AFRICAN DAWN ANNUAL REPORT 2018 Notes to the Financial Statements continued Annual Financial Statements For the year ended 28 February 2018 Grindstone which was a 100% held subsidiary of Knife Capital at the beginning of the year was restructured on 31 August 2017 to be 50% held by Afdawn and 50% held by Knife Capital. On 1 September 50% of the equity of Grindstone was sold as part of the sale of Knife (refer to Note 12) and the remaining 50% was treated as an investment in associate untill it was sold in January 2018. The movement is reconciled as below: Group Company 2018 2017 2018 2017 R'000 R'000 R'000 R'000 Net asset value of Grindstone at restructure - Transfer from subsidiary to associate at fair value 1 Sep 2017 1,893 Loss for the period September to January 2018 equity accounted (156) - Carrying value of associate/investment 1,737 - 1,891 - Sale price on sale of associate 1,946 - 1,946 - Profit on sale of associate 209 55 Sale price on sale of associate ** 1,946 - 1,946 Portion of sales price included in trade debtors (refer Note 10) (946) - (946) - Cash related to sale of equity instrument 1,000 - 1,000 - ** The Sale price of R1 946 000 consist of R 1750 000 selling price and the Grindstone loan of R 196 000. Refer Note 31 65 13. Restructure and disposal of associate 14. Non-controlling interest The non-controlling interest arose from the acquisition of subsidiary SME Snapshot. The acquisition was paid for with 18 shares of YueDiligence creating a non-controlling interest. The summary of the outside shareholders interest is indicated below: 15% of Net Asset Value of YueDiligence at acquisition given up (30) - 15% of losses at acquisition of SME Snapshot attributable to non-controlling interest (37) - Change in holding (67) - 15% of losses since acquisition of YueDiligence and SME Snapshot attributable to non-controlling interest (47) - Non-controlling interest at year end (114) -
AFRICAN DAWN 2018 Annual Report
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