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BLU
BLU
BLU - Blue Label Telecoms - Audited results to 31 May 2010
BLUE LABEL TELECOMS
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" or "the group")
MAIDEN DIVIDEND - 12 cents per share
11% increase in revenue to R17,03 billion
21% increase in EBITDA to R689 million
10% increase in gross profit to R1,17 billion
6% decrease in core earnings per share to 52,34 cents
R516 million cash flows from operating activities
Growth in both South African and International distribution
Audited results for the year ended 31 May 2010
Summarised Group Statement of Financial Position
as at 31 May 2010
2010 2009
R`000 R`000
ASSETS
Non-current assets 717 581 736 634
Property, plant and equipment 156 888 105 011
Intangible assets and goodwill 436 824 460 325
Investment in associates and joint 96 888 109 837
ventures
Starter pack assets 16 826 54 096
Deferred taxation assets 10 155 7 365
Current assets 3 730 721 3 143 109
Financial assets at fair value through 150 10
profit and loss
Starter pack assets 77 467 67 449
Inventories 560 846 384 361
Loans receivable 43 617 29 920
Trade and other receivables 987 279 898 571
Current tax assets 4 285 2 101
Cash and cash equivalents 2 057 077 1 760 697
Total assets 4 448 302 3 879 743
EQUITY AND LIABILITIES
Capital and reserves 2 655 436 2 244 120
Share capital, share premium and 4 352 617 4 379 175
treasury shares
Restructuring reserve (1 843 (1 843
912) 912)
Other reserves (12 691) (13 399)
Transaction with minority reserve (914 867) (914 399)
Share-based payment reserve 12 037 10 602
Retained earnings 1 000 327 635 305
2 593 511 2 253 372
Minorities interest 61 925 (9 252)
Non-current liabilities 47 696 69 664
Deferred taxation 31 616 49 544
Interest bearing borrowings 16 080 20 120
Current liabilities 1 745 170 1 565 959
Trade and other payables 1 718 907 1 518 853
Current tax liabilities 21 320 28 039
Bank overdraft 2 175 3 891
Current portion of interest bearing 2 768 15 176
borrowings
Total equity and liabilities 4 448 302 3 879 743
Summarised Group Statement of Comprehensive Income
for the year ended 31 May 2010
2010 2009
R`000 R`000
Revenue 17 027 696 15 281 449
Other income 41 969 22 368
Cost of inventories sold (15 853 472) (14 215 840)
Employee compensation and benefit (299 928) (278 970)
expense
Depreciation, amortisation and (119 785) (93 220)
impairment charges
Other expenses (227 021) (240 940)
Operating profit 569 459 474 847
Finance costs (124 314) (112 699)
Finance income 161 774 205 046
Share of profits and losses from (14 982) (27 445)
associates and joint ventures
Net profit before taxation 591 937 539 749
Taxation (166 756) (174 784)
Net profit for the year 425 181 364 965
Other comprehensive income:
Exchange losses on translation of (2 063) (15 107)
equity loans
Exchange losses on translation of (5 659) 3 460
foreign operations
Foreign currency translation reserve (1 328) -
reclassified to profit or loss
Other comprehensive loss for the year, (9 050) (11 647)
net of tax
Total comprehensive income for the 416 131 353 318
year
Net profit for the period attributable
to:
Equity holders of the parent 365 022 390 547
Minorities interest 60 159 (25 582)
Total comprehensive income for the
period attributable to:
Equity holders of the parent 355 580 374 596
Minorities interest 60 551 (21 278)
Earnings per share for profit
attributable to equity holders (cents)
- Basic 48,17 51,13
- Headline 48,27 51,63
- Diluted basic 47,96 50,96
- Diluted headline 48,06 51,46
Weighted average number of shares 757 793 428 763 833 909
Number of shares in issue 756 659 181 761 159 181
Diluted weighted average number of 761 159 181 766 360 894
shares*
*Diluted earnings per share and diluted headline earnings per
share is calculated by adjusting the number of shares in issue by
the number of shares that would be issued on vesting under the
forfeitable share plan.
Reconciliation between net profit and
core net profit for the year
Net profit for the year attributable
to
equity holders of the parent 365 022 390 547
Amortisation on intangible assets 31 623 36 653
raised through business combinations
net of tax and net of minorities
interest
Core net profit for the year
attributable
to equity holders of the parent 396 645 427 200
- Core earnings per share (cents)** 52,34 55,93
** Core earnings per share is calculated after adding back the
amortisation of intangible assets as a consequence of the
purchase price allocations completed in terms of IFRS 3: Business
Combinations.
