A list of the Group’s significant subsidiaries, their country of incorporation and principal place of business, the Group’s percentage shareholding and an indication
of their nature of business is included in Annexure A of these financial statements.
The only subsidiary that has material non-controlling interests is Bidvest Namibia Limited (Bidvest Namibia) a subsidiary listed on the Namibian Stock Exchange.
The Group owns 52,3% (2016: 52,3%) of the issued capital of Bidvest Namibia, but accounts for 66,0% (2016: 66,0%) of its result as a result of a deferred sale
of 13,7% (2016: 13,7%) of the shares it previously held.
| |
2017
R’000 |
|
|
2016
R’000 |
|
| Contribution to non-controlling interests |
|
|
|
|
|
| Profit allocated to non-controlling interests |
|
|
|
|
|
| Bidvest Namibia |
28 118 |
|
|
113 483 |
|
| Non-controlling interests of Bidvest Namibia |
16 910 |
|
|
62 591 |
|
| Non-controlling interests of Bidvest Namibia subsidiaries |
11 208 |
|
|
50 892 |
|
| Other non-controlling interests |
70 531 |
|
|
80 821 |
|
| Non-controlling interests discontinued operations |
– |
|
|
(37 647) |
|
| Total profit allocated to non-controlling interests continuing operations |
98 649 |
|
|
156 657 |
|
| Accumulated non-controlling interests |
|
|
|
|
|
| Bidvest Namibia |
1 009 274 |
|
|
1 083 632 |
|
| Non-controlling interests of Bidvest Namibia |
624 401 |
|
|
628 107 |
|
| Non-controlling interests of Bidvest Namibia subsidiaries |
384 873 |
|
|
455 525 |
|
| Other non-controlling interests |
337 744 |
|
|
202 974 |
|
| Total accumulated non-controlling interests |
1 347 018 |
|
|
1 286 606 |
|
| The summarised financial information below of Bidvest Namibia represents amounts before inter-group eliminations |
|
|
|
|
|
| Statement of financial position items |
|
|
|
|
|
| Current assets |
1 886 213 |
|
|
1 844 326 |
|
| Non-current assets |
1 200 637 |
|
|
1 315 698 |
|
| Current liabilities |
(690 583) |
|
|
(650 663) |
|
| Non-current liabilities |
(166 487) |
|
|
(205 450) |
|
| Non-controlling interests |
(384 874) |
|
|
(455 218) |
|
| Equity attributable to the owners of the Company |
(1 844 906) |
|
|
(1 848 693) |
|
| Statement of comprehensive income items |
|
|
|
|
|
| Revenue |
3 776 448 |
|
|
3 858 596 |
|
| Expenses |
(3 714 630) |
|
|
(3 623 482) |
|
| Profit attributable to the owners of the Company |
50 610 |
|
|
184 222 |
|
| Profit attributable to minorities |
11 208 |
|
|
50 892 |
|
| Profit for the year |
61 818 |
|
|
235 114 |
|
| Other comprehensive income attributable to owners of the Company |
(8 127) |
|
|
11 645 |
|
| Other comprehensive income attributable to minorities |
(8 571) |
|
|
12 341 |
|
| Other comprehensive income for the year |
(16 698) |
|
|
23 986 |
|
| Dividends paid to minorities |
72 981 |
|
|
50 354 |
|
| Statement of cash flow items |
|
|
|
|
|
| Cash (outflow) inflow from operating activities |
(12 160) |
|
|
134 851 |
|
| Cash inflow (outflow) from investing activities |
8 518 |
|
|
(413 649) |
|
| Cash inflow from financing activities |
6 723 |
|
|
53 862 |
|
| Net cash inflow (outflow) |
3 081 |
|
|
(224 936) |
|
| Full details of Bidvest Namibia’s results can be found at www.bidvest.com.na. |
|
|
|
|
|