Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Aug. 22, 2016 | Dec. 31, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | NET 1 UEPS TECHNOLOGIES INC | ||
Entity Central Index Key | 1,041,514 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 378,497,227 | ||
Entity Common Stock, Shares Outstanding | 54,135,778 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 | |
CURRENT ASSETS | |||
Cash and cash equivalents | $ 223,644 | $ 117,583 | |
Pre-funded social welfare grants receivable (Note 4) | 1,580 | 2,306 | |
Accounts receivable, net (Note 1 and Note 5) | 107,805 | 121,335 | [1] |
Finance loans receivable, net (Note 5) | 37,009 | 40,373 | |
Inventory (Note 6) | 10,004 | 12,979 | |
Deferred income taxes (Note 20) | 6,956 | 7,298 | |
Total current assets before settlement assets | 386,998 | 301,874 | |
Settlement assets (Note 2) | 536,725 | 692,442 | |
Total current assets | 923,723 | 994,316 | |
PROPERTY, PLANT AND EQUIPMENT, net (Note 8) | 54,977 | 52,320 | |
EQUITY-ACCOUNTED INVESTMENTS (Note 7) | 25,645 | 14,329 | |
GOODWILL (Note 9) | 179,478 | 166,437 | |
INTANGIBLE ASSETS, net (Note 9) | 48,556 | 47,124 | |
OTHER LONG-TERM ASSETS (Note 5, Note 7 and Note 10) | 31,121 | 42,430 | |
TOTAL ASSETS | 1,263,500 | 1,316,956 | |
CURRENT LIABILITIES | |||
Accounts payable | 14,097 | 21,453 | |
Other payables (Note 11) | 37,479 | 45,595 | |
Current portion of long-term borrowings (Note 13) | 8,675 | 8,863 | |
Income taxes payable | 5,235 | 6,287 | |
Total current liabilities before settlement obligations | 65,486 | 82,198 | |
Settlement obligations (Note 2) | 536,725 | 692,442 | |
Total current liabilities | 602,211 | 774,640 | |
DEFERRED INCOME TAXES (Note 20) | 12,559 | 10,564 | |
LONG-TERM BORROWINGS (Note 13) | 43,134 | 50,762 | |
OTHER LONG-TERM LIABILITIES (Note 10) | 2,376 | 2,205 | |
TOTAL LIABILITIES | 660,280 | 838,171 | |
COMMITMENTS AND CONTINGENCIES (Note 24) | |||
EQUITY | |||
COMMON STOCK (Note 14) Authorized: 200,000,000 with $0.001 par value; Issued and outstanding shares, net of treasury - 2016: 55,271,954; 2015: 46,679,565 | 74 | 64 | |
PREFERRED STOCK Authorized shares: 50,000,000 with $0.001 par value; Issued and outstanding shares, net of treasury: 2016: -; 2015: - | |||
ADDITIONAL PAID-IN CAPITAL | 223,978 | 213,896 | |
TREASURY SHARES, AT COST: 2016: 20,483,932; 2015: 18,057,228 (Note 14) | (241,627) | (214,520) | |
ACCUMULATED OTHER COMPREHENSIVE LOSS (Note 15) | (189,700) | (139,181) | |
RETAINED EARNINGS | 700,322 | 617,868 | |
TOTAL NET1 EQUITY | 493,047 | 478,127 | |
REDEEMABLE COMMON STOCK (Note 14) | 107,672 | ||
NON-CONTROLLING INTEREST | 2,501 | 658 | |
TOTAL EQUITY | 603,220 | 478,785 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,263,500 | $ 1,316,956 | |
[1] | Receivables from the sale of prepaid products of $18,448 as of June 30, 2015, have been reclassified from Other receivables to Accounts receivable, trade, gross. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2016 | Jun. 30, 2015 |
Consolidated Balance Sheets [Abstract] | ||
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 55,271,954 | 46,679,565 |
Common stock, shares outstanding | 55,271,954 | 46,679,565 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Treasury shares, shares outstanding | 20,483,932 | 18,057,228 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Consolidated Statements Of Operations [Abstract] | |||
REVENUE (Note 16) | $ 590,749 | $ 625,979 | $ 581,656 |
Services rendered | 514,847 | 536,046 | 518,297 |
Loan-based fees received | 47,117 | 62,235 | 33,560 |
Sale of goods | 28,785 | 27,698 | 29,799 |
EXPENSE | |||
Cost of goods sold, IT processing, servicing and support | 290,101 | 297,856 | 260,232 |
Selling, general and administration | 145,886 | 158,919 | 168,072 |
Equity instruments issued pursuant to BEE transactions (Note 17) | 11,268 | ||
Depreciation and amortization | 40,394 | 40,685 | 40,286 |
OPERATING INCOME | 114,368 | 128,519 | 101,798 |
INTEREST INCOME | 15,292 | 16,355 | 14,817 |
INTEREST EXPENSE | 3,423 | 4,456 | 7,473 |
INCOME BEFORE INCOME TAXES | 126,237 | 140,418 | 109,142 |
INCOME TAX EXPENSE (Note 20) | 42,080 | 44,136 | 39,379 |
NET INCOME BEFORE EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS | 84,157 | 96,282 | 69,763 |
EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS | 639 | 452 | 298 |
NET INCOME | 84,796 | 96,734 | 70,061 |
LESS (ADD): NET INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTEREST | 2,342 | 1,999 | (50) |
NET INCOME ATTRIBUTABLE TO NET1 | $ 82,454 | $ 94,735 | $ 70,111 |
Net income per share, in U.S. dollars: (Note 21) | |||
Basic earnings attributable to Net1 shareholders | $ 1.72 | $ 2.03 | $ 1.51 |
Diluted earnings attributable to Net1 shareholders | $ 1.71 | $ 2.02 | $ 1.50 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
NET INCOME | $ 84,796 | $ 96,734 | $ 70,061 |
OTHER COMPREHENSIVE INCOME (LOSS): | |||
Transfer of assets available for sale, net of tax, to comprehensive income (Note 7) | (1,732) | ||
Net unrealized income on asset available for sale, net of tax | 692 | 422 | 288 |
Release of foreign currency translation reserve related to sale/ liquidation of businesses (Note 19) | 4,277 | ||
Movement in foreign currency translation reserve | (49,941) | (57,074) | 13,730 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | (50,981) | (56,652) | 18,295 |
COMPREHENSIVE INCOME | 33,815 | 40,082 | 88,356 |
(Less) Add comprehensive (income) loss attributable to non-controlling interest | (1,880) | (1,787) | 50 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NET1 | $ 31,935 | $ 38,295 | $ 88,406 |
Consolidated Statement Of Chang
Consolidated Statement Of Changes In Equity - USD ($) $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Number Of Shares, Net Of Treasury [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Total Net1 Equity [Member] | Redeemable Common Stock [Member] | Non-Controlling Interest [Member] | Total |
Balance, Number of Shares at Jun. 30, 2013 | 59,047,640 | (13,455,090) | 45,592,550 | |||||||
Balance at Jun. 30, 2013 | $ 59 | $ (175,823) | $ 160,670 | $ 452,618 | $ (100,858) | $ 336,666 | $ 3,303 | $ 339,969 | ||
Issue of common stock (Note 14) | $ 4 | 25,050 | 25,054 | 25,054 | ||||||
Issue of common stock (Note 14), shares | 4,400,000 | 4,400,000 | ||||||||
Repurchase of common stock (Note 14) | $ (24,858) | (24,858) | (24,858) | |||||||
Repurchase of common stock (Note 14), shares | (2,428,122) | (2,428,122) | ||||||||
Restricted stock granted (Note 18), shares | 187,963 | 187,963 | ||||||||
Exercise of stock option (Note 18) | 198 | 198 | $ 198 | |||||||
Exercise of stock option (Note 18), shares | (26,667) | (26,667) | (26,667) | |||||||
Equity instruments charge (Note 17) | 11,268 | 11,268 | $ 11,268 | |||||||
Stock-based compensation charge (Note 18) | 3,724 | 3,724 | 3,724 | |||||||
Reversal of stock-based compensation charge (Note 18) | (6) | (6) | (6) | |||||||
Reversal of stock-based compensation charge (Note 18), shares | (7,171) | (7,171) | ||||||||
Income tax benefit from vested stock awards | 5 | 5 | 5 | |||||||
Acquisition non-controlling interest (Note 3 And Note 14) | 1,492 | (178) | 1,314 | (3,276) | (1,962) | |||||
Acquisition, shares | 47,412 | 47,412 | ||||||||
Net income | 70,111 | 70,111 | (50) | 70,061 | ||||||
Other comprehensive income | 18,295 | 18,295 | 18,295 | |||||||
Balance at Jun. 30, 2014 | $ 63 | $ (200,681) | 202,401 | 522,729 | (82,741) | 441,771 | (23) | $ 441,748 | ||
Balance, Number of Shares at Jun. 30, 2014 | 63,702,511 | (15,883,212) | 47,819,299 | 47,819,299 | ||||||
Repurchase of common stock (Note 14) | $ (9,151) | (9,151) | $ (9,151) | |||||||
Repurchase of common stock (Note 14), shares | (1,837,432) | (1,837,432) | ||||||||
Restricted stock granted (Note 18), shares | 213,237 | 213,237 | ||||||||
Exercise of stock option (Note 18) | $ 1 | $ 4,688 | 6,732 | 2,045 | $ 2,045 | |||||
Exercise of stock option (Note 18), shares | (773,633) | (336,584) | (437,049) | (773,633) | ||||||
Stock-based compensation charge (Note 18) | 3,195 | 3,195 | $ 3,195 | |||||||
Income tax benefit from vested stock awards | 483 | 483 | 483 | |||||||
Transactions with non-controlling interest (Note 14) | 1,085 | 404 | 1,489 | (82) | 1,407 | |||||
Dividends paid to non-controlling interest | (1,024) | (1,024) | ||||||||
Acquisition, shares | 47,412 | 47,412 | ||||||||
Net income | 94,735 | 94,735 | 1,999 | 96,734 | ||||||
Other comprehensive income | (56,440) | (56,440) | (212) | (56,652) | ||||||
Balance at Jun. 30, 2015 | $ 64 | $ (214,520) | 213,896 | 617,868 | (139,181) | 478,127 | 658 | $ 478,785 | ||
Balance, Number of Shares at Jun. 30, 2015 | 64,736,793 | (18,057,228) | 46,679,565 | 46,679,565 | ||||||
Issue of common stock that is redeemable for cash or other assets (Note 14) | $ 10 | 10 | $ 107,672 | $ 107,682 | ||||||
Issue of common stock that is redeemable for cash or other assets (Note 14), shares | 9,984,311 | 9,984,311 | ||||||||
Repurchase of common stock (Note 14) | $ (27,107) | $ (27,107) | $ (27,107) | |||||||
Repurchase of common stock (Note 14), shares | (2,426,704) | (2,426,704) | ||||||||
Restricted stock granted (Note 18), shares | 319,492 | 319,492 | ||||||||
Exercise of stock option (Note 18) | 3,762 | $ 3,762 | $ 3,762 | |||||||
Exercise of stock option (Note 18), shares | (323,645) | (323,645) | (323,645) | |||||||
Stock-based compensation charge (Note 18) | 3,598 | 3,598 | $ 3,598 | |||||||
Income tax benefit from vested stock awards | 67 | 67 | 67 | |||||||
Acquisition non-controlling interest (Note 3 And Note 14) | (1,308) | (1,308) | (37) | (1,345) | ||||||
Acquisition | 3,963 | 3,963 | 3,963 | |||||||
Acquisition, shares | 391,645 | 391,645 | ||||||||
Net income | 82,454 | 82,454 | 2,342 | 84,796 | ||||||
Other comprehensive income | (50,519) | (50,529) | (462) | (50,981) | ||||||
Balance at Jun. 30, 2016 | $ 74 | $ (241,627) | $ 223,978 | $ 700,322 | $ (189,700) | $ 493,047 | $ 107,672 | $ 2,501 | $ 603,220 | |
Balance, Number of Shares at Jun. 30, 2016 | 75,755,886 | (20,483,932) | 55,271,954 | 55,271,954 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
NET INCOME | $ 84,796 | $ 96,734 | $ 70,061 |
ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES: | |||
Depreciation and amortization | 40,394 | 40,685 | 40,286 |
Earnings from equity-accounted investments | (639) | (452) | (298) |
Fair value adjustment | 519 | 248 | (55) |
Interest payable | 1,829 | 1,283 | 2,100 |
Facility fee amortized | 138 | 208 | 738 |
Gain on release from accumulated other comprehensive income (Note 7) | (2,176) | ||
Gain on fair value of Transact24 (Note 3) | (1,909) | ||
Profit on disposal of property, plant and equipment | (286) | (296) | (434) |
Loss on deconsolidation of subsidiaries and business (Note 19) | 55 | ||
Stock-based compensation charge, net of forfeitures (Note 18) | 3,598 | 3,195 | 3,718 |
Fair value of BEE equity instruments granted (Note 17) | 11,268 | ||
(Increase) Decrease in accounts and finance loans receivable, and pre-funded grants receivable | (3,401) | 1,399 | (101,447) |
Decrease (Increase) in inventory | 1,001 | (3,846) | 780 |
(Decrease) Increase in accounts payable and other payables | (7,840) | (850) | 12,671 |
Increase in taxes payable | 763 | 606 | 5,523 |
Decrease in deferred taxes | (235) | (3,656) | (7,821) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 116,552 | 135,258 | 37,145 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures | (35,797) | (36,436) | (23,906) |
Proceeds from disposal of property, plant and equipment | 1,349 | 857 | 2,990 |
Acquisitions, net of cash acquired (Note 3) | (15,767) | ||
Acquisition of available for sale securities (Note 7) | (8,900) | ||
(Acquisition of equity of)/Capital reduction/ repayment of loan by equity-accounted investment | (13,200) | 539 | |
Proceeds from sale of business (Note 19) | 1,895 | 186 | |
Net cash outflow from sale of MediKredit (Note 19) | (669) | ||
Other investing activities, net | (5) | (29) | 570 |
Net change in settlement assets (Note 2) | 53,364 | (33,870) | 11,053 |
NET CASH USED IN INVESTING ACTIVITIES | (5,756) | (80,783) | (9,237) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from issue of common stock (Note 14 and 18) | 111,444 | 2,045 | 198 |
Acquisition of treasury stock (Note 14) | (26,637) | (9,151) | |
Acquisition of interests in non-controlling interests (Note 14) | (11,189) | (1,968) | |
Repayment of long-term borrowings (Note 13) | (8,716) | (14,128) | (87,008) |
Long-term borrowings obtained (Note 13) | 2,107 | 3,765 | 73,677 |
Sale of equity to non-controlling interest (Note 14) | 1,407 | ||
Dividends paid to non-controlling interest | (1,024) | ||
Payment of facility fee (Note 13) | (872) | ||
Proceeds from bank overdraft | 24,580 | ||
Repayment of bank overdraft | (23,335) | ||
Net change in settlement obligations (Note 2) | (53,364) | 33,870 | (11,053) |
NET CASH PROVIDED (USED IN) BY FINANCING ACTIVITIES | 13,645 | 16,784 | (25,781) |
Effect of exchange rate changes on cash | (18,380) | (12,348) | 2,880 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 106,061 | 58,911 | 5,007 |
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR | 117,583 | 58,672 | 53,665 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ 223,644 | $ 117,583 | $ 58,672 |
Description Of Business And Bas
Description Of Business And Basis Of Presentation | 12 Months Ended |
Jun. 30, 2016 | |
Description Of Business And Basis Of Presentation [Abstract] | |
Description Of Business And Basis Of Presentation | 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business Net 1 UEPS Technologies, Inc. ("Net1" and collectively with its consolidated subsidiaries, the "Company") was incorporated in the State of Florida on May 8, 1997. The Company provides payment solutions and transaction processing services across a wide range of industries and in various geographies. It has developed and markets a smart-card based alternative payment system for the unbanked and underbanked populations of developing economies. Its universal electronic payment system ("UEPS") uses biometrically secure smart cards that operate in real-time but offline, which allows users to enter into transactions at any time with other card holders in even the most remote areas. The Company also develops and provides secure transaction technology solutions and services, and offers transaction processing, financial and on-line real-time healthcare management solutions in the United States. The Company's technology is widely used in South Africa today, where it distributes pension and welfare payments to recipient cardholders in South Africa, provides financial services, processes debit and credit card payment transactions on behalf of retailers through its EasyPay system, processes value-added services such as bill payments and prepaid electricity for the major bill issuers and local councils in South Africa, processes third-party and associated payroll payments for employees and provides mobile telephone top-up transactions for the major South African mobile carriers. Through KSNET, the Company offers card processing, payment gateway ("PG") and banking value-added network services ("VAN") in South Korea. The Company has expanded its card issuing and acquiring capabilities through the acquisition of Transact24 in Hong Kong. The Company's Masterpayment subsidiary in Germany provides value added payment services to online retailers across Europe. Basis of presentation The accompanying consolidated financial statements include subsidiaries over which Net1 exercises control and have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). During the year ended June 30, 2016, the Company identified a balance sheet misclassification between current assets and long-term assets. The Company has restated these amounts in its consolidated balance sheet as of June 30, 2015, and has decreased its accounts receivable, net of allowances, and increased its other long-term assets by approximately $ 27.4 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2016 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES Principles of consolidation The financial statements of entities which are controlled by Net1, referred to as subsidiaries, are consolidated. Inter-company accounts and transactions are eliminated upon consolidation. The Company, if it is the primary beneficiary, consolidates entities which are considered to be variable interest entities ("VIE"). The primary beneficiary is considered to be the entity that will absorb a majority of the entity's expected losses, receive a majority of the entity's expected residual returns, or both. No Business combinations The Company accounts for its business acquisitions under the acquisition method of accounting. The total value of the consideration paid for acquisitions is allocated to the underlying net assets acquired, based on their respective estimated fair values. The Company uses a number of valuation methods to determine the fair value of assets and liabilities acquired, including discounted cash flows, external market values, valuations on recent transactions or a combination thereof, and believes that it uses the most appropriate measure or a combination of measures to value each asset or liability. Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Translation of foreign currencies The primary functional currency of the Company is the South African Rand ("ZAR") and its reporting currency is the U.S. dollar. The Company also has consolidated entities which have other currencies, primarily South Korean won ("KRW"), as their functional currency. Assets and liabilities are translated at the exchange rates in effect at the balance sheet date. Revenues and expenses are translated at average rates for the period. Translation gains and losses are reported in accumulated other comprehensive income in total equity. Foreign exchange transactions are translated at the spot rate ruling at the date of the transaction. Monetary items are translated at the closing spot rate at the balance sheet date. Transactional gains and losses are recognized in selling, general and administration expense on the Company's consolidated statement of operations for the period. Cumulative translation adjustment are released into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. Allowance for doubtful accounts receivable Allowance for doubtful finance loans receivable The Company regularly reviews the ageing of outstanding amounts due from borrowers and adjusts the allowance based on management's estimate of the recoverability of the finance loans receivable. The Company writes off finance loans receivable and related service fees if a borrower is in arrears with repayments for more than three months or dies. Allowance for doubtful accounts receivable A specific provision is established where it is considered likely that all or a portion of the amount due from customers renting point of sale ("POS") equipment, receiving support and maintenance or transaction services or purchasing licenses from the Company will not be recovered. Non-recoverability is assessed based on a review by management of the ageing of outstanding amounts, the location of the customer and the payment history in relation to those specific amounts. Inventory Inventory is valued at the lower of cost and market value. Cost is determined on a first-in, first-out basis and includes transport and handling costs. Equity-accounted investments The Company uses the equity method to account for investments in companies when it has significant influence but not control over the operations of the equity-accounted company. Under the equity method, the Company initially records the investment at cost and then adjusts the carrying value of the investment to recognize the proportional share of the equity-accounted company's net income or loss. In addition, when an investment qualifies for the equity method (as a result of an increase in the level of ownership interest or degree of influence), the cost of acquiring the additional interest in the investee is added to the current basis of the Company's previously held interest and the equity method would be applied subsequently from the date on which the Company obtains the ability to exercise significant influence over the investee. Any unrealized holding gains or losses in accumulated other comprehensive income related to an available for sale security that becomes eligible for the equity method are recognized in earnings as of the date on which the investment qualifies for the equity method. The Company does not recognize cumulative losses in excess of its investment or loans in an equity-accounted investment except if it has an obligation to provide additional financial support. Dividends received from an equity-accounted investment reduce the carrying value of the Company's investment. Leasehold improvement costs Costs incurred in the adaptation of leased properties to serve the requirements of the Company are capitalized and amortized over the shorter of the estimated useful life of the asset and the remaining term of the lease. Property , plant and equipment Property, plant and equipment are shown at cost less accumulated depreciation. Property, plant and equipment are depreciated on the straight-line basis at rates which are estimated to amortize the assets to their anticipated residual values over their useful lives. Within the following asset classifications, the expected economic lives are approximately: Computer equipment 3 to 8 years Office equipment 2 to 10 years Vehicles 3 to 8 years Furniture and fittings 3 to 10 years Buildings and structures 8 to 30 years Plant and equipment 5 to 10 years The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in income. Goodwill Goodwill represents the excess of the purchase price of an acquired enterprise over the fair values of the identifiable assets acquired and liabilities assumed. The Company tests for impairment of goodwill on an annual basis and at any other time if events or circumstances change that would more likely than not reduce the fair value of the reporting unit goodwill below its carrying amount. Circumstances that could trigger an impairment test include but are not limited to: a significant adverse change in the business climate or legal factors; an adverse action or assessment by a regulator; unanticipated competition; loss of key personnel; the likelihood that a reporting unit or significant portion of a reporting unit will be sold or otherwise disposed; and results of testing for recoverability of a significant asset group within a reporting unit. If the carrying amount of the reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss recorded in the statement of operations. Measurement of the fair value of a reporting unit is based on one or more of the following fair value measures: the amount at which the unit as a whole could be bought or sold in a current transaction between willing parties; present value techniques of estimated future cash flows; or valuation techniques based on multiples of earnings or revenue, or a similar performance measure. Intangible assets Intangible assets are shown at cost less accumulated amortization. Intangible assets are amortized over the following useful Customer relationships 1 to 15 years Software and unpatented technology 3 to 5 years FTS patent 10 years Exclusive licenses 7 years Trademarks 3 to 20 years Customer databases 3 years Intangible assets are periodically evaluated for recoverability, and those evaluations take into account events or circumstances that warrant revised estimates of useful lives or that indicate that impairment exists. Policy reserves and liabilities Reserves for future policy benefits and claims payable The Company determines its reserves for future policy benefits under its life insurance products using a model which estimates claims incurred that have not been reported at the balance sheet date. This model includes best estimate assumptions of experience plus prescribed margins, as required in the markets in which these products are offered, namely South Africa. The best estimate assumptions include those assumptions related to mortality, morbidity and claim reporting delays, and the main assumptions used to calculate the reserve for future policy benefits include (i) mortality and morbidity assumptions reflecting the company's most recent experience and (ii) claim reporting delays reflecting Company specific and industry experience. The values of matured guaranteed endowments were increased by late payment interest (net of the asset management fee and allowance for tax on investment income). Deposits on investment contracts For the Company's interest-sensitive life contracts, liabilities approximate the policyholder's account value. For deferred annuities, the fixed option on variable annuities, guaranteed investment contracts and other investment contracts, the liability is the policyholder's account value. Reinsurance contracts held The Company enters into reinsurance contracts with reinsurers under which the Company is compensated for the entire amount or a portion of losses arising on one The expected benefits to which the Company is entitled under its reinsurance contracts held are recognized as reinsurance assets. These assets consist of short-term balances due from reinsurers (classified within accounts receivable, net) as well as long-term receivables (classified within other long-term assets) that are dependent on the present value of expected claims and benefits arising net of expected premiums payable under the related reinsurance contracts. Amounts recoverable from or due to reinsurers are measured consistently with the amounts associated with the reinsured contracts and in accordance with the terms of each reinsurance contract. Reinsurance assets are assessed for impairment at each balance sheet date. If there is reliable objective evidence that amounts due may not be recoverable, the Company reduces the carrying amount of the reinsurance asset to its recoverable amount and recognizes that impairment loss in its condensed consolidated statement of operations. Reinsurance premiums are recognized when due for payment under each reinsurance contract. Redeemable common stock Common stock that is redeemable (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder, or (3) upon the occurrence of an event that is not solely within the control of Company is presented outside of total Net1 equity (i.e. permanent equity). Redeemable common stock is initially recognized at issuance date fair value and the Company does not adjust the issuance date fair value if redemption is not probable. The Company re-measures the redeemable common stock to the maximum redemption amount at the balance sheet date once redemption is probable. Reduction in the carrying amount of the redeemable common stock is only appropriate to the extent that the Company has previously recorded increases in the carrying amount of the redeemable equity instrument as the redeemable common stock may be not be carried at an amount that is less the initial amount reported outside of permanent equity. Redeemable common stock is reclassified as permanent equity when presentation outside permanent equity is no longer required (if, for example, a redemption feature lapses, or there is a modification of the terms of the instrument). The existing carrying amount of the redeemable common stock is reclassified to permanent equity at the date of the event that caused the reclassification and prior period consolidated financial statements are not adjusted. Sales taxes Revenue and expenses are presented net of sales, use and value added taxes, as the case may be. Revenue recognition The Company recognizes revenue when: there is persuasive evidence of an agreement or arrangement; delivery of products has occurred or services have been rendered; the seller's price to the buyer is fixed or determinable; and collectability is reasonably assured. The Company's principal revenue streams and their respective accounting treatments are discussed below: Fees Pension and welfare and South African participating merchants The Company provides a welfare benefit distribution service to the South African Social Security Agency ("SASSA"). Fee income received for these services is recognized in the statement of operations when distributions have been made to the recipient cardholders. Recipient cardholders are able to load their welfare grants at merchants enrolled in the Company's participating merchant system in certain provinces. There is no charge to the recipient cardholder to load the grant onto a smart card at the merchant location, however, a fee is charged to the merchant for purchases made at the merchant using the smart card. A fee is also charged to the merchant when the recipient cardholder makes a cash withdrawal. Fee income received for these services is recognized in the statement of operations when the transaction occurs. Fees related to management of card issuance programs and utilization of ATMs The Company manages card issuance programs and owns ATMs in South Africa from which it generates fee revenue. Fee revenue generated from card issuance programs includes interchange and other miscellaneous fees, which are recorded when cardholder transact at either a POS or an ATM. Fee revenue generated from utilization of ATMs includes cash withdrawal, balance enquiry, insufficient funds and other miscellaneous ATM fees which are recorded when an ATM user performs a transaction at an ATM. Card VAN, banking VAN and payment gateway Card VAN services consist of services relating to authorization of credit card transactions including transmission of transaction details ("authorization service"), and collection of receipts associated with the credit card transactions ("collection service"). With its authorization service, the Company connects credit card companies with merchants online when a customer uses his/her credit card via terminals installed at merchants' sites and the Company's central processing server for approval of credit card transactions. Immediately after approval of credit card transactions, the Company transmits details of the transactions to credit card companies online for processing payments. Collection service captures the transaction data and gathers receipts as documented evidence and provides them to credit card companies upon request. The Company earns service fees based on the number of transactions processed for credit card companies when services are rendered in accordance with the contracts entered into between credit card companies and the Company. The Company bills for its service charges to credit card companies each month. Each service could be provided either individually or collectively, based on terms of contracts. The Company charges commission fees to credit card companies for the authorization service provided based on the number of approvals transferred. The right to receive a service fee is due once a credit card transaction has been approved and details of the transaction are transmitted by the Company. Therefore, revenues from the authorization service are recognized when the credit card transactions are authorized and details of the transactions are transmitted. The Company earns a collection service fee once it has provided settled funds to the credit card companies. Therefore, revenue from the collection service is recognized when the Company collects the receipts and provides them to the card companies. For multiple-element arrangements, the Company has identified two VSOE generally exists only when the Company sells the deliverable separately and is the price actually charged by the Company for that deliverable. ESPs reflect the Company's best estimates of what the selling prices of elements would be if they were sold regularly on a stand-alone basis. Because the Company has neither VSOE nor TPE for the two deliverables, the allocation of revenue has been based on the Company's ESPs. Amounts allocated to the authorization and the collection service are recognized at the time of service, provided the other conditions for revenue recognition have been met. The Company's process for determining its ESP for deliverables without VSOE or TPE considers multiple factors that may vary depending upon the unique facts and circumstances related to each deliverable. Key factors considered by the Company in developing the ESPs include prices charged by the Company, historical pricing practices and controls, range of prices for various customers and the nature of the services. Consideration is also given to market conditions such as competitor pricing strategies and market perception. Banking VAN is a division supporting a company's fund management business (large payment transfers, collections, etc.) by relaying financial transactions between client companies and financial institutions. Financial transactions between two or more business enterprises, or between business enterprises and their customers, are conducted through the transaction-processing network established between the Company and the banks. Revenue from the banking VAN service is