adjustment - - - 32 - - 32
Charge for
the
year 93 267 - 136 714 348 1,558
Disposal - - - - (1) - (1)
Exchange
differences - 3 - 6 (45) 70 34
28 February
2011 93 462 - 174 1,083 508 2,320
-------------- ------------------- ------------------- ----------------- ----------------- ----------- ------------
Net book
value
-------------- ------------------- ------------------- ----------------- ----------------- ----------- ------------
28 February
2011 11,138 212 2,351 2,600 3,756 1,284 21,341
============== =================== =================== ================= ================= =========== ============
Property, plant and equipment is depreciated from the completion
and opening of the respective clinic.
Medical equipment comprises clinical equipment, furniture and
fittings and medical vehicles. Other assets comprise other
vehicles, office furniture and equipment.
A depreciation charge of US$872,105 has been included in
operating expenses in the income statement for the current period
(2011: US$573,000).
A depreciation charge of US$752,576 has been included in cost of
sales in the income statement for the current period (2011:
US$984,000).
At 29 February 2012, the Group had no contractual commitments
for the acquisition of property, plant and equipment (2010:
US$Nil).
The acquisition cost of the aircraft was undervalued in a prior
year. The acquisition adjustment of US$295,000 provided in the year
ended 28 February 2011 arose through the understatement of amounts
payable to previous shareholders of the acquired company for the
asset acquisition.
20. Inventories
2012 2011
$'000 $'000
---------- ----------
Pharmaceuticals and consumables 642 296
========== ==========
The cost of inventory recognised as an expense and included in
cost of sales amounted to US$1,549,000 (2011: US$658,522).
21. Financial assets
2012 2011
$'000 $'000
------------ ------------
Current assets
Trade receivables 1,009 542
Other receivables (see note 23) 293 628
Cash at bank 195 4,681
------------ ------------
Total financial assets 1,497 5,851
============ ============
The directors consider that the carrying amount of other
financial assets approximates their fair value.
Impairment losses related to loans and receivables have been
disclosed in note 6 to the financial statements.
22. Financial asset investment
2012 2011
$'000 $'000
----------- ----------
At 1 March - 196
Impairment during the period - (196)
At 29/28 February - -
=========== ==========
The financial asset investment comprised the options to acquire
the business and assets of the JIA Clinic and the Harare Trauma
Centre. These options have a nil value at the balance sheet date
given the events detailed in note 5.
23. Trade and other receivables
2012 2011
$'000 $'000
------------ ----------
Trade receivables 2,038 674
Impairment (see note 25) (1,029) (132)
------------ ----------
Net trade receivables 1,009 542
Other receivables 293 628
------------
1,302 1,170
============ ==========
Trade receivables comprise amounts receivable from the sales of
medical services.
The trade receivables that were due at 29 February 2012, but not
impaired, were all due within one month of the year end (2011:
within one month).
The Group's credit terms are payment of invoices within 30 days
of invoicing. The level of exposure of individual receivables is
reviewed and appropriate credit limits imposed. No collateral is
held in relation to these amounts and these amounts as well as
other receivables and cash represent the Group's maximum credit
risk.
24. Financial liabilities
Trade and other payables
2012 2011
$'000 $'000
---------- ----------
Trade payables 1,310 1,431
Other payables 2,424 2,051
Accruals and deferred income 1,307 510
Bank overdraft 283 -
----------
5,324 3,992
========== ==========
Trade payables comprise amounts outstanding for trade purchases
and ongoing costs.
Other payables include amounts payable to related parties and
local payroll tax liabilities (see note 32).
Accruals include amounts due and payable for audit fees, travel
costs and directors remuneration at the balance sheet date.
Bank overdraft represents the overdraft facility held at the AMI
Maputo hospital.
The directors consider that the carrying amount of financial
liabilities approximates their fair value. The average credit
period taken for trade purchases is 72 days (2011: 37 days).
Interest bearing loans
2012 2011
$'000 $'000
---------- ----------
Full liability owed to convertible
loan note holders
Nominal value of loan notes in 5,037 -
issue at the beginning of the
year
Additional notes issued in the
year 700 5,000
Interest charged at 10% 538 37
---------- ----------
Total liability 6,275 5,037
========== ==========
Represented by:
Fair value of convertible loan
notes 4,693 4,013
Equity component 1,004 987
Accumulated interest to date 578 37
---------- ----------
Total liability 6,275 5,037
========== ==========
Fair value of convertible loan
notes
1 March 4,050 -
Nominal value of convertible
loan note issued in year 700 5,000
Equity component (17) (987)
Interest charged 538 37
---------- ----------
29/28 February 5,271 4,050
========== ==========
On 2 February 2011 convertible loan notes to the value of
$5,000,000 were issued to Harbinger Capital Partners Master Fund
Limited which bear interest at 10% per annum. The convertible loan
note instrument under which these convertible loan notes were
issued constitutes a compound financial instrument. The instrument
has been fair valued using a discount rate of 15% being the
director's best estimate of a fair rate of interest for a straight
loan excluding any equity elements. The adjusted redemption share
price of these convertible loan notes is 2p per share. An extension
of this agreement was finalised on 16 August 2011 with the issue
further convertible loan notes to the value of $700,000 under the
same agreement. The other reserve in equity at the balance sheet
date of US$1,006,946 (2011: US$987,000) represents the equity
element of the convertible loan note. For further notes on funding
received after year end please refer to the note 33, Events after
the reporting period.
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