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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
161
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)
Joint venture
Blue Label Mexico
S.A. de C.V.
2DFine Holdings Mauritius
Principal activity
Distributor of terminals
to vend e-tokens of value
Investment holding
company
Country of incorporation
Mexico
Mauritius
2014
R’000
2013**
R’000
2014
R’000
2013**
R’000
Statement of comprehensive
income
Revenue
2 865 340
1 742 863
—
—
Operating loss before depreciation,
amortisation and impairment charges
(78 915)
(79 064)
(685)
(708)
Depreciation and amortisation
(50 386)
(36 323)
—
—
Finance costs
(5 955)
(951)
(11 786)
(8 566)
Finance income
1 194
261
—
—
Net profit before taxation
(134 062)
(116 077)
(12 471)
(9 274)
Taxation
(430)
(104)
—
—
Net profit after taxation
(134 492)
(116 181)
(12 471)
(9 274)
Other comprehensive income
15 265
61 620
(959)
(1 714)
Total comprehensive income
(119 227)
(54 561)
(13 430)
(10 988)
Effective percentage held
45,57
45
50
50
Share of total comprehensive income
(53 942)
#
(23 713)
#
(6 715)
(5 494)
** 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 31.
#
During the year BLT increased its holding by 0.57% to 45.57% in BLM. In the prior year BLT increased its shareholding by
5% to 45% in BLM.
Blue Label Telecoms Limited has guaranteed 45% of the amount owed by BLM to Radiomovil Dipsa S.A. de
C.V. (trading as Telcel). At year-end there is no balance due to them by BLM.
There are no other contingent liabilities relating to the Group’s interest in joint ventures.
For details on related party transactions, refer to note 28.