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BFS
BFS
BFS - Blue Financial Services - Reviewed Condensed Consolidated Interim
Financial Results For Six Months Ended 31 August 2009
BLUE FINANCIAL SERVICES
Registration number: 1996/006595/06
JSE code: BFS & ISIN: ZAE000083655
("The Group" or "the Company" or "Blue")
REVIEWED CONDENSED CONSOLIDATED INTERIM FINANCIAL RESULTS FOR SIX MONTHS
ENDED 31 AUGUST 2009
Condensed Consolidated Income Statement for the period ended 31 August 2009
Reviewed Restated % Restated
six months six months change year
ended ended ended
31 Aug 2009 31 Aug 2008 28 Feb 09
R `000 R `000 R `000
Notes
Interest
income 293,301 190,871 54 540,914
Interest
expense (100,902) (61,438) 64 (137,372)
Net interest
income 192,399 129,433 49 403,542
Administration and
commission income 101,832 117,701 (13) 218,217
Other
operating
income 1 104,156 11,031 >100 150,817
Operating
income before
impairments and
operating expenses 398,387 258,165 54 772,576
Impairment
of loan
advances (236,044) (19,146) >100 (93,186)
Operating
expenses (360,352) (164,577) >100 (561,666)
(Loss)/profit
before taxation (198,009) 74,442 <(100) 117,724
Taxation 35,743 (22,978) <(100) (44,514)
(Loss)/profit for
the period (162,266) 51,464 <(100) 73,210
Attributable
to:
Equity
holders of
the parent (158,075) 51,464 <(100) 81,303
Minority
interest (4,191) - - (8,093)
Earnings
ratios 5
(Loss)/Earnings
per share (27.07) 11.03 <(100) 15.92
Headline
(loss)/earni
ngs per
share (27.11) 10.96 <(100) 12.73
Diluted
(loss)/earni
ngs per
share (27.07) 9.89 <(100) 15.11
Diluted
headline
(loss)/earni
ngs per
share (27.11) 9.82 <(100) 12.21
Condensed Consolidated Statement of Comprehensive Income for the period ended
31 August 2009
Reviewed Restated % Restated
six months six months change year
ended ended ended
31 Aug 2009 31 Aug 2008 28 Feb 09
R `000 R `000 R `000
(Loss)/profit
for the
period (162,266) 51,464 <(100) 73,210
Other
comprehensive
income:
Exchange
differences
on
translation
of foreign
operations (118,474) 15,532 <(100) (10,185)
Revaluation
of land and
buildings - - - 5,552
Income tax
relating to
components
of other
comprehensive
income - - - (1,388)
Other
comprehensive
income for
the period,
net of tax (118,474) 15,532 <(100) (6,021)
Total
comprehensive
(loss)/income
for the
period (280,740) 66,996 <(100) 67,189
Total
comprehensive
(loss)/income
attributable
to:
Equity
holders of
the parent (266,263) 66,996 <(100) 75,282
Minority
interest (14,477) - - (8,093)
(280,740) 66,996 <(100) 67,189
Condensed Consolidated Statement of Financial Position as at 31 August 2009
Reviewed Restated %
six months year change
ended ended
31 Aug 2009 28 Feb 09
R `000 R `000
Notes
Assets
Cash and cash equivalents 102,870 183,476 (44)
Loans and advances to
customers 2 1,216,573 1,378,262 (12)
Trade and other receivables 80,434 55,105 (46)
Inventories 3,656 3,632 1
Taxation receivable 15,407 3,594 >100
Other financial assets 39,551 50,705 (22)
Property, plant and equipment 103,459 108,099 (4)
Deferred taxation 191,782 118,976 61
Intangible assets 47,411 57,285 (17)
Goodwill 3 658,236 703,274 (6)
Total Assets 2,459,379 2,662,408 (8)
Equity and Liabilities
Equity
Share capital 927,014 925,992 -
(Accumulated loss)/Retained
earnings (38,220) 179,182 <(100)
Other reserves (3,567) 44,150 <(100)
Equity attributable to
equity holders of parent 885,227 1,149,324 (23)
Non-controlling interest 21,750 36,227 (40)
Total equity 906,977 1,185,551 (23)
Liabilities
Bank overdraft 86,004 89,083 (3)
Trade and other payables 114,989 113,326 1
Taxation payable 131,781 129,317 2
Finance lease obligation 15,670 18,181 (14)
Other financial liabilities 4 1,185,931 1,097,191 8
Operating lease liability 2,691 1,822 48
Deferred taxation 15,336 27,937 (45)
Total liabilities 1,552,402 1,476,857 5
Total Equity and Liabilities 2,459,379 2,662,408 (8)
Condensed Consolidated Statement of Changes in Equity for the period ended
31 August 2009
Attributable to equity shareholders
Share Retained Non-distributable
capital income reserves
Note R `000 R `000 R `000
Balance at 29 February
2008 - as previously
reported 526,905 93,964 45,661
Change in accounting
policies, restatements
and reclassifications 6 - (3,413) 3,413
Balance at 29 February
2008 - restated 526,905 90,551 49,074
Total comprehensive
income for the period - 51,464 15,532
Issue of ordinary
shares 76,000 - -
Issue of preference
shares 37,426 - -
Balance at 31 August
2008 - restated 640,331 142,015 64,606
Balance at 28 February
2009 - restated 925,992 179,182 44,150
Total comprehensive
income for the period - (158,075) (108,188)
Functional currency
change - (59,527) 59,527
Share-based payment to
employees 1,022 1,144 -
Contingency reserve - (944) 944
Balance at 31 August
2009 - reviewed 927,014 (38,220) (3,567)
Balance at 29 February
2008 - restated 526,905 90,551 49,074
Total comprehensive
income for the year - 81,303 (6,021)
Share-based payment to
employees 2,362 8,425 -
Issue of ordinary
shares 394,299 - -
Issue of preference
shares 37,426 - -
Redemption of
preference shares (35,000) - -
Business combinations
and other acquisitions - - -
Contingency reserve - (1,097) 1,097
Balance at 28 February
2009 - restated 925,992 179,182 44,150
Total Non-controlling Total equity
interest
R `000 R `000 R `000
Balance at 29 February 2008
- as previously reported 666,530 (198) 666,332
Change in accounting
policies, restatements and
reclassifications - - -
