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BLUE LABEL
INTEGRATED ANNUAL REPORT 2017
2.
Group composition
continued
2.1 Investments in and loans to associates and joint ventures continued
Associate
Company
Oxigen Services India Private Limited
Principal activity
Airtime and payment solution provider
Country of incorporation
India
30 November
2016*
R’000
2016
R’000
Statement of financial position
Non-current assets
486 634
339 096
Current assets
409 205
451 256
Cash and cash equivalents
218 584
168 248
Other current assets
190 621
283 008
895 839
790 352
Total equity
(51 360)
224 477
Non-current liabilities
40 756
10 864
Current liabilities
906 443
555 011
Trade and other payables
515 788
368 146
Other current liabilities
390 655
186 865
895 839
790 352
Effective percentage held
58.18
58.18
Net assets
(51 360)
224 477
Company net assets
(64 602)
207 571
Carrying value of purchase price allocations net of deferred taxation
13 242
16 906
Interest in associate and joint ventures
(33 787)
2
123 664
2
Goodwill
182 383
179 848
Balance at the end of the year
148 596
303 512
Statement of comprehensive income
Revenue
6 125 645
6 391 207
Operating profit before depreciation, amortisation and impairment
charges
(155 773)
5 061
Depreciation and amortisation
(36 114)
(34 037)
Finance costs
(17 780)
(22 284)
Finance income
4 194
5 491
Net profit/(loss) before taxation
(205 473)
(45 769)
Taxation
(493)
(2 292)
Net profit/(loss) after taxation
(205 966)
(48 061)
Other comprehensive income/(loss)
(21 713)
25 932
Total comprehensive income/(loss)
(227 679)
(22 129)
Effective percentage held
58.18
58.18
Share of total comprehensive income
(131 587)
1
(16 940)
3
1
2DFine Group consists of 2DFine Holdings Mauritius and 2DFine Investments Mauritius.
2
The purchase price allocation arose when the 2DFine Group purchased its holding into OSI in June 2011. The Group therefore only
accounts for its effective share of the carrying value of the purchase price allocations. The effective share is 17.21%.
3
In the prior year, BLT increased its effective holding by 2.35% to 58.18%.
4
During the prior year BLT increased its holding by 0.92% to 47.56% in BLM.
5
Viamedia Proprietary Limited (75% owned by the Group) holds 50% of SupaPesa Africa Proprietary Limited. Therefore the Group
equity accounts for 50% of net assets.
*
On 1 June 2016 Oxigen Services India was demerged into two separate entities. Refer to note 2.2. The results of these entities have
been aggregated for purposes of reporting these associates while they were equity accounted for during the period 1 June 2016 to
November 2016.
Notes
to the Group annual financial statements
continued
For the year ended 31 May 2017