Annual Integrated Report 2019

2019 R’000 2018 R’000 1. REVENUE Revenue includes dividends received from subsidiaries: South African subsidiaries 352 000 790 000 Foreign subsidiaries 1 646 504 1 035 363 1 998 504 1 825 363 2. IMPAIRMENT OF INVESTMENTS Impairment of BTW Investments Proprietary Limited 98 414 541 940 Impairment of Bidvest Food Malawi – 2 700 Impairment of Bidvest Food Mauritius # – 98 414 544 640 # Impairment amount below R1 000. The investment in BTW Investments was impaired to the net asset value of the company. BTW Investments is an investment company holding listed shares in Bid Corporation Limited. 3. FINANCE INCOME Finance income Interest income on bank balances 4 851 3 913 Interest income on subsidiary loans 509 462 Interest income from the South African Revenue Service 64 – 5 424 4 375 4. TAXATION Current taxation 2 156 4 178 Current year 3 581 4 178 Prior years' overprovision (1 425) – Total taxation per separate statement of comprehensive income 2 156 4 178 Comprising South African taxation 2 156 4 178 The reconciliation of the effective tax rate with the South African company tax rate is: % % Taxation for the year as a percentage of profit before taxation 0,1 0,3 Dividend and exempt income 31,7 43,9 Non-deductible expenses (3,8) (16,2) Rate of South African company taxation (%) 28,0 28,0 Notes to the separate financial statements for the year ended June 30 Bid Corporation Limited Annual integrated report 2019 / 163