Balance at 29 February 2008
- restated 666,530 (198) 666,332
Total comprehensive income
for the period 66,996 - 66,996
Issue of ordinary shares 76,000 - 76,000
Issue of preference shares 37,426 - 37,426
Balance at 31 August 2008 -
restated 846,952 (198) 846,754
Balance at 28 February 2009
- restated 1,149,324 36,227 1,185,551
Total comprehensive income
for the period (266,263) (14,477) (280,740)
Functional currency change - - -
Share-based payment to
employees 2,166 - 2,166
Contingency reserve - - -
Balance at 31 August 2009 -
reviewed 885,227 21,750 906,977
Balance at 29 February 2008
- restated 666,530 (198) 666,332
Total comprehensive income
for the year 75,282 (8,093) 67,189
Share-based payment to
employees 10,787 - 10,787
Issue of ordinary shares 394,299 - 394,299
Issue of preference shares 37,426 - 37,426
Redemption of preference
shares (35,000) - (35,000)
Business combinations and
other acquisitions - 44,518 44,518
Contingency reserve - - -
Balance at 28 February 2009
- restated 1,149,324 36,227 1,185,551
Condensed Consolidated Statement of Cash Flows for the period ended
31 August 2009
Reviewed Restated % Restated
six months six months change year
ended ended ended
31 Aug 2009 31 Aug 2008 28 Feb 09
R `000 R `000 R `000
Cash flows
from
operating
activities
Cash
generated
from/(used
in)
operations 4,457 (243,420) <(100) (428,748)
Interest
expense (100,902) (60,672) 66 (137,372)
Tax paid (34,378) (7,126) >100 (26,320)
Net cash from
operating
activities (130,823) (311,218) (58) (592,440)
Cash flows
from
investing
activities
Purchase of
property,
plant and
equipment (14,424) (29,990) (52) (64,089)
Sale of
property,
plant and
equipment 226 351 (36) 3,534
Purchase of
intangible
assets - (1,500) (100) (1,500)
Acquisition
of businesses - (59,761) (100) (64,357)
Other
financing
activities (5,206) 37,000 <(100) 85,805
Proceeds on
disposal of
financial
assets - - - 138,122
Net cash from
investing
activities (19,404) (53,900) (64) 97,515
Cash flows
from
financing
activities
Proceeds on
share issue - - - 75,016
Proceeds on
redeemable
preference
shares - 37,426 (100) 37,426
Net proceeds
from other
financial
liabilities 335,920 219,418 53 425,256
(Net loan
repayment)/ad-
vances from
shareholders (260,709) 16,958 <(100) (6,215)
Finance lease
payments (2,511) 281 <(100) 3,695
Net cash from
financing
activities 72,700 274,083 (73) 535,178
Total net
cash movement
for the
period (77,527) (91,035) (15) 40,253
Net cash at
the beginning
of the period 94,393 54,140 74 54,140
Total net
cash at end
of the period 16,866 (36,895) <(100) 94,393
Segment Report
Reviewed six months 31 Aug 2009
South Africa Botswana Zambia
R `000 R `000 R `000
Interest income 172,425 38,210 13,457
Interest expense (71,458) (14,323) (7,231)
Net interest income 100,967 23,887 6,226
Administration and insurance income 67,330 19,554 5,828
Other operating income 76,286 1,510 20,672
Operating income 244,583 44,951 32,726
Impairment of loan advances (212,688) (5,921) (309)
Operating expenses (242,174) (22,379) (23,174)
Management operating (loss)/profit (210,279) 16,651 9,243
Segment result: (Loss)/profit before
taxation (210,279) 16,651 9,243
Taxation 54,295 (3,491) (1,728)
(Loss)/profit after taxation (155,984) 13,160 7,515
Net investment in foreign operation
adjustment - - -
Management (loss)/profit after taxation (155,984) 13,160 7,515
Other material non-cash items included
in segment profit/(loss):
Depreciation on property, plant and
equipment 14,762 438 598
Amortisation of intangible assets 5,569 467 334
Segment assets 1,805,414 369,568 213,393
Segment liabilities (970,160) (269,665) (158,658)
Uganda Tanzania Malawi
R `000 R `000 R `000
Interest income 8,199 22,143 15,771
Interest expense (5,728) (6,594) (5,042)
Net interest income 2,471 15,549 10,729
Administration and insurance income 3,443 3,954 3,233
Other operating income 4 - -
Operating income 5,918 19,503 13,962
Impairment of loan advances (6,105) (6,766) 1,128
Operating expenses (32,562) (40,496) (29,724)
Management operating (loss)/profit (32,749) (27,759) (14,634)
Segment result: (Loss)/profit
before taxation (32,749) (27,759) (14,634)
Taxation 6,176 1,385 4,803
(Loss)/profit after taxation (26,573) (26,374) (9,831)
Net investment in foreign operation
adjustment 15,432 14,750 14,172
Management (loss)/profit after taxation (11,141) (11,624) 4,341
Other material non-cash items included in
segment profit/(loss):
Depreciation on property, plant and equipment 256 484 440
Amortisation of intangible assets 35 37 -
Segment assets 63,921 85,397 116,151
Segment liabilities (92,588) (113,463) (90,269)
Nigeria Mauritius CMA
R `000 R `000 R `000
Interest income 6,581 - 57,143
Interest expense (1,944) (20,093) (12,317)
Net interest income 4,637 (20,093) 44,826
Administration and insurance income 1,089 - 14,269
Other operating income - 6,284 63
Operating income 5,726 (13,809) 59,158
Impairment of loan advances (864) - (2,380)
Operating expenses (17,220) (61) (18,070)
Management operating (loss)/profit (12,358) (13,870) 38,708
Segment result: (Loss)/profit before
taxation (12,358) (13,870) 38,708
Taxation 4,018 4,463 (14,552)
(Loss)/profit after taxation (8,340) (9,407) 24,156
Net investment in foreign operation
adjustment 2,373 - -
Management (loss)/profit after taxation (5,967) (9,407) 24,156
Other material non-cash items included in
segment profit/(loss):
Depreciation on property, plant and
equipment 684 - 773
Amortisation of intangible assets - - 51
