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AFRICAN DAWN Annual Report 2016

Notes to the Financial Statements Annual Financial Statements For the year ended 29 February 2016 39. Segment report (continued) 2015 Investment advisory and investment management R’000 Micro finance R’000 Rentals of properties in possession R’000 Other R’000 continued Total R’000 Revenue external 8,891 25,241 5,346 671 40,149 Revenue internal - - - - - Cost of sales 268 - - - 268 Other income - 2,406 77 4,934 7,417 Investment income 30 1 2 702 735 Finance costs 2 2,590 818 5,223 8,633 Operating expenses 5,836 42,249 2,848 14,575 65,508 Impairment trade and other receivables (refer to note 11) - 11,400 370 1,229 12,999 Bad debts actually written off - 14,007 157 42,547 56,711 Fair value adjustments - - 2,000 2,000 Deemed interest expense - 145 - (35) 110 Equity accounted loss - 2,259 - - 2,259 Loss on sale of non-current assets - 11 - 70 81 Loss on call up of NHFC guarantee(refer to note 15) - - - 3,750 3,750 Depreciation and amortisation 33 875 - 1,274 2,182 Impairment of intangible assets - 1,150 - - 1,150 Profit/(loss) before taxation 2,804 (19,595) 259 (15,445) (31,977) Taxation 781 - 498 (244) 1,035 Discontinued operations - - - - - Other comprehensive income - - - - - Total comprehensive profit/(loss) 2,023 (19,595) (239) (15,201) (33,012) Segment total assets 4,617 32,173 20,886 36,740 94,416 Segment total liabilities 2,377 46,557 22,171 (6,100) 65,005 Intangible assets acquired - - - 6,543 6,543 Goodwill - - - 8,076 8,076 Property, plant and equipment 81 44 1 220 346 acquired 40. Guarantees The company has provided a guarantee to National Housing Finance Corporation for a loan facility of R25 million provided to Elite. The outstanding balance on the loan as at 29 February 2016 was R2.5 million (2015 R3.5 million). In terms of the guarantee Afdawn will assume responsibility for the loan if Elite defaults on the loan. AFRICAN DAWN ANNUAL REPORT 2016 107


AFRICAN DAWN Annual Report 2016
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