The Group entered into various transactions with related parties. These transactions occurred under terms and conditions no more favourable to those entered into with third parties:
| Figures in Rand thousand |
2019 |
|
Restated
2018 |
|
| Transactions with equity-accounted investments |
|
|
|
|
| Sale of products and services |
7 292 |
|
103 389 |
|
| Purchases of products and services |
46 574 |
|
20 494 |
|
| Outstanding balances arising from sales/purchases of goods and services with equity-accounted investments |
|
|
|
|
| Trade receivables balances with related parties |
3 775 |
|
57 765 |
|
| Trade payables balances with related parties |
1 631 |
|
1 157 |
|
| Loans receivable from associates and joint ventures |
42 413 |
|
100 325 |
|
| Twenty Third Century Systems (Private) Limited |
– |
|
44 337 |
|
| Virtuoso Consulting |
33 619 |
|
38 795 |
|
| aSAY |
961 |
|
7 448 |
|
| EOH SEAL Limited |
– |
|
1 912 |
|
| TCD MENA (Proprietary) Limited (Egypt) |
567 |
|
567 |
|
| Bessertec LLC |
5 512 |
|
5 512 |
|
| Cözümevi Yönetim Danişmanliği ve Bilgisayar Yazlim Ticaret Anonim Şirketi |
1 754 |
|
1 754 |
|
| These loans are interest free and payable on demand. |
|
|
|
|
| Transactions between Group companies |
|
|
|
|
| Sale of products and services |
2 710 967 |
|
2 207 428 |
|
| Purchases of products and services |
2 468 138 |
|
2 188 518 |
|
| Operating expenses |
235 349 |
|
12 170 |
|
| Interest |
2 835 |
|
– |
|
| Dividends received |
– |
|
526 531 |
|
| Outstanding balances arising from sales/purchases of goods and services |
|
|
|
|
| Trade receivables balances with related parties |
481 315 |
|
29 113 |
|
| Loans from EOH Holdings Limited |
2 834 692 |
|
2 124 967 |
|
| Professional fees |
|
|
|
|
| Professional fees have been paid to associates of non-executive directors. The transactions were conducted at market-related rates prevailing at the time of entering into the transactions |
– |
|
6 300 |
|
| Directors’ remuneration |
|
|
|
|
| The remuneration for directors of the Company paid during the year by subsidiaries within the Group has been disclosed in note 40. Executive directors are defined as key management. |
|
|
|
|
| Vendors’ loans and receivables |
|
|
|
|
| Refer to note 9 |
870 |
|
59 819 |
|
Loans are made between various entities which are eliminated in these consolidated Annual Financial Statements. Where required, loans payable
by subsidiaries have been subordinated in favour of other creditors until such time that the assets fairly valued exceed the liabilities.