Notes to the financial statements l Note 36

36. DISPOSAL GROUP

Management elected to sell the operations of Italtile Australia (Pty) Ltd, a subsidiary of Italtile Limited. The business of Italtile Australia (Pty) Ltd represented the Groupís Australian property portfolio. A buyer was identified before the 2016 year end, the assets of the operations were therefore treated as a disposal group at 30 June 2016. The sale was concluded on 13 December 2016, at a total profit of R37 million which includes a release of foreign currency in the foreign currency translation reserve.

  2017
Rm’s
  2016
Rm’s
 
Assets             
Investment property  —     112    
Trade and other receivables  —       
Assets held in disposal group  —     116    
Liabilities             
Interest-bearing loans and borrowings  —     34    
Trade and other payables  —       
Liabilities directly associated with assets held for sale  —     35    
Net disposal group             
Opening balance  81     —    
Transferred from investment property  —     81    
Disposal  (81)    —    
Closing balance  —     81    
Cash flow             
Profit on sale of interest in subsidiary  (37)    —    
Trade and other receivables     —    
Trade and other payables  (8)    —    
Cash and cash equivalents  (36)    —    
Other  (3)    —    
Proceeds  36     —    

Notes to the financial statements l Note 36