Notes to the annual financial statements
for the year ended 28 February 2010
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| 2010 Rm |
2009 Rm |
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| 18. | Discontinued operation | |||
| As previously reported, the Group committed to the closure of the operations of its subsidiary, Score Supermarkets Operating Limited, which results have been disclosed as a discontinued operation. At 28 February 2010 the closure of the Score store operations is complete. | ||||
| The salient financial information of Score is as follows: | ||||
| Statement of comprehensive income | ||||
| Revenue | 580.9 | 2 073.0 | ||
| Turnover | 579.8 | 2 070.8 | ||
| Trading expenses | (238.1) | (512.4) | ||
| Loss on sale of equipment and vehicles | (1.3) | (3.9) | ||
| Trading loss for the year | (107.1) | (123.0) | ||
| Interest received | 1.1 | 4.5 | ||
| Tax | (1.5) | — | ||
| Loss for the year | (107.5) | (118.5) | ||
| Loss from operations | (104.5) | (109.4) | ||
| Losses recognised on the remeasurement of the carrying value of assets | (3.0) | (9.1) | ||
| Balance sheet | ||||
| Non-current assets | 14.5 | 14.3 | ||
| Intangible assets | — | 0.8 | ||
| Loans | — | 2.4 | ||
| Operating lease asset | 14.5 | 11.1 | ||
| Current assets | 15.7 | 301.7 | ||
| Inventory | — | 157.2 | ||
| Trade and other receivables | 15.7 | 20.4 | ||
| Cash and cash equivalents | — | 61.5 | ||
| Assets held for sale* | — | 62.6 | ||
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| Total assets | 30.2 | 316.0 | ||
| Equity | ||||
| Capital and deficit | (119.8) | (12.3) | ||
| Non-current liabilities | ||||
| Operating lease liability | 45.9 | 55.8 | ||
| Current liabilities | 104.1 | 272.5 | ||
| Bank overdraft | 46.9 | — | ||
| Trade and other payables | 57.9 | 271.9 | ||
| Tax | (0.7) | 0.6 | ||
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| Total equity and liabilities | 30.2 | 316.0 | ||
| Cash flow statement | ||||
| Net cash utilised in operating activities | (212.7) | (56.1) | ||
| Net cash from investing activities (net proceeds on closure) | 56.8 | 68.9 | ||
| Inter-company rental and interest eliminated on consolidation | 47.5 | 23.3 | ||
| Net (decrease)/increase in cash and cash equivalents | (108.4) | 36.1 | ||
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| * Assets held for sale included equipment and vehicles only. All other remaining assets and liabilities were received and paid in the ordinary course of business. |