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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
183
NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS
CONTINUED
For the year ended 31 May 2014
26.
BUSINESS COMBINATIONS
26.1 Acquisition of subsidiary
Date acquired
% acquired
Simigenix
Proprietary
Limited
R’000
Retail
Mobile
Credit
Specialists
Proprietary
Limited
R’000
Holder of
ECS/ECNS
licence
23 August
2013
100
Provider of
cellular
products
and
services via
virtual and
physical
mediums
7 April
2014
100
At 31 May 2014
Assets
468
74 386
Liabilities
468
35 789
Revenue since acquisition
—
74 492
Profit/(loss) after tax since acquisition
*
3 373
* Less than R1 000.
Had the acquisitions of subsidiaries taken place at the beginning of the financial year, they would have
contributed R473.3 million to revenue and R29.4 million to net profit after tax. The actual contribution to
revenue and net profit after tax for the year was R74.5 million and R3.4 million respectively.
The fair value of the net assets approximated the assets acquired on acquisition date.