47, the Fortis Open
Offer as well as the Malar Open Offer (which is subject to the completion of the Fortis Open Offer) will not proceed for the time being.

39. RELATED PARTIES

Identity of related parties
For the purposes of these financial statements, parties are considered to be related to the Group if the Group or the Company
has the ability, directly or indirectly, to control or jointly control the party or exercise significant influence over the party in making
financial and operating decisions, or vice versa, or where the Group or the Company and the parties are subject to common control.
Related parties may be individuals or other entities.
Related parties also include key management personnel defined as those persons having authority and responsibility for planning,
directing and controlling the activities of the Group either directly or indirectly. Key management personnel include all the Directors
of the Company.
The Group has related party relationships with its substantial shareholders, associates, joint ventures and key management
personnel. The Company also has related party relationships with its subsidiaries.
Related party transactions

Related party transactions are entered into in the normal course of business and have been established under negotiated terms.
From time to time, key management personnel of the Group, or their related parties, may receive services and purchase goods
from the Group. These services and purchases are on negotiated basis.
Other than disclosed elsewhere in the financial statements, transactions carried out on terms agreed with related parties are as follows:
Group
2021 2020
RM’000 RM’000
With substantial shareholders and their related parties

Sales and provision of services 453 415
Purchases and consumption of services (10,376) (7,896)
Acquisition of 100% equity interest in Prince Court Medical Centre Sdn Bhd – 1,020,000
With associates and joint ventures

Sales and provision of services 8,392 7,974
With key management personnel and their related parties

Sales and provision of services 4,240 7,715
Company
2021 2020
RM’000 RM’000
With subsidiaries
Share-based payment transactions 3,180 16,800
Rental expense (2,040) (2,252)

39. RELATED PARTIES (continued)
Related party transactions (continued)
Except as disclosed in notes 14 and 24, significant related party balances related to the above transactions are as follows:
Group
2021 2020
RM’000 RM’000
Trade and other receivables

Substantial shareholders and their related parties 50 35
Key management personnel and their related parties 821 337
871 372
Trade and other payables
Substantial shareholders and their related parties (761) –
Key management personnel and their related parties (3,194) (2,627)
(3,955) (2,627)
40. ACQUISITION AND DISPOSAL OF SUBSIDIARIES/BUSINESS

Acquisitions of subsidiaries in 2021
(a) On 5 April 2021, SRL acquired the remaining 50% equity interest in DDRC SRL Diagnostics Private Limited (“DDRC SRL”) not
already held by its wholly-owned subsidiary, SRL Diagnostics Private Limited, for a total cash consideration of INR3.5 billion
(equivalent to RM199.4 million). Post the acquisition, SRL’s direct and indirect equity interest in DDRC SRL increased from
50% to 100% and DDRC SRL became an indirect subsidiary of the Group.
(b) On 20 July 2021, ACC BV acquired 70% equity interest in Bel Medic for a total consideration of EUR10.0 million (equivalent
to RM49.4 million). Bel Medic is a private healthcare operator in Belgrade, Serbia and it currently operates a 54-bedded
general hospital and five outpatient clinics. Post completion of the acquisition, the following entities have become direct/
indirect subsidiaries of ACC BV:
Entity Relationship with ACC BV
Bel Medic Direct subsidiary

Health Center Acibadem Bel Medic Indirect subsidiary
(f.k.a. Dom Zdravlja Bel Medic (Health Center))
Health Center Acibadem Bel Medic Slavija Indirect subsidiary
(f.k.a. Dom Zdravlja Bel Medic Slavija (Health Center Slavija))
Bel Food & Coffee d.o.o. Indirect subsidiary
Fair value of consideration transferred

The following summarises fair value of each major class of consideration transferred or payable at the acquisition date:
DDRC SRL Bel Medic Total

RM’000 RM’000 RM’000
Cash and cash equivalents 199,432 49,436 248,868

40. ACQUISITION AND DISPOSAL OF SUBSIDIARIES/BUSINESS (continued)

Acquisitions of subsidiaries in 2021 (continued)
Identifiable assets acquired and liabilities assumed
The following summarises the recognised fair value of assets acquired and liabilities assumed at the date of acquisition:

Note RM’000 RM’000 RM’000
Property, plant and equipment 3 25,311 27,737 53,048

ROU assets 4 3,416 31,278 34,694
Intangible assets 6 160,448 72,186 232,634
Other financial assets 29 – 29
Trade and other receivables 14,237 3,348 17,585
Tax recoverables 1,013 – 1,013
Deferred tax assets 11 930 – 930
Inventories 4,528 2,592 7,120
Cash and cash equivalents 7,844 5,717 13,561
Loans and borrowings – (23,972) (23,972)
Lease liabilities (3,723) (31,278) (35,001)
Employee benefits (3,950) (53) (4,003)
Trade and other payables (8,460) (9,903) (18,363)
Deferred tax liabilities 11 (39,439) (9,245) (48,684)
Tax payable – (266) (266)
Net identifiable assets acquired 162,184 68,141 230,325
Net cash outflow arising from acquisitions of subsidiaries

RM’000 RM’000 RM’000
Purchase consideration settled in cash and cash equivalents 199,432 49,436 248,868
Less: Deferred purchase consideration (13,546) – (13,546)
Less: Cash and cash equivalents acquired (7,844) (5,717) (13,561)
178,042 43,719 221,761
Goodwill
Fair value of consideration transferred 199,432 49,436 248,868

Non-controlling interests, based on their proportionate interests in the
recognised amounts of assets and liabilities of acquiree – 20,439 20,439
Fair value of pre-existing interest in the acquiree 199,432 – 199,432
Fair value of net identified assets acquired (162,184) (68,141) (230,325)
Goodwill 6 236,680 1,734 238,414
The remeasurement to fair value of the Group’s existing 50% interest in DDRC SRL resulted in a gain of RM86,061,000. The amount
was recognised in ‘other operating income’ in profit or loss.
Goodwill on DDRC SRL was attributable mainly to the synergies expected to be achieved by integrating the entities into the
Group's existing diagnostic business. None of the goodwill recognised is expected to be deductible for tax purposes.

Acquisitions of subsidiaries in 2021 (continued)
Acquisition-related costs
The Group incurred acquisition-related costs of RM682,000 during the year for Bel Medic and RM592,000 for DDRC SRL. The
acquisition-related cost pertains to external legal fees, due diligence costs, valuation cost, stamp duty costs and other professional
and accounting fees. The acquisition-related costs were included in ‘other operating expenses’ in profit or loss.
Post-acquisition contributions to the Group

For the nine months ended 31 December 2021, DDRC SRL contributed revenue of RM133.9 million and profit of RM34.6 million. If the
acquisition had occurred on 1 January 2021, management estimates that consolidated revenue would have been RM17,188.4 million
and consolidated profit for the year would have been RM2,186.0 million.
For the five and half months ended 31 December 2021, Bel Medic contributed revenue of RM40.4 million and profit of RM1.8 million.
If the acquisition had occurred on 1 January 2021, management estimates that consolidated revenue would have been
RM17,176.7 million and consolidated profit for the year would have been RM2,176.7 million.
Disposal of subsidiaries in 2021

On 13 December 2021, Gleneagles Development Pte Ltd (“GDPL”) disposed its entire 62.23% equity interest in Continental for a
total consideration of INR3,450.0 million (equivalent to RM194.2 million). Consequential thereto, Continental and its subsidiaries
ceased to be subsidiaries of the Group.
The effects of the above disposal are as follows:
Note RM’000
Property, plant and equipment 3 253,878

Other financial assets 4,971
Tax recoverables 6,970
Deferred tax assets 11 3,811
Inventories 2,702
Trade and other receivables 18,166
Cash and cash equivalents 1,669
Loans and borrowings (55,273)
Employee benefits (2,262)
Trade and other payables (32,145)
Deferred tax liabilities 11 (16,687)
Non-controlling interests (70,176)
Net identifiable assets disposed 115,624
Realisation of FCTR 25,574
Gain on disposal of subsidiaries 53,032
Cash consideration 194,230
Less: cash and cash equivalents disposed (1,669)
Net proceeds from disposal of subsidiaries 192,561


Acquisitions of subsidiaries and business in 2020
(a) On 1 April 2020, SRL acquired the business of Dr. S.P. Singh’s Path Lab (“Path Lab”), a proprietorship firm, for a total
consideration of INR10.5 million (equivalent to RM594,000).
(b) On 1 September 2020, Pantai Holdings Sdn Bhd completed the acquisition of the entire issued share capital of Prince Court
Medical Centre Sdn Bhd (“PCMC”) comprising 100,000,000 ordinary shares and 35,176 redeemable preference shares in
PCMC, representing a 100% equity interest therein, for a cash consideration of RM1,020.0 million.
(c) On 27 October 2020, Acibadem City Clinic EAD (“ACC EAD”) acquired 100% equity interest in Acibadem City Clinic Mladost
EOOD (“Mladost”) for a total consideration of EUR20.0 million (equivalent to RM97.9 million).
(d) On 30 December 2020, Acibadem Teknoloji A.S. (“Acibadem Teknoloji”) acquired 100% equity interest in Tenay Yazılım
A.Ş. (“Tenay”) pursuant to a merger and acquisition agreement for a total consideration of USD850,000 and TL178,000
(equivalent to RM3,498,000). All assets and liabilities of Tenay were transferred to Acibadem Teknoloji as a result of the
merger and Tenay was subsequently dissolved.
Fair value of consideration transferred

The following summarises fair value of each major class of consideration transferred or payable at the acquisition date:
Path Lab PCMC Mladost Tenay Total

RM’000 RM’000 RM’000 RM’000 RM’000
Cash and cash equivalents 594 1,020,000 97,949 3,498 1,122,041
Identifiable assets acquired and liabilities assumed

The following summarises the recognised fair value of assets acquired and liabilities assumed at the date of acquisition:
Note RM’000 RM’000 RM’000 RM’000 RM’000
Property, plant and equipment 3 56 418,579 97,949 342 516,926

ROU assets 4 – 418,000 – – 418,000
Intangible assets 6 – 52,200 – 1,722 53,922
Other financial assets – – – 680 680
Inventories – 10,783 – – 10,783
Trade and other receivables – 31,734 – 497 32,231
Cash and cash equivalents – 68,089 – 376 68,465
Lease liabilities – (10,815) – – (10,815)
Trade and other payables – (46,236) – (119) (46,355)
Deferred tax liabilities 11 – (49,391) – – (49,391)
Tax payable – (101) – – (101)
Net identifiable assets acquired 56 892,842 97,949 3,498 994,345

Acquisitions of subsidiaries and business in 2020 (continued)
Measurement of fair values
The valuation techniques used for measuring the fair value of material assets acquired in relation to the acquisition of PCMC were
as follows:
Assets acquired Valuation technique
Property, plant and equipment Market comparison technique and cost technique: The valuation model considers
market prices for similar items when they are available, and depreciated replacement
cost when appropriate. Depreciated replacement cost reflects adjustments for
physical deterioration as well as functional and economic obsolescence.
Intangible assets Cost technique, relief-from-royalty method and multi period excess earnings
method: The cost technique considers the opportunity cost in the process of
obtaining final approval of the hospital license. The relief-from-royalty method
considers the discounted estimated royalty payments that are expected to be
avoided as result of the patents or trademarks being owned. The multi period excess
earnings method considers the forecasted revenues of the intangibles after taking
into consideration the impact of the lifespan and competition of the intangibles on
the revenue generated.
Net cash outflow arising from acquisitions of subsidiaries

RM’000 RM’000 RM’000 RM’000 RM’000
Purchase consideration settled in cash and

cash equivalents 594 1,020,000 97,949 3,498 1,122,041
Less: Cash and cash equivalents acquired – (68,089) – (376) (68,465)

594 951,911 97,949 3,122 1,053,576
Goodwill
Note RM’000 RM’000 RM’000 RM’000 RM’000
Fair value of consideration transferred 594 1,020,000 97,949 3,498 1,122,041

Fair value of net identified assets acquired (56) (892,842) (97,949) (3,498) (994,345)
Goodwill 6 538 127,158 – – 127,696
Goodwill on PCMC is mainly attributed to its earning capacity with 277 beds. The hospital is expected to complement the Group’s
cluster strategy of having specialised tertiary hospitals in Kuala Lumpur, Malaysia. PCMC offers a wide range of medical, surgical and
hospital services including burns management, oncology, gastroenterology, interventional cardiology, nephrology, orthopaedics,
rehabilitation medicine, in vitro fertilisation and occupational health. The Group can effectively leverage on the combined clinical
excellence and expertise to deliver optimised, comprehensive care to both local and foreign patients.
Acquisition-related costs
The Group incurred acquisition-related costs of RM6,323,000 and RM2,751,000 during the year and in the prior year respectively
for PCMC. The acquisition-related cost pertains to external legal fees, due diligence costs, valuation cost, stamp duty costs and
other professional and accounting fees. The acquisition-related costs have been included in other operating expenses in the
statement of profit or loss and other comprehensive income.