Summarised Group Statement of Changes in Equity
for the year ended 31 May 2010
Share
capital,
share
premium
and Retained Restruc- Other
treasury turing
shares earnings reserve reserves
R`000 R`000 R`000 R`000
Balance as at 4 404 737 244 758 (1 843 912) 2 552
31 May 2008
Net profit for the - 390 547 - -
year
Comprehensive - - - (15 951)
income/(loss)
Total - 390 547 - (15 951)
comprehensive
income/(loss)
Treasury shares (25 562) - - -
purchased
Asset acquired for - - - -
shares
Equity-based - - - -
compensation
movements
Minorities - - - -
acquired/(disposed
of) during the
year
Balance as at 4 379 175 635 305 (1 843 912) (13 399)
31 May 2009
Net profit for the - 365 022 - -
year
Comprehensive - - - (9 442)
income/(loss)
Total - 365 022 - (9 442)
comprehensive
income
Treasury shares (26 558) - - -
purchased
Asset acquired for - - - -
shares
Equity - - - -
compensation
benefit movement
Share of equity - - - 10 150
movements in
associates
Dividends - - - -
Capital - - - -
contribution by
minorities
Minorities - - - -
disposed of during
the year
Balance as at 4 352 617 1 000 327 (1 843 912) (12 691)
31 May 2010
Trans- Share- Minorities Total
action with based
minority payment
reserve reserve interest equity
R`000 R`000 R`000 R`000
Balance as at 31 (898 564) - 8 373 1 917 944
May 2008
Net profit for the - - (25 582) 364 965
year
Comprehensive - - 4 304 (11 647)
income/(loss)
Total comprehensive - - (21 278) 353 318
income/(loss)
Treasury shares - - - (25 562)
purchased
Asset acquired for - 1 231 - 1 231
shares
Equity-based - 9 371 195 9 566
compensation
movements
Minorities (15 835) - 3 458 (12 377)
acquired/(disposed
of) during the year
Balance as at (914 399) 10 602 (9 252) 2 244 120
31 May 2009
Net profit for the - - 60 159 425 181
year
Comprehensive - - 392 (9 050)
income/(loss)
Total comprehensive - - 60 551 416 131
income
Treasury shares - - - (26 558)
purchased
Asset acquired for - 295 - 295
shares
Equity compensation - 1 140 (30) 1 110
benefit movement
Share of equity - - - 10 150
movements in
associates
Dividends - - (2 912) (2 912)
Capital - - 558 558
contribution by
minorities
Minorities disposed (468) - 13 010 12 542
of during the year
Balance as at (914 867) 12 037 61 925 2 655 436
31 May 2010
Summarised Group Statement of Cash Flows
for the year ended 31 May 2010
2010 2009
R`000 R`000
Cash flows from operating activities 515 910 666 994
Cash flows from investing activities (187 912) (206 731)
Cash flows from financing activities (23 283) (10 624)
Increase in cash and cash equivalents 304 715 449 639
Cash and cash equivalents at the 1 756 806 1 328 294
beginning of the year
Translation difference (6 619) (21 127)
Cash and cash equivalents at the end of 2 054 902 1 756 806
the year
Segmental Summary
Core 31 May
31 May 2009 Adjust- 2009 31 May 2010
ments Core
R`000 R`000 R`000 R`000
Revenue
South African 14 199 031 - 14 199 031 15 543 337
distribution
International 724 163 - 724 163 1 247 732
distribution
Technology 22 512 - 22 512 20 089
Value added services 335 743 - 335 743 216 538
Corporate - - - -
Total 15 281 449 - 15 281 449 17 027 696
EBITDA
South African 624 346 - 624 346 685 686
distribution
International 6 144 - 6 144 137 035
distribution
Technology (48 502) - (48 502) (76 230)
Value added services 75 239 - 75 239 25 230
Corporate (89 160) - (89 160) (82 477)
Total 568 067 - 568 067 689 244
Net profit for the
period attributable to
equity holders
South African 527 371 10 444 537 815 546 552
distribution
International (16 759) 5 812 (10 947) 16 464
distribution
Technology (55 992) 742 (55 250) (94 007)
Value added services 29 842 19 655 49 497 (20 206)
Corporate (93 915) - (93 915) (83 781)
Total 390 547 36 653 427 200 365 022
Segmental Summary (continued)
Core 31 May
2010
Adjust- Core
ments
R`000 R`000
Revenue
South African - 15 543
distribution 337
International - 1 247 732
distribution
Technology - 20 089
Value added services - 216 538
Corporate - -
Total - 17 027
696
EBITDA
South African - 685 686
distribution
International - 137 035
