Segment report

Peregrine annual report 2009 » Financials » Segment report
for the year ended 31 March
 
  Group
Wealth management Asset management Stenham Broking and structuring borrowing Group (operations, investment returns and costs1) Total
R’000 R’000 R’000 R’000 R’000 R’000
2009
Revenue, investment and
other income		 299 788 105 018 758 631 370 170 (81 594) 1 452 013
Net fair value losses on linked financial investments (193 772) - - - - (193 772)
Linked liability adjustment 193 772 - - - - 193 772
Operating expenses (224 673) (74 983) (550 373) (271 343) (23 156) (1 144 528)
Profit from operations 75 115 30 035 208 258 98 827 (104 750) 307 485
Net interest received 2 684 4 243 423 53 767 (110 264) (49 147)
Interest received 3 068 4 290 8 428 54 061 18 869 88 716
Interest paid (384) (47) (8 005) (294) (129 133) (137 863)
Income/(losses) from associate companies 5 011 (1 887) 6 417 - - 9 541
Profit from ordinary activities 82 810 32 391 215 098 152 594 (215 014) 267 879
Capital impairment - - - - (11 043) (11 043)
Profit before taxation 82 810 32 391 215 098 152 594 (226 057) 256 836
Taxation (21 682) (9 121) (30 127) (38 571) 58 620 (40 881)
Profit for the year 61 128 23 270 184 971 114 023 (167 437) 215 955
Attributable to:  
Equity holders of the company 61 128 13 843 84 290 114 023 (155 243) 118 041
Minority interest - 9 427 100 681 - (12 194) 97 914
  61 128 23 270 184 971 114 023 (167 437) 215 955
Headline earnings 61 128 13 843 84 290 114 023 (200 217) 73 067
% change in profit attributable to equity holders of the company (2008 to 2009) -49% -81% - -28% -232% -75%
Segment assets  
Property, plant and equipment 7 801 2 513 21 434 3 873 4 748 40 369
Intangible assets 238 267 2 946 1 188 391 25 460 - 1 455 064
Investment in associate companies 3 485 4 028 1 479 - - 8 992
Investments linked to policyholder investment contracts 2 725 372 - - - - 2 725 372
Non-current financial investments 3 269 - - 105 190 586 193 960
Loans and receivables - - 9 384 - 8 262 17 646
Deferred taxation 15 759 625 928 29 56 131 73 472
Current financial investments 11 729 9 068 4 544 - 524 725 550 066
Trade and other receivables 25 485 13 967 206 273 16 481 19 099 281 305
Amounts receivable in respect of stockbroking activities - - - 3 898 488 - 3 898 488
Taxation 5 613 321 - 13 362 9 19 305
Cash and cash equivalents 40 104 31 915 227 384 325 451 88 761 713 615
  3 076 884 65 383 1 659 817 4 283 249 892 321 9 977 654
Segment liabilities  
Interest-bearing borrowings - - 117 487 - 726 233 843 720
Policyholder investment contract liabilities 2 725 372 - - - - 2 725 372
Loans and other payables 417 3 637 41 91 60 718 64 904
Deferred taxation - - 1 141 97 10 498 11 736
Financial instrument liabilities - - 4 206 - - 4 206
Trade and other payables 70 600 16 085 190 110 85 486 67 454 429 735
Amounts payable in respect of stockbroking activities - - - 3 979 955 - 3 979 955
Taxation 742 739 20 659 - 39 018 61 158
  2 797 131 20 461 333 644 4 065 629 903 921 8 120 786
Capital expenditure 6 155 1 194 9 968 3 518 4 405 25 240
Depreciation 4 892 2 634 7 009 643 1 058 16 236
Amortisation of intangibles 1 484 - 41 423 - - 42 907
Movement in revaluation reserve - - - - (283) (283)
Revaluation of available-for-sale assets - - - - (410) (410)
Deferred taxation on revaluation - - - - 56 56
1Other than for Stenham, borrowing costs are disclosed as part of “group” and have not been allocated to the
  appropriate underlying segments.
 
  Group
Wealth management Asset management Broking and structuring Group (operations, investment returns and borrowing costs) Total
2008 R’000 R’000 R’000 R’000 R’000
Revenue, investment and other income 373 239 247 765 464 343 244 435 1 329 782
Net fair value gains on linked financial investments 274 121 - - - 274 121
Linked liability adjustment (274 121) - - - (274 121)
Operating expenses (218 139) (99 140) (296 990) (51 632) (665 901)
Profit from operations 155 100 148 625 167 353 192 803 663 881
Net interest received 2 809 3 825 48 667 9 240 64 541
Interest received 2 818 3 827 57 737 23 513 87 895
Interest paid (9) (2) (9 070) (14 273) (23 354)
Income/ (losses) from associate companies 7 342 (241) - - 7 101
Profit from ordinary activities 165 251 152 209 216 020 202 043 735 523
Capital surplus - - - 5 500 5 500
Profit before taxation 165 251 152 209 216 020 207 543 741 023
Taxation (45 357) (45 166) (56 978) (12 812) (160 313)
Profit for the year 119 894 107 043 159 042 194 731 580 710
Attributable to:  
Equity holders of the company 119 894 71 354 159 042 117 464 467 754
Minority interest - 35 689 - 77 267 112 956
  119 894 107 043 159 042 194 731 580 710
Headline earnings 119 894 71 354 159 042 111 964 462 254
% change in profit attributable to equity holders of the company (2007 to 2008) 16% -4% 35% 47% 25%
Segment assets  
Property, plant and equipment 6 573 4 073 1 002 80 029 91 677
Intangible assets 239 751 2 946 25 460 - 268 157
Investment in associate companies 2 085 14 884 - - 16 969
Investments linked to policyholder investment contracts 2 657 024 - - - 2 657 024
Non-current financial investments 4 225 - 105 333 198 337 528
Loans and receivables - - - 22 142 22 142
Deferred taxation 13 839 204 774 27 14 844
Current financial investments 12 120 10 911 - 876 023 899 054
Trade and other receivables 42 008 24 576 21 519 15 131 103 234
Amounts receivable in respect of stockbroking activities - - 7 111 094 - 7 111 094
Taxation - 514 6 404 - 6 918
Cash and cash equivalents 106 030 31 637 697 403 218 576 1 053 646
  3 083 655 89 745 7 863 761 1 545 126 12 582 287
Segment liabilities  
Interest-bearing borrowings - - - 65 472 65 472
Policyholder investment contract liabilities 2 657 024 - - - 2 657 024
Loans and other payables 165 4 272 - 83 575 88 012
Deferred taxation - 1 673 47 46 904 48 624
Trade and other payables 102 175 20 425 140 509 54 013 317 122
Amounts payable in respect of stockbroking activities - - 7 566 154 - 7 566 154
Taxation 35 359 9 818 38 519 34 090 117 786
  2 794 723 36 188 7 745 229 284 054 10 860 194
Capital expenditure 6 706 2 331 371 707 10 115
Depreciation 3 481 2 197 608 610 6 896
Amortisation of intangible assets 1 484 - - - 1 484
Movement in revaluation reserve - - - (95) (95)
Revaluation of available-for-sale assets - - - (119) (119)
Deferred taxation on revaluation - - - 24 24
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