Page 80

AFRICAN DAWN 2015 Annual Report

Notes to the Financial Statements continued 7. Investment in associate (continued) Elite Two 2015 R’000 Additional information relating to net assets to equity accounted investments in associates Investment in associate at 50% - 2,259 787 Management fee direct with Elite 316 Carrying value of investment in associate - 2,575 787 Investment at beginning of period 2,575 787 - Equity accounted (loss)/profit (2,259) 1,472 787 Management fee direct with Elite (paid)/raised (316) 316 Investment at end of period - 2,575 787 The summarised information presented above reflects the financial statements of the associate after adjusting for differences in accounting policies between the Group and the associate. The 2015 year relates to 1 March 2014 to November 2014 at which point Elite Two became a subsidiary. A loss of R2,259,181 was recognised by Elite for the period March 2014 to November 2014. Refer to note 37 for details of the acquisition. Associate with different reporting date The management accounts of Elite Two were used for the financial statements as at 28 February 2015 because the Company was previously a subsidiary of Sandown Capital Proprietary Limited which has a March year end. No significant transactions took place between the reporting period of February 2015 and the year end of March 2015. AFRICAN DAWN 78 ANNUAL REPORT 2015 2014 R’000 2013 R’000


AFRICAN DAWN 2015 Annual Report
To see the actual publication please follow the link above