NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS | Note 18

18. Non-controlling interest
 
  Group
  June 2021 
R’000 		 June 2020 
R’000 
Balance at the beginning of the year 902 491  787 713 
Dividend distributions (Note 29) (132 923) (43 900)
Non-controlling interest on acquisition of subsidiaries –  3 566 
Non-controlling interest on disposal of subsidiaries (1 078) – 
Non-controlling interest on change of ownership without loss of control (4 989) – 
Share of net profit of subsidiaries 167 722  155 112 
Share of other comprehensive income of subsidiaries (2 471) – 
  928 752  902 491
 

Set out below is summarised financial information for ACT Healthcare Assets Proprietary Limited, a subsidiary with noncontrolling interest that is material to the Group. The amounts disclosed are before inter-company eliminations.
 
   Group 
   June 2021 
R’000 		 June 2020 
R’000 
Summarised statement of financial position of ACT Healthcare Assets Proprietary Limited       
Current assets  1 254 114  922 086 
Current liabilities  744 027  677 811 
Current net assets  510 087  244 275 
Non-current assets  3 724 057  3 468 137 
Non-current liabilities  938 501  563 838 
Non-current net assets  2 785 556  2 904 299 
Net assets  3 295 643  3 148 574 
ACT Healthcare Assets Proprietary Limited contribution towards group accumulated non-controlling interest  928 752  902 491 
Summarised statement of comprehensive income       
Revenue  8 106 840  6 477 671 
Profit for the period  507 245  483 022 
Other comprehensive income  –  – 
Total comprehensive income  507 245  483 022 
ACT Healthcare Assets Proprietary Limited contribution towards group total  comprehensive income allocated to non-controlling interest  165 251  155 112 
ACT Healthcare Assets Proprietary Limited contribution towards group  dividends paid to non-controlling interest  132 923  43 900 
Summarised cash flows       
Cash flows from operating activities  241 464  646 628 
Cash flows from investing activities  (543 127) (558 724)
Cash flows from financing/(utilised in) activities  342 239  (166 758)
Net increase/(decrease) in cash and cash equivalents  40 576  (78 854)
  Transactions with non-controlling interests
 

On 1 August 2020 the Group acquired the remaining 20% in Scriptpharm Risk Managers Proprietary Limited for R20.0 million. The Group recognised a decrease in non-controlling interests of R4.9 million with a corresponding increase in equity attributable to owners of the parent.

The transaction did not result in a loss of control and was therefore accounted as an equity transaction, with the resultant adjustments being recognised directly in equity.

The effect on total equity during the year is summarised as follows:
 
   Scriptpharm 
Risk Managers 
R’000 		 Total 

R’000 
Retained earnings  (15 011) (15 011)
Non-controlling interest  (4 989) (4 989)
Total equity  (20 000) (20 000)

NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS | Note 18