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AFRICAN DAWN 2015 Annual Report

Notes to the Financial Statements continued 48. Loss per share (continued) 2015 Gross Net Loss from continuing operations (33,012) Loss from discontinued operations - Total loss for the year (33,012) Loss on disposal of property, plant and equipment 23 17 Impairment of intangible asset 1,150 1,150 Profit on disposal of subsidiary (3,231) (3,231) Headline loss from continuing and discontinued operations (35,076) 2014 Note Gross Net Loss from continuing operations (21,830) Loss from discontinued operations A (1,983) Total loss for the year (23,813) Loss on disposal of property, plant and equipment 1,000 720 Impairment of intangible asset - - Profit on disposal of subsidiary - - Headline loss from continuing and discontinued operations - (23 813) (A) This relates to the trading loss for the year and is therefore not adjusted in calculating headline loss. The effect of prior year errors on earnings and headline earnings per share is indicated in note 42. AFRICAN DAWN 127 ANNUAL REPORT 2015 49. Restrictions Various contracts have restrictions in them that limit access to the assets by the Group. These restrictions are explained below: 2015 - Existing as at year end Sandown Capital Proprietary Limited No amounts can be paid to Afdawn by Elite until all amounts owing to Sandown Capital Proprietary Limited have been settled. The carrying amount of the liabilities is R14 222 000 (refer to note 17 which deals with borrowings owed to Sandown). There was no such restriction in 2014. Candlestick The Greenoaks property cannot be sold until such time as the dispute with the liquidator of Blue Dot Properties 1198 CC is resolved. The carrying amount is R19 828 000 (2014: R21 328 238). Refer to note 10. Elite Cell The cash in Elite Cell can only be accessed if a claim is submitted to Guardrisk or if Elite Cell declares a dividend. The carrying amount is R724 000 (2014: R1 554 000). Refer to note 8. 2014 - Existing as at year end Elite Cell The cash in Elite Cell can only be accessed if a claim is submitted to Guardrisk or if Elite Cell Captive declares a dividend. The carrying amount is R1 554 000. Refer to note 8.


AFRICAN DAWN 2015 Annual Report
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