AfroCentric Group

SUMMARISED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
	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
ASSETS
Non-current assets	2 141 169		2 121 295		1 927 272
Furniture, fittings and equipment	197 396		176 690		179 731
Land and buildings (NOTE 1)	122 451		31 933		31 973
Investment property	15 418		15 000		15 418
Intangible assets (NOTE 2)	1 571 435		1 440 173		1 463 746
Available for sale investment	18 444		18 444		18 444
Listed investments	26 558		41 608		36 296
Managed funds and deposits (NOTE 6)	62 517		278 851		59 976
Investment in associates	45 385		29 374		38 823
Deferred income tax assets	81 565		89 222		82 865
Current assets	871 245		867 714		1 141 608
Trade and other receivables	351 257		361 100		320 236
Inventory	87 830		77 465		73 376
Current tax asset	34 130		30 792		25 235
Receivables from associates and joint venture	9 981		12 637		13 388
Managed funds and deposits (NOTE 6)	105 972		–		347 635
Cash and cash equivalents (NOTE 6)	282 075		385 720		361 738
Total assets	3 012 414		2 989 009		3 068 880
EQUITY AND LIABILITIES
Capital and reserves	1 888 232		1 081 596		1 793 694
Issued ordinary share capital	18 686		18 686		18 686
Share premium	1 054 932		970 358		999 058
Share-based payment reserve	375		28 700		–
Treasury shares	(2 324)		(2 324)		(2 324)
Conditional put option reserve (NOTE 3)	–		(750 913)		–
Foreign currency translation reserve	(510)		4 020		3 454
Distributable reserve	817 073		813 069		774 820
Non-controlling interest	639 026		549 504		585 359
Total equity	2 527 258		1 631 100		2 379 053
Non-current liabilities	153 963		1 004 497		135 778
Deferred income tax liabilities	122 947		90 394		100 627
Non-current provisions	8 350		8 350		8 350
Post-employment medical obligations	2 771		2 691		2 771
Second tranche payment (NOTE 4)	–		134 893		–
Conditional put option obligation (NOTE 3)	–		750 913		–
Deferred payment	5 364		–		5 051
Accrual for straight lining of leases	14 531		17 256		18 979
Current liabilities	331 193		353 412		554 049
Provisions	3 705		11 406		8 947
Borrowings	23 850		–		–
Second tranche payment (NOTE 4)	–		–		194 475
Trade and other payables	246 941		288 076		264 394
Employment benefit provisions	56 697		53 930		86 233
Total liabilities	485 156		1 357 909		689 827
Total equity and liabilities	3 012 414		2 989 009		3 068 880

NOTE 1

The increased value of Land and Buildings reflects the cost of a new warehouse acquired in December 2017 to accommodate the expanding needs of the healthcare retail business.

NOTE 2

Intangible assets	Carrying value 2017 R’000		Amortisation  2017  R’000		Amortisation  2016  R’000
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 6
TOTAL GROUP CASH RESOURCES

	Unaudited six months ended 31 December 2017		Unaudited six months ended 31 December 2016		Audited year ended 30 June 2017
Cash and cash equivalents	282 075		385 720		361 738
Managed funds and deposits (current)	105 972		–		347 635
Managed funds and deposits (non current)	62 517		278 851		59 976
Total cash resources	450 564		664 571		769 349