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Hotel Sale and Purchase Contracts document sample
Document Sample
Statement of financial position
at 31 December 2009
Notes
Assets
Equipment and owner-occupied properties under development 3
Owner-occupied properties 4
Investment properties 5
Intangible assets 6
Defined benefit pension fund employer surplus 18
Deferred acquisition costs 7
Interests in joint ventures 8
Reinsurance assets 14
Operating leases – accrued income 5
Pledged assets 9
Interests in associates – mutual funds 10
Financial instruments 11
Deferred taxation 20
Prepayments, insurance and other receivables 12
Cash and cash equivalents 13
Total assets
Liabilities
Policyholder liabilities
Insurance contracts 14
Investment contracts with discretionary participation features 14
Financial liabilities under investment contracts 15
Financial liabilities at amortised cost 16
Third party financial liabilities arising on consolidation of mutual funds 17
Employee benefits 18
Deferred revenue 19
Deferred taxation 20
Provisions 21
Operating leases – accrued expense 5
Derivative financial liabilities 11
Insurance and other payables 22
Current taxation
Total liabilities
Equity
Ordinary shareholders’ interests
Share capital 23
Share premium 23
Retained surplus
Other reserves
Minority interests
Total equity
Total equity and liabilities
2009 2008
Rm Rm
1 176 946
1 345 1 282
19 058 16 771
1 210 1 444
170 144
337 344
575 505
788 827
1 156 1 067
1 559 1 622
4 979 4 726
173 603 170 968
152 131
2 655 5 884
10 637 5 112
219 400 211 773
183 544 172 069
129 254 122 091
2 692 2 648
51 598 47 330
2 211 2 430
10 557 10 481
660 642
126 114
2 755 2 897
204 64
185 215
58 77
5 604 8 210
561 748
206 465 197 947
10 515 11 633
26 26
7 965 9 276
3 304 3 166
( 780) ( 835)
2 420 2 193
12 935 13 826
219 400 211 773
Statement of comprehensive income
for the year ended 31 December 2009
Notes
Revenue
Insurance premiums 24
Reinsurance premiums 24
Net insurance premiums
Service fee income from policyholder investment contracts 25
Investment income 26
Hotel operations sales
Investment gains/(losses) 27
Fee revenue 28
Defined benefit pension fund employer surplus
Total revenue
Claims and policyholders’ benefits under insurance contracts 29
Insurance claims recovered from reinsurers 29
Change in policyholder liabilities
Insurance contracts
Investment contracts with discretionary participation features
Applicable to reinsurers
Fair value adjustment to policyholder liabilities under investment contracts 15
Fair value adjustment on third party mutual fund interests 17
Acquisition costs 30
General marketing and administration expenses 31
Finance costs 33
Preference dividend in subsidiary
Equity accounted earnings from joint ventures 8
Profit before taxation
Taxation 35
Total earnings
Other comprehensive loss
Owner-occupied properties – fair value adjustment 4
Foreign currency translation
Income and capital gains tax relating to owner-occupied properties
– fair value adjustment 35
Total comprehensive income
Total earnings attributable to:
Ordinary shareholders’ interests
Minority interest
Total comprehensive income attributable to:
Ordinary shareholders’ interests
Minority interest
Basic earnings per share 1
Fully diluted basic earnings per share 1
Capital reduction in lieu of dividend/dividends per ordinary share
(1)
Adjusted for 2008 3:1 share split.
