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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
Fair value estimate continued
The rating groups for counterparties are categorised as follows:
Group 1 – New customers/related parties (less than six months).
Group 2 – Existing customers/related parties (more than six months) with no defaults in the past.
Group 3 – Existing customers/related parties (more than six months) with some defaults in the past.
The Group has subordinated a portion of its loan to 2DFine Holdings Mauritius Limited in favour of other creditors, to
the value of R41 million.
R218.3 million of the Group 2 loans (2016: R234.9 million) relates to the 2Dfine Holdings loan. The recoverability of
this loan is dependant on the realisation of the investment in Oxigen Services India and Oxigen Online.
2.3 Non-controlling interests
Set out below is the summarised financial information relating to each subsidiary that has non-controlling interests that are
material to the Group. The amounts disclosed for each subsidiary are before inter-company eliminations with other
companies in the Group.
Subsidiary
TJ Group
1
Cigicell Proprietary Limited
Principal place of business
RSA
RSA
Segment
SA Distribution
SA Distribution
2017
2016
2017
2016
NCI %
40
40
26
26
R’000
R’000
R’000
R’000
Non-current assets
24 986
20 903
1 330
1 721
Current assets
49 850
33 008
544 698
644 525
Total assets
74 836
53 911
546 028
646 246
Capital and reserves
62 301
46 980
61 640
44 979
Non-current liabilities
186
964
2 927
3 366
Current liabilities
12 349
5 967
481 461
597 901
Total equity and liabilities
74 836
53 911
546 028
646 246
Accumulated NCI
2
24 921
18 792
16 026
11 695
Summarised statement of comprehensive income
for the year ended 31 May
Revenue
82 257
68 856
167 726
207 924
Total comprehensive income/(loss) for the year
25 321
24 327
26 661
41 330
Comprehensive income/(loss) allocated to NCI
10 129
9 731
6 931
10 746
Summarised cash flows for the year ended
31 May
Cash flows from operating activities
40 933
27 737
25 936
(15 097)
Cash flows from investing activities
(28 662)
(11 278)
(1 044)
(410)
Cash flows from financing activities
(9 884)
(9 268)
(8 240)
3 506
Net increase/(decrease) in cash and cash
equivalents
2 387
7 191
16 652
(12 001)
Dividends paid to NCI
4 000
4 000
2 600
—
1
The TJ Group consists of Transaction Junction Proprietary Limited and Transaction Junction (Namibia) Proprietary Limited.
2
Accumulated NCI excludes the share-based payment reserve adjustments because the awards are treated as cash-settled in the separate entities’
financial statements.
* The APS Group consists of African Prepaid Services Proprietary Limited and African Prepaid Services Nigeria Limited. The NCI percentage
is 10% and 30.09% respectively.