Unaudited condensed Group statement of changes in equity
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| Six months ended | Note | Share capital, share premium and treasury shares Unaudited R'000 |
Retained earnings Unaudited R'000 |
Restructuring reserve Unaudited R'000 |
Other reserves1 Unaudited R'000 |
|
|---|---|---|---|---|---|---|
| Opening balance as at 1 June 2018 | 7 844 847 | 4 283 854 | (1 843 912) | 84 662 | ||
| Adjustment on the initial application of IFRS 9 | 6 | – | (95 888) | – | – | |
| Adjustment on the initial application of IFRS 15 | 6 | – | 9 717 | – | – | |
| Adjusted opening balance as at 1 June 2018 | 7 844 847 | 4 197 683 | (1 843 912) | 84 662 | ||
| Net loss for the period | – | (116 532) | – | – | ||
| Other comprehensive income | – | – | – | 17 324 | ||
| Total comprehensive (loss)/income | – | (116 532) | – | 17 324 | ||
| Dividends paid | – | – | – | – | ||
| Treasury shares purchased | (42 394) | – | – | – | ||
| Equity compensation benefit scheme shares vested | 20 552 | – | – | – | ||
| Equity compensation benefit movement | – | – | – | – | ||
| Acquisition of non-controlling interests | – | – | – | – | ||
| Transaction with non-controlling interest reserve movement | – | – | – | – | ||
| Share buy back | (224 006) | – | – | – | ||
| Balance as at 30 November 2018 | 7 598 999 | 4 081 151 | (1 843 912) | 101 986 | ||
| Balance as at 1 June 2017 | 3 953 871 | 3 640 034 | (1 843 912) | 107 036 | ||
| Restated net profit for the period* | – | 1 350 261 | – | – | ||
| Other comprehensive income | – | – | – | 8 759 | ||
| Total comprehensive income | – | 1 350 261 | – | 8 759 | ||
| Dividends paid | – | (349 804) | – | – | ||
| Treasury shares purchased | (28 846) | – | – | – | ||
| Equity compensation benefit scheme shares vested | 21 653 | – | – | – | ||
| Equity compensation benefit movement | – | – | – | – | ||
| Disposal of non-controlling interests | – | – | – | – | ||
| Issue of shares | 3 010 593 | – | – | – | ||
| Restated balance as at 30 November 2017* | 6 957 271 | 4 640 491 | (1 843 912) | 115 795 |
| Year ended | Audited R'000 |
Audited R'000 |
Audited R'000 |
Audited R'000 |
| Balance as at 1 June 2017 | 3 953 871 | 3 640 034 | (1 843 912) | 107 036 |
| Net profit for the year | – | 993 624 | – | – |
| Other comprehensive income/(loss) | – | – | – | (22 374) |
| Total comprehensive income/(loss) | – | 993 624 | – | (22 374) |
| Treasury shares purchased | (28 846) | – | – | – |
| Shares issued | 3 932 834 | – | – | – |
| Transaction costs on shares issued | (34 663) | – | – | – |
| Equity compensation benefit scheme shares vested | 21 651 | – | – | – |
| Equity compensation benefit movement | – | – | – | – |
| Transaction with non-controlling interest reserve movement | – | – | – | – |
| B-BBEE transaction | – | – | – | – |
| Non-controlling interest acquired | – | – | – | – |
| Non-controlling interest disposed of | – | – | – | – |
| Dividends paid | – | (349 804) | – | – |
| Balance as at 31 May 2018 | 7 844 847 | 4 283 854 | (1 843 912) | 84 662 |
| Six months ended | Note | Transactions with non- controlling interest reserve2 Unaudited R'000 |
Share-based payment reserve3 Unaudited R'000 |
Non-controlling interest Unaudited R'000 |
Total equity Unaudited R'000 |
|
|---|---|---|---|---|---|---|
| Opening balance as at 1 June 2018 | (1 069 268) | 49 542 | 156 917 | 9 506 642 | ||
| Adjustment on the initial application of IFRS 9 | – | – | (1 437) | (97 325) | ||
| Adjustment on the initial application of IFRS 15 | – | – | – | 9 717 | ||
| Adjusted opening balance as at 1 June 2018 | (1 069 268) | 49 542 | 155 480 | 9 419 034 | ||
| Net loss for the period | – | – | 18 937 | (97 595) | ||
| Other comprehensive income | – | – | (295) | 17 029 | ||
| Total comprehensive (loss)/income | – | – | 18 642 | (80 566) | ||
