Page 230 - Capricorn IAR 2020

GLOSSARY OF TERMS ANNUAL FINANCIAL GLOSSARY OF TERMS STATEMENTS
NOTES TO THE CONSOLIDATED AND SEPARATE ANNUAL FINANCIAL STATEMENTS (continued)
for the year ended 30 June 2020
20. INVESTMENT IN ASSOCIATES (continued)
20.1 Santam Namibia Ltd (continued)
Summarised financial information (unaudited)
Group
2020 2019 N$’000 N$’000
Company
2019 N$’000
899,478 72,391 72,391
546,511 324,055 229,571
– (481,820) (224,135)
47,290 49,621
2020 N$’000
394,182
110,193 23,360
133,553
47,290
52,049 (2,428)
(44,779) 71,234
123,366
510,458
47,290
512,914
Revenue (net earned premium) 899,793 Profit after tax 104,633 Total comprehensive income 104,633
Non-current assets 539,182 Technical assets 400,129 Current assets 126,402 Non-current liabilities (15,675) Technical liabilities (387,897) Current liabilities (260,321)
Net asset value 401,820
Interest in associate (28%) 112,327 Goodwill on acquisition 23,360
Carrying value of investment in associate 135,687
20.2 Sanlam Namibia Holdings (Pty) Ltd
The company holds an effective 29.5% in Sanlam Namibia Holdings (Pty) Ltd, a Namibian company providing a variety of financial services.
Carrying value of investment in associate
Investment at cost 47,290 Share of current year’s retained income 29,547
– Profit before tax 31,518 – Current and deferred tax (1,971)
Dividends paid (32,111) Post-acquisition retained income at the beginning of the
year 76,076
47,290
47,290
120,802
Directors’ valuation
512,914 510,458
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