2019 Integrated Report

PPS INTEGRATED REPORT 2019 | 149 30.CASH GENERATED FROM OPERATIONS Group 2019 2018 R’000 R’000 Reconciliation of profit before movement in insurance policy liabilities to cash generated by operations: 4 539 442 (198 472) Profit before movement in policy liabilities 2 804 209 (353 090) Attributable to unit trust holders 1 735 233 154 618 Investment contract receipts 585 953 433 522 Investment contract surrenders (212 545) (216 150) Adjustments for: – Depreciation 78 110 44 421 – Fair value of policyholder liabilities under investment contracts 170 002 (48 342) – Amortisation and impairment of intangible asset 52 620 21 552 – Realised profit on disposal of property and equipment (4 025) (134) – Impairment losses from loan to associate company 142 729 91 629 – Investment income (2 385 663) (2 114 846) – Finance costs 24 366 17 151 – Total (gains)/losses on financial assets held at fair value through profit or loss (2 959 262) 2 083 475 Changes in working capital: – Insurance and other receivables (115 176) (164 998) – Insurance and other payables 163 854 158 716 – Short-term policy liabilities 5 359 (6 949) – Insurance policy liabilities (40 708) 72 979 Cash generated from operations 45 056 173 554 31. TAX PAID Group 2019 2018 R’000 R’000 Tax receivable at beginning of year (60 672) (10 658) Current tax as per Statement of Profit or Loss and Other Comprehensive Income 335 722 230 731 Transfer from deferred tax liability – 94 930 Tax receivable at end of year 124 849 60 672 Total tax paid 399 899 375 675