| |
2021
Audited |
| Revenue |
– |
536 819 |
| Cost of revenue |
– |
(291 257) |
| Gross profit |
– |
245 562 |
| Operating expenses |
– |
(7 135) |
| Other Income |
– |
– |
| Trading (loss) profit |
– |
238 427 |
| Share-based payment expense |
– |
1 427 |
| Impairment of property, plant and equipment and right of use assets |
– |
52 051 |
| Loss on disposal of discontinued operations |
– |
(85 224) |
| Operating (loss) profit |
– |
206 681 |
| Net finance charges |
– |
(77 931) |
| Finance income |
– |
31 815 |
| Finance charges |
– |
(109 746) |
|
|
|
| Operating loss before taxation |
– |
128 750 |
| Taxation |
– |
(124 961) |
| Loss for the year from discontinued operations |
– |
3 789 |
| Basic earnings per share (cents) – discontinued operations |
– |
1.1 |
| Diluted basic earnings per share (cents) – discontinued operations |
– |
1.1 |
| Headline earnings per share (cents) – discontinued operations |
– |
15.2 |
| Diluted headline earnings per share (cents) – discontinued operations |
– |
15.2 |
| Cash flows from discontinued operations |
|
|
| Net operating cash flows from discontinued operations |
– |
393 293 |
| Net investing cash flows from discontinued operations |
– |
1 440 186 |
| Net financing cash flows from discontinued operations |
– |
(358 982) |
| Net (decrease) increase in cash and cash equivalents |
– |
1 474 497 |
| Analysis of discontinued net assets sold and consideration received |
|
|
| Assets of disposal group sold |
– |
864 757 |
| Liabilities of disposal group sold |
– |
(54 533) |
| Net assets sold |
– |
810 224 |
| Loss on disposal |
– |
(85 224) |
| Gross consideration received |
– |
725 000 |
| Cash and cash equivalents included in net assets of disposal group sold |
– |
(24 206) |
| Net consideration received |
– |
700 794 |
Bidvest Car Rental (BCR) is a motor vehicle rental business operating in South Africa, Botswana and Namibia. As a result of
declining international and domestic travel brought on by the COVID-19 pandemic and a slow anticipated mid-term recovery,
management took the decision to exit the business. The BCR business is an identifiable component of the Group's business,
the operations and cash flows of which can be clearly distinguished from the rest of the Group. BCR represents a separate
major line of business in the geographical area of Southern Africa. The relevant requirements of IFRS 5 were met for this
operation to be classified as a disposal group held for sale and a discontinued operation as at 30 June 2020. BCR was a
separate and major business component of the Automotive segment.
Effective 29 June 2021 the Group disposed of its entire interest in BCR for the gross consideration of R725 million
(net R701 million) to the Thesele Consortium, lead by the 100% black-owned Thesele Group. The balance of the discontinued
operation's net assets were disposed on the open market.
