Continuing and discontinued operations

The results of the Insurance business, which is in the process of being disposed, are presented in the condensed consolidated statement of profit or loss as discontinued operations. The comparative profit or loss has been re-presented accordingly. The assets and related liabilities of the Insurance businesses has been reclassified to 'Assets of discontinued operations' and 'Liabilities of discontinued operations' respectively on the condensed consolidated statement of financial position. The assets and related liabilities of the Goscor disposal group has been reclassified to 'Assets of disposal group' and 'Liabilities of disposal group' respectively on the condensed consolidated statement of financial position.

The following shows the combined result of the continued and discontinued operations after eliminating inter-group transactions. The results of the Goscor disposal group is included under continuing operations.

  %
change
  Total
operations
31 December
2015
Rm
  Continuing
operations
31 December
2015
Rm
  Discontinued
operations
31 December
2015
Rm
  Total
operations
31 December
2014*
Rm
  Continuing
operations
31 December
2014*
Rm
  Discontinued
operations
31 December
2014
Rm
 
Revenue 6   59 766   58 201   1 565   56 234   54 764   1 470  
Net operating expenses     (55 374)   (54 083)   (1 291)   (52 126)   (50 849)   (1 277)  
Profit from operations before depreciation and recoupments     4 392   4 118   274   4 108   3 915   193  
Depreciation, amortisation, impairments and recoupments     (1 326)   (1 326)       (1 236)   (1 223)   (13)  
Operating profit 7   3 066   2 792   274   2 872   2 692   180  
Recoupments from sale of properties, net of impairments     6   6       12   12  
Amortisation and impairment of intangible assets arising on business combinations     (358)   (358)       (205)   (205)  
Other non-operating items     354   383   (29)   63   62   1  
Profit before net finance costs 12   3 068   2 823   245   2 742   2 561   181  
Net finance costs 9   (651)   (651)       (598)   (598)      
Profit before share of result of associates and joint ventures     2 417   2 172   245   2 144   1 963   181  
Share of result of associates and joint ventures     58   58       12   12      
Profit before tax 15   2 475   2 230   245   2 156   1 975   181  
Income tax expense     (692)   (615)   (77)   (562)   (498)   (64)  
Profit for the period 12   1 783   1 615   168   1 594   1 477   117  
Net profit attributable to:                        
Owners of Imperial 19   1 699   1 558   141   1 426   1 331   95  
Non-controlling interests (50)   84   57   27   168   146   22  
      1 783   1 615   168   1 594   1 477   117  
Earnings per share (cents)                        
– Basic 19   881   808   73   738   689   49  
– Diluted 18   869   798   71   736   688   48  
Headline earnings per share (cents)                        
– Basic 6   801   728   73   759   710   49  
– Diluted 5   791   720   71   756   708   48  
Core earnings per share (cents)                        
– Basic 7   861   781   80   803   754   49  
– Diluted 6   849   771   78   800   752   48  
* After restating for the change in accounting policy as described in note 2.1

The major classes of assets and liabilities of the discontinued operations were as follows:

  31 December
2015
Rm
  30 June
2015
Rm
 
Assets        
Goodwill and intangible assets 167   122  
Investment in associates and joint ventures 13   17  
Property, plant and equipment 160   146  
Income tax assets 20   20  
Investments and other financial assets 3 148   3 250  
Trade and other receivables 215   218  
Cash resources 1 140   845  
Assets of discontinued operations 4 863   4 618  
Liabilities        
Insurance and investment contracts 1 435   1 361  
Income tax liabilities 207   197  
Trade payables and provisions 1 095   1 155  
Liabilities of discontinued operations 2 737   2 713  
Investments and other financial assets consists of:        
Listed investments at fair value (level 1) 2 441   2 288  
Fixed and negotiable deposits at fair value (level 2) 589   733  
Reinsurance receivables at amortised cost 118   229  
  3 148   3 250  
         
  31 December
2015
Rm
  31 December
2014
Rm
 
The cash flows from discontinued operations were as follows:        
Cash flows from operating activities 159   201  
Cash flows from investing activities 103   (663)  
Cash flows from financing activities (9)   (7)