Blue Label Telecoms Limited

Group statement of changes in equity

For the year ended 31 May 2015

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* Less than R1 000.

The notes on pages 99 to 227 are an integral part of these consolidated financial statements.

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 transactions 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 28.
4	This relates to the Group’s movement in equity compensation benefit (refer to note 32) 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 BLT. In September 2009 Ventury Proprietary Limited sold 26% of its stake in Cigicell Proprietary Limited to Sangrilor Proprietary Limited. The Group previously did not recognise this disposal and accounted for Cigicell Proprietary Limited as a wholly owned subsidiary until the purchase consideration was settled by Sangrilor Proprietary Limited. The purchase consideration was settled through the declaration of dividends by Cigicell Proprietary Limited on 1 April 2015. On this date the share-based payment reserve was released to retained earnings. The Group accounted for this sale on that date.