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AFRICAN DAWN Annual Report 2016

Notes to the Financial Statements Annual Financial Statements For the year ended 29 February 2016 30. Cash used in operations continued Group Company 2016 R’000 2015 R’000 2016 R’000 2015 R’000 Loss before taxation (6,944) (31,977) (4,247) (39,552) Adjustments for: Depreciation 394 424 54 49 Loss on disposal of property, plant and (13) 23 (3) 34 equipment Loss on sale of non-current assets held for sale - - - - Movement in operating lease liability 5 (151) 5 (151) Gain on present value adjustments on - (661) - (92) interest free borrowings Equity accounted income Elite Two - 2,259 - - Investment income (346) (735) (256) (700) Finance costs 2,080 3,115 - 265 Fair value of contingent consideration refer (2,095) - (2,095) - to note 23 Fair value of contingent consideration refer to note 23 (2,000) 2,000 (2,000) 2,000 Impairment adjustment group loans - - - 16,203 Impairment of investment in subsidiary - - - 2,710 Non-cash finance costs (penalties and interest on income tax) 938 5,518 415 1,077 Impairment of Candlestick Park Investment in Subsidiary - - - 5,279 Amortisation (refer to note 5) 1,670 1,758 - - Deemed interest expense (refer to note 26) 552 110 92 - Profit on disposal of Nexus - (3,231) - - (Refer to note 33) Interest raised and paid on borrowings - - - 37 Impairment of properties in possession 3,283 1,500 - - Bad debt write off - - - 1,000 Non-cash portion of NHFC guarantee - 1,750 - 1,750 Impairment of intangible asset - 1,150 - - Changes in working capital: Properties in possession 1,439 280 - - Trade and other receivables 3,853 14,798 989 55 Trade and other payables 736 (1,514) (723) 974 Deferred income (474) 474 - - Other financial assets 412 830 - - 3,490 (2,280) (7,769) (9,062) AFRICAN DAWN ANNUAL REPORT 2016 87


AFRICAN DAWN Annual Report 2016
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