43. |
DISPOSAL OF SUBSIDIARIES |
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For the year ended 31 December 2009
Stone and Allied Industries Limited
On 1 July 2009, the group disposed of 100% of the share capital of Stone and Allied Industries Limited. The company is a stone-crushing company. The disposed business contributed revenues of R32,9 million and net profit of R5,0 million during the 2009 financial year.
Stone and Allied Industries Limited was included as part of the Mining segment.
Details of net assets disposed are as follows: |
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R’000 |
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Sale consideration: |
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– cash received |
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20 382 |
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– asset raised |
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500 |
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Total sale consideration |
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20 882 |
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Fair value of net assets disposed |
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(20 882) |
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Loss on sale |
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– |
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The assets and liabilities as of 1 July 2009 disposed of are: |
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Fair value
R’000 |
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Disposee’s
carrying
amount
R’000 |
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Cash and cash equivalents |
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5 219 |
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5 219 |
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Property, plant and equipment (note 14) |
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21 720 |
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33 248 |
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Deferred income tax assets |
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5 674 |
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5 674 |
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Inventory |
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5 208 |
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5 208 |
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Contract and trade debtors |
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10 384 |
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10 384 |
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Receivables and prepayments |
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58 |
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58 |
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Interest-bearing borrowings |
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(5 567) |
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(5 567) |
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Trade and other payables |
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(15 926) |
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(15 926) |
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Provisions for other liabilities and charges |
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(5 888) |
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(5 888) |
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Net assets |
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20 882 |
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32 410 |
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Purchase consideration received in cash |
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20 382 |
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Cash and cash equivalents in subsidiary disposed |
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(5 219) |
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Cash inflow on disposal |
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15 163 |
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BR-Tsima Construction (Pty) Limited
On 1 January 2009, the group disposed of 80% of the share capital of BR-Tsima Construction (Pty) Limited.
BR-Tsima Construction (Pty) Limited was included as part of the Construction segment.
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Details of net assets disposed are as follows: |
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R’000 |
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Sale consideration: |
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– cash received |
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– |
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Total sale consideration |
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– |
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Fair value of net assets disposed (80%) |
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(130) |
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Loss on sale |
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(130) |
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The assets and liabilities as of 1 January 2009 disposed of are: |
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Fair value
R’000 |
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Disposee’s
carrying
amount
R’000 |
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Cash and cash equivalents |
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290 |
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290 |
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Contract and trade debtors |
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322 |
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322 |
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Deferred income tax liabilities |
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(90) |
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(90) |
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Trade and other payables |
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(135) |
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(135) |
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Taxation payable |
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(225) |
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(225) |
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Net assets |
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162 |
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162 |
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Purchase consideration received in cash |
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– |
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Cash and cash equivalents in subsidiary disposed |
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(290) |
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Cash outflow on disposal |
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(290) |
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For the year ended 31 December 2008 |
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There were no disposals in the year ended 31 December 2008. |
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