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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
247
NOTES TO THE COMPANY ANNUAL FINANCIAL STATEMENTS
CONTINUED
For the year ended 31 May 2014
11.
EQUITY COMPENSATION BENEFIT (continued)
Forfeitable shares (continued)
Refer to note 14 for the expense recognised in the statement of comprehensive income relating to the equity
compensation benefits.
The fair value of the shares is based on the value paid for the shares on the open market at grant date.
The total number of forfeitable shares issued to executive directors during the period is 1 010 060
(2013: 1 096 759).
The share-based payment expense in relation to these executive directors is R5.6 million (2013: R6.3 million).
Included in this is R659,000 (2013: R nil) paid by subsidiaries.
Refer to note 29 of the Group annual financial statements for details per director.
2014
R’000
2013
R’000
12.
TRADE AND OTHER PAYABLES
Trade payables
738
232
Accruals
4 501
3 930
Employee benefits
5 278
29 513
Sundry creditors
4 880
6 688
Contingent consideration
7 256
3 030
VAT
—
1 116
Payables to related parties (refer to note 21)
638
334
23 291
44 843
13.
LOANS FROM SUBSIDIARIES
Blue Label Investments Proprietary Limited
3 638
3 638
Datacel Direct Proprietary Limited
—
8 493
The Prepaid Company Proprietary Limited
423 311
90 727
Ventury Group Proprietary Limited
48 000
48 000
474 949
150 858
Loans are unsecured, interest-free and are repayable on demand.