| Figures in Rand thousand |
CCS Group |
|
| Treatment before disposal |
100% Subsidiary |
|
| Date of disposal |
31 Jul 19 |
|
| Consideration received or receivable: |
|
|
| Cash |
399 951 |
|
| Fair value of contingent consideration |
44 439 |
|
| 444 390 |
|
| |
|
| Net assets disposed of |
102 862 |
|
| Goodwill and PPA |
317 704 |
|
| 420 566 |
|
| Accounting profit on disposal |
23 824 |
|
| 30% investment in associate remaining |
190 453 |
|
| Reclassification of foreign currency translation reserve |
5 937 |
|
| 220 214 |
|
| Revenue |
286 345 |
|
| Expenses |
(293 710) |
|
| Loss before income tax |
(7 365) |
|
| Income taxation |
(15 667) |
|
| Loss after income tax of discontinued operation |
(23 032) |
|
| Gain on sale of the subsidiary after income tax |
220 214 |
|
| Profit from discontinued operation |
197 182 |
|
On 30 April 2019, 100% interest in AFON Pty Ltd (‘AFON’) was sold for proceeds of R67 million, resulting in a loss on disposal of R16 million.
R3 million foreign currency translation reserve credit has been reclassified.
On 31 March 2019, 51% interest in Sukema IP Company (Pty) Ltd was sold for R3 million, resulting in a loss on disposal of R8 million.
On 28 February 2019, 100% of iSquared (Pty) Ltd was sold for proceeds of R5,3 million, resulting in a loss on disposal of R9 million. |