158 / 280
NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS
CONTINUED
For the year ended 31 May 2014
156
BLUE LABEL INTEGRATED ANNUAL REPORT 2014
6.
INVESTMENTS IN AND LOANS TO ASSOCIATES AND JOINT VENTURES (continued)
Associates
The Group’s interests in its principal significant associates, which are unlisted, are as follows:
Associate
Smart Voucher Limited
trading as Ukash
Oxigen Services India
Private Limited
Principal activity
Online cash
payment provider
Airtime and payment
solution provider
Country of incorporation
United Kingdom
India
2014
R’000
2013**
R’000
2014
R’000
2013**
R’000
Statement of financial position
Non-current assets
22 174
25 069
117 463
135 149
Current assets
797 626
626 972
166 965
89 595
Cash and cash equivalents
611 510
509 524
77 159
25 564
Other current assets
186 116
117 448
89 806
64 031
819 800
652 041
284 428
224 744
Total equity
206 098
179 628
75 037
81 130
Non-current liabilities
—
1 302
32 085
32 136
Current liabilities
613 702
471 111
177 306
111 478
819 800
652 041
284 428
224 744
Effective percentage held
17.25
17.25
55.83
55.83
Net assets
206 098
179 628
75 037
81 130
Interest in associate
35 552
30 986
41 893
45 295
Goodwill
44 224
34 666
36 828
36 457
Movements in share premium not
accounted for*
—
—
(20 404)
(20 404)
Balance at the end of the year
79 776
65 652
58 317
61 348
* IAS 28 –
Investment In Associates
was amended to allow only movements in the associates’ other comprehensive income
to be accounted for.
** Summarised information has been restated to reflect adjustments made by the Group when applying the equity method as
required by IFRS 12. Previously the information was presented before any adjustments in accordance with IAS 28.