Disposal of Subsidiaries
Shares in the following subsidiaries were disposed of during
the year ended 31 May 2010
| |
|
Effective date |
|
% held and |
|
| |
|
of disposal |
|
disposed of |
|
| |
Blue Label USA LLC |
31 July 2009 |
|
50,01 |
|
| |
Africa Prepaid Services - RDC SPRL |
30 September 2009* |
|
80 |
|
| |
Africa Prepaid Services (Mozambique) Limitada |
30 November 2009 |
|
90 |
|
| |
*Loss of control. |
|
|
|
|
| |
Details of the total net assets disposed and the resulting profit on |
|
|
|
|
| |
disposal are as follows: |
|
|
|
|
| |
|
Total |
|
| |
|
R’000 |
|
| |
Total proceeds/transfer to available for sale investments |
66 884 |
|
| |
Fair value of net assets disposed of |
37 330 |
|
| |
Profit on disposal |
29 554 |
|
The assets and liabilities disposed of are as follows:
| |
|
Fair value at |
|
| |
|
disposal date |
|
| |
|
R’000 |
|
| |
Cash and cash equivalents |
46 540 |
|
| |
Property, plant and equipment |
3 262 |
|
| |
Intangible assets |
26 753 |
|
| |
Inventories |
4 333 |
|
| |
Starter pack assets |
3 756 |
|
| |
Receivables |
85 566 |
|
| |
Deferred taxation |
(3 882) |
|
| |
Borrowings |
(23 267) |
|
| |
Current tax liabilities |
(6 310) |
|
| |
Payables |
(112 609) |
|
| |
Fair value of subsidiaries disposed of |
24 142 |
|
| |
Minorities interest |
11 931 |
|
| |
Goodwill |
1 127 |
|
| |
Goodwill equity |
130 |
|
| |
Fair value of net assets disposed of |
37 330 |
|
| |
Proceeds on disposal of subsidiaries |
66 240 |
|
| |
Cash and cash equivalents of subsidiaries disposed of |
(46 540) |
|
| |
Less proceeds still due |
(21 944) |
|
| |
Cash outflows on disposals |
(2 244) |
|
|
