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BFS
BFS
BFS - Blue - Reviewed Interim Results For The 6 Months Ended 31 August 2007
Blue Financial Services Limited
(Incorporated in the Republic of South Africa)
(Registration number 1996/006595/06)
JSE Code: BFS
ISIN: ZAE000083655
("Blue" or "the Company" or "the Group")
REVIEWED INTERIM RESULTS FOR THE 6 MONTHS ENDED 31 AUGUST 2007
The key features of the reviewed results for the 6 months ended 31 August 2007
are as follows:
* Expansion to two more countries during reporting period.
* Profit after taxation increased by 160% to R19,7 million.
* Earnings per share increased by 112% to 5,31 cents.
* Headline earnings per share increased by 106% to 5,17 cents.
GROUP INCOME STATEMENT
for the 6 months ended 31 August 2007
Reviewed 6 Reviewed 6
months to months to
31 Aug 31 Aug
2007 2006
R `000 R `000 % change
Revenue 124 095 45 465 173
Other income 1 713 3 456 (50)
Operating expenses (83 143) (31 391) 165
Operating profit 42 665 17 530 143
Net finance cost (15 875) (7 671) 107
Profit before taxation 26 790 9 859 172
Taxation (7 129) (2 305) 209
Profit after taxation 19 661 7 554 160
Reconciliation of earnings
to headline earnings:
Profit after taxation 19 661 7 554 160
Less minority interest
Earnings 19 661 7 554 160
Less negative goodwill (419) - -
Less profit on sale of
property, plant and
equipment (123) - -
Impairment of loan Blue Cell - - -
Headline earnings 19 119 7 554 153
Number of shares in issue
(net of treasury
shares)in million 435 073 320 000 36
Weighted number of shares
in issue in million 369 949 301 667 23
Fully diluted number of shares
in issue in million 445 380 400 000 11
Earnings per share in cents 5.31 2.50 112
Fully diluted earnings
per share in cents 4.70 2.42 94
Headline earnings per share 5.17 2.50 106
Fully diluted headline earnings
per share in cents 4.58 2.42 89
Audited 12
months to
28 Feb
2007
R `000
Revenue 147 075
Other income 4 373
Operating expenses (84 262)
Operating profit 67 186
Net finance cost (25 167)
Profit before taxation 42 019
Taxation (9 648)
Profit after taxation 32 371
Reconciliation of earnings to headline earnings:
Profit after taxation 32 371
Less minority interest (313)
Earnings 32 058
Less negative goodwill -
Less profit on sale of property, plant and equipment -
Impairment of loan Blue Cell 4 439
Headline earnings 36 497
Number of shares in issue (net of treasury
shares)in million 345 632
Weighted number of shares in issue in million 309 139
Fully diluted number of shares in issue in million 397 689
Earnings per share in cents 10.37
Fully diluted earnings per share in cents 8.77
Headline earnings per share 11.81
Fully diluted headline earnings per share in cents 9.89
GROUP BALANCE SHEET
as at 31 August 2007
Reviewed 6 Reviewed 6
months as at months as at
31 Aug 31 Aug
2007 2006
R `000 R `000 % change
Assets
Non-current assets
Investment property 1 942 3 621 (46)
Property, plant and equipment 26 004 9 825 165
Goodwill 277 574 272 472 2
Intangible assets 57 396 - -
Other financial assets 5 249 1 745 201
Deferred tax 7 834 292 2 583
375 999 287 955 31
Current assets
Inventories 6 238 (97)
Loan advances 260 620 63 980 307
Trade and other receivables 3 955 - -
Cash and cash equivalents 140 623 20 472 587
Other financial assets 1 448 - -
406 652 84 690 380
Total assets 782 651 372 645 110
Equity and liabilities
Equity
Share capital 437 228 333 967 31
Reserves (518) (334) 55
Retained income 51 719 7 958 550
Minority interest (200) (248) (19)
488 229 341 343 43
Liabilities
Non-current liabilities
Loans from shareholders 328 2 331 (86)
