IZLV#UH_RUW#ZNV#OHHQ#_UH_NUHP#
LQ#]LQH#aLWZ#WZH#TXLPH]LQHV#RS#
WZH#ΖQWHUQNWLRQN]#ΖQWHTUNWHP#
EH_RUWLQT#&RXQFL]1#
iKH#UHSRUW#DLPV#WR#SUHVHQW#UHDGHUV#ZLWK#D#FRPSOHWH#YLHZ
RI#RXU#EXVLQHVV/#VWUDWHJ\/#WKH#LVVXHV#WKDW#DUH#PDWHULDO#WR
RXU#EXVLQHVV/#DQG#KRZ#ZH#FUHDWH#YDOXH#WKURXJK#RXU#
7KDUHG2;DOXH#ΖQVXUDQFH#PRGHO1
iKLV#ΖQWHJUDWHG#&QQXDO#6HSRUW#LV#VXSSOHPHQWHG#E\#D#
VHSDUDWH#7XVWDLQDEOH#^HYHORSPHQW#6HSRUW#LQ#ZKLFK#ZH#
SURYLGH#DGGLWLRQDO#LQIRUPDWLRQ#DERXW#RXU#SURJUHVV#DJDLQVW#
JOREDO#DQG#ORFDO#VXVWDLQDEOH#GHYHORSPHQW#REnHFWLYHV1#
gXU#7XVWDLQDEOH#^HYHORSPHQW#6HSRUW#LV#FRPSLOHG#LQ#OLQH#
ZLWK#WKH#a?#JXLGHOLQHV#RI#WKH#aOREDO#6HSRUWLQJ#ΖQLWLDWLYH#
,a6Ζ-#DW#D#FRUH#OHYHO1#ΖW#DOVR#RXWOLQHV#RXU#SURJUHVV#DJDLQVW#WKH#
jQLWHG#fDWLRQV#aOREDO#]RPSDFW#,jfa]-/#RI#ZKLFK#ZH#
EHFDPH#D#VLJQDWRU\#LQ#5<=@1#
About this
report
SCOPE AND BOUNDARY
ΖQ#WKLV#UHSRUW/#ZH#FRYHU#WKH#RSHUDWLRQV#RIM
]
^LVFRYHU\#0LPLWHG/#LQFOXGLQJ#^LVFRYHU\#+HDOWK/#
^LVFRYHU\#;LWDOLW\/#^LVFRYHU\#0LIH/#^LVFRYHU\#ΖQYHVW/#
^LVFRYHU\#ΖQVXUH#DQG#WKH#VWDUW2XS#EXVLQHVVHV/#
LQFOXGLQJ#^LVFRYHU\#[DQN#GHYHORSPHQWV#LQ
South Africa
]
;LWDOLW\+HDOWK/#;LWDOLW\0LIH#DQG#;LWDOLW\ΖQYHVW#LQ#WKH#
jQLWHG#dLQJGRP
]
gXU#LQWHUQDWLRQDO#RSHUDWLRQV#XQGHU#;LWDOLW\#aURXS1#
:H#LGHQWLI\#ZKHUH#QRQ2ILQDQFLDO#GDWD#DSSOLHV#RQO\#WR#
RXU#7RXWK#&IULFDQ2EDVHG#EXVLQHVVHV1#
GOVERNANCE AND COMPLIANCE
^XULQJ#WKH#\HDU#XQGHU#UHYLHZ/#^LVFRYHU\#FRPSOLHG#
ZLWK#WKH#PDQGDWRU\#SULQFLSOHV#RI#JRYHUQDQFH/#DV#
FRQWDLQHG#LQ#WKH#c7_#0LVWLQJV#6HoXLUHPHQWV/#DV#ZHOO#DV#
ZLWK#WKH#SULQFLSOHV#RI#dLQJ#Ζ;#RQ#]RUSRUDWH#
aRYHUQDQFH#IRU#7RXWK#&IULFD#,dLQJ#Ζ;
™
-1#:H#KDYH#
DVVHVVHG#WKH#UHoXLUHPHQWV#RI#dLQJ#Ζ;
™
#DQG#FRPSO\#
ZLWK#WKH#PDQGDWRU\#UHoXLUHPHQWV1#6HIHU#WR#RXU#
JRYHUQDQFH#UHSRUW#RQ#
www.discovery.co.za
, which
SURYLGHV#PRUH#LQIRUPDWLRQ#DERXW#RXU#aRYHUQDQFH#
`UDPHZRUN#FRPSOLDQFH1#
IJ$J(E(FJ#2)#$GG52L$D#%N#JA(#
'ΖI&2L(5N#%2$5'#2)#'Ζ5(&J25I
The Discovery Limited Board of Directors
DSSURYHG#WKH#5<=B#ΖQWHJUDWHG#&QQXDO#6HSRUW
RQ#=5#gFWREHU#5<=B1#
&SSURYDO#ZDV#SURYLGHG#IROORZLQJ#UHYLHZ#E\#WKH#[RDUG#
RI#^LUHFWRUV/#DVVHVVPHQW#RI#FRQWHQW#E\#aURXS#ΖQWHUQDO#
&XGLW/#DQG#WKH#UHFRPPHQGDWLRQ#RI#WKH#^LVFRYHU\#
Audit Committee.
Monty Hilkowitz
&TDLU[HUVRQ#RS#WTH#'LVFR\HU_#/LZLWHG#%RDUG#RS#'LUHFWRUV
G5(G$5$JΖ2F#2)#'ΖI&2L(5NȇI#
$FFK$D#)ΖF$F&Ζ$D#IJ$J(E(FJI#
)25#JA(#N($5#(F'('#84#BKF(#746>
Annual financial statements
L van Jaarsveldt
]&,7&-#DQG#&#fHO#]&,7&-#,SUHSDUHG-
D Viljoen
#]&,7&-#`]e&#,VXSHUYLVHG-#
Embedded value statement
M Curtis
#`&77&/#`Ζ&#,SUHSDUHG-#
A Rayner
#`&77&/#`Ζ&#,VXSHUYLVHG-#
E$J(5Ζ$D#ΖIIK(I#)25#5(G25JΖF-
:H#LGHQWLILHG#LVVXHV#ZKLFK#UHSUHVHQW#VRPH#RI#WKH#
PRVW#PDWHULDO#FKDOOHQJHV#IRU#RXU#EXVLQHVV#WRGD\1#
iKHVH#ZHUH#LGHQWLILHG#E\#WKH#HpHFXWLYH#PDQDJHPHQW#
WHDP#LQ#RXU#EXVLQHVV/#IURP#D#UHYLHZ#RI#NH\#ULVNV#
LGHQWLILHG#LQ#RXU#JRYHUQDQFH#VWUXFWXUHV/#DQG#IURP#
HQJDJHPHQW#ZLWK#HpWHUQDO#VWDNHKROGHUV1
:H#GLVFXVV#PDWHULDO#LVVXHV#WKURXJKRXW#RXU#UHSRUW#
DQG#KDYH#LQFOXGHG#GHWDLOV#LQ#WKH#JRYHUQDQFH#VHFWLRQ/#
DV#ZHOO#DV#LQ#WKH#GHWDLOHG#JRYHUQDQFH#UHSRUW#
SXEOLVKHG#RQ#
www.discovery.co.za
, which
VXSSOHPHQWV#RXU#UHSRUWLQJ1#
^LVFRYHU\#ΖQWHJUDWHG#&QQXDO#6HSRUW
2018
92
REPORTING, REMUNERATION AND GOVERNANCE