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AFRICAN DAWN ANNUAL REPORT 14

Notes to the Financial Statements continued Group Company 2014 2013 2014 2013 R '000 R '000 R '000 R '000 12. Cash and cash equivalents Cash and cash equivalents consist of: Cash on hand 1 435 1 3 Bank balances 1,077 5,501 390 317 Other cash and cash equivalents 6 3,078 6 - Bank overdraft (1) - - - 1,083 9,014 397 320 Current assets 1,084 9,014 397 320 Current liabilities (1) - - - 1,083 9,014 397 320 Cash and cash equivalents. Cash and cash equivalents are classified as loans and receivables. Other cash and cash equivalents. Other cash and cash equivalents relates to monies held in trust. 13. Non-current assets held for sale and discontinued operations In line with the new vision for the group, management have decided to discontinue the personal and short term financing division of the group including Elite Group Proprietary Limited and Nexus Personnel Finance Proprietary Limited. The directors are in discussion with potential buyers for the acquisition of Elite Group Proprietary Limited. The company's assets and liabilities have been reclassified as Non-current assets held for sale as indicated below. Assets and liabilities Non-current assets held for sale ERF 1593 - ERF 1599 Volksrust, Mpumulanga - 709 - - ERF 149 Anzac, Benoni - 3,420 - - - 4,129 - - ERF 1593 - ERF 1599 Volksrust, Mpumulanga was sold during the financial year for a loss of (R311,141). Partially developed land at ERF149 Anzac, Extension 2, Benoni, Gauteng has been re-classified as property in possession as no viable buyer has been found. The subsidiary Elite Group Proprietary Limited has been classified as Non-Current Assets held for sale as management are in discussion with potential buyers for the acquisition of Elite Group Proprietary Limited. The carrying amounts of the disposal group are summarised as follows: Assets of disposal groups Property, plant and equipment 949 - - - Subsidiaries - - 3,322 - Other financial assests 807 - - - Cash and Cash equivalents 5,982 - - - Trade and other receivables 52,732 - - - Intangible assets 2,843 - - - Impairment to non-current asset held for sale (3,547) - - - 59,766 - 3,322 - 59,766 - 3,322 - Liabilities of disposal groups Borrowings 16,943 - - - Trade and other payables 3,310 - - - Finance lease obligation 282 - - - 20,535 - - - AFRICAN DAWN 5 4 ANNUAL REPORT 2014


AFRICAN DAWN ANNUAL REPORT 14
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