| |
| |
June 2016
R’000 |
|
June 2016
R’000 |
|
| Carrying value |
38 823 |
|
24 477 |
|
– |
|
– |
|
|
|
|
|
|
During the current year a 51% interest was purchased in The Cheese Has Moved Proprietary Limited. The Group has
significant influence over this entity. We do not control the voting power of the Board decision-making therefore this is
an associate.
During the prior year a 26% interest was purchased in Activo Health Proprietary Limited. The Group has significant influence over
this entity.
At 30 June 2016, Invisible Card Company was fully impaired as the business is not trading.
In the current year, only Activo Health Proprietary Limited’s total aggregate assets, liabilities and results of operations are
disclosed as it is the most significant associate.
| |
| |
June 2016
R’000 |
|
| Non-current assets (excluding intangible assets) |
1 227 |
|
961 |
|
| Intangible assets |
21 536 |
|
19 871 |
|
| Current assets |
109 035 |
|
110 015 |
|
| Total assets |
131 798 |
|
130 847 |
|
| Non-current liabilities |
1 |
|
74 918 |
|
| Current liabilities |
74 909 |
|
36 957 |
|
| Total liabilities |
74 910 |
|
111 875 |
|
| Revenue |
388 058 |
|
263 318 |
|
| Total comprehensive income attributable to ordinary shareholders |
37 138 |
|
7 479 |
|
| Net profit for the year |
37 138 |
|
7 479 |
|
| Other comprehensive income |
– |
|
– |
|
|
|
|
| |
| |
June 2016
R’000 |
|
June 2016
R’000 |
|
| Balance at the beginning of the period |
24 477 |
|
14 873 |
|
– |
|
– |
|
| Share of after taxation profit |
14 306 |
|
10 118 |
|
– |
|
– |
|
| Dividends received |
(5 010) |
|
(4 112) |
|
– |
|
– |
|
| Impairment of Invisible Card Company1 |
– |
|
(5 359) |
|
– |
|
– |
|
| Purchase of Activo Health2 |
– |
|
8 957 |
|
– |
|
– |
|
| Purchase of The Cheese Has Moved3 |
5 050 |
|
|
|
|
|
|
|
| Balance at the end of period |
38 823 |
|
24 477 |
|
– |
|
– |
|
|
|
|
|
|
| 1 |
In the 2016 year-end, Invisible Card Company Proprietary Limited was fully impaired. |
| 2 |
Activo Health Proprietary Limited was acquired during the 2016 year as part of the WAD healthcare assets acquisition to strategically align
with the Group’s integrated healthcare offering. |
| 3 |
The Cheese Has Moved Proprietary Limited was acquired during the 2017 year to strategically align with the Group’s integrated offering. |
Individually immaterial associates
In addition to the interest in Activo Health disclosed above, the Group has interests in The Cheese Has Moved and Associated
Fund Administrators which are immaterial associates that are accounted for using the equity method.
| |
| |
June 2016
R’000 |
|
| Aggregate carrying amount of individually immaterial associates |
12 730 |
|
8 041 |
|
| Aggregate amounts of the Group’s share of: |
|
|
|
|
| Profit/(loss) from continuing operation |
4 649 |
|
2 639 |
|
| Other comprehensive income |
– |
|
– |
|
| Total comprehensive income |
4 649 |
|
2 639 |
|
|
|
|
| |
|
| Percentage holdings |
| |
Reporting
date |
|
Number
of shares
held |
|
June
2016
R’000 |
|
June
2016
R’000 |
|
June 2016
R’000 |
|
| Unlisted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Activo Health |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Pty) Ltd |
30 June |
|
26 |
|
26 |
|
26 |
|
26 093 |
|
16 436 |
|
– |
|
– |
|
| Associated Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Administrators |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Pty) Ltd |
30 September |
|
24 000 |
|
24 |
|
24 |
|
8 405 |
|
8 041 |
|
– |
|
– |
|
| Invisible Card |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Company (Pty) Ltd* |
30 June |
|
30 |
|
40 |
|
40 |
|
– |
|
– |
|
– |
|
– |
|
| The Cheese Has |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Moved (Pty) Ltd |
30 June |
|
51 |
|
51 |
|
– |
|
4 325 |
|
– |
|
– |
|
– |
|
| AfroCentric Health |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Solutions Limited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Kenya Investments) |
31 December |
|
26 |
|
26 |
|
26 |
|
– |
|
– |
|
– |
|
– |
|
| |
|
|
|
|
|
|
|
|
38 823 |
|
24 477 |
|
– |
|
– |
|
|
|
|
|
|
|
|
|
|
|
|
| * |
In the 2016 year end, Invisible Card Company Proprietary Limited was fully impaired. |
All the above are incorporated in South Africa except for Associated Fund Administrators Botswana Proprietary Limited
which is incorporated in Botswana and AfroCentric Health Solutions Limited which is incorporated in Kenya.