Other financial liabilities 148 748 26 342 465
Finance lease obligation 10 005 - -
Deferred tax 16 650 - -
175 731 28 673 513
Current liabilities
Other financial liabilities 62 480 - -
Current tax payable 17 663 2 305 666
Finance lease obligation 1 174 - -
Operating lease liability 145 - -
Trade and other payables 20 920 324 6 357
Provisions 174 - -
Bank overdraft 16 135 - -
118 691 2 629 4 415
Total liabilities 294 422 31 302 841
Total equity and liabilities 782 651 372 645 110
Net asset value per
share in cents 112.22 85.34 31
Tangible net asset
value per share in cents 35.23 17.14 106
Audited 12
months as at
28 Feb
2007
R `000
Assets
Non-current assets
Investment property 1 976
Property, plant and equipment 20 306
Goodwill 265 022
Intangible assets 59 058
Other financial assets 2 670
Deferred tax 1 303
350 335
Current assets
Inventories -
Loan advances 207 328
Trade and other receivables 2 425
Cash and cash equivalents 11 833
Other financial assets 1 109
222 695
Total assets 573 030
Equity and liabilities
Equity
Share capital 399 894
Reserves (16)
Retained income 32 058
Minority interest 538
432 474
Liabilities
Non-current liabilities
Loans from shareholders 328
Other financial liabilities 34 602
Finance lease obligation 10 191
Deferred tax 17 132
62 253
Current liabilities
Other financial liabilities 10 285
Current tax payable 17 464
Finance lease obligation 1 801
Operating lease liability 153
Trade and other payables 14 163
Provisions 2 131
Bank overdraft 32 306
78 303
Total liabilities 140 556
Total equity and liabilities 573 030
Net asset value per share in cents 125.13
Tangible net asset value per share in cents 31.36
GROUP STATEMENT OF CHANGES IN EQUITY
for the 6 months ended 31 August 2007
Share Foreign Retained
capital currency income
and translation
premium reserve
R `000 R `000 R `000
Balance at 1 Mar 2006 - - -
Currency translation differences - (16) -
Profit for the period - - 32 058
Issue of ordinary shares 393 600 - -
Purchase of own / treasury
ordinary shares (6 368) - -
Issue of preference shares 35 200
Share issue costs (22 538) - -
Business combinations
Balance at 28 Feb 2007 399 894 (16) 32 058
Currency translation differences - (502) -
Profit for the period - - 19 661
Issue of ordinary shares 37 858 - -
Purchase of own / treasury ordinary
shares - - -
Redemption of preference shares (35 200) - -
Issue of preference shares 34 676 - -
Share issue costs - - -
Purchase of minority interest - - -
Balance at 31 Aug 2007 437 228 (518) 51 719
Total Minority Total
attributable interest equity
to equity
holders of
the group
R `000 R `000 R `000
Balance at 1 Mar 2006 - - -
Currency translation differences (16) - (16)
Profit for the period 32 058 313 32 371
Issue of ordinary shares 393 600 - 393 600
Purchase of own / treasury
ordinary shares (6 368) - (6 368)
Issue of preference shares 35 200 - 35 200
Share issue costs (22 538) - (22 538)
Business combinations - 225 225
Balance at 28 Feb 2007 431 936 538 432 474
Currency translation differences (502) - (502)
Profit for the period 19 661 - 19 661
Issue of ordinary shares 37 858 - 37 858
Purchase of own / treasury ordinary
shares - - -
Redemption of preference shares (35 200) - (35 200)
Issue of preference shares 34 676 - 34 676
Share issue costs - - -
Purchase of minority interest - (738) (738)
Balance at 31 Aug 2007 488 429 (200) 488 229
GROUP CASH FLOW STATEMENT
for the 6 months ended 31 August 2007
Reviewed 6 Reviewed 6 Audited 12
months to months to months to
31 Aug 31 Aug 28 Feb
2007 2006 2007
R `000 R `000 R `000
Cash flows from operating
