SUMMARISED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||||||
% change |
Unaudited six months ended 31 December 2017 R'000 |
Unaudited six months ended 31 December 2016 R'000 |
Audited year ended 30 June 2017 R'000 |
|||||
Healthcare services revenue | 1 441 561 | 1 300 155 | 2 715 266 | |||||
---|---|---|---|---|---|---|---|---|
Healthcare services operating costs | (1 198 253) | (1 069 204) | (2 219 292) | |||||
Healthcare services operating profit | 5.35 | 243 308 | 230 951 | 495 974 | ||||
Healthcare retail revenue | 596 239 | 509 778 | 1 069 435 | |||||
Healthcare retail cost of sales | (442 928) | (409 909) | (836 734) | |||||
Healthcare retail gross profit | 53.51 | 153 311 | 99 869 | 232 701 | ||||
Healthcare retail operating costs | (112 970) | (72 070) | (164 566) | |||||
Total healthcare operating profit | 9.62 | 283 649 | 258 750 | 564 109 | ||||
Impairment of assets | – | 2 895 | (19 851) | |||||
Net finance and investment income | 20 882 | 13 150 | 16 106 | |||||
– Finance and investment income | 31 284 | 31 704 | 50 380 | |||||
– Fair value gain/(loss) in Listed Investments (NOTE 5) | (9 738) | 4 426 | 12 393 | |||||
– Finance cost: Conditional put option (NOTE 3) | – | (22 953) | (45 906) | |||||
– Finance cost | (664) | (27) | (761) | |||||
Share-based payment expense | (375) | (2 096) | (2 096) | |||||
Fair value of second tranche consideration (NOTE 4) | – | – | (59 582) | |||||
Indemnity expense | – | – | (14 787) | |||||
Share of associate profits | 11 772 | 9 907 | 14 306 | |||||
Profit before depreciation and amortisation | 11.79 | 315 928 | 282 606 | 498 205 | ||||
Depreciation | (25 635) | (20 652) | (45 098) | |||||
Amortisation of intangible assets (NOTE 2) | (41 667) | (42 135) | (86 450) | |||||
Profit before income taxation | 13.10 | 248 626 | 219 819 | 366 657 | ||||
Taxation expense | (71 398) | (66 600) | (146 616) | |||||
Profit for the period after taxation | 15.67 | 177 228 | 153 219 | 220 041 | ||||
Other comprehensive (loss)/income | (3 964) | (3 007) | (3 778) | |||||
Comprehensive net income for the period | 173 264 | 150 212 | 216 263 | |||||
Attributable to: | ||||||||
Equity holders of the Parent | 115 902 | 98 046 | 113 891 | |||||
Non-controlling interest | 57 362 | 52 166 | 102 372 | |||||
173 264 | 150 212 | 216 263 |
NOTE 2
Intangible assets | Carrying value 2017 R'000 |
Amortisation 2017 R'000 |
Amortisation 2016 R'000 |
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Goodwill – AfroCentric Health | 400 208 | – | – | |||
Goodwill – WAD acquisition | 473 954 | – | – | |||
Customer relationships – WAD acquisition | 72 333 | (4 474) | (4 474) | |||
AfroCentric Health intangible assets | 624 940 | (37 193) | (37 661) | |||
AfroCentric Health Intangible PPA | 37 620 | (2 598) | (2 916) | |||
Afrocentric Health intangible Software | 510 577 | (24 024) | (24 298) | |||
Insurance Fraud Manager (Fraud Management Software) | 76 743 | (10 571) | (10 447) | |||
1 571 435 | (41 667) | (42 135) |
NOTE 3
Given the fulfilment of the Sanlam profit warranty, the conditional put option reserve was written back to capital and reserves.
NOTE 4
The second tranche payment was calculated in terms of the contract formula for the WAD Asset acquisitions and settled in cash during September 2017.
NOTE 5
This represents a decline in the share price of the listed investment.