distribution
Technology - (76 230)
Value added services - 25 230
Corporate - (82 477)
Total - 689 244
Net profit for the
period attributable to
equity holders
South African 8 609 555 161
distribution
International 3 633 20 097
distribution
Technology 742 (93 265)
Value added services 18 639 (1 567)
Corporate - (83 781)
Total 31 623 396 645
Segmental Summary (continued)
31 May 31 May
2009 2010
R`000 R`000
Net operating
assets/(liabilities)
South African distribution 1 552 1 807
917 991
International distribution 82 860 208 322
Technology (20 503) (5 852)
Value added services 18 984 16 997
Corporate (57 108) (41
907)
Total 1 577 1 985
150 551
Headline Earnings
31 May 2010 31 May
2009
R`000 R`000
Net profit attributable to equity 365 022 390 547
holders of the parent
Net (profit)/loss on disposal of (420) 456
property, plant and equipment
Net (profit)/loss on disposal of (18 566) 3 344
subsidiaries
Impairment of intangible assets and 6 900 -
property, plant and equipment
Impairment of goodwill 13 829 -
Foreign currency translation reserve (956) -
reclassified to profit or loss
Headline earnings 365 809 394 347
Headline earnings per share (cents) 48,27 51,63
Disposal of Subsidiaries
Shares in the following
subsidiaries were disposed of
during
the year ended 31 May 2010 Effective date % held and
of disposal disposed of
Blue Label USA LLC 31 July 2009 50,01
Africa Prepaid Services - RDC 30 September 80
SPRL 2009*
Africa Prepaid Services 30 November 2009 90
(Mozambique) Limitada
*Loss of control.
Details of the total net assets
disposed and the resulting
profit on disposal are as
follows:
Total
R`000
Total proceeds/transfer to 66 884
available for sale investments
Fair value of net assets 37 330
disposed of
Profit on disposal 29 554
The assets and liabilities
disposed of are as follows:
Fair value at
disposal date
R`000
Cash and cash equivalents 46 540
Property, plant and equipment 3 262
Intangible assets 26 753
Inventories 4 333
Starter pack assets 3 756
Receivables 85 566
Deferred taxation (3 882)
Borrowings (23 267)
Current tax liabilities (6 310)
Payables (112 609)
Fair value of subsidiaries 24 142
disposed of
Minorities interest 11 931
Goodwill 1 127
Goodwill equity 130
Fair value of net assets 37 330
disposed of
Proceeds on disposal of 66 240
subsidiaries
Cash and cash equivalents of (46 540)
subsidiaries disposed of
Less proceeds still due (21 944)
Cash outflows on disposals (2 244)
COMMENTARY
INTRODUCTION
In maintaining its position as the major distributor of prepaid
electronic tokens of value in South Africa, the group once again
delivered a robust performance in its trading operations. This
achievement, together with contributions by the international
segment, resulted in growth in EBITDA of 21%. Cash flows
generated from trading operations equated to R516 million.
An improved trading performance by Oxigen India resulted in the
decline of the group`s share of losses in this associate company
from R26 million to R7 million.
These growth contributors were negated by a substantial
differentiation in comparative interest rates impacting on
interest earned, the reversal of certain deferred tax assets, the
impairment of goodwill relating to the negative performance of
CNS call centre and the impairment of intangibles pertaining to
technology. The impact of the above equated to a decline in core
earnings per share of 6%.
The foundations for the startup operations in Mexico and Nigeria
have been established, thereby providing the group with a sound
platform for expansion in those regions.
In light of the group`s strong trading performance and the
resultant growth in cash on hand, the board has elected to
accelerate the declaration of a maiden dividend to shareholders.
BASIS OF PREPARATION
The condensed group financial statements are prepared in
accordance with International Financial Reporting Standards
(IFRS), IAS 34 - Interim Financial Reporting, the listing
requirements of the JSE Limited and the South African Companies
Act 61 of 1973, as amended.
