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396 NEDBANK GROUP Limited INTEGRATED REPORT 2010Company STATEMENT OFCOMPREHENSIVE INCOMEFor the year ended 31 DecemberNote2010Rm2009RmDividends from subsidiaries 1 930 2 748Operating expenses 1 18 18Profit from operations before non-trading capital items 1 912 2 730(Loss)/Profit on sale of investment (39) 6Foreign translation loss (13)Impairment of investment in subsidiary companies* 1 167Impairment of intergroup loans and advances 6 (10) 112Profit before taxation 1 851 3 015Direct taxation 2 29 52Profit after taxation 1 822 2 963Other comprehensive income net of taxation – –Total comprehensive income for the year 1 822 2 963* 2009 restated. See note 9.Company STATEMENT OFfinancial positionAt 31 DecemberNoteAssetsSundry debtors 3 87 91Deferred taxation asset 3 5Current taxation receivable 9 9Investment in subsidiary companies 29 013 27 136Shares at cost – unlisted* 25 408 25 426Owing by subsidiaries 3 605 1 710Total assets 29 112 27 241Shareholders’ equity and liabilitiesOrdinary share capital 4 515 499Ordinary share premium 20 669 18 404Share-based payments reserve 10 237 237Other non-distributable reserves 41 41Distributable reserves* 2 738 3 160Equity attributable to equity holders of the parent 24 200 22 341Sundry creditors 5 23 20Impairment of intergroup loans and advances 6 83 73Amounts owing to subsidiaries 4 806 4 807Total liabilities 4 912 4 900Total shareholders’ equity and liabilities 29 112 27 241* 2009 restated. See note 9.2010Rm2009Rm
397Reports andcertificationsConsolidatedannual financialstatementsShareholdermeeting mattersDefinitions andabbreviationsInstrumentcodesContactdetailsCOMPANY STATEMENT OFCHANGES IN EQUITYFor the year ended 31 DecemberNumberof ordinarysharesOrdinarysharecapitalRmOrdinarysharepremiumRmShare-basedpaymentsreserve*RmOther nondistributablereserves**RmDistributablereserves***RmTotalordinaryshareholders’equityRmBalance at 31 December 2008 468 939 397 469 15 476 235 41 2 705 18 926Shares issued in terms of employee incentiveschemes 8 848 120 9 825 834Capitalisation award 7 928 235 8 649 657Shares acquired/cancelled by BEE trusts 285 285Shares listed under BEE schemes 99 905 9 9Share-based payments reserve movements 2 2Total comprehensive income for the year**** 2 963 2 963Ordinary dividends (2 508) (2 508)Buyout of non-controlling interests 12 855 359 13 1 160 1 173Balance at 31 December 2009 498 671 016 499 18 404 237 41 3 160 22 341Shares issued in terms of employee incentiveschemes 5 163 073 5 671 676Capitalisation award 7 397 653 7 937 944Shares acquired/cancelled by BEE trusts 217 217Shares listed under BEE schemes 3 660 085 4 440 444Total comprehensive income for the year 1 822 1 822Ordinary dividends (2 244) (2 244)Balance at 31 December 2010 514 891 827 515 20 669 237 41 2 738 24 200* All share-based payment expenses are recognised in the statement of comprehensive income, with the corresponding amount recognised in share-based paymentreserves. Any excess tax benefit over the relative tax on the share-based payments expense is recognised directly in this reserve. On the expiry or exercise of a share-basedinstrument the cumulative amount recognised in this respect is transferred directly to other distributable reserves.** Represents other non-distributable revaluation surpluses on capital items and non-distributable reserves transferred from other distributable reserves in order to complywith various banking regulations.*** Represents the accumulated profits after distributions to shareholders and appropriation of retained earnings to other non-distributable earnings.**** 2009 restated. See note 9.COMPANY STATEMENT OF cashflowsFor the year ended 31 December2010Rm2009RmCash generated by operations 7 1 912 2 732BEE transaction share-based payments expense 2Cash paid to clients, employees and suppliers (18) (18)Dividends received on investments 1 930 2 748Change in funds for operating activities (1 877) (1 991)Increase in operating assets (1 890) (1 685)Increase/(Decrease) in operating liabilities 13 (306)Net cash generated from operating activities before taxation 35 741Taxation paid 8 29 57Cashflows from operating activities 6 684Cashflows utilised by investing activities (43) (1 132)Acquisition of investments in subsidiary companies (43) (1 132)Cashflows utilised by financing activities 37 448Proceeds from issue of ordinary shares 2 281 2 956Dividends paid to ordinary shareholders (2 244) (2 508)Net increase/(decrease) in cash and cash equivalents for the year – –
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