20. DISCONTINUED OPERATIONS AND ASSETS CLASSIFIED AS HELD FOR SALE
 

The Equipment Iberia business segment was classified as a discontinued operation as 30 September 2017. The sale of this business segment was concluded during June 2018.

Results from discontinued operations are as follows:

   2018 
Rm 
   2017 
Rm 
  
Revenue  3 337     4 076    
Operating profit before items listed below (EBITDA) 215     58    
Depreciation  (72)    (121)   
Amortisation of intangible assets  (7)    (14)   
Operating profit/(loss)^  136     (77)   
Finance costs  (2)    (9)   
Income from investments          
Profit/(loss) before non-operating and capital items  134     (85)   
Non-operating and capital items  9          
Profit/(loss) before taxation  143     (85)   
Taxation  (29)    (51)   
Profit/(loss) after taxation  114     (136)   
Loss from associates#  (67)    (133)   
Profit/(loss) from discontinued operations  47     (269)   
Net profit on disposal of discontinued operations@  1 600          
Profit/(loss) discontinued operations per income statement  1 647     (269)   
The cash flows from the discontinued operation are as follows:             
Cash flows from operating activities  129     381    
Cash flows from investing activities  (31)    (65)   
Cash flows from financing activities  (6)    (326)   
^ Operating loss at 30 September 2017 included restructuring costs of R137 million (€9,1 million).
# Loss from associates includes an impairment of investment of R47 million (2017: R75 million).
@ Net profit on disposal of Equipment Iberia includes R1.5 billion that relates to the recycling of the foreign currency translation reserves since acquisition.

The major classes of assets and liabilities classified as held for sale are as follows:

   Total
held for  sale 
Rm
 
   Logistics1
Rm
 
   Corporate2
Rm
 
  
2018                   
Property, plant and equipment  253     160     93    
Deferred taxation asset  18     18          
Intangible assets  2     2          
Inventories  37     37          
Trade and other receivables*  168     168          
Cash balances  19     19          
Assets classified as held for sale  497     404     93    
Trade and other payables – short and long term**  (125)    (125)         
Bank overdraft  (1)    (1)         
Total liabilities associated with assets classified as held for sale  (126)    (126)         
Net assets classified as held for sale  371     278     93    
1 Following a detailed strategic review of the various operations within the Logistics business, management has taken the firm decision to sell the KLL and SmartMatta businesses. In the prior year, the Logistics Middle East operations were classified as held for sale and positive steps have been made to dispose of this business in the year. Based on progress in the year and developments subsequent to year end, management is confident that this sale will take place in 2019, failing which a reassessment of this classification will be made. These assets do not constitute a major line of business and have therefore not been classified as discontinued operations.
2 The net assets held for sale within the Corporate division relate to the Barlow Park property owned by Barloworld Limited which is in the process of being sold into a consortium of investors with the aim of re-developing the site into a multi-use precinct.
* Includes financial assets of R63 million (2017: R798 million).
** Includes financial liabilities measured at amortised cost of R83 million (2017: R369 million).
   Total 
held for sale 
Rm 
   Equipment 
Iberia 
Rm 
   Logistics1
Rm 
  
2017                   
Property, plant and equipment  1 131     1 030     101    
Investments  97     97          
Long-term financial assets             
Deferred taxation asset  166     166          
Intangible assets  42     42          
Inventories  823     823          
Trade and other receivables*  973     942     31    
Cash balances  102     69     33    
Assets classified as held for sale  3 343     3 178     165    
Interest-bearing short and long-term loans  (33)    (19)    (14)   
Trade and other payables – short and long term**  (637)    (611)    (26)   
Deferred taxation liability  (2)    (2)         
Provisions  (125)    (121)    (4)   
Total liabilities associated with assets classified as held for sale  (797)    (753)    (44)   
Net assets classified as held for sale  2 546     2 424     122    
1 The net assets held for sale relate to assets of the Logistics Middle East business which management expected would be sold in 2018. Refer to earlier statements made regarding progress on this sale. This division within Logistics does not constitute a major line of business or geographical presence and has therefore not been classified as a discontinued operation.
* Included financial assets of R798 million.
** Included financial liabilities measured at amortised cost of R369 million.