For the year ended 31 march 2015
2015Rm |
2014Rm |
|
|---|---|---|
| Discontinued operation | ||
| 7.1 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 operated 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 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 operations: | ||
| Revenue* | - | 240 |
| Expenses* | - | (289) |
| Loss before taxation of the discontinued operations | - | (49) |
| Taxation | - | - |
| Loss after taxation of the discontinued operations | - | (49) |
| * Revenue is comprised of operating revenue, other income and investment income. Expenses is comprised of operating expenses and finance charges. | ||
| The net cash flows attributable to the operating, investing and financing activities of discontinued operations: | ||
| Operating cash flows | - | (38) |
| Total cash outflow* | - | (38) |
| * 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. |
2015Rm |
2014Rm |
|
|---|---|---|
| 7.2 The Trudon Group | ||
| On 27th November 2014, the Telkom Board approved the disposal of Telkom's 64.9% shareholding in Trudon to Trumancon. This is part of Telkom's strategic imperative to focus on its fixed line and internet based business. | ||
| Trudon provides advertising and marketing options to the small, medium and micro enterprises and corporate market. They also deliver local commercial search options. | ||
| The conclusion of the transaction is subject to the fulfillment of certain material conditions precedent. | ||
| Analysis of the results of the discontinued operations: | ||
| Revenue* | 1 127 | 1 156 |
| Expenses* | (638) | (617) |
| Profit before taxation of the discontinued operations | 489 | 539 |
| Taxation | (122) | (137) |
| Profit after taxation of the discontinued operations** | 367 | 402 |
| *Revenue is comprised of operating revenue, other income and investment income. Expenses is comprised of operating expenses. **As the carrying amount of Trudon is less than the fair value less costs to sell, no re-measurment is required | ||
| The major classes of assets and liabilities of the business classified as a disposal group: | ||
| Assets | 917 | |
| Property, plant and equipment and intangible assets | 281 | |
| Inventories | 86 | |
| Trade and other receivables | 493 | |
| Cash and cash equivalents | 27 | |
| Other current and non current assets | 30 | |
| Liabilities | 119 | |
| Trade and other payables | 64 | |
| Other current and non current liabilities | 55 | |
| The net cash flows attributable to the operating, investing and financing activities of discontinued operations: | ||
| Operating cash flows | (9) | |
| Investing cash flows | (54) | |
| Total cash inflows | (63) | |
| The capital gains tax consequences on the sale of Trudon, if any, will be offset against the cumulative capital losses in Telkom company. | ||