recognized when the service is rendered by the Company. With its PG service, the Company provides the Internet-based settlement service between an on-line shopping mall and a credit card company when a customer uses his/her credit card, debit card or on-line payment to pay for goods or services. The Company receives fees for carrying out settlements for electronic transactions. Revenue from the PG service is recognized when the service is rendered by the Company. Microlending service fee The Company provides short-term loans to customers in South Africa and charges and recognizes monthly service fee revenue under the contractual terms of the loan. The monthly service fee amount is fixed upon initiation and does not change over the term of the loan. Other fees and commissions The Company provides an automated payment collection service to third parties, for which it charges monthly fees. These fees are recognized in the statement of operations as the underlying services are performed. The Company provides medical-related claims adjudication, reconciliation and settlement services ("medical-related claim service") to customers, for which it charges fees. These fees are recognized in the statement of operations as the underlying services are performed. The Company sells prepaid electricity and recognizes a commission in its statement of operations once the prepaid electricity token has been delivered to the customer. Contract variations fees The Company records additional revenue from variations to contracts for the provision of welfare benefits, if: there is persuasive evidence of an agreement; collectability is reasonably assured; and all material terms and conditions of the agreement have been adhered to. Hardware and prepaid airtime voucher sales Revenue from hardware and airtime voucher sales is recognized when risk of loss has transferred to the customer and there are no unfulfilled Company obligations that affect the customer's final acceptance of the arrangement. Any cost of warranties and remaining obligations that are inconsequential or perfunctory are accrued when the corresponding revenue is recognized. The Company buys terminals from manufacturers, and subsequently sells them through its agencies. Revenue is recognized when significant risks and rewards of ownership of terminals have passed to the buyer, usually on delivery of the terminals to the buyer. To the extent that sales of hardware are made in an arrangement that includes software that is more than incidental, the Company considers post-contract maintenance and technical support or other future obligations which could impact the timing and amount of revenue recognized. Software Revenue from licensed software is recognized on a subscription basis over the period that the client is entitled to use the license. Revenue from the sale of software is recognized if all revenue recognition criteria have been met. Post-contract maintenance and technical support in respect of software is generally negotiated and sold as a separate service and is recognized over the period such items are delivered. Systems implementation projects The Company undertakes smart card system implementation projects. The hardware and software installed in these projects are in the form of customized systems, which ordinarily involve modification to meet the customer's specifications. Software delivered under such arrangements is available to the customer permanently, subject to the payment of annual license fees. Revenue for such arrangements is recognized under the percentage of completion method, save for annual license fees, which are recognized in the period to which they relate. Up-front and interim payments received are recorded as client deposits until customer acceptance. The Company's customer arrangements may have multiple deliverables. Generally, the Company's multiple element arrangements fall within the scope of specific accounting standards that provide guidance regarding the separation of elements in multiple-deliverable arrangements and the allocation of consideration among those elements. If not, the Company unbundles multiple element arrangements into separate units of accounting when the delivered element(s) has stand-alone value and fair value of the undelivered element(s) exists. Terminal rental income The Company leases terminals to merchants participating in its merchant acquiring system. Operating rental income is recognized monthly on a straight-line basis in accordance with the lease agreement. Other income Revenue from service and maintenance activities is charged to customers on a time-and-materials basis and is recognized in the statement of operations as services are delivered to customers. Research and development expenditure Research and development expenditure is charged to net income in the period in which it is incurred. During the years ended June 30, 2016, 2015 and 2014, the Company incurred research and development expenditures of $ 2.3 2.4 2.2 Computer software development Product development costs in respect of software intended for sale to licensees are expensed as incurred until technological feasibility is attained. Technological feasibility is attained when the Company's software has completed system testing and has been determined to be viable for its intended use. The time between the attainment of technological feasibility and completion of software development is generally short with immaterial amounts of development costs incurred during this period. Costs in respect of the development of software for the Company's internal use are expensed as incurred, except to the extent that these costs are incurred during the application development stage. All other costs including those incurred in the project development and post-implementation stages are expensed as incurred. Income taxes The Company provides for income taxes using the asset and liability method. This approach recognizes the amount of taxes payable or refundable for the current year, as well as deferred tax assets and liabilities for the future tax consequence of events recognized in the financial statements and tax returns. Deferred income taxes are adjusted to reflect the effects of changes in tax laws or enacted tax rates. The Company measured its South African income taxes and deferred income taxes for the years ended June 30, 2016, 2015 and 2014, using the enacted statutory tax rate in South Africa of 28 As of June 30, 2016, the Company intends to permanently reinvest its non-U.S. undistributed earnings of $ 414.2 In establishing the appropriate deferred tax asset valuation allowances, the Company assesses the realizability of its deferred tax assets, and based on all available evidence, both positive and negative, determines whether it is more likely than not that the deferred tax assets or a portion thereof will be realized. Reserves for uncertain tax positions are recognized in the financial statements for positions which are not considered more likely than not of being sustained based on the technical merits of the position on audit by the tax authorities. For positions that meet the more likely than not standard, the measurement of the tax benefit recognized in the financial statements is based upon the largest amount of tax benefit that, in management's judgement, is greater than 50 The Company's policy is to include interest related to unrecognized tax benefits in interest expense and penalties in selling, general and administration in the consolidated statements of operations. Stock-based compensation Stock-based compensation represents the cost related to stock-based awards granted. The Company measures equity-based stock-based compensation cost at the grant date, based on the estimated fair value of the award, and recognizes the cost as an expense on a straight-line basis (net of estimated forfeitures) over the requisite service period. In respect of awards with only service conditions that have a graded vesting schedule, the Company recognizes compensation cost on a straight-line basis over the requisite service period for the entire award. The forfeiture rate is estimated using historical trends of the number of awards forfeited prior to vesting. The expense is recorded in the statement of operations and classified based on the recipients' respective functions. The Company records deferred tax assets for awards that result in deductions on the Company's income tax returns, based on the amount of compensation cost recognized and the Company's statutory tax rate in the jurisdiction in which it will receive a deduction. Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the Company's income tax return are recorded in additional paid-in capital (if the tax deduction exceeds the deferred tax asset) or in the statement of operations (if the deferred tax asset exceeds the tax deduction and no additional paid-in capital exists from previous awards). Equity instruments issued to third parties Equity instruments issued to third parties represents the cost related to equity instruments granted. The Company measures this cost at the grant date, based on the estimated fair value of the award, and recognizes the cost as an expense on a straight-line basis (net of estimated forfeitures) over the requisite service period. The forfeiture rate is estimated based on the Company's expectation of the number of awards that will be forfeited prior to vesting. The Company records deferred tax assets for equity instrument awards that result in deductions on the Company's income tax returns, based on the amount of equity instrument cost recognized and the Company's statutory tax rate in the jurisdiction in which it will receive a deduction. Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the Company's income tax return are recorded in the statement of operations. Settlement assets and settlement obligations Settlement assets comprise (1) cash received from the South African government that the Company holds pending disbursement to recipient cardholders of social welfare grants and (2) cash received from customers on whose behalf the Company processes payroll payments that the Company will disburse to customer employees, payroll-related payees and other payees designated by the customer. Settlement obligations comprise (1) amounts that the Company is obligated to disburse to recipient cardholders of social welfare grants, and (2) amounts that the Company is obligated to pay to customer employees, payroll-related payees and other payees designated by the customer. The balances at each reporting date may vary widely depending on the timing of the receipts and payments of these assets and obligations. During fiscal 2016, and in prior financial years, certain bank accounts, cash in transit and funds in preparation for immediate access by grant beneficiaries, as well as the corresponding obligation to grant beneficiaries, were not included in settlement assets and obligations, primarily due to the reservation of ownership clause in the Company's agreement with SASSA and the assumption of total risk over the cash by the cash transfer service providers. In the course of the annual consideration of the Company's accounting practices and in the context of the increased and more diversified payment delivery channels arising from the Company's ATM and point of sale roll out, the Company has decided that its presentation would be enhanced by including these gross amounts in settlement assets and obligations. The Company has accordingly restated its balance sheet as of June 30, 2015 30.5 21.3 June 30, 2015 12.4 June 30, 2014 . Recent accounting pronouncements adopted In March 2016, the FASB issued guidance regarding Investments — Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting . The guidance simplifies the equity method of accounting by eliminating the requirement to retrospectively apply the equity method to an investment that subsequently qualifies for such accounting as a result of an increase in the level of ownership interest or degree of influence. Consequently, when an investment qualifies for the equity method (as a result of an increase in the level of ownership interest or degree of influence), the cost of acquiring the additional interest in the investee would be added to the current basis of the investor's previously held interest and the equity method would be applied subsequently from the date on which the investor obtains the ability to exercise significant influence over the investee. The guidance further requires that unrealized holding gains or losses in accumulated other comprehensive income related to an available for sale security that becomes eligible for the equity method be recognized in earnings as of the date on which the investment qualifies for the equity method. Early adoption is permitted. The guidance is effective for the Company beginning July 1, 2017, however the Company has early adopted the guidance, effective April 1, 2016. The adoption of this guidance did not have a material impact on the Company's financial statements. Recent accounting pronouncements not yet adopted as of June 30, 2016 In May 2014, the FASB issued guidance regarding Revenue from Contracts with Customers . This guidance requires an entity to recognize revenue when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The guidance was effective for the Company beginning July 1, 2017, however in August 2015, the FASB issued guidance regarding Revenue from Contracts with Customers, Deferral of the Effective Date . This guidance defers the required implementation date specified in Revenue from Contracts with Customers to December 2017. Public companies may elect to adopt the standard along the original timeline. The Company expects that this guidance may have a material impact on its financial statements and is currently evaluating the impact of this guidance on its financial statements on adoption. In August 2014, the FASB issued guidance regarding Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern . This guidance requires an entity to perform interim and annual assessments of its ability to continue as a going concern within one year of the date that its financial statements are issued. An entity must pro |
Acquisitions
Acquisitions | 12 Months Ended |
Jun. 30, 2016 | |
Acquisitions [Abstract] | |
Acquisitions | 3. ACQUISITIONS The cash paid, net of cash received related to the Company's various acquisitions during the years ended June 30, 2016, 2015 and 2014 are summarized in the table below: 2016 2015 2014 Transact24 Limited ("Transact24") $ 1,666 $ - $ - Masterpayment AG ("Masterpayment") 14,101 - - Total cash paid, net of cash received $ 15,767 $ - $ - 2016 acquisitions Transact24 Limited On January 20, 2016 56 3.0 391,645 4.0 44 May 2015 The Company elected to settle part of the purchase price in shares in order to appropriately align the T24 management team with the Company and its global strategy. The parties have agreed that 50 50 Masterpayment AG In April 2016, the Company acquired a 60 9.4 5.4 5,000 The final purchase price allocation of Transact24 and Masterpayment acquisitions, translated at the foreign exchange rates applicable on the date of acquisition, is provided in the table below: Transact24 Masterpayment Total Cash and cash equivalents $ 1,334 $ 665 $ 1,999 Accounts receivable 2,019 765 2,784 Property, plant and equipment, net 154 18 172 Deferred tax assets 1,070 - 1,070 Intangible assets (Note 9) 4,974 9,428 14,402 Goodwill (Note 9) 6,024 17,084 23,108 Accounts payables and other payables (1,898 ) (1,114 ) (3,012 ) Deferred tax liabilities (1,243 ) (2,236 ) (3,479 ) Fair value of assets and liabilities on acquisition 12,434 24,610 37,044 Less: fair value of equity-accounted investment, comprising: (5,471 ) - (5,471 ) Less: gain on re-measurement of previously held interest (1,908 ) - (1,908 ) Less: carrying value at the acquisition date (3,563 ) - (3,563 ) Less: fair value attributable to controlling interests on acquisition date . - (9,844 ) (9,844 ) Total purchase price $ 6,963 14,766 $ 21,729 Add: carrying value of non-controlling interests acquired 9,867 Add: adjustment to Net1 equity (Note 14) 1,322 Cash paid for non-controlling interest (Note 14) 11,189 Total consideration paid for Masterpayment $ 25,955 Pro forma results of operations have not been presented because the effect of the Transact24 and Masterpayment acquisitions, individually and in the aggregate, were not material to the Company. During the year ended June 30, 2016, the Company incurred acquisition-related expenditure of $ 0.2 3.8 0.03 2.4 0.04 2015 acquisitions None. 2014 acquisitions None. |
Pre-Funded Social Welfare Grant
Pre-Funded Social Welfare Grants Receivable | 12 Months Ended |
Jun. 30, 2016 | |
Pre-Funded Social Welfare Grants Receivable [Abstract] | |
Pre-Funded Social Welfare Grants Receivable | 4. PRE-FUNDED SOCIAL WELFARE GRANTS RECEIVABLE Pre-funded social welfare grants receivable represents amounts pre-funded by the Company to certain merchants participating in the merchant acquiring system. The July 2016 payment service commenced on July 1, 2016, but the Company pre-funded certain merchants participating in the merchant acquiring systems in the last two days of June 2016. The July 2015 payment service commenced on July 1, 2015, but the Company pre-funded certain merchants participating in the merchant acquiring systems in the last two days of June 2015. |
Accounts Receivable, Net And Fi
Accounts Receivable, Net And Finance Loans Receivable, Net | 12 Months Ended |
Jun. 30, 2016 | |
Accounts Receivable, Net And Finance Loans Receivable, Net [Abstract] | |
Accounts Receivable, Net And Finance Loans Receivable, Net | 5. ACCOUNTS RECEIVABLE, net and FINANCE LOANS RECEIVABLE, net Accounts receivable, net 2016 2015 (1) Accounts receivable, trade, net $ 57,563 $ 67,399 Accounts receivable, trade, gross 59,232 69,355 Allowance for doubtful accounts receivable, end of year 1,669 1,956 Beginning of year 1,956 1,313 Reversed to statement of operations (68 ) (61 ) Charged to statement of operations 388 1,580 Utilized (361 ) (654 ) Foreign currency adjustment (246 ) (222 ) Current portion of payments to agents in South Korea amortized over the contract period 26,572 25,998 Payments to agents in South Korea amortized over the contract period 52,469 53,431 Less: Payments to agents in South Korea amortized over the contract period included in other long-term assets (Note 1) 25,897 27,433 Other receivables 23,670 27,938 Total accounts receivable, net $ 107,805 $ 121,335 (1) – Receivables from the sale of prepaid products of $ 18,448 Receivables from customers renting POS equipment from the Company are included in accounts receivable, trade, and are stated net of an allowance for certain amounts that the Company's management has identified may be unrecoverable. Accounts receivable, trade, also includes amounts due from customers from the sale of hardware, software licenses and SIM cards and provision of transaction processing services. During the years ended June 30, 2016 and 2014, the Company recorded a bad debt expense of $ 1.2 0.6 no Finance loans receivable, net 2016 2015 Finance loans receivable, gross $ 41,503 $ 44,600 Allowance for doubtful finance loans receivable, end of year 4,494 4,227 Beginning of year 4,227 3,083 Charged to statement of operations 2,113 3,392 Utilized (1,105 ) (1,705 ) Foreign currency adjustment (741 ) (543 ) Total finance loans receivable, net $ 37,009 $ 40,373 The Company did no |
Inventory
Inventory | 12 Months Ended |
Jun. 30, 2016 | |
Inventory [Abstract] | |
Inventory | 6. INVENTORY The Company's inventory as of June 30, 2016 and 2015, is presented in the table below: 2016 2015 Finished goods $ 10,004 $ 12,979 $ 10,004 $ 12,979 |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 12 Months Ended |
Jun. 30, 2016 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | 7. FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value of financial instruments Initial recognition and measurement Financial instruments are recognized when the Company becomes a party to the transaction. Initial measurements are at cost, which includes transaction costs. Risk managemen t The Company seeks to reduce its exposure to currencies other than the South African rand through a policy of matching, to the extent possible, assets and liabilities denominated in those currencies. In addition, the Company uses financial instruments in order to economically hedge its exposure to exchange rate and interest rate fluctuations arising from its operations. The Company is also exposed to equity price and liquidity risks as well as credit risks. Currency exchange risk The Company is subject to currency exchange risk because it purchases inventories that it is required to settle in other currencies, primarily the euro and U.S. dollar. The Company has used forward contracts in order to limit its exposure in these transactions to fluctuations in exchange rates between the South African rand, on the one hand, and the U.S. dollar and the euro, on the other hand. Translation risk Translation risk relates to the risk that the Company's results of operations will vary significantly as the U.S. dollar is its reporting currency, but it earns most of its revenues and incurs most of its expenses in ZAR. The U.S. dollar to ZAR exchange rate has fluctuated significantly over the past three years. As exchange rates are outside the Company's control, there can be no assurance that future fluctuations will not adversely affect the Company's results of operations and financial condition. Interest rate risk As a result of its normal borrowing and leasing activities, the Company's operating results are exposed to fluctuations in interest rates, which it manages primarily through regular financing activities. The Company generally maintains limited investment in cash equivalents and has occasionally invested in marketable securities. Credit risk Credit risk relates to the risk of loss that the Company would incur as a result of non-performance by counterparties. The Company maintains credit risk policies with regard to its counterparties to minimize overall credit risk. These policies include an evaluation of a potential counterparty's financial condition, credit rating, and other credit criteria and risk mitigation tools as the Company's management deems appropriate. With respect to credit risk on financial instruments, the Company maintains a policy of entering into such transactions only with South African and European financial institutions that have a credit rating of BBB or better, as determined by credit rating agencies such as Standard & Poor's, Moody's and Fitch Ratings. UEPS-based microlending credit risk The Company is exposed to credit risk in its UEPS-based microlending activities, which provides unsecured short-term loans to qualifying customers. The Company manages this risk by performing an affordability test for each prospective customer and assigns a "creditworthiness score", which takes into account a variety of factors such as other debts and total expenditures on normal household and lifestyle expenses. Equity price and liquidity risk Equity price risk relates to the risk of loss that the Company would incur as a result of the volatility in the exchange-traded price of equity securities that it holds and the risk that it may not be able to liquidate these securities. The market price of these securities may fluctuate for a variety of reasons, consequently, the amount the Company may obtain in a subsequent sale of these securities may significantly differ from the reported market value. Liquidity risk relates to the risk of loss that the Company would incur as a result of the lack of liquidity on the exchange on which these securities are listed. The Company may not be able to sell some or all of these securities at one time, or over an extended period of time without influencing the exchange traded price, or at all. Financial instruments Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk including the Company's own credit risk. Fair value measurements and inputs are categorized into a fair value hierarchy which prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels which is determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are: Level 1 – inputs are based upon unadjusted quoted prices for identical instruments traded in active markets. Level 2 – inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – inputs are generally unobservable and typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. The following section describes the valuation methodologies the Company uses to measure financial assets and liabilities at fair value. Investments in common stock In general, and where applicable, the Company uses quoted prices in active markets for identical assets or liabilities to determine fair value. This pricing methodology would apply to Level 1 investments. If quoted prices in active markets for identical assets or liabilities are not available to determine fair value, then the Company uses quoted prices for similar assets and liabilities or inputs other than the quoted prices that are observable either directly or indirectly. These investments would be included in Level 2 investments. In circumstances in which inputs are generally unobservable, values typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. Investments valued using such techniques are included in Level 3 investments. Asset measured at fair value using significant unobservable inputs – investment in Finbond Group Limited ("Finbond") During the year ended June 30, 2016, the Company determined that it was able to exert significant influence on Finbond due to its representation on the board of directors (from April 2016) and the level of its shareholding. Accordingly, the Company has recognized its investment in Finbond using the equity method from April 1, 2016. Up until this date, the Company had no rights to participate in the financial, operating, or governance decisions made by Finbond. The Company also had no participation on Finbond's board of directors whether through contractual agreement or otherwise. Consequently, the Company had concluded that it did not have significant influence over Finbond and therefore equity accounting was not appropriate up until March 31, 2016, and Finbond was carried as an available for sale asset up until that date. The Company's ownership interest in Finbond as of June 30, 2016, was approximately 26 197,522,435 40,733,723 8.9 The Company's Level 3 asset as of June 30, 2015, represented an investment of 156,788,712 The fair value of these securities as of June 30, 2015, represented approximately 1 Derivative transactions - Foreign exchange contracts As part of the Company's risk management strategy, the Company enters into derivative transactions to mitigate exposures to foreign currencies using foreign exchange contracts. These foreign exchange contracts are over-the-counter derivative transactions. Substantially all of the Company's derivative exposures are with counterparties that have long-term credit ratings of BBB or better. The Company uses quoted prices in active markets for similar assets and liabilities to determine fair value (level 2). The Company has no derivatives that require fair value measurement under level 1 or 3 of the fair value hierarchy. The Company's outstanding foreign exchange contracts are as follows: As of June 30, 2016 Fair market Notional amount Strike price value price Maturity EUR 573,765.00 ZAR 15.9587 ZAR 16.3393 July 20, 2016 EUR 554,494.50 ZAR 16.0643 ZAR 16.4564 August 19, 2016 EUR 465,711.00 ZAR 16.1798 ZAR 16.582 September 20, 2016 EUR 393,675.00 ZAR 16.2911 ZAR 16.7017 October 20, 2016 EUR 302,368.50 ZAR 16.4085 ZAR 16.8301 November 21, 2016 As of June 30, 2015 Fair market Notional amount Strike price value price Maturity EUR 526,263.00 ZAR 15.1145 ZAR 13.6275 July 20, 2015 EUR 526,263.00 ZAR 15.2025 ZAR 13.7062 August 20, 2015 EUR 526,263.00 ZAR 15.2944 ZAR 13.7898 September 21, 2015 EUR 526,263.00 ZAR 15.3809 ZAR 13.8683 October 20, 2015 EUR 509,516.00 ZAR 15.4728 ZAR 13.9540 November 20, 2015 EUR 529,865.00 ZAR 15.5654 ZAR 14.0397 December 21, 2015 EUR 526,663.00 ZAR 15.6625 ZAR 14.1239 January 20, 2016 The following table presents the Company's assets measured at fair value on a recurring basis as of June 30, 2016, according to the fair value hierarchy: Quoted Price in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Assets Related to insurance business (included in other long-term assets): Cash and cash equivalents $ 533 $ - $ - $ 533 Foreign exchange contracts - 62 - 62 Other - 37 - 37 Total assets at fair value $ 533 $ 99 $ - $ 632 The following table presents the Company's assets and liabilities measured at fair value on a recurring basis as of June 30, 2015, according to the fair value hierarchy: Quoted Price in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Assets Related to insurance business (included in other long-term assets): Cash and cash equivalents $ 1,640 $ - $ - $ 1,640 Investment in Finbond (available for sale assets included in other long-term assets) - - 7,488 7,488 Other - 1,259 - 1,259 Total assets at fair value $ 1,640 $ 1,259 $ 7,488 $ 10,387 Liabilities Foreign exchange contracts $ - $ 452 $ - $ 452 Total liabilities at fair value $ - $ 452 $ - $ 452 Changes in the Company's investment in Finbond (Level 3 that are measured at fair value on a recurring basis) were insignificant during the years ended June 30, 2016 and 2015, respectively. During the year ended June 30, 2016, the Company determined that it was able to exert significant influence on Finbond and transferred the carrying value as of April 1, 2016, to equity-accounted investments. There have been no Trade, finance loans and other receivables Trade, finance loans and other receivables originated by the Company are stated at cost less allowance for doubtful accounts receivable. The fair value of trade, finance loans and other receivables approximate their carrying value due to their short-term nature. Trade and other payables The fair values of trade and other payables approximates their carrying amounts, due to their short-term nature. Assets and liabilities measured at fair value on a nonrecurring basis The Company measures its assets at fair value on a nonrecurring basis when they are deemed to be other-than-temporarily impaired. The Company has no liabilities that are measured at fair value on a nonrecurring basis. The Company reviews the carrying values of its assets when events and circumstances warrant and considers all available evidence in evaluating when declines in fair value are other-than-temporary. The fair values of the Company's assets are determined using the best information available, and may include quoted market prices, market comparables, and discounted cash flow projections. An impairment charge is recorded when the cost of the assets exceeds its fair value and the excess is determined to be other-than-temporary. The Company has not recorded any impairment charges during the reporting periods presented herein. The Company owns 25 10 none |
Property, Plant And Equipment,
Property, Plant And Equipment, Net | 12 Months Ended |
Jun. 30, 2016 | |
Property, Plant And Equipment, Net [Abstract] | |
Property, Plant And Equipment, Net | 8. PROPERTY, PLANT AND EQUIPMENT, net Summarized below is the cost, accumulated depreciation and carrying amount of property, plant and equipment as of June 30, 2016 and 2015: 2016 2015 Cost: Land $ 851 $ 869 Building and structures 467 477 Computer equipment 130,998 121,033 Furniture and office equipment 7,262 6,295 Motor vehicles 15,368 17,660 Plant and equipment - - 154,946 146,334 Accumulated depreciation: Land - - Building and structures 151 134 Computer equipment 81,423 75,681 Furniture and office equipment 5,048 4,901 Motor vehicles 13,347 13,298 Plant and equipment - - 99,969 94,014 Carrying amount: Land 851 869 Building and structures 316 343 Computer equipment 49,575 45,352 Furniture and office equipment 2,214 1,394 Motor vehicles 2,021 4,362 Plant and equipment - - $ 54,977 $ 52,320 |
Goodwill And Intangible Assets,
Goodwill And Intangible Assets, Net | 12 Months Ended |
Jun. 30, 2016 | |
Goodwill And Intangible Assets, Net [Abstract] | |