Segment assets 84,677 397,123 236,928
Segment liabilities (37,245) (385,548) (181,941)
Other Eliminations Consolidated
R `000 R `000 R `000
Interest income 6,764 (47,392) 293,301
Interest expense (3,564) 47,392 (100,902)
Net interest income 3,200 - 192,399
Administration and insurance income 1,412 (18,280) 101,832
Other operating income 154 (817) 104,156
Operating income 4,766 (19,097) 398,387
Impairment of loan advances (2,139) - (236,044)
Operating expenses (26,972) 92,480 (360,352)
Management operating (loss)/profit(24,345) 73,383 (198,009)
Segment result: (Loss)/profit
before taxation (24,345) 73,383 (198,009)
Taxation (1,767) (17,859) 35,743
(Loss)/profit after taxation (26,112) 55,524 (162,266)
Net investment in foreign
operation adjustment 13,516 (60,243) -
Management (loss)/profit after
taxation (12,596) (4,719) (162,266)
Other material non-cash items
included in segment profit/(loss):
Depreciation on property, plant
and equipment 637 - 19,072
Amortisation of intangible assets 124 - 6,617
Segment assets 37,821 (951,014) 2,459,379
Segment liabilities (72,421) 819,556 (1,552,402)
Restated year ended 28 Feb 2009
South Africa Botswana Zambia
R `000 R `000 R `000
Interest income 245,281 102,172 105,087
Interest expense (109,121) (16,546) (16,441)
Net interest income 136,160 85,626 88,646
Administration and insurance income 99,212 34,243 43,916
Other operating income 47,577 8,565 291
Operating income 282,949 128,434 132,853
Impairment of loan advances (70,997) 2,958 (6,098)
Operating expenses (279,842) (37,785) (77,224)
Management operating (loss)/profit (67,890) 93,607 49,531
Segment result: (Loss)/profit
before taxation (67,890) 93,607 49,531
Taxation 17,146 (22,918) (22,354)
(Loss)/Profit after taxation (50,744) 70,689 27,177
Net investment in foreign
operation adjustment - - -
Management (loss)/profit after
taxation (50,744) 70,689 27,177
Other material non-cash items
included in segment
profit/(loss):
Impairment on goodwill and
intangible assets 21,514 - -
Depreciation on property, plant
and equipment 14,666 564 1,258
Amortisation of intangible assets 14,615 992 1,951
Segment assets 1,988,315 413,114 226,814
Segment liabilities (986,449) (319,457) (177,723)
Uganda Tanzania Malawi
R `000 R `000 R `000
Interest income 12,298 36,426 31,173
Interest expense (8,500) (11,648) (7,322)
Net interest income 3,798 24,778 23,851
Administration and insurance income 13,758 4,422 25,749
Other operating income 17 - 2
Operating income 17,573 29,200 49,602
Impairment of loan advances (1,009) (4,974) (1,598)
Operating expenses (19,809) (28,015) (15,389)
Management operating (loss)/profit (3,245) (3,789) 32,615
Segment result: (Loss)/profit before
taxation (3,245) (3,789) 32,615
Taxation 1,734 2,932 (9,990)
(Loss)/Profit after taxation (1,511) (857) 22,625
Net investment in foreign operation
adjustment 2,290 322 (1)
Management (loss)/profit after taxation 779 (535) 22,624
Other material non-cash items included
in segment profit/(loss):
Impairment on goodwill and intangible
assets - - -
Depreciation on property, plant and
equipment 637 1,187 621
Amortisation of intangible assets 88 83 -
Segment assets 70,725 87,284 148,525
Segment liabilities (81,708) (93,011) (101,906)
Mauritius Nigeria CMA
R `000 R `000 R `000
Interest income - 6,384 55,467
Interest expense - (1,956) (16,791)
Net interest income - 4,428 38,676
Administration and insurance income - 885 25,018
Other operating income 93,604 278 80
Operating income 93,604 5,591 63,774
Impairment of loan advances - - (6,787)
Operating expenses - (26,982) (32,070)
Management operating (loss)/profit 93,604 (21,391) 24,917
Segment result: (Loss)/profit before
taxation 93,604 (21,391) 24,917
Taxation (13,105) 2,145 (7,540)
(Loss)/Profit after taxation 80,499 (19,246) 17,377
Net investment in foreign operation
adjustment - (182) -
Management (loss)/profit after taxation 80,499 (19,428) 17,377
Other material non-cash items included
in segment profit/(loss):
Impairment on goodwill and intangible
assets - - -
Depreciation on property, plant and
equipment - 477 1,288
Amortisation of intangible assets - - 101
Segment assets 317,701 114,542 194,213
Segment liabilities (238,446) (38,766) (164,355)
Other Eliminations Consolidated
R `000 R `000 R `000
Interest income 4,169 (57,543) 540,914
Interest expense (6,590) 57,543 (137,372)
Net interest income (2,421) - 403,542
Administration and insurance
income 7,619 (36,605) 218,217
Other operating income 1,103 (700) 150,817
Operating income 6,301 (37,305) 772,576
Impairment of loan advances (4,681) - (93,186)
Operating expenses (72,234) 27,684 (561,666)
Management operating
(loss)/profit (70,614) (9,621) 117,724
Segment result: (Loss)/profit
before taxation (70,614) (9,621) 117,724
Taxation 3,798 3,638 (44,514)
(Loss)/Profit after taxation (66,816) (5,983) 73,210
Net investment in foreign
operation adjustment (440) (1,989) -
Management (loss)/profit after
taxation (67,256) (7,972) 73,210
Other material non-cash items
included in segment profit/(loss):
Impairment on goodwill and
intangible assets 45,724 - 67,238
Depreciation on property, plant
and equipment 1,315 - 22,013
Amortisation of intangible assets 1,062 - 18,892
Segment assets 35,795 (934,620) 2,662,408
Segment liabilities (58,594) 783,558 (1,476,857)
Restated six months 31 Aug 2008
South Africa Botswana Zambia
R `000 R `000 R `000
Interest income 52,559 36,632 47,014
Interest expense (46,085) (12,469) (11,548)
