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.
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|
|
|
31 May 2008 |
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|
Restructuring |
|
|
|
31 May 2008 |
|
| |
|
|
|
Actual(1) |
|
|
and |
|
Cash |
|
Pro forma(4) |
|
| |
|
|
|
Audited |
|
|
acquisitions(2) |
|
effects(3) |
|
Unaudited |
|
| |
|
|
|
R’000 |
|
|
R’000 |
|
R’000 |
|
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 |
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– 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 . |
|
