Notes			Share capital R’000	Share premium R’000	Treasury shares R’000	Retained earnings R’000	Restruc- turing reserve1 R’000	Foreign currency translation reserve R’000	Non- distributable reserve2 R’000	Transactions with non- controlling interest reserve3 R’000	Equity compen- sation benefit reserve4 R’000	Share- based payment reserve5 R’000	Total ordinary share- holders’ equity R’000	Non- controlling interest R’000	Total equity R’000
Balance as at 31 May 2012				*	4 012 359	(71 043)	1 671 378	(1 843 912)	15 389	10 150	(909 572)	37 623	1 292	2 923 664	(9 278)	2 914 386
Net profit for the year				—	—	—	424 841	—	—	—	—	—	—	424 841	(16 736)	408 105
Other comprehensive income				—	—	—	—	—	87 600	—	—	—	—	87 600	288	87 888
Total comprehensive income				—	—	—	424 841	—	87 600	—	—	—	—	512 441	(16 448)	495 993
Treasury shares purchased	13			—	—	(17 223)	—	—	—	—	—	—	—	(17 223)	—	(17 223)
Equity compensation benefit scheme shares vested				—	—	15 798	—	—	—	—	—	(15 559)	—	239	(239)	—
Equity compensation benefit movement				—	—	—	—	—	—	—	—	16 063	—	16 063	117	16 180
Share of equity movement in associates				—	—	—	—	—	—	—	—	77	—	77	—	77
Dividends				—	—	—	(155 137)	—	—	—	—	—	—	(155 137)	(3 515)	(158 652)
Transaction with non-controlling interest reserve movement	26.2			—	—	—	—	—	—	—	(21 553)	—	—	(21 553)	7 553	(14 000)
Non-controlling interest acquired during the year	26.1			—	—	—	—	—	—	—	—	—	—	—	6 092	6 092
Balance as at 31 May 2013				*	4 012 359	(72 468)	1 941 082	(1 843 912)	102 989	10 150	(931 125)	38 204	1 292	3 258 571	(15 718)	3 242 853
Net profit for the year				—	—	—	450 230	—	—	—	—	—	—	450 230	(1 315)	448 915
Other comprehensive income				—	—	—	—	—	25 659	—	—	—	—	25 659	(22)	25 637
Total comprehensive income				—	—	—	450 230	—	25 659	—	—	—	—	475 889	(1 337)	474 552
Treasury shares purchased	13			—	—	(11 120)	—	—	—	—	—	—	—	(11 120)	—	(11 120)
Equity compensation benefit scheme shares vested				—	—	17 061	—	—	—	—	—	(16 792)	—	269	(269)	—
Equity compensation benefit movement				—	—	—	—	—	—	—	—	10 792	—	10 792	277	11 069
Share of equity movement in associates				—	—	—	—	—	—	—	—	164	—	164	—	164
Dividends				—	—	—	(168 627)	—	—	—	—	—	—	(168 627)	(1 805)	(170 432)
Transaction with non-controlling interest reserve movement	26.2			—	—	—	—	—	—	—	(26 105)	—	—	(26 105)	3 760	(22 345)
Non-controlling interest movement				—	—	—	—	—	—	—	—	—	—	—	(752)	(752)
Balance as at 31 May 2014				*	4 012 359	(66 527)	2 222 685	(1 843 912)	128 648	10 150	(957 230)	32 368	1 292	3 539 833	(15 844)	3 523 989

*	Less than R1 000.
1	The restructuring reserve arose as a result of the restatement of Group comparatives, as required in terms of the principles of predecessor accounting. This reserve represents the difference between the fair value of the entities under the Group’s control and their respective net asset values, as at the assumed restructure date of 1 June 2006.
2	The non-distributable reserve arose as a result of BLT’s share of share premium issued by associate companies pre-2010.
3	The transaction with non-controlling interest reserve relates to the excess payments over the carrying amounts arising on transactions with non-controlling shareholders as these are treated as equity participants. Refer to note 26.2.
4	This relates to the Group’s movement in equity compensation benefit (refer to note 31) as well as the Group’s share of the movement in equity compensation benefit of associate companies. Refer to note 6.
5	The share-based payment reserve relates to a BEE transaction concluded by Cigicell Proprietary Limited, a subsidiary of Blue Label Telecoms. In September 2009 Ventury Proprietary Limited sold 26% of its stake in Cigicell Proprietary Limited to Sangrilor Proprietary Limited. The Group has not recognised this disposal and accounts for Cigicell Proprietary Limited as a wholly owned subsidiary until the purchase consideration has been settled by Sangrilor Proprietary Limited. The purchase consideration will be settled through the declaration of dividends by Cigicell Proprietary Limited. There are no specified dates for this.