| |
| |
June 2017
R’000 |
|
June 2017
R’000 |
|
| Carrying value |
56 935 |
|
38 823 |
|
– |
|
– |
|
During the prior year a 51% interest was purchased in The Cheese has Moved Proprietary Limited. The Shareholders’
Agreement between the parties includes a key clause which establishes a threshold of 75% of voting rights for key decisions
affecting the strategy of the business. Apart from the mechanisms of power set out in the Shareholders’ Agreement and
reference to the “standard MOI” in terms of the Companies Act, there are no other mechanisms through which AfroCentric
could exert power directly. Several different combinations of shareholders voting in favour of key decisions can achieve the
threshold. Therefore, it is evident that AfroCentric does not have control over The Cheese has Moved Proprietary Limited
with its 51%.The Group has significant influence over this entity.
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 2017
R’000 |
|
| Non-current assets (excluding intangible assets) |
835 |
|
1 227 |
|
| Intangible assets |
22 750 |
|
21 536 |
|
| Current assets |
161 156 |
|
109 035 |
|
| Total assets |
184 741 |
|
131 798 |
|
| Non-current liabilities |
10 163
|
|
1
|
|
| Current liabilities |
60 003 |
|
74 909 |
|
| Total liabilities |
70 166 |
|
74 910 |
|
| Net assets |
114 575 |
|
56 888 |
|
| Reconciliation to carrying amounts: |
|
|
|
|
| Opening net assets 1 June |
56 888 |
|
19 750 |
|
| Profit for the period |
68 679 |
|
37 138 |
|
| Closing net assets |
125 567 |
|
56 888 |
|
| Group’s share in % |
26 |
|
26 |
|
| Group’s share in R |
32 647 |
|
14 790 |
|
| Goodwill |
11 303 |
|
11 303 |
|
| Carrying amount |
43 950 |
|
26 093 |
|
| Revenue |
590 920 |
|
388 058 |
|
| Total comprehensive income attributable to ordinary shareholders |
68 679 |
|
37 138 |
|
| Net profit for the year |
68 679 |
|
37 138 |
|
In addition to the interest in Activo Health disclosed above, the Group has interests in The Cheese has Moved and
Associated Fund Administrators who are immaterial associates that are accounted for using the equity method.
| |
| |
June 2017
R’000 |
|
| Aggregate carrying amount of individually immaterial associates |
13 291 |
|
12 730 |
|
| Aggregate amounts of the Group’s share of: |
|
|
|
|
| Profit from continuing operation |
5 770 |
|
4 649 |
|
| Total comprehensive income |
5 770 |
|
4 649 |
|
| |
Reporting
date |
Number
of shares
held |
Percentage
Holdings |
1 July 2017
Opening
carrying
amount
R’000 |
Share of
after tax
profit/
(losses)
R’000 |
Dividends
received/
(paid)
R’000 |
|
| Unlisted |
|
|
|
|
|
|
|
|
|
| Activo Health Proprietary Limited |
30 June |
260 |
26 |
26 093 |
17 857 |
– |
|
43 950 |
|
| Associated Fund Administrators Botswana Proprietary Limited |
30 September |
24 000 |
24 |
8 405 |
5 140 |
(5 208) |
|
8 337 |
|
| Invisible Card Company Proprietary Limited |
30 June |
30 |
40 |
– |
– |
– |
|
– |
|
| The Cheese Has Moved Proprietary Limited* |
30 June |
51 |
51 |
4 325 |
629 |
(306) |
|
4 648 |
|
| AfroCentric Health Solutions Limited (Kenya Investments) |
31 December |
26 |
26 |
– |
– |
– |
|
– |
|
| |
|
|
|
38 823 |
23 626 |
(5 514) |
|
56 935 |
|
* Refer to Note 33 for subsequent events.
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 their 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, 30 June 2018.
|