| NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS l NOTE 25 |
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| 25. |
DISPOSAL OF SUBSIDIARIES |
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31 May 2013 |
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Date disposed
% disposed |
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1 September
2012
100
Content
Connect
Africa
Proprietary
Limited
R’000 |
1 January
2013
100
Multiserv
Proprietary
Limited
R’000 |
Total
R’000 |
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The carrying/fair value of the net assets disposed of: |
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Cash and cash equivalents |
|
486 |
3 744 |
4 230 |
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Property, plant and equipment |
|
117 |
216 |
333 |
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Intangible assets |
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2 970 |
4 618 |
7 588 |
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Inventories |
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— |
1 643 |
1 643 |
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Receivables |
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6 503 |
1 112 |
7 615 |
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Loans receivable |
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— |
1 839 |
1 839 |
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Deferred tax |
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— |
(468) |
(468) |
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Borrowings |
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(3 130) |
(6 068) |
(9 198) |
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Current tax liabilities |
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(45) |
- |
(45) |
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Payables |
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(7 620) |
(4 291) |
(11 911) |
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Carrying/fair value of subsidiary disposed of: |
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(719) |
2 345 |
1 626 |
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Goodwill |
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4 746 |
5 846 |
10 592 |
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Carrying/fair value of net assets disposed of: |
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4 027 |
8 191 |
12 218 |
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(Loss)/profit on disposal of subsidiary |
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(2 027) |
2 147 |
120 |
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Total proceeds on disposal |
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2 000 |
10 338 |
12 338 |
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Less: Proceeds to be settled |
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— |
(7 853) |
(7 853) |
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Total proceeds on disposal received in cash |
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2 000 |
2 485 |
4 485 |
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Less: Cash and cash equivalents in subsidiary |
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(486) |
(3 744) |
(4 230) |
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Cash inflow on disposal |
|
1 514 |
(1 259) |
255 |
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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. |
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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. |
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| NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS l NOTE 25 |
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