Imara Group Chief Executive: Tom GaffneyCommentary
On 15 December 2014, the company publicly announced that agreement had been reached regarding the disposal of the South African stockbroking company Imara SP Reid Proprietary Limited, (ISPR) to MMI Strategic Investments Proprietary Limited, for a consideration of approximately P100 million, before taxes, disbursements, expenses and possible price adjustments.
The sale was finally concluded on 12 June 2015, however, the sale was considered “reasonably certain” at the year-end reporting date. In such circumstances international accounting standards require the Statement of Comprehensive Income to be split between continuing and discontinued operations and for ISPR’s assets and liabilities to be classified as held for sale in the Statement of Financial Position. This treatment does not lend itself to an easy year on year comparison of performance, despite the fact that prior year comparatives in the Statement of Comprehensive Income have been re–represented...
FY 2015 financial results