NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS | Note 10

10. Investments in associates and joint ventures
 

The Associated Fund Administrators Botswana Proprietary Limited is incorporated in Botswana. During the current year 9% was sold to decrease the Group’s shareholding from 49% to 40%. At the end of the prior and current year the only investment in associates was Associated Fund Administrators Botswana Proprietary Limited.

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 were used to equity account this investment.

During the current financial year, the company acquired 49% shareholding in Warona Health Services Proprietary Limited in terms of a joint venture agreement.

   Group  Company 
   June 2021
R’000		 June 2020
R’000		 June 2021 
R’000 		 June 2020
R’000
Carrying value of investment in associate 31 486 33 307 –  – 
Carrying value of investment in joint venture 55 – –  – 
  31 541 33 307 –  – 
                           30 June 
2021 
    Reporting 
date 		 Number 
of shares 
held 		 Nature of 
relationship 		 Percentage 
holdings 		 Opening 
carrying 
amount 		 Share of 
after tax 
profit 		 Dividends 
paid 		 Disposals  Closing 
carrying 
amount 
 
            %  R’000  R’000  R’000  R’000  R’000 
Associated Fund Administrators Botswana Proprietary Limited  30 September  3 408 218  Associate  40  33 307  8 239  (3 292) (6 768) 31 486 
Warona Health Services Proprietary Limited  30 June  49  Joint Venture  49  –  55  –  –  55 
               33 307  8 294  (3 292) (6 768) 31 541 
                  30 June 
2020 
   Reporting
date		 Number  
of shares  
held  		 Nature of
relationship		 Percentage
holdings		 Opening
carrying
amount		 Share of
after tax
profit		 Dividends 
paid 		 Additions/ 
(disposals)		 Closing 
carrying 
amount 
        % R’000 R’000 R’000  R’000  R’000 
Associated Fund Administrators Botswana Proprietary Limited 30 September 4 175 067* Associate 49 29 943 7 990 (4 626) –  33 307 
* The prior year number of shares has been aligned with the number of shares as disclosed on the sale of shares agreement for the disposal of the 9% shareholding in the current year.

Summarised financial information of Associated Fund Administrators Botswana Proprietary Limited

   Group 
  

 

 June 2021 
R’000 		 June 2020
R’000
At 30 June 2021    
Non-current assets (excluding intangible assets) 11 996 2 781
Intangible assets 320 520
Current assets 59 356 51 600
Total assets 71 672 54 901
Non-current liabilities 9 603 –
Current liabilities 15 869 11 443
Total liabilities 25 472 11 443
Net assets 46 200 43 458
Revenue 105 760 100 582
Profit or loss from continuing operations 18 970 16 305
Total comprehensive income attributable to ordinary shareholders 18 970 16 305
Net profit for the year 18 970 16 305

   

NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS | Note 10