| Notes to the consolidated annual financial statements l Note 12 |
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2014
Rm |
2013
Rm |
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| 12. |
Discontinued operation and assets classified as held
for sale |
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The Australian motor retail business was disposed of on 31 March 2014. |
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Results from discontinued operation are as follows: |
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Revenue |
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2 783 |
5 508 |
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Operating profit before items listed below (EBITDA) |
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96 |
166 |
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Depreciation |
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(10) |
(20) |
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Operating profit |
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86 |
145 |
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Finance costs |
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(8) |
(22) |
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Income from investments |
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1 |
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Profit before exceptional items |
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78 |
124 |
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Exceptional items |
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(40) |
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Profit before taxation |
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78 |
84 |
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Taxation |
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(24) |
(38) |
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Net profit of discontinued operation before profit on disposal |
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54 |
46 |
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Profit on disposal of discontinued operation (including realisation |
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of translation reserve) |
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369 |
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Taxation effect of disposal |
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5 |
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Profit from discontinued operation per income statement* |
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428 |
46 |
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The cash flows from the discontinued operation are as follows: |
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Cash flows from operating activities |
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198 |
143 |
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Cash flows from investing activities |
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1 179 |
(8) |
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Cash flows from financing activities |
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(889) |
(95) |
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*All profits are due to the Barloworld Limited shareholders. |
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The major classes of assets and liabilities classified as held for sale are as follows:
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| 2015 |
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| Property, plant and equipment |
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5 |
4 |
1 |
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| Goodwill |
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29 |
11 |
18 |
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| Intangible assets |
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97 |
1 |
96 |
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| Inventories |
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32 |
32 |
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| Trade and other receivables* |
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20 |
20 |
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| Cash balances |
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14 |
14 |
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| Assets classified as held for sale |
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197 |
82 |
115 |
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| Trade and other payables – short and long-term** |
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(42) |
(8) |
(34) |
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| Provisions |
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(1) |
(1) |
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| Total liabilities associated with assets classified as held for sale |
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(43) |
(9) |
(34) |
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| Net assets classified as held for sale |
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154 |
73 |
81 |
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| 1 |
The assets held for sale relate to the net assets of the Agriculture Zambia operation which will be sold to a new joint venture in which Barloworld
will hold 50%. This joint venture will be equity accounted. |
| 2 |
Held for sale includes the South African, UK and US Supply Chain Software businesses within Barloworld Logistics which are designated for sale
as at 30 September 2015. The deal is aligned to Barloworld Logistics strategic objectives and is subject to certain closing conditions including
regulatory approvals. |
| * |
Include financial assets of R20 million. |
| ** |
Include financial liabilities measured at amortised cost of R6 million. |
2014
There were no assets or liabilities held for sale.
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Total
held for
sale1
Rm |
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| 2013 |
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| Property, plant and equipment |
105 |
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| Goodwill |
22 |
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| Investment classified as held for sale |
30 |
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| Inventories |
103 |
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| Trade and other receivables* |
80 |
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| Deferred taxation assets |
2 |
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| Cash balances |
29 |
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| Assets classified as held for sale |
371 |
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| Trade and other payables – short and long term** |
(95) |
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| Other current and non-current liabilities |
(11) |
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| Total liabilities associated with assets classified as held for sale |
(106) |
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| Net assets classified as held for sale |
265 |
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| 1 |
The September 2013 assets held for sale related 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 2014. |
| * |
Include financial assets of R75 million. |
| ** |
Include financial liabilities measured at amortised cost of R66 million. |
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| Notes to the consolidated annual financial statements l Note 12 |
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