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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
191
NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS
CONTINUED
For the year ended 31 May 2014
26.
BUSINESS COMBINATIONS (continued)
26.2 Acquisition of non-controlling interest’s shareholding (continued)
Africa
Prepaid
Services
Nigeria
Limited
R’000
The
Post Paid
Company
Proprietary
Limited
R’000
Initial acquisition % acquired
51
75
Further acquisition
Date acquired
28 January
1 October
2013
2012
% acquired
24.01
25
At 31 May 2013
Assets
21
33 676
Liabilities
41 858
33 566
Revenue
—
10 508
(Loss)/profit after tax since further acquisition
(12 317)
650
The fair value of the net assets approximated the assets acquired on acquisition date.
Africa
Prepaid
Services
Nigeria
Limited
R’000
The
Post Paid
Company
Proprietary
Limited
R’000
Total
R’000
Non-controlling interests
(7 158)
(395)
(7 553)
Fair value of net assets acquired
(7 158)
(395)
(7 553)
Amounts transferred to transaction with non-controlling
interest reserve
21 158
395
21 553
Total purchase consideration
14 000
*
14 000
Settled in cash
14 000
*
14 000
Cash flow on acquisition
14 000
*
14 000
* Less than R1 000.
On 28 January 2013, Blue Label Telecoms Limited acquired 24.01% of the issued share capital of Africa
Prepaid Services Nigeria Limited from Citadella Holdings Corp for a purchase consideration of R14 million.