Read more about the impact of the adoption of these new accounting standards in the Annual Financial Statements.
In addition to the IFRS Annual Financial Statements, Shareholders’ Information is presented in the Integrated Report. The basis of presentation and accounting policies for the Shareholders’ Information are in all material respects consistent with those applied in the 2017 Integrated Report, apart from the following:
All growth percentages reflected in this review are relative to the 12 months ended 31 December 2017, unless otherwise indicated.
The 3% new shares issued through an accelerated book build in the first quarter (refer Capital management section) had a 2,3% dilutive effect on earnings per share metrics due to an increase in the weighted average number of shares in issue during the year. In addition, the acquisition of the remaining stake in Saham Finances, for which the capital was raised, only completed and started contributing to earnings from 1 October 2018.
Corporate activity during 2017 and 2018 impacts on the comparability of the Group’s results. The following were the largest transactions:
The impact of corporate activity is highlighted in the remainder of this report where relevant.
The structural information included in this results announcement has been presented to illustrate the impact of changes in the group structure and is the responsibility of the Group’s board of directors (“Board”). It is presented for illustrative purposes only and because its nature may not fairly present the Group’s financial position, changes in equity, result of operations or cash flows.
Sanlam’s external auditor, Ernst & Young Inc., issued a limited assurance report in respect of the structural information in terms of section 8 of the JSE Listings Requirements. The limited assurance report is available for inspection at Sanlam Limited’s registered address.