> Presenting continuing and discontinuing operations

The results of the Insurance businesses, which are in the process of being disposed, are presented in the condensed consolidated statement of profit or loss as discontinued operations. 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 disposal groups have been reclassified to "Assets of other disposal groups" and "Liabilities of other disposal groups" 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 other disposal groups are included in continuing operations.

  %
change		   TOTAL
OPERATIONS
31 DECEMBER
2016
Rm		   CONTINUING
OPERATIONS
31 DECEMBER
2016
Rm		   DISCONTINUED
OPERATIONS
31 DECEMBER
2016
Rm		   TOTAL
OPERATIONS
31 DECEMBER
2015
Rm		   CONTINUING
OPERATIONS
31 DECEMBER
2015
Rm		   DISCONTINUED
OPERATIONS
31 DECEMBER
2015
Rm		  
Revenue 2   61 253   59 691   1 562   59 766   58 201   1 565  
Net operating expenses     (56 804)   (55 544)   (1 260)   (55 374)   (54 083)   (1 291)  
Profit from operations before depreciation and recoupments     4 449   4 147   302   4 392   4 118   274  
Depreciation, amortisation, impairments and recoupments     (1 268)   (1 268)       (1 326)   (1 326)      
Operating profit 4   3 181   2 879   302   3 066   2 792   274  
Recoupments from sale of properties, net of impairments     7   7       6   6      
Amortisation of intangible assets arising on business combinations     (263)   (263)       (207)   (207)      
Impairment of intangible assets arising on business combinations                 (151)   (151)      
Other non-operating items     (206)   (201)   (5)   354   383   (29)  
Profit before net finance costs (11)   2 719   2 422   297   3 068   2 823   245  
Net finance costs 27   (828)   (828)       (651)   (651)      
Profit before share of result of associates and joint ventures     1 891   1 594   297   2 417   2 172   245  
Share of result of associates and joint ventures     47   47       58   58      
Profit before tax (22)   1 938   1 641   297   2 475   2 230   245  
Income tax expense     (586)   (482)   (104)   (692)   (615)   (77)  
Profit for the period (24)   1 352   1 159   193   1 783   1 615   168  
Tax rate (%)     31,0           28,6          
Net profit attributable to:                            
Owners of Imperial (22)   1 319   1 138   181   1 699   1 558   141  
Non-controlling interests (61)   33   21   12   84   57   27  
      1 352   1 159   193   1 783   1 615   168  
Earnings per share (cents)                            
– Basic (23)   679   586   93   881   808   73  
– Diluted (24)   664   573   91   869   798   71  
Headline earnings per share (cents)                            
– Basic (15)   682   587   95   801   728   73  
– Diluted (16)   667   574   93   791   720   71  
Core earnings per share (cents)                            
– Basic (8)   795   699   96   861   781   80  
– Diluted (8)   777   683   94   849   771   78  

> DISCONTINUED OPERATIONS

The major classes of assets and liabilities of discontinued operations classified at 31 December 2016 as held for sale were as follows:

The major classes of assets and liabilities of the disposal groups are disclosed in note 12.

  31 DECEMBER
2016
Rm		   30 JUNE
2016
Rm		  
Assets        
Goodwill and intangible assets 244   204  
Investment in associates and joint ventures 39   40  
Property, plant and equipment 104   164  
Income tax assets 17   24  
Investments and other financial assets 3 264   3 197  
Trade and other receivables 235   217  
Cash resources 1 346   1 237  
Assets of discontinued operations 5 249   5 083  
Liabilities        
Insurance and investment contracts 1 359   1 384  
Income tax liabilities 239   214  
Trade, other payables and provisions 1 069   1 140  
Liabilities of discontinued operations 2 667   2 738  
Investments and other financial assets consists of:        
Listed investments at fair value (level 1) 2 576   2 481  
Fixed and negotiable deposits at fair value (level 2) 397   589  
Reinsurance debtors and other financial assets at amortised cost 291   127  
  3 264   3 197  

The cash flows from discontinued operations were as follows:

  31 DECEMBER
2016
Rm		   31 DECEMBER
2015
Rm		   30 JUNE
2016
Rm		  
Cash flows from operating activities 198   159   390  
Cash flows from investing activities     103   (30)  
Cash flows from financing activities (5)   (9)   (1)