Discontinued operations

for the year ended June 30

Bidcorp’s UK logistics activities (Best Food Logistics and PCL), which were classified as discontinued operations, were exited at the beginning of March 2020. The results of the discontinued operations included in the group’s results is detailed below:

R000 2020 
Audited 
    2019 
Audited 
 
Revenue  17 304 237        19 502 386    
Cost of revenue  (15 491 772)       (16 838 559)   
Gross profit  1 812 465        2 663 827    
Operating expenses  (1 910 279)       (3 049 910)   
Trading loss  (97 814)       (386 083)   
Share-based payments  (1 634)       (2 414)   
Acquisition costs  (17 610)       –    
Capital items  (206 491)       (470 514)   
Operating loss  (323 549)       (859 011)   
Net finance charges  (52 547)       (12 326)   
   Finance income  61        193    
   Finance charges  (52 608)       (12 519)   
Loss before taxation  (376 096)       (871 337)   
Taxation relief  44 518        139 368    
Loss for the year from discontinued operations  (331 578)       (731 969)   
The following adjustments to loss attributable to shareholders were taken into account in the calculation of discontinued headline loss:                
Loss attributable to shareholders of the company from discontinued operations  (331 578)       (731 969)   
Loss on disposal of intangible assets and property, plant and equipment  156 151        4 347    
   Property, plant and equipment  184 468        2 182    
   Intangible assets  319        3 185    
   Taxation relief  (28 636)       (1 020)   
Loss on disposal of Best Food Logistics and PCL  17 580        –    
   Best Food Logistics  19 205        –    
   PCL  2 499        –    
   Taxation relief  (4 124)       –    
Impairments  –        383 907    
   Intangible assets  –        465 147    
   Taxation relief  –        (81 240)   
Headline loss from discontinued operations  (157 847)       (343 715)   
   Basic loss per share (cents) (99,3)       (219,6)   
   Diluted basic loss per share (cents) (99,1)       (219,2)   
   Headline loss per share (cents) (47,3)       (103,1)   
   Diluted headline loss per share (cents) (47,2)       (103,0)   

R000 2020 
Audited 
    2019 
Audited 
 
Effect of the discontinued operations on the statement of financial position of the group             
Assets classified as held-for-sale       2 944 460    
   Property, plant and equipment       323 355    
   Intangible assets       5 871    
   Deferred tax asset       6 952    
   Investments and loans       434    
   Inventories       523 457    
   Trade and other receivables       1 687 617    
   Taxation       114 368    
   Cash and cash equivalents       282 406    
Liabilities classified as held-for-sale       3 116 633    
   Deferred tax liability    11 704    
   Long-term portion of provisions       128 056    
   Trade and other payables       2 976 873    
R000 2020 
Audited 
      2019 
Audited 
  
Cash flows from discontinued operations          
Net operating cash flows from discontinued operations (280 741)       (582 319)   
Net investing cash flows from discontinued operations (429 486)       (50 137)   
Net financing cash flows from discontinued operations (230 994)       –    
Net decrease in cash and cash equivalents (941 221)       (632 456)