Vhi Annual Report and Accounts 2017

Vhi Annual Report and Accounts 2017

PUTTING OURCUSTOMERSFIRST FOR60 YEARS

Vhi Annual Report and Accounts 2017 | 1

Contents

Mission, Vision, Values 2

Board of Directors 4

Executive Management Team 6

Chairman’s Review 10

Operations Review 16

Directors’ Report for the Financial Year Ended 31 December 2017 24

Directors’ Responsibilities Statement 28

Independent Auditor’s Report to the Members of the Voluntary Health Insurance Board 29

Consolidated Income and Expenditure Account for the Financial Year ended 31 December 2017 31

Consolidated Balance Sheet as at 31 December 2017 32

Board Balance Sheet as at 31 December 2017 34

Consolidated Statement of Cash Flows as at 31 December 2017 35

Board Statement of Cash Flows as at 31 December 2017 35

Consolidated Statement of Changes in Equity as at 31 December 2017 36

Consolidated Statement of Comprehensive Income for the Financial Year Ended 31 December 2017 36

Board Statement of Changes in Equity as at 31 December 2017 37

Board Statement of Comprehensive Income for the Financial Year Ended 31 December 2017 37

Notes to the Financial Statements 38

Energy Management and Sustainability 64

Company Details 65

2 | Vhi Annual Report and Accounts 2017

Mission

Vision

Values


To fundamentally change how healthcare is delivered for our customers

To help our customers live longer, stronger, healthier lives

Customer Driven, Integrity, Courage Empowerment, Innovation


Board of Directors

Liam Downey, Chairman Liam Downey is a former Chief Executive Ireland of Becton Dickinson, a leading global medical technology company. He was Chairperson of the Health Service Executive, President of the Federation of Irish Employers, a trustee and member of the Board of the Irish Business and Employers Confederation (IBEC), Chairman of the Irish Medical Devices Association and a member of the Labour Relations Commission. He is a graduate of University College Dublin, a Chartered Member of the Institute of Personnel Development and a Fellow of the Irish Management Institute.

John O’Dwyer, Chief Executive John O’Dwyer joined Vhi in 2012 from the international Dutch insurance group Achmea where he was the Chief Operating Officer and Executive Director with responsibility for the life, general and health businesses in Interamerican, the second biggest insurer in Greece. John has an extensive track record in financial services and in particular, the health insurance sector which included roles such as Managing Director of Friends First Life Assurance, Director of Operations at BUPA Ireland and Assistant Chief Executive with responsibility for Claims in Vhi. He was also non-executive Chairman of the Board of the National Treatment Purchase Fund.

Dr Ruth Barrington Dr Ruth Barrington was Chief Executive, Molecular Medicine Ireland from 2007–2012; Chief Executive, Health Research Board, 1998–2007; and was Assistant Secretary, Department of Health with responsibility for hospital policy. A graduate of UCD (History and Politics) and the College of Europe, Belgium, she was awarded her Doctorate by the London School of Economics. Author of “Health, Medicine and Politics in Ireland 1900–1970,” Dr Barrington has been both Governor and Chair of the Irish Times Trust; Board Director, Irish Times Ltd; and is currently Chair of the National Children’s Research Centre; Chair of TREOIR; Director of the Children’s Medical Research Foundation and Chair of the St. John of God Research Foundation.

Joyce Brennan Joyce Brennan is an actuary with more than 25 years’ experience. She is an Executive Director with IPT, chairing boards of trustees of pension funds, to ensure excellence in governance, decision making and ongoing management of pension plans. Previous roles include Director with KPMG and Principal at Mercer. Joyce has worked as advisor to the Health Insurance Authority and to the Department of Health on the regulation of private health insurance, and she has chaired the healthcare committee of the Society of Actuaries in Ireland. She has an MBA from UCD.

Seamus Creedon Seamus Creedon is a qualified actuary and holds a number of non-executive director positions in life assurance, general insurance and reassurance companies in Ireland and the UK. He was until 2016 a member of the insurance and reinsurance stakeholder group of the European Insurance and Occupational Pensions Authority. He was a partner at KPMG, London where he led the actuarial practice and was Deputy Leader of its global actuarial practice. Prior to this he was Chief Executive of Lifetime, Bank of Ireland’s Life Assurance Company and Head of Corporate Development Europe for Bank of Ireland.

Celine Fitzgerald Celine Fitzgerald joined the Board in 2010. She is a management consultant providing services across a number of sectors. Between 2007 and 2012 she was CEO of an Irish-based, Business Process Outsourcing (BPO) company. She was appointed to the board of Ervia in 2015 and has also held a number of senior roles in the telecommunications sector including eircom and Vodafone.


Finbar Lennon Finbar Lennon is a medical graduate of UCD and did his postgraduate surgical training in London, Edmonton (Canada) and Dublin. He worked as a consultant general surgeon in Our Lady of Lourdes Hospital, Drogheda (1983–2012). From 2009 until 2012 he also worked in Beaumont and the Mater hospitals in Dublin as a specialty breast surgeon. He was Medical Director in Drogheda (1992–1998), Medical Advisor to the North Eastern Health Board (1997–2004) and a medical advisor to the Secretary General in Department of Health (2012–2014). He is currently an honorary lecturer in Surgery in UCD and participates in the undergraduate teaching programme. He is a member of the Professional Conduct Committee of the Pharmaceutical Society of Ireland and served on its Practice Development Committee (2012–2016).

Declan Moran Declan Moran joined Vhi in 1997 from the life and pensions industry and was appointed to the Vhi Board of Directors in 2008. From November 2011 to July 2012, he served as Acting Chief Executive, Vhi. He is responsible for Marketing, Vhi’s product portfolio and the development of new products and services. Declan has a BSc in Computer Science and is a Fellow of the Institute of Actuaries since 1994.

Paul O’Faherty Paul O’Faherty is an actuary and is a non-executive director of a number of companies in the financial services and investment areas. Until 2013 he was Chief Executive of Mercer Ireland and Chairman of Marsh McLennan Companies in Ireland. In his career as a consultant in Mercer, he advised the Department of Health for many years on health insurance matters. He is a Fellow and a past President of the Society of Actuaries in Ireland. He is also a past Chairman of the Irish Association of Pension Funds.

Greg Sparks Greg Sparks is a former partner of RSM Farrell Grant Sparks. In addition to being on the Board of Headstrong, Greg holds a number of Board appointments in the private sector both domestically and internationally, including Digicel, Jigsaw and Joe Duffy Motors. Greg has served on the Boards of The Irish Times and eircom and chaired the Coombe Hospital for a number of years.

Brian Walsh Brian Walsh joined Vhi in November 2014 as Finance Director and was appointed to the Board in March 2015. Prior to joining Vhi, he was divisional Chief Financial Officer with DPI Specialty Foods Inc., Los Angeles, a division of global food and ingredients company Ornua. Previously, Brian led a successful international private equity fund, focused principally on Central and Eastern European markets. He has held Board and senior financial and commercial roles in the international financial services, telecommunications and FMCG industries in Europe and the United States with leading companies including Citibank, Deutsche Telekom and eircom. Brian is a Fellow of Chartered Accountants Ireland, having qualified with PricewaterhouseCoopers, and holds graduate and post-graduate degrees from University College Dublin.


Executive Management Team

John O’Dwyer, Chief Executive John O’Dwyer joined Vhi in 2012 from the international Dutch insurance group Achmea where he was the Chief Operating Officer and Executive Director with responsibility for the life, general and health businesses in Interamerican, the second biggest insurer in Greece. John has an extensive track record in financial services and in particular, the health insurance sector which included roles such as Managing Director of Friends First Life Assurance, Director of Operations at BUPA Ireland and Assistant Chief Executive with responsibility for Claims in Vhi. He was also non-executive Chairman of the Board of the National Treatment Purchase Fund.

Dr. Bernadette Carr, Director, Medical, MD, FRCPI, MPH, LFOMBernadette Carr is a physician with extensive clinical, research and healthcare management experience. She is accredited in both General and Geriatric Medicine and is on the Specialist Register of the Medical Council of Ireland. Bernadette has extensive training and experience in Management, Clinical Medicine and Epidemiology both in Ireland and internationally. Her qualifications include a Doctorate in Medicine from TCD, a Licentiate of the Faculty of Occupational Medicine, RCPI, a Masters in Public Health, Diploma in Practical Dermatology (Cardiff) and an Advanced Management Certificate from INSEAD. She was elected to Fellowship of the Royal College of Physicians in Ireland in 1996. She joined Vhi in 1994 and as Medical Director is responsible for medical policy, healthcare purchasing, provider reimbursement schedules, provider contract negotiations, and executive and clinical responsibility for Vhi Health Services.

John Creedon, Director, Claims John Creedon has been a Director of Vhi since 1996 and prior to this he held a number of senior positions within Vhi. John is responsible for the overall service, administration and payment of claims in Vhi and he is also responsible for the management and administration of all individual and corporate business. John has a BSc in Computer Applications from Dublin City University.

Aaron Keogh, Managing Director, Vhi Healthcare Aaron Keogh is responsible for Sales, Retention and Customer Service for all of Vhi Healthcare’s corporate and individual customers. Aaron joined Vhi in 2003 and has held a wide range of roles within the organisation primarily leading out Vhi Healthcare’s award winning sales and customer service teams as well as a variety of roles in business analysis and digital service delivery. Aaron has an MSc in Strategic Management from Dublin Institute of Technology and a BSc in Software Systems Development from the National College of Ireland. He is a member of the Sales Institute of Ireland, the Insurance Institute of Ireland, Kilkenny Chamber of Commerce, and DIT Alumni Association.

Adam Lyon, Chief Risk OfficerAdam Lyon is an actuary with over 25 years’ experience in insurance and financial services in the UK and Ireland. Adam joined Vhi in early 2013 having previously worked as General Manager of Business Development at Friends First Life Assurance Company. He has a broad range of cross functional experience having had executive responsibility for marketing, sales, finance, product development and customer service functions in previous roles. He is a fellow of the Institute of Actuaries and a fellow of the Society of Actuaries in Ireland.


Tim McKeown, Director, StrategyAs Director of Strategy, Tim is responsible for facilitating the development of Vhi’s overall corporate strategy, leading strategic transformation programmes to support corporate development and innovation, with a particular emphasis on sustainable solutions to meet the future healthcare needs of our customers. Tim has held a number of other senior management positions since joining Vhi in 2000, including Director of Product & Business Development, CEO Vhi SwiftCare and head of the unit charged with developing our portfolio of diversified general insurance business lines. Prior to joining Vhi, he worked in Belgium for ten years in both the European Commission and the private sector. He holds a BA in Politics from UCD and an MA in European Policy UL.

Margaret Molony, Director, Information TechnologyMargaret Molony has over 30 years’ experience in Vhi and is responsible for information technology services in the organisation. Prior to her current role, Margaret held a number of senior positions in Business Change, Program Management and Operational Management within Vhi. She was appointed Director, Information Technology in 2008. She is also a member of the International Insurance Federation and INSEAD Alumni Association.

Declan Moran, Director, Marketing and Business DevelopmentDeclan Moran joined Vhi in 1997 from the life and pensions industry and was appointed to the Vhi Board of Directors in 2008. From November 2011 to July 2012, he served as Acting Chief Executive, Vhi. He is responsible for Marketing, Vhi’s product portfolio and the development of new products and services. Declan has a BSc in Computer Science and is a Fellow of the Institute of Actuaries since 1994.

Michael Owens, Director, Human ResourcesMichael Owens joined Vhi in 1999 from Coyle Hamilton (Willis) where he was previously the Human Resources Director. He has varied and extensive experience in HR gained in a number of different sectors including insurance, retail and manufacturing. Michael has also served on a number of voluntary boards, including Junior Achievement and Business to Arts where he was Chairman for a number of years and he is a former Chair of CIPD Ireland. He is a Fellow of the Chartered Institute of Personnel and Development, has a Coaching Diploma from University College Dublin and BA in Industrial Relations from the National College of Ireland.

Brian Walsh, Director, FinanceBrian Walsh joined Vhi in November 2014 as Finance Director and was appointed to the Board in March 2015. Prior to joining Vhi, he was divisional Chief Financial Officer with DPI Specialty Foods Inc., Los Angeles, a division of global food and ingredients company Ornua. Previously, Brian led a successful international private equity fund, focused principally on Central and Eastern European markets. He has held Board and senior financial and commercial roles in the international financial services, telecommunications and FMCG industries in Europe and the United States with leading companies including Citibank, Deutsche Telekom and eircom. Brian is a Fellow of Chartered Accountants Ireland, having qualified with PricewaterhouseCoopers, and holds graduate and post-graduate degrees from University College Dublin.


60 years meeting the healthcare needs of our customers


Customer Support

3,590,000Via telephone, emails and webchats, the Vhi teams directly handled 3.59 million customer interactions in 2017.

Claims

1,040,000Vhi processed 1,040,000 claims in 2017 including 769,000 inpatient and day-care claims and a further 271,000 outpatient and primary care claims.

My Vhi

319,000Over 319,000 customers have registered with Vhi’s MyVhi customer portal giving 24/7 access to policy documents, claims statements and member services.


I am pleased to present the annual report and accounts for the year ended 31st December 2017 the year in which Vhi celebrated 60 years in business. For the past six decades Vhi has met the healthcare needs of generations of people, helping them access best quality and best value private healthcare through our extensive range of healthcare products, services and partners.

December 2017 the year in which Vhi celebrated 60 years in business. For the past six decades Vhi has met the healthcare needs of generations of people, helping them access best quality and best value private healthcare through our extensive range of healthcare

Vhi has built a strong business over the years and today serves over 1.1 million customers across its insurance and healthcare offerings.

To enhance and support our health insurance offering, Vhi has also developed a range of ground-breaking healthcare services which includes Vhi SwiftCare Clinics, Vhi Hospital@Home and a range of health screening services, all of which are increasingly in demand from our customers and are well received. More and more of our customers are also choosing our other insurance products such as travel, dental and life policies, where they enjoy the value and service they expect from the trusted Vhi brand.

Vhi exists solely for the benefit of our customers. In 2017 we continued to build on our strong foundations enabled by another solid financial and operating performance. The Vhi Group earned profits after tax of €75.3m for 2017, a consequence of a solid underlying membership performance and an unrelenting focus on cost and financial management. The combined impact of these measures has enabled Vhi to further increase value for customers through the implementation of price reductions and benefit enhancements in 2017 and early 2018 reflecting our desire to drive innovation in the marketplace by improving the benefits delivered and keeping prices as affordable as possible for all our customers.

Vhi will continue to deliver on our strategic objectives in 2018, offering our customers a distinct healthcare proposition that meets their needs for convenient and affordable access to the best quality healthcare appropriate to their stage in life and healthcare requirements.

Over the last 12 months, we have continued to deliver exciting new innovations and benefits. We assumed sole ownership of the popular Vhi SwiftCare Clinics and dedicated this service to our customers. We also launched the Vhi Health Assistant mobile app to provide our customers with a new channel through which they can access our services. In support of our strategy of offering enhanced services across a greater geographic footprint, we brought our Vhi Hospital@Home service to Galway in September 2017 providing these services to Vhi customers in the West of Ireland. We also introduced a variety of product benefit enhancements for our individual and corporate customers, including greater cover in Vhi SwiftCare clinics and new wellness services for corporate customers. Vhi is focused on the continued expansion of our unique healthcare services, making them more accessible across Ireland.

Chairman’s Review


Successfully delivering on our strategy has enabled us to increase our private medical insurance membership for each of the last three years. This growth comes against the backdrop of challenging market dynamics due to an ageing population, medical inflation, and community-rated market where the rules only partially compensate providers for insuring older and sicker customers.

During 2017, the Board reviewed and reaffirmed its commitment to our five year business strategy and believe that the strategic direction outlined will help position the organisation to better respond to our customers’ changing health requirements. As part of this process we also reviewed our vision, mission and values to position the organisation to take a more pro-active role in shaping innovative, sustainable health and wellness solutions for our customers and to enable us deliver the vision of helping our customers live longer, stronger and healthier lives.

We continue to monitor our operating environment, analyse emerging trends and risks and continue to make progress executing our strategy through the implementation of a number of key initiatives and programmes more of which are outlined in the Operations Review. As industry leader we take our responsibilities seriously by promoting new models of care in healthcare delivery to drive efficiencies and new

practices across the entire health system.

Need to Support the Community Rated Market

Vhi supports the Government Policy of Community Rating which means that everyone is charged the same price for the same health insurance product irrespective of their age or indeed how sick they are. For community rating to operate effectively a risk equalisation scheme is essential. Community Rated Health Insurance markets the world over are supported by very robust risk sharing systems. In Ireland the risk sharing scheme is overseen by the Health Insurance Authority (HIA) and is amended on a regular basis to reflect changes in market dynamics. This is necessary as the health insurance market is not static and the scheme should reflect the changing demographics and health needs of those it serves. The scheme is designed to be cost neutral, the HIA collects a levy for every insured person, puts this money in a central fund and then the amount collected is redistributed as tax credits to older and sicker customers regardless of which private health insurance company they are with. The levy is not inflationary, every cent collected is paid

back to the customers and this is managed by the HIA which decides the basis for redistribution. The scheme is designed to facilitate access to health insurance for older and sicker customers. The sole beneficiaries of the “levy” are customers; neither the Government, nor the private health insurers benefit from the levy.

The objective of Community Rating and supporting regulation is to ensure access to affordable private healthcare for all. It costs more to deliver healthcare for older and sicker customers. In fact, older customers’ healthcare needs can be up to 16 times more expensive than young adults and likewise costs for customers with chronic illnesses can be five times more expensive than healthier counterparts of all ages. Under the current risk equalisation scheme 32% of market premiums are now redistributed to support older and sicker customers. We believe that the Irish Private Health Insurance Market as a voluntary market must have a higher level of risk equalisation. Australia, for example, has a voluntary PMI market where 45% of market premiums are redistributed. Other PMI markets have even higher levels of risk equalisation transfers, where 55% of premiums in the Netherlands and 89% of premiums in Germany are redistributed. In Ireland at 32%, the cost of the provision of healthcare to older and sicker customers is only partially compensated and this places an unfair burden on older and sicker customers, regardless of their insurance provider. Therefore, the scheme requires continuous improvement and development to become fairer and more effective and to respond to Ireland’s ageing population and the needs of people with chronic diseases.

The Irish private health insurance market is very competitive. The current level of plan proliferation across the market has in the main been caused by an inadequate risk equalisation scheme which has not sufficiently reduced the financial incentives for rewarding competition based on risk selection. Despite this, Vhi has, in recent years, made significant progress in managing its portfolio of plans where it has introduced new product suites and benefits whilst closing 37 plans. An improvement in risk equalisation would provide incentives for insurers to further reduce their number of plans and

create a fairer market for all customers.


Government Policy on Healthcare

In May 2017, the Oireachtas Committee on the Future of Healthcare published Sláintecare, a 10 year strategy for healthcare and health policy in Ireland. A cross party report, this is the first time a consensus has been reached on a new model of healthcare to serve the Irish people over the next ten years. The Committee’s agreed vision is for a universal single-tier health and social care system where everyone has equitable access to services based on need and not ability to pay. Vhi supports this principle and acknowledges that while there may be some impacts for the PMI market, our view is that this is in the national interest and has the potential to deliver better efficiencies and better healthcare outcomes for the Irish people.

Sláintecare envisaged that everyone will have an entitlement to a comprehensive range of primary, acute and social care services and that the vast majority of care will be provided in the primary and community settings. Shifting care out of hospitals and into the primary and community setting will in turn help address the challenge of access to our hospital system. Other measures set out by Sláintecare are also needed including waiting time guarantees for hospital care, expanded hospital capacity and the phased elimination of private care in public hospitals. Everyone will have the entitlement to access public care in public hospitals – those who have private health insurance will still be able to purchase care from private healthcare providers.

We welcome the fact that the Committee also recommended an independent impact analysis of the separation of private practice from the public system in order to identify any adverse and unintended consequences on the public system. We believe there may indeed be some unintended consequences and that the desired impact on access and cost reductions may not be achieved and have outlined these concerns as part of the public consultation currently underway.

The Sláintecare Report represents a new vision for the future of healthcare in Ireland and supports an integrated model of care. We believe such a model of healthcare has the potential to deliver efficiencies and improve patient

outcomes.

Funding the Healthcare Needs of the Irish People into the Future

A recent ESRI report has confirmed that life expectancy in Ireland has increased by almost two and a half years since 2005 and is now above the average of the European Union. The most recent ESRI report on healthcare services is forecasting that demand for healthcare is projected to increase substantially through to 2030. The population of Ireland is projected to grow rapidly between 14 and 23 per cent in this time period. Of this, the share of the population aged over 65 is projected to increase from one in eight to one in six. The proportion of people over 85 is expected to double and demand for public hospital services, inpatient beds, and GP visits is expected to increase by 37%, 30% and 27% respectively. This means that radical new ways of meeting demand as well as additional investment will be required in most forms of healthcare to meet the needs of a rapidly growing and ageing population.

The cost of providing quality healthcare solutions is projected to rise exponentially and the private health insurance market will ultimately face a major affordability challenge if nothing changes. Some customers who currently have private health insurance will no longer be able to afford it.

Vhi has considered the demographic challenge, the current regulatory environment, and key market trends, and has taken a strategic decision to strengthen our position in our core private health insurance market in Ireland.

Research1 has shown us that there is an appetite for change among our customer base and that people want a more efficient and effective healthcare system. Vhi has looked to international markets and our own National Policy objectives for best practice, and has identified several common characteristics required to deliver the highest quality of care for our customers in the most appropriate and cost-effective setting. These include the integration of hospitals and community-based programmes which work together to improve healthcare outcomes, close links between hospital and outpatient care, dedicated geriatric care for the frail and elderly, and pathways to reduce the dependence on acute hospital beds. Such solutions will only work if delivered within an affordable framework.

1 Vhi commissioned market research agency, Behaviour & Attitudes to undertake qualitative research with representative groups of customers

Chairman’s Review (continued)


At Vhi, we realise that each of our customers has needs and expectations that are unique to them. We are committed to meeting those needs by drawing on international expertise, by leveraging models that we know will work and by improving the personalisation of our service.

We will continue to invest in digital services and improve the ease with which our customers can access care whether in a primary care or a hospital setting whether as a day patient or an inpatient. We will continue to develop and enhance the range of services that we provide to our customers in line with our vision of helping our

customers’ live longer, stronger and healthier lives.

Board and Governance

The Board is committed to the highest standards of corporate governance. Vhi has put in place appropriate measures to comply with the Central Bank of Ireland’s Corporate Governance Requirements for Insurance Undertakings 2015 and the Code of Practice for the Governance of State Bodies 2016. Adherence to these codes and to the values which Vhi has set for itself facilitates effective, prudent and ethical management that will deliver the long term success of the company, consistent with our statutory responsibilities.

In 2017 the Board completed an external Board evaluation of its own performance and that of its committees in order to monitor our effective corporate governance regime and to facilitate our further development and growth. My sincere thanks are due to my Board colleagues for their commitment and support during the year.

I would also like to thank the management team and staff in Vhi for their tremendous efforts across the entire business. The positive results achieved are the result of good team work right across the business. A combination of new innovative healthcare benefits and solutions for our customers, investments in our digital platforms and services, improved primary care benefits, reduced excesses, better cancer, cardiac, maternity and fertility care, and access to urgent care facilities means that we are delivering the right solutions to meet our customers’ healthcare needs now and into the future.

Most importantly, I would like to thank our customers, who continue to believe in and trust us to meet their healthcare needs. My commitment to you is that we will continue to build on the foundations of the past 60 years to meet your and your families’ healthcare needs for

years and generations ahead.

Liam Downey

Chairman


60 YEARS PROVIDING OUR CUSTOMERS WITH INNOVATIVE PRODUCTS AND SERVICES


Vhi SwiftCare

83,00083,000 people were treated in Vhi SwiftCare Clinics in Cork and Dublin in 2017. Our specialist walk-in urgent care clinics for Vhi customers treat minor injuries and illnesses within one hour and are open 365 days a year.

Vhi Screening

100,000Vhi’s accredited medical centres located in Dublin and Cork have completed over 100,000 medical screening and health check assessments since 2009. In 2017, 7,600 health screenings were completed in Vhi’s medical centres and an additional 10,000 health screenings were completed onsite for corporate customers.

Vhi Hospital@Home

7,000In 2017, Hospital@Home treated approximately 1,000 patients. Since 2010, over 7,000 Vhi customers were treated by our consultant-led hospital in the home service which allows patients to continue certain treatments in the comfort of their home, saving 90,000 hospital bed days and delivering €34 million in savings.


Operations Review

I am pleased to report that 2017 was another good year for Vhi Group. Our consolidated business reported a net surplus of €75.3m and capital reserves of €610.9m. For the third year in a row membership grew and claims amounted to €1.329bn. The business continues to perform well and is strongly capitalised.

consolidated business reported a net surplus of €75.3m and capital reserves of €610.9m. For the third year in a row membership grew and claims amounted to €1.329bn. The business continues to perform well and is strongly capitalised.

We continue to drive innovation in the industry for the benefit of our customers and provide them with access to the latest treatments, medicines and technology in the most cost effective manner. Our aim is to provide our customers with timely access to the care they need.

Vhi’s multi-year reinsurance contract was put in place as part of the authorisation programme and this contract expired at the end of 2017. Vhi also secured an additional €90m in subordinated debt as part of this process. During 2016 €38.9m of this loan was prepaid without penalty and as a result of the continued strong performance of the business through 2017, the balance of €51.1m was prepaid during 2017. The impact of this is the removal of the associated interest burden on our customers, one of a range of savings we have been able to pass to them through two consecutive price reductions.

2017 also saw continued growth in sales, for the third year in a row. Our PMI membership has grown and now stands at 1.075 million up from 1.069 million and this increase was supported by several factors including a range of benefit enhancements, investments in primary and minor injury care as well as continued investment in bringing our customers more affordable prices. The product and price changes introduced in 2017 and again in early 2018 are a continuation of Vhi’s strategy over the

past number of years to improve value by delivering the best medical and wellness care at the most affordable prices to all our customers. We recognise that affordability remains a key issue for our customers and Vhi is seeking to manage this by investing profits back into the provision of the best healthcare for all our customers, including our older and sicker customers many of whom have been with us for a considerable number of years.

Our multiline business, including Dental, Travel, International and Life, has also performed well and experienced sustained membership growth on all products. We now have close to 400,000 people insured across these businesses with many of our health insurance customers choosing to have other personal insurance needs met by Vhi.

A core element of Vhi’s strategic vision is its commitment to offering our customers a unique healthcare proposition that meets their need for convenient and affordable access to the best quality care.

During 2017 Vhi Group took full ownership of the Vhi SwiftCare Clinics following the clearance in May 2017 by the Competition and Consumer Protection Commission (CCPC) and has begun a significant programme of new investment. We also improved access and reduced waiting


times for our customers by making these clinics only available to Vhi customers with effect from 1st September 2017. We will continue to develop the services offered in the year ahead to meet the growing healthcare needs of our customers.

We also expanded our Vhi Hospital@Home service to Galway in September 2017, providing hospital-in-the-home services to Vhi customers in the West of Ireland supporting our strategy of offering

enhanced services across a greater geographic footprint.

Key Financial Results

The key financial results for Vhi Group during 2017

were as follows:

• After tax results to 31 December 2017 showed a net surplus of €75.3m for Vhi’s consolidated business activities compared with €56.4m in 2016.

• Gross earned premium for 2017 came to €1.480bn compared with €1.430bn in the previous year. PMI membership grew to 1.075 million (2016: 1.069 million) and income from insurance products and services other than private health insurance amounted to €27.8m during the year.

• At the end of December 2017, Vhi had capital reserves of €610.9m representing an increase of €52.7m or 9.4% compared with the previous year’s position.

• Total gross claims paid in 2017 totalled €1.329bn, down 1.7% compared with €1.353bn in 2016, due to focused claims cost management and reduced public hospital healthcare costs while continuing our commitment to deliver access to high quality care to our customers.

• Vhi’s operating expense ratio to premium income was 7.9% in 2017 and remains broadly in line with 2016 taking consideration of the significant business enhancements and regulatory responsibilities.

Funding the Healthcare Needs of Our Customers

During 2017 Vhi processed almost 1,040,000 claims meeting the healthcare needs of our customers. Of this, nearly 769,000 were for in-patient and day care claims while a further 271,000 were for outpatient and primary care claims. 80% of hospital claims related to day-case and side room settings and these accounted for just 30% of claims costs. Meanwhile, some 20% of claims were for patients who were admitted and kept overnight or longer, with these claims contributing to 70% of hospital claims costs.

The most significant areas of claims expenditure during

2017 were:

• Cancer & related care – €175.2m

• Heart & circulatory system – €148.5m

• Orthopaedic Care including hip, knee replacements etc – €143.6m

• Digestive system – €95.0m

• Respiratory illnesses – €60.4m

• Central Nervous system – €73.1m

(These figures are based on claims relating to admissions in 2017 and processed up to 19th January 2018).

Medical Innovations and Advancements

Vhi continues to provide our customers with access to the latest innovative medicines and technologies in the most cost effective manner. During the year several new high cost drugs and new indications were included in the Schedule of Benefits for Private Hospitals providing our customers with top quality healthcare. Also in 2017, benefit was provided for new treatments and methodologies which were approved for a wider range of conditions for cancer, cardiac and chronic pain management.

Vhi constantly monitors the transition of branded drugs to generic status in support of the provision of cost effective and high quality treatment for our customers. This is especially important as expensive medicines come off patent and generic substitutes are available at lower costs.


Chronic diseases such as cardiovascular disease, diabetes, cancer, musculoskeletal conditions, osteoporosis, asthma and chronic bronchitis represent some of the major health challenges in Europe today. 86% of deaths and 77% of disease burden are caused by chronic disease. Vhi has set itself an ambitious target of moving 10% of inpatient treatments relating to chronic disease into the community over the next 5 years. We believe this will deliver significant opportunities in containing healthcare costs in the future in addition to improving the patient’s

experience and healthcare outcomes.

Quality Initiatives and Cost Containment

Vhi Hospital@Home is a consultant led service offering Vhi customers an alternative option of hospital level care in the comfort of their own home which can facilitate early discharge from hospital or admission avoidance where appropriate for particular approved treatments. In 2017 Hospital@Home treated approximately 1,000 patients at home saving over 12,500 bed days. Since the service began in 2010 over 7,000 people have been treated, saving over 90,000 hospital bed days and delivering €34m in savings.

Vhi is the only private health insurer to have a Memorandum of Understanding (MoU) agreement with public hospitals. The Memorandum of Understanding which is in place since 2015 continues to deliver greater clarity and certainty for us through the early notification of claims. During 2017 the Memorandum of Understanding with public hospitals has contributed to an improved level of scrutiny and oversight of claims arising. In addition, in 2017 we embarked upon a patient awareness campaign to ensure that our customers understand their entitlements when entering a public hospital.

Our Special Investigation Unit (SIU) and utilisation review process also continued to perform well, recovering more than €26.6m, up 17% on 2016. This multidisciplinary team which includes certified fraud examiners, forensic accountants and other experienced investigative staff has grown and is delivering significant savings.

Snap & Send, the process which allows our customers to digitally submit day to day medical expenses using the Vhi Mobile App or website has proven popular with our customers. 54% of the total outpatient/primary care claims are now submitted for payment in this manner. We expect these figures will rise in 2018.

Delivering Quality Healthcare Solutions

An absolute priority for Vhi is to act as an advocate for the best care possible for our customers and in this regard we have embarked on a number of programmes to enable us to continue to do this.

In 2017 Vhi published for the first time the results of our Patients Experience Survey which showed that although Irish Hospitals are performing very well overall, there is room for improvement. The aim of the research is to provide clear, measurable indicators of the care received by patients in hospitals and to highlight where improvements can be made. Our aim is to use the results to encourage the delivery of better care and advocate for an improved health system that produces quality health outcomes for our customers. By measuring patient experience we can identify strengths and weaknesses across hospitals, drive quality improvements and provide valuable information to our customers to help inform their care choices.

Separately, we have commenced a programme of activity around Measuring Better Healthcare Outcomes and we are systematically collecting and analysing aggregate data from private hospitals in an effort to identify and communicate opportunities in the quality of care delivered to Vhi customers. Working with private hospitals, our aim is to build a solid platform through which Vhi can make better and informed decisions about our customer’s future healthcare needs. We are also in the process of rolling out the collection of clinical quality indicators in private hospitals. This data will empower the customer and will serve as an incentive for all providers to seek to increase and maintain the overall standard of care provided.

Our Customer is Our Number 1 Priority

At Vhi, our goal has always been, and continues to be to offer our customers an enhanced customer experience. To ensure that they are getting quality healthcare and great value, we continue to drive innovation in the marketplace enhancing the benefits delivered and keeping prices as affordable as possible for our customers. In 2017 Vhi was very pleased to be in a position to give back to our customers through price reductions. Our solid business performance over the last number of years supported by another strong financial performance in 2017 enabled us to do this. At Vhi, any profits made are reinvested back into the business for the benefit of our customers.

Operations Review (continued)


Vhi is committed to investing in digital innovation, 2017 saw the expansion of our digital footprint into new tools and services for our customers. Since its launch in 2016, we have seen web chat interactions grow 18% year on year; the service was enhanced in 2017 with the introduction of authenticated web chat across both Vhi.ie and MyVhi. For our mobile-first customers, the Vhi Health Assistant app was launched in August 2017. The app provides Vhi customers access to online medical supports such as Online GP, One to One Midwife, NurseLine and a SwiftCare locator along with access to policy information and Snap & Send claiming. The response so far has been extremely positive and 2018 promises further app innovations.

Our social media presence continues to strengthen with the highest following in the industry in 2017 with over 45,000 Facebook followers and thousands of engagements per week. Following an innovative content approach, we have tackled topics which we feel are relevant to our customers and in 2017 we built one of Ireland’s first Facebook Messenger Chatbots to support our customers on their running journeys.

2018 will continue to see acceleration in the development of new and intuitive services supported by digital innovations across all channels, delivering on our promise to our customers that when you need us we are there.

Sponsorship and CSR

Vhi believes it has a major role to play in helping to create a healthy society by supporting our customers when they are sick, but also by putting in place programmes to inspire people and to help them discover their healthiest self.

As part of this commitment, we have developed a long-term sponsorship strategy which promotes participative running and have partnered with two of the biggest and most inclusive running events in the country – the Vhi Women’s Mini Marathon and parkrun Ireland.

2017 also marked our third year as title sponsor for the Vhi Women’s Mini Marathon, and with it came a fresh creative approach and a new event ambassador, Amanda Byram alongside David Gillick. We championed the idea that “Running together is better with Vhi Healthcare” and launched a series of new digital, print and outdoor advertising to support this message.

In addition to our sponsorship activities, Vhi wanted to give back and build relationships with the local communities in which we operate with our brand vision of helping people to live longer, stronger, healthier lives in mind. To do this,

we developed a pilot CSR programme called ‘Run for Fun’ with the Irish Youth Foundation designed to give young people living in disadvantaged areas the opportunity to also benefit from running.

Dublin GAA footballer Philly McMahon was involved in the development of the programme to engage with young people living in disadvantaged areas who attend Youth Groups in Cork, Dublin and Kilkenny. The mission of the ‘Run for Fun’ programme is to empower and build the self-esteem of young people through a fitness and nutrition programme with running at its heart. The programme culminated in each Youth Group taking part in their local 5km parkrun.

Diversified Business and other Vhi Health Services

At Vhi we are committed to continuously innovating and developing our portfolio of products and services. We currently provide a range of additional products and services for our customers including:

Vhi TravelThe continued economic performance and the increase in the number of customers travelling abroad have contributed to another strong year of growth for our MultiTrip product. We continued to introduce innovative new benefits to the market such as the addition of flight delay lounge access which allows customers to access the comfort of over 850+ Airport lounges should their flights be delayed for more than 2 hours.

Vhi InternationalVhi International offers expatriate insurance cover for people who move abroad for more than six months. There has been an increase in customers purchasing the product with the addition of a number of new benefits, such as access to counselling services for customers that move abroad and a second Medical Opinion Service has been added in 2017.

Vhi DentalVhi Dental continued to provide cover for routine treatment including check ups and cleanings as well as great benefits for more costly treatments including fillings, crowns and root canal treatment. With over 700 dentists on our dental network, we have ensured a geographic spread of dentists that allow customers have a seamless claims experience.


Vhi LifeIn April 2017, Vhi celebrated our one year anniversary of entering the Life Insurance market in Ireland. Our original goal of making the product and process easy and simple to use for our customers has resonated with the market and we continue to build on this.

Vhi SwiftCare Clinics The acquisition of Vhi SwiftCare and its switch to a Vhi customer service only on the 1st September 2017 has been an important part of the strong Vhi customer membership performance over the last half of 2017. During 2017 over 83,000 people were treated in Vhi SwiftCare Clinics for injuries and illnesses requiring urgent care.

Vhi Medical ScreeningThe Vhi Medical Centres are the only dedicated screening facility in Ireland with Joint Commission International (JCI) accreditation ensuring the highest of clinical standards is provided in every screening. Vhi completed its 100,000th medical screening test during 2017. With centres in Dublin and Cork, Vhi completed 7,600 health screenings in 2017, a 56% increase on 2016. Also, over 10,000 screenings were delivered to employees of Vhi corporate customers in 2017 through Vhi’s onsite corporate screening programme.

Vhi Corporate Solutions Vhi Corporate Solutions provides occupational health and Employee Assistance Programmes (EAP) to corporate clients. Under the EAP programme we supported 722 organisations and 287,000 service users in meeting their emotional wellbeing needs. There were also 16,203 calls to the helpline in 2017, which shows a 12.6% growth in call volumes compared to 2016. This led to 5,489 face to face counselling referrals which is an increase of 22.6% compared to 2016. Anxiety continues to be the most prevalent clinically assessed issue.

Conclusion

I am delighted to say that in 2017, our 60th year in business, we face the future with confidence. The culture of the business has always been to put our customers first and last year we reaffirmed this in our new mission, vision and values for the organisation, renewing our commitment to helping our customers live longer, stronger, healthier lives.

Vhi continues to bring change, drive innovation and trial new and better ways to deliver new services to our customers. Our commitment to our customers is to continue to facilitate access to quality healthcare at an affordable cost and we look forward to continuing this

journey in the years ahead.

John O’Dwyer

Chief Executive

Operations Review (continued)


€1.48bn Gross Earned Premium

€1.329bn Gross Claims Paid

€75.3m After Tax Surplus

€611m Reserves

Key Financial Results


60 YEARS ADVANCING HEALTHCARE SERVICES FOR OUR CUSTOMERS


Vhi NurseLine 24/7

59,000Vhi‘s NurseLine provides a team of qualified nurses who provide expert assessment services and advice, 24 hours a day, 365 days a year and supported over 59,000 calls from Vhi Customers in 2017.

Wellness at Work

287,000Vhi Corporate Solutions provided Employee Assistance Programmes to 722 companies and supporting 287,000 people including 16,200 calls to the helpline.

Vhi Mobile Assistant App

45,00045,000 customers have downloaded the Vhi Mobile Assistant App enabling more customers access healthcare support on the move. Over 50,000 people followed Vhi on social media channels. On Facebook we offer everyday health tips for all our followers and on LinkedIn provide expert content and advice on workplace wellbeing.


Directors’ Report for the Financial Year Ended 31 December 2017The Directors present their 61st Annual Report in accordance with section 20 (1) of the Voluntary Health Insurance Act 1957. The Accounts of the Voluntary Health Insurance Board (“Vhi Board”) and the related notes which form part of the Accounts are included in this report, and have been prepared in accordance with accounting standards generally accepted in Ireland and in accordance with the European Union (Insurance Undertakings: Financial Statements) Regulations 2015.

Principal Activities

The Vhi Board was established under the Voluntary Health Insurance Act 1957 to act as a Statutory Body to undertake the business of writing private medical insurance in Ireland. The Voluntary Health Insurance (Amendment) Act 2008 was enacted to facilitate the statutory reorganisation of the Vhi Board in order to facilitate an application by two of the Vhi Board’s newly incorporated subsidiaries to become authorised by the Central Bank of Ireland (“the Bank”). Vhi Insurance DAC was incorporated as the insurance entity and Vhi Healthcare DAC was incorporated as the retail intermediary (together on attaining authorisation from the Bank to be called “Regulated Entities”). A number of additional Vhi group subsidiaries were also incorporated. The Minister for Health appointed 31 July 2015 as the effective date for the transfer of the Vhi Board’s business under the Voluntary Health Insurance (Amendment) Act 2008 and accordingly the Vhi Board’s health insurance underwriting business transferred by operation of law to Vhi Insurance DAC on this date. The Vhi Board’s intermediary business transferred to Vhi Healthcare DAC. The Vhi Board’s non-health insurance businesses transferred to other entities within the Vhi group by way of business and asset transfer agreements.

Business Review and Results

During 2015, Vhi enhanced its capital base through raising subordinated debt of €90m. In 2016 Vhi prepaid €38.9m of this debt and in 2017 prepaid the remaining balance of €51.1m without penalty. During 2017 Vhi also became the sole owners of the Vhi SwiftCare clinics making these available to Vhi customers only from the 1st of September 2017.

A comprehensive review of business transacted during the year is contained in the Chairman’s Review and CEO’s Operations Review.

The consolidated results for the year ending 31 December 2017 are set out in the income and expenditure account shown on page 31. The consolidated Vhi Board surplus before tax for the year is €86.3m (2016: €64.9m).

Future Developments

The Directors are satisfied with the conduct of business for the year and expect that the present level of activity will be sustained for the foreseeable future.

Directors’ Compliance Statement

We, the Directors of the Vhi Board, acknowledge that we are responsible for securing compliance with applicable laws and regulations relevant to the business operations of the Vhi Board and its subsidiary companies.

Vhi’s objective is to conduct business in accordance with both the letter and the spirit of the relevant regulatory, compliance and risk related laws, regulations and codes that apply to its regulated activities, as well as Vhi internal compliance policies and standards and to act with integrity, honesty and fairness in dealing with our customers and other stakeholders.

Our Compliance Policy sets out the scope, philosophy and approach to the management of regulatory compliance risk within Vhi.

We are committed to taking all reasonable steps to ensure that the Vhi Board complies with all relevant laws and regulations applicable to our business operations. In this regard for the companies that these apply to, as required by section 225 of the Companies Act 2014, the Directors confirm that:

• a compliance policy statement has been drawn up setting out Vhi’s policies in respect of its compliance with its “defined obligations”;

• there are in place appropriate arrangements and structures that are designed to ensure Vhi’s material compliance with its “relevant obligations”; and

• those arrangements and structures were reviewed in the financial year ended 31 December 2017.

