AVBOB Financial Statements 2018

93 AVBOB MUTUAL ASSURANCE SOCIETY AND ITS SUBSIDIARIES SUMMARISED STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2018 SOCIETY GROUP Notes 2018 2017 2018 2017 R 000 R 000 R 000 R 000 Services* - - 283 118 249 122 Goods* - - 230 292 223 464 Total revenue - - 513 410 472 586 Cost of sales 8 - - ( 450 571) ( 420 049) Gross profit - - 62 839 52 537 Premium revenue 6 3 633 673 3 130 301 3 633 673 3 130 301 Investment income 60 018 53 738 3 141 6 438 Net fair value gains on assets at fair value through profit or loss 1 439 920 466 181 1 439 920 466 181 Other income 115 13 311 2 136 15 092 Net income 5 133 726 3 663 531 5 141 709 3 670 549 Contract benefits and claims 7 (1 359 436) (1 158 064) (1 222 692) (1 019 526) Expenses for the acquisition of insurance contracts ( 650 647) ( 592 662) ( 650 647) ( 592 662) Marketing expenses 8 ( 373 334) ( 294 898) ( 400 887) ( 321 996) Operating and administration expenses 8 ( 539 885) ( 483 827) ( 633 023) ( 577 181) Expenses for asset management services rendered ( 62 177) ( 63 511) ( 62 177) ( 63 511) Profit before transfer to policyholder liabilities 2 148 247 1 070 569 2 172 283 1 095 673 Transfer to policyholder liabilities (2 002 052) ( 690 253) (2 004 561) ( 687 200) Profit before income tax 146 195 380 316 167 722 408 473 Income tax ( 144 065) 21 761 ( 160 770) 5 226 PROFIT FOR THE YEAR 2 130 402 077 6 952 413 699 Other comprehensive income/(loss) Items that will not be reclassified to profit or loss Gains on revaluation of land and buildings 3 184 2 841 374 5 895 Realisation of depreciation ( 2 106) ( 1 993) ( 2 935) ( 1 213) Net change in liabilities for insurance contracts arising from unrealised gains on owner-occupied properties ( 1 078) ( 848) 2 561 ( 4 682) Remeasurement of the net defined employee benefits 326 ( 13) 642 ( 766) TOTAL COMPREHENSIVE INCOME FOR THE YEAR 2 456 402 064 7 594 412 933 Attributable to: Majority stakeholders of the Group 2 456 402 064 7 699 412 739 Non-controlling interests - - ( 105) 194 TOTAL COMPREHENSIVE INCOME FOR THE YEAR 2 456 402 064 7 594 412 933 * Refer to note 19 for details regarding the restatement of the 2017 comparative. 93