Goodwill And Intangible Assets, Net | 9 . GOODWILL AND INTANGIBLE ASSETS, net Goodwill Summarized below is the movement in the carrying value of goodwill for the years ended June 30, 2016, 2015 and 2014: Gross Accumulated Carrying value impairment value Balance as of July 1, 2013 218,558 (42,752 ) 175,806 Loss on liquidation of Net1 Universal Electronic Technologies (Austria) GmbH and associated entities ("Net1 UTA") (Note 19 ) (44,445 ) 44,445 - Foreign currency adjustment (1) 12,463 (1,693 ) 10,770 Balance as of June 30, 2014 186,576 - 186,576 Foreign currency adjustment (1) (20,139 ) - (20,139 ) Balance as of June 30, 2015 166,437 - 166,437 Acquisition of Transact24 (Note 3) 6,024 - 6,024 Acquisition of Masterpayment (Note 3) 17,084 - 17,084 Foreign currency adjustment (1) (10,067 ) - (10,067 ) Balance as of June 30, 2016 $ 179,478 $ - $ 179,478 (1) – the foreign currency adjustment represents the effects of the fluctuations between the South African rand, Euro and the Korean won, and the U.S. dollar on the carrying value. Goodwill associated with the acquisition of Transact24 and Masterpayment represents the excess of cost over the fair value of acquired net assets. The Transact24 and Masterpayment goodwill is not deductible for tax purposes. See Note 3 for the allocation of the purchase price to the fair value of acquired net assets. Transact24 and Masterpayment have both been allocated to the Company's International transaction processing operating segment. The Company assesses the carrying value of goodwill for impairment annually, or more frequently, whenever events occur and circumstances change indicating potential impairment. The Company performs its annual impairment test as of June 30 of each year. The results of our impairment tests during the year ended June 30, 2016 and 2015, indicated that the fair value of the Company's reporting units exceeded their carrying values and therefore the Company's reporting units were not at risk of potential impairment. Goodwill has been allocated to the Company's reportable segments as follows: South Financial African International inclusion and transaction transaction applied Carrying processing processing technologies value Balance as of June 30, 2014 $ 28,517 $ 128,427 $ 29,632 $ 186,576 Foreign currency adjustment (1) (3,938 ) (12,908 ) (3,293 ) (20,139 ) Balance as of June 30, 2015 24,579 115,519 26,339 166,437 Acquisition of Transact24 (Note 3) - 6,024 - 6,024 Acquisition of Masterpayment (Note 3) - 17, 084 - 17,084 Foreign currency adjustment (1) (4,154 ) (2,442 ) (3,471 ) (10,067 ) Balance as of June 30, 2016 $ 20,425 $ 136,185 $ 22,868 $ 179,478 (1) – the foreign currency adjustment represents the effects of the fluctuations between the South African rand, Euro and the Korean won, and the U.S. dollar on the carrying value. Intangible assets, net Summarized below is the fair value of intangible assets acquired, translated at the exchange rate applicable as of the relevant acquisition dates, and the weighted-average amortization period: Weighted- Fair value Average as of Amortization acquisition period (in date years) Finite-lived intangible asset: Transact24 customer relationships $ 3,749 5 Masterpayment customer relationships 6,595 5 Transact24 software and unpatented technology 1,225 3 Masterpayment software and unpatented technology 1,765 3 Masterpayment trademarks $ 1,068 5 The Company recognized a deferred tax liability of approximately $ 3.5 The Company assesses the carrying value of intangible assets for impairment whenever events occur or circumstances change indicating that the carrying amount of the intangible asset may not be recoverable. No Summarized below is the carrying value and accumulated amortization of intangible assets as of June 30, 2016 and 2015: As of June 30, 2016 As of June 30, 2015 Gross Net Gross Net carrying Accumulated carrying carrying Accumulated carrying value amortization value value amortization value Finite-lived intangible assets: Customer relationships (1) 94,529 $ (51,557 ) $ 42,972 $ 88,109 $ (45,312 ) $ 42,797 Software and unpatented technology (1) 31,452 (28,791 ) 2,661 29,964 (28,323 ) 1,641 FTS patent 2,592 (2,592 ) - 3,119 (3,119 ) - Exclusive licenses 4,506 (4,506 ) - 4,506 (4,506 ) - Trademarks (1) 6,685 (3,762 ) 2,923 6,094 (3,408 ) 2,686 Total finite-lived intangible assets . $ 139,764 $ (91,208 ) $ 48,556 $ 131,792 $ (84,668 ) $ 47,124 (1) Includes the trademarks acquired in the Masterpayment acquisition as well as the customer relationships and software and unpatented technology acquired as part of the Transact24 and Masterpayment acquisition in January 2016 and April 2016, respectively Amortization expense charged for the years to June 30, 2016, 2015 and 2014 was $ 11.2 19.4 16.6 Future estimated annual amortization expense for the next five fiscal years, assuming exchange rates prevailing on June 30, 2016, is presented in the table below. Actual amortization expense in future periods could differ from this estimate as a result of acquisitions, changes in useful lives, exchange rate fluctuations and other relevant factors. 2017 $ 11,919 2018 11,305 2019 10,686 2020 9,986 2021 4,315 Thereafter $ 345 |
Reinsurance Assets And Policy H
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts | 12 Months Ended |
Jun. 30, 2016 | |
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts [Abstract] | |
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts | 10. REINSURANCE ASSETS AND POLICY HOLDER LIABILITIES UNDER INSURANCE AND INVESTMENT CONTRACTS Assets and policy holder liabilities under investment contracts Summarized below is the movement in assets and policy holder liabilities under investment contracts during the years ended June 30, 2016 and 2015: Assets (1) Investment contracts (2) Balances acquired on July 1, 2014 $ 688 $ (688 ) Foreign currency adjustment (3) (95 ) 95 Balance as of June 30, 2015 $ 593 $ (593 ) Increase in policy holder benefits under investment contracts 35 (35 ) Foreign currency adjustment (3) (100 ) 100 Balance as of June 30, 2016 $ 528 $ (528 ) (1) Included in other long-term assets Included in other long-term liabilities (3) The foreign currency adjustment represents the effects of the fluctuations between the ZAR against the U.S. dollar. The Company does not offer any investment products with guarantees related to capital or returns. Reinsurance assets and policy holder liabilities under insurance contracts Summarized below is the movement in reinsurance assets and policy holder liabilities under insurance contracts during the years ended June 30, 2016 and 2015: Reinsurance Insurance assets (1) contracts (2) Balances acquired on July 1, 2014 $ 21,062 $ (21,478 ) Claims and policyholders' benefits under insurance contracts 30 (55 ) Transfer to reinsurer (3) (18,000 ) 18,000 Foreign currency adjustment (4) (2,909 ) 2,966 Balance as of June 30, 2015 183 (567 ) Increase in policy holder benefits under insurance contracts 463 (1,408 ) Claims and policyholders' benefits under insurance contracts (444 ) 801 Foreign currency adjustment (4) (31 ) 96 Balance as of June 30, 2016 $ 171 $ (1,078 ) (1) Included in other long-term assets (2) Included in other long-term liabilities (3) Smart Life has agreed to transfer certain fully reinsured policies to the reinsurer pursuant to conditions imposed by the South African Financial Service Board to uplift the suspension of its life insurance license. (4) The foreign currency adjustment represents the effects of the fluctuations between the ZAR against the U.S. dollar. The Company has agreements with reinsurance companies in order to limit its losses from large insurance contracts, however, if the reinsurer is unable to meet its obligations, the Company retains the liability. |
Other Payables
Other Payables | 12 Months Ended |
Jun. 30, 2016 | |
Other Payables [Abstract] | |
Other Payables | 11. OTHER PAYABLES Summarized below is the breakdown of other payables as of June 30, 2016 and 2015: 2016 2015 Accruals $ 12,588 $ 14,484 Provisions 10,461 17,015 Other 7,981 9,361 Value-added tax payable 5,022 3,327 Payroll-related payables 992 1,008 Participating merchants settlement obligation 435 400 $ 37,479 $ 45,595 |
Short-Term Facilities
Short-Term Facilities | 12 Months Ended |
Jun. 30, 2016 | |
Short-Term Facilities [Abstract] | |
Short-Term Facilities | 12 . SHORT-TERM FACILITIES South Africa The aggregate amount of the Company's short-term South African credit facility with Nedbank Limited is up to ZAR 400 27.1 200 13.5 200 13.5 50 3.4 150 10.1 9.35 0.35 As of each of June 30, 2016 and 2015, respectively, the Company had no 131.1 8.9 150 139.6 11.4 South Korea The Company obtained a one year KRW 10 billion short-term overdraft facility from Hana Bank, a South Korean bank, in January 2014 one more January 2017 3.31 no 10.0 8.7 |
Long-Term Borrowings
Long-Term Borrowings | 12 Months Ended |
Jun. 30, 2016 | |
Long-Term Borrowings [Abstract] | |
Long-Term Borrowings | 13. LONG-TERM BORROWINGS In October 2013, the Company refinanced its long-term South Korean credit facility and signed a new five three 60.0 52.0 15 13.0 10.0 8.7 The Facility A and B loans were fully drawn on October 29, 2013, and used to repay KRW 75.0 70.6 92.4 87.0 17.4 16.4 1.1 1.0 2.2 2.1 The Company drew approximately KRW 2.5 2.1 4.0 3.8 51.8 Interest on the loans and revolving credit facility is payable quarterly and is based on the South Korean CD rate in effect from time to time plus a margin of 3.10 2.90 1.61 4.71 0.3 The Company paid facilities fees of approximately KRW 0.9 0.9 0.1 0.2 0.3 0.4 2.6 3.6 4.8 The Facility A loan is repayable in three 10 8.7 30 October 29, 2018 three The loans under the Facilities Agreement are secured by a pledge by Net1 Korea of its entire equity interest in KSNET and a pledge by the immediate parent of Net1 Korea (also one of the Company's subsidiaries) of its entire equity interest in Net1 Korea. The Facilities Agreement contains customary covenants that require Net1 Korea to maintain agreed leverage and debt service coverage ratios and restricts Net1 Korea's ability to make certain distributions with respect to its capital stock, prepay other debt, encumber its assets, incur additional indebtedness, or engage in certain business combinations. The loans under the Facilities Agreement are without recourse to, and the covenants and other agreements contained therein do not apply to, the Company or any of the Company's subsidiaries (other than Net1 Korea). |
Common Stock
Common Stock | 12 Months Ended |
Jun. 30, 2016 | |
Common Stock [Abstract] | |
Common Stock | 14. COMMON STOCK Common stock Holders of shares of Net1's common stock are entitled to receive dividends and other distributions when declared by Net1's board of directors out of legally available funds. Payment of dividends and distributions is subject to certain restrictions under the Florida Business Corporation Act, including the requirement that after making any distribution Net1 must be able to meet its debts as they become due in the usual course of its business. Upon voluntary or involuntary liquidation, dissolution or winding up of Net1, holders of common stock share ratably in the assets remaining after payments to creditors and provision for the preference of any preferred stock according to its terms. There are no pre-emptive or other subscription rights, conversion rights or redemption or scheduled installment payment provisions relating to shares of common stock. All of the outstanding shares of common stock are fully paid and non-assessable. Each holder of common stock is entitled to one The Company's number of shares, net of treasury, presented in the consolidated balance sheets and consolidated statement of changes in equity includes participating non-vested equity shares (specifically contingently returnable shares) as described below in Note 18"—Amended and Restated Stock Incentive Plan—Restricted Stock—General Terms of Awards". The following table presents reconciliation between the number of shares, net of treasury, presented in the consolidated statement of changes in equity and the number of shares, net of treasury, excluding non-vested equity shares that have not vested during the years ended June 30, 2016, 2015 and 2014: 2016 2015 2014 Number of shares, net of treasury: Statement of changes in equity – common stock 55,271,954 46,679,565 47,819,299 Less: Non-vested equity shares that have not vested as of end of year (Note 18) 589,447 341,529 385,778 Number of shares, net of treasury excluding non-vested equity shares that have not vested 54,682,507 46,338,036 47,433,521 Redeemable common stock issued pursuant to transaction with the IFC Investors Holders of redeemable common stock have all the rights of enjoyed by holders of common stock, however, holders of redeemable common stock have additional contractual rights. On April 11, 2016, the Company entered into a Subscription Agreement (the "Subscription Agreement") with International Finance Corporation, IFC African, Latin American and Caribbean Fund, LP, IFC Financial Institutions Growth Fund, LP, and Africa Capitalization Fund, Ltd. (collectively, the "IFC Investors"). Under the Subscription Agreement, the IFC Investors purchased, and the Company sold in the aggregate, approximately 9.98 0.001 10.79 107.7 The Company has entered into a Policy Agreement with the IFC Investors (the "Policy Agreement"). The material terms of the Policy Agreement are described below. Board Rights For so long as the IFC Investors in aggregate beneficially own shares representing at least 5 2.5 Registration Rights The Company has agreed to grant certain registration rights to the IFC Investors for the resale of their shares of the Company's common stock, including filing a resale shelf registration statement and taking certain actions to facilitate resales thereunder. Put Option Each Investor will have the right, upon the occurrence of specified triggering events, to require the Company to repurchase all of the shares of its common stock purchased by the IFC Investors pursuant to the Subscription Agreement (or upon exercise of their preemptive rights discussed below). Events triggering this put right relate to (1) the Company being the subject of a governmental complaint alleging, a court judgment finding or an indictment alleging that the Company (a) engaged in specified corrupt, fraudulent, coercive, collusive or obstructive practices; (b) entered into transactions with targets of economic sanctions; or (c) failed to operate its business in compliance with anti-money laundering and anti-terrorism laws; or (2) the Company rejecting a bona fide offer to acquire all of its outstanding Common Stock at a time when it has in place or implements a shareholder rights plan, or adopting a shareholder rights plan triggered by a beneficial ownership threshold of less than twenty 60 Preemptive Rights For so long as the IFC Investors hold in aggregate 5 Common stock repurchases Executed under share repurchase authorizations During November and December 2015, the Company repurchased an aggregate of 749,213 11.2 100 1,677,491 15.9 2,426,704 27.1 The share repurchase authorization will be used at management's discretion, subject to limitations imposed by SEC Rule 10b-18 and other legal requirements and subject to price and other internal limitations established by the Board. Repurchases will be funded from the Company's available cash. Share repurchases may be made through open market purchases, privately negotiated transactions, or both. There can be no assurance that the Company will purchase any shares or any particular number of shares. The authorization may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, liquidity and other factors that management deems appropriate. The Company did no On June 29, 2016, the Company adopted a Rule 10b5-1 plan for the purpose of repurchasing approximately $ 50 100 Other repurchases During the year ended June 30, 2015, the Company entered into a Subscription and Sale of Shares Agreement with Business Venture Investments No 1567 Proprietary Limited (RF) ("BVI"), one of the Company's BEE partners, in preparation for any new potential SASSA tender. Pursuant to the agreement: (i) the Company repurchased BVI's remaining 1,837,432 97.4 9.2 12.5 15.0 1.4 2,428,122 24.9 December 2013 Black Economic Empowerment transactions On December 10, 2013, the Company entered into definitive agreements relating to two 4,400,000 2.4 Salient terms of the BEE Relationship Agreements Pursuant to Relationship Agreements between the Company and its BEE partners, the Company sold an aggregate of 4,400,000 60.00 75 25 The Relationship Agreements provided for the entire purchase price for the BEE shares to be financed through a five The loans bore interest at a rate equal to the Johannesburg Interbank Rate plus 300 10 15 120.00 Upon the occurrence of certain "trigger events" with respect to a BEE partner, the BEE shares held by that BEE partner may be repurchased by the Company or one of its designees. These trigger events include the following: failure by the BEE partner to pay any amount due on its loan (including interest) to the lender (in this case, the Company may repurchase only that number of shares which would raise sufficient funds to settle any amount due and unpaid); any other breach by the BEE partner (or in certain circumstances its shareholders) of any provision of the Relationship Agreement, including without limitation, its failure to maintain its BEE status; the Company's common stock trades at or below ZAR 60.00 Nasdaq; the occurrence of certain insolvency events or liquidation proceedings affecting the BEE partner; or the BEE partner fails to satisfy any judgment or arbitration award granted or made against it within 7 If the trigger event involved a failure by a BEE partner to pay any amount due on its loan, then the repurchase price is the volume-weighted average price of the Company's common stock on the Nasdaq for the period of 30 The Company's share price exceeded ZAR 120.00 2,428,122 109.98 The BEE shares are contractually restricted as to resale for a period of five Acquisition of non-controlling interests During the year ended June 30, 2016, the Company acquired all of the issued share capital of Masterpayment and Smart Life that it did not previously own for approximately $ 11.2 0.001 2.0 no 1.3 1.5 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 12 Months Ended |
Jun. 30, 2016 | |
Accumulated Other Comprehensive (Loss) Income [Abstract] | |
Accumulated Other Comprehensive (Loss) Income | 15. ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME The table below presents the change in accumulated other comprehensive (loss) income per component during years ended June 30, 2016, 2015 and 2014: Accumulated Net unrealized Accumulated income (loss) Foreign on asset currency available for translation sale, net of reserve tax Total ' 000 ' 000 ' 000 Balance as of July 1, 2013 $ (101,188 ) $ 330 $ (100,858 ) Movement in foreign currency translation reserve 13,552 - 13,552 Release of foreign currency translation reserve related to sale/ liquidation of businesses 4,277 - 4,277 Unrealized gain on asset available for sale, net of tax of $ 112 - 288 288 Balance as of June 30, 2014 (83,359 ) 618 (82,741 ) Movement in foreign currency translation reserve (56,862 ) - (56,862 ) Unrealized gain on asset available for sale, net of tax of $ 97 - 422 422 Balance as of June 30, 2015 (140,221 ) 1,040 (139,181 ) Movement in foreign currency translation reserve (49,479 ) - (49,479 ) Unrealized gain on asset available for sale, net of tax of $ 159 - 692 692 Release of gain on asset available for sale, net of taxes of $ 444 - (1,732 ) (1,732 ) Balance as of June 30, 2016 $ (189,700 ) $ - $ (189,700 ) The Company released a gain of approximately $ 2.2 0.4 no no 4.3 no |
Revenue
Revenue | 12 Months Ended |
Jun. 30, 2016 | |
Revenue [Abstract] | |
Revenue | 16. REVENUE 2016 2015 2014 Services rendered – comprising mainly fees and commissions $ 514,847 $ 536,046 $ 518,297 Loan-based fees received 47,117 62,235 33,560 Sale of goods – comprising mainly hardware and software sales 28,785 27,698 29,799 $ 590,749 $ 625,979 $ 581,656 Services rendered – comprising mainly fees and commissions for the year ended June 30, 2014, includes a once-off receipt of $ 26.6 no |
Equity Instruments Issued Pursu
Equity Instruments Issued Pursuant To BEE Transactions | 12 Months Ended |
Jun. 30, 2016 | |
Equity Instruments Issued Pursuant To BEE Transactions [Abstract] | |
Equity Instruments Issued Pursuant To BEE Transactions | 17. EQUITY INSTRUMENTS ISSUED PURSUANT TO BEE TRANSACTIONS 2014 transactions On April 16, 2014, the Company issued 4,400,000 11.3 The fair value of the loans provided to the BEE partners was determined to be their face value. The fair value of the equity instruments was calculated utilizing an adjusted Monte Carlo simulation discounted cash flow model which was developed for the purpose of the valuation of these BEE transactions. Cash flows were calculated for each simulated share price path, taking into account the bespoke features of the BEE transactions, as well as the expected interest and capital repayments (funded through the expected sales of BEE shares). The "adjustment" to the Monte Carlo simulation model incorporates a "jump diffusion" process to the standard Geometric Brownian Motion simulation, in order to capture the discontinuous share price jumps observed in the Company's share price movements on stock exchanges on which it is listed. Therefore, the simulated share price paths capture the idiosyncrasies of the observed Company share price movements. For each simulation, the resulting expected cash flows were discounted to the valuation date. The Company used an expected volatility of 21.04 five 7.90 30 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Jun. 30, 2016 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 18. STOCK-BASED COMPENSATION Amended and Restated Stock Incentive Plan The Company's Amended and Restated 2015 Stock Incentive Plan (the "Plan") was most recently amended and restated on November 11, 2015, after approval by shareholders. No evergreen provisions are included in the Plan. This means that the maximum number of shares issuable under the Plan is fixed and cannot be increased without shareholder approval, the plan expires by its terms upon a specified date, and no new stock options are awarded automatically upon exercise of an outstanding stock option. Shareholder approval is required for the repricing of awards or the implementation of any award exchange program. The Plan permits Net1 to grant to its employees, directors and consultants incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, performance-based awards and other awards based on its common stock. The Remuneration Committee of the Company's Board of Directors ("Remuneration Committee") administers the Plan. The total number of shares of common stock issuable under the Plan is 11,052,580 569,120 569,120 20 subject to awards which terminate or lapse without the payment of consideration may be granted again under the Plan. Shares delivered to the Company as part or full payment for the exercise of an option or to satisfy withholding obligations upon the exercise of an option may be granted again under the Plan in the Remuneration Committee's discretion. No awards may be granted under the Plan after August 19, 2025, but awards granted on or before such date may extend to later dates. Options General Terms of Awards Option awards are generally granted with an exercise price equal to the market price of the Company's stock at the date of grant, with vesting conditioned upon the recipient's continuous service through the applicable vesting date and expire 10 years after the date of grant. The options generally become exercisable in accordance with a vesting schedule ratably over a period of three years from the date of grant. The Company issues new shares to satisfy stock option award exercises but may also use treasury shares. Valuation Assumptions No 250 no 2015 2014 Expected volatility 60 % 50 % Expected dividends 0 % 0 % Expected life (in years) 3 3 Risk-free rate 1.0 % 0.9 % Restricted Stock General Terms of Awards Shares of restricted stock are considered to be participating non-vested equity shares (specifically contingently returnable shares) for the purposes of calculating earnings per share (refer to Note 21) because, as discussed in more detail below, the recipient is obligated to transfer any unvested restricted stock back to the Company for no consideration and these shares of restricted stock are eligible to receive non-forfeitable dividend equivalents at the same rate as common stock. Restricted stock generally vests ratably over a three year period, with vesting conditioned upon the recipient's continuous service through the applicable vesting date and under certain circumstances, the achievement of certain performance targets, as described below. Restricted stock awarded to non-employee directors and employees of the Company vests ratably over a three-year period. Recipients are entitled to all rights of a shareholder of the Company except as otherwise provided in the restricted stock agreements. These rights include the right to vote and receive dividends and/or other distributions. However, the restricted stock agreements generally prohibit transfer of any nonvested and forfeitable restricted stock. If a recipient ceases to be a member of the Board of Directors or an employee for any reason, all shares of his restricted stock that are not then vested and nonforfeitable will be immediately forfeited and transferred to the Company for no consideration. The Company issues new shares to satisfy restricted stock awards. Valuation Assumptions The fair value of restricted stock is based on the closing price of the Company's stock quoted on The Nasdaq Global Select Market on the date of grant. Market Conditions - Restricted Stock Granted in August and November 2014 In August and November 2014, respectively, the Remuneration Committee approved an award of 127,626 71,530 30 19.41 20 11.23 Market Conditions - Restricted Stock Granted in August and November 2014 (continued) The 127,626 and 71,530 shares of restricted stock are effectively forward starting knock-in barrier options with a strike price of zero In scenarios where the shares do not vest, the final vested value at maturity is zero 76.01 three 1.27 no 63.73 three 1.21 no Performance Conditions - Restricted Stock Granted in August 2015 In August 2015, the Remuneration Committee approved an award of 301,537 One-third of the shares will vest if the Company achieves 2018 Fundamental EPS of $ 2.88 Two-thirds of the shares will vest if the Company achieves 2018 Fundamental EPS of $ 3.30 All of the shares will vest if the Company achieves 2018 Fundamental EPS of $ 3.76 At levels of 2018 Fundamental EPS greater than $ 2.88 3.76 3.30 Stock Appreciation Rights The Remuneration Committee also may grant stock appreciation rights, either singly or in tandem with underlying stock options. Stock appreciation rights entitle the holder upon exercise to receive an amount in any combination of cash or shares of common stock (as determined by the Remuneration Committee) equal in value to the excess of the fair market value of the shares covered by the right over the grant price. No stock appreciation rights have been granted. Stock option and restricted stock activity Options The following table summarizes stock option activity for the years ended June 30, 2016, 2015 and 2014: Weighted Average Weighted Weighted Remaining Aggregate Average average Contractual Intrinsic Grant Number of exercise Term Value Date Fair shares price ($) (in years) ($' 000 ) Value ($) Outstanding – July 1, 2013 2,648,583 15.15 5.98 313 Granted under Plan: August 2013 224,896 7.35 10.00 568 2.53 Exercised (26,667 ) 7.00 91 Forfeited (136,420 ) 23.51 - Outstanding – June 30, 2014 2,710,392 14.16 5.38 3,909 Granted under Plan: August 2014 464,410 11.23 10.00 2,113 4.55 Exercised (773,633 ) 8.35 3,845 Outstanding – June 30, 2015 2,401,169 15.34 4.74 11,516 Exercised (323,645 ) 11.62 2,669 Outstanding – June 30, 2016 2,077,524 15.92 3.65 926 The following table presents stock options vesting and expecting to vest as of June 30, 2016: Weighted Weighted Average average Remaining Aggregate exercise Contractual Intrinsic Number of price Term Value shares ($) (in years) ($' 000 ) Vested and expecting to vest – June 30, 2016 2,077,524 15.92 3.65 926 These options have an exercise price range of $ 7.35 24.46 The following table presents stock options that are exercisable as of June 30, 2016: Weighted Average Weighted Remaining Aggregate average Contractual Intrinsic Number of exercise Term Value shares price ($) (in years) ($' 000 ) Exercisable – June 30, 2016 1,692,952 17.17 2.66 728 During the years ended June 30, 2016, 2015 and 2014, approximately 373,435 330,967 462,333 3.8 323,645 2.0 201,395 572,238 336,584 0.2 26,667 136,420 no Restricted stock The following table summarizes restricted stock activity for the years ended June 30, 2016, 2015 and 2014: Number of Weighted Shares of Average Grant Restricted Date Fair Value Stock ($' 000 ) Non-vested – July 1, 2013 405,226 4,393 Granted – August 2013 187,963 1,382 Vested – August 2013 (16,907 ) 161 Vested – February 2014 (183,333 ) 1,742 Total vested (200,240 ) Forfeitures (7,171 ) 84 Non-vested – June 30, 2014 385,778 3,534 Granted – August 2014 141,707 581 Granted – November 2014 71,530 229 Total granted 213,237 Vested – August 2014 (74,152 ) 828 Vested – February 2015 (183,334 ) 2,400 Total vested (257,486 ) Non-vested – June 30, 2015 341,529 1,759 Granted – August 2015 319,492 6,406 Vested – August 2015 (71,574 ) 1,435 Non-vested – June 30, 2016 589,447 7,622 The fair value of restricted stock vested during the years ended June 30, 2016, 2015 and 2014, was $ 1.4 3.2 1.9 7,171 Stock-based compensation charge and unrecognized compensation cost The Company has recorded a net stock compensation charge of $3.6 million, $3.2 million and $3.7 million for the years ended June 30, 2016, 2015 and 2014, respectively, which comprised: Allocated to cost of goods sold, IT Allocated to Total processing, selling, charge servicing general and (reversal) and support administration Year ended June 30, 2016 Stock-based compensation charge $ 3,598 $- $ 3,598 Total – year ended June 30, 2016 $ 3,598 $- $ 3,598 Year ended June 30, 2015 Stock-based compensation charge $ 3,195 $- $ 3,195 Total – year ended June 30, 2015 $ 3,195 $- $ 3,195 Year ended June 30, 2014 Stock-based compensation charge $ 3,724 $- $ 3,724 Reversal of stock compensation charge related to restricted stock forfeited (6 ) - (6 ) Total – year ended June 30, 2014 $ 3,718 $- $ 3,718 The stock compensation charge and reversals have been allocated to cost of goods sold, IT processing, servicing and support and selling, general and administration based on the allocation of the cash compensation paid to the employees. As of June 30, 2016, the total unrecognized compensation cost related to stock options was approximately $ 0.8 2.4 Tax consequences The Company has recorded a deferred tax asset of approximately $ 1.8 1.4 |
Deconsolidation Of Businesses S
Deconsolidation Of Businesses Sold Or Liquidated And Disposal Of Business | 12 Months Ended |
Jun. 30, 2016 | |
Deconsolidation Of Businesses Sold Or Liquidated And Disposal Of Business [Abstract] | |