activities (29 755) (14 277) (27 115)
Cash generated by (utilised in)
operations 114 (9 480) 5 164
Net finance cost (15 875) (667) (25 167)
Taxation paid (14 600) (4 130) (7 973)
Non cash items 606 - 861
Cash flows from investing
activitites (13 645) 5 253 (96 486)
Property, plant and equipment
acquired (9 037) (4 855) (17 246)
Impairment of loans - - (4 439)
Purchase of financial assets (2 919) - (2 868)
Proceeds on disposal of investment
property - 7 020 7 020
Proceeds on disposal of property,
plant and equipment 166 - 211
Acquisition of subsidiaries (1 855) 3 088 (79 164)
Cash flows from financing
activities 188 361 29 496 103 127
Capital raised 34 676 52 124 117 802
Financial liabilities raised /
(repaid) 153 685 (22 628) (14 675)
Increase / (decrease) in cash and
cash equivalents 144 961 20 472 (20 474)
Cash and cash equivalents at
beginning of the period (20 474) - -
Cash and cash equivalents at end
of the period 124 487 20 472 (20 474)
GROUP SEGMENTAL ANALYSIS
for the 6 months ended 31 August 2007
South Africa
Reviewed 6 Reviewed 6 Audited 12
months to months to months to
31 Aug 31 Aug 28 Feb
2007 2006 2007
R `000 R `000 R `000
Segment revenue 86 386 31 407 96 573
External revenue 75 066 27 434 94 091
Intersegment revenue 11 320 3 973 2 482
Other income 561 3 456 4 045
Operating expenses (56 251) (24 406) (52 777)
Operating profit 30 696 10 457 47 841
Net finance cost (8 596) (3 194) (12 908)
Segment result: profit before
taxation 22 100 7 262 34 933
Other disclosures:
Segment assets 366 137 109 625 215 769
Segment liabilities (198 947) (43 082) (75 119)
Depreciation and amortisation 5 305 267 6 538
Capital expenditure 5 174 1 311 12 915
Botswana
Reviewed 6 Reviewed 6 Audited 12
months to months to months to
31 Aug 31 Aug 28 Feb
2007 2006 2007
R `000 R `000 R `000
Segment revenue 19 739 12 688 31 820
External revenue 19 739 12 688 31 586
Intersegment revenue 234
Other income (19) - 274
Operating expenses (12 510) (8 761) (18 807)
Operating profit 7 210 3 927 13 287
Net finance cost (3 033) (2 882) (7 011)
Segment result: profit before
taxation 4 177 1 045 6 276
Other disclosures:
Segment assets 66 450 25 494 32 189
Segment liabilities (50 236) (18 010) (22 205)
Depreciation and amortisation 995 257 1 207
Capital expenditure 220 948 777
Zambia
Reviewed 6 Reviewed 6 Audited 12
months to months to months to
31 Aug 31 Aug 28 Feb
2007 2006 2007
R `000 R `000 R `000
Segment revenue 23 476 7 826 22 588
External revenue 23 476 5 342 21 243
Intersegment revenue 2 484 1 345
Other income 436 - 54
Operating expenses (11 671) (3 926) (11 421)
Operating profit 12 241 3 900 11 221
Net finance cost (3 666) (1 594) (5 184)
Segment result: profit before
taxation 8 575 2 306 6 037
Other disclosures:
Segment assets 46 126 12 117 28 588
Segment liabilities (36 725) (14 790) (26 920)
Depreciation and amortisation 523 55 628
Capital expenditure 892 562 1 175
Other
Reviewed 6 Reviewed 6 Audited 12
months to months to months to
31 Aug 31 Aug 28 Feb
2007 2006 2007
R `000 R `000 R `000
Segment revenue 5 814 - 155
External revenue 5 814 155
Intersegment revenue -
Other income 735 - -
Operating expenses (14 031) (754) (5 318)
Operating profit (7 482) (754) (5 163)
Net finance cost (580) (63)
Segment result: profit before
taxation (8 062) (754) (5 226)
Other disclosures:
Segment assets 35 008 10 272 4 764
Segment liabilities (48 075) (10 449) (15 379)
Depreciation and amortisation 429 - 162
Capital expenditure 2 751 363 2 379
Eliminated
Reviewed 6 Reviewed 6 Audited 12
months to months to months to
31 Aug 31 Aug 28 Feb
2007 2006 2007
