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AFRICAN DAWN Annual Report 2016

Notes to the Financial Statements Annual Financial Statements For the year ended 29 February 2016 23. Other income continued Profit on disposal of subsidiary (refer to note 33) Group Company 2016 R’000 2015 R’000 2016 R’000 2015 R’000 - 3,231 - - Gain on present value adjustment of interest free borrowings (refer to note 26) - 662 - 92 Bad debts recovered on trade receivables 738 1,850 - - Sundry income 1,077 232 (3) 232 VAT recovery - 77 - - Fair value adjustment 2,095 - 2,095 38 Penalty received on subsidiary sale - 1,316 - 1,316 cancellation Sundry other income - 49 - - 3,910 7,417 2,092 1,678 24. Operating loss Operating loss for the year is stated after accounting for the following: Operating lease charges Premises 2,608 3,828 - - Equipment 498 566 29 29 3,106 4,394 29 29 Loss on sale of property, plant and equipment 13 23 3 34 Profit on disposal of subsidiary - 3,231 - - Impairment to properties in possession 3,284 1,500 - - Legal fees 1,686 935 1,073 407 Loss on call up of NHFC guarantee still due - 1,750 - 1,750 (refer to note 15) Loss on call up of NHFC guarantee paid during year (refer to note 15) - 2,000 - 2,000 Impairment on intangible assets - 1,150 - - Amortisation on intangible assets 1,671 1,758 - - Depreciation on property, plant and 394 424 54 49 equipment Employee costs 16,968 20,534 3,009 3,848 AFRICAN DAWN ANNUAL REPORT 2016 83


AFRICAN DAWN Annual Report 2016
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