Deconsolidation Of Businesses Sold Or Liquidated And Disposal Of Business | 19. DECONSOLIDATION OF BUSINESSES SOLD OR LIQUIDATED AND DISPOSAL OF BUSINESS The profit (loss) on deconsolidation of businesses sold or liquidated and disposal of business during the years ended June 30, 2016, 2015 and 2014 are summarized in the table below: 2016 2015 2014 Profit on sale of MediKredit Integrated Healthcare Solutions Proprietary Limited ("MediKredit") $ - $ - $ 4,125 Profit on disposal of assets related to the business of Net 1 Universal Electronic Technological Solutions (Pty) Ltd ("NUETS business") - - 2,081 Loss on liquidation of Net1 UTA - - (6,261 ) Net profit (loss) for the year ended June 30, $ - $ - $ (55 ) 2014 transactions Sale of MediKredit On June 17, 2014, the Company sold its MediKredit subsidiary to an unrelated third party. The Company has recorded a profit of approximately $4.1 million related to the sale in selling, general and administration expense on its consolidated statement of operations for the year ended June 30, 2014. The profit has been allocated to corporate/eliminations. The sales price will be paid in three 57 14 0.3 2.0 0.01 The purchaser is contingently obligated to pay the Company additional amounts based on future expansion of the MediKredit business in certain circumstances. The Company has no Disposal of assets related to NUETS business On June 30, 2014, the Company sold the NUETS business, which consisted primarily of customer contracts, other than contracts for UEPS systems in Botswana and Namibia, and equipment for approximately $ 2.2 0.2 1.9 0.06 Liquidation of Net1 UTA The Company had substantially liquidated its Net1 UTA business during the year ended June 30, 2014, due to an inability to implement and expand its technology into new markets on a profitable basis. Net1 UTA's operations were streamlined a number of years ago and the Company did not incur significant cash costs to liquidate Net1 UTA. However, the Company was required to release approximately $6.3 million from its foreign currency transaction reserve which has resulted in a loss on liquidation of Net1 UTA. This non-cash loss on liquidation of Net1 UTA has been recorded in selling, general and administration expense on its consolidated statement of operations for the year ended June 30, 2014. The loss has been allocated to corporate/eliminations. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | 20. INCOME TAXES Income tax provision The table below presents the components of income before income taxes for the years ended June 30, 2016, 2015 and 2014: 2016 2015 2014 South Africa $ 119,097 $ 137,138 $ 121,338 United States (5,915 ) (7,286 ) (9,923 ) Other 13,055 10,566 (2,273 ) Income before income taxes $ 126,237 $ 140,418 $ 109,142 Presented below is the provision for income taxes by location of the taxing jurisdiction for the years ended June 30, 2016, 2015 and 2014: 2016 2015 2014 Current income tax $ 88,807 $ 48,795 $ 61,902 South Africa 31,815 39,901 41,326 United States 50,750 3,109 14,838 Other 6,242 5,785 5,738 Deferred taxation (benefit) charge (161 ) (2,292 ) (7,887 ) South Africa 3,044 398 (3,345 ) United States (274 ) 485 (107 ) Other (2,931 ) (3,175 ) (4,435 ) Capital gains tax - - 202 Foreign tax credits generated – United States (46,566 ) (2,367 ) (14,838 ) Income tax provision $ 42,080 $ 44,136 $ 39,379 There were no significant capital gains taxes paid during the years ended June 30, 2016, 2015 and 2014. There were no The movement in the valuation allowance for the year ended June 30, 2016, relates primarily to an increase in the valuation allowance resulting from the generation of unused foreign tax credits during the year. The movement in the valuation allowance for the year ended June 30, 2015, relates primarily to the release of the valuation allowance resulting from the utilization of foreign tax credits during the year. The movement in the valuation allowance for the year ended June 30, 2014, relates to releases of the valuation allowance resulting from the utilization of foreign tax credits during the year and deconsolidation of net operating loss carryforwards for MediKredit. Net1 included actual and deemed dividends received from one of its South African subsidiaries in its years ended June 30, 2016, 2015 and 2014, taxation computation. Net1 applied net operating losses against this income. Net1 generated foreign tax credits as a result of the inclusion of the dividends in its taxable income. Net1 has applied certain of these foreign tax credits against its current income tax provision for the year ended June 30, 2016, 2015 and 2014. A reconciliation of income taxes, calculated at the fully-distributed South African income tax rate to the Company's effective tax rate, for the years ended June 30, 2016, 2015 and 2014 is as follows: 2016 2015 2014 Income tax rate reconciliation: Income taxes at fully-distributed South African tax rates 28.00 % 28.00 % 28.00 % Non-deductible items 0.38 % 2.36 % 4.71 % Foreign tax rate differential 7.42 % 0.06 % 1.89 % Foreign tax credits (36.88 %) (1.68 %) (13.59 %) Taxation on deemed dividends in the United States 34.60 % 3.46 % 13.46 % Capital gains tax paid 0.00 % 0.00 % 0.19 % Movement in valuation allowance (0.09 %) (0.08 %) 1.23 % Prior year adjustments (0.09 %) (0.69 %) 0.19 % Income tax provision 33.34 % 31.43 % 36.08 % Net1 received substantial dividends from one of its South African subsidiaries during the year ended June 30, 2016, which resulted in an increase in the amount of foreign tax credits generated and an increase in taxation on dividends received. A portion of these foreign tax credits generated were not used during the year and a valuation allowance has been created for unused foreign tax credits. The non-deductible items during the year ended June 30, 2015, include primarily legal and consulting fees incurred that are not deductible for tax purposes. The non-deductible items during the year ended June 30, 2014, relates principally to expenses that are not deductible for tax purposes, including the charge related to the equity awards issued pursuant to the Company's BEE transactions, stock-based compensation charges, costs incurred to support foreign related entities and interest expense. The foreign tax rate differential represents the difference between statutory tax rates in South Africa and foreign jurisdictions, primarily the United States. Deferred tax assets and liabilities Deferred income taxes reflect the temporary differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The primary components of the temporary differences that gave rise to the Company's deferred tax assets and liabilities as of June 30, and their classification, were as follows: 2016 2015 Total deferred tax assets Net operating loss carryforwards $ 1,982 $ 1,216 Provisions and accruals 4,245 5,653 FTS patent 496 691 Intangible assets 733 616 Foreign tax credits 36,750 20,212 Other 7,448 7,330 Total deferred tax assets before valuation allowance 51,654 35,718 Valuation allowances (38,834 ) (22,550 ) Total deferred tax assets, net of valuation allowance 12,820 13,168 Total deferred tax liabilities: Intangible assets 11,799 11,510 Other 6,624 4,924 Total deferred tax liabilities 18,423 16,434 Reported as Current deferred tax assets 6,956 7,298 Long term deferred tax liabilities 12,559 10,564 Net deferred income tax liabilities $ 5,603 $ 3,266 Increase in total deferred tax liabilities Intangible assets Deferred tax liabilities – intangible assets have moderately increased during the year ended June 30, 2016, primarily as a result of the purchase of intangible assets identified in the Transact24 and Masterpayment acquisitions, partially offset by the amortization of the KSNET intangible assets during the year. Foreign tax credits and valuation allowances The increase in foreign tax credits as of June 30, 2016, resulted from the generation of foreign tax credits associated with the dividends received by Net1 during the year ended June 30, 2016. A portion of these foreign tax credits generated were not fully utilized during the year ended June 30, 2016. Accordingly, a valuation allowance has been created for all of these unused foreign tax credits. Increase in valuation allowance At June 30, 2016, the Company had deferred tax assets of $12.8 million (2015: $13.2 million), net of the valuation allowance. Management believes, based on the weight of available positive and negative evidence it is more likely than not that the Company will realize the benefits of these deductible differences, net of the valuation allowance. However, the amount of the deferred tax asset considered realizable could be adjusted in the future if estimates of taxable income are revised. At June 30, 2016, the Company had a valuation allowance of $38.9 million (2015: $22.6 million) to reduce its deferred tax assets to estimated realizable value. The movement in the valuation allowance for the years ended June 30, 2016 and 2015, is presented below: Net Foreign Tax operating tax deductible loss carry- FTS Total credits goodwill forwards patent Other July 1, 2014 $ 25,153 $ 23,337 $- $ 1,244 $ 369 $ 203 Reversed to statement of operations (3,126 ) (3,126 ) - - - - Charged to statement of operations 794 - - - - 794 Utilized (128 ) - - (128 ) - - Foreign currency adjustment (143 ) - - (28 ) (115 ) - June 30, 2015 22,550 20,211 - 1,088 254 997 Charged to statement of operations 16,537 16,537 - - - - Utilized (128 ) - - (128 ) - - Foreign currency adjustment (125 ) - - (29 ) (96 ) - June 30, 2016 $ 38,834 $ 36,748 $- $ 931 $ 158 $ 997 Net operating loss carryforwards and foreign tax credits United States As of June 30, 2016, Net1 had net operating loss carryforwards that will expire, if unused, as follows: Year of expiration U.S. net operating loss carry forwards 2025 $ 2,608 During the year ended June 30, 2016 and 2015, Net1 generated additional foreign tax credits related to the cash dividends received. Net1 had no Uncertain tax positions As of June 30, 2016 and 2015, the Company has unrecognized tax benefits of $ 1.9 2.3 The following is a reconciliation of the total amounts of unrecognized tax benefits for the year ended June 30, 2016, 2015 and 2014: 2016 2015 2014 Unrecognized tax benefits - opening balance $ 2,322 $ 1,160 $ 1,150 Gross decreases - tax positions in prior periods (609 ) - - Gross increases - tax positions in current period 641 1,311 38 Lapse of statute limitations - - - Foreign currency adjustment (424 ) (149 ) (28 ) Unrecognized tax benefits - closing balance $ 1,930 $ 2,322 $ 1,160 As of June 30, 2016 and 2015, the Company had accrued interest related to uncertain tax positions of approximately $ 0.1 0.3 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 21. EARNINGS PER SHARE The Company has issued redeemable common stock (refer to Note 14) which is redeemable at an amount other than fair value. Redemption of a class of common stock at other than fair value increases or decreases the carrying amount of the redeemable common stock and is reflected in basic earnings per share using the two-class method. There were no redemptions of common stock, or adjustments to the carrying value of the redeemable common stock during the years ended June 30, 2016, 2015 or 2014. Accordingly the two-class method presented below does not include the impact of any redemption. Basic earnings per share include shares of restricted stock that meet the definition of a participating security because these shares are eligible to receive non-forfeitable dividend equivalents at the same rate as common stock. Basic earnings per share have been calculated using the two-class method and basic earnings per share for the years ended June 30, 2016, 2015 and 2014, reflects only undistributed earnings. The computation below of basic earnings per share excludes the net income attributable to shares of unvested restricted stock (participating non-vested restricted stock) from the numerator and excludes the dilutive impact of these unvested shares of restricted stock from the denominator. Diluted earnings per share has been calculated to give effect to the number of shares of additional common stock that would have been outstanding if the potential dilutive instruments had been issued in each period. Stock options are included in the calculation of diluted earnings per share utilizing the treasury stock method and are not considered to be participating securities as the stock options do not contain non-forfeitable dividend rights. The calculation of diluted earnings per share includes the dilutive effect of a portion of the restricted stock granted to employees in October 2010, November 2010, February 2012, August 2014 and November 2014 as these shares of restricted stock are considered contingently returnable shares for the purposes of the diluted earnings per share calculation and the vesting conditions in respect of a portion of the restricted stock had been satisfied. The vesting conditions are discussed in Note 18. The following table presents net income attributable to Net1 (income from continuing operations) and the share data used in the basic and diluted earnings per share computations using the two-class method for the years ended June 30, 2016, 2015 and 2014: 2016 2015 2014 (in thousands except percent and per share data) Numerator: Net income attributable to Net1 $ 82,454 $ 94,735 $ 70,111 Undistributed earnings 82,454 94,735 70,111 Percent allocated to common shareholders (Calculation 1) 99 % 99 % 99 % Numerator for earnings per share: basic and diluted $ 81,370 $ 93,750 $ 69,376 Denominator: Denominator for basic earnings per share: weighted-average common shares outstanding 47,234 46,247 45,997 Effect of dilutive securities: Stock options 242 152 119 Denominator for diluted earnings per share: adjusted weighted average common shares outstanding and assumed conversion 47,476 46,399 46,116 Earnings per share: Basic $ 1.72 $ 2.03 $ 1.51 Diluted $ 1.71 $ 2.02 $ 1.50 (Calculation 1) Basic weighted-average common shares outstanding (A) 47,234 46,247 45,997 Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B) 47,863 46,733 46,484 Percent allocated to common shareholders (A) / (B) 99 % 99 % 99 % Options to purchase 1,597,751 11.23 24.46 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Jun. 30, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | 22. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information The following table presents the supplemental cash flow disclosures for the years ended June 30, 2016, 2015 and 2014: 2016 2015 2014 Cash received from interest $ 15,262 $ 16,399 $ 14,703 Cash paid for interest $ 3,439 $ 4,360 $ 6,969 Cash paid for income taxes $ 42,123 $ 45,459 $ 42,417 Financing activities Treasury shares, at cost included in the Company's consolidated balance sheet as of June 30, 2016, includes 47,056 0.5 As discussed in Note 3, on January 20, 2016, the Company issued 391,645 4.0 56 As discussed in Note 18, during the year ended June 30, 2015, employees exercised stock options through the delivery 336,584 13.93 The cash flows associated with the December 2013 BEE transactions and buy back of shares from the BEE partners as described in Note 14 were all denominated in South African rand and net settled and there were no actual cash flow transactions between the parties. The Company would have recorded the following movements in its investing and financing activities in its consolidated statement of cash flows for the year ended June 30, 2014, if cash had actually flowed between the parties as follows: 2014 Cash (used in ) provided by investing activities: Loans provided to BEE partners $ (25,054 ) Loans repaid by BEE partners $ 24,574 Cash provided by (used in) financing activities: Issue of shares of the Company's common stock to BEE partners $ 25,054 Purchase of shares from BEE partners $ (24,858 ) In addition, the equity instrument charges discussed in Note 17 and expensed during the year ended June 30, 2014 are book entries and were not paid in cash. |
Operating Segments
Operating Segments | 12 Months Ended |
Jun. 30, 2016 | |
Operating Segments [Abstract] | |
Operating Segments | 23. OPERATING SEGMENTS Operating segments The Company discloses segment information as reflected in the management information systems reports that its chief operating decision maker uses in making decisions and to report certain entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets or reports material revenues. The Company currently has three The South African transaction processing segment currently consists mainly of a welfare benefit distribution service provided to the South African government and transaction processing for retailers, utilities, medical-related claim service customers and banks. Fee income is earned based on the number of recipient cardholders paid. Utility providers and banks are charged a fee for transaction processing services performed on their behalf at retailers. This segment has individually significant customers that each provides more than 10 one 21 one 24 one 27 The International transaction processing segment consists mainly of activities in South Korea from which the Company generates revenue from the provision of payment processing services to merchants and card issuers through its VAN. This segment generates fee revenue from the provision of payment processing services and to a lesser extent from the sale of goods, primarily point of sale terminals, to customers in South Korea. Fees generated from payment services processing and other processing activities by Transact24 and Masterpayment are included in this segment. Finally, the segment includes start up costs related to ZAZOO in the United Kingdom and India and generates transaction fee revenue from transaction processing of UEPS-enabled smartcards in Botswana. The Financial inclusion and applied technologies segment derives revenue from the provision of short-term loans as a principal and the provision of smart card accounts, as a fixed monthly fee per card is charged for the maintenance of these accounts. This segment also includes fee income and associated expenses from merchants and card holders using the Company's merchant acquiring system, the sale of prepaid products (electricity and airtime) as well as the sale of hardware and software. Finally, the Company earns premium income from the sale of life insurance products and investment income through its insurance business. Corporate/eliminations includes the Company's head office cost center and the amortization of acquisition-related intangible assets. The $ 1.9 2.2 The reconciliation of the reportable segments revenue to revenue from external customers for the years ended June 30, 2016, 2015 and 2014, respectively, is as follows: Revenue From Reportable Inter external Segment segment customers South African transaction processing $ 212,574 $ 17,615 $ 194,959 International transaction processing 169,807 - 169,807 Financial inclusion and applied technologies 249,403 23,420 225,983 Total for the year ended June 30, 2016 631,784 41,035 590,749 South African transaction processing $ 236,452 $ 20,521 $ 215,931 International transaction processing 164,554 - 164,554 Financial inclusion and applied technologies 272,600 27,106 245,494 Total for the year ended June 30, 2015 673,606 47,627 625,979 South African transaction processing 261,577 11,543 250,034 International transaction processing 152,725 - 152,725 Financial inclusion and applied technologies 207,595 28,698 178,897 Total for the year ended June 30, 2014 621,897 40,241 581,656 The Company does not allocate interest income, interest expense or income tax expense to its reportable segments. The Company evaluates segment performance based on segment operating income before acquisition-related intangible asset amortization which represents operating income before acquisition-related intangible asset amortization and allocation of expenses allocated to Corporate/Eliminations, all under GAAP. The reconciliation of the reportable segments measure of profit or loss to income before income taxes for the years ended June 30, 2016, 2015 and 2014, respectively, is as follows: For the years ended June 30, 2016 2015 2014 Reportable segments measure of profit or loss $ 129,774 $ 150,538 $ 144,038 Operating income: Corporate/Eliminations (15,406 ) (22,019 ) (42,240 ) Interest income 15,292 16,355 14,817 Interest expense (3,423 ) (4,456 ) (7,473 ) Income before income taxes $ 126,237 $ 140,418 $ 109,142 The following tables summarize segment information which is prepared in accordance with GAAP for the years ended June 30, 2016, 2015 and 2014: For the years ended June 30, 2016 2015 2014 Revenues South African transaction processing $ 212,574 $ 236,452 $ 261,577 International transaction processing 169,807 164,554 152,725 Financial inclusion and applied technologies 249,403 272,600 207,595 Total 631,784 673,606 621,897 Operating income (loss) South African transaction processing 51,386 51,008 61,401 International transaction processing 23,389 26,805 21,952 Financial inclusion and applied technologies 54,999 72,725 60,685 Subtotal: Operating segments 129,774 150,538 144,038 Corporate/Eliminations (15,406 ) (22,019 ) (42,240 ) Total 114,368 128,519 101,798 Depreciation and amortization South African transaction processing 6,157 7,093 7,036 International transaction processing 21,852 17,846 15,823 Financial inclusion and applied technologies 1,158 808 874 Subtotal: Operating segments 29,167 25,747 23,733 Corporate/Eliminations 11,227 14,938 16,553 Total 40,394 40,685 40,286 Expenditures for long-lived assets South African transaction processing 5,101 7,008 3,425 International transaction processing 28,029 28,205 19,393 Financial inclusion and applied technologies 2,667 1,223 1,088 Subtotal: Operating segments 35,797 36,436 23,906 Corporate/Eliminations - - - Total $ 35,797 $ 36,436 $ 23,906 The segment information as reviewed by the chief operating decision maker does not include a measure of segment assets per segment as all of the significant assets are used in the operations of all, rather than any one, of the segments. The Company does not have dedicated assets assigned to a particular operating segment. Accordingly, it is not meaningful to attempt an arbitrary allocation and segment asset allocation is therefore not presented. It is impractical to disclose revenues from external customers for each product and service or each group of similar products and services. Geographic Information Revenues based on the geographic location from which the sale originated for the years ended June 30, are presented in the table below: 2016 2015 2014 South Africa $ 422,022 $ 461,425 $ 428,931 South Korea 158,609 160,853 146,667 Rest of world 10,118 3,701 6,058 Total $ 590,749 $ 625,979 $ 581,656 Long-lived assets based on the geographic location for the years ended June 30, are presented in the table below: Long-lived assets 2016 2015 (1) 2014 (1) South Africa $ 69,213 $ 72,467 $ 105,627 South Korea 221,459 230,109 253,147 Rest of world 49,105 20,058 6,593 Total $ 339,777 $ 322,634 $ 365,367 (1) As described in Note 1, during the year ended June 30, 2016, the Company identified a balance sheet misclassification between current assets and long-term assets. Long-lived assets for fiscal 2015 and 2014, have been restated, and have increased by $27.4 million and $ 23.3 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Jun. 30, 2016 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 24. COMMITMENTS AND CONTINGENCIES Operating lease commitments The Company leases certain premises. At June 30, 2016, the future minimum payments under operating leases consist of: Due within 1 year $ 5,334 Due within 2 years $ 3,258 Due within 3 years $ 790 Due within 4 years $ 89 Due within 5 years $ - Operating lease payments related to the premises and equipment were $ 8.0 6.8 7.5 Capital commitments As of June 30, 2016 and 2015, the Company had outstanding capital commitments of approximately $ 0.1 3.4 Purchase obligations As of June 30, 2016 and 2015, the Company had purchase obligations totaling $ 3.1 5.0 Guarantees The South African Revenue Service and certain of the Company's customers, suppliers and other business partners have asked the Company to provide them with guarantees, including standby letters of credit, issued by a South African bank. The Company is required to procure these guarantees for these third parties to operate its business. Nedbank has issued guarantees to these third parties amounting to ZAR 127.4 8.6 127.4 8.6 0.4 2.0 The Company has not recognized any obligation related to these counter-guarantees in its consolidated balance sheet as of June 30, 2016. The maximum potential amount that the Company could pay under these guarantees is ZAR 127.4 8.6 Contingencies The Company is subject to a variety of insignificant claims and suits that arise from time to time in the ordinary course of business. Management currently believes that the resolution of these matters, individually or in the aggregate, will not have a material adverse impact on the Company's financial position, results of operations and cash flows. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 25. RELATED PARTY TRANSACTIONS As described in Note 3, the Company has acquired all of the outstanding and issued ordinary shares in Transact24 that it did not own in January 2016 and commenced consolidating Transact24 from that date. Transact24 had an existing relationship in place between itself and a company controlled by the spouse of Transact24's Managing Director at the time of the Transact24 acquisition. This arrangement therefore was also in place before the Managing Director became an executive officer of the Company. This relationship was disclosed to the Company during the due diligence process and has been considered by the Company's management to be critical to the ongoing operations of Transact24. The company controlled by the spouse of the managing director performs transaction processing and Transact24 provides technical and administration services to the company. The Company has recorded revenue of approximately $ 1.9 0.1 0.4 |
Unaudited Quarterly Results
Unaudited Quarterly Results | 12 Months Ended |
Jun. 30, 2016 | |
Unaudited Quarterly Results [Abstract] | |
Unaudited Quarterly Results | 26. UNAUDITED QUARTERLY RESULTS The following tables contain selected unaudited consolidated statements of operations information for each quarter of fiscal 2016 and 2015: Three months ended Year ended Jun 30, Mar 31, Dec 31, Sep 30, June 30, 2016 2016 2015 2015 2016 (In thousands except per share data) Revenue $ 151,259 $ 134,736 $ 150,281 $ 154,473 $ 590,749 Operating income 32,183 26,191 24,779 31,215 114,368 Net income attributable to Net1 $ 24,356 $ 18,420 $ 16,658 $ 23,020 $ 82,454 Net income per share, in United States dollars Basic earnings attributable to Net1 shareholders $ 0.48 $ 0.40 $ 0.35 $ 0.49 $ 1.72 Diluted earnings attributable to Net1 shareholders $ 0.47 $ 0.39 $ 0.35 $ 0.48 $ 1.71 Three months ended Year ended Jun 30, Mar 31, Dec 31, Sep 30, June 30, 2015 2015 2014 2014 2015 (In thousands except per share data) Revenue $ 164,286 $ 151,121 $ 154,131 $ 156,441 $ 625,979 Operating income 32,613 31,966 30,815 33,125 128,519 Net income attributable to Net1 $ 23,914 $ 24,358 $ 22,374 $ 24,089 $ 94,735 Net income per share, in United States dollars Basic earnings attributable to Net1 shareholders $ 0.51 $ 0.52 $ 0.48 $ 0.51 $ 2.03 Diluted earnings attributable to Net1 shareholders $ 0.51 $ 0.52 $ 0.48 $ 0.51 $ 2.02 |
Significant Accounting Polici34
Significant Accounting Policies (Policy) | 12 Months Ended |
Jun. 30, 2016 | |
Significant Accounting Policies [Abstract] | |
Principles Of Consolidation | Principles of consolidation The financial statements of entities which are controlled by Net1, referred to as subsidiaries, are consolidated. Inter-company accounts and transactions are eliminated upon consolidation. The Company, if it is the primary beneficiary, consolidates entities which are considered to be variable interest entities ("VIE"). The primary beneficiary is considered to be the entity that will absorb a majority of the entity's expected losses, receive a majority of the entity's expected residual returns, or both. No |
Business Combinations | Business combinations The Company accounts for its business acquisitions under the acquisition method of accounting. The total value of the consideration paid for acquisitions is allocated to the underlying net assets acquired, based on their respective estimated fair values. The Company uses a number of valuation methods to determine the fair value of assets and liabilities acquired, including discounted cash flows, external market values, valuations on recent transactions or a combination thereof, and believes that it uses the most appropriate measure or a combination of measures to value each asset or liability. |
Use Of Estimates | Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Translation Of Foreign Currencies | Translation of foreign currencies The primary functional currency of the Company is the South African Rand ("ZAR") and its reporting currency is the U.S. dollar. The Company also has consolidated entities which have other currencies, primarily South Korean won ("KRW"), as their functional currency. Assets and liabilities are translated at the exchange rates in effect at the balance sheet date. Revenues and expenses are translated at average rates for the period. Translation gains and losses are reported in accumulated other comprehensive income in total equity. Foreign exchange transactions are translated at the spot rate ruling at the date of the transaction. Monetary items are translated at the closing spot rate at the balance sheet date. Transactional gains and losses are recognized in selling, general and administration expense on the Company's consolidated statement of operations for the period. Cumulative translation adjustment are released into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. |
Allowance For Doubtful Accounts Receivable | Allowance for doubtful accounts receivable Allowance for doubtful finance loans receivable The Company regularly reviews the ageing of outstanding amounts due from borrowers and adjusts the allowance based on management's estimate of the recoverability of the finance loans receivable. The Company writes off finance loans receivable and related service fees if a borrower is in arrears with repayments for more than three months or dies. Allowance for doubtful accounts receivable A specific provision is established where it is considered likely that all or a portion of the amount due from customers renting point of sale ("POS") equipment, receiving support and maintenance or transaction services or purchasing licenses from the Company will not be recovered. Non-recoverability is assessed based on a review by management of the ageing of outstanding amounts, the location of the customer and the payment history in relation to those specific amounts. |
Inventory | Inventory Inventory is valued at the lower of cost and market value. Cost is determined on a first-in, first-out basis and includes transport and handling costs. |
Equity-Accounted Investments | Equity-accounted investments The Company uses the equity method to account for investments in companies when it has significant influence but not control over the operations of the equity-accounted company. Under the equity method, the Company initially records the investment at cost and then adjusts the carrying value of the investment to recognize the proportional share of the equity-accounted company's net income or loss. In addition, when an investment qualifies for the equity method (as a result of an increase in the level of ownership interest or degree of influence), the cost of acquiring the additional interest in the investee is added to the current basis of the Company's previously held interest and the equity method would be applied subsequently from the date on which the Company obtains the ability to exercise significant influence over the investee. Any unrealized holding gains or losses in accumulated other comprehensive income related to an available for sale security that becomes eligible for the equity method are recognized in earnings as of the date on which the investment qualifies for the equity method. The Company does not recognize cumulative losses in excess of its investment or loans in an equity-accounted investment except if it has an obligation to provide additional financial support. Dividends received from an equity-accounted investment reduce the carrying value of the Company's investment. |
Leasehold Improvement Costs | Leasehold improvement costs Costs incurred in the adaptation of leased properties to serve the requirements of the Company are capitalized and amortized over the shorter of the estimated useful life of the asset and the remaining term of the lease. |
Property, Plant And Equipment | Property , plant and equipment Property, plant and equipment are shown at cost less accumulated depreciation. Property, plant and equipment are depreciated on the straight-line basis at rates which are estimated to amortize the assets to their anticipated residual values over their useful lives. Within the following asset classifications, the expected economic lives are approximately: Computer equipment 3 to 8 years Office equipment 2 to 10 years Vehicles 3 to 8 years Furniture and fittings 3 to 10 years Buildings and structures 8 to 30 years Plant and equipment 5 to 10 years The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in income. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price of an acquired enterprise over the fair values of the identifiable assets acquired and liabilities assumed. The Company tests for impairment of goodwill on an annual basis and at any other time if events or circumstances change that would more likely than not reduce the fair value of the reporting unit goodwill below its carrying amount. Circumstances that could trigger an impairment test include but are not limited to: a significant adverse change in the business climate or legal factors; an adverse action or assessment by a regulator; unanticipated competition; loss of key personnel; the likelihood that a reporting unit or significant portion of a reporting unit will be sold or otherwise disposed; and results of testing for recoverability of a significant asset group within a reporting unit. If the carrying amount of the reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss recorded in the statement of operations. Measurement of the fair value of a reporting unit is based on one or more of the following fair value measures: the amount at which the unit as a whole could be bought or sold in a current transaction between willing parties; present value techniques of estimated future cash flows; or valuation techniques based on multiples of earnings or revenue, or a similar performance measure. |
Intangible Assets | Intangible assets Intangible assets are shown at cost less accumulated amortization. Intangible assets are amortized over the following useful Customer relationships 1 to 15 years Software and unpatented technology 3 to 5 years FTS patent 10 years Exclusive licenses 7 years Trademarks 3 to 20 years Customer databases 3 years Intangible assets are periodically evaluated for recoverability, and those evaluations take into account events or circumstances that warrant revised estimates of useful lives or that indicate that impairment exists. |
