AFRICAN DAWN ANNUAL REPORT 2018 Notes to the Financial Statements continued Annual Financial Statements For the year ended 28 February 2018 # The prior year figures have been restated to take into account the discontinued operation and reclassification error in the prior year. Refer to Note 31 and Note 44. 70 23. Revenue Group Group Company Company 2018 2017 2018 2017 R’000 R’000# R’000 R’000 Rendering of service 306 288 117 658 Non-interest income (administration fees) 4,078 4,774 - - Interest received (2017: reclassified Note 44) 12,721 15,875 - 117 Insurance revenue 304 423 - - 17,409 21,360 117 775 24. Other income Group Group Company Company 2018 2017 2018 2017 R’000 R’000 R’000 R’000 Bad debts recovered on trade receivables 337 788 - - Sundry income 216 80 180 - Recovery on Elite sale contract (2017: reclassified Note 44). 1,046 904 1,046 904 Release of intercompany loan (Refer to Note 9) - - 3,685 - 1,599 1,772 4,911 904 25. Operating loss Operating loss for the year is stated after accounting for the following: Operating lease charges Group Group Company Company 2018 2017 2018 2017 R’000 R’000 R’000 R’000 Premises 2,108 2,341 - - Equipment 337 536 - - 2,445 2,877 - - Loss on sale of property, plant and equipment - 5 - - Impairment of investments (refer to Note 6) - - 1,675 - Legal fees 822 546 676 443 Impairment adjustment to intercompany loans (refer to Note 9) - - 7,110 1,736 Reversal of liability in Nexus (refer to Note 22) - 2,162 - - Amortisation of intangible assets (refer to Note 5) 613 362 - - Depreciation on property, plant and equipment(refer to Note 3) 178 234 34 59 Employee costs 9,502 11,793 1,563 3,254 Bad debts written off 3,247 - - -
AFRICAN DAWN 2018 Annual Report
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