Blue Label Telecoms Integrated Annual Report 2016

For the year ended 31 May 2016

BLUE LABEL INTEGRATED ANNUAL REPORT 2016

166

2016

R’000

2015

R’000

Investments in Group companies and related loans

6.1 Investments in and loans to subsidiaries

Shares at cost less amounts written off

3 390 958

3 240 227

Non-current loans owing by subsidiaries less amounts written off

160 560

—

Current loans owing by subsidiaries less amounts written off

976

976

3 552 494

3 241 203

In the current year Velociti Proprietary Limited was disposed of. Refer to note 2.2 of the Group annual financial

statements.

Details are reflected below:

Shares at

cost

Loans

owing by

subsidiaries

R’000

Provision

for

impairment

R’000

2016

Activi Deployment Services Proprietary Limited

5 060

—

Africa Prepaid Services Proprietary Limited

61 520

90 394

(151 914)

Africa Prepaid Services Nigeria Limited

14 000

28 740

(42 740)

Blue Label Distribution Proprietary Limited**

194 000

—

Blue Label One Proprietary Limited

40 000

—

BLT USA Inc.

307

—

Budding Trade Proprietary Limited**

6 000

—

Cellfind SA Proprietary Limited

290 000

—

Cigicell Proprietary Limited

295

—

Datacel Direct Proprietary Limited

150 000

—

Gold Label Investments Proprietary Limited

137 816

256 245*** (121 148)

Kwikpay SA Proprietary Limited**

22 500

—

Panacea Mobile Proprietary Limited

27 480

—

Simigenix Proprietary Limited

—

The Post Paid Company Proprietary Limited**

1 500

—

The Prepaid Company Proprietary Limited**

2 150 215

—

TicketPros Proprietary Limited**

14 700

—

Transaction Junction Proprietary Limited

4 200

—

Uninex Proprietary Limited

976

—

Ventury Group Proprietary Limited**

98 406

—

Viamedia Proprietary Limited

229 158

—

Virtual Voucher Proprietary Limited**

44 784

—

3 491 941

376 355

(315 802)

* Less than R1 000.

** These investments have been pledged as security to Investec Bank Limited in terms of the facility. For details on percentage held,

country of incorporation and issued shares, refer to note 2.4 in the Group notes. Refer to notes 15 and 21 for details on

impairments.

*** This loan in substance forms part of the Company’s investment into Gold Label Investments Proprietary Limited.

Refer to note 21 for the terms of these loans.

NOTES TO THE COMPANY ANNUAL FINANCIAL STATEMENTS

continued