AFRICAN DAWN ANNUAL REPORT 2018 Notes to the Financial Statements continued Annual Financial Statements For the year ended 28 February 2018 71 2017 Group Trade and other receivables Amount Repayment Deemed interest Balance Trade debtor – Interest free portion of loan 7,827 - (585) 7,242 28. Finance costs including interest on income tax Group Group Company Company 2018 2017 2018 2017 R’000 R’000 R’000 R’000 NHFCE interest - 275 - - Directors loans 63 143 63 143 Bank - 2 - - Sandown Capital borrowing 1,044 880 - - Other loans 7 159 - - Penalties and interest on VAT - 259 - 258 Penalties and interest on income tax - 842 - 454 1,114 2,560 63 855 26. Investment income Interest revenue Group Group Company Company 2018 2017 2018 2017 R’000 R’000 R’000 R’000 Cash and equivalents 27 30 - 1 27. Deemed interest 2018 Group Trade and other receivables Amount Write off Deemed interest Balance Trade debtor – interest free portion of loan 7,242 (3,000) 433 4,675 In August 2016 Afdawn signed a Sale of Shares and claims Agreement with Dzothe Investments whereby they would have purchased Elite Group, PTF1 and PTF2 for a sales consideration of R20million. The trade debtor was part of the transaction. This deal was cancelled by Afdawn in May 2017. Afdawn have not pursued the debtor since then and only after the deal was cancelled in May 2017 was the debtor approached again. The Afdawn board has approved a settlement amount of R 4.7million. Refer Note 1.18. and Note 36.
AFRICAN DAWN 2018 Annual Report
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