2009 2008
Rm Rm
22 630 22 986
( 632) ( 727)
21 998 22 259
823 799
12 255 13 552
620 714
7 125 (15 476)
1 404 1 144
13
44 238 22 992
(20 488) (23 596)
603 535
(7 246) 10 173
(7 163) 9 461
( 44) 705
( 39) 7
(5 949) 1 025
( 835) ( 134)
(3 114) (2 822)
(5 434) (5 151)
( 343) ( 356)
( 366) ( 308)
47 40
1 113 2 398
( 877) ( 607)
236 1 791
( 11) ( 20)
25 26
( 27) ( 40)
( 9) ( 6)
225 1 771
44 1 112
192 679
236 1 791
37 1 072
188 699
225 1 771
Cents Cents
16,4 709,3
15,9 683,3
455,0 259,3(1)
Statement of changes in shareholders’ funds
for the year ended 31 December 2009
Share
capital Treasury
and share share
Rm premium reserve FCTR(1)
Shareholders’ funds at 1 January 2008 917 ( 516) 23
Acquisition of Nelson Mandela Square
Issue of shares in subsidiary
Capital reduction in subsidiary
Minority share of subsidiary dividend
Total comprehensive income ( 51)
Ordinary dividends
Ordinary dividend No. 78 of 715 cents
Extraordinary dividend No. 79 of 63 cents
Preference dividend
Unincorporated property partnerships
– minority movements
Capital contribution
Distributions
Subscriptions for shares 8 395
Section 311 Liberty transaction costs ( 10)
Black economic empowerment transaction
Share-based payments
Transfer of vested equity options reserve
Transfer of owner-occupied properties
Transfer of prior year’s unrealised profit on sale of
subsidiary shares
Treasury shares adjustment 516
Change in effective ownership
Acquisition of Liberty Group Minorities
Excess purchase price over NAV of Liberty Group
Balance at 31 December 2008 9 302 – ( 28)
Increase in ownership of Liberty
Health Holdings
Capital reduction (1 301)
Section 311 Liberty transaction costs 1
Total comprehensive income ( 23)
Preference dividends
Unincorporated property partnerships
Capital contribution
Distribution
Minority share of subsidiary dividend
Share buy-back ( 34)
Subscription for shares 23
Black economic empowerment transaction
Share-based payments
Transfer of vested equity options reserve
Payment on settlement of share options
Transfer of owner-occupied properties
Balance at 31 December 2009 7 991 – ( 51)
The retained surplus, share-based payments, FCTR and owner-occupied properties revaluation reserves are distributable in ter
10,0% if distributed to shareholders.
(1)
FCTR: Foreign Currency Translation Reserve.
(2)
CRRF: Capital Redemption Reserve Fund.
Share-
Owner Empower- based
occupied ment payment Retained Minority
(2) properties reserve reserve surplus interests
CRRF Total
3 257 ( 372) 70 4 906 7 203 12 491
( 230) ( 230)
50 50
( 368) ( 368)
( 230) ( 230)
11 1 112 699 1 771
( 372) ( 372)
( 341) ( 341)
( 31) ( 31)
( 2) ( 2)
( 90) ( 90)
77 77
( 167) ( 167)
8 395
( 10)
57 56 113
31 30 61
( 15) 15
( 5) 5
( 208) 208
( 192) 318 642
( 5) 5
( 579) 579 (5 250) (5 250)
(3 145) (3 145)
3 263 (1 159) 86 3 166 2 193 13 826
( 9) ( 1) ( 10)
(1 301)
1
16 44 188 225
( 2) ( 2)
42 42
186 186
( 144) ( 144)
( 2) ( 2)
( 34)
23
101 101
68 68
( 10) 10
( 2) ( 2)
4 ( 4)
3 283 (1 159) 144 3 304 2 420 12 935
eserves are distributable in terms of the company’s articles of association and will attract secondary tax on companies of
Statement of cash flows
for the year ended 31 December 2009
Notes
Cash flows from operating activities
Cash utilised by operations 36
Cash receipts from policyholders
Cash paid to policyholders, intermediaries, suppliers and employees
Interest received
Interest paid
Dividends received
Distributions in lieu of dividends/dividends paid 37
Distribution to minorities in unincorporated property partnerships
Taxation paid 38
Cash flows from investing activities
Net purchases of properties under development, investment and owner-occupied properties
Purchase of equipment
Proceeds on sale of equipment
Net sale/(purchase) of financial instruments(1)
Net movements in loans with joint venture companies
Acquisition of Health Services related entities 34.1
Acquisition of joint ventures 34.2
Acquisition of minority interests in unincorporated property partnerships
Cash flows from financing activities
Repayment of financial liabilities at amortised cost
Minority share of capital reduction in subsidiary
Minority capital movements in unincorporated property partnerships
Proceeds from issue of treasury shares
Expenses related to issue of shares
Purchase of treasury shares
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents acquired through business acquisition
Cash and cash equivalents at the end of the year 13
(1)
This includes the net purchases of mutual funds that are classified as associates and subsidiaries.
2009 2008
Rm Rm
5 006 1 907
(1 314) (6 198)
30 707 32 073
(32 021) (38 271)
6 945 6 597
( 343) ( 356)
2 610 4 470
(1 512) ( 765)
( 144) ( 167)
(1 236) (1 674)
562 (1 702)
(1 746) ( 395)
( 320) ( 361)
7 4
2 667 ( 329)
( 5) ( 1)
( 10) ( 203)
( 31) ( 187)
( 230)
( 43) 203
( 219) ( 138)
( 368)
186 77
24 642
( 10)
( 34)
5 525 408
5 112 4 688
16
10 637 5 112
