Notes to the Consolidated And Separate Annual Financial Statements | Note 9

9. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
 

In the current financial year, the Group has two investments in associates being The Associated Fund Administrators Botswana Proprietary Limited and Private Health Administrators Proprietary Limited. The Group also has a joint venture called Warona Health Emergency Medical Services.

The Associated Fund Administrators Botswana Proprietary Limited is incorporated in Botswana where its principal place of business is. The Company performs administration services for medical schemes in Botswana, which enhances the Group’s footprint outside of South Africa.

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.

Private Health Administrators is incorporated in South Africa where its principal business is. The company is an independent medical scheme administrator.

Warona Health Emergency Medical Services is engaged in the provision of occupational health and emergency medical service offerings. The company is incorporated in South Africa where its principal business is.

  Group Company
  2024
R’000		 2023
R’000		 2024
R’000		 2023
R’000
Carrying value of investment in associate 6 450 48 007 – –
Carrying value of investment in joint venture 2 282 1 141 – –
  8 732 49 148 – –

Details of the group’s material associates at the end of the reporting period are as follows:

NAME OF ASSOCIATE Nature of the
relationship		 Measurement
base		 Place of
incorporation
and business

 

  Reporting
date		 Number
of shares
held		 Nature of
relationship		 Percentage
holdings		 Opening
carrying
amount
R’000		 Share 
after tax 
profit/ 
(losses)
R’000 		 Dividends 
received 
R’000 		 Impairments 
R’000 		 30 June
2024
Closing
carrying
amount
R’000
Associated Fund Administrators Botswana Proprietary Limited 30 September 3 408 218 Associate 40% 45 069 (10 926) (16 320) (14 661) 3 162
Private Health Administrators Proprietary Limited 28 February 26 Associate 26% 2 938 740  (390) –  3 288
Warona Health Emergency Medical Services 30 June   49 Joint
Venture 		49% 1 141 1 141  –  –  2 282
TOTAL         49 148 (9 045) (16 710) (14 661) 8 732
  Reporting
date		 Number
of shares
held		 Nature of
relationship		 Percentage
holdings		 Opening
carrying
amount
R’000		 Share 
after tax 
profit/ 
(losses)
R’000 		 Dividends 
received 
R’000 		 Disposal
R’000		 30 June
2023
Closing
carrying
amount
R’000
Associated Fund Administrators Botswana Proprietary Limited 30 September 3 408 218 Associate 40% 32 983 12 086 – – 45 069
Private Health Administrators Proprietary Limited 30 June  26 Associate 26% – 1 181 – 1 757 2 938
Warona Health Emergency Medical Services 30 June 49 Joint
Venture 		49% 357 784 – – 1 141
TOTAL         33 340 14 051 – 1 757 49 148

Summarised financial information of Associated Fund Administrators Botswana Proprietary Limited

   Group
   June 2024 
R’000 		 June 2023 
R’000 
AT 30 JUNE 2024    
Non-current assets (excluding intangible assets) 7 507  9 703 
Intangible assets –  38 
Current assets 35 605  92 560 
TOTAL ASSETS   43 112  102 301 
Non-current liabilities  –  6 077 
Current liabilities  35 242  33 879 
TOTAL LIABILITIES   35 242  39 956 
NET ASSETS   7 870  62 345 
Revenue  51 676  122 868 
(Loss)/profit  (16 883) 30 215 
Total comprehensive (loss)/income attributable to ordinary shareholders  (16 883) 30 215 
Net (loss)/profit for the year  (16 883) 30 215 

Summarised financial information of Private Health Administrators Proprietary Limited

  Group
  June 2024
R’000		 June 2023
R’000
AT 30 JUNE 2024    
Non-current assets (excluding intangible assets) 3 563 6 926
Current assets 50 584 63 334
TOTAL ASSETS 54 147 70 260
Non-current liabilities – 4 051
Current liabilities 38 832 55 764
TOTAL LIABILITIES 38 832 59 815
NET ASSETS 15 315 10 445
Revenue 49 170 287 063
Profit 2 844 4 544
Total comprehensive income attributable to ordinary shareholders 2 844 4 544
Net profit for the year 2 844 4 544

Summarised financial information of Warona Health Emergency Medical Services*

  Group
  June 2024
R’000		 June 2023
R’000
AT 30 JUNE 2024    
Non-current assets 174 182
Current assets 12 095 15 931
TOTAL ASSETS 12 269 16 113
Non-current liabilities – –
Current liabilities 7 556 13 729
TOTAL LIABILITIES 7 556 13 729
NET ASSETS 4 713 2 384
Revenue 52 995 51 338
Net profit for the year 2 329 1 599
* The company was previously named Warona Health Services Proprietary Limited and the name was changed effectively 18 August 2023.