Shareholders’ fund at net asset value

at 31 December 2010
 
   
Sanlam Life(1)
Sanlam Developing
Markets(2)
Sanlam UK
Short-term
Insurance
Sanlam
Investments
Capital
Management
Corporate and
Other(3)
Consolidation
Entries(4)
Total
R million Note
2010
2009
2010
2009
2010
2009
2010
2009
2010
2009
2010
2009
2010
2009
2010
2009
2010
Restated
2009
Property and equipment  
235
181
83
61
4
5
122
98
22
22
4
7
1
470
375
Owner-occupied properties  
460
460
63
63
2
1
37
36
1
(30)
91
532
652
Goodwill  
195
143
154
108
386
391
963
616
252
304
1
1 247
1 247
3 197
2 810
Other intangible assets  
39
45
39
45
Value of business acquired  
41
17
715
756
314
294
117
134
150
(1)
(7)
1 320
1 210
Deferred acquisition costs  
1 665
1 508
1
1
1 666
1 509
Investments 5
23 367
22 372
2 474
2 511
671
714
7 453
7 495
775
891
461
415
3 599
3 364
(4 716)
(4 575)
34 084
33 187
Properties  
1 012
733
103
122
51
87
221
186
(122)
(111)
1 265
1 017
Associated companies  
682
424
270
258
211
192
76
86
96
52
622
112
15
1 972
1 124
Joint ventures  
261
254
257
247
143
115
46
167
4
58
(1)
711
840
Equities and similar securities  
10 611
10 339
298
237
73
2
3 506
2 931
430
208
1 082
1 058
(3 522)
(3 351)
12 478
11 424
Public sector stocks and loans  
634
1 072
112
121
927
741
1
1
1 674
1 935
Debentures, preference shares and other loans  
3 526
4 235
219
538
262
236
1 627
1 196
127
312
140
119
1 639
1 519
(1 088)
(1 112)
6 452
7 043
Cash, deposits and similar securities  
7 323
5 739
803
822
66
218
1 039
2 320
45
30
256
675
9 532
9 804
Net deferred tax  
134
(48)
97
(5)
1
1
(18)
32
(11)
15
7
37
122
137
25
357
169
Deferred tax asset  
317
70
125
30
1
1
251
163
23
28
60
67
137
156
17
931
515
Deferred tax liability  
(183)
(118)
(28)
(35)
(269)
(131)
(34)
(13)
(53)
(30)
(15)
(19)
8
(574)
(346)
Net short-term insurance technical provisions 6
(6 385)
(6 240)
(6 385)
(6 240)
Short-term insurance technical assets  
1 560
2 064
1 560
2 064
Short-term insurance technical provisions  
(7 945)
(8 304)
(7 945)
(8 304)
Net working capital (liabilities)/assets  
(1 058)
(119)
(207)
205
68
25
4 874
4 668
771
762
463
1 010
(2 121)
(1 046)
3 703
502
6 493
6 007
Trade and other receivables 7
2 220
3 733
389
761
128
123
1 773
2 255
1 074
1 040
18 841
16 525
8 584
8 332
(10 998)
(13 197)
22 011
19 572
Cash, deposits and similar securities  
3 149
3 155
640
572
144
135
5 231
4 639
569
690
1 788
1 591
1 634
1 198
(976)
12 179
11 980
Trade and other payables 8
(5 042)
(4 802)
(1 187)
(1 038)
(160)
(160)
(1 806)
(1 780)
(843)
(898)
(20 162)
(17 100)
(12 277)
(10 057)
15 677
13 699
(25 800)
(22 136)
Provisions  
(476)
(725)
(15)
(55)
(41)
(63)
(36)
(32)
(3)
(49)
(518)
(617)
(1 396)
Taxation  
(909)
(1 480)
(34)
(35)
(3)
(10)
(288)
(414)
(29)
(67)
(4)
(6)
(13)
(1)
(1 280)
(2 013)
Term finance  
(3 676)
(4 312)
(8)
(27)
(925)
(839)
(31)
(25)
(87)
(626)
(2 106)
(1 093)
575
649
(6 258)
(6 273)
Cell owners’ interest  
(577)
(535)
(577)
(535)
Minority shareholders’ interest  
(181)
(141)
(565)
(654)
(1)
(4)
(2 265)
(2 131)
(216)
(214)
(1)
620
624
(2 608)
(2 521)
Shareholders’ fund at net asset value
 
21 182
20 061
2 853
3 091
1 435
1 399
3 361
3 165
1 733
1 941
848
845
741
2 608
177
(2 715)
32 330
30 395
Analysis of shareholders’ fund
                                     
Covered business  
12 717
12 667
1 104
1 363
212
217
14 033
14 247
Other operations  
699
686
310
175
867
824
3 361
3 165
1 592
1 863
848
845
1 247
1 247
8 924
8 805
Discretionary and other capital  
7 766
6 708
1 439
1 553
356
358
141
78
(506)
1 361
177
(2 715)
9 373
7 343
Shareholders’ fund at net asset value
 
21 182
20 061
2 853
3 091
1 435
1 399
3 361
3 165
1 733
1 941
848
845
741
2 608
177
(2 715)
32 330
30 395
Change in accounting policies recognised on 1 January 2010 for GEV purposes  
(248)
(248)
Consolidation reserve  
(552)
(503)
(552)
(503)
Shareholders’ fund per Group statement of financial position
 
21 182
20 061
2 853
2 843
1 435
1 399
3 361
3 165
1 733
1 941
848
845
741
2 608
(375)
(3 218)
31 778
29 644
(1) Includes the operations of Sanlam Personal Finance and Sanlam Employee Benefits as well as discretionary capital held by Sanlam Life. Equities and similar securities include an investment of R2 462 million (2009: R2 559 million) in Sanlam shares, which is eliminated in the consolidation column.
(2) Includes discretionary capital held by Sanlam Developing Markets.
(3) Corporate and other includes the assets of Genbel Securities and Sanlam Limited Corporate on a consolidated basis.
(4) The investment in treasury shares is reversed within the consolidation column. Intercompany balances, other investments and term finance between companies within the Group are also eliminated. 
(5) Comparative information for Sanlam Developing Markets, Short-term Insurance, Sanlam Investments and Capital Management was restated. Refer to note 38.