| |
31
March
2006
Rm |
% |
31
March
2005
Rm |
| Income from operations
(note
3) |
5
369 |
11 |
4 858 |
| Other income |
71 |
|
107 |
| Operating expenses |
(5
094) |
|
(4 229) |
| Operating profit |
346 |
(53) |
736 |
| Analysed as
follows: |
|
|
|
| Trading results
of operations |
791 |
2 |
772 |
| Profit from direct marketing
entity in run-off |
41 |
|
68 |
| Consolidation of group
cell captive insurance arrangement |
(1) |
|
23 |
| Impairment and other capital
items |
(19) |
|
(21) |
| Exceptional gains and losses
(note
4) |
(466) |
|
(106) |
| Operating profit |
346 |
(53) |
736 |
| Net interest and investment
income (note
5) |
(5) |
|
(63) |
| Net fair value gain (offset
by taxation expense attributable to policyholders) |
18 |
|
9 |
Effect of accounting for
policyholder investments as treasury shares under
IFRS (note
6) |
(81) |
|
(30) |
| Share of net profits of
associates (note
7) |
17 |
|
5 |
| Profit before
taxation |
295 |
(55) |
657 |
| Taxation |
|
|
|
| – Taxation expense |
(220) |
|
(190) |
| – Taxation attributable
to policyholders’ funds |
(18) |
|
(9) |
| Profit for the year |
57 |
(88) |
458 |
| Attributable
to: |
|
|
|
| – Ordinary shareholders |
12 |
(97) |
413 |
| – Minority interests |
45 |
|
45 |
| |
57 |
(88) |
458 |
| EARNINGS
PER SHARE (cents) |
3 |
(97) |
105 |
| DILUTED
EARNINGS PER SHARE (cents) |
3 |
(97) |
104 |
| Number of shares (millions) |
|
|
|
| – weighted average |
443 |
|
394 |
| – diluted weighted average |
447 |
|
396 |
| Note on calculation
of headline and core earnings per share: |
|
|
|
| Profit attributable
to ordinary shareholders |
12 |
|
413 |
| Adjusted for: |
|
|
|
| Impairment charges and
other capital items |
19 |
|
21 |
| Share of headline adjusting
items of associates |
(14) |
|
2 |
| Headline earnings attributable
to ordinary shareholders |
17 |
|
436 |
| Adjusted for: |
|
|
|
| Profit from direct marketing
entity in run-off |
(41) |
|
(68) |
| Exceptional gains and
losses |
466 |
|
106 |
Loss arising from accounting
for policyholder investments as treasury shares
under IFRS |
81 |
|
30 |
| Reversal of interest effects
of exchangeable bonds |
– |
|
38 |
| Tax effects on above items |
13 |
|
(23) |
| Core earnings attributable
to ordinary shareholders |
536 |
3 |
519 |
| Weighted average
number of shares |
443 |
|
394 |
| Adjusted for: |
|
|
|
Policyholder investments
accounted for as treasury shares and deducted
from equity under IFRS |
19 |
|
15 |
| Shares issued to repurchase
exchangeable bonds |
– |
|
51 |
| Adjusted weighted
average number of shares in issue |
462 |
|
460 |
| HEADLINE
EARNINGS PER SHARE (cents) |
4 |
(96) |
111 |
| Effects of
adjustments detailed above: |
|
|
|
| Profit from direct marketing
entity in run-off |
(6) |
|
(12) |
| Exceptional gains and
losses |
105 |
|
19 |
| Accounting for policyholder
investments as treasury shares under IFRS |
13 |
|
3 |
| Repurchase of exchangeable
bonds |
– |
|
(8) |
| CORE
EARNINGS PER SHARE (cents) |
116 |
3 |
113 |
