| 2019 R’000 |
2018 R’000 |
|||||
|---|---|---|---|---|---|---|
| 13. | Proceeds on disposal of interest in subsidiaries and associates, and disposal and closure of businesses | |||||
| Property, plant and equipment | 82 535 | 213 049 | ||||
| Intangibles | 6 491 | 86 | ||||
| Goodwill | 66 578 | 44 868 | ||||
| Deferred taxation | 33 122 | (97 789) | ||||
| Interest in associates | 32 651 | 17 645 | ||||
| Investments and advances | – | 2 745 | ||||
| Inventories | 4 070 | 75 957 | ||||
| Trade and other receivables | 373 016 | 281 449 | ||||
| Cash and cash equivalents | 98 790 | 331 412 | ||||
| Post-retirement obligations | – | – | ||||
| Borrowings | – | (18 421) | ||||
| Trade and other payables and provisions | (150 863) | (379 346) | ||||
| Taxation | 14 222 | (3 151) | ||||
| Disposal group assets held for sale | 253 921 | – | ||||
| Disposal group liabilities held for sale | (31 785) | – | ||||
| Carrying value of net assets | 782 748 | 468 504 | ||||
| Non-controlling interest | (116 705) | (120 840) | ||||
| Realisation of foreign currency translation reserves | (42 903) | (673) | ||||
| Realisation of share-based payments reserves | 8 049 | (1 022) | ||||
| Net profit (loss) on disposal of interest in subsidiaries and associates, and disposal | ||||||
| and closure of businesses | (177 262) | (148 247) | ||||
| Less cash and cash equivalents disposed of | (98 790) | (331 412) | ||||
| Settlement of other receivables arising on disposal of subsidiaries and associates | 190 741 | – | ||||
| Less other receivables arising on disposal of subsidiaries and associates (see note 23) | – | (190 741) | ||||
| Net cash impact | 545 878 | (324 431) |
|
Effective 1 November 2018 the Group disposed of its entire interest in TMS Group Industrial Services Proprietary Limited (TMS), an industrial facilities cleaning and maintenance contractor, to Sekta Group for R219 million (R116 million equity and R103 million debt). On 1 March 2019 the Group sold its entire interest in Renfreight Proprietary Limited (Renfreight) to Makana Investment Corporation (MIC) for R110 million. The transaction was completed as part of a Broad-Based Black Economic Empowerment deal, which provides MIC via its 100% ownership of Renfreight an 11% share of the Bidvest Panalpina Logistics (BPL) partnership. BPL is a leading South African end-to-end supply chain solutions company. The previously recognised disposal group, Comet Investments Capital Inc. (Comet), was sold during the year. |
| TMS R’000 |
Renfreight R’000 |
Other smaller disposals R’000 |
Total R’000 |
|||
|---|---|---|---|---|---|---|
| Identifiable assets and liabilities disposed | ||||||
| Property, plant and equipment | (43 400) | – | (39 135) | (82 535) | ||
| Deferred taxation | (65 653) | – | 32 531 | (33 122) | ||
| Interest in associates | – | – | (32 651) | (32 651) | ||
| Investments and advances | – | – | – | – | ||
| Inventories | (3 360) | – | (710) | (4 070) | ||
| Trade and other receivables | (109 196) | (98 353) | (165 467) | (373 016) | ||
| Cash and cash equivalents | (100 166) | (43) | 1 419 | (98 790) | ||
| Borrowings | – | – | – | – | ||
| Trade and other payables and provisions | 61 797 | 364 | 88 702 | 150 863 | ||
| Taxation | – | (1 512) | (12 710) | (14 222) | ||
| Intangible assets | (6 491) | – | – | (6 491) | ||
| Goodwill | (37 004) | (15 332) | (14 242) | (66 578) | ||
| Disposal group assets held for sale | – | – | (253 921) | (253 921) | ||
| Disposal group liabilities held for sale | – | – | 31 785 | 31 785 | ||
| Total net assets disposed | (303 473) | (114 876) | (364 399) | (782 748) |