AFRICAN DAWN ANNUAL REPORT 2018 Notes to the Financial Statements continued Annual Financial Statements For the year ended 28 February 2018 43. Restrictions A contract has restrictions in it that limit access to assets by the Group. These restrictions are explained below: An amount of R2 000 for proceeds from loans from group companies was reclassified from cash flow from investing activities to cash flow from financing activities in 2017 as the nature of these movements relates to financing activities. The reclassification is only within the statement of cash flows and does not effect retained income. 94 2018 - Existing as at year end Sandown Capital Proprietary Limited No amounts can be paid to Afdawn by Elite until all amounts owing to Sandown Capital Proprietary Limited have been settled. The carrying amount of the liabilities is R5,981million (2017: R7,231million) (refer to Note 18 which deals with borrowings owed to Sandown). 44. Prior period re-classification error A portion of the non-refundable deposit relating to the cancelled sale of Elite was incorrectly recognised as revenue in the prior year and has been re-classified to other income. The reclassification is only on amounts within the statement of comprehensive income and does not effect retained income. The effect of the reclassification on the statement of comprehensive income is indicated below: Group 2017 R’000 As originally stated Discontinued Operations (refer to Note 31) Reclassification error Now stated Revenue 36,991 (14,727) (904) 21,360 Gross profit 36,625 (14,403) (904) 21,360 Other income 1,387 (519) 904 1,772 Company 2017 R’000 As originally stated Discontinued Operations (refer to Note 31) Reclassification error Now stated Revenue 1,679 - (904) 775 Gross profit 1,679 - (904) 775 Other income - - 904 904 Statement of cash flow reclassification Statement of cash flows As originally stated Reclassification Now stated Cashflow from investing activities Repayment from loans from group companies (2) 2 - Cashflow from financing activities Repayment from loans from group companies - (2) (2)
AFRICAN DAWN 2018 Annual Report
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