300000000 QBE Capital Funding LP - Irish Stock Exchange

Year ended December 31,
2004 2003 2002 2001
(in A$ millions, historical Australian GAAP)
Balance sheet
Total current assets ................................... 12,995 9,702 10,986 10,109
Total non-current assets ............................... 12,107 10,741 9,581 8,502
Total assets ............................................. 25,102 20,443 20,567 18,611
Total current liabilities ................................ 8,748 7,493 8,141 7,863
Total non-current liabilities ............................. 11,874 9,582 9,405 8,080
Total liabilities .......................................... 20,622 17,075 17,546 15,943
Net assets .............................................. 4,480 3,368 3,021 2,668
Share capital ........................................ 2,866 2,340 1,926 1,732
Convertible preference shares ........................... — — 274 274
Equity component of hybrid securities .................... 108 59 59 —
Reserves ........................................... (131) (119) (10) 25
Retained profits ...................................... 1,577 1,033 705 589
Equity attributable to members of the Company ............ 4,420 3,313 2,954 2,620
Outside equity interests in controlled entities ............... 60 55 67 48
Total equity ............................................ 4,480 3,368 3,021 2,668
Year ended December 31,
2004 2003 2002 2001
(in A$ millions, historical Australian GAAP)
Statement of cash flows
Cash flows from operating activities ...................... 2,110 2,089 1,511 280
Cash flows from investing activities(8) ................... (2,724) (2,823) (1,948) (914)
Cash flows from financing activities ...................... 1,018 837 703 725
Increase in cash held .................................. 404 103 266 91
Cash at the beginning of the period ....................... 717 745 459 348
Effect of exchange rate changes on opening cash ............ — (131) 20 20
Cash at the end of the period ............................ 1,121 717 745 459
(1) For the year ended December 31, 2002, there were unrealized losses on investments of A$143 million. This
was allocated to investment income on shareholders’ funds, contributing to a loss of A$87 million.
(2) Claims ratio is calculated by dividing net claims incurred by net earned premium.
(3) Commission ratio is calculated by dividing net commissions by net earned premium.
(4) Expense ratio is calculated by dividing other acquisition costs and underwriting and other expenses by net
earned premium.
(5) Combined operating ratio is calculated by adding the sum of our claims ratio, commission ratio and expense
ratio.
(6) Basic earnings per share is calculated on the weighted average number of ordinary shares outstanding during
the year. Diluted earnings per share includes employee options, mandatory convertible preference shares
and convertible hybrid securities where they are dilutive.
(7) The weighted average number of ordinary shares is only applicable to the calculation of basic earnings per
share.
(8) Due to the material increase in proceeds from foreign exchange transactions in 2003 as a result of
strengthening of the Australian dollar, cash flows relating to foreign exchange hedges in respect of the net
investment in overseas controlled entities have been reclassified as cash flows from investing activities.
Previously all proceeds from or payments for foreign exchange transactions were included within cash flows
from operating activities.
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