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AFRICAN DAWN 2015 Annual Report

Notes to the Financial Statements continued 43. Comparative amounts (continued) Statement of Comprehensive Income 2013 As originally stated Elite Group reclassified Nexus reclassified Elite impairment error AFRICAN DAWN 114 ANNUAL REPORT 2015 Elite Two error Total Revenue 6,458 26,745 286 - - 33,489 Cost of sales 142 (399) - - - (257) Gross profit 6,600 26,346 286 - - 33,232 Other income 570 1,095 - - - 1,665 Operating expenses (10,655) (22,753) 812 (7,455) - (40,051) Operating (loss)/profit (3,485) 4,688 1,098 (7,455) - (5,154) Investment income 553 67 - - - 620 Finance costs (1,175) (1,111) - - - (2,286) Profit from equity - - - - 787 787 accounted Investment (Loss)/profit before taxation (4,107) 3,644 1,098 (7,455) 787 (6,033) Taxation (166) (461) - 344 - (283) (Loss)/profit from (4,273) 3,183 1,098 (7,111) 787 (6,316) continuing Operations Profit/(loss) from discontinued Operations 2,163 (3,183) (1,098) - - (2,118) (Loss)/profit for the year (2,110) - - (7,111) 787 (8,434) Statement of changes in equity 2013 As originally stated Elite Group reclassified Elite impairment error Elite Two error Nexus Reclassified Total Accumulated loss (221,383) - (7,111) 787 - (227,707) 44. Risk management Risk Management Definitions For the purposes of risk management, the following definitions are applicable: • Credit risk – the risk that the Group may not recover amounts it is owed (debit balances - receivables, bank, debit loans). • Liquidity risk – the risk that the Group may not be able to pay an amount as it becomes due. • Interest rate risk • Cash flow interest rate risk – the risk that the cash flows will change because the interest rate has changed. • Fair value interest rate risk – the risk that the fair value of the instrument will change because the interest rate has changed. • Not exposed to interest rate risk. • Equity price risk - the risk that the cash flows or fair value of the instrument will change because the share price has changed. • Commodity price risk - the risk that the cash flows or fair value of the instrument will change because the commodity price has changed. • Foreign exchange / currency risk - the risk that the cash flows or fair value of the instrument will change because the foreign exchange price has changed.


AFRICAN DAWN 2015 Annual Report
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