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Cash flow statements Hollard

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					76 Hollard Annual Report 2007                      Hollard Life Assurance Company Limited




Cash flow
statements
for the year ended 30 June 2007




                                                                                                              Group                 Company
                                                                                                     2007          2006         2007          2006
                                                                                      Notes         R’000         R’000        R’000         R’000

Cash flows from operating activities
Cash receipts from policyholders                                                                 1,719,186    1,821,550     1,720,183    1,715,454
Cash paid to policyholders, suppliers and employees (net of transfers to reserves)                (303,492)   (1,499,755)    (288,694)   (1,263,656)
Cash generated from operations                                                              27   1,415,694      321,795     1,431,489      451,798
Interest paid                                                                                      (12,955)      (13,097)         (26)         (737)
Dividends paid                                                                              28    (396,581)    (329,339)     (396,581)    (329,339)
Investment Income                                                                                 184,638       142,568      138,276       101,251
Interest received                                                                                 105,218        74,903      105,086        74,459
Dividends received                                                                          29     28,014        18,524       29,989        23,283
Rental received                                                                                    15,329        21,456             –           31
Other income                                                                                       36,077        27,685         3,201        3,478
Taxation paid                                                                               30    (297,806)    (189,331)     (290,475)    (187,001)
Net cash inflow/(outflow) from operating activities                                               892,990        (67,404)    882,683        35,972

Cash flows from investing activities
Acquisition of property and equipment                                                        2      (9,671)       (1,537)           –             –
Acquisition of investment property                                                           3           –        (1,761)           –             –
Acquisition of associates                                                                   32           –       (10,007)           –       (10,007)
Acquisition of listed and unlisted investments                                                    (815,998)    (353,213)     (790,613)    (350,525)
Acquisition of bonds                                                                              (406,234)    (329,108)     (406,234)    (329,108)
Proceeds on disposal of property and equipment                                                           8        1,874             –             –
Proceeds on disposal of investment property                                                        33,100              –            –             –
Proceeds on disposal of associates                                                                       –       21,267             –             –
Proceeds on disposal of listed and unlisted investments                                           228,991       826,796      226,303       821,132
Proceeds on disposal of bonds                                                                     108,070       101,569      108,070       101,569
Subsidiaries                                                                                31     (12,252)      (13,344)           –        (2,005)
Joint ventures                                                                              31         (80)         (423)           –          (144)
(Increase)/decrease in loans to subsidiaries                                                             –        (8,375)       7,110       (68,975)
Decrease in loans to joint ventures                                                                27,034         3,003       52,721         1,341
Decrease in loans to associates                                                                      6,518        7,490         4,477          534
(Increase)/decrease in loans to Group companies                                                    (43,389)      26,109       (48,034)      26,109
Decrease/(increase) in loans                                                                       50,636        (27,735)       8,944        9,836
Increase in foreign currency translation reserve                                            15        390            42             –             –
Net cash (outflow)/inflow from investing activities                                               (832,877)     242,647      (837,256)     199,757

Cash flows from financing activities
(Decrease)/increase in long-term liabilities                                                       (23,756)      13,317
Increase/(decrease) in borrowings                                                                     681         (3,275)
Net cash (outflow)/inflow from financing activities                                                (23,075)      10,042

Cash and cash equivalents
Net increase in cash and cash equivalents                                                          37,038       185,285       45,427       235,729
Cash and cash equivalents at beginning of financial year                                         1,328,930    1,143,645     1,308,069    1,072,340
Cash and cash equivalents at end of financial year                                          13   1,365,968    1,328,930     1,353,496    1,308,069

				
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