Due to the Group’s non-controlling interest in Associated Fund Administrators Botswana Proprietary Limited, it has no
influence in aligning its reporting dates with the Group’s. Management accounts was used to equity account this investment.
In the current financial year, Activo Health has aligned its reporting date with the Group’s, 30 June.
| |
Opening
carrying
amount
1 July
2016
R’000 |
|
Share of
after tax
profit/
(losses)
R’000 |
|
Fair value/
impair-
ment
R’000 |
|
Reclassifi-
cation/
disposals/
acquisi-
tions
R’000 |
|
Dividends
received
R’000 |
|
| Unlisted |
|
|
|
|
|
|
|
|
|
|
|
|
| Activo Health (Pty) Ltd |
16 436 |
|
9 657 |
|
– |
|
– |
|
– |
|
26 093 |
|
| Associated Fund Administrators |
|
|
|
|
|
|
|
|
|
|
|
|
| Botswana (Pty) Ltd |
8 041 |
|
5 374 |
|
– |
|
– |
|
(5 010) |
|
8 405 |
|
| Invisible Card Company (Pty) Ltd |
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
| The Cheese Has Moved (Pty) Ltd |
– |
|
(725) |
|
– |
|
5 050 |
|
– |
|
4 325 |
|
| AfroCentric Health Solutions Limited |
|
|
|
|
|
|
|
|
|
|
|
|
| (Kenya Investments) |
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
| |
24 477 |
|
14 306 |
|
– |
|
5 050 |
|
(5 010) |
|
38 823 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares at cost |
|
Equity profits |
Carrying amount of
investment |
| |
June 2016
R’000 |
|
June 2016
R’000 |
|
June 2016
R’000 |
|
| Unlisted |
|
|
|
|
|
|
|
|
|
|
|
|
| Activo Health (Pty) Ltd |
8 957 |
|
8 957 |
|
17 136 |
|
7 479 |
|
26 093 |
|
16 436 |
|
| Associated Fund Administrators |
|
|
|
|
|
|
|
|
|
|
|
|
| (Pty) Ltd |
523 |
|
523 |
|
7 882 |
|
7 518 |
|
8 405 |
|
8 041 |
|
| Invisible Card Company (Pty) Ltd* |
6 346 |
|
6 346 |
|
(6 346) |
|
(6 346) |
|
– |
|
– |
|
| The Cheese Has Moved (Pty) Ltd |
5 050 |
|
– |
|
(725) |
|
– |
|
4 325 |
|
– |
|
| AfroCentric Health Solutions Limited |
|
|
|
|
|
|
|
|
|
|
|
|
| (Kenya Investments) |
18 211 |
|
18 211 |
|
(18 211) |
|
(18 211) |
|
– |
|
– |
|
| |
39 087 |
|
34 037 |
|
(264) |
|
(9 560) |
|
38 823 |
|
24 477 |
|
|
|
|
|
|
|
|
| * |
Invisible Card Company Proprietary Limited was fully impaired in the 2016 year-end. |
|