Net interest income 6,474 24,163 35,466
Administration and insurance income 49,205 20,467 29,216
Other operating income 21,456 357 38
Operating income 77,135 44,987 64,720
Impairment of loan advances (4,861) (2,924) (980)
Operating expenses (102,660) (12,524) (18,857)
Management operating (loss)/profit (30,386) 29,539 44,883
Segment result: (Loss)/profit
before taxation (30,386) 29,539 44,883
Taxation 7,487 (7,385) (15,709)
(Loss)/Profit after taxation (22,899) 22,154 29,174
Net investment in foreign
operation adjustment - - -
Management (loss)/profit
after taxation (22,899) 22,154 29,174
Other material non-cash items
included in segment profit/(loss):
Depreciation on property, plant
and equipment 3,869 240 426
Amortisation of intangible assets 3,243 485 262
Segment assets 1,486,754 238,268 192,425
Segment liabilities (763,750) (195,473) (126,164)
Uganda Tanzania Malawi
R `000 R `000 R `000
Interest income 4,783 14,330 10,955
Interest expense (2,367) (4,255) (2,933)
Net interest income 2,416 10,075 8,022
Administration and insurance income 7,567 3,270 20,957
Other operating income 2,407 - -
Operating income 12,390 13,345 28,979
Impairment of loan advances (2,396) (2,522) (2,068)
Operating expenses (8,976) (11,490) (7,033)
Management operating (loss)/profit 1,018 (667) 19,878
Segment result: (Loss)/profit before
taxation 1,018 (667) 19,878
Taxation (305) 200 (5,964)
(Loss)/Profit after taxation 713 (467) 13,914
Net investment in foreign operation
adjustment (1,601) 240 12
Management (loss)/profit after taxation (888) (227) 13,926
Other material non-cash items included in
segment profit/(loss):
Depreciation on property, plant and
equipment - - 290
Amortisation of intangible assets - - 42
Segment assets - - 47,966
Segment liabilities - - (58,758)
Mauritius Nigeria CMA
R `000 R `000 R `000
Interest income - - 18,865
Interest expense - - (5,069)
Net interest income - - 13,796
Administration and insurance income - - 16,853
Other operating income - - 34
Operating income - - 30,683
Impairment of loan advances - - (3,272)
Operating expenses - - (11,616)
Management operating (loss)/profit - - 15,795
Segment result: (Loss)/profit before
taxation - - 15,795
Taxation - - (4,407)
(Loss)/Profit after taxation - - 11,388
Net investment in foreign operation
adjustment - - -
Management profit after taxation - - 11,388
Other material non-cash items included
in segment profit/(loss):
Depreciation on property, plant and
equipment 538 177 556
Amortisation of intangible assets 39 - 51
Segment assets 60,578 94,271 135,591
Segment liabilities (65,474) (65,311) (111,721)
Other Eliminations Consolidated
R `000 R `000 R `000
Interest income 4,215 1,518 190,871
Interest expense (196) 23,484 (61,438)
Net interest income 4,019 25,002 129,433
Administration and insurance
income 497 (30,331) 117,701
Other operating income - (13,261) 11,031
Operating income 4,516 (18,590) 258,165
Impairment of loan advances (123) - (19,146)
Operating expenses (7,008) 15,587 (164,577)
Management operating
(loss)/profit (2,615) (3,003) 74,442
Segment result: (Loss)/profit
before taxation (2,615) (3,003) 74,442
Taxation 784 2,321 (22,978)
(Loss)/Profit after taxation (1,831) (682) 51,464
Net investment in foreign
operation adjustment 318 1,031 -
Management (loss)/profit
after taxation (1,513) 349 51,464
Other material non-cash items
included in segment profit/(loss):
Depreciation on property, plant
and equipment 562 - 6,658
Amortisation of intangible assets 133 - 4,255
Segment assets 32,222 (638,943) 1,649,132
Segment liabilities (27,055) 611,326 (802,380)
The Group`s reportable segments are geographical business units that offer
comparable business products and solutions, which are managed and measured
regionally.
Blue has nine reportable segments: South Africa, Botswana, Zambia, Uganda,
Tanzania, Malawi, Mauritius, Nigeria and CMA. The segments offer a variety of
products and services as well as equipment sales.
"CMA" comprises the aggregated segment results and financial position of the
`Common Monetary Area` countries outside South Africa, namely Lesotho, Namibia
and Swaziland.
"Other" comprises the aggregated segment information for the remainder of
operations based in Kenya, Cameroon and Rwanda.
Notes
BASIS OF PREPARATION
The condensed consolidated interim financial results of the Group for the six
month period ended 31 August 2009, comprise the company and its subsidiaries.
These reviewed interim financial results have been prepared in accordance with
the recognition and measurement criteria of IFRS, interpretations issued by the
International Financial Reporting Interpretations Committee (IFRIC), and the
presentation and disclosure requirements of International Accounting Standard:
Interim Financial Reporting (IAS34), JSE Listings Requirements and the South
African Companies Act. In the preparation of these interim financial results,
the Group has applied key assumptions concerning the future and other
indeterminate sources in recording various assets and liabilities.
The Group`s principal accounting policies and assumptions have been applied
consistently over the current and prior financial period, except for:
- IAS 1 Presentation of Financial Statements
- IFRS 8 Operating Segments
- IAS 21 Effects of Changes in Foreign Exchange Rates
- Circular 3/2009 Headline Earnings Per Share
Refer Note 6 for detail disclosure and impact of the changes in accounting
policies.
