Selected notes to the summarised financial statements
for the year ended 29 February 2012
6. |
DISCONTINUED OPERATION |
Interfrank Group Holdings Pty Ltd (Franklins) |
|
In September 2011, after a lengthy legal dispute with the Australian Competition and Consumer Commission, the Group sold its Australian business, Franklins, to Metcash Limited for R1.2 billion, net of fees. The sale of Franklins has enabled us to focus entirely on our southern African operations, with the cash proceeds being utilised directly in these core retail operations. Franklins is disclosed as a discontinued operation, with its results from operations for the previous year and the seven months to 30 September 2011 and the subsequent profit on sale of the business being disclosed separately from continuing operations. |
GROUP |
|||||
 |
2012 |
 |
2011 |
||
Results of discontinued operation |
|||||
Revenue |
3 389.3 |
5 617.4 |
|||
Expenses |
(3 476.5) |
(5 740.8) |
|||
Loss from operating activities |
(87.2) |
(123.4) |
|||
Tax |
— |
— |
|||
Loss from discontinued operation |
(87.2) |
(123.4) |
|||
Profit on sale of discontinued operation |
493.4 |
— |
|||
Tax on sale transaction |
(55.0) |
— |
|||
Profit/(loss) for the year |
351.2 |
(123.4) |
|||
Cash flows generated by/(utilised in) discontinued operation |
|||||
Net cash (utilised in)/generated by operating activities |
(330.4) |
13.9 |
|||
Net cash generated by/(utilised in) investing activities |
1 459.6 |
(151.4) |
|||
Net cash sale proceeds |
1 244.9 |
||||
Cash and cash equivalents disposed of |
214.7 |
||||
Net cash generated by financing activities |
— |
10.0 |
|||
Net cash flows for the year |
1 129.2 |
(127.5) |
|||
Effect of disposal on the financial position of the Group |
|||||
Net cash proceeds received |
1 244.9 |
||||
Realisation of foreign currency translation reserve |
539.8 |
||||
Less: net assets sold |
(1 291.3) |
||||
Intangible assets |
(837.2) |
||||
Property, plant and equipment |
(697.2) |
||||
Deferred tax |
(22.9) |
||||
Inventory |
(570.1) |
||||
Trade and other receivables |
(67.4) |
||||
Cash and cash equivalents |
214.7 |
||||
Short-term debt |
10.2 |
||||
Trade and other payables |
678.6 |
||||
 |
|
|
|
|
|
Profit on sale of discontinued operation |
493.4 |
||||
Tax on sale transaction |
(55.0) |
||||
Profit on sale of discontinued operation, net of tax |
438.4 |
||||