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) |