NOTES TO THE FINANCIAL STATEMENTS l Note 36
36. Material partly owned subsidiaries
 

Financial information of subsidiaries that have material non-controlling interests is provided below:

Proportion of equity interest held by non-controlling interests:

Name Country of incorporation   2020
%		     2019
%		  
Ceramic Industries Group South Africa   4,5     4,5  
Italtile Retail (Pty) Ltd South Africa   45     45  
International Tap Distributors (Pty) Ltd South Africa   12     12  
Cedar Point Trading (Pty) Ltd South Africa   10     –  
Ezee Tile Group South Africa   28,5     28,5  

 

  2020
Rm		     2019
Rm		  
Profit allocated to material non-controlling interest:          
Ceramic Industries Group 15     19  
Italtile Retail (Pty) Ltd 19     25  
International Tap Distributors (Pty) Ltd 4     3  
Cedar Point Trading (Pty) Ltd 4     #  
Ezee Tile Group 14     13  

# Less than R1 million.

The summarised financial information of these subsidiaries is provided below. This information is based on amounts before inter-company eliminations.

Summarised statement of profit or loss for the year ended 30 June 2020
  Ceramic 
Industries 
Rm 		   Italtile 
Retail 
Rm 		   International 
Tap 
Distributors 
Rm 		   Cedar Point  Trading 
Rm 		   Ezee Tile 
Rm 		  
Revenue from contracts with customers  3 032    528    321    548    649   
Cost of sales  (2 234)   (306)   (264)   (455)   (524)  
Administrative expenses  (339)   (165)   (17)   (38)   (53)  
Finance costs  (13)   #    0    0    1   
Profit before tax  446    57    40    55    73   
Income tax expense  (121)   (3)   (11)   (14)   (25)  
Profit for the year  325    54    29    41    48   
Attributable to non-controlling interests  15    19    4    4    14   
Dividends paid to non-controlling interests  7    29    2    1    3   
# Less than R1 million.

 

Summarised statement of profit or loss for the year ended 30 June 2019
  Ceramic 
Industries 
Rm 		   Italtile 
Retail 
Rm 		   International 
Tap 
Distributors 
Rm 		   Cedar Point 
Trading 
Rm 		   Ezee Tile 
Rm 		  
Revenue from contracts with customers  3 384    636    336    567    695   
Cost of sales  (2 462)   (363)   (280)   (475)   (572)  
Administrative expenses  (332)   (174)   (19)   (22)   (59)  
Finance costs  (4)   (#)   (#)   (#)   (1)  
Profit before tax  586    99    37    69    63   
Income tax expense  (168)   (25)   (9)   (22)   (18)  
Profit for the year  418    74    28    48    45   
Total comprehensive income  418    74    28    48    45   
Attributable to non-controlling interests  19    25    3    1    13   
Dividends paid to non-controlling interests  3    23    2    4    4   
# Less than R1 million.

 

Summarised statement of financial position as at 30 June 2020
  Ceramic 
Industries 
Rm 		   Italtile 
Retail 
Rm 		   International 
Tap 
Distributors 
Rm 		   Cedar Point 
Trading 
Rm 		   Ezee Tile 
Rm 		  
Non-current assets  1 790    39    87    11    109   
Current assets  1 497    155    127    178    237   
Non-current liabilities  (147)   –    (2)   (1)   (2)  
Current liabilities  (373)   (30)   (46)   (79)   (81)  
Total equity  2 767    164    166    109    263   

 

Summarised statement of financial position as at 30 June 2019
  Ceramic 
Industries 
Rm 		   Italtile 
Retail 
Rm 		   International 
Tap 
Distributors 
Rm 		   Cedar Point  Trading 
Rm 		   Ezee Tile 
Rm 		  
Non-current assets  1 746    25    22    4    108   
Current assets  1 307    173    168    178    190   
Non-current liabilities  (122)   –    (12)   (1)   (1)  
Current liabilities  (410)   (24)   (29)   (79)   (70)  
Total equity  2 521    175    148    82    227   

 

Summarised cash flow information for the year ended 30 June 2020
  Ceramic 
Industries 
Rm 		   Italtile 
Retail 
Rm 		   International 
Tap 
Distributors 
Rm 		   Cedar Point  Trading 
Rm 		   Ezee Tile 
Rm 		  
Cash flow from operating activities  505    93    71    39    60   
Cash flow from investing activities  (192)   (5)   (76)   (8)   (19)  
Cash flow from financing activities  (554)   (68)   (16)   (11)   0   
Net increase in cash and cash equivalents  (241)   20    (21)   20    41   

 

Summarised cash flow information for the year ended 30 June 2019
  Ceramic 
Industries 
Rm 		   Italtile 
Retail 
Rm 		   International 
Tap 
Distributors 
Rm 		   Cedar Point  Trading 
Rm 		   Ezee Tile 
Rm 		  
Cash flow from operating activities  521    (16)   7    72    23   
Cash flow from investing activities  (317)   (12)   (4)   (1)   (32)  
Cash flow from financing activities  (6)   –    7    (86)   –   
Net increase in cash and cash equivalents  198    (28)   10    (15)   (9)  

 

NOTES TO THE FINANCIAL STATEMENTS l Note 36