These financial statements are prepared in accordance with the
going concern basis, under the historical cost convention, as
modified by the revaluation of certain assets and liabilities
where required or elected in terms of IFRS. The accounting
policies and methods of computation are consistent with those
used in the comparative financial information for the year ended
31 May 2009.
In addition, the group uses core net profit as a non-IFRS measure
in evaluating the group performance. This supplements the IFRS
measures. Core net profit is calculated by adjusting net profit
for the year with the amortisation of intangible assets that
arise as a consequence of the purchase price allocations
completed in terms of IFRS 3: Business Combinations.
FINANCIAL OVERVIEW
- Revenues increased from R15,28 billion to R17,03 billion (11%).
- EBITDA of R689 million represented an increase of R121 million
(21%).
- EBITDA margins increased by 0,33% to 4,05%.
- Share of losses in Oxigen India declined from R26 million to R7
million.
- Net finance income declined by R55 million (59%).
- Impairments of goodwill and intangibles totalled R20,7 million.
- Headline earnings per share declined by 7% from 51,63 cents to
48,27 cents.
The underlying report has been prepared on a segmental basis in
order to provide shareholders with an enhanced insight into the
contributions of each segment.
REVENUE
R`000 % of Total
Contribution
Segments 2010 2009 % 2010 2009
Growth
South African 15 543 14 199 9 91,3 92,9
distribution 337 031
International 1 247 732 724 163 72 7,3 4,8
distribution
Value added 216 538 335 743 (35) 1,3 2,2
services
Technology 20 089 22 512 (11) 0,1 0,1
Total 17 027 15 281 11 100 100
696 449
South African distribution
This segment distributes prepaid electronic tokens of value,
including airtime, electricity, Ukash payment vouchers, lotto
tickets and bus tickets, on a national basis.
Commission earned on the distribution of prepaid electricity
increased 143% from R14 million to R34 million. This was achieved
through a hybrid of the expansion of consumer demand of this
payment facility and the establishment of additional contracts
with a wider spectrum of municipalities.
The overall growth in South African distribution of 9% was
entirely organic.
International distribution
International distribution encompasses the group`s operations in
Nigeria, Mexico, India and the United Kingdom. Interests in
Mozambique and the Democratic Republic of Congo were disposed of
in November 2009 and December 2009 respectively.
Revenue generated by Africa Prepaid Services and Blue Label
Mexico increased by R826 million. Trading operations in Cyprus
and the United States of America were disposed of in March 2009
and July 2009 respectively. The non-repetition of the comparative
revenues of these entities totalled R302 million, resulting in a
net growth in international distribution revenue of R524 million
(72%).
African Prepaid Services Nigeria commenced operations in May 2009
and Blue Label Mexico in June 2008. The latter continued its
steady roll out of point of sale devices during the year,
accumulating its points of presence to in excess of 3 000 at year
end.
International revenue does not include the turnover of the
associate companies, Oxigen India and Ukash. These operations are
equity accounted for, in line with the significant influence held
therein.
Value added services
The telemarketing of cellular and financial services products,
inbound customer care and technical support are provided by the
call centres operated by the group. Revenue generated by these
call centres declined by R69 million, primarily due to the
negative impact on outbound sales, caused by adverse market
conditions. This in turn necessitated the impairment of goodwill
of R12,1 million.
A further decline in revenue of R47 million pertained to e-
Voucha, a subsidiary company which was disposed of prior to the
commencement of the financial year.
Technology
The technology segment is the in-house technical support and
product development enhancement operation. Its revenue of R20
million related to sales and services to third parties.
EBITDA
EBITDA of R689 million equated to growth of R121 million (21%) on
the comparative year.
The segmental analysis distinguishes contributions from trading
operations and technical and corporate support.
R`000
Segments 2010 2009 % growth
South African distribution 685 686 624 346 10
International distribution 137 035 6 144 2 130
Value added services 25 230 75 239 (66)
Total trading operations 847 951 705 729 20
EBITDA Margin (%) 4,99 4,63
Technology (76 230) (48 502) (57)
Corporate (82 477) (89 160) 8
Total support (158 707) (137 662) 15
Net Total 689 244 568 067 21
EBITDA Margin (%) 4,05 3,72
South African distribution
EBITDA growth of R61 million was achieved through increased
revenues and a reduction in operational expenditure. This growth
was achieved in spite of a decline in gross profit margins by
0,15% impacted by the introduction of RICA.
