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BLU
BLU
BLU - BLT - Additional information on the pro forma results for the six
months ending 30 November 2007
Blue Label Telecoms Limited
(Incorporated in the Republic of South Africa)
(Registration number 2006/022679/06)
JSE Share code: BLU & ISIN: ZAE000109088
("BLT" or "the Company")
ADDITIONAL INFORMATION ON THE PRO FORMA RESULTS FOR THE SIX MONTHS ENDING 30
NOVEMBER 2007
Consolidated Pro Forma Income Statement
The table below sets out the unaudited pro forma information of Blue Label
Telecoms ("BLT"). The unaudited pro forma statement has been prepared for
illustrative purposes only.
Six months ended
30 November 30 November
2007 2007
Restruc-turing Pro forma(4)
Actual(1) and Cash Unaudited
Reviewed Acquisi- effects(3) 2007
ions(2)
R`000 R`000 R`000 R`000
Revenue 5 797 260 377 299 - 6 174 559
Other income 15 451 6 817 - 22 268
Cost of (5 471 583) (335 901) - (5 807 484)
inventories
sold
Employee (166 420) 1 727 - (164 693)
compensation
and benefit
expense
Depreciation, (18 928) (15 006) - (33 934)
amortisation
and impairment
charges
Other expenses (64 281) (18 828) - (83 109)
Operating 91 499 16 108 - 107 607
profit
Finance income 72 576 577 31 470 104 623
Finance (92 451) 82 842 (42 533) (52 142)
expense
Share of loss (4 353) (2 220) - (6 573)
of associates
Profit for the 67 271 97 307 (11 063) 153 515
period before
taxation
Taxation (26 568) (23 485) (3 208) (53 261)
Net profit for 40 703 73 822 (14 271) 100 254
the period
Reconciliation
between net
profit for the
period and
core net
profit for the
period:
Net profit for 40 703 73 822 (14 271) 100 254
the period
Management 56 800 - - 56 800
bonus
settlement net
of tax
Amortisation 6 887 9 913 - 16 800
on intangibles
raised through
business
combinations
net of tax
Cancellation 9 000 - - 9 000
of commission
contract
Core net 113 390 83 735 (14 271) 182 854
profit for the
period
Net profit for 40 703 73 822 (14 271) 100 254
the period
attributable
to:
Equity holders 14 379 98 964 (14 271) 99 072
of parent
Minority 26 324 (25 142) - 1 182
interest
Core net 113 390 83 735 (14 271) 182 854
profit for the
period
attributable
to:
Equity holders 85 095 109 883 (14 271) 180 707
of parent
Minority 28 295 (26 148) - 2 147
interest
Earnings per
share on
profit
attributable
to equity
holders
(cents)**
- Basic 3.47 12.93
- Headline 3.79 13.10
- Core 20.55 23.58
Number of 766 360 894 766 360 894
ordinary
shares in
issue
Weighted 414 166 131 766 360 894
average number
of ordinary
shares in
issue
** There are no potentially dilutive equity instruments in issue
Notes
1) Extracted from the reviewed Group income statement of BLT for the half
year ended 30 November 2007.
2) Represents the effects of the Group restructure based on the assumption
that minority acquisitions occurred on 1 June 2007.
The following subsidiaries are therefore consolidated as wholly owned for
the full six months:
- The Prepaid Company
- Kwikpay
- Matragon
- Blue Label One
Similarly, the following associates are consolidated
as subsidiaries for the full six months:
- 72% Africa Prepaid Services
- 100% Virtual Voucher
- 100% Cellfind SA
- 100% Datacel
- 100% House of Business Solutions
3) Represents the positive impact on finance income and expense assuming
cash raised on listing was received 1 June 2007.
4) Represents the pro forma unaudited Group income statement of BLT on the
assumption that the restructuring, listing and minority acquisitions were
effective 1 June 2007.
5) All adjustments to net profit are expected to have a continuing effect on
BLT.
Johannesburg
25 Febraury 2008
Sponsor: Investec Bank Limited
Date: 25/02/2008 16:44:17 Produced by the JSE SENS Department.
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