Notes to the annual financial statements
for the year ended 30 June



    2012  
R million  
2011  
R million  

27.

Marketing and administration expenses

     
  Expenses by nature:        
  Employee benefit expenses   (969)  (245) 
  Professional fees and regulatory compliance costs   (28)  (26) 
  Depreciation   (72)  (21) 
  Operating lease rentals   (48)  (11) 
  Asset management services   (11)  (3) 
  Audit fees   (9)  (2) 
  Loss on sale of property and equipment   (1)  (2) 
  Third party underwriting administrator cost   (81)  –  
  Other expenses   (580)  (255) 
  Total marketing and administration expenses   (1 799)  (565) 
  Employee benefit expenses        
  Salaries and incentive bonuses   (796)  (195) 
  Retirement funding   (83)  (23) 
  Service cost relating to intellectual property   (30)  (9) 
  Share-based payment charge   (8)  (2) 
  Medical aid contributions   (52)  (16) 
  Total employee benefit expenses   (969)  (245) 
  Depreciation        
  Buildings   (4)  (1) 
  Furniture, fittings and equipment   (68)  (20) 
  Total depreciation   (72)  (21) 
  Audit fees        
  Statutory audit – Current year   (8)  (2) 
  Underprovision in prior years   (1)  –  
  Total audit fees   (9)  (2) 
  Operating lease rentals        
  The group’s operating lease commitments under non-cancellable operating        
  lease agreements are as follows:        
  Up to 1 year   (35)  (24) 
  Between 1 to 5 years   (91)  (38) 
  Between 5 to 10 years   (13)  –  
  Total operating lease commitments   (139)  (62) 

Return to top