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 |
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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 |
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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 |
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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) |