Annexure E

Reconciliation of Segment Statement of Financial Position to IFRS Statement of Financial Position
As at 31 March

                   
    Segmental reporting²   IFRS disclosure   Impact ¹
                   
    2018 2017   2018 2017   2018 2017
    R'000 R'000   R'000 R'000   R'000 R'000
Assets                
                   
Non-current assets   7,089,657   7,873,267     6,991,182   7,745,954     (98,475)   (127,313)
                   
Property, plant and equipment   121,677   129,335     121,677   129,335     -     -  
Intangible assets   658,055   662,536     658,055   662,536     -     -  
Investment in equity accounted investees   373,594   341,425     373,594   341,425     -     -  
Investments linked to policyholder investment contracts   5,670,093   6,013,781     5,670,093   6,013,781     -     -  
Financial investments   143,804   602,517     46,334   485,244     (97,470)   (117,273)
Loans and receivables   31,768   15,265     31,768   15,265     -     -  
Deferred taxation   90,666   108,408     89,661   98,368     (1,005)   (10,040)
                   
Current assets   18,660,324   19,741,565     18,679,074   19,640,590     18,750   (100,975)
                   
Financial investments   99,464   828,723     87,174   537,265     (12,290)   (291,458)
Loans and receivables   141,022   16,539     163,863   95,987     22,841   79,448
Trade and other receivables   438,420   395,379     441,329   434,061     2,909   38,682
Amounts receivable in respect of stockbroking activities   15,301,799   15,819,357     15,301,667   15,802,935     (132)   (16,422)
Taxation   18,318   18,862     18,318   18,862     -     -  
Cash and cash equivalents   2,661,301   2,662,705     2,666,723   2,751,480     5,422   88,775
                   
Total assets   25,749,981   27,614,832     25,670,256   27,386,544     (79,725)   (228,288)
                   
Equity and liabilities                
                   
Equity   2,598,407   3,589,049     2,517,853   3,538,039     (80,554)   (51,010)
                   
Equity attributable to equity holders of the company   2,177,768   3,110,063     2,106,366   3,063,188     (71,402)   (46,875)
Non-controlling interests   420,639   478,986     411,487   474,851     (9,152)   (4,135)
                   
Non-current liabilities   6,117,921   6,491,800     6,132,060   6,498,581     14,139   6,781
                   
Policyholder investment contract liabilities   5,670,093   6,013,781     5,670,093   6,013,781     -     -  
Interest-bearing borrowings   423,258   349,979     423,258   349,979     -     -  
Loans and other payables   15,246   117,104     29,385   123,885     14,139   6,781
Deferred taxation   9,324   10,936     9,324   10,936     -     -  
                   
Current liabilities   17,033,653   17,533,983     17,020,343   17,349,924     (13,310)   (184,059)
                   
Interest-bearing borrowings   52,468   42,800     52,468   42,800     -     -  
Loans and other payables   -     161,050     -     161,050     -     -  
Financial instrument liabilities   -     -       31,339   215,625     31,339   215,625
Trade and other payables   811,544   963,626     777,952   857,129     (33,592)   (106,497)
Amounts payable in respect of stockbroking activities   16,125,208   16,333,527     16,114,151   16,040,340     (11,057)   (293,187)
Taxation   44,433   32,980     44,433   32,980     -     -  
                   
Total equity and liabilities   25,749,981   27,614,832     25,670,256   27,386,544     (79,725)   (228,288)

1 Refers to the Group's consolidated proprietary hedge fund investments which do not meet the quantitative thresholds for determining reportable segments and the Citadel deferred remuneration schemes which management treats as an expense as profits are earned for internal reporting purposes and not in terms of IFRS 2.

2 Refer to annexure G for a split between Operating businesses and Surplus Balance Sheet investments.

The Directors have presented the above information using the accounting policy for the presentation of the Group's segmental reporting. The disclosures above are prepared on this basis which is consistent with the manner in which the Directors' manage the business. The Group’s identification of segments, and approach to preparation of segment information is more fully explained in the Segmental Information section of the Annual Financial Statements.