International distribution
The growth of R131 million included a profit of R29 million on
the sale of African Prepaid Services Mozambique. The net trading
growth of R102 million was primarily contributed by Africa
Prepaid Services Nigeria.
Value added services
The decline in EBITDA of R50 million in this segment, was
primarily due to the negative performance of the call centres
including closure costs of R13 million pertaining to CNS and Blue
Label Call Centre.
Technology and Corporate
In-house technical support and managerial skills played an
essential role in the contribution to EBITDA growth of R142
million (20%) achieved by the trading operations.
Congruent with an expanding group, ongoing expenditure on
technology is required at both maintenance and personnel levels.
The need to focus on in-house support resulted in both a
reduction in revenue on services provided to third parties and an
increase in overheads in the technology segment. The resultant
negative contribution to EBITDA was R76 million.
Corporate administrative and managerial costs were contained,
resulting in a decline of R7 million.
NET FINANCE INCOME
Of the R162 million finance income earned, R84 million was
attributable to interest generated from cash resources. Imputed
interest receivable on debtor balances in terms of IFRS
requirements amounted to R78 million.
Finance income earned in the comparative year was R205 million,
of which R47 million related to imputed interest receivable on
debtor balances in terms of IFRS requirements and R158 million
earned from cash resources.
The effective decline in finance income, net of the above IFRS
adjustments, equated to R74 million, as a direct result of the
reduction in interest rates of 550 basis points since November
2008.
Of the R124 million finance cost, R119 million related to imputed
interest payable on creditor balances in terms of IFRS
requirements. On a comparative basis, R108 million of R113
million was applicable to IFRS adjustments. The net increase of
R11 million was directly IFRS related.
TAXATION
The non-deductibility of impairment charges to goodwill, offset
by unrecognised deferred tax assets in loss making subsidiaries
and a five year Pioneer tax status in Nigeria, resulted in a
group effective tax rate of 27%.
SHARE OF LOSSES FROM ASSOCIATES AND JOINT VENTURES
R`000
Associate Company % Holding 2010 2009
Oxigen India 37,22 (7 098) (25 940)
Ukash 15,79 (8 079) (2 286)
Other 50 195 781
Total (14 982) (27 445)
Oxigen India
The decline in the group`s share of losses in Oxigen India from
R26 million to R7 million (73%) was attributed to increased
revenues of 25% and reduced overheads of 40%, for their financial
year ended 31 March 2010, reported in local currency. The growth
in revenue emanated through the expansion of point of sale
distribution sites and product innovation, which increased the
bouquet of services available to consumers.
Ukash
The group`s share of this associate company`s losses was R8
million after the amortisation of intangible assets amounting to
R1,4 million. Of these losses, R3,7 million related to the
reversal of a deferred tax asset and R4,3 million to trading
losses.
The comparative share of losses of R2,3 million was for an eight
month period, as equity in Ukash was purchased in October 2008.
CORE NET PROFIT
R`000
Segments 2010 2009 % growth
South African distribution 555 161 537 815 3
International distribution 20 097 (10 947) 284
Value added services (1 567) 49 497 (103)
Total operations 573 691 576 365 -
Technology (93 265) (55 250) (69)
Corporate (83 781) (93 915)
11
Total support (177 046) (149 165) (19)
Core earnings 396 645 427 200 (7)
Basic earnings per share 48,17 51,13 (6)
(cents)
Core earnings per share 52,34 55,93 (6)
(cents)
Headline earnings per share 48,27 51,63 (7)
(cents)
In computing core earnings per share, basic earnings are
augmented by the amortisation of intangible assets amounting to
R32 million.
DIVIDENDS
On 23 August 2010, the board approved a dividend of 12 cents per
ordinary share. The dividend in respect of ordinary shares for
the year ended 31 May 2010 of R91,288,072 has not been recognised
in the summarised financial information as it was declared after
this date. The salient dates are as follows:
Last date to trade cum dividend Friday, 10 September 2010
Shares commence trading ex dividend Monday, 13 September 2010
Record date Friday, 17 September 2010
Payment of dividend Monday, 20 September 2010
Share certificates may not be dematerialised or rematerialised
between Monday, 13 September 2010 and Friday, 17 September 2010,
both days inclusive.
BALANCE SHEET
Assets
Total assets have accumulated to R4,45 billion, representing an
increase of R568 million (15%).
Non-current assets
There was a net decline in non-current assets of R19 million.
- Capital expenditure on property, plant and equipment net of
disposals and depreciation increased by R52 million. The bulk of
this expenditure related to the acquisition of point of sale
devices.