Acquisitions of subsidiaries and business in 2020 (continued)
Post-acquisition contributions to the Group
For the four months ended 31 December 2020, PCMC contributed revenue of RM83,824,000 and profit of RM1,900,000 to the
Group’s results. If the acquisition had occurred on 1 January 2020, management estimates that consolidated revenue would have
been RM13,557,936,000 and consolidated profit for the year would have been RM202,944,000.
Disposal of subsidiaries in 2020

(a) On 19 March 2020, Acibadem Sağlık Hizmetleri ve Ticaret A.S. (“ASH”) disposed 70% equity interest in Famicord Acibadem
Kordon Kani Sağlik Hizmetleri Anonim Şirketi (“Famicord”) at a total consideration of EUR2.8 million (equivalent to
RM13.4 million). Consequential thereto, ASH’s interest in Famicord decreased from 100.0% to 30.0% and Famicord ceased
to be a subsidiary but remains an associate of the Group.
(b) On 5 June 2020, M&P Investments Pte Ltd disposed its 60% equity interest in ParkwayHealth Zifeng Nanjing OBGYN
Hospital Company Limited. Post the disposal, ParkwayHealth Zifeng Nanjing OBGYN Hospital Company Limited ceased to
be a subsidiary of the Group. There is no financial effect on the disposal.
(c) On 31 October 2020, PHL disposed 9% equity interest in GJPMC at a total consideration of BND3.3 million (equivalent to
RM10.1 million). Consequential thereto, PHL’s equity interest in GJPMC decreased from 49% to 40% and GJPMC ceased to
be a subsidiary but remains an associate of the Group.
The effects of the above disposals are as follows:
Famicord GJPMC Total

Property, plant and equipment 3 – 14,337 14,337

ROU assets 4 – 951 951
Deferred tax assets 11 – 199 199
Inventories – 2,288 2,288
Trade and other receivables – 78,719 78,719
Cash and cash equivalents – 75,489 75,489
Assets classified as held for sale 1,456 – 1,456
Lease liabilities – (984) (984)
Trade and other payables – (33,265) (33,265)
Deferred tax liabilities 11 – (1,950) (1,950)
Tax payable – (8,098) (8,098)
Liabilities classified as held for sale (1,194) – (1,194)
Non-controlling interests – (65,120) (65,120)
Net identifiable assets disposed 262 62,566 62,828
Remaining interests measured at fair value (82) (45,083) (45,165)
Gain/(Loss) on disposal of subsidiaries 29 13,188 (7,339) 5,849
Cash consideration 13,368 10,144 23,512
Less: cash and cash equivalents disposed – (75,489) (75,489)
Net cash inflow/(outflow) from disposal of subsidiaries 13,368 (65,345) (51,977)

41. CHANGES IN OWNERSHIP INTEREST IN SUBSIDIARIES
Changes in ownership interests in subsidiaries in 2021
(a) On 4 February 2021, Medical Resources International Pte Ltd (“MRI”) increased its interest in Chengdu Shenton Health Clinic
Co., Ltd (“Chengdu Shenton Clinic”) following MRI’s cash contribution of RMB1.41 million (equivalent to RM881,000) to the
registered capital of Chengdu Shenton Clinic. Post the cash contribution, MRI’s interest in Chengdu Shenton Clinic increased
from 60.95% to 61.75%.
(b) On 4 March 2021, MRI increased its interest in Chengdu Shenton Clinic following the conversion of the shareholder’s loan of
RMB1.41 million (equivalent to RM894,000) to the registered capital of Chengdu Shenton Clinic. Post the conversion of the
shareholder’s loan, MRI’s interest in Chengdu Shenton Clinic increased from 61.75% to 62.42%.
(c) On 5 April 2021, PTM transferred 130,600 PLife REIT units that it owned to its eligible employees in accordance to PTM’s long
term incentive plan. Consequential thereto, the Group’s effective interest in PLife REIT was diluted from 35.62% to 35.60%.
(d) On 24 May 2021, ASH acquired the remaining 0.01% equity interest in Acıbadem Poliklinikleri A.S. (“POL”) at no consideration.
Post the acquisition, ASH’s equity interest in POL increased from 99.99% to 100%.
(e) On 30 September 2021, ASH acquired additional 15% equity interest in ACC BV from its 53.82% owned subsidiary,
Clinical Hospital Acibadem Sistina Skopje (“Acibadem Sistina”) for a total consideration of EUR24.0 million (equivalent to
RM116.9 million). Post completion of the acquisition, ASH’s direct equity interest in ACC BV increased from 49.05% to 64.05%
and Acibadem Sistina ceased to be a shareholder of ACC BV.
The effects of the above transactions are as follows:
Foreign currency
translation Non-controlling
Hedge reserve Capital reserve reserve interests
RM’000 RM’000 RM’000 RM’000
(a) Increase of 0.8% interest in Chengdu Shenton Clinic – (138) – 507

(b) Increase of 0.67% interest in Chengdu Shenton Clinic – (124) – 511
(c) Decrease of 0.02% interest in PLife REIT 1 1,216 (6) 404
(e) Increase of 15% interest in Acibadem Sistina – (7,230) – (46,738)
1 (6,276) (6) (45,316)
Changes in ownership interests in subsidiaries in 2020

(a) In April 2020, PTM transferred 128,400 PLife REIT units that it owned to its eligible employees in accordance to LTI plan.
Consequential thereto, IHH Group’s effective interest in PLife REIT was diluted from 35.64% to 35.62%.
(b) In September and November 2020, GDPL subscribed for a total of 5,214,091 equity shares in RGE for a consideration of
INR647.1 million (equivalent to RM36.1 million) pursuant to a rights issue. Consequential thereto, the Group’s equity interest
in RGE increased from 73.87% to 75.62% (on a fully diluted basis).
(c) In November 2020, MRI increased its interest in Chengdu Shenton Clinic following MRI’s cash contribution of RMB1.41 million
(equivalent to RM0.9 million) to the registered capital of Chengdu Shenton Clinic. Consequential thereto, MRI’s interest in
Chengdu Shenton Clinic increased from 60% to 60.95%.
(d) In December 2020, ACC EAD acquired the remaining 49.5% equity interest in Healthcare Consulting EOOD (formerly known
as Healthcare Consulting OOD) for a total cash consideration of BGN13,000 (equivalent to RM31,000). Consequential
thereto, ACC EAD’s equity interest in Healthcare Consulting EOOD increased from 50.5% to 100%.
The effects of the above transactions are as follows:
Foreign currency
translation Non-controlling
Hedge reserve Capital reserve reserve interests
RM’000 RM’000 RM’000 RM’000
(a) Decrease of 0.02% interest in PLife REIT 1 943 2 391

(b) Increase of 1.75% interest in RGE – (9,501) – 9,501
(c) Increase of 0.95% interest in Chengdu Shenton Clinic – (156) – 156
(d) Increase of 49.5% interest in Healthcare Consulting EOOD – (80) – 49
1 (8,794) 2 10,097

42. SUBSIDIARIES
Details of subsidiaries are as follows:
Effective ownership
interest and
Place of voting interest
incorporation 2021 2020
Name of subsidiary and business Principal activities % %
Direct subsidiaries
IMU Health Sdn. Bhd. Malaysia Investment holding and provision of 100 100
management services to its subsidiaries
Integrated Healthcare Holdings Limited Federal Territory of Investment holding 100 100
Labuan Malaysia
Integrated Healthcare Holdings Mauritius Struck off during the year – 100
(Bharat) Limited +
Integrated Healthcare Turkey Federal Territory of Investment holding 100 100

Yatirimlari Limited Labuan Malaysia
Indirect subsidiaries
Held through IMU Health Sdn. Bhd.:

IMU Education Sdn. Bhd. Malaysia Establishing and carrying on the business 100 100
of managing educational institutions,
colleges, schools and other centres
of learning, research and education
IMU Healthcare Sdn. Bhd. Malaysia Investment holding and provision of 100 100
healthcare services
IMC Education Sdn. Bhd. Malaysia Provision of educational programs 100 100
and training courses for healthcare
and related fields
Held through Integrated Healthcare Holdings Limited:

Parkway Pantai Limited # Singapore Investment holding 100 100
Held through IMU Healthcare Sdn. Bhd.:

IMU Dialysis Sdn. Bhd. Malaysia Establishing, operating and managing 60 60
dialysis centre(s) for the provision of
haemodialysis services
Held through Integrated Healthcare Turkey Yatirimlari Limited:

Integrated Healthcare Hastaneler Malaysia Investment holding 100 100
Turkey Sdn. Bhd.
Held through Parkway Pantai Limited:

Parkway HK Holdings Limited #(1) Hong Kong Investment holding 100 100
Parkway Holdings Limited # Singapore Investment holding 100 100
Pantai Holdings Sdn. Bhd. Malaysia Investment holding 100 100

42. SUBSIDIARIES (continued)
Effective ownership
interest and
Indirect subsidiaries (continued)
Held through Parkway Pantai Limited: (continued)

Parkway Group Healthcare Pte Ltd #(2) Singapore Investment holding and provision of 100 100
management and consultancy services
Gleneagles Development Pte Ltd #(3) Singapore Investment holding 100 100
Parkway Healthcare Indo-China Pte. Ltd.# Singapore Investment holding 100 100
Northern TK Venture Pte. Ltd.# Singapore Investment holding 100 100
Angsana Holdings Pte. Ltd.# Singapore Investment holding 55 55
Held through Integrated Healthcare Hastaneler Turkey Sdn. Bhd.:

Acıbadem Sağlık Yatırımları Holding A.Ş.# Turkey Investment holding 90 90
Held through Acıbadem Sağlık Yatırımları Holding A.Ş.:

APlus Hastane Otelcilik Hizmetleri A.Ş.# Turkey Provision of catering, laundry and 89.99 89.99
cleaning services for hospitals
Acıbadem Proje Yönetimi A.Ş.# Turkey Supervise and manage the construction 89.99 89.99
of healthcare facilities
Acıbadem Sağlık Hizmetleri Turkey Provision of medical, surgical and 89.79 89.79
ve Ticaret A.Ş.# hospital services
Held through Acıbadem Sağlık Hizmetleri ve Ticaret A.Ş.:

Acıbadem Poliklinikleri A.Ş.# Turkey Provision of outpatient and surgical 89.79 89.78
(in certain clinics only) services
Acıbadem Labmed Sağlık Hizmetleri A.Ş.# Turkey Provision of laboratory services 89.79 89.79
International Hospital İstanbul A.Ş.# Turkey Provision of medical, surgical and 80.81 80.81
hospital services
Acıbadem Mobil Sağlık Hizmetleri A.Ş.# Turkey Provision of emergency, home 89.79 89.79
and ambulatory care services
Clinical Hospital Acıbadem Macedonia Provision of medical, surgical and 48.33 48.33
Sistina Skopje # hospital services
Acıbadem Sistina Medikal Kompani Macedonia Provision of medical equipment and 44.90 44.90
Doo Skopje # import and wholesale of drug
and medical materials
Acibadem International Netherlands Provision of outpatient services 89.79 89.79

Medical Center B.V.#

Effective ownership
interest and
Held through Acıbadem Sağlık Hizmetleri ve Ticaret A.Ş.: (continued)

Acıbadem Teknoloji A.Ş.# Turkey Conduct research, develop and 89.79 89.79
commercially market healthcare
information systems, web-based
applications and other technology
solutions nationally and internationally
Acibadem City Clinic B.V.#(4) Netherlands Investment holding 57.51 51.29
Acıbadem International Germany Operation of hospitals, clinics and other 89.79 89.79
Healthcare GmbH + medical facilities and provision of
services in the healthcare sector
LifeClub Sağlıklı Yaşam Turkey Provision of e-consulting activities, 89.79 –

Hizmetleri A.Ş.# wellness services and marketplace
activities relating to all health-related
products and memberships
Held through Acıbadem Poliklinikleri A.Ş.:

Bodrum Medikal Sağlık Turkey Provision of outpatient services 53.88 53.87
Hizmetleri A.Ş.#
Held through Acibadem City Clinic B.V.:

Acibadem City Clinic EAD # Bulgaria Investment holding 57.51 51.29
General Hospital Acibadem Bel Medic Serbia Provision of medical, surgical and 40.26 –
(f.k.a. Opsta Bolnica Bel Medic hospital services
(Bel Medic General Hospital)) ##
Held through General Hospital Acibadem Bel Medic:

Health Center Acibadem Bel Medic Serbia Provision of medical and 40.26 –
(f.k.a. Dom Zdravlja Bel Medic general surgical services
(Health Center)) ##
Bel Food & Coffee d.o.o ## Serbia Provision of services of 40.26 –

preparation and serving food
Held through Health Center Acibadem Bel Medic:

Health Center Acibadem Bel Medic Serbia Provision of medical services 40.26 –
Slavija (f.k.a. Dom Zdravlja Bel Medic
Slavija (Health Center Slavija)) ##
Held through Acibadem City Clinic EAD:

Acibadem City Clinic Bulgaria University multi-profile hospital 57.51 51.29
University Hospital EOOD # for acute care

Effective ownership
interest and
Held through Acibadem City Clinic EAD: (continued)

Acibadem City Clinic Diagnostic Bulgaria Outpatient diagnostic and 57.51 51.29
and Consultation Centre EOOD # consultative centre
Acibadem City Clinic Medical Center Bulgaria Outpatient medical centre 57.51 51.29
Varna EOOD #
Acibadem City Clinic Pharmacies EOOD # Bulgaria Pharmacy 57.51 51.29
Healthcare Consulting EOOD # Bulgaria Clinical research 57.51 51.29
Tokuda Clinical Research Center AD # Bulgaria Clinical research 48.89 43.60
Acibadem City Clinic Services EOOD # Bulgaria Facility management 57.51 51.29
and building maintenance
Tokuda Pharmacy EOOD # Bulgaria Pharmacy 57.51 51.29
Acibadem City Clinic Diagnostic and Bulgaria Outpatient diagnostic and 57.51 51.29
Consultation Center Tokuda EAD # consultative centre
Acibadem City Clinic Tokuda University Bulgaria Multi-profile hospital for acute care 57.51 51.29
Hospital EAD (f.k.a. Acibadem City
Clinic Tokuda Hospital EAD) #
Acibadem City Clinic Mladost EOOD # Bulgaria Ownership of hospital and 57.51 51.29
healthcare facilities
Held through Pantai Holdings Sdn. Bhd.:

Pantai Group Resources Sdn. Bhd. Malaysia Investment holding 100 100
Pantai Hospitals Sdn. Bhd. Malaysia Investment holding and provision of 100 100
management and consultation services
to hospitals and medical centres
Pantai Management Resources Sdn. Bhd. Malaysia Dormant 100 100
Gleneagles (Malaysia) Sdn. Bhd. Malaysia Investment holding 100 100
Prince Court Medical Centre Sdn Bhd Malaysia Provision of medical, surgical 100 100
and hospital services
Held through Pantai Group Resources Sdn. Bhd.:

Pantai Premier Pathology Sdn. Bhd. Malaysia Provision of medical laboratory services 100 100

Effective ownership
interest and
Held through Pantai Group Resources Sdn. Bhd.: (continued)

Pantai Integrated Rehab Malaysia Provision of rehabilitation services 100 100
Services Sdn. Bhd.
Pantai Wellness Sdn. Bhd. Malaysia Provision of health and wellness services 100 100
POEM Corporate Health Malaysia Provision of occupational and 100 100

Services Sdn. Bhd. environmental health services
and other industry specific medical
services to corporate clients
Twin Towers Medical Centre Malaysia Operation of an outpatient and 100 100
KLCC Sdn. Bhd. daycare medical centre
Held through Pantai Hospitals Sdn. Bhd.:

Pantai Medical Centre Sdn. Bhd. Malaysia Provision of medical, surgical and 100 100
hospital services, as well as providing
administrative support, management
and consultancy services
Cheras Medical Centre Sdn. Bhd. Malaysia Dormant 100 100
Pantai Klang Specialist Medical Malaysia Dormant 100 100

Centre Sdn. Bhd.
Syarikat Tunas Pantai Sdn. Bhd. Malaysia Provision of medical, surgical and 100 100
hospital services
Paloh Medical Centre Sdn. Bhd. Malaysia Provision of medical, surgical and 95.60 95.60
hospital services
Hospital Pantai Ayer Keroh Sdn. Bhd. Malaysia Dormant 100 100
Hospital Pantai Indah Sdn. Bhd. Malaysia Provision of medical, surgical and 100 100
hospital services
Pantai Hospital Sungai Petani Sdn. Bhd. Malaysia Dormant 100 100
Pantai Screening Services Sdn. Bhd. Malaysia Dormant 100 100
Gleneagles Hospital Malaysia Dormant 100 100

(Kuala Lumpur) Sdn. Bhd.
Pantai Hospital Manjung Sdn. Bhd Malaysia Dormant 100 100

Effective ownership
interest and
Held through Pantai Hospitals Sdn. Bhd.: (continued)

Pantai Hospital Johor Sdn. Bhd. Malaysia Development, construction and leasing 100 100
of medical facility buildings
Amanjaya Specialist Centre Sdn. Bhd. Malaysia Provision of medical, surgical and 100 100
hospital services
Held through Pantai Medical Centre Sdn. Bhd.:

Pantai-ARC Dialysis Services Sdn. Bhd. Malaysia Provision of haemodialysis services 51 51
Oncology Centre (KL) Sdn. Bhd. Malaysia Provision of comprehensive professional 100 100
oncological services, inclusive of
diagnostic, radiotherapy and
chemotherapy treatment
Held through Pantai Premier Pathology Sdn. Bhd.:

