NVFH 2020 Integrated Annual Report

NVest Financial Holdings Limited and its subsidiaries | (Registration number 2008/015990/06)
Annual Financial Statements for the year ended 29 February 2020
Notes to the Annual Financial Statements [continued]
Group
Company
Figures in Rand Notes 2020 2019 2020 2019
35. Segmental reporting
2020 Revenue
Profit
before tax Assets Liabilities
Interest
revenue
Tax
expense
Segments:
Insurance broking 23,741,145 4,423,063 16,740,025 7,628,301 557,454 (1,242,164)
Wealth management 241,115,613 68,174,063 154,621,030 79,378,760 4,452,452 (18,102,625)
Administration of estates and trusts 5,274,088 1,944,679 6,952,936 4,611,556 155,058 (541,571)
Property services 53,585,956 5,125,419 396,489,192 314,368,311 1,009,892 (1,378,524)
Investments 75,917,603 62,480,180 384,961,951 22,333,576 3,203,161 (2,068,312)
Inter-company eliminations (89,448,574) (51,741,625) (295,962,797) (250,935,021) (189,806) (614,747)
310,185,831 90,405,779 663,802,337 177,385,483 9,188,211 (23,947,943)
2019 Revenue
Profit
before tax Assets Liabilities
Interest
revenue
Tax
expense
Segments:
Insurance broking 21,643,291 4,090,771 11,544,006 2,605,878 640,947 (1,145,416)
Wealth management 234,201,137 69,466,451 106,136,011 40,471,641 2,888,938 (18,874,155)
Administration of estates and trusts 4,139,628 1,411,693 3,295,346 1,357,075 148,526 (395,275)
Property services 54,642,576 5,891,130 374,817,245 286,443,262 499,998 (1,775,117)
Investments 62,291,848 53,067,339 341,145,672 1,652,755 4,459,311 (2,789,428)
Inter-company eliminations (70,582,125) (44,478,521) (189,359,659) (138,544,522) (171,771) 330,140
306,336,355 89,448,863 647,578,621 193,986,089 8,465,949 (24,649,251)
Operating segments have been aggregated based on the nature of the activities undertaken by the various underlying
companies.
The judgements applied relate to the splitting of the various services offered by the Group, by the nature of the service
provided, into the five main operating segments below:
• Insurance Broking - relates to short term insurance broking service
• Wealth Management - relates to private wealth management services, which includes stockbroking services
• Administration of estates and trusts - relates to services around the administration of deceased estates and administration
of testamentary Trusts
• Property services - relates to the supply of commercial properties for rental by third parties (and in prior years, the
management of client commercial property portfolios)
• Investments - relates to the placement of surplus funds to generate investment returns
NVest Financial Holdings Limited | INTEGRATED ANNUAL REPORT 2020 123