| Notes to the financial statements l Note 34 |
|
| 34. |
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 Group’s 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.
| |
2018
Rm’s |
|
2017
Rm’s |
|
| Assets |
|
|
|
|
| Investment property |
— |
|
— |
|
| Trade and other receivables |
— |
|
— |
|
| Assets held in disposal group |
— |
|
— |
|
| Liabilities |
|
|
|
|
| Interest-bearing loans and borrowings |
— |
|
— |
|
| Trade and other payables |
— |
|
— |
|
| Liabilities directly associated with assets held for sale |
— |
|
— |
|
| Net disposal group |
|
|
|
|
| Opening balance |
— |
|
81 |
|
| Transferred from investment property |
— |
|
— |
|
| Disposal |
— |
|
(81) |
|
| Closing balance |
— |
|
— |
|
| Cash flow |
|
|
|
|
| Profit on sale of interest in subsidiary |
— |
|
(37) |
|
| Trade and other receivables |
— |
|
7 |
|
| Trade and other payables |
— |
|
(8) |
|
| Cash and cash equivalents |
— |
|
(36) |
|
| Other |
— |
|
(3) |
|
| Proceeds |
— |
|
36 |
|
|
| Notes to the financial statements l Note 34 |
|
|