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BUSINESS MODEL
AND STRATEGIC
OBJECTIVES
LEADERSHIP
GOVERNANCE
SHAREHOLDERS’
INFORMATION AND
ADMINISTRATION
OPERATING
PERFORMANCE
FINANCIAL
PERFORMANCE
BLUE LABEL INTEGRATED ANNUAL REPORT 2014
83
VALUE ADDED
STATEMENT
Value added is defined as the value created by the Group’s activities and is determined as income less impairments,
amounts spent on corporate social investment and other operating expenditure. Blue Label’s value added statement shows
the total wealth created by the Group and how it was distributed to the Group’s stakeholders, taking into account the
amounts retained and reinvested in the Group for the replacement of assets and the development of operations.
2014
R’000
2014
%
2013
R’000
2013
%
2012
R’000
2012
%
VALUE ADDED
Value added by operating activities
1 125 610 96.7
1 050 765
95.9 1 068 131
94.7
Revenue
19 401 666
18 984 210
18 722 080
Net operating expenses
(18 276 056)
(17 933 445)
(17 653 949)
Value added by investing activities
38 807
3.3
45 489
4.1
59 730
5.3
Interest income
38 807
45 489
59 730
1 164 417
100
1 096 254
100 1 127 861
100
VALUE DISTRIBUTED
Distributed to employees
332 542 28.6
332 901
30.4
329 406 29.2
Salaries, wages, medical and other
benefits
332 542
332 901
329 406
Distributed to providers of finance
22 993
2.0
23 767
2.2
3 307
0.3
Finance costs
22 993
23 767
3 307
Distributed to the state
208 996 17.9
215 075
19.6
190 759 16.9
Income tax
208 996
215 075
190 759
Distributed to social responsibility
5 075
0.4
4 242
0.4
3 340
0.3
Corporate social investment
5 075
4 242
3 340
Value reinvested
145 896 12.5
112 164
10.2
181 575 16.1
Depreciation, amortisation and
impairment
65 137
67 951
91 557
Net discounting finance cost
26 440
15 558
66 505
Share of losses of associates and
joint ventures
56 873
47 326
19 835
Deferred taxation
(2 554)
(18 671)
3 678
Value retained
448 915 38.6
408 105
37.2
419 474 37.2
Retained profit
450 230
424 841
438 104
Minority shareholders’ interest
(1 315)
(16 736)
(18 630)
1 164 417
100
1 096 254
100 1 127 861
100
VALUE DISTRIBUTED 2014 (%)
To employees 28.6
To providers of
nance 2.0
To the state 17.9
To social
responsibility 0.4
Value reinvested 12.5
Value retained 38.6
VALUE DISTRIBUTED 2013 (%)
To employees 30.4
To providers of
nance 2.2
To the state 19.6
To social
responsibility 0.4
Value reinvested 10.2
Value retained 37.2
VALUE DISTRIBUTED 2012 (%)
To employees 29.2
To providers of
nance 0.3
To the state 16.9
To social
responsibility 0.3
Value reinvested 16.1
Value retained 37.2