186 / 280
NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS
CONTINUED
For the year ended 31 May 2014
184
BLUE LABEL INTEGRATED ANNUAL REPORT 2014
26.
BUSINESS COMBINATIONS (continued)
26.1 Acquisition of subsidiary (continued)
Simigenix
Proprietary
Limited
R’000
Retail
Mobile
Credit
Specialists
Proprietary
Limited
R’000
Total
R’000
Cash and cash equivalents
*
25 444
25 444
Property, plant and equipment
— 727
727
Intangible assets**
— 104 177
104 177
Loans receivable
— 18 632
18 632
Receivables
— 30 734
30 734
Provision for impairment of receivables
— (6 462)
(6 462)
Current tax liabilities
— (3 726)
(3 726)
Deferred tax**
— (26 002)
(26 002)
Payables
— (35 455)
(35 455)
Fair value of subsidiaries acquired
*
108 069
108 069
Non-controlling interests
—
—
—
Fair value of net assets acquired
*
108 069
108 069
Goodwill
— 205 749
205 749
Total purchase consideration
*
313 818
313 818
Contingent consideration
— (15 132)
(15 132)
Settled in cash
*
298 686
298 686
Less:
Cash and cash equivalents in subsidiary
*
(25 444)
(25 444)
Cash flow on acquisition
— 273 242
273 242
* Less than R1 000.
** Included in additions in note 5 is R101.2 million of distribution agreements which relate to the purchase price allocations
performed for Retail Mobile Credit Specialists Proprietary Limited in terms of IFRS 3(R) –
Business Combinations.
Deferred
tax to the value of R28.3 million was raised on recognition of this intangible asset.