consolidated statement of financial position
| Audited year ended 30 June 2018 R’000 |
Audited year ended 30 June 2017 R’000 |
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| ASSETS | |||
| Non-current assets | 2 306 326 | 1 927 272 | |
| Property and equipment | 255 076 | 179 731 | |
| Land and buildings (NOTE 1) | 120 573 | 31 973 | |
| Investment property | 15 418 | 15 418 | |
| Goodwill (NOTE 2) | 883 488 | 855 436 | |
| Intangible assets (NOTE 2) | 855 598 | 608 310 | |
| Available for sale investment | 9 000 | 18 444 | |
| Listed investment (NOTE 3) | – | 36 296 | |
| Managed funds and deposits (NOTE 4) | 65 028 | 59 976 | |
| Investment in associates | 56 935 | 38 823 | |
| Deferred income tax assets | 45 210 | 82 865 | |
| Current assets | 823 735 | 1 141 608 | |
| Trade and other receivables | 348 527 | 320 236 | |
| Inventory | 83 532 | 73 376 | |
| Current tax asset | 20 768 | 25 235 | |
| Receivables from associates and joint venture | 5 740 | 13 388 | |
| Managed funds and deposits (NOTE 4) | 152 250 | 347 635 | |
| Cash and cash equivalents (NOTE 4) | 212 918 | 361 738 | |
| Total assets | 3 130 061 | 3 068 880 | |
| EQUITY AND LIABILITIES | |||
| Capital and reserves | 1 940 614 | 1 793 694 | |
| Issued ordinary share capital | 18 686 | 18 686 | |
| Share premium | 999 058 | 999 058 | |
| Share-based payment reserve (NOTE 8) | 3 501 | – | |
| Treasury shares | (2 324) | (2 324) | |
| Sanlam capital contribution (NOTE 9) | 55 874 | – | |
| Foreign currency translation reserve | 793 | 3 454 | |
| Distributable reserve | 865 026 | 774 820 | |
| Non-controlling interest | 679 277 | 585 359 | |
| Total equity | 2 619 891 | 2 379 053 | |
| Non-current liabilities | 153 860 | 135 778 | |
| Deferred income tax liabilities | 121 667 | 100 627 | |
| Non-current provisions | 8 350 | 8 350 | |
| Post-employment medical obligations | 2 665 | 2 771 | |
| Deferred payment | 5 263 | 5 051 | |
| Accrual for straight lining of leases | 15 915 | 18 979 | |
| Current liabilities | 356 310 | 554 049 | |
| Provisions | 8 597 | 8 947 | |
| Second tranche payment (NOTE 5) | – | 194 475 | |
| Trade and other payables | 284 029 | 264 394 | |
| Taxation | 13 729 | – | |
| Employment benefit provisions | 49 955 | 86 233 | |
| Total liabilities | 510 170 | 689 827 | |
| Total equity and liabilities | 3 130 061 | 3 068 880 |
NOTE 1
The increase in the value of land and buildings reflects the cost of the new warehouse acquired to accommodate the growth and expansion of trade by Pharmacy Direct.
NOTE 2
| Carrying value 2018 |
Carrying value 2017 |
Amortisation 2018 |
Amortisation 2017 |
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| Goodwill | 883 488 | 855 436 | – | – | |
|---|---|---|---|---|---|
| Goodwill – AfroCentric Health | 409 534 | 381 482 | – | – | |
| Goodwill – WAD Acquisition | 473 954 | 473 954 | – | – | |
| Intangible assets | 855 598 | 608 310 | (89 603) | (86 450) | |
| AfroCentric Health intangible PPA | 35 226 | 12 038 | (4 992) | (3 908) | |
| Customer relationships – WAD Acquisition | 63 385 | 72 333 | (8 948) | (8 948) | |
| AfroCentric Health intangible Software | 181 105 | 124 251 | (31 087) | (26 293) | |
| AfroCentric Health Nexus | 283 111 | 213 351 | (20 058) | (26 295) | |
| AfroCentric Health Fusion | 150 918 | 99 024 | – | – | |
| Insurance Fraud Manager (Fraud Management Software) | 141 853 | 87 313 | (24 518) | (21 006) | |
NOTE 3
The decrease in value arises as a result of the sale of shares in Jasco Electronic Holdings Limited.
NOTE 4
| Audited year ended 30 June 2018 R’000 |
Audited year ended 30 June 2017 R’000 |
||
| Total Group Cash Resources | |||
| Cash and Cash Equivalents | 212 918 | 361 738 | |
| Managed funds and deposits (current) | 152 250 | 347 635 | |
| Total current cash, managed funds and deposits | 365 168 | 709 373 | |
| Managed funds and deposits (non current) | 65 028 | 59 976 | |
| Total managed funds and deposits | 430 196 | 769 349 |
NOTE 5
The second tranche payment relating to the WAD Asset acquisition was settled during the year.
NOTE 6
Given the fulfilment of the Sanlam warranty, the conditional put option reserve was written back to capital and reserves.
NOTE 7
The Sanlam subscription agreement provided for an indemnity in the event that the costs of the Fusion IT system, then in progress, exceeded certain limits. Indemnity payments relate to such costs in excess of the indemnity threshold.
NOTE 8
This relates to the new long term incentive share award plan that was implemented in the current financial year.
NOTE 9
Capital contribution by Sanlam, relating to the WAD second tranche payment, in order to retain their non-controlling level of ownership in ACT Healthcare Assets.