Orifolio Options Sdn. Bhd. Malaysia Letting of property 100 100
Held through Gleneagles (Malaysia) Sdn. Bhd.:

Pulau Pinang Clinic Sdn. Bhd. Malaysia Provision of hospital services 71.88 71.88
GEH Management Services (M) Sdn. Bhd. Malaysia Dormant 100 100
Held through Parkway Healthcare Indo-China Pte. Ltd.:

Andaman Alliance Healthcare Limited #^ Myanmar Provision of medical and health related 52 52
facilities and services
Held through Parkway HK Holdings Limited:

Parkway Healthcare Hong Kong Provision of medical and healthcare 100 100
(Hong Kong) Limited # outpatient services
GHK Hospital Limited # Hong Kong Private hospital ownership, 60 60

development and management
Held through Parkway Holdings Limited:

Parkway Hospitals Singapore Private hospitals ownership 100 100
Singapore Pte. Ltd.# and management
Parkway Trust Management Limited # Singapore Provision of management services 100 100
to PLife REIT
Parkway Investments Pte. Ltd.# Singapore Investment holding 100 100
Parkway Novena Pte. Ltd.# Singapore Development, ownership and management 100 100
of private hospital premises

Effective ownership
interest and
Held through Parkway Holdings Limited: (continued)

Parkway Irrawaddy Pte. Ltd.# Singapore Development, ownership and 100 100
management of a medical centre
Parkway Shenton Pte Ltd # Singapore Investment holding and operation of 100 100
a network of clinics and provision of
comprehensive medical and surgical
advisory services
Medi-Rad Associates Ltd # Singapore Operation of radiology clinics 100 100
Parkway Laboratory Services Ltd.# Singapore Provision of comprehensive diagnostic 100 100
laboratory services
Gleneagles Medical Holdings Limited # Singapore Investment holding 100 100
Parkway College of Nursing and Singapore Provision of courses in nursing 100 100
Allied Health Pte. Ltd.# and allied health
iXchange Pte. Ltd. # Singapore Agent and administrator for managed 100 100
care and related services
Gleneagles Management Singapore Provision of advisory, administrative, 100 100

Services Pte Ltd # management and consultancy
services to healthcare facilities
Held through Parkway Hospitals Singapore Pte. Ltd.:

Parkway Promotions Pte Ltd # Singapore Dormant 100 100
Held through Parkway Group Healthcare Pte Ltd:

Parkway-Healthcare (Mauritius) Ltd ## Mauritius Investment holding 100 100
Gleneagles International Pte. Ltd.# Singapore Investment holding 100 100
PCH Holding Pte. Ltd.# Singapore Investment holding 70.10 70.10
Shanghai Gleneagles Hospital People’s Republic Provision of management and consultancy 100 100
Management Co., Ltd # of China services to healthcare facilities
Held through PCH Holding Pte. Ltd.:

Medical Resources International Pte Ltd # Singapore Investment holding 70.10 70.10
M & P Investments Pte Ltd # Singapore Investment holding 70.10 70.10

Effective ownership
interest and
Held through PCH Holding Pte. Ltd.: (continued)

Parkway (Shanghai) Hospital People’s Republic Provision of management and consultancy 70.10 70.10
Management Ltd.# of China services to healthcare facilities
Held through M & P Investments Pte Ltd:

ParkwayHealth Shanghai Hospital People’s Republic Provision of medical and health related 49.07 49.07
Company Limited # of China facilities and services
Gleneagles Chengdu Hospital People’s Republic Provision of specialised care 49.07 49.07
Company Limited # of China and services
Held through Medi-Rad Associates Ltd:

Radiology Consultants Pte Ltd # Singapore Provision of radiology consultancy 100 100
and interpretative services
Held through Gleneagles Development Pte Ltd:

Continental Hospitals Private Limited #^ India Private hospital ownership – 62.23
and management
Ravindranath GE Medical India Private hospital ownership and 75.62 75.62

Associates Private Limited #^(5) management, specialty tertiary care
including multi organ transplant
healthcare facility
Parkway Healthcare India India Provision of management and 100 100

Private Limited #^(6) consultancy services
Held through Continental Hospitals Private Limited:

C3 Health Community Corporation India Operation of clinics – 60.99
Private Limited ##^
Continental Community Clinics India Dormant – 60.99

Private Limited ##^
Held through Ravindranath GE Medical Associates Private Limited:

Centre for Digestive and Kidney India Private hospital ownership and 49.14 49.14
Diseases (India) Private Limited #^ management, specialty tertiary care
including multi organ transplant
healthcare facility
Global Clinical Research Services India Provision of clinical research services 75.38 75.38
Private Limited #^
Held through Parkway Shenton Pte Ltd:

Nippon Medical Care Pte Ltd # Singapore Operation of clinics 70 70

Effective ownership
interest and
Held through Parkway Shenton Pte Ltd: (continued)

Parkway Shenton International Singapore Investment holding 100 100
Holdings Pte. Ltd.#
Shenton Family Medical Clinics Pte Ltd # Singapore To provide, establish and carry on 100 100
the business of clinics
Held through Medical Resources International Pte Ltd:

Shanghai Rui Xin Healthcare Co., Ltd.#(7) People’s Republic Provision of medical and healthcare 70.10 70.10
of China outpatient services
Shanghai Rui Hong Clinic Co., Ltd.#(8) People’s Republic Provision of medical and healthcare 70.10 70.10
Shanghai Xin Rui Healthcare Co., Ltd.#(9) People’s Republic Provision of medical and healthcare 70.10 70.10
Chengdu Shenton Health Clinic Co., Ltd # People’s Republic Management and operation of medical and 43.76 42.73
of China health related facilities and services
Held through Parkway (Shanghai) Hospital Management Ltd.:

Shanghai Shu Kang Hospital Investment People’s Republic Investment holding 70.10 70.10
Management Co., Ltd.# of China
Suzhou Industrial Park Yuan Hui People’s Republic Provision of medical and healthcare 70.10 70.10
Clinic Co., Ltd.# of China outpatient services
Held through Shanghai Shu Kang Hospital Investment Management Co., Ltd.:
Shanghai Mai Kang Hospital Investment People’s Republic Investment holding 70.10 70.10
Management Co., Ltd.# of China
Held through Shanghai Mai Kang Hospital Investment Management Co., Ltd.:
Chengdu Rui Rong Clinic Co., Ltd.# People’s Republic Provision of medical and healthcare 70.10 70.10
Shanghai Rui Pu Clinic Co., Ltd.# People’s Republic Provision of medical and healthcare 70.10 70.10
Shanghai Rui Xiang Clinic Co., Ltd.# People’s Republic Provision of medical and healthcare 70.10 70.10
Shanghai Rui Ying Clinic Co., Ltd.# People’s Republic Provision of medical and healthcare 70.10 70.10

Effective ownership
interest and
Held through Northern TK Venture Pte. Ltd.:

Fortis Healthcare Limited #^ India Operates multi-specialty hospitals 31.17 31.17
Held through Fortis Healthcare Limited:

Hiranandani Healthcare Private Limited #^ India Operates a multi-specialty hospital 31.17 31.17
Fortis Hospotel Limited ##^(10) India Provision of medical and Clinical 31.17 31.17
Establishment services
Fortis La Femme Limited #^ India Investment holding 31.17 31.17
Fortis Healthcare International Limited ##^ Mauritius Investment holding 31.17 31.17
SRL Limited #^ India Operates a network of diagnostics centres 17.98 17.98
Escorts Heart Institute and India Operates a multi-specialty hospital 31.17 31.17
Research Centre Limited #^
Fortis Hospitals Limited #^ India Operates a network of 31.17 31.17

multi-specialty hospitals
Fortis CSR Foundation ##^ India Non-profit company for carrying out 31.17 31.17
Corporate Social Responsibilities
International Hospital Limited ##^(11) India Provision of medical and Clinical 31.17 31.17
Establishment services and
operates a hospital
Fortis Health Management India Provision of medical and Clinical 31.17 31.17
Limited ##^(12) Establishment services and
operates a hospital
Escorts Heart and Super Speciality India Provision of medical and Clinical 31.17 31.17
Hospital Limited ##^(13) Establishment services
Held through Fortis Health Management Limited:

Hospitalia Eastern Private Limited ##^ India Provision of medical and Clinical 31.17 31.17
Establishment services
Held through SRL Limited:

SRL Diagnostics Private Limited #^ India Operates a network of diagnostics centres 17.98 17.98
DDRC SRL Diagnostics India Operates a network of diagnostic centers 17.98 –

Private Limited ##(14)

Effective ownership
interest and
Held through SRL Limited: (continued)

SRL Reach Limited #^ India Operates a network of diagnostics centres 17.98 17.98
SRL Diagnostics FZ-LLC ##^ United Arab Operates a network of diagnostics centres 17.98 17.98
Emirates
Held through Fortis Hospitals Limited:

Fortis Emergency Services Limited ##^ India Operates ambulance services 31.17 31.17
Fortis Cancer Care Limited #^ India Investment holding 31.17 31.17
Fortis Malar Hospitals Limited #^ India Operates a multi-specialty hospital 19.55 19.55
Fortis Health Management India Dormant 31.17 31.17

(East) Limited #^
Birdie & Birdie Realtors India Renting of immovable property 31.17 31.17
Private Limited ##^
Stellant Capital Advisory Services India Merchant banker 31.17 31.17

Private Limited ##^
Fortis Global Healthcare Mauritius Investment holding 31.17 31.17

(Mauritius) Limited ##^
Held through Escorts Heart Institute and Research Centre Limited:

Fortis Asia Healthcare Pte Limited #^ Singapore Investment holding 31.17 31.17
Fortis HealthStaff Limited ##^ India Operates a network of 31.17 31.17

Heart Command centres
Held through Fortis Asia Healthcare Pte Limited:

Fortis Healthcare International Singapore Investment holding 31.17 31.17
Pte Limited #^
Held through Fortis Healthcare International Pte Limited:

MENA Healthcare Investment British Virgin Investment holding 25.73 25.73
Company Limited ##^ Islands

Effective ownership
interest and
Held through MENA Healthcare Investment Company Limited:

Medical Management British Virgin Investment holding 25.73 25.73
Company Limited ##^ Islands
Held through Fortis Malar Hospitals Limited:

Malar Stars Medicare Limited #^ India Investment holding 19.55 19.55
Held through Stellant Capital Advisory Services Private Limited:

RHT Health Trust Manager Pte Limited ##^ Singapore Trustee-manager of a Business Trust 31.17 31.17
Held through Parkway Investments Pte. Ltd.:

Gleneagles Medical Centre Ltd.# Singapore Dormant 100 100
Gleneagles Pharmacy Pte Ltd # Singapore Dormant 100 100
Mount Elizabeth Medical Holdings Ltd.# Singapore Investment holding 100 100
Parkway Life Real Estate Singapore Real estate investment trust 35.60 35.62
Investment Trust #(15)
Held through Parkway Life Real Estate Investment Trust:

Matsudo Investment Pte. Ltd.# Singapore Investment holding 35.60 35.62
Parkway Life Japan2 Pte. Ltd.# Singapore Investment holding 35.60 35.62
Parkway Life MTN Pte. Ltd.# Singapore Provision of financial and treasury services 35.60 35.62
Parkway Life Malaysia Pte. Ltd.# Singapore Investment holding 35.60 35.62
Held through Matsudo Investment Pte. Ltd.:

Godo Kaisha Phoebe ++ Japan Dissolved during the year – 35.62
Held through Parkway Life Japan2 Pte. Ltd.:

Godo Kaisha Del Monte ++ Japan Special purpose entity 35.60 35.62
– Investment in real estate
Godo Kaisha Tenshi 1 ++ Japan Special purpose entity 35.60 35.62


Effective ownership
interest and
Held through Parkway Life Japan2 Pte. Ltd.: (continued)

Godo Kaisha Tenshi 2 ++ Japan Special purpose entity 35.60 35.62
G.K. Nest ++ Japan Special purpose entity 35.60 35.62


Godo Kaisha Healthcare 1 ++ Japan Special purpose entity 35.60 35.62





Godo Kaisha Samurai ++ Japan Special purpose entity 35.60 35.62
Godo Kaisha Samurai 2 ++ Japan Special purpose entity 35.60 35.62







Effective ownership
interest and
Held through Parkway Life Japan4 Pte. Ltd.: (continued)







Godo Kaisha Samurai 15 ++ Japan Special purpose entity 35.60 –

Godo Kaisha Samurai 16 ++ Japan Special purpose entity 35.60 –

Held through Parkway Life Malaysia Pte. Ltd.:

Parkway Life Malaysia Sdn. Bhd.# Malaysia Special purpose entity 35.60 35.62
Held through Angsana Holdings Pte. Ltd.:

Angsana Molecular & Diagnostics Singapore Provision of medical laboratories 55 55
Laboratory Pte. Ltd.# including biochemistry, chemistry,
haematology and molecular
blood analysis and testing

Effective ownership
interest and
Held through Angsana Holdings Pte. Ltd.: (continued)

Angsana Molecular & Diagnostics Hong Kong Provision of molecular diagnostic 55 55
Laboratory (HK) Limited # assays and services
Angsana Molecular & Diagnostics Malaysia Research laboratories and carry on 55 55

Laboratory Sdn. Bhd. business, including taking blood
samples for testing
1 PPL and PHL hold 99.99% and 0.01% shares in Parkway HK Holdings Limited respectively.
2 PPL and PHL hold 78.52% and 21.48% shares in Parkway Group Healthcare Pte Ltd (“PGH”) respectively.
3 PPL holds more than 99.99% shares in GDPL. The remaining shares are held by Gleneagles International Pte Ltd.
4 ASH and Acıbadem Sistina hold 64.05% (2020: 49.05%) and nil% (2020: 15.0%) shares in ACC BV respectively.
5 GDPL and Parkway-Healthcare (Mauritius) Ltd. hold 74.12% and 1.50% shares in RGE respectively. The Group consolidated 75.62% of RGE on
the basis of shareholding interests that give rise to present access to the rights and rewards of ownership in RGE. The Group’s equity interest
in RGE is 75.62% on a fully diluted basis.
6 GDPL and PGH hold more than 99.99% and less than 0.01% in Parkway Healthcare India Private Limited respectively.
7 MRI and Shanghai Mai Kang Hospital Investment Management Co., Ltd. (“Shanghai Mai Kang”) hold 70% and 30% shares in Shanghai Rui Xin
Healthcare Co., Ltd. respectively.
8 MRI and Shanghai Mai Kang hold 70% and 30% shares in Shanghai Rui Hong Clinic Co., Ltd. respectively.
9 MRI and Shanghai Mai Kang hold 70% and 30% shares in Shanghai Xin Rui Healthcare Co., Ltd. respectively.
10 Fortis and Fortis Health Management Limited (“FHML”) hold 74.35% and 25.65% shares in Fortis Hospotel Limited respectively.
11 Fortis and FHML hold 78.40% and 21.60% shares in International Hospital Limited (“IHL”) respectively.
12 Fortis and IHL hold 52% and 48% shares in FHML respectively.
13 Fortis, IHL and FHML hold 48.58%, 38.29% and 13.13% shares in Escorts Heart and Super Speciality Hospital Limited respectively.
14 During the year, SRL acquired the remaining 50% equity interest in DDRC SRL. As a result, DDRC SRL ceased to be a joint venture and is
consolidated as a subsidiary of the Group. SRL Limited and SRL Diagnostics Private Limited hold 50% shares each in DDRC SRL respectively.
15 Parkway Investments Pte. Ltd., PTM and Integrated Healthcare Holdings Limited hold 35.25% (2020: 35.25%), 0.31% (2020: 0.33%) and 0.04%
(2020: 0.04%) of the units in PLife REIT respectively.
# Audited by other member firms of KPMG International.
## Audited by firms other than member firms of KPMG International.
+ Audit is not required.
++ Not required to be audited under the laws of country of incorporation. These special purpose entities have been consolidated in the financial
statements in accordance with MFRS 10, as the Group primarily bears the risks and enjoys the benefits of the investments held by these special
purpose entities.
^ The entity was granted approval by Companies Commission of Malaysia to have a financial year which does not coincide with the Company.