- A starter pack base was acquired for R59 million and
expenditure on software and development increased by R31 million.
Disposals of R27 million, impairments of intangibles of R9
million, impairments to goodwill of R14 million and amortisation
of R64 million, equated to a net decline in intangibles and
goodwill of R24 million.
- Investments in associates decreased by R13 million.
- Unactivated starter pack assets declined by R37 million.
- Deferred tax assets increased by R3 million.
Current assets
Trade and other receivables increased by R89 million, maintaining
collections at an average of 21 days. Inventory increased by R176
million equating to an average inventory turn of 13 days.
Cash on hand increased by R296 million and other current assets
by R26 million.
CAPITAL AND RESERVES
Capital and reserves increased by the net profit for the year of
R365 million and by the increase of R71 million in minorities
interest. The purchase of treasury shares for R26 million, in
line with the group`s share incentive scheme, confined the growth
in reserves to R411 million.
LIABILITIES
Trade and other payables increased in tandem with volume growth
by R200 million, with creditor terms averaging 40 days. The
decline in taxation owing of R7 million, repayment of interest
bearing debt of R18 million and the reduction in deferred
taxation of R17 million, equated to a net increase in liabilities
of R157 million.
CASH FLOW
Cash on hand increased by R298 million for the year.
Net cash flows generated from operations amounted to R623
million. On a comparative basis, this represented a decline of
R123 million due to the application of cash to early settlement
discounts in lieu of interest receivable at lower rates than the
discounts earned.
The comparative reduction in interest rates and its consequent
impact on net interest receivable, resulted in a further decline
in comparative cash generation of R75 million, offset by a
reduction in taxation paid of R47 million.
Of the resultant net cash flows generated from operating
activities of R516 million, R91 million was expended on
intangible assets and R104 million on property, plant and
equipment.
A further R26 million was applied to the acquisition of the
treasury shares. The net generation of cash of R298 million
compounded the accumulation of cash resources at year end to R2,0
billion.
PROSPECTS
The establishment of Mobile Merchant Solutions will facilitate a
new extension to the group`s point of sale footprint by securely
integrating mobile channels into its core switch for the sale of
prepaid products. This approach will provide pervasive, 24/7
capabilities to smaller merchants via mobile devices across a
number of mobile channels, including USSD, WAP and On-Device
applications. A seamless online offline experience will ensure
continuity of service in areas of poor GPRS coverage.
The group has concluded a reseller agreement with Symantec, for
the introduction of a protection product for Smartphones by
utilising unique antivirus technology, advanced firewall and SMS
anti-spam protection.
Africa Prepaid Services Nigeria has concluded distribution
contracts with multiple networks in Nigeria, the benefits of
which are anticipated to be derived in the forthcoming financial
year.
The group intends to capitalise on its vast "real estate" of
printed vouchers, by generating advertising revenue thereon.
Oxigen India will roll out kiosk banking and mobile wallets via
its web enabled retailers, in terms of an agreement with The
State Bank of India. This will essentially facilitate virtual
banking to the vast unbanked population.
SUBSEQUENT EVENTS
Subsequent to year end, a dividend has been declared and approved
by the board.
AUDIT OPINION
The results for the year ended 31 May 2010 have been audited by
PricewaterhouseCoopers Inc. and the unqualified audit opinion is
available for inspection at the company`s registered office.
ANNUAL GENERAL MEETING
The annual general meeting will be held in Johannesburg on 12
October 2010. Further details will be included in Blue Label
Telecoms` annual report.
APPRECIATION
The Board of Directors of Blue Label Telecoms once again
expresses its` appreciation to its suppliers, customers, business
partners and staff for their ongoing support and loyalty.
For and on behalf of the Board
LM Nestadt BM Levy and MS Levy DB Rivkind
Chairman Joint Chief Executive Officers Financial
Director
23 August 2010
Directors:
LM Nestadt (Chairman)*, BM Levy, MS Levy, K Ellerine*, GD
Harlow*,
NN Lazarus sc*, JS Mthimunye*, MV Pamensky, DB Rivkind, LM
Tyalimpi*,
P Mansour*# (*Non-Executive) (#American)
Company Secretary: E Viljoen
Sponsor: Investec Bank Limited
www.bluelabeltelecoms.co.za
Date: 24/08/2010 07:05:02 Produced by the JSE SENS Department.
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