| SUMMARISED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS l NOTE 6 |
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Audited |
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2014
Rm |
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2013
Rm
Restated* |
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| 6. |
ASSETS CLASSIFIED AS HELD FOR SALE AND DISCONTINUED OPERATIONS |
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Following the disposal of the Automotive Australia business on 31 March 2014 it has been
classified as a discontinued operation. |
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Results from discontinued operations are as follows: |
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Revenue |
2 783 |
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5 508 |
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Operating profit before items listed below (EBITDA) |
96 |
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166 |
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Depreciation |
(10) |
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(20) |
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Operating profit |
86 |
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145 |
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Net finance costs and dividends received |
(8) |
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(21) |
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Profit before exceptional items |
78 |
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124 |
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Exceptional items |
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(40) |
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Profit before taxation |
78 |
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84 |
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Taxation |
(24) |
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(38) |
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Net profit of discontinued operations before profit on disposal |
54 |
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46 |
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Profit on disposal of discontinued operations (including realisation of translation reserve) |
369 |
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Taxation effect of disposal |
5 |
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Profit from discontinued operations per income statement |
428 |
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46 |
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The cash flows from the discontinued operations are as follows: |
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Cash flows from operating activities |
198 |
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143 |
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Cash flows from investing activities |
1 179 |
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(8) |
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Cash flows from financing activities |
(889) |
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(95) |
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The major classes of assets and liabilities comprising the disposal group and other assets classified as held for sale are as follows: |
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Property, plant and equipment |
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105 |
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Goodwill |
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22 |
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Investment classified as held for sale |
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30 |
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Inventories |
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103 |
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Trade and other receivables |
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80 |
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Deferred tax asset |
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2 |
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Cash balances |
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29 |
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Assets of disposal group held for sale |
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371 |
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Trade and other payables |
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(95) |
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Other current and non-current liabilities |
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(11) |
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Total liabilities associated with assets classified as held for sale |
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(106) |
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Net assets classified as held for sale |
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265 |
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Per business segment: |
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Automotive and Logistics |
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223 |
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Equipment and Handling |
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42 |
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Total group |
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265 |
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The September 2013 assets held for sale relate to the net assets of the Ferntree Gully motor dealership in Australia, the
Handling Holland dealership and the Flynt Logistics operations and were sold in the period. |
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* Restated for the treatment of IFRS 10, IAS 19 and discontinued operations – refer to . |
| SUMMARISED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS l NOTE 6 |
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