Core pro forma Reconciliation - 31 May 2008
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 and is the responsibility of the directors.
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Restructuring |
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and |
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Core |
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Core |
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Actual (1) |
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acquisitions(2) |
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Cash effects(3) |
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adjustments(4) |
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pro forma (5) |
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audited |
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unaudited |
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unaudited |
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unaudited |
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Unaudited |
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R’000 |
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R’000 |
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R’000 |
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R’000 |
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R’000 |
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Revenue |
12 545 471 |
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385 138 |
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– |
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– |
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12 930 609 |
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Other income |
69 545 |
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(1 403) |
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– |
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– |
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68 142 |
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Cost of inventories |
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sold |
(11 875 606) |
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(335 901) |
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– |
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– |
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(12 211 507) |
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Employee compensation |
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and benefit expense |
(265 003) |
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(10 626) |
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– |
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80 000 |
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(195 629) |
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Depreciation, |
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amortisation and |
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impairment charges |
(58 670) |
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(15 005) |
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– |
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– |
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(73 675) |
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Other expenses |
(146 240) |
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(18 446) |
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– |
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9 000 |
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(155 686) |
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Operating profit |
269 497 |
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3 757 |
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– |
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89 000 |
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362 254 |
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Finance expense |
(147 704) |
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(1 433) |
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42 533 |
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– |
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(106 604) |
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Finance income |
193 281 |
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(215) |
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46 404 |
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– |
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239 470 |
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Share of losses from |
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associates |
(17 441) |
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(2 220) |
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– |
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– |
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(19 661) |
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Profit for the period |
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before taxation |
297 633 |
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(111) |
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88 937 |
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89 000 |
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475 459 |
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Taxation |
(89 841) |
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(1 785) |
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(24 903) |
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(22 400) |
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(138 929) |
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Net profit |
207 792 |
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(1 896) |
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64 034 |
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66 600 |
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336 530 |
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Net profit attributable to: |
207 792 |
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(1 896) |
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64 034 |
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66 600 |
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336 530 |
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Equity holders of parent |
180 891 |
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24 498 |
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64 034 |
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66 600 |
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336 023 |
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Minority interest |
26 901 |
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(26 394) |
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– |
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– |
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507 |
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Reconciliation between net |
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profit for the period and |
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core net profit for the |
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period: |
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Net profit for the period |
180 891 |
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24 498 |
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64 034 |
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66 600 |
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336 023 |
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Amortisation on intangibles |
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raised through business |
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combinations net of tax |
22 937 |
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11 982 |
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– |
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– |
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34 919 |
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Management bonus |
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settlement |
57 600 |
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– |
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– |
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(57 600) |
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– |
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Cancellation of onerous |
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contract |
9 000 |
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– |
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– |
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(9 000) |
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– |
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Core net profit for the |
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period |
270 428 |
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36 480 |
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64 034 |
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– |
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370 942 |
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Core net profit for the |
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period attributable to: |
301 409 |
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7 650 |
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64 034 |
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– |
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373 093 |
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Equity holders of parent |
270 428 |
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36 480 |
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64 034 |
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– |
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370 942 |
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Minority interest |
30 981 |
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(28 830) |
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– |
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– |
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2 151 |
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| Notes: |
1.
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Extracted from the audited group income statement of Blue Label Telecoms 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. |
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The following subsidiaries are therefore consolidated as wholly owned for the full year: |
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– The Prepaid Company |
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– Kwikpay |
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– Matragon |
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– Blue Label One |
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Similarly, the following associates are consolidated as subsidiaries for the full year: |
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– 72% Africa Prepaid Services |
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– 100% Virtual Voucher |
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– 100% Cellfind |
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– 100% Datacel |
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– 100% House of Business Solutions |
| 3. |
Represents the positive impact on finance income and expense assuming cash raised on listing was received on 1 June 2007. |
| 4. |
Represents the adding back of the costs incurred in terms of the Management Bonus Settlement Agreement and the
termination of the Otter Mist Trading CC consulting agreement, as explained in the pre-listing statement. |
| 5. |
Represents the core pro forma unaudited group income statement of Blue Label Telecoms on the assumption that the
restructuring, listing and minority acquisitions were effective 1 June 2007. |
| 6. |
All adjustments are expected to have a continuing effect on Blue Label Telecoms. |
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