R `000 R `000 R `000
Segment revenue (11 320) (6 457) (4 061)
External revenue
Intersegment revenue (11 320) (6 457) (4 061)
Other income
Operating expenses 11 320 6 457 4 061
Operating profit - - -
Net finance cost
Segment result: profit before
taxation - - -
Other disclosures:
Segment assets (73 874) (57 333) (33 663)
Segment liabilities 73 874 57 333 33 663
Depreciation and amortisation
Capital expenditure
Consolidated
Reviewed 6 Reviewed 6 Audited 12
months to months to months to 28
31 Aug 31 Aug Feb
2007 2006 2007
R `000 R `000 R `000
Segment revenue 124 095 45 465 147 075
External revenue 124 095 45 465 147 075
Intersegment revenue - - -
Other income 1 713 3 456 4 373
Operating expenses (83 143) (31 391) (84 262)
Operating profit 42 665 17 530 67 186
Net finance cost (15 875) (7 671) (25 167)
Segment result: profit before
taxation 26 790 9 859 42 019
Taxation (7 129) (2 305) (9 648)
Profit after taxation 19 661 7 554 32 371
Other disclosures:
Segment assets 439 847 100 173 247 648
Segment liabilities (260 109) (28 997) (105 960)
Depreciation and amortisation 7 252 579 8 534
Capital expenditure 9 037 3 185 17 246
Reconciliation of segment assets
and assets per balance sheet:
Assets per segments 513 721 157 507 281 311
Intercompany loans eliminated (73 874) (57 333) (33 663)
Goodwill on acquisition of
subsidiaries
277 574 272 472 265 022
Intangible assets acquired 61 049 - 63 574
Amortisation of intangible assets (3 653) - (4 516)
Deferred tax assets 7 834 292 1 303
Assets per balance sheet 782 651 372 937 573 031
Reconciliation of segment
liabilities and
liabilities per balance sheet:
Liabilities per segments (333 983) (86 330) (139 623)
Intercompany loans eliminated 73 874 57 333 33 663
Deferred tax liabilities (16 650) - (17 132)
Income tax liabilities (17 663) (2 305) (17 464)
Liabilities per balance sheet (294 422) (31 302) (140 556)
BASIS OF PREPARATION
These condensed group interim consolidated financial statements have been
prepared in accordance with International Accounting Standard: Interim
Financial Reporting (IAS34). The accounting policies of the group comply with
International Financial Reporting Standards (IFRS) and are consistent with
those applied in the previous year.
DISCLOSURE NOTES
1. Investments in subsidiaries
Name of company % holding % holding % holding
Aug 2007 Aug 2006 Feb 2007
Blue Employee Benefits (Pty) Ltd 100% 100% 100%
Blue Incremental Housing Finance
(Pty) Ltd 100% 88% 88%
Blue Employee Benefits (Pty) Ltd -
Botswana 100% 100% 100%
Blue Financial Services Zambia Ltd 100% 100% 100%
Blue Ltd - Kenya 100% 100% 100%
Blue Employee Benefits Ltd - Uganda 100% 100% 100%
Blue Investments Ltd - Cameroon 75% 75% 75%
Blue Financial Services Ltd - Tanzania 100% 100% 100%
Blue Financial Services Ltd - Rwanda 100% 100% 100%
Micro Access Financial Services
(Pty) Ltd 100% - 100%
Greenstart Homeloans (Pty) Ltd 100% 15% 15%
African Mobile Cellular (Pty) Ltd 100% - -
Makhulong Multi Finance (Pty) Ltd 100% - -
Blue Financial Services Ltd - Malawi 100% - -
Name of company Carrying Carrying Carrying
amount amount amount
Aug 2007 Aug 2006 Feb 2007
R`000 R`000
Blue Employee Benefits (Pty) Ltd 43 030 43 030 43 030
Blue Incremental Housing Finance
(Pty) Ltd 20 204 19 884 19 884
Blue Employee Benefits (Pty) Ltd -
Botswana 67 538 67 538 67 538
Blue Financial Services Zambia Ltd 54 288 54 288 54 288
Blue Ltd - Kenya 21 121 21 121 21 121
Blue Employee Benefits Ltd - Uganda 31 803 31 803 31 803
Blue Investments Ltd - Cameroon 21 926 21 926 21 926
Blue Financial Services Ltd - Tanzania 15 472 15 472 15 472