The governance arrangements adopted by Vhi include:

• a clear organisational structure;

• well defined transparent and consistent lines of responsibility;

• effective processes to manage, monitor and report risks to which we are or might be exposed;

• adequate internal control mechanisms that include sound administration and accounting procedures;

• IT systems and controls; and

• remuneration policies and practices that are consistent with and promote sound and effective risk management.

Corporate Governance

The Group is committed to maintaining the highest standards of corporate governance. The Board is required to comply with the Code of Practice for the Governance of State Bodies, revised by the Department of Public Expenditure and Reform during 2016 (the ‘State Code’). The Directors have put in place measures to comply with the State Code, including agreement with the Department of Health to incorporate certain required disclosures in the Chairperson’s Comprehensive Report of the Voluntary Health Insurance Board issued annually to the Minister for Health.

Vhi Insurance DAC, a subsidiary company within the group, as an authorised non-life insurance undertaking, is required to comply with the requirements of the Central Bank of Ireland’s Corporate Governance Requirements for Insurance Undertakings 2015. The Directors confirm compliance with the requirements of the corporate governance codes applying to Vhi.


Board of Directors:

The Directors of the Board at 31 December 2017 are listed on page 4 and in the table below. The roles of Chairman and Chief Executive are separate. All Directors are appointed by the Minister for Health. The Board held nine meetings during 2017 and has a formal schedule of matters specifically reserved to it for decision which includes approval of the overall strategic plan, annual operating plans, annual report and financial statements and major corporate activities. Board papers are sent to each member in sufficient time before meetings.

Appropriate training and briefing is available to all Directors on appointment to the Board, with further training available subsequently, as required. The Directors may take independent professional advice. All Directors have access to the advice and services of the Secretary and Directors’ liability insurance cover is in place. The Board has put in place a process for appraisal of its performance.

Audit Committee

The Directors have established an Audit Committee to assist in the execution of its responsibilities.

The Audit Committee consists of four non-Executive Directors. It meets at least four times a year and reviews the annual accounts, certain regulatory filings, internal control matters and the effective conduct of internal and external audit. The Audit Committee also makes recommendations to the Board in relation to the appointment of the external auditors and assesses their objectivity and independence. The external audit plan and findings from the audit of the financial statements are also reviewed. The main roles and responsibilities of the Audit Committee are set out in written terms of reference.

The Audit Committee has a process in place to ensure the independence of the audit is not compromised, which includes monitoring the nature and extent of services provided by external auditors through its annual review of fees paid to the external auditors for audit and non-audit services.

Remuneration Committee

A Board appointed Remuneration Committee is also in place comprising the Chairman and two non-Executive Directors. This Committee is responsible for recommending candidates for senior management appointments and remuneration policies.

Risk Management and Compliance Committee

The Risk Management and Compliance Committee comprise non-Executive and Executive Directors with the principal purpose of overseeing, reviewing and monitoring the operation of the compliance and risk management systems. The main roles and responsibilities of the Risk Management and Compliance Committee are set out in written terms of reference.

Attendance at Board and Board Committee Meetings held during the financial year:

BoardAudit

CommitteeRemuneration

CommitteeRisk Management &

Compliance Committee

A B A B A B A B

Dr Ruth Barrington 9 9 5 5

Joyce Brennan 8 9 3 3 6 6

Seamus Creedon 7 9 6* 6

Liam Downey 9** 9 3 3

Celine Fitzgerald 8 9 3* 3

Finbarr Lennon 9 9 2 4

Declan Moran 9 9 5 6

John O’Dwyer 9 9 6 6

Paul O’Faherty 9 9 5 5 6 6

Greg Sparks 9 9 5* 5

Brian Walsh 9 9

*Chairperson of Committee **Chair of the Board

Column A: The number of scheduled meetings attended during the year that the Director was a member of the Board and a member of the committee Column B: The number of scheduled meetings held during the year that the Director was a member of the Board and a member of the committee


Directors’ Report for the Financial Year Ended 31 December 2017 (continued)Internal Control

The Board has given effect to the recommendations of the Internal Control: Guidance for Directors on the Corporate Governance Requirements for Insurance Undertakings, issued by the Central Bank of Ireland as well as the Code of Practice for the Governance of State Bodies. The Directors are responsible for the Board’s system of internal control and for reviewing its effectiveness and meet this responsibility through regular meetings of the Audit Committee. They have delegated responsibility for the implementation of this system to Executive Management on a day-to-day basis.

The system of internal control provides reasonable, but not absolute, assurance of the safeguarding of assets against unauthorised use or disposition and the maintenance of proper accounting records and the reliability of the information they produce, for both internal use and publication. The Board is satisfied that there is a sound system of internal control in place.

The key elements of the system are:

• the Internal Audit function prepares an Internal Audit plan which is approved by the Audit Committee. Internal Audit reports to the Audit Committee on an ongoing basis;

• formal policies, procedures and organisational structures which support the maintenance of a strong control environment;

• a comprehensive set of management information and performance indicators is produced on a monthly basis. This enables progress against longer term objectives and annual budgets to be monitored, trends to be evaluated and variances to be acted upon. Detailed budgets are prepared annually in the context of longer term strategic plans and are updated regularly;

• the business strategy, planning and budgetary process includes analysis of the major business risks which affect the organisation. Risk assessment is a continuous process on which the Board places significant emphasis;

• accounting procedures are documented, transaction cycles are defined, accounting timetables are detailed, automated interfaces are controlled, review and reconciliation processes are carried out, duties are segregated and authorisation limits are checked; and

• experienced and qualified staff have been allocated responsibility for all major business functions.

Directors’ Remuneration

Annual remuneration levels for the Chairman and each non-Executive Director have been set by Government at €31,500 and €15,750, respectively, with effect from 1 January 2015.

Going Concern

The accounts of the Vhi Board have been prepared on a going concern basis and the Directors have satisfied themselves that the Board will have adequate resources to continue in operational existence and to meet solvency requirements for the foreseeable future. In forming this view, the Directors consider that it is appropriate to do this on the basis that projections for future years are prepared which take account of reasonable foreseeable changes in trading performance. Stress test assessments, strong governance structures in place and satisfactory operating results and capital position during 2017 further contributed to assessing a strong solvency position.

Principal Risks and Uncertainties

The principal risks and uncertainties of Vhi Board have been determined by assessing potential risks to capital, value, sustainability and reputation from a strategic and operational perspective and Vhi’s risk tolerance levels are recorded in the Risk Appetite Statement approved by the Board of Directors.

Vhi’s principal risks are monitored and managed by Executive Management and are reported to the Board of Directors on a regular basis. They are summarised below.

a. Risks from Inadequate Risk Equalisation

Risk equalisation is a process that aims to spread claims costs of the higher-risk older and less healthy policyholders amongst all the participants in the private health insurance market. In circumstances where the risk equalisation system is not fully effective there is a threat to the existence of a community rated market when significant differences in risk profiles exist between competing insurers. Risk equalisation is a common mechanism in countries with community rated health insurance systems. The Risk Equalisation Scheme in Ireland, in the view of Vhi, remains only partially effective and threatens the operation of the sustainability of the community rated market. In addition, it places insurers covering a disproportionate share of higher risk older and less healthy policyholders at a competitive disadvantage with attendant risk to capital, value and sustainability.

b. Risks from Medical Inflation and Ageing Population

Medical inflation results from the development of new technologies, drugs and treatments as well as increases in labour and other input costs. The combination of medical inflation and population ageing lead to increased demand for and cost of medical treatment. Vhi projects that medical inflation will outpace general inflation and this presents risk to private health insurance affordability and growth of the voluntary private health insurance market.

c. Risks from Legislative and Regulatory Changes

Private medical insurance and associated healthcare services providers in Ireland are subject to EU and Irish legislation and regulation. There are risks that legislative or regulatory changes affecting the operation of private medical insurance and healthcare services markets may cause increases in private medical insurance policyholder cost or impose material additional costs on insurance or healthcare service providers including, but not limited to, public hospital charges for holders of private medical insurance.


d. Investment Risk

Vhi is exposed to a range of risks in relation to its investment portfolio. The Group’s exposure to cash flow risk is addressed within the below risks. These include:

• market risk where reductions in investment values are not matched by changes in the value of our liabilities and are influenced by geopolitical and macro-economic risk;

• credit risk where our counterparties fail to meet all or part of their obligations; and

• liquidity risk where the timing of liability payment and availability of cash resources are mismatched

Vhi principally invests in high quality and secure securities whose term match the short-term nature of our liabilities in accordance with prudent investment policies that are implemented and monitored by management and regularly reported to the Board.

e. Insurance Risk

Vhi is exposed to the risk that its premium pricing or claims reserves may not align to its Risk Appetite Statement due to the volatility, severity, frequency and timing of claims. Vhi has experienced increased levels of volatility in respect of claims during recent years, particularly during 2017 in respect of public hospital claims. Vhi implements and monitors a range of mitigants and controls to reduce uncertainty and reduce the impact of this risk on pricing, reserving and capital. These include close communications with our medical providers, actuarial analysis as well as the implementation of the Memorandum of Understanding, an agreement with Public Hospitals designed to facilitate early identification of claims events.

f. Other Risks

Vhi is also subject to a range of other risks, including operational risk (the risk of human, systems or process failure), strategic risk (the risk that the incorrect strategy may be adopted by the Board or its execution is unsuccessful), cyber risk (risk of financial loss, disruption or damage to the reputation of Vhi from some sort of failure of its information technology systems) and insurance risk (the risk of inadequate premium pricing or claims reserves due to the volatility, severity, frequency and timing of claims). These are also important risk categories that are actively monitored and managed to ensure the business operates within the Risk Appetite set by the Board.

Prompt Payment of Accounts

The Board acknowledges its responsibility for ensuring compliance with the provisions of the Prompt Payment of Accounts Act 1997 (as amended by the European Communities (late payment in commercial transactions) Regulations, 2012). Procedures are in place to identify the dates upon which invoices fall due for payment and for payments to be made on such dates, and accordingly, the Board is satisfied that the Vhi Board has complied with the requirements of the Regulations.

Subsidiary Undertakings

The Board’s subsidiaries and other undertakings, as at 31 December 2017, are listed in note 32.

Subsequent Events

Note 34 details the subsequent events post 31 December 2017.

Adequate Accounting Records

The Directors have taken appropriate measures to secure compliance with the requirements of sections 281 to 285 of the Companies Act 2014 with regard to the keeping of accounting records. The specific measures taken are the employment of suitably qualified accounting personnel and the maintenance of appropriate accounting systems. The books of account are located at Vhi House, 20 Lower Abbey Street, Dublin 1.

Independent Auditors

Deloitte, Chartered Accountants and Statutory Audit Firm, were reappointed as auditors on 8 September 2016. Deloitte have indicated their willingness to continue in office in accordance with section 383(2) of the Companies Act 2014.

Statement of disclosure of information to Auditors

So far as each of the Directors in office at the date of approval of these financial statements are aware:

• there is no relevant audit information not disclosed to the Auditors; and

• they have taken all the steps to make themselves aware of any relevant audit information and to establish that the Vhi Board’s Auditors are aware of that information.

On behalf of the Board

Liam Downey Greg Sparks Chairman Director 29 March 2018 29 March 2018


Directors’ Responsibilities Statement The Directors are responsible for preparing the Directors’ report and the financial statements in accordance with the Companies Act 2014 and the regulations as applicable.

Irish company law requires the Directors to prepare financial statements for each financial year. Under the law, the Directors have elected to prepare the financial statements in accordance with FRS 102 and FRS 103 the Financial Reporting Standards applicable in the UK and Republic of Ireland (“relevant financial reporting framework”). Under company law, the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the assets, liabilities and financial position of the Board as at the financial year end date and of the surplus or deficit of the Board for the financial year and otherwise comply with the Companies Act 2014.

In preparing those financial statements, the Directors are required to:

• select suitable accounting policies for the group financial statements and then apply them consistently;

• make judgements and estimates that are reasonable and prudent;

• state whether the financial statements have been prepared in accordance with the applicable accounting standards, identify those standards, and note the effect and the reasons for any material departure from those standards; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Board will continue in business.

The Directors are responsible for ensuring that the Board keeps or causes to be kept adequate accounting records which correctly explain and record the transactions of the Board, enable at any time the assets, liabilities, financial position and surplus or deficit of the Board to be determined with reasonable accuracy, enable them to ensure that the financial statements and the Directors’ report comply with the Companies Act 2014 and enable the financial statements to be audited. They are also responsible for safeguarding the assets of the Board and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Vhi website.


Independent Auditor’s Report to the Members of the Voluntary Health Insurance BoardReport on the audit of the financial statements

Opinion on the financial statements of the Voluntary Health Insurance Board (the ‘Board’)

In our opinion the group and parent financial statements:

• give a true and fair view of the assets, liabilities and financial position of the group and parent as at financial year end date and of the profit of the group for the financial year then ended; and

• have been properly prepared in accordance with the relevant financial reporting framework and, in particular, with the requirements of Irish Law.

The financial statements we have audited comprise:

the group financial statements:

• the Consolidated Income and Expenditure Account;

• the Consolidated Balance Sheet;

• the Consolidated Statement of Changes in Equity;

• the Consolidated Cash Flow Statement;

• the Consolidated Statement of Comprehensive Income; and

• the related notes 1 to 36, including a summary of significant accounting policies as set out in note 1.

the parent financial statements:

• the Statement of Comprehensive Income;

• the Balance Sheet;

• the Statement of Changes in Equity; and

• the related notes 1 to 36, including a summary of significant accounting policies as set out in note 1.

The relevant financial reporting framework that has been applied in their preparation is Irish Law and FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and FRS 103 Insurance Contracts (“the relevant financial reporting framework”).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (Ireland) (ISAs (Ireland)) and applicable law. Our responsibilities under those standards are described below in the “Auditor’s responsibilities for the audit of the financial statements” section of our report.

We are independent of the group and parent in accordance with the ethical requirements that are relevant to our audit of the financial statements in Ireland, including the Ethical Standard issued by the Irish Auditing and Accounting Supervisory Authority, as applied to public interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which ISAs (Ireland) require us to report to you where:

• the directors’ use of the going concern basis of accounting in preparation of the financial statements is not appropriate; or

• the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Board’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information included in the financial statements, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Responsibilities of directors

As explained more fully in the Directors’ Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view and otherwise comply with Irish Law, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Board’s ability 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 Board or to cease operations, or have no realistic alternative but to do so.


Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 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 ISAs (Ireland) 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 ISAs (Ireland), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, 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 Board’s internal control.

• 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 Board’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of the auditor’s report. However, future events or conditions may cause the entity (or where relevant, the group) to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the business activities within the group to express an opinion on the (consolidated) financial statements. The group auditor is responsible for the direction, supervision and performance of the group audit. The group auditor remains solely responsible for the audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that the auditor identifies during the audit.

Our audit work has been undertaken so that we might state to the Board’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Board and the Board’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Report on other legal and regulatory requirements

Matters on which we are required to report by exception

We have nothing to report in respect of the following;

• Under the provisions of the Voluntary Health Insurance Act 1957.

• Under the Code of Practice for the Governance of State Bodies (“the Code”), we are required to report to you if the statement regarding the system of internal financial control required under the Code as included in the Directors’ Report does not reflect the Group’s compliance with paragraph 1.9 (iv) of the Code or if it is not consistent with the information of which we are aware from our audit work on the financial statements.

Glenn Gillard For and on behalf of Deloitte Chartered Accountants and Statutory Audit Firm Deloitte & Touche House, Earlsfort Terrace, Dublin 2

26 April 2018

Independent Auditor’s Report to the Members of the Voluntary Health Insurance Board (continued)


Consolidated Income and Expenditure Account for the Financial Year Ended 31 December 2017

Notes 2017

€’m2016€’m

Technical Account

Earned Premium, net of reinsurance Gross written premiums 2 1,497.1 1,447.8Outward reinsurance premiums (294.9) (435.7)Change in gross provision for unearned premiums 2,20 (17.7) (17.5)Change in the provision for unearned premiums, reinsurer’s share 20 (149.0) 5.3

Earned Premium, net of reinsurance 3 1,035.5 999.9

Allocated investment return transferred from the non-technical account (1.4) 1.8

Other technical income, net of reinsurance 4,5 126.6 100.2

Total Technical Income 1,160.7 1,101.9

Claims incurred, net of reinsurance Claims paid – gross amount 2 (1,329.4) (1,353.0)Claims paid – reinsurer’s share 395.5 412.1Change in the provision for claims – gross amount 2,20 (15.2) 26.2 Change in the provision for claims – reinsurer’s share 20 (0.6) (18.4)

(949.7) (933.1)

Net operating expenses 7 (116.9) (104.5)

Balance on the technical account 94.1 64.3

Non-Technical Account

Balance on the technical account 94.1 64.3Investment income 9 (1.4) 1.8Allocated investment return transferred to the insurance technical account 1.4 (1.8)

94.1 64.3

Other Income 10 27.8 27.2Other Expenses 11 (35.6) (26.6)

Surplus on ordinary activities before tax 24 86.3 64.9

Tax on surplus on ordinary activities 12 (11.0) (8.5)

Surplus on ordinary activities after tax 13 75.3 56.4

The notes on pages 38 to 63 form an integral part of these financial statements. The financial statements were approved by the Board of Directors and authorised for issue on 29 March 2018.


Consolidated Balance Sheet as at 31 December 2017

Notes 2017

€’m2016€’m

Assets

InvestmentsLand and buildings 14 37.8 24.9Other financial investments 15 1,146.0 1,142.9

1,183.8 1,167.8

Reinsurer’s share of technical provisions Provision for unearned premiums 20 - 149.0Claims outstanding 20 157.4 158.0

157.4 307.0

Debtors Debtors arising out of insurance operations 451.1 429.3Debtors arising out of reinsurance operations 5.1 14.0Other debtors 16 318.4 279.5

774.6 722.8

Other assets Intangible assets 18 5.5 3.3Tangible fixed assets 19 7.1 3.1Cash at bank and in hand 46.1 21.9Deferred tax asset 17 2.3 0.8

61.0 29.1

Prepayments and accrued income Deferred acquisition costs 22 5.1 5.1Other prepayments and accrued income 4.8 3.0

9.9 8.1

Total assets 2,186.7 2,234.8


Consolidated Balance Sheet as at 31 December 2017 (continued)

Notes 2017

€’m2016€’m

Equity and Liabilities

Capital and reservesGeneral reserve 558.2 521.6Comprehensive income 52.7 36.6

Shareholder’s funds 610.9 558.2

Subordinated debt 28 - 51.1

Technical provisions Provision for unearned premium 20 514.3 496.6Claims outstanding 20,30 538.0 522.8

1,052.3 1,019.4

Funds withheld for Reinsurer 21 157.4 307.0

Creditors Creditors arising out of direct insurance operations 60.8 52.7Other creditors and accruals 23 270.5 222.8

30 331.3 275.5

Retirement benefit liability 27 34.8 23.6

Total liabilities and shareholder’s equity 2,186.7 2,234.8

The notes on pages 38 to 63 form an integral part of these accounts. The financial statements were approved by the Board of Directors and authorised for issue on 29 March 2018. They were signed on its behalf by:



Board Balance Sheet as at 31 December 2017

Notes 2017

€’m2016€’m

Assets

Other financial investmentsInvestment in subsidiaries 15 479.7 479.7

479.7 479.7

Debtors: Amounts falling due in 1 year 0.1

Total Assets 479.8 479.7

Equity and Liabilities

Capital and reservesGeneral reserve 456.1 474.1Comprehensive income (21.1) (18.0)

Shareholder’s funds 435.0 456.1

Other creditors and accruals 10.0 -

Retirement benefit liability 27 34.8 23.6

Total liabilities and shareholder’s equity 479.8 479.7

The notes on pages 38 to 63 form an integral part of these financial statements. The financial statements were approved by the Board of Directors and authorised for issue on 29 March 2018. They were signed on its behalf by:



Consolidated Statement of Cash Flows as at 31 December 2017

Notes 2017

€’m2016€’m

Net cash from operating activities 24 121.5 44.7

Cash flows from investing activities:

Proceeds from sale of equipment 0.1 0.1

Proceeds from sale of property - 0.7

Purchase of property (11.6) (3.0)

Purchase of equipment (12.2) (3.7)

Investment and dividend income received 22.8 19.0

Net purchase of portfolio investments (41.3) (25.4)

Net cash flows from investing activities (42.2) (12.3)

Cash flows from financing activities:

Loans (repaid) (51.1) (38.9)

Interest (paid) (4.0) (9.4)

Net cash flows from financing activities (55.1) (48.3)

Net increase/(decrease) in cash at bank and in hand 24.2 (15.9)Cash at bank and in hand at beginning of financial year 21.9 37.8

Cash at bank and in hand at end of financial year 46.1 21.9

Board Statement of Cash Flows as at 31 December 2017A cash flow statement has not been prepared for the Vhi Board as it is taking an exemption from preparing cash flows under FRS 102 as consolidated accounts for the Voluntary Insurance Board include a cash flow statement.


Consolidated Statement of Changes in Equity as at 31 December 2017

Total €’m

At 31 December 2015 521.6

Surplus for the financial year 56.4Actuarial deficit on pension fund (19.8)




Consolidated Statement of Comprehensive Income for the Financial Year Ended 31 December 2017

2017 €’m

2016 €’m

Surplus for the financial year 75.3 56.4Actuarial deficit (22.6) (19.8)

Total 52.7 36.6


Board Statement of Changes in Equity as at 31 December 2017

Total €’m






Board Statement of Comprehensive Income for the Financial Year Ended 31 December 2017

2017 €’m

2016 €’m

Surplus for the financial year 1.5 1.8Actuarial deficit (22.6) (19.8)

Total (21.1) (18.0)


Notes to the Financial Statements

1. Accounting policies

General Information

The Voluntary Health Insurance Board (“Vhi Board”) was established under the Voluntary Health Insurance Act 1957 to act as a statutory body to undertake the business of writing private medical insurance in Ireland. The address of the registered office is given on page 65. The nature of operations and the Vhi Board’s operating and financial review are detailed in the Directors’ report on page 24.

Basis of Preparation

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with the Companies Act 2014 and Financial Reporting Standard 102 (FRS 102) “The Financial Reporting Standard applicable in the UK and Republic of Ireland” issued by the Financial Reporting Council. The Board is also subject to the requirements of the Companies Acts 2014 and the European Union (Insurance Undertakings: Financial Statements) Regulations 2015. The financial statements are prepared on a consolidated basis. All intra group transactions, balances, income and expenses are eliminated on consolidation.

The Directors have a reasonable expectation that the Board has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Foreign Currency

The Board financial statements are presented in Euro which is the functional currency of the Vhi group. Transactions during the year denominated in foreign currencies have been translated at the rates of exchange ruling at the dates of the transactions. Assets and liabilities denominated in foreign currencies are translated to Euro at the rates of exchange ruling at the balance sheet date. The resulting surpluses or deficits are dealt with in the income and expenditure account.

Premiums Written

Gross written premiums consist of the premium income receivable from members in respect of policies commencing in the financial year. Unearned premiums represent the proportion of premiums written in the year that relate to the unexpired term of policies in force at the balance sheet date, calculated on a time apportioned basis.

Claims Incurred

Claims incurred comprise claims and related expenses paid during the year together with changes in provisions for outstanding claims, including provisions for the estimated cost of claims reported but not yet paid, claims incurred but not reported and related handling expenses.

The gross provision for claims represents the estimated liability arising from medical claims incurred in current and preceding financial years which have not yet given rise to claims paid. The provision includes an allowance for claims handling and expenses.

The claims provision is estimated based on best information available as well as subsequent information and events. Adjustments to the amount of claims provision for prior years are included in the income and expenditure account in the financial year in which the change is made. Prudent assumptions are made so that the provision should be sufficient in reasonably foreseeable adverse circumstances.

Unexpired Risks

Provision is made, based on information available at the balance sheet date, for any estimated underwriting deficit related to unexpired risks after taking into account relevant investment return. Prudent assumptions are made so that the provision should be sufficient in reasonably foreseeable adverse circumstances.

Risk Equalisation Scheme

Risk Equalisation Premium Credits consists of amounts receivable from the Risk Equalisation Fund, administered by the Health Insurance Authority, in respect of policies commencing in the financial year. Provision for unearned credits represents the proportion of credits written in the year that relate to the unexpired term of policies in force at the balance sheet date, calculated on a time apportioned basis. Hospital Utilisation Credits consists of amounts receivable from the fund for claims paid during the year. Health Insurance Levy written consists of the amounts payable to the Revenue Commissioners in respect of policies commencing in the financial year. Provision for unearned levy represents the proportion levy written in the year that relates to the unexpired term of policies in force at the balance sheet date, calculated on a time apportioned basis. The net benefit is recognised on an earned premium basis over the life of the policies and included as other technical income in the income and expenditure account.

Business combinations and goodwill

Business combinations are accounted for by applying the purchase method. The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of the equity instruments issued plus the costs directly attributable to the business combinations.

On acquisition of a business, fair values are attributed to the identifiable assets and liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill.

Goodwill recognised represents the excess of the fair value and directly attributable costs of the purchase consideration over the fair values acquired. Goodwill is amortised over its expected useful life. Goodwill is assessed for impairment where there are indicators of impairment and any impairment is charged to the profit and loss account.

Intangible Assets

Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value as at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses.


Computer software licence and development costs are recognised as intangible assets when they are not an integral part of the related hardware and are amortised to the income and expenditure account over their estimated useful lives of four years. Costs associated with maintaining the computer software are recognised as an expense when incurred.

Property, Plant and Equipment

Land, buildings and other tangible assets are initially recognised at cost. Cost includes any costs directly attributable to bringing the asset to the intended use. Costs for assets under construction are included under work in progress until the asset is brought into use.

i. Land and buildingsLand and buildings are subsequently carried at fair value, which reflects market conditions at the reporting date. Gains or losses arising from changes in the fair values of land and buildings are included in the income and expenditure account in the year in which they arise, including the corresponding tax effect. Fair values are evaluated annually by an accredited external, independent valuer with recent experience in the location and class of the property held.

All properties are maintained in a continual state of sound repair. As a result, the directors consider that the economic lives and residual values of these properties are such that any depreciation is insignificant and is therefore not provided.

ii. Tangible assetsTangible assets are carried at cost less accumulated depreciation. Depreciation is calculated so as to write off the cost of the assets to their residual values over their estimated useful lives on a straight line basis as follows:

Motor vehicles 4 yearsComputer equipment 4 yearsFurniture, fittings, medical and office equipment 5 years

Expenditure incurred on the development of computer equipment which is substantial in amount and is considered to have an economic benefit to the Board lasting more than one year into the future is capitalised and depreciated over the years in which the economic benefits are expected to arise. This period is subject to a maximum of four years. In the event of uncertainty regarding its future economic benefit, the expenditure is charged to the income and expenditure account.

Financial Assets and Liabilities

The Board’s investments comprise debt and equity investments, collective investments, deposits in banks, and investment in subsidiaries.

Financial assets and liabilities are recognised when the Board becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Board after deducting all of its liabilities.

All financial assets and liabilities are initially measured at transaction price, except for those financial assets classified as at fair value through the income and expenditure account, which are initially measured at fair value.

Debt instruments are designated and measured at fair value through profit and loss as they form part of a portfolio that is managed on a fair value basis in accordance with the Board’s risk management and investment policy. Investments in ordinary shares are measured at fair value with changes in fair value recognised in the income and expenditure account. Deposits in banks are recognised at their face value inclusive of accrued interest.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Board transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Board, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

The directors use their judgement in selecting an appropriate valuation technique. Where possible, financial instruments are marked at prices quoted in active markets. In certain instances, such price information is not available for all instruments and the Board uses valuation techniques to measure such instruments. These techniques use “market observable inputs” where available, derived from similar assets in similar and active markets, from recent transaction prices for comparable items or from other observable market data. For positions where observable reference data are not available for some or all parameters the Board estimates the non-market observable inputs used in its valuation models.

Investment in Subsidiaries

Investments in subsidiary companies are initially recognised at cost. At each year end the directors review the investments made for objective evidence of impairment and recognise any impairment in the income and expenditure account immediately.

Impairment

Financial assets, other than those at market value, are assessed for indicators of impairment at each balance sheet date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been impacted.

Investment Income

Realised and unrealised gains and losses arising from changes in the fair value of investments are presented in the non-technical income and expenditure account in the financial year in which they arise. Dividend and interest income is recognised when earned. Investment management and other related expenses are recognised when incurred.


Notes to the Financial Statements (continued)

Investment Return

Operating results are reported on the basis of actual investment return. Investment return consists of dividends, interest, realised gains and losses, and unrealised gains and losses on fair value assets.

The allocation of investment return from the non-technical account to the technical account is based on the return on investments attributable to the insurance business.

Pension

Certain employees of the Vhi group companies are part of the Vhi Board’s defined benefit pension scheme.

The cost of providing benefits and the liabilities of defined benefit plans are determined using the projected unit credit method, with actuarial valuations being carried out at each balance sheet date.

Current service cost, interest cost and return on scheme assets are recognised in the income and expenditure account of Vhi Board. The Actuarial surplus or deficit is recognised in the statement of total comprehensive income of Vhi Board. Past service cost is recognised immediately. The net surplus or deficit on the defined benefit pension scheme is recognised, net of deferred tax, on the balance sheet of Vhi Board.

The Vhi Board also operates a defined contribution pension scheme for qualifying employees who opt to join. The assets of the plans are held separately from those of the Vhi Board in funds under the control of the Scheme Trustees. Costs arising in respect of pension schemes are charged to the Vhi Board’s income and expenditure account as an expense as they fall due.

The subsidiary companies of the Vhi Board recognise costs equal to their contribution payable as an employer to the scheme in their profit and loss account.

Other Income

Other income is composed of insurance agency commission earned on the sale of insurance products for other insurance companies. Insurance agency commission for products that do not require further service are recognised as income on the commencement of the related policy. Insurance agency commission for products requiring further customer service is recognised on a straight line basis over the lifetime of the policies.

Other income also comprises revenue from the provision of health services to clients. Revenue from the provision of health services to clients represents the invoiced value and work-in-progress of health services provided to clients exclusive of value added tax.

Deferred Acquisition Costs

The costs incurred during the financial year that are directly attributable to the acquisition of new business are expensed in the same accounting year as the premiums to which they relate are earned. All other acquisition costs are recognised as an expense when incurred. Subsequent to initial recognition, these costs are deferred commensurate with the unearned

premiums provision. In other words, the amount that has been deferred is the proportion of the total acquisition costs which the unearned premiums provision bears to gross written premiums. Deferred acquisition costs are reviewed at the end of each reporting year and are written-off where they are no longer considered to be recoverable.

Provisions for Liabilities

Provisions have been included for known present obligations arising from past events based on management estimates, incorporating a review of available information and appropriate external advice where available.

Reinsurance

Reinsurance amounts are accounted for in line with the Reinsurance agreement and described below. The reinsurance agreement has ended on 31 December 2017.

Reinsurance commissions relate to reinsurance commission and profit participation accrued on the basis of premiums ceded and claims reimbursed and are presented in the income and expenditure account in other technical income.

Premiums payable in respect of reinsurance ceded are recognised over the period of the reinsurance contract. A technical provision, reinsurer’s share of unearned premium, is recognised for the portion of ceded premiums remaining on unexpired contracts.

An additional technical provision, reinsurer’s share of claims outstanding, is recognised to reflect the amount estimated to be recoverable under the reinsurance contracts in respect of the outstanding claims reported under insurance liabilities. The amount recoverable from reinsurers is initially valued on the same basis as the underlying claims provision. The amount recoverable is reduced when there is an event arising after the initial recognition that provides objective evidence that the Board may not receive all amounts due under the contract and the event has a reliably measurable impact on the expected amount that will be recoverable from the reinsurer.

Funds withheld from Reinsurer

The reinsurance contract was on a funds withheld basis. Under the agreements, Vhi retains premiums at least equal to the reinsurance asset at all times.

Tax

The charge for tax is based on the tax adjusted surplus for the year calculated at current rates. Current tax is provided at amounts expected to be paid or recovered using the tax rates and laws that have been enacted or substantially enacted by the balance sheet date.

Deferred Tax

Deferred tax is provided on timing differences between the taxable surplus and surplus as stated in the financial statements. The provisions are made at the tax rates which are expected to apply in the years in which the timing differences are expected to reverse. Deferred tax assets are recognised to the extent that it is probable that they will be recovered.


2. Particulars of business

The insurance business of Vhi Board is that of health insurance and all business is written in the Republic of Ireland.

Analysis of gross premium earned, gross claims incurred, operating expenses and reinsurance balance for Vhi Board is as follows:

2017 €’m

2016 €’m

Gross written premium 1,497.1 1,447.8

Change in provision for unearned premium (17.7) (17.5)

Gross earned premium 1,479.4 1,430.3

Other technical income gross 101.7 83.7

Claims paid – gross amount (1,329.4) (1,353.0)

Change in the provision for claims – gross amount (15.2) 26.2

Gross claims incurred (1,344.6) (1,326.8)

Operating expenses (116.9) (104.5)

Reinsurance (24.0) (20.2)

3. Earned premium

All earned premium relates to health insurance and all business written is in the Republic of Ireland.

4. Other technical income, net of reinsurance

2017 €’m

2016 €’m

Risk Equalisation Scheme - gross (note 5) 101.7 83.7

Risk Equalisation Scheme - reinsurer's share (note 5) (30.5) (25.2)

Reinsurance commissions 55.4 41.7

126.6 100.2

5. Risk equalisation scheme

2017 €’m

2016 €’m

Risk Equalisation Credits

Gross amount 460.9 432.5

Reinsurer’s share (138.3) (129.8)

Health Insurance Levy

Gross amount (359.2) (348.8)

Reinsurer’s share 107.8 104.6

71.2 58.5

Risk Equalisation Credits consist of credits payable by the Risk Equalisation Fund in respect of older and/or hospitalised members of private medical insurance policies. These are received for each insured person aged over 65 and for each claim paid which included a hospital stay.

The Health Insurance Levy is a stamp duty which is payable on renewal or inception of a private health insurance policy in Ireland and is used to fund the risk equalisation scheme.



6. Claims incurred

Each year the Directors assess whether it will incur deficits on the unexpired element of existing contracts or on contracts that it is obliged to incept or renew. The estimate of these potential deficits are based on a model using appropriate actuarial practice standards. The principal uncertainty relates to the cost and volume of future claims. The amount provided at December 2017 is €0m (2016: €0m).

7. Net operating expenses

2017 €’m

2016 €’m

Acquisition costs 14.7 14.8

Change in acquisition costs - (0.8)

Administration expenses 102.2 90.5

Net operating expenses 116.9 104.5

8. Employment benefits and directors remuneration

2017 €’m

2016 €’m

Emoluments

Aggregate emoluments paid by Vhi to directors 1.1 1.0

Contribution to defined contribution pension schemes 0.1 0.1

1.2 1.1

Employer’s defined benefit contributions paid for executive directors are included within emoluments. Directors receive a private medical insurance policy from Vhi during their tenure.

2017 €’m

2016 €’m

The average monthly number of people employed during the financial year (including directors) was as follows: 1,326 1,192

Staff costs were:

Wages and salaries 77.0 65.2

Social security costs 7.8 6.9

Other retirement benefit costs 6.2 6.7

Other compensation costs 2.1 1.3

93.1 80.1

The total remuneration, including pension contribution, paid to the Chief Executive and included in net operating expenses in the year to December 2017 was €337,500. The average monthly headcount and all staff costs includes the transfer of Swiftcare staff to Vhi during the reporting period.


9. Net investment return

2017 €’m

Net investment

income

Net investment

expense

Net realised gains and

(losses)Changes in

fair value

Net investment

result

Corporate bonds (1.8) (0.5) (3.1) 4.2 (1.2)

Government bonds (1.2) (0.4) (3.9) 4.0 (1.5)

Collateralised securities 0.5 - (0.5) 0.4 0.4

Collective Investments (0.1) - (0.1) - (0.2)

Deposits in banks (0.6) (0.2) - - (0.8)

Other unquoted investments 0.3 - - 1.6 1.9

(2.9) (1.1) (7.6) 10.2 (1.4)

2016€’m

Net investment

income

Net investment

expense

Net realised gains and

(losses)Changes in

fair value

Net investment

result

Corporate bonds 3.9 (0.2) (1.8) (0.6) 1.3

Government bonds 13.6 (0.3) (12.1) (0.5) 0.7

Collateralised securities 0.3 - (0.3) - -

Collective Investments - (0.1) - - (0.1)

Deposits in banks - (0.6) - - (0.6)

Other unquoted investments 0.2 - - 0.3 0.5

18.0 (1.2) (14.2) (0.8) 1.8

10. Other income

This is income generated by subsidiary companies of which the Vhi Board is the ultimate parent.

2017 €’m

2016 €’m

Commission income 17.1 15.3

Revenue from the provision of health services 10.7 11.9

27.8 27.2

11. Other expenses

This relates to interest expense as well as expenses associated with provision of services to clients by subsidiary companies of which the Vhi Board is the ultimate parent.

2017 €’m

2016 €’m

Expenses from the provision of health services 33.7 18.7

Interest expense 1.9 7.9

35.6 26.6



12. Tax

2017 €’m

2016 €’m

The tax charge in the profit and loss account comprises:

Current tax for year 12.5 8.5

Deferred tax - charge (1.5) -

11.0 8.5

Factors affecting the current tax charge for the financial year: The differences are explained below:

2017 €’m

2016 €’m

Surplus on ordinary activities before tax 86.3 64.9

Surplus on ordinary activities multiplied by standard rate of corporation tax of 12.5% (2016: 12.5%) 10.8 8.1

Effects of:

Expenses not allowed for tax purposes 2.0 0.2

Capital allowances in excess of depreciation for financial year 0.1 (0.1)

Income taxable not reflected in the income and expenditure 0.1 0.1

Prior Year adjustment 0.1 0.5

Income not taxable (1.6) (0.3)

Expenses deductible when paid 1.0 -

Current tax for financial year 12.5 8.5

13. Surplus on ordinary activities after tax

Surplus for the financial year has been arrived at after charging (crediting) the below to the consolidated financial statements.

2017 €’m

2016 €’m

Auditors remuneration

Audit of individual company financial statements 0.2 0.2

Other assurance services 0.1 0.2

Other non-audit services - 0.6

0.3 1.0


14. Land and buildings

2017 €’m

2016 €’m

Valuation

At 1 January 24.9 22.8

Additions 0.2 -

Work in progress 11.5 3.0

Disposals - (0.7)

Surplus/(loss) on revaluation 1.2 (0.2)

At end of year 37.8 24.9

Land and buildings included above are occupied by Vhi group companies for its own activities and are mainly freehold. Land and buildings were valued at 31 December 2017 at open market value in accordance with Royal Institute of Chartered Surveyors (RICS) appraisal and valuation standards.

15. Other financial investments

The carrying values of the Board’s financial assets and liabilities are summarised by category below:

2017 €’m

2016 €’m

Consolidated i) at fair value

Corporate bonds 565.8 430.6

Government bonds 325.9 396.9

Collateralised securities 3.1 15.3

Collective Investments 44.4 10.9

Other unquoted investments 4.9 4.6

ii) at cost

Deposits in banks 201.9 284.6

1,146.0 1,142.9

Boardi) at cost

Investment in subsidiary 479.7 479.7

479.7 479.7



16. Other debtors

2017 €’m

2016 €’m

Amounts falling due within one year

Risk equalisation scheme 300.2 268.0

Other debtors 17.9 11.2

318.1 279.2

Amounts falling due after one year

Other debtors 0.3 0.3

318.4 279.5

The Risk Equalisation Scheme debtor includes the unexpired portion of the Health Insurance levy which amounted to €130.0m (2016: €116.2m).

17. Deferred tax asset

An asset has been recognised in respect of deferred tax for the following timing differences:

2017 €’m

2016 €’m

Income taxed when received - (0.1)

Other timing differences 1.2 1.2

FRS prior year adjustments (including restatement) (0.2) (0.3)

Expenses deductible when paid 1.3 -

Total deferred tax asset 2.3 0.8


18. Intangible assets

Software €‘m

Total €‘m

Cost

Balance at 1 January 2017 73.7 73.7Additions 4.2 4.2Retirements (7.5) (7.5)

Balance at 31 December 2017 70.4 70.4

Amortisation

Balance at 1 January 2017 (70.4) (70.4)Charge for the year (2.0) (2.0)Retirements 7.5 7.5

Balance at 31 December 2017 (64.9) (64.9)

Net book value

At 31 December 2017 5.5 5.5

At 31 December 2016 3.3 3.3

Software €‘m

Total €‘m

Cost

Balance at 1 January 2016 72.5 72.5

Additions 1.2 1.2

Retirements - -

Balance at 31 December 2016 73.7 73.7

Amortisation

Balance at 1 January 2016 (68.8) (68.8)

Charge for the year (1.6) (1.6)

Retirements

Balance at 31 December 2016 (70.4) (70.4)

Net book value

At 31 December 2016 3.3 3.3

At 31 December 2015 3.7 3.7



19. Tangible fixed assets

Motor Vehicles

€’m

Fixtures, furnishings and fittings

€’m

Computer /office

equipment €’m

Medical Equipment

€’mTotal

€’m

Cost

Balance at 1 January 2017 2.5 12.5 19.5 0.3 34.8Additions 0.7 0.6 6.6 - 7.9Disposals (0.2) - (3.3) - (3.5)

Balance at 31 December 2017 3.0 13.1 22.8 0.3 39.2

Depreciation

Balance at 1 January 2017 (1.6) (11.9) (17.9) (0.3) (31.7)Charge for the year (0.5) (0.5) (2.9) - (3.9)Disposals 0.2 - 3.3 - 3.5

Balance at 31 December 2017 (1.9) (12.4) (17.5) (0.3) (32.1)

Net book value

At 31 December 2017 1.1 0.7 5.3 - 7.1

At 31 December 2016 0.9 0.6 1.6 - 3.1

Motor Vehicles

€’m

Fixtures, furnishings and fittings

€’m

Computer /office

equipment €’m

Medical Equipment

€’mTotal

€’m

Cost

Balance at 1 January 2016 2.2 12.5 19.2 0.3 34.2Additions 0.6 0.1 1.8 - 2.5Disposals (0.3) (0.1) (1.5) - (1.9)

Balance at 31 December 2016 2.5 12.5 19.5 0.3 34.8

Depreciation

Balance at 1 January 2016 (1.4) (11.6) (17.6) (0.3) (30.9)Charge for the year (0.5) (0.4) (1.8) - (2.7)Disposals 0.3 0.1 1.5 - 1.9

Balance at 31 December 2016 (1.6) (11.9) (17.9) (0.3) (31.7)

Net book value

At 31 December 2016 0.9 0.6 1.6 - 3.1

At 31 December 2015 0.8 0.9 1.6 - 3.3


20. Technical provisions

Provision for Unearned Premium

€’m

Claims Outstanding

€’mTotal

€’m

Gross Amount

As at 31 December 2016 (496.6) (522.8) (1,019.4)

Movement in provision (17.7) (15.2) (32.9)

As at 31 December 2017 (514.3) (538.0) (1,052.3)

Reinsurance Amount*

As at 31 December 2016 149.0 158.0 307.0

Movement in provision (149.0) (0.6) (149.6)

As at 31 December 2017 - 157.4 157.4

Net Technical Provision

As at 31 December 2017 (514.3) (380.6) (894.9)

As at 31 December 2016 (347.6) (364.8) (712.4)

Provision for Unearned Premium

€’m

Claims Outstanding

€’mTotal

€’m

Gross Amount

As at 31 December 2015 (479.1) (549.0) (1,028.1)

Movement in provision (17.5) 26.2 8.7

As at 31 December 2016 (496.6) (522.8) (1,019.4)

Reinsurance Amount*

As at 31 December 2015 143.7 176.4 320.1

Movement in provision 5.3 (18.4) (13.1)

As at 31 December 2016 149.0 158.0 307.0

Net Technical Provision

As at 31 December 2016 (347.6) (364.8) (712.4)

As at 31 December 2015 (335.4) (372.6) (708.0)

* Change in provision for claims includes claims expenses net of payments made in respect of the reporting period and change in provisions in respect of prior years’ net of payments made, adjusted for reinsurer’s share at the applicable quota share rates. The reinsurance contract has ended as at 31 December 2017 resulting in no provision for the reinsurers share of unearned premium being recognised at the period end.