43. ASSOCIATES
Details of associates are as follows:
Effective ownership
interest and
Name of associate and business Principal activities % %
Indirect associates
Held through Gleneagles Medical Holdings Limited:

PT Tritunggal Sentra Utama ## Indonesia Provision of medical diagnostic services 30 30
Asia Renal Care Mt Elizabeth Pte Ltd ## Singapore Provision of dialysis services and medical 20 20
consultancy services
Asia Renal Care (Katong) Pte Ltd ## Singapore Provision of dialysis services and medical 20 20
consultancy services
Held through Medi-Rad Associates Ltd:

Positron Tracers Pte. Ltd.# Singapore Ownership and operation of a cyclotron 33 33
for production of radioactive tracers
Held through Fortis Healthcare Limited:

Sunrise Medicare Private Limited ## India Struck off during the year – 9.74
Held through Fortis Healthcare International Limited:

RHT Health Trust ## (1) Singapore Investment holding / Business Trust 8.67 8.67
Held through Fortis Healthcare International Pte Limited:

Lanka Hospitals Corporation Plc # Sri Lanka Operates a multi-specialty hospital 8.93 8.93
Held through Acıbadem Sağlık Hizmetleri ve Ticaret A.Ş.:

Famicord Acibadem Kordon Kani Saglik Turkey Provision of cord blood banking services 26.94 26.94
Hizmetleri A.S.#
Held through Parkway Holdings Limited:

Gleneagles JPMC Sdn. Bhd.# Brunei Darussalam Management and operation of a cardiac 40 40
and cardiothoracic care centre
1 Fortis Healthcare International Limited holds 25.14% shares in RHT Health Trust. The other 2.68% is held by RHT Health Trust Manager Pte Limited.

44. JOINT VENTURES

Details of joint ventures are as follows:
Effective ownership
interest and
Name of joint venture and business Principal activities % %
Indirect joint ventures
Held through Gleneagles Development Pte Ltd:

Apollo Gleneagles Hospital Ltd ## India Private hospital ownership – 50
and management
Held through Parkway-Healthcare (Mauritius) Ltd:

Apollo Gleneagles PET-CT India Operation of PET-CT radio imaging centre 50 50
Private Limited ##
Held through Shenton Family Medical Clinics Pte Ltd:

Shenton Family Medical Clinic Singapore Operation of medical clinic 60 60
(Ang Mo Kio) +

(Bedok Reservoir) +
Shenton Family Medical Clinic (Duxton) + Singapore Operation of medical clinic 50 50

(Jurong East) +
Shenton Family Medical Clinic (Tampines) + Singapore Operation of medical clinic 50 50
Shenton Family Medical Clinic (Towner) + Singapore Operation of medical clinic 50 50
Held through Parkway Group Healthcare Pte Ltd:

Khubchandani Hospitals Private Limited ## India Dormant 50 50
Held through SRL Limited:

SRL Diagnostics (Nepal) Private Limited ## Nepal Operates a network of diagnostics centers 8.99 8.99
Held through SRL Diagnostics Private Limited:

DDRC SRL Diagnostics Private Limited ## (1) India Operates a network of diagnostics centers – 8.99
Held through Fortis Hospitals Limited:

Fortis C-Doc Healthcare Limited #(2) India Operates a hospital 18.70 18.70
Held through Fortis Cancer Care Limited:

Fortis Cauvery (Partnership Firm) ## India Under members voluntary liquidation 15.90 15.90
1 During the year, SRL acquired the remaining 50% equity interest in DDRC SRL. As a result, DDRC SRL ceased to be a joint venture and is
consolidated as a subsidiary of the Group.
2 The Group has accounted for the entity as a joint venture in accordance with MFRS on the basis that the entity’s operating decisions are made
jointly with the joint venture partner.
+ Audit is not required.

45. CONTINGENT LIABILITIES
The following are the material litigations and investigations of Fortis which occurred prior to the Group’s acquisition of its 31.17%
interest in Fortis in November 2018:
(a) In respect of Escorts Heart Institute and Research Centre Limited (“EHIRCL”), a subsidiary of Fortis:
i. The Delhi Development Authority (“DDA”) had terminated the lease deeds and allotment letters relating to land parcels
on which the Fortis Escorts Hospital exists due to certain alleged non-compliances of such documents. Consequent to
the termination, DDA issued show cause notice and initiated eviction proceedings against EHIRCL. These terminations,
show cause notices and eviction proceedings have been challenged by EHIRCL before the High Court of Delhi,
Supreme Court of India and Estate Officer of DDA. The Supreme Court of India, vide its order dated 14 November 2019,
has quashed the show cause notice for eviction proceedings. Based on external legal counsel advice, Fortis is of the
understanding that EHIRCL will be able to suitably defend the termination of lease deeds and allotment letters and
accordingly considers that no adjustments are required.
ii. Further EHIRCL also has open tax demands of INR665.7 million (equivalent to RM37.7 million) for various assessment
years before the Indian Income-tax authorities. While the Commissioner of Income Tax (Appeals) decided the case in
favour of EHIRCL in the past, the Income Tax Department has filed an appeal before Income Tax Appellate Tribunal
(“ITAT”). ITAT has decided the appeal in favour of EHIRCL on 11 June 2019. The Income Tax Department has contested
the decision of ITAT before the Hon’ble High Court of Delhi.
iii. In relation to the judgement of the Hon’ble High Court of Delhi relating to provision of free treatment/beds to the
economically weaker sections of society pursuant to such obligations set forth under certain land grant orders/
allotment letters (“EWS Obligations”), the Directorate of Health Services (“DoHS”), Government of NCT of Delhi,
appointed a firm to calculate “unwarranted profits” arising to EHIRCL due to alleged non-compliance of such EWS
Obligations. Following various hearings and appeals between 2014 and 2018, in a hearing before the DoHS in May
2018, an order was passed imposing a penalty of INR5.03 billion (equivalent to RM283.9 million) which was challenged
by EHIRCL before the Delhi High Court. Through an order dated 1 June 2018, the Delhi High Court has issued notice
and directed that no coercive steps may be taken subject to EHIRCL depositing a sum of INR50 million (equivalent to
RM2.8 million) before the DoHS. In compliance of the above direction, EHIRCL had deposited the stipulated amount
on 20 June 2018. Matter is sub judice before the Delhi High Court. Based on its internal assessment and advice from
its counsel, on the basis of the documents available, EHIRCL believes that it is in compliance of the conditions of free
treatment and free beds to patients of economic weaker sections and expects the demand to be set aside.
(b) In respect of Hiranandani Healthcare Private Limited (“HHPL”), a subsidiary of Fortis:
Through an order dated 18 January 2017, Navi Mumbai Municipal Corporation (“NMMC”) terminated the lease agreements
with HHPL (“Termination Order”) for certain alleged contravention of such hospital lease agreement. HHPL has filed a
writ petition before the Hon’ble Supreme Court of India towards challenging the Termination Order. The writ petition has
been tagged with special leave petition which has also been filed by HHPL for inter alia challenging the actions of State
Government, City Industrial Development Corporation and the NMMC which led to the passing of the Termination Order.
The Hon’ble Supreme Court of India in the hearing held on 30 January 2017 ordered that status quo be maintained with
regard to the operation of the hospital. Further, the special leave petition has been admitted by the Hon’ble Supreme Court
on 22 January 2018 and status quo has been continuing ever since. Based on external legal counsel’s opinion, HHPL is
confident that it is in compliance of conditions of the hospital lease agreements and accordingly considers that no provisions
were required.
(c) A civil suit has been filed by a third party (“Claimant”) against Fortis and certain subsidiaries (together “Defendants”) before
the District Court, Delhi alleging, inter alia, implied ownership of the “Fortis”, “SRL” and “La-Femme” brands in addition
to certain other financial claims and seeking a decree that consequent to a term sheet with a certain party, Fortis is liable
for claims due to the Claimant from that certain party. In connection with this, the District Court passed an ex-parte order
directing that any transaction undertaken by the defendants, in favour of any other party, affecting the interest of the Claimant
shall be subject to orders passed by the District Court in the said civil suit. Additionally, the said certain party with whom the
term sheet had been allegedly signed has also claimed that Fortis has not abided by the aforementioned term sheet and has
therefore claimed alleged ownership over the brands apart from the alleged claim to have a right to invest in Fortis.
Fortis has filed written statements denying all allegations made against it and sought for dismissal of the said civil suit.
Allegations made by the said certain party have been duly responded by Fortis denying (i) execution of any binding
agreement with certain party, and (ii) liability of any kind whatsoever.

45. CONTINGENT LIABILITIES (continued)

In addition to the above, Fortis has also received four notices from the Claimant claiming (i) INR180 million (equivalent to
RM10.2 million) as per notices dated 30 May 2018, and 1 June 2018, (ii) INR2,158 million (equivalent to RM121.8 million) as
per notice dated 4 June 2018, and (iii) INR196 million (equivalent to RM11.1 million) as per notice dated 4 June 2018. All these
notices have been responded by Fortis denying any liability whatsoever.
The Claimant has also filed an application against Fortis before the High Court of Delhi for seeking certain reliefs under the
Indian Arbitration and Conciliation Act which is being contested by Fortis. The Claimant has also filed a claim for damages
and injunctive reliefs against Fortis before International Chamber of Commerce (“ICC”). Documents from ICC have been
received by Fortis on 2 November 2019. On 23 February 2020, proceedings before the High Court of Delhi and ICC have
been withdrawn by the Claimant. On 28 February 2020, the arbitration sought to be commenced before the ICC has also
been withdrawn by the ICC pursuant to a request by the Claimant.
Based on opinions from external legal counsel, Fortis Board believes that the claims are without legal basis and are not
tenable and accordingly, no provisions were required.
(d) Fortis, having considered all necessary facts and taking into account external legal advice, had decided to treat as non-est
the Letter of Appointment dated 27 September 2016, as amended, (“LOA”) issued to Malvinder Mohan Singh, the erstwhile
Executive Chairman in relation to his appointment as “Lead: Strategic Initiatives” in the Strategy Functions. The external legal
counsel has also advised that the payments made to him under this LOA would be considered to be covered under the limits
of Section 197 of the Indian Companies Act, 2013.
In view of the above, Fortis has taken requisite action to recover the amounts paid to the erstwhile Executive Chairman during
his tenure under the aforesaid LOA and certain additional amounts reimbursed in relation to expenses incurred (in excess
of amounts approved by the Central Government under Section 197 of the Indian Companies Act, 2013 for remuneration &
other reimbursement), aggregating to INR200.2 million (equivalent to RM11.3 million).
The erstwhile Executive Chairman has claimed an amount of INR461.0 million (equivalent to RM26.0 million) from Fortis
towards his terms of employment. Fortis Board has responded denying any liability whatsoever in this regards.
In August 2018, Fortis filed a complaint against the erstwhile Executive Chairman before the Economic Offence Wing, New
Delhi in the above matter. In November 2020, Fortis filed an addendum to the above-mentioned complaint to include certain
other findings from additional procedures/enquiries by independent experts in relation to the remuneration and claims of the
erstwhile Executive Chairman of Fortis, aggregating to INR153.9 million (equivalent to RM8.7 million).
In addition to the above, the following are contingent liabilities of the Group:
(a) Centre for Digestive and Kidney Diseases (India) Private Limited is defending an ongoing dispute with a service provider
for the difference in the amounts claimed for the laboratory diagnostic and other services being rendered. On 12 July 2019,
the arbitrator allowed the amended claim of INR474.9 million (equivalent to RM26.8 million). The service provider has
subsequently filed an amendment application seeking an enhancement of their claim by INR75.4 million (equivalent to
RM4.3 million) for the alleged dues pertaining to the period of December 2018 to June 2020. On 30 July 2021, the arbitration
has been fully and finally settled at INR 160.0 million (RM9.1 million).
(b) In 2019, Continental Hospitals Private Limited (“Continental Hospital”) received letters from the Reserve Bank of India (“RBI”)
pointing out certain non-compliances with Foreign Exchange Management Act 1999 (“FEMA”). RBI sought clarifications on
the status of this matter before the Singapore Arbitral Tribunal. By way of a compounding order dated 26 October 2021,
the RBI has allowed Continental Hospital to regularize these non-compliances upon payment of a compounding fee of INR
3,869,000 (approx. RM220,000). Continental Hospital has deposited this compounding fee with the RBI on 28 October
2021. The contingent liability on the Group ceased upon the disposal of its entire equity interest in Continental Hospital on
13 December 2021.

