AFRICAN DAWN ANNUAL REPORT 2018 Notes to the Financial Statements continued Annual Financial Statements For the year ended 28 February 2018 2018 R’000 2017 R’000 Cash received on sale 15,853 1,423 Loss on sale (22) - Cash movement 15,831 1,423 Reconciliation of movement 2018 R’000 Almika Greenoaks Total Opening balance asset 280 15,573 15,853 Sold for cash (280) (15,573) (15,853) Reconciliation of movement 2017 R’000 Almika Greenoaks Total Opening balance asset 5,312 44,415 49,727 Sold for cash (1,423) - (1,423) PTF3 share of Greenoaks - (16,174) (16,174) Impairment (3,609) (12,668) (16,277) 60 280 15,573 15,853 8. Properties in possession Group Company 2018 2017 2018 2017 R’000 R’000 R’000 R’000 Almika Properties 81 Proprietary Limited - 3,889 - - Greenoaks - Centurion, Gauteng - 44,415 - - Greenoaks - PTF3 share of property - (16,174) - - - 32,130 - - Impairment - (16,277) - - Carrying amount - 15,853 - - Almika The final units were sold during the year. Greenoaks The property in possession was sold during the financial year and all third party liabilities were settled from the proceeds of R32,500,000. The loss on the sale is summarised as below: Reconciliation of disposal of Greenoaks 2018 R’000 Proceeds on sale of Greenoaks 32,500 Settlement of Nedbank bond (5,934) Settlement of other sale costs (including items paid in prior years) (2,448) Balance shared 24,118 PTF3 share of proceeds (8,440) PTF2 share of proceeds (8,440) Blue dot share of proceeds (7,260) Loss on sale of Greenoaks (22)
AFRICAN DAWN 2018 Annual Report
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