DISCLOSURE NOTES
Reviewed six Restated six Restated
months ended months ended 12 months ended
31 Aug 2009 31 Aug 2008 28 Feb 2009
R `000 R `000 R `000
1. Other operating income
Recoveries - bad debt 989 131 33,930
Profit on sale of shares - - 93,604
Net mobile revenue 21,031 - 19,493
Profit on disposal of
non-current assets 226 351 470
Profit on exchange
differences 80,280 9,982 37
Other income 1,630 567 3,283
104,156 11,031 150,817
Net mobile revenue
comprises: 21,031 - 19,493
Gross mobile and related
revenue 47,691 - 39,890
Subcriptions and cost of
sales 26,660 - (20,397)
Reviewed six Restated
months ended 12 months ended
31 Aug 2009 28 Feb 2009
R `000 R `000
2. Loans and advances to customers
Gross loans and advances 1,606,915 1,527,423
Less: Deferred initiation fees (15,979) (2,127)
Less: Allowance for impairment of loans
and advances (374,363) (147,034)
1,216,573 1,378,262
Movement on allowance for impairment
Opening balance (147,034) (31,567)
Change for the period (236,044) (93,186)
Subsidiaries acquired - (29,944)
Foreign exchange movement 8,715 7,663
(374,363) (147,034)
Analysis of gross loans and advances by
territory:
South Africa 721,140 652,793
Rest of Africa 885,775 874,630
1,606,915 1,527,423
Analysis of impairment on loans and
advances by territory:
South Africa (319,258) (106,569)
Rest of Africa (55,105) (40,465)
(374,363) (147,034)
Reviewed six months ended 31 Aug 2009
Cost/ Accumulated Carrying
valuation impairment value
R `000 R `000 R `000
3. Goodwill
Goodwill 702,169 (43,933) 658,236
Restated 28 Feb 2009
Cost/ Accumulated Carrying
valuation impairment value
R `000 R `000 R `000
3. Goodwill
Goodwill 747,207 (43,933) 703,274
Reviewed six months ended 31 Aug 2009
Opening Business Foreign exchange
balance combinations movements Total
R`000 R`000 R`000 R`000
Reconciliation of
goodwill
Goodwill 703,274 - (45,038) 658,236
Restated 28 Feb 2009
Opening Business Foreign exchange Impairment
balance combinations movements loss Total
R`000 R`000 R`000 R`000 R`000
Reconciliation of
goodwill
Goodwill 337,328 410,554 (675) (43,933) 703,274
4. Other financial liabilities
Contractual
repayment profile
of interest
bearing debt Less than 1 Year 2-5 Years +5 Years Total
31 Aug 2009 (386,413) (622,778) (176,740) (1,185,931)
28 Feb 2009 (597,958) (419,723) (79,510) (1,097,191)
Reviewed six Restated
months ended 12 months ended
31 Aug 2009 28 Feb 2009
R `000 R `000
Included as part of Other financial
liabilities - owing to related parties
Short-term loan from D. Van Niekerk
(director) 2,426 36,785
Funding loan from Credit U shareholders 7,650 234,000
Overdraft funding from ABSA Limited 31,026 32,236
Reviewed six Restated six Restated
months ended months ended 12 months ended
31 Aug 2009 31 Aug 2008 28 Feb 2009
R `000 R `000 R `000
5. Reconciliation of
headline
(loss)/earnings
(Loss)/profit
attributable to ordinary
equity holders of the
parent entity (158,075) 51,464 81,303
Adjusted for:
Gains on the disposal of
plant and equipment (226) (351) (470)
Goodwill impairment - - 43,933
Intangible asset
impairment - - 23,305
Profit on sale of shares - - (93,604)
Total tax effects of
adjustments - - 10,517
Headline (loss)/earnings (158,301) 51,113 64,984
Number of share in issue
(net of treasury shares)
in million 584.32 480.00 582.33
Weighted number of shares
in issue in million 584.00 466.52 510.65
Diluted weighted number
of shares in issue in
million 627.90 548.04 559.43
6. Changes in accounting policies, restatement and reclassifications of
comparative results
Reclassifications Business
Previously reported (6.1) combinations (6.2)
R` 000
Reconciliation - 31 August 2008
Income
Statement
Interest
income (187,360) (3,511) -
Investment
revenue (3,511) 3,511 -
Other
income (13,317) - -
Operating
expenses 165,116 - -
Taxation
expense 23,603 - -
Net profit
(profit
after
taxation) (52,586) - -
Retained
earnings -
opening
balance (93,800) - -
Statement
of
Financial
Position
Goodwill 358,729 - -
Intangible
assets 64,825 - -
Deferred
tax 19,505 - -
Other
reserves (3,130) - -
Retained
earnings (146,386) - -
Reconciliation - 28 February 2009
Income
Statement
Interest
income (540,914) - -
Other
income (171,914) 20,397 -
Impairment
of loan
advances
and bad
debts 93,186 - -
Operating
expenses 545,612 (20,397) 1,496
Taxation 44,010 - -
Net profit
(profit
after
taxation) (110,865) - 1,496
Retained
earnings -
opening
balance (93,964) - -
Statement
of
Financial
Position
Trade and
other
receivables 29,110 28,144 (2,149)
Loans and
advances
to
customers 1,448,148 (28,144) (41,742)
Other
financial
assets 51,751 - (1,046)
Goodwill 685,907 - 54,261
Intangible
assets 59,077 - -
Deferred
tax (net) 90,502 - -
Other
reserves (41,630) (1,097) -
Retained
earnings (221,347) 1,097 1,496
Trade and
other
payables (102,506) - (10,820)
Net investment in
Intangible assets foreign operation
and goodwill (6.3) Impairment (6.4) (6.5)
R` 000
Reconciliation - 31 August 2008
Income
Statement
Interest
income - - -
Investment
revenue - - -
Other income - - 2,286
Operating
expenses 140 - (679)
Taxation
expense (47) - (578)
Net profit
(profit after
taxation) 93 - 1,029
Retained
earnings -
opening
balance (164) - 3,413
Statement of
Financial
Position
Goodwill 54,173 - -
Intangible
assets 4,022 - -
Deferred tax (1,090) - -
Other reserves (57,034) - (4,442)
Retained
earnings (71) - 4,442
Reconciliation - 28 February 2009
Income
Statement
Interest
income - - -
Other income - - 700
Impairment of
loan advances
and bad debts - - -
Operating
expenses - 38,686 (3,731)
Taxation - (537) 1,041
Net profit
(profit after
taxation) - 38,149 (1,990)
Retained
earnings -
opening
balance - - 3,413
Statement of
Financial
Position
Trade and
other
receivables - - -
Loans and
advances to
customers - - -
Other
financial
assets - - -
Goodwill - (36,894) -
Intangible
assets - (1,792) -
Deferred tax
(net) - 537 -
Other reserves - - (1,423)
Retained
earnings - 38,149 1,423
Trade and
other
payables - - -
Balance as restated
R` 000
Reconciliation - 31 August 2008
Income Statement
Interest income (190,871)
Investment revenue -
Other income (11,031)
Operating expenses 164,577
Taxation expense 22,978
Net profit (profit after taxation) (51,464)
Retained earnings - opening balance (90,551)
Statement of Financial Position
Goodwill 412,902
Intangible assets 68,847
Deferred tax 18,415
Other reserves (64,606)
Retained earnings (142,015)
Reconciliation - 28 February 2009
Income Statement
Interest income (540,914)
Other income (150,817)
Impairment of loan advances and bad debts 93,186
Operating expenses 561,666
Taxation 44,514
Net profit (profit after taxation) (73,210)
Retained earnings - opening balance (90,551)
Statement of Financial Position
Trade and other receivables 55,105
Loans and advances to customers 1,378,262
Other financial assets 50,705
Goodwill 703,274
Intangible assets 57,285
Deferred tax (net) 91,039
Other reserves (44,150)
Retained earnings (179,182)
Trade and other payables (113,326)
(6.1) Income statement reclassifications
Reclassifications have not resulted in any changes in the prior years` earnings
or related cashflow, and are detailed as follows:
Investment income
Interest earned on positive bank balances has been reclassified to form part
of interest income. This change did not impact on the Group`s results or
cashflow information for the period ended 31 August 2008.