46. MATTERS ARISING FROM INVESTIGATIONS
The Group completed its acquisition of Fortis Healthcare Limited (“Fortis”) and its subsidiaries (“Fortis Group”) in November 2018.
Prior to this acquisition, an investigation report by an independent external legal firm was submitted to the former Fortis board
and there are ongoing investigations on Fortis by the Securities and Exchange Board of India (“SEBI”) and the Serious Fraud
Investigation Office (“SFIO”), Ministry of Corporate Affairs of India, both further explained below.
(a) Independent investigation by external legal firm (prior to the acquisition of Fortis by IHH Group)
The external legal firm’s significant findings revealed that the Fortis Group had made investment placements in the nature
of inter-corporate deposits (“ICDs”) with three companies (“borrowing companies”) totalling INR4,450 million (equivalent
to RM251.1 million) which were impaired in full in the financial statements for the year ended 31 March 2018 of Fortis Group.
The report suggested that the ICDs were utilised by the borrowing companies (possible related parties of Fortis Group in
substance) for granting/repayment of loans to certain entities whose former directors of Fortis are connected with the former
controlling shareholders of Fortis.
Additionally, the placement of ICDs, their subsequent assignment and the cancellation of such assignment were done
without following the normal treasury operations and treasury mandate of Fortis Group; and without specific authorisation
by the former board of Fortis.
As disclosed in note 45 – Contingent liabilities, a third party (to whom the ICDs were previously assigned) filed a civil suit in
February 2018 against various entities including Fortis and have, inter alia, claimed implied ownership of brands “Fortis”,
“SRL” and “La-Femme”. In the suit, it claimed that consequent to a term sheet, Fortis is liable for claims due to the third party
from a certain party, in addition to total claims of INR2,534 million (equivalent to RM143.0 million) and other claims by the
said certain party. Based on advice from external legal counsel, Fortis believes that these claims are without legal basis and
are not tenable and accordingly, no provisions were required. Whilst this legal matter was included as part of the terms of
reference of the investigation, the merits of the case cannot be reported since the matter was sub-judice.
Fortis Group acquired 71% equity interest in Fortis Healthstaff Limited (“Fortis Healthstaff”) at consideration of INR346,000
(equivalent to RM20,000), and 51% equity interest in Fortis Emergency Services Limited (“Fortis Emergency Services”)
at consideration of INR25,000 (equivalent to RM1,000). Loans of INR79.45 million (equivalent to RM4.5 million) and
INR20.8 million (equivalent to RM1.2 million), were advanced to these newly-acquired subsidiaries to repay the outstanding
unsecured loan amounts due to companies related to the former controlling shareholders of Fortis. The report suggested
that the loan repayment and some other payments to companies connected to the former controlling shareholders of Fortis
may have been ultimately routed through various intermediary companies and used for repayment of the ICDs/vendor
advance to Fortis Group. Further the said loan advanced by EHIRCL to Fortis Healthstaff was impaired in the books of
accounts at EHIRCL due to anticipated chances of non-recovery.
Pursuant to the investigation by the external legal firm, Fortis Board appointed an independent accounting firm, to conduct
additional procedures and enquiries of certain entities and transactions in Fortis Group to ascertain, amongst other things,
the extent of diversion of funds from Fortis Group. The independent accounting firm submitted their report to the Fortis
Board, and the Fortis Board deliberated the findings at its meeting held on 16 September 2020. There were no additional
findings arising from the report that requires further adjustments to the financial statements.
In November 2020, pursuant to additional procedures/enquiries by independent experts, Fortis and its subsidiaries filed a
complaint before the Economic Offence Wing, New Delhi, against the erstwhile promoters and certain other entities with
regard to the above-mentioned acquisition of Fortis Healthstaff, acquisition of Fortis Emergency Services and investments
in ICDs. The complaint also included certain other findings from additional procedures/enquiries by independent experts
in relation to Fortis Group’s acquisition of Birdie and Birdie Realtors Private Limited and a lease agreement with Dignity
Buildcon Private Limited. Pursuant to the said complaint, on 3 July 2021, a First Information Report was registered by the
Economic Offence Wing, New Delhi, against the erstwhile promoters. Investigation is underway.

46. MATTERS ARISING FROM INVESTIGATIONS (continued)

(b) Regulatory investigations (prior to the acquisition of Fortis by IHH Group)
SEBI Investigation
On 17 October 2018, 21 December 2018 and 19 March 2019, SEBI issued interim orders (“Interim Orders”), indicating, amongst
others, certain transactions were structured by some identified entities, which were prima facie fictitious and fraudulent
in nature, resulting in, inter alia, diversion of funds from the Fortis Group for the ultimate benefit of former controlling
shareholders of Fortis (and certain entities controlled by them) and misrepresentation in financial statements for the year
ended 31 March 2018 of Fortis Group. Further, it issued certain interim directions, inter alia, directing Fortis shall take all
necessary steps to recover INR4,030 million (equivalent to RM227.4 million), along with due interest, from former controlling
shareholders of Fortis and various other entities identified in the orders. Vide an order dated 12 November 2020, SEBI
revoked the aforementioned Interim Orders qua Best Healthcare Pvt. Ltd., Fern Healthcare Pvt. Ltd. and Modland Wears
Pvt. Ltd. and substituted the ongoing investigation with Adjudication Proceedings. This order further clarified that Fortis and
Fortis Hospitals Limited (“FHsL”) can pursue legal remedies against these entities with respect to their role in the diversion
of funds by the erstwhile promoters.
On 20 November 2020, a Show-Cause Notice (SCN) was issued by SEBI to various entities including Fortis and FHsL. In
the SCN, it has inter alia been alleged that the consolidated financials of Fortis at the relevant period were untrue and
misleading for the shareholders of Fortis and Fortis has circumvented certain provisions of the SEBI Act, Securities Contracts
(Regulation) Act, 1956, and certain SEBI regulations. In response, a joint representation/reply was filed by Fortis and FHsL
on 28 December 2020 praying for quashing of the SCN. Fortis and FHsL have taken legal actions against the erstwhile
promoters and taken steps to recover the diverted amounts.
On 21 January 2021, oral submissions in response to the SCN were made in a personal hearing before SEBI and a written
synopsis of the same has been filed. No orders have yet been passed.
On 9 April 2021, SEBI issued another SCN (“EHIRCL SCN”) to various noticees including Escorts Heart Institute and Research
Centre Limited (“EHIRCL”), a subsidiary of Fortis in furtherance of the SEBI investigation. In response thereto, a representation
was filed by EHIRCL on 11 June 2021 submitting reasons as to why the EHIRCL SCN ought to be quashed. Oral submissions
were also made in a personal hearing before SEBI on 16 June 2021 and a written synopsis of the same has been filed. No
orders have yet been passed.
Regarding the SEBI investigations, management as well as external legal counsels are of the opinion that while no outcome
can be predicted with certainty, the likelihood of any potential remedial measures being directed against Fortis and FHsL is
low and any potential financial impact of such measures is not expected to be material.
SFIO Investigation
Investigation by the SFIO is ongoing. Fortis Group has been submitting all the information required by the various investigating
agencies and is fully cooperating in the investigations/inquiries.
Regarding the SFIO proceedings, the outcome of the investigation cannot be predicted at this juncture and the financial
impact to the Group, if any, will be recognised in the period that the outcome is known.
(c) Actions taken by Fortis Group
With respect to the above findings by the external legal firm, the Fortis Board has implemented specific improvement
projects to strengthen the process and control environment. These include review and revision of operational and financial
authority levels, greater oversight by Fortis Board, review and improvement of financial reporting processes, more robust
secretarial documentation in regard to compliance to regulatory requirements and improving systems design and control
enhancement. Accordingly, steps have been taken in relation to enhanced authority levels for payments/transfer of funds
within Fortis Group, and review of borrowings above certain levels by the Fortis Board. Fortis Group had also disengaged
itself from the former controlling shareholders. Fortis Board continues to evaluate other areas to strengthen processes and
build a robust governance framework. The Fortis Board has initiated an enquiry of the management of the certain entities in the
Fortis Group that were impacted in respect of the matters investigated by the external legal firm. To this end, Fortis Board
had also appointed an independent accounting firm, to conduct enquiries of certain entities and transactions in Fortis Group
to ascertain, amongst other things, the extent of diversion of funds from Fortis Group. The independent accounting firm
submitted their report to the Fortis Board, and the Fortis Board deliberated the findings at its meeting held on 16 September
2020. Pursuant to additional procedures/enquiries by independent experts, Fortis and its subsidiaries have filed a complaint
before the Economic Offence Wing, New Delhi, against the erstwhile promoters and certain other entities.

46. MATTERS ARISING FROM INVESTIGATIONS (continued)
(c) Actions taken by Fortis Group (continued)
As per the directions from SEBI, Fortis Group has taken steps to recover dues from the former controlling shareholders of Fortis
and various other entities. These include initiating civil actions against these entities demanding recovery of the outstanding
amounts together with interest and to secure repayment of the outstanding amounts on the assets of these entities.
Based on the findings of investigations to-date, all identified/required adjustments/disclosures have been recorded in the
financial statements of Fortis Group prior to the Group’s acquisition in November 2018. Fortis is fully co-operating with the
regulators in relation to the ongoing investigations to enable the regulators to conclude their investigations. Any further
adjustments/disclosures, if required, would be made in the financial statements of Fortis Group pursuant to the above actions
to be taken by the internal/regulatory investigations, as and when the outcome of the above is known. In connection with
the potentially improper transactions, Fortis has undertaken a detailed review of each case to assess its legal rights and has
initiated necessary action.
47. OTHER MATTERS

(a) Matter brought before the Supreme Court of India
On 13 July 2018, NTK, as subscriber, entered into a share subscription agreement (“Fortis SSA”) with Fortis, as issuer,
where NTK has agreed to subscribe 235,294,117 new equity shares of Fortis with a face value of INR10 each (“Subscription
Shares”), constituting approximately 31.17% of the total voting equity share capital of Fortis on a fully diluted basis (“Expanded
Voting Share Capital”) for a total consideration of INR4,000 crore (equivalent to RM2,257.4 million) and Fortis has agreed to
issue and allot the Subscription Shares by way of preferential allotment in accordance with the terms of the Fortis SSA
(“Proposed Subscription”).
On 13 November 2018, the Proposed Subscription was completed in accordance with the terms of the Fortis SSA. The Group
acquired 31.17% equity interest in Fortis through a preferential allotment by Fortis to NTK, and NTK became the controlling
shareholder of Fortis.
As a consequence of the Proposed Subscription, NTK was required to carry out the following:
(a) pursuant to the board resolution dated 13 July 2018 passed by the Board of Directors of Fortis approving the Proposed
Subscription and execution of the Fortis SSA (“Fortis Board Resolution”), a mandatory open offer for acquisition of
up to 197,025,660 equity shares of face value of INR10 each in Fortis, representing additional 26% of the Expanded
Voting Share Capital of Fortis, at a price of not less than INR170 per share (“Fortis Open Offer”) or such higher price as
required under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (“SEBI (SAST) Regulations”).
(b) in light of the acquisition of the controlling stake of Fortis, a mandatory open offer for acquisition of up to 4,894,308 fully
paid up equity shares of face value of INR10 each in Malar, representing 26% of the paid-up equity shares of Malar at a
price of INR58 per share (“Malar Open Offer”). The Malar Open Offer is subject to the completion of the Fortis Open Offer.
On 14 December 2018, the Supreme Court of India passed an order in the matter of “Mr Vinay Prakash Singh v. Sameer
Gehlaut & Ors.” Contempt Petition (Civil) No. 2120 of 2018 (“Original Contempt Petition”), directing “status quo with regard
to sale of the controlling stake in Fortis Healthcare to Malaysian IHH Healthcare Berhad be maintained” (“Order”). Pursuant
thereto, decision was taken not to proceed with Fortis Open Offer and Malar Open Offer.
Vide its judgment dated 15 November 2019 (“Judgment”), the Hon’ble Supreme Court of India issued suo-moto contempt
notice to, among others, Fortis and in pursuance thereof, its Registry has registered a fresh contempt petition in regard to
alleged violation of the Order (“Suo-Moto Contempt”). In this respect, the Hon’ble Supreme Court sought an enquiry into:
i. Whether the subscription by NTK for the Shares of Fortis was undertaken in violation of the Order; and
ii. Whether the consummation of the acquisition of healthcare assets from RHT Health Trust by Fortis was undertaken in
violation of the Order.

47. OTHER MATTERS (continued)

(a) Matter brought before the Supreme Court of India (continued)
On 5 March 2020, Fortis has filed a detailed reply to the Suo-Moto Contempt, praying inter alia, that the Suo-Moto Contempt
proceedings be dropped and Order be modified/vacated such that the open offers may proceed.
Since the issuance of the Judgement, several parties have filed applications before the Supreme Court, in attempts to seek
remedies for themselves, as summarised below (where relevant to IHH or Fortis):
(a) Anshuman Khanna, a minority shareholder of Fortis (“Minority Shareholder”) has sought resumption of the Fortis Open
Offer but has asked that IHH to pay interest at 10% (ten percent) to the public shareholders of Fortis who are eligible to
tender shares in the Fortis Open Offer due to the delay since IHH is earning interest on the 100% of the consideration
payable under the Fortis Open Offer that has deposited in the escrow account.
(b) Daiichi Sankyo Co. Ltd (“Daiichi”) has sought permission to implead itself in the Suo Moto Contempt and present its
case as its rights are impacted by orders that may be passed in the Fortis Contempt Petition.
(c) The Securities and Exchange Board of India (“SEBI”) sought resumption of the Fortis Open Offer citing larger public
interest at stake.
On 5 March 2020, NTK through its legal counsel, filed the necessary applications to intervene in the aforementioned
Supreme Court Proceedings, as follows:
i. intervention applications in the Original Contempt Petition and the Fortis Contempt Petition, respectively, and to enable
NTK to be heard in the Supreme Court Proceedings before any further orders are passed by the Supreme Court; and
ii. an application to vacate the Order that continues to stay the Fortis Open Offer so as to be able to consummate the
Fortis Open Offer; and support SEBI’s ask of resuming the same.
On 14 August 2020 Fortis has filed an application before the Supreme Court of India seeking approval to undertake a change
in Fortis name, brand and logo for Fortis and its subsidiaries (“Fortis Rebranding Application”).
The Fortis Contempt Petition, the Order, the Original Contempt Petition, the Suo-Moto Contempt, the Judgment, the
applications filed by the Minority Shareholder, Daiichi and SEBI, and the Fortis Rebranding Application, respectively, are
collectively referred to as the “Supreme Court Proceedings”.
Fortis has filed an additional affidavit responding to the queries put forth by Supreme Court. Arguments are being heard by
Hon’ble Supreme Court of India for adjudication of the matters pending before it.
In light of the Judgement, the Fortis Open Offer as well the Malar Open Offer (which is subject to the completion of the Fortis
Open Offer) will not proceed for the time being.
Hearings in the Supreme Court Proceedings have concluded on 12 May 2021 and the judgement is now reserved.
Based on opinions from external legal counsel, the Group believes that it has a strong case on merits. Fortis had, at all times,
conducted these transactions in a fair and transparent manner after obtaining all regulatory and shareholders approval and
only after making all due disclosures to public shareholders of Fortis and to the regulatory authorities, in a timely manner.
Based on the opinions from NTK’s and Fortis’ external legal counsel, the outcome of the proceedings in the Supreme Court
cannot be predicted at this juncture and the financial impact, if any, to the Group will be recognised in the period the outcome
is known. NTK has filed requisite applications/pleadings before the Hon’ble Supreme Court of India and has pleaded in
the said applications that the preferential allotment of shares was done in a fair and transparent manner after obtaining all
regulatory approvals.

47. OTHER MATTERS (continued)
(b) Matter brought before the United States Federal District Court for the District of New Jersey
On 16 June 2020, Emqore Envesecure Private Capital Trust (“Emqore”) filed a suit against, among others, IHH. IHH was
served on 26 July 2021 with Emqore’s original complaint and Emqore’s Motion to Amend its original complaint (“Motion to
Amend”). The Motion to Amend was pending adjudication before the United States Federal District Court for the District of
New Jersey (“US District Court”) until 30 November 2021 when Emqore’s amended complaint was allowed at the US District
Court (“Amended Complaint”). Emqore subsequently filed its Amended Complaint on 3 December 2021. The Amended
Complaint is now an operative pleading.
Pursuant to the Amended Complaint, Emqore is seeking for, among others, damages in excess of USD 6.5 billion comprising
compensatory damages plus treble damages and attorneys’ fees pursuant to the U.S. Racketeer, Influenced and Corrupt
Organizations Act, against 28 named defendants and 20 non-party defendants.
Emqore’s claim against IHH essentially arises from and/or relates to allegations relating to the issuance of the shares of
Fortis Healthcare Ltd. (“Fortis”) to IHH’s subsidiary in/or around 2018. Emqore broadly alleges that it has purportedly suffered
losses as the defendants had allegedly conspired to frustrate a proposed share acquisition transaction between Fortis and
Emqore’s supposed predecessors.
On 28 January 2022, IHH has filed a motion to dismiss Emqore’s Amended Complaint for lack of personal jurisdiction, failure
to state a claim, and the forum non conveniens and international abstention doctrines.
Based on opinions from external legal counsel, the Group is of the view that it has strong grounds for seeking dismissal of
Emqore’s claims and intends to defend vigorously against the claims.
Based on the opinions from external legal counsel, the outcome of the proceedings in the US District Court cannot be
predicted at this juncture and the financial impact, if any, to the Group will be recognised in the period the outcome is known.
48. SUBSEQUENT EVENT

Between 1 January 2022 to 23 February 2022, the Company issued 1,715,000 new ordinary shares pursuant to the exercise of
vested EOS options.

