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BLUE LABEL
INTEGRATED ANNUAL REPORT 2017
Notes
to the Group annual financial statements
continued
For the year ended 31 May 2017
2.
Group composition
continued
2.2 Investment and loans to venture capital associates and joint venture continued
Associate
Oxigen Services
India Private
Limited
Associate
Oxigen Online
Services
Private Limited
Joint venture
2DFine Group
1
31 May
2017
R’000*
31 May
2017
R’000*
31 May
2017
R’000
Statement of financial position
Non-current assets
300 229
123 757
132 299
Current assets
497 252
28 854
49
Cash and cash equivalents
123 752
624
2
Other current assets
373 500
28 230
47
797 481
152 611
132 348
Total equity
176 260
(116 800)
(91 938)
Non-current liabilities
57 598
900
—
Current liabilities
563 623
268 511
224 286
Trade and other payables
26 507
4 784
275
Other current liabilities
537 116
263 727
224 011
797 481
152 611
132 348
6 months
ended
31 May
2017
R’000*
6 months
ended
31 May
2017
R’000*
6 months
ended
31 May
2017
R’000
Statement of comprehensive income
Revenue
2 150 281
1 673 991
—
Operating profit before depreciation, amortisation and
impairment charges
42 585
(63 921)
(1 371)
Depreciation and amortisation
(7 457)
(17 261)
—
Finance costs
(5 818)
(9 284)
(10 625)
Finance income
—
—
—
Net profit/(loss) before taxation
29 310
(90 466)
(11 996)
Taxation
(5 540)
—
—
Net profit/(loss) after taxation
23 770
(90 466)
(11 996)
Other comprehensive income/(loss)
—
—
(5 691)
Total comprehensive income/(loss)
23 770
(90 466)
(17 687)
1
2DFine Group consists of 2DFine Holdings Mauritius and 2DFine Investments Mauritius.
* The financial statements have been prepared in terms of Indian Generally Accepted Accounting Principles (“IGAAP”).
Fair value estimate
The fair value of the investment in our venture capital associate Oxigen Services India and Oxigen Online are not
traded in an active market and is therefore determined by the use of a valuation technique. An independent third
party has performed a valuation using the discounted cash flow model taking into account the current and projected
performance of Oxigen Services India and Oxigen Online. These calculations use cash flow projections based on
financial budgets approved by the Board of Directors for the forthcoming year and forecasts for ten years which are
based on assumptions of the business, industry and economic growth. Cash flows beyond this period are extrapolated
using terminal growth rates, which do not exceed the expected long-term economic growth rate.