21. Funds withheld from Reinsurer

The reinsurance contract is on a funds withheld basis. Under the agreements, Vhi retains premiums at least equal to the reinsurance asset at all times. This reinsurance agreement has expired as at 31 December 2017.

2017 €’m

2016 €’m

Funds withheld from reinsurer 157.4 307.0

157.4 307.0

22. Deferred acquisition costs

Acquisition costs are expensed as the premiums to which they relate are earned. The amount of €5.1m provided for 2017 (2016: €5.1m) is in respect of costs incurred during the financial year which are directly attributable to the acquisition of new business. All other acquisition costs are recognised as an expense when incurred.

23. Other creditors and accruals due within one year

2017 €’m

2016 €’m

Risk Equalisation Scheme 191.8 167.4

Other creditors 27.3 21.8

Accruals 51.4 33.6

270.5 222.8

The Risk Equalisation Scheme creditor includes the value of the provision for unearned premium credits at the year ended 31 December 2017 of €134.3m (2016: €116.9m).


24. Notes to the cash flow statement

Consolidated 2017

€’m2016 €’m

Surplus on ordinary activities before tax 86.3 64.9

Add back depreciation 21.4 4.2

Defined benefit pension contributions in excess of charge (11.7) (1.8)

Finance expense 1.9 7.9

Investment loss/(income) 1.4 (1.6)

(Gain) on disposal of property, plant and equipment (0.1) (0.1)

Operating cash flows before movements in working capital 99.2 73.5

(Increase) in deferred acquisition costs - (0.8)

Increase/(decrease) in insurance contract liabilities 15.2 (26.2)

(Increase)/decrease in reinsurance asset 8.9 (13.8)

Increase/(decrease) in provision for unearned premium 17.6 17.5

(Increase) in receivables (65.5) (17.5)

Increase in payables 58.8 22.1

Working capital movements 35.0 (18.7)

Cash generated by operations 134.2 54.8

Income taxes paid (12.7) (10.1)

Net cash operating activities 121.5 44.7

25. Capital commitments

2017 €’m

2016 €’m

Capital expenditure contracted for 11.6 19.8

11.6 19.8

26. Prompt payment of accounts

Prompt Payment of Accounts Act 1997 (as amended by the European Communities (late payment in commercial transactions) Regulations 2012).

Payments made during 2017 were governed by the above Act to combat late payments in commercial transactions. This Act applies to goods and services supplied to the Vhi Board by EU based suppliers.

Statement of payment practices including standard payment periods The Vhi Board operates a policy of paying all undisputed supplier invoices within the agreed terms of payment. The standard terms specified in the standard purchase order are 30 days. Other payment terms may apply in cases where a separate contract is agreed with the supplier.

Compliance with the Directive The Vhi Board complies with the requirements of the legislation in respect of all supplier payments. Procedures and systems, including computerised systems have been modified to comply with the Directive.

These procedures ensure reasonable but not absolute assurance against non-compliance.



27. Retirement benefit schemes

The Board operates a defined benefit pension scheme which was closed to new members effective 24 January 2013. The Board also operates a defined contribution retirement plan for qualifying employees who opt to join. The assets of this plan are held separately from those of the Board in funds under the control of Trustees. Costs arising in respect of this plan are charged to the income and expenditure account as an expense as they fall due.

The assets of the defined benefit scheme are held in a separate trustee administered fund. Retirement benefit costs and liabilities are determined by an independent qualified actuary, using the projected unit credit method of funding. The pension scheme is internally financed. The contributions to the scheme for the 12 months to December 2017 amounted to €18.3m (December 2016: €6.9m) and are based on 20.1% of salary.

The values used in this disclosure are based on the most recent actuarial funding valuations, carried out at 31 December 2017. The funding valuation results were projected forward to 31 December 2017 and adjusted for changes to actuarial assumptions and the occurrence of significant events and experience. The amounts have been fully implemented in the financial statements in accordance with the requirements of Section 28 FRS 102.

The actuarial reports are available for inspection by members of the scheme but not for public inspection.

(i) The major assumptions used in respect of the pension scheme are: 2017

%2016

%

Rate of increase in salaries 2.2 2.0

Rate of increase in pensions in payment 1.0 0.0

Discount rate 2.2 2.0

Revaluation 1.0 0.0

Inflation assumption 1.7 1.5

(ii) Long-term expected rates of return at financial year end are: 2017

%2016

%

Equities 2.2 2.0

Fixed interest 2.2 2.0

Property 2.2 2.0

Other 2.2 2.0

(iii) Weighted average life expectancy for mortality tables used to determine benefit obligations at 2017 2016

Member age 65 (current life expectancy) 24.0 23.8

Member age 40 (life expectancy at age 65) 26.8 26.7

(iv) The assets in the pension scheme at market value were: 2017

€’m2016€’m

Equities 117.1 106.6

Fixed interest 65.8 59.1

Property 2.4 2.3

Other 81.5 67.1

Total market value of assets 266.8 235.1

Present value of scheme liabilities (306.6) (261.9)

Deficit in the scheme (39.8) (26.8)

Related deferred tax asset 5.0 3.2

Net retirement benefit liability (34.8) (23.6)


27. Retirement benefit schemes (continued)

(v) Income and expenditure account 2017

€’m2016 €’m

Charged to net operating expenses

Retirement benefits

Current service cost (6.2) (4.8)

Death in service cost (0.4) (0.3)

Other retirement benefits

Charge to profit & loss (6.6) (5.1)

Interest in scheme liabilities (5.2) (5.6)

Expected return on scheme assets 4.8 5.6

Past service cost - -

Net change in operating result (7.0) (5.1)

(vi) Statement of comprehensive income 2017

€’m2016 €’m

Actual return less expected return on scheme assets 11.2 10.8

Experience gains and losses on scheme liabilities (3.8) (2.3)

Changes in demographic and financial assumptions (31.7) (30.9)

Actuarial (deficit)/surplus (24.3) (22.4)

Deferred tax 3.0 2.6

Total actuarial (deficit)/surplus (21.3) (19.8)

(vii) Movement in net deficit during the financial year 2017

€’m2016 €’m

Net deficit in scheme at start of year (23.6) (5.6)

Current service cost (6.2) (4.8)

Death in service cost (0.4) (0.3)

Past Service credit - -

Contributions 18.3 6.9

Interest on scheme liabilities (5.2) (5.6)

Expected return on scheme assets 4.8 5.6

Actuarial (deficit)/surplus (24.3) (22.4)

Deferred tax 1.8 2.6

Net deficit at end of financial year (34.8) (23.6)



27. Retirement benefit schemes (continued)

(viii) History of experience gains and lossesYear ended

Dec-2017Year ended

Dec-2016Year ended

Dec-2015Year ended

Dec-2014Year ended

Dec-2013

Difference between expected and actual return on 11.2 10.8 2.5 17.0 1.7

assets % of scheme assets 4% 5% 1% 9% 1%

Experience (losses) and gains on scheme liabilities (3.8) (2.1) 9.9 (1.1) (1.7)

% of scheme liabilities (1%) (1%) 4% (1%) (1%)

Total actuarial (deficit)/surplus (24.3) (22.4) 11.4 16.8 (0.0)

% of scheme liabilities (8%) (9%) 6% 8% (0%)

(ix) Recognised within the Balance Sheet: 2017

€’m2016€’m

Net deficit as at 31 December (34.8) (23.6)

(x) Movement in group assets and liabilities: 2017

€’m2016 €’m

Assets

Assets in scheme at 1 January 235.1 213.4

Return on scheme assets (excluding interest income) 11.2 10.8

Employer contributions 18.3 6.9

Employee contributions 2.5 2.6

Interest on scheme assets 4.8 5.6

Insurance premiums for risk benefits (0.4) (0.4)

Benefits paid (4.7) (3.8)

Assets in scheme at 31 December 266.8 235.1

Liabilities

Liabilities in scheme at 1 January 261.9 219.8

Experience gains and losses on scheme liabilities 3.8 2.1

Changes in assumptions 31.7 30.9

Current service cost 6.6 5.1

Employee contributions 2.5 2.6

Interest on scheme liabilities 5.2 5.6

Insurance premiums for risk benefits (0.4) (0.4)

Benefits paid (4.7) (3.8)

Liabilities in scheme at 31 December 306.6 261.9

28. Subordinated debt

During 2015, Vhi Group DAC, a subsidiary company of the Vhi Board, raised subordinated debt of €90m. During 2016 the company prepaid €38.9m without penalty and prepaid the remaining balance on €51.1m during 2017, also without penalty.


29. Capital management

The objective of Vhi in managing its capital is to ensure that it will be able to continue as a going concern and maintain a prudent level of capital which will not compromise its ability to meet its current or future commitments to policyholders. The capital structure of the Vhi Group consists of retained earnings. Vhi has also employed the use of reinsurance and subordinated debt as capital management tools over the last few years.

Vhi Insurance DAC, a subsidiary of Vhi Board, is subject to externally imposed capital requirements by the Central Bank of Ireland. Under the EU Solvency Directive (referred to as ‘Solvency II’), which became effective on 1 January 2016, the required capital is determined by the application of standard rules set out by the regulator and the Company’s exposure to risk.

Vhi Insurance DAC was compliant throughout 2017 with a solvency capital coverage ratio in excess of its risk appetite of 150%.

Overall Vhi Board is well capitalised and this aided the decision to successfully prepay the remaining subordinated debt (€51.1m) without penalty during 2017. The multi-year reinsurance arrangement with National Indemnity Company expired on 31 December 2017, with no replacement, which also reflects the Board’s strong capital position.

The table below sets out the capital that is managed by the Vhi Board:

€’m

Capital resources at 1 January 2016 611.6

Surplus for the financial year 56.4

Actuarial deficit for December 2016 (19.8)

Repayment of subordinated debt (38.9)

Capital resources at 31 December 2016 609.3

Surplus for the financial year 75.3

Actuarial deficit for December 2017 (22.6)

Repayment of subordinated debt (51.1)

Capital resources at 31 December 2017 610.9

30. Financial risk management

The Vhi Board operates an enterprise risk management system across the group to monitor and manage risks including financial risks. These risks include market risk (interest rate risk, currency risk and other price change risks), credit risk and liquidity risk.

The Board does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes.

Fair value

Fair value is the amount for which an asset or liability could be exchanged between willing parties in an arm’s length transaction. FRS 102 establishes a fair value hierarchy that prioritises the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

Level 1 Quoted prices unadjusted for an identical asset in an active market.

Level 2 When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If it can be demonstrated that the last transaction price is not a good estimate of fair value (e.g. because it reflects the amount that an entity would receive or pay in a forced transaction, involuntary liquidation or distress sale), that price is adjusted.

Level 3 If the market for the asset is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique. The objective of using a valuation technique is to estimate what the transaction price would have been on the measurement date in an arm’s length exchange motivated by normal business considerations.



30. Financial risk management (continued)

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, volatility statistics, yield curves, credit spreads, liquidity statistics and other factors. The use of different valuation techniques could lead to different estimates of fair value.

The table below shows financial assets carried at fair value through the income and expenditure account (as disclosed in note 15) that are measured at fair value:

2017 €’m

Level 1 Level 2 Level 3 Total

Corporate bonds - 565.8 - 565.8

Government bonds - 325.9 - 325.9

Collateralised securities - 3.1 - 3.1

Collective Investments - 44.4 - 44.4

Other unquoted investments - - 4.9 4.9

Financial investments at fair value - 939.2 4.9 944.1

2016 €’m

Level 1 Level 2 Level 3 Total

Corporate bonds - 423.3 7.3 430.6

Government bonds - 394.1 2.8 396.9

Collateralised securities - 15.3 - 15.3

Collective Investments - - 10.9 10.9

Other unquoted investments - - 4.6 4.6

Financial investments at fair value - 832.7 25.6 858.3

Market risk

Market risk is the risk of adverse financial impact as a consequence of financial market movements such as currency exchange rates, interest rates and other price changes. Market risk arises due to fluctuations in both the value of assets held and the value of liabilities. The objective of the Board in managing its market risk is to ensure risk is managed in line with the Board’s risk appetite.

The Board has established policies and procedures in order to monitor and manage market risk and methods to measure it.

There were no material changes in the Board’s market risk exposure in the financial year nor to the objectives, policies and processes for managing market risk.

i. Foreign currency risk management The Board’s financial assets and its insurance contract liabilities are denominated in Euro and therefore have no foreign exchange risk.

ii. Interest rate risk management Interest rate risk is the risk that the value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

Interest rate risk arises primarily from the Board’s investment in quoted debt securities and deposits. The risk is managed by the Board by limiting the maturity of instruments which the portfolio invests in and closely matching the outstanding duration of its assets to its liabilities. The Board diversifies its fixed interest investments by issuer and type to ensure it has no significant concentration of interest rate risk at the balance sheet date.

The sensitivity analyses below have been determined based on prescribed Solvency II test formulae for interest rate risk. The table below shows the exposure to interest rates for fixed interest rate financial assets only at the balance sheet date.


Pre-tax surplus Shareholder’s equity

2017 €m

2016€m

2017 €m

2016 €m

Increase in interest rates (11.9) (16.7) (10.4) (14.6)

Decrease in interest rates 0.4 0.4 0.3 0.3

The Vhi group’s sensitivity to interest rate fluctuations has not changed significantly over the financial year.

iii. Other market price risk management Vhi Board is exposed to market price risk arising from fluctuations in the value of financial instruments as a result of changes in the market prices and the risks inherent in all investments. The Board has no significant concentration of price risk. The risk is managed by the Board by investing primarily in listed fixed income securities, maintaining an appropriate mix of investment instruments, limiting the maturity profile of fixed interest securities and matching liabilities by outstanding duration and type.

Vhi Board sensitivity to a 0.5% increase and decrease in market prices is as follows:

2017 €’m

2016 €’m

0.5% increaseMovement in fair value of debt securities and other fixed income securities 4.7 4.2

0.5% decreaseMovement in fair value of debt securities and other fixed income securities (4.7) (4.2)

For all other financial instruments held at 31 December 2017 these assets are not subject to significant amounts of risk due to fluctuations in interest rates.

Credit risk

Credit risk refers to the risk that a counterparty will default on all or part of their contractual obligations resulting in financial deficit to the group. The key areas of exposure to credit risk for the Vhi group are in relation to its investment portfolio, reinsurance programme and amounts due from policyholders and other third parties.

The objective of the group in managing its credit risk is to ensure risk is managed in line with the Board’s risk appetite. The group has established policies and procedures in order to manage credit risk and methods to measure it.

The Board consolidated its use of investment custodian services in 2016. The custodian provides services for all of the Group’s financial assets. The Board are satisfied that this does not represent a material increase in credit exposure. There were no material changes in the group’s credit risk exposure in the financial year nor to the objectives, policies and processes for managing credit risk.

Financial assets are graded according to current credit ratings issued by credit rating agencies. Where not available, the Board uses other publicly available financial information and its own trading records to rate its major financial counterparties. AAA (or equivalent) is the highest possible rating. Investment grade financial assets are classified within the range of AAA to BBB ratings. Financial assets which fall outside this range are classified as speculative grade.

The group’s exposure and the credit ratings of its counterparties are continuously monitored. The group monitors the credit risk in relation to its investment portfolio and reinsurance programme by monitoring external credit ratings for the investment assets held by the group on a monthly basis. Credit exposure is controlled by counterparty limits that are reviewed and approved by the Risk Management and Compliance Committee annually. Our reinsurance contract is on a funds withheld basis which mitigates the counterparty risk with this counterparty.

The carrying amount of financial assets and reinsurance assets recorded in the financial statements, which is net of impairment losses, represents the group’s maximum exposure to credit risk.

The Board’s reinsurer has a credit rating of AA+. The Board have assessed this credit rating as being sufficient to meet its risk appetite. Reinsurance assets are the reinsurer’s share of outstanding claims, claims incurred but not reported (IBNR) and reinsurance receivables. The majority of debt securities are investment grade and the Board has limited exposure to below investment grade securities.

Receivables consist of a large number of policyholders, and their financial condition is subject to ongoing credit evaluation. Loans and receivables from policyholders, agents, intermediaries and other third parties generally do not have a credit rating.



30. Financial risk management (continued)

The following table shows aggregated credit risk exposure for assets held with third parties in respect of external credit ratings for Vhi Board:

2017 €m AAA < AA- A+ < BBB < BBB Not Rated

Carrying Amount

Financial assetsCorporate bonds 319.8 246.0 - - 565.8 Government bonds 146.5 179.4 - - 325.9 Collateralised securities 3.1 - - - 3.1 Collective investments 44.4 - - - 44.4 Other unquoted investments - - - 4.9 4.9 Deposits in banks 76.1 105.8 20.0 - 201.9

Total financial investments 589.9 531.2 20.0 4.9 1,146.0

Other assetsCash at hand and in bank - 46.1 - - 46.1 Reinsurance assets 5.1 - - - 5.1 Insurance receivables - - - 451.1 451.1 Other debtors - - - 318.4 318.4

Total financial assets 595.0 577.3 20.0 774.4 1,966.7

2016 €m AAA < AA- A+ < BBB < BBB Not Rated

Carrying Amount

Financial assetsCorporate bonds 304.2 126.4 - - 430.6 Government bonds 193.3 203.6 - - 396.9 Collateralised securities 15.3 - - - 15.3 Collective investments 10.9 - - - 10.9 Other unquoted investments - - - 4.6 4.6 Deposits in banks 97.3 187.3 - - 284.6

Total financial investments 621.0 517.3 - 4.6 1,142.9

Other assetsCash at hand and in bank - - 21.9 - 21.9 Reinsurance assets 14.0 - - - 14.0 Insurance receivables - - - 429.3 429.3 Other debtors - - - 279.5 279.5

Total financial assets 635.0 517.3 21.9 713.4 1,887.6


The following table shows the carrying value of assets that are neither past due nor impaired, the ageing of assets that are past due but not impaired and assets that have been impaired. The factors considered in determining that the value of the assets have been impaired were: analysis of impairment, ageing of balances, past loss experience, current economic conditions and other relevant circumstances.

Insurance receivables

Neither past due nor

impaired€’m

Past due less than 30

days €’m

Past due 31 to 60 days

€’m

Past due 61 to 90 days

€’m

Past due more than

90 days€’m

Past due and

impaired€’m

Carrying amount

€’m

2017 429.0 7.4 9.0 2.7 3.0 - 451.1

2016 412.5 4.5 6.7 3.8 1.8 - 429.3

Liquidity risk management

Liquidity risk is the risk that the group cannot meet its obligations associated with financial liabilities as they fall due, or the risk of incurring excessive costs in selling assets. The group has adopted an appropriate liquidity risk management framework for the management of the group’s liquidity requirements.

The group is exposed to liquidity risk arising from clients on its insurance contracts. The group manages liquidity risk by continuously monitoring forecast and actual cash flows and ensuring that the maturity profile of its financial assets is in line with the maturity profile of its liabilities and by maintaining appropriate liquidity buffers at all times.

In practice, most of the group’s assets are marketable securities which could be converted to cash when required.

There were no material changes in the group’s liquidity risk exposure in the financial year nor to the objectives, policies and processes for managing liquidity risk.

The following table shows details of the expected maturity profile of the group’s undiscounted obligations with respect to its financial liabilities and estimated cash flows of recognised insurance and participating investment contract liabilities. Unearned premiums are excluded from this analysis. The table includes both interest and principal cash flows.

2017 €’m

Less than 1 month 1–3 months

3 months to 1 year 1–5 years 5+ years Total

Insurance contract liabilities 146.8 157.3 176.1 57.5 0.3 538.0

Trade and other liabilities 86.3 192.6 52.4 - - 331.3

2016 €’m

Less than 1 month 1–3 months

3 months to 1 year 1–5 years 5+ years Total

Insurance contract liabilities 129.4 139.0 185.8 68.4 0.2 522.8

Trade and other liabilities 68.8 160.0 46.7 - - 275.5



31. Insurance risk management

Assumptions and sensitivities

The risks associated with the health insurance contracts are subject to a number of variables. The Board uses several statistical and actuarial techniques based on past claims development experience. This includes indications such as average claims cost, ultimate claims numbers and expected deficit ratios. The key methods used by the Vhi Board for estimating liabilities are:

i. chain ladder;

ii. estimated loss ratio;

iii. average cost per claim; and

iv. Bornhuetter-Ferguson.

Prudent assumptions are made so that the provision should be sufficient in reasonably foreseeable adverse circumstances.

The Vhi Board considers that the liability for health insurance claims recognised in the balance sheet is adequate. However, actual experience will differ from the expected outcome.

Some results of sensitivity testing are set out below, showing the impact on surplus before tax and shareholder’s equity gross and net of reinsurance. For each sensitivity the impact of a change in a single factor is shown with other assumptions unchanged.

Pre-tax Surplus Shareholder’s equity

2017 2016 2017 2016€’m €’m €’m €’m

5% increase in deficit ratios

Gross (67.4) (66.4) (59.0) (58.1)Net (48.3) (44.9) (42.2) (39.3)

5% decrease in deficit ratios

Gross 67.4 66.4 59.0 58.1Net 52.3 46.9 45.7 40.8

The Vhi Board’s method for sensitivity testing has not changed significantly from the prior financial year.


Claims development tables

The following tables show the development of claims over a period of time on both a gross and net of reinsurance basis. The top half of the table shows how the estimates of total claims for each accident year develop over time. The lower half of the table reconciles the cumulative claims to the amount appearing in the balance sheet.

The below tables show the information for 2014, 2015, 2016 and 2017 only as information pertaining to prior years is not available due to underlying methodology changes in the reserving process.

Analysis of claims development – Gross

2014 €’m

2015 €’m

2016 €’m

2017 €’m

Total €’m

Estimate of ultimate claims

End of accident year 1,478.7 1,461.1 1,488.0 1,486.9

One year later 1,326.1 1,334.6 1,365.5

Two years later 1,304.4 1,307.3

Three years later 1,296.6

Current estimate of ultimate claims 1,296.6 1,307.3 1,365.5 1,486.9

Cumulative payments 1,277.1 1,279.9 1,304.6 1,068.7

In balance sheet 19.5 27.4 60.9 418.2 526.0

Provision for prior Accident Years (2013 & Prior) 12.0

Liability in balance sheet 538.0

Analysis of claims development – Net of Reinsurance

2014 €’m

2015 €’m

2016 €’m

2017 €’m

Total €’m

Estimate of ultimate claims

End of accident year 605.9 1,028.6 1,047.4 1,051.7

One year later 532.7 935.1 956.9

Two years later 522.6 915.5

Three years later 519.2

Current estimate of ultimate claims 519.2 915.5 956.9 1,051.7

Cumulative payments 510.8 895.9 913.2 753.8

In balance sheet 8.4 19.6 43.7 297.9 369.6

Provision for prior Accident Years (2013 & Prior) 11.0

Liability in balance sheet 380.6



32. Subsidiary undertakings

The Vhi Board is the parent of Vhi Group DAC and the ultimate parent of Vhi Insurance DAC, Vhi Healthcare DAC, Vhi Group Services DAC, Vhi Investments DAC, Vhi Health Services DAC, Vhi Occupational Health DAC, Vhi RI DAC and Áras Sláinte Limited (ASL).

On 14 June 2017 Vhi Investment DAC acquired 100% of the share capital of ASL. Vhi Investments DAC has used the acquisition method of accounting to account for the purchase. The investment in ASL has been included in Vhi Investment DAC’s balance sheet at its fair value at the date of acquisition.

At the date of acquisition, Vhi Investments DAC purchased 100% of the shares in ASL for a consideration of €1 and it loaned ASL monies to repay its external debt. In satisfaction of the loan, ASL transferred all of its assets and liabilities which consist of trade debtors and creditors, cash, stock and fixed assets, to Vhi Investments DAC on 31 July 2017, the date of the business transfer. Goodwill which arose on acquisition has been amortised on an accelerated basis in the accounts of the Voluntary Health Insurance Board, following the decision to make the Swiftcare Clinics available to Vhi members only.

Vhi Group DAC is the holding company for the Vhi group companies and the Vhi Board holds 100% of the shares in Vhi Group DAC. Vhi Group DAC holds 100% of the shares of the other subsidiary companies shown in the table below, with the exception of ASL, which VhI Investments DAC is the parent company. Vhi Group DAC and Vhi Investments DAC are Irish registered companies with a registered address at Vhi House, 20 Lower Abbey Street, Dublin 1.

Investment in subsidiaries

Country of Incorporation

Registered Address Nature of Business

Holding by Vhi Group DAC %

Vhi Insurance DAC Ireland Vhi House20 Lower Abbey StreetDublin 1

Insurance €5,000,000 100

Vhi Healthcare DAC Ireland Vhi House20 Lower Abbey StreetDublin 1

Retail Intermediary

€1 100

Vhi Group Services DAC Ireland Vhi House20 Lower Abbey StreetDublin 1

Shared Services €1 100

Vhi Health Services DAC Ireland Waverly Office Park, Old Naas Road, Dublin 12

Provision of health service

€700 100

Vhi Investments DAC Ireland Vhi House20 Lower Abbey StreetDublin 1

Minor injury clinics

€1 100

Vhi Occupational Health DAC Ireland Vhi House20 Lower Abbey StreetDublin 1

Recruitment and occupational health services

€1 100

Vhi RI DAC Ireland Vhi House20 Lower Abbey StreetDublin 1

Property Development Services

€1 100

Áras Sláinte Limited Ireland Vhi House20 Lower Abbey StreetDublin 1

Non-trading €1 100


33. Related party transactions

As with many other entities, the Board deals in the normal course of business with other Government sponsored agencies, including the Health Service Executive through the public hospitals and with Government owned financial institutions. The Minister for Health also appoints the Board Members. Transactions with other Government related parties therefore include claims and other expense payments, banking and investment transactions. Details of such transactions are not disclosed separately as it is the view of the Board that it would not constitute information useful to the readers of the financial statements.

Interests of Board Members and Secretary

The Board Members had no beneficial interest in the Voluntary Health Insurance Board or its subsidiaries at any time during the year. Please see note 32 for interests in subsidiary undertakings.

The total remuneration of the Vhi Board key management personnel for the financial year ending 31 December 2017 was €3.3m (2016: €3.0m), of which remuneration in respect of directors disclosed in Note 8 comprises €1.2m (2016: €1.1m).

Intra group transactions

There are a number of intra group transactions within the Vhi Group which are described below:

• The Vhi Board is the administrator of the Vhi Group Pension fund and as such has intra group transactions regarding the pension fund with Vhi Group Services DAC, Vhi Insurance DAC, Vhi Health Services DAC, Vhi Investments DAC, and Vhi Healthcare DAC. There were no outstanding balances in the financial statements of the Vhi Board at 31 December 2017.

• Vhi Group DAC is the holding company for the Vhi Group. Vhi Group DAC has an intra group loan agreement in place with Vhi Healthcare DAC.

• Vhi Group DAC provided an intra group loan to Vhi Investments DAC.

• Vhi Insurance DAC is authorised by the Bank to sell approved non-life Insurance products for specific classes of business. Vhi Insurance DAC has an agency agreement in place with Vhi Healthcare DAC (regulated as a Retail Intermediary by the Bank) to sell and administer its policies.

• Vhi Health Services DAC provides home infusion and related services. Vhi Health Services DAC provides services to the other Vhi group companies.

• Vhi Investments DAC owns the line of business which trades as Vhi Swiftcare. The Vhi Swiftcare clinics exclusively provide services to Vhi Insurance DAC members.

• Vhi Group Services DAC is a shared service provider for the Vhi group companies and as such has transactions with the other entities within the Vhi group.

• Vhi Occupational Health DAC provides recruitment services to Vhi Investment DAC and Vhi Health Services DAC.

34. Subsequent events

There have been no significant subsequent events affecting the Vhi Board or any of its subsidiary companies since the balance sheet date.

35. Legal cases

The Vhi Board is satisfied that there are no material legal cases pending.

36. Approval of financial statements

These financial statements were approved by the Board of Directors on 29 March 2018.


In 2017 Vhi consumed 5,027,936kWh of energy, consisting of:

3,835,035kWh of electricity The main energy users of electricity include:

• Heating, ventilation and air conditioning 40%

• ICT 38%

• Lighting 18%

• Kitchen 4%

1,192,901kWh of fossil fuel (natural gas) The main energy users of natural gas include:

• Space heating and hot water services 97%

• Kitchen 3%

Actions Undertaken in 2017 included:

Heating, Ventilation and Air Conditioning (HVAC): Developed and implemented new control strategies for air conditioning systems in the Claims Unit, Vhi Kilkenny. Upgraded building energy management systems scheduling and control strategies for both Vhi Kilkenny and Vhi Abbey Street premises.

ICT: Server room virtualisation and improved server room air conditioning efficiency.

Lighting: Reviewed and improved lighting control for canteen areas in Vhi Kilkenny and Vhi Abbey Street premises.

Actions undertaken in 2017 for Vhi Abbey Street and Vhi Kilkenny, together with existing energy conservation measures, provided estimated total annual energy savings of 395,714kWh and reduced the environmental impact of energy use by 130,275kg CO2.

Actions Planned for 2018 include:

• Energy Management Programme: Review, upgrade and implement the Vhi energy action plan for all Vhi sites for 2018. Review and update the Vhi energy action plan on a quarter yearly basis.

• Energy Management Training: Provide energy management training for Vhi Energy Management Team members.

• Energy Monitoring and Targeting: Upgrade and extend the automatic energy monitoring and targeting for Vhi Abbey Street and Vhi Kilkenny premises.

• Heating, Ventilation and Air Conditioning: Implement Building Energy Management System (BEMS) air conditioning night time temperature setback control strategies for Vhi Kilkenny. Review and optimise building energy management system control strategies for the Vhi Abbey Street office development.

• Renewable Energy: Assess and address renewable energy options for Vhi buildings, including solar photovoltaic (PV)

Actions planned for 2018 are estimated to provide total estimated annual energy savings of 195,000kWh and will reduce the environmental impact of energy use by 63,000kg CO2.

Table 1: 2017 Energy and kg CO2 Savings

Fuel Energy Savings kWh Kg CO2 Saving

Electricity 303,417 111,354Natural Gas 92,297 18,921

Total 395,714 130,275

Figure 1: Energy Savings 2017

Figure 2: Environmental Impact Savings 2017

Electricity Natural Gas

Electricity Natural Gas

303,417 kWh111,354 kg CO2

92,297kWh

18,921 kg CO2

Energy Management and Sustainability


Company Details

Offices Open10am–4pm Monday–Friday

Telephone 1890 44 44 44 056 444 4444

Lines Open 8am–7pm Monday–Friday 9am–3pm Saturday

Email/[email protected] www.vhi.ie

Branch Offices

Dublin/Registered AddressVhi House, Lower Abbey Street, Dublin 1

Cork Vhi House 70 South Mall Cork

Kilkenny IDA Business Park Purcellsinch Dublin Road Kilkenny

Administrative Offices

GalwayUnit 10 &11 Tornóg, Headford Road, Galway

GweedoreÚdarás na Gaeltachta Business Park, Gweedore, Co Donegal

Limerick7th Floor, Riverpoint, Bishop’s Quay, Limerick

Vhi Clinical Practices

Vhi SwiftCare ClinicRockfield Medical Campus Balally, Dundrum, Dublin 14

Vhi SwiftCare ClinicColumba House, Airside Retail Park, Swords, Co. Dublin

Vhi SwiftCare Clinic City Gate, Mahon, Cork

Vhi Corporate SolutionsWaverley Business Park, Old Naas Road, Dublin 12

Vhi Medical Screening CentreCity Gate, Mahon, Cork

Vhi Medical Screening CentreEuropa House, Harcourt Street, Dublin 2

Vhi Hospital@HomeWaverley Business Park, Old Naas Road, Dublin 12

Vhi Hospital@Home Unit 10 & 11 Tornóg, Headford Road, Galway

Digital TouchPoints

Vhi Digital Medical Assistant App

www.vhi.ie MyVhi.ie

mailto:[email protected]

http://www.vhi.ie

http://www.vhi.ie


Notes

Vhi Tuarascáil Bhliantúil agus Cuntais 2017

TÚS ÁITE Á THABHAIRT DÁR gCUSTAIMÉIRÍ LE 60 BLIAIN

Vhi Tuarascáil Bhliantúil agus Cuntais 2017 | 1

Clár ábhair

Misean, Fís, Luachanna 2

Beathaisnéisí an Bhoird 4

Beathaisnéisí an Lucht Bainistíochta 6

Athbhreithniú an Chathaoirligh 10

Athbhreithniú ar Oibríochtaí 16

Tuarascáil na Stiúrthóirí don bhliain airgeadais dar chríoch an 31 Nollaig 2017 24

Ráiteas ar Fhreagrachtaí na Stiúrthóirí 28

Tuarascáil an Iniúchóra Neamhspleách do Chomhaltaí an Bhoird Árachais Sláinte Shaorálaigh 29

Cuntas Comhdhlúite Ioncaim agus Caiteachais don bhliain airgeadais dar chríoch an 31 Nollaig 2017 31

Clár Comhardaithe Comhdhlúite amhail an 31 Nollaig 2017 32

Clár Comhardaithe an Bhoird amhail an 31 Nollaig 2017 34

Ráiteas Comhdhlúite ar Shreabhadh Airgid amhail an 31 Nollaig 2017 35

Ráiteas an Bhoird ar Shreabhadh Airgid amhail an 31 Nollaig 2017 35

Ráiteas Comhdhlúite ar Athruithe ar Chothromas amhail an 31 Nollaig 2017 36

Ráiteas Comhdhlúite ar Ioncam Cuimsitheach don bhliain airgeadais dar chríoch an 31 Nollaig 2017 36

Ráiteas an Bhoird ar Athruithe ar Chothromas amhail an 31 Nollaig 2017 37

Ráiteas an Bhoird ar Ioncam Cuimsitheach don bhliain airgeadais dar chríoch an 31 Nollaig 2017 37

Nótaí leis na Ráitis Airgeadais 38

Bainistíocht Fuinnimh agus Inbhuanaitheacht 64

Sonraí na Cuideachta 65

2 | Vhi Tuarascáil Bhliantúil agus Cuntais 2017

Misean

Fís

Luachanna


An chaoi a gcuirtear cúram sláinte ar fáil a athrú ó bhonn dár gcustaiméirí

Ag cabhrú lenár gcustaiméirí le go mbeidh saol níos faide, níos láidre agus níos sláintiúla acu

Faoi Thionchar Custaiméirí, Ionracas, Cumasú, Nuálaíocht, MisneachLuachanna


Beathaisnéisí an Bhoird

Liam Downey, Cathaoirleach Tá Liam Downey ina Iar-Phríomhfheidhmeannach ar rannóg na hÉireann de Becton Dickinson, mórchuideachta dhomhanda teicneolaíochta leighis. Bhí sé ina Chathaoirleach ar Fheidhmeannacht na Seirbhíse Sláinte, ina Uachtarán ar Chónaidhm Fhostóirí na hÉireann, ina iontaobhaí agus ina chomhalta ar Bhord Chónaidhm Ghnólachtaí agus Fhostóirí na hÉireann (IBEC), ina Chathaoirleach ar Chumann Feistí Leighis na hÉireann agus ina chomhalta den Choimisiún um Chaidreamh Oibreachais. Is céimí de chuid an Choláiste Ollscoile, Baile Átha Cliath (UCD) é, is Ball Cairte é den Institiúid Chairte um Fhorbairt Pearsanra agus is Comhalta de chuid Fhoras Bainistíochta na hÉireann é.

John O’Dwyer, Príomhfheidhmeannach Tháinig John O’Dwyer go Vhi sa bhliain 2012 ón ngrúpa idirnáisiúnta árachais de chuid na hÍsiltíre, Achmea, áit a raibh sé ina Phríomhoifigeach Oibriúcháin agus ina Stiúrthóir Feidhmiúcháin agus é freagrach as árachas saoil, ginearálta agus gnó le Interamerican, an dara cuideachta árachais is mó sa Ghréig. Bhí sé ina Stiúrthóir Bainistíochta ar an gcuideachta árachais saoil Friends First, ina Stiúrthóir Oibríochtaí ag BUPA Ireland agus ina Phríomhfheidhmeannach Cúnta le Vhi agus é freagrach as Éilimh. Ina theannta sin, bhí sé ina Chathaoirleach neamhfheidhmiúcháin ar Bhord an Chiste Náisiúnta um Cheannach Cóireála.

An Dr Ruth Barrington Bhí an Dr Ruth Barrington ina Príomhfheidhmeannach ar Molecular Medicine Ireland ó 2007 go 2012, ina Príomhfheidhmeannach ar an mBord Taighde Sláinte ó 1998 go 2007 agus ina Rúnaí Cúnta sa Roinn Sláinte agus í freagrach as beartas ospidéal. Is céimí de chuid UCD (Stair agus Polaitíocht) agus Choláiste na hEorpa sa Bheilg í, agus bhronn Scoil Eacnamaíochta Londan dochtúireacht uirthi. Is í an Dr Barrington údar ar “Health, Medicine and Politics in Ireland 1900-1970” agus bhí sí ina Gobharnóir agus ina Cathaoirleach araon ar an Irish Times Trust, agus ina Stiúrthóir Boird, Irish Times Ltd. Faoi láthair tá sí ina Cathaoirleach ar an Ionad Náisiúnta um Thaighde Leanaí, ina Cathaoirleach ar TREOIR, ina Stiúrthóir ar an bhFondúireacht do Thaighde Leighis Leanaí, agus ina Cathaoirleach ar Fhondúireacht Taighde Eoin Dé.

Joyce Brennan Is achtúire í Joyce Brennan a bhfuil taithí breis is 25 bliain aici. Is Stiúrthóir Feidhmiúcháin í le IPT agus tá sí ina Cathaoirleach ar bhoird iontaobhaithe cistí pinsean, chun sármhaitheas a chinntiú sa rialachas, sa chinnteoireacht agus i mbainistíocht leanúnach na bpleananna pinsin. Roimhe seo bhí sí ina Stiúrthóir le KPMG agus ina Príomhaí le Mercer. Bhí Joyce ina comhairleoir leis an Údarás Árachais Sláinte agus leis an Roinn Sláinte maidir le hárachas sláinte príobháideach a rialáil, agus bhí sí ina Cathaoirleach ar choiste cúraim sláinte Chumann na nAchtúirí in Éirinn. Tá MBA aici ó UCD.

Seamus Creedon Is achtúire cáilithe é Séamus Creedon agus tá sé ina stiúrthóir neamhfheidhmiúcháin le roinnt cuideachtaí árachais saoil, árachais ghinearálta agus athárachais in Éirinn agus sa Ríocht Aontaithe. Bhí sé ina bhall de ghrúpa páirtithe leasmhara árachais agus athárachais an Údaráis Eorpaigh um Árachas agus Pinsin Cheirde go dtí 2016. Bhí sé ina chomhpháirtí in KPMG, Londain áit a raibh sé i gceannas ar an gcleachtas achtúireach agus bhí sé ina Leascheannaire ar an gcleachtas achtúireach domhanda dá chuid. Roimhe sin bhí sé ina Phríomhfheidhmeannach ar Lifetime, Cuideachta Árachais Saoil Bhanc na hÉireann agus mar Cheannaire na Forbartha Corparáidí san Eoraip ar son Bhanc na hÉireann.

Celine Fitzgerald Chuaigh Celine Fitzgerald leis an mBord in 2010. Is sainchomhairleoir bainistíochta í a sholáthraíonn seirbhísí i roinnt earnálacha éagsúla. Idir 2007 agus 2012, ba í an Príomhoifigeach Feidhmiúcháin í ar chuideachta um Sheachfhoinsiú Próiseas Gnó atá bunaithe in Éirinn. Ceapadh ar Bhord Ervia í le déanaí agus bhí roinnt róil shinsearacha aici chomh maith san earnáil teileachumarsáide, eircom agus Vodafone ina measc.


Finbar Lennon Is céimí leighis de chuid UCD é Finbar Lennon agus cuireadh faoi oiliúint mháinliachta iarchéime é i Londain, in Edmonton (Ceanada) agus i mBaile Átha Cliath. D’oibrigh sé mar mháinlia ginearálta comhairleach in Ospidéal Mhuire Lourdes, Droichead Átha (1983-2012). Ó 2009 go 2012 bhí sé ag obair in Ospidéal Beaumont agus in Ospidéal an Mater i mBaile Átha Cliath freisin mar mháinlia brollaigh speisialtachta. Ba é an Stiúrthóir Leighis é i nDroichead Átha (1992-1998), ba é an Comhairleoir Leighis é ag Bord Sláinte an Oirthuaiscirt (1997–2004) agus bhí sé ina chomhairleoir leighis don Ard-Rúnaí sa Roinn Sláinte (2012–2014). Is léachtóir oinigh le Máinliacht é in UCD faoi láthair agus glacann sé páirt sa chlár teagaisc fochéime. Is ball é den Choiste um Iompar Gairmiúil de chuid Chumann Cógaiseoirí na hÉireann agus bhí sé ar a Choiste um Fhorbairt Cleachtais (2012–2016).

