AFRICAN DAWN ANNUAL REPORT 2017 Notes to the Financial Statements Annual Financial Statements For the year ended 28 February 2017 continued 86 2016 Investment advisory and investment management R’000 Micro finance R’000 Rentals of properties in possession R’000 Other R’000 Total R’000 Revenue external 8,641 24,348 5,315 (975) 37,329 Cost of sales 984 (145) 839 Other income (8) 922 6 2,990 3,910 Investment income 81 1 2 262 346 Finance costs - 2,031 736 251 3,018 Operating expenses 8,166 22,342 6,596 5,732 42,836 Impairment trade and other receivables (refer to - 1,317 589 note 11) - 1,906 Bad debts actually written off - 2,168 293 44,145 46,606 Fair value adjustments - - - - - Deemed interest expense - 460 - 92 552 Impairment of property in possession - - 3,284 - 3,284 Depreciation and amortisation 39 648 2 1,376 2,065 Profit/(loss) before taxation (435) 1,617 (2,010) (6,116) (6,944) Taxation (102) (62) 499 (369) (34) Other comprehensive income - - - - - Total comprehensive (333) 1,679 (2,509) (5,747) (6,910) Segment total assets 3,340 28,480 17,512 22,704 72,036 Segment total liabilities 1,434 40,911 21,306 (14,116) 49,535 Intangible assets acquired 299 47 - - 346 Goodwill - - - 8,076 8,076 Property, plant and equipment acquired 55 505 10 - 570 38. Guarantees The company has provided a guarantee to National Housing Finance Corporation for a loan facility of R25 million provided to Elite. The outstanding balance on the loan as at 28 February 2017 was R1.4 million (2016 R2.5 million). In terms of the guarantee Afdawn will assume responsibility for the loan if Elite defaults on the loan.
AFRICAN DAWN 2017
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