Discontinued operations

The results of the discontinued operations included in the group’s results is detailed below:

  For the half-year ended     Year ended 
 
  December 31     June 30 
 
R000s 2019 
Unaudited 
    2018 
Unaudited 
    2019 
Audited 
 
Revenue 12 072 843      9 620 844      19 502 386   
Cost of revenue (10 807 068)     (8 227 118)     (16 838 559)  
Gross profit 1 265 775      1 393 726      2 663 827   
Operating expenses (1 297 391)     (1 469 355)     (3 049 910)  
Trading loss (31 616)     (75 629)     (386 083)  
  Share-based payment expense (1 190)     (1 601)     (2 414)  
  Capital items (106 745)     (470 376)     (470 514)  
Operating loss (139 551)     (547 606)     (859 011)  
Net finance charges (35 811)     (5 610)     (12 326)  
  Finance income –      –      193   
  Finance charges (35 811)     (5 610)     (12 519)  
Loss before taxation (175 362)     (553 216)     (871 337)  
Taxation 35 001      98 205      139 368   
Loss for the period from discontinued operations (140 361)     (455 011)     (731 969)  
The following adjustments to loss attributable to shareholders were taken into account in the calculation of headline loss:                
Loss attributable to shareholders of the company from discontinued operations (140 361)     (455 011)     (731 969)  
Impairments 86 463      389 359      383 907   
  Property, plant and equipment 106 745      5 366      –   
  Intangible assets –      465 010      465 147   
  Taxation relief (20 282)     (81 017)     (81 240)  
Loss on disposal of intangible assets and property, plant and equipment –      –      4 347   
  Intangible assets –      –      3 185   
  Property, plant and equipment –      –      2 182   
  Taxation relief –      –      (1 020)  
Headline loss from discontinued operations (53 898)     (65 652)     (343 715)  
Discontinued operations (cents)                
  Basic loss per share (42,0)     (136,6)     (219,6)  
  Diluted loss per share (42,0)     (136,3)     (219,2)  
  Headline loss per share (16,1)     (19,7)     (103,1)  
  Diluted headline loss per share (16,1)     (19,7)     (103,0)  
Effect of the discontinued operations on the statement of financial position of the group                
Assets classified as held-for-sale 4 166 858     3 473 095     2 944 460  
  Property, plant and equipment 275 689     313 467     323 355  
  Right-of-Use lease assets 845 630          
  Intangible assets 8 574     4 525     5 871  
  Deferred tax asset 24 001     7 752     6 952  
  Inventories 604 139     466 982     523 457  
  Trade and other receivables 1 932 430     1 959 650     1 687 617  
  Investments and loans 449     445     434  
  Taxation 112 285     126 007     114 368  
  Cash and cash equivalents 363 661     594 267     282 406  
Liabilities classified as held-for-sale 4 605 042     3 403 101     3 116 633  
  Deferred tax liability 15 610     10 906     11 704  
  Long-term provisions 115 702     183 847     128 056  
  Long-term Right-of-Use lease liabilities 931 024          
  Trade and other payables 3 385 313     3 114 250     2 976 873  
  Short-term provisions 37 248     94 098      
  Short-term provisions Right-of-Use lease liabilities 75 581          
  Bank overdrafts 44 564          

  For the half-year ended
    Year ended  
  December 31     June 30  
R000s 2019 
Unaudited 
    2018
Unaudited
    2019
Audited
 
Cash flows from discontinued operations                
Net operating cash flows from discontinued operations 176 326      (287 161)     (582 319)  
Net investing cash flows from discontinued operations (50 265)     (7 526)     (50 137)  
Net increase (decrease) in cash and cash equivalents 126 061      (294 687)     (632 456)