164 / 248
For the year ended 31 May 2015
162
BLUE LABEL INTEGRATED ANNUAL REPORT 2015
NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS
CONTINUED
25.
DISPOSAL OF SUBSIDIARIES
31 May 2015
Date disposed
% disposed
14 December
2014
50.1
Blue Label
Engage
Proprietary
Limited
R’000
The carrying/fair value of the net assets disposed of:
Cash and cash equivalents
66
Property, plant and equipment
64
Intangible assets
267
Financial assets at fair value through profit and loss
1 389
Receivables
8 484
Loans receivable
1 328
Deferred tax
—
Borrowings
(12 934)
Payables
(7 254)
Carrying/fair value of subsidiary disposed of
(8 590)
Non-controlling interest
4 286
Carrying/fair value of net assets disposed of
(4 304)
Goodwill
2 742
Carrying/fair value of net assets disposed of
(1 562)
Profit on disposal of subsidiary
3 962
Total proceeds on disposal received in cash
2 400
Less:
Cash and cash equivalents in subsidiary
(66)
Cash inflow on disposal
2 334
On 14 December 2014, Blue Label Telecoms Limited sold its 50.1% shareholding in Blue Label Engage
Proprietary Limited to management for an amount of R2.4 million. The profit on disposal of
R3.962 million has been recognised in the statement of comprehensive income.