Rm |
2016 |
2015 |
|
1. |
Investment income |
||
Interest income |
1 |
4 |
|
Dividend income from subsidiary |
532 |
– |
|
533 |
4 |
||
2. |
Non-trading and capital items |
||
Make good payment resulting from capital restructure |
– |
(58) |
|
Corporate transaction and listing costs |
(3) |
(35) |
|
Waiver of loan to Management Trust |
– |
(26) |
|
Waiver of group loan receivable |
– |
(1) |
|
(3) |
(120) |
||
Details of the make good payment in the prior year resulting from capital restructure can be found in the group financial statements of Alexander Forbes Group Holdings (refer to note 5). The loan to the Management Trust was waived in 2015, prior to the company listing on the JSE Limited, as approved by the remuneration committee on 13 June 2014. The loan to Alexander Forbes Holdco Proprietary Limited was waived in the prior year as part of the process to clean up the corporate company structure. |
|||
3. |
Investment in subsidiary |
||
Opening carrying value |
5 748 |
5 748 |
|
Carrying value |
5 748 |
5 748 |
|
The investment in subsidiary is carried at cost less provision for impairment and amounts written off. Details of the group’s financial interests in its subsidiaries are set out in note 48 to the group financial statements attached hereto. |
|||
4. |
Share capital |
||
Share capital at no par value |
6 192 |
6 192 |
2016 |
2015 |
||||
Number |
Share |
Number |
Share |
||
4.1 |
Share capital |
||||
Authorised |
|||||
Ordinary shares at no par value |
2 500 000 |
2 500 000 |
|||
Non-convertible redeemable B preference shares |
45 000 |
45 000 |
|||
Issued |
|||||
Ordinary shares at no par value |
1 341 427 |
6 192 |
1 302 356 |
6 192 |
|
1 341 427 |
6 192 |
1 302 356 |
6 192 |
||
4.2 |
Movement in share capital |
||||
Opening balance |
1 302 356 |
6 192 |
1 250 698 |
5 819 |
|
Shares issued to public |
– |
– |
44 000 |
316 |
|
Shares issued in terms of exit transaction incentive |
– |
– |
7 658 |
57 |
|
Shares issued to the Employee Share Option Plan* |
39 071 |
– |
– |
– |
|
Closing balance |
1 341 427 |
6 192 |
1 302 356 |
6 192 |
|
Refer to note 23.3.1 of the group financial statements. |
Rm |
2016 |
2015 |
|
5. |
Cash utilised in operations |
||
Profit/(loss) before taxation |
519 |
(119) |
|
Cash items: |
|||
Investment income |
(363) |
(4) |
|
Non-cash items: |
|||
Make good payment paid by subsidiary on behalf of company |
– |
58 |
|
Waiver of group loan receivable |
– |
27 |
|
Movement in working capital balances |
|||
Other receivables |
(160) |
13 |
|
Payables |
(1) |
(8) |
|
(5) |
(33) |
||
6. |
Dividends received |
||
Dividend income (refer to note 1) |
532 |
– |
|
Less: Non-cash dividend income |
(170) |
– |
|
362 |
– |
||
7. |
Taxation paid |
||
Taxation prepaid at the beginning of the year |
– |
1 |
|
Taxation prepaid at the end of the year |
– |
– |
|
– |
1 |
List of related party relationships
Major shareholders
The equity holders of the company are detailed in Annexure A.
Mercer Africa Limited, a subsidiary of the US-listed Marsh & McLennan Companies Inc., holds a 33% interest in the company.
Subsidiaries, joint ventures and associates
Details of subsidiaries, joint ventures and associates, which are considered material to the group and in respect of which the group has a continuing interest, are provided in note 48 to the group financial statements attached hereto.
Key management personnel
Details of key management personnel are included in the group financial statements.
Transactions between related parties comprise non-interest-bearing loans.
Rm |
2016 |
2015 |
|
8.2 |
Transactions with subsidiaries |
||
Loan balances classified as intercompany loans |
|||
Opening balance |
124 |
– |
|
Cash transferred to group companies |
(374) |
109 |
|
Dividends received |
362 |
– |
|
Dividend in specie |
170 |
– |
|
Share-based payments |
18 |
– |
|
Charges to subsidiaries |
2 |
74 |
|
Make good payment made by subsidiary on behalf of company |
– |
(58) |
|
Waiver of loan |
– |
(1) |
|
Closing balance |
302 |
124 |