Carrying value | Amortisation | |||||||
Unaudited six months ended 31 December 2023 R'000 |
Restated* Unaudited six months ended 31 December 2022 R'000 |
Audited year ended 30 June 2023 R'000 |
Unaudited six months ended 31 December 2023 R'000 |
Unaudited six months ended 31 December 2022 R'000 |
Audited year ended 30 June 2023 R'000 |
|||
Goodwill | 1 558 496 | 1 558 496 | 1 558 496 | — | — | — | ||
---|---|---|---|---|---|---|---|---|
AfroCentric Health | 473 980 | 473 980 | 473 980 | — | — | — | ||
Pharmacy Direct and Curasana | 473 954 | 473 954 | 473 954 | — | — | — | ||
Activo | 424 645 | 424 645 | 424 645 | — | — | — | ||
DENIS | 34 918 | 34 918 | 34 918 | — | — | — | ||
Activo Healthcare Assets | 150 999 | 150 999 | 150 999 | — | — | — | ||
Intangible assets | 1 490 523 | 1 505 818 | 1 487 045 | (94 805) | (107 047) | (208 823) | ||
Customer relationships – Pharmacy Direct and Curasana | 15 255 | 24 204 | 19 730 | (4 474) | (4 474) | (8 949) | ||
Activo Dossiers | 250 711 | 259 355 | 256 372 | (8 865) | (8 749) | (17 618) | ||
Customer relationships – DENIS | 22 757 | 35 760 | 29 259 | (6 502) | (6 502) | (13 003) | ||
Activo Healthcare Assets Dossiers | 145 516 | 161 411 | 153 689 | (8 576) | (4 301) | (13 103) | ||
AfroCentric Health intangible assets | 115 315 | 145 948 | 96 177 | (9 749) | (7 214) | (36 937) | ||
Customer relationships – AfroCentric Health PPA | 40 547 | 44 573 | 42 559 | (2 013) | (3 995) | (6 008) | ||
AfroCentric Health software | 74 768 | 101 375 | 53 618 | (7 736) | (3 219) | (30 929) | ||
Administration Systems – Self Generated | 940 969 | 879 140 | 931 818 | (56 639) | (75 807) | (119 213) | ||
Nexus & Other Healthcare Administration Systems | 940 969 | 879 140 | 931 818 | (56 639) | (75 807) | (119 213) | ||
3 049 019 | 3 064 314 | 3 045 541 | (94 805) | (107 047) | (208 823) |
* | During the June 2023 year-end reporting, the Group performed a detailed review of the classes of intangible assets to ensure that the disclosure in the summarised financial statements aligns to the underlying accounting records. Reclassifications were performed to correct the prior period classification error. The total intangible asset value was not impacted by the reclassification. |
Unaudited six months ended 31 December 2023 R'000 |
Unaudited six months ended 31 December 2022 R'000 |
Audited year ended 30 June 2023 R'000 |
|
Borrowings (non-current) | 518 730 | 523 907 | 528 005 |
---|---|---|---|
Borrowings (current) | 120 000 | 120 000 | 120 000 |
Total borrowings | 638 730 | 643 907 | 648 005 |
Note 3.1 Restatement of December 2022 results
During the 2020, 2021 and 2022 financial periods, MMed Distribution Proprietary Limited (MMed) erroneously omitted to accrue for purchase invoices as a result of late submission of the invoices by the suppliers.
These cut-off errors resulted in MMed's cost of sales and payables being understated at each period end. The cut-off error relates to inventory already delivered to customers at each period end, therefore the inventory balance is unaffected by the error.
The error did not have an impact on the Group's cash flows.
The error has been corrected by restating each of the affected financial statement line items for the prior period as follows:
Consolidated statement of financial position (extract) | December 2022 As previously reported R'000 |
Adjustment increase/ (decrease) R'000 |
December 2022 Restated R'000 |
Equity | |||
Retained income | 1 210 587 | (9 685) | 1 200 902 |
Non-controlling interests | 1 002 758 | (9 719) | 993 039 |
Total equity | 3 415 245 | (19 404) | 3 395 841 |
Trade and other payables | 792 795 | 19 404 | 812 199 |
Total current liabilities | 1 341 729 | 19 404 | 1 361 133 |
Total liabilities | 2 307 599 | 19 404 | 2 327 003 |
Total equity and liabilities | 5 722 844 | — | 5 722 844 |
Note 3.2 Changes in presentation – Statement of comprehensive income
During the current financial period, the disclosure was revised to disaggregate material expense line items from Other expenses as previously disclosed, to provide more relevant information for the users of the financial statements.
The enhancement has been effected by restating the financial statement line items for the prior period as follows:
Statement of comprehensive income (Extract) | December 2022 As previously reported R'000 |
Adjustment increase/ (decrease) R'000 |
December 2022 Restated R'000 |
Capitation costs | — | (922 291) | (922 291) |
Other expenses | (1 481 404) | 922 291 | (559 113) |
Unaudited six months ended 31 December 2023 R'000 |
Unaudited six months ended 31 December 2022 R'000 |
Audited year ended 30 June 2023 R'000 |
|
Cash and cash equivalents | 189 297 | 155 157 | 189 763 |
---|---|---|---|
Bank overdraft | (2 656) | (298 670) | (104 007) |
Net cash | 186 641 | (143 513) | 85 756 |