Blue Label Telecoms Integrated Annual Report 2014

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114 BLUE LABEL INTEGRATED ANNUAL REPORT 2014
GROUP STATEMENT OF CHANGES IN EQUITY
For the year ended 31 May 2014
Notes
Share
capital
R’000
Share
premium
R’000
Treasury
shares
R’000
Retained
earnings
R’000
Balance as at 31 May 2012 * 4 012 359 (71 043) 1 671 378
Net profit for the year — — — 424 841
Other comprehensive income — — — —
Total comprehensive income — — — 424 841
Treasury shares purchased 13 — — (17 223) —
Equity compensation benefit scheme shares vested — — 15 798 —
Equity compensation benefit movement — — — —
Share of equity movement in associates — — — —
Dividends — — — (155 137)
Transaction with non-controlling interest reserve
movement 26.2 — — — —
Non-controlling interest acquired during the year 26.1 — — — —
Balance as at 31 May 2013 * 4 012 359 (72 468) 1 941 082
Net profit for the year — — — 450 230
Other comprehensive income — — — —
Total comprehensive income — — — 450 230
Treasury shares purchased 13 — — (11 120) —
Equity compensation benefit scheme shares vested — — 17 061 —
Equity compensation benefit movement — — — —
Share of equity movement in associates — — — —
Dividends — — — (168 627)
Transaction with non-controlling interest reserve
movement 26.2 — — — —
Non-controlling interest movement — — — —
Balance as at 31 May 2014 * 4 012 359 (66 527) 2 222 685
* Less than R1 000.
1The restructuring reserve arose as a result of the restatement of Group comparatives, as required in terms of the principles of predecessor
accounting. This reserve represents the difference between the fair value of the entities under the Group’s control and their respective net
asset values, as at the assumed restructure date of 1 June 2006.
2The non-distributable reserve arose as a result of BLT’s share of share premium issued by associate companies pre-2010.
3The transaction with non-controlling interest reserve relates to the excess payments over the carrying amounts arising on transactions with
non-controlling shareholders as these are treated as equity participants. Refer to note 26.2.
4This relates to the Group’s movement in equity compensation benefit (refer to note 31) as well as the Group’s share of the movement in
equity compensation benefit of associate companies. Refer to note 6.
5The share-based payment reserve relates to a BEE transaction concluded by Cigicell Proprietary Limited, a subsidiary of Blue Label Telecoms.
In September 2009 Ventury Proprietary Limited sold 26% of its stake in Cigicell Proprietary Limited to Sangrilor Proprietary Limited. The
Group has not recognised this disposal and accounts for Cigicell Proprietary Limited as a wholly owned subsidiary until the purchase
consideration has been settled by Sangrilor Proprietary Limited. The purchase consideration will be settled through the declaration of
dividends by Cigicell Proprietary Limited. There are no specified dates for this.