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Statement of Changes in Equity
for the year ended 31 December 2006
| Group | |||||||||
| Total | |||||||||
| attribut- | |||||||||
| Non- | Stat- | able to | |||||||
| dis- | utory | equity | Minority | ||||||
| Share | tribut- | Trans- | contin- | holders | interest | ||||
| Share | pre- | able | lation | gency | Retained | of the | in sub- | ||
| capital | mium | reserve | reserve | reserve | profit | Company | sidiaries | Total | |
| R000 | R000 | R000 | R000 | R000 | R000 | R000 | R000 | R000 | |
| Balance at | |||||||||
| 31 December | |||||||||
| 2004 | 3,045 | 1,605 | 361,050 | (29,463) | 247,482 | 908,558 | 1,492,277 | 2,226 | 1,494,503 |
| Net gains | |||||||||
| in available- | |||||||||
| for-sale | |||||||||
| financial assets | |||||||||
| transferred to | |||||||||
| income on | |||||||||
| disposal | (179,711) | (179,711) | (179,711) | ||||||
| Share of losses | |||||||||
| in associates | |||||||||
| recognised in equity | (6,683) | (6,683) | (6,683) | ||||||
| Revaluation of | |||||||||
| available-for-sale | |||||||||
| financial assets | 200,445 | 200,445 | 200,445 | ||||||
| Deferred tax | |||||||||
| adjustment | |||||||||
| resulting from | |||||||||
| revaluations | (5,385) | (5,385) | (5,385) | ||||||
| Translation of | |||||||||
| foreign | |||||||||
| subsidiaries | (16,392) | (16,392) | (173) | (16,565) | |||||
| Transfer to/ | |||||||||
| (from) statutory | |||||||||
| contingency | |||||||||
| reserve | 21,890 | (21,890) | – | – | |||||
| Net profit | |||||||||
| for the year | 389,130 | 389,130 | 1,094 | 390,224 | |||||
| Dividends paid | (361,732) | (361,732) | (361,732) | ||||||
| Balance at | |||||||||
| 31 December | |||||||||
| 2005 | 3,045 | 1,605 | 369,716 | (45,855) | 269,372 | 914,066 | 1,511,949 | 3,147 | 1,515,096 |
| Net gains | |||||||||
| in available- | |||||||||
| for-sale | |||||||||
| financial assets | |||||||||
| transferred to | |||||||||
| income on | |||||||||
| disposal | (66,473) | (66,473) | (66,473) | ||||||
| Share of losses | |||||||||
| in associates | |||||||||
| recognised | |||||||||
| in equity | (22) | (22) | (22) | ||||||
| Revaluation of | |||||||||
| available-for-sale | |||||||||
| financial assets | 191,364 | 191,364 | 191,364 | ||||||
| Deferred tax | |||||||||
| adjustment | |||||||||
| resulting from | |||||||||
| revaluations | (60,111) | (60,111) | (60,111) | ||||||
| Translation of | |||||||||
| foreign | |||||||||
| subsidiaries | (38,481) | (38,481) | 3,594 | (34,887) | |||||
| Transfer to/ | |||||||||
| (from) statutory | |||||||||
| contingency | |||||||||
| reserve | 44,271 | (44,271) | – | – | |||||
| Net profit | |||||||||
| for the year | 320,580 | 320,580 | 6,302 | 326,882 | |||||
| Dividends paid | (99,873) | (99,873) | (99,873) | ||||||
| Balance at | |||||||||
| 31 December | |||||||||
| 2006 | 3,045 | 1,605 | 434,474 | (84,336) | 313,643 | 1,090,502 | 1,758,933 | 13,043 | 1,771,976 |
| Company | ||||||
| Non- | Stat- | |||||
| dis- | utory | |||||
| Share | tribut- | contin- | ||||
| Share | pre- | able | gency | Retained | ||
| capital | mium | reserve | reserve | profit | Total | |
| R000 | R000 | R000 | R000 | R000 | R000 | |
| Balance at 31 December 2004 | 3,045 | 1,605 | 359,492 | 240,819 | 745,180 | 1,350,141 |
| Net gains in available-for-sale | ||||||
| financial assets transferred | ||||||
| to income on disposal | (178,374) | (178,374) | ||||
| Revaluation of available- | ||||||
| for-sale financial assets | 199,047 | 199,047 | ||||
| Deferred tax adjustment | ||||||
| resulting from revaluations | (5,385) | (5,385) | ||||
| Transfer to/(from) | ||||||
| statutory contingency reserve | 20,200 | (20,200) | – | |||
| Net profit for the year | 366,354 | 366,354 | ||||
| Dividends paid | (361,732) | (361,732) | ||||
| Balance at 31 December 2005 | 3,045 | 1,605 | 374,780 | 261,019 | 729,602 | 1,370,051 |
| Net gains in available-for-sale | ||||||
| financial assets transferred | ||||||
| to income on disposal | (61,868) | (61,868) | ||||
| Revaluation of available- | ||||||
| for-sale financial assets | 136,783 | 136,783 | ||||
| Deferred tax adjustment | ||||||
| resulting from revaluations | (28,815) | (28,815) | ||||
| Transfer to/(from) | ||||||
| statutory contingency reserve | 31,283 | (31,283) | – | |||
| Net profit for the year | 287,650 | 287,650 | ||||
| Dividends paid | (99,873) | (99,873) | ||||
| Balance at 31 December 2006 | 3,045 | 1,605 | 420,880 | 292,302 | 886,096 | 1,603,928 |
In addition to the statutory contingency reserve, an additional 15% of reserves, being R216,800,000 (2005: R186,400,000), may not be distributed in order to achieve the 25% regulatory capital requirement of the Short-Term Insurance Act and the Financial Services Board.
