IN THIS SECTION:

Statement of changes in shareholders' funds

for the year ended 31 December 2005
    Ordinary           Available-           Preference    
  share     Hedge Statutory   for- Re-   Share-   Ordinary share    
  capital Empower- Trans- of net credit Cash flow sale valuation   based   share- capital    
  and ment lation investment risk hedging revaluation and other Treasury payment Retained holders’ and Minority Total
  premium reserve reserve reserve reserve reserve reserve reserves shares reserve earnings funds premium interest equity
  Note Rm Rm Rm Rm Rm Rm Rm Rm Rm Rm Rm Rm Rm Rm Rm
Balance at 1 January 2004 as previously reported   2 407   413 68 – 44 484 224     25 195 28 835 8 6 421 35 264
Adjustment on adoption of IFRS Annexure A         2     93   23 (209) (91)   (5) (96)
Restated balance at 1 January 2004   2 407   413 68 2 44 484 317   23 24 986 28 744 8 6 416 35 168
Currency translation movement and hedging       (1 360) 88               (1 272)   (103) (1 375)
Increase in statutory credit risk reserve           1           (1) –     –
Fair value adjustments             (5) 138         133   369 502
Financial instrument reclassifications                       24 24     24
Realised fair value adjustments recycled to the income statement               (123) (7)       (130)   (109) (239)
Impairment resulting from Tutuwa initiative 21   (4 360)                   (4 360)   (908) (5 268)
Unrecognised profit on sale of subsidiary shares 21    114                   114   94 208
Increase in minorities resulting from acquisitions                             6 6
Issue of share capital and share premium   269                     269 3 000 138 3 407
Share issue and repurchase costs                       (57) (57) (17) (16) (90)
Equity-settled share-based payment transactions                     70   70   14 84
Other                 (5)       (5)   (14) (19)
Attributable earnings for the year                       7 684 7 684   1 388 9 072
Net dividends paid                       (2 150) (2 150)   (797) (2 947)
Balance at 31 December 2004   2 676 (4 246) (947) 156 3 39 499 305   93 30 486 29 064 2 991 6 478 38 533
Balance at 1 January 2005   2 676 (4 246) (947) 156 3 39 499 305   93 30 486 29 064 2 991 6 478 38 533
Adjustment on adoption of IFRS  Annexure A             (399)   (354)   (148) (901)   (2 756) (3 657)
Restated balance at 1 January 2005   2 676 (4 246) (947) 156 3 39 100 305 (354) 93 30 338 28 163 2 991 3 722 34 876
Currency translation movement and hedging       626 (229)               397   (21) 376
Increase in statutory credit risk reserve           23     (28)     5 –     –
Fair value adjustments             (140) 126         (14)     (14)
Realised fair value adjustments recycled to the income statement             18 (64)         (46)     (46)
Net decrease in treasury shares                   (171)   180 9   197 206
Change in shareholding of subsidiaries                             (288) (288)
Increase in minorities resulting from acquisitions                         –   161 161
Issue of share capital and share premium   246                     246   71 317
Share buy-backs   (677)                     (677)     (677)
Share issue and repurchase costs   (3)                     (3)     (3)
Equity-settled share-based payment transactions                     160   160   31 191
Other                 21     (10) 11   18 29
Attributable earnings for the year                       8 432 8 432 226 639 9 297
Net dividends paid                       (3 747) (3 747) (226) (488) (4 461)
Dividends paid to equity holders 26                     (4 107) (4 107) (226) (649) (4 982)
Dividends received from Tutuwa initiative and policyholders' deemed treasury shares                        360  360    161  521
                                 
Balance at 31 December 2005   2 242 (4 246) (321) (73) 26 (83) 162 298 (525) 253 35 198 32 931 2 991 4 042 39 964
 
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