Statement of cash flows
for the period ended 30 June 2011

  Notes Group
2011
R million
Cash flows from operating activities    
Cash generated from operations A 971 
Investment income   (242)
Dividends received   387 
Income tax paid   (287)
Net cash generated from operating activities   829 
Cash flows from investing activities    
Purchase of property and equipment   (63)
Net additions to investments   (645)
Proceeds from preference shares redemption   102 
Investment in subsidiaries companies   (3 608)
Net cash used in investing activities   (4 214)
Cash flows from financing activities    
Issue of shares   2 514 
Issue of preference shares   1 450 
Net amount of borrowings repaid   (194)
Cost of funding   (41)
Dividends paid on preference shares in issue   (12)
Dividends paid by subsidiaries to non-controlling interests   (92)
Dividends paid to shareholders   (339)
Net cash inflow from financing activities   3 286 
Net decrease in cash and cash equivalents for the period   (99)
Unrealised foreign currency translation adjustment included in cash and cash equivalents   24 
Cash and cash equivalents at predecessor value   2 531 
Cash and cash equivalents at the end of the period   2 456 
  

 

Notes to the statement of cash flows
for the period ended 30 June 2011

    Group
2011
R million

A.

Cash flows from operating activities

 
  Reconciliation of profit before taxation to cash generated from operations:  
  Profit before taxation 1 057 
  Adjusted for:  
  Loss on sale of fixed assets
  Foreign currency translation difference (8)
  Equity accounted earnings
  Depreciation 21 
  Service cost relating to intellectual property
  Provisions
  Share option expenses
  Investment income (130)
  Funding costs 42 
  Dividends accrued on preference shares in issue
  Net fair value losses on assets at fair value through profit or loss 270 
  Changes in insurance balances:  
     Gross provision for unearned premiums 113 
     Reinsurers’ share of provision for unearned premiums (7)
     Gross provision for claims incurred but not reported
     Provision for cash bonus on insurance contracts 126 
     Cash bonus paid on insurance contracts (76)
     Insurance contracts (666)
     Investment contracts (18)
     Deferred acquisition costs
     Deferred acquisition revenue (2)
     Transfer from policyholders’ profit share 184 
  Changes in working capital  
     Current receivables and prepayments
     Current payables and provisions 26 
  Cash generated from operations 971 

 

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