annexure 1
Reconciliation between group net profit and group pro forma net profit:
The table below sets out the unaudited pro forma information of BLT. The unaudited group pro forma income statement has been
prepared for illustrative purposes only.
| |
31 May 2008
Actual(1)
Audited
R’000 |
|
Restructuring
and
acquisitions(2)
R’000 |
|
Cash
effects(3)
R’000 |
|
31 May 2008
Pro forma(4)
Unaudited
R’000 |
|
| Revenue |
12 545 471 |
|
385 138 |
|
— |
|
12 930 609 |
|
| Other income |
69 545 |
|
(1 403) |
|
— |
|
68 142 |
|
| Changes in inventories of finished goods |
(11 875 606) |
|
(335 901) |
|
— |
|
(12 211 507) |
|
| Employee compensation and benefit expense |
(265 003) |
|
(10 626) |
|
— |
|
(275 629) |
|
| Depreciation, amortisation and impairment charges |
(58 670) |
|
(15 005) |
|
— |
|
(73 675) |
|
| Other expenses |
(146 240) |
|
(18 446) |
|
— |
|
(164 686) |
|
| Operating profit |
269 497 |
|
3 757 |
|
— |
|
273 254 |
|
| Finance income |
193 281 |
|
(215) |
|
46 404 |
|
239 470 |
|
| Finance expense |
(147 704) |
|
(1 433) |
|
42 533 |
|
(106 604) |
|
| Share loss of associates |
(17 441) |
|
(2 220) |
|
— |
|
(19 661) |
|
| Profit for the period before taxation |
297 633 |
|
(111) |
|
88 937 |
|
386 459 |
|
| Taxation |
(89 841) |
|
(1 785) |
|
(24 903) |
|
(116 529) |
|
| Net profit |
207 792 |
|
(1 896) |
|
64 034 |
|
269 930 |
|
| Reconciliation between net profit and core net profit |
|
|
|
|
|
|
|
|
| attributable to equity holders: |
|
|
|
|
|
|
|
|
| Net profit |
180 891 |
|
24 498 |
|
64 034 |
|
269 423 |
|
| Management bonus settlement net of tax |
57 600 |
|
— |
|
— |
|
57 600 |
|
| Amortisation on intangibles raised through business |
|
|
|
|
|
|
|
|
| combinations net of tax |
22 937 |
|
11 982 |
|
— |
|
34 919 |
|
| Cancellation of onerous contract |
9 000 |
|
— |
|
— |
|
9 000 |
|
| Core net profit |
270 428 |
|
36 480 |
|
64 034 |
|
370 942 |
|
| Net profit attributable to: |
207 792 |
|
(1 896) |
|
64 034 |
|
269 930 |
|
| Equity holders of parent |
180 891 |
|
24 498 |
|
64 034 |
|
269 423 |
|
| Minority interest |
26 901 |
|
(26 394) |
|
— |
|
507 |
|
| Core net profit attributable to: |
301 409 |
|
7 650 |
|
64 034 |
|
373 093 |
|
| Equity holders of parent |
270 428 |
|
36 480 |
|
64 034 |
|
370 942 |
|
| Minority interest |
30 981 |
|
(28 830) |
|
— |
|
2 151 |
|
| Earnings per share on profit attributable to equity holders (cents)* |
|
|
|
|
|
|
|
|
| – Basic |
30,65 |
|
|
|
|
|
35,16 |
|
| – Headline |
30,26 |
|
|
|
|
|
34,86 |
|
| – Core |
45,81 |
|
|
|
|
|
48,40 |
|
| Number of ordinary shares in issue |
766 360 894 |
|
|
|
|
|
766 360 894 |
|
| Weighted average number of ordinary shares in issue |
590 263 513 |
|
|
|
|
|
766 360 894 |
|
*There are no potentially dilutive equity instruments in issue
Notes
1.
|
Extracted from the audited group income statement of BLT for the year ended 31 May 2008. |
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 year:
|
| |
–
|
The Prepaid Company |
| |
–
|
Kwikpay |
| |
–
|
Matragon |
| |
–
|
Blue Label One
Similarly, the following associates are consolidated as subsidiaries for the full year: |
| |
–
|
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 are expected to have a continuing effect on BLT. |
|