Blue Financial Services Ltd - Rwanda 6 731 6 731 6 731
Micro Access Financial Services (Pty) Ltd 97 927 - 97 927
Greenstart Homeloans (Pty) Ltd 4 675 0.149 0.149
African Mobile Cellular (Pty) Ltd 1 100 - -
Makhulong Multi Finance (Pty) Ltd 1 441 - -
Blue Financial Services Ltd - Malawi 1 - -
387 257 281 793 379 720
All investments in subsidiaries are held by the Company, with the
exception of African Mobile Cellular (Pty) Ltd, which is held through Micro
Access Financial Services (Pty) Ltd ("Future Finance").
Blue remains on a strong growth curve and the nature of the business is
acquisitive. As a result the following consolidation and acquisitions took
place:
* Blue acquired the remaining 12% minority interest in Blue Incremental Housing
Finance (Pty) Ltd on 1 March 2007 by issuing 100,000 Blue shares at R3.20 per
share. These shares were issued at a premium of 1.9% to the 30 business day
volume weighted average price on 1 March 2007.
* The Company formed Blue Financial Services Ltd - Malawi on 1 March 2007 at a
formation cost of R539. The acquiree`s profit since the acquisition of the
interest amounted to R556,506.
* As a result of the Future Finance acquisition, the Company acquired a 100%
holding in African Mobile Cellular (Pty) Ltd for a cash consideration of
R1,100,000. This acquisition was concluded on 1 March 2007 and African Mobile
Cellular (Pty) Ltd was only rolled out in Blue`s South African operations from
June 2007, hence the acquiree`s loss since the acquisition amounting to
R272,776.
* Blue increased its shareholding in Greenstart Homeloans (Pty) Ltd from 15%
to 100% with effect from 15 March 2007 by issuing 838,197 Blue shares at
R2.7887 per share and a cash consideration of R2,337,500. These shares were
issued at the 30 business day volume weighted average price on 31 January 2007.
The acquiree`s profit since the acquisition of the interest amounted to
R4,839,180.
* Blue acquired 100% of the shareholding in Makhulong Multi Finance (Pty) Ltd,
incorporated in Lesotho, on 29 March 2007 for a deferred cash consideration of
R1,441,398 of which R570,000 has been paid to date. The acquiree`s profit since
the acquisition of the interest amounted to R567,028.
No operations acquired have been subsequently disposed of. The amounts
recognised at the acquisition date for each class of the acquiree`s assets,
liabilities and contingent liabilities determined in accordance with IFRS
immediately before the combination is disclosed in note 4. Acquisition of
businesses. The initial accounting for the business combination that is
reflected in the interim results is only provisional and will be finalised for
the year end results at 29 February 2008. The carrying amounts of subsidiaries
are shown net of impairment losses.
2. Share capital
Aug 2007 Aug 2006 Feb 2007
Authorised R`000 R`000 R`000
1,000,000,000 Ordinary shares
of par value R0.000001 each 1 1 1
140,000,000 Class A Preference
shares of R0.0001 each - 14 14
90,000,000 Class B Preference
shares of R0.0001 each 9 9 9
70,000,000 Class C Preference
shares of R0.0001 each 7 7 7
17 31 31
Reconciliation of number of
shares issued: Aug 2007 Aug 2006 Feb 2007
Reported as at 1 March 2007 352 000 000 - -
Treasury shares (6 368 241) (9 157 500) (6 368 241)
Issue of shares - ordinary
shares 89 441 114 320 000 000 352 000 000
435 072 873 310 842 500 345 631 759
All unissued ordinary shares are under the control of the directors in terms of
a resolution of members passed at the last annual general meeting. This
authority remains in force until the next annual general meeting.
