Discontinued operations
The results of the discontinued operations included in the group’s results is detailed below:
| For the half-year ended | Year ended |
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| December 31 | June 30 |
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| R000s | 2019 Unaudited |
2018 Unaudited |
2019 Audited |
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| 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 |
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| 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) | |||||