AFRICAN DAWN ANNUAL REPORT 2017 Notes to the Financial Statements Annual Financial Statements For the year ended 28 February 2017 continued 61 Company 2016 R’000 Subsidiaries Loan balance Loan impairment Loan present value adjustment (refer to note 6) Total African Dawn Social Education Proprietary Limited * (57) - - (57) Bhenka Financial Services Proprietary Limited * (6,872) - - (6,872) African Dawn Property Transfer Finance 2 Proprietary Limited * 29,913 (14,759) (824) 14,331 Nexus Personnel Finance Proprietary Limited * - - - - African Dawn Property Transfer Finance 1 Proprietary Limited * 6,887 (4,255) (264) 2,368 African Dawn Wheels Proprietary Limited * 345 (257) - 88 African Dawn Kwazulu Natal Proprietary Limited * 3,175 (3,175) - - African Dawn Debt Management Proprietary Limited * 14,229 (14,226) - 3 Candlestick Park Investments Proprietary Limited 149 (149) - - Almika Properties 81 Proprietary Limited * 15 (15) - - Elite Group Proprietary Limited * 22,736 (12,432) (370) 9,934 African Dawn Wheels Operations Proprietary Limited * 13 (13) - - Amalgum Investments 138 Proprietary Limited * 14 (14) - - Elatiflash Proprietary Limited * 16 (16) - - Albistar Investments Proprietary Limited * 18 (18) - - ABC Cashplus (Randburg) Proprietary Limited * 11 (11) - - Knife Capital Proprietary Limited - - - - 70,592 (49,340) (1,458) 19,794 Movement in impairment 2017 2016 R’000 R’000 Opening balance 49,340 49,149 Increase in impairment 377 1,500 Reversal of impairment - (1,309) 49,717 49,340 All the loans are unsecured, interest free and have no fixed terms of repayment. * The loans have been sub-ordinated to the extent that the subsidiaries’ liabilities exceed the assets in favour of other creditors of the subsidiaries for as long as the subsidiaries’ liabilities exceeds the assets.
AFRICAN DAWN 2017
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