Aug 2007 Aug 2006 Feb 2007
Issued R`000 R`000 R`000
Ordinary shares (net of treasury shares) 0.435 0.311 0.346
Class A Preference shares - 35 200 35 200
Class B Preference shares 34 676 - -
Share premium 402 551 298 767 364 694
437 228 333 967 399 894
Class A preference shares have been redeemed and cancelled.
3. Cash generated from operations
Aug 2007 Aug 2006 Feb 2007
R`000 R`000 R`000
Profit before taxation 26 789 9 859 42 019
Adjustments for:
Depreciation and amortisation 7 252 579 8 534
Profit on sale of assets (123) (1 265) (3 860)
Finance costs 15 875 667 25 167
Impairments (419) - 4 439
Movements in operating lease assets and
accruals (9) - 153
Movements in provisions (2 107) - (743)
Foreign currancy differences (494) (334) (16)
Realisation of revaluation through
profit/(loss) - - 4 248
Other non-cash items - 50 300
Change in working capital:
Inventories 27 (170) -
Trade and other receivables (52 673) (18 203) (82 024)
Trade and other payables 5 995 (663) 6 947
114 (9 480) 5 164
4. Acquisition of businesses
Aug 2007 Aug 2006 Feb 2007
R`000 R`000 R`000
Fair value of assets acquired
Property, plant and equipment 218 5 550 7 299
Intangible assets 2 029 - 63 574
Other financial assets - 300 911
Investment properties - 9 377 9 376
Deferred tax (588) 286 (17 879)
Goodwill 12 134 272 472 265 022
Trade and other receivables 2 148 45 776 127 730
Inventory 33 68 -
Cash and cash equivalents 2 153 3 088 5 036
Shareholders loans - (4 285) (11 898)
Amounts owning to related parties - (7 560) (7 047)
Long term liabilities (10 366) (37 686) (38 349)
Other financial liabilities - (327) -
Provisions (151) - (2 875)
Taxation (49) (4 123) (13 739)
Trade and other payables (762) (987) (7 215)
Outside shareholders 738 (156) (227)
7 537 281 793 379 720
Consideration paid
Cash (4 008) - (84 200)
Equity - 281,972,500 ordinary shares
in Blue
Financial Services Limited - (281 973) (281 973)
Equity - 938,197 ordinary shares in
Blue
Financial Services Limited (2 658) - -
Deferred payments - fair value (871) - (13 547)
(7 537) (281 973) (379 720)
Net cash outflow on acquisition
Cash consideration paid (4 008) - (84 200)
Cash acquired 2 153 3 088 5 036
(1 855) 3 088 (79 164)
COMMENTARY ON THE RESULTS
Nature of business:
Blue is a pan-African financial services supplier, providing ethical,
innovative and affordable credit solutions to people within Africa. Blue
currently operates in Botswana, Malawi, Lesotho, South Africa, Tanzania, Uganda
and Zambia and acquired a micro-financier in Namibia after the reporting
period. The Group currently employs more than 800 staff and has more than 150
branches.
Financial overview:
The Company is pleased to report an after tax profit of R19,7 million for the
first 6 months of its current financial year (H1 2006: R7,6 million), up 160%
on the prior year. The loan book increased by 307% to R261 million (H1 2006:
R64 million). The main drivers of the comparative improvement in these results
were the inclusion of the Future Finance operation acquired in December 2006
for the entire reporting period, the success in developing and growing the
Botswana and Zambian operations, relatively new geographical operations coming
on-stream sooner than expected and increased access to cheaper funding.