Policy Reserves And Liabilities | Policy reserves and liabilities Reserves for future policy benefits and claims payable The Company determines its reserves for future policy benefits under its life insurance products using a model which estimates claims incurred that have not been reported at the balance sheet date. This model includes best estimate assumptions of experience plus prescribed margins, as required in the markets in which these products are offered, namely South Africa. The best estimate assumptions include those assumptions related to mortality, morbidity and claim reporting delays, and the main assumptions used to calculate the reserve for future policy benefits include (i) mortality and morbidity assumptions reflecting the company's most recent experience and (ii) claim reporting delays reflecting Company specific and industry experience. The values of matured guaranteed endowments were increased by late payment interest (net of the asset management fee and allowance for tax on investment income). Deposits on investment contracts For the Company's interest-sensitive life contracts, liabilities approximate the policyholder's account value. For deferred annuities, the fixed option on variable annuities, guaranteed investment contracts and other investment contracts, the liability is the policyholder's account value. |
Reinsurance Contracts Held | Reinsurance contracts held The Company enters into reinsurance contracts with reinsurers under which the Company is compensated for the entire amount or a portion of losses arising on one The expected benefits to which the Company is entitled under its reinsurance contracts held are recognized as reinsurance assets. These assets consist of short-term balances due from reinsurers (classified within accounts receivable, net) as well as long-term receivables (classified within other long-term assets) that are dependent on the present value of expected claims and benefits arising net of expected premiums payable under the related reinsurance contracts. Amounts recoverable from or due to reinsurers are measured consistently with the amounts associated with the reinsured contracts and in accordance with the terms of each reinsurance contract. Reinsurance assets are assessed for impairment at each balance sheet date. If there is reliable objective evidence that amounts due may not be recoverable, the Company reduces the carrying amount of the reinsurance asset to its recoverable amount and recognizes that impairment loss in its condensed consolidated statement of operations. Reinsurance premiums are recognized when due for payment under each reinsurance contract. |
Redeemable Common Stock | Redeemable common stock Common stock that is redeemable (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder, or (3) upon the occurrence of an event that is not solely within the control of Company is presented outside of total Net1 equity (i.e. permanent equity). Redeemable common stock is initially recognized at issuance date fair value and the Company does not adjust the issuance date fair value if redemption is not probable. The Company re-measures the redeemable common stock to the maximum redemption amount at the balance sheet date once redemption is probable. Reduction in the carrying amount of the redeemable common stock is only appropriate to the extent that the Company has previously recorded increases in the carrying amount of the redeemable equity instrument as the redeemable common stock may be not be carried at an amount that is less the initial amount reported outside of permanent equity. Redeemable common stock is reclassified as permanent equity when presentation outside permanent equity is no longer required (if, for example, a redemption feature lapses, or there is a modification of the terms of the instrument). The existing carrying amount of the redeemable common stock is reclassified to permanent equity at the date of the event that caused the reclassification and prior period consolidated financial statements are not adjusted. |
Sales Tax | Sales taxes Revenue and expenses are presented net of sales, use and value added taxes, as the case may be. |
Revenue Recognition | Revenue recognition The Company recognizes revenue when: there is persuasive evidence of an agreement or arrangement; delivery of products has occurred or services have been rendered; the seller's price to the buyer is fixed or determinable; and collectability is reasonably assured. The Company's principal revenue streams and their respective accounting treatments are discussed below: Fees Pension and welfare and South African participating merchants The Company provides a welfare benefit distribution service to the South African Social Security Agency ("SASSA"). Fee income received for these services is recognized in the statement of operations when distributions have been made to the recipient cardholders. Recipient cardholders are able to load their welfare grants at merchants enrolled in the Company's participating merchant system in certain provinces. There is no charge to the recipient cardholder to load the grant onto a smart card at the merchant location, however, a fee is charged to the merchant for purchases made at the merchant using the smart card. A fee is also charged to the merchant when the recipient cardholder makes a cash withdrawal. Fee income received for these services is recognized in the statement of operations when the transaction occurs. Fees related to management of card issuance programs and utilization of ATMs The Company manages card issuance programs and owns ATMs in South Africa from which it generates fee revenue. Fee revenue generated from card issuance programs includes interchange and other miscellaneous fees, which are recorded when cardholder transact at either a POS or an ATM. Fee revenue generated from utilization of ATMs includes cash withdrawal, balance enquiry, insufficient funds and other miscellaneous ATM fees which are recorded when an ATM user performs a transaction at an ATM. Card VAN, banking VAN and payment gateway Card VAN services consist of services relating to authorization of credit card transactions including transmission of transaction details ("authorization service"), and collection of receipts associated with the credit card transactions ("collection service"). With its authorization service, the Company connects credit card companies with merchants online when a customer uses his/her credit card via terminals installed at merchants' sites and the Company's central processing server for approval of credit card transactions. Immediately after approval of credit card transactions, the Company transmits details of the transactions to credit card companies online for processing payments. Collection service captures the transaction data and gathers receipts as documented evidence and provides them to credit card companies upon request. The Company earns service fees based on the number of transactions processed for credit card companies when services are rendered in accordance with the contracts entered into between credit card companies and the Company. The Company bills for its service charges to credit card companies each month. Each service could be provided either individually or collectively, based on terms of contracts. The Company charges commission fees to credit card companies for the authorization service provided based on the number of approvals transferred. The right to receive a service fee is due once a credit card transaction has been approved and details of the transaction are transmitted by the Company. Therefore, revenues from the authorization service are recognized when the credit card transactions are authorized and details of the transactions are transmitted. The Company earns a collection service fee once it has provided settled funds to the credit card companies. Therefore, revenue from the collection service is recognized when the Company collects the receipts and provides them to the card companies. For multiple-element arrangements, the Company has identified two VSOE generally exists only when the Company sells the deliverable separately and is the price actually charged by the Company for that deliverable. ESPs reflect the Company's best estimates of what the selling prices of elements would be if they were sold regularly on a stand-alone basis. Because the Company has neither VSOE nor TPE for the two deliverables, the allocation of revenue has been based on the Company's ESPs. Amounts allocated to the authorization and the collection service are recognized at the time of service, provided the other conditions for revenue recognition have been met. The Company's process for determining its ESP for deliverables without VSOE or TPE considers multiple factors that may vary depending upon the unique facts and circumstances related to each deliverable. Key factors considered by the Company in developing the ESPs include prices charged by the Company, historical pricing practices and controls, range of prices for various customers and the nature of the services. Consideration is also given to market conditions such as competitor pricing strategies and market perception. Banking VAN is a division supporting a company's fund management business (large payment transfers, collections, etc.) by relaying financial transactions between client companies and financial institutions. Financial transactions between two or more business enterprises, or between business enterprises and their customers, are conducted through the transaction-processing network established between the Company and the banks. Revenue from the banking VAN service is recognized when the service is rendered by the Company. With its PG service, the Company provides the Internet-based settlement service between an on-line shopping mall and a credit card company when a customer uses his/her credit card, debit card or on-line payment to pay for goods or services. The Company receives fees for carrying out settlements for electronic transactions. Revenue from the PG service is recognized when the service is rendered by the Company. Microlending service fee The Company provides short-term loans to customers in South Africa and charges and recognizes monthly service fee revenue under the contractual terms of the loan. The monthly service fee amount is fixed upon initiation and does not change over the term of the loan. Other fees and commissions The Company provides an automated payment collection service to third parties, for which it charges monthly fees. These fees are recognized in the statement of operations as the underlying services are performed. The Company provides medical-related claims adjudication, reconciliation and settlement services ("medical-related claim service") to customers, for which it charges fees. These fees are recognized in the statement of operations as the underlying services are performed. The Company sells prepaid electricity and recognizes a commission in its statement of operations once the prepaid electricity token has been delivered to the customer. Contract variations fees The Company records additional revenue from variations to contracts for the provision of welfare benefits, if: there is persuasive evidence of an agreement; collectability is reasonably assured; and all material terms and conditions of the agreement have been adhered to. Hardware and prepaid airtime voucher sales Revenue from hardware and airtime voucher sales is recognized when risk of loss has transferred to the customer and there are no unfulfilled Company obligations that affect the customer's final acceptance of the arrangement. Any cost of warranties and remaining obligations that are inconsequential or perfunctory are accrued when the corresponding revenue is recognized. The Company buys terminals from manufacturers, and subsequently sells them through its agencies. Revenue is recognized when significant risks and rewards of ownership of terminals have passed to the buyer, usually on delivery of the terminals to the buyer. To the extent that sales of hardware are made in an arrangement that includes software that is more than incidental, the Company considers post-contract maintenance and technical support or other future obligations which could impact the timing and amount of revenue recognized. Software Revenue from licensed software is recognized on a subscription basis over the period that the client is entitled to use the license. Revenue from the sale of software is recognized if all revenue recognition criteria have been met. Post-contract maintenance and technical support in respect of software is generally negotiated and sold as a separate service and is recognized over the period such items are delivered. Systems implementation projects The Company undertakes smart card system implementation projects. The hardware and software installed in these projects are in the form of customized systems, which ordinarily involve modification to meet the customer's specifications. Software delivered under such arrangements is available to the customer permanently, subject to the payment of annual license fees. Revenue for such arrangements is recognized under the percentage of completion method, save for annual license fees, which are recognized in the period to which they relate. Up-front and interim payments received are recorded as client deposits until customer acceptance. The Company's customer arrangements may have multiple deliverables. Generally, the Company's multiple element arrangements fall within the scope of specific accounting standards that provide guidance regarding the separation of elements in multiple-deliverable arrangements and the allocation of consideration among those elements. If not, the Company unbundles multiple element arrangements into separate units of accounting when the delivered element(s) has stand-alone value and fair value of the undelivered element(s) exists. Terminal rental income The Company leases terminals to merchants participating in its merchant acquiring system. Operating rental income is recognized monthly on a straight-line basis in accordance with the lease agreement. Other income Revenue from service and maintenance activities is charged to customers on a time-and-materials basis and is recognized in the statement of operations as services are delivered to customers. |
Research And Development Expenditure | Research and development expenditure Research and development expenditure is charged to net income in the period in which it is incurred. During the years ended June 30, 2016, 2015 and 2014, the Company incurred research and development expenditures of $ 2.3 2.4 2.2 |
Computer Software Development | Computer software development Product development costs in respect of software intended for sale to licensees are expensed as incurred until technological feasibility is attained. Technological feasibility is attained when the Company's software has completed system testing and has been determined to be viable for its intended use. The time between the attainment of technological feasibility and completion of software development is generally short with immaterial amounts of development costs incurred during this period. Costs in respect of the development of software for the Company's internal use are expensed as incurred, except to the extent that these costs are incurred during the application development stage. All other costs including those incurred in the project development and post-implementation stages are expensed as incurred. |
Income Taxes | Income taxes The Company provides for income taxes using the asset and liability method. This approach recognizes the amount of taxes payable or refundable for the current year, as well as deferred tax assets and liabilities for the future tax consequence of events recognized in the financial statements and tax returns. Deferred income taxes are adjusted to reflect the effects of changes in tax laws or enacted tax rates. The Company measured its South African income taxes and deferred income taxes for the years ended June 30, 2016, 2015 and 2014, using the enacted statutory tax rate in South Africa of 28 As of June 30, 2016, the Company intends to permanently reinvest its non-U.S. undistributed earnings of $ 414.2 In establishing the appropriate deferred tax asset valuation allowances, the Company assesses the realizability of its deferred tax assets, and based on all available evidence, both positive and negative, determines whether it is more likely than not that the deferred tax assets or a portion thereof will be realized. Reserves for uncertain tax positions are recognized in the financial statements for positions which are not considered more likely than not of being sustained based on the technical merits of the position on audit by the tax authorities. For positions that meet the more likely than not standard, the measurement of the tax benefit recognized in the financial statements is based upon the largest amount of tax benefit that, in management's judgement, is greater than 50 The Company's policy is to include interest related to unrecognized tax benefits in interest expense and penalties in selling, general and administration in the consolidated statements of operations. |
Stock-Based Compensation | Stock-based compensation Stock-based compensation represents the cost related to stock-based awards granted. The Company measures equity-based stock-based compensation cost at the grant date, based on the estimated fair value of the award, and recognizes the cost as an expense on a straight-line basis (net of estimated forfeitures) over the requisite service period. In respect of awards with only service conditions that have a graded vesting schedule, the Company recognizes compensation cost on a straight-line basis over the requisite service period for the entire award. The forfeiture rate is estimated using historical trends of the number of awards forfeited prior to vesting. The expense is recorded in the statement of operations and classified based on the recipients' respective functions. The Company records deferred tax assets for awards that result in deductions on the Company's income tax returns, based on the amount of compensation cost recognized and the Company's statutory tax rate in the jurisdiction in which it will receive a deduction. Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the Company's income tax return are recorded in additional paid-in capital (if the tax deduction exceeds the deferred tax asset) or in the statement of operations (if the deferred tax asset exceeds the tax deduction and no additional paid-in capital exists from previous awards). |
Equity Instruments Issued To Third Parties | Equity instruments issued to third parties Equity instruments issued to third parties represents the cost related to equity instruments granted. The Company measures this cost at the grant date, based on the estimated fair value of the award, and recognizes the cost as an expense on a straight-line basis (net of estimated forfeitures) over the requisite service period. The forfeiture rate is estimated based on the Company's expectation of the number of awards that will be forfeited prior to vesting. The Company records deferred tax assets for equity instrument awards that result in deductions on the Company's income tax returns, based on the amount of equity instrument cost recognized and the Company's statutory tax rate in the jurisdiction in which it will receive a deduction. Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the Company's income tax return are recorded in the statement of operations. |
Settlement Assets And Settlement Obligations | Settlement assets and settlement obligations Settlement assets comprise (1) cash received from the South African government that the Company holds pending disbursement to recipient cardholders of social welfare grants and (2) cash received from customers on whose behalf the Company processes payroll payments that the Company will disburse to customer employees, payroll-related payees and other payees designated by the customer. Settlement obligations comprise (1) amounts that the Company is obligated to disburse to recipient cardholders of social welfare grants, and (2) amounts that the Company is obligated to pay to customer employees, payroll-related payees and other payees designated by the customer. The balances at each reporting date may vary widely depending on the timing of the receipts and payments of these assets and obligations. During fiscal 2016, and in prior financial years, certain bank accounts, cash in transit and funds in preparation for immediate access by grant beneficiaries, as well as the corresponding obligation to grant beneficiaries, were not included in settlement assets and obligations, primarily due to the reservation of ownership clause in the Company's agreement with SASSA and the assumption of total risk over the cash by the cash transfer service providers. In the course of the annual consideration of the Company's accounting practices and in the context of the increased and more diversified payment delivery channels arising from the Company's ATM and point of sale roll out, the Company has decided that its presentation would be enhanced by including these gross amounts in settlement assets and obligations. The Company has accordingly restated its balance sheet as of June 30, 2015 30.5 21.3 June 30, 2015 12.4 June 30, 2014 . |
Recent Accounting Pronouncements Adopted | Recent accounting pronouncements adopted In March 2016, the FASB issued guidance regarding Investments — Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting . The guidance simplifies the equity method of accounting by eliminating the requirement to retrospectively apply the equity method to an investment that subsequently qualifies for such accounting as a result of an increase in the level of ownership interest or degree of influence. Consequently, when an investment qualifies for the equity method (as a result of an increase in the level of ownership interest or degree of influence), the cost of acquiring the additional interest in the investee would be added to the current basis of the investor's previously held interest and the equity method would be applied subsequently from the date on which the investor obtains the ability to exercise significant influence over the investee. The guidance further requires that unrealized holding gains or losses in accumulated other comprehensive income related to an available for sale security that becomes eligible for the equity method be recognized in earnings as of the date on which the investment qualifies for the equity method. Early adoption is permitted. The guidance is effective for the Company beginning July 1, 2017, however the Company has early adopted the guidance, effective April 1, 2016. The adoption of this guidance did not have a material impact on the Company's financial statements. |
Recent Accounting Pronouncements Not Yet Adopted | Recent accounting pronouncements not yet adopted as of June 30, 2016 In May 2014, the FASB issued guidance regarding Revenue from Contracts with Customers . This guidance requires an entity to recognize revenue when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The guidance was effective for the Company beginning July 1, 2017, however in August 2015, the FASB issued guidance regarding Revenue from Contracts with Customers, Deferral of the Effective Date . This guidance defers the required implementation date specified in Revenue from Contracts with Customers to December 2017. Public companies may elect to adopt the standard along the original timeline. The Company expects that this guidance may have a material impact on its financial statements and is currently evaluating the impact of this guidance on its financial statements on adoption. In August 2014, the FASB issued guidance regarding Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern . This guidance requires an entity to perform interim and annual assessments of its ability to continue as a going concern within one year of the date that its financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity's ability to continue as a going concern. The guidance is effective for the Company beginning July 1, 2017. Early adoption is permitted. The Company is currently assessing the impact of this guidance on its financial statements disclosure. In February 2015, the FASB issued guidance regarding Amendments to the Consolidation Analysis . This guidance amends both the variable interest entity and voting interest entity consolidation models. The requirement to assess an entity under a different consolidation model may change previous consolidation conclusions. The guidance is effective for the Company beginning July 1, 2016. Early adoption is permitted. The Company is currently assessing the impact of this guidance on its financial statements disclosure. In July 2015, the FASB issued guidance regarding Simplifying the Measurement of Inventory . This guidance requires entities to measure most inventory "at the lower of cost and net realizable value," thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market (market in this context is defined as one of three different measures). The guidance will not apply to inventories that are measured by using either the last-in, first-out ("LIFO") method or the retail inventory method ("RIM"). The guidance is effective for the Company beginning July 1, 2017. Early adoption is permitted. The Company is currently assessing the impact of this guidance on its financial statements disclosure. In November 2015, the FASB issued guidance regarding Balance Sheet Classification of Deferred Taxes . This guidance requires that deferred tax liabilities and assets are to be classified as non-current in a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this update. This guidance is effective for the Company beginning July 1, 2017, with early adoption permitted on a prospective or retrospective basis. The Company is currently assessing the impact of this guidance on its financial statements disclosures. In January 2016, the FASB issued guidance regarding Recognition and Measurement of Financial Assets and Financial Liabilities . The guidance primarily affects the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. In addition, the guidance clarifies the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. This guidance is effective for the Company beginning July 1, 2018, and early adoption is not permitted, with certain exceptions. The amendments are required to be applied by means of a cumulative-effect adjustment on the balance sheet as of the beginning of the fiscal year of adoption. The Company is currently assessing the impact of this guidance on its financial statements disclosure. In February 2016, the FASB issued guidance regarding Leases . The guidance increases transparency and comparability among organizations by requiring the recognition of lease assets and lease liabilities on the balance sheet. The amendments to current lease guidance includes the recognition of assets and liabilities by lessees for those leases currently classified as operating leases. The guidance also requires disclosures to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. This guidance is effective for the Company beginning July 1, 2019. Early adoption is permitted. The Company expects that this guidance may have a material impact on its financial statements and is currently evaluating the impact of this guidance on its financial statements on adoption. In March 2016, the FASB issued guidance regarding Improvements to Employee Share-Based Payment Accounting . The guidance simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. This guidance is effective for the Company beginning July 1, 2017. Early adoption is permitted. The Company is currently assessing the impact of this guidance on its financial statements disclosure. In June 2016, the FASB issued guidance regarding Measurement of Credit Losses on Financial Instruments. The guidance replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For trade and other receivables, loans, and other financial instruments, a entity is required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. Credit losses relating to available-for-sale debt securities will also be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. This guidance is effective for the Company beginning July 1, 2020. Early adoption is permitted beginning July 1, 2019. The Company is currently assessing the impact of this guidance on its financial statements disclosure. |
Significant Accounting Polici35
Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Significant Accounting Policies [Abstract] | |
Schedule Of Property Plant And Equipment Expected Economic Lives | Computer equipment 3 to 8 years Office equipment 2 to 10 years Vehicles 3 to 8 years Furniture and fittings 3 to 10 years Buildings and structures 8 to 30 years Plant and equipment 5 to 10 years |
Schedule Of Intangible Assets Useful Lives | Customer relationships 1 to 15 years Software and unpatented technology 3 to 5 years FTS patent 10 years Exclusive licenses 7 years Trademarks 3 to 20 years Customer databases 3 years |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Acquisitions [Abstract] | |
Schedule Of Cash Paid Net Of Cash Received Related To Company Acquisitions | 2016 2015 2014 Transact24 Limited ("Transact24") $ 1,666 $ - $ - Masterpayment AG ("Masterpayment") 14,101 - - Total cash paid, net of cash received $ 15,767 $ - $ - |
Schedule Of Final Purchase Price Allocation Translated At Applicable Foreign Exchange Rate | Transact24 Masterpayment Total Cash and cash equivalents $ 1,334 $ 665 $ 1,999 Accounts receivable 2,019 765 2,784 Property, plant and equipment, net 154 18 172 Deferred tax assets 1,070 - 1,070 Intangible assets (Note 9) 4,974 9,428 14,402 Goodwill (Note 9) 6,024 17,084 23,108 Accounts payables and other payables (1,898 ) (1,114 ) (3,012 ) Deferred tax liabilities (1,243 ) (2,236 ) (3,479 ) Fair value of assets and liabilities on acquisition 12,434 24,610 37,044 Less: fair value of equity-accounted investment, comprising: (5,471 ) - (5,471 ) Less: gain on re-measurement of previously held interest (1,908 ) - (1,908 ) Less: carrying value at the acquisition date (3,563 ) - (3,563 ) Less: fair value attributable to controlling interests on acquisition date . - (9,844 ) (9,844 ) Total purchase price $ 6,963 14,766 $ 21,729 Add: carrying value of non-controlling interests acquired 9,867 Add: adjustment to Net1 equity (Note 14) 1,322 Cash paid for non-controlling interest (Note 14) 11,189 Total consideration paid for Masterpayment $ 25,955 |
Accounts Receivable, Net And 37
Accounts Receivable, Net And Finance Loans Receivable, Net (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Accounts Receivable, Net And Finance Loans Receivable, Net [Abstract] | |
Schedule Of Accounts Receivable | 2016 2015 (1) Accounts receivable, trade, net $ 57,563 $ 67,399 Accounts receivable, trade, gross 59,232 69,355 Allowance for doubtful accounts receivable, end of year 1,669 1,956 Beginning of year 1,956 1,313 Reversed to statement of operations (68 ) (61 ) Charged to statement of operations 388 1,580 Utilized (361 ) (654 ) Foreign currency adjustment (246 ) (222 ) Current portion of payments to agents in South Korea amortized over the contract period 26,651 25,998 Payments to agents in South Korea amortized over the contract period 52,469 53,431 Less: Payments to agents in South Korea amortized over the contract period included in other long-term assets (Note 1) 25,897 27,433 Other receivables 23,591 27,938 Total accounts receivable, net $ 107,805 $ 121,335 (1) – Receivables from the sale of prepaid products of $18,448 as of June 30, 2015, have been reclassified from Other receivables to Accounts receivable, trade, gross. |
Schedule Of Finance Loans Receivable | 2016 2015 Finance loans receivable, gross $ 41,503 $ 44,600 Allowance for doubtful finance loans receivable, end of year 4,494 4,227 Beginning of year 4,227 3,083 Charged to statement of operations 2,113 3,392 Utilized (1,105 ) (1,705 ) Foreign currency adjustment (741 ) (543 ) Total finance loans receivable, net $ 37,009 $ 40,373 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Inventory [Abstract] | |
Schedule Of Inventory | 2016 2015 Finished goods $ 10,004 $ 12,979 $ 10,004 $ 12,979 |
Fair Value Of Financial Instr39
Fair Value Of Financial Instruments (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Fair Value Of Financial Instruments [Abstract] | |
Outstanding Foreign Exchange Contracts | As of June 30, 2016 Fair market Notional amount Strike price value price Maturity EUR 573,765.00 ZAR 15.9587 ZAR 16.3393 July 20, 2016 EUR 554,494.50 ZAR 16.0643 ZAR 16.4564 August 19, 2016 EUR 465,711.00 ZAR 16.1798 ZAR 16.582 September 20, 2016 EUR 393,675.00 ZAR 16.2911 ZAR 16.7017 October 20, 2016 EUR 302,368.50 ZAR 16.4085 ZAR 16.8301 November 21, 2016 As of June 30, 2015 Fair market Notional amount Strike price value price Maturity EUR 526,263.00 ZAR 15.1145 ZAR 13.6275 July 20, 2015 EUR 526,263.00 ZAR 15.2025 ZAR 13.7062 August 20, 2015 EUR 526,263.00 ZAR 15.2944 ZAR 13.7898 September 21, 2015 EUR 526,263.00 ZAR 15.3809 ZAR 13.8683 October 20, 2015 EUR 509,516.00 ZAR 15.4728 ZAR 13.9540 November 20, 2015 EUR 529,865.00 ZAR 15.5654 ZAR 14.0397 December 21, 2015 EUR 526,663.00 ZAR 15.6625 ZAR 14.1239 January 20, 2016 |
