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AFRICAN DAWN 2015 Annual Report

Notes to the Financial Statements continued 41. Directors’ emoluments (R’000) (continued) Non-executive 2015 Directors' fees Total HH Hickey 120 120 V Lessing 120 120 SM Roper 100 100 CM Bull 40 40 JS Van der Merwe 30 30 AFRICAN DAWN 107 ANNUAL REPORT 2015 410 410 2014 Directors' fees Total HH Hickey 150 150 WJ Groenewald 150 150 JK Van Zyl 90 90 V Lessing 80 80 WN Luhabe 40 40 L Taylor 60 60 CF Wiese 70 70 640 640 42. Changes to prior year amounts Prior year amounts have been restated (as indicated in note 43) and as explained below: Discontinued operations Elite – reclassification from discontinued to continuing operations In 2014, and in line with the new vision for the Group, management decided to discontinue the personal and short term financing division of the Elite group which included Elite and Elite Cell. The directors were in discussion with potential buyers for the acquisition of Elite and Elite Cell. At that point these were therefore classified as discontinued operations and Elite, classified as non-current asset held for sale. A contract for the sale of Elite was concluded in May 2014, but thereafter the buyers were in breach of the contract and the contract was cancelled resulting in a penalty being paid to Afdawn Group for a breach of contract (refer to notes 15 and 25). One of the requirements relating to the classification as a non-current asset held for sale in IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations, is that the sale should be expected to qualify for recognition as a completed sale within one year from the date of classification. However, at 28 February 2015, this requirement was no longer met and therefore these operations are no longer classified as discontinued. The results of Elite have therefore been reclassified from discontinued operations to continuing operations, for both the current (2015) and prior periods. The amounts for prior periods are described as having been re-presented. At the date of the subsequent decision not to sell, the recoverable amount of the Elite group was assessed in accordance with IAS 36 – Impairment of Assets. This resulted in no impairment being recognised. Refer to note 15 . Nexus - reclassification from discontinued to continuing operations In line with the new vision for the Group as outlined above, Nexus was also classified as a discontinued operation in 2014. However, in 2015 Nexus has been classified as continuing and also reclassified to continuing operations for 2014. This is because Nexus is not a major line of business (given the fact that the business of the Elite group is the same). During 2015, Nexus went into liquidation (refer notes 25 and 38 that reflect a gain on disposal of R3 231 000).


AFRICAN DAWN 2015 Annual Report
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