for the six months ended 30 September 2014
| Reviewed Six months ended 30 September 2014 |
Reviewed Six months ended 30 September 2013 |
Audited Year ended 31 March 2014 |
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|---|---|---|---|---|---|
| Rm | Rm | Rm | |||
| Pan African business, iWayAfrica and Africa Online Mauritius | |||||
| On the 20th of December 2013, Telkom sold the Pan African business, iWayAfrica and Africa Online Mauritius, through a private sale to Gondwana International Networks. | |||||
| iWayAfrica was formed as the result of the amalgamation of MWEB Africa and Africa Online in 2007 when MWEB Africa was purchased by Telkom. The iWayAfrica business operates in eight countries on the continent offering terrestrial wireless and VSAT services to business and residential markets, as well as via its channel partners in many other countries on the continent. | |||||
| Telkom’s investment in iWayAfrica was already fully impaired as at 31 March 2012. Gondwana took over the assets and liabilities (including amounts owed by Telkom) for a nominal consideration. | |||||
| Analysis of the results of the discontinued operation: | |||||
| Revenue* | – | 176 | 240 | ||
| Expenses** | – | (194) | (289) | ||
| Loss before taxation of the discontinued operations | – | (18) | (49) | ||
| Taxation | – | – | – | ||
| Loss after taxation of the discontinued operations | – | (18) | (49) | ||
| The net cash flows attributable to the operating, investing and financing activities of discontinued operations: | |||||
| Operating cash flows | – | 1 | (38) | ||
| Investing cash flows | – | (2) | – | ||
| Financing cash flows | – | (39) | – | ||
| Total cash inflow*** | – | (40) | (38) | ||
| * Revenue comprises operating revenue, other income and investment income. | |||||
| ** Expenses comprise payments to other operators, cost of sales, operating expenses and finance charges and fair value movements. | |||||
| *** Cash flows included for 2014 are up to 20 December 2013. At 20 December 2013, on the date of disposal, iWayAfrica had R48 million cash on hand. | |||||