100 / 280
98
BLUE LABEL INTEGRATED ANNUAL REPORT 2014
AIRTIME
FINANCIAL DIRECTOR’S
REPORT
CONTINUED
NON-CONTROLLING INTEREST
Minority share of net losses decreased by
R15.6 million to R1.3 million. Of this decrease,
R10.4 million was attributable to a reduction in
expenditure incurred by APSN as well as to the
dilution of minority shareholding therein by 24.01%
in the prior year and a further dilution by 18% in
APS SA in January 2014.
A further R5.2 million was attributable to an increase
in minority share of profits in Transaction Junction.
Segmental report
SOUTH AFRICAN DISTRIBUTION
2014
R’000
2013
R’000
Growth
R’000
%
growth
Revenue
19 103 652
18 712 080
391 572
2
Gross profit
1 180 376
1 121 747
58 629
5
EBITDA
821 310
796 439
24 871
3
Core net profit
558 996
570 766
(11 770)
(2)
Gross profit margin (%)
6.18
5.99
EBITDA margin (%)
4.30
4.26
SHARE OF PROFIT FROM ASSOCIATES
The share of profits of R8.4 million was mainly
attributable to the Group’s net share of earnings of
Ukash and Oxigen Services India.
SHARE OF LOSSES FROM JOINT
VENTURES
The share of losses of R65 million was mainly
attributable to the Group’s 45.57% share of Blue
Label Mexico.
HEADLINE EARNINGS
Headline earnings increased by 6% to R451 million
and headline earnings per share increased by 6% to
67.98 cents.