| NOTES TO THE COMPANY ANNUAL FINANCIAL STATEMENTS l NOTE 15 |
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2013
R’000 |
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2012
R’000 |
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| 15. |
Operating loss |
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The following items have been charged/(credited), in arriving at operating loss: |
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Management fees received** |
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(107 380) |
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(104 763) |
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Dividends received |
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— |
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(4 798) |
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Consulting fees |
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3 968 |
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6 031 |
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Foreign exchange (profit)/loss |
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(95) |
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73 |
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Impairment of loans and investments* |
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61 323 |
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13 000 |
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Profit on disposal of property, plant and equipment |
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(73) |
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— |
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Insurance |
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1 118 |
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1 118 |
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Legal fees |
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530 |
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215 |
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Operating lease rentals – premises |
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(484) |
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2 027 |
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Rental paid |
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11 871 |
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14 223 |
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Rental recovery |
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(12 355) |
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(12 196) |
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Overseas travel |
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1 578 |
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1 158 |
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Repairs and maintenance |
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6 |
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— |
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Audit fees – services as auditors |
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4 205 |
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4 086 |
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Audit fees – other |
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474 |
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— |
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| * |
An impairment loss of R54.7 million (2012: R13 million) was recognised in the current year relating to
the impairment of related party investments and loans in line with our stated accounting policies (refer
to note 21). An impairment loss of R6.3 million (2012: nil) was recognised in the current year relating
to the impairment of a loan. |
| ** |
Included in other income. |
In the current year a weighted average cost of capital of 14.79% to 21.73% and a growth
rate of 1.5% to 4.5% was used in determining the recoverable value where the valuation
was based on future cash flows. The prior year impairment has been determined using the
indicative sales value in order to determine the recoverable amount. |
| NOTES TO THE COMPANY ANNUAL FINANCIAL STATEMENTS l NOTE 15 |
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