| SUMMARISED CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
| Audited year ended 30 June 2017 R’000 |
Audited year ended 30 June 2016 R’000 |
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| ASSETS | ||||
| Non-current assets | 1 927 272 | 2 190 076 | ||
| Property and equipment | 211 704 | 189 362 | ||
| Investment property | 15 418 | 15 000 | ||
| Intangible assets (NOTE 1) | 1 463 746 | 1 388 815 | ||
| Available for sale investment | 18 444 | 18 444 | ||
| Listed investments | 36 296 | 37 182 | ||
| Managed funds and deposits (NOTE 7) | 59 976 | 411 934 | ||
| Investment in associates | 38 823 | 24 477 | ||
| Deferred income tax assets | 82 865 | 104 862 | ||
| Current assets | 1 141 608 | 850 640 | ||
| Trade and other receivables | 320 236 | 365 004 | ||
| Inventory | 73 376 | 72 310 | ||
| Current tax asset | 25 235 | 19 821 | ||
| Receivables from associates and joint venture | 13 388 | 20 437 | ||
| Cash, managed funds and deposits (NOTE 7) | 709 373 | 373 068 | ||
| Total assets | 3 068 880 | 3 040 716 | ||
| EQUITY AND LIABILITIES | ||||
| Capital and reserves | 1 793 694 | 1 047 979 | ||
| Issued ordinary share capital | 18 686 | 18 686 | ||
| Share premium | 999 058 | 970 358 | ||
| Share-based payment reserve | – | 26 604 | ||
| Treasury shares | (2 324) | (2 324) | ||
| Conditional put option reserve (NOTE 2) | – | (727 960) | ||
| Foreign currency translation reserve | 3 454 | 7 027 | ||
| Distributable reserve | 774 820 | 755 588 | ||
| Non-controlling interest (NOTE 3) | 585 359 | 515 603 | ||
| Total equity | 2 379 053 | 1 563 582 | ||
| Non-current liabilities | 135 778 | 977 573 | ||
| Deferred income tax liabilities | 100 627 | 82 390 | ||
| Non-current provisions | 8 350 | 8 350 | ||
| Post-employment medical obligations | 2 771 | 2 691 | ||
| Second tranche payment (NOTE 4) | – | 134 893 | ||
| Conditional put option obligation (NOTE 2) | – | 727 960 | ||
| Deferred payment | 5 051 | – | ||
| Accrual for straight lining of leases | 18 979 | 21 289 | ||
| Current liabilities | 554 049 | 499 561 | ||
| Provisions | 8 947 | 9 755 | ||
| Second tranche payment (NOTE 4) | 194 475 | – | ||
| Trade and other payables | 264 394 | 383 029 | ||
| Employment benefit provisions | 86 233 | 106 777 | ||
| Total liabilities | 689 827 | 1 477 134 | ||
| Total equity and liabilities | 3 068 880 | 3 040 716 |
NOTE 1
| Intangible assets | Carrying value 2017 R'000 |
Carrying value 2016 R'000 |
Amortisation 2017 R'000 |
Amortisation 2016 R'000 |
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| Goodwill – AfroCentric Health | 381 482 | 398 124 | – | – | ||
|---|---|---|---|---|---|---|
| Goodwill – WAD Acquisition | 473 954 | 473 954 | – | – | ||
| Customer relationships – WAD | 72 333 | 81 282 | (8 948) | (8 203) | ||
| Acquisition | ||||||
| AfroCentric Health intangible assets | 535 977 | 435 455 | (77 502) | (71 129) | ||
| AfroCentric Health intangible PPA | 12 038 | 15 946 | (3 908) | (13 811) | ||
| AfroCentric Health intangible Software | 436 626 | 330 889 | (52 588) | (39 062) | ||
| Insurance Fraud Manager (Fraud Management Software) | 87 313 | 88 620 | (21 006) | (18 256) | ||
| 1 463 746 | 1 388 815 | (86 450) | (79 332) |
NOTE 2
Given that the SANLAM target profit undertakings were achieved, the Conditional put option finance obligation no longer applies. Accordingly the SANLAM obligation, together with the aggregate interest, notionally charged thereon through the statement of comprehensive income, has been reversed to equity.
NOTE 3
The additional amount represents the increase in the SANLAM Non-controlling interest, arising through their 28.7% share of the 2017 profits of AfroCentric subsidiary, ACT Healthcare Assets (Pty) Ltd. The prior year only included six months due to the investment in December 2015.
NOTE 4
This amount has been calculated in terms of the contract formula for the second tranche payment of the WAD Assets acquisitions.
| Audited year ended 30 June 2017 R’000 |
Audited year ended 30 June 2016 R’000 |
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| Total Group Cash Resources | ||||
| Cash and Cash Equivalents | 361 738 | 373 068 | ||
| Managed funds and deposits (current) | 347 635 | – | ||
| Total current cash, managed funds and deposits | 709 373 | 373 068 | ||
| Managed funds and deposits (non current) | 59 976 | 411 934 | ||
| Total managed funds and deposits | 769 349 | 785 002 |