AFRICAN DAWN ANNUAL REPORT 2017 Notes to the Financial Statements Annual Financial Statements For the year ended 28 February 2017 continued 56 Internally generated software The software is all internally generated and was specifically developed to support the unsecured and medical finance business models. The impairment of the intangible asset relates to the Micro finance segment. The carrying amount and remaining useful life of material intangible assets is as follows: Intangible assets Carrying amount 2017 R’000 Remaining amortization period Carrying amount 2016 R’000 Remaining amortization period Micro finance software 767 24 months 845 36 months Branded education 38 1 months 499 13 months GAP self-assessment and intervention tools 1,793 37 months 2,376 49 months Fund Management agreements 858 37 months 1,136 49 months Yuediligence 319 35 months 299 36 months 3,775 5,155 6. Investments in subsidiaries The following table lists the entities which are controlled by the group, either directly or indirectly through subsidiaries. The principal place of business and incorporation for all subsidiaries is South Africa. The carrying amounts of the subsidiaries are shown net of impairment losses. The carrying amounts of investments in subsidiaries were reassessed for impairment at year end and no impairment was required. The impairments arose as a result of the present value adjustments on loans which were debited to the investment in the related subsidiary and an impairment to the value of the property. Reporting period The end of the reporting period of Elite Cell is 31 March 2017. It was impracticable to obtain financial statements as at 28 February 2017 because the company is controlled by companies with a March year end. No significant transactions took place between the reporting period of February 2017 and the year end of March 2017.
AFRICAN DAWN 2017
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