AFRICAN DAWN ANNUAL REPORT 2017 Notes to the Financial Statements Annual Financial Statements For the year ended 28 February 2017 continued 68 21. Reduction in liability Nexus Personnel Finance Proprietary Limited (“Nexus”) was a subsidiary of Afdawn which went into liquidation in November 2014. At the time of entering liquidation Nexus owed the holding company Afdawn R18 million rand and was owed R2,4 million by fellow subsidiary Elite Group Proprietary Limited. The group negotiated a settlement with the liquidator with the outcome that Afdawn will release Nexus of its liability and Elite will settle the amount owing to Nexus for the amount or R0,3 million. The Afdawn loan had already been fully impaired so there was no financial impact in relation to the loan. The Elite loan has been reduced which has resulted in a net gain of R2,162 million in Elite. Refer to note 24. 22. Revenue Group Group Company Company 2017 2016 2017 2016 R’000 R’000 R’000 R’000 Rendering of service 9,978 7,303 658 - Non-interest income (administration fees) 1,112 798 - - Rental income (refer to note 9) 4,753 5,315 - - Interest received 21,074 23,878 1,021 811 Insurance revenue (refer to note 1.18) 74 35 - - 36,991 37,329 1,679 811 23. Other income Bad debts recovered on trade receivables 788 738 - - Sundry income 132 1,077 - (3) Fair value adjustment - 2,095 - 2,095 Share of capital cost on sale of Greenoaks paid 3rd parties 467 - - - 1,387 3,910 - 2,092
AFRICAN DAWN 2017
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