Declan Moran Tháinig Declan Moran go Vhi in 1997 ón tionscal árachais saoil agus pinsean agus ceapadh ar Bhord Stiúrthóirí Vhi é in 2008 Ó mhí na Samhna 2011 go mí Iúil 2012, bhí sé ina Phríomhfheidhmeannach Gníomhach ar Vhi. Tá sé freagrach as Margaíocht, as a phunann táirgí Vhi agus as forbairt táirgí agus seirbhísí nua. Tá BSc san Eolaíocht Ríomhaireachta ag Declan agus is Comhalta é d’Institiúid na nAchtúirí ó 1994 i leith.

Paul O’Faherty Is achtúire é Paul O’Faherty agus is stiúrthóir neamhfheidhmiúcháin é ar roinnt cuideachtaí i réimsí na seirbhísí airgeadais agus na hinfheistíochta. Go dtí 2013, bhí sé ina Phríomhfheidhmeannach ar Mercer Ireland agus ina Chathaoirleach ar chuideachtaí Marsh McLennan in Éirinn. I gcaitheamh a thréimhse mar shainchomhairleoir in Mercer, chuir sé comhairle ar an Roinn Sláinte ar feadh go leor blianta maidir le saincheisteanna árachais sláinte. Is Comhalta de Chumann na nAchtúirí in Éirinn é agus iar-Uachtarán air. Chomh maith leis sin, is iar-Chathaoirleach é ar Chumann Cistí Pinsean na hÉireann.

Greg Sparks Is iar-chomhpháirtí é Greg Sparks de chuid RSM Farrell Grant Sparks. Anuas ar bheith ar Bhord Headstrong, tá roinnt ceapacháin ag Greg ar Bhoird éagsúla san earnáil phríobháideach in Éirinn agus go hidirnáisiúnta, Digicel, Jigsaw agus Joe Duffy Motors ina measc. Bhí Greg ina chomhalta ar Bhoird The Irish Times agus eircom agus bhí sé ina Chathaoirleach ar Ospidéal an Choim ar feadh roinnt blianta.

Brian Walsh Tháinig Brian Walsh go Vhi i mí na Samhna 2014 mar Stiúrthóir Airgeadais agus ceapadh ar an mBord é i mí an Mhárta 2015. Roimh theacht chuig Vhi, bhí sé ina Phríomhoifigeach Airgeadais Rannáin le DPI Specialty Foods Inc., Los Angeles, rannán de chuid na cuideachta bia agus comhábhar domhanda Ornua. Roimhe sin, bhí Brian i gceannas ar chiste cothromais príobháideach rathúil idirnáisiúnta, dírithe go príomha ar mhargaí Lár agus Oirthear na hEorpa. Bhí róil Bhoird agus róil airgeadais agus tráchtála shinsearacha aige i dtionscail idirnáisiúnta na seirbhísí airgeadais, na teileachumarsáide agus FMCG san Eoraip agus sna Stáit Aontaithe le mórchuideachtaí ar nós Citibank, Deutsche Telekom agus eircom. Is Comhalta é Brian de Chuntasóirí Cairte Éireann, tar éis dó cáiliú le PricewaterhouseCoopers, agus tá céimeanna agus iarchéimeanna aige ó Choláiste Ollscoile, Baile Átha Cliath.


Beathaisnéisí an Lucht Bainistíochta

John O’Dwyer, Príomhfheidhmeannach Tháinig John O’Dwyer go Vhi sa bhliain 2012 ón ngrúpa idirnáisiúnta árachais de chuid na hÍsiltíre, Achmea, áit a raibh sé ina Phríomhoifigeach Oibriúcháin agus ina Stiúrthóir Feidhmiúcháin agus é freagrach as árachas saoil, ginearálta agus gnó le Interamerican, an dara cuideachta árachais is mó sa Ghréig. Bhí sé ina Stiúrthóir Bainistíochta ar an gcuideachta árachais saoil Friends First, ina Stiúrthóir Oibríochtaí ag BUPA Ireland agus ina Phríomhfheidhmeannach Cúnta le Vhi agus é freagrach as Éilimh. Ina theannta sin, bhí sé ina Chathaoirleach neamhfheidhmiúcháin ar Bhord an Chiste Náisiúnta um Cheannach Cóireála.

An Dr. Bernadette Carr, Stiúrthóir, Leigheas, MD, FRCPI, MPH, LFOMIs lia í Bernadette Carr a bhfuil taithí fhairsing bainistíochta cliniciúil, taighde agus cúram sláinte aici. Tá sí creidiúnaithe sa Leigheas Ginearálta agus sa Leigheas Geiriatrach agus tá sí ar Chlár na Speisialtóirí de chuid Chomhairle na nDochtúirí Leighis. Tá oiliúint agus taithí fhairsing ag Bernadette maidir le Bainistíocht, Leigheas Cliniciúil agus Eipidéimeolaíocht in Éirinn agus go hidirnáisiúnta araon. I measc a cuid cáilíochtaí tá Dochtúireacht Leighis ó Choláiste na Tríonóide, Baile Átha Cliath, Ceadúnach den Dámh um Míochaine Shaothair, RCPI, Máistreacht sa tSláinte Phoiblí, Dioplóma sa Deirmeolaíocht Phraiticiúil (Caerdydd) agus Teastas Ardbhainistíochta ó INSEAD. Toghadh í ina Comhalta de Choláiste Ríoga na Lianna in Éirinn in 1996. Tháinig sí go Vhi sa bhliain 1994 agus, mar Stiúrthóir Leighis, tá sí freagrach as beartas leighis, ceannach cúram sláinte, sceidil um sholáthraithe a aisíoc, idirbheartaíocht ó thaobh conarthaí le soláthraithe, agus tá freagracht feidhmiúcháin agus chliniciúil aici as Seirbhísí Sláinte Vhi.

John Creedon, Stiúrthóir, Éilimh Tá John Creedon ina StiÚrthÓir ar Vhi Ó 1996 agus bhí roinnt poist shinsearacha aige laistigh de Vhi roimhe seo. Tá John freagrach as an tseirbhís trí chéile, as an riarachán agus as an íocaíocht i dtaca le héilimh in Vhi agus tá sé freagrach, chomh maith, as bainistiú agus riarachán an ghnó aonair agus chorparáidigh go léir. Tá BSc ag John Creedon i bhFeidhmchláir Ríomhaire ó Ollscoil Chathair Bhaile Átha Cliath.

Aaron Keogh, Stiúrthóir Bainistíochta, Vhi Healthcare Tá Aaron Keogh freagrach as Díolacháin, Coinneáil agus Seirbhís do Chustaiméirí i dtaca le gach Custaiméir Corparáideach agus Aonair de chuid Vhi Healthcare. Tháinig Aaron go Vhi in 2003 agus bhí réimse leathan ról aige san eagras, go príomha mar cheannaire ar na foirne díola agus seirbhíse do chustaiméirí, foirne a bhfuil duaiseanna buaite acu. Bhí róil éagsúla aige freisin a bhain le hanailís ghnó agus seachadadh seirbhísí digiteacha. Tá MSc ag Aaron i mBainistíocht Straitéiseach ó Institiúid Teicneolaíochta Bhaile Átha Cliath, mar aon le BSc i bhForbairt Córas Bogearraí ó Choláiste Náisiúnta na hÉireann. Is ball é d’Institiúid Díolachán na hÉireann, d’Institiúid Árachais na hÉireann, de Chomhlachas Tráchtála Chill Chainnigh agus de Chumann Alumni Institiúid Teicneolaíochta Bhaile Átha Cliath.

Adam Lyon, Príomhoifigeach Bainistíochta RioscaíIs achtúire é Adam Lyon a bhfuil taithí breis is 25 bliain aige san árachas agus i seirbhísí airgeadais sa Ríocht Aontaithe agus in Éirinn. Tháinig Adam go Vhi go luath sa bhliain 2013. Roimhe sin bhí sé ag obair mar Bhainisteoir Ginearálta na Forbartha Gnó leis an gcuideachta árachais saoil Friends First. Tá taithí aige ar a lán feidhmeanna éagsúla. Bhí freagracht feidhmiúcháin air roimhe seo as margaíocht, díolacháin, airgeadas, forbairt táirgí agus seirbhís do chustaiméirí. Is Comhalta d’Institiúid na nAchtúirí é agus is Comhalta de Chumann na nAchtúirí in Éirinn é.


Tim McKeown, Stiúrthóir, StraitéisMar Stiúrthóir Straitéise, tá Tim freagrach as forbairt straitéis fhoriomlán chorparáideach Vhi a éascú, as cláir straitéiseacha bhunathraithe a stiúradh chun tacú le forbairt chorparáideach agus leis an nuálaíocht – agus béim ar leith ar réitigh inbhuanaithe chun freastal ar riachtanais cúram sláinte amach anseo ár gcustaiméirí. Bhí roinnt poist bainistíochta sinsearaí eile ag Tim ó tháinig sé chuig Vhi in 2000, lena n-áirítear Stiúrthóir na Forbartha Táirgí & Gnó, CEO ar Vhi SwiftCare agus ceann an aonaid a raibh mar thasc aige ár bpunann de línte gnó árachais ghinearálta éagsúlaithe a fhorbairt. Roimh theacht chuig Vhi, bhí sé ag obair sa Choimisiún Eorpach sa Bheilg ar feadh 10 mbliana agus san earnáil phríobháideach freisin. Tá BA sa Pholaitíocht aige ó Choláiste Ollscoile, Baile Átha Cliath mar aon le MA i mBeartas Eorpach ó Ollscoil Luimnigh.

Margaret Molony, Stiúrthóir, Teicneolaíocht FaisnéiseTá taithí breis is 30 bliain ag Margaret Molony in Vhi agus tá sí freagrach as seirbhísí teicneolaíochta faisnéise san eagraíocht. Bhí roinnt poist shinsearacha ag Margaret laistigh de Vhi in Athrú Gnó, i mBainistíocht Clár agus i mBainistíocht Oibríochtúil sular ceapadh ina ról reatha í. Ceapadh í ina Stiúrthóir, Teicneolaíocht Faisnéise in 2008. Is ball í, chomh maith, de Chónaidhm Idirnáisiúnta Árachais na hÉireann agus de Chumann Alumni INSEAD.

Declan Moran, Stiúrthóir, Margaíocht agus Forbairt GnóTháinig Declan Moran go Vhi in 1997 ón tionscal árachais saoil agus pinsean agus ceapadh ar Bhord Stiúrthóirí Vhi é in 2008 Ó mhí na Samhna 2011 go mí Iúil 2012, bhí sé ina Phríomhfheidhmeannach Gníomhach ar Vhi. Tá sé freagrach as Margaíocht, as a phunann táirgí Vhi agus as forbairt táirgí agus seirbhísí nua. Tá BSc san Eolaíocht Ríomhaireachta ag Declan agus is Comhalta d’Institiúid na nAchtúirí é ó 1994 i leith.

Michael Owens, Stiúrthóir, Acmhainní DaonnaTháinig Michael Owens go Vhi i 1999 ó Coyle Hamilton (Willis), áit a raibh sé ina Stiúrthóir Acmhainní Daonna. Tá taithí éagsúil agus fhairsing aige in Acmhainní Daonna arna gnóthú i roinnt earnálacha éagsúla lena n-áirítear árachas, miondíol agus déantúsaíocht. Bhí Michael ina chomhalta freisin ar roinnt boird dheonacha, lena n-áirítear ‘Junior Achievement’ agus ‘Business to Arts’ áit a raibh sé ina Chathaoirleach le haghaidh roinnt blianta agus is iar-Chathaoirleach é ar CIPD Ireland. Is Comhalta é den Institiúid Chairte um Fhorbairt Pearsanra, tá Dioplóma sa Chóitseáil aige ó Choláiste Ollscoile, Baile Átha Cliath mar aon le BA sa Chaidreamh Tionsclaíoch ón gColáiste Náisiúnta, Éire.

Brian Walsh, Stiúrthóir, AirgeadasTháinig Brian Walsh go Vhi i mí na Samhna 2014 mar Stiúrthóir Airgeadais agus ceapadh ar an mBord é i mí an Mhárta 2015. Roimh theacht chuig Vhi, bhí sé ina Phríomhoifigeach Airgeadais Rannáin le DPI Specialty Foods Inc., Los Angeles, rannán de chuid na cuideachta bia agus comhábhar domhanda Ornua. Roimhe sin, bhí Brian i gceannas ar chiste cothromais príobháideach rathúil idirnáisiúnta, dírithe go príomha ar mhargaí Lár agus Oirthear na hEorpa. Bhí róil Bhoird agus róil airgeadais agus tráchtála shinsearacha aige i dtionscail idirnáisiúnta na seirbhísí airgeadais, na teileachumarsáide agus FMCG san Eoraip agus sna Stáit Aontaithe le mórchuideachtaí ar nós Citibank, Deutsche Telekom agus eircom. Is Comhalta é Brian de Chuntasóirí Cairte Éireann, tar éis dó cáiliú le PricewaterhouseCoopers, agus tá céimeanna agus iarchéimeanna aige ó Choláiste Ollscoile, Baile Átha Cliath.


Riachtanais cúRam sláinte áR gcustaiméiRí á gcomhlíonadh le 60 bliain


Tacaíocht do Chustaiméirí

3,590,000Trí ghlaonna teileafón, le ríomhphoist nó trí chomhráite gréasáin, rinne foirne Vhi 3.59 milliún idirghníomhaíocht le custaiméirí a láimhseáil in 2017.

Éilimh

1,040,000Rinne Vhi 1,040,000 éileamh a phróiseáil in 2017 lenar áiríodh 769,000 éileamh um othair chónaithe agus cúram lae chomh maith le 271,000 éileamh breise maidir le hothair sheachtracha agus cúram príomhúil.

MyVhi

319,000Cláraigh níos mó ná 319,000 custaiméir le tairseach custaiméirí MyVhi lena dtugtar rochtain 24/7 ar dhoiciméid pholasaí, ráitis éileamh agus seirbhísí do bhaill.


Tá áthas orm an tuarascáil bhliantúil agus cuntais na bliana dar críoch 31 Nollaig 2017 a chur i láthair, an bhliain chéanna is a cheiliúr Vhi 60 bliain sa ghnó. Le seasca bliain anuas, rinne Vhi riachtanais cúram sláinte na nglúine de dhaoine a shásamh, ag cabhrú leo rochtain a fháil ar an gcúram sláinte príobháideach den chaighdeáin agus den luach is fearr trínár réimse leathan de tháirgí, seirbhísí agus páirtithe cúram sláinte.

2017 a chur i láthair, an bhliain chéanna is a cheiliúr Vhi 60 bliain sa ghnó. Le seasca bliain anuas, rinne Vhi riachtanais cúram sláinte na nglúine de dhaoine a shásamh, ag cabhrú leo rochtain a fháil ar an gcúram sláinte príobháideach den chaighdeáin agus den luach is fearr trínár réimse leathan de tháirgí, seirbhísí agus páirtithe cúram sláinte.

Tá gnó láidir tógtha ag Vhi thar na blianta agus inniu, freastalaímid ar bhreis is 1.1 milliún custaiméir lenár dtáirgí árachais agus cúram sláinte.

Lenár dtáirgí árachais sláinte a fheabhsú agus le tacú leo, tá réimse seirbhísí nuálacha cúram sláinte forbartha ag Vhi freisin, lena n-áirítear Clinicí Vhi SwiftCare, Vhi Hospital@Home agus réimse seirbhísí scagthástála sláinte. Tá éileamh leanúnach ar na seirbhísí sin ónár gcustaiméirí agus fáiltítear rompu. Tá méadú ar líon na gcustaiméirí a roghnaíonn na táirgí árachais eile uainn ar nós polasaithe taistil, fiaclóireachta agus saoil, agus baineann siad leas as an luach agus an tseirbhís a mbíonn súil acu leis ó bhranda Vhi.

Is dár gcustaiméirí amháin atá Vhi ann. Bhí feidhmíocht sheasta airgeadais agus oibriúcháin arís againn in 2017, agus leanamar linn ag forbairt an ghnó láidir. Thuill Grúpa Vhi €75.3m brabús tar éis cánach in 2017 mar thoradh ar bhunfheidhmíocht sheasta ballraíochta agus fócas gan staonadh ar chostas agus ar bhainistíocht airgeadais. Chuir comhthionchar na mbeart sin ar chumas Vhi an luach a mhéadú a thuilleadh do chustaiméirí trí laghduithe praghais agus breisithe sochair a chur i bhfeidhm in 2017 agus go luath in 2018. Léiríonn an méid sin an mhian atá againn an nuálaíocht a thiomáint san áit mhargaidh trí na leasanna a sheachadtar a fheabhsú agus trí phraghsanna a choinneáil chomh híseal agus is féidir dár gcustaiméirí go léir.

Leanfaidh Vhi linn maidir lenár spriocanna straitéiseacha a sheachadadh in 2018, ag cur tairiscint éagsúil cúram sláinte ar fáil dár gcustaiméirí a shásaíonn na riachtanais atá acu maidir le rochtain áisiúil inacmhainne ar an gcúram sláinte den chaighdeán is airde atá oiriúnach dá gcéim sa saol agus dá riachtanais cúram sláinte.

Le 12 mhí anuas, leanamar linn ag seachadadh nuálaíochtaí agus sochair nua chorraitheacha. Ghlacamar seilbh aonair ar an tseirbhís cúraim phráinnigh Vhi SwiftCare a bhfuil an-tóir uirthi agus chuireamar an tseirbhís sin ar fáil dár gcustaiméirí amháin. Sheolamar an aip mhóibíleach Vhi Health Assistant freisin le go mbeadh cainéal nua ar fáil dár gcustaiméirí chun rochtain a fháil ar ár gcuid seirbhísí. Le tacú lenár straitéis chun seirbhísí breisithe a chur ar fáil thar limistéar níos leithne geografach, rinneamar ár seirbhís Vhi Hospital@Home a leathnú go Gaillimh i Meán Fómhair 2017, ag soláthar seirbhísí sin do chustaiméirí Vhi in Iarthar na hÉireann. Thugamar breisithe sochair éagsúla isteach ar ár dtáirgí freisin do chustaiméirí aonair agus corparáideacha, lena n-áirítear clúdach níos fearr i gclinicí Vhi SwiftCare agus seirbhísí nua folláine do chustaiméirí corparáideacha. Tá Vhi dírithe ar ár seirbhísí uathúla cúram sláinte a leathadh amach a thuilleadh le go mbeidh siad níos inrochtana ar fud na hÉireann.

Athbhreithniú an Chathaoirligh


Tá méadú tagtha ar líon na mball príobháideach árachais leighis gach bliain le trí bliana anuas toisc go bhfuil seachadadh rathúil déanta againn ar ár straitéis. Tagann an borradh sin agus dinimic dhúshlánach margaidh ag tarlú sa chúlra le haosú an phobail, le boilsciú leighis agus le margadh pobalrátaithe ina n-íoctar cúiteamh páirteach amháin le soláthraithe as custaiméirí atá níos sine agus níos tinne a chur faoi árachas.

Le linn 2017, rinne an Bord athbhreithniú agus athdhearbhú ar a thiomantas dár straitéis gnó cúig bliana. Creideann sé go gcabhróidh an treo straitéiseach a leagtar amach leis an eagraíocht freagairt níos fearr do riachtanais sláinte na gcustaiméirí atá ag athrú. Mar chuid den phróiseas sin, rinneamar athbhreithniú freisin ar an bhfís, misean agus luachanna atá againn le go bhféadfadh an eagraíocht ról níos réamhghníomhaí a ghlacadh i dtaca le réitigh inbhuanaithe nuálacha sláinte agus folláine a chruthú dár gcustaiméirí agus le go gcuirfí ar chumas na heagraíochta an fhís sin a sheachadadh ó thaobh cabhrú lenár gcustaiméirí le go mbeidh saol níos faide, níos láidre agus níos sláintiúla acu.

Leanaimid linn ag monatóiriú an timpeallacht oibriúcháin atá againn, anailís a dhéanamh ar threochtaí atá ag teacht chun cinn agus ag déanamh dul chun cinn maidir lenár straitéis a bhaint amach trí roinnt eochairthionscnaimh agus cláir a chur i bhfeidhm. Leagtar amach a thuilleadh acu sin san Athbhreithniú ar Oibríochtaí. Táimid an-dáiríre faoinár bhfreagrachtaí mar threoraí sa tionscal trí shamhlacha nua cúraim i seachadadh cúram sláinte a chur chun cinn chun éifeachtúlacht agus cleachtais nua a thiomáint thar an gcóras iomlán sláinte.

An Gá le Tacú leis an Margadh Pobalrátaithe

Tacaíonn Vhi le Beartas Rialtais maidir le pobalrátú. Ciallaíonn an pobalrátú go ngearrtar an praghas céanna ar gach duine as an táirge céanna árachais sláinte, is cuma cén aois nó sláinte atá acu. Tá sé riachtanach go mbeadh scéim comhionannaithe riosca ann le go n-oibreodh an pobalrátú go héifeachtach. Tacaítear le margaidh Árachais Sláinte Pobalrátaithe ar fud an domhain le córais láidre um chomhroinnt riosca. In Éirinn, déanann an tÚdarás Árachais Sláinte (ÚÁS) maoirsiú ar an scéim um chomhroinnt riosca agus leasaítear í ar bhonn rialta le hathraithe sa diminic margaidh a léiriú. Tá gá dó sin ós rud é go bhfuil Margadh an Árachais Sláinte ag athrú de shíor agus ba chóir don scéim na hathruithe déimeagrafacha agus riachtanais sláinte ar a bhfreastalaíonn sí a léiriú. Deartar an scéim le bheith neodrach ó thaobh costais de. Bailíonn an tÚÁS tobhach do gach árachaí, cuireann sé an t-airgead sin i lárchiste agus ansin athdháiltear an méid a bhailítear mar chreidmheasanna cánach do chustaiméirí atá níos sine agus níos tinne, is cuma cén cuideachta árachais lena bhfuil siad. Níl an tobhach boilscitheach – íoctar gach cent a bhailítear ar ais

chuig na custaiméirí agus déanann an tÚÁS é sin a bhainistiú. Beartaíonn an tÚÁS an bonn athdháilte. Deartar an scéim le rochtain ar árachas sláinte do chustaiméirí atá níos sine agus níos tine a éascú. Is é an custaiméir an t-aon tairbhí den “tobhach”; ní bhaineann an Rialtas ná na hárachóirí sláinte príobháideacha aon leas as an tobhach.

Is é sprioc an Pobalrátaithe agus an rialacháin tacaíochta rochtain ar chúram sláinte príobháideach ar chostas réasúnta a chinntiú do chách. Cosnaíonn sé níos mó airgid cúram sláinte a sheachadadh do chustaiméirí níos sine agus níos tinne. Go deimhin, féadann riachtanais cúram sláinte na gcustaiméirí níos sine a bheith a oiread is 16 uair níos costasaí ná riachtanais na ndaoine óga. Ar an gcuma chéanna, féadann costais na gcustaiméirí le tinnis ainsealacha a bheith a oiread is cúig uaire níos costasaí ná dá macasamhlacha sláintiúla d’aon aois. Faoin scéim comhionannaithe riosca reatha, athdháiltear 32% de phréimheanna margaidh anois chun tacú le baill níos sine agus níos tinne. Creidimid nach mór do Mhargadh Árachais Sláinte Príobháideach na hÉireann mar mhargadh deonach leibhéal níos airde comhionannú riosca a bheith acu. Tá margadh deonach PMI san Astráil, mar shampla, ina athdháiltear 45% de phréimheanna margaidh. Tá leibhéil níos airde aistrithe comhionannaithe riosca i margaí eile PMI fiú: athdháiltear 55% de phréimheanna san Ísiltír agus 89% de phréimheanna sa Ghearmáin. Le 32% in Éirinn, ní íoctar ach cúiteamh páirteach ar chostas an chúraim sláinte do chustaiméir níos sine agus níos tinne agus cuireann sin ualach míchothrom ar chustaiméirí níos sine agus níos tinne, is cuma cén soláthraí árachais atá acu. Mar sin, tá feabhsú agus forbairt leanúnach ag teastáil ar an scéim seo le go mbeidh sí níos cothroime agus níos éifeachtaí agus le go bhfreagróidh sí do dhaonra aosaithe na hÉireann agus do riachtanais na ndaoine atá ag fulaingt le galair ainsealacha.

Tá margadh árachais sláinte príobháideach na hÉireann an-iomaíoch. Tá an leibhéal reatha d’iomadú plean sa mhargadh ann mar gheall ar an scéim easnamhach comhionannaithe riosca, níor laghdaíodh na ndreasachtaí airgeadais a ndóthain maidir leis an iomaíocht a chúiteamh bunaithe ar roghnú riosca. D’ainneoin sin, tá dul chun cinn suntasach déanta ag Vhi i ndáil lena phunann pleananna a bhainistiú. Tá sraith nua táirgí agus sochair tugtha isteach againn agus tá 37 plean dúnta againn. Chuirfeadh feabhsaithe i gcomhionannú riosca dreasachtaí ar fáil d’árachóirí le go laghdófar líon na bpleananna atá acu a thuilleadh agus go gcruthófar margadh níos cothroime dár gcustaiméirí go léir.


Beartas Rialtais maidir le Cúram Sláinte

I mBealtaine na bliana 2017, d’fhoilsigh Coiste an Oireachtais maidir le Todhchaí an Chúraim Sláinte, Sláintecare straitéis 10 mbliana don chúram sláinte agus don bheartas sláinte in Éirinn. Is tuarascáil thraspháirtí é an foilseachán sin agus is é an chéad uair é go bhfuil comhdhearcadh sroichte ar shamhail nua cúram sláinte chun freastal ar mhuintir na hÉireann sna deich mbliana amach romhainn. An fhís chomhaontaithe atá ag an gCoiste ná go mbeidh córas uilíoch aonchéime sláinte agus sóisialta ann ina bhfuil rochtain chothrom ag gach duine ar sheirbhísí bunaithe ar an ngá agus ní ar an gcumas íoc as. Tacaíonn Vhi leis an bprionsabal sin agus ceapaimid go bhfuil sé ar mhaithe leis an leas náisiúnta agus go bhfuil sé de chumas aige éifeachtúlacht fheabhsaithe agus torthaí cúram sláinte níos fearr do mhuintir na hÉireann a sheachadadh, cé go n-aithnímid go mb’fhéidir go mbeidh tionchar aige ar an margadh PMI.

Bhí sé i gceist le Sláintecare go mbeadh gach duine i dteideal raon cuimsitheach seirbhísí cúraim phríomhúil, géarchúraim agus cúraim shóisialta agus go gcuirfí formhór mór an chúraim sin ar fáil in ionad príomhúil agus pobail. Cabhróidh an t-athrú sin ó chúram a chur ar fáil sna hospidéil go cúram a chur ar fáil in ionad príomhúil agus pobail ó thaobh dul i ngleic leis an dúshlán rochtana ar an gcóras ospidéil atá againn. Tá gá le bearta eile a leagtar amach ag Sláintecare, lena n-áirítear dearbhuithe maidir le tréimhsí feithimh do chúram ospidéil, acmhainn leathnaithe ospidéil agus díothú céimnithe de chúram príobháideach in ospidéil phoiblí. Beidh gach duine i dteideal rochtain a fháil ar chúram poiblí in ospidéil phoiblí - beidh na daoine sin le hárachas sláinte príobháideach fós in ann cúram a cheannach ó sholáthraithe príobháideacha cúram sláinte. Cuirimid fáilte roimh mholadh an Choiste anailís neamhspleách tionchair a dhéanamh ar dheighilt an chleachtais phríobháidigh ón gcóras poiblí le go sainaithneofar aon iarmhairtí diúltacha nó neamhbheartaithe ar an gcóras poiblí. Creidimid go mbeidh roinnt iarmhairtí neamhbheartaithe ann go deimhin, agus go mb’fhéidir nach mbainfear amach an tionchar a dteastaíonn ar rochtain agus ar laghduithe costais. Mhíníomar an imní sin mar chuid den chomhairliúchán poiblí atá ar siúl faoi láthair.

Is ionann an tuarascáil Sláintecare agus fís nua do thodhchaí an chúraim sláinte in Éirinn. Tacaíonn sí le samhail chomhtháite cúraim, rud a gcuireann Vhi fáilte roimpi agus a dtacaímid léi. Creidimid go bhfuil sé d’acmhainn ag samhail cúram sláinte dá leithéid éifeachtúlacht a sheachadadh agus torthaí othar a fheabhsú.

Riachtanais Cúram Sláinte Mhuintir na hÉireann a Mhaoiniú sa Todhchaí

Léirigh staidéar de chuid na hInstitiúide Taighde Eacnamaíochta agus Sóisialta (ITES) le déanaí go bhfuil an t-ionchas saoil in Éirinn beagnach dhá bhliain go leith níos airde ná mar a bhí sé in 2005 agus go bhfuil sé os cionn mheán an Aontais Eorpaigh anois. Tá an tuarascáil is déanaí ón ITES maidir le seirbhísí cúram sláinte ag tuar go mbeidh méadú suntasach ar an éileamh ar chúram sláinte go leanúnach go dtí 2030. Táthar ag tuar go dtiocfaidh fás tapa ar dhaonra na hÉireann, idir 14 agus 23 faoin gcéad sa tréimhse sin. Astu sin, táthar ag tuar go mbeidh méadú ar chéatadán an daonra atá níos sine ná 65 ó dhuine amháin i ngach ochtar go dtí duine amháin i ngach seisear. Meastar go mbeidh a dhá oiread de dhaoine níos sine ná 85 agus go mbeidh méadú ar an éileamh ar sheirbhísí ospidéil phoiblí, leapacha d’othair chónaitheacha agus ar chuairteanna ar an DG faoi 37%, 30% agus 27% faoi seach. Ciallaíonn sin go mbeidh gá le bealaí radacacha chun an t-éileamh a shásamh mar aon le hinfheistiú breise sa chuid is mó cineálacha cúram sláinte ionas go sásófar riachtanais an daonra atá ag fás agus ag aosú go tapa.

Táthar ag tuar go mbeidh ardú as cuimse ar an gcostas chun réitigh cúram sláinte d’ardchaighdeán a chur ar fáil, agus go mbeidh dúshlán mór inacmhainneachta roimh an margadh árachais sláinte phríobháidigh mura n-athraíonn an scéal. Ní bheidh ar acmhainn roinnt custaiméirí a bhfuil árachas sláinte príobháideach acu anois é a bheith acu a thuilleadh.

Tá machnamh déanta ag Vhi ar an dúshlán déimeagrafach, ar an timpeallacht rialála agus ar eochairthreochtaí an mhargaidh, agus tá an cinneadh straitéiseach tógtha againn ár suíomh a neartú inár gcroí-mhargadh árachais sláinte phríobháidigh in Éirinn.

Tá sé léirithe ag taighde1 go bhfuil fonn ann don athrú i measc ár mbonn custaiméirí, agus bhfuil córas cúram sláinte níos éifeachtúla agus níos éifeachtaí ag teastáil ó dhaoine. Tá Vhi tar éis breathnú ar mhargaí idirnáisiúnta agus ar ár gcuspóirí Beartas Náisiúnta féin le haghaidh dea-chleachtais, agus tá roinnt tréithe coitianta sainaitheanta againn a theastaíonn chun cúram den chaighdeán is airde a chur ar fáil dár gcustaiméirí sa suíomh is oiriúnaí agus is cost-éifeachtúla. Áirítear orthu sin comhtháthú na n-ospidéal agus na gclár pobalbhunaithe a oibríonn le chéile chun torthaí cúram sláinte a fheabhsú, naisc láidre idir cúram ospidéil agus cúram othair sheachtraigh, cúram tiomanta geiriatrach dóibh siúd atá lag nó aosta, agus slite eile chun an spleáchas ar leapacha ospidéil a laghdú. Ní oibreoidh réitigh dá leithéid ach amháin má chuirtear iad ar fáil laistigh de chreat inacmhainne.

1 Choimisiúnaigh Vhi gníomhaireacht taighde margaidh, Behaviour & Attitudes, chun taighde chineálach a dhéanamh le grúpaí ionadaíocha custaiméirí.

Athbhreithniú an Chathaoirligh (lean)


Ag Vhi, tuigimid go bhfuil riachtanais agus ionchais uathúla ag gach custaiméir atá againn. Táimid tiomanta do na riachtanais sin a shásamh trí leas a bhaint as saineolas idirnáisiúnta, trí shamhlacha giarála a bhfuil a fhios againn go n-oibreoidh siad agus trí phearsantú dár seirbhís a fheabhsú.

Leanfaimid linn ag infheistiú i seirbhísí digiteacha agus ag déanamh rochtain ár gcustaiméirí ar chúram níos éasca, is cuma más i gcúram príomhúil nó i suíomh ospidéil atá siad, mar othar lae nó mar othar seachtrach. Leanfaimid linn ag forbairt agus ag breisiú raon na seirbhísí a chuirimid ar fáil dár gcustaiméirí, ar aon dul lenár misean go mbeadh saol níos faide, níos láidre agus níos sláintiúil ag ár gcustaiméirí.

Bord agus Rialachas

Tá an Bord tiomanta do rialachas corparáideach den chaighdeán is airde. Tá bearta cuí curtha i bhfeidhm ag Vhi chun Riachtanais Rialachais Chorparáidigh Bhanc Ceannais na hÉireann do Ghnóthais Árachais 2015 agus chun an Cód Cleachtais um Rialachas Comhlachtaí Stáit 2016 a chomhlíonadh. Éascaítear bainistíocht éifeachtach, stuama agus eiticiúil ós rud é go gcloítear leis na cóid sin agus leis na luachanna a leag Vhi amach dó féin. Beidh rath fadtéarmach na cuideachta, atá i gcomhréir lenár bhfreagrachtaí reachtúla, mar thoradh air sin.

In 2017, chríochnaigh an Bord measúnú seachtrach an Bhoird maidir lena fheidhmíocht féin agus lena choistí d’fhonn ár gcóras éifeachtach rialachais chorparáidigh a mhonatóiriú agus ár bhforbairt agus fás breise a éascú. Tá mo bhuíochas tuillte ag mo chomhghleacaithe ar an mBord as a dtiomantas agus a dtacaíocht i rith na bliana.

Ba mhaith liom buíochas a ghabháil freisin le bainistíocht agus le foireann Vhi as a n-iarrachtaí ollmhóra ar fud na heagraíochta. Baineadh amach na torthaí dearfacha mar thoradh ar obair mhaith bhuíne san eagraíocht ar fad. Leis na sochair nua nuálacha cúram sláinte agus réitigh dár gcustaiméirí, infheistithe inár n-ardáin agus seirbhísí digiteacha, leasanna feabhsaithe cúraim phríomhúil, barrachais laghdaithe, cúram feabhsaithe ailse, cairdiach, máithreachais agus torthúlachta, agus le rochtain ar áiseanna cúraim phráinnigh, ciallaíonn sé go bhfuilimid ag cur na réitigh chearta ar fáil chun riachtanais cúram sláinte ár gcustaiméirí a shásamh anois agus sa todhchaí.

Thar aon ghrúpa eile, ba mhaith liom buíochas a ghabháil lenár gcustaiméirí, a bhfuil creideamh agus muinín acu ionann chun a riachtanais chúram sláinte a shásamh. Is é mo ghealltanas daoibhse go leanfaimid linn ag forbairt ar an méid a bhaineamar amach sna 60 bliain a chuaigh thart chun bhur riachtanais cúram sláinte féin agus riachtanais cúram sláinte bhur dteaghlaigh a shásamh sna blianta agus do na glúine

amach romhainn.

Liam Downey

An Cathaoirleach


TÁIRGÍ AGUS SEIRBHÍSÍ NUÁLACHA Á SOLÁTHAR DÁR GCUSTAIMÉIRÍ LE 60 BLIAIN


Scagthástáil Vhi

100,000Ó 2009 cuireadh níos mó ná 100,000 measúnacht scagthástála míochaine agus scrúdaithe sláinte i gcrích ag ionaid mhíochaine chreidiúnaithe Vhi atá suite i mBaile Átha Cliath agus i gCorcaigh. In 2017 cuireadh 7,600 scagthástáil sláinte i gcrích in ionaid mhíochaine Vhi agus cuireadh 10,000 scagthástáil sláinte breise i gcrích ar an láithreán do chustaiméirí corparáideacha.

Vhi SwiftCare

83,000Rinneadh 83,000 daoine a chóireáil i gClinicí Vhi SwiftCare i gCorcaigh agus i mBaile Átha Cliath in 2017. Sna clinicí cúraim phráinnigh speisialtóra siúil isteach do chustaiméirí Vhi dár gcuid déantar mionghortuithe agus miontinnis a chóireáil laistigh d’uair amháin agus bíonn siad oscailte 365 lá sa bhliain.

Vhi Hospital@Home

7,000In 2017, rinneadh níos mó ná 7,000 custaiméir Vhi a chóireáil lenár seirbhís um ospidéal sa bhaile faoi cheannas ag comhairligh lena ligtear d’othair leanúint le cóireálacha áirithe i gcompord a mbaile féin, agus 90,000 lá i leapacha ospidéil á sábháil agus €34m de choigilteas á sheachadadh.


Athbhreithniú ar Oibríochtaí

Tá áthas orm a rá gur bliain mhaith eile a bhí in 2017 do Ghrúpa Vhi. Tháinig fás ar líon na mball againn den tríú bliain as a chéile agus b’ionann na héilimh a d’íocamar agus €1.329bn. Tuairiscíodh glanbharrachas de €75.3m maidir lenár ngnó comhdhlúite agus cúlchistí caipitil de €610.9m. Leanann an gnó chun feidhmiú go maith agus tá sé caipitlithe go láidir.

as a chéile agus b’ionann na héilimh a d’íocamar agus €1.329bn. Tuairiscíodh glanbharrachas de €75.3m maidir lenár ngnó comhdhlúite agus cúlchistí caipitil de €610.9m. Leanann an gnó chun feidhmiú go maith agus tá sé caipitlithe go láidir.

Leanaimid chun nuáil a spreagadh sa tionscal chun leasa ár gcustaiméirí agus chun rochtain a sholáthar dóibh ar na cóireálacha, leigheasanna agus an teicneolaíocht is úrnua ar an mbealach is cost-éifeachtúla is féidir. Is é ár n-aidhm rochtain thráthúil a sholáthar dár gcustaiméirí ar an gcúram a theastaíonn uathu.

Cuireadh conradh athárachais ilbhliantúil Vhi i bhfeidhm mar chuid den chlár údaraithe agus chuaigh an conradh sin in éag ag deireadh 2017. D’aimsigh Vhi €90m breise freisin mar fhofhiachas mar chuid den chlár údaraithe sin. Le linn 2016 rinneadh €38.9m den iasacht seo a réamhíoc gan phionós agus mar thoradh ar fheidhmíocht leanúnach láidir an ghnó i rith 2017, rinneadh an t-iarmhéid de €51.1m a réamhíoc le linn 2017. Is é an iarmhairt a bhaineann leis sin ná go ndearnadh an t-ualach úis gaolmhar a bhaint ónár gcustaiméirí, ceann amháin de raon coigiltis a rabhamar in ann iad a thabhairt dóibh trí dhá laghdú leantacha ar phraghsanna dár gcuid.

Bhí fás leanúnach sna díolacháin in 2017 freisin. Don tríú bliain as a chéile. Méadaíodh ár mballraíocht PMI agus anois is ionann í agus 1.075 milliún, méadaithe ó 1.069 milliún agus tacaíodh leis an méadú sin ag roinnt fachtóirí lenar áiríodh raon d’fheabhsuithe sochar, infheistíochtaí i bpríomhchúram agus i gcúram um mionghortuithe chomh maith le hinfheistíocht leanúnach chun praghsanna níos réasúnta a thabhairt dár

gcustaiméirí. Is ionann na hathruithe ar tháirgí agus ar phraghsanna a tugadh isteach in 2017 agus arís go luath in 2018 agus leanúint de straitéis Vhi thar roinnt blianta anuas chun luach a fheabhsú tríd an gcúram míochaine agus folláine is fearr a sheachadadh ag na praghsanna is lú costas dár gcustaiméirí uile. Aithnímid go bhfuil inacmhainneacht fós ina saincheist thábhachtach dár gcustaiméirí agus tá Vhi ag iarraidh sin a bhainistiú trí bhrabúis a infheistiú ar ais i soláthar an chúraim sláinte is fearr dár gcustaiméirí uile, lena n-áirítear ár gcustaiméirí níos sine agus níos tinne, a bhfuil a lán acu ina gcustaiméirí linne le haghaidh go leor blianta anois.

D’fheidhmigh ár ngnó il-línte, lena n-áirítear árachas Fiaclóireachta, Taistil, Idirnáisiúnta agus Saoil, go maith freisin agus méadaíodh an bhallraíocht ann ar bhonn leanúnach maidir le gach táirge. Tá beagnach 400,000 duine faoi árachas againn anois ar fud na ngnóthaí sin agus roghnaigh a lán dár gcustaiméirí árachais sláinte Vhi chun freastal ar a gcuid riachtanas um árachas pearsanta eile.

Is ionann príomhghné d’fhís straitéiseach Vhi agus an tiomantas dá chuid tairiscint cúram sláinte uathúil a chur ar fáil dár gcustaiméirí lena gcomhlíontar a gcuid riachtanas maidir le rochtain áisiúil agus réasúnta ar chúram den cháilíocht is fearr.


Le linn 2017 ghlac Grúpa Vhi úinéireacht iomlán ar Chlinicí Vhi SwiftCare tar éis an imréitigh i mí na Bealtaine 2017 ag an gCoimisiún um Iomaíocht agus Cosaint Tomhaltóirí (CCPC) agus thosaigh sé ar chlár suntasach d’infheistíocht nua. Rinneamar rochtain a fheabhsú agus tréimhsí feithimh a laghdú dár gcustaiméirí trí na clinicí sin a chur ar fáil do chustaiméirí Vhi amháin le héifeacht ón 1 Meán Fómhair 2017. Leanfaidh muid leis na seirbhísí ar tairiscint a fhorbairt sa bhliain atá romhainn chun freastal ar riachtanais cúram sláinte ár gcustaiméirí atá ag méadú.

Rinneamar ár seirbhís Vhi Hospital@Home a leathnú go Gaillimh i Meán Fómhair 2017, agus seirbhísí um ospidéal sa bhaile á soláthar do chustaiméirí Vhi in Iarthar na hÉireann agus ag tacú lenár straitéis de sheirbhísí feabhsaithe a thairiscint ar fud lorg geografach níos mó.