Mobile revenue and cost of sales
The Group has reviewed its interpretation of IAS 18 "Revenue" and available
guidance under EITF 99-19 "Reporting Revenue Gross as a Principal versus Net as
an Agent". Mobile activities undertaken by the Group are performed in an agent
relationship whereby the network provider remains the primary obligor as service
provider. Mobile revenue and related cost, previously reflected on a gross basis
has been reclassified and reflected on a net basis under other income. This
change did not impact on the Group`s results or cashflow information for the
period ended 31 August 2008 or the comparative periods.
Statement of financial position reclassifications
Contingency reserve
Contingency reserve on insurance activities, previously included as part of
distributable reserves of R1.1m has been reclassified to form part of
non-distributable reserves.
This change did not impact on the Group`s results or cashflow information for
the period ended 31 August 2008.
Loans and advances to customers
Gross external receivables of R72.4m and related R44.3m impairment for mobile
customers, was previously included as part of loans and advances to customers
were reclassified to form part of trade and other receivables.
(6.2) Restatements arising from Business Combinations
In line with IFRS 3 "Business Combinations" (updated to January 2008), the
Group has amended provisional accounting on business combinations to reflect
new information obtained about facts and circumstances that existed as at the
acquisition date.
Retrospective adjustment of the provisional amounts recognised at the
acquisition date is required and included in the table above. This resulted in
the recognition of R54.3m additional at-acquisition goodwill and R1.5m in
operating expenses.
Restatements impacting Net Loss/Profit
(6.3) Intangible assets and goodwill
The Group has reviewed its interpretation of IAS 21 "The Effects of Changes in
Foreign Exchange Rates", and as result has amended the treatment of goodwill
and intangible assets recognised on consolidation of foreign operations.
According to IAS 21 paragraph 47, the goodwill and intangible assets are to be
accounted for as assets of the foreign subsidiaries and translated at the spot
rate of that particular currency. The amortisation and reversal of the deferred
tax liability attached to the intangible assets should be translated at the
average rate for the reporting period of that particular currency. The
adjustment required, amounted to a R0.93m impact on net profit for the interim
period ended 31 August 2008.
(6.4) Impairment
The Group has reviewed its goodwill impairment assessment on its investment in
Blue Financial Services Cameroon S.p.r.l and identified that impairment
indicators existed at 28 February 2009. Consequently, the recorded
goodwill and intangible assets` carrying value, which exceeded the fair value
of the reported cash generating unit were impaired. A restatement and
additional impairment of R36.8m and R1.8m related to goodwill and intangible
assets were recorded.
Changes in accounting policies - retrospectively applied
(6.5) Net investment in foreign operation
The Group adopted IAS 21 "The Effects of Changes in Foreign Exchange Rates"
related to `net investment in foreign operation`, and as result has amended the
treatment of unrealised foreign exchange gains and losses arising on intergroup
monetary investments for which settlement is neither planned nor likely to
occur in the foreseeable future, in substance, forming a part of the entity`s
net investment in that foreign operation (deemed equity). The table above
reflects the comparative changes for the adoption.
Interim financial reporting and presentation
The Group has adopted the revised IAS 34 "Interim financial reporting" based on
consequential amendments and adoption of IAS 1 "Presentation of financial
statements", resulting in changes in terminology, layout and inclusion of
certain financial information. The Group has adopted the accounting policy to
reflect the Statement of Comprehensive Income seperately from the Income
Statement. Comparative information has been adjusted where necessary.
Segment reporting
The Group adopted IFRS 8 "Operating Segments" in the current financial year.
Operating segments are defined as components of an entity for which separate
financial information is available that is evaluated regularly by the chief
operating decision maker in the allocation of resources and in performance
assessment. The operating segments currently reported under IFRS 8 are not
comparable to the previously reported primary segments under IAS 14: Segment
Reporting, as a result segmental information for comparative periods have been
restated.
Changes in accounting policies - prospective application
Functional currency change
The Group has reviewed the functional currency of its intermediate holding
company incorporated in Mauritius, based on the primary economic environment in
which the entity operates as well as the activities of the foreign operation
which are carried out as an extension of the reporting entity. As a result the
functional currency has been amended from Rupees to Rand effective 1 June 2009,
applied prospectively under guidance of IAS 21 "The Effects of Changes in
Foreign Exchange Rates" related to `changes in functional currency`.
7. Funding loan covenants
At the reporting date, the Group had breached loan covenants from certain
developmental funders. Management is in active discussions with these external
funders to remedy these breaches through amendment of covenant terms and meeting
obligations to accommodate the current financial circumstances.
8. Going concern assumption
The Group made a loss of R162.3 million for the 6 month period ended 31 August
2009, and as of that date a major subsidiary of the Group, Blue Financial
Services South Africa (Proprietary) Limited`s total liabilities exceeded its
assets by R121.2 million and incurred a loss of R178.8 million.
Notwithstanding the above, the Board has embarked on a number of key strategic
actions which are focused on an improvement in liquidity and operating
efficiency as outlined in the "Forward looking statement" below. The interim
results have therefore been prepared on a going concern basis.
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, Kenya, Lesotho, Namibia, Malawi, Swaziland,
South Africa, Tanzania, Uganda, Cameroon, Zambia, Namibia, Nigeria and Rwanda.
