MENU Notes to the financial statementsfor the year ended 30 June 2015

  1. Accounting policies
  2. Definitions
  3. Revenue
  4. Cost of sales
  5. Trading profit
  6. Share-based payments
  7. Finance revenue
  8. Finance cost
  9. Taxation
  10. Earnings per share
  11. Headline earnings per share
  12. Dividends paid in the current year
  13. Property, plant and equipment
  14. Investment properties
  15. Investments
  16. Long-term financial assets
  17. Goodwill
  18. Deferred taxation
  19. Inventories
  20. Trade and other receivables
  21. Cash and cash equivalents
  22. Stated capital
  23. Non-distributable reserve
  24. Interest-bearing loans and borrowings
  25. Trade and other payables
  26. Provisions
  27. Reconciliation of profit before taxation to cash generated from operations
  28. Taxation paid
  29. Dividends paid
  30. Commitments and contingencies
  31. Employee benefits
  32. Financial risk management objectives and policies
  33. Related-party transactions
  34. Segment report (restated)
  35. Subsequent events
  36. Discontinued operations
  37. Loss of control in subsidiary
  38. Group entities
36. Discontinued operations      
  The Group disposed of the following non-core businesses in the prior period:
  • Cladding Finance Proprietary Limited – the entity used to extend and manage credit to the contractors market;
  • The seven store CTM retail operation in Australia; and
  • Allmuss Properties Zambia Limited – a property holding company.

The results of these businesses were thus recorded as discontinued operations in the comparative period.

Cladding Finance Proprietary Limited and Allmuss Properties Zambia Limited’s contribution to Group earnings is immaterial, although R4 million profit was realised on the sale of the latter. The sale of the Australian retail operations was concluded via a management buyout, and was preceded by fixed asset impairment and other rationalisation costs totalling R9 million. A further consequence of the sale of the Australian retail operations was the derecognition of deferred assets totalling R8 million, also included in the discontinued operations results in the prior period.

The results of the discontinued operations for the year are presented below:
    2015  
Rm’s  		     2014  
Rm’s  
  Turnover   —       31  
  Cost of sales   —       (21) 
  Gross profit   —       10  
  Other operating income   —       —  
  Operating expenses   —       (22) 
  Profit on sale of property, plant and equipment   —       —  
  Trading profit   —       (12) 
  Financial revenue   —       #  
  Financial cost   —       #  
  (Loss)/profit before taxation   —       (12) 
  Taxation   —       (8) 
  (Loss)/profit for the period   —       (20) 
  No assets are classified as held for sale on the balance sheet as all sales transactions were concluded by 30 June 2014.          
  Assets          
  Property, plant and equipment   —       —  
  Inventory   —       —  
  Assets classified as held for sale   —       —  
  Included in other comprehensive income:          
  Foreign currency translation reserve   —       —  
  The net cash flows incurred by the discontinued operations are as follows:          
  Operating   —       (13) 
  Investing   —       —  
  Financing   —       —  
    —       (13) 
  The earnings per share attributable to the discontinued operations for the period are as follows:          
  Basic earnings per share (cents)  —       (2,1) 
  Headline earnings per share (cents)  —       (1,1) 
  #Less than R1 million.