> Presenting continuing and discontinuing operations

The results of the Insurance businesses, which is in the process of being disposed, are presented in the summarised consolidated statement of profit or loss as discontinued operations. The assets and related liabilities of the Insurance business have been reclassified to ‘Assets of discontinued operations’ and ‘Liabilities of discontinued operations’ respectively on the summarised consolidated statement of financial position. The assets and related liabilities of the disposal group have been reclassified to ‘Assets of other disposal groups’ and ‘Liabilities of other disposal groups’ respectively on the summarised consolidated statement of financial position. These assets include various businesses in the Logistics Africa, Vehicle Import Distribution and Dealership division and the Vehicle Retail Rental and Aftermarket Parts division and a listed associate. The businesses will be recovered through disposal rather than through continuing use.

The following shows the combined result of the continuing and discontinued operations after eliminating inter-group transactions. The results of the businesses to be disposed are included in continuing operations.



  %
CHANGE		   TOTAL
OPERATIONS
2016
Rm		   CONTINUING
OPERATIONS
2016
Rm		   DISCONTINUED
OPERATIONS
2016
Rm		   TOTAL
OPERATIONS
2015
Rm		   CONTINUING
OPERATIONS
2015
Rm		   DISCONTINUED
OPERATIONS
2015
Rm		  
Revenue 8   118 849   115 738   3 111   110 487   107 453   3 034  
Net operating expenses     (109 868)   (107 286)   (2 582)   (101 732)   (99 290)   (2 442)  
Profit from operations before depreciation and recoupments     8 981   8 452   529   8 755   8 163   592  
Depreciation, amortisation, impairments and recoupments     (2 559)   (2 559)       (2 520)   (2 492)   (28)  
Operating profit 3   6 422   5 893   529   6 235   5 671   564  
Recoupments from sale of properties, net of impairments     28   28       29   29      
Amortisation of intangible assets arising on business combinations     (437)   (437)       (415)   (415)      
Impairment of intangible assets arising on business combinations     (151)   (151)                  
Other non-operating items     (118)   (102)   (16)   (88)   (80)   (8)  
Profit before net finance costs     5 744   5 231   513   5 761   5 205   556  
Net finance costs 21   (1 440)   (1 440)       (1 194)   (1 194)      
Profit before share of result of associates and joint ventures     4 304   3 791   513   4 567   4 011   556  
Share of result of associates and joint ventures     133   133       32   33   (1)  
Profit before tax (4)   4 437   3 924   513   4 599   4 044   555  
Income tax expense     (1 229)   (1 049)   (180)   (1 213)   (1 035)   (178)  
Net profit for the year (5)   3 208   2 875   333   3 386   3 009   377  
Net profit attributable to:                            
Owners of Imperial     3 049   2 747   302   3 054   2 735   319  
Non-controlling interests (52)   159   128   31   332   274   58  
      3 208   2 875   333   3 386   3 009   377  
Earnings per share (cents)                            
–  Basic     1 581   1 425   156   1 582   1 416   166  
–  Diluted (2)   1 540   1 388   152   1 568   1 406   162  
Headline earnings per share (cents)                            
–  Basic (3)   1 579   1 423   156   1 624   1 458   166  
–  Diluted (4)   1 538   1 386   152   1 609   1 446   163  
Core earnings per share (cents)                            
–  Basic     1 747   1 589   158   1 754   1 586   168  
–  Diluted (2)   1 702   1 548   154   1 736   1 571   165  

> DISCONTINUED OPERATIONS

The major classes of assets and liabilities classified at 30 June 2016 as held for sale were as follows:

  2016
Rm		   2015
Rm		  
Assets        
Goodwill and intangible assets 204   122  
Investment in associates and joint ventures 40   17  
Property, plant and equipment 164   146  
Income tax assets 24   20  
Investments and other financial assets 3 197   3 250  
Trade and other receivables 217   218  
Cash resources 1 237   845  
Assets of discontinued operations 5 083   4 618  
Liabilities        
Insurance and investment contracts 1 384   1 361  
Income tax liabilities 214   197  
Trade, other payables and provisions 1 140   1 155  
Liabilities of discontinued operations 2 738   2 713  
Investments and other financial assets consists of:        
Listed investments at fair value (level 1) 2 481   2 288  
Fixed and negotiable deposits at fair value (level 2) 589   733  
Reinsurance debtors at amortised cost 127   229  
Total investments and other financial assets 3 197   3 250  
The cash flows from discontinued operations were as follows:        
Cash flows from operating activities 390   391  
Cash flows from investing activities (30)   (1 103)  
Cash flows from financing activities (1)   (31)