Table of Contents Table of Contents
Previous Page  44 / 56 Next Page
Information
Show Menu
Previous Page 44 / 56 Next Page
Page Background

NotestotheConsolidatedFinancialStatements

(continued)

RCS GROUP CONSOLIDATED FINANCIAL STATEMENTS

2015

42

for the period ended 31 December 2015

31 December 2015

31 March 2015

R’000

R’000

26.

Taxation paid

Taxation receivable at beginning of period

4 504

3 410

Current taxation charge

(157 322)

(210 126)

Taxation receivable at end of period

(5 935)

(4 504)

(158 753)

(211 220)

27.

Subsidiaries

Details of the RCS Group’s subsidiaries at 31 December 2015 are as follows:

Portion of

Place of

ownership

incorporation

Registration

interest and

Principal

and operation

number voting power held

activity

Name of subsidiary

RCS Botswana Proprietary Limited

Botswana

2008/3191

100% Retail credit

RCS Cards Proprietary Limited

South Africa 2000/017891/07

100% Retail credit

RCS Collections Proprietary Limited

South Africa 2008/002800/07

100% Collections

RCS Home Loans Proprietary Limited

South Africa 2005/020504/07

100% Home Loans

RCS Investment Holdings Namibia Proprietary Limited

Namibia

2008/0136

100% Retail credit

RCS Personal Finance Proprietary Limited

South Africa 1968/008240/07

100%

Dormant

28.

Interest in joint operations

RCS Home Loans Proprietary Limited, a 100% held subsidiary of RCS Investment Holdings Limited, has entered into a joint

operation partnership with SA Home Loans Proprietary Limited. A summary of the results of the joint operation for the current

and prior financial periods are as follows:

31 December 2015

31 March 2015

Proportion of ownership interest and voting power held

50%

50%

R’000

R’000

Current assets

21 732

28 893

Current liabilities

18 094

23 459

Income

1 774

4 784

Expenditure

4 204

4 449

29.

Employee benefits

Retirement funds

Alexander Forbes Retirement Annuity: Defined contribution plan

All permanent employees of RCS Botswana Proprietary Limited under normal retirement age are required to be members of

the Alexander Forbes Retirement Annuity. The employees and the employers make equivalent contributions in respect of the

retirement annuity benefits. In addition, the employers contribute to death and disability benefits, reinsurance, and administration

and management costs.