Subsequent to the reporting period, Blue was granted an operating licence in
Ghana but operations have not yet commenced. Blue holds an 85% equity stake in
this new venture and it will manage the day to day
operations once the business becomes operational.
The Group currently employs 3,093 staff members, 1,634 permanent and 1,459
commission based, in 260 branches across its operations.
Financial overview:
Blue generated a loss of R162.3 million for the six months ended 31 August 2009
compared to a profit of R51.5 million in the 2008 interim period, down 415% on
the comparative reporting period. This translates into a decline in earnings
per share from 11.03 cents for the 2008 comparative period to a loss per share
of 27.07 cents per share for the 2009 interim period. Headline earnings per
share were similarly affected, declining from 10.96 cents per share to a
headline loss of 27.11 cents per share.
In keeping with all lending institutions in the financial services industry,
Blue requires continual funding to grow its loan book and feed the continuing
demand for microfinance loans throughout its geographic footprint. The global
economic crisis has caused a significant shortage of liquidity to the financial
services industry, which also affected Blue and its ability to fund the growth
of its loan book. In the period under review, Blue managed to raise R431
million compared to R553 million for the full year ended February 2009. In
addition, repayments to funders of R356 million were made under contracted
terms, which resulted in insufficient levels of new funding being available to
grow the business.
This is not immediately obvious from the comparison of the loan books at the
end of the interim periods. The loan book was R1.217 million at end of
August 2009 compared to R876 million in 2008. However, by 28 February 2009, the
loan book had grown to R1.378 million. Thus, there has been a decline in the
loan book of R161 million or 12% during this period.
The Group has experienced unusually challenging trading conditions during the
period primarily as a result of:
1. The lower levels of funding available to the Group emanating from the impact
of the Global Economic Crisis and, as referred to above, reduced new sales
for the Group for the period to R454 million compared to R942 million for the
year ended February 2009;
2. An overall increase in expenses of 119% from the comparative period. This
was primarily fuelled by the increase in number of branches from 192 to 260
for the period under review. The infrastructure was appropriate to sustain
the levels of growth that had been experienced in the year to February 2009
but became excessive following the decline in activity which was caused by
the reduction in available funding. This has seen a deterioration in the
cost:income ratio of the Group from 0.64:1 in the comparative period
to 0.9:1 for the period under review. The most notable increase was
attributed to the South African operations, which following the Credit U
acquisition during late 2008, increased the branch network in South Africa by
an additional 90 branches. A number of branches have been closed and the
total costs of the Group are being significantly reduced. However, the
overall impact is that the Group has been unable to extract all the envisaged
synergies from the Credit U acquisition.
3. An increase in the Non-performing loans from R54 million at the end of the
comparative interim period to R365 million in this reporting period. Non-
performing loans as a percentage of loans and advances to customers are now
23% when compared to 6% in the comparative period. Non-performing loans are
defined as non-paying accounts which are more than 90 days in arrears. The
lack of growth in loans and advances to customers due to funding constraints
has resulted in a deterioration in the ageing of the Group`s overall loans
and advances. New sales are lower than the performing loans maturing, and
therefore Non-performing loans become a larger percentage of the remaining
book.
In line with the organisations goals of continuous business improvement and
sophistication, the Group has also during the period further refined its
credit impairment methodologies based on improved availability of historic
data and trends in collections. The Group believes that the revised
methodologies will provide closer alignment with industry peers and lower
levels of subjectivity implied in calculations.
For the comparative period and as at 28 February 2009, credit impairments
were raised on an instalment recency model at 45%, 75% and 90% of all 90, 120,
and 120 day plus aging categories, respectively. The conversion of the various
loans and advances management systems in subsidiary companies that are not
yet on the Blue loans and advances management system should be completed by
28 February 2010 and will further support data analysis and loans and advances
management going forward. The Group will continue to refine its calculations
of impairments on an ongoing basis.
The credit impairments as a percentage of gross loans and advances to
customers for the Group is now at 23% compared to 6% for the comparative
period and 10% as at 28 February 2009. The split of credit impairments on
loans and advances to customers is as follows, with the biggest increase from
the comparative period being attributable to the South African portfolio:
South Africa
31 Aug 2009 28 Feb 09 31 Aug 2008
Gross loans and advances to
customers (R`000) 721,140 652,793 291,158
Credit impairment (R`000) (391,258) (106,569) (21,500)
Credit impairment (%) 44.3% 16.3% 7.4%
Rest of Africa
31 Aug 2009 28 Feb 09 31 Aug 2008
Gross loans and advances to
customers (R`000) 887,775 874,630 644,247
Credit impairment (R`000) (55,105) (40,465) (37,446)
Credit impairment (%) 6.2% 4.6% 5.8%
The above credit impairments are reflected after an additional R42 million
write-off to the gross loans and advances relating to the Credit U
acquisition on acquisition date in the prior year.
4. The significant weakening of most of the African currencies to the Rand
during the period resulted in a dilution of the Rand based results of many
of the African businesses. The average translation rates for the income
statement amounts and closing rates for balance sheet amounts weakened by
approximately 15% and 21% respectively from February 2009 to August 2009.
The Group has however changed its accounting policy regarding the fair value of
intra group balances during the period. Forex gains and losses on intra group
balances in subsidiary companies are now recorded as part of the net investment
by the holding Company and not directly through the income statement of the
subsidiaries. This change resulted in net forex losses of R80 million being
recorded in equity during the period. The comparative period impact was
immaterial as forex movements were significantly more stable.
The strengthening of the Rand and Zambia Kwacha to the USD during the period
resulted in a gain of R75 million (2008 comparative period R40 million loss) on
all related un-hedged USD external exposures and was recorded as part of Other
Income. The Group remains committed to hedging all third party hard currency
funding but a decline in available credit lines from financial institutions to
the Group has resulted in the Group being unable to hedge the remaining
exposures during the period.
5. The impairment of goodwill relating to Cameroon operations. It became
necessary to acquire a further micro-finance licence in the country during
February 2009 following an unsuccessful launch of the initial operations.
Consequently, goodwill and related intangibles of R39 million arising on the
first acquisition were impaired in the prior year as part of the restatement of
the February 2009 financial results.
