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

Summarised Group Statement of Changes in Equity

for the six months ended 30 November 2008

	Share capital, share premium and treasury shares Reviewed R’000	Retained earnings Reviewed R’000	Restructuring reserve Reviewed R’000		Foreign currency translation reserve Reviewed R’000	Transaction with minority reserve Reviewed R’000	Minority interest Reviewed R’000	Total equity Reviewed R’000
Balance as at 1 June 2007	2 079 533	65 685		(1 843 912)	4 187	(14 893)	129 440	420 040
Shares issued during the period	2 364 929	–		–	–	–	–	2 364 929
Net profit for the period	–	14 379		–	–	–	26 324	40 703
Listing costs	(39 846)	–		–	–	–	–	(39 846)
Dividends declared	–	(999)		–	–	–	–	(999)
Minorities acquired during the period	–	–		–	–	(884 402)	(136 748)	(1 021 150)
Exchange losses on translation of foreign operations	–	–		–	(561)	–	(93)	(654)
Balance as at 30 November 2007	4 404 616	79 065		(1 843 912)	3 626	(899 295)	18 923	1 763 023
Balance as at 1 June 2008	4 404 737	244 758		(1 843 912)	2 552	(898 564)	8 373	1 917 944
Net profit for the period	–	198 158		–	–	–	1 532	199 690
Treasury shares	(24 131)	–		–	–	–	–	(24 131)
Minorities acquired during the period	–	–		–	–	–	9 063	9 063
Exchange (losses)/gains on translation of foreign operations	–	–		–	1 853	–	(554)	1 299
Balance as at 30 November 2008	4 380 606	442 916		(1 843 912)	4 405	(898 564)	18 414	2 103 865