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GROUP |
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(R’million) |
| 35 |
ANALYSIS OF PROFIT/(LOSS) FROM DISCONTINUED OPERATIONS |
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The results of discontinued operations Deli Foods Nigeria Limited (Deli Foods) and
Value Added Meat Products (VAMP), a division of Tiger Consumer Brands Limited
are stated below. The closure process for Deli Foods has been concluded. |
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On 17 August 2020, the company announced that it has entered into two separate
sale-of-business agreements (SBAs) for the disposal of its VAMP business as going
concerns. The two SBAs comprised an agreement with Molare Proprietary Limited
for a total cash contribution of R100 million received on 30 September 2020. The
second comprised an agreement with Silver Blade Abattoir Proprietary Limited
for a cash contribution of R153 million received on 2 November 2020. A profit of
R42,5 million (pre-tax) had resulted from the conclusion of the first SBA and a
profit of R20,5 million (pre-tax) had resulted from the conclusion of the second SBA. |
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Included in the profit from discontinued operations for the current year is
the release of foreign currency translation reserves on the closure of Deli Foods
and profits relating to the sale of trademarks and property, plant and equipment. |
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Profit/(loss) for the year from discontinued operations (attributable to owners of the company) |
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Revenue |
119,9 |
1 188,2 |
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Expenses |
(100,8) |
(1 691,3) |
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Operating profit/(loss) before impairments and non-operational items |
19,1 |
(503,1) |
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Impairments |
– |
(83,2) |
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Non-operational items |
122,0 |
(9,2) |
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Operating profit/(loss) after impairments and non-operational items |
141,1 |
(595,5) |
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Finance costs |
(0,5) |
(13,5) |
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Profit/(loss) before taxation |
140,6 |
(609,0) |
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Taxation |
(20,8) |
155,8 |
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Profit/(loss) for the year from discontinued operations |
119,8 |
(453,2) |
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Attributable to non-controlling interest |
– |
– |
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Attributable to owners of parent |
119,8 |
(453,2) |
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Cash flows from discontinued operations |
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Net cash outflows from operating activities |
(5,9) |
(150,0) |
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Net cash inflows from investing activities |
21,9 |
296,4 |
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Net cash outflow from financing activities |
(6,7) |
(110,7) |
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Net cash inflows |
9,3 |
35,7 |