CHANGES TO THE BOARD OF DIRECTORS AND COMPANY SECRETARY
Mr Navin P Kanabar (Tanzanian) was appointed as a non-executive director on 13
March 2007. Mr Antonios Couloubis (Tony) from American International Group
(AIG) joined the Board as a non-executive director on 1 June 2007. Mr Reynier
van der Westhuizen replaced Ms Margaretha Stoltz (Retha) as Company Secretary
on 13 August 2007. Mr Johan C Maritz joined the Board on 1 September 2007 as
financial director, following the resignation of Mr Johan S Coetzee with effect
from that date. Mr Ceaser W Siwale retired by rotation at the annual general
meeting on 27 September 2007. The Board wishes to extend their gratitude to
Ceaser for his valuable contribution.
DIVIDENDS
In line with Group policy no dividend has been declared for the period.
POST BALANCE SHEET EVENTS
1. Blue acquired 100% of the issued shares in Bonus Finance Namibia (Pty) Ltd
("Bonus Finance") for a cash consideration of R16,100,000 and the business
conducted by NFIT 2 Trust, NFIT 3 Trust and NFIT 5 Trust ("the businesses") in
Namibia for a cash consideration of R5,400,000, with effect from 1 October
2007. At the date of issue of these interim results no "at acquisition" trial
balance was available for the purpose of allocating the purchase price to the
identifiable assets, liabilities and contingent liabilities. Bonus Finance and
the businesses provide micro loans, financial services and other related
products to the Namibian public. Through the acquisitions, Blue acquired a
well-established lender in Namibia with a branch network of eight branches
servicing the main commercial centres. The pro-forma financial effects of this
transaction were released on SENS on 17 September 2007.
2. Blue held its annual general meeting on 27 September 2007. The results of
the ordinary and special resolutions accepted were published on SENS on 9
October 2007. 96% of Blue`s total shareholder base voted and all resolutions
were passed by a significant majority.
3. Blue held a general meeting on 19 October 2007, in order to approve the
specific issue of 23,838,384 shares for cash to the International Finance
Corporation (IFC) at R2.97 per share. The result of the ordinary resolution
accepted was published on SENS on 19 October 2007.
FORWARD LOOKING STATEMENT
The second half of the year is traditionally a more profitable trading period.
Strong growth and resultant earnings contributions are expected from the
Botswana and Zambian operations during the next six months. Contributions from
the remaining geographical areas, including new additions, are expected to
further improve during the second half of the year. Funding to be received from
the International Finance Corporation (IFC), amongst others, in the next six
months will provide the necessary capital to further grow the loan book. The
aforesaid should compensate for geographical expansion expenditure, the
expected earnings decline in the South African operations as a result of the
Group`s increased focus on lower yield, annuity based home loan finance and
SMME funding, as well as the impact of the National Credit Act.
REVIEW OPINION
These interim results have been reviewed by the Company`s auditors, PKF (Pta)
Inc, and their unqualified review opinion is available for inspection at the
Company`s registered address.
For and on behalf of the Board
D van Niekerk (Chairman and CEO)
JC Maritz (Financial Director)
31 October 2007
Registered office and postal address: Building 10, 107 Haymeadow Street,
Boardwalk Office Park, Faerie Glen, Pretoria, South Africa, 0081
(PO Box 72041, Lynnwood Ridge, 0040)
Website: www.blue.co.za
Directors: D van Niekerk (Chairman and CEO); R Swart (COO); JC Maritz
(Financial Director); WJ Smit (Legal Director);MJ Sondiyazi*, A Steyn*,
NP Kanabar* (Tanzanian) and A Couloubis* *non-executive
Company secretary: R van der Westhuizen
Transfer secretaries: Link Market Services (Pty) Ltd
11 Diagonal Street, Johannesburg, 2001 (PO Box 4844, Johannesburg, 2000)
Auditors: PKF (Pta) Inc (Registration number 2000/026635/21)
Designated Adviser: Ernst & Young Sponsors (Proprietary) Limited
(Registration number 2000/031843/07)
Date: 31/10/2007 08:30:00 Produced by the JSE SENS Department.
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