Príomhthorthaí Airgeadais

Seo a leanas príomhthorthaí airgeadais do Ghrúpa Vhi in 2017:

• Léirigh torthaí i ndiaidh cánach go dtí an 31 Nollaig 2017 glanbharrachas €75.3m do ghníomhaíochtaí gnó comhdhlúite Vhi i gcomparáid le €56.4m in 2016.

• B’ionann an phréimh thuilte chomhlán do 2017 agus €1.480bn i gcomparáid le €1.430bn sa bhliain roimhe sin. Méadaíodh ballraíocht PMI go 1.075 milliún (2016: 1.069 milliún) agus b’ionann an t-ioncam ó tháirgí árachais nach árachas sláinte príobháideach iad agus €27.8m i gcaitheamh na bliana.

• Ag deireadh mhí na Nollag 2017 bhí cúlchistí caipitil €610.9m ag Vhi, agus is ionann sin agus méadú €52.7m nó 9.4% le hais na bliana roimhe sin.

• B’ionann na héilimh chomhlána iomlána a íocadh in 2017 agus €1.329bn, laghdú 1.7% i gcomparáid le €1.353bn a íocadh in 2016, mar gheall ar bhainistíocht fhócasaithe um chostais éileamh agus costais laghdaithe cúram sláinte sna hospidéil phoiblí, agus leanamar dár dtiomantas chun rochtain a sholáthar dár gcustaiméirí ar chúram ardchaighdeáin.

• B’ionann cóimheas speansas oibriúcháin le hioncam ó phréimheanna Vhi agus 7.9% in 2017 agus tá sé ar aon dul le 2016 tríd is tríd agus feabhsuithe suntasacha sa ghnó agus freagrachtaí rialála á dtabhairt san áireamh.

Riachtanais ár gCustaiméirí ó thaobh Cúram Sláinte de a Mhaoiniú

Le linn 2017 rinne Vhi beagnach 1,040,000 éileamh chun riachtanais ár gcustaiméirí ó thaobh cúram sláinte de a chomhlíonadh. As an líon sin, bhain 769,000 acu le cúram mar othar cónaitheach agus le cúram lae agus bhain 271,000 eile le cúram mar othar seachtrach agus le cúram príomhúil. Bhain 80% de na héilimh ospidéil le cásanna lae agus le suíomhanna taobhsheomra, ach níor bhain ach 30% de na costais éilimh leo. Chomh maith leis sin, bhain 20% d’éilimh le hothair a glacadh agus a coinníodh thar oíche nó níos faide, agus b’ionann iad sin agus 70% de chostais na n-éileamh ospidéil.

B’ionann na réimsí is suntasaí maidir le caiteachas ar éilimh le linn 2017 agus na réimsí a leanas:

• Ailse agus an cúram a bhaineann léi – €175.2m

• An croí agus an córas imshruthaithe – €148.5m

• Cúram Ortaipéideach, lena n-áirítear athchur cromán agus glún srl – €143.6m

• An córas díleá – €95.0m

• Tinnis riospráide – €60.4m

• Lárchóras na Néaróg – €73.1m

(Tá na figiúirí sin bunaithe ar éilimh a bhaineann le hothair a glacadh san ospidéal in 2017 agus a próiseáladh sa tréimhse suas go dtí 19 Eanáir 2018).

Nuálaíochtaí agus Dul Chun Cinn sa Mhíochaine

Leanann Vhi chun rochtain a sholáthar dár gcustaiméirí ar na leigheasanna agus teicneolaíochtaí is úrnua ar an mbealach is cost-éifeachtúla. Le linn na bliana cuireadh roinnt drugaí ardchostais nua agus táscaireachtaí nua san áireamh le Sceideal na Sochar d’Ospidéil Phríobháideacha agus cúram sláinte ardcháilíochta á sholáthar dár gcustaiméirí. Chomh maith leis sin, in 2017 soláthraíodh sochar maidir le cóireálacha agus modheolaíochtaí nua a faomhadh i dtaca le raon níos leithne de riochtaí amhail bainistíocht ar phian ailse, cairdiach agus ainsealach.

Bíonn Vhi ag déanamh monatóireacht leanúnach ar aistriú drugaí brandáilte go stádas cineálach d’fhonn tacú le cóireáil ardchaighdeáin atá éifeachtúil ó thaobh costais de a chur ar fáil dár gcustaiméirí. Baineann tábhacht ar leith leis sin de réir mar a éiríonn leigheasanna costasacha ina leigheasanna iarphaitinne agus mar a bhíonn ionadáin chineálacha ar fáil ar chostas níos ísle.


Is ionann galair ainsealacha amhail galar cardashoithíoch, diaibéiteas, ailse, riochtaí matánchnámharlaigh, oistéapóróis, neamhoird mheabhracha, plúchadh agus broincíteas ainsealach agus roinnt de na príomhdhúshláin sláinte san Eoraip den lá inniu. Tá galar ainsealach ina chúis le 86% de bhásanna agus le 77% d’ualach na ngalar. Leag Vhi sprioc uaillmhianach síos dó féin chun 10% de chóireálacha othar cónaitheach a bhaineann le galar ainsealach a bhogadh isteach sa phobal thar na 5 bliana le teacht. Creidimid go soláthrófar deiseanna suntasacha leis sin chun costais cúram sláinte a shrianadh sa todhchaí agus go ndéanfar eispéireas agus torthaí cúram sláinte an othair a fheabhsú mar thoradh air sin.

Tionscnaimh Cháilíochta agus Srianadh Costais

Is seirbhís arna treorú ag comhairligh í Vhi Hospital@Home lena ndéantar rogha mhalartach de chúram ar leibhéal an ospidéil a thairiscint do chustaiméirí Vhi i gcompord a mbaile féin agus is féidir scaoileadh luath amach ón ospidéal nó seachaint iontrála a éascú leis nuair is iomchuí maidir le cóireálacha faofa áirithe. In 2017 rinneadh timpeall ar 1,000 othar a chóireáil sa bhaile trí Vhi Hospital@Home agus níos mó ná 12,500 lá leapa á sábháil. Ó thosaigh an tseirbhís in 2010 rinneadh níos mó ná 7,000 daoine a chóireáil, agus níos mó ná 9,000 lá leapa san ospidéal á sábháil agus €34m mar choigilteas á chruthú.

Is é Vhi an t-aon árachóir sláinte príobháideach fós ag a bhfuil comhaontú um Meamram Tuisceana (MoU) le hospidéil phoiblí. Tríd an Meamram Tuisceana atá i bhfeidhm ó 2015 leantar le soiléire agus cinnteacht níos mó a sholáthar dúinn trí fhógairt luath na n-éileamh. Le linn 2017 bhí an Meamram Tuisceana le hOspidéil Phoiblí ina rannchuidiú le leibhéal feabhsaithe d’iniúchadh agus de mhaoirseacht maidir le héilimh a thagann chun cinn. Sa bhreis air sin, in 2017 rinneamar feachtas feasachta othar a thionscnamh d’fhonn a chinntiú go dtuigeann ár gcustaiméirí a gcuid teidlíochtaí nuair a théann siad isteach in ospidéal poiblí.

Choinnigh ár nAonad Speisialta Imscrúdaithe (SIU) agus an próiseas athbhreithnithe ar úsáid chun feidhmiú go maith, agus níos mó ná €26.6m aisghafa, méadú 17% i gcomparáid le 2016. Méadaíodh an fhoireann ildisciplíneach sin lena n-áirítear iniúchóirí calaoise, cuntasóirí fóiréinseacha agus foireann iniúchta eile ag a bhfuil seantaithí agus tá coigilteas ollmhór á sholáthar aici.

Tá an-mheas ag ár gcustaiméirí ar Snap & Send, an próiseas lena ligtear dár gcustaiméirí speansais mhíochaine laethúla a chur isteach go digiteach agus Aip Mhóibíleach Vhi nó láithreán gréasáin á úsáid. Déantar 54% de na héilimh iomlána maidir le hothair sheachtracha/cúram príomhúil a chur isteach ar an mbealach sin anois. Táimid ag súil go méadófar na figiúirí sin in 2018.

Réitigh Cúram Sláinte Ardchaighdeáin á Soláthar

Is tosaíocht absalóideach é do Vhi chun gníomhú mar thacadóir don chúram sláinte is fearr agus is féidir dár gcustaiméirí agus maidir leis sin rinneamar roinnt cláir a thionscnamh chun cur ar ár gcumas leanúint leis sin a dhéanamh.

In 2017 d’fhoilsigh Vhi don chéaduair torthaí an tSuirbhé um Eispéiris Othar dar gcuid ina léiríodh go bhfuil gá le feabhsú, cé go bhfuil Ospidéil in Éirinn ag feidhmiú go han-mhaith ar an iomlán. Is é aidhm an taighde táscairí soiléire, intomhaiste a sholáthar den chúram arna fháil ag othair in ospidéil agus chun áiteanna ina bhfuiltear in ann feabhsuithe a dhéanamh a thabhairt chun suntais. Is é ár n-aidhm na torthaí a úsáid chun soláthar cúraim níos fearr a spreagadh agus pléadáil a dhéanamh maidir le córas sláinte feabhsaithe lena dtáirgtear torthaí sláinte ardchaighdeáin dár gcustaiméirí. Trí eispéiris na n-othar a thomhas is féidir linn láidreachtaí agus laigí a shainaithint ar fud na n-ospidéal, feabhsuithe ar cháilíocht a spreagadh agus faisnéis luachmhar a sholáthar dár gcustaiméirí chun a gcuid roghanna cúraim a threorú.

Amach uaidh sin, tá tús curtha againn le clár gníomhaíochta maidir le Torthaí Cúram Sláinte Feabhsaithe a Mheas agus táimid ag bailiú agus ag anailísiú sonraí comhiomlána ó ospidéil phríobháideacha chun deiseanna i gcaighdeán an chúraim a chuirtear ar fáil do chustaiméirí Vhi a shainaithint agus a chur in iúl. Agus muid ag obair le hospidéil phríobháideacha, is é an aidhm atá againn ná clár daingean a thógáil lena bhféadann Vhi cinntí feabhsaithe eolacha a dhéanamh faoi riachtanais cúram sláinte ár gcustaiméirí amach anseo. Táimid i mbun bailiúchán na dtáscairí cáilíochta cliniciúla a leathadh amach in ospidéil phríobháideacha freisin. Leis na sonraí sin, tabharfar cumhacht don chustaiméir agus spreagfar gach soláthraí chun iarracht a dhéanamh caighdeán foriomlán an chúraim a chuirtear ar fáil a mhéadú agus a chaomhnú.

An Tosaíocht is Práinní atá againn ná ár gCustaiméir.

Ag Vhi, an sprioc a bhí againn i gcónaí agus atá againn fós ná taithí bhreisithe custaiméara a chur ar fáil dár gcustaiméirí. Lena chinntiú go bhfuil siad ag fáil cúram sláinte d’ardchaighdeán agus luach a gcuid airgid, leanaimid linn an nuálaíocht a thiomáint san áit mhargaidh, na sochair a chuirtear ar fáil a fheabhsú agus praghsanna a choimeád ar phraghas atá chomh réasúnta agus is féidir dár gcustaiméirí. In 2017, bhí áthas orainn in Vhi go rabhamar in ann tabhairt ar ais dár gcustaiméirí trí shraith de laghduithe praghais. Bhíomar in ann é sin a dhéanamh mar gheall ar fheidhmíocht láidir gnó le blianta beaga anuas, mar aon le feidhmíocht láidir airgeadais in 2017. Ag Vhi, cuirtear aon bhrabús a thuilltear ar ais sa ghnó ar mhaithe lenár gcustaiméirí.

Athbhreithniú ar Oibríochtaí (lean)


Tá Vhi tiomanta d’infheistiú i nuálaíocht dhigiteach. In 2017, leathadh an lorg digiteach atá againn le huirlisí agus le seirbhísí nua dár gcustaiméirí. Ónar seoladh é in 2016, tá fás faoi 18% tagtha ar idirghníomhaíochtaí comhrá ar líne bliain ar bhliain. Breisíodh an tseirbhís in 2017 nuair a tugadh isteach comhrá ar líne fíordheimhnithe ar Vhi.ie agus MyVhi araon. Dár gcustaiméirí móibíleach ar dtús, seoladh an aip Vhi Health Assistant i Lúnasa na bliana 2017. Cuireann an aip rochtain ar fáil do chustaiméirí Vhi ar thacaíochtaí leighis ar líne ar nós an Dochtúir Ginearálta ar líne, Cnáimhseach Aghaidh ar Aghaidh, NurseLine agus Aimsitheoir Cúram Sciobtha mar aon le rochtain ar eolas beartais agus éileamh “Snap & Send.” Tá an fhreagairt go dtí seo thar a bheith dearfach agus táthar ag súil le nuálaíochtaí breise aipe sa bhliain 2018.

Tá ár láithreacht ar na meáin shóisialta fós ag dul i méid: bhí an líon is mó leantóirí againn sa tionscal in 2017 le breis is 45,000 leantóir Facebook agus na mílte rannpháirtíocht gach seachtain. Tar éis cur chuige nuálach ábhair, chuamar i ngleic le topaicí atá ábhartha dár gcustaiméirí, dar linn, agus in 2017 thógamar Róbait Comhrá Teachtaire Facebook chun tacú lenár gcustaiméirí agus iad amuigh ag rith.

Beidh luathú breise i bhforbairt na seirbhísí nua iomasacha in 2018, á thacú ag nuálaíochtaí digiteacha thar gach cainéal. Leis sin, beimid ag déanamh beart de réir ár mbriathar do chustaiméirí sa mhéid is go mbímid ann nuair a bhímid uait.

Urraíocht agus Freagracht Shóisialta Chorparáideach (FSC)

Creidimid in Vhi go bhfuil ról mór le himirt againn sna hiarrachtaí le sochaí shláintiúil a chruthú trína bheith ag tacú lenár gcustaiméirí agus iad tinn agus trí chláir a chur i bhfeidhm a spreagann daoine agus a chuidíonn leo a bheith chomh sláintiúil agus is féidir.

Mar chuid den tiomantas sin, tá straitéis fhadtéarmach urraíochta forbartha againn a chuireann an reathaíocht rannpháirteach chun cinn, agus tá comhpháirtíocht déanta againn le dhá cheann de na himeachtaí reathaíochta is mó agus is uileghabhála sa tír - Mionmharatón na mBan Vhi agus parkrun Éireann.

Ba é 2017 an tríú bliain dúinn mar phríomhurraitheoir ar Mhionmharatón na mBan Vhi. Leis sin, bhí cur chuige nua cruthaitheach agus ambasadóir nua imeachta, Amanda Byram in éineacht le David Gillick. Thacaíomar leis an nós go bhfuil sé “níos fearr ag rith le chéile le Vhi Healthcare” agus sheolamar sraith fógraí nua digiteacha, clóite agus lasmuigh chun tacú leis an teachtaireacht sin.

Mar aon lenár ngníomhartha urraíochta, bhí Vhi ag iarraidh a thabhairt ar ais agus caidreamh leis na pobail áitiúla ina bhfeidhmímid a thógáil lenár bhfís branda san áireamh: ag cabhrú le daoine le go mbeidh saol níos faide, níos láidre agus níos sláintiúla acu. Chuige sin, d’fhorbraíomar clár píolóta FSC dar teideal ‘Rith mar Spraoi’ leis an Irish Youth Foundation. Dearadh an clár le go dtabharfar deis ag daoine óga a chónaíonn i limistéir faoi mhíbhuntáiste tairbhe a bhaint as an reathaíocht freisin.

Bhí baint ag peileadóir CLG Bhaile Átha Cliath Philly McMahon i bhforbairt an chláir le dul i dteagmháil le daoine óga i limistéir faoi mhíbhuntáiste a fhreastalaíonn ar Ghrúpaí Óige i gCorcaigh, i mBaile Átha Cliath agus i gCill Channaigh. An misean atá ag an gclár ‘Rith mar Spraoi’ ná daoine óga a chumasú agus a gcuid féinmhuiníne a fhorbairt trí chlár corpacmhainne agus cothaithe le háit lárnach ag an reathaíocht ann. Tháinig an clár chun buaice nuair a ghlac gach Grúpa Óige páirt ina bparkrun áitiúil 5km.

Gnó Éagsúlaithe agus Seirbhísí eile Cúram Sláinte Vhi

Ag Vhi, táimid tiomanta dár bpunann táirgí agus seirbhísí a nuáil agus a fhorbairt i gcónaí. Cuirimid réimse táirgí agus seirbhísí breise ar fáil dár gcustaiméirí faoi láthair, lena n-áirítear:

Vhi TaistilMar thoradh ar an bhfeidhmíocht eacnamaíoch leanúnach agus an méadú i líon na gcustaiméirí a thaistealaíonn thar lear, bhí bliain láidir fáis eile againn dár dtáirge MultiTrip. Leanamar linn ag tabhairt isteach sochair nua nuálacha don mhargadh, ar nós rochtain ar an tolglann moille eitilte. Ligeann sin do chustaiméirí rochtain a fháil ar bhreis is 850 tolglann chompordach aerfoirt i gcás go gcuirtear moill ar a n-eitilt ar feadh breis is 2 uair.

Vhi IdirnáisiúntaTáirgeann Vhi Idirnáisiúnta árachas easaoránaigh do dhaoine a bhogann thar lear ar feadh breis is sé mhí. Tá méadú feicthe i líon na mball a cheannaíonn an táirge. Tá roinnt sochair nua aige, ar nós rochtain ar sheirbhísí comhairleacha do chustaiméirí a bhogann thar lear agus tá Seirbhís Tuairime Eile Leighis curtha leis in 2017.

Vhi DentalLean Vhi Dental air ag clúdach na gnáthchóireála lena n-áirítear scrúduithe sláinte agus glantacháin mar aon le sochair iontacha le haghaidh cóireálacha costasacha ar nós líonta, corónacha agus cóireáil cuas fréimhe.


Vhi LifeIn Aibreán na bliana 2017, cheiliúr Vhi comóradh aon bhliana dár iontráil sa mhargadh árachais saoil in Éirinn. Chuaigh an bunsprioc a bhí againn, is é sin an táirge agus an próiseas a dhéanamh éasca agus simplí le húsáid dár gcustaiméirí, i bhfeidhm ar an margadh agus leanaimid linn á fhorbairt.

Clinicí Vhi SwiftCare Ba chuid thábhachtach den fheidhmíocht láidir ballraíochta custaiméara Vhi sa dara leath de 2017 é éadáil Vhi SwiftCare agus an malartú do sheirbhís do chustaiméirí Vhi amháin ar an 1 Meán Fómhair 2017. Le linn 2017, cuireadh cóireáil leighis ar bhreis is 83,000 duine i gClinicí Vhi SwiftCare do ghortaithe agus do thinnis a raibh cúram práinneach uathu.

Scagthástáil Leighis VhiIs iad Ionaid Leighis Vhi an t-aon áis thiomanta scagthástála in Éirinn. Tá creidiúnú an Chomh-Choimisiúin Idirnáisiúnta (JCI) aige, rud a chinntíonn go gcuirtear na caighdeáin chliniciúla is airde ar fáil le linn gach scagthástála. Chuir Vhi an 100,000ú scagthástáil uathu i gcrích le linn 2017. Le hionaid i mBaile Átha Cliath agus i gCorcaigh, chuir Vhi 7,600 scagthástáil leighis i gcrích in 2017. B’ionann sin agus méadú 56% ar 2016. Is iad Ionaid Leighis Vhi an t-aon áis thiomanta scagthástála in Éirinn. Tá creidiúnú an Chomh-Choimisiúin Idirnáisiúnta (JCI) aige, rud a chinntíonn go gcuirtear na caighdeáin chliniciúla is airde ar fáil le linn gach scagthástála.

Réitigh Chorparáideacha Vhi Cuireann Réitigh Chorparáideacha Vhi cláir sláinte saothair agus cúnaimh d’fhostaithe ar fáil do chliaint chorparáideacha. Faoin gclár cúnaimh d’fhostaithe (CCF), thacaíomar le 722 eagraíocht agus 287,000 úsáideoirí seirbhísí maidir lena riachtanais mhothúchánacha folláine a shásamh tríd an CCF. Bhí 16,203 glao ar an líne chabhrach freisin in 2017, méadú 12.6% i líon na nglaonna i gcomparáid le 2016. Bhí 5,489 atreorú comhairleoireachta aghaidh ar aghaidh mar thoradh air sin, méadú 22.6% i gcomparáid le 2016. Is í an imní an tsaincheist is coitianta a mheastar go cliniciúil fós.

Conclúid

Tá ríméad orm a rá gur thugamar faoin todhchaí le muinín in 2017, an 60ú bliain dúinn sa ghnó. Ba é an cultúr gnó a bhí againn i gcónaí ná tús áite a thabhairt dár gcustaiméirí, agus anuraidh d’athdhearbhaíomar é sin inár misean, fís agus luachanna nua don eagraíocht. Rinneamar athnuachan ar ár dtiomantas chun cabhrú lenár gcustaiméirí le go mbeidh saol níos faide, níos láidre agus níos sláintiúla acu.

In Vhi, leanaimid linn ag baint athrú amach, ag tiomáint na nuálaíochta agus ag tástáil bealaí nua feabhsaithe chun ár seirbhísí a sheachadadh dár gcustaiméirí. An tiomantas atá againn dár gcustaiméirí ná chun leanúint linn ag éascú rochtain ar chúram sláinte caighdeánach ar chostas réasúnta agus táimid ag tnúth go mór le leanúint ar an mbóthar sin sna

blianta amach romhainn.

John O’Dwyer

Príomhfheidhmeannach

Athbhreithniú ar Oibríochtaí (lean)


€1.48bn Préimh Thuillte Chomhlán

€1.329bn Éilimh Chomhlána Íoctha

€75.3m Barrachas Tar Éis Cánach

€611m Cúlchistí

Príomhthorthaí Airgeadais


SEIRBHÍSÍ CÚRAM SLÁINTE Á GCUR CHUN CINN DÁR GCUSTAIMÉIRÍ LE 60 BLIAIN


Vhi NurseLine 24/7

59,000Le Vhi NurseLine soláthraítear foireann altraí cáilithe a sholáthraíonn seirbhísí measúnaithe shaineolaíoch agus comhairle, 24 huaire in aghaidh an lae, 365 lá sa bhliain agus tugadh tacaíocht leis do níos mó ná 59,000 glao ó chustaiméirí Vhi in 2017.

Folláine ag an Obair

287,000Trí Réitigh Chorparáideacha Vhi soláthraíodh Cláir Chúnaimh d’Fhostaithe do 722 chuideachta agus tugadh tacaíocht do 287,000 daoine lenar áiríodh 16,200 glao ar an líne chabhrach.

Vhi Mobile Assistant App

45,000Rinne 45,000 custaiméir Aip Cúntóra Mhóibíligh Vhi a íoslódáil agus níos mó custaiméirí á gcur ar a gcumas tacaíocht cúram sláinte a rochtain agus iad ag gluaiseacht. Sa bhreis air sin lean daoine Vhi ar chainéil na meán sóisialta. Ar Facebook, tá leideanna sláinte laethúla á dtairiscint againn dár lucht leanúna uile agus ar LinkedIn soláthraímid inneachar saineolaíoch agus comhairle shaineolaíoch maidir le folláine san áit oibre.


Tuarascáil na Stiúrthóirí don bhliain airgeadais dar chríoch an 31 Nollaig 2017Cuireann na Stiúrthóirí an 61ú Tuarascáil Bhliantúil dá gcuid i láthair de réir alt 20 (1) den Acht Árachais Sláinte Shaorálaigh, 1957. Áirítear leis an tuarascáil seo Cuntais an Bhoird Árachais Sláinte Shaorálaigh (Bord Vhi) agus na nótaí gaolmhara atá mar chuid de na Cuntais, agus ullmhaíodh iad de réir na gcaighdeán cuntasaíochta a bhfuil glacadh coitianta leo in Éirinn agus de réir Rialacháin an Aontais Eorpaigh (Gnóthais Árachais: Ráitis Airgeadais) 2015.

Príomhghníomhaíochtaí

Bunaíodh Bord Vhi faoin Acht Árachais Sláinte Shaorálaigh, 1957 chun gníomhú mar Chomhlacht Reachtúil chun árachas sláinte príobháideach a scríobh in Éirinn. Achtaíodh an tAcht Árachais Sláinte Shaorálaigh (Leasú) 2008 chun atheagrú reachtúil Bhord Vhi a éascú chun iarratas péire d’fhochuideachtaí nua-chorpraithe Bhord Vhi ar údarú Bhanc Ceannais na hÉireann (“an Banc”) a éascú. Corpraíodh Vhi Insurance DAC mar an t-aonán árachais agus corpraíodh Vhi Healthcare DAC mar an t-idirghabhálaí miondíola (mar aon le cead a fháil ón mBanc “Aonáin Rialáilte” a thabhairt orthu féin). Corpraíodh roinnt fochuideachtaí eile i ngrúpa Vhi freisin. Cheap an tAire Sláinte an 31 Iúil 2015 mar dháta éifeachtach le haghaidh aistriú ghnó Bhord Vhi faoin Acht Árachais Sláinte Shaorálaigh (Leasú) 2008 agus dá réir sin aistríodh gnó frithgheallta árachais sláinte Bhord Vhi le hoibriú dlí chuig Vhi Insurance DAC ar an dáta sin. Aistríodh gnó coimhdeach Bhord Vhi chuig Vhi Healthcare DAC. Aistríodh gnóthaí árachais neamhshláinte Bhord Vhi go haonáin eile laistigh de ghrúpa Vhi trí bhíthin comhaontuithe gnó agus aistrithe sócmhainní.

Athbhreithniú agus Torthaí Gnó

I gcaitheamh 2015, chuir Vhi feabhas ar a bhonn caipitil trí fhofhiachas €90m a ardú. Rinne Vhi €38.9m den fhiachas seo a réamhíoc in 2016 agus rinne siad an t-iarmhéid a bhí fágtha, €51.1m, a réamhíoc in 2017 gan phionós. Is iad Vhi an t-aon úinéir amháin ar chlinicí SwiftCare Vhi ó 2017, rud a fhágann gur do chustaiméirí Vhi amháin atá na clinicí sin ar fáil ón 1 Meán Fómhair 2017.

Tá athbhreithniú cuimsitheach ar ghnó a rinneadh i rith na bliana i Ráiteas an Chathaoirligh agus in Athbhreithniú an Phríomhoifigigh Feidhmiúcháin (POF) ar Oibríochtaí.

Leagtar amach na torthaí comhdhlúite don bhliain dar chríoch an 31 Nollaig 2017 sa Chuntas Ioncaim agus Caiteachais ar leathanach 31. Is ionann barrachas comhdhlúite Bhord Vhi roimh cháin don bhliain agus €86.3m (2016: €64.9m).

Forbairtí Amach Anseo

Tá na Stiúrthóirí sásta leis an gcaoi a ndearnadh gnó i gcaitheamh na bliana agus measann siad go gcoinneofar an leibhéal gníomhaíochta atá ann faoi láthair go ceann i bhfad.

Ráiteas Comhlíonta na Stiúrthóirí

Admhaímidne, Stiúrthóirí Bhord Vhi, go bhfuilimid freagrach as comhlíonadh dlíthe agus rialachán infheidhme a bhaineann le hoibríochtaí gnó Bhord Vhi agus a fhochuideachtaí a chinntiú.

Is é cuspóir Vhi tabhairt faoi ghnó de réir fhuarlitir agus bhrí an dlí, na rialachán agus na gcód ábhartha rialála, comhlíonta agus riosca a bhaineann lenár ngníomhaíochtaí rialáilte chomh maith le beartais agus caighdeáin inmheánacha Vhi maidir le

comhlíonadh, agus gníomhú go hionraic, go macánta agus go cóir lenár gcustaiméirí agus le páirtithe leasmhara eile.

Leagtar amach inár mBeartas um Chomhlíonadh an raon, an fhealsúnacht agus an cur chuige i leith riosca a bhaineann le comhlíonadh rialála a bhainistiú laistigh de Vhi.

Táimid tiomanta do gach céim réasúnta a ghlacadh chun a chinntiú go gcomhlíonann Bord Vhi gach dlí agus rialachán ábhartha a bhaineann lenár n-oibríochtaí gnó. Ina thaobh seo, do na cuideachtaí a bhfuil feidhm acu seo ina leith, mar a éilítear le halt 225 d’Acht na gCuideachtaí, 2014, dearbhaíonn na Stiúrthóirí:

• gur cuireadh ráiteas ar bheartas maidir le comhlíonadh i dtoll a chéile ina leagtar amach beartais Vhi i leith a chuid “oibleagáidí sainithe” a chomhlíonadh;

• go bhfuil socruithe agus struchtúir i bhfeidhm atá saincheaptha lena chinntiú go bhfuil Vhi ag comhlíonadh a chuid “oibleagáidí ábhartha” go hábhartha; agus

• gur athbhreithníodh na socruithe agus struchtúir sin sa bhliain airgeadais dar chríoch an 31 Nollaig 2017.

Áirítear leis na socruithe rialachais atá glactha ag Vhi:

• struchtúr eagraíochtúil soiléir;

• línte freagracha dea-shainithe, comhsheasmhacha agus trédhearcacha;

• próisis éifeachtachta chun rioscaí a bhfuilimid fágtha gan chosaint orthu, nó a bhféadfaimis a bheith fágtha gan chosaint orthu, a mhonatóiriú agus a thuairisciú;

• meicníochtaí imleora rialaithe inmheánaigh lena n-áirítear nósanna imeachta fónta riaracháin agus cuntasaíochta;

• córais agus rialuithe TF; agus

• beartais agus cleachtais i dtaca le luach saothair atá comhsheasmhach le bainistíocht riosca fónta agus éifeachtach agus a chuireann chun cinn í.

Rialú Corparáideach

Tá an Grúpa tiomanta do na caighdeáin rialachais chorparáidigh is airde a choinneáil. Ceanglaítear ar an mBord cloí leis na ceanglais atá i an gCód Cleachtais chun Comhlachtaí Stáit a Rialú a ndearna an Roinn Caiteachais Phoiblí agus Athchóirithe athbhreithniú air i gcaitheamh 2016 (an ‘Cód Stáit’). Tá bearta curtha i bhfeidhm ag na Stiúrthóirí chun cloí leis an gCód Stáit. Mar chuid de sin tá sé curtha in iúl acu don Roinn Sláinte go bhfuil siad sásta roinnt nithe, a bhfuil sé riachtanach iad a nochtadh, a chur san áireamh i dTuarascáil Chuimsitheach an Chathaoirligh ar an mBord Árachais Sláinte Shaorálaigh, tuarascáil a eisítear chuig an Aire Sláinte gach bliain.

Ceanglaítear ar VHI Insurance DAC, fochuideachta sa ghrúpa, mar ghnóthas árachais neamhshaoil údaraithe, ceanglais Riachtanais Rialachais Chorparáidigh Bhanc Ceannais na hÉireann do Ghnóthais Árachais 2015 a chomhlíonadh. Dearbhaíonn na Stiúrthóirí go bhfuil ceanglais na gcód rialachais chorparáidigh a bhaineann le Vhi á gcomhlíonadh.


An Bord Stiúrthóirí:

Tugtar liosta de Stiúrthóirí an Bhoird amhail an 31 Nollaig 2017 ar leathanach 4 agus sa tábla thíos. Is dhá ról éagsúla iad ról an Chathaoirligh agus ról an Phríomhfheidhmeannaigh. Ceapann an tAire Sláinte na Stiúrthóirí ar fad. Bhí naoi gcruinniú ag an mBord i rith 2017 agus bíonn sceideal foirmiúil ceisteanna aige a chuirtear in áirithe go sonrach chun cinneadh a dhéanamh ina leith, lena n-áirítear an plean straitéiseach foriomlán, pleananna bliantúla oibriúcháin, an tuarascáil bhliantúil agus na ráitis airgeadais agus mórghníomhaíochtaí corparáideacha

a fhaomhadh. Seoltar páipéir an Bhoird chuig gach comhalta i ndóthain ama roimh chruinnithe. Bíonn oiliúint agus treoir chuí ar fáil do gach Stiúrthóir nuair a cheaptar chuig an mBord iad, agus cuirtear oiliúint bhreise ar fáil ina dhiaidh sin, de réir mar is gá. Féadfaidh na Stiúrthóirí comhairle neamhspleách ghairmiúil a fháil. Bíonn fáil ag gach Stiúrthóir ar chomhairle agus ar sheirbhísí an Rúnaí agus tá clúdach árachais dliteanais Stiúrthóra i bhfeidhm. Tá próiseas i bhfeidhm ag an mBord chun breithmheas a dhéanamh ar a chuid feidhmíochta.

Freastal ar chruinnithe Boird agus ar chruinnithe Coistí Boird a bhí ar siúl i rith na bliana airgeadais

An BordAn Coiste

IniúchóireachtaAn Coiste um Luach

Saothair

An Coiste um Bainistíocht Riosca &

Comhlíonadh

A B A B A B A B

Dr Ruth Barrington 9 9 5 5

Joyce Brennan 8 9 3 3 6 6

Seamus Creedon 7 9 6* 6

Liam Downey 9** 9 3 3

Celine Fitzgerald 8 9 3* 3

Finbarr Lennon 9 9 2 4

Declan Moran 9 9 5 6

John O’Dwyer 9 9 6 6

Paul O’Faherty 9 9 5 5 6 6

Greg Sparks 9 9 5* 5

Brian Walsh 9 9

*Cathaoirleach an Choiste **Cathaoir an Bhoird

Colún A: Líon na gcruinnithe sceidealta ar fhreastail sé/sí orthu le linn na bliana ina raibh an Stiúrthóir ina c(h)omhalta den Bhord agus ina c(h)omhalta den choiste Colún B: Líon na gcruinnithe sceidealta a tionóladh le linn na bliana ina raibh an Stiúrthóir ina c(h)omhalta den Bhord agus ina c(h)omhalta den choiste

An Coiste Iniúchóireachta

Tá coiste iniúchóireachta bunaithe ag na Stiúrthóirí chun cabhair a thabhairt ó thaobh a chuid freagrachtaí a chur i gcrích.

Tá ceathrar Stiúrthóirí neamh-Fheidhmiúcháin ar an gCoiste Iniúchóireachta. Tagann sé le chéile ceithre huaire sa bhliain ar a laghad agus déanann sé athbhreithniú ar na cuntais bhliantúla, ar chomhdú rialála áirithe, ar cheisteanna a bhaineann le rialú inmheánach agus ar éifeachtacht na hiniúchóireachta inmheánaí agus seachtraí. Ina theannta sin, cuireann an Coiste Iniúchta moltaí faoi bhráid an Bhoird maidir le hiniúchóirí seachtracha a cheapadh agus déanann sé measúnú ar a n-oibiachtúlacht agus ar a neamhspleáchas. Déantar athbhreithniú freisin ar an bplean maidir leis an iniúchadh seachtrach agus ar thorthaí an iniúchta ar na ráitis airgeadais. Leagtar amach príomhróil agus príomhfhreagrachtaí an Choiste Iniúchóireachta i dtéarmaí tagartha i scríbhinn.

Tá próiseas i bhfeidhm ag an gCoiste Iniúchóireachta chun a chinntiú nach mbíonn neamhspleáchas an iniúchta i gcontúirt, lena n-áirítear monatóireacht a dhéanamh ar chineál agus ar mhéid na seirbhísí a sholáthraíonn na hiniúchóirí seachtracha trína athbhreithniú bliantúil ar tháillí a íoctar leis na hiniúchóirí seachtracha as seirbhísí iniúchóireachta agus as seirbhísí nach mbaineann le hiniúchóireacht.

An Coiste um Luach SaothairTá Coiste um Luach Saothair a cheapann an Bord i bhfeidhm freisin, ar a bhfuil an Cathaoirleach agus beirt Stiúrthóirí neamh-Fheidhmiúcháin. Bíonn an Coiste seo freagrach as iarrthóirí a mholadh le haghaidh ceapacháin ardbhainistíochta, agus as beartais maidir le luach saothair.

An Coiste um Bainistíocht Riosca agus ComhlíonadhTá Stiúrthóirí neamh-Fheidhmiúcháin agus Feidhmiúcháin araon ar an gCoiste um Bainistíocht Riosca agus Comhlíonadh, agus is é a phríomhchuspóir maoirseacht, athbhreithniú agus monatóireacht a dhéanamh ar fheidhmiú na gcóras comhlíonta agus bainistíochta riosca. Leagtar amach príomhróil agus freagrachtaí an Choiste um Bainistíocht Riosca agus Comhlíonadh i dtéarmaí tagartha i scríbhinn.

Rialú inmheánachTá éifeacht tugtha ag an mBord do na moltaí a dhéantar i Rialú Inmheánach: Treoir do Stiúrthóirí i leith na gCeanglas Rialachais Chorparáidigh do Ghnóthais Árachais, arna n-eisiúint ag Banc Ceannais na hÉireann, mar aon leis an gCód Cleachtais chun Comhlachtaí Stáit a Rialú. Tá na Stiúrthóirí freagrach as córas rialaithe inmheánaigh an Bhoird agus as a éifeachtúlacht a athbhreithniú, agus comhlíonann siad an fhreagracht sin trí chruinnithe rialta an Choiste Iniúchta. Tá an fhreagracht as cur i bhfeidhm an chórais sin tarmligthe acu don Bhainistíocht Feidhmiúcháin ó lá go lá.


Soláthraíonn an córas rialaithe inmheánaigh ráthaíocht réasúnta, seachas ráthaíocht iomlán, go bhfuil na sócmhainní á gcosaint ó úsáid nó ó dhiúscairt neamhúdaraithe agus go bhfuil taifid chuntasaíochta chuí á gcoimeád agus gurb iontaofa í an fhaisnéis arna soláthar leo, le haghaidh úsáid inmheánach agus foilsiú araon. Tá an Bord sásta go bhfuil córas iontaofa um rialú inmheánach i bhfeidhm.

Is iad príomhghnéithe an chórais:

• ullmhaíonn an fheidhm Iniúchta Inmheánaigh plean Iniúchta Inmheánaigh agus faomhann an Coiste Iniúchta é. Tuairiscíonn Iniúchóireacht Inmheánach don Choiste Iniúchóireachta ar bhonn leanúnach;

• beartais, nósanna imeachta agus struchtúir fhoirmiúla eagraíochtúla lena dtacaítear le timpeallacht rialaithe láidir;

• cuirtear sraith chuimsitheach faisnéise bainistíochta agus táscairí feidhmíochta i dtoll a chéile gach mí. Dá bharr sin bítear in ann monatóireacht a dhéanamh ar an dul chun cinn le hais cuspóirí níos fadtéarmaí agus ar bhuiséid bhliantúla, treochtaí a mheas agus gníomhú i ndáil le hathraithis. Ullmhaítear buiséid mhionsonraithe go bliantúil i gcomhthéacs pleananna straitéiseacha níos fadtéarmaí agus déantar iad a nuashonrú go rialta;

• áirítear leis an straitéis gnó, leis an bpleanáil agus leis an bpróiseas buiséadta anailís ar na mór-rioscaí gnó a mbíonn tionchar acu ar an eagraíocht. Próiseas leanúnach is ea measúnú riosca ar a leagann an Bord béim shuntasach;

• déantar nósanna imeachta cuntasaíochta a dhoiciméadú, timthriallta idirbheart a shainiú, cláir ama chuntasaíochta a mhionsonrú, comhéadain uathoibríocha a rialú, próisis athbhreithnithe agus réitigh a chur i bhfeidhm, dualgais a scaradh agus teorainneacha údaraithe a sheiceáil; agus

• leithdháileadh freagracht i ndáil le gach mórfheidhm ghnó do chomhaltaí foirne a bhfuil taithí agus cáilíochtaí acu.

Luach Saothair na Stiúrthóirí

Is é an luach saothair bliantúil atá leagtha síos ag an Rialtas don Chathaoirleach agus do gach Stiúrthóir Neamhfheidhmiúcháin ná €31,500 agus €15,750, faoi seach, le héifeacht ón 1 Eanáir 2015.

Gnóthas Leantach

Ullmhaíodh cuntais Bhord Vhi ar bhonn gnóthas leantach agus shásaigh na Stiúrthóirí dóibh féin go mbeidh dóthain acmhainní ag an mBord chun leanúint ar aghaidh ag oibriú agus chun freastal ar riachtanais sócmhainneachta don todhchaí intuartha. Agus iad ag teacht ar an tuairim sin, measann na Stiúrthóirí gur cuí é sin a dhéanamh ar an mbonn go n-ullmhaítear réamhaisnéisí do bhlianta todhchaí a thugann athruithe réasúnta intuartha ar fheidhmíocht trádála san áireamh. Measúnuithe ar thástálacha struis, struchtúir láidre rialachais a bheith i bhfeidhm, torthaí oibriúcháin sásúla agus seasamh caipitil sásúil i gcaitheamh 2017, chuir siad sin a thuilleadh le seasamh láidir sócmhainneachta a bheith á mheas.

Príomhrioscaí agus Príomh-éiginnteachtaí

Cinneadh príomhrioscaí agus príomh-éiginnteachtaí Bhord Vhi trí rioscaí féideartha do chaipiteal, do luach, d’inbhuanaitheacht agus do chlú a mheas de réir dearcadh straitéiseach agus oibriúcháin agus taifeadtar leibhéil lamháltais riosca Vhi sa Ráiteas ar Ghoile Riosca a d’fhaomh an Bord Stiúrthóirí.

