Blue Label Telecoms Integrated Annual Report 2016

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NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS continued
For the year ended 31 May 2016
BLUE LABEL INTEGRATED ANNUAL REPORT 2016
100
2. Group composition continued
2.1 Investments in and loans to associates and joint ventures continued
Associate
Company Oxigen Services India Private
Limited
Principal activity Airtime and payment solution
provider
Country of incorporation India
2016
R’000
2015
R’000
Statement of financial position
Non-current assets 339 096 129 691
Current assets 451 256 226 721
Cash and cash equivalents 168 248 119 757
Other current assets 283 008 106 964
790 352 356 412
Total equity 224 477 75 737
Non-current liabilities 10 864 36 687
Current liabilities 555 011 243 988
Trade and other payables 368 146 180 044
Other current liabilities 186 865 63 944
790 352 356 412
Effective percentage held 58.18 55.83
Net assets 224 477 75 737
Company net assets 207 571 59 252
Carrying value of purchase price allocations net of deferred taxation 16 906 16 485
Interest in associate and joint ventures 123 664 2 36 1482
Goodwill 179 848 25 395
Balance at the end of the year 303 512 61 543
Statement of comprehensive income
Revenue 6 391 207 4 858 126
Operating profit before depreciation, amortisation and impairment charges 5 061 25 219
Depreciation and amortisation (34 037) (16 030)
Finance costs (22 284) (10 132)
Finance income 5 491 4 679
Net profit/(loss) before taxation (45 769) 3 736
Taxation (2 292) 957
Net profit/(loss) after taxation (48 061) 4 693
Other comprehensive income/(loss) 25 932 (2 484)
Total comprehensive income/(loss) (22 129) 2 209
Effective percentage held 58.18 55.83
Share of total comprehensive income (16 940)3 1 233
We have aligned prior year disclosure in line with current year.
1 2DFine Group consists of 2DFine Holdings Mauritius and 2DFine Investments Mauritius.
2 The purchase price allocation arose when the 2DFine Group purchased its holding into OSI in June 2011. The Group therefore only
accounts for its effective share of the carrying value of the purchase price allocations. The effective share is 17.21%
(2015: 18.61%).
3 During the year BLT increased its effective holding by 2.35% to 58.18% in OSI.
4 During the year BLT increased its holding by 0.92% to 47.56% in BLM. In the prior year BLT increased its shareholding by 1.07% to
46.64% in BLM.
5 Viamedia Proprietary Limited (75% owned by the Group) holds 50% of SupaPesa Africa Proprietary Limited. Therefore the Group
equity accounts for 50% of net assets.