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AFRICAN DAWN 2018 Annual Report

AFRICAN DAWN ANNUAL REPORT 2018 Notes to the Financial Statements continued Annual Financial Statements For the year ended 28 February 2018 62 Company 2017 R’000 Subsidiaries Loan balance Loan impairment Total African Dawn Social Education Proprietary Limited * (57) - (57) Bhenka Financial Services Proprietary Limited * (6,870) - (6,870) African Dawn Property Transfer Finance 2 Proprietary Limited * 28,383 (14,457) 13,926 African Dawn Property Transfer Finance 1 Proprietary Limited * 6,887 (4,377) 2,511 African Dawn Wheels Proprietary Limited * 288 (288) - African Dawn Kwazulu Natal Proprietary Limited * 3,175 (3,175) - African Dawn Debt Management Proprietary Limited * 14,234 (14,231) 3 Candlestick Park Investments Proprietary Limited 424 (424) - Almika Properties 81 Proprietary Limited * 15 (15) - Elite Group Proprietary Limited * 22,810 (14,034) 8,776 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 * 12 (12) - Knife Capital Proprietary Limited 2 (2) - 69365 (51,076) 18,289 Movement in impairment 2018 2017 R’000 R’000 Opening balance 51,076 49,340 Increase in impairment 7,110 1,736 58,186 51,076 All the loans are unsecured, interest free and have no fixed terms of repayment, except as indicated * 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. ^ R400,000 of the loan to Elite does generate interest of 10.5%. ~ The loan from Bhenka Financial Services Proprietary Limited was reduced by R3,685million in line with the settlement with SARS (refer to Note 15). 2018 2017 2018 2017 R’000 R’000 R’000 R’000 Current assets - - 11,622 25,216 Current liabilities - - (2,346) (6,927) - - 9,276 18,289


AFRICAN DAWN 2018 Annual Report
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