Déanann an Bhainistíocht Feidhmiúcháin monatóireacht agus bainistíocht ar phríomhrioscaí Vhi agus tuairiscíonn siad orthu don Bhord Stiúrthóirí go rialta. Tugtar achoimre orthu thíos.

a. Rioscaí ó chomhionannú riosca neamhleor

Is próiseas é comhionannú riosca a bhfuil d’aidhm aige costais éileamh na sealbhóirí polasaí níos sine agus níos míshláintiúla, a mbaineann riosca níos airde leo, a leathadh i measc na rannpháirtithe go léir i margadh an árachais sláinte phríobháidigh. Sa chás nach bhfuil an córas comhionannaithe riosca go hiomlán éifeachtach tá bagairt ann do mhargadh pobalrátaithe ina mbíonn difríochtaí suntasacha i bpróifílí riosca idir árachóirí iomaíocha. Is meicníocht choitianta é comhionannú riosca i dtíortha ina bhfuil córais árachas sláinte phobalrátaithe. Níl an Scéim Comhionannaithe Riosca in Éirinn, dar le Vhi, ach páirtéifeachtach fós agus is bagairt é d’inbhuanaitheacht an mhargaidh phobalrátaithe. Ina theannta sin, cruthaíonn sé míbhuntáiste iomaíoch d’árachóirí a chlúdaíonn sciar díréireach de shealbhóirí polasaí níos sine agus níos míshláintiúla a mbaineann riosca níos airde leo, agus tá riosca ann dá réir do chaipiteal, do luach agus d’inbhuanaitheacht.

b. Rioscaí ó bhoilsciú leighis agus ón daonra a bheith ag dul in aois

Bíonn boilsciú leighis ann nuair a fhorbraítear teicneolaíochtaí, drugaí agus cóir leighis nua agus nuair a thagann méadú ar an gcostas a bhaineann le saothar agus le hionchuir eile. De bharr boilsciú leighis agus an daonra a bheith ag dul in aois, tagann méadú ar an éileamh ar chóir leighis agus ar an gcostas a bhaineann léi. Tuarann Vhi go bhfásfaidh boilsciú leighis níos gasta ná an gnáthbhoilsciú agus cruthaíonn sé sin riosca d’inacmhainneacht árachais sláinte phríobháidigh agus d’fhás an mhargaidh árachais sláinte phríobháidigh shaorálaigh.

c. Rioscaí ó athruithe reachtaíochta agus rialála

Tá soláthraithe árachais leighis phríobháidigh agus seirbhísí cúraim sláinte gaolmhara in Éirinn faoi réir reachtaíocht agus rialáil an Aontais Eorpaigh agus na hÉireann. Tá rioscaí ann go bhféadfadh athruithe reachtaíochta nó rialála a imríonn tionchar ar fheidhmiú na margaí árachais leighis phríobháidigh agus seirbhísí cúraim sláinte an costas ar shealbhóirí polasaí árachais leighis phríobháidigh a mhéadú nó costais bhreise ábhartha a chur ar sholáthraithe árachais nó seirbhísí cúraim sláinte, lena n-áirítear táillí ospidéal poiblí dóibh siúd a bhfuil árachas leighis príobháideach acu, ach gan a bheith teoranta dóibh sin.

Tuarascáil na Stiúrthóirí don bhliain airgeadais dar chríoch an 31 Nollaig 2017 (lean)


d. Riosca infheistíochta

Tá Vhi neamhchosanta ar raon rioscaí maidir lena phunann infheistíochta. Pléitear neamhchosaint an Ghrúpa ar riosca um shreabhadh airgid taobh istigh de na rioscaí thíos. Áirítear orthu sin:

• riosca margaidh nuair nach bhfuil na laghduithe ar luachanna infheistíochta ar aon dul le hathruithe ar luach ár ndliteanas agus nuair a imríonn riosca geopholaitiúil agus maicreacnamaíoch tionchar orthu;

• riosca creidmheasa nuair a theipeann ar ár gcontrapháirtithe a n-oibleagáidí uile nó cuid díobh a chomhlíonadh; agus

• riosca leachtachta nuair nach dtagann uainiú na híocaíochta dliteanais agus infhaighteacht acmhainní airgid le chéile

Infheistíonn Vhi go príomha in urrúis dhaingne d’ardchaighdeán a dtagann a dtéarma le nádúr gearrthéarmach ár ndliteanas de réir beartais infheistíochta stuama a chuireann an lucht bainistíochta i bhfeidhm agus a ndéanann siad monatóireacht orthu agus a dtuairiscítear orthu go minic don Bhord.

e. Riosca árachais

Tá Vhi neamhchosanta ar an riosca nach mbeadh praghas na bpréimheanna nó a chúlchistí éileamh ag teacht lena Ráiteas ar Inghlacthacht Riosca de bharr luaineacht, dhéine, mhinicíocht agus uainiú na n-éileamh. Bhí ar Vhi dul i ngleic le níos mó luaineachta i leith éileamh le blianta beaga anuas, go háirithe i gcaitheamh 2017 i leith éilimh a bhain le hospidéil phoiblí. Cuireann Vhi réimse maolaitheoirí agus rialuithe i bhfeidhm, agus déanann sé monatóireacht orthu, chun éiginnteacht a laghdú agus tionchar an riosca seo ar phraghsáil, ar chúlchistiú agus ar chaipiteal a laghdú. Áirítear orthu sin dlúthchumarsáid lenár soláthraithe leighis, anailís achtúireach agus cur i bhfeidhm an Mheabhráin Tuisceana, comhaontú le hospidéil phoiblí a bhfuil sé mar aidhm leis éilimh a shainaithint go luath.

f. Rioscaí eile

Tá Vhi faoi réir raon rioscaí eile freisin, lena n-áirítear riosca oibriúcháin (an riosca go dtarlódh teip dhaonna, córas nó próisis), riosca straitéiseach (an riosca go nglacfadh an Bord leis an straitéis mhícheart nó nach n-éireodh lena cur i bhfeidhm), cibear-riosca (an riosca go gcaillfí airgead, go gcuirfí isteach air nó go ndéanfaí damáiste do chlú Vhi de bharr teip éigin ar a chórais teicneolaíochta faisnéise) agus riosca árachais (an riosca nach mbeadh praghsáil préimheanna nó cúlchistí éileamh imleor de bharr luaineacht, dhéine, mhinicíocht agus uainiú na n-éileamh). Tá catagóirí tábhachtacha riosca ann freisin a ndéantar monatóireacht ghníomhach agus bainistiú orthu chun a chinntiú go bhfeidhmíonn an gnó laistigh den Ghoile Riosca a leag an Bord amach.

Íoc Pras Cuntas

Aithníonn an Bord an fhreagracht atá air as a chinntiú go gcomhlíontar forálacha an Achta um Íoc Pras Cuntas, 1997 (arna leasú le Rialacháin na gComhphobal Eorpach [íocaíocht dhéanach in idirbhearta tráchtála], 2012). Tá nósanna imeachta i bhfeidhm chun na dátaí ar a mbíonn sonraisc dlite le híoc a aithint agus chun íocaíochtaí a dhéanamh ar na dátaí sin, agus dá réir sin, tá an Bord sásta gur chomhlíon Bord Vhi riachtanais na Rialachán.

Foghnóthais

Tugtar liosta d’fhochuideachtaí agus de ghnóthais eile an Bhoird amhail an 31 Nollaig 2017 i nóta 32.

Iartheagmhais

Tugtar mionsonraí faoi na hiartheagmhais i ndiaidh an 31 Nollaig 2017 i nóta 34.

Taifid Chuntasaíochta Imleora

Ghlac na Stiúrthóirí le bearta oiriúnacha chun comhlíonadh cheanglais ailt 281 go 285 d’Acht na gCuideachtaí, 2014 a chinntiú agus aird ar thaifid chuntasaíochta a choimeád. Is iad na bearta sonracha ar glacadh leo foireann chuntasaíochta atá cáilithe go cuí a fhostú agus córais oiriúnacha chuntasaíochta a choimeád. Tá na leabhair chuntas i dTeach Vhi, 20 Sráid na Mainistreach Íochtarach, Baile Átha Cliath 1.

Iniúchóirí Neamhspleácha

Athcheapadh Deloitte, Cuntasóirí Cairte agus Gnólacht Iniúchóireachta Reachtúla, mar iniúchóirí ar an 8 Meán Fómhair 2016. Tá sé curtha in iúl ag Deloitte go bhfuil siad toilteanach leanúint ar aghaidh in oifig de réir alt 383(2) d’Acht na gCuideachtaí, 2014.

Ráiteas ar Fhaisnéis a Nochtadh le Hiniúchóirí

A mhéad is atá a fhios ag gach duine de na Stiúrthóirí in oifig ar dháta fhaomhadh na ráiteas airgeadais seo:

• níl aon fhaisnéis a bhaineann leis an iniúchadh nár nochtadh do na hiniúchóirí; agus

• ghlac siad leis na céimeanna uile chun iad féin a chur ar an eolas faoi aon fhaisnéis ábhartha a bhaineann leis an iniúchadh agus chun a bhunú go bhfuil iniúchóirí Bhord Vhi ar an eolas faoin bhfaisnéis sin.

Thar ceann an Bhoird

Liam Downey Greg Sparks Cathaoirleach Stiúrthóir 29 Márta 2018 29 Márta 2018


Ráiteas ar Fhreagrachtaí na Stiúrthóirí Tá na Stiúrthóirí freagrach as tuarascáil na Stiúrthóirí agus as na ráitis airgeadais a ullmhú de réir Acht na gCuideachtaí, 2014 agus na rialachán is infheidhme.

Ceanglaíonn dlí cuideachtaí na hÉireann ar na Stiúrthóirí ráitis airgeadais a ullmhú do gach bliain airgeadais. Faoin dlí, chinn na Stiúrthóirí na ráitis airgeadais a ullmhú de réir FRS 102 agus FRS 103, na Caighdeánna Tuairiscithe Airgeadais is infheidhme sa Ríocht Aontaithe agus i bPoblacht na hÉireann (“creat tuairiscithe airgeadais ábhartha”). Faoi dhlí na gcuideachtaí, ní féidir leis na Stiúrthóirí na ráitis airgeadais a fhaomhadh ach amháin má tá siad sásta go dtugann siad léargas fírinneach cóir ar shócmhainní, ar dhliteanais agus ar staid airgeadais an Bhoird ag dáta deiridh na bliana airgeadais agus ar bharrachas nó ar easnamh an Bhoird don bhliain airgeadais agus go gcomhlíonann siad ar gach slí eile Acht na gCuideachtaí, 2014.

Agus na Ráitis Airgeadais seo á n-ullmhú acu, ceanglaítear ar na Stiúrthóirí:

• beartais oiriúnacha chuntasaíochta do ráitis airgeadais an ghrúpa a roghnú agus ansin iad a chur i bhfeidhm go leanúnach;

• breithiúnais agus meastacháin a dhéanamh atá réasúnach agus ciallmhar;

• a chur in iúl cé acu a ullmhaíodh nó nár ullmhaíodh na ráitis airgeadais de réir na gcaighdeán cuntasaíochta is infheidhme, na caighdeáin sin a shainaithint, agus nóta a scríobh faoin éifeacht agus faoi na cúiseanna atá le haon imeacht ábhartha ó na caighdeáin sin; agus

• na ráitis airgeadais a ullmhú ar bhonn gnóthas leantach, ach amháin mura cuí a thoimhdiú go leanfaidh an Bord de bheith i mbun gnó.

Tá na Stiúrthóirí freagrach as a chinntiú go gcoimeádann an Bord, nó go socraíonn sé go gcoimeádtar, taifid imleora chuntasaíochta a mhíníonn agus a thaifeadann i gceart idirbhearta an Bhoird, a chuireann ar a chumas gur féidir ag am ar bith sócmhainní, dliteanais, staid airgeadais agus barrachas nó easnamh an Bhoird a chinneadh le cruinneas réasúnta, a chuireann ar a chumas a chinntiú go gcomhlíonann na ráitis airgeadais agus tuarascáil na Stiúrthóirí Acht na gCuideachtaí, 2014 agus a chuireann ar a chumas na ráitis airgeadais a iniúchadh. Tá siad freagrach freisin as sócmhainní an Bhoird a chosaint agus dá réir as céimeanna réasúnta a thógáil chun calaois agus mírialtachtaí eile a chosc agus a aimsiú. Tá na Stiúrthóirí freagrach as cothabháil agus as iontaofacht na faisnéise corparáidí agus airgeadais a bhíonn ar shuíomh gréasáin Vhi.


Tuarascáil an Iniúchóra Neamhspleách do Chomhaltaí an Bhoird Árachais Sláinte ShaorálaighTuarascáil ar an iniúchadh ar na ráitis airgeadais

Tuairim ar ráitis airgeadais an Bhoird Árachais Sláinte Shaorálaigh (an ‘Bord’)

Inár dtuairim, maidir le ráitis airgeadais an ghrúpa agus na máthairchuideachta:

• tugann siad léargas fírinneach cóir ar shócmhainní, ar dhliteanais agus ar staid airgeadais an ghrúpa agus na máthairchuideachta amhail dáta chríoch na bliana airgeadais agus ar bhrabús an ghrúpa don bhliain airgeadais dar chríoch an tráth sin; agus

• ullmhaíodh iad de réir an chreata tuairiscithe airgeadais ábhartha agus, go háirithe, de réir cheanglais dhlí na hÉireann.

Sna ráitis airgeadais atá iniúchta againn tá:

ráitis airgeadais an ghrúpa:

• an Cuntas Comhdhlúite Ioncaim agus Caiteachais;

• an Clár Comhardaithe Comhdhlúite;

• an Ráiteas Comhdhlúite ar Athruithe ar Chothromas;

• an Ráiteas Comhdhlúite ar Shreabhadh Airgid;

• an Ráiteas Comhdhlúite ar Ioncam Cuimsitheach; agus

• na nótaí gaolmhara 1 go 36, lena n-áirítear achoimre ar bheartais shuntasacha chuntasaíochta mar a leagtar amach i nóta 1.

ráitis airgeadais na máthairchuideachta:

• an Ráiteas ar Ioncam Cuimsitheach;

• an Clár Comhardaithe;

• an Ráiteas ar Athruithe ar Chothromas;

• na nótaí gaolmhara 1 go 36, lena n-áirítear achoimre ar bheartais shuntasacha chuntasaíochta mar a leagtar amach i nóta 1.

Ba é an creat tuairiscithe airgeadais ábhartha a cuireadh i bhfeidhm agus iad á n-ullmhú ná Dlí na hÉireann agus FRS 102, “an Caighdeán Tuairiscithe Airgeadais is infheidhme sa Ríocht Aontaithe agus i bPoblacht na hÉireann” agus FRS 103, Conarthaí Árachais (“an creat tuairiscithe airgeadais ábhartha”).

Bunús na tuairime

Rinneamar an t-iniúchadh de réir na gCaighdeán Idirnáisiúnta Iniúchóireachta (Éire) agus de réir dlí infheidhme. Déantar cur síos thíos ar na freagrachtaí atá orainn faoi na caighdeáin sin sa chuid “Freagrachtaí an iniúchóra as an iniúchadh ar na ráitis airgeadais) den tuarascáil.

Táimid neamhspleách ar an ngrúpa agus ar an máthairchuideachta de réir na riachtanas eiticiúil a bhaineann lenár n-iniúchadh ar na ráitis airgeadais in Éirinn, an Caighdeán Eiticiúil a d’eisigh Údarás Maoirseachta Iniúchóireachta agus Cuntasaíochta na hÉireann san áireamh, mar a chuirtear i bhfeidhm iad i gcás aonáin a bhfuil leas ag an bpobal iontu, agus chomhlíonamar na freagrachtaí eiticiúla eile atá orainn de réir na riachtanas seo. Creidimid gur leor agus gur cuí an fhianaise iniúchóireachta a fuaireamar chun bunús a chur faoinár dtuairim.

Conclúidí i ndáil le gnóthas leantach

Níl aon rud le tuairisciú againn i leith na nithe seo a leanas a n-éilíonn Caighdeáin Idirnáisiúnta Iniúchóireachta orainn tuairisciú duit ina dtaobh sa chás:

• nach cuí an úsáid a bhain na stiúrthóirí as bunús cuntasaíochta an ghnóthais leantaigh agus iad ag ullmhú na ráiteas airgeadais; nó

• nár nocht na stiúrthóirí sna ráitis airgeadais aon neamhchinnteachtaí sainaitheanta a d’fhéadfadh amhras suntasach a chaitheamh ar chumas an Bhoird coinneáil air ag glacadh bhunús cuntasaíochta an ghnóthais leantaigh go ceann tréimhse dhá mhí dhéag ar a laghad ón dáta a n-údaraítear na ráitis airgeadais lena n-eisiúint.

Faisnéis eile

Is iad na stiúrthóirí atá freagrach as an bhfaisnéis eile. Is éard atá san fhaisnéis eile ná an fhaisnéis atá sa cháipéis seo, seachas na ráitis airgeadais agus tuarascáil an iniúchóra orthu. Ní chlúdaíonn ár dtuairim ar na ráitis airgeadais an fhaisnéis eile agus, ach amháin sa chás go luaitear a mhalairt go follasach inár dtuarascáil, ní thugaimid aon dearbhú ina leith sin.

I dtaca lenár n-iniúchadh ar na ráitis airgeadais, is é an fhreagracht atá orainn ná an fhaisnéis eile a léamh agus, fad is atáimid á dhéanamh sin, a bhreithniú an bhfuil an fhaisnéis eile ar neamhréir go hábhartha leis na ráitis airgeadais nó leis an eolas a fuaireamar san iniúchadh nó an ndealraíonn sé go bhfuil sí míshonraithe ar bhealach eile. Má shainaithnímid neamhréireacht ábhartha nó míshonrú ábhartha dealraitheach den sórt sin, ceanglaítear orainn a chinneadh cé acu atá nó nach bhfuil míshonrú ábhartha sna ráitis airgeadais nó míshonrú ábhartha ar an bhfaisnéis eile. Má bhainimid de thátal, bunaithe ar an obair atá déanta againn, go bhfuil míshonrú ábhartha ar an bhfaisnéis eile sin, ceanglaítear orainn é sin a thuairisciú.

Níl aon rud le tuairisciú againn ina thaobh seo.

Freagrachtaí na stiúrthóirí

Mar a mhínítear níos iomláine sa Ráiteas ar Fhreagrachtaí na Stiúrthóirí, tá na stiúrthóirí freagrach as na ráitis airgeadais a ullmhú agus a bheith sásta go dtugann siad léargas fírinneach cóir agus go gcomhlíonann siad Dlí na hÉireann ar gach bealach eile, agus as cibé rialú inmheánach a mheasann na stiúrthóirí a bheith riachtanach le go mbeifear in ann ráitis airgeadais a ullmhú atá saor ó mhíshonrú ábhartha, bíodh sin de bharr calaoise nó earráide.

Agus iad ag ullmhú na ráiteas airgeadais, tá na stiúrthóirí freagrach as measúnú a dhéanamh ar chumas an Bhoird leanúint ar aghaidh mar ghnóthas leantach. Ní mór dóibh nithe a bhaineann le gnóthas leantach a nochtadh más infheidhme agus úsáid a bhaint as bunús cuntasaíochta an ghnóthais leantaigh ach amháin má tá sé i gceist ag na stiúrthóirí an Bord a leachtú nó scor d’oibríochtaí, nó mura bhfuil an dara rogha acu ach é sin a dhéanamh.


Freagrachtaí an iniúchóra as an iniúchadh ar na ráitis airgeadais

Is iad na cuspóirí atá againn ná dearbhú réasúnta a fháil go bhfuil na ráitis airgeadais ina n-iomláine saor ó mhíshonrú ábhartha, bíodh sin de bharr calaoise nó earráide, agus tuarascáil iniúchóra a eisiúint a bhfuil ár dtuairim san áireamh inti. Is ardleibhéal dearbhaithe é dearbhú réasúnta, ach ní ráthaíocht é go braithfidh iniúchadh a dhéantar de réir na gCaighdeán Idirnáisiúnta Iniúchóireachta (Éire) míshonrú ábhartha i gcónaí nuair is ann dó. Is féidir míshonruithe a dhéanamh de bharr calaoise nó earráide agus meastar go bhfuil siad ábhartha dá mbeadh súil leis go réasúnta go rachaidís, ina n-aonar nó le chéile, i bhfeidhm ar chinntí eacnamaíochta a dhéánann úsáideoirí ar bhonn na ráiteas airgeadais seo.

Mar chuid d’iniúchadh a dhéantar de réir na gCaighdeán Idirnáisiúnta Iniúchóireachta (Éire), cleachtaimid breithiúnas gairmiúil agus bíonn amhras gairmiúil orainn i rith an iniúchta go léir. Déanaimid freisin:

• Na rioscaí a bhaineann le míshonrú ábhartha ar na ráitis airgeadais, bíodh sin de bharr calaoise nó earráide, a shainaithint agus a mheasúnú, nósanna imeachta iniúchóireachta a fhreagraíonn do na rioscaí sin a dhearadh agus a chur i bhfeidhm, agus fianaise iniúchóireachta a fháil ar leor agus cuí í chun bunús a chur faoinár dtuairim. Tá an riosca nach mbraithfear míshonrú ábhartha de bharr calaoise níos mó ná an riosca nach mbraithfear ceann de bharr earráide, ó tharla go bhféadfadh claonpháirteachas, brionnú, easnaimh d’aon turas, mífhaisnéis nó sárú ar rialú inmheánach a bheith i gceist le calaois.

• Tuiscint a fháil ar rialú inmheánach a bhaineann leis an iniúchadh d’fhonn nósanna imeachta iniúchóireachta a dhearadh atá cuí sa chás áirithe atá i gceist, ach ní chun críche tuairim ar éifeachtacht rialú inmheánach an Bhoird a chur in iúl.

• Meastóireacht a dhéanamh ar cé chomh cuí agus a bhí na beartais chuntasaíochta a úsáideadh agus cé chomh réasúnta agus a bhí na meastacháin chuntasaíochta a rinne na stiúrthóirí agus na nithe gaolmhara a nocht siad.

• Tátal a bhaint maidir le cé chomh cuí is atá sé go bhfuil na stiúrthóiri ag úsáid bhunús cuntasaíochta an ghnóthais leantaigh agus, bunaithe ar an bhfianaise iniúchóireachta a fuarthas, cé acu atá nó nach bhfuil neamhchinnteacht ábhartha ann maidir le himeachtaí nó dálaí a d’fhéadfadh amhras suntasach a chaitheamh ar chumas an Bhoird leanúint ar aghaidh mar ghnóthas leantach. Má bhainimid de thátal go bhfuil éiginnteacht ábhartha ann, ceanglaítear orainn aird a tharraingt i dtuarascáil an iniúchóra ar na nithe gaolmhara a nochtadh sna ráitis airgeadais nó, mura leor na nithe sin, ár dtuairim a leasú. Tá ár gconclúidí bunaithe ar an bhfianaise iniúchóireachta a fuaireamar go dtí dáta thuarascáil an iniúchóra. D’fhéadfadh sé, áfach, nach leanfadh an t-aonán (nó, más ábhartha, an grúpa) ar aghaidh mar ghnóthas leantach de bharr imeachtaí nó dálaí amach anseo.

• Meastóireacht a dhéanamh ar chur i láthair, ar struchtúr agus ar ábhar na ráiteas airgeadais trí chéile, na nithe a nochtadh san áireamh, agus cé acu a léiríonn nó nach léiríonn na ráitis airgeadais na hidirbhearta agus na himeachtaí atá taobh thiar díobh ar bhealach a chuireann i láthair go cóir iad.

• Fianaise iniúchóireachta leordhóthanach chuí a fháil i ndáil le faisnéis airgeadais na ngníomhaíochtaí gnó laistigh den ghrúpa chun tuairim ar na ráitis airgeadais (chomhdhlúite) a chur in iúl. Tá iniúchóir an ghrúpa freagrach as treo, maoirsiú agus feidhmíocht iniúchadh an ghrúpa. Is é iniúchóir an ghrúpa amháin atá freagrach as tuairim an iniúchta fós.

Téimid i gcomhairle leo siúd atá freagrach as rialachas i ndáil le, i measc nithe eile, an raon agus an t-am atá beartaithe don iniúchadh agus fionnachtana suntasacha ón iniúchadh, lena n-áirítear aon easnaimh shuntasacha ar rialú inmheánach a shainaithníonn an t-iniúchóir i gcaitheamh an iniúchta.

Thugamar faoinár gcuid oibre ar an iniúchadh ionas go bhféadfaimis na nithe is gá dúinn a lua le comhaltaí an Bhoird i dtuarascáil an iniúchóra a lua agus ní chun críoch ar bith eile. A mhéid is mó a cheadaítear le dlí, ní dhéanaimid aon fhreagracht a ghlacadh ná a ghabháil orainn féin d’aon duine ach amháin don Bhord agus do chomhaltaí an Bhoird mar chomhlacht, i leith ár gcuid oibre iniúchóireachta, i leith na tuarascála seo, ná i leith na dtuairimí atá ceaptha againn.

Tuarascáil ar cheanglais dhlíthiúla agus rialála eile

Nithe a gceanglaítear orainn tuairisciú orthu ar bhonn eisceachtúil

Níl aon rud le tuairisciú againn maidir leis an méid seo a leanas:

• Faoi fhorálacha an Achta Árachais Sláinte Shaorálaigh, 1957.

• Faoin gCód Cleachtais chun Comhlachtaí Stáit a Rialú (‘an Cód’), ceanglaítear orainn tuairisciú daoibh mura léiríonn an ráiteas maidir leis an gcóras rialaithe inmheánaigh airgeadais a theastaíonn faoin gCód, faoi mar a áirítear le Tuarascáil na Stiúrthóirí, gur chomhlíon an Grúpa alt 1.9 (iv) den Chód nó mura bhfuil sé ag teacht leis an bhfaisnéis a bhfuilimid ar an eolas fúithi ónár gcuid oibre iniúchóireachta ar na ráitis airgeadais.

Glenn Gillard Ar son agus thar ceann Deloitte Cuntasóirí Cairte agus Gnólacht Iniúchóireachta Reachtúla Deloitte & Touche House, Ardán Phort an Iarla, Baile Átha Cliath 2

26 Aibreán 2018

Tuarascáil an Iniúchóra Neamhspleách do Chomhaltaí an Bhoird Árachais Sláinte Shaorálaigh (ar lean)


Cuntas Comhdhlúite Ioncaim agus Caiteachais don bhliain airgeadais dar chríoch an 31 Nollaig 2017

Nótaí 2017

€’m2016€’m

Cuntas Teicniúil

Préimh thuillte, glan ar athárachas Préimheanna scríofa comhlána 2 1,497.1 1,447.8Préimheanna árachais amach (294.9) (435.7)Athrú ar an ollsoláthar le haghaidh préimheanna neamhthuillte 2,20 (17.7) (17.5)Athrú ar an soláthar le haghaidh préimheanna neamhthuillte, sciar an athárachóra 20 (149.0) 5.3

Préimh thuillte, glan ar athárachas 3 1,035.5 999.9

Toradh ar infheistíocht leithdháilte a aistríodh ón gcuntas neamhtheicniúil (1.4) 1.8

Ioncam teicniúil eile, glan ar athárachas 4,5 126.6 100.2

Ioncam teicniúil iomlán 1,160.7 1,101.9

Éilimh a tabhaíodh, glan ar athárachas Éilimh a íocadh – suim chomhlán 2 (1,329.4) (1,353.0)Éilimh a íocadh – sciar an athárachóra 395.5 412.1Athrú ar an soláthar le haghaidh éileamh – suim chomhlán 2,20 (15.2) 26.2 Athrú ar an soláthar le haghaidh éileamh – sciar an athárachóra 20 (0.6) (18.4)

(949.7) (933.1)

Glanspeansais oibriúcháin 7 (116.9) (104.5)

Iarmhéid sa chuntas teicniúil 94.1 64.3

Cuntas Neamhtheicniúil

Iarmhéid sa chuntas teicniúil 94.1 64.3Ioncam infheistíochta 9 (1.4) 1.8Toradh ar ioncam infheistíochta leithdháilte a aistríodh chuig an gcuntas teicniúil árachais 1.4 (1.8)

94.1 64.3

Ioncam eile 10 27.8 27.2Speansais eile 11 (35.6) (26.6)

Barrachas ar ghnáthghníomhaíochtaí roimh cháin 24 86.3 64.9

Cáin ar bharrachas ar ghnáthghníomhaíochtaí 12 (11.0) (8.5)

Barrachas ar ghnáthghníomhaíochtaí i ndiaidh cánach 13 75.3 56.4

Is cuid dhílis de na ráitis airgeadais seo iad na nótaí ar leathanaigh 38 go 63. D’fhaomh an Bord Stiúrthóirí na ráitis airgeadais agus d’údaraigh siad iad le heisiúint an 29 Márta 2018.


Clár Comhardaithe Comhdhlúite amhail an 31 Nollaig 2017

Nótaí 2017

€’m2016€’m

Sócmhainní

InfheistíochtaíTalamh agus foirgnimh 14 37.8 24.9Infheistíochtaí airgeadais eile 15 1,146.0 1,142.9

1,183.8 1,167.8

Sciar an athárachóra de sholáthairtí teicniúla Soláthar le haghaidh préimheanna neamhthuillte 20 - 149.0Éilimh gan íoc 20 157.4 158.0

157.4 307.0

Féichiúnaithe Féichiúnaithe ag eascairt as oibríochtaí árachais 451.1 429.3Féichiúnaithe ag eascairt as oibríochtaí athárachais 5.1 14.0Féichiúnaithe eile 16 318.4 279.5

774.6 722.8

Sócmhainní eile Sócmhainní doláimhsithe 18 5.5 3.3Sócmhainní seasta inláimhsithe 19 7.1 3.1Airgead sa bhanc agus ar láimh 46.1 21.9Sócmhainn cánach iarchurtha 17 2.3 0.8

61.0 29.1

Réamhíocaíochtaí agus ioncam fabhraithe Costais éadála iarchurtha 22 5.1 5.1Réamhíocaíochtaí agus ioncam fabhraithe eile 4.8 3.0

9.9 8.1

Iomlán na sócmhainní 2,186.7 2,234.8


Clár Comhardaithe Comhdhlúite amhail an 31 Nollaig 2017 (lean)

Nótaí 2017

€’m2016€’m

Cothromas agus Dliteanais

Caipiteal agus cúlchistíCúlchiste ginearálta 558.2 521.6Ioncam cuimsitheach 52.7 36.6

Cistí scairshealbhóra 610.9 558.2

Fofhiacha 28 - 51.1

Soláthairtí teicniúla Soláthar le haghaidh préimh neamhthuillte 20 514.3 496.6Éilimh gan íoc 20,30 538.0 522.8

1,052.3 1,019.4

Cistí a siarchoinneáladh don athárachóir 21 157.4 307.0

Creidiúnaithe Creidiúnaithe ag eascairt as oibríochtaí árachais díreacha 60.8 52.7Creidiúnaithe agus fabhruithe eile 23 270.5 222.8

30 331.3 275.5

Dliteanas sochar scoir 27 34.8 23.6

Iomlán na ndliteanas agus cothromas scairshealbhóra 2,186.7 2,234.8

Is cuid dhílis de na ráitis airgeadais seo iad na nótaí ar leathanaigh 38 go 63. D’fhaomh an Bord Stiúrthóirí na ráitis airgeadais agus d’údaraigh siad iad le heisiúint an 29 Márta 2018. Shínigh siad seo iad thar a cheann:



Clár Comhardaithe an Bhoird amhail an 31 Nollaig 2017

Nótaí 2017

€’m2016€’m

Sócmhainní

Infheistíochtaí airgeadais eileInfheistíocht i bhfochuideachtaí 15 479.7 479.7

479.7 479.7

Féichiúnaithe: Méideanna dlite faoi cheann bliain amháin 0.1

Iomlán na sócmhainní 479.8 479.7

Cothromas agus Dliteanais

Caipiteal agus cúlchistíCúlchiste ginearálta 456.1 474.1Ioncam cuimsitheach (21.1) (18.0)

Cistí Scairshealbhóra 435.0 456.1

Creidiúnaithe agus fabhruithe eile 10.0 -

Dliteanas sochar scoir 27 34.8 23.6

Iomlán na ndliteanas agus cothromas scairshealbhóra 479.8 479.7

Is cuid dhílis de na ráitis airgeadais seo iad na nótaí ar leathanaigh 38 go 63. D’fhaomh an Bord Stiúrthóirí na ráitis airgeadais agus d’údaraigh siad iad le heisiúint an 29 Márta 2018. Shínigh siad seo iad thar a cheann:



Ráiteas Comhdhlúite ar Shreabhadh Airgid amhail an 31 Nollaig 2017

Nótaí 2017

€’m2016€’m

Glansreabhadh airgid ó ghníomhaíochtaí oibriúcháin 24 121.5 44.7

Sreabhadh airgid ó ghníomhaíochtaí infheistíochta:

Fáltais ó dhíol trealaimh 0.1 0.1

Fáltais ó dhíol réadmhaoine - 0.7

Ceannach réadmhaoine (11.6) (3.0)

Ceannach trealaimh (12.2) (3.7)

Ioncam a fuarthas ó infheistíocht agus ó dhíbhinní 22.8 19.0

Glancheannach infheistíochtaí punainne (41.3) (25.4)

Glansreabhadh airgid ó ghníomhaíochtaí infheistíochta (42.2) (12.3)

Sreabhadh airgid ó ghníomhaíochtaí maoinithe:

Iasachtaí (aisíoctha) (51.1) (38.9)

Ús (íoctha) (4.0) (9.4)

Glansreabhadh airgid ó ghníomhaíochtaí maoinithe (55.1) (48.3)

Glanmhéadú (glanlaghdú) ar airgead sa bhanc agus ar láimh 24.2 (15.9)Airgead sa bhanc agus ar láimh amhail tús na bliana airgeadais 21.9 37.8

Airgead sa bhanc agus ar láimh amhail deireadh na bliana airgeadais 46.1 21.9

Ráiteas an Bhoird ar Shreabhadh Airgid amhail an 31 Nollaig 2017Níor ullmhaíodh ráiteas ar shreabhadh airgid do Bhord Vhi toisc go bhfuil sé ag glacadh le heisceacht ó shreabhadh airgid a ullmhú faoi FRS 102 mar go bhfuil ráiteas ar shreabhadh airgid san áireamh sna ráitis airgeadais chomhdhlúite don Bhord Árachais Sláinte Shaorálaigh.


Ráiteas Comhdhlúite ar Athruithe ar Chothromas amhail an 31 Nollaig 2017

Iomlán €’m

Amhail an 31 Nollaig 2015 521.6

Barrachas don bhliain airgeadais 56.4Easnamh achtúireach ar an gciste pinsean (19.8)




Ráiteas Comhdhlúite ar Ioncam Cuimsitheach don bhliain airgeadais dar chríoch an 31 Nollaig 2017

2017 €’m

2016 €’m

Barrachas don bhliain airgeadais 75.3 56.4Achtúireach easnamh (22.6) (19.8)

Iomlán 52.7 36.6


Ráiteas an Bhoird ar Athruithe ar Chothromas amhail an 31 Nollaig 2017

Iomlán €’m






Ráiteas an Bhoird ar Ioncam Cuimsitheach don bhliain airgeadais dar chríoch an 31 Nollaig 2017

2017 €’m

2016 €’m

Barrachas don bhliain airgeadais 1.5 1.8Achtúireach easnamh (22.6) (19.8)

Iomlán (21.1) (18.0)


Nótaí leis na Ráitis Airgeadais

1. Beartais chuntasaíochta

Eolas ginearálta

Bunaíodh an Bord Árachais Sláinte Shaorálaigh (Bord Vhi) faoin Acht Árachais Sláinte Shaorálaigh, 1957 chun gníomhú mar chomhlacht reachtúil chun árachas sláinte príobháideach a scríobh in Éirinn. Tugtar seoladh na hoifige cláraithe ar leathanach 65. Déantar cur síos ar chineál na n-oibríochtaí agus ar athbhreithniú oibriúcháin agus airgeadais Bhord Vhi i dtuarascáil na Stiúrthóirí ar leathanach 24.

Bunús an ullmhúcháin

Ullmhaíodh na ráitis airgeadais faoi choinbhinsiún an chostais stairiúil, arna choigeartú chun míreanna áirithe ag luach cóir a áireamh, agus de réir Acht na gCuideachtaí, 2014 agus Chaighdeán Tuairiscithe Airgeadais 102 (FRS 102) “An Caighdeán Tuairiscithe Airgeadais is infheidhme sa Ríocht Aontaithe agus i bPoblacht na hÉireann” arna eisiúint ag an gComhairle um Thuairisciú Airgeadais. Tá an Bord faoi réir cheanglais Acht na gCuideachtaí 2014 agus Rialacháin an Aontais Eorpaigh (Gnóthais Árachais: Ráitis Airgeadais) 2015. Ullmhaítear na ráitis airgeadais ar bhonn comhdhlúite. Baintear gach iarmhéid, ioncam agus speansas ionghrúpa nuair a chomhdhlúthaítear iad.

Tá ionchas réasúnta ag na Stiúrthóirí go bhfuil a dhóthain acmhainní ag an mBord chun leanúint ar aghaidh ag feidhmiú go ceann i bhfad. Leanann siad ar aghaidh, mar sin, ag glacadh bhunús cuntasaíochta an ghnóthais leantaigh chun na ráitis airgeadais bhliantúla a ullmhú.

Airgeadra eachtrach

Cuirtear ráitis airgeadais an Bhord aonair i láthair in Euro, airgeadra feidhmiúil an Ghrúpa. Idirbhearta in airgeadraí eile a rinneadh i gcaitheamh na bliana, aistríodh iad ag na rátaí malairte a bhí i bhfeidhm dátaí na n-idirbheart. Déantar sócmhainní agus dliteanais in airgeadraí eile a aistriú go Euro ag na rátaí malairte a bhí i bhfeidhm dáta an chláir comhardaithe. Na barrachais nó easnaimh a bhí ann dá bharr sin, pléitear leo sa chuntas ioncaim agus caiteachais.

Préimheanna scríofa

Cuimsítear i bpréimheanna comhlána scríofa an t-ioncam préimhe infhaighte ó chomhaltaí i leith polasaithe a thosaigh sa bhliain airgeadais. Léirítear sna préimheanna neamhthuillte comhréir na bpréimheanna scríofa sa bhliain a bhaineann le téarma neamhéagtha na bpolasaithe i bhfeidhm ar dháta an chláir chomhardaithe, á ríomh ar bhonn cionroinnt ama.

Éilimh a tabhaíodh

Cuimsítear in éilimh a tabhaíodh éilimh agus speansais ghaolmhara a íocadh i rith na bliana, chomh maith le hathruithe ar sholáthairtí le haghaidh éilimh gan íoc, lena n-áirítear soláthairtí le haghaidh chostas measta na n-éileamh a tuairiscíodh ach nár íocadh go fóill, na n-éileamh a taibhíodh ach nár tuairiscíodh agus speansais láimhseála ghaolmhara.

Léirítear san ollsoláthar le haghaidh éileamh an dliteanas measta ag eascairt as éilimh leighis a tabhaíodh sna blianta airgeadais reatha agus roimhe seo nár eascair éilimh íoctha astu go fóill.

Áirítear sa soláthar liúntas le haghaidh speansais agus láimhseáil éileamh.

Meastar an soláthar le haghaidh éileamh bunaithe ar an bhfaisnéis

is fearr atá ar fáil chomh maith le faisnéis agus teagmhais ina dhiaidh sin. Áirítear coigeartuithe ar shuim an tsoláthair le haghaidh éileamh do bhlianta roimhe seo sa chuntas ioncaim agus caiteachais sa bhliain airgeadais ina ndéantar an t-athrú. Déantar toimhdí stuama ionas go mbeidh an soláthar leordhóthanach i ndroch-chúinsí is féidir a thuar go réasúnta.

Rioscaí nach bhfuil caite

Déantar soláthar, bunaithe ar an bhfaisnéis atá ar fáil ar dháta an chláir chomhardaithe, d’aon easnamh measta frithgheallta a bhaineann le rioscaí nach bhfuil caite i ndiaidh an toradh ábhartha infheistíochta a chur san áireamh. Déantar toimhdí stuama ionas go mbeidh an soláthar leordhóthanach i ndroch-chúinsí is féidir a thuar go réasúnta.

An Scéim Comhionannaithe Riosca

Cuimsítear i gCreidmheasanna Préimhe Comhionannaithe Riosca suimeanna infhaighte ón gCiste Comhionannaithe Riosca, arna riar ag an Údarás Árachais Sláinte, i leith polasaithe a thosaigh sa bhliain airgeadais. Léirítear sa soláthar le haghaidh creidmheasanna neamhthuillte comhréir na gcreidmheasanna scríofa sa bhliain a bhaineann le téarma neamhéagtha na bpolasaithe i bhfeidhm ar dháta an chláir chomhardaithe, á ríomh ar bhonn cionroinnt ama. Cuimsítear sna Creidmheasanna Úsáide Ospidéil suimeanna infhaighte ón gciste le haghaidh éilimh a íocadh i rith na bliana. Cuimsítear sa Tobhach Árachais Sláinte suimeanna iníoctha leis na Coimisinéirí Ioncaim i leith polasaithe a thosaigh sa bhliain airgeadais. Léirítear sa soláthar le haghaidh tobhach neamhthuillte comhréir an tobhaigh scríofa sa bhliain a bhaineann le téarma neamhéagtha na bpolasaithe i bhfeidhm ar dháta an chláir chomhardaithe, á ríomh ar bhonn cionroinnt ama. Aithnítear an ghlantairbhe ar bhonn préimheanna tuillte thar shaolré na bpolasaithe agus áirítear í mar ioncam teicniúil eile sa chuntas ioncaim agus caiteachais.

Comhcheangail ghnó agus cáilmheas

Cuirtear an modh ceannaigh i bhfeidhm chun cuntas a choimeád ar chomhcheangail ghnó. Is ionann an costas ar chomhcheangal gnó agus luach cóir na comaoine a thugtar, na ndliteanas a thabhaítear nó a thoimhdítear agus na n-ionstraimí cothromais a eisítear móide na costais inchurtha go díreach i leith na gcomhcheangal gnó.

Nuair a shealbhaítear gnó, cuirtear luachanna córa i leith na sócmhainní agus na ndliteanas is féidir a shainaithint ach amháin mura féidir an luach cóir a thomhas go hiontaofa. Cuirtear an luach san áireamh i gcáilmheas sa chás sin.

Is ionann cáilmheas aitheanta agus farasbarr luach cóir na comaoine ceannaigh agus chostais na comaoine ceannaigh inchurtha i leith na gcomhcheangal gnó thar na luachanna córa a shealbhaítear. Déantar cáilmheas a amúchadh thar a shaolré fhóinteach ionchais. Déantar measúnú ar cháilmheas i gcomhair bearnúcháin má bhíonn táscairí bearnúcháin ann agus gearrtar aon bhearnúchán ar an gcuntas brabúis agus caillteanais.

Sócmhainní doláimhsithe

Sócmhainní doláimhsithe a shealbhaítear ar leithligh, tomhaistear ar a gcostas iad nuair a aithnítear ar dtús iad. Is é an costas ar shócmhainní doláimhsithe a fuarthas i gcomhcheangal gnó ná a luach cóir amhail dáta a sealbhaithe. I ndiaidh iad a aithint ar dtús, iompraítear sócmhainní doláimhsithe ar a gcostas lúide aon amúchadh carnach agus aon chaillteanais bhearnúcháin charnacha.