Analysis of Shareholdings
As at 31 March 2022
Class of securities : Ordinary shares

Issued share capital : 8,802,701,463 ordinary shares
Voting right : One vote per ordinary share
DISTRIBUTION OF SHAREHOLDINGS
Size of Shareholdings No. of Holders % No. of Holdings %
Less than 100 206 2.90 2,051 0.00

100 – 1,000 2,193 30.87 1,602,099 0.02
1,001 – 10,000 2,977 41.90 12,925,062 0.15
10,001 – 100,000 930 13.09 31,141,148 0.35
100,001 – 440,135,072* 794 11.18 2,295,909,650 26.08
440,135,073 and above ** 4 0.06 6,461,121,453 73.40
Total 7,104 100.00 8,802,701,463 100.00
Notes:
* Less than 5% of issued share capital
** 5% and above of issued share capital
CATEGORY OF SHAREHOLDERS
No. of % of No. of % of Issued
Category of Shareholders Shareholders Shareholders Shares held Shares
Individual 4,984 70.16 24,628,189 0.28

Banks/Finance Companies 75 1.05 624,932,400 7.10
Investments Trusts/Foundations/Charities 4 0.06 127,700 0.00
Other Types of Companies 78 1.10 5,161,540,178 58.64
Government Agencies/Institutions 0 0.00 0 0.00
Nominees 1,963 27.63 2,991,472,996 33.98
Trustee 0 0.00 0 0.00
Others 0 0.00 0 0.00
Total 7,104 100.00 8,802,701,463 100.00
SUBSTANTIAL SHAREHOLDERS
(As per Register of Substantial Shareholders)
Direct Interest Indirect Interest
No. of % of Issued No. of % of Issued
No. Name Shares held Shares Shares held Shares
1. MBK Healthcare Management Pte Ltd 2,888,487,400 32.81 0 0.00

2. Mitsui & Co., Ltd 0 0.00 2,888,487,400 i 32.81
3. Pulau Memutik Ventures Sdn Bhd 2,284,536,356 25.95 0 0.00
4. Khazanah Nasional Berhad 0 0.00 2,284,536,356 ii 25.95
5. Employees Provident Fund Board 857,862,100 iii 9.75 0 0.00
6. Mehmet Ali Aydinlar 425,823,132 4.84 98,287,041iv 1.12
Notes:
i Deemed interest by virtue of its shareholding in MBK Healthcare Management Pte Ltd pursuant to Section 8 of the Companies Act 2016.
ii Deemed interest by virtue of its shareholding in Pulau Memutik Ventures Sdn Bhd pursuant to Section 8 of the Companies Act 2016.
iii The shares are held through various nominees companies.
iv Deemed interest by virtue of his wife, Hatice Seher Aydinlar's shareholding in the Company and SZA Gayrimenkul Yatırım İnşaat ve Ticaret A.Ş.'s
shareholding in the Company, a company wholly-owned by Mehmet Ali Aydinlar, his wife and daughter, pursuant to Section 8 of the Companies Act 2016.

DIRECTORS' DIRECT AND INDIRECT INTERESTS IN THE COMPANY AND ITS RELATED CORPORATIONS
(As per Register of Directors’ Shareholdings)
Number of ordinary shares
No. Interest in the Company Shares held Shares Shares held Shares
1. Mehmet Ali Aydinlar 425,823,132 4.84 98,287,041i 1.12

2. Ong Ai Lin 10,000 0.00 0 0.00
Note:
Deemed
i interest by virtue of his wife, Hatice Seher Aydinlar's shareholding in the Company and SZA Gayrimenkul Yatırım İnşaat ve Ticaret A.Ş.'s
shareholding in the Company, a company wholly-owned by Mehmet Ali Aydinlar, his wife and daughter, pursuant to Section 8 of the Companies Act 2016.
Mehmet Ali Aydinlar's direct and/or indirect interest in the subsidiaries are as follows:
Interest in subsidiaries Shares held Shares Shares held Shares
Acibadem Saglik Yatirimlari Holding A.S. 217,211,842 9.28 16,828,159 0.72

Acibadem Saglik Hizmetleri ve Ticaret A.S. 1 0.00 1 0.00
Acibadem Proje Yonetimi A.S. 1 0.00 0 0.00
Aplus Hastane Otelcilik Hizmetleri A.S. 1 0.00 2 0.00

Shares held Shares Shares held Shares
International Hospital Istanbul A.S. 1 0.00 1 0.00
Dr. Kelvin Loh Chi-Keon's direct interest in the subsidiary is as follows:

Number of units
Interest in subsidiary Units held Units Units held Units
Parkway Life Real Estate Investment Trust 120,000 0.02 0 0.00

Analysis of Shareholdings
As at 31 March 2022
DIRECTORS’ DIRECT AND INDIRECT INTERESTS IN THE COMPANY AND ITS RELATED CORPORATIONS
(As per Register of Directors’ Shareholdings) (continued)
Enterprise Option Scheme

Number of options convertible into ordinary shares
Direct Interest
No. of
No. Interest in the Company Options held
1. Mehmet Ali Aydinlar 948,000
Save as disclosed above, none of the Directors of the Company has any interest, direct or indirect in the Company and its related corporations.

List of Top 30 Largest Shareholders
As at 31 March 2022
No. of % of Issued
No. Name Shares held Shares
1. MBK Healthcare Management Pte Ltd 2,888,487,400 32.81
2. Pulau Memutik Ventures Sdn Bhd 2,266,086,176 25.74
3. Citigroup Nominees (Tempatan) Sdn Bhd 721,484,400 8.20

Employees Provident Fund Board
4. Citigroup Nominees (Asing) Sdn Bhd 585,063,477 6.65

Exempt AN for the Central Depository (Pte) Limited
5. Kumpulan Wang Persaraan (Diperbadankan) 299,174,800 3.40
6. DB (Malaysia) Nominee (Asing) Sdn Bhd 150,000,000 1.70

The Bank of New York Mellon for Kuwait Investment Authority
7. Amanahraya Trustees Berhad 84,000,000 0.95

Amanah Saham Bumiputera
8. Cartaban Nominees (Asing) Sdn Bhd 52,670,500 0.60

Exempt AN for State Street Bank & Trust Company (West CLT OD67)
9. Cartaban Nominees (Tempatan) Sdn Bhd 51,435,300 0.58

PAMB for Prulink Equity Fund
10. Permodalan Nasional Berhad 44,809,100 0.51
11. HSBC Nominees (Asing) Sdn Bhd 43,918,400 0.50

JPMBL SA for Stichting Depositary APG Emerging Markets Equity Pool

Exempt AN for AIA Bhd
13. Cartaban Nominees (Asing) Sdn Bhd 39,950,237 0.45

GIC Private Limited for Government of Singapore (C)

Great Eastern Life Assurance (Malaysia) Berhad (PAR 1)
15. Maybank Nominees (Tempatan) Sdn Bhd 37,000,000 0.42

Maybank Trustees Berhad for Public Ittikal Fund (N14011970240)

List of Top 30 Largest Shareholders

As at 31 March 2022
No. of % of Issued
No. Name Shares held Shares

JPMCB NA for Vanguard Emerging Markets Stock Index Fund

JPMCB NA for Vanguard Total International Stock Index Fund

Employees Provident Fund Board (Nomura)

Public Islamic Dividend Fund

Exempt AN for Citibank New York (Norges Bank 14)

Public Ittikal Sequel Fund

UBS Switzerland AG For SZA Gayrimenkul Yatirim Insaat ve Ticaret Anonim Sirketi

Maybank Trustees Berhad for Public Regular Savings Fund (N14011940100)

UBS AG

Amanah Saham Bumiputera 2

Great Eastern Life Assurance (Malaysia) Berhad (PAR 3)

Amanah Saham Malaysia 3
28. Cartaban Nominees (Tempatan) Sdn Bhd 18,715,300 0.21

PBTB for Takafulink Dana Ekuiti

MTrustee Berhad for Principal Dali Equity Growth Fund (UT-CIMB-DALI) (419455)

Public Islamic Equity Fund
Total 7,698,971,341 87.45

List of Top 10 Properties
for the Financial Year Ended 31 December 2021
Freehold/ Net Book

Leasehold Year of Built-up Approximate Value @
Land and/or Expiry of Land /Strata Existing Age of 31 December
No. Address Buildings Lease Area Area Use Buildings 2021
Sq m Sq m Years RM’000
SINGAPORE
1. Mount Elizabeth Novena Hospital Leasehold 2108 N/A Strata Hospital 8 3,996,847 a
and Medical Centre Units land and area: building
38 Irrawaddy Road building 56,361 and
Singapore 329563 medical
centre
2. Mount Elizabeth Hospital and Leasehold 2075 N/A Strata Hospital 42 1,454,205 a,b
Medical Centre Units land and area: building
3 Mount Elizabeth building 58,290 and
Singapore 228510 medical
centre
3. Gleneagles Hospital and Freehold – N/A Strata Hospital 30 704,979 a,b

Medical Centre Units land and area: building
6 Napier Road, Singapore 258499; building 49,003 and
6A Napier Road, Singapore 258500 medical
centre
MALAYSIA
4. Prince Court Medical Centre Leasehold 2103 29,108 Built-up Hospital 14 737,560 c
39 Jalan Kia Peng land and area: building
50450 Kuala Lumpur building 100,802
5. Gleneagles Hospital Medini Johor Leasehold 2107 72,313 Built-up Hospital 6 361,787 a
No. 2, Jalan Medini Utara 4, land and area: building
Medini Iskandar building 59,388 and
79250 Iskandar Puteri, medical
Johor Darul Takzim centre;
Includes a
plot of land
held as
investment
property
6. Pantai Hospital Kuala Lumpur Leasehold 2111 22,533 Built-up Hospital 17 years for 296,541 b
8 Jalan Bukit Pantai land and area: building original block;
59100 Kuala Lumpur building 132,711 7 years and 6
years for
extension
blocks
Notes:
a Carrying value includes fair value of investment properties, which were revalued in 2021 in accordance with the Group's accounting policies.
b Properties were revalued in 2010 pursuant to a purchase price allocation performed upon acquisition of Parkway and Pantai Group.
c Properties were revalued in 2020 pursuant to a purchase price allocation performed upon acquisition of Price Court Medical Centre.

List of Top 10 Properties

for the Financial Year Ended 31 December 2021
Freehold/ Net Book

Leasehold Year of Built-up Approximate Value @
Land and/or Expiry of Land /Strata Existing Age of 31 December
No. Address Buildings Lease Area Area Use Buildings 2021
Sq m Sq m Years RM’000
HONG KONG
7. Gleneagles Hospital Hong Kong Leasehold 2063 27,500 Built-up Hospital 4 1,921,162
1 Nam Fung Path building area: building
Wong Chu Hang 46,750
Hong Kong
INDIA
8. Fortis Memorial Research Freehold – 43,300 Built-up Hospital 10 260,744 d
Institute, Gurgaon land and area: building
Sector – 44 building 64,296
(Opposite HUDA City Centre),
Gurugram, Haryana 122002
9. Fortis Hospital, Mulund Freehold – 32,982 Built-up Hospital 18 years for 253,789 d
Mulund Goregaon Link Road, land and area: building original block;
Mulund-West, Mumbai, building 27,618 12 years and
Maharashtra 400078 10 years for
extension
blocks
CENTRAL EASTERN EUROPE

10. Acıbadem City Clinic Freehold – 27,000 Built-up Hospital 15 242,184
Tokuda Hospital land and area: building
51B Nikola I. building 51,138
Vaptsarov blvd.,
Hladilnika distr.,
1407 Lozenets, Sofya,
Bulgaristan
Note:
d Properties were revalued in 2018 pursuant to a purchase price allocation performed upon acquisition of Fortis Group.

Notice of Annual General Meeting
NOTICE IS HEREBY GIVEN that the Twelfth Annual General Meeting of IHH HEALTHCARE BERHAD
(IHH or the Company) will be held at Clarke Ballroom, Level 6, Le Méridien Kuala Lumpur, 2 Jalan Stesen
Sentral, Kuala Lumpur Sentral, 50470 Kuala Lumpur, Wilayah Persekutuan, Malaysia on Tuesday, 31 May 2022
at 10.00 a.m. for the following purposes:
AGENDA
1. To receive the Audited Financial Statements for the financial year ended 31 December 2021 together
with the Reports of the Directors and Auditors thereon.
2. To re-elect the following Directors who retire pursuant to Clause 113(1) of the Constitution of the
Company and who being eligible, offer themselves for re-election:
(i) Tan Sri Mohammed Azlan bin Hashim Ordinary Resolution 1
(ii) Dr. Kelvin Loh Chi-Keon Ordinary Resolution 2
(iii) Mehmet Ali Aydinlar Ordinary Resolution 3
3. To re-elect the following Director who retires pursuant to Clause 120 of the Constitution of the
Company and who being eligible, offer himself for re-election:
(i) Takeshi Akutsu Ordinary Resolution 4
4. To approve the payment of the following fees and other benefits payable to the Directors of the Ordinary Resolution 5
Company by the Company:
(i) Directors’ fees to the Non-Executive Directors in respect of their directorship and committee
membership in the Company with effect from 1 July 2022 until 30 June 2023 as per the
table below:
Chairman Member
Structure (RM per annum) (RM per annum)
Board of Directors 600,000 285,000
Audit Committee 175,000 100,000
Risk Management Committee 175,000 100,000
Nomination and Remuneration Committee 175,000 100,000
Steering Committee 350,000 100,000
(ii) Any other benefits provided to the Directors of the Company by the Company with effect from
1 July 2022 until 30 June 2023, subject to a maximum amount equivalent to RM1,000,000.

