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BUSINESS MODEL
AND STRATEGIC
OBJECTIVES
LEADERSHIP
GOVERNANCE
OPERATING
PERFORMANCE
SHAREHOLDERS’
INFORMATION AND
ADMINISTRATION
FINANCIAL
PERFORMANCE
BLUE LABEL INTEGRATED ANNUAL REPORT 2014
103
FINANCIAL DIRECTOR’S
REPORT
CONTINUED
A further R197 million was applied to financing
activities, of which R11 million was expended on the
acquisition of treasury shares, dividends paid of
R169 million and the acquisition of non-controlling
interests totalling R16 million.
The net increase in cash and cash equivalents
amounted to R243 million, resulting in cash resources
accumulating to R1.2 billion.
FORFEITABLE SHARE SCHEME
Forfeitable shares totalling 2 782 541 (2013:
3 496 103) were issued to qualifying employees.
During the year 1 074 880 (2013: 1 285 962) shares
were forfeited and 3 629 922 (2013: 2 700 513)
shares vested.
DIVIDEND NO 5
The Group’s current dividend policy is to declare an
annual dividend. On 19 August 2014 the Board
approved a gross ordinary dividend (number 5) of
27 cents per ordinary share (22.95 cents per ordinary
share net of dividend withholding tax) for the year
ended 31 May 2014. This dividend of R182 117 441,
inclusive of withholding tax, equates to a 2.48 cover
on headline earnings. The dividend for the year ended
31 May 2014 has not been recognised in the financial
statements as it was declared after this date.
LITIGATION UPDATE
Further to the litigation update as disclosed in note 35
to the Group annual financial statements, subsequent
events post this disclosure with regard to the
Multi-links litigation took place. Parties have agreed
that the trial will commence on 10 August 2015 and
it is expected that the court will confirm this date
shortly.
APPRECIATION
I wish to express my gratitude to the Group’s finance
team for their professional input and dedication.
Dean Suntup
Financial Director
22 October 2014