AFRICAN DAWN ANNUAL REPORT 2019 Notes to the Financial Statements continued Annual Financial Statements For the year ended 28 February 2019 86 Collateral The following collateral is held as security: 2019 2018 Group ‘000 Carry amount Security held Carrying amount Security held Trade receivables for which collateral is held 3,857 2,392 5,679 5,679 The security held as at 28 February 2019, is a cession of a directors loan. The cession waives his right to claim, call up, or access the loan account contributions to the maximum amount of R2.392 million. Which shall only become due, owing and payable at such time when the restructured arrangement relating to long outstanding debtor has been paid or discharged in full. It was also determined that if the board of directors of the company determine that the debt is no longer recoverable, then and in such event the director irrevocably waive his right, title and interest in and to the loan account. The company did not hold any collateral in 2019 or 2018. Amount of impairment for each class of financial asset: Group R’000 Amount of impairment 2019 Amount of Impairment 2018 Trade and receivables (refer to Note 9) 11,667 9,440 11,667 9,440 The company does not have a loss allowance on trade and other receivables. Company R’000 Amount of impairment 2019 Amount of Impairment 2018 Loans to Group companies (refer to Note 8 for reconciliation of movement) 55,004 58,186 55,004 58,186 Trade and other receivables - Loss allowance reconciliation Group 2019 2018 R’000 R’000 Opening balance (IAS 39) 9,288 20,602 IFRS 9 Adjustment related to 2018 1,130 - Loss allowance 2018 under IFRS 9 10,418 20,602 Plus additional impairment provisions 1,249 ^5,550 Less actual write off - (16,712) 11,667 ^9,440 ^ The prior year figure has been reclassified to include the deemed interest in the prior year if R152.
AFDAWN AR FINAL 2019
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