The financial performance and position for the Group reflect a loss for the year of R4,8 billion, negative retained earnings at the end of the year of R3,2 billion and cash outflows from operating activities of R112 million. Details of the performance and position are explained and well documented in the consolidated Annual Financial Statements and the various reports accompanying them within the Annual Integrated Report. A detailed action plan has been developed and is being successfully executed against to ensure the Groupís ability to continue as a going concern in the short term.
Key salient features of this management action plan include:
Through their assessment of whether the Group is a going concern, the directors considered and confirmed that:
Based on their assessment, the directors are satisfied that the Group has access to adequate resources to continue in operational existence for the foreseeable future and as such consider it appropriate that the Groupís consolidated results be prepared on the going concern basis.