Forward looking statement:
Blue Financial Services has as a result of the current market, trading and
economic conditions initiated a number of key strategic actions aimed at
restoring the Group to profitability in the medium term and thereby ensuring
the overall sustainability and long- term success of the business.
These actions include:
1. Aggressive cost rationalisation and increase in operating model
efficiencies. The Group plans to reduce the current cost base by a minimum
of R100 million by February 2011 on a sustainable basis going forward;
2. Assessing certain business segments, product mix and products lines; the
Group will look to restructure, rationalise or dispose of operations in
certain business segments or product lines during the next 6 months.
Discussions with interested parties in this regard are in progress;
3. Increasing Group liquidity in the short-term; the Group is considering
amongst others a potential rights issue to existing shareholders or a fresh
share issue to new shareholders. The Group is in ongoing discussions with
funders to secure new and/or restructure existing funding lines as well
as dealing with existing or potential future breaches of loan covenants.
Rothschild has been engaged to advise the Group on these and other
initiatives.
4. Suspending the execution of any further expansion opportunities for the
interim period unless local funding partners in the proposed countries
can be sourced , which will allow Blue to leverage its IT systems and IP in
new territories The business will focus on organic growth and scalability of
its existing operations;
5. Improving business sophistication including the strengthening of the
treasury management and business optimisation. In this regard, Wip Treasury
has been appointed as an outsourced service provider to support the
appointment of an in-house treasury manager. This is expected to reduce the
impact of foreign exchange exposures on the Group.
In addition, the Group has embarked on improvements to its corporate governance:
Appointment of an independent non-executive chairperson. The Board has made the
necessary recommendations and discussions with potential candidates are in
progress.
Risk committee. The status and responsibility of this committee has been
elevated to a committee of the board with a more formal charter and an
independent non-executive director has been appointed to the committee.
Independent non-executive directors. The number of independent non-executive
directors has been increased to three, following the appointment of J French,
who brings considerable experience in international banking and treasury to the
Group.
The role of company secretary has been elevated and is to be supported by an
outsourced professional service, whilst a Compliance Officer has been appointed
to oversee compliance with regulations throughout Africa.
The sustainability of the Group is dependent on the successful execution of the
above strategies. The full benefits thereof may only be realised in the 2011 and
2012 financial years. The Board however remains confident that these strategic
actions will restore Group profitability and ensure that the Group remains well
positioned to benefit from its market position, distribution, brand and products
on the continent.
The Board emphasises that the feasibility of the overall business and model
remains intact. However, as mentioned above, the business along with all other
similar financial institutions requires constant funding, which in normal
economic circumstances is forthcoming. Several initiatives are in progress to
ensure access to fresh capital and funding and the Board is encouraged by the
responses of the parties with whom it is currently engaged. As a consequence,
the Board has reviewed but elected to not further impair the value of goodwill
(except for Cameroon as noted above), intangible assets and deferred taxation
assets, all of which are recorded in the results in accordance with IFRS. A
further evaluation in this regard will be made for the February 2010 financial
results, based on the outcome or status of the various strategies above.
CHANGES TO THE BOARD OF DIRECTORS
Mr S Strydom has been appointed as an executive director effective 4 June 2009.
Mr G Chittenden resigned as an executive director with effect from 31 July
2009.
Ms GL Sangudi has retired as a non-executive director with effect from 1
September 2009, whilst Ms AR Aime has been appointed as a non-executive
director effective 1 September 2009. Mr J French has been appointed as an
independent non-executive director with effect from 10 November 2009.
DIVIDENDS
No dividend has been declared for the period.
POST BALANCE SHEET EVENTS
Results of Annual General Meeting
Blue held an annual general meeting on 30 September 2009. The results of the
ordinary and special resolutions accepted were published on SENS on 30
September. All resolutions were passed by shareholders, with the exception of
share buy-backs.
Other than the matter with regard to the annual general meeting noted above, no
post balance sheet events were identified.
MODIFIED REVIEW OPINION
The accompanying financial information of the Group has been reviewed by the
Group`s auditors, Deloitte & Touche. An unqualified review opinion has been
issued, however, an emphasis of matter was added to the review opinion expressed
on the accompanying financial information as follows:
"Without qualifying our review conclusion above, we draw attention to
the fact that the Group made a loss of R162.3 million for the six month period
ended 31 August 2009, and as of that date a major subsidiary of the Group, Blue
Financial Services South Africa (Proprietary) Limited`s total liabilities
exceeded its assets by R121.2 million and incurred a loss of R178.8 million.
These conditions, along with those matters set out in note 8, where the
directors have disclosed that the Group`s ability to return to profitability is
contingent on the successful outcome of various actions, indicate the existence
of a material uncertainty which may cast significant doubt about the Group`s
ability to continue as a going concern. The current statement of consolidated
financial position has been prepared on the basis that the Group is a going
concern and any change in this assumption would potentially have a material
impact on the values of the assets as currently disclosed therein."
The full review opinion is available for inspection at Blue`s registered office.
For and on behalf of the Board
D van Niekerk S Strydom
Chairman and CEO Chief Financial Officer
27 November 2009
Directors:
D van Niekerk (Chairman and CEO); S Strydom (CFO); CB Klopper (COO);
WJ Smit (Legal Director); MG Meehan*^; MJ Sondiyazi*^; A Steyn*; A Couloubis*;
and AR Aime*#; J French*^#
*non-executive #United States of America ^independent
Registered Office:
Blue Building 10, Boardwalk Office Park, 107 Haymeadow Street, Faerie Glen,
Pretoria, 0081
PO Box 72041, Lynnwood Ridge, 0040
Auditors:
Deloitte & Touche
Designated Advisor:
PSG Capital (Pty) Limited
Registration number 2006/015817/07
Transfer Secretaries:
Link Market Services (Pty) Ltd 11 Diagonal Street, Johannesburg,
2001 (PO Box 4844, Johannesburg, 2000)
Company Secretary:
Mr. Reynier van der Westhuizen
10 Boardwalk Office Park, 107 Haymeadow Street,
Faerie Glen, Pretoria, 0081
reynier@blue.co.za Tel: (012) 990 8400
Group head office:
Tel: +27 12 990 8400 Fax: +27 86 637 6033
E-mail: blue@blue.co.za
www.blue.co.za
Date: 30/11/2009 09:00:04 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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