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AFRICAN DAWN 2015 Annual Report

Group Company 2015 R’000 2014 R’000 11. Loans to/(from) group companies (continued) Current assets - - 26,896 46,473 Current liabilities - - (6,932) (6,943) - - 19,964 39,530 AFRICAN DAWN 84 ANNUAL REPORT 2015 2015 R’000 2014 R’000 2015 2014 Movement in impairment Opening balance 50,894 53,735 Increase in impairment 16,474 14,509 Reversal of impairment (271) (17,350) Reversal of Nexus loan impairment on liquidation (17,948) - 49,149 50,894 Notes to the Financial Statements continued All the loans are unsecured, interest free and have no fixed terms of repayment. * The loans have been sub-ordinated to the extent that the subsidiaries’ liabilities exceed the assets in favour of other creditors of the subsidiaries for as long as the subsidiaries’ liabilities exceeds the assets. 12. Trade and other receivables 2015 R’000 2014 R’000 2015 R’000 2014 R’000 Trade receivables (restated for 2014) 101,924 158,861 - - Impairment allowance (restated for 2014) (66,489) (102,313) - - Deposits (restated for 2014) 276 291 31 - VAT (restated for 2014) 373 473 - - Other receivables (restated for 2014) 3,750 1,213 1,065 2,151 39,835 58,525 1,096 2,151 Loans to group companies impaired As of 28 February 2015, loans to group companies of R78,753,022 (2014: R 97,367,338) were impaired and provided for. The amount of the impairment was R47,527,973 as of 28 February 2015 (2014: R 50,893,577).


AFRICAN DAWN 2015 Annual Report
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