15. Assets held for sale
 

The Group recently refined its operational structure into three distinct reportable segments to allow for leaner and more agile core businesses with separate capital and governance structures. Opportunities are being explored for the sale of certain non-core assets and, as a result, there are a number of businesses that were approved for sale and for which the sale is expected to be completed within 12 months from the reporting date. These businesses are classified as disposal groups held for sale and the assets and liabilities of these disposal groups have been presented as held for sale at 31 July 2019. In addition, Construction Computer Software (CCS) as well as other smaller businesses were disposed of during the period.

The major classes of assets and liabilities of the disposal groups, per reportable segment, classified as held for sale as at 31 July 2019 are as follows:

Figures in Rand thousand iOCO  NEXTEC  IP    2019   
Assets            
Property, plant and equipment  85 122  128 076  4 027     217 225    
Goodwill and intangible assets  795  358 272  12 853     371 920    
Equity-accounted investments  72 468  –  –     72 468    
Other financial assets  –  7 710  (421)    7 289    
Deferred taxation  261  24 734  2 220     27 215    
Inventory  4 980  30 166  –     35 146    
Current taxation receivable  575  2 584  –     3 159    
Trade and other receivables  99 625  526 698  88 239     714 562    
Cash and cash equivalents  47 919  221 110  41 344     310 373    
Assets held for sale  311 745  1 299 350  148 262     1 759 357    
Liabilities                   
Other financial liabilities  (978) (4 433) (3 837)    (9 248)   
Finance lease payables  –  –  (240)    (240)   
Deferred taxation  (233) (467) (1 873)    (2 573)   
Current taxation payable  330  (11 566) (2 614)    (13 850)   
Trade and other payables  (105 586) (331 133) (32 222)    (468 941)   
Deferred income  –  (67 980) (2 048)    (70 028)   
Liabilities directly associated with the assets held for sale  (106 467) (415 579) (42 834)    (564 880)   
Net assets directly associated with the disposal groups  205 278  883 771  105 428     1 194 477    
Cumulative amounts recognised in other comprehensive income                   
Foreign currency translation reserve  4 709  2 021  (926)    5 804    
Impairment loss for write-down to fair value less costs to sell                   
Continuing operations – operating expenses  –  (22 172) –     (22 172)   
Discontinued operations (note 16)  (135 374) (450 994) (41 799)    (628 167)   
   (135 374) (473 166) (41 799)    (650 339)   

The discontinued operation Grid Control Technologies (GCT Group) was disposed of during the year ended 31 July 2018. As a result, no assets were held for sale at 31 July 2018.