Page 265 - Capricorn IAR 2020

2020 INTEGRATED ANNUAL REPORT
NOTES TO THE CONSOLIDATED AND SEPARATE ANNUAL FINANCIAL STATEMENTS (continued)
for the year ended 30 June 2020
44. DISCONTINUED OPERATION
Description
On 16 June 2020, the Group signed a term sheet with Access Bank (Zambia) Ltd, a subsidiary of Access Bank Plc, to sell its banking subsidiary in Zambia, Cavmont Capital Holdings Zambia Plc (CCHZ). The associated assets and liabilities were consequently presented as held for sale as at 30 June 2020.
On 31 July 2020 the Group signed a Share Purchase Agreement with Access Bank (Zambia) Ltd. The transaction is expected to be completed during the fourth quarter of 2020 and is subject to shareholder and regulatory approvals from the Bank of Zambia and local and regional competition authorities.
2020 N$’000
76,754
(20,563)
54,558
110,749
(215,621)
(104,872)
(50,811)
(155,683)
–
(155,683)
9,719
(145,964)
(60,722)
(9,666)
(70,388)
Net interest income Credit impairment losses Non-interest income
Operating income
Operating expenses
Loss before income tax
Income tax expense
Loss after tax of discontinued operation
Loss on fair value remeasurement of assets and liabilities held for sale
Loss from discontinued operation
Exchange differences on translation of discontinued operations
Other comprehensive income from discontinued operations
Net cash outflow from operating activities Net cash outflow from investing activities
Net decrease in cash generated by the subsidiary
2019 N$’000
99,127 9,151 86,121
194,399 (213,306)
(18,907) (945) (19,852)
– (19,852) (4,017) (23,869)
(66,416) (75)
(66,491)
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