Aithnítear na costais ar cheadúnais agus forbairt bogearraí ríomhaireachta mar shócmhainní doláimhsithe nuair nach dlúthchuid de na crua-earraí gaolmhara iad agus déantar iad a amúchadh chuig an gcuntas ioncaim agus caiteachais thar a saolré úsáideach mheasta de cheithre bliana. Aithnítear costais a bhaineann leis na bogearraí ríomhaireachta a chothabháil mar speansais nuair a thabhaítear iad.

Réadmhaoin, gléasra agus trealamh

Aithnítear talamh, foirgnimh agus sócmhainní inláimhsithe eile ar a gcostas ar dtús. Áirítear ar chostas aon chostais is féidir a lua go díreach leis an úsáid atá i gceist a bhaint as an tsócmhainn. Cuirtear costais le haghaidh sócmhainní á dtógáil san áireamh faoi obair idir lámha go dtí go mbaintear úsáid as an tsócmhainn.

i) Talamh agus foirgnimh

Iompraítear talamh agus foirgnimh ag luach cóir ina dhiaidh sin, rud a léiríonn cúinsí margaidh ag dáta an tuairiscithe. Gnóthachain nó caillteanais a eascraíonn as athruithe ar luachanna córa talún agus foirgneamh, cuirtear sa chuntas ioncaim agus caiteachais iad sa bhliain ina dtagann siad chun cinn, an éifeacht chánach chomhfhreagrach san áireamh. Déanann luachálaí creidiúnaithe neamhspleách seachtrach, a bhí ag plé le déanaí leis an áit ina bhfuil an réadmhaoin agus le haicme na réadmhaoine, na luachanna córa a luacháil gach bliain.

Coinnítear gach réadmhaoin i ndea-chaoi an t-am ar fad. Dá bharr sin, creideann na stiúrthóirí go bhfuil saolré gheilleagrach agus luach iarmharach na réadmhaoine sin chomh maith sin nach bhfuil an dímheas suntasach agus ní chuirtear ar fáil é dá bhrí sin.

ii) Sócmhainní inláimhsithe

Iompraítear sócmhainní inláimhsithe ar a gcostas lúide dímheas carntha. Déantar dímheas a ríomh ar bhonn líne dhíreach d’fhonn an costas a bhaineann le sócmhainní a dhíscríobh go dtí a luach iarmharach thar a saolré úsáideach mheasta mar seo a leanas:

Mótarfheithiclí 4 blianaTrealamh ríomhaireachta 4 blianaTroscán, feistis, trealamh leighis agus oifige 5 bliana

Maidir le caiteachas a thabhaítear chun trealamh ríomhaireachta a fhorbairt a bhfuil a shuim suntasach agus a meastar go bhfuil tairbhe gheilleagrach leis don Bhord a mhairfidh níos mó ná bliain amháin sa todhchaí, déantar é a chaipitliú agus a dhímheas thar na blianta ina meastar go dtiocfaidh na tairbhí geilleagracha chun cinn. Ceithre bliana ar a mhéad atá sa tréimhse sin. I gcás éiginnteachta maidir lena thairbhe gheilleagrach sa todhchaí, gearrtar an caiteachas ar an gcuntas ioncaim agus caiteachais.

Sócmhainní agus dliteanais airgeadais

Cuimsítear in infheistíochtaí an Bhoird infheistíochtaí fiachais agus cothromais, comhinfheistíochtaí, taiscí i mbainc, agus infheistíocht i bhfochuideachtaí.

Aithnítear sócmhainní agus dliteanais airgeadais nuair a dhéantar páirtí i bhforálacha conartha na hionstraime den Bhord. Aicmítear dliteanais airgeadais agus ionstraimí cothromais de réir bhunús na socruithe conartha a rinneadh. Is ionann ionstraim chothromais agus aon chonradh a léiríonn leas iarmharach i sócmhainní an Bhoird i ndiaidh a dhliteanais ar fad a bhaint.

Tomhaistear na sócmhainní agus dliteanais airgeadais ar fad ar dtús ag praghas an idirbhirt, seachas i gcás na sócmhainní airgeadais a aicmítear ag a luach cóir tríd an gcuntas ioncaim agus

caiteachais, a thomhaistear ag a luach cóir ar dtús.

Sanntar agus tomhaistear ionstraimí fiachais ag a luach cóir trí bhrabús agus caillteanas mar gur cuid de phunann iad a bhainistítear ar bhonn luacha chóir de réir bheartas infheistíochta agus bainistíochta riosca an Bhoird. Tomhaistear infheistíochtaí i ngnáthscaireanna ag a luach cóir agus aithnítear athruithe ar a luach cóir sa chuntas ioncaim agus caiteachais. Aithnítear taiscí i mbainc ag a n-aghaidhluach agus ús fabhraithe san áireamh.

Ní dhí-aithnítear sócmhainní airgeadais ach amháin sna cásanna seo: a) téann cearta conartha don sreabhadh airgid ón tsócmhainn airgeadais in éag nó socraítear iad, b) aistríonn an Bord rioscaí agus luach saothair uile na sócmhainne airgeadais go substaintiúil do pháirtí eile, nó c) aistríonn an Bord, d’ainneoin roinnt de rioscaí agus buntáistí suntasacha na húinéireachta a choinneáil, rialú na sócmhainne go páirtí eile agus tá an cumas praiticiúil ag an bpáirtí eile an tsócmhainn a dhíol ina hiomláine le tríú páirtí neamhbhainteach agus tá sé in ann an cumas sin a chur i bhfeidhm go haontaobhach gan aon ghá srianta breise a chur i bhfeidhm ar an aistriú.

Ní dhí-aithnítear dliteanais airgeadais ach nuair a urscaoiltear an oibleagáid a shonraítear sa chonradh, nuair a chuirtear ar ceal í nó nuair a théann sí in éag.

Úsáideann na stiúrthóirí a mbreithiúnas chun teicníc luachála oiriúnach a roghnú. Nuair is féidir, marcáiltear ionstraimí airgeadais ag praghsanna a luaitear i margaí gníomhacha. I gcásanna áirithe, ní bhíonn eolas den sórt sin ar phraghsanna ar fáil le haghaidh na n-ionstraimí ar fad agus úsáideann an Bord teicnící luachála chun ionstraimí dá leithéid a thomhas. Úsáideann na teicnící sin “ionchuir inbhraite margaí” nuair a bhíonn siad ar fáil, arna ndíorthú ó shócmhainní cosúla i margaí cosúla agus gníomhacha, ó phraghsanna a bhí ar earraí inchomparáide le déanaí nó ó shonraí margaí inbhraite eile. Sa chás nach bhfuil sonraí tagartha inbhraite ar fáil do roinnt de na paraiméadair, nó dóibh ar fad, measann an Bord na hionchuir inbhraite neamh-mhargaidh a úsáidtear ina samhlacha luachála.

Infheistíocht i bhfochuideachtaí

Aithnítear infheistíochtaí i bhfochuideachtaí ar a gcostas ar dtús. Ag deireadh gach bliana, déanann na stiúrthóirí athbhreithniú ar na hinfheistíochtaí a rinneadh le haghaidh fianaise oibiachtúil ar bhearnú agus aithnítear aon bhearnú sa chuntas ioncaim agus caiteachais láithreach.

Bearnúchán

Déantar measúnú ar shócmhainní airgeadais, seachas iad siúd ag luach margaidh, le haghaidh táscairí bearnúcháin ar gach dáta de chuid an chláir chomhardaithe. Bíonn sócmhainní airgeadais bearnaithe nuair a bhíonn fianaise oibiachtúil ar bhearnúchán ann de thoradh teagmhas amháin nó níos mó a tharla tar éis aithint tosaigh na sócmhainne airgeadais, agus go mbíonn tionchar ag an teagmhas (nó teagmhais) ar shreabhadh measta airgid sa todhchaí.

Ioncam infheistíochta

Cuirtear gnóthachain agus caillteanais aitheanta réadaithe agus neamhréadaithe ag eascairt as athruithe ar luach cóir infheistíochtaí i láthair sa chuntas ioncaim agus caiteachais neamhtheicniúil sa bhliain airgeadais ina dtarlaíonn siad. Aithnítear ioncam díbhinne agus úis nuair a thuilltear é. Aithnítear speansais bainistíochta infheistíochta agus speansais ghaolmhara eile nuair a thabhaítear iad.


Nótaí leis na Ráitis Airgeadais (lean)

Toradh ar infheistíocht

Tuairiscítear ar thorthaí oibríochta ar bhonn an toraidh iarmhír ar infheistíocht. Cuimsítear i dtoradh ar infheistíocht díbhinní, ús, gnóthachain agus caillteanais réadaithe, agus gnóthachain agus caillteanais neamhréadaithe ar shócmhainní luacha chóir.

Tá leithdháileadh an toraidh ar infheistíocht ón gcuntas neamhtheicniúil go dtí an cuntas teicniúil bunaithe ar thoradh ar infheistíochtaí is inchurtha i leith an ghnó árachais.

Pinsean

Tá fostaithe áirithe de chuideachtaí ghrúpa Vhi páirteach i scéim pinsin le sochar sainithe Bhord Vhi.

Meastar an costas a bhaineann le sochair a sholáthar agus dliteanais na bpleananna le sochar sainithe ag úsáid mhodh na n-aonad réamh-mheasta creidmheasa, agus tugtar faoi luachálacha achtúireacha ar gach dáta de chuid an chláir chomhardaithe.

Aithnítear costas seirbhíse reatha, costas úis agus toradh ar shócmhainní scéime i gcuntas ioncaim agus caiteachais Bhord Vhi. Aithnítear an barrachas nó an t-easnamh achtúireach i ráiteas ar ioncam cuimsitheach iomlán Bhord Vhi. Aithnítear costas seirbhíse san am atá thart láithreach. Aithnítear an glanbharrachas nó glaneasnamh ar an scéim pinsin le sochar sainithe, glan ar cháin iarchurtha, ar chlár comhardaithe Bhord Vhi.

Feidhmíonn Bord Vhi scéim pinsin le ranníocaíocht shainithe freisin d’fhostaithe incháilithe a roghnaíonn a bheith páirteach inti. Coinnítear sócmhainní na bpleananna ar leithligh ó shócmhainní Bhord Vhi i gcistí faoi smacht Iontaobhaithe na Scéime. Gearrtar costais a eascraíonn as scéimeanna pinsin ar chuntas ioncaim agus caiteachais Bhord Vhi mar speansas de réir mar a bhíonn siad dlite.

Aithníonn fochuideachtaí Bhord Vhi costais arb ionann iad agus a ranníocaíocht iníoctha mar fhostóir leis an scéim ina gcuntas brabúis agus caillteanais.

Ioncam eile

Is éard atá san ioncam eile ná coimisiún gníomhaireachta árachais a tuilleadh as táirgí árachais a dhíol thar ceann cuideachtaí árachais eile. Maidir le coimisiún gníomhaireachta árachais do tháirgí nach dteastaíonn tuilleadh seirbhíse lena n-aghaidh, aithnítear mar ioncam é nuair a chuirtear tús leis an bpolasaí gaolmhar. Maidir le coimisiún gníomhaireachta árachais do tháirgí a dteastaíonn tuilleadh seirbhíse do chustaiméirí lena n-aghaidh, aithnítear de réir méid cothrom é thar shaolré na bpolasaithe.

Cuimsíonn ioncam eile ioncam ó sheirbhísí sláinte a chur ar fáil do chliaint freisin. Is ionann ioncam ó sheirbhísí sláinte a chur ar fáil do chliaint agus luach na sonrasc agus an obair atá fós ar siúl i dtaca le seirbhísí sláinte a chuirtear ar fáil do chliaint, gan cáin bhreisluacha san áireamh.

Costais éadála iarchurtha

Cláraítear mar chaiteachas na costais a thabhaítear i rith na bliana airgeadais atá inchurtha go díreach i leith gnó nua a fháil sa bhliain chuntasaíochta chéanna ina dtuilltear na préimheanna lena mbaineann siad. Aithnítear gach costas éadála eile mar speansas nuair a thabhaítear é. I ndiaidh iad a aithint ar dtús, iarchuirtear na costais seo ar cóimhéid leis an soláthar do phréimheanna neamhthuillte. Is é sin, is é an tsuim a iarchuireadh an chomhréir de na costais éadála iomlána a

sheasann an soláthar le haghaidh préimheanna neamhthuillte do phréimheanna scríofa comhlána. Athbhreithnítear costais éadála iarchurtha ag deireadh gach bliana tuairiscithe agus díscríobhtar iad nuair nach meastar a thuilleadh gur féidir iad a aisghabháil.

Soláthairtí le haghaidh dliteanas

Áiríodh soláthairtí le haghaidh oibleagáidí reatha ar eolas ag eascairt as teagmhais san am atá thart bunaithe ar mheastacháin an lucht bainistíochta, ag cuimsiú athbhreithniú ar fhaisnéis atá ar fáil agus comhairle sheachtrach oiriúnach nuair atá sí ar fáil.

Athárachas

Coimeádtar cuntas ar mhéideanna athárachais ar aon dul leis an gcomhaontú athárachais agus déantar cur síos orthu thíos. Tháinig deireadh leis an gcomhaontú athárachais an 31 Nollaig 2017.

Baineann coimisiúin athárachais le coimisiún athárachais agus le rannpháirtíocht bhrabúis fabhraithe ar bhonn na bpréimheanna géillte agus na n-éileamh aisíoctha agus cuirtear i láthair iad sa chuntas ioncaim agus caiteachais in ioncam teicniúil eile.

Aithnítear préimheanna iníoctha i leith athárachas géillte thar thréimhse an chonartha athárachais. Aithnítear soláthar teicniúil, sciar an athárachóra de phréimh neamhthuillte, le haghaidh an chuid de na préimheanna géillte atá fágtha ar chonarthaí nach bhfuil caite.

Aithnítear soláthar teicniúil breise, sciar an athárachóra d’éilimh gan íoc, chun léiriú a thabhairt ar an tsuim a mheastar atá in-aisghabhála faoi na conarthaí athárachais i leith na n-éileamh gan íoc a dtuairiscítear orthu faoi dhliteanais árachais. Déantar an tsuim is in-aisghabhála ó athárachóirí a luacháil ar dtús ar an mbonn céanna leis an soláthar bunúsach d’éilimh. Laghdaítear an tsuim in-aisghabhála nuair a thagann teagmhas chun cinn tar éis na haitheanta tosaigh a chuireann fianaise oibiachtúil ar fáil go mb’fhéidir nach bhfaighidh an Bord na suimeanna dlite ar fad faoin gconradh agus go bhfuil tionchar intomhaiste réasúnta ag an teagmhas ar an tsuim a mheastar a bheidh in-aisghabhála ón athárachóir.

Cistí a siarchoinneáladh ón athárachóir

Is ar bhonn cistí a siarchoinneáladh a rinneadh an conradh athárachais. Faoi na comhaontuithe, coinníonn Vhi préimheanna atá cothrom ar a laghad leis an tsócmhainn athárachais i gcónaí.

Cáin

Tá an muirear cánach bunaithe ar an mbarrachas cáinchoigeartaithe don bhliain arna ríomh ag rátaí reatha. Foráiltear don cháin reatha ag suimeanna a mheastar a íocfar nó a aisghabhfar ag úsáid na ndlíthe agus na rátaí cánach a achtaíodh nó a achtaíodh go substaintiúil faoi dháta an chláir chomhardaithe.

Cáin iarchurtha

Soláthraítear cáin iarchurtha ar dhifríochtaí uainithe idir an barrachas inchánach agus an barrachas mar a luaitear sna ráitis airgeadais é. Déantar na soláthairtí ag na rátaí cánach a mheastar a bheidh i bhfeidhm sna blianta a mheastar go rachaidh na difríochtaí uainithe sa treo eile. Aithnítear sócmhainní cánach iarchurtha sa mhéid gur dócha go n-aisghabhfar iad.


2. Mionsonraí gnó

Is é gnó árachais Bhord Vhi ná árachas sláinte agus scríobhtar an gnó ar fad i bPoblacht na hÉireann.

Déantar anailís thíos ar an bpréimh chomhlán a tuilleadh, méid comhlán na n-éileamh a tabhaíodh, an caiteachas oibriúcháin agus an t-iarmhéid athárachais do Bhord Vhi:

2017 €’m

2016 €’m

Préimh scríofa chomhlán 1,497.1 1,447.8

Athrú ar an soláthar le haghaidh préimh neamhthuillte (17.7) (17.5)

Préimh chomhlán thuillte 1,479.4 1,430.3

Ioncam teicniúil comhlán eile 101.7 83.7

Éilimh a íocadh – suim chomhlán (1,329.4) (1,353.0)

Athrú ar an soláthar le haghaidh éileamh – suim chomhlán (15.2) 26.2

Éilimh chomhlána thabhaithe (1,344.6) (1,326.8)

Caiteachas oibriúcháin (116.9) (104.5)

Athárachas (24.0) (20.2)

3. Préimh thuillte

Is le hárachas sláinte a bhaineann an phréimh go léir a tuilleadh agus is i bPoblacht na hÉireann atá an gnó go léir a scríobhadh.

4. Ioncam teicniúil eile, glan ar athárachas

2017 €’m

2016 €’m

An Scéim Comhionannaithe Riosca – comhlán (nóta 5) 101.7 83.7

An Scéim Comhionannaithe Riosca – sciar an athárachóra (nóta 5) (30.5) (25.2)

Coimisiúin athárachais 55.4 41.7

126.6 100.2

5. An Scéim Comhionannaithe Riosca

2017 €’m

2016 €’m

Creidmheasanna Comhionannaithe Riosca

Suim chomhlán 460.9 432.5

Sciar an athárachóra (138.3) (129.8)

Tobhach árachais sláinte

Suim chomhlán (359.2) (348.8)

Sciar an athárachóra 107.8 104.6

71.2 58.5

Is éard atá i gCreidmheasanna Comhionannaithe Riosca ná creidmheasanna a íocann an Ciste Comhionannaithe Riosca i leith baill níos sine de pholasaithe árachais leighis phríobháidigh agus/nó baill de na polasaithe sin atá san ospidéal. Faightear iad seo i gcomhair gach duine faoi árachas atá os cionn 65 bliain d’aois agus i gcomhair gach éilimh a íocadh a raibh tréimhse san ospidéal mar chuid de.

Is dleacht stampála é an Tobhach Árachais Sláinte a bhíonn le híoc nuair a dhéantar athnuachan ar pholasaí árachais sláinte phríobháidigh in Éirinn, nó nuair a chuirtear tús le polasaí, agus baintear úsáid as chun an scéim comhionannaithe riosca a mhaoiniú.



6. Éilimh a tabhaíodh

Déanann na Stiúrthóirí measúnú gach bliain an dtabhóidh sé easnaimh ar an gcuid neamhchaite de chonarthaí reatha nó ar chonarthaí nach mór dó tús a chur leo nó iad a athnuachan. Bunaítear meastachán na n-easnamh féideartha sin ar shamhail a úsáideann caighdeáin achtúireachta oiriúnacha. Baineann an phríomh-éiginnteacht le costas agus le méid na n-éileamh sa todhchaí. Is ionann an méid a soláthraíodh amhail Nollaig 2017 agus €0m (2016: €0m).

7. Glanspeansais oibriúcháin

2017 €’m

2016 €’m

Costais éadála 14.7 14.8

Athrú ar chostais éadála - (0.8)

Speansais riaracháin 102.2 90.5

Glanspeansais oibriúcháin 116.9 104.5

8. Sochair fostaíochta agus luach saothair na stiúrthóirí

2017 €’m

2016 €’m

Díolaíochtaí

Díolaíochtaí comhiomlána a d’íoc Vhi le stiúrthóirí 1.1 1.0

Ranníocaíocht le scéimeanna pinsin le ranníocaíocht shainithe 0.1 0.1

1.2 1.1

Tá ranníocaíochtaí sochair shainithe fostóra a íocadh ar son stiúrthóirí feidhmiúcháin san áireamh taobh istigh de dhíolaíochtaí. Faigheann stiúrthóirí polasaí árachais leighis phríobháidigh ó Vhi i rith a seala mar stiúrthóir.

2017 €’m

2016 €’m

Ba é seo a leanas an meánlíon daoine a fostaíodh go míosúil i rith na bliana airgeadais (stiúrthóirí san áireamh): 1,326 1,192

Ba iad na costais foirne:

Pá agus tuarastail 77.0 65.2

Costais leasa shóisialaigh 7.8 6.9

Costais sochar scoir eile 6.2 6.7

Costais chúitimh eile 2.1 1.3

93.1 80.1

Ba é an luach saothair iomlán, ranníocaíocht phinsin san áireamh, a íocadh leis an bPríomhfheidhmeannach agus a cuireadh san áireamh sna glanspeansais oibriúcháin sa bhliain go dtí Nollaig 2017 ná €337,500.

Áirítear ar an meánlíon daoine a fostaíodh go míosúil agus ar gach costas foirne aistriú bhaill foirne SwiftCare go Vhi i gcaitheamh na tréimhse tuairiscithe.


9. Glantoradh ar infheistíocht

2017 €’m

Glanioncam infheistíochta

Glanchostas infheistíochta

Glanghnóthachain agus

(glanchaillteanais) réadaithe

Athruithe ar luach cóir

Glantoradh ar infheistíocht

Bannaí corparáide (1.8) (0.5) (3.1) 4.2 (1.2)Bannaí rialtais (1.2) (0.4) (3.9) 4.0 (1.5)Urrúis chomhthaobhaithe 0.5 - (0.5) 0.4 0.4 Comhinfheistíochtaí (0.1) - (0.1) - (0.2)Taiscí i mbainc (0.6) (0.2) - - (0.8)Infheistíochtaí neamhluaite eile 0.3 - - 1.6 1.9

(2.9) (1.1) (7.6) 10.2 (1.4)

2016€’m

Glanioncam infheistíochta

Glanchostas infheistíochta

Glanghnóthachain agus

(glanchaillteanais) réadaithe

Athruithe ar luach cóir

Glantoradh ar infheistíocht

Bannaí corparáide 3.9 (0.2) (1.8) (0.6) 1.3 Bannaí rialtais 13.6 (0.3) (12.1) (0.5) 0.7 Urrúis chomhthaobhaithe 0.3 - (0.3) - - Comhinfheistíochtaí - (0.1) - - (0.1)Taiscí i mbainc - (0.6) - - (0.6)Infheistíochtaí neamhluaite eile 0.2 - - 0.3 0.5

18.0 (1.2) (14.2) (0.8) 1.8

10. Ioncam eile

Is é seo an t-ioncam a ghineann na fochuideachtaí arb é Bord Vhi a máthair dheiridh.

2017 €’m

2016 €’m

Ioncam coimisiúin 17.1 15.3

Ioncam ó sheirbhísí sláinte a chur ar fáil 10.7 11.9

27.8 27.2

11. Speansais eile

Baineann sé seo le costas úis chomh maith leis na speansais a bhaineann le soláthar seirbhísí do chliaint ó fhochuideachtaí arb é Bord Vhi a máthair dheiridh.

2017 €’m

2016 €’m

Costais ó sheirbhísí sláinte a chur ar fáil 33.7 18.7

Costas úis 1.9 7.9

35.6 26.6



12. Cáin

2017 €’m

2016 €’m

Cuimsítear sa mhuirear cánach sa chuntas ioncaim agus caiteachais:

Cáin reatha don bhliain 12.5 8.5

Cáin iarchurtha – muirear (1.5) -

11.0 8.5

Cúinsí a imríonn tionchar ar an muirear cánach reatha don bhliain airgeadais: Mínítear na difríochtaí thíos:

2017 €’m

2016 €’m

Barrachas ar ghnáthghníomhaíochtaí roimh cháin 86.3 64.9

Barrachas ar ghnáthghníomhaíochtaí iolraithe faoin ráta caighdeánach cánach corparáide, i.e. 12.5% (2016: 12.5%) 10.8 8.1

Iarmhairtí:

Speansais nach gceadaítear chun críocha cánach 2.0 0.2

Liúntais chaipitiúla níos mó ná dímheas don bhliain airgeadais 0.1 (0.1)

Ioncam inchánach nach léirítear sa chuntas ioncaim agus caiteachais 0.1 0.1

Coigeartú don bhliain roimhe sin 0.1 0.5

Ioncam nach bhfuil incháinithe (1.6) (0.3)

Speansais is féidir a dhealú nuair a íoctar iad 1.0 -

Cáin reatha don bhliain airgeadais 12.5 8.5

13. Barrachas ar ghnáthghníomhaíochtaí i ndiaidh cánach

Tagadh ar an mbarrachas don bhliain airgeadais i ndiaidh an méid seo a leanas a ghearradh (a chreidiúnú) ar na ráitis airgeadais chomhdhlúite.

2017 €’m

2016 €’m

Luach saothair an iniúchóra

Iniúchadh ar ráitis airgeadais na cuideachta aonair 0.2 0.2

Seirbhísí ráthaíochta eile 0.1 0.2

Seirbhísí neamh-iniúchta eile - 0.6

0.3 1.0


14. Talamh agus foirgnimh

2017 €’m

2016 €’m

Luacháil

Amhail an 1 Eanáir 24.9 22.8

Méideanna breise 0.2 -

Obair idir lámha 11.5 3.0

Diúscairtí - (0.7)

Barrachas/(caillteanas) ar athluacháil 1.2 (0.2)

Amhail deireadh na bliana 37.8 24.9

Tá an talamh agus na foirgnimh a áirítear thuas in úsáid ag cuideachtaí de chuid ghrúpa Vhi dá gcuid gníomhaíochtaí féin agus is réadmhaoin ruílse a bhformhór. Luacháladh talamh agus foirgnimh amhail an 31 Nollaig 2017 ar luach an mhargaidh oscailte de réir chaighdeáin bhreithmheasa agus luachála Institiúid Ríoga na Suirbhéirí Cairte.

15. Infheistíochtaí airgeadais eile

Tugtar achoimre ar luachanna iompartha shócmhainní agus dhliteanais airgeadais an Bhoird de réir catagóire thíos:

2017 €’m

2016 €’m

Comhdhlúite i) ag luach cóir

Bannaí corparáide 565.8 430.6

Bannaí rialtais 325.9 396.9

Urrúis chomhthaobhaithe 3.1 15.3

Comhinfheistíochtaí 44.4 10.9

Infheistíochtaí neamhluaite eile 4.9 4.6

ar a chostas

Taiscí i mbainc 201.9 284.6

1,146.0 1,142.9

An Bordi) ar a chostas

Infheistíocht i bhfochuideachta 479.7 479.7

479.7 479.7



16. Féichiúnaithe eile

2017 €’m

2016 €’m

Méideanna dlite laistigh de bhliain amháin:

An scéim comhionannaithe riosca 300.2 268.0

Féichiúnaithe eile 17.9 11.2

318.1 279.2

Méideanna dlite i ndiaidh bliain amháin:

Féichiúnaithe eile 0.3 0.3

318.4 279.5

Cuimsíonn féichiúnaí na Scéime Comhionannaithe Riosca an sciar neamhéagtha den Tobhach Árachais Sláinte arbh ionann é agus €130.0m (2016: €116.2m).

17. Sócmhainn cánach iarchurtha

Aithníodh sócmhainn i leith cáin iarchurtha le haghaidh na ndifríochtaí uainithe seo a leanas:

2017 €’m

2016 €’m

Ioncam ar gearradh cáin air nuair a fuarthas é - (0.1)

Difríochtaí uainithe eile 1.2 1.2

Coigeartuithe FRS don bhliain roimhe sin (lena n-áirítear athlua) (0.2) (0.3)

Speansais is féidir a dhealú nuair a íoctar iad 1.3 -

Sócmhainn cánach iarchurtha iomlán 2.3 0.8


18. Sócmhainní doláimhsithe

Bogearraí €‘m

Iomlán €‘m

Costas

Iarmhéid amhail an 1 Eanáir 2017 73.7 73.7Méideanna breise 4.2 4.2Scor (7.5) (7.5)

Iarmhéid amhail an 31 Nollaig 2017 70.4 70.4

Amúchadh

Iarmhéid amhail an 1 Eanáir 2017 (70.4) (70.4)Muirear le haghaidh na bliana (2.0) (2.0)Scor 7.5 7.5

Iarmhéid amhail an 31 Nollaig 2017 (64.9) (64.9)

Glanluach de réir na leabhar

Amhail an 31 Nollaig 2017 5.5 5.5


Bogearraí €‘m

Iomlán €‘m

Costas

Iarmhéid amhail an 1 Eanáir 2016 72.5 72.5

Méideanna breise 1.2 1.2

Scor - -

Iarmhéid amhail an 31 Nollaig 2016 73.7 73.7

Amúchadh

Iarmhéid amhail an 1 Eanáir 2016 (68.8) (68.8)

Muirear le haghaidh na bliana (1.6) (1.6)

Scor

Iarmhéid amhail an 31 Nollaig 2016 (70.4) (70.4)






19. Sócmhainní inláimhsithe

Mótarfheithiclí€’m

Daingneáin, troscán agus

feistis€’m

Trealamh ríomhaireachta

/oifige€’m

Trealamh leighis

€’mIomlán

€’m

Costas

Iarmhéid amhail an 1 Eanáir 2017 2.5 12.5 19.5 0.3 34.8Méideanna breise 0.7 0.6 6.6 - 7.9Diúscairtí (0.2) - (3.3) - (3.5)

Iarmhéid amhail an 31 Nollaig 2017 3.0 13.1 22.8 0.3 39.2

Dímheas

Iarmhéid amhail an 1 Eanáir 2017 (1.6) (11.9) (17.9) (0.3) (31.7)Muirear le haghaidh na bliana (0.5) (0.5) (2.9) - (3.9)Diúscairtí 0.2 - 3.3 - 3.5

Iarmhéid amhail an 31 Nollaig 2017 (1.9) (12.4) (17.5) (0.3) (32.1)


Amhail an 31 Nollaig 2017 1.1 0.7 5.3 - 7.1


Mótarfheithiclí€’m

Daingneáin, troscán agus

feistis€’m

Trealamh ríomhaireachta

/oifige€’m

Trealamh leighis

€’mIomlán

€’m

Costas

Iarmhéid amhail an 1 Eanáir 2016 2.2 12.5 19.2 0.3 34.2Méideanna breise 0.6 0.1 1.8 - 2.5Diúscairtí (0.3) (0.1) (1.5) - (1.9)

Iarmhéid amhail an 31 Nollaig 2016 2.5 12.5 19.5 0.3 34.8

Dímheas

Iarmhéid amhail an 1 Eanáir 2016 (1.4) (11.6) (17.6) (0.3) (30.9)Muirear le haghaidh na bliana (0.5) (0.4) (1.8) - (2.7)Diúscairtí 0.3 0.1 1.5 - 1.9

Iarmhéid amhail an 31 Nollaig 2016 (1.6) (11.9) (17.9) (0.3) (31.7)





20. Soláthairtí teicniúla

Soláthar le haghaidh préimh neamhthuillte

€’m

Éilimh gan Íoc

€’mIomlán

€’m

Suim chomhlán

Amhail an 31 Nollaig 2016 (496.6) (522.8) (1,019.4)

Gluaiseacht sa soláthar (17.7) (15.2) (32.9)


Méid athárachais*

Amhail an 31 Nollaig 2016 149.0 158.0 307.0

Gluaiseacht sa soláthar (149.0) (0.6) (149.6)

Amhail an 31 Nollaig 2017 - 157.4 157.4

Glansoláthar teicniúil

Amhail an 31 Nollaig 2017 (514.3) (380.6) (894.9)


Soláthar le haghaidh préimh neamhthuillte

€’m

Éilimh gan Íoc

€’mIomlán

€’m

Suim chomhlán


Gluaiseacht sa soláthar (17.5) 26.2 8.7


Méid athárachais*


Gluaiseacht sa soláthar 5.3 (18.4) (13.1)


Glansoláthar teicniúil



* Áirítear san athrú ar an soláthar le haghaidh éileamh speansais éileamh glan ar íocaíochtaí a rinneadh i leith na tréimhse tuairiscithe agus athrú ar soláthairtí i leith blianta roimhe sin glan ar íocaíochtaí a rinneadh, coigeartaithe le haghaidh sciar an athárachóra ag na rátaí infheidhme le haghaidh sciar cuóta. Tháinig deireadh leis an gconradh athárachais amhail an 31 Nollaig 2017 rud a d’fhág nár aithníodh aon soláthar do sciar an athárachóra de phréimh neamhthuillte ag deireadh na tréimhse.



21. Cistí a siarchoinneáladh ón athárachóir

Is ar bhonn cistí a siarchoinneáladh a dhéantar an conradh athárachais. Faoi na comhaontuithe, coinníonn Vhi préimheanna atá cothrom ar a laghad leis an tsócmhainn athárachais i gcónaí. Chuaigh an comhaontú athárachais seo in éag amhail an 31 Nollaig 2017.

2017 €’m

2016 €’m

Cistí a siarchoinneáladh ón athárachóir 157.4 307.0

157.4 307.0

22. Creidiúnaithe agus fabhruithe eile dlite laistigh de bhliain amháin

Cláraítear costais éadála de réir mar a thuilltear na préimheanna lena mbaineann siad. Baineann an €5.1m a soláthraíodh le haghaidh 2017 (2016: €5.1m) leis na costais a tabhaíodh i rith na bliana airgeadais atá inchurtha go díreach le sealbhú gnó nua. Aithnítear gach costas éadála eile mar speansas nuair a thabhaítear é.

23. Other creditors and accruals due within one year

2017 €’m

2016 €’m

An Scéim Comhionannaithe Riosca 191.8 167.4

Creidiúnaithe eile 27.3 21.8

Fabhruithe 51.4 33.6

270.5 222.8

Cuimsíonn creidiúnaí na Scéime Comhionannaithe Riosca luach an tsoláthair do chreidmheasanna préimhe neamhthuillte amhail an bhliain dar chríoch an 31 Nollaig 2017, i.e. €134.3m (2016: €116.9m).


24. Nótaí leis an ráiteas ar shreabhadh airgid

Comhdhlúite 2017

€’m2016 €’m

Barrachas ar ghnáthghníomhaíochtaí roimh cháin 86.3 64.9

Dímheas a chuirtear ar ais 21.4 4.2

Ranníocaíochtaí pinsin le sochar sainithe sa bhreis ar an táille (11.7) (1.8)

Costas airgeadais 1.9 7.9

Caillteanas/(ioncam) ó infheistíocht 1.4 (1.6)

(Gnóthachan) ar dhiúscairt réadmhaoine, innealra agus trealaimh (0.1) (0.1)

Sreabhadh airgid oibriúcháin roimh ghluaiseachtaí i gcaipiteal oibre 99.2 73.5

(Méadú) ar chostais éadála iarchurtha - (0.8)

Méadú (laghdú) ar dhliteanais conarthaí árachais 15.2 (26.2)

(Méadú)/laghdú ar shócmhainn athárachais 8.9 (13.8)

Méadú (laghdú) ar an soláthar le haghaidh préimh neamhthuillte 17.6 17.5

(Méadú) ar shuimeanna infhaighte (65.5) (17.5)

Méadú ar shuimeanna iníoctha 58.8 22.1

Gluaiseachtaí i gcaipiteal oibre 35.0 (18.7)

Airgead ginte ag oibríochtaí 134.2 54.8

Cánacha ioncaim íoctha (12.7) (10.1)

Glanairgead ó ghníomhaíochtaí oibriúcháin 121.5 44.7

25. Ceangaltais chaipitil

2017 €’m

2016 €’m

Caiteachas caipitiúil a ndearnadh conradh lena aghaidh 11.6 19.8

11.6 19.8

26. Íoc pras cuntas

An tAcht um Íoc Pras Cuntas, 1997 (arna leasú ag Rialacháin na gComhphobal Eorpach [íocaíocht dheireanach ar idirbhearta tráchtála] 2012).

Rialaíodh na híocaíochtaí a rinneadh i rith na bliana 2017 faoin Acht thuasluaite chun íocaíochtaí deireanacha in idirbhearta tráchtála a chomhrac.

Ráiteas ar chleachtais íocaíochta lena n-áirítear tréimhsí íocaíochta caighdeánacha Cuireann Bord Vhi beartas i bhfeidhm faoina n-íoctar gach sonrasc nach bhfuil easaontas ann faoi ó sholáthraí laistigh de na téarmaí comhaontaithe íocaíochta. Is ionann na téarmaí caighdeánacha atá sainithe san ordú ceannaigh caighdeánach agus 30 lá. D’fhéadfadh téarmaí íocaíochta eile a bheith i bhfeidhm i gcásanna ina gcomhaontaítear conradh ar leithligh leis an soláthraí.

Comhlíonadh na Treorach Comhlíonann Bord Vhi ceanglais na reachtaíochta maidir le gach íocaíocht le soláthraithe. Mionathraíodh nósanna imeachta agus córais, lena n-áirítear córais ríomhaireachta, chun cloí leis an Treoir.

Cinntíonn na nósanna imeachta sin dearbhú réasúnta, ach ní iomlán, i gcoinne neamhchomhlíonadh.



27. Scéimeanna sochair scoir

Feidhmíonn an Bord scéim pinsin le sochar sainithe a dúnadh do chomhaltaí nua le feidhm ón 24 Eanáir 2013. Feidhmíonn an Bord scéim scoir le ranníocaíocht shainithe freisin d’fhostaithe incháilithe a roghnaíonn a bheith páirteach inti. Coinnítear sócmhainní an phlean sin ar leithligh ó shócmhainní an Bhoird i gcistí atá faoi smacht na nIontaobhaithe. Gearrtar costais a eascraíonn as an bplean sin ar an gcuntas ioncaim agus caiteachais mar speansais de réir mar a bhíonn siad dlite.

Coimeádtar sócmhainní na scéime le sochar sainithe i gciste ar leith arna riar ag iontaobhaithe. Cinneann achtúire cáilithe neamhspleách costais agus dliteanais sochar scoir, ag úsáid mhodh na n-aonad réamh-mheasta creidmheasa le haghaidh maoiniú. Maoinítear an scéim pinsin go hinmheánach. B’ionann na ranníocaíochtaí leis an scéim le haghaidh an 12 mhí go dtí Nollaig 2017 agus €18.3m (Nollaig 2016: €6.9m) agus tá siad bunaithe ar 20.1% den tuarastal.

Tá na luachanna a úsáidtear sa nochtadh seo bunaithe ar na luachálacha achtúireacha is deireanaí, ar tugadh fúthu ar an 31 Nollaig 2017. Réamh-mheasadh torthaí na luachála maoinithe go dtí an 31 Nollaig 2017 agus coigeartaíodh iad d’athruithe ar thoimhdí achtúireacha agus do theagmhais shuntasacha agus taithí. Cuireadh na suimeanna i bhfeidhm go hiomlán sna ráitis airgeadais de réir cheanglais Alt 28 de FRS 102.

Bíonn na tuarascálacha achtúireacha ar fáil do chomhaltaí na scéime le scrúdú a dhéanamh orthu, ach níl siad ar fáil don phobal.

(i) Is iad seo a leanas na príomhthoimhdí a úsáidtear i leith na scéime pinsin: 2017

%2016

%

Ráta méadaithe ar thuarastail 2.2 2.0

Ráta méadaithe ar phinsin á n-íoc 1.0 0.0

Ráta lascaine 2.2 2.0

Athluacháil 1.0 0.0

Toimhde maidir le boilsciú 1.7 1.5

(ii) Is iad seo a leanas na rátaí toraidh ionchais fadtéarmacha ag deireadh na bliana airgeadais:

2017 %

2016 %

Cothromais 2.2 2.0

Ús seasta 2.2 2.0

Réadmhaoin 2.2 2.0

Eile 2.2 2.0

(iii) Meánionchas saoil ualaithe do tháblaí mortlaíochta arna n-úsáid chun oibleagáidí sochair a chinneadh i gcás 2017 2016

Ball 65 bliain d’aois (ionchas saoil reatha) 24.0 23.8

Ball 40 bliain d’aois (ionchas saoil ag 65 bliain d’aois) 26.8 26.7

(iv) Ba iad na sócmhainní sa scéim pinsin ar luach margaidh: 2017

€’m2016€’m

Cothromais 117.1 106.6

Ús seasta 65.8 59.1

Réadmhaoin 2.4 2.3Eile 81.5 67.1

Luach iomlán margaidh na sócmhainní 266.8 235.1

Luach reatha na ndliteanas scéime (306.6) (261.9)

Easnamh sa scéim (39.8) (26.8)

Sócmhainn cánach iarchurtha ghaolmhar 5.0 3.2

Glandliteanas na sochar scoir (34.8) (23.6)


27. Scéimeanna sochair scoir (lean)

(v) Cuntas ioncaim agus caiteachais 2017

€’m2016 €’m

Gearrtha ar ghlanspeansais oibriúcháin

Sochair scoir

Costas seirbhíse reatha (6.2) (4.8)

Costas báis i mbun seirbhíse (0.4) (0.3)

Sochair scoir eile

Gearrtha ar ioncam agus caiteachas (6.6) (5.1)

Ús i ndliteanais scéime (5.2) (5.6)

Toradh measta ar shócmhainní scéime 4.8 5.6

Costas um sheirbhís roimhe seo - -

Glanathrú ar thoradh oibriúcháin (7.0) (5.1)

(vi) Ráiteas ar ioncam cuimsitheach 2017

€’m2016 €’m

Toradh iarbhír lúide toradh ionchais ar shócmhainní scéime 11.2 10.8

Gnóthachain agus caillteanais ó thaithí ar dhliteanais scéime (3.8) (2.3)

Athruithe ar thoimhdí déimeagrafacha agus airgeadais (31.7) (30.9)

(Easnamh)/barrachas achtúireach (24.3) (22.4)

Dliteanas cánach 3.0 2.6

(Easnamh)/barrachas achtúireach iomlán (21.3) (19.8)

(vii) Gluaiseacht i nglaneasnamh le linn na bliana airgeadais 2017

€’m2016 €’m

Glaneasnamh sa scéim ag tús na bliana (23.6) (5.6)

Costas seirbhíse reatha (6.2) (4.8)

Costas báis i mbun seirbhíse (0.4) (0.3)

Costas um sheirbhís roimhe seo - -

Ranníocaíochtaí 18.3 6.9

Ús ar dhliteanais scéime (5.2) (5.6)

Toradh measta ar shócmhainní scéime 4.8 5.6

(Easnamh)/barrachas achtúireach (24.3) (22.4)

Dliteanas cánach 1.8 2.6

Glaneasnamh ag deireadh na bliana airgeadais (34.8) (23.6)



27. Scéimeanna sochair scoir (lean)

(viii) Stair na ngnóthachan agus na gcaillteanas taithí

An bhliain dar chríoch

Noll-2017


Noll-2016


Noll-2015


Noll-2014


Noll-2013

Difríocht idir toradh measta agus iarbhír ar shócmhainní 11.2 10.8 2.5 17.0 1.7

% de shócmhainní scéime 4% 5% 1% 9% 1%

(Caillteanais) agus gnóthachain ó thaithí ar dhliteanais scéime (3.8) (2.1) 9.9 (1.1) (1.7)

% de dhliteanais scéime (1%) (1%) 4% (1%) (1%)

(Easnamh)/barrachas achtúireach iomlán (24.3) (22.4) 11.4 16.8 (0.0)% de dhliteanais scéime (8%) (9%) 6% 8% (0%)

(ix) Aitheanta taobh istigh den Chlár Comhardaithe: 2017

€’m2016€’m

Glaneasnamh amhail an 31 Nollaig (34.8) (23.6)

(x) Gluaiseacht i sócmhainní agus i ndliteanais an ghrúpa: 2017

€’m2016 €’m

Sócmhainní

Sócmhainní sa scéim amhail an 1 Eanáir 235.1 213.4

Toradh ar shócmhainní scéime (gan ioncam úis san áireamh) 11.2 10.8

Ranníocaíochtaí fostóra 18.3 6.9

Ranníocaíochtaí fostaithe 2.5 2.6

Ús ar shócmhainní scéime 4.8 5.6

Préimheanna árachais le haghaidh sochair riosca (0.4) (0.4)

Sochair a íocadh (4.7) (3.8)

Sócmhainní sa scéim amhail an 31 Nollaig 266.8 235.1

Dliteanais

Dliteanais sa scéim amhail an 1 Eanáir 261.9 219.8

Gnóthachain agus caillteanais ó thaithí ar dhliteanais scéime 3.8 2.1

Athruithe ar thoimhdí 31.7 30.9

Costas seirbhíse reatha 6.6 5.1

Ranníocaíochtaí fostaithe 2.5 2.6

Ús ar dhliteanais scéime 5.2 5.6

Préimheanna árachais le haghaidh sochair riosca (0.4) (0.4)

Sochair a íocadh (4.7) (3.8)

Dliteanais sa scéim amhail an 31 Nollaig 306.6 261.9

28. Fofhiachas

I gcaitheamh 2015, chruinnigh Vhi Group DAC, fochuideachta de chuid Bhord Vhi, fofhiachas €90m. Rinne an chuideachta €38.9m a réamhíoc gan phionós i gcaitheamh 2016 agus rinne sí an t-iarmhéid a bhí fágtha, €51.1m, a réamhíoc i gcaitheamh 2017, gan phionós arís.


