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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
173
NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS
CONTINUED
For the year ended 31 May 2014
2014
R’000
2013
R’000
14.
TRADE AND OTHER PAYABLES
Trade payables
2 702 789
2 221 412
Accruals
69 103
109 524
Employee benefits
32 269
29 304
Sundry creditors
14 299
13 756
Deferred revenue
16 343
9 905
Contingent consideration
22 607
3 030
VAT
5 850
5 455
Payables to related parties (refer to note 28)
5 816
836
2 869 076
2 393 222
Less:
Amounts included in current portion of trade and other payables
(2 818 898)
(2 393 222)
50 178
—
Trade payables are discounted at a discount rate of 9% per annum (2013: 8% per annum) based on average
creditors’ days outstanding.