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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
155
NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS
CONTINUED
For the year ended 31 May 2014
6.
INVESTMENTS IN AND LOANS TO ASSOCIATES AND JOINT VENTURES (continued)
Loans to associates and joint ventures
Interest
rate
2014
R’000
2013
R’000
Oxigen Services India Private Limited
Libor + 1.50%
25 068
18 643
Blue Label Mexico S.A. de C.V.
4.50%
1 054
—
2DFine Holdings Mauritius*
10%
127 373
108 798
Forensic Intelligence Data Solutions Proprietary Limited
—
305
—
153 800
127 441
* Refer to note 28 for details on the surety relating to this loan.
The loans are neither past due nor impaired with a low risk of default.
Loans to associates and joint ventures have no fixed terms of repayment.
Shares in associates and joint ventures acquired during the year
Date acquired
Effective
percentage
Forensic Intelligence Data Solutions
Proprietary Limited
Associate
1 June 2013
25
Blue Label Mexico S.A. de C.V.
Joint venture 1 January 2014
0.57
During the year, Forensic Intelligence Data Solutions Proprietary Limited was acquired for a consideration
of 25 cents.
In the current year, there was a further capital contribution of R89.3 million to BLM. This resulted in a
dilution of shares held by an outside shareholder increasing our shareholding to 45.57%.
Shares in joint venture acquired during the prior year
Date acquired
Effective
percentage
Blue Label Mexico S.A. de C.V.
Joint venture 1 September 2012
5
On 1 September 2012, Blue Label Telecoms acquired a further 5% in BLM for a purchase consideration of
R21.1 million. A further capital contribution of R89.2 million was advanced to BLM during the prior year. The
loan balance at 31 May 2012 amounting to R27.8 million was capitalised during the prior year.
Shares in joint ventures disposed of during the prior year
Date disposed
Effective
percentage
E-mail Marketing Solutions Proprietary Limited
Joint venture 31 October 2012
40.5
Betterquote Proprietary Limited
Joint venture 31 August 2012
21.06
Bela Phone Company Proprietary Limited
Joint venture
1 May 2013
51.00