5. To approve the payment of the Directors’ fees (or its equivalent amount in Ringgit Malaysia as Ordinary Resolution 6
converted using the middle rate of Bank Negara Malaysia foreign exchange on the payment dates,
where applicable) to the Directors of the Company who are holding directorship and committee
membership in the following Company’s subsidiaries and other benefits payable to the Directors of
the Company by the Company’s subsidiaries for the period with effect from 1 July 2022 to 30 June 2023:
(i) Fortis Healthcare Limited
Chairman/Member
Structure (INR per meeting attended)
Board of Directors 100,000
Audit Committee 100,000
Risk Management Committee 100,000
Nomination and Remuneration Committee 100,000
Corporate Social Responsibility Committee 100,000
Stakeholders Relationship Committee 100,000
Independent Directors 100,000
(ii) Parkway Trust Management Limited
Chairman Member
Structure (SGD per annum) (SGD per annum)
Board of Directors 108,000 54,000
Audit Committee 35,500 12,000
Nominating and Remuneration Committee 28,000 10,000
(iii) (a) Acibadem Saglik Yatirimlari Holding A.S. (ASYH) Group
Chairman Member
Structure (USD per annum) (USD per annum)
Board of Directors – 40,000
Nomination and Remuneration Committee 25,000 10,000
(b) ASYH, for the Board fee of USD513,000 per annum payable to Mehmet Ali Aydinlar as the
Board Chairman and Director in ASYH Group.
(iv) Any other benefits provided to the Directors of the Company by the Company’s subsidiaries
subject to a maximum amount equivalent to RM300,000.
6. To re-appoint KPMG PLT as Auditors of the Company and to authorise the Directors to fix their Ordinary Resolution 7
remuneration.

AS SPECIAL BUSINESS
To consider and if thought fit, pass the following resolutions:
7. AUTHORITY TO ALLOT SHARES PURSUANT TO SECTION 75 OF THE COMPANIES ACT 2016 Ordinary Resolution 8
“THAT subject to the Companies Act 2016 (the Act), the Constitution of the Company and the approvals
from Bursa Malaysia Securities Berhad and other relevant governmental and/or regulatory authorities,
the Directors be and are hereby empowered, pursuant to Section 75 of the Act, to issue shares in the
Company from time to time and upon such terms and conditions and for such purposes as the
Directors may deem fit provided that the aggregate number of shares to be issued pursuant to this
Resolution in any one financial year does not exceed ten percent (10%) of the total number of issued
shares of the Company for the time being and that such authority shall continue in force until the
conclusion of the next Annual General Meeting of the Company.”
8. PROPOSED RENEWAL OF AUTHORITY FOR IHH TO PURCHASE ITS OWN SHARES OF UP Ordinary Resolution 9
TO TEN PERCENT (10%) OF THE PREVAILING TOTAL NUMBER OF ISSUED SHARES OF THE
COMPANY (PROPOSED RENEWAL OF SHARE BUY-BACK AUTHORITY)
“THAT subject to the Companies Act 2016 (the Act), rules, regulations and orders made pursuant to
the Act, the provisions of the Company’s Constitution and the Main Market Listing Requirements of
Bursa Malaysia Securities Berhad (Bursa Securities) (Listing Requirements) and the approvals of all
relevant governmental and/or relevant authorities, the Company be and is hereby authorised, to the
extent permitted by law, to purchase and/or hold such amount of ordinary shares in the Company as
may be determined by the Directors of the Company from time to time through Bursa Securities upon
such terms and conditions as the Directors may deem fit and expedient in the best interest of the
Company provided that:
(i) the aggregate number of shares which may be purchased (Purchased Shares) and/or held as
treasury shares pursuant to this ordinary resolution does not exceed ten percent (10%) of the
prevailing total number of issued shares of the Company at the point of purchase;
(ii) the maximum funds to be allocated for the Company to purchase its own shares pursuant to the
Proposed Renewal of Share Buy-Back Authority shall not exceed the retained profits of the
Company;
(iii) upon completion of the purchase by the Company of its own shares, the Directors of the Company
be and are hereby authorised, at their discretion, to deal with the Purchased Shares in the following
manner as may be permitted by the Act, rules, regulations, guidelines, requirements and/or orders
of Bursa Securities and any other relevant authorities for the time being in force:
(a) cancel all or part of the Purchased Shares; and/or
(b) retain all or part of the Purchased Shares as treasury shares (as defined in Section 127 of
the Act); and/or
(c) resell the treasury shares on Bursa Securities in accordance with the relevant rules of
Bursa Securities; and/or
(d) distribute the treasury shares as share dividends to the shareholders of the Company;
and/or
(e) transfer the treasury shares for the purposes of or under the employees’ share scheme
established by the Group; and/or
(f) transfer the treasury shares as purchase consideration; and/or
(g) sell, transfer or otherwise use the treasury shares for such other purposes as the Minister
may by order prescribe,
or in any other manner as may be prescribed by the Act, the applicable laws, regulations and
guidelines applied from time to time by Bursa Securities and/or any other relevant authority for
the time being in force and that the authority to deal with the Purchased Shares shall continue
to be valid until all the Purchased Shares have been dealt with by the Directors.

THAT the authority conferred by this ordinary resolution shall be effective immediately upon passing
of this ordinary resolution and shall continue to be in force until:
(i) the conclusion of the next Annual General Meeting (AGM) of the Company at which time the
authority shall lapse unless by ordinary resolution passed at that AGM, the authority is renewed,
either unconditionally or subject to conditions;
(ii) the expiration of the period within which the next AGM of the Company is required by law to be
held; or
(iii) revoked or varied by ordinary resolution passed by the shareholders of the Company at a
general meeting,
whichever occurs first, but shall not prejudice the completion of purchase(s) by the Company before
the aforesaid expiry date and, in any event, in accordance with the provisions of the Listing
Requirements and any other relevant authorities.
AND THAT the Directors of the Company be and are hereby empowered to do all acts and things
(including the opening and maintaining of a central depositories account(s) under the Securities
Industry (Central Depositories) Act, 1991) and to take all such steps and to enter into and execute all
declarations, commitments, transactions, deeds, agreements, arrangements, undertakings,
indemnities, transfers, assignments and/or guarantees as they may deem fit, necessary, expedient
and/or appropriate in the best interest of the Company in order to implement, finalise and give full
effect to the Proposed Renewal of Share Buy-Back Authority with full powers to assent to any
conditions, modifications, variations (if any) as may be imposed by the relevant authorities.”
9. To transact any other business of which due notice shall have been given.
BY ORDER OF THE BOARD
IDA SURYATI BINTI AB RAHIM (SSM Practicing Certification no.: 202008000221) (LS0009477)
SEOW CHING VOON (SSM Practicing Certification no.: 202008001213) (MAICSA 7045152)
Company Secretaries
Kuala Lumpur
29 April 2022

NOTES: A copy of the Authorisation Document or the duly registered
PROXY AND/OR AUTHORISED REPRESENTATIVES Power of Attorney, which should be valid in accordance with the
laws of the jurisdiction in which it was created and exercised,
1. In support of the Government of Malaysia’s (the Government) should be enclosed with the form of proxy.
ongoing efforts to contain the spread of the Coronavirus
(COVID-19) and the Government’s advice of physical distancing, 7. A corporation which is a member, may by resolution of its
the Company would like to leverage on the use of technology Directors or other governing body authorise such person as it
available by conducting the Twelfth Annual General Meeting of thinks fit to act as its representative at the Meeting,
the Company (the Meeting or AGM) on a virtual basis entirely via in accordance with the Company’s Constitution.
Remote Participation and Electronic Voting (RPEV) facilities,
8. The instrument appointing the proxy together with the
pursuant to Section 327(2) of the Companies Act 2016 (Act) and
Clause 78 of the Company’s Constitution. The Company will be Authorisation Document or the duly registered Power of
using the meeting platform of Boardroom Share Registrars Sdn Attorney referred to in Note 6 above, if any, must be deposited
Bhd which is available on the designated link at https://meeting. at the office of the Share Registrar, Boardroom Share
boardroomlimited.my. Please follow the procedures as stipulated Registrars Sdn Bhd at Ground Floor or 11th Floor, Menara
in the Administrative Details for the Meeting in order to register, Symphony, No. 5, Jalan Prof. Khoo Kay Kim, Seksyen 13,
participate and vote virtually via the RPEV facilities. 46200 Petaling Jaya, Selangor Darul Ehsan, Malaysia or via
electronic means through the Boardroom Smart Investor
2. The main and only venue of the virtual Meeting is strictly to serve Portal at https://investor.boardroomlimited.com (please refer to
as the broadcast venue where the Chairman of the Meeting is Section D of the Administrative Details for details) not less than
physically present and no shareholders/proxies/corporate forty-eight (48) hours before the time appointed for holding of
representatives shall be physically present at the broadcast the Meeting or at any adjournment thereof.
venue. The Meeting will be in compliance with Section 327(2) of
the Act and Clause 78 of the Company's Constitution which 9. Shareholders/proxies/corporate representatives would need to
provides that the main venue of the AGM shall be in Malaysia register as a member of Boardroom Smart Investor Portal first
and the Chairman must be present at the main venue of the before they can request for the Remote Participation User
AGM. The electronic means of conducting the 12th AGM on a identification number and password to virtually attend,
virtual basis will facilitate and enable all shareholders to participate, speak and vote at the Meeting via RPEV, in
participate in the proceedings by audio and/or video capabilities accordance with the Administrative Details.
without the need to be physically present at the Meeting venue. 10. Personal data privacy
It is also appropriate given the current circumstances relating to By submitting an instrument appointing a proxy(ies) and/or
COVID-19 which may continue to pose health and safety risks representative(s) to virtually attend, speak and vote at the
and is in line with the revised Guidance Note and FAQs on the Meeting and/or any adjournment thereof, in accordance with
Conduct of General Meetings for Listed Issuers issued by the the Administrative Details, a member of the Company (i)
Securities Commission Malaysia. consents to the collection, use and disclosure of the member’s
3. A member entitled to virtually attend and vote at the Meeting is personal data by the Company (or its agents) for the purpose of
entitled to appoint a proxy or proxies to exercise all or any of the processing and administration by the Company (or its
his/her rights to virtually attend, participate, speak and vote agents) of proxies and representatives appointed for the
in his/her stead, in accordance with the Administrative Details. Meeting (including any adjournment thereof) and the preparation
and compilation of the attendance lists, minutes and other
4. Where a member of the Company is an exempt authorised documents relating to the Meeting (including any adjournment
nominee which holds shares in the Company for multiple thereof), and in order for the Company (or its agents) to comply
beneficial owners in one securities account (omnibus account) with any applicable laws, listing rules, regulations and/or
as defined under the Securities Industry (Central Depositories) guidelines (collectively, the Purposes), (ii) warrants that where
Act, 1991, there is no limit to the number of proxies which the the member discloses the personal data of the member’s
exempt authorised nominee may appoint in respect of each proxy(ies) and/or representative(s) to the Company (or its
omnibus account it holds. agents), the member has obtained the prior consent of such
5. A member other than an exempt authorised nominee shall be proxy(ies) and/or representative(s) for the collection, use and
entitled to appoint not more than two (2) proxies to virtually disclosure by the Company (or its agents) of the personal data
attend and vote at the Meeting. Notwithstanding the foregoing, of such proxy(ies) and/or representative(s) for the Purposes, and
any member other than an exempt authorised nominee who is (iii) agrees that the member will indemnify the Company in
also a substantial shareholder (within the meaning of the Act) respect of any penalties, liabilities, claims, demands, losses and
shall be entitled to appoint up to (but not more than) five (5) damages as a result of the member’s breach of warranty.
proxies. Where such member appoints more than one (1) proxy, 11. Members entitled to attend
the appointment shall be invalid unless the percentage of Only members whose names appear in the General Meeting
the shareholding to be represented by each proxy is specified. Record of Depositors on 24 May 2022 shall be entitled
6. The instrument appointing a proxy shall: to virtually attend, speak and vote at this Twelfth AGM of
(i) in the case of an individual, be signed by the appointer the Company or appoint a proxy(ies) on his/her behalf,
or by his/her attorney. in accordance with the Administrative Details.
(ii) in the case of corporation, be either under its common
seal or signed by its attorney or an officer on behalf
of the corporation.

EXPLANATORY NOTES ON ORDINARY BUSINESS: EXPLANATORY NOTES ON SPECIAL BUSINESS:
1. Re-election of Director 1. Resolution pursuant to Section 75 of the Companies Act 2016
Clause 113(1) of the Company’s Constitution provides that The proposed Ordinary Resolution 8 is a renewal of the
one-third (1/3) of the Directors of the Company for the time general mandate for issuance of shares by the Company
being or, if their number is not three (3) or a multiple of under Section 75 of the Companies Act 2016 (General
three (3), then the number nearest to one-third (1/3), shall Mandate). The General Mandate, if passed, will empower
retire from office. the Directors to issue shares in the Company up to an
amount of not exceeding in total ten percent (10%) of the
Clause 120 of the Company’s Constitution provides that the total number of issued shares of the Company for any
Directors shall have power at any time, and from time to possible fund raising activities, funding investment
time, to appoint any person to be a Director, either to fill a project(s), working capital or such purposes as the Directors
casual vacancy or as an addition to the existing Directors, consider would be in the interest of the Company. The
but the total number of Directors shall not at any time approval is sought to avoid any delay and cost in convening
exceed the maximum number fixed in accordance with the separate general meetings for such issuance of shares.
Constitution. Any Director so appointed shall hold office This authority, unless revoked or varied at a general
only until the next following AGM of the Company and shall meeting will expire at the next AGM of the Company.
then be eligible for re-election but shall not be taken into
account in determining the Directors who are to retire by The Company had, during its Eleventh AGM held on 28 May
rotation at that meeting. 2021, obtained its shareholders’ approval for the General
Mandate. No share was issued pursuant to the General
In line with Practice 5.1 of the Malaysian Code on Corporate Mandate as at the date of this Notice.
Governance, the Board had assessed each of the Directors
seeking re-election at the Twelfth AGM and upon assessing 2. Proposed renewal of authority for IHH to purchase its own
the Directors’ performance, commitment and ability to shares of up to ten percent (10%) of the prevailing total
discharge their fiduciary duties to the Company, the Board number of issued shares of the Company
agreed that they are eligible to stand for re-election and
The proposed Ordinary Resolution 9, if passed, will enable
supported their re-election as Directors of the Company.
the Company to purchase its own shares through Bursa
The profiles of Directors seeking re-election are set out in Securities of up to ten percent (10%) of the prevailing total
the profile of the Board of Directors as laid out on pages 88 number of issued shares of the Company. This authority
to 94 of the Company’s Annual Report 2021 as well as in will, unless revoked or varied at a general meeting, expire
the Company’s website at https://www.ihhhealthcare.com/ at the conclusion of the next AGM of the Company.
about-us/our-leadership/board-of-directors.
Further information on the Proposed Renewal of Share
Buy-Back Authority is set out in the Statement to
shareholders dated 29 April 2022, which is attached
together with the Company’s Annual Report 2021.

