Page 60 - annualreport2020

AFRICAN DAWN ANNUAL REPORT 2020

Notes to the Financial Statements continued
Annual Financial Statements For the year ended 29 February 2020

7. Loans to Group companies

Subsidiaries

Company 2020 R’000

Subsidiaries Expected
Loan balance credit loss Total
African Dawn Property Transfer Finance 2 Proprietary Limited * 18,182 (18,182) -
African Dawn Property Transfer Finance 1 Proprietary Limited * 4,119 (4,119) -
African Dawn Wheels Proprietary Limited * 438 (416) 22
African Dawn Debt Management Proprietary Limited * 14,239 (14,239) -
YueDiligence Proprietary Limited * 548 (527) 21
Almika Properties 81 Proprietary Limited * 15 (15) -
Elite Group Proprietary Limited * 21,953 (21,953) -
59,494 (59,451) 43

Company 2019 R’000

Subsidiaries Loan
Loan balance impairment Total
African Dawn Property Transfer Finance 2 Proprietary Limited * 20,535 (18,746) 1,789
African Dawn Property Transfer Finance 1 Proprietary Limited * 5,478 (4,382) 1,096
African Dawn Wheels Proprietary Limited * 437 (412) 25
African Dawn Debt Management Proprietary Limited * 14,239 (14,239) -
YueDiligence Proprietary Limited * 558 (460) 98
Almika Properties 81 Proprietary Limited * 15 (15) -
Elite Group Proprietary Limited * 22,911 (16,750) 6,161
64,173 (55,004) 9,169

Group Company
2020 2019 2020 2019
R’000 R’000 R’000 R’000
Non-current assets - - - 6,161
Current assets - - 43 3,008
- - 43 9,169

Movement in impairment 2020 2019
R’000 R’000
Opening balance 55,004 58,186
IFRS 9 adjustment effect on impairment - 1,130
Impairment raised 5,273 5
Impairment reversed on loans written off - (3,624)
Reversal of impairment due to improved net asset value (826) (693)
59,451 55,004

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