| |
On 11 December 2018, the Group announced that opportunities would be explored for the sale of certain non-core assets. In line with this strategy the Group has disposed of its investments in a number of subsidiaries, associate and joint ventures during the year.
| Figures in Rand thousand |
Treatment
before
disposal |
|
Percentage
holding
disposed |
|
Date of
disposal |
|
Consideration
received or
receivable |
|
Gain/(loss)
on disposal |
|
| Entity disposed |
|
|
|
|
|
|
|
|
| |
| Clearline Group |
Subsidiary |
|
100% |
|
1 Aug 2019 |
|
8 000 |
|
(25 772) |
|
| Enablemed Group |
Subsidiary |
|
100% |
|
1 Aug 2019 |
|
21 068 |
|
(24 039) |
|
| Moropa Site Solutions Proprietary Limited |
Subsidiary |
|
100% |
|
1 Aug 2019 |
|
– |
|
(5 374) |
|
| Telebo Construction Proprietary Limited |
Subsidiary |
|
100% |
|
1 Aug 2019 |
|
3 000 |
|
(9 798) |
|
| WRP Consulting Engineers Proprietary Limited |
Subsidiary |
|
100% |
|
1 Aug 2019 |
|
16 950 |
|
(7 877) |
|
| Bessertec Group |
Joint Venture |
|
50% |
|
1 Aug 2019 |
|
– |
|
7 260 |
|
| TCD Dubai |
Subsidiary |
|
100% |
|
1 Aug 2019 |
|
– |
|
(3 708) |
|
| Healthshare Group |
Subsidiary |
|
100% |
|
1 Sep 2019 |
|
4 000 |
|
(10 710) |
|
| D.Code Mobility Proprietary Limited |
Subsidiary |
|
100% |
|
1 Sep 2019 |
|
3 098 |
|
(1 386) |
|
| EOH Turkey Software Services* |
Subsidiary |
|
100% |
|
30 Sep 2019 |
|
– |
|
255 |
|
| VILT Group** |
Subsidiary |
|
100% |
|
1 Nov 2019 |
|
64 869 |
|
(40 436) |
|
| Cool Ideas Proprietary Limited |
Subsidiary |
|
100% |
|
30 Nov 2019 |
|
– |
|
732 |
|
| Data World Group** |
Subsidiary |
|
100% |
|
30 Nov 2019 |
|
55 000 |
|
(40 124) |
|
| Isilumko Group |
Subsidiary |
|
100% |
|
1 Dec 2019 |
|
25 603 |
|
(11 431) |
|
| Acron Bilsim A.S. |
Joint Venture |
|
50% |
|
1 Dec 2019 |
|
– |
|
(20 477) |
|
| Mehleketo Group* |
Subsidiary |
|
100% |
|
1 Dec 2019 |
|
– |
|
88 601 |
|
| Rinedata UK Limited |
Subsidiary |
|
100% |
|
10 Dec 2019 |
|
9 498 |
|
(4 379) |
|
| MSO International |
Subsidiary |
|
70% |
|
31 Dec 2019 |
|
21 000 |
|
(23 688) |
|
|
CSV Water Consulting Engineers Proprietary Limited* |
Subsidiary |
|
100% |
|
31 Mar 2020 |
|
– |
|
9 211 |
|
|
High Voltage Power Systems Proprietary Limited |
Subsidiary |
|
100% |
|
31 Mar 2020 |
|
4 993 |
|
1 823 |
|
| LSD Information Technology Proprietary Limited** |
Subsidiary |
|
100% |
|
31 Mar 2020 |
|
– |
|
(60 610) |
|
| Conso'System Consulting SARL |
Joint Venture |
|
50% |
|
31 Mar 2020 |
|
1 791 |
|
(1 085) |
|
| aSAY Group |
Joint Venture |
|
50% |
|
30 Apr 2020 |
|
9 413 |
|
(16 676) |
|
| CCS Group |
Associate |
|
30% |
|
1 May 2020 |
|
157 544 |
|
(43 066) |
|
| Change Logic Proprietary Limited |
Subsidiary |
|
60% |
|
1 May 2020 |
|
10 882 |
|
(1 675) |
|
| Arete Group |
Subsidiary |
|
100% |
|
30 Jun 2020 |
|
– |
|
14 236 |
|
| Transaction costs |
|
|
|
|
|
|
| |
(70 514) |
|
| Net loss on disposal of subsidiaries and equity-accounted investments |
|
|
|
|
| |
416 709 |
|
(300 707) |
|
| * |
Mehleketo Group, EOH Turkey Software Services and CSV Water Consulting Engineers Proprietary Limited, have been disposed of by way of liquidation. |
| ** |
Consideration reflected does not include extinguishment of debt on sale. |
| Figures in Rand thousand |
2020 |
|
2019 |
|
| Cash consideration received or receivable |
416 709 |
|
450 405 |
|
| Less: Receivable from disposal of subsidiaries and equity-accounted investments |
(82 052) |
|
– |
|
| Cash received from disposal of businesses |
334 657 |
|
450 405 |
|
| Less: cash balances disposed of |
(170 032) |
|
(81 241) |
|
| Cash receipt from disposal of businesses, net of cash given up |
164 625 |
|
369 164 |
|
The carrying amount of major classes of assets and liabilities, associated with subsidiaries and equity-accounted investments disposed of during the current period, are as follows:
| Figures in Rand thousand |
Notes |
|
2020 |
|
| Assets |
|
|
|
|
| Property, plant and equipment |
4 |
|
71 495 |
|
| Goodwill and intangible assets |
5, 6 |
|
303 537 |
|
| Equity-accounted investments |
7 |
|
245 950 |
|
| Deferred taxation |
9 |
|
10 259 |
|
| Inventories |
| |
14 950 |
|
| Current taxation receivable |
| |
9 458 |
|
| Trade and other receivables |
| |
630 142 |
|
| Cash and cash equivalents |
| |
170 032 |
|
| Liabilities |
|
|
|
|
| Other financial liabilities |
20 |
|
(244 266) |
|
| Lease liabilities |
| |
(2 764) |
|
| Trade and other payables |
| |
(547 774) |
|
|