Fair Value Of Assets And Liabilities Measured On Recurring Basis | The following table presents the Company's assets measured at fair value on a recurring basis as of June 30, 2016, according to the fair value hierarchy: Quoted Price in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Assets Related to insurance business (included in other long-term assets): Cash and cash equivalents $ 533 $ - $ - $ 533 Foreign exchange contracts - 62 - 62 Other - 37 - 37 Total assets at fair value $ 533 $ 99 $ - $ 632 The following table presents the Company's assets and liabilities measured at fair value on a recurring basis as of June 30, 2015, according to the fair value hierarchy: Quoted Price in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Assets Related to insurance business (included in other long-term assets): Cash and cash equivalents $ 1,640 $ - $ - $ 1,640 Investment in Finbond (available for sale assets included in other long-term assets) - - 7,488 7,488 Other - 1,259 - 1,259 Total assets at fair value $ 1,640 $ 1,259 $ 7,488 $ 10,387 Liabilities Foreign exchange contracts $ - $ 452 $ - $ 452 Total liabilities at fair value $ - $ 452 $ - $ 452 |
Property, Plant And Equipment40
Property, Plant And Equipment, Net (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Property, Plant And Equipment, Net [Abstract] | |
Schedule Of Property Plant And Equipment Net | 2016 2015 Cost: Land $ 851 $ 869 Building and structures 467 477 Computer equipment 130,998 121,033 Furniture and office equipment 7,262 6,295 Motor vehicles 15,368 17,660 Plant and equipment - - 154,946 146,334 Accumulated depreciation: Land - - Building and structures 151 134 Computer equipment 81,423 75,681 Furniture and office equipment 5,048 4,901 Motor vehicles 13,347 13,298 Plant and equipment - - 99,969 94,014 Carrying amount: Land 851 869 Building and structures 316 343 Computer equipment 49,575 45,352 Furniture and office equipment 2,214 1,394 Motor vehicles 2,021 4,362 Plant and equipment - - $ 54,977 $ 52,320 |
Goodwill And Intangible Asset41
Goodwill And Intangible Assets, Net (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Goodwill And Intangible Assets, Net [Abstract] | |
Carrying Value Of Goodwill | Gross Accumulated Carrying value impairment value Balance as of July 1, 2013 218,558 (42,752 ) 175,806 Loss on liquidation of Net1 Universal Electronic Technologies (Austria) GmbH and associated entities ("Net1 UTA") (Note 19 ) (44,445 ) 44,445 - Foreign currency adjustment (1) 12,463 (1,693 ) 10,770 Balance as of June 30, 2014 186,576 - 186,576 Foreign currency adjustment (1) (20,139 ) - (20,139 ) Balance as of June 30, 2015 166,437 - 166,437 Acquisition of Transact24 (Note 3) 6,024 - 6,024 Acquisition of Masterpayment (Note 3) 17,084 - 17,084 Foreign currency adjustment (1) (10,067 ) - (10,067 ) Balance as of June 30, 2016 $ 179,478 $ - $ 179,478 (1) – the foreign currency adjustment represents the effects of the fluctuations between the South African rand, Euro and the Korean won, and the U.S. dollar on the carrying value. |
Goodwill Allocated To Reportable Segments | South Financial African International inclusion and transaction transaction applied Carrying processing processing technologies value Balance as of June 30, 2014 $ 28,517 $ 128,427 $ 29,632 $ 186,576 Foreign currency adjustment (1) (3,938 ) (12,908 ) (3,293 ) (20,139 ) Balance as of June 30, 2015 24,579 115,519 26,339 166,437 Acquisition of Transact24 (Note 3) - 6,024 - 6,024 Acquisition of Masterpayment (Note 3) - 17,084 - 17,084 Foreign currency adjustment (1) (4,154 ) (2,442 ) (3,471 ) (10,067 ) Balance as of June 30, 2016 $ 20,425 $ 136,185 $ 22,868 $ 179,478 (1) – the foreign currency adjustment represents the effects of the fluctuations between the South African rand, Euro and the Korean won, and the U.S. dollar on the carrying value. |
Fair Value Of Intangible Assets Acquired | Weighted- Fair value Average as of Amortization acquisition period (in date years) Finite-lived intangible asset: Transact24 customer relationships $ 3,749 5 Masterpayment customer relationships 6,595 5 Transact24 software and unpatented technology 1,225 3 Masterpayment software and unpatented technology 1,765 3 Masterpayment trademarks $ 1,068 5 |
Carrying Value And Accumulated Amortization Of Intangible Assets | As of June 30, 2016 As of June 30, 2015 Gross Net Gross Net carrying Accumulated carrying carrying Accumulated carrying value amortization value value amortization value Finite-lived intangible assets: Customer relationships (1) 94,529 $ (51,557 ) $ 42,972 $ 88,109 $ (45,312 ) $ 42,797 Software and unpatented technology (1) 31,452 (28,791 ) 2,661 29,964 (28,323 ) 1,641 FTS patent 2,592 (2,592 ) - 3,119 (3,119 ) - Exclusive licenses 4,506 (4,506 ) - 4,506 (4,506 ) - Trademarks (1) 6,685 (3,762 ) 2,923 6,094 (3,408 ) 2,686 Total finite-lived intangible assets . $ 139,764 $ (91,208 ) $ 48,556 $ 131,792 $ (84,668 ) $ 47,124 (1) Includes the trademarks acquired in the Masterpayment acquisition as well as the customer relationships and software and unpatented technology acquired as part of the Transact24 and Masterpayment acquisition in January 2016 and April 2016, respectively |
Future Estimated Annual Amortization Expense | 2017 $ 11,919 2018 11,305 2019 10,686 2020 9,986 2021 4,315 Thereafter $ 345 |
Reinsurance Assets And Policy42
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts [Abstract] | |
Summary Of Movement In Assets And Policy Holder Liabilities Under Investment Contracts | Assets (1) Investment contracts (2) Balances acquired on July 1, 2014 $ 688 $ (688 ) Foreign currency adjustment (3) (95 ) 95 Balance as of June 30, 2015 $ 593 $ (593 ) Increase in policy holder benefits under investment contracts 35 (35 ) Foreign currency adjustment (3) (100 ) 100 Balance as of June 30, 2016 $ 528 $ (528 ) (1) Included in other long-term assets Included in other long-term liabilities (3) The foreign currency adjustment represents the effects of the fluctuations between the ZAR against the U.S. dollar. |
Summary Of The Movement In Reinsurance Assets And Policy Holder Liabilities Under Insurance Contracts | Reinsurance Insurance assets (1) contracts (2) Balances acquired on July 1, 2014 $ 21,062 $ (21,478 ) Claims and policyholders' benefits under insurance contracts 30 (55 ) Transfer to reinsurer (3) (18,000 ) 18,000 Foreign currency adjustment (4) (2,909 ) 2,966 Balance as of June 30, 2015 183 (567 ) Increase in policy holder benefits under insurance contracts 463 (1,408 ) Claims and policyholders' benefits under insurance contracts (444 ) 801 Foreign currency adjustment (4) (31 ) 96 Balance as of June 30, 2016 $ 171 $ (1,078 ) (1) Included in other long-term assets (2) Included in other long-term liabilities (3) Smart Life has agreed to transfer certain fully reinsured policies to the reinsurer pursuant to conditions imposed by the South African Financial Service Board to uplift the suspension of its life insurance license. (4) The foreign currency adjustment represents the effects of the fluctuations between the ZAR against the U.S. dollar. |
Other Payables (Tables)
Other Payables (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Other Payables [Abstract] | |
Schedule Of Other Payables | 2016 2015 Accruals $ 12,588 $ 14,484 Provisions 10,461 17,015 Other 7,981 9,361 Value-added tax payable 5,022 3,327 Payroll-related payables 992 1,008 Participating merchants settlement obligation 435 400 $ 37,479 $ 45,595 |
Common Stock (Tables)
Common Stock (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Common Stock [Abstract] | |
Number Of Shares, Net Of Treasury | 2016 2015 2014 Number of shares, net of treasury: Statement of changes in equity – common stock 55,271,954 46,679,565 47,819,299 Less: Non-vested equity shares that have not vested as of end of year (Note 18) 589,447 341,529 385,778 Number of shares, net of treasury excluding non-vested equity shares that have not vested 54,682,507 46,338,036 47,433,521 |
Accumulated Other Comprehensi45
Accumulated Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Accumulated Other Comprehensive (Loss) Income [Abstract] | |
Change In Accumulated Other Comprehensive (Loss) Income Per Component | Accumulated Net unrealized Accumulated income (loss) Foreign on asset currency available for translation sale, net of reserve tax Total ' 000 ' 000 ' 000 Balance as of July 1, 2013 $ (101,188 ) $ 330 $ (100,858 ) Movement in foreign currency translation reserve 13,552 - 13,552 Release of foreign currency translation reserve related to sale/ liquidation of businesses 4,277 - 4,277 Unrealized gain on asset available for sale, net of tax of $ 112 - 288 288 Balance as of June 30, 2014 (83,359 ) 618 (82,741 ) Movement in foreign currency translation reserve (56,862 ) - (56,862 ) Unrealized gain on asset available for sale, net of tax of $ 97 - 422 422 Balance as of June 30, 2015 (140,221 ) 1,040 (139,181 ) Movement in foreign currency translation reserve (49,479 ) - (49,479 ) Unrealized gain on asset available for sale, net of tax of $ 159 - 692 692 Release of gain on asset available for sale, net of taxes of $ 444 - (1,732 ) (1,732 ) Balance as of June 30, 2016 $ (189,700 ) $ - $ (189,700 ) |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Revenue [Abstract] | |
Schedule Of Revenue | 2016 2015 2014 Services rendered – comprising mainly fees and commissions $ 514,847 $ 536,046 $ 518,297 Loan-based fees received 47,117 62,235 33,560 Sale of goods – comprising mainly hardware and software sales 28,785 27,698 29,799 $ 590,749 $ 625,979 $ 581,656 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Stock-Based Compensation [Abstract] | |
Range Of Assumptions Used To Value Options Granted | 2015 2014 Expected volatility 60 % 50 % Expected dividends 0 % 0 % Expected life (in years) 3 3 Risk-free rate 1.0 % 0.9 % |
Summarized Stock Option Activity | Weighted Average Weighted Weighted Remaining Aggregate Average average Contractual Intrinsic Grant Number of exercise Term Value Date Fair shares price ($) (in years) ($' ) Value ($) Outstanding – July 1, 2013 2,648,583 15.15 5.98 313 Granted under Plan: August 2013 224,896 7.35 10.00 568 2.53 Exercised (26,667 ) 7.00 91 Forfeited (136,420 ) 23.51 - Outstanding – June 30, 2014 2,710,392 14.16 5.38 3,909 Granted under Plan: August 2014 464,410 11.23 10.00 2,113 4.55 Exercised (773,633 ) 8.35 3,845 Outstanding – June 30, 2015 2,401,169 15.34 4.74 11,516 Exercised (323,645 ) 11.62 2,669 Outstanding – June 30, 2016 2,077,524 15.92 3.65 926 Weighted Weighted Average average Remaining Aggregate exercise Contractual Intrinsic Number of price Term Value shares ($) (in years) ($' ) Vested and expecting to vest – June 30, 2016 2,077,524 15.92 3.65 926 Weighted Average Weighted Remaining Aggregate average Contractual Intrinsic Number of exercise Term Value shares price ($) (in years) ($' ) Exercisable – June 30, 2016 1,692,952 17.17 2.66 728 |
Restricted Stock Activity | Number of Weighted Shares of Average Grant Restricted Date Fair Value Stock ($' 000 ) Non-vested – July 1, 2013 405,226 4,393 Granted – August 2013 187,963 1,382 Vested – August 2013 (16,907 ) 161 Vested – February 2014 (183,333 ) 1,742 Total vested (200,240 ) Forfeitures (7,171 ) 84 Non-vested – June 30, 2014 385,778 3,534 Granted – August 2014 141,707 581 Granted – November 2014 71,530 229 Total granted 213,237 Vested – August 2014 (74,152 ) 828 Vested – February 2015 (183,334 ) 2,400 Total vested (257,486 ) Non-vested – June 30, 2015 341,529 1,759 Granted – August 2015 319,492 6,406 Vested – August 2015 (71,574 ) 1,435 Non-vested – June 30, 2016 589,447 7,622 |
Recorded Net Stock Compensation Charge | Allocated to cost of goods sold, IT Allocated to Total processing, selling, charge servicing general and (reversal) and support administration Year ended June 30, 2016 Stock-based compensation charge $ 3,598 $- $ 3,598 Total – year ended June 30, 2016 $ 3,598 $- $ 3,598 Year ended June 30, 2015 Stock-based compensation charge $ 3,195 $- $ 3,195 Total – year ended June 30, 2015 $ 3,195 $- $ 3,195 Year ended June 30, 2014 Stock-based compensation charge $ 3,724 $- $ 3,724 Reversal of stock compensation charge related to restricted stock forfeited (6 ) - (6 ) Total – year ended June 30, 2014 $ 3,718 $- $ 3,718 |
Deconsolidation Of Businesses48
Deconsolidation Of Businesses Sold Or Liquidated And Disposal Of Business (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Deconsolidation Of Businesses Sold Or Liquidated And Disposal Of Business [Abstract] | |
Profit (Loss) On Deconsolidation Of Businesses Sold Or Liquidated And Disposal Of Business | 2016 2015 2014 Profit on sale of MediKredit Integrated Healthcare Solutions Proprietary Limited ("MediKredit") $ - $ - $ 4,125 Profit on disposal of assets related to the business of Net 1 Universal Electronic Technological Solutions (Pty) Ltd ("NUETS business") - - 2,081 Loss on liquidation of Net1 UTA - - (6,261 ) Net profit (loss) for the year ended June 30, $ - $ - $ (55 ) |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Income Taxes [Abstract] | |
Components Of Income Before Income Taxes | 2016 2015 2014 South Africa $ 119,097 $ 137,138 $ 121,338 United States (5,915 ) (7,286 ) (9,923 ) Other 13,055 10,566 (2,273 ) Income before income taxes $ 126,237 $ 140,418 $ 109,142 |
Provision For Income Taxes By Location Of Taxing Jurisdiction | 2016 2015 2014 Current income tax $ 88,807 $ 48,795 $ 61,902 South Africa 31,815 39,901 41,326 United States 50,750 3,109 14,838 Other 6,242 5,785 5,738 Deferred taxation (benefit) charge (161 ) (2,292 ) (7,887 ) South Africa 3,044 398 (3,345 ) United States (274 ) 485 (107 ) Other (2,931 ) (3,175 ) (4,435 ) Capital gains tax - - 202 Foreign tax credits generated – United States (46,566 ) (2,367 ) (14,838 ) Income tax provision $ 42,080 $ 44,136 $ 39,379 |
Reconciliation Of Income Taxes | 2016 2015 2014 Income tax rate reconciliation: Income taxes at fully-distributed South African tax rates 28.00 % 28.00 % 28.00 % Non-deductible items 0.38 % 2.36 % 4.71 % Foreign tax rate differential 7.42 % 0.06 % 1.89 % Foreign tax credits (36.88 %) (1.68 %) (13.59 %) Taxation on deemed dividends in the United States 34.60 % 3.46 % 13.46 % Capital gains tax paid 0.00 % 0.00 % 0.19 % Movement in valuation allowance (0.09 %) (0.08 %) 1.23 % Prior year adjustments (0.09 %) (0.69 %) 0.19 % Income tax provision 33.34 % 31.43 % 36.08 % |
Schedule Of Deferred Tax Assets And Liabilities | 2016 2015 Total deferred tax assets Net operating loss carryforwards $ 1,982 $ 1,216 Provisions and accruals 4,245 5,653 FTS patent 496 691 Intangible assets 733 616 Foreign tax credits 36,750 20,212 Other 7,448 7,330 Total deferred tax assets before valuation allowance 51,654 35,718 Valuation allowances (38,834 ) (22,550 ) Total deferred tax assets, net of valuation allowance 12,820 13,168 Total deferred tax liabilities: Intangible assets 11,799 11,510 Other 6,624 4,924 Total deferred tax liabilities 18,423 16,434 Reported as Current deferred tax assets 6,956 7,298 Long term deferred tax liabilities 12,559 10,564 Net deferred income tax liabilities $ 5,603 $ 3,266 |
Movement In Valuation Allowance | Net Foreign Tax operating tax deductible loss carry- FTS Total credits goodwill forwards patent Other July 1, 2014 $ 25,153 $ 23,337 $- $ 1,244 $ 369 $ 203 Reversed to statement of operations (3,126 ) (3,126 ) - - - - Charged to statement of operations 794 - - - - 794 Utilized (128 ) - - (128 ) - - Foreign currency adjustment (143 ) - - (28 ) (115 ) - June 30, 2015 22,550 20,211 - 1,088 254 997 Charged to statement of operations 16,537 16,537 - - - - Utilized (128 ) - - (128 ) - - Foreign currency adjustment (125 ) - - (29 ) (96 ) - June 30, 2016 $ 38,834 $ 36,748 $- $ 931 $ 158 $ 997 |
Schedule Of Operating Loss Carryforwards | Year of expiration U.S. net operating loss carry forwards 2025 $ 2,608 |
Schedule Of Reconciliation Of Total Amounts Of Unrecognized Tax Benefits | 2016 2015 2014 Unrecognized tax benefits - opening balance $ 2,322 $ 1,160 $ 1,150 Gross decreases - tax positions in prior periods (609 ) - - Gross increases - tax positions in current period 641 1,311 38 Lapse of statute limitations - - - Foreign currency adjustment (424 ) (149 ) (28 ) Unrecognized tax benefits - closing balance $ 1,930 $ 2,322 $ 1,160 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Income From Continuing Operations And Share Data Used In Basic And Diluted Earnings Per Share Computations | 2016 2015 2014 (in thousands except percent and per share data) Numerator: Net income attributable to Net1 $ 82,454 $ 94,735 $ 70,111 Undistributed earnings 82,454 94,735 70,111 Percent allocated to common shareholders (Calculation 1) 99 % 99 % 99 % Numerator for earnings per share: basic and diluted $ 81,370 $ 93,750 $ 69,376 Denominator: Denominator for basic earnings per share: weighted-average common shares outstanding 47,234 46,247 45,997 Effect of dilutive securities: Stock options 242 152 119 Denominator for diluted earnings per share: adjusted weighted average common shares outstanding and assumed conversion 47,476 46,399 46,116 Earnings per share: Basic $ 1.72 $ 2.03 $ 1.51 Diluted $ 1.71 $ 2.02 $ 1.50 (Calculation 1) Basic weighted-average common shares outstanding (A) 47,234 46,247 45,997 Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B) 47,863 46,733 46,484 Percent allocated to common shareholders (A) / (B) 99 % 99 % 99 % |
Supplemental Cash Flow Inform51
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule Of Supplemental Cash Flow Disclosures | 2016 2015 2014 Cash received from interest $ 15,262 $ 16,399 $ 14,703 Cash paid for interest $ 3,439 $ 4,360 $ 6,969 Cash paid for income taxes $ 42,123 $ 45,459 $ 42,417 |
Cash Flow Movements If Cash Had Been Transferred | 2014 Cash (used in ) provided by investing activities: Loans provided to BEE partners $ (25,054 ) Loans repaid by BEE partners $ 24,574 Cash provided by (used in) financing activities: Issue of shares of the Company's common stock to BEE partners $ 25,054 Purchase of shares from BEE partners $ (24,858 ) |
Operating Segments (Tables)
Operating Segments (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Operating Segments [Abstract] | |
Reconciliation Of Reportable Segments Revenue | Revenue From Reportable Inter external Segment segment customers South African transaction processing $ 212,574 $ 17,615 $ 194,959 International transaction processing 169,807 - 169,807 Financial inclusion and applied technologies 249,403 23,420 225,983 Total for the year ended June 30, 2016 631,784 41,035 590,749 South African transaction processing $ 236,452 $ 20,521 $ 215,931 International transaction processing 164,554 - 164,554 Financial inclusion and applied technologies 272,600 27,106 245,494 Total for the year ended June 30, 2015 673,606 47,627 625,979 South African transaction processing 261,577 11,543 250,034 International transaction processing 152,725 - 152,725 Financial inclusion and applied technologies 207,595 28,698 178,897 Total for the year ended June 30, 2014 621,897 40,241 581,656 |
Reconciliation Of Reportable Segments Measure Of Profit Or Loss To Income | For the years ended June 30, 2016 2015 2014 Reportable segments measure of profit or loss $ 129,774 $ 150,538 $ 144,038 Operating income: Corporate/Eliminations (15,406 ) (22,019 ) (42,240 ) Interest income 15,292 16,355 14,817 Interest expense (3,423 ) (4,456 ) (7,473 ) Income before income taxes $ 126,237 $ 140,418 $ 109,142 |
Summary Of Segment Information | For the years ended June 30, 2016 2015 2014 Revenues South African transaction processing $ 212,574 $ 236,452 $ 261,577 International transaction processing 169,807 164,554 152,725 Financial inclusion and applied technologies 249,403 272,600 207,595 Total 631,784 673,606 621,897 Operating income (loss) South African transaction processing 51,386 51,008 61,401 International transaction processing 23,389 26,805 21,952 Financial inclusion and applied technologies 54,999 72,725 60,685 Subtotal: Operating segments 129,774 150,538 144,038 Corporate/Eliminations (15,406 ) (22,019 ) (42,240 ) Total 114,368 128,519 101,798 Depreciation and amortization South African transaction processing 6,157 7,093 7,036 International transaction processing 21,852 17,846 15,823 Financial inclusion and applied technologies 1,158 808 874 Subtotal: Operating segments 29,167 25,747 23,733 Corporate/Eliminations 11,227 14,938 16,553 Total 40,394 40,685 40,286 Expenditures for long-lived assets South African transaction processing 5,101 7,008 3,425 International transaction processing 28,029 28,205 19,393 Financial inclusion and applied technologies 2,667 1,223 1,088 Subtotal: Operating segments 35,797 36,436 23,906 Corporate/Eliminations - - - Total $ 35,797 $ 36,436 $ 23,906 |
Revenue Based On Geographic Location | 2016 2015 2014 South Africa $ 422,022 $ 461,425 $ 428,931 South Korea 158,609 160,853 146,667 Rest of world 10,118 3,701 6,058 Total $ 590,749 $ 625,979 $ 581,656 |
Long-Lived Assets Based On Geographical Location | Long-lived assets 2016 2015 (1) 2014 (1) South Africa $ 69,213 $ 72,467 $ 105,627 South Korea 221,459 230,109 253,147 Rest of world 49,105 20,058 6,593 Total $ 339,777 $ 322,634 $ 365,367 (1) As described in Note 1, during the year ended June 30, 2016, the Company identified a balance sheet misclassification between current assets and long-term assets. Long-lived assets for fiscal 2015 and 2014, have been restated, and have increased by $27.4 million and $23.3 million, respectively. |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Commitments And Contingencies [Abstract] | |
Future Minimum Payments Under Operating Leases | Due within 1 year $ 5,334 Due within 2 years $ 3,258 Due within 3 years $ 790 Due within 4 years $ 89 Due within 5 years $ - |
Unaudited Quarterly Results (Ta
Unaudited Quarterly Results (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Unaudited Quarterly Results [Abstract] | |
Schedule Of Unaudited Consolidated Statements Of Operations | Three months ended Year ended Jun 30, Mar 31, Dec 31, Sep 30, June 30, 2016 2016 2015 2015 2016 (In thousands except per share data) Revenue $ 151,259 $ 134,736 $ 150,281 $ 154,473 $ 590,749 Operating income 32,183 26,191 24,779 31,215 114,368 Net income attributable to Net1 $ 24,356 $ 18,420 $ 16,658 $ 23,020 $ 82,454 Net income per share, in United States dollars Basic earnings attributable to Net1 shareholders $ 0.48 $ 0.40 $ 0.35 $ 0.49 $ 1.72 Diluted earnings attributable to Net1 shareholders $ 0.47 $ 0.39 $ 0.35 $ 0.48 $ 1.71 Three months ended Year ended Jun 30, Mar 31, Dec 31, Sep 30, June 30, 2015 2015 2014 2014 2015 (In thousands except per share data) Revenue $ 164,286 $ 151,121 $ 154,131 $ 156,441 $ 625,979 Operating income 32,613 31,966 30,815 33,125 128,519 Net income attributable to Net1 $ 23,914 $ 24,358 $ 22,374 $ 24,089 $ 94,735 Net income per share, in United States dollars Basic earnings attributable to Net1 shareholders $ 0.51 $ 0.52 $ 0.48 $ 0.51 $ 2.03 Diluted earnings attributable to Net1 shareholders $ 0.51 $ 0.52 $ 0.48 $ 0.51 $ 2.02 |
Description Of Business And B55
Description Of Business And Basis Of Presentation (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Jun. 30, 2014 |
Description Of Business And Basis Of Presentation [Abstract] | ||
Increase in other long-term assets | $ 27.4 | $ 23.3 |
Significant Accounting Polici56
Significant Accounting Policies (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016USD ($)contractitem | Jun. 30, 2015USD ($)item | Jun. 30, 2014USD ($)item | |
Significant Accounting Policies [Line Items] | |||
Number of entities required to be consolidated | item | 0 | 0 | 0 |
Number of deliverables identified for multiple element arrangements | item | 2 | ||
Research and development expenditures | $ 2,300 | $ 2,400 | $ 2,200 |
Undistributed earnings | $ 414,200 | ||
Minimum probability of tax benefit realization percentage | 50.00% | ||
Settlement assets | $ 536,725 | 692,442 | |
Settlement obligations | 536,725 | 692,442 | |
Cash flows provided by investing activities | (5,756) | (80,783) | (9,237) |
Cash flows used in financing activities | $ 13,645 | 16,784 | (25,781) |
Restatement Adjustment [Member] | |||
Significant Accounting Policies [Line Items] | |||
Settlement assets | 30,500 | ||
Settlement obligations | 30,500 | ||
Cash flows provided by investing activities | 21,300 | (12,400) | |
Cash flows used in financing activities | $ 21,300 | $ (12,400) | |
South Africa [Member] | |||
Significant Accounting Policies [Line Items] | |||
Income tax rate | 28.00% | 28.00% | 28.00% |
Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Number of contracts in which reinsurers compensate losses arising on contracts it issues | contract | 1 |
Significant Accounting Polici57
Significant Accounting Policies (Schedule Of Property Plant And Equipment Expected Economic Lives) (Details) | 12 Months Ended |
Jun. 30, 2016 | |
Minimum [Member] | Computer Equipment [Member] | |
Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Minimum [Member] | Office Equipment [Member] | |
Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 2 years |
Minimum [Member] | Vehicles [Member] | |
Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Minimum [Member] | Furniture and Fittings [Member] | |
Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Minimum [Member] | Building And Structures [Member] | |
Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 8 years |
Minimum [Member] | Plant And Equipment [Member] | |
Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Maximum [Member] | Computer Equipment [Member] | |
Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 8 years |
Maximum [Member] | Office Equipment [Member] | |
Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Maximum [Member] | Vehicles [Member] | |
Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 8 years |
Maximum [Member] | Furniture and Fittings [Member] | |
Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Maximum [Member] | Building And Structures [Member] | |
Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 30 years |
Maximum [Member] | Plant And Equipment [Member] | |
Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Significant Accounting Polici58
Significant Accounting Policies (Schedule Of Intangible Assets Useful Lives) (Details) | 12 Months Ended |
Jun. 30, 2016 | |
FTS Patent [Member] | |
Significant Accounting Policies [Line Items] | |
Amortized useful lives of intangible assets | 10 years |
Exclusive Licenses [Member] | |
Significant Accounting Policies [Line Items] | |
Amortized useful lives of intangible assets | 7 years |
Customer Databases [Member] | |
Significant Accounting Policies [Line Items] | |
Amortized useful lives of intangible assets | 3 years |
Minimum [Member] | Customer Relationships [Member] | |
Significant Accounting Policies [Line Items] | |
Amortized useful lives of intangible assets | 1 year |
Minimum [Member] | Software And Unpatented Technology [Member] | |
Significant Accounting Policies [Line Items] | |
Amortized useful lives of intangible assets | 3 years |
Minimum [Member] | Trademarks [Member] | |
Significant Accounting Policies [Line Items] | |
Amortized useful lives of intangible assets | 3 years |
Maximum [Member] | Customer Relationships [Member] | |
Significant Accounting Policies [Line Items] | |
Amortized useful lives of intangible assets | 15 years |
Maximum [Member] | Software And Unpatented Technology [Member] | |
Significant Accounting Policies [Line Items] | |
Amortized useful lives of intangible assets | 5 years |
Maximum [Member] | Trademarks [Member] | |
Significant Accounting Policies [Line Items] | |
Amortized useful lives of intangible assets | 20 years |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | Jan. 20, 2016USD ($)shares | Jun. 30, 2016USD ($) | Apr. 30, 2016USD ($)item | Jun. 30, 2016USD ($) | May 31, 2015 |
Business Acquisition [Line Items] | |||||
Business acquisition, acquisition-related expenditure | $ 200 | $ 200 | |||
Transact24 [Member] | |||||
Business Acquisition [Line Items] | |||||
Percentage acquired in acquisition | 56.00% | 44.00% | |||
Business acquisition, cost of acquired entity | $ 3,000 | ||||
Total purchase consideration | $ 6,963 | ||||
Shares issued in acquisition | shares | 391,645 | ||||
Fair value of shares issued in acquisition | $ 4,000 | ||||
Business acquisition, contributed revenue | 3,800 | ||||
Business acquisition, contributed net income | 30 | ||||
Masterpayment [Member] | |||||
Business Acquisition [Line Items] | |||||
Percentage acquired in acquisition | 60.00% | ||||
Business acquisition, cost of acquired entity | 9,400 | 11,200 | |||
EBITDA earn-out | $ 5,400 | ||||
Total purchase consideration | $ 14,766 | ||||
Business acquisition, number of registered merchants | item | 5,000 | ||||
Consideration transferred | $ 25,955 | ||||
Business acquisition, contributed revenue | 2,400 | ||||
Business acquisition, contributed net income | $ (40) | ||||
After June 30, 2016 [Member] | |||||
Business Acquisition [Line Items] | |||||
Percentage of shares issued restricted to resale | 50.00% | ||||
After June 30, 2017 [Member] | |||||
Business Acquisition [Line Items] | |||||
Percentage of shares issued restricted to resale | 50.00% |
Acquisitions (Schedule Of Cash
Acquisitions (Schedule Of Cash Paid Net Of Cash Received Related To Company Acquisitions) (Details) $ in Thousands | 12 Months Ended |
Jun. 30, 2016USD ($) | |
Business Acquisition [Line Items] | |
Total cash paid, net of cash received | $ 15,767 |
Transact24 [Member] | |
Business Acquisition [Line Items] | |
Total cash paid, net of cash received | 1,666 |
Masterpayment [Member] | |
Business Acquisition [Line Items] | |
Total cash paid, net of cash received | $ 14,101 |
Acquisitions (Schedule Of Final
Acquisitions (Schedule Of Final Purchase Price Allocation Translated At Applicable Foreign Exchange Rate) (Details) - USD ($) $ in Thousands | Jan. 20, 2016 | Apr. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 |
Business Acquisition [Line Items] | ||||||
Goodwill (Note 7) | $ 179,478 | $ 166,437 | $ 186,576 | $ 175,806 | ||
Transact24 [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash and cash equivalents | $ 1,334 | |||||
Accounts receivable | 2,019 | |||||
Property, plant and equipment, net | 154 | |||||
Deferred tax assets | 1,070 | |||||
Intangible assets (Note 7) | 4,974 | |||||
Goodwill (Note 7) | 6,024 | |||||
Account payables and other payables | (1,898) | |||||
Deferred tax liabilities | (1,243) | |||||
Fair value of assets and liabilities on acquisition | 12,434 | |||||
Less: fair value of equity-accounted investment, comprising: | (5,471) | |||||
Less: gain on re-measurement of previously held interest | (1,908) | |||||
Less: carrying value at the acquisition date | (3,563) | |||||
Total purchase price | $ 6,963 | |||||
Masterpayment [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash and cash equivalents | $ 665 | |||||
Accounts receivable | 765 | |||||
Property, plant and equipment, net | 18 | |||||
Intangible assets (Note 7) | 9,428 | |||||
Goodwill (Note 7) | 17,084 | |||||
Account payables and other payables | (1,114) | |||||
Deferred tax liabilities | (2,236) | |||||
Fair value of assets and liabilities on acquisition | 24,610 | |||||
Less: fair value attributable to controlling interests on acquisition date | (9,844) | |||||
Total purchase price | 14,766 | |||||
Add: carrying value of non-controlling interests acquired | 9,867 | |||||
Add: adjustment to Net1 equity (Note 14) | 1,322 | |||||
Cash paid for non-controlling interest (Note 14) | 11,189 | |||||
Total consideration paid for Masterpayment | $ 25,955 | |||||
T24 And Masterpayment [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash and cash equivalents | 1,999 | |||||
Accounts receivable | 2,784 | |||||
Property, plant and equipment, net | 172 | |||||
Deferred tax assets | 1,070 | |||||
Intangible assets (Note 7) | 14,402 | |||||
Goodwill (Note 7) | 23,108 | |||||
Account payables and other payables | (3,012) | |||||
Deferred tax liabilities | (3,479) | |||||
Fair value of assets and liabilities on acquisition | 37,044 | |||||
Less: fair value of equity-accounted investment, comprising: | (5,471) | |||||
Less: gain on re-measurement of previously held interest | (1,908) | |||||
Less: carrying value at the acquisition date | (3,563) | |||||
Less: fair value attributable to controlling interests on acquisition date | (9,844) | |||||
Total purchase price | $ 21,729 |
Accounts Receivable, Net And 62
Accounts Receivable, Net And Finance Loans Receivable, Net (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accounts Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Bad debt expense | $ 1.2 | $ 0 | $ 0.6 |
Financing Loan Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Bad debt expense | $ 0 | $ 0 | $ 0 |
Accounts Receivable, Net And 63
Accounts Receivable, Net And Finance Loans Receivable, Net (Schedule Of Accounts Receivable) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | |||
Accounts Receivable, Net And Finance Loans Receivable, Net [Abstract] | ||||
