Hotel Sale and Purchase Contracts

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Hotel Sale and Purchase Contracts Powered By Docstoc
					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

				
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