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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 The Group’s reportable segments are based on the following lines of business: 91 a. Investment advisory and investment management This segment consists of the YueDiligence, Knife Capital and Grindstone. Knife Capital and Grindstone were sold during the financial period, so transactions related to them are treated as discontinued operations. YueDiligence provides investment advisory and investment management services to entrepreneurial and innovative companies. b. Micro finance This segment consists of Elite and Elite Two. These companies are involved in micro finance in the unsecured lending industry and have a wide base of customers (mostly individuals). c. Rentals of properties in possession This segment consists of a residential complex with 76 units (a mix of 2 and 3 bedrooms), that are rented out on annual leases to individuals. The property was sold during the financial period so the segment is treated as discontinued. d. Other Other consists of the holding company together with other smaller entities not dealt with in other segments. Segment information has been restated to comply with the segments identified above. All the segments operate only in South Africa, largely in the Gauteng and Western Cape provinces therefore no geographical information is provided. Similarly all non-current assets are in South Africa. 2018 Group Investment advisory and investment management R’000 Micro finance R’000 Rentals of properties in possession R’000 Other R’000 Total R’000 Revenue 172 17,248 - (11) 17,409 Cost of sales 116 10 - (10) 116 Other income - 373 - 1,226 1,599 Investment income 19 8 - 1 28 Finance costs 5 1,138 - (29) 1,114 Operating expenses 518 20,708 - 10,122 31,348 Impairment trade and other receivables - (7,718) - (3,596) (11,314) Bad debts actually written off - 12,249 - 7,710 19,959 Gain on SARS settlement - - - 11,809 11,809 Deemed interest - - - 433 433 Depreciation and amortisation 109 622 - 38 769 Profit/(loss) before taxation (449) (4,228) - 3,376 (1,301) Taxation - (4) - - (4) Discontinued operations (787) - (577) - (1,364) Total comprehensive (1,236) (4,224) (577) 3,376 (2,661) Segment total assets 977 17,804 53 5,793 24,627 Segment total liabilities 329 9,641 46 6,607 16,623 Intangible assets acquired 241 206 - - 447 Goodwill aquired 211 - - - 211 Property, plant and equipment acquired - 17 - - 17


AFRICAN DAWN 2018 Annual Report
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