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NOTES TO THE COMPANY ANNUAL FINANCIAL STATEMENTS
CONTINUED
For the year ended 31 May 2015
211
BLUE LABEL INTEGRATED ANNUAL REPORT 2015
6.
INVESTMENTS IN GROUP COMPANIES AND RELATED LOANS continued
6.2 Investments in and loans to joint ventures and associates continued
Loans to joint venture
Interest
rate
2014
R’000
Blue Label Mexico S.A. de C.V.
4.50%
—
1 054
—
—
1 054
The loans are neither past due nor impaired with a low risk of default.
Loans to joint ventures have no fixed terms of repayment.
Shares in associate and joint venture acquired during the year:
Date
acquired
Country of
incorporation
Percentage
interest
acquired
Lornanox Proprietary Limited
Associate
22 January
2015
South Africa
40
Blue Label Mexico S.A. de C.V.* Joint venture 1 September
2014
Mexico
1.07
* In the current year, there was a further capital contribution of R50 million to BLM. This comprised R49 million loaned
in September 2014 together with the R1 million loan outstanding at the beginning of the financial year. This resulted
in a dilution of shares held by an outside shareholder increasing our shareholding to 46.64%.
2015
Blue Label Mexico S.A. de C.V.
334 270
94 773
3 526 421
(186 156)
Lornanox Proprietary Limited
—
—
—
—
2014
Blue Label Mexico S.A. de C.V.
393 801
58 777
2 865 340
(131 465)
2015
R’000
Assets
R’000
Liabilities
R’000
Revenues
R’000
Loss
R’000
2014
R’000
7.
LOAN RECEIVABLE
Interest-bearing loan receivable
80 672
63 035
80 672
63 035
Interest-bearing loans bear interest at 10% per annum.
The loans receivable are neither past due nor impaired with a low risk of default. Loan receivable
balance is from a related party (refer to note 21).
2015
R’000