Blue Label Telecoms - Reviewed interim results for the half year ended 30 November 2008
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Summarised Group Income Statement

for the six months ended 30 November 2008

    Six months ended  
    30 November     30 November     30 November    
    2008     2007     2007    
    Actual     Actual     Core pro forma    
    Reviewed     Reviewed     Unaudited    
    R’000     R’000     R’000    
  Revenue 7 573 458     5 797 260     6 174 559    
  Other income 25 226     15 451     22 268    
  Cost of inventories sold (7 049 489)     (5 471 583)     (5 807 484)    
  Employee compensation and benefit expense (125 639)     (166 420)     (84 693)    
  Depreciation, amortisation and                  
     impairment charges (45 377)     (18 928)     (33 934)    
  Other expenses (127 960)     (64 281)     (74 109)    
  Operating profit 250 219     91 499     196 607    
  Finance income 103 858     72 576     104 623    
  Finance expense (50 119)     (92 451)     (52 142)    
  Share of loss of associates (14 082)     (4 353)     (6 573)    
  Profit for the period before taxation 289 876     67 271     242 515    
  Taxation (90 186)     (26 568)     (76 461)    
  Net profit for the period 199 690     40 703     166 054    
  Net profit for the period attributable to: 199 690     40 703     166 054    
  Equity holders of parent 198 158     14 379     164 872    
  Minority interest 1 532     26 324     1 182    
  Earnings per share for profit attributable                  
     to equity holders (cents)                  
  – Basic 25.86     3.47     21.51    
  – Headline 26.06     3.79     21.68    
  Weighted average number of shares 766 231 733     414 166 131     766 360 894    
  Number of shares in issue 766 360 894     766 360 894     766 360 894    
  Unaudited reconciliation between net                  
     profit and core net profit for the period:                  
  Net profit for the period 199 690     40 703     166 054    
  Once off employee compensation and benefit                  
     expense net of tax –     56 800     –    
  Amortisation on intangibles raised                  
     through business combinations net of tax 18 857     6 887     16 800    
  Cancellation of onerous contract –     9 000     –    
  Core net profit for the period 218 547     113 390     182 854    
  Core net profit for the period attributable to: 218 547     113 390     182 854    
  Equity holders of parent 215 926     85 095     180 707    
  Minority interest 2 621     28 295     2 147    
  – Core earnings per share (cents) * 28.18     20.55     23.58    
  * Core earnings per share is calculated after adding back the amortisation of intangible assets as a consequence of the purchase price allocations exercise in terms of IFRS 3: Business Combinations, the prior year 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.