Notes to the Financial Statements
9. Other disclosures
9.1
Notes to the Consolidated statement of cash flows
Consolidated
Company
2024 2023 $'000 $'000 $'000 $'000 Restated 2023 2024
(12,449)
8,884 (7,024)
18,371
Net (loss)/profit for the year
Fair value gains on financial assets at fair value through profit and loss
(136,923)
(115,893)
— —
— —
Amortisation and depreciation
7,134
6,408
Impairment of goodwill, intangibles and investment in subsidiaries Employee share plan expense/(reversal of expense)
11,382
— 3,843
— —
195
(166)
—
Other non operating expenses/cash items
12,781 7,744
(16,299)
7,251
(14,788)
Interest and other finance costs
16,765
— —
— — 10
Gain from sale of subsidiaries and associates
(731)
—
Movement in provision
(2,457)
1,513
(10)
Movements in liabilities to non-controlling interest in controlled unit trust (Increase)/decrease in receivables and capitalised costs
39,908 (4,706) (41,234) (1,057) 41,403 92,478 (48,955)
88,128 3,298 4,372 6,595 50,085 19,690 (9,558)
—
—
1,183
3,715
(Increase)/decrease in deferred tax asset
(2,810) 4,256
171
(Decrease)/increase in payables
(900)
Increase in investment contract liabilities Increase in insurance contract liabilities Increase in reinsurance contract assets Increase/(decrease) in deferred tax liability Increase/(decrease) in current tax liability Net cash generated by operating activities 1
— — — —
— — —
5,610
(21)
(79)
32,779 2,902
7,600 (6,597)
11,125
71,401
92
17,625
1 Includes net cash generated by operating activities from continuing and discontinued operations.
Cash and cash equivalents Cash comprises cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash, which are subject to an insignificant risk of changes in value. 9.2 Contingent liabilities and contingent assets There may be outstanding claims and potential claims against the ClearView Group in the ordinary course of business. Furthermore, ClearView Group may be exposed to contingent risks and liabilities arising from the conduct of its business including contracts that involve providing contingent commitments such as warranties, indemnities or guarantees. The ClearView Group does not consider the outcome of any such claims known to exist at the date of this report, either individually or in aggregate is likely to have a material effect on its operations or financial position. The Directors are of the opinion that provisions are not required in respect of these matters, as it is not probable that a future sacrifice of economic benefits will be required or the amount is not capable of reliable measurement. Certain subsidiaries acted as a trustee for various trusts. In this capacity, the subsidiaries were liable for the debts of the trusts and are entitled to be indemnified out of the trust’s assets for all liabilities incurred on behalf of the trusts until such date. On 14 December 2023, the trusteeship of the CRP changed from CLN to a third party, ETSL. As part of the sale of CFML to Human Financial, CFML ceased to be a subsidiary on 31 January 2024. In the ordinary course of business, certain ClearView subsidiaries enter into various types of investment contracts that can give rise to contingent liabilities. It is not expected that any significant liability will arise from these transactions as any losses or gains are offset by corresponding gains or losses on the underlying exposure.
171
ClearView Wealth Limited
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