Blue Label Telecoms Integrated Annual Report 2014

241 / 280

BUSINESS MODEL
AND STRATEGIC
OBJECTIVES
LEADERSHIP GOVERNANCE OPERATING
PERFORMANCE
SHAREHOLDERS’
INFORMATION AND
ADMINISTRATION
FINANCIAL
PERFORMANCE
BLUE LABEL INTEGRATED ANNUAL REPORT 2014 239
NOTES TO THE COMPANY ANNUAL FINANCIAL STATEMENTS CONTINUED
For the year ended 31 May 2014
6. INVESTMENTS IN GROUP COMPANIES AND RELATED LOANS (continued)
6.1 Investments in and loans to subsidiaries (continued)
Shares at
cost
R’000
Loans
owing by
subsidiaries
R’000
Provision
for
impairment
R’000
2013
Activi Technology Services Proprietary Limited * — —
Activi Deployment Services Proprietary Limited 5 060 — —
Africa Prepaid Services Proprietary Limited1 61 520 57 904 (119 424)
Africa Prepaid Services Nigeria Limited1 14 000 5 113 (19 113)
Blue Label Distribution Proprietary Limited** 194 000 — —
Blue Label Engage Proprietary Limited 2 735 — —
Blue Label Investments Proprietary Limited 108 416 — —
Blue Label One Proprietary Limited 40 000 — —
BLT USA Inc. 50 540 — —
Budding Trade Proprietary Limited** 6 000 — —
Celebia Holdings Limited * — —
Cellfind SA Proprietary Limited 290 000 — (141 841)
Cigicell Proprietary Limited 295 — —
Datacel Direct Proprietary Limited 150 000 — (16 073)
Gold Label Investments Proprietary Limited 29 400 187 055 (175 075)
Kwikpay SA Proprietary Limited** 22 500 — —
Matragon Proprietary Limited** * — —
Panacea Mobile Proprietary Limited 9 834 — —
The Post Paid Company Proprietary Limited** * — —
The Prepaid Company Proprietary Limited** 2 150 214 — —
TicketPros Proprietary Limited 10 000 — —
Transaction Junction Proprietary Limited 4 200 — —
Uninex Proprietary Limited * 976 —
Velociti Proprietary Limited 7 185 — —
Ventury Group Proprietary Limited** 98 406 — —
Virtual Voucher Proprietary Limited** 44 784 — —
3 299 089 251 048 (471 526)
* Less than R1 000.
** These investments have been pledged as security to Investec Bank Limited in terms of the facility.
For details on percentage held, country of incorporation and issued shares, refer to note 33 in the Group notes. Refer to
notes 15 and 21 for details on impairments.
1 These loans bear interest at prime + 2% and have no fixed terms of repayment. All other loans are interest-free.
2 On 1 April 2014 BLT USA Inc. distributed its loan to 2DFine Holdings Mauritius of R63 million to Blue Label Telecoms
Limited as a dividend in anticipation of deregistration. 2DFine Holdings Mauritius is a joint venture of Gold Label
Investments Proprietary Limited. This loan receivable is disclosed in note 7. The excess of R10 million represents dividends
received from BLT USA Inc. and is included in other income. See note 15.