| Dividends paid | – | – | (28 553) | (28 553) | ||
| Treasury shares purchased | – | – | – | (42 394) | ||
| Equity compensation benefit scheme shares vested | – | (19 914) | (638) | – | ||
| Equity compensation benefit movement | – | 2 479 | 197 | 2 676 | ||
| Acquisition of non-controlling interests | – | – | 39 768 | 39 768 | ||
| Transaction with non-controlling interest reserve movement | (62 784)4 | – | – | (62 784) | ||
| Share buy back | – | – | – | (224 006) | ||
| Balance as at 30 November 2018 | (1 132 052) | 32 107 | 184 896 | 9 023 175 | ||
| Balance as at 1 June 2017 | (975 302) | 46 420 | 67 137 | 4 995 284 | ||
| Restated net profit for the period* | – | – | 51 098 | 1 401 359 | ||
| Other comprehensive income | – | – | 36 | 8 795 | ||
| Total comprehensive income | – | – | 51 134 | 1 410 154 | ||
| Dividends paid | – | – | (21 100) | (370 904) | ||
| Treasury shares purchased | – | – | – | (28 846) | ||
| Equity compensation benefit scheme shares vested | – | (21 363) | (290) | – | ||
| Equity compensation benefit movement | – | 12 969 | 364 | 13 333 | ||
| Disposal of non-controlling interests | – | – | (2 824) | (2 824) | ||
| Issue of shares | – | – | – | 3 010 593 | ||
| Restated balance as at 30 November 2017* | (975 302) | 38 026 | 94 421 | 9 026 790 |
| Year ended | Audited R'000 |
Audited R'000 |
Audited R'000 |
Audited R'000 |
| Balance as at 1 June 2017 | (975 302) | 46 420 | 67 137 | 4 995 284 |
| Net profit for the year | – | – | 53 685 | 1 047 309 |
| Other comprehensive income/(loss) | – | – | (465) | (22 839) |
| Total comprehensive income/(loss) | – | – | 53 220 | 1 024 470 |
| Treasury shares purchased | – | – | – | (28 846) |
| Shares issued | – | – | – | 3 932 834 |
| Transaction costs on shares issued | – | – | – | (34 663) |
| Equity compensation benefit scheme shares vested | – | (21 362) | (289) | – |
| Equity compensation benefit movement | – | 23 084 | 778 | 23 862 |
| Transaction with non-controlling interest reserve movement | (93 966)5 | – | – | (93 966) |
| B-BBEE transaction | – | 1 4006 | – | 1 400 |
| Non-controlling interest acquired | – | – | 66 645 | 66 645 |
| Non-controlling interest disposed of | – | – | (2 824) | (2 824) |
| Dividends paid | – | – | (27 750) | (377 554) |
| Balance as at 31 May 2018 | (1 069 268) | 49 542 | 156 917 | 9 506 642 |
| 1 | Other reserves include foreign currency translation reserve and the non-distributable reserve. |
| 2 | 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. |
| 3 | Includes employee equity compensation benefit reserve. |
| 4 | This relates to a put option that the Group has on the remaining 40% shareholding in AV Technology Limited. |
| 5 | This relates to a put option that the Group has on the remaining 40% shareholding in Airvantage Proprietary Limited. |
| 6 | The B-BBEE transaction was concluded by Panacea Mobile Proprietary Limited and Simigenix Proprietary Limited (the companies), subsidiaries of Blue Label Telecoms. In October 2017 the companies declared dividends to the full value of the companies to Blue Label Telecoms. Such dividends were immediately converted to preference shares. Subsequent to this, the companies issued shares to Bitsana Investments Proprietary Limited for nominal value. The Group has not recognised this dilution and accounts for the companies as wholly owned subsidiaries until the preference shares have been settled in full. The preference shares will be settled through the declaration of dividends by the companies. There are no specified dates for this. |
| * | As a result of the revised guidance in Circular 2/2017 the Group has restated its comparative financial information for changes in accounting policies. The effects of this change have already been taken into account in the reported May 2018 results. |