29. Bainistíocht caipitil

Is é cuspóir Vhi agus a chaipiteal á bhainistiú a chinntiú go mbeidh sé in ann leanúint ar aghaidh mar ghnóthas leantach agus leibhéal fónta caipitil a choimeád nach gcuirfidh a chumas a cheanglais reatha nó amach anseo i leith sealbhóirí polasaí a chomhlíonadh i mbaol. Cuimsíonn struchtúr caipitil Ghrúpa Vhi tuilleamh coimeádta. Tá leas bainte ag Vhi as athárachas agus as fofhiachas mar uirlisí bainistíochta caipitil freisin le blianta beaga anuas.

Tá Vhi Insurance DAC, fochuideachta de chuid Bhord Vhi, faoi réir ceanglais chaipitil a chuireann Banc Ceannais na hÉireann i bhfeidhm go seachtrach. Faoi Threoir Shócmhainneachta an AE (ar a dtugtar ‘Sócmhainneacht II’) a tháinig i bhfeidhm ar an 1 Eanáir 2016, rialacha caighdeánacha a leagann an rialtóir amach, agus neamhchosaint na Cuideachta ar riosca, a chinneann an caipiteal atá riachtanach.

Bhí Vhi Insurance DAC comhlíontach i rith 2017 ar fad le cóimheas clúdaigh caipitil sócmhainneachta sa bhreis ar a inghlacthacht riosca de 150%.

Tá Bord Vhi dea-chaipitlithe tríd is tríd agus bhí tionchar aige sin ar an gcinneadh an fofhiachas a bhí fágtha (€51.1m) a réamhíoc gan phionós i gcaitheamh 2017. Chuaigh an socrú athárachais ilbhlianta le National Indemnity Company in éag an 31 Nollaig 2017 agus níor tháinig aon socrú nua ina áit, rud eile a léiríonn seasamh caipitil láidir an Bhoird.

Leagtar amach sa tábla thíos an caipiteal a bhainistíonn Bord Vhi:

€’m

Acmhainní caipitil amhail an 1 Eanáir 2016 611.6

Barrachas don bhliain airgeadais 56.4

Easnamh achtúireach le haghaidh Nollaig 2016 (19.8)

Aisíocaíocht fofhiachais (38.9)

Acmhainní caipitil amhail an 31 Nollaig 2016 609.3

Barrachas don bhliain airgeadais 75.3

Easnamh achtúireach le haghaidh Nollaig 2017 (22.6)

Aisíocaíocht fofhiachais (51.1)

Acmhainní caipitil amhail an 31 Nollaig 2017 610.9

30. Bainistíocht riosca airgeadais

Feidhmíonn Bord Vhi córas bainistíochta riosca fiontair ar fud an ghrúpa chun monatóireacht a dhéanamh ar rioscaí, agus iad a bhainistiú, rioscaí airgeadais ina measc. Áirítear leis na rioscaí sin riosca margaidh (riosca ráta úis, riosca airgeadra agus rioscaí eile a bhaineann le hathrú praghais), riosca creidmheasa agus riosca leachtachta.

Ní théann an Bord i mbun ionstraimí airgeadais, ná ní thrádálann sé iad, lena n-áirítear díorthaigh airgeadais, chun críocha amhantracha.

Luach cóirIs ionann luach cóir agus an tsuim ar a bhféadfaí sócmhainn nó dliteanas a mhalartú idir páirtithe toilteanacha in idirbheart ar neamhthuilleamaí. Bunaítear le FRS 102 ordlathas luacha chóir a thugann tús áite do na hionchuir i dteicnící luachála a úsáidtear chun luach cóir a thomhas. Tugtar an tosaíocht is airde san ordlathas do phraghsanna luaite nach bhfuil coigeartaithe i margaí gníomhacha i gcás sócmhainní nó dliteanais chomhionanna (Leibhéal 1) agus an tosaíocht is ísle d’ionchuir dho-bhraite (Leibhéal 3).

Leibhéal 1 Ní choigeartaítear praghsanna luaite i gcás sócmhainn chomhionann i margadh gníomhach.

Leibhéal 2 Nuair nach bhfuil fáil ar phraghsanna luaite, cuireann praghas idirbhirt a rinneadh le déanaí i gcás sócmhainn chomhionann fianaise ar luach cóir ar fáil fad is nár tháinig athrú suntasach ar chúinsí geilleagracha nó fad is nach bhfuil an t-achar ama ó tharla an t-idirbheart rófhada. Más féidir a léiriú nach meastachán maith ar luach cóir é an praghas idirbhirt deireanach (e.g. mar go léiríonn sé an tsuim a gheobhadh nó a d’íocfadh aonán in idirbheart éigeantach, i leachtú neamhdheonach nó i ndíol faoi bhroid), coigeartaítear an praghas sin.

Leibhéal 3 Mura bhfuil an margadh don tsócmhainn gníomhach agus nach meastachán maith astu féin ar luach cóir iad idirbhearta a rinneadh le déanaí i gcás sócmhainn chomhionann, meastar an luach cóir trí theicníc luachála a úsáid. Is é an cuspóir atá le teicníc luachála a úsáid ná meastachán a fháil ar an bpraghas idirbhirt a d’úsáidfí ar an dáta tomhais i malartú ar neamhthuilleamaí arna spreagadh ag gnáthbhreithniúcháin ghnó.



30. Bainistíocht riosca airgeadais (lean)

Úsáidtear ionchuir chun na teicnící éagsúla luachála a chur i bhfeidhm agus tagraíonn siad go ginearálta do na toimhdí sin a úsáideann rannpháirtithe margaidh chun cinntí luachála a dhéanamh, lena n-áirítear toimhdí faoi riosca. D’fhéadfaí a áireamh le hionchuir faisnéis ar phraghas, staitisticí luaineachta, cuair thoraidh, raonta difríochta creidmheasa, staitisticí leachtachta agus tosca eile. D’fhéadfadh teicnící difriúla luachála meastacháin dhifriúla ar luach cóir a thabhairt.

Léirítear sa tábla thíos sócmhainní airgeadais a iompraítear ag luach cóir tríd an gcuntas ioncaim agus caiteachais (mar a nochtar i nóta 15) a thomhaistear ag luach cóir:

2017 €’m

Leibhéal 1 Leibhéal 2 Leibhéal 3 Iomlán

Bannaí corparáide - 565.8 - 565.8 Bannaí rialtais - 325.9 - 325.9 Urrúis chomhthaobhaithe - 3.1 - 3.1 Comhinfheistíochtaí - 44.4 - 44.4 Infheistíochtaí neamhluaite eile - - 4.9 4.9

Infheistíochtaí airgeadais ag luach cóir - 939.2 4.9 944.1

2016 €’m

Leibhéal 1 Leibhéal 2 Leibhéal 3 Iomlán

Bannaí corparáide - 423.3 7.3 430.6 Bannaí rialtais - 394.1 2.8 396.9 Urrúis chomhthaobhaithe - 15.3 - 15.3 Comhinfheistíochtaí - - 10.9 10.9 Infheistíochtaí neamhluaite eile - - 4.6 4.6

Infheistíochtaí airgeadais ag luach cóir - 832.7 25.6 858.3

Riosca margaidh

Is ionann riosca margaidh agus an riosca go dtarlóidh drochthionchar airgeadais de bharr gluaiseachtaí i margaí airgeadais ar nós rátaí malairte airgeadra, rátaí úis agus athruithe eile ar phraghsanna. Tagann riosca margaidh chun cinn de bharr luaineachtaí i luach na sócmhainní arna gcoinneáil agus luach na ndliteanas. Is é cuspóir an Bhoird agus a riosca margaidh á bhainistiú a chinntiú go mbainistítear riosca ar aon dul le goile riosca an Bhoird.

Bhunaigh an Bord beartais agus nósanna imeachta chun monatóireacht a dhéanamh ar riosca margaidh agus é a bhainistiú, agus modhanna chun é a thomhas.

Ní raibh aon athruithe ábhartha ar neamhchosaint an Bhoird ar riosca margaidh sa bhliain airgeadais ná ar na cuspóirí, beartais agus próisis chun riosca margaidh a bhainistiú.

i. Bainistíocht riosca airgeadra iasachta

Ainmnítear sócmhainní airgeadais agus dliteanais conartha árachais an Bhoird in Euro agus dá bhrí sin níl aon riosca airgeadra iasachta ag baint leo.

ii. Bainistíocht riosca ráta úis

Is ionann riosca ráta úis agus an riosca go luaineoidh an luach ar shreabhadh airgid ionstraime airgid amach anseo mar gheall ar athruithe ar rátaí úis margaidh.

Tagann riosca ráta úis chun cinn go príomha ó infheistíocht an Bhoird in urrúis fiachais agus in éarlaisí luaite. Bainistíonn an Bord an riosca trí aibíocht na n-ionstraimí a n-infheistíonn an phunann iontu a theorannú agus tréimhse gan íoc a shócmhainní a mheaitseáil go dlúth lena dhliteanais. Athraíonn an Bord a chuid infheistíochtaí úis sheasta de réir eisitheora agus cineáil lena chinntiú nach bhfuil riosca ráta úis cruinnithe in aon áit amháin ar dháta an chláir chomhardaithe.

Cinneadh an anailís íogaireachta thíos bunaithe ar fhoirmlí tástála atá leagtha síos i Sócmhainneacht II le haghaidh riosca ráta úis. Léiríonn an tábla thíos an neamhchosaint ar rátaí úis le haghaidh sócmhainní airgeadais lena mbaineann ráta úis seasta, agus lena n-aghaidh sin amháin, ar dháta an chláir chomhardaithe.


Barrachas roimh cháin Cothromas scairshealbhóra

2017 €m

2016€m

2017 €m

2016 €m

Increase in interest rates (11.9) (16.7) (10.4) (14.6)

Decrease in interest rates 0.4 0.4 0.3 0.3

Níor athraigh íogaireacht ghrúpa Vhi i leith luaineachtaí ráta úis go suntasach in imeacht na bliana airgeadais.

iii. Bainistíocht riosca eile ó thaobh praghas margaidh deTá Bord Vhi neamhchosanta ar riosca ó thaobh praghas margaidh de ag eascairt as luaineachtaí i luach na n-ionstraimí airgeadais de bharr athruithe ar na praghsanna margaidh agus na rioscaí is dual do gach infheistíocht. Níl aon chomhchruinniú suntasach de riosca praghais ag an mBord. Bainistíonn an Bord an riosca trí infheistiú go príomha in urrúis ioncaim sheasta liostáilte, meascán oiriúnach ionstraimí infheistíochta a choinneáil, próifíl aibíochta urrús úis sheasta a theorannú agus dliteanais a mheaitseáil de réir tréimhse gan íoc agus cineáil.

Is é seo a leanas íogaireacht Bhord Vhi do mhéadú agus do laghdú 0.5% ar phraghsanna margaidh:

2017 €’m

2016 €’m

Méadú 0.5%Gluaiseacht i luach cóir urrús fiachais agus urrús ioncaim sheasta eile 4.7 4.2

Laghdú 0.5%Gluaiseacht i luach cóir urrús fiachais agus urrús ioncaim sheasta eile (4.7) (4.2)

Maidir le gach ionstraim airgeadais eile a sealbhaíodh amhail an 31 Nollaig 2017, níl na sócmhainní seo faoi réir riosca suntasach de bharr luaineachtaí sna rátaí úis.

Riosca creidmheasa

Tagraíonn riosca creidmheasa don riosca go loicfidh contrapháirtí ar a chuid oibleagáidí go léir, nó ar chuid acu, agus go mbeidh easnamh airgeadais don ghrúpa ann dá bharr. Baineann na príomhréimsí ó thaobh neamhchosaint ar riosca creidmheasa de i gcás ghrúpa Vhi lena phunann infheistíochta, lena chlár athárachais agus le suimeanna dlite ó shealbhóirí polasaí agus ó thríú páirtithe eile.

Is é cuspóir an ghrúpa agus a riosca creidmheasa á bhainistiú a chinntiú go mbainistítear riosca ar aon dul le goile riosca an Bhoird. Bhunaigh an grúpa beartais agus nósanna imeachta chun riosca creidmheasa a bhainistiú agus modhanna chun é a thomhas.

Chomhdhlúthaigh an Bord an úsáid a bhaineann sé as seirbhísí feighlíochta infheistíochta in 2016. Cuireann an feighlí seirbhísí ar fáil do shócmhainní airgeadais uile an Ghrúpa. Tá an Bord sásta nach méadú ábhartha é seo ar neamhchosaint ar chreidmheas. Ní raibh aon athruithe ábhartha ar neamhchosaint an ghrúpa ar riosca creidmheasa sa bhliain airgeadais ná ar na cuspóirí, beartais agus próisis chun riosca creidmheasa a bhainistiú.

Grádaítear sócmhainní airgeadais de réir na rátálacha creidmheasa reatha arna n-eisiúint ag gníomhaireachtaí rátála creidmheasa. Nuair nach mbíonn, úsáideann an Bord faisnéis airgeadais eile atá ar fáil go poiblí agus a thaifid trádála féin chun a mhór-chontrapháirtithe airgeadais a rátáil. Is é AAA (nó a chomhionann) an rátáil is airde. Rangaítear sócmhainní airgeadais de ghrád infheistíochta laistigh de réimse rátálacha AAA go BBB. Rangaítear sócmhainní airgeadais atá taobh amuigh den raon sin mar ghrád amhantrach.

Déantar monatóireacht leanúnach ar nochtadh an ghrúpa agus ar rátálacha creidmheasa a chontrapháirtithe. Déanann an grúpa monatóireacht ar an riosca creidmheasa maidir lena phunann infheistíochta agus lena chlár athárachais trí mhonatóireacht a dhéanamh ar rátálacha creidmheasa seachtracha le haghaidh na sócmhainní infheistíochta i seilbh an ghrúpa ar bhonn míosúil. Rialaítear neamhchosaint ar chreidmheas trí shrianta contrapháirtithe arna n-athbhreithniú agus arna bhfaomhadh ag an gCoiste um Bainistíocht Riosca agus Comhlíonadh gach bliain. Is ar bhonn cistí a siarchoinneáladh a dhéantar an conradh athárachais, rud a mhaolaíonn an riosca contrapháirtí leis an gcontrapháirtí seo.

Léiríonn suim iompartha na sócmhainní airgeadais agus na sócmhainní athárachais a taifeadadh sna ráitis airgeadais, atá glan ar chaillteanais bearnaithe, uasnochtadh an ghrúpa do riosca creidmheasa.

Tá rátáil creidmheasa AA+ ag athárachóir an Bhoird. Mheas an Bord go bhfuil an rátáil chreidmheasa seo leordhóthanach chun a ghoile riosca a chomhlíonadh. Is ionann sócmhainní athárachais agus sciar an athárachóra d’éilimh gan íoc, d’éilimh a tabhaíodh ach nár tuairiscíodh agus de shuimeanna infhaighte athárachais. Tá formhór na n-urrús féich de ghrád infheistíochta agus tá nochtadh teoranta ag an mBord d’urrúis faoi bhun grád infheistíochta.

Cuimsítear i suimeanna infhaighte líon mór sealbhóirí polasaí, agus bíonn a staid airgeadais faoi réir measúnú creidmheasa leanúnach. Ní bhíonn rátáil chreidmheasa ag iasachtaí ná ag suimeanna infhaighte ó shealbhóirí polasaí, ó ghníomhairí, ó idirghabhálaithe ná ó thríú páirtithe eile go hiondúil.



30. Bainistíocht riosca airgeadais (lean)

Léirítear sa tábla seo a leanas neamhchosaint chomhiomlán ar riosca creidmheasa le haghaidh sócmhainní atá ina seilbh le tríú páirtithe maidir le rátálacha creidmheasa seachtracha do Bhord Vhi:

2017 €m AAA < AA- A+ < BBB < BBB Gan Ráta

Suim Iompartha

Sócmhainní airgeadaisBannaí corparáide 319.8 246.0 - - 565.8 Bannaí rialtais 146.5 179.4 - - 325.9 Urrúis chomhthaobhaithe 3.1 - - - 3.1 Comhinfheistíochtaí 44.4 - - - 44.4 Infheistíochtaí neamhluaite eile - - - 4.9 4.9 Taiscí i mbainc 76.1 105.8 20.0 - 201.9

Iomlán na n-infheistíochtaí airgeadais 589.9 531.2 20.0 4.9 1,146.0

Sócmhainní eileAirgead ar láimh agus sa bhanc - 46.1 - - 46.1 Sócmhainní athárachais 5.1 - - - 5.1 Suimeanna árachais infhaighte - - - 451.1 451.1 Féichiúnaithe eile - - - 318.4 318.4

Iomlán na sócmhainní airgeadais 595.0 577.3 20.0 774.4 1,966.7

2016 €m AAA < AA- A+ < BBB < BBB Gan Ráta

Suim Iompartha

Sócmhainní airgeadaisBannaí corparáide 304.2 126.4 - - 430.6 Bannaí rialtais 193.3 203.6 - - 396.9 Urrúis chomhthaobhaithe 15.3 - - - 15.3 Comhinfheistíochtaí 10.9 - - - 10.9 Infheistíochtaí neamhluaite eile - - - 4.6 4.6 Taiscí i mbainc 97.3 187.3 - - 284.6

Iomlán na n-infheistíochtaí airgeadais 621.0 517.3 - 4.6 1,142.9

Sócmhainní eileAirgead ar láimh agus sa bhanc - - 21.9 - 21.9 Sócmhainní athárachais 14.0 - - - 14.0 Suimeanna árachais infhaighte - - - 429.3 429.3 Féichiúnaithe eile - - - 279.5 279.5

Iomlán na sócmhainní airgeadais 635.0 517.3 21.9 713.4 1,887.6


Léirítear sa tábla seo a leanas luach iompartha sócmhainní nach bhfuil thar téarma ná bearnaithe, aosú sócmhainní atá thar téarma ach nach bhfuil bearnaithe, agus sócmhainní a bearnaíodh. Ba iad na tosca a breithníodh chun a chinneadh ar bearnaíodh luach na sócmhainní: anailís ar bhearnú, aosú iarmhéideanna, taithí ar chaillteanas roimhe seo, cúinsí reatha geilleagracha agus cúinsí ábhartha eile.

Suimeanna árachais infhaighte

Gan a bheith thar téarma ná

bearnaithe€’m

Thar téarma;

níos lú ná 30 lá €’m

Thar téarma;

31 go 60 lá€’m

Thar téarma;

61 go 90 lá€’m

Thar téarma; níos mó ná 90 lá

€’m

Thar téarma agus

bearnaithe€’m

Suim Iompartha

€’m

2017 429.0 7.4 9.0 2.7 3.0 - 451.1

2016 412.5 4.5 6.7 3.8 1.8 - 429.3

Bainistíocht riosca leachtachta

Is ionann riosca leachtachta agus an riosca nach mbeidh an grúpa in ann a oibleagáidí a bhaineann le dliteanais airgeadais a íoc de réir mar a bhíonn siad dlite, nó an riosca go dtabhófaí costais iomarcacha agus sócmhainní á ndíol. Ghlac an grúpa le creat bainistíochta riosca leachtachta oiriúnach do bhainistíocht riachtanais leachtachta an ghrúpa.

Tá an grúpa neamhchosanta ar riosca leachtachta ag eascairt as cliaint ar a chonarthaí árachais. Bainistíonn an grúpa riosca leachtachta trí mhonatóireacht leanúnach a dhéanamh ar shreafaí airgid tuartha agus achtúireacha agus trína chinntiú go bhfuil próifíl aibíochta a shócmhainní airgeadais ar aon dul le próifíl aibíochta a dhliteanas agus trí mhaoláin leachtachta oiriúnacha a chothabháil i gcónaí.

I ndáiríre, is urrúis indíolta iad formhór shócmhainní an ghrúpa a d’fhéadfaí a aistriú ina n-airgead nuair is gá.

Ní raibh aon athruithe ábhartha ar nochtadh riosca leachtachta an ghrúpa sa bhliain airgeadais ná ar a chuspóirí, ar a bheartais ná ar a phróisis chun riosca leachtachta a bhainistiú.

Léirítear sa tábla seo a leanas sonraí faoi phróifíl aibíochta thuartha oibleagáidí gan lascaine an ghrúpa i leith a dhliteanas airgeadais agus sreabhadh airgid measta ó dhliteanais aitheanta a bhaineann le conarthaí árachais agus conarthaí infheistíochta rannpháirteacha. Níl préimheanna neamhthuillte san áireamh san anailís seo. Áirítear sa tábla idir ús agus phríomhshreabhadh airgid.

2017 €’m

Níos lú ná mí amháin 1–3 mhí

3 mhí go bliain amháin 1–5 bliana 5+ bliana Iomlán

Dliteanais conarthaí árachais 146.8 157.3 176.1 57.5 0.3 538.0

Dliteanais trádála agus eile 86.3 192.6 52.4 - - 331.3

2016 €’m

Níos lú ná mí amháin 1–3 mhí

3 mhí go bliain amháin 1–5 bliana 5+ bliana Iomlán

Dliteanais conarthaí árachais 129.4 139.0 185.8 68.4 0.2 522.8

Dliteanais trádála agus eile 68.8 160.0 46.7 - - 275.5



31. Bainistíocht riosca árachais

Toimhdí agus íogaireachtaí

Tá na rioscaí a bhaineann leis na conarthaí árachais sláinte faoi réir athróga éagsúla. Úsáideann an Bord teicnící difriúla staitistiúla agus achtúireachta bunaithe ar thaithí ar fhorbairt éileamh roimhe seo. Áirítear leis sin táscairí ar nós meánchostas éileamh, líon deiridh éileamh agus cóimheasa easnaimh ionchais.

Is iad na príomh-mhodhanna a úsáideann Bord Vhi chun dliteanais a mheas:

i. dréimire slabhra;

ii. cóimheas easnaimh measta;

iii. meánchostas in aghaidh an éilimh; agus

iv. Bornhuetter-Ferguson.

Déantar toimhdí stuama ionas go mbeidh an soláthar leordhóthanach i ndroch-chúinsí is féidir a thuar go réasúnta.

Measann Bord Vhi gur leor an dliteanas d’éilimh árachais sláinte a aithnítear sa chlár comhardaithe. Ach beidh difríochtaí idir an taithí achtúireach agus an toradh tuartha.

Leagtar amach roinnt torthaí ar thástáil íogaireachta thíos, rud a léiríonn an tionchar ar bharrachas roimh cháin agus ar chothromas scairshealbhóirí, comhlán agus glan ar athárachas.I gcás gach íogaireachta, léirítear an tionchar a bheadh ag athrú ar thoisc amháin, agus ní athraítear na toimhdí eile.

Barrachas roimh cháinCothromas

scairshealbhóra

2017 2016 2017 2016

Méadú 5% ar chóimheasa easnaimh

Comhlán (67.4) (66.4) (59.0) (58.1)Glan (48.3) (44.9) (42.2) (39.3)

Laghdú 5% ar chóimheasa easnaimh

Comhlán 67.4 66.4 59.0 58.1Glan 52.3 46.9 45.7 40.8

Níor athraigh modh Bhord Vhi chun íogaireacht a thástáil go suntasach ón mbliain airgeadais roimhe sin.


Táblaí forbartha éileamh

Léirítear sna táblaí seo a leanas forbairt na n-éileamh thar thréimhse ama ar bhonn comhlán agus glan ar athárachas araon. Léirítear sa leath uachtair den tábla an chaoi a bhforbraítear na meastacháin ar éilimh iomlána le haghaidh gach bliana timpistí le himeacht ama. Réitíonn an leath íochtair den tábla na héilimh charnacha leis an tsuim atá sa chlár comhardaithe.

Léirítear sna táblaí thíos an fhaisnéis le haghaidh 2014, 2015, 2016 agus 2017 amháin toisc nach bhfuil faisnéis a bhaineann leis na blianta roimhe sin ar fáil de bharr athruithe ar an mbunmhodheolaíocht sa phróiseas cúlchistithe.

Anailís ar fhorbairt éileamh – Comhlán 2014 €’m

2015 €’m

2016 €’m

2017 €’m

Iomlán €’m

Meastachán ar éilimh dheiridh

Deireadh na bliana timpistí 1,478.7 1,461.1 1,488.0 1,486.9

Bliain níos deireanaí 1,326.1 1,334.6 1,365.5

Dhá bhliain níos deireanaí 1,304.4 1,307.3

Trí bliana níos deireanaí 1,296.6

Meastachán reatha ar éilimh dheiridh 1,296.6 1,307.3 1,365.5 1,486.9

Íocaíochtaí carnacha 1,277.1 1,279.9 1,304.6 1,068.7

Sa chlár comhardaithe 19.5 27.4 60.9 418.2 526.0

Soláthar le haghaidh blianta timpistí roimhe sin (2013 agus roimhe sin) 12.0

Dliteanas sa chlár comhardaithe 538.0

Anailís ar fhorbairt éileamh – glan ar athárachas

2014 €’m

2015 €’m

2016 €’m

2017 €’m

Iomlán €’m

Meastachán ar éilimh dheiridh

Deireadh na bliana timpistí 605.9 1,028.6 1,047.4 1,051.7

Bliain níos deireanaí 532.7 935.1 956.9

Dhá bhliain níos deireanaí 522.6 915.5

Trí bliana níos deireanaí 519.2

Meastachán reatha ar éilimh dheiridh 519.2 915.5 956.9 1,051.7

Íocaíochtaí carnacha 510.8 895.9 913.2 753.8

Sa chlár comhardaithe 8.4 19.6 43.7 297.9 369.6

Soláthar le haghaidh blianta timpistí roimhe sin (2013 agus roimhe sin) 11.0

Dliteanas sa chlár comhardaithe 380.6



32. Foghnóthais

Is é Bord Vhi máthair Vhi Group DAC agus máthair dheiridh Vhi Insurance DAC, Vhi Healthcare DAC, Vhi Group Services DAC, Vhi Investments DAC, Vhi Health Services DAC, Vhi Occupational Health DAC, Vhi RI DAC agus Áras Sláinte Limited (ASL).

An 14 Meitheamh 2017, shealbhaigh Vhi Investments DAC 100% de scairchaipiteal ASL. Bhain Vhi Investments DAC úsáid as modh cuntasaíochta an tsealbhaithe chun cuntas a choimeád ar an gceannach. Cuireadh an infheistíocht in ASL i gclár comhardaithe Vhi Investments DAC ag a luach cóir dáta an tsealbhaithe.

Dáta an tsealbhaithe, cheannaigh Vhi Investments DAC 100% de na scaireanna in ASL ar chomaoin €1 agus thug sé airgead ar iasacht do ASL chun a fhiachas eachtrach a aisíoc. Chun an iasacht a shásamh, d’aistrigh ASL a chuid sócmhainní agus dliteanas ar fad, i.e. féichiúnaithe agus creidiúnaithe trádála, airgead tirim, stoc agus sócmhainní seasta, chuig Vhi Investments DAC ar an 31 Iúil 2017, dáta an aistrithe gnó. Cáilmheas a tháinig chun cinn ar shealbhú, amúchadh é ar bhonn luathaithe i gcuntais an Bhoird Árachais Sláinte Shaorálaigh, tar éis an chinnidh go mbeadh na clinicí SwiftCare eisiach.

Is é Vhi Group DAC an chuideachta sealbhaíochta do chuideachtaí Ghrúpa Vhi agus tá 100% de na scaireanna in Vhi Group DAC ag Bord Vhi. Tá 100% de scaireanna na bhfochuideachtaí eile atá sa tábla thíos ag Vhi Group DAC, ach amháin i gcás ASL, arb é Vhi Investments DAC a mháthairchuideachta. Is cuideachtaí atá cláraithe in Éirinn iad Vhi Group DAC agus Vhi Investments DAC agus is é a seoladh cláraithe ná Teach Vhi, 20 Sráid na Mainistreach Íochtarach, Baile Átha Cliath 1.

Infheistíocht i bhfochuideachtaí

Tír an Chorpraithe Seoladh Cláraithe Cineál Gnó

Sealúchas Vhi Group DAC %

Vhi Insurance DAC Éire Teach Vhi20 Sráid na Mainistreach ÍochtarachBaile Átha Cliath 1

Árachas €5,000,000 100

Vhi Healthcare DAC Éire Teach Vhi20 Sráid na Mainistreach ÍochtarachBaile Átha Cliath 1

Retail Idirghabhálaí miondíola

€1 100

Vhi Group Services DAC Éire Teach Vhi20 Sráid na Mainistreach ÍochtarachBaile Átha Cliath 1

Seirbhísí comhroinnte €1 100

Vhi Health Services DAC Éire Waverly Office Park, Old Naas Road, Dublin 12

Soláthar seirbhísí sláinte

€700 100

Vhi Investments DAC Éire Teach Vhi20 Sráid na Mainistreach ÍochtarachBaile Átha Cliath 1

Clinicí le haghaidh mionghortuithe

€1 100

Vhi Occupational Health DAC

Éire Teach Vhi20 Sráid na Mainistreach ÍochtarachBaile Átha Cliath 1

Earcaíocht agus seirbhísí sláinte ceirde

€1 100

Vhi RI DAC Éire Teach Vhi20 Sráid na Mainistreach ÍochtarachBaile Átha Cliath 1

Seirbhísí forbartha réadmhaoine

€1 100

Áras Sláinte Limited Éire Teach Vhi20 Sráid na Mainistreach ÍochtarachBaile Átha Cliath 1

Neamhthrádáil €1 100


33. Idirbhearta le páirtithe gaolmhara

Mar aon le go leor aonáin eile, bíonn an Bord ag plé i ngnáthchúrsa gnó le gníomhaireachtaí eile a mhaoiníonn an Rialtas, lena n-áirítear Feidhmeannacht na Seirbhíse Sláinte trí na hospidéil phoiblí, agus le hinstitiúidí airgeadais faoi úinéireacht an Rialtais. Ceapann an tAire Sláinte na Comhaltaí Boird freisin. Áirítear leis na hidirbhearta le páirtithe gaolmhara Rialtais eile éilimh agus íocaíochtaí speansais eile, baincéireacht agus idirbhearta infheistíochta. Ní nochtar sonraí idirbheart dá leithéid ar leithligh mar gurb é tuairim an Bhoird nach faisnéis í a bheadh úsáideach do léitheoirí na ráiteas airgeadais.

Leasanna na gComhaltaí Boird agus an Rúnaí

Ní raibh aon leas tairbhiúil ag na Comhaltaí Boird sa Bhord Árachais Sláinte Shaorálaigh ná ina chuid fochuideachtaí ag am ar bith i rith na bliana.

Féach nóta 32 le haghaidh leasanna i bhfoghnóthais.

B’ionann luach saothair iomlán phríomhfhoireann bainistíochta Bhord Vhi don bhliain airgeadais dar chríoch an 31 Nollaig 2017 agus €3.3m (2016: €3.0m), agus b’ionann agus €1.2m de sin an luach saothair i leith stiúrthóirí a nochtar i Nóta 8 (2016: €1.1m).

Idirbhearta ionghrúpa

Tá roinnt idirbhearta ionghrúpa laistigh de Ghrúpa Vhi a ndéantar cur síos orthu thíos:

• Is é Bord Vhi riarthóir chiste pinsean Ghrúpa Vhi agus, dá réir, bíonn idirbhearta ionghrúpa aige i dtaobh an chiste pinsean le Vhi Group Services DAC, le Vhi Insurance DAC, le Vhi Health Services DAC, le Vhi Investments DAC agus le Vhi Healthcare DAC. Ní raibh aon iarmhéideanna gan íoc i ráitis airgeadais Bhord Vhi amhail an 31 Nollaig 2017.

• Is é Vhi Group DAC an chuideachta sealbhaíochta le haghaidh Ghrúpa Vhi. Tá comhaontú le haghaidh iasacht ionghrúpa i bhfeidhm ag Vhi Group DAC le Vhi Healthcare DAC.

• Chuir Vhi Group DAC iasacht ionghrúpa ar fáil do Vhi Investments DAC.

• Tá Vhi Insurance DAC údaraithe ag an mBanc chun táirgí árachas neamhshaoil faofa a dhíol le haghaidh aicmí sonracha gnó. Tá comhaontú gníomhaireachta i bhfeidhm ag Vhi Insurance DAC le Vhi Healthcare DAC (arna rialú mar Idirghabhálaí Miondíola ag an mBanc) chun a pholasaithe a dhíol agus a riar.

• Cuireann Vhi Health Services DAC seirbhísí iondoirte baile agus gaolmhara ar fáil. Cuireann Vhi Health Services DAC seirbhísí ar fáil do chuideachtaí eile ghrúpa Vhi.

• Is le Vhi Investments DAC an líne ghnó a thrádálann mar Vhi SwiftCare. Is do bhaill Vhi Insurance DAC, agus dóibh sin amháin, a chuireann clinicí Vhi SwiftCare seirbhísí ar fáil.

• Is soláthraí seirbhíse roinnte é Vhi Group Services DAC le haghaidh chuideachtaí ghrúpa Vhi agus dá réir bíonn idirbhearta aige le haonáin eile i ngrúpa Vhi.

• Cuireann Vhi Occupational Health DAC seirbhísí earcaíochta ar fáil do Vhi Investments DAC agus do Vhi Health Services DAC.

34. Iartheagmhais

Níor tharla aon iar-theagmhas suntasach a d’imir tionchar ar Bhord Vhi ná ar aon fhochuideachta dá chuid ó dháta an chláir chomhardaithe.

35. Cásanna dlí

Tá Bord Vhi sásta nach bhfuil aon chásanna dlí ábhartha ar feitheamh.

36. Faomhadh na ráiteas airgeadais

D’fhaomh an Bord Stiúrthóirí na ráitis airgeadais seo an 29 Márta 2018.


In 2017, d’ídigh Vhi 5,027,936 kWh fuinnimh, lena gcuimsítear:

3,835,035 kWh leictreachais

B’iad na príomhúsáideoirí leictreachais:

• téamh, aerú agus aerchóiriú 40%

• TFC 38%

• soilsiú 18%

• agus an chistin 4%

1,309,091 kWh breosla iontaise (gás nádúrtha)

Is iad téamh:

• spásanna agus seirbhísí uisce the na rudaí is mó a chaitheann gás nádúrtha 97%

• Cistineacha 3%

Áiríodh le Gníomhartha ar tugadh fúthu in 2017:

Téamh, Aerú agus Aerchóiriú: Rinneadh straitéisí rialaithe nua a fhorbairt agus a chur chun feidhme maidir le córais aerchóirithe san Aonad Éileamh, Vhi Chill Chainnigh. Rinneadh straitéisí sceidealaithe agus rialaithe um chórais bainistíochta fuinnimh i bhfoirgnimh a uasghrádú do Vhi Chill Chainnigh agus d’áitreabh Vhi Shráid na Mainistreach araon.

TFC: Fíorúlú an tseomra freastalaithe agus éifeachtacht fheabhsaithe maidir le haerchóiriú sa seomra freastalaithe.

Soilsiú: Rinneadh rialú soilsithe a athbhreithniú agus a fheabhsú do limistéir cheaintín in áitribh Vhi Chill Chainnigh agus Vhi Shráid na Mainistreach.

Mar gheall ar na gníomhartha a rinneadh in 2017 do Vhi Chill Chainnigh agus Vhi i Sráid na Mainistreach, i gcomhar le bearta a bhí i bhfeidhm cheana féin chun fuinneamh a chaomhnú, rinneadh coigilteas measta bliantúil fuinnimh de 395,714 kWh agus laghdaíodh an tionchar atá ag úsáid fuinnimh ar an timpeallacht faoi 130,275 kgCO2.

Áirítear le Gníomhartha atá Beartaithe do 2018:

• An Clár Bainistíochta Fuinnimh: Plean gníomhaíochta fuinnimh Vhi a athbhreithniú, a uasghrádú agus a chur chun feidhme maidir le gach suíomh Vhi le haghaidh 2018. Plean gníomhaíochta fuinnimh Vhi a athbhreithniú agus a nuashonrú ar bhonn ráithe.

• Oiliúint um Bainistíocht Fuinnimh: Oiliúint um bainistíocht fuinnimh a sholáthar do bhaill Fhoireann Bainistíochta Fuinnimh Vhi.

• Monatóireacht agus Díriú ar Fhuinneamh: An mhonatóireacht agus díriú uathoibríoch ar fhuinneamh a uasghrádú agus a leathnú i dtaca le háitribh Vhi Shráid na Mainistreach agus Vhi Chill Chainnigh.

• Téamh, Aerú agus Aerchóiriú: Straitéisí rialaithe íslithe um theochtaí oíche an aerchóirithe faoi réir ag Córas Bainistíochta Fuinnimh i bhFoirgnimh (BEMS) a chur chun feidhme do Vhi Chill Chainnigh. Straitéisí rialaithe um chóras bainistíochta fuinnimh i bhfoirgnimh a athbhreithniú agus a optamú d’fhorbairt oifige Vhi Shráid na Mainistreach.

• Fuinneamh In-athnuaite: Roghanna maidir le fuinneamh in-athnuaite a mheasúnú agus díriú orthu maidir le foirgnimh Vhi, lena n-áirítear fótavoltachas gréine (PV)

Meastar go sábhálfar 195,000kWh fuinnimh sa bhliain san iomlán mar gheall ar na gníomhartha atá beartaithe do 2018 agus go laghdófar an tionchar atá ag an úsáid fuinnimh ar an timpeallacht faoi 63,000 kgCO2.

Tábla 1: Coigilteas Fuinnimh agus kg CO2 2018

BreoslaCoigilteas Fuinnimh kWh

Coigilteas kg CO2

Leictreachas 303,417 111,354Gás Nádúrtha 92,297 18,921

Iomlán 395,714 130,275

Figiúr 1: Coigilteas Fuinnimh 2017

Leictreachas Gás Nádúrtha

Leictreachas Gás Nádúrtha

303,417 kWh111,354 kg CO2

92,297kWh

18,921 kg CO2

Bainistíocht Fuinnimh agus Inbhuanaitheacht

Figiúr 2 Coigilteas um Thionchar ar an Timpeallacht 2017


Sonraí na Cuideachta

Uaireanta Oscailte10rn–4in Luan–Aoine

Teileafón 1890 44 44 44 056 444 4444

Línte ar Oscailt 8rn-6in Luan-Aoine9rn–3in Satharn

R-phost/Láithreán gréasá[email protected] www.vhi.ie

Oifigí Brainse

Baile Átha Cliath/Seoladh CláraitheTeach Vhi Sráid na Mainistreach Íochtarach, Baile Átha Cliath 1

Corcaigh Teach Vhi70 An Meal TheasCorcaigh

Cill Chainnigh Páirc Ghnó IDA Inse an Phuirséalaigh Bóthar Bhaile Átha CliathCill Chainnigh

Oifigí Riaracháin

GaillimhAonad 10 & 11 Tornóg,Bóthar Áth Chinn, Gaillimh

Gaoth DobhairPáirc Ghnó Údarás na Gaeltachta, Gaoth Dobhair, Co. Dhún na nGall

Luimneach7ú hUrlár, RiverpointCé an Easpaig, Luimneach

Cleachtais Chliniciúla Vhi

Clinicí Vhi SwiftCareCampas Leighis Ghort na Carraige Baile Amhlaoibh, Dún Droma, Baile Átha Cliath 14

Clinicí Vhi SwiftCareTeach Columba, Páirc Miondíolaíochta Thaobh an Aerfoirt, Sord, Co. Bhaile Átha Cliath

Clinicí Vhi SwiftCare Citygate, Machain, Corcaigh

Réitigh Chorparáideacha VhiPáirc Ghnó Waverly Seanbhóthar an Náis, Baile Átha Cliath 12

Ionad Scagthástála Leighis VhiCity Gate, Machain, Corcaigh

Ionad Scagthástála Leighis VhiTeach Europa, Sráid Fhearchair, Baile Átha Cliath 2

Vhi Hospital@HomePáirc Ghnó Waverly, Seanbhóthar an Náis, Baile Átha Cliath 12

Vhi Hospital@Home Aonad 10 & 11 Tornóg, Bóthar Áth Chinn, Gaillimh

PointíTadhaill Digiteacha

Aip Cuntóir Leighis Digiteach Vhi

www.vhi.ie MyVhi.ie

http://www.vhi.ie


Notaí

Vhi Annual Report and Accounts 2017

Documents

Transcript of Vhi Annual Report and Accounts 2017