| NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS l NOTE 27 |
|
| 27. |
Disposal of subsidiaries |
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31 May 2013 |
| |
|
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|
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|
|
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|
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Date disposed
% disposed |
|
|
1 September,
2012
100 |
|
1 January,
2013
100 |
|
|
|
| |
|
|
|
Content
Connect
Africa
Proprietary
Limited
R’000 |
|
Multiserv
Proprietary
Limited
R’000 |
|
Total
R'000 |
|
| |
The carrying/fair value of the net
assets disposed of: |
|
|
|
|
|
|
|
|
| |
Cash and cash equivalents |
|
|
486 |
|
3 744 |
|
4 230 |
|
| |
Property, plant and equipment |
|
|
117 |
|
216 |
|
333 |
|
| |
Intangible assets |
|
|
2 970 |
|
4 618 |
|
7 588 |
|
| |
Inventories |
|
|
— |
|
1 643 |
|
1 643 |
|
| |
Receivables |
|
|
6 503 |
|
1 112 |
|
7 615 |
|
| |
Loans receivable |
|
|
— |
|
1 839 |
|
1 839 |
|
| |
Deferred tax |
|
|
— |
|
(468) |
|
(468) |
|
| |
Borrowings |
|
|
(3 130) |
|
(6 068) |
|
(9 198) |
|
| |
Current tax liabilities |
|
|
(45) |
|
— |
|
(45) |
|
| |
Payables |
|
|
(7 620) |
|
(4 291) |
|
(11 911) |
|
| |
Carrying/fair value of subsidiary
disposed of |
|
|
(719) |
|
2 345 |
|
1 626 |
|
| |
Goodwill |
|
|
4 746 |
|
5 846 |
|
10 592 |
|
| |
Carrying/fair value of net assets
disposed of |
|
|
4 027 |
|
8 191 |
|
12 218 |
|
| |
(Loss)/profit on disposal of subsidiary |
|
|
(2 027) |
|
2 147 |
|
120 |
|
| |
Total proceeds on disposal |
|
|
2 000 |
|
10 338 |
|
12 338 |
|
| |
Less: Proceeds to be settled |
|
|
— |
|
(7 853) |
|
(7 853) |
|
| |
Total proceeds on disposal received
in cash |
|
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2 000 |
|
2 485 |
|
4 485 |
|
| |
Less: Cash and cash equivalents in
subsidiary |
|
|
(486) |
|
(3 744) |
|
(4 230) |
|
| |
Cash inflow on disposal |
|
|
1 514 |
|
(1 259) |
|
255 |
|
| |
On 1 September 2012, Blue Label Telecoms Limited sold its 100% shareholding in Content
Connect Africa Proprietary Limited to management for an amount of R2 million. The loss on
disposal of R2 million has been recognised in the statement of comprehensive income.
On 1 January 2013, Blue Label Telecoms Limited sold its 100% shareholding in Multiserv
Proprietary Limited for an amount of R10.3 million. The profit on disposal of R2.1 million
has been recognised in the statement of comprehensive income |
| |
31 May 2012 |
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|
|
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|
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Date disposed
% disposed |
|
|
31 January,
2012
50.1 |
|
|
|
| |
|
|
|
SharedPhone
International
Proprietary
Limited
R’000 |
|
Total
R’000 |
|
| |
The carrying/fair value of the net
assets disposed of: |
|
|
|
|
|
|
| |
Cash and cash equivalents |
|
|
1 406 |
|
1 406 |
|
| |
Property, plant and equipment |
|
|
278 |
|
278 |
|
| |
Intangible assets |
|
|
25 |
|
25 |
|
| |
Inventories |
|
|
9 422 |
|
9 422 |
|
| |
Receivables |
|
|
3 978 |
|
3 978 |
|
| |
Deferred tax |
|
|
476 |
|
476 |
|
| |
Borrowings |
|
|
(5 958) |
|
(5 958) |
|
| |
Current tax liabilities |
|
|
69 |
|
69 |
|
| |
Payables |
|
|
(868) |
|
(868) |
|
| |
Carrying/fair value of subsidiary
disposed of |
|
|
8 828 |
|
8 828 |
|
| |
Non-controlling interests |
|
|
(4 406) |
|
(4 406) |
|
| |
Goodwill |
|
|
2 499 |
|
2 499 |
|
| |
Carrying/fair value of net assets disposed of |
|
|
6 921 |
|
6 921 |
|
| |
Loss on disposal of subsidiary |
|
|
(3 014) |
|
(3 014) |
|
| |
Total proceeds on disposal |
|
|
3 907 |
|
3 907 |
|
| |
Less: Cash and cash equivalents in subsidiary |
|
|
(1 406) |
|
(1 406) |
|
| |
Cash inflow on disposal |
|
|
2 501 |
|
2 501 |
|
| |
On 31 January 2012, Blue Label Telecoms Limited sold its 50.1% shareholding in
SharedPhone International Proprietary Limited to the minority shareholder for an amount of
R3.9 million. The loss on disposal of R3 million has been recognised in the statement of
comprehensive income. |
| NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS l NOTE 27 |
|
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