Accounts receivable, trade, net | $ 57,563 | $ 67,399 | [1] | |
Accounts receivable, trade, gross | 59,232 | 69,355 | [1] | |
Allowance for doubtful accounts receivable, end of year | 1,669 | 1,956 | [1] | |
Beginning of year | [1] | 1,956 | 1,313 | |
Reversed to statement of operations | (68) | (61) | [1] | |
Charged to statement of operations | 388 | 1,580 | [1] | |
Utilized | (361) | (654) | [1] | |
Foreign currency adjustment | (246) | (222) | [1] | |
Current portion of payments to agents in South Korea amortized over the contract period | 26,572 | 25,998 | [1] | |
Payments to agents in South Korea amortized over the contract period | 52,469 | 53,431 | [1] | |
Less: Payments to agents in South Korea amortized over the contract period included in other long-term assets (Note 1) | 25,897 | 27,433 | [1] | |
Other receivables | 23,670 | 27,938 | [1] | |
Total accounts receivable, net | $ 107,805 | 121,335 | [1] | |
Receivables from the sale of prepaid products | $ 18,448 | |||
[1] | Receivables from the sale of prepaid products of $18,448 as of June 30, 2015, have been reclassified from Other receivables to Accounts receivable, trade, gross. |
Accounts Receivable, Net And 64
Accounts Receivable, Net And Finance Loans Receivable, Net (Schedule Of Finance Loans Receivable) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Accounts Receivable, Net And Finance Loans Receivable, Net [Abstract] | ||
Finance loans receivable, gross | $ 41,503 | $ 44,600 |
Allowance for doubtful finance loans receivable, end of year | 4,494 | 4,227 |
Beginning of year | 4,227 | 3,083 |
Charged to statement of operations | 2,113 | 3,392 |
Utilized | (1,105) | (1,705) |
Foreign currency adjustment | (741) | (543) |
Total finance loans receivable, net | $ 37,009 | $ 40,373 |
Inventory (Schedule Of Inventor
Inventory (Schedule Of Inventory) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Inventory [Abstract] | ||
Finished goods | $ 10,004 | $ 12,979 |
Inventory | $ 10,004 | $ 12,979 |
Fair Value Of Financial Instr66
Fair Value Of Financial Instruments (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Mar. 31, 2016 | |
Derivatives, Fair Value [Line Items] | |||
Years of significant fluctuation of US Dollar to ZAR exchange rate | 3 years | ||
Equity method investment, percentage of ownership interest | 1.00% | ||
Transfers in or out of Level 3 | $ 0 | ||
Impairment charges | $ 0 | $ 0 | |
Finbond [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Equity method investment, percentage of ownership interest | 26.00% | ||
Equity method investment, shares | 197,522,435 | 156,788,712 | |
Equity method investment, additional shares | 40,733,723 | ||
Equity method investment, additional shares acquisition value | $ 8,900,000 | ||
One Credit Limited [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Equity method investment, ownership percentage | 25.00% | 25.00% | |
Current borrowing capacity | $ 10,000,000 | $ 10,000,000 | |
Amount utilized | $ 0 | $ 0 |
Fair Value Of Financial Instr67
Fair Value Of Financial Instruments (Outstanding Foreign Exchange Contracts) (Details) | 12 Months Ended | |||
Jun. 30, 2016EUR (€)ZAR / item | Jun. 30, 2015EUR (€)ZAR / item | Jun. 30, 2016ZAR / shares | Jun. 30, 2015ZAR / shares | |
Foreign Exchange Contract 1 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 573,765 | € 526,263 | ||
Strike price | ZAR / item | 15.9587 | 15.1145 | ||
Fair market value price | ZAR / shares | ZAR 16.3393 | ZAR 13.6275 | ||
Maturity | Jul. 20, 2016 | Jul. 20, 2015 | ||
Foreign Exchange Contract 2 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 554,494.50 | € 526,263 | ||
Strike price | ZAR / item | 16.0643 | 15.2025 | ||
Fair market value price | ZAR / shares | 16.4564 | 13.7062 | ||
Maturity | Aug. 19, 2016 | Aug. 20, 2015 | ||
Foreign Exchange Contract 3 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 465,711 | € 526,263 | ||
Strike price | ZAR / item | 16.1798 | 15.2944 | ||
Fair market value price | ZAR / shares | 16.5820 | 13.7898 | ||
Maturity | Sep. 20, 2016 | Sep. 21, 2015 | ||
Foreign Exchange Contract 4 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 393,675 | € 526,263 | ||
Strike price | ZAR / item | 16.2911 | 15.3809 | ||
Fair market value price | ZAR / shares | 16.7017 | 13.8683 | ||
Maturity | Oct. 20, 2016 | Oct. 20, 2015 | ||
Foreign Exchange Contract 5 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 302,368.50 | € 509,516 | ||
Strike price | ZAR / item | 16.4085 | 15.4728 | ||
Fair market value price | ZAR / shares | ZAR 16.8301 | 13.9540 | ||
Maturity | Nov. 21, 2016 | Nov. 20, 2015 | ||
Foreign Exchange Contract 6 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 529,865 | |||
Strike price | ZAR / item | 15.5654 | |||
Fair market value price | ZAR / shares | 14.0397 | |||
Maturity | Dec. 21, 2015 | |||
Foreign Exchange Contract 7 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | € | € 526,663 | |||
Strike price | ZAR / item | 15.6625 | |||
Fair market value price | ZAR / shares | ZAR 14.1239 | |||
Maturity | Jan. 20, 2016 |
Fair Value Of Financial Instr68
Fair Value Of Financial Instruments (Fair Value Of Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 533 | $ 1,640 |
Investments in Finbond (available for sale assets included in other long-term assets) | 7,488 | |
Foreign exchange contracts | 62 | |
Other | 37 | 1,259 |
Total assets at fair value | 632 | 10,387 |
Foreign exchange contracts | 452 | |
Total liabilities at fair value | 452 | |
Quoted Price In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 533 | 1,640 |
Total assets at fair value | 533 | 1,640 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange contracts | 62 | |
Other | 37 | 1,259 |
Total assets at fair value | $ 99 | 1,259 |
Foreign exchange contracts | 452 | |
Total liabilities at fair value | 452 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in Finbond (available for sale assets included in other long-term assets) | 7,488 | |
Total assets at fair value | $ 7,488 |
Property, Plant And Equipment69
Property, Plant And Equipment, Net (Schedule Of Property Plant And Equipment Net) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 154,946 | $ 146,334 |
Accumulated depreciation | 99,969 | 94,014 |
Carrying amount | 54,977 | 52,320 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 851 | 869 |
Accumulated depreciation | ||
Carrying amount | 851 | 869 |
Building And Structures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 467 | 477 |
Accumulated depreciation | 151 | 134 |
Carrying amount | 316 | 343 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 130,998 | 121,033 |
Accumulated depreciation | 81,423 | 75,681 |
Carrying amount | 49,575 | 45,352 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 7,262 | 6,295 |
Accumulated depreciation | 5,048 | 4,901 |
Carrying amount | 2,214 | 1,394 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 15,368 | 17,660 |
Accumulated depreciation | 13,347 | 13,298 |
Carrying amount | $ 2,021 | $ 4,362 |
Goodwill And Intangible Asset70
Goodwill And Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Goodwill And Intangible Assets, Net [Abstract] | |||
Impairment of intangible asset | $ 0 | $ 0 | $ 0 |
Amortization expense | $ 11.2 | $ 19.4 | $ 16.6 |
Goodwill And Intangible Asset71
Goodwill And Intangible Assets, Net (Carrying Value Of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Goodwill [Line Items] | ||||
Gross value, Beginning Balance | $ 166,437 | $ 186,576 | $ 218,558 | |
Gross value, Loss on liquidation (Note 19) | (44,445) | |||
Gross value, Foreign currency adjustment | [1] | (10,067) | (20,139) | 12,463 |
Gross value, Ending Balance | 179,478 | 166,437 | 186,576 | |
Accumulated impairment, Beginning Balance | (42,752) | |||
Accumulated Impairment, Loss on liquidation (Note 19) | 44,445 | |||
Accumulated impairment, Foreign currency adjustment | [1] | (1,693) | ||
Accumulated impairment, Ending Balance | ||||
Carrying value, Beginning Balance | 166,437 | 186,576 | 175,806 | |
Carrying value, Loss on liquidation (Note 19) | ||||
Carrying value, Foreign currency adjustment | [1] | (10,067) | (20,139) | 10,770 |
Carrying value, Ending Balance | 179,478 | $ 166,437 | $ 186,576 | |
Transact24 [Member] | ||||
Goodwill [Line Items] | ||||
Gross value, Acquisition (Note 3) | 6,024 | |||
Accumulated impairment, Acquisition (Note 3) | ||||
Carrying value, Acquisition (Note 3) | 6,024 | |||
Masterpayment [Member] | ||||
Goodwill [Line Items] | ||||
Gross value, Acquisition (Note 3) | 17,084 | |||
Accumulated impairment, Acquisition (Note 3) | ||||
Carrying value, Acquisition (Note 3) | $ 17,084 | |||
[1] | the foreign currency adjustment represents the effects of the fluctuations between the South African rand, Euro and the Korean won, and the U.S. dollar on the carrying value. |
Goodwill And Intangible Asset72
Goodwill And Intangible Assets, Net (Goodwill Allocated To Reportable Segments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Goodwill [Line Items] | ||||
Carrying value, Beginning Balance | $ 166,437 | $ 186,576 | $ 175,806 | |
Carrying value, Loss on liquidation (Note 19) | ||||
Carrying value, Foreign currency adjustment | [1] | (10,067) | (20,139) | 10,770 |
Carrying value, Ending Balance | 179,478 | 166,437 | 186,576 | |
Transact24 [Member] | ||||
Goodwill [Line Items] | ||||
Carrying value, Acquisition (Note 3) | 6,024 | |||
Masterpayment [Member] | ||||
Goodwill [Line Items] | ||||
Carrying value, Acquisition (Note 3) | 17,084 | |||
South African Transaction Processing [Member] | ||||
Goodwill [Line Items] | ||||
Carrying value, Beginning Balance | 24,579 | 28,517 | ||
Carrying value, Foreign currency adjustment | [1] | (4,154) | (3,938) | |
Carrying value, Ending Balance | 20,425 | 24,579 | 28,517 | |
South African Transaction Processing [Member] | Transact24 [Member] | ||||
Goodwill [Line Items] | ||||
Carrying value, Acquisition (Note 3) | ||||
South African Transaction Processing [Member] | Masterpayment [Member] | ||||
Goodwill [Line Items] | ||||
Carrying value, Acquisition (Note 3) | ||||
International Transaction Processing [Member] | ||||
Goodwill [Line Items] | ||||
Carrying value, Beginning Balance | 115,519 | 128,427 | ||
Carrying value, Foreign currency adjustment | [1] | (2,442) | (12,908) | |
Carrying value, Ending Balance | 136,185 | 115,519 | 128,427 | |
International Transaction Processing [Member] | Transact24 [Member] | ||||
Goodwill [Line Items] | ||||
Carrying value, Acquisition (Note 3) | 6,024 | |||
International Transaction Processing [Member] | Masterpayment [Member] | ||||
Goodwill [Line Items] | ||||
Carrying value, Acquisition (Note 3) | 17,084 | |||
Financial Inclusion And Applied Technologies [Member] | ||||
Goodwill [Line Items] | ||||
Carrying value, Beginning Balance | 26,339 | 29,632 | ||
Carrying value, Foreign currency adjustment | [1] | (3,471) | (3,293) | |
Carrying value, Ending Balance | 22,868 | $ 26,339 | $ 29,632 | |
Financial Inclusion And Applied Technologies [Member] | Transact24 [Member] | ||||
Goodwill [Line Items] | ||||
Carrying value, Acquisition (Note 3) | ||||
Financial Inclusion And Applied Technologies [Member] | Masterpayment [Member] | ||||
Goodwill [Line Items] | ||||
Carrying value, Acquisition (Note 3) | ||||
[1] | the foreign currency adjustment represents the effects of the fluctuations between the South African rand, Euro and the Korean won, and the U.S. dollar on the carrying value. |
Goodwill And Intangible Asset73
Goodwill And Intangible Assets, Net (Fair Value Of Intangible Assets Acquired) (Details) $ in Thousands | 12 Months Ended |
Jun. 30, 2016USD ($) | |
Transact24 [Member] | Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Fair value as of acquisition date | $ 3,749 |
Weighted-Average Amortization period (in years) | 5 years |
Transact24 [Member] | Software And Unpatented Technology [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Fair value as of acquisition date | $ 1,225 |
Weighted-Average Amortization period (in years) | 3 years |
Masterpayment [Member] | Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Fair value as of acquisition date | $ 6,595 |
Weighted-Average Amortization period (in years) | 5 years |
Masterpayment [Member] | Software And Unpatented Technology [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Fair value as of acquisition date | $ 1,765 |
Weighted-Average Amortization period (in years) | 3 years |
Masterpayment [Member] | Trademarks [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Fair value as of acquisition date | $ 1,068 |
Weighted-Average Amortization period (in years) | 5 years |
Goodwill And Intangible Asset74
Goodwill And Intangible Assets, Net (Carrying Value And Accumulated Amortization Of Intangible Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying value | $ 139,764 | $ 131,792 | |
Accumulated amortization | (91,208) | (84,668) | |
Net carrying value | 48,556 | 47,124 | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying value | [1] | 94,529 | 88,109 |
Accumulated amortization | [1] | (51,557) | (45,312) |
Net carrying value | [1] | 42,972 | 42,797 |
Software And Unpatented Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying value | [1] | 31,452 | 29,964 |
Accumulated amortization | [1] | (28,791) | (28,323) |
Net carrying value | [1] | 2,661 | 1,641 |
FTS Patent [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying value | 2,592 | 3,119 | |
Accumulated amortization | (2,592) | (3,119) | |
Exclusive Licenses [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying value | 4,506 | 4,506 | |
Accumulated amortization | (4,506) | (4,506) | |
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying value | [1] | 6,685 | 6,094 |
Accumulated amortization | [1] | (3,762) | (3,408) |
Net carrying value | [1] | $ 2,923 | $ 2,686 |
[1] | Includes the trademarks acquired in the Masterpayment acquisition as well as the customer relationships and software and unpatented technology acquired as part of the Transact24 and Masterpayment acquisition in January 2016 and April 2016, respectively |
Goodwill And Intangible Asset75
Goodwill And Intangible Assets, Net (Future Estimated Annual Amortization Expense) (Details) $ in Thousands | Jun. 30, 2016USD ($) |
Goodwill And Intangible Assets, Net [Abstract] | |
2,017 | $ 11,919 |
2,018 | 11,305 |
2,019 | 10,686 |
2,020 | 9,986 |
2,021 | 4,315 |
Thereafter | $ 345 |
Reinsurance Assets And Policy76
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts (Summary Of Movement In Assets And Policy Holder Liabilities Under Investment Contracts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | ||
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts [Abstract] | |||
Assets, Beginning Balance | [1] | $ 593 | $ 688 |
Assets, Increase in policy holder benefits under investment contracts | [1] | 35 | |
Assets, Foreign currency adjustment | [1],[2] | (100) | (95) |
Assets, Ending Balance | [1] | 528 | 593 |
Investment contracts, Beginning Balance | [3] | (593) | (688) |
Investment contracts, Increase in policy holder benefits under investment contracts | [3] | (35) | |
Investment contracts, Foreign currency adjustment | [2],[3] | 100 | 95 |
Investment contracts, Ending Balance | [3] | $ (528) | $ (593) |
[1] | Included in other long-term assets | ||
[2] | The foreign currency adjustment represents the effects of the fluctuations between the ZAR against the U.S. dollar. | ||
[3] | Included in other long-term liabilities |
Reinsurance Assets And Policy77
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts (Summary Of The Movement In Reinsurance Assets And Policy Holder Liabilities Under Insurance Contracts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | ||
Reinsurance Assets And Policy Holder Liabilities Under Insurance And Investment Contracts [Abstract] | |||
Reinsurance assets, Beginning Balance | [1] | $ 183 | $ 21,062 |
Reinsurance assets, Increase in policy holder benefits under insurance contracts | [1] | 463 | |
Reinsurance assets, Claims and policyholders' benefits under insurance contracts | [1] | (444) | 30 |
Reinsurance assets, Transfer to reinsurer | [1],[2] | (18,000) | |
Reinsurance assets, Foreign currency adjustment | [1],[3] | (31) | (2,909) |
Reinsurance assets, Ending Balance | [1] | 171 | 183 |
Insurance contracts, Beginning Balance | [4] | (567) | (21,478) |
Insurance contracts, Increase in policy holder benefits under insurance contracts | [4] | (1,408) | |
Insurance contracts, Claims and policyholders' benefits under insurance contracts | [4] | 801 | (55) |
Insurance contracts, Transfer to reinsurer | [2],[4] | 18,000 | |
Insurance contracts, Foreign currency adjustment | [3],[4] | 96 | 2,966 |
Insurance contracts, Ending Balance | [4] | $ (1,078) | $ (567) |
[1] | Included in other long-term assets | ||
[2] | Smart Life has agreed to transfer certain fully reinsured policies to the reinsurer pursuant to conditions imposed by the South African Financial Service Board to uplift the suspension of its life insurance license. | ||
[3] | The foreign currency adjustment represents the effects of the fluctuations between the ZAR against the U.S. dollar. | ||
[4] | Included in other long-term liabilities |
Other Payables (Schedule Of Oth
Other Payables (Schedule Of Other Payables) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Other Payables [Abstract] | ||
Accruals | $ 12,588 | $ 14,484 |
Provisions | 10,461 | 17,015 |
Other | 7,981 | 9,361 |
Value-added tax payable | 5,022 | 3,327 |
Payroll-related payables | 992 | 1,008 |
Participating merchants settlement obligation | 435 | 400 |
Other payables, total | $ 37,479 | $ 45,595 |
Short-Term Facilities (Narrativ
Short-Term Facilities (Narrative) (Details) ZAR in Millions, $ in Millions, â‚© in Billions | 12 Months Ended | ||||
Jun. 30, 2016KRW (â‚©) | Jun. 30, 2016ZAR | Jun. 30, 2016USD ($) | Jun. 30, 2015ZAR | Jun. 30, 2015USD ($) | |
South African Credit Facility [Member] | |||||
Short-term Debt [Line Items] | |||||
Maximum borrowing capacity | ZAR | ZAR 150 | ||||
Amount utilized | 131.1 | $ 8.9 | ZAR 139.6 | $ 11.4 | |
South African Credit Facility [Member] | Nedbank Limited [Member] | |||||
Short-term Debt [Line Items] | |||||
Aggregate amount | 400 | 27.1 | |||
Primary amount, available immediately | 200 | 13.5 | |||
Secondary amount, not available immediately | ZAR 200 | 13.5 | |||
Bank Overdrafts Facility [Member] | |||||
Short-term Debt [Line Items] | |||||
Amount utilized | $ 0 | 0 | |||
Short term interest rate | 9.35% | 9.35% | 9.35% | ||
Commitment fee percentage | 0.35% | ||||
Bank Overdrafts Facility [Member] | Nedbank Limited [Member] | |||||
Short-term Debt [Line Items] | |||||
Maximum borrowing capacity | ZAR 50 | $ 3.4 | |||
Derivative Facilities [Member] | Nedbank Limited [Member] | |||||
Short-term Debt [Line Items] | |||||
Maximum borrowing capacity | ZAR 150 | 10.1 | |||
South Korea, Hana Bank Overdraft Facility [Member] | |||||
Short-term Debt [Line Items] | |||||
Maximum borrowing capacity | â‚© 10 | 8.7 | |||
Amount utilized | $ 0 | $ 0 | |||
Initiation date | Jan. 1, 2014 | ||||
Renewal period | 1 year | ||||
New expiration date | Jan. 1, 2017 | ||||
Overdraft rate | 3.31% | 3.31% | 3.31% |
Long-Term Borrowings (Narrative
Long-Term Borrowings (Narrative) (Details) $ in Millions, â‚© in Billions | Oct. 29, 2018KRW (â‚©) | Apr. 29, 2016USD ($) | Oct. 29, 2013KRW (â‚©) | Oct. 29, 2013USD ($) | Oct. 31, 2013 | Jun. 30, 2014KRW (â‚©) | Jun. 30, 2014USD ($) | Jun. 30, 2016KRW (â‚©)item | Jun. 30, 2016USD ($)item | Jun. 30, 2015KRW (â‚©) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2016USD ($) | Oct. 29, 2013USD ($) |
Debt Instrument [Line Items] | ||||||||||||||
Number of facility agreements | item | 3 | 3 | ||||||||||||
Facilities fees paid | â‚© 0.9 | $ 0.9 | ||||||||||||
Interest expense | $ 2.6 | $ 3.6 | $ 4.8 | |||||||||||
Amortization of fees, prepaid facility | $ 0.1 | 0.2 | 0.3 | |||||||||||
Period before maturity date, prepayment of facility may be withdrawn (in months) | 3 months | 3 months | ||||||||||||
Facility A [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Number of annual installments | item | 3 | 3 | ||||||||||||
Annual installments | â‚© | â‚© 10 | |||||||||||||
Scheduled principal repayment | $ 8.7 | |||||||||||||
Scheduled principal repayment of debt, due date | Oct. 29, 2018 | Oct. 29, 2018 | ||||||||||||
Facility A [Member] | Forecast [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Annual installments | â‚© | â‚© 30 | |||||||||||||
Facility C [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Margin added on rate | 3.10% | 3.10% | ||||||||||||
Facilities interest rate at period end | 4.71% | 4.71% | ||||||||||||
Korean Senior Secured Loan Facility [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Outstanding amount | 92.4 | $ 87 | ||||||||||||
Proceeds drawn from facilities | 75 | 70.6 | ||||||||||||
Repayment of facilities | 17.4 | 16.4 | ||||||||||||
South Korean Credit Facility [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Facilities fees paid | $ 0.4 | |||||||||||||
Revolving Credit Facility [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Proceeds drawn from facilities | â‚© 1.1 | $ 1 | â‚© 2.2 | $ 2.1 | ||||||||||
Commitment fee percentage | 0.30% | 0.30% | ||||||||||||
South Korean CD [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
CD interest rate at period end | 1.61% | 1.61% | ||||||||||||
South Korean CD [Member] | Facility A [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Margin added on rate | 3.10% | 3.10% | ||||||||||||
South Korean CD [Member] | Facility B [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Margin added on rate | 2.90% | 2.90% | ||||||||||||
South Korean CD [Member] | Facility A And C [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Facilities interest rate at period end | 4.71% | 4.71% | ||||||||||||
Facilities Agreement [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Proceeds drawn from facilities | â‚© 2.5 | $ 2.1 | â‚© 4 | $ 3.8 | ||||||||||
Facility agreement, in years | 5 years | |||||||||||||
Facilities Agreement [Member] | Revolving Credit Facility [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term borrowings | $ 51.8 | |||||||||||||
Net1 Korea [Member] | Facility A [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum borrowing capacity | 60 | 52 | ||||||||||||
Net1 Korea [Member] | Facility B [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum borrowing capacity | 15 | 13 | ||||||||||||
Net1 Korea [Member] | Facility C [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum borrowing capacity | â‚© 10 | $ 8.7 |
Common Stock (Narrative) (Detai
Common Stock (Narrative) (Details) ZAR / shares in Units, $ / shares in Units, $ in Thousands, ZAR in Millions | Jun. 29, 2016USD ($) | Apr. 11, 2016USD ($)$ / sharesshares | Feb. 03, 2016USD ($) | Jun. 06, 2014shares | Jun. 05, 2014ZAR / shares | Apr. 16, 2014shares | Dec. 06, 2013ZAR / sharesshares | Oct. 10, 2013item | Jun. 30, 2016USD ($)shares | Feb. 29, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Nov. 30, 2015USD ($)shares | Jun. 30, 2016ZARitemZAR / sharesshares | Jun. 30, 2016USD ($)itemshares | Jun. 30, 2015USD ($)$ / sharesshares | Jun. 30, 2014USD ($)shares | Jun. 30, 2016USD ($)$ / shares | Sep. 09, 2014$ / shares | Jun. 04, 2014ZAR / shares |
Class of Stock [Line Items] | |||||||||||||||||||
Number of votes per common share | item | 1 | 1 | |||||||||||||||||
Price per share | ZAR / shares | ZAR 120 | ||||||||||||||||||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | |||||||||||||||||
Common stock, price per share | $ / shares | $ 13.93 | ||||||||||||||||||
Subscription of shares, value | $ 107,672 | ||||||||||||||||||
Share price benchmark, entire outstanding principal amount is required due | ZAR / shares | ZAR 120 | ||||||||||||||||||
Share price benchmark, trigger event for repurchase of shares | ZAR / shares | ZAR 60 | ||||||||||||||||||
Failed arbitration, trigger event, days | 7 days | 7 days | |||||||||||||||||
Period of trading days to the trigger events | 30 days | 30 days | |||||||||||||||||
Common stock repurchase per share | ZAR / shares | ZAR 109.98 | ||||||||||||||||||
Restricted resale period from date of issuance | 5 years | 5 years | |||||||||||||||||
Gain (loss) from non-controlling interests | $ 1,407 | ||||||||||||||||||
Difference in amount, fair value of consideration paid and non-controlling interest adjustment | $ 1,300 | $ 1,500 | |||||||||||||||||
10b5 Plan [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Stock repurchased, value | $ 50,000 | $ 100,000 | |||||||||||||||||
Masterpayment [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Business acquisition, cost of acquired entity | $ 9,400 | 11,200 | |||||||||||||||||
SmartLife [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Business acquisition, cost of acquired entity | 1 | ||||||||||||||||||
KSNET [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Business acquisition, cost of acquired entity | 2,000 | ||||||||||||||||||
Gain (loss) from non-controlling interests | $ 0 | 0 | |||||||||||||||||
Black Economic Empowerment [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Loan agreement term, in years | 5 years | 5 years | |||||||||||||||||
Basis points added to rate | 3.00% | 3.00% | |||||||||||||||||
Percent of outstanding principal amount due for first and second payments | 10.00% | 10.00% | |||||||||||||||||
Number of transactions | item | 2 | ||||||||||||||||||
Percent of outstanding principal amount due for third and fourth payments | 15.00% | 15.00% | |||||||||||||||||
Black Economic Empowerment [Member] | Common Stock [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Stock repurchased, value | $ 24,900 | ||||||||||||||||||
Treasury shares acquired, shares | shares | 2,400,000 | 2,428,122 | |||||||||||||||||
Price per share | ZAR / shares | ZAR 60 | ||||||||||||||||||
Number of common stock shares, issued | shares | 4,400,000 | 4,400,000 | |||||||||||||||||
Calculated percentage of the closing price of common stock | 75.00% | ||||||||||||||||||
Percentage of discount | 25.00% | ||||||||||||||||||
Business Venture Investment [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Stock repurchased, value | ZAR 97.4 | $ 9,200 | |||||||||||||||||
Treasury shares acquired, shares | shares | 1,837,432 | 1,837,432 | |||||||||||||||||
Cash Paymaster Services [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Percent of subscription shares | 12.50% | 12.50% | |||||||||||||||||
Subscription of shares, value | ZAR 15 | $ 1,400 | |||||||||||||||||
Subscription Agreement [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Number of common stock shares, issued | shares | 9,980,000 | ||||||||||||||||||
Common stock, par value | $ / shares | $ 0.001 | ||||||||||||||||||
Common stock, price per share | $ / shares | $ 10.79 | ||||||||||||||||||
Gross proceeds from transaction | $ 107,700 | ||||||||||||||||||
Board Rights [Member] | Policy Agreement [Member] | Minimum [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Percentage of common stock ownership for the right to nominate one director | 5.00% | ||||||||||||||||||
Percentage of common stock ownership for the right to appoint an observer | 2.50% | ||||||||||||||||||
Preemptive Rights [Member] | Policy Agreement [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Percentage of ownership for the right to purchase pro-rata shares | 5.00% | ||||||||||||||||||
Executed Under Share Repurchase Authorizations [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Stock repurchase program, authorized amount | $ 100,000 | ||||||||||||||||||
Stock repurchased, value | $ 27,100 | $ 15,900 | $ 11,200 | $ 11,200 | |||||||||||||||
Treasury shares acquired, shares | shares | 2,426,704 | 1,677,491 | 749,213 | 749,213 | 0 | 0 | |||||||||||||
Put Option [Member] | Policy Agreement [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Percentage of ownership to adopt a shareholder rights plan | 20.00% | ||||||||||||||||||
Number of trading days preceding the triggering event | 60 days |
Common Stock (Number Of Shares,
Common Stock (Number Of Shares, Net Of Treasury) (Details) - shares | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
Common Stock [Abstract] | |||
Statement of changes in equity - common stock | 55,271,954 | 46,679,565 | 47,819,299 |
Less: Non-vested equity shares that have not vested (Note 12) | 589,447 | 341,529 | 385,778 |
Number of shares, net of treasury excluding non-vested equity shares that have not vested | 54,682,507 | 46,338,036 | 47,433,521 |
Accumulated Other Comprehensi83
Accumulated Other Comprehensive (Loss) Income (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Reclassification from accumulated other comprehensive (loss) income | $ 0 | $ 0 | $ 0 |
Selling, General and Administrative Expenses [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Release of gain on asset available for sale, tax | 2.2 | ||
Release of loss on foreign currency translation reserve | $ (4.3) | ||
Income Tax Expense [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Release of gain on asset available for sale, tax | $ 0.4 |
Accumulated Other Comprehensi84
Accumulated Other Comprehensive (Loss) Income (Change In Accumulated Other Comprehensive (Loss) Income Per Component) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ (139,181) | $ (82,741) | $ (100,858) |
Movement in foreign currency translation reserve | (49,479) | (56,862) | 13,552 |
Release of foreign currency translation reserve related to sale/ liquidation of businesses | 4,277 | ||
Unrealized gain on asset available for sale, net of tax | 692 | 422 | 288 |
Release of gain on asset available for sale, net of taxes | (1,732) | ||
Ending Balance | (189,700) | (139,181) | (82,741) |
Accumulated Foreign Currency Translation Reserve [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (140,221) | (83,359) | (101,188) |
Movement in foreign currency translation reserve | (49,479) | (56,862) | 13,552 |
Release of foreign currency translation reserve related to sale/ liquidation of businesses | 4,277 | ||
Unrealized gain on asset available for sale, net of tax | |||
Release of gain on asset available for sale, net of taxes | |||
Ending Balance | (189,700) | (140,221) | (83,359) |
Accumulated Net Unrealized Income (Loss) On Asset Available For Sale, Net Of Tax [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 1,040 | 618 | 330 |
Movement in foreign currency translation reserve | |||
Release of foreign currency translation reserve related to sale/ liquidation of businesses | |||
Unrealized gain on asset available for sale, net of tax | 692 | 422 | 288 |
Release of gain on asset available for sale, net of taxes | (1,732) | ||
Ending Balance | 1,040 | 618 | |
Unrealized gain on asset available for sale, tax | 159 | $ 97 | $ 112 |
Release of gain on asset available for sale, tax | $ 444 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenue [Abstract] | |||
Service rendered, once off receipt related to the recovery of additional implementation costs | $ 26.6 | ||
Percentage of completion method, revenue recognized | $ 0 | $ 0 | $ 0 |
Revenue (Schedule Of Revenue) (
Revenue (Schedule Of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenue [Abstract] | |||||||||||
Services rendered - comprising mainly fees and commissions | $ 514,847 | $ 536,046 | $ 518,297 | ||||||||
Loan-based fees received | 47,117 | 62,235 | 33,560 | ||||||||
Sale of goods - comprising mainly hardware and software sales | 28,785 | 27,698 | 29,799 | ||||||||
Revenue | $ 151,259 | $ 134,736 | $ 150,281 | $ 154,473 | $ 164,286 | $ 151,121 | $ 154,131 | $ 156,441 | $ 590,749 | $ 625,979 | $ 581,656 |
Equity Instruments Issued Pur87
Equity Instruments Issued Pursuant To BEE Transactions (Narrative) (Details) - Equity Instrument 2014 Transaction [Member] - USD ($) $ in Millions | Apr. 16, 2014 | Jun. 30, 2016 |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
Expected volatility rate | 21.04% | |
Risk free rate | 7.90% | |
Expected term, in years | 5 years | |
Estimated expected volatility calculation period, in days | 30 days | |
Common Stock [Member] | ||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
Number of shares, issued | 4,400,000 | |
Fair value of option | $ 11.3 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) | Sep. 09, 2014USD ($)shares | Aug. 27, 2014$ / shares | Nov. 10, 2013 | Nov. 10, 2012 | Nov. 10, 2011 | Aug. 31, 2015shares | Nov. 30, 2014USD ($)$ / sharesshares | Aug. 31, 2014USD ($)$ / sharesshares | Aug. 31, 2013shares | Dec. 31, 2017USD ($) | Jun. 30, 2016USD ($)$ / sharesshares | Jun. 30, 2015USD ($)shares | Jun. 30, 2014USD ($)shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Granted, Number of shares | 464,410 | 224,896 | |||||||||||
Award shares vested percentage | 33.00% | ||||||||||||
Exercisable stock options | 373,435 | 330,967 | 462,333 | ||||||||||
Stock-based compensation charge, net | $ | $ 3,598,000 | $ 3,195,000 | $ 3,718,000 | ||||||||||
Share-based compensation, number of shares exercised | 323,645 | 773,633 | 26,667 | ||||||||||
Forfeitures, Number of shares | 0 | 0 | 136,420 | ||||||||||
Exercised of stock option, shares | $ | $ 3,762,000 | $ 2,045,000 | $ 198,000 | ||||||||||
