Blue Label Telecoms - Reviewed interim results for the half year ended 30 November 2008
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pro forma Reconciliation

The table below sets out the unaudited pro forma information of BLT. The unaudited pro forma statement has been prepared for illustrative purposes only.

      Six months ended      
            30 November    
    30 November       2007    
    2007 Restructuring   Core Core    
    Actual (1) and Cash adjust- pro forma (5)    
    Reviewed acquisitions(2) effects(3) ments(4) Unaudited    
    R’000 R’000 R’000 R’000 R’000    
  Revenue 5 797 260 377 299 – – 6 174 559    
  Other income 15 451 6 817 – – 22 268    
  Cost of inventories sold (5 471 583) (335 901) – – (5 807 484)    
  Employee compensation and              
     benefit expense (166 420) 1 727 – 80 000 (84 693)    
  Depreciation, amortisation and              
     impairment charges (18 928) (15 006) – – (33 934)    
  Other expenses (64 281) (18 828) – 9 000 (74 109)    
  Operating profit 91 499 16 108 – 89 000 196 607    
  Finance income 72 576 577 31 470 – 104 623    
  Finance expense (92 451) (2 224) 42 533 – (52 142)    
  Share of profit/(loss) of associates (4 353) (2 220) – – (6 573)    
  Profit for the period before taxation 67 271 12 241 74 003 89 000 242 515    
  Taxation (26 568) (5 232) (21 461) (23 200) (76 461)    
  Net profit for the period 40 703 7 009 52 542 65 800 166 054    
  Net profit for the period              
     attributable to: 40 703 7 009 52 542 65 800 166 054    
  Equity holders of parent 14 379 32 151 52 542 65 800 164 872    
  Minority interest 26 324 (25 142) – – 1 182    
                 
  Unaudited reconciliation between net profit for the period and core net profit for the period:              
  Net profit for the period 40 703 7 009 52 542 65 800 166 054    
  Management bonus settlement              
     net of tax 56 800 – – (56 800) –    
  Amortisation on intangibles raised              
     through business combinations              
     net of tax 6 887 9 913 – – 16 800    
  Cancellation of onerous contract 9 000 – – (9 000) –    
  Core net profit for the period 113 390 16 922 52 542 – 182 854    
  Core net profit for the period              
     attributable to: 113 390 16 922 52 542 – 182 854    
  Equity holders of parent 85 095 43 070 52 542 – 180 707    
  Minority interest 28 295 (26 148) – – 2 147    
                 

Notes:

  1. Extracted from the reviewed group income statement of BLT for the half year ended 30 November 2007.
  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 six months:
    – The Prepaid Company
    – Kwikpay
    – Matragon
    – Blue Label One
    Similarly, the following associates are consolidated as subsidiaries for the full six months:
    – 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 adding back of the amortisation of intangible assets as a consequence of the purchase price allocations exercise in terms of IFRS 3: Business Combinations, 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 BLT 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 BLT.