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Form of Proxy
Twelfth Annual General Meeting
*I/*We
(Full name and NRIC/Passport/Company no. in capital letters)
of
(Full address in capital letters and telephone no.)
being a member/members of IHH HEALTHCARE BERHAD (Company), hereby appoint:

Proportion of Shareholding
NRIC/
Full Name Full Address Passport No. No. of Shares %
*and/*or
NRIC/
*and/*or (only in the case of a substantial shareholder)

NRIC/

NRIC/

NRIC/
or failing *him/*her/*them, the CHAIRMAN OF THE MEETING as *my/*our *proxy/*proxies to vote virtually for *me/*us on *my/*our behalf at the virtual
Twelfth Annual General Meeting of the Company to be held at Clarke Ballroom, Level 6, Le Méridien Kuala Lumpur, 2 Jalan Stesen Sentral, Kuala
Lumpur Sentral, 50470 Kuala Lumpur, Wilayah Persekutuan, Malaysia on Tuesday, 31 May 2022 at 10.00 a.m. and at any adjournment thereof. *I/*We
indicate with an “✓” or “x” in the spaces below how *I/*we wish *my/*our vote to be cast virtually:
No. Ordinary Resolutions For Against
1 Re-election of Tan Sri Mohammed Azlan bin Hashim
2 Re-election of Dr. Kelvin Loh Chi-Keon
3 Re-election of Mehmet Ali Aydinlar
4 Re-election of Takeshi Akutsu
5 Approval of payment of Directors’ fees and other benefits to the Directors of the Company by the Company
6 Approval of payment of Directors’ fees and other benefits to the Directors of the Company by the Company’s subsidiaries
7 Re-appointment of KPMG PLT as Auditors of the Company and authority to the Directors to fix their remuneration
8 Authority to allot shares pursuant to Section 75 of the Companies Act 2016
9 Proposed renewal of authority for IHH to purchase its own shares of up to ten percent (10%) of the prevailing total
number of issued shares of IHH
Subject to the abovestated voting instructions, *my/*our *proxy/*proxies may vote virtually or abstain from voting on any resolutions as *he/*she/*they may think fit.
* Delete whichever is not applicable.
Dated this day of 2022.
Total no. of Shares held

Securities Account No.
Signature of member/Common Seal of member
3rd fold here
IMPORTANT: PLEASE READ THE NOTES BELOW 6. The instrument appointing a proxy shall:
Notes: (i) in the case of an individual, be signed by the appointer or by his/her attorney.
1. In support of the Government of Malaysia’s (the Government) ongoing efforts to contain the spread of the (ii) in the case of corporation, be either under its common seal or signed by its attorney or an officer on
Coronavirus (COVID-19) and the Government’s advice of physical distancing, the Company would like to behalf of the corporation.
leverage on the use of technology available by conducting the Twelfth Annual General Meeting of the A copy of the Authorisation Document or the duly registered Power of Attorney, which should be valid in
Company (the Meeting or AGM) on a virtual basis entirely via Remote Participation and Electronic Voting accordance with the laws of the jurisdiction in which it was created and exercised, should be enclosed
(RPEV) facilities, pursuant to Section 327(2) of the Companies Act 2016 (Act) and Clause 78 of the Company’s with the form of proxy.
Constitution. The Company will be using the meeting platform of Boardroom Share Registrars Sdn Bhd which 7. A corporation which is a member, may by resolution of its Directors or other governing body authorise such
is available on the designated link at https://meeting.boardroomlimited.my. Please follow the procedures as person as it thinks fit to act as its representative at the Meeting, in accordance with the Company’s Constitution.
stipulated in the Administrative Details for the Meeting in order to register, participate and vote virtually via the 8. The instrument appointing the proxy together with the Authorisation Document or the duly registered Power
RPEV facilities. of Attorney referred to in Note 6 above, if any, must be deposited at the office of the Share Registrar,
2. The main and only venue of the virtual Meeting is strictly to serve as the broadcast venue where the Boardroom Share Registrars Sdn Bhd at Ground Floor or 11th Floor, Menara Symphony, No. 5, Jalan Prof. Khoo
Chairman of the Meeting is physically present and no shareholders/proxies/corporate representatives Kay Kim, Seksyen 13, 46200 Petaling Jaya, Selangor Darul Ehsan, Malaysia or via electronic means through
shall be physically present at the broadcast venue. The Meeting will be in compliance with Section 327(2) the Boardroom Smart Investor Portal at https://investor.boardroomlimited.com (please refer to Section D of the
of the Act and Clause 78 of the Company's Constitution which provides that the main venue of the AGM Administrative Details for details) not less than forty-eight (48) hours before the time appointed for holding of
shall be in Malaysia and the Chairman must be present at the main venue of the AGM. The electronic the Meeting or at any adjournment thereof.
means of conducting the 12th AGM on a virtual basis will facilitate and enable all shareholders to 9. Shareholders/proxies/corporate representatives would need to register as a member of Boardroom Smart
participate in the proceedings by audio and/or video capabilities without the need to be physically Investor Portal first before they can request for the Remote Participation User identification number and
present at the Meeting venue. It is also appropriate given the current circumstances relating to COVID-19 password to virtually attend, participate, speak and vote at the Meeting via RPEV, in accordance with the
which may continue to pose health and safety risks and is in line with the revised Guidance Note and FAQs Administrative Details.
on the Conduct of General Meetings for Listed Issuers issued by the Securities Commission Malaysia. 10. By submitting an instrument appointing a proxy(ies) and/or representative(s) to virtually attend, speak and vote
3. A member entitled to virtually attend and vote at the Meeting is entitled to appoint a proxy or proxies at the Meeting and/or any adjournment thereof, in accordance with the Administrative Details, a member of
to exercise all or any of his/her rights to virtually attend, participate, speak and vote in his/her stead, the Company (i) consents to the collection, use and disclosure of the member’s personal data by the Company
in accordance with the Administrative Details. (or its agents) for the purpose of the processing and administration by the Company (or its agents) of proxies
4. Where a member of the Company is an exempt authorised nominee which holds shares in the Company and representatives appointed for the Meeting (including any adjournment thereof) and the preparation and
for multiple beneficial owners in one securities account (omnibus account) as defined under the compilation of the attendance lists, minutes and other documents relating to the Meeting (including any
Securities Industry (Central Depositories) Act, 1991, there is no limit to the number of proxies which the adjournment thereof), and in order for the Company (or its agents) to comply with any applicable laws, listing
exempt authorised nominee may appoint in respect of each omnibus account it holds. rules, regulations and/or guidelines (collectively, the Purposes), (ii) warrants that where the member discloses
5. A member other than an exempt authorised nominee shall be entitled to appoint not more than two (2) the personal data of the member’s proxy(ies) and/or representative(s) to the Company (or its agents), the
proxies to virtually attend and vote at the Meeting. Notwithstanding the foregoing, any member other member has obtained the prior consent of such proxy(ies) and/or representative(s) for the collection, use and
than an exempt authorised nominee who is also a substantial shareholder (within the meaning of the Act) disclosure by the Company (or its agents) of the personal data of such proxy(ies) and/or representative(s) for
shall be entitled to appoint up to (but not more than) five (5) proxies. Where such member appoints more the Purposes, and (iii) agrees that the member will indemnify the Company in respect of any penalties,
than one (1) proxy, the appointment shall be invalid unless the percentage of the shareholding to be liabilities, claims, demands, losses and damages as a result of the member’s breach of warranty.
represented by each proxy is specified. 11. Only members whose names appear in the General Meeting Record of Depositors on 24 May 2022 shall
be entitled to virtually attend, speak and vote at this Twelfth AGM of the Company or appoint a proxy(ies)
on his/her behalf, in accordance with the Administrative Details.
2nd fold here
Affix Stamp
Here
IHH HEALTHCARE BERHAD 201001018208 (901914-V)

c/o Boardroom Share Registrars Sdn Bhd
Ground Floor or 11th Floor, Menara Symphony,
No. 5, Jalan Prof. Khoo Kay Kim, Seksyen 13,
46200 Petaling Jaya,
Selangor Darul Ehsan,
Malaysia
1st fold here

Corporate Information
As at 1 April 2022
Board of Directors
Tan Sri Mohammed Azlan bin Hashim Dr Farid bin Mohamed Sani Ong Ai Lin
Chairman, Independent, Non-Executive Non-Independent, Non-Executive Independent, Non-Executive
Dr Kelvin Loh Chi-Keon Mehmet Ali Aydinlar Satoshi Tanaka
Managing Director and Chief Executive Officer, Non-Independent, Non-Executive Independent, Non-Executive
Non-Independent, Executive
Tunku Alizakri bin Raja Muhammad Alias Tomo Nagahiro
Takeshi Akutsu Non-Independent, Non-Executive Non-Independent, Non-Executive
Non-Independent, Non-Executive (Alternate Director to Takeshi Akutsu)
Jill Margaret Watts
Takeshi Saito Independent, Non-Executive Mok Jia Mei
Dato’ Muthanna bin Abdullah
(Alternate Director to Dr Farid bin Mohamed Sani)
Independent, Non-Executive
Company Secretaries Registered Address & Auditors

Ida Suryati binti Ab Rahim (LS 0009477) Business Address KPMG PLT
(SSM Practicing Certificate No.: 202008000221) Chartered Accountants
Level 11 Block A
Level 10, KPMG Tower
Seow Ching Voon (MAICSA 7045152) Pantai Hospital Kuala Lumpur
8, First Avenue
(SSM Practicing Certificate No.: 202008001213) 8 Jalan Bukit Pantai
Bandar Utama
59100 Kuala Lumpur
47800 Petaling Jaya
Committees Wilayah Persekutuan, Malaysia
Selangor Darul Ehsan, Malaysia
Tel : +603-2298 9898
Audit Committee Tel : +603-7721 3388
Fax : +603-2298 9899
Chairman : Ong Ai Lin Fax : +603-7721 3399
Members : Jill Margaret Watts
Company Website
: Dato’ Muthanna bin Abdullah Principal Bankers
www.ihhhealthcare.com
: Satoshi Tanaka • Axis Bank
Risk Management Committee Share Registrars • Bank of China

• CIMB Bank
Chairman : Jill Margaret Watts Malaysia
• DBS Bank
Members : Dato’ Muthanna bin Abdullah Boardroom Share Registrars Sdn Bhd
11th Floor, Menara Symphony • Deutsche Bank
: Ong Ai Lin
: Tunku Alizakri bin Raja No. 5, Jalan Prof. Khoo Kay Kim • ING Bank
Muhammad Alias Seksyen 13 • J.P. Morgan
46200 Petaling Jaya
• Malayan Banking Berhad
Nomination and Selangor Darul Ehsan, Malaysia
• MUFG Bank
Tel : +603-7890 4700 (helpdesk)
Remuneration Committee Fax : +603-7890 4670 • Oversea-Chinese Banking Corporation
Chairman : Dato’ Muthanna bin Abdullah • Standard Chartered Bank
Email : [email protected]
Members : Jill Margaret Watts
• Sumitomo Mitsui Banking Corporation
: Ong Ai Lin
Singapore • The Hongkong and Shanghai Banking
: Satoshi Tanaka
Boardroom Corporate & Corporation
: Takeshi Saito
Advisory Services Pte Ltd • Türkiye Garanti Bankasi
: Dr Farid bin Mohamed Sani 1 Harbourfront Avenue
• United Overseas Bank
: Tunku Alizakri bin Raja #14-07 Keppel Bay Tower
Muhammad Alias Singapore 098632
Tel : +65-6536 5355 Stock Exchange Listing
Steering Committee Fax : +65-6438 8710
Chairman : Tan Sri Mohammed Azlan Main Market of Bursa Malaysia
bin Hashim Securities Berhad
(Listed since 25 July 2012)
Members : Dr Kelvin Loh Chi-Keon
: Takeshi Saito Main Board of the Singapore Exchange
: Dr Farid bin Mohamed Sani Securities Trading Limited
(Listed since 25 July 2012)
: Mehmet Ali Aydinlar
IHH HEALTHCARE BERHAD
201001018208 (901914-V)
Level 11 Block A, Pantai Hospital Kuala Lumpur,

8 Jalan Bukit Pantai, 59100 Kuala Lumpur, Malaysia
Tel: 603-2298 9898
All rights reserved. No information contained in this report should be reproduced without the express written permission of IHH Healthcare Berhad.
This report contains forward-looking statements. All statements, other than statements of historical facts included in this report, including, without
limitation, those regarding our financial position, business strategies, plans and objectives for future operations, are forward-looking statements.
Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance
or achievements, or industry results, to be materially different from any future results, performance or achievements, or industry results expressed or
implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding our present and future
business strategies and the environment in which we will operate in the future. Such forward-looking statements reflect our current view with respect
to future events and do not guarantee future performance. We expressly disclaim any obligation or undertaking to release publicly any update or
revision to any forward-looking statement contained in this report to reflect any change in our expectations with regard to such statement or any
change in events, conditions or circumstances on which any such statement is based.

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Scaling

Annual Report 2021

About This Report

We are scaling new peaks as we chart

Trust, Synergy, Growth and Sustainability

Our Values Trust Synergy

Read about our Transforming Healthcare

Our ‘Care. For Good.’ Strategy is underpinned by the

2 IHH Healthcare Berhad Annual Report 2021

Read about Strengthening Our Core on

Read about our five Growth Engines on

Read more about our Sustainability agenda on

4 IHH Healthcare Berhad Annual Report 2021

Reach “best in class” quality

• In Singapore and Hong Kong, IHH

IHH Healthcare Berhad Annual Report 2021 5

6 IHH Healthcare Berhad Annual Report 2021

IHH Healthcare Berhad Annual Report 2021 7

8 IHH Healthcare Berhad Annual Report 2021

Recover from COVID-19 Develop Our

IHH Healthcare Berhad Annual Report 2021 9

10 IHH Healthcare Berhad Annual Report 2021

IHH Healthcare Berhad Annual Report 2021 11

100% 90% 100%

12 IHH Healthcare Berhad Annual Report 2021

Fortis Healthcare Prince Court Medical Centre IMU

IHH Healthcare Berhad Annual Report 2021 13

Revenue by Strategic EBITDA by Strategic Profit After Tax and

Parkway Pantai Parkway Pantai

12,371.1 2,947.6 1,594.8

Acibadem Holdings Acibadem Holdings

Basic Earnings per Share

IMU Health IMU Health

250.4 257.5 259.0

PLife REIT PLife REIT See pages 52 to 55 on Financial Review

342.3 335.7 347.9

14 IHH Healthcare Berhad Annual Report 2021

A. Income Statement (RM Million) ​ ​ ​ ​ ​

​ EBITDA1 by Strategic Business Units ​ ​ ​ ​ ​

​ Profit After Tax and Minority Interest (“PATMI”) ​ ​ ​ ​

IHH Healthcare Berhad Annual Report 2021 15

​ FY2017 FY2018 FY2019 FY2020 FY2021

16 IHH Healthcare Berhad Annual Report 2021

Number of Average Revenue per

IHH Healthcare Berhad Annual Report 2021 17

• IHH Healthcare (IHH) successfully debuted on its

• Mount Elizabeth Novena opens • IHH divested equity stake

25 July 2014 2016

18 IHH Healthcare Berhad Annual Report 2021

• IHH Singapore partnered with a

• Parkway Laboratories is the first private laboratory to be approved

IHH Healthcare Berhad Annual Report 2021 19

Awards and Accreditations

20 IHH Healthcare Berhad Annual Report 2021

• Brother Siju PV – Florence Malaysia Pantai Hospital Kuala Lumpur

Fortis Hospital, Mohali Turkey Acibadem Adana Hospital

IHH Healthcare Berhad Annual Report 2021 21

IHH Healthcare Berhad Annual Report 2021 23

Chairman’s It has been a challenging

A. Income Statement (RM Million)

EBITDA1 by Strategic Business Units

Profit After Tax and Minority Interest (“PATMI”)

FY2017 FY2018 FY2019 FY2020 FY2021

• Number of hospitals and medical clinics