Common stock, shares issued | 55,271,954 | 46,679,565 | |||||||||||
Expected life (in years) | 3 years | 3 years | 3 years | ||||||||||
Period of trading days to the trigger events | 30 days | ||||||||||||
Employees [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Share-based compensation, number of shares exercised | 336,584 | ||||||||||||
Net1 UTA [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Deferred tax asset | $ | $ 1,800,000 | $ 1,400,000 | |||||||||||
Restricted Stock [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Vesting period | 3 years | ||||||||||||
Awards provided for vesting upon recipients continuous service through vesting date and company achieving financial performance target | 0.33 | ||||||||||||
Unrecognized compensation cost, expected recognition period, years | 3 years | ||||||||||||
Stock Incentive Plan [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Total number of shares of common stock issuable under plan | 11,052,580 | ||||||||||||
Maximum number of shares for which awards may granted during calendar year to any participant | 569,120 | ||||||||||||
Maximum number of shares subject to stock option awards that can be granted during calendar year | 569,120 | ||||||||||||
Maximum amount that can be granted in calendar year awards other than stock options | $ | $ 20,000,000 | ||||||||||||
Stock Options [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Share based compensation options expiration period, in years | 10 years | ||||||||||||
Granted, Number of shares | 0 | ||||||||||||
Exercisable stock options | 572,238 | ||||||||||||
Proceeds from exercise of stock options | $ | $ 3,800,000 | $ 2,000,000 | |||||||||||
Forfeitures, Number of shares | 0 | 0 | |||||||||||
Unrecognized compensation cost | $ | $ 800,000 | ||||||||||||
Portion of stock options exercised during period | 323,645 | 201,395 | |||||||||||
Unrecognized compensation cost, expected recognition period, years | 2 years | ||||||||||||
Exercised of stock option, shares | $ | $ 336,584 | ||||||||||||
Risk-free rate | 1.00% | 0.90% | |||||||||||
Expected volatility | 60.00% | 50.00% | |||||||||||
Expected life (in years) | 3 years | 3 years | |||||||||||
Expected volatility calculation term | 250 days | ||||||||||||
Stock Options [Member] | Employees [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Proceeds from exercise of stock options | $ | $ 200,000 | ||||||||||||
Share-based compensation, number of shares exercised | 26,667 | ||||||||||||
Restricted Stock [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Granted, Number of shares | 319,492 | 71,530 | 141,707 | 187,963 | 213,237 | ||||||||
Fair value of restricted stock vested | $ | $ 1,400,000 | $ 3,200,000 | $ 1,900,000 | ||||||||||
Forfeitures, Number of shares | 7,171 | ||||||||||||
Unrecognized compensation cost | $ | $ 2,400,000 | ||||||||||||
Risk-free rate | 1.21% | 1.27% | |||||||||||
Expected volatility | 63.73% | 76.01% | |||||||||||
Expected life (in years) | 3 years | 3 years | |||||||||||
Future dividends | $ | $ 0 | $ 0 | |||||||||||
Percentage increase of common stock price on market | 20.00% | ||||||||||||
Strike price | $ / shares | $ 0 | $ 0 | |||||||||||
Restricted Stock [Member] | Non-employee Directors [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Forfeitures, Number of shares | 7,171 | ||||||||||||
Restricted Stock [Member] | Employees [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Granted, Number of shares | 301,537 | 71,530 | 127,626 | ||||||||||
Restricted Stock [Member] | One-Third Shares Vest 2018 Fundamental EPS [Member] | Employees [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Fundamental EPS, to be achieved | $ / shares | $ 2.88 | ||||||||||||
Restricted Stock [Member] | Two-Thirds Shares Vest 2018 Fundamental EPS [Member] | Employees [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Fundamental EPS, to be achieved | $ / shares | 3.30 | ||||||||||||
Restricted Stock [Member] | All Shares Vest 2018 Fundamental EPS [Member] | Employees [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Fundamental EPS, to be achieved | $ / shares | 3.76 | ||||||||||||
Restricted Stock [Member] | Forecast [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Fair value of restricted stock vested | $ | $ 0 | ||||||||||||
November 10, 2012 [Member] | Restricted Stock [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Future awards provided for vesting upon recipients continuous service through vesting date and company achieving financial performance target, for November 10, 2012 and 2013 | 0.33 | ||||||||||||
November 10, 2013 [Member] | Restricted Stock [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Future awards provided for vesting upon recipients continuous service through vesting date and company achieving financial performance target, for November 10, 2012 and 2013 | 0.33 | ||||||||||||
2018 Fundamental EPS [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Fundamental EPS, linear interpolation | $ / shares | 3.30 | ||||||||||||
Minimum [Member] | Restricted Stock [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Closing price, per share | $ / shares | $ 11.23 | ||||||||||||
Minimum [Member] | 2018 Fundamental EPS [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Fundamental EPS | $ / shares | 2.88 | ||||||||||||
Maximum [Member] | Restricted Stock [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Closing price, per share | $ / shares | $ 19.41 | ||||||||||||
Maximum [Member] | 2018 Fundamental EPS [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Fundamental EPS | $ / shares | $ 3.76 |
Stock-Based Compensation (Range
Stock-Based Compensation (Range Of Assumptions Used To Value Options Granted) (Details) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life (in years) | 3 years | 3 years | 3 years |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 60.00% | 50.00% | |
Expected dividends | 0.00% | 0.00% | |
Expected life (in years) | 3 years | 3 years | |
Risk-free rate | 1.00% | 0.90% |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summarized Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Aug. 31, 2014 | Aug. 31, 2013 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Stock-Based Compensation [Abstract] | ||||||
Outstanding, Number of shares, Beginning Balance | 2,401,169 | 2,710,392 | 2,648,583 | |||
Exercised, Number of shares | (323,645) | (773,633) | (26,667) | |||
Granted, Number of shares | 464,410 | 224,896 | ||||
Forfeitures, Number of Shares of Restricted Stock | 0 | 0 | (136,420) | |||
Outstanding, Number of shares, Ending Balance | 2,077,524 | 2,401,169 | 2,710,392 | 2,648,583 | ||
Exercisable, Number of Shares | 1,692,952 | |||||
Vested and expecting to vest, Number of shares | 2,077,524 | |||||
Outstanding, Weighted average exercise price, Beginning Balance | $ 15.34 | $ 14.16 | $ 15.15 | |||
Exercised, Weighted average exercise price | 11.62 | 8.35 | 7 | |||
Forfeitures, Weighted average exercise price | 23.51 | |||||
Granted under Plan, Weighted average exercise price | $ 11.23 | $ 7.35 | ||||
Outstanding, Weighted average exercise price, Ending Balance | 15.92 | $ 15.34 | $ 14.16 | $ 15.15 | ||
Exercisable, Weighted average exercise price | 17.17 | |||||
Vested and expecting to vest, Weighted average exercise price | $ 15.92 | |||||
Outstanding, Weighted average remaining contractual term (in years) | 3 years 7 months 24 days | 4 years 8 months 27 days | 5 years 4 months 17 days | 5 years 11 months 23 days | ||
Granted under Plan, Weighted average remaining contractual term (in years) | 10 years | 10 years | ||||
Exercisable, Weighted Average Remaining Contractual Term (in years) | 2 years 7 months 28 days | |||||
Vested and expecting to vest, Weighted Average Remaining Contractual Term (in years) | 3 years 7 months 24 days | |||||
Outstanding, Aggregate Intrinsic Value, Beginning Balance | $ 11,516 | $ 3,909 | $ 313 | |||
Exercised, Aggregate Intrinsic Value | 2,669 | 3,845 | 91 | |||
Granted under Plan, Aggregate Intrinsic Value | $ 2,113 | $ 568 | ||||
Outstanding, Aggregate Intrinsic Value, Ending Balance | 926 | $ 11,516 | 3,909 | $ 313 | ||
Exercisable, Aggregate Intrinsic Value | 728 | |||||
Forfeited, Aggregate Intrinsic Value | ||||||
Vested and expecting to vest, Aggregate Intrinsic Value | $ 926 | |||||
Granted under Plan: August 2014, Weighted Average Grant Date Fair Value | $ 4.55 | $ 2.53 | ||||
Options exercise price range, lower limit | $ 7.35 | |||||
Options exercise price range, upper limit | $ 24.46 |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Stock Activity) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Aug. 31, 2015 | Feb. 28, 2015 | Nov. 30, 2014 | Aug. 31, 2014 | Feb. 28, 2014 | Aug. 31, 2013 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Non-vested, Number of Shares of Restricted Stock, Beginning Balance | 341,529 | 385,778 | |||||||
Granted, Number of Shares of Restricted Stock | 464,410 | 224,896 | |||||||
Forfeitures, Number of Shares of Restricted Stock | 0 | 0 | (136,420) | ||||||
Non-vested, Number of Shares of Restricted Stock, Ending Balance | 589,447 | 341,529 | 385,778 | ||||||
Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Non-vested, Number of Shares of Restricted Stock, Beginning Balance | 341,529 | 385,778 | 405,226 | ||||||
Granted, Number of Shares of Restricted Stock | 319,492 | 71,530 | 141,707 | 187,963 | 213,237 | ||||
Vested, Number of Shares of Restricted Stock | (71,574) | (183,334) | (74,152) | (183,333) | (16,907) | (257,486) | (200,240) | ||
Forfeitures, Number of Shares of Restricted Stock | (7,171) | ||||||||
Non-vested, Number of Shares of Restricted Stock, Ending Balance | 589,447 | 341,529 | 385,778 | ||||||
Non-vested, Weighted Average Grant Date Fair Value, Beginning Balance | $ 1,759 | $ 3,534 | $ 4,393 | ||||||
Granted, Weighted Average Grant Date Fair Value | $ 6,406 | $ 229 | $ 581 | $ 1,382 | |||||
Vested, Weighted Average Grant Date Fair Value | $ 1,435 | $ 2,400 | $ 828 | $ 1,742 | $ 161 | ||||
Forfeitures, Weighted Average Grant Date Fair Value | 84 | ||||||||
Non-vested, Weighted Average Grant Date Fair Value, Ending Balance | $ 7,622 | $ 1,759 | $ 3,534 |
Stock-Based Compensation (Recor
Stock-Based Compensation (Recorded Net Stock Compensation Charge) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation charge | $ 3,598 | $ 3,195 | $ 3,724 |
Reversal of stock compensation charge related to restricted stock forfeited | (6) | ||
Total | 3,598 | 3,195 | 3,718 |
Allocated To Selling, General And Administration [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation charge | 3,598 | 3,195 | 3,724 |
Reversal of stock compensation charge related to restricted stock forfeited | (6) | ||
Total | $ 3,598 | $ 3,195 | $ 3,718 |
Deconsolidation Of Businesses93
Deconsolidation Of Businesses Sold Or Liquidated And Disposal Of Business (Narrative) (Details) $ in Thousands | Jun. 01, 2015 | Jun. 17, 2014 | Jul. 31, 2014USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2016item | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Profit (loss) on deconsolidation of businesses sold or liquidated and disposal of business | $ (55) | ||||||
Cash received from sale of business | $ 1,895 | 186 | |||||
MediKredit [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Profit (loss) on deconsolidation of businesses sold or liquidated and disposal of business | 4,125 | ||||||
Number of tranches, sale price received | item | 3 | ||||||
Percent of sales price received, reporting period | 57.00% | ||||||
Percent of sales price received, year 2 | 14.00% | ||||||
Threshold dollar amount of services provided before cost will be incurred | 300 | ||||||
Gain from foreign currency transaction reserve | 2,000 | ||||||
Transaction-related expenditure | 10 | ||||||
Contingent obligation | $ 0 | $ 0 | 0 | ||||
NUETS [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Profit (loss) on deconsolidation of businesses sold or liquidated and disposal of business | 2,081 | ||||||
Transaction-related expenditure | 60 | ||||||
Total cash received from sale of business | 2,200 | ||||||
Cash received from sale of business | $ 1,900 | $ 200 | |||||
Net1 UTA [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Profit (loss) on deconsolidation of businesses sold or liquidated and disposal of business | $ (6,261) |
Deconsolidation Of Businesses94
Deconsolidation Of Businesses Sold Or Liquidated And Disposal Of Business (Profit (Loss) On Deconsolidation Of Businesses Sold Or Liquidated And Disposal Of Business) (Details) $ in Thousands | 12 Months Ended |
Jun. 30, 2014USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Profit (loss) on deconsolidation of businesses sold or liquidated and disposal of business | $ (55) |
MediKredit [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Profit (loss) on deconsolidation of businesses sold or liquidated and disposal of business | 4,125 |
NUETS [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Profit (loss) on deconsolidation of businesses sold or liquidated and disposal of business | 2,081 |
Net1 UTA [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Profit (loss) on deconsolidation of businesses sold or liquidated and disposal of business | $ (6,261) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Taxes [Abstract] | |||
Deferred tax assets | $ 12,820 | $ 13,168 | |
Unused foreign tax credits | $ 0 | 0 | |
Foreign tax credits expiration period | 10 years | ||
Valuation allowances | $ 38,834 | 22,550 | |
Unrecognized tax benefit | 1,900 | 2,300 | |
Changes in enacted tax rate | 0 | 0 | $ 0 |
Accrued interest related to uncertain tax positions | $ 100 | $ 300 |
Income Taxes (Components Of Inc
Income Taxes (Components Of Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax [Line Items] | |||
Income before income taxes | $ 126,237 | $ 140,418 | $ 109,142 |
South Africa [Member] | |||
Income Tax [Line Items] | |||
Income before income taxes | 119,097 | 137,138 | 121,338 |
United States [Member] | |||
Income Tax [Line Items] | |||
Income before income taxes | (5,915) | (7,286) | (9,923) |
Other [Member] | |||
Income Tax [Line Items] | |||
Income before income taxes | $ 13,055 | $ 10,566 | $ (2,273) |
Income Taxes (Provisions For In
Income Taxes (Provisions For Income Taxes By Location Of Taxing Jurisdiction) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax [Line Items] | |||
Current income tax | $ 88,807 | $ 48,795 | $ 61,902 |
Deferred taxation (benefit) charge | (161) | (2,292) | (7,887) |
Capital gains tax | 202 | ||
Foreign tax credits generated-United States | (46,566) | (2,367) | (14,838) |
Income tax provision | 42,080 | 44,136 | 39,379 |
South Africa [Member] | |||
Income Tax [Line Items] | |||
Current income tax | 31,815 | 39,901 | 41,326 |
Deferred taxation (benefit) charge | 3,044 | 398 | (3,345) |
United States [Member] | |||
Income Tax [Line Items] | |||
Current income tax | 50,750 | 3,109 | 14,838 |
Deferred taxation (benefit) charge | (274) | 485 | (107) |
Other [Member] | |||
Income Tax [Line Items] | |||
Current income tax | 6,242 | 5,785 | 5,738 |
Deferred taxation (benefit) charge | $ (2,931) | $ (3,175) | $ (4,435) |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Income Taxes) (Details) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Taxes [Abstract] | |||
Income taxes at fully-distributed South African tax rate | 28.00% | 28.00% | 28.00% |
Non-deductible items | 0.38% | 2.36% | 4.71% |
Foreign tax rate differential | 7.42% | 0.06% | 1.89% |
Foreign tax credits | (36.88%) | (1.68%) | (13.59%) |
Taxation on deemed dividends in United States | 34.60% | 3.46% | 13.46% |
Capital gains tax paid | 0.00% | 0.00% | 0.19% |
Movement in valuation allowance | (0.09%) | (0.08%) | 1.23% |
Prior year adjustments | (0.09%) | (0.69%) | 0.19% |
Income tax provision | 33.34% | 31.43% | 36.08% |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Income Taxes [Abstract] | ||
Net operating loss carryforwards | $ 1,982 | $ 1,216 |
Provisions and accruals | 4,245 | 5,653 |
FTS patent | 496 | 691 |
Intangible assets | 733 | 616 |
Foreign tax credits | 36,750 | 20,212 |
Other | 7,448 | 7,330 |
Total deferred tax assets before valuation allowance | 51,654 | 35,718 |
Valuation allowances | (38,834) | (22,550) |
Total deferred tax assets, net of valuation allowance | 12,820 | 13,168 |
Intangible assets | 11,799 | 11,510 |
Other | 6,624 | 4,924 |
Total deferred tax liabilities | 18,423 | 16,434 |
Current deferred tax assets | 6,956 | 7,298 |
Long term deferred tax liabilities | 12,559 | 10,564 |
Net deferred income tax liabilities | $ 5,603 | $ 3,266 |
Income Taxes (Movement In Valua
Income Taxes (Movement In Valuation Allowance) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Valuation Allowances, Balance, Beginning Balance | $ 22,550 | $ 25,153 |
Reversed to statement of operations | (3,126) | |
Charged to statement of operations | 16,537 | 794 |
Utilized | (128) | (128) |
Foreign currency adjustment | (125) | (143) |
Valuation Allowances, Balance, Ending Balance | 38,834 | 22,550 |
Foreign Tax Credits [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Valuation Allowances, Balance, Beginning Balance | 20,211 | 23,337 |
Reversed to statement of operations | (3,126) | |
Charged to statement of operations | 16,537 | |
Utilized | ||
Foreign currency adjustment | ||
Valuation Allowances, Balance, Ending Balance | 36,748 | 20,211 |
Tax Deductible Goodwill [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Valuation Allowances, Balance, Beginning Balance | ||
Reversed to statement of operations | ||
Charged to statement of operations | ||
Utilized | ||
Foreign currency adjustment | ||
Valuation Allowances, Balance, Ending Balance | ||
Net Operating Loss Carry-forwards [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Valuation Allowances, Balance, Beginning Balance | 1,088 | 1,244 |
Reversed to statement of operations | ||
Charged to statement of operations | ||
Utilized | (128) | (128) |
Foreign currency adjustment | (29) | (28) |
Valuation Allowances, Balance, Ending Balance | 931 | 1,088 |
FTS Patent [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Valuation Allowances, Balance, Beginning Balance | 254 | 369 |
Reversed to statement of operations | ||
Charged to statement of operations | ||
Utilized | ||
Foreign currency adjustment | (96) | (115) |
Valuation Allowances, Balance, Ending Balance | 158 | 254 |
Other [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Valuation Allowances, Balance, Beginning Balance | 997 | 203 |
Reversed to statement of operations | ||
Charged to statement of operations | 794 | |
Utilized | ||
Foreign currency adjustment | ||
Valuation Allowances, Balance, Ending Balance | $ 997 | $ 997 |
Income Taxes (Schedule Of Opera
Income Taxes (Schedule Of Operating Loss Carryforwards) (Details) $ in Thousands | Jun. 30, 2016USD ($) |
Income Taxes [Abstract] | |
US net operating loss carry forwards, expiring in 2025 | $ 2,608 |
Income Taxes (Schedule Of Recon
Income Taxes (Schedule Of Reconciliation Of Total Amounts Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Taxes [Abstract] | |||
Unrecognized tax benefits - opening balance | $ 2,322 | $ 1,160 | $ 1,150 |
Gross decreases - tax positions in prior periods | (609) | ||
Gross increase - tax positions in current period | 641 | 1,311 | 38 |
Lapse of statute limitations | |||
Foreign currency adjustment | (424) | (149) | (28) |
Unrecognized tax benefits - closing balance | $ 1,930 | $ 2,322 | $ 1,160 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - $ / shares | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Options exercise price range, lower limit | $ 7.35 | |
Options exercise price range, upper limit | $ 24.46 | |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Options outstanding not included in computation of diluted earnings per share | 1,597,751 | |
Options exercise price range, lower limit | $ 11.23 | |
Options exercise price range, upper limit | $ 24.46 |
Earnings Per Share (Income From
Earnings Per Share (Income From Continuing Operations And Share Data Used In Basic And Diluted Earnings Per Share Computations) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to Net1 | $ 24,356 | $ 18,420 | $ 16,658 | $ 23,020 | $ 23,914 | $ 24,358 | $ 22,374 | $ 24,089 | $ 82,454 | $ 94,735 | $ 70,111 |
Undistributed earnings | $ 82,454 | $ 94,735 | $ 70,111 | ||||||||
Percent allocated to common shareholders (Calculation 1) | 99.00% | 99.00% | 99.00% | ||||||||
Numerator for earnings per share: basic and diluted | $ 81,370 | $ 93,750 | $ 69,376 | ||||||||
Denominator for basic earnings per share: weighted-average common shares outstanding | 47,234 | 46,247 | 45,997 | ||||||||
Effect of dilutive securities: Stock options | 242 | 152 | 119 | ||||||||
Denominator for diluted earnings per share: adjusted weighted average common shares outstanding and assumed conversion | 47,476 | 46,399 | 46,116 | ||||||||
Earnings per share: Basic | $ 0.48 | $ 0.40 | $ 0.35 | $ 0.49 | $ 0.51 | $ 0.52 | $ 0.48 | $ 0.51 | $ 1.72 | $ 2.03 | $ 1.51 |
Earnings per share: Diluted | $ 0.47 | $ 0.39 | $ 0.35 | $ 0.48 | $ 0.51 | $ 0.52 | $ 0.48 | $ 0.51 | $ 1.71 | $ 2.02 | $ 1.50 |
Basic weighted-average common shares outstanding (A) | 47,234 | 46,247 | 45,997 | ||||||||
Basic weighted-average common shares outstanding and unvested restricted shares expected to vest (B) | 47,863 | 46,733 | 46,484 |
Supplemental Cash Flow Infor105
Supplemental Cash Flow Information (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 01, 2016 | Jan. 20, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | May 31, 2015 | Sep. 09, 2014 |
Treasury shares, cost | $ 27,107 | $ 9,151 | $ 24,858 | ||||
Exercised, Number of shares | 323,645 | 773,633 | 26,667 | ||||
Common stock, shares issued | 55,271,954 | 46,679,565 | |||||
Closing price, per share | $ 13.93 | ||||||
Proceeds from sale of business | $ 1,895 | $ 186 | |||||
Subsequent Event [Member] | |||||||
Treasury shares, acquired | 47,056 | ||||||
Treasury shares, cost | $ 500 | ||||||
Transact24 [Member] | |||||||
Shares issued in acquisition | 391,645 | ||||||
Fair value of shares issued in acquisition | $ 4,000 | ||||||
Percentage acquired in acquisition | 56.00% | 44.00% | |||||
Employees [Member] | |||||||
Exercised, Number of shares | 336,584 |
Supplemental Cash Flow Infor106
Supplemental Cash Flow Information (Schedule Of Supplemental Cash Flow Disclosures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Supplemental Cash Flow Information [Abstract] | |||
Cash received from interest | $ 15,262 | $ 16,399 | $ 14,703 |
Cash paid for interest | 3,439 | 4,360 | 6,969 |
Cash paid for income taxes | $ 42,123 | $ 45,459 | $ 42,417 |
Supplemental Cash Flow Infor107
Supplemental Cash Flow Information (Cash Flow Movements If Cash Had Been Transferred) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Other Significant Noncash Transactions [Line Items] | |||
Issue of shares of the Company's common stock to BEE partners | $ 111,444 | $ 2,045 | $ 198 |
Purchase of shares from BEE partners | $ (26,637) | $ (9,151) | |
Black Economic Empowerment [Member] | If Cash Had Actually Flowed Between The Parties [Member] | |||
Other Significant Noncash Transactions [Line Items] | |||
Loans provided to BEE partners | (25,054) | ||
Loans repaid by BEE partners | 24,574 | ||
Issue of shares of the Company's common stock to BEE partners | 25,054 | ||
Purchase of shares from BEE partners | $ (24,858) |
Operating Segments (Narrative)
Operating Segments (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Jun. 30, 2016USD ($)segmentcustomer | Jun. 30, 2015customer | Jun. 30, 2014customer | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | segment | 3 | ||
Individually significant customer minimum revenue threshold percentage | 10.00% | ||
Number of customers accounting for more than ten percent of total revenue | customer | 1 | 1 | 1 |
Percentage of customer revenue of total revenue | 21.00% | 24.00% | 27.00% |
Finbond [Member] | |||
Segment Reporting Information [Line Items] | |||
Gain from change in accounting | $ 2.2 | ||
Transact24 [Member] | |||
Segment Reporting Information [Line Items] | |||
Fair value gain from acquisition | $ 1.9 |
Operating Segments (Reconciliat
Operating Segments (Reconciliation Of Reportable Segments Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | $ 151,259 | $ 134,736 | $ 150,281 | $ 154,473 | $ 164,286 | $ 151,121 | $ 154,131 | $ 156,441 | $ 590,749 | $ 625,979 | $ 581,656 |
South African Transaction Processing [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 194,959 | 215,931 | 250,034 | ||||||||
International Transaction Processing [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 169,807 | 164,554 | 152,725 | ||||||||
Financial Inclusion And Applied Technologies [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 225,983 | 245,494 | 178,897 | ||||||||
Reportable Segment [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 631,784 | 673,606 | 621,897 | ||||||||
Reportable Segment [Member] | South African Transaction Processing [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 212,574 | 236,452 | 261,577 | ||||||||
Reportable Segment [Member] | International Transaction Processing [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 169,807 | 164,554 | 152,725 | ||||||||
Reportable Segment [Member] | Financial Inclusion And Applied Technologies [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 249,403 | 272,600 | 207,595 | ||||||||
Inter-Segment [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | (41,035) | (47,627) | (40,241) | ||||||||
Inter-Segment [Member] | South African Transaction Processing [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | (17,615) | (20,521) | (11,543) | ||||||||
Inter-Segment [Member] | International Transaction Processing [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | |||||||||||
Inter-Segment [Member] | Financial Inclusion And Applied Technologies [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | $ (23,420) | $ (27,106) | $ (28,698) |
Operating Segments (Reconcil110
Operating Segments (Reconciliation Of Reportable Segments Measure Of Profit Or Loss To Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Operating Income (Loss) | $ 32,183 | $ 26,191 | $ 24,779 | $ 31,215 | $ 32,613 | $ 31,966 | $ 30,815 | $ 33,125 | $ 114,368 | $ 128,519 | $ 101,798 |
Interest income | 15,292 | 16,355 | 14,817 | ||||||||
Interest expense | (3,423) | (4,456) | (7,473) | ||||||||
Income before income taxes | 126,237 | 140,418 | 109,142 | ||||||||
Reportable Segment [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Operating Income (Loss) | 129,774 | 150,538 | 144,038 | ||||||||
Corporate/Eliminations [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Operating Income (Loss) | $ (15,406) | $ (22,019) | $ (42,240) |
Operating Segments (Summary Of
Operating Segments (Summary Of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 151,259 | $ 134,736 | $ 150,281 | $ 154,473 | $ 164,286 | $ 151,121 | $ 154,131 | $ 156,441 | $ 590,749 | $ 625,979 | $ 581,656 |
Operating income (loss) | $ 32,183 | $ 26,191 | $ 24,779 | $ 31,215 | $ 32,613 | $ 31,966 | $ 30,815 | $ 33,125 | 114,368 | 128,519 | 101,798 |
Depreciation and amortization | 40,394 | 40,685 | 40,286 | ||||||||
Expenditures for long-lived assets | 35,797 | 36,436 | 23,906 | ||||||||
Reportable Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 631,784 | 673,606 | 621,897 | ||||||||
Operating income (loss) | 129,774 | 150,538 | 144,038 | ||||||||
Depreciation and amortization | 29,167 | 25,747 | 23,733 | ||||||||
Expenditures for long-lived assets | 35,797 | 36,436 | 23,906 | ||||||||
Corporate/Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income (loss) | (15,406) | (22,019) | (42,240) | ||||||||
Depreciation and amortization | 11,227 | 14,938 | 16,553 | ||||||||
South African Transaction Processing [Member] | Reportable Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 212,574 | 236,452 | 261,577 | ||||||||
Operating income (loss) | 51,386 | 51,008 | 61,401 | ||||||||
Depreciation and amortization | 6,157 | 7,093 | 7,036 | ||||||||
Expenditures for long-lived assets | 5,101 | 7,008 | 3,425 | ||||||||
International Transaction Processing [Member] | Reportable Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 169,807 | 164,554 | 152,725 | ||||||||
Operating income (loss) | 23,389 | 26,805 | 21,952 | ||||||||
Depreciation and amortization | 21,852 | 17,846 | 15,823 | ||||||||
Expenditures for long-lived assets | 28,029 | 28,205 | 19,393 | ||||||||
Financial Inclusion And Applied Technologies [Member] | Reportable Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 249,403 | 272,600 | 207,595 | ||||||||
Operating income (loss) | 54,999 | 72,725 | 60,685 | ||||||||
Depreciation and amortization | 1,158 | 808 | 874 | ||||||||
Expenditures for long-lived assets | $ 2,667 | $ 1,223 | $ 1,088 |
Operating Segments (Revenue Bas
Operating Segments (Revenue Based On Geographic Location) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 151,259 | $ 134,736 | $ 150,281 | $ 154,473 | $ 164,286 | $ 151,121 | $ 154,131 | $ 156,441 | $ 590,749 | $ 625,979 | $ 581,656 |
South Africa [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 422,022 | 461,425 | 428,931 | ||||||||
South Korea [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 158,609 | 160,853 | 146,667 | ||||||||
Rest Of World [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 10,118 | $ 3,701 | $ 6,058 |
Operating Segments (Long-Lived
Operating Segments (Long-Lived Assets Based On Geographical Location) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Long-lived assets | $ 339,777 | $ 322,634 | [1] | $ 365,367 | [1] |
Long-lived assets increased by | 27,400 | 23,300 | |||
South Africa [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Long-lived assets | 69,213 | 72,467 | [1] | 105,627 | [1] |
South Korea [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Long-lived assets | 221,459 | 230,109 | [1] | 253,147 | [1] |
Rest Of World [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Long-lived assets | $ 49,105 | $ 20,058 | [1] | $ 6,593 | [1] |
[1] | As described in Note 1, during the year ended June 30, 2016, the Company identified a balance sheet misclassification between current assets and long-term assets. Long-lived assets for fiscal 2015 and 2014, have been restated, and have increased by $27.4 million and $23.3 million, respectively. |
Commitments And Contingencie114
Commitments And Contingencies (Narrative) (Details) ZAR in Millions, $ in Millions | 12 Months Ended | ||||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2016ZAR | Jun. 30, 2016USD ($) | |
Guarantor Obligations [Line Items] | |||||
Operating lease payments | $ 8 | $ 6.8 | $ 7.5 | ||
Capital commitments | 3.4 | $ 0.1 | |||
Purchase obligations | $ 5 | $ 3.1 | |||
Guarantee [Member] | Minimum [Member] | |||||
Guarantor Obligations [Line Items] | |||||
Charge rate | 0.40% | 0.40% | |||
Guarantee [Member] | Maximum [Member] | |||||
Guarantor Obligations [Line Items] | |||||
Charge rate | 2.00% | 2.00% | |||
Counter Guarantee [Member] | |||||
Guarantor Obligations [Line Items] | |||||
Guarantee amount | ZAR 127.4 | $ 8.6 | |||
Nedbank [Member] | Guarantee [Member] | |||||
Guarantor Obligations [Line Items] | |||||
Guarantee amount | ZAR 127.4 | $ 8.6 |
Commitments And Contingencie115
Commitments And Contingencies (Future Minimum Payments Under Operating Leases) (Details) $ in Thousands | Jun. 30, 2016USD ($) |
Commitments And Contingencies [Abstract] | |
Due within 1 year | $ 5,334 |
Due within 2 years | 3,258 |
Due within 3 years | 790 |
Due within 4 years | 89 |
Due within 5 years |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | ||
Related Party Transaction [Line Items] | |||
Accounts receivables from related parties | $ 26,572 | $ 25,998 | [1] |
Transact24 [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue from related parties | $ 1,900 | ||
Accounts receivables from related parties | 400 | ||
Managing Director Spouse [Member] | |||
Related Party Transaction [Line Items] | |||
Transaction amount from related parties | $ 100 | ||
[1] | Receivables from the sale of prepaid products of $18,448 as of June 30, 2015, have been reclassified from Other receivables to Accounts receivable, trade, gross. |
Unaudited Quarterly Results (Sc
Unaudited Quarterly Results (Schedule Of Unaudited Consolidated Statements Of Operations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Unaudited Quarterly Results [Abstract] | |||||||||||
Revenue | $ 151,259 | $ 134,736 | $ 150,281 | $ 154,473 | $ 164,286 | $ 151,121 | $ 154,131 | $ 156,441 | $ 590,749 | $ 625,979 | $ 581,656 |
Operating income | 32,183 | 26,191 | 24,779 | 31,215 | 32,613 | 31,966 | 30,815 | 33,125 | 114,368 | 128,519 | 101,798 |
Net income attributable to Net1 | $ 24,356 | $ 18,420 | $ 16,658 | $ 23,020 | $ 23,914 | $ 24,358 | $ 22,374 | $ 24,089 | $ 82,454 | $ 94,735 | $ 70,111 |
Basic earnings attributable to Net1 shareholders | $ 0.48 | $ 0.40 | $ 0.35 | $ 0.49 | $ 0.51 | $ 0.52 | $ 0.48 | $ 0.51 | $ 1.72 | $ 2.03 | $ 1.51 |
Diluted earnings attributable to Net1 shareholders | $ 0.47 | $ 0.39 | $ 0.35 | $ 0.48 | $ 0.51 | $ 0.52 | $ 0.48 | $ 0.51 | $ 1.71 | $ 2.02 | $ 1.50 |