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NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS
CONTINUED
For the year ended 31 May 2015
153
BLUE LABEL INTEGRATED ANNUAL REPORT 2015
2014
R’000
14.
TRADE AND OTHER PAYABLES
Trade payables
2 671 779
2 702 789
Accruals
70 103
69 103
Employee benefits
61 740
32 269
Sundry creditors
20 974
14 299
Deferred revenue
1 221
16 343
Contingent consideration (refer to note 3)
123 902
22 607
VAT
16 675
5 850
Payables to related parties (refer to note 29)
7 828
5 816
2 974 222
2 869 076
Less:
Amounts included in current portion of trade and
other payables
(2 831 000)
(2 818 898)
143 222
50 178
Trade payables are discounted at a discount rate of 9.25% per annum (2014: 9% per annum) based
on average creditors’ days outstanding. The effect of discounting of the trade receivables balance
amounts to R18.513 million (2014: R22.172 million).
2015
R’000