European Embedded Value Supplementary Information
for the six months ended 30 June 2006
12 Summary income statement on a European embedded value basis
|
Rand m
|
|||
|
6 months ended
30 June 2006 |
6 months ended
30 June 2005 |
Year ended
31 December 2005 |
|
| South Africa | |||
| Covered business |
3,006
|
3,048
|
6,706
|
| Asset management |
622
|
422
|
984
|
| Banking |
3,096
|
2,047
|
4,876
|
| General insurance |
475
|
573
|
1,178
|
|
7,199
|
6,090
|
13,744
|
|
| United States | |||
| Covered business |
757
|
966
|
1,413
|
| Asset management |
667
|
582
|
1,368
|
|
1,424
|
1,548
|
2,781
|
|
| Europe | |||
| Covered business |
2,068
|
-
|
-
|
| Asset management |
34
|
(23)
|
(46)
|
| Banking |
68
|
-
|
-
|
|
2,170
|
(23)
|
(46)
|
|
| Other | |||
|
101
|
128
|
232
|
|
|
101
|
128
|
232
|
|
|
-
|
-
|
-
|
|
| Finance costs |
(712)
|
(216)
|
(422)
|
| Other shareholders' income / (expenses) |
(181)
|
(107)
|
(222)
|
| Adjusted operating profit |
10,001
|
7,420
|
16,067
|
| Adjusting items |
983
|
3,219
|
7,365
|
| Profit before tax (net of income tax attributable to policyholder returns) |
10,984
|
10,639
|
23,432
|
| Income tax attributable to shareholders |
(2,723)
|
(2,536)
|
(5,617)
|
| Profit for the financial period |
8,261
|
8,103
|
17,815
|
| Profit for the financial period attributable to: | |||
| Equity holders of the parent |
6,339
|
6,866
|
14,832
|
| Minority interests | |||
| Ordinary shares |
1,628
|
910
|
2,378
|
| Preferred securities |
294
|
327
|
605
|
| Profit for the financial period |
8,261
|
8,103
|
17,815
|
Adjusting items comprise:
|
Rand m
|
|||
|
6 months ended
30 June 2006 |
6 months ended
30 June 2005 |
Year ended
31 December 2005 |
|
| Income / (expense) | |||
| Goodwill impairment and amortisation of non-covered business acquired intangible assets |
(68)
|
(19)
|
(58)
|
| Profit / (loss) on disposal of subsidiaries, associated undertakings and strategic investments |
1,096
|
(47)
|
672
|
| Short-term fluctuations in investment returns (including economic assumption changes) | |||
| Covered business |
(565)
|
2,443
|
6,069
|
| Other |
271
|
272
|
925
|
| Cost of capital changes |
-
|
570
|
591
|
| Initial costs of Black Economic Empowerment schemes |
-
|
-
|
(834)
|
| Dividends declared to holders of perpetual preferred callable securities |
249
|
-
|
-
|
| Adjusting items |
983
|
3,219
|
7,365
|
Adjusted operating profit after tax attributable to ordinary equity holders is determined as follows:
|
Rand m
|
|||
|
6 months ended
30 June 2006 |
6 months ended
30 June 2005 |
Year ended
31 December 2005 |
|
| Adjusted operating profit |
10,001
|
7,420
|
16,067
|
| Tax on adjusted operating profit |
(2,689)
|
(1,791)
|
(4,077)
|
|
7,312
|
5,629
|
11,990
|
|
| Minority interests - ordinary shares |
(1,379)
|
(883)
|
(2,169)
|
| Minority interests - preferred securities |
(294)
|
(327)
|
(605)
|
| Adjusted operating profit after tax attributable to ordinary equity holders |
5,639
|
4,419
|
9,216
|
|
Cents
|
|||
| Embedded value earnings per share attributable to ordinary equity holders |
6 months ended
30 June 2006 |
6 months ended
30 June 2005 |
Year ended
31 December 2005 |
| Adjusted operating earnings per share |
111.4
|
117.7
|
240.0
|
| Basic earnings per share |
135.2
|
198.1
|
429.2
|
| Adjusted weighted average number of shares - millions |
5,063
|
3,753
|
3,840
|
| Weighted